# INDOSUEZ FUNDS
## - Europe Opportunities

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 146.302.912,82 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 136.392.025,71 |
| Cost price |  | 106.802.018,99 |
| Unrealised profit on the securities portfolio |  | 29.590.006,72 |
| Options purchased at market value | Note 2 | -13.730,00 |
| Cash at banks and liquidities | Note 2 | 4.440.123,22 |
| Margin accounts on financial futures |  | 5.137.172,78 |
| Subscriptions receivable |  | 342.587,56 |
| Dividends receivable |  | 4.733,55 |
| Liabilities |  | 1.158.248,93 |
| Options sold at market value | Note 2 | 458.556,40 |
| Options sold at cost |  | 467.929,19 |
| Performance fees payable | Note 3 | 23.103,42 |
| Redemptions payable |  | 45.093,65 |
| Unrealised loss on financial futures | Note 2 | 461.193,96 |
| Management fees payable | Note 3 | 111.899,49 |
| Other liabilities |  | 58.402,01 |
| Net asset value |  | 145.144.663,89 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
|  | Shares outstanding as at 01/01/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe F | 9.475,635 | 2.238,211 | 3.818,592 | 7.895,254 |
| Classe G | 2.630.826,885 | 543.555,604 | 1.496.038,161 | 1.678.344,328 |
| Classe GX | 1.744.739,166 | 394.985,879 | 1.134.331,025 | 1.005.394,020 |
| Classe M | 59.092,713 | 24.765,696 | 35.998,515 | 47.859,894 |
| Classe MX | 10.049,835 | 1.297,858 | 1.896,125 | 9.451,568 |
| Classe P | 484.724,967 | 189.574,694 | 205.934,938 | 468.364,723 |
| Classe PX | 76.635,748 | 5.161,304 | 11.713,014 | 70.084,038 |
| Classe W | 0,000 | 875,933 | 0,000 | 875,933 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 145.144.663,89 | 215.451.550,04 | 231.429.299,97 |
| Classe F Number of shares |  | 7.895,254 | 9.475,635 | 16.257,507 |
| Net asset value per share | EUR | 1.306,27 | 1.357,29 | 1.091,85 |
| Classe G Number of shares |  | 1.678.344,328 | 2.630.826,885 | 3.456.377,695 |
| Net asset value per share | EUR | 43,87 | 45,94 | 37,24 |
| Classe GX Number of shares |  | 1.005.394,020 | 1.744.739,166 | 2.019.131,598 |
| Net asset value per share | EUR | 30,00 | 32,29 | 26,81 |
| Dividend per share |  | 0,75 | 0,75 | 0,85 |
| Classe M Number of shares |  | 47.859,894 | 59.092,713 | 105.822,078 |
| Net asset value per share | EUR | 101,65 | 106,46 | 86,48 |
| Classe MX Number of shares |  | 9.451,568 | 10.049,835 | 17.429,435 |
| Net asset value per share | EUR | 97,25 | 104,68 | 87,11 |
| Dividend per share |  | 2,50 | 2,50 | 1,45 |
| Classe P Number of shares |  | 468.364,723 | 484.724,967 | 644.692,412 |
| Net asset value per share | EUR | 31,14 | 32,86 | 26,88 |
| Classe PX Number of shares |  | 70.084,038 | 76.635,748 | 122.758,665 |
| Net asset value per share | EUR | 25,51 | 27,69 | 23,20 |
| Dividend per share |  | 0,65 | 0,65 | 0,79 |
| Classe W Number of shares |  | 875,933 | 0,000 | 0,000 |
| Net asset value per share | EUR | 10.146,51 | 0,00 | 0,00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
136.392.025,71	93,97
| Shares |  | 136.392.025,71 | 93,97 |
| --- | --- | --- | --- |
|  | Luxembourg | 925.318,16 | 0,64 |
| 12.361,00 GRAND CITY PROPERTIES | EUR | 259.086,56 | 0,18 |
| 63.330,00 SOLUTIONS 30 --- SHS | EUR | 666.231,60 | 0,46 |
| France |  | 37.263.164,81 | 25,66 |
| 42.650,00 ALBIOMA | EUR | 2.004.550,00 | 1,38 |
| 32.110,00 ALSTOM SA | EUR | 1.496.647,10 | 1,03 |
| 17.866,00 ATOS SE | EUR | 1.336.019,48 | 0,92 |
| 60.800,00 BNP PARIBAS SA | EUR | 2.620.784,00 | 1,81 |
