# Pergola 90
Investment manager’s report for the financial year ended 31 July 2022
The investment objective of the Sub-Fund is to provide shareholders with long term capital growth from a multi-asset portfolio and to deliver protection at 90% of the highest Net Asset Value per Share ever achieved by the Sub-Fund (the “Minimum Target NAV”).
The Portfolio Strategy consists of long and short positions in a portfolio of securities and other assets through a systematic mechanism. This mechanism will allocate weights to an Equity Asset Group, a Fixed Income Asset Group and cash component as set out in the Supplement of the Sub-Fund. The mechanism seeks to maintain the anticipated realised volatility of the Portfolio Strategy close to 5%.

## As at 31 July 2022, the Sub-Fund’s exposure to the Portfolio Strategy is 100.00% with an average exposure since launch of 99.31%.

## The Sub-Fund was launched on 22 January 2020.

## From 22 January 2020 (its inception) to 31 July 2022, the performance of the Sub-Fund is -9.42%. From 31 July 2021 to 31 July 2022, the performance of the Share Class is -6.08%.

## The Sub-Fund has an annualised volatility of 2.39%.
Pergola 90
Schedule of investments as at 31 July 2022
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Exchange traded funds: 5.89% (2021: 40.65%) |  |  |  |
|  | France: 0.00% (2021: 0.68%) | – |  | – |
|  | Funds: 0.00% (2021: 0.68%) | – |  | – |
|  | Ireland: 4.33% (2021: 33.67%) |  |  |  |
|  | Funds: 4.33% (2021: 33.67%) |  |  |  |
| 3,057 | db x-trackers USDorate Bond UCITS ETF | 36,724 |  | 0.34 |
| 262 | iShares Core EUR Corporate Bond UCITS ETF | 32,202 |  | 0.30 |
| 244 | iShares Core EUR Government Bond UCITS ETF | 29,046 |  | 0.27 |
| 76 | iShares Core GBP Corporate Bond UCITS ETF | 12,156 |  | 0.11 |
| 830 | iShares Core UK Gilts UCITS ETF | 12,114 |  | 0.11 |
| 132 | iShares EUR Corporate Bond Large Cap UCITS ETF | 16,901 |  | 0.16 |
| 390 | iShares Global Corporate Bond EUR Hedged UCITS ETF Distributing | 36,001 |  | 0.33 |
| 417 | iShares Global Corporate Bond UCITS ETF | 36,664 |  | 0.34 |
| 315 | iShares Global Government Bond UCITS ETF | 30,000 |  | 0.28 |
| 197 | iShares Global Inflation Linked Government Bond UCITS ETF | 32,014 |  | 0.30 |
| 280 | iShares JP Morgan $ Emerging Markets Bond UCITS ETF | 23,973 |  | 0.22 |
| 543 | iShares JP Morgan EM Local Government Bond UCITS ETF | 22,563 |  | 0.21 |
| 349 | iShares USD Corporate Bond UCITS ETF | 37,332 |  | 0.34 |
| 285 | iShares USD Treasury Bond 1-3yr UCITS ETF | 36,146 |  | 0.33 |
| 288 | iShares USD Treasury Bond 3-7yr UCITS ETF | 37,071 |  | 0.34 |
| 201 | iShares USD Treasury Bond 7-10yr UCITS ETF | 37,935 |  | 0.35 |
|  | Total Ireland | 	468,842 |  | 	4.33 |
|  | Luxembourg: 1.56% (2021: 6.30%) |  |  |  |
|  | Funds: 1.56% (2021: 6.30%) |  |  |  |
| 153 | Amundi Asset Management Euroorates UCITS ETF | 32,331 |  | 0.30 |
| 128 | db x-trackers II Eurozone Government Bond UCITS ETF | 29,112 |  | 0.27 |
| 142 | db x-trackers II Eurozone Government Bond Yield Plus UCITS ETF | 24,822 |  | 0.23 |
| 136 | db x-trackers II Global Government Bond UCITS ETF | 29,663 |  | 0.27 |
| 130 | db x-trackers II Global Inflation-Linked Bond UCITS ETF | 31,181 |  | 0.29 |
| 2,139 | db x-trackers II Japan Government Bond UCITS ETF | 21,251 |  | 0.20 |
|  | Total Luxembourg | 	168,360 |  | 	1.56 |
|  | Total exchange traded funds | 	637,202 |  | 	5.89 |
|  | Equities: 94.21% (2021: 58.28%) |  |  |  |
|  | Belgium: 0.00% (2021: 1.43%) | – |  | – |
|  | Consumer, cyclical: 0.00% (2021: 1.43%) | – |  | – |
|  | Denmark: 9.43% (2021: 17.35%) |  |  |  |
|  | Consumer, non-cyclical: 0.25% (2021: 3.57%) |  |  |  |
| 173 | Carlsberg | 27,302 |  | 0.25 |
|  | Financial: 4.95% (2021: 13.78%) |  |  |  |
| 16,907 | Sparekassen Sjaelland-Fyn | 356,519 |  | 3.30 |
| 5,962 | Sydbank | 178,732 |  | 1.65 |
|  | Industrial: 4.23% (2021: 0.00%) |  |  |  |
| 1 | Rockwool International | 240 |  | – |

