# World Credit Bond Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of World Credit Bond - A Accumulation Shares increased by 6.46% compared to an increase of 5.80% in the benchmark, the Bloomberg Barclays Global Aggregate Credit (Hedged USD 100%) TR Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
The review period was dominated by the escalating global ‘coronacrisis’, which, in the first quarter of 2020, resulted in a sell-off of historic proportions in global risk assets, including the Global Investment Grade (IG) credit market.
The dramatic widening of spreads that accompanied this sell-off reflected markedly worsening expectations for global growth in light of incoming data regarding the effect of the coronavirus pandemic. Another important negative factor was the start of an oil price war between Saudi Arabia and Russia, which along with the coronavirus demand shock, caused oil prices to more than halve in March alone.
Credit markets rebounded strongly in the second quarter of 2020, however, recovering over half of the spread widening seen in the first quarter. As the Covid-19 pandemic spread around the world, successive central banks announced unprecedented support for markets, including credit, with huge corporate bond-buying programmes initiated in all major markets. The rally continued in the third quarter, albeit at a much slower pace, as some regions of the world, including parts of the US, Europe and the UK, seem to be seeing second waves of coronavirus infections. This prompted concerns that as temperatures start dropping in autumn, hospitalisations and deaths could start to pick up once again.
However, largely improving economic data and expectations for a viable coronavirus vaccine in the near term, continued to support investor sentiment.
Portfolio review
The Fund generated a return of 6.5% over the 12-month review period, outperforming the benchmark, which delivered a return of 5.80%.
In terms of individual securities, in the final quarter of 2019, the US healthcare company CVS Health was the top contributor, helped by its strong third-quarter results. Other positive contributors included the US banks Citigroup and Bank of America and UK bank Virgin Money. UK assets within the Fund rallied in the aftermath
of the election contest as the uncertainty surrounding the Conservative Party majority in Parliament eased. On the negative side, with oil prices falling over the period, this weighed on Shell. Another detractor was the medical device maker Medtronic.
Performance in the first quarter of 2020 was dominated by events in March, with the global economy expected to enter a Covid-19 recession and Saudi Arabia boosting its production into a period of lower demand, in a bid to increase its market share. This drove the
oil price (Brent crude) down 66% over the quarter. This weighed intensely on the Fund’s energy sector holdings, including our holdings in Continental Resources, Saudi Arabian Oil and Noble Energy. The risk-off climate was also detrimental for the Fund’s emerging-market holdings, including India’s Adani Transmission and the Mexican conglomerate Alfa.
Towards the end of the first quarter, the announcement by global central banks of new bond-buying programmes in both Europe and the US helped restore market confidence. Oversold valuations recovered through to the end of September. The Fund added to cyclical auto manufacturer positioning at attractive valuations in VW, GM, BMW and Toyota through the recovery. We rotated into higher-quality energy names, such as Total, Baker Hughes and Marathon Petroleum, reducing issuers more vulnerable to the weaker oil price environment.
Covid-related sectors, such as travel, energy and certain emerging-market issuers, remained at lower valuations when compared to the first quarter, with bonds from UK airport Gatwick and Indian issuers EXIM and Adani lagging the recovery. The technology, media & telecoms sector has been resilient through the period, with strong positive contributions to Fund performance coming from Charter communication in the US and Broadcom.
Outlook
The US presidential election will be a major theme for the fourth quarter. As a fiercely contested campaign heats up, market levels indicate a significant probability of a ‘blue wave’,
whereby the democrats win control of the presidency, the House and the Senate. Alongside the political volatility, the Fed continues to signal their desire to keep monetary policy extremely accommodative for some time being.
The coronavirus is hampering attempts to reopen large swathes of the European economy; policymakers need to be nimble and
pre-emptive with stimulus to shore up fragile sectors effectively. Indeed, we have seen extensions to government employment support programmes in various countries, and the European Central Bank has committed to taking further action, as they deem appropriate, to support inflation and bolster economies.
However, their ammunition remains somewhat limited with rates deeply negative, while the ongoing disagreements on how the recovery fund will work add another layer of complexity.
Underlying measures of core inflation have exhibited weakness, outside of the volatility seen around seasonal moves,
which doesn’t bode well for future prints.
As in the US, politics looks set to dominate the agenda for UK markets as we move into winter, with terse negotiations continuing over the finalisation of some form of Brexit deal.
While there certainly appear to be some contentious issues over which both sides remain in disagreement, there have also been more positive signs that a ‘skinny’ deal may be achievable.
We believe that such a deal will be achieved, although there will likely be significant volatility in the coming weeks and months as negotiations continue.
Global IG and Aggregate Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 27,486 |
| Cash at bank |  | 155 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 105 |
| Interest receivable |  | 232 |
| Subscriptions receivable |  | 14 |
| Receivable for investments sold |  | 469 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 41 |
| Unrealised gains on future contracts | 2.7 | 3 |
| Total assets |  | 28,505 |
| Liabilities |  |  |
| Payable for investments purchased |  | 380 |
| Taxes and expenses payable |  | 17 |
| Redemptions payable |  | 19 |
| Other liabilities |  | 187 |
| Total liabilities |  | 603 |
| Net assets at the end of the year |  | 27,902 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 767 |
| Bank interest |  | 2 |
| Other income |  | 1 |
| Total income |  | 770 |
| Expenses |  |  |
| Management fees | 4.2 | 149 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 59 |
| Other operational expenses |  | 1 |
| Total expenses |  | 209 |
| Net gains from investments |  | 561 |
| Realised gains on investments |  | 907 |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 378 |
| Realised losses on future contracts |  | (118) |
| Realised currency exchange gains |  | 2 |
| Net realised gains |  | 1,169 |
| Increase in unrealised appreciation |  |
| on investments | 919 |
| Decrease in unrealised appreciation on |  |
| forward currency exchange contracts | (79) |
| Decrease in unrealised depreciation on |  |
| future contracts | 17 |
| Net unrealised gains |  | 857 |
| Net increase in assets as a result of operations |  | 2,587 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 35,915 |
| Net gains from investments |  | 561 |
| Net realised gains |  | 1,169 |
| Net unrealised gains |  | 857 |
| Proceeds from shares issued |  | 10,132 |
| Payments for shares redeemed |  | (20,347) |
| Net equalisation received | 10 | 2 |
| Dividends paid | 5 | (387) |
| Net assets at the end of the year |  | 27,902 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc Hedged EUR | A Acc Hedged GBP | A Acc USD | A SInc Hedged GBP | A SInc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 55,929 | 13,004 | 248,061 | 442,399 | 507 |
| Shares issued during the year | 174,000 | - | 70,719 | 6,323 | - |
| Shares redeemed during the year | (182,370) | (12,173) | (86,663) | (83,129) | - |
| Shares outstanding at the end of the year | 47,559 | 831 | 232,117 | 365,593 | 507 |
| Net asset value per share | 11.4785 | 12.0855 | 12.8812 | 10.9665 | 11.6722 |

| I Acc EUR | I Acc USD | I SInc EUR A | I SInc USD A | X Acc Hedged GBP |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 1,270 | 907,980 | 700 | 800 | 78,721 |
| Shares issued during the year | 97,000 | - | - | - | 2,979 |
| Shares redeemed during the year | (97,000) | (907,380) | (700) | (800) | (48,377) |
| Shares outstanding at the end of the year | 1,270 | 600 | - | - | 33,323 |
| Net asset value per share | 12.1280 | 13.1919 | - | - | 12.3613 |

| X Acc USD A | X SInc Hedged GBP | X SInc USD | Z Acc Hedged CNH B | Z Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 800 | 924,238 | 32,800 | - | 109,058 |
| Shares issued during the year | - | 80,381 | - | 460 | 240,585 |
| Shares redeemed during the year | (800) | (147,129) | - | - | (36,008) |
| Shares outstanding at the end of the year | - | 857,490 | 32,800 | 460 | 313,635 |
| Net asset value per share | - | 10.9732 | 11.6771 | 117.7076 | 13.4857 |

| Z SInc Hedged AUD |
| --- |
| Shares outstanding at the beginning of the year	900 Shares issued during the year	233,453 Shares redeemed during the year	- |
| Shares outstanding at the end of the year	234,353 |
| Net asset value per share	10.2762 |

A 
Share class closed 26 May 2020.