Pergola 90
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 94.21% (2021: 58.28%) (continued) |  |  |  |
|  | Denmark: 9.43% (2021: 17.35%) (continued) |  |  |  |
|  | Industrial: 4.23% (2021: 0.00%) (continued) |  |  |  |
| 4,988 | Solar | 456,906 |  | 4.23 |
|  | Total Denmark | 	1,019,699 |  | 	9.43 |
|  | Germany: 59.03% (2021: 6.03%) |  |  |  |
|  | Basic materials: 3.91% (2021: 2.46%) |  |  |  |
| 7,085 | KWS Saat | 422,975 |  | 3.91 |
|  | Communications: 0.00% (2021: 3.57%) | – |  | – |
|  | Consumer, cyclical: 15.17% (2021: 0.00%) |  |  |  |
| 5,284 | Bertrandt | 192,602 |  | 1.78 |
| 5,410 | Cewe Stiftung | 453,358 |  | 4.19 |
| 25,210 | Fielmann | 994,787 |  | 9.20 |
|  | Consumer, non-cyclical: 10.08% (2021: 0.00%) |  |  |  |
| 4,192 | BayWa | 176,064 |  | 1.63 |
| 9,580 | Eckert & Ziegler Strahlen- und Medizintechnik | 412,898 |  | 3.82 |
| 36,386 | Suedzucker | 501,035 |  | 4.63 |
|  | Financial: 16.51% (2021: 0.00%) |  |  |  |
| 53,336 | Deutsche Pfandbriefbank | 480,824 |  | 4.44 |
| 54,996 | MLP | 314,577 |  | 2.91 |
| 35,209 | VIB Vermoegen | 991,133 |  | 9.16 |
|  | Industrial: 5.93% (2021: 0.00%) |  |  |  |
| 125,987 | Deutz | 512,263 |  | 4.74 |
| 834 | Pfeiffer Vacuum Technology | 128,436 |  | 1.19 |
|  | Technology: 7.43% (2021: 0.00%) |  |  |  |
| 4,337 | Datagroup | 323,106 |  | 2.99 |
| 9,336 | Mensch und Maschine Software | 480,804 |  | 4.44 |
|  | Total Germany | 	6,384,862 |  | 	59.03 |
|  | Netherlands: 9.97% (2021: 0.00%) |  |  |  |
|  | Communications: 0.00% (2021: 0.00%) |  |  |  |
| 3 | Nedap | 173 |  | – |
|  | Financial: 9.97% (2021: 0.00%) |  |  |  |
| 5,390 | HAL Trust | 695,310 |  | 6.43 |
| 17,148 | Van Lanschot Kempen | 383,258 |  | 3.54 |
|  | Total Netherlands | 	1,078,741 |  | 	9.97 |
|  | Norway: 1.53% (2021: 1.13%) |  |  |  |
|  | Industrial: 1.53% (2021: 0.00%) |  |  |  |
| 7,352 | AF Gruppen | 128,134 |  | 1.18 |

Pergola 90
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 94.21% (2021: 58.28%) (continued) |  |  |  |
|  | Norway: 1.53% (2021: 1.13%) (continued) |  |  |  |
|  | Industrial: 1.53% (2021: 0.00%) (continued) |  |  |  |
| 317,929 | Carbon Transition | 37,477 |  | 0.35 |
|  | Utilities: 0.00% (2021: 1.13%) | – |  | – |
|  | Total Norway | 	165,611 |  | 	1.53 |
|  | Singapore: 6.44% (2021: 0.00%) |  |  |  |
|  | Industrial: 6.44% (2021: 0.00%) |  |  |  |
| 200,000 | Hafnia | 696,934 |  | 6.44 |
|  | Total Singapore | 	696,934 |  | 	6.44 |
|  | Sweden: 5.10% (2021: 15.90%) |  |  |  |
|  | Basic materials: 0.00% (2021: 4.52%) | – |  | – |
|  | Communications: 0.00% (2021: 3.85%) | – |  | – |
|  | Consumer, non-cyclical: 0.00% (2021: 3.90%) | – |  | – |
|  | Financial: 5.10% (2021: 3.63%) |  |  |  |
| 41,024 | Hufvudstaden | 552,091 |  | 5.10 |
|  | Total Sweden | 	552,091 |  | 	5.10 |
|  | Switzerland: 2.71% (2021: 16.44%) |  |  |  |
|  | Basic materials: 0.00% (2021: 3.56%) | – |  | – |
|  | Consumer, non-cyclical: 0.00% (2021: 9.36%) | – |  | – |
|  | Diversified: 0.04% (2021: 0.00%) |  |  |  |
| 2 | Metall Zug | 3,965 |  | 0.04 |
|  | Financial: 1.70% (2021: 0.00%) |  |  |  |
| 1,525 | Cie Financiere Tradition | 160,177 |  | 1.48 |
| 50 | St. Galler Kantonalbank | 23,324 |  | 0.22 |
|  | Utilities: 0.97% (2021: 3.52%) |  |  |  |
| 90 | Romande Energie | 105,188 |  | 0.97 |
|  | Total Switzerland | 	292,654 |  | 	2.71 |
|  | Total equities | 	10,190,592 |  | 	94.21 |

Pergola 90
Schedule of investments as at 31 July 2022 (continued)
|  | Financial assets at fair value through profit or loss |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Financial derivative instruments: 0.13% (2021: 0.42%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised gains: 0.13% (2021: 0.42%) | Notional € | Unrealised gain € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Pergola 90 Fund Reference Portfolio leg | 10,822,687 | 13,604 |  | 0.13 |
|  | Total total return swaps - unrealised gains |  | 13,604 |  | 0.13 |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | 13,604 |  | 0.13 |
|  |  |  |  |  |  |
|  | Total financial assets at fair value through profit or loss |  | 10,841,398 |  | 100.23 |
|  | Financial liabilities at fair value through profit or loss |  |  |  |  |
|  | Financial derivative instruments: (2.89%) (2021: (0.67%)) |  |  |  |  |
| Counterparty | Total return swaps - unrealised losses: (2.89%) (2021: (0.67%)) | Notional € | Unrealised loss € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Pergola 90 Fund Financing leg | (10,827,794) | (312,970) |  | (2.89) |
|  | Total total return swaps - unrealised losses |  | (312,970) |  | (2.89) |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | (312,970) |  | (2.89) |
|  |  |  |  |  |  |
|  | Total financial liabilities at fair value through profit or loss |  | (312,970) |  | (2.89) |
|  |  |  | Fair value € |  | % of net assets |
|  | Total value of investments |  |  |  |  |
|  | (Cost: € 10,764,784) |  | 10,528,428 |  | 97.34 |
|  | Due from broker |  | 312,457 |  | 2.89 |
|  | Other net liabilities |  | (24,550) |  | (0.23) |
|  | Net assets attributable to holders of redeemable participating shares | 	10,816,335 |  | 	100.00 |

| Analysis of portfolio | Fair value € |  | % of total assets |
| --- | --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 10,827,794 |  | 96.88 |
| Over the counter financial derivative instruments | 13,604 |  | 0.12 |
| Due from broker | 312,457 |  | 2.80 |
| Other assets | 23,089 |  | 0.20 |
| Total assets | 	11,176,944 |  | 	100.00 |