B 
Share class launched 20 March 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market 96.51% Bonds 96.51% Corporate Bonds 85.90% Australia 0.59% APT Pipelines	4.2000	23/03/25	148,000	164	0.59 |
| Austria 0.82% Suzano Austria	5.7500	14/07/26	200,000	229	0.82 |
| Belgium 0.91% Anheuser-Busch InBev	3.5000	01/06/30	108,000	123	0.45 Anheuser-Busch InBev	4.3200	15/05/47	129,000	106	0.38 FBG Finance (MTN)	3.7500	06/09/24	30,000	24	0.08 |
| 253	0.91 |
| Canada 0.49% Rogers Communications	5.0000	15/03/44	30,000	39	0.14 Rogers Communications	6.1100	25/08/40	20,000	21	0.07 Teck Resources	6.2500	15/07/41	42,000	49	0.18 Teck Resources	3.9000	15/07/30	27,000	28	0.10 |
| 137	0.49 |
| China 6.09% China Oil & Gas	5.5000	25/01/23	302,000	310	1.12 China Overseas Finance Cayman VIII (EMTN)	2.7500	02/03/30	200,000	204	0.73 CNAC HK Finbridge	1.7500	14/06/22	100,000	118	0.42 CNOOC Finance 2011	4.2500	26/01/21	200,000	202	0.72 CNOOC Finance 2015	4.3750	02/05/28	200,000	235	0.85 Country Garden	5.1250	14/01/27	200,000	213	0.76 Shimao Property	6.1250	21/02/24	200,000	213	0.76 Tencent (EMTN)	1.8100	26/01/26	200,000	203	0.73 |
| 1,698	6.09 |
| Czech Republic 0.43% CEZ (EMTN)	0.8750	02/12/26	100,000	120	0.43 |
| Denmark 1.66% Danske Bank	5.3750	12/01/24	200,000	225	0.81 Nykredit Realkredit (EMTN)	0.7500	20/01/27	100,000	119	0.43 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Orsted	VAR	09/12/19	100,000	118	0.42 |
| 462	1.66 |
| France 4.48% Banque Federative du Credit Mutuel (EMTN)	1.8750	18/06/29	100,000	126	0.45 BNP Paribas	VAR	19/11/25	200,000	211	0.76 BPCE (EMTN)	3.5000	23/10/27	200,000	221	0.79 Credit Agricole (EMTN)	VAR	22/04/26	100,000	121	0.43 Electricite de France	VAR	PERP	100,000	104	0.37 Engie	VAR	PERP	100,000	118	0.42 GELF Bond Issuer I (EMTN)	1.1250	18/07/29	200,000	232	0.84 TOTAL	VAR	PERP	100,000	118	0.42 |
| 1,251	4.48 |
| Germany 3.69% alstria office (REIT)	1.5000	23/06/26	100,000	120	0.43 Bayer	1.1250	06/01/30	100,000	119	0.43 Deutsche Bank (EMTN)	2.6250	16/12/24	100,000	131	0.48 Deutsche Bank (EMTN)	VAR	03/09/26	100,000	117	0.42 E.ON (EMTN)	0.3500	28/02/30	24,000	28	0.10 E.ON International Finance (EMTN)	5.8750	30/10/37	50,000	101	0.36 Siemens Financieringsmaatschappij (EMTN)	1.7500	28/02/39	41,000	57	0.20 Symrise	1.3750	01/07/27	60,000	73	0.26 Volkswagen International Finance	VAR	PERP	100,000	119	0.43 Volkswagen International Finance	VAR	PERP	100,000	118	0.42 Volkswagen Leasing (EMTN)	1.0000	16/02/23	38,000	45	0.16 |
| 1,028	3.69 |
| Iceland 0.42% Arion Bank (EMTN)	1.0000	20/03/23	100,000	118	0.42 |
| India 1.50% Adani Transmission	4.0000	03/08/26	200,000	207	0.74 ICICI Bank Dubai (EMTN)	4.0000	18/03/26	200,000	212	0.76 |
| 419	1.50 |
| Indonesia 0.77% Bank Rakyat Indonesia Persero Tbk PT	4.6250	20/07/23	200,000	215	0.77 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Italy 1.72% FCA Bank Ireland (EMTN)	1.6250	29/09/21	200,000	259	0.92 UniCredit (EMTN)	VAR	23/09/29	200,000	222	0.80 |
| 481	1.72 |
| Mexico 3.31% Alfa	5.2500	25/03/24	200,000	213	0.76 America Movil (EMTN)	0.7500	26/06/27	100,000	120	0.43 BBVA Bancomer Texas	6.7500	30/09/22	150,000	162	0.58 CEMEX	3.1250	19/03/26	100,000	118	0.42 Orbia Advance	4.8750	19/09/22	200,000	211	0.76 Petroleos Mexicanos (EMTN)	8.2500	02/06/22	75,000	101	0.36 |
| 925	3.31 |
| Netherlands 3.30% ABN AMRO Bank	VAR	27/03/28	200,000	211	0.76 ING Groep (EMTN)	VAR	22/03/28	200,000	213	0.75 ING Groep (EMTN)	VAR	26/05/31	100,000	122	0.44 NN	VAR	08/04/44	100,000	130	0.47 NN (EMTN)	VAR	PERP	100,000	127	0.46 OCI	3.1250	01/11/24	100,000	117	0.42 |
| 920	3.30 |
| Portugal 0.71% EDP Finance	1.7100	24/01/28	200,000	199	0.71 |
| Romania 0.42% NE Property	3.3750	14/07/27	100,000	118	0.42 |
| Russian Federation 0.76% Lukoil International Finance	4.5630	24/04/23	200,000	213	0.76 |
| Saudi Arabia 0.87% Saudi Arabian Oil (EMTN)	3.5000	16/04/29	220,000	242	0.87 |
| Spain 1.30% CaixaBank (EMTN)	2.3750	01/02/24	100,000	124	0.45 CaixaBank (EMTN)	VAR	14/07/28	100,000	121	0.43 Telefonica Europe	VAR	PERP	100,000	117	0.42 |
| 362	1.30 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Supranational 0.86% Inter-American Development Bank	3.2000	07/08/42	93,000	120	0.43 Inter-American Development Bank	3.8750	28/10/41	85,000	119	0.43 |
| 239	0.86 |
| Sweden 0.52% Svenska Handelsbanken	0.5000	18/02/30	123,000	146	0.52 |
| Switzerland 1.70% Credit Suisse	VAR	PERP	200,000	215	0.77 Credit Suisse	VAR	12/09/25	100,000	134	0.48 Syngenta Finance (EMTN)	3.3750	16/04/26	100,000	126	0.45 |
| 475	1.70 |
| United Kingdom 10.03% Annington Funding (EMTN)	1.6500	12/07/24	100,000	123	0.44 Barclays (EMTN)	VAR	06/10/23	182,000	239	0.85 Barclays (EMTN)	VAR	07/02/28	157,000	183	0.66 BAT Capital	2.2590	25/03/28	93,000	94	0.34 BAT Netherlands Finance (EMTN)	2.3750	07/10/24	100,000	126	0.45 BP Capital Markets (EMTN)	0.8310	08/11/27	100,000	120	0.43 CK Hutchison Group Telecom Finance	0.7500	17/04/26	100,000	120	0.43 Connect Plus M25	2.6070	31/03/39	95,003	140	0.50 CPUK Finance	4.2500	28/02/47	58,333	75	0.27 Firstgroup	5.2500	29/11/22	100,000	132	0.47 Gatwick Funding	2.8750	05/07/49	100,000	112	0.40 HSBC	VAR	07/11/25	200,000	208	0.75 Informa (EMTN)	1.2500	22/04/28	100,000	108	0.39 Lendlease Europe Finance	6.1250	12/10/21	100,000	135	0.48 Lloyds Banking (MTN)	4.2500	22/11/27	100,000	80	0.29 National Grid (EMTN)	0.5530	18/09/29	108,000	126	0.45 RELX Capital	4.0000	18/03/29	20,000	24	0.08 SELP Finance	1.5000	20/11/25	100,000	121	0.44 Tesco	6.1500	15/11/37	49,000	63	0.23 Tesco Property Finance 3	5.7440	13/04/40	48,127	83	0.30 Virgin Money UK (EMTN)	VAR	11/12/30	100,000	130	0.47 Vodafone	VAR	27/08/80	100,000	117	0.42 Western Power Distribution	3.6250	06/11/23	100,000	138	0.49 |
| 2,797	10.03 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| United States 38.55% |  |  |  |  |  |
| AbbVie | 4.4500 | 14/05/46 | 96,000 | 115 | 0.41 |
| AbbVie | 4.2500 | 21/11/49 | 47,000 | 56 | 0.20 |
| Activision Blizzard | 2.5000 | 15/09/50 | 79,000 | 74 | 0.27 |
| Activision Blizzard | 1.3500 | 15/09/30 | 19,000 | 19 | 0.07 |
| AEP Texas | 3.4500 | 15/01/50 | 43,000 | 47 | 0.17 |
| Alexandria Real Estate Equities | 1.8750 | 01/02/33 | 63,000 | 62 | 0.22 |
| Altria | 1.7000 | 15/06/25 | 100,000 | 124 | 0.44 |
| Altria | 4.8000 | 14/02/29 | 37,000 | 44 | 0.16 |
| Amazon.com | 2.5000 | 03/06/50 | 41,000 | 42 | 0.15 |
| American Tower | 3.9500 | 15/03/29 | 178,000 | 205 | 0.75 |
| Apple | 2.4000 | 20/08/50 | 155,000 | 156 | 0.56 |
| Athene | 4.1250 | 12/01/28 | 62,000 | 67 | 0.24 |
| Athene Global Funding | 2.4500 | 20/08/27 | 135,000 | 139 | 0.50 |
| AT&T | 3.5500 | 15/09/55 | 64,000 | 62 | 0.22 |
| Baker Hughes | 4.0800 | 15/12/47 | 40,000 | 40 | 0.14 |
| Ball | 5.0000 | 15/03/22 | 74,000 | 78 | 0.28 |
| Bank of America | 5.8750 | 07/02/42 | 93,000 | 138 | 0.49 |
| Bank of America (MTN) | VAR | 23/07/30 | 151,000 | 166 | 0.60 |
| Bank of America (MTN) | VAR | 19/06/41 | 111,000 | 114 | 0.41 |
| Berry Global | 1.0000 | 15/01/25 | 100,000 | 113 | 0.41 |
| Black Hills | 3.0500 | 15/10/29 | 62,000 | 68 | 0.24 |
| Boston Gas | 3.0010 | 01/08/29 | 14,000 | 15 | 0.06 |
| Boston Properties | 4.5000 | 01/12/28 | 36,000 | 42 | 0.15 |
| Broadcom | 4.3000 | 15/11/32 | 123,000 | 141 | 0.50 |
| Broadridge Financial Solutions | 2.9000 | 01/12/29 | 52,000 | 56 | 0.20 |
| Burlington Northern Santa Fe | 3.0500 | 15/02/51 | 67,000 | 74 | 0.27 |
| Burlington Northern Santa Fe | 4.7000 | 01/09/45 | 31,000 | 42 | 0.15 |
| Campbell Soup | 3.1250 | 24/04/50 | 40,000 | 41 | 0.15 |
| Carrier Global | 2.7000 | 15/02/31 | 116,000 | 121 | 0.43 |
| Carrier Global | 2.4930 | 15/02/27 | 57,000 | 60 | 0.21 |
| Carrier Global | 3.5770 | 05/04/50 | 23,000 | 25 | 0.09 |
| Centene | 4.7500 | 15/01/25 | 50,000 | 51 | 0.18 |
| Charter Communications Operating Capital | 6.3840 | 23/10/35 | 105,000 | 144 | 0.52 |
| Charter Communications Operating Capital | 4.8000 | 01/03/50 | 23,000 | 26 | 0.09 |
| Cigna | 4.9000 | 15/12/48 | 21,000 | 27 | 0.10 |
| Citigroup | 8.1250 | 15/07/39 | 100,000 | 174 | 0.62 |
| Citigroup | 1.5000 | 24/07/26 | 100,000 | 123 | 0.44 |
| Citigroup | 4.4000 | 10/06/25 | 60,000 | 68 | 0.24 |
| Citizens Financial | 2.5000 | 06/02/30 | 57,000 | 61 | 0.22 |
| Colonial Enterprises | 3.2500 | 15/05/30 | 53,000 | 59 | 0.21 |
| Comcast | 3.2500 | 01/11/39 | 105,000 | 117 | 0.42 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Comcast | 4.6000 | 15/10/38 | 60,000 | 77 | 0.28 |
| Connecticut Light & Power | 4.0000 | 01/04/48 | 23,000 | 29 | 0.10 |
| Continental Resources | 4.5000 | 15/04/23 | 65,000 | 62 | 0.22 |
| Continental Resources | 4.3750 | 15/01/28 | 24,000 | 21 | 0.07 |
| Cox Communications | 1.8000 | 01/10/30 | 43,000 | 43 | 0.15 |
| CVS Health | 5.0500 | 25/03/48 | 85,000 | 109 | 0.39 |
| CVS Health | 1.3000 | 21/08/27 | 76,000 | 75 | 0.27 |
| Dartmouth-Hitchcock Health | 4.1780 | 01/08/48 | 26,000 | 31 | 0.11 |
| Dell International | 6.0200 | 15/06/26 | 60,000 | 71 | 0.25 |
| Dell International | 6.2000 | 15/07/30 | 50,000 | 60 | 0.22 |
| Dell International | 5.3000 | 01/10/29 | 30,000 | 34 | 0.12 |
| Digital Dutch Finco | 1.5000 | 15/03/30 | 100,000 | 123 | 0.44 |
| Digital Dutch Finco | 0.6250 | 15/07/25 | 100,000 | 119 | 0.43 |
| Dominion Energy | VAR | 15/08/24 | 39,000 | 42 | 0.15 |
| Dominion Energy Gas | 3.0000 | 15/11/29 | 69,000 | 76 | 0.27 |
| DTE Electric | 4.0500 | 15/05/48 | 67,000 | 85 | 0.30 |
| East Ohio Gas | 3.0000 | 15/06/50 | 55,000 | 56 | 0.20 |
| Electronic Arts | 4.8000 | 01/03/26 | 44,000 | 52 | 0.19 |
| Energy Transfer Partners | 5.3000 | 15/04/47 | 35,000 | 33 | 0.12 |
| Entergy Texas | 1.7500 | 15/03/31 | 71,000 | 71 | 0.25 |
| Enterprise Products Operating | 4.8000 | 01/02/49 | 63,000 | 73 | 0.26 |
| EOG Resources | 5.1000 | 15/01/36 | 30,000 | 35 | 0.12 |