Pergola 90
Schedule of significant portfolio movements for the financial year ended 31 July 2022
| Total purchases in the year |  | € 74,811,457 |
| --- | --- | --- |
| Material purchases | Nominal holdings | Cost € |
| Fielmann | 77,936 | 3,727,792 |
| SSAB | 601,864 | 2,918,518 |
| Suedzucker | 190,046 | 2,573,358 |
| NCC | 165,343 | 2,228,041 |
| VIB Vermoegen | 65,336 | 2,135,355 |
| Ringkjoebing Landbobank | 19,474 | 1,997,019 |
| GFT Technologies | 42,344 | 1,655,374 |
| HAL Trust | 11,598 | 1,605,145 |
| Kitron | 784,362 | 1,486,792 |
| Deutsche Pfandbriefbank | 142,126 | 1,399,107 |
| Deutz | 281,345 | 1,312,825 |
| Tecan | 3,800 | 1,199,990 |
| Dios Fastigheter | 129,751 | 1,110,191 |
| Pexip | 131,700 | 1,074,863 |
| Cewe Stiftung | 11,336 | 1,028,000 |
| Panoro Energy | 294,369 | 933,702 |
| Ferronordic | 27,866 | 927,718 |
| Sydbank | 30,742 | 926,165 |
| Mensch und Maschine Software | 17,315 | 877,261 |
| Datagroup | 10,579 | 875,941 |
| Grieg Seafood | 78,260 | 868,408 |
| BKW | 7,661 | 855,023 |
| Elmos Semiconductor | 17,952 | 827,245 |
| Sparekassen Sjaelland-Fyn | 31,893 | 801,468 |
| db x-trackers USDorate Bond UCITS ETF | 56,503 | 794,038 |
| iShares USD Treasury Bond 3-7yr UCITS ETF | 6,264 | 767,217 |
| iShares USD Treasury Bond 1-3yr UCITS ETF | 6,411 | 758,346 |

The statement of material purchases reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial year. If there were fewer than twenty positions exceeding one per cent, the top twenty positions

Translation (ENFR, 2022-07-31):
# Pergola 90
Rapport du Gestionnaire d’investissement pour l’exercice clos le 31 juillet 2022
L’objectif d’investissement du Compartiment est d’assurer aux actionnaires une croissance du capital à long terme par le biais d’un portefeuille multi-actifs, ainsi qu’une protection à 90 % de la Valeur Liquidative par Action la plus élevée jamais atteinte par le Compartiment (la « VL cible minimum »).
La Stratégie de portefeuille est composée de positions longues et courtes au sein d’un portefeuille de titres et d’autres actifs selon un mécanisme systématique. Ce mécanisme allouera des pondérations à un Groupe d’actions, un Groupe de titres à revenu fixe et une composante liquidités tel que précisé dans le Supplément du Compartiment. Le mécanisme vise à maintenir la volatilité réalisée anticipée de la Stratégie de portefeuille proche de 5 %.

## Au 31 juillet 2022, l’exposition du Compartiment à la Stratégie de portefeuille s’élevait à 100,00 %, avec une exposition moyenne de 99,31 % depuis son lancement.

## Le Compartiment a été lancé le 22 janvier 2020.
Du 22 janvier 2020 (date de lancement) au 31 juillet 2022, la performance du Compartiment est de -9,42 %. Du 31 juillet 2021 au 31 juillet 2022, le rendement de la Catégorie d’actions a été de -6,08 %.