| Equifax | 3.1000 | 15/05/30 | 39,000 | 43 | 0.15 |
| Equifax | 2.6000 | 01/12/24 | 31,000 | 33 | 0.12 |
| Equifax | 2.6000 | 15/12/25 | 24,000 | 26 | 0.09 |
| Equinix | 3.0000 | 15/07/50 | 26,000 | 26 | 0.09 |
| Equinix | 1.8000 | 15/07/27 | 25,000 | 25 | 0.09 |
| Essex Portfolio | 3.0000 | 15/01/30 | 55,000 | 59 | 0.21 |
| FedEx | 5.2500 | 15/05/50 | 75,000 | 102 | 0.37 |
| Florida Gas Transmission | 2.5500 | 01/07/30 | 29,000 | 30 | 0.11 |
| Florida Power & Light | 4.1250 | 06/01/48 | 84,000 | 110 | 0.39 |
| Fox | 5.5760 | 25/01/49 | 44,000 | 61 | 0.22 |
| General Motors | 6.7500 | 01/04/46 | 44,000 | 54 | 0.19 |
| General Motors | 5.4000 | 01/04/48 | 25,000 | 28 | 0.10 |
| General Motors Financial | 5.2000 | 20/03/23 | 87,000 | 94 | 0.34 |
| General Motors Financial | 4.0000 | 06/10/26 | 55,000 | 59 | 0.21 |
| General Motors Financial (MTN) | 3.8500 | 21/02/23 | 70,000 | 52 | 0.19 |
| Gilead Sciences | 1.2000 | 01/10/27 | 55,000 | 55 | 0.20 |
| Halliburton | 5.0000 | 15/11/45 | 36,000 | 37 | 0.13 |
| Hartford Financial Services | 6.1000 | 01/10/41 | 36,000 | 51 | 0.18 |
| Hartford Financial Services | 3.6000 | 19/08/49 | 45,000 | 50 | 0.18 |
| HCA | 5.2500 | 15/06/26 | 99,000 | 116 | 0.41 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Ingersoll-Rand Luxembourg Finance | 4.5000 | 21/03/49 | 29,000 | 37 | 0.13 |
| Ingersoll-Rand Luxembourg Finance | 4.6500 | 01/11/44 | 25,000 | 31 | 0.11 |
| Intel | 4.1000 | 11/05/47 | 33,000 | 42 | 0.15 |
| International Game Technology | 2.3750 | 15/04/28 | 100,000 | 103 | 0.37 |
| International Paper | 4.4000 | 15/08/47 | 40,000 | 49 | 0.18 |
| Iron Mountain | 5.0000 | 15/07/28 | 70,000 | 72 | 0.26 |
| Johnson & Johnson | 2.2500 | 01/09/50 | 66,000 | 66 | 0.24 |
| JPMorgan Chase | 6.4000 | 15/05/38 | 122,000 | 187 | 0.68 |
| JPMorgan Chase | VAR | 01/05/28 | 120,000 | 135 | 0.49 |
| JPMorgan Chase | VAR | 13/05/31 | 70,000 | 75 | 0.27 |
| Kilroy Realty | 3.0500 | 15/02/30 | 68,000 | 71 | 0.26 |
| Lennar | 4.7500 | 01/04/21 | 74,000 | 75 | 0.27 |
| Lennar | 5.8750 | 15/11/24 | 34,000 | 38 | 0.14 |
| Lennar | 5.2500 | 01/06/26 | 33,000 | 37 | 0.13 |
| Lincoln National | 3.4000 | 15/01/31 | 40,000 | 44 | 0.16 |
| Lockheed Martin | 2.8000 | 15/06/50 | 26,000 | 27 | 0.10 |
| MDC | 3.8500 | 15/01/30 | 55,000 | 58 | 0.21 |
| Medtronic Global | 1.5000 | 02/07/39 | 100,000 | 123 | 0.44 |
| Microsoft | 4.1000 | 06/02/37 | 85,000 | 111 | 0.40 |
| Microsoft | 2.5250 | 01/06/50 | 9,000 | 9 | 0.03 |
| Mississippi Power | 3.9500 | 30/03/28 | 39,000 | 45 | 0.16 |
| Mondelez International | 1.5000 | 04/02/31 | 48,000 | 47 | 0.17 |
| Mondelez International | 2.6250 | 04/09/50 | 38,000 | 37 | 0.13 |
| Mondelez International | 2.7500 | 13/04/30 | 24,000 | 26 | 0.09 |
| Moody’s | 4.8750 | 17/12/48 | 37,000 | 49 | 0.18 |
| Morgan Stanley | 6.3750 | 24/07/42 | 73,000 | 114 | 0.41 |
| Morgan Stanley | VAR | 01/04/31 | 83,000 | 96 | 0.34 |
| Mylan | 2.2500 | 22/11/24 | 100,000 | 125 | 0.45 |
| Mylan | 3.9500 | 15/06/26 | 50,000 | 56 | 0.20 |
| National Rural Utilities Cooperative Finance | 4.4000 | 01/11/48 | 21,000 | 28 | 0.10 |
| National Rural Utilities Cooperative Finance | 4.3000 | 15/03/49 | 20,000 | 26 | 0.09 |
| Netflix | 3.0000 | 15/06/25 | 100,000 | 122 | 0.44 |
| Nevada Power | 2.4000 | 01/05/30 | 78,000 | 84 | 0.30 |
| New York Life Global Funding | 3.0000 | 10/01/28 | 90,000 | 101 | 0.36 |
| Noble Energy | 4.9500 | 15/08/47 | 42,000 | 55 | 0.20 |
| Oklahoma Gas & Electric | 3.3000 | 15/03/30 | 23,000 | 26 | 0.09 |
| Parker-Hannifin | 4.0000 | 14/06/49 | 73,000 | 88 | 0.32 |
| Partners Healthcare System | 3.1920 | 01/07/49 | 91,000 | 99 | 0.35 |
| PepsiCo | 3.3750 | 29/07/49 | 59,000 | 68 | 0.25 |
| Plains All American Pipeline | 3.8000 | 15/09/30 | 54,000 | 53 | 0.19 |
| Plains All American Pipeline | 4.7000 | 15/06/44 | 25,000 | 22 | 0.08 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Progressive | 4.2000 | 15/03/48 | 30,000 | 39 | 0.14 |
| Prudential Financial | 3.9350 | 07/12/49 | 62,000 | 71 | 0.25 |
| Public Storage | 0.8750 | 24/01/32 | 100,000 | 118 | 0.42 |
| Royalty Pharma | 3.3000 | 02/09/40 | 55,000 | 55 | 0.20 |
| Royalty Pharma | 1.7500 | 02/09/27 | 44,000 | 44 | 0.16 |
| Sabine Pass Liquefaction | 4.2000 | 15/03/28 | 50,000 | 54 | 0.19 |
| SBA Tower Trust | 2.8360 | 15/01/25 | 102,000 | 109 | 0.39 |
| Schlumberger | 3.9000 | 17/05/28 | 35,000 | 38 | 0.14 |
| Sealed Air | 5.2500 | 01/04/23 | 24,000 | 25 | 0.09 |
| Sealed Air | 5.5000 | 15/09/25 | 11,000 | 12 | 0.04 |
| Sherwin-Williams | 3.4500 | 01/06/27 | 30,000 | 34 | 0.12 |
| Simon Property | 3.5000 | 01/09/25 | 45,000 | 49 | 0.18 |
| Southern California Edison | 1.2000 | 01/02/26 | 38,000 | 38 | 0.14 |
| Southwestern Public Service | 3.1500 | 01/05/50 | 43,000 | 47 | 0.17 |
| S&P Global | 3.2500 | 01/12/49 | 34,000 | 39 | 0.14 |
| S&P Global | 2.5000 | 01/12/29 | 28,000 | 31 | 0.11 |
| Sprint | 7.8750 | 15/09/23 | 50,000 | 58 | 0.21 |
| T-Mobile USA | 3.8750 | 15/04/30 | 59,000 | 67 | 0.24 |
| T-Mobile USA | 3.5000 | 15/04/25 | 57,000 | 63 | 0.22 |
| Trans-Allegheny Interstate Line | 3.8500 | 01/06/25 | 57,000 | 63 | 0.23 |
| Union Pacific (MTN) | 3.5500 | 15/08/39 | 57,000 | 65 | 0.23 |
| UnitedHealth | 3.8750 | 15/08/59 | 39,000 | 48 | 0.17 |
| UnitedHealth | 4.2500 | 15/06/48 | 26,000 | 33 | 0.12 |
| Upjohn | 4.0000 | 22/06/50 | 52,000 | 56 | 0.20 |
| Verizon Communications | 5.0120 | 15/04/49 | 62,000 | 90 | 0.32 |
| Verizon Communications | 5.2500 | 16/03/37 | 60,000 | 83 | 0.30 |
| Verizon Communications | 4.3290 | 21/09/28 | 50,000 | 61 | 0.22 |
| Verizon Communications | 4.5220 | 15/09/48 | 37,000 | 49 | 0.17 |
| Virginia Electric & Power | 4.0000 | 15/11/46 | 28,000 | 35 | 0.12 |
| Vulcan Materials | 3.5000 | 01/06/30 | 28,000 | 31 | 0.11 |
| Walmart | 4.0500 | 29/06/48 | 47,000 | 62 | 0.22 |
| Walt Disney (MTN) | 7.5500 | 15/07/93 | 97,000 | 113 | 0.41 |
| Wells Fargo | VAR | 02/06/28 | 146,000 | 153 | 0.55 |
| Welltower | 4.2500 | 01/04/26 | 42,000 | 48 | 0.17 |
| Welltower | 2.7500 | 15/01/31 | 31,000 | 32 | 0.11 |
| Western Gas Partners | 4.7500 | 15/08/28 | 9,000 | 9 | 0.03 |
| Weyerhaeuser | 4.0000 | 15/04/30 | 65,000 | 77 | 0.28 |
| Wolverine World Wide | 6.3750 | 15/05/25 | 17,000 | 18 | 0.06 |
|  |  |  |  | 10,758 | 38.55 |
| Total Corporate Bonds |  |  |  | 23,969 | 85.90 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Government Bonds 9.47% |  |  |  |  |  |
| Germany 2.21% |  |  |  |  |  |
| Germany (Federal Republic of) | 4.7500 | 04/07/34 | 90,000 | 182 | 0.66 |
| Germany (Federal Republic of) | 0.5000 | 15/02/28 | 100,000 | 128 | 0.46 |
| Germany (Federal Republic of) | 0.5000 | 15/02/25 | 100,000 | 124 | 0.44 |
| Germany (Federal Republic of) | - | 15/08/50 | 80,000 | 97 | 0.35 |
| Germany (Federal Republic of) | - | 15/08/30 | 68,000 | 84 | 0.30 |
|  |  |  |  | 615 | 2.21 |
| Indonesia 1.50% Indonesia (Republic of) (EMTN) Perusahaan Penerbit SBSN Indonesia III | 2.1500 2.3000 | 18/07/24 23/06/25 | 170,000 200,000 | 210 208 | 0.75 0.75 |
|  |  |  |  | 418 | 1.50 |
| Mexico 1.38% Mexico (Government of) Mexico (Government of) | 1.6250 4.7500 | 08/04/26 08/03/44 | 200,000 134,000 | 237 147 | 0.85 0.53 |
|  |  |  |  | 384 | 1.38 |
| Netherlands 0.72% BNG Bank | 1.0000 | 03/06/30 | 200,000 | 201 | 0.72 |
| Qatar 0.83% Qatar (State of) | 3.7500 | 16/04/30 | 200,000 | 232 | 0.83 |
| United Kingdom 0.49% UK Treasury UK Treasury | 3.2500 4.2500 | 22/01/44 07/06/32 | 50,000 20,000 | 100 37 | 0.36 0.13 |
|  |  |  |  | 137 | 0.49 |
| United States 2.34% |  |  |  |  |  |
| US Treasury | 1.2500 | 15/05/50 | 435,000 | 413 | 1.47 |
| US Treasury | 1.3750 | 15/08/50 | 85,000 | 83 | 0.30 |
| US Treasury | 0.6250 | 15/08/30 | 79,000 | 79 | 0.28 |
| US Treasury | 1.6250 | 15/08/29 | 49,000 | 53 | 0.19 |
| US Treasury | 1.1250 | 15/08/40 | 27,000 | 27 | 0.10 |
|  |  |  |  | 655 | 2.34 |
| Total Government Bonds |  |  |  | 2,642 | 9.47 |

| Security	Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| Municipal Bonds 1.14% |  |  |  |  |
| United States 1.14% |  |  |  |  |
| Chicago Illinois Transit Authority	6.8990 | 01/12/40 | 40,000 | 57 | 0.20 |
| Commonwealth of Massachusetts	2.9000 | 01/09/49 | 50,000 | 55 | 0.20 |
| Grand Parkway Transportation	3.2360 | 01/10/52 | 65,000 | 68 | 0.25 |
| JobsOhio Beverage System	2.8330 | 01/01/38 | 40,000 | 43 | 0.15 |
| Port Authority of New York & New Jersey	4.0310 | 01/09/48 | 45,000 | 53 | 0.19 |
| State of Texas	3.2110 | 01/04/44 | 40,000 | 43 | 0.15 |
|  |  |  | 319 | 1.14 |
| Total Municipal Bonds |  |  | 319 | 1.14 |
| Total Bonds |  |  | 26,930 | 96.51 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	26,930	96.51 |
| Other transferable securities and money market instruments 0.34% |  |  |  |  |
| Bonds 0.34% |  |  |  |  |
| Corporate Bonds 0.34% |  |  |  |  |
| United States 0.34% |  |  |  |  |
| Molson Coors International	2.8400 | 15/07/23 | 70,000 | 54 | 0.20 |
| Molson Coors International	3.4400 | 15/07/26 | 50,000 | 40 | 0.14 |
|  |  |  | 94 | 0.34 |
| Total Corporate Bonds |  |  | 94 | 0.34 |
| Total Bonds |  |  | 94 | 0.34 |
| Total Other transferable securities and money market instruments |  |  | 94 | 0.34 |
| Open Ended Investment Funds 1.66% Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 †  Aberdeen Standard SICAV I - Asian Credit Bond Fund A QInc USD † |  | 324 12,753 | 324 138 | 1.17 0.49 |
|  |  |  | 462 | 1.66 |
| Total Open Ended Investment Funds |  |  | 462 | 1.66 |

Derivatives 0.16%
Future contracts 0.01%
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Ultra Bond | 21/12/20 | (4) | 6 | 0.02 |
| CBT US 10 Year Note | 21/12/20 | 2 | - | - |
| CBT US 10 Year Ultra | 21/12/20 | (5) | (4) | (0.01) |
| CBT US 2 Year Note | 31/12/20 | 4 | - | - |
| CBT US 5 Year Note | 31/12/20 | 10 | 1 | - |
| EUX Euro-Bobl | 08/12/20 | (4) | - | - |
| EUX Euro-Schatz | 08/12/20 | 8 | - | - |
| MSE Canada 10 Year Bond | 18/12/20 | 3 | - | - |
| SGX 10 Year Mini JGB | 11/12/20 | 1 | - | - |
| Unrealised gains on future contracts |  |  | 3 | 0.01 |

Forward currency exchange contracts 0.15%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | AUD | USD | 16/12/20 | 2,455,152 | 1,777,765 | (18) | (0.06) |
| BNP Paribas | CNH | USD | 16/12/20 | 54,527 | 7,915 | - | - |
| BNP Paribas | EUR | USD | 29/10/20 | 17,000 | 19,871 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 1,170,021 | 1,380,718 | (6) | (0.02) |
| BNP Paribas | GBP | USD | 02/10/20 | 13,006 | 16,732 | - | - |
| BNP Paribas | GBP | USD | 02/10/20 | 721 | 928 | - | - |
| BNP Paribas | GBP | USD | 05/10/20 | 466 | 598 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 9,591,274 | 12,426,800 | (20) | (0.08) |
| BNP Paribas | GBP | USD | 16/12/20 | 4,067,961 | 5,270,597 | (9) | (0.03) |
| BNP Paribas | GBP | USD | 16/12/20 | 402,658 | 521,698 | (1) | - |
| BNP Paribas | GBP | USD | 16/12/20 | 12,350 | 15,976 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 10,568 | 13,641 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 10,080 | 13,061 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 1,408 | 1,789 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 929 | 1,211 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 378 | 483 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 200 | 257 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 200 | 259 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 100 | 129 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 100 | 129 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 78 | 102 | - | - |
| BNP Paribas | USD | AUD | 16/12/20 | 10,489 | 14,406 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 373,383 | 316,935 | 1 | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/20 | 363,602 | 305,770 | 4 | 0.02 |
| BNP Paribas | USD | EUR | 16/12/20 | 3,232 | 2,769 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 195 | 165 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 66 | 56 | - | - |
| BNP Paribas | USD | GBP | 01/10/20 | 13,635 | 10,568 | - | - |
| BNP Paribas | USD | GBP | 29/10/20 | 2,343,390 | 1,805,000 | 10 | 0.03 |
| BNP Paribas | USD | GBP | 29/10/20 | 93,597 | 73,000 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 77,810 | 60,687 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 24,612 | 18,951 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 16,738 | 13,006 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 5,012 | 3,889 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 3,062 | 2,405 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 1,864 | 1,447 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 928 | 721 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 849 | 660 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 835 | 646 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 795 | 618 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 598 | 466 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 440 | 343 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 435 | 336 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 292 | 226 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 207 | 163 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 134 | 104 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 121 | 93 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 70 | 54 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 56 | 44 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 54 | 42 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 53 | 41 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 47 | 37 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 27 | 21 | - | - |
| JPM Chase | USD | EUR | 29/10/20 | 7,274,198 | 6,137,000 | 74 | 0.27 |
| JPM Chase | USD | EUR | 29/10/20 | 30,821 | 26,000 | - | - |
| Merrill Lynch | GBP | USD | 29/10/20 | 15,000 | 19,088 | - | - |
| Morgan Stanley | USD | CAD | 29/10/20 | 208,961 | 275,000 | 3 | 0.01 |
| Royal Bank of Canada | EUR | USD | 29/10/20 | 27,000 | 31,550 | - | - |
| Royal Bank of Canada | GBP | USD | 29/10/20 | 100,000 | 129,778 | - | - |
| Royal Bank of Canada | GBP | USD | 29/10/20 | 54,000 | 68,848 | 1 | - |
| Royal Bank of Canada | USD | AUD | 29/10/20 | 146,846 | 201,000 | 3 | 0.01 |

| Counterparty	Buy	Sell	Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| State Street	EUR	USD	29/10/20 | 27,000 | 31,585 | - | - |
| UBS	USD	EUR	29/10/20 | 127,989 | 108,000 | 1 | - |
| Unrealised gains on forward currency exchange contracts |  |  | 41 | 0.15 |
| Unrealised gains on derivatives |  |  | 44 | 0.16 |
| Total investments |  |  | 27,530 | 98.67 |
| Other net assets | 372 | 1.33 |
| Total net assets |  |  | 27,902 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# World Credit Bond Fund
### Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de capitalisation de Classe A du Fonds World Credit Bond a augmenté de 6,46 % par rapport à une hausse de 5,80 % de l’indice de référence, le Bloomberg Barclays Global Aggregate Credit (couvert à 100 % en USD) TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Il est rappelé que la performance passée n’est pas un indicateur des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
La période considérée a été dominée par l’intensification de la « crise du coronavirus » au niveau mondial qui a entraîné au premier trimestre de 2020 des ventes massives de proportions historiques d’actifs à risque mondiaux, y compris sur le marché du crédit de qualité investment grade (IG) mondial.
Le creusement spectaculaire des spreads qui a accompagné ces ventes massives a reflété une détérioration marquée des prévisions de croissance mondiale à la lumière des données entrantes relatives aux répercussions de la pandémie de coronavirus. Un autre facteur négatif important a été le début d’une guerre des prix du pétrole entre l’Arabie saoudite et la Russie, qui, couplée à l’impact du coronavirus sur la demande, a entraîné une baisse de plus de 50 % des prix du pétrole rien qu’en mars.
Les marchés du crédit ont toutefois fortement rebondi au deuxième trimestre de 2020, récupérant plus de la moitié de l’élargissement des spreads observé au premier trimestre. Alors que la pandémie de Covid-19 s’est répandue dans le monde entier, plusieurs banques centrales ont annoncé un soutien sans précédent aux marchés, notamment du crédit, avec le lancement de programmes d’achat d’obligations d’entreprises considérables sur tous les principaux marchés. La reprise s’est poursuivie au troisième trimestre, bien qu’à un rythme beaucoup plus lent, certaines régions du monde, dont certaines parties des États-Unis, de l’Europe et du Royaume-Uni, semblant assister à une deuxième vague de contaminations au coronavirus. Cette évolution a suscité des inquiétudes, car avec la baisse des températures à l’automne, les hospitalisations et les décès pourraient commencer à repartir à la hausse. Toutefois, la nette
amélioration des données économiques et les anticipations d’un vaccin viable contre le coronavirus à court terme ont continué de conforter la confiance des investisseurs.
Commentaires sur le portefeuille
Le Fonds a dégagé un rendement de 6,5 % sur la période de 12 mois considérée, surperformant l’indice de référence qui a généré un rendement de 5,80 %.
En termes de titres individuels, lors du dernier trimestre de l’année 2019, la société de soins de santé américaine CVS Health a été le principal contributeur, aidé en cela par ses excellents résultats au troisième trimestre. Parmi les autres contributeurs, on compte les banques américaines Citigroup et Bank of America, ainsi que la banque britannique Virgin Money. Les actifs du Royaume-Uni au sein du Fonds ont enregistré une reprise au lendemain des élections, dès lors que les incertitudes liées à la majorité du parti conservateur au Parlement se sont estompées. Pour ce qui est des points négatifs, la chute des prix du pétrole sur la période a pesé sur Shell. Le fabricant de dispositifs médicaux Medtronic a également nui à la performance.
Les performances du premier trimestre de 2020 ont été dominées par les événements du mois de mars, avec l’anticipation de l’entrée de l’économie mondiale dans une récession due à la Covid-19 et l’augmentation par l’Arabie saoudite de sa production dans une période de demande plus faible, dans le but d’accroître sa part de marché. Ces événements ont fait dégringoler le cours du pétrole (brut de Brent) de 66 % sur le trimestre. Cela a pesé fortement sur les participations du Fonds dans le secteur de l’énergie, dont celles dans
Continental Resources, Saudi Arabian Oil et Noble Energy. Le climat d’aversion pour le risque a également été préjudiciable pour les participations du Fonds sur les marchés émergents, y compris Adani Transmission en Inde et le conglomérat mexicain Alfa.
Vers la fin du premier trimestre, l’annonce par les banques centrales mondiales de nouveaux programmes d’achat d’obligations en Europe et aux États-Unis a contribué à restaurer la confiance des marchés. Les valeurs survendues se sont redressées jusqu’à la fin du mois de septembre. Le Fonds a renforcé son positionnement sur les constructeurs automobiles cycliques à des valorisations attrayantes VW, GM, BMW et Toyota pendant la reprise. Nous nous sommes tournés vers des sociétés énergétiques de qualité supérieure, telles que Total, Baker Hughes et Marathon Petroleum, réduisant ainsi les émetteurs plus vulnérables à la baisse des prix du pétrole.