## Le Compartiment affiche une volatilité annualisée de 2,39 %.
Pergola 90
État des investissements au 31 juillet 2022
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur EUR |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Fonds négociés en Bourse : 5,89 % (2021 : 40,65 %) |  |  |  |
|  | France : 0,00 % (2021 : 0,68 %) | – |  | – |
|  | Fonds : 0,00 % (2021 : 0,68 %) | – |  | – |
|  | Irlande : 4,33 % (2021 : 33,67 %) |  |  |  |
|  | Fonds : 4,33 % (2021 : 33,67 %) |  |  |  |
| 3 057 | db x-trackers USDorate Bond UCITS ETF | 36 724 |  | 0,34 |
| 262 | iShares Core EUR Corporate Bond UCITS ETF | 32 202 |  | 0,30 |
| 244 | iShares Core EUR Government Bond UCITS ETF | 29 046 |  | 0,27 |
| 76 | iShares Core GBP Corporate Bond UCITS ETF | 12 156 |  | 0,11 |
| 830 | iShares Core UK Gilts UCITS ETF | 12 114 |  | 0,11 |
| 132 | iShares EUR Corporate Bond Large Cap UCITS ETF | 16 901 |  | 0,16 |
| 390 | iShares Global Corporate Bond EUR Hedged UCITS ETF Distributing | 36 001 |  | 0,33 |
| 417 | iShares Global Corporate Bond UCITS ETF | 36 664 |  | 0,34 |
| 315 | iShares Global Government Bond UCITS ETF | 30 000 |  | 0,28 |
| 197 | iShares Global Inflation Linked Government Bond UCITS ETF | 32 014 |  | 0,30 |
| 280 | iShares JP Morgan $ Emerging Markets Bond UCITS ETF | 23 973 |  | 0,22 |
| 543 | iShares JP Morgan EM Local Government Bond UCITS ETF | 22 563 |  | 0,21 |
| 349 | iShares USD Corporate Bond UCITS ETF | 37 332 |  | 0,34 |
| 285 | iShares USD Treasury Bond 1-3yr UCITS ETF | 36 146 |  | 0,33 |
| 288 | iShares USD Treasury Bond 3-7yr UCITS ETF | 37 071 |  | 0,34 |
| 201 | iShares USD Treasury Bond 7-10yr UCITS ETF | 37 935 |  | 0,35 |
|  | Total Irlande | 	468 842 |  | 	4,33 |
|  | Luxembourg : 1,56 % (2021 : 6,30 %) |  |  |  |
|  | Fonds : 1,56 % (2021 : 6,30 %) |  |  |  |
| 153 | Amundi Asset Management Euroorates UCITS ETF | 32 331 |  | 0,30 |
| 128 | db x-trackers II Eurozone Government Bond UCITS ETF | 29 112 |  | 0,27 |
| 142 | db x-trackers II Eurozone Government Bond Yield Plus UCITS ETF | 24 822 |  | 0,23 |
| 136 | db x-trackers II Global Government Bond UCITS ETF | 29 663 |  | 0,27 |
| 130 | db x-trackers II Global Inflation-Linked Bond UCITS ETF | 31 181 |  | 0,29 |
| 2 139 | db x-trackers II Japan Government Bond UCITS ETF | 21 251 |  | 0,20 |
|  | Total Luxembourg | 	168 360 |  | 	1,56 |
|  | Total des fonds négociés en Bourse | 	637 202 |  | 	5,89 |
|  | Actions : 94,21 % (2021 : 58,28 %) |  |  |  |
|  | Belgique : 0,00 % (2021 : 1,43 %) | – |  | – |
|  | Biens de consommation cycliques : 0,00 % (2021 : 1,43 %) | – |  | – |
|  | Danemark : 9,43 % (2021 : 17,35 %) |  |  |  |
|  | Biens de consommation non cycliques : 0,25 % (2021 : 3,57 %) |  |  |  |
| 173 | Carlsberg | 27 302 |  | 0,25 |
|  | Valeurs financières : 4,95 % (2021 : 13,78 %) |  |  |  |
| 16 907 | Sparekassen Sjaelland-Fyn | 356 519 |  | 3,30 |
| 5 962 | Sydbank | 178 732 |  | 1,65 |
|  | Industriel : 4,23 % (2021 : 0,00 %) |  |  |  |
| 1 | Rockwool International | 240 |  | – |