Les secteurs liés à la Covid, tels que les voyages, l’énergie et certains émetteurs des marchés émergents, sont restés à des valorisations plus faibles par rapport au premier trimestre, les obligations de l’aéroport britannique de Gatwick et des émetteurs indiens EXIM et Adani s’inscrivant à la traîne de la reprise. Le secteur des technologies, des médias et des télécommunications a bien résisté tout au long de la période, avec de fortes contributions positives à la performance du Fonds provenant de Charter Communication aux États-Unis et de Broadcom.
Perspectives
L’élection présidentielle américaine sera un thème majeur du quatrième trimestre. Alors qu’une campagne féroce est menée, les indicateurs tendent vers une grande probabilité de « vague bleue », par laquelle les démocrates prennent le contrôle de la présidence, de la Chambre et du Sénat. Parallèlement à l’instabilité politique, la Fed continue d’exprimer son souhait de maintenir une politique monétaire extrêmement accommodante pendant un certain temps.
Le coronavirus entrave les tentatives de réouverture de vastes pans de l’économie européenne ; les autorités doivent faire preuve d’agilité et de prudence avec des mesures de relance visant à soutenir efficacement les secteurs fragiles. En effet, nous avons observé des extensions des programmes gouvernementaux de soutien à l’emploi dans différents pays, et la Banque centrale européenne s’est engagée à prendre des mesures supplémentaires, comme elle le juge approprié, pour soutenir l’inflation et dynamiser les économies.
Cependant, ses armes restent quelque peu limitées avec des taux largement négatifs, tandis que les désaccords persistants sur la manière dont le fonds de relance fonctionnera ne simplifient pas la situation. Les mesures sous-jacentes de l’inflation de base se sont avérées faibles, en dehors de la volatilité observée autour des variations saisonnières, ce qui n’est pas de bon augure pour les prochains relevés.
Comme aux États-Unis, la politique semble vouée à dominer l’ordre du jour des marchés britanniques à mesure que nous entrons dans l’hiver, avec des négociations succinctes qui se poursuivent sur la finalisation d’une forme d’accord sur le Brexit.
Bien qu’il subsiste certainement des questions litigieuses sur lesquelles les deux parties restent en désaccord, on a aussi observé des signes plus positifs selon lesquels un accord « mince » pourrait être réalisable. Nous pensons qu’un tel accord sera conclu, en dépit d’une probable instabilité importante dans les semaines et les mois à venir, à mesure que les négociations se poursuivront.
Équipe Global IG and Aggregate
Octobre 2020
État de l’actif net
Au 30 septembre 2020
État des opérations
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 27 486 |
| Avoirs bancaires |  | 155 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme |  | 105 |
| Intérêts à recevoir |  | 232 |
| Souscriptions à recevoir |  | 14 |
| Ventes de placements à recevoir |  | 469 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 41 |
| Plus-values latentes sur contrats à terme | 2.7 | 3 |
| Total de l’actif |  | 28 505 |
| Passif |  |  |
| Achats de placements à payer |  | 380 |
| Impôts et charges à payer |  | 17 |
| Rachats d’actions à payer |  | 19 |
| Autres passifs |  | 187 |
| Total du passif |  | 603 |
| Actif net en fin d’exercice |  | 27 902 |
| État des variations de l’actif net |  |  |
| Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020 |
| Notes | en milliers d’USD |
| Actif net en début d’exercice |  | 35 915 |
| Plus-values nettes sur investissements |  | 561 |
| Plus-values nettes réalisées |  | 1 169 |
| Plus-values nettes latentes |  | 857 |
| Produits des émissions d’actions |  | 10 132 |
| Paiements des actions rachetées |  | (20 347) |
| Régularisation nette reçue | 10 | 2 |
| Dividendes distribués | 5 | (387) |
| Actif net en fin d’exercice |  | 27 902 |

| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 767 |
| Intérêts bancaires |  | 2 |
| Autres revenus |  | 1 |
| Total des revenus |  | 770 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 149 |
| Frais d’exploitation, d’administration et de service | 4.3 | 59 |
| Autres frais de fonctionnement |  | 1 |
| Total des charges |  | 209 |
| Plus-values nettes sur investissements |  | 561 |
| Plus-values réalisées sur investissements |  | 907 |
| Plus-values réalisées sur contrats de change à terme |  | 378 |
| Moins-values réalisées sur contrats à terme |  | (118) |
| Plus-values de change réalisées |  | 2 |
| Plus-values nettes réalisées |  | 1 169 |
| Augmentation de la plus-value latente sur investissements |  | 919 |
| Diminution de la plus-value latente sur contrats de change à terme |  | (79) |
| Diminution de la moins-value latentesur contrats à terme |  | 17 |
| Plus-values nettes latentes |  | 857 |
| Augmentation nette de l’actif résultant des opérations |  | 2 587 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc Hedged EUR | A Acc Hedged GBP | A Acc USD | A SInc Hedged GBP | A SInc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 55 929 | 13 004 | 248 061 | 442 399 | 507 |
| Actions émises durant l’exercice | 174 000 | - | 70 719 | 6 323 | - |
| Actions rachetées durant l’exercice | (182 370) | (12 173) | (86 663) | (83 129) | - |
| Actions en circulation en fin d’exercice | 47 559 | 831 | 232 117 | 365 593 | 507 |
| Valeur nette d’inventaire par action | 11,4785 | 12,0855 | 12,8812 | 10,9665 | 11,6722 |
|  |
|  | I Acc EUR | I Acc USD | I SInc EURA | I SInc USDA | X Acc Hedged GBP |
| Actions en circulation en début d’exercice | 1 270 | 907 980 | 700 | 800 | 78 721 |
| Actions émises durant l’exercice | 97 000 | - | - | - | 2 979 |
| Actions rachetées durant l’exercice | (97 000) | (907 380) | (700) | (800) | (48 377) |
| Actions en circulation en fin d’exercice | 1 270 | 600 | - | - | 33 323 |
| Valeur nette d’inventaire par action | 12,1280 | 13,1919 | - | - | 12,3613 |
|  |
|  | X Acc USDA | X SInc Hedged GBP | X SInc USD | Z Acc Hedged CNHB | Z Acc USD |
| Actions en circulation en début d’exercice | 800 | 924 238 | 32 800 | - | 109 058 |
| Actions émises durant l’exercice | - | 80 381 | - | 460 | 240 585 |
| Actions rachetées durant l’exercice | (800) | (147 129) | - | - | (36 008) |
| Actions en circulation en fin d’exercice | - | 857 490 | 32 800 | 460 | 313 635 |
| Valeur nette d’inventaire par action | - | 10,9732 | 11,6771 | 117,7076 | 13,4857 |
|  |
| Z SInc Hedged AUD |
| Actions en circulation en début d’exercice |  |  |  |  | 900 |
| Actions émises durant l’exercice |  |  |  |  | 233 453 |
| Actions rachetées durant l’exercice |  |  |  |  | - |
| Actions en circulation en fin d’exercice |  |  |  |  | 234 353 |
| Valeur nette d’inventaire par action |  |  |  |  | 10,2762 |

A Classe d’actions fermée le 26 mai 2020.
B Classe d’actions lancée le 20 mars 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 96,51 % |
| Obligations 96,51 % |  |  |  |  |  |
| Obligations d’entreprises 85,90 % |  |  |  |  |  |
| Australie 0,59 % |  |  |  |  |  |
| APT Pipelines | 4,2000 | 23/03/2025 | 148 000 | 164 | 0,59 |
| Autriche 0,82 % |  |  |  |  |  |
| Suzano Austria | 5,7500 | 14/07/2026 | 200 000 | 229 | 0,82 |
| Belgique 0,91 % |  |  |  |  |  |
| Anheuser-Busch InBev | 3,5000 | 01/06/2030 | 108 000 | 123 | 0,45 |
| Anheuser-Busch InBev | 4,3200 | 15/05/2047 | 129 000 | 106 | 0,38 |
| FBG Finance (MTN) | 3,7500 | 06/09/2024 | 30 000 | 24 | 0,08 |
|  |  |  |  | 253 | 0,91 |
| Canada 0,49 % |  |  |  |  |  |
| Rogers Communications | 5,0000 | 15/03/2044 | 30 000 | 39 | 0,14 |
| Rogers Communications | 6,1100 | 25/08/2040 | 20 000 | 21 | 0,07 |
| Teck Resources | 6,2500 | 15/07/2041 | 42 000 | 49 | 0,18 |
| Teck Resources | 3,9000 | 15/07/2030 | 27 000 | 28 | 0,10 |
|  |  |  |  | 137 | 0,49 |
| Chine 6,09 % |  |  |  |  |  |
| China Oil & Gas | 5,5000 | 25/01/2023 | 302 000 | 310 | 1,12 |
| China Overseas Finance Cayman VIII (EMTN) | 2,7500 | 02/03/2030 | 200 000 | 204 | 0,73 |
| CNAC HK Finbridge | 1,7500 | 14/06/2022 | 100 000 | 118 | 0,42 |
| CNOOC Finance 2011 | 4,2500 | 26/01/2021 | 200 000 | 202 | 0,72 |
| CNOOC Finance 2015 | 4,3750 | 02/05/2028 | 200 000 | 235 | 0,85 |
| Country Garden | 5,1250 | 14/01/2027 | 200 000 | 213 | 0,76 |
| Shimao Property | 6,1250 | 21/02/2024 | 200 000 | 213 | 0,76 |
| Tencent (EMTN) | 1,8100 | 26/01/2026 | 200 000 | 203 | 0,73 |
|  |  |  |  | 1 698 | 6,09 |
| République tchèque 0,43 % |  |  |  |  |  |
| CEZ (EMTN) | 0,8750 | 02/12/2026 | 100 000 | 120 | 0,43 |
| Danemark 1,66 % |  |  |  |  |  |
| Danske Bank | 5,3750 | 12/01/2024 | 200 000 | 225 | 0,81 |