Pergola 90
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur EUR |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 94,21 % (2021 : 58,28 %) (suite) |  |  |  |
|  | Danemark : 9,43 % (2021 : 17,35 %) (suite) |  |  |  |
|  | Industrie : 4,23 % (2021 : 0,00 %) (suite) |  |  |  |
| 4 988 | Solar | 456 906 |  | 4,23 |
|  | Total Danemark | 	1 019 699 |  | 	9,43 |
|  | Allemagne : 59,03 % (2021 : 6,03 %) |  |  |  |
|  | Matériaux de base : 3,91 % (2021 : 2,46 %) |  |  |  |
| 7 085 | KWS Saat | 422 975 |  | 3,91 |
|  | Communications : 0,00 % (2021 : 3,57 %) | – |  | – |
|  | Biens de consommation cycliques : 15,17 % (2021 : 0,00 %) |  |  |  |
| 5 284 | Bertrandt | 192 602 |  | 1,78 |
| 5 410 | Cewe Stiftung | 453 358 |  | 4,19 |
| 25 210 | Fielmann | 994 787 |  | 9,20 |
|  | Biens de consommation non cycliques : 10,08 % (2021 : 0,00 %) |  |  |  |
| 4 192 | BayWa | 176 064 |  | 1,63 |
| 9 580 | Eckert & Ziegler Strahlen- und Medizintechnik | 412 898 |  | 3,82 |
| 36 386 | Suedzucker | 501 035 |  | 4,63 |
|  | Valeurs financières : 16,51 % (2021 : 0,00 %) |  |  |  |
| 53 336 | Deutsche Pfandbriefbank | 480 824 |  | 4,44 |
| 54 996 | MLP | 314 577 |  | 2,91 |
| 35 209 | VIB Vermoegen | 991 133 |  | 9,16 |
|  | Industriel : 5,93 % (2021 : 0,00 %) |  |  |  |
| 125 987 | Deutz | 512 263 |  | 4,74 |
| 834 | Pfeiffer Vacuum Technology | 128 436 |  | 1,19 |
|  | Technologie : 7,43 % (2021 : 0,00 %) |  |  |  |
| 4 337 | Datagroup | 323 106 |  | 2,99 |
| 9 336 | Mensch und Maschine Software | 480 804 |  | 4,44 |
|  | Total Allemagne | 	6 384 862 |  | 	59,03 |
|  | Pays-Bas : 9,97 % (2021 : 0,00 %) |  |  |  |
|  | Communications : 0,00 % (2021 : 0,00 %) |  |  |  |
| 3 | Nedap | 173 |  | – |
|  | Valeurs financières : 9,97 % (2021 : 0,00 %) |  |  |  |
| 5 390 | HAL Trust | 695 310 |  | 6,43 |
| 17 148 | Van Lanschot Kempen | 383 258 |  | 3,54 |
|  | Total Pays-Bas | 	1 078 741 |  | 	9,97 |
|  | Norvège : 1,53 % (2021 : 1,13 %) |  |  |  |
|  | Industriel : 1,53 % (2021 : 0,00 %) |  |  |  |
| 7 352 | AF Gruppen | 128 134 |  | 1,18 |