| Nykredit Realkredit (EMTN) | 0,7500 | 20/01/2027 | 100 000 | 119 | 0,43 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Orsted | VAR | 09/12/2019 | 100 000 | 118 | 0,42 |
|  |  |  |  | 462 | 1,66 |
| France 4,48 % |  |  |  |  |  |
| Banque Fédérative du Crédit Mutuel (EMTN) | 1,8750 | 18/06/2029 | 100 000 | 126 | 0,45 |
| BNP Paribas | VAR | 19/11/2025 | 200 000 | 211 | 0,76 |
| BPCE (EMTN) | 3,5000 | 23/10/2027 | 200 000 | 221 | 0,79 |
| Crédit Agricole (EMTN) | VAR | 22/04/2026 | 100 000 | 121 | 0,43 |
| Électricité de France | VAR | PERP | 100 000 | 104 | 0,37 |
| Engie | VAR | PERP | 100 000 | 118 | 0,42 |
| GELF Bond Issuer I (EMTN) | 1,1250 | 18/07/2029 | 200 000 | 232 | 0,84 |
| TOTAL | VAR | PERP | 100 000 | 118 | 0,42 |
|  |  |  |  | 1 251 | 4,48 |
| Allemagne 3,69 % |  |  |  |  |  |
| alstria office (REIT) | 1,5000 | 23/06/2026 | 100 000 | 120 | 0,43 |
| Bayer | 1,1250 | 06/01/2030 | 100 000 | 119 | 0,43 |
| Deutsche Bank (EMTN) | 2,6250 | 16/12/2024 | 100 000 | 131 | 0,48 |
| Deutsche Bank (EMTN) | VAR | 03/09/2026 | 100 000 | 117 | 0,42 |
| E.ON (EMTN) | 0,3500 | 28/02/2030 | 24 000 | 28 | 0,10 |
| E.ON International Finance (EMTN) | 5,8750 | 30/10/2037 | 50 000 | 101 | 0,36 |
| Siemens Financieringsmaatschappij (EMTN) | 1,7500 | 28/02/2039 | 41 000 | 57 | 0,20 |
| Symrise | 1,3750 | 01/07/2027 | 60 000 | 73 | 0,26 |
| Volkswagen International Finance | VAR | PERP | 100 000 | 119 | 0,43 |
| Volkswagen International Finance | VAR | PERP | 100 000 | 118 | 0,42 |
| Volkswagen Leasing (EMTN) | 1,0000 | 16/02/2023 | 38 000 | 45 | 0,16 |
|  |  |  |  | 1 028 | 3,69 |
| Islande 0,42 % |  |  |  |  |  |
| Arion Bank (EMTN) | 1,0000 | 20/03/2023 | 100 000 | 118 | 0,42 |
| Inde 1,50 % |  |  |  |  |  |
| Adani Transmission | 4,0000 | 03/08/2026 | 200 000 | 207 | 0,74 |
| ICICI Bank Dubai (EMTN) | 4,0000 | 18/03/2026 | 200 000 | 212 | 0,76 |
|  |  |  |  | 419 | 1,50 |
| Indonésie 0,77 % |  |  |  |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 4,6250 | 20/07/2023 | 200 000 | 215 | 0,77 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Italie 1,72 % |  |  |  |  |  |
| FCA Bank Ireland (EMTN) | 1,6250 | 29/09/2021 | 200 000 | 259 | 0,92 |
| UniCredit (EMTN) | VAR | 23/09/2029 | 200 000 | 222 | 0,80 |
|  |  |  |  | 481 | 1,72 |
| Mexique 3,31 % |  |  |  |  |  |
| Alfa | 5,2500 | 25/03/2024 | 200 000 | 213 | 0,76 |
| America Movil (EMTN) | 0,7500 | 26/06/2027 | 100 000 | 120 | 0,43 |
| BBVA Bancomer Texas | 6,7500 | 30/09/2022 | 150 000 | 162 | 0,58 |
| CEMEX | 3,1250 | 19/03/2026 | 100 000 | 118 | 0,42 |
| Orbia Advance | 4,8750 | 19/09/2022 | 200 000 | 211 | 0,76 |
| Petroleos Mexicanos (EMTN) | 8,2500 | 02/06/2022 | 75 000 | 101 | 0,36 |
|  |  |  |  | 925 | 3,31 |
| Pays-Bas 3,30 % |  |  |  |  |  |
| ABN AMRO Bank | VAR | 27/03/2028 | 200 000 | 211 | 0,76 |
| ING Groep (EMTN) | VAR | 22/03/2028 | 200 000 | 213 | 0,75 |
| ING Groep (EMTN) | VAR | 26/05/2031 | 100 000 | 122 | 0,44 |
| NN | VAR | 08/04/2044 | 100 000 | 130 | 0,47 |
| NN (EMTN) | VAR | PERP | 100 000 | 127 | 0,46 |
| OCI | 3,1250 | 01/11/2024 | 100 000 | 117 | 0,42 |
|  |  |  |  | 920 | 3,30 |
| Portugal 0,71 % |  |  |  |  |  |
| EDP Finance | 1,7100 | 24/01/2028 | 200 000 | 199 | 0,71 |
| Roumanie 0,42 % |  |  |  |  |  |
| NE Property | 3,3750 | 14/07/2027 | 100 000 | 118 | 0,42 |
| Fédération de Russie 0,76 % |  |  |  |  |  |
| Lukoil International Finance | 4,5630 | 24/04/2023 | 200 000 | 213 | 0,76 |
| Arabie saoudite 0,87 % |  |  |  |  |  |
| Saudi Arabian Oil (EMTN) | 3,5000 | 16/04/2029 | 220 000 | 242 | 0,87 |
| Espagne 1,30 % |  |  |  |  |  |
| CaixaBank (EMTN) | 2,3750 | 01/02/2024 | 100 000 | 124 | 0,45 |
| CaixaBank (EMTN) | VAR | 14/07/2028 | 100 000 | 121 | 0,43 |
| Telefonica Europe | VAR | PERP | 100 000 | 117 | 0,42 |
|  |  |  |  | 362 | 1,30 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Supranational 0,86 % |  |  |  |  |  |
| Inter-American Development Bank | 3,2000 | 07/08/2042 | 93 000 | 120 | 0,43 |
| Inter-American Development Bank | 3,8750 | 28/10/2041 | 85 000 | 119 | 0,43 |
|  |  |  |  | 239 | 0,86 |
| Suède 0,52 % |  |  |  |  |  |
| Svenska Handelsbanken | 0,5000 | 18/02/2030 | 123 000 | 146 | 0,52 |
| Suisse 1,70 % |  |  |  |  |  |
| Credit Suisse | VAR | PERP | 200 000 | 215 | 0,77 |
| Credit Suisse | VAR | 12/09/2025 | 100 000 | 134 | 0,48 |
| Syngenta Finance (EMTN) | 3,3750 | 16/04/2026 | 100 000 | 126 | 0,45 |
|  |  |  |  | 475 | 1,70 |
| Royaume-Uni 10,03 % |  |  |  |  |  |
| Annington Funding (EMTN) | 1,6500 | 12/07/2024 | 100 000 | 123 | 0,44 |
| Barclays (EMTN) | VAR | 06/10/2023 | 182 000 | 239 | 0,85 |
| Barclays (EMTN) | VAR | 07/02/2028 | 157 000 | 183 | 0,66 |
| BAT Capital | 2,2590 | 25/03/2028 | 93 000 | 94 | 0,34 |
| BAT Netherlands Finance (EMTN) | 2,3750 | 07/10/2024 | 100 000 | 126 | 0,45 |
| BP Capital Markets (EMTN) | 0,8310 | 08/11/2027 | 100 000 | 120 | 0,43 |
| CK Hutchison Group Telecom Finance | 0,7500 | 17/04/2026 | 100 000 | 120 | 0,43 |
| Connect Plus M25 | 2,6070 | 31/03/2039 | 95 003 | 140 | 0,50 |
| CPUK Finance | 4,2500 | 28/02/2047 | 58 333 | 75 | 0,27 |
| Firstgroup | 5,2500 | 29/11/2022 | 100 000 | 132 | 0,47 |
| Gatwick Funding | 2,8750 | 05/07/2049 | 100 000 | 112 | 0,40 |
| HSBC | VAR | 07/11/2025 | 200 000 | 208 | 0,75 |
| Informa (EMTN) | 1,2500 | 22/04/2028 | 100 000 | 108 | 0,39 |
| Lendlease Europe Finance | 6,1250 | 12/10/2021 | 100 000 | 135 | 0,48 |
| Lloyds Banking (MTN) | 4,2500 | 22/11/2027 | 100 000 | 80 | 0,29 |
| National Grid (EMTN) | 0,5530 | 18/09/2029 | 108 000 | 126 | 0,45 |
| RELX Capital | 4,0000 | 18/03/2029 | 20 000 | 24 | 0,08 |
| SELP Finance | 1,5000 | 20/11/2025 | 100 000 | 121 | 0,44 |
| Tesco | 6,1500 | 15/11/2037 | 49 000 | 63 | 0,23 |
| Tesco Property Finance 3 | 5,7440 | 13/04/2040 | 48 127 | 83 | 0,30 |
| Virgin Money UK (EMTN) | VAR | 11/12/2030 | 100 000 | 130 | 0,47 |
| Vodafone | VAR | 27/08/1980 | 100 000 | 117 | 0,42 |
| Western Power Distribution | 3,6250 | 06/11/2023 | 100 000 | 138 | 0,49 |
|  |  |  |  | 2 797 | 10,03 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| États-Unis 38,55 % |  |  |  |  |  |
| AbbVie | 4,4500 | 14/05/2046 | 96 000 | 115 | 0,41 |
| AbbVie | 4,2500 | 21/11/2049 | 47 000 | 56 | 0,20 |
| Activision Blizzard | 2,5000 | 15/09/1950 | 79 000 | 74 | 0,27 |
| Activision Blizzard | 1,3500 | 15/09/2030 | 19 000 | 19 | 0,07 |
| AEP Texas | 3,4500 | 15/01/2050 | 43 000 | 47 | 0,17 |
| Alexandria Real Estate Equities | 1,8750 | 01/02/2033 | 63 000 | 62 | 0,22 |
| Altria | 1,7000 | 15/06/2025 | 100 000 | 124 | 0,44 |
| Altria | 4,8000 | 14/02/2029 | 37 000 | 44 | 0,16 |
| Amazon.com | 2,5000 | 03/06/1950 | 41 000 | 42 | 0,15 |
| American Tower | 3,9500 | 15/03/2029 | 178 000 | 205 | 0,75 |
| Apple | 2,4000 | 20/08/1950 | 155 000 | 156 | 0,56 |
| Athene | 4,1250 | 12/01/2028 | 62 000 | 67 | 0,24 |
| Athene Global Funding | 2,4500 | 20/08/2027 | 135 000 | 139 | 0,50 |
| AT&T | 3,5500 | 15/09/1955 | 64 000 | 62 | 0,22 |
| Baker Hughes | 4,0800 | 15/12/2047 | 40 000 | 40 | 0,14 |
| Ball | 5,0000 | 15/03/2022 | 74 000 | 78 | 0,28 |
| Bank of America | 5,8750 | 07/02/2042 | 93 000 | 138 | 0,49 |
| Bank of America (MTN) | VAR | 23/07/2030 | 151 000 | 166 | 0,60 |
| Bank of America (MTN) | VAR | 19/06/2041 | 111 000 | 114 | 0,41 |
| Berry Global | 1,0000 | 15/01/2025 | 100 000 | 113 | 0,41 |
| Black Hills | 3,0500 | 15/10/2029 | 62 000 | 68 | 0,24 |
| Boston Gas | 3,0010 | 01/08/2029 | 14 000 | 15 | 0,06 |
| Boston Properties | 4,5000 | 01/12/2028 | 36 000 | 42 | 0,15 |
| Broadcom | 4,3000 | 15/11/2032 | 123 000 | 141 | 0,50 |
| Broadridge Financial Solutions | 2,9000 | 01/12/2029 | 52 000 | 56 | 0,20 |
| Burlington Northern Santa Fe | 3,0500 | 15/02/1951 | 67 000 | 74 | 0,27 |
| Burlington Northern Santa Fe | 4,7000 | 01/09/2045 | 31 000 | 42 | 0,15 |
| Campbell Soup | 3,1250 | 24/04/1950 | 40 000 | 41 | 0,15 |
| Carrier Global | 2,7000 | 15/02/2031 | 116 000 | 121 | 0,43 |
| Carrier Global | 2,4930 | 15/02/2027 | 57 000 | 60 | 0,21 |
| Carrier Global | 3,5770 | 05/04/1950 | 23 000 | 25 | 0,09 |
| Centene | 4,7500 | 15/01/2025 | 50 000 | 51 | 0,18 |
| Charter Communications Operating Capital | 6,3840 | 23/10/2035 | 105 000 | 144 | 0,52 |
| Charter Communications Operating Capital | 4,8000 | 01/03/1950 | 23 000 | 26 | 0,09 |
| Cigna | 4,9000 | 15/12/2048 | 21 000 | 27 | 0,10 |
| Citigroup | 8,1250 | 15/07/2039 | 100 000 | 174 | 0,62 |
| Citigroup | 1,5000 | 24/07/2026 | 100 000 | 123 | 0,44 |
| Citigroup | 4,4000 | 10/06/2025 | 60 000 | 68 | 0,24 |
| Citizens Financial | 2,5000 | 06/02/2030 | 57 000 | 61 | 0,22 |
| Colonial Enterprises | 3,2500 | 15/05/2030 | 53 000 | 59 | 0,21 |
| Comcast | 3,2500 | 01/11/2039 | 105 000 | 117 | 0,42 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Comcast | 4,6000 | 15/10/2038 | 60 000 | 77 | 0,28 |
| Connecticut Light & Power | 4,0000 | 01/04/2048 | 23 000 | 29 | 0,10 |
| Continental Resources | 4,5000 | 15/04/2023 | 65 000 | 62 | 0,22 |
| Continental Resources | 4,3750 | 15/01/2028 | 24 000 | 21 | 0,07 |
| Cox Communications | 1,8000 | 01/10/2030 | 43 000 | 43 | 0,15 |
| CVS Health | 5,0500 | 25/03/2048 | 85 000 | 109 | 0,39 |
| CVS Health | 1,3000 | 21/08/2027 | 76 000 | 75 | 0,27 |
| Dartmouth-Hitchcock Health | 4,1780 | 01/08/2048 | 26 000 | 31 | 0,11 |
| Dell International | 6,0200 | 15/06/2026 | 60 000 | 71 | 0,25 |
| Dell International | 6,2000 | 15/07/2030 | 50 000 | 60 | 0,22 |
| Dell International | 5,3000 | 01/10/2029 | 30 000 | 34 | 0,12 |
| Digital Dutch Finco | 1,5000 | 15/03/2030 | 100 000 | 123 | 0,44 |
| Digital Dutch Finco | 0,6250 | 15/07/2025 | 100 000 | 119 | 0,43 |
| Dominion Energy | VAR | 15/08/2024 | 39 000 | 42 | 0,15 |
| Dominion Energy Gas | 3,0000 | 15/11/2029 | 69 000 | 76 | 0,27 |
| DTE Electric | 4,0500 | 15/05/2048 | 67 000 | 85 | 0,30 |
| East Ohio Gas | 3,0000 | 15/06/1950 | 55 000 | 56 | 0,20 |
| Electronic Arts | 4,8000 | 01/03/2026 | 44 000 | 52 | 0,19 |
| Energy Transfer Partners | 5,3000 | 15/04/2047 | 35 000 | 33 | 0,12 |
| Entergy Texas | 1,7500 | 15/03/2031 | 71 000 | 71 | 0,25 |
| Enterprise Products Operating | 4,8000 | 01/02/2049 | 63 000 | 73 | 0,26 |
| EOG Resources | 5,1000 | 15/01/2036 | 30 000 | 35 | 0,12 |
| Equifax | 3,1000 | 15/05/2030 | 39 000 | 43 | 0,15 |
| Equifax | 2,6000 | 01/12/2024 | 31 000 | 33 | 0,12 |
| Equifax | 2,6000 | 15/12/2025 | 24 000 | 26 | 0,09 |
| Equinix | 3,0000 | 15/07/1950 | 26 000 | 26 | 0,09 |
| Equinix | 1,8000 | 15/07/2027 | 25 000 | 25 | 0,09 |
| Essex Portfolio | 3,0000 | 15/01/2030 | 55 000 | 59 | 0,21 |
| FedEx | 5,2500 | 15/05/1950 | 75 000 | 102 | 0,37 |
| Florida Gas Transmission | 2,5500 | 01/07/2030 | 29 000 | 30 | 0,11 |
| Florida Power & Light | 4,1250 | 06/01/2048 | 84 000 | 110 | 0,39 |
| Fox | 5,5760 | 25/01/2049 | 44 000 | 61 | 0,22 |
| General Motors | 6,7500 | 01/04/2046 | 44 000 | 54 | 0,19 |
| General Motors | 5,4000 | 01/04/2048 | 25 000 | 28 | 0,10 |
| General Motors Financial | 5,2000 | 20/03/2023 | 87 000 | 94 | 0,34 |
| General Motors Financial | 4,0000 | 06/10/2026 | 55 000 | 59 | 0,21 |
| General Motors Financial (MTN) | 3,8500 | 21/02/2023 | 70 000 | 52 | 0,19 |
| Gilead Sciences | 1,2000 | 01/10/2027 | 55 000 | 55 | 0,20 |
| Halliburton | 5,0000 | 15/11/2045 | 36 000 | 37 | 0,13 |
| Hartford Financial Services | 6,1000 | 01/10/2041 | 36 000 | 51 | 0,18 |
| Hartford Financial Services | 3,6000 | 19/08/2049 | 45 000 | 50 | 0,18 |
| HCA | 5,2500 | 15/06/2026 | 99 000 | 116 | 0,41 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Ingersoll-Rand Luxembourg Finance | 4,5000 | 21/03/2049 | 29 000 | 37 | 0,13 |
| Ingersoll-Rand Luxembourg Finance | 4,6500 | 01/11/2044 | 25 000 | 31 | 0,11 |
| Intel | 4,1000 | 11/05/2047 | 33 000 | 42 | 0,15 |
| International Game Technology | 2,3750 | 15/04/2028 | 100 000 | 103 | 0,37 |
| International Paper | 4,4000 | 15/08/2047 | 40 000 | 49 | 0,18 |
| Iron Mountain | 5,0000 | 15/07/2028 | 70 000 | 72 | 0,26 |
| Johnson & Johnson | 2,2500 | 01/09/1950 | 66 000 | 66 | 0,24 |
| JPMorgan Chase | 6,4000 | 15/05/2038 | 122 000 | 187 | 0,68 |
| JPMorgan Chase | VAR | 01/05/2028 | 120 000 | 135 | 0,49 |
| JPMorgan Chase | VAR | 13/05/2031 | 70 000 | 75 | 0,27 |
| Kilroy Realty | 3,0500 | 15/02/2030 | 68 000 | 71 | 0,26 |
| Lennar | 4,7500 | 01/04/2021 | 74 000 | 75 | 0,27 |
| Lennar | 5,8750 | 15/11/2024 | 34 000 | 38 | 0,14 |
| Lennar | 5,2500 | 01/06/2026 | 33 000 | 37 | 0,13 |
| Lincoln National | 3,4000 | 15/01/2031 | 40 000 | 44 | 0,16 |
| Lockheed Martin | 2,8000 | 15/06/1950 | 26 000 | 27 | 0,10 |
| MDC | 3,8500 | 15/01/2030 | 55 000 | 58 | 0,21 |
| Medtronic Global | 1,5000 | 02/07/2039 | 100 000 | 123 | 0,44 |
| Microsoft | 4,1000 | 06/02/2037 | 85 000 | 111 | 0,40 |
| Microsoft | 2,5250 | 01/06/1950 | 9 000 | 9 | 0,03 |
| Mississippi Power | 3,9500 | 30/03/2028 | 39 000 | 45 | 0,16 |
| Mondelez International | 1,5000 | 04/02/2031 | 48 000 | 47 | 0,17 |
| Mondelez International | 2,6250 | 04/09/1950 | 38 000 | 37 | 0,13 |
| Mondelez International | 2,7500 | 13/04/2030 | 24 000 | 26 | 0,09 |
| Moody’s | 4,8750 | 17/12/2048 | 37 000 | 49 | 0,18 |
| Morgan Stanley | 6,3750 | 24/07/2042 | 73 000 | 114 | 0,41 |
| Morgan Stanley | VAR | 01/04/2031 | 83 000 | 96 | 0,34 |
| Mylan | 2,2500 | 22/11/2024 | 100 000 | 125 | 0,45 |
| Mylan | 3,9500 | 15/06/2026 | 50 000 | 56 | 0,20 |
| National Rural Utilities Cooperative Finance | 4,4000 | 01/11/2048 | 21 000 | 28 | 0,10 |
| National Rural Utilities Cooperative Finance | 4,3000 | 15/03/2049 | 20 000 | 26 | 0,09 |
| Netflix | 3,0000 | 15/06/2025 | 100 000 | 122 | 0,44 |
| Nevada Power | 2,4000 | 01/05/2030 | 78 000 | 84 | 0,30 |
| New York Life Global Funding | 3,0000 | 10/01/2028 | 90 000 | 101 | 0,36 |
| Noble Energy | 4,9500 | 15/08/2047 | 42 000 | 55 | 0,20 |
| Oklahoma Gas & Electric | 3,3000 | 15/03/2030 | 23 000 | 26 | 0,09 |
| Parker-Hannifin | 4,0000 | 14/06/2049 | 73 000 | 88 | 0,32 |
| Partners Healthcare System | 3,1920 | 01/07/2049 | 91 000 | 99 | 0,35 |
| PepsiCo | 3,3750 | 29/07/2049 | 59 000 | 68 | 0,25 |
| Plains All American Pipeline | 3,8000 | 15/09/2030 | 54 000 | 53 | 0,19 |
| Plains All American Pipeline | 4,7000 | 15/06/2044 | 25 000 | 22 | 0,08 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Progressive | 4,2000 | 15/03/2048 | 30 000 | 39 | 0,14 |
| Prudential Financial | 3,9350 | 07/12/2049 | 62 000 | 71 | 0,25 |
| Public Storage | 0,8750 | 24/01/2032 | 100 000 | 118 | 0,42 |
| Royalty Pharma | 3,3000 | 02/09/2040 | 55 000 | 55 | 0,20 |
| Royalty Pharma | 1,7500 | 02/09/2027 | 44 000 | 44 | 0,16 |
| Sabine Pass Liquefaction | 4,2000 | 15/03/2028 | 50 000 | 54 | 0,19 |
| SBA Tower Trust | 2,8360 | 15/01/2025 | 102 000 | 109 | 0,39 |
| Schlumberger | 3,9000 | 17/05/2028 | 35 000 | 38 | 0,14 |
| Sealed Air | 5,2500 | 01/04/2023 | 24 000 | 25 | 0,09 |
| Sealed Air | 5,5000 | 15/09/2025 | 11 000 | 12 | 0,04 |
| Sherwin-Williams | 3,4500 | 01/06/2027 | 30 000 | 34 | 0,12 |
| Simon Property | 3,5000 | 01/09/2025 | 45 000 | 49 | 0,18 |
| Southern California Edison | 1,2000 | 01/02/2026 | 38 000 | 38 | 0,14 |
| Southwestern Public Service | 3,1500 | 01/05/1950 | 43 000 | 47 | 0,17 |
| S&P Global | 3,2500 | 01/12/2049 | 34 000 | 39 | 0,14 |
| S&P Global | 2,5000 | 01/12/2029 | 28 000 | 31 | 0,11 |
| Sprint | 7,8750 | 15/09/2023 | 50 000 | 58 | 0,21 |
| T-Mobile USA | 3,8750 | 15/04/2030 | 59 000 | 67 | 0,24 |
| T-Mobile USA | 3,5000 | 15/04/2025 | 57 000 | 63 | 0,22 |
| Trans-Allegheny Interstate Line | 3,8500 | 01/06/2025 | 57 000 | 63 | 0,23 |
| Union Pacific (MTN) | 3,5500 | 15/08/2039 | 57 000 | 65 | 0,23 |
| UnitedHealth | 3,8750 | 15/08/1959 | 39 000 | 48 | 0,17 |
| UnitedHealth | 4,2500 | 15/06/2048 | 26 000 | 33 | 0,12 |
| Upjohn | 4,0000 | 22/06/1950 | 52 000 | 56 | 0,20 |
| Verizon Communications | 5,0120 | 15/04/2049 | 62 000 | 90 | 0,32 |
| Verizon Communications | 5,2500 | 16/03/2037 | 60 000 | 83 | 0,30 |
| Verizon Communications | 4,3290 | 21/09/2028 | 50 000 | 61 | 0,22 |
| Verizon Communications | 4,5220 | 15/09/2048 | 37 000 | 49 | 0,17 |
| Virginia Electric & Power | 4,0000 | 15/11/2046 | 28 000 | 35 | 0,12 |
| Vulcan Materials | 3,5000 | 01/06/2030 | 28 000 | 31 | 0,11 |
| Walmart | 4,0500 | 29/06/2048 | 47 000 | 62 | 0,22 |
| Walt Disney (MTN) | 7,5500 | 15/07/1993 | 97 000 | 113 | 0,41 |
| Wells Fargo | VAR | 02/06/2028 | 146 000 | 153 | 0,55 |
| Welltower | 4,2500 | 01/04/2026 | 42 000 | 48 | 0,17 |
| Welltower | 2,7500 | 15/01/2031 | 31 000 | 32 | 0,11 |
| Western Gas Partners | 4,7500 | 15/08/2028 | 9 000 | 9 | 0,03 |
| Weyerhaeuser | 4,0000 | 15/04/2030 | 65 000 | 77 | 0,28 |
| Wolverine World Wide | 6,3750 | 15/05/2025 | 17 000 | 18 | 0,06 |
|  |  |  |  | 10 758 | 38,55 |
| Total Obligations d’entreprises |  |  |  | 23 969 | 85,90 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Obligations d’État 9,47 % |  |  |  |  |  |
| Allemagne 2,21 % |  |  |  |  |  |
| République fédérale d’Allemagne | 4,7500 | 04/07/2034 | 90 000 | 182 | 0,66 |
| République fédérale d’Allemagne | 0,5000 | 15/02/2028 | 100 000 | 128 | 0,46 |
| République fédérale d’Allemagne | 0,5000 | 15/02/2025 | 100 000 | 124 | 0,44 |
| République fédérale d’Allemagne | - | 15/08/2050 | 80 000 | 97 | 0,35 |