Pergola 90
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur EUR |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 94,21 % (2021 : 58,28 %) (suite) |  |  |  |
|  | Norvège : 1,53 % (2021 : 1,13 %) (suite) |  |  |  |
|  | Industrie : 1,53 % (2021 : 0,00 %) (suite) |  |  |  |
| 317 929 | Carbon Transition | 37 477 |  | 0,35 |
|  | Services publics : 0,00 % (2021 : 1,13 %) | – |  | – |
|  | Total Norvège | 	165 611 |  | 	1,53 |
|  | Singapour : 6,44 % (2021 : 0,00 %) |  |  |  |
|  | Industriel : 6,44 % (2021 : 0,00 %) |  |  |  |
| 200 000 | Hafnia | 696 934 |  | 6,44 |
|  | Total Singapour | 	696 934 |  | 	6,44 |
|  | Suède : 5,10 % (2021 : 15,90 %) |  |  |  |
|  | Matériaux de base : 0,00 % (2021 : 4,52 %) | – |  | – |
|  | Communications : 0,00 % (2021 : 3,85 %) | – |  | – |
|  | Biens de consommation non cycliques : 0,00 % (2021 : 3,90 %) | – |  | – |
|  | Valeurs financières : 5,10 % (2021 : 3,63 %) |  |  |  |
| 41 024 | Hufvudstaden | 552 091 |  | 5,10 |
|  | Total Suède | 	552 091 |  | 	5,10 |
|  | Suisse : 2,71 % (2021 : 16,44 %) |  |  |  |
|  | Matériaux de base : 0,00 % (2021 : 3,56 %) | – |  | – |
|  | Biens de consommation non cycliques : 0,00 % (2021 : 9,36 %) | – |  | – |
|  | Diversifié : 0,04 % (2021 : 0,00 %) |  |  |  |
| 2 | Metall Zug | 3 965 |  | 0,04 |
|  | Valeurs financières : 1,70 % (2021 : 0,00 %) |  |  |  |
| 1 525 | Cie Financière Tradition | 160 177 |  | 1,48 |
| 50 | St. Galler Kantonalbank | 23 324 |  | 0,22 |
|  | Services publics : 0,97 % (2021 : 3,52 %) |  |  |  |
| 90 | Romande Energie | 105 188 |  | 0,97 |
|  | Total Suisse | 	292 654 |  | 	2,71 |
|  | Total des actions | 	10 190 592 |  | 	94,21 |

Pergola 90
État des investissements au 31 juillet 2022 (suite)

## Actifs financiers à la juste valeur par le biais du compte de résultat Instruments financiers dérivés : 0,13 % (2021 : 0,42 %)

## Contreparties

## Contrats d’échange sur rendement total - plus-values latentes : 0,13 % (2021 : 0,42 %)

## Morgan Stanley Swap

## Montant

## notionnel

## EUR

## Plus-value latente EUR

## % de l’actif net
Morgan Stanley Pergola 90 Fund Branche portefeuille de référence	10 822 687	 13 604	0,13 Total des contrats d’échange sur rendement total - plus-values latentes	13 604	0,13 Total des instruments financiers dérivés		13 604	0,13 Total des actifs financiers à la juste valeur par le biais du compte de résultat  10 841 398  100,23 Passifs financiers à la juste valeur par le biais du compte de résultat

## Instruments financiers dérivés : (2,89 %) (2021 : (0,67 %))

## Contreparties

## Contrats d’échange sur rendement total - moins-values latentes : (2,89 %) (2021 : (0,67 %))

## Morgan Stanley Swap

## Montant

## notionnel

## EUR

## Moins-value latente EUR

## % de l’actif net
Morgan Stanley Pergola 90 Fund Branche financement	(10 827 794)  (312 970)  (2,89) Total des contrats d’échange sur rendement total - moins-values latentes  (312 970)  (2,89) Total des instruments financiers dérivés		(312 970) (2,89) Total des passifs financiers à la juste valeur par le biais du compte de résultat   (312 970)   (2,89)

## Valeur totale des investissements

## Juste valeur

## EUR

## % de l’actif net

## (Coût : 10 764 784 EUR)	10 528 428	97,34

## Montants dus par le courtier	312 457	2,89

## Autres passifs nets	(24 550)	(0,23)

## Actif net attribuable aux porteurs d’actions de participation rachetables 	10 816 335	100,00

## Analyse du portefeuille

## Valeurs mobilières admises à la cote officielle d’une Bourse de valeurs ou

## Juste valeur

## EUR

## % de l’actif total

## négociées sur un autre marché réglementé	10 827 794	96,88

## Instruments financiers dérivés de gré à gré	13 604	0,12

## Montants dus par le courtier	312 457	2,80

## Autres actifs	23 089	0,20

## Actif total		11 176 944	100,00