| République fédérale d’Allemagne | - | 15/08/2030 | 68 000 | 84 | 0,30 |
|  |  |  |  | 615 | 2,21 |
| Indonésie 1,50 % |  |  |  |  |  |
| République indonésienne (EMTN) | 2,1500 | 18/07/2024 | 170 000 | 210 | 0,75 |
| Perusahaan Penerbit SBSN Indonesia III | 2,3000 | 23/06/2025 | 200 000 | 208 | 0,75 |
|  |  |  |  | 418 | 1,50 |
| Mexique 1,38 % |  |  |  |  |  |
| Gouvernement du Mexique | 1,6250 | 08/04/2026 | 200 000 | 237 | 0,85 |
| Gouvernement du Mexique | 4,7500 | 08/03/2044 | 134 000 | 147 | 0,53 |
|  |  |  |  | 384 | 1,38 |
| Pays-Bas 0,72 % |  |  |  |  |  |
| BNG Bank | 1,0000 | 03/06/2030 | 200 000 | 201 | 0,72 |
| Qatar 0,83 % |  |  |  |  |  |
| État du Qatar | 3,7500 | 16/04/2030 | 200 000 | 232 | 0,83 |
| Royaume-Uni 0,49 % |  |  |  |  |  |
| Trésor britannique | 3,2500 | 22/01/2044 | 50 000 | 100 | 0,36 |
| Trésor britannique | 4,2500 | 07/06/2032 | 20 000 | 37 | 0,13 |
|  |  |  |  | 137 | 0,49 |
| États-Unis 2,34 % |  |  |  |  |  |
| Trésor américain | 1,2500 | 15/05/1950 | 435 000 | 413 | 1,47 |
| Trésor américain | 1,3750 | 15/08/2050 | 85 000 | 83 | 0,30 |
| Trésor américain | 0,6250 | 15/08/2030 | 79 000 | 79 | 0,28 |
| Trésor américain | 1,6250 | 15/08/2029 | 49 000 | 53 | 0,19 |
| Trésor américain | 1,1250 | 15/08/2040 | 27 000 | 27 | 0,10 |
|  |  |  |  | 655 | 2,34 |
| Total Obligations d’État |  |  |  | 2 642 | 9,47 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Obligations municipales 1,14 % |  |  |  |  |  |
| États-Unis 1,14 % |  |  |  |  |  |
| Chicago Illinois Transit Authority | 6,8990 | 01/12/2040 | 40 000 | 57 | 0,20 |
| Commonwealth of Massachusetts | 2,9000 | 01/09/2049 | 50 000 | 55 | 0,20 |
| Grand Parkway Transportation | 3,2360 | 01/10/1952 | 65 000 | 68 | 0,25 |
| JobsOhio Beverage System | 2,8330 | 01/01/2038 | 40 000 | 43 | 0,15 |
| Port Authority of New York & New Jersey | 4,0310 | 01/09/2048 | 45 000 | 53 | 0,19 |
| État du Texas | 3,2110 | 01/04/2044 | 40 000 | 43 | 0,15 |
|  |  |  |  | 319 | 1,14 |
| Total Obligations municipales |  |  |  | 319 | 1,14 |
| Total Obligations |  |  |  | 26 930 | 96,51 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 26 930 | 96,51 |
| Autres valeurs mobilières et instruments du marché monétaire 0,34 % |
| Obligations 0,34 % |  |  |  |  |  |
| Obligations d’entreprises 0,34 % |  |  |  |  |  |
| États-Unis 0,34 % |  |  |  |  |  |
| Molson Coors International | 2,8400 | 15/07/2023 | 70 000 | 54 | 0,20 |
| Molson Coors International | 3,4400 | 15/07/2026 | 50 000 | 40 | 0,14 |
|  |  |  |  | 94 | 0,34 |
| Total Obligations d’entreprises |  |  |  | 94 | 0,34 |
| Total Obligations |  |  |  | 94 | 0,34 |
| Total Autres valeurs mobilières et instruments du marché monétaire |  | 94 | 0,34 |
| Fonds d’investissement à capital variable 1,66 % |  |  |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 324 | 324 | 1,17 |
| Aberdeen Standard SICAV I - Asian Credit Bond Fund A QInc USD† |  | 12 753 | 138 | 0,49 |
|  |  |  |  | 462 | 1,66 |
| Total Fonds d’investissement à capital variable |  |  |  | 462 | 1,66 |

Dérivés 0,16 %
Contrats à terme 0,01 %
| Contrat à terme |  |  |  | Échéance | Notionnel | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CBT US Ultra Bond |  |  |  | 21/12/2020 | (4) | 6 | 0,02 |
| CBT US 10 Year Note |  |  |  | 21/12/2020 | 2 | - | - |
| CBT US 10 Year Ultra |  |  |  | 21/12/2020 | (5) | (4) | (0,01) |
| CBT US 2 Year Note |  |  |  | 31/12/2020 | 4 | - | - |
| CBT US 5 Year Note |  |  |  | 31/12/2020 | 10 | 1 | - |
| EUX Euro-Bobl |  |  |  | 08/12/2020 | (4) | - | - |
| EUX Euro-Schatz |  |  |  | 08/12/2020 | 8 | - | - |
| MSE Canada 10 Year Bond |  |  | 18/12/2020 | 3 | - | - |
| SGX 10 Year Mini JGB |  |  |  | 11/12/2020 | 1 | - | - |
| Plus-values latentes sur contrats à terme |  |  |  | 3 | 0,01 |
| Contrats de change à terme 0,15 % |
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| BNP Paribas | AUD | USD | 16/12/2020 | 2 455 152 | 1 777 765 | (18) | (0,06) |
| BNP Paribas | CNH | USD | 16/12/2020 | 54 527 | 7 915 | - | - |
| BNP Paribas | EUR | USD | 29/10/2020 | 17 000 | 19 871 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 1 170 021 | 1 380 718 | (6) | (0,02) |
| BNP Paribas | GBP | USD | 02/10/2020 | 13 006 | 16 732 | - | - |
| BNP Paribas | GBP | USD | 02/10/2020 | 721 | 928 | - | - |
| BNP Paribas | GBP | USD | 05/10/2020 | 466 | 598 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 9 591 274 | 12 426 800 | (20) | (0,08) |
| BNP Paribas | GBP | USD | 16/12/2020 | 4 067 961 | 5 270 597 | (9) | (0,03) |
| BNP Paribas | GBP | USD | 16/12/2020 | 402 658 | 521 698 | (1) | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 12 350 | 15 976 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 10 568 | 13 641 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 10 080 | 13 061 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 1 408 | 1 789 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 929 | 1 211 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 378 | 483 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 200 | 257 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 200 | 259 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 100 | 129 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 100 | 129 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 78 | 102 | - | - |
| BNP Paribas | USD | AUD | 16/12/2020 | 10 489 | 14 406 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 373 383 | 316 935 | 1 | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/2020 | 363 602 | 305 770 | 4 | 0,02 |
| BNP Paribas | USD | EUR | 16/12/2020 | 3 232 | 2 769 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 195 | 165 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 66 | 56 | - | - |
| BNP Paribas | USD | GBP | 01/10/2020 | 13 635 | 10 568 | - | - |
| BNP Paribas | USD | GBP | 29/10/2020 | 2 343 390 | 1 805 000 | 10 | 0,03 |
| BNP Paribas | USD | GBP | 29/10/2020 | 93 597 | 73 000 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 77 810 | 60 687 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 24 612 | 18 951 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 16 738 | 13 006 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 5 012 | 3 889 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 3 062 | 2 405 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 1 864 | 1 447 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 928 | 721 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 849 | 660 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 835 | 646 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 795 | 618 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 598 | 466 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 440 | 343 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 435 | 336 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 292 | 226 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 207 | 163 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 134 | 104 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 121 | 93 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 70 | 54 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 56 | 44 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 54 | 42 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 53 | 41 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 47 | 37 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 27 | 21 | - | - |
| JPM Chase | USD | EUR | 29/10/2020 | 7 274 198 | 6 137 000 | 74 | 0,27 |
| JPM Chase | USD | EUR | 29/10/2020 | 30 821 | 26 000 | - | - |
| Merrill Lynch | GBP | USD | 29/10/2020 | 15 000 | 19 088 | - | - |
| Morgan Stanley | USD | CAD | 29/10/2020 | 208 961 | 275 000 | 3 | 0,01 |
| Royal Bank of Canada | EUR | USD | 29/10/2020 | 27 000 | 31 550 | - | - |
| Royal Bank of Canada | GBP | USD | 29/10/2020 | 100 000 | 129 778 | - | - |
| Royal Bank of Canada | GBP | USD | 29/10/2020 | 54 000 | 68 848 | 1 | - |
| Royal Bank of Canada | USD | AUD | 29/10/2020 | 146 846 | 201 000 | 3 | 0,01 |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | EUR | USD | 29/10/2020 | 27 000 | 31 585 | - | - |
| UBS | USD | EUR | 29/10/2020 | 127 989 | 108 000 | 1 | - |
| Plus-values latentes sur contrats de change à terme |  |  | 41 | 0,15 |
| Plus-values latentes sur dérivés |  |  |  |  | 44 | 0,16 |
| Total Placements |  |  |  |  |  | 27 530 | 98,67 |
| Autres actifs nets |  |  |  |  |  | 372 | 1,33 |
| Total Actif net |  |  |  |  |  | 27 902 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
Actuellement, les positions à terme ne sont pas garanties.