| 38.093,00 BOUYGUES SA | EUR | 1.281.829,45 | 0,88 |
| 55.470,00 CIE DE SAINT-GOBAIN | EUR | 2.080.125,00 | 1,43 |
| 50.471,00 EDENRED SA | EUR | 2.342.359,11 | 1,61 |
| 17.992,00 EIFFAGE | EUR | 1.422.087,68 | 0,98 |
| 39.715,00 FAURECIA | EUR | 1.664.455,65 | 1,15 |
| 19.852,00 GAZTRANSPORT ET TECHNIGAZ SA | EUR | 1.572.278,40 | 1,08 |
| 41.085,00 KORIAN SA | EUR | 1.287.603,90 | 0,89 |
| 51.277,00 LA FRANCAISE DES JEUX SA | EUR | 1.918.272,57 | 1,32 |
| 2.357,00 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 1.204.191,30 | 0,83 |
| 16.847,00 MICHELIN SA REG SHS | EUR | 1.768.092,65 | 1,22 |
| 22.470,00 NEXANS SA | EUR | 1.331.347,50 | 0,92 |
| 57.600,00 PEUGEOT SA | EUR | 1.288.512,00 | 0,89 |
| 23.060,00 SCHNEIDER ELECTRIC SE | EUR | 2.727.998,00 | 1,87 |
| 7.410,00 TELEPERFORMANCE SE | EUR | 2.010.333,00 | 1,39 |
| 28.560,00 TOTAL SE | EUR | 1.008.168,00 | 0,69 |
| 13.292,00 UBISOFT ENTERTAINMENT | EUR | 1.047.941,28 | 0,72 |
| 18.764,00 VINCI SA | EUR | 1.526.639,04 | 1,05 |
| 29.367,00 WORLDLINE SA | EUR | 2.322.929,70 | 1,60 |
| United Kingdom |  | 10.358.983,43 | 7,14 |
| 108.856,00 ANGLO AMERICAN PLC | GBP | 2.948.512,70 | 2,04 |
| 18.798,00 ASTRAZENECA PLC | GBP | 1.538.113,64 | 1,06 |
| 321.243,00 AVAST PLC | GBP | 1.929.037,12 | 1,33 |
| 36.410,00 DIALOG SEMICONDUCTOR | EUR | 1.627.162,90 | 1,12 |
| 6.990,00 LSE GROUP | GBP | 703.451,23 | 0,48 |
| 26.390,00 RIO TINTO PLC | GBP | 1.612.705,84 | 1,11 |
| The Netherlands |  | 18.455.285,45 | 12,72 |
| 16.590,00 ASM INTERNATIONAL NV | EUR | 2.985.370,50 | 2,06 |
| 13.005,00 ASML HOLDING NV | EUR | 5.170.137,75 | 3,57 |
| 4.912,00 DSM KONINKLIJKE | EUR | 691.609,60 | 0,48 |
| 33.610,00 KONINKLIJKE AHOLD DELHAIZE NV | EUR | 776.727,10 | 0,54 |
| 16.470,00 PROSUS NV | EUR | 1.455.289,20 | 1,00 |
| 6.970,00 SHOP APOTHEKE EUROPE NV | EUR | 1.032.954,00 | 0,71 |
| 64.410,00 SIGNIFY NV | EUR | 2.224.077,30 | 1,53 |
| 91.452,00 STMICROELECTRONICS | EUR | 2.793.858,60 | 1,92 |
| 19.190,00 WOLTERS KLUWER NV | EUR | 1.325.261,40 | 0,91 |
| Switzerland |  | 6.495.274,23 | 4,48 |
| 12.151,00 NOVARTIS AG REG SHS | CHF | 939.791,18 | 0,65 |
| 9.731,00 ROCHE HOLDING LTD | CHF | 2.780.157,18 | 1,92 |
| 240.710,00 UBS GROUP SA | CHF | 2.775.325,87 | 1,91 |
| Germany |  | 23.894.619,56 | 16,45 |
| 1.526,00 ADIDAS AG NAMEN AKT | EUR | 454.595,40 | 0,31 |
| 12.177,00 ALLIANZ SE REG SHS | EUR | 2.443.923,90 | 1,69 |
| 83.390,00 CAPITAL STAGE AG | EUR | 1.780.376,50 | 1,23 |
| 7.460,00 DELIVERY HERO | EUR | 947.420,00 | 0,65 |
| 5.225,00 DEUTSCHE BOERSE AG REG SHS | EUR | 727.581,25 | 0,50 |
| 55.290,00 DEUTSCHE POST AG REG SHS | EUR | 2.239.245,00 | 1,54 |
| 95.204,00 DEUTSCHE TELEKOM AG REG SHS | EUR | 1.423.775,82 | 0,98 |
| 37.012,00 FRESENIUS SE | EUR | 1.400.534,08 | 0,96 |
| 18.710,00 HELLOFRESH SE | EUR | 1.182.472,00 | 0,81 |
| 64.745,00 INFINEON TECHNOLOGIES REG SHS | EUR | 2.032.345,55 | 1,40 |
| 32.356,00 JENOPTIK -REGISTERED SHS | EUR | 812.782,72 | 0,56 |
| 19.326,00 KION GROUP AG | EUR | 1.375.238,16 | 0,95 |
| 16.202,00 PUMA AG | EUR | 1.495.120,56 | 1,03 |
| 4.990,00 RHEINMETALL AG | EUR | 432.034,20 | 0,30 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 13.460,00 SAP AG | EUR | 1.443.181,20 | 0,99 |
| --- | --- | --- | --- |
| 11.499,00 SILTRONIC AG | EUR | 1.473.021,90 | 1,01 |
| 15.911,00 TAG IMMOBILIEN AG | EUR | 412.094,90 | 0,28 |
| 20.110,00 TEAMVIEWER - BEARER SHS | EUR | 881.421,30 | 0,61 |
| 15.687,00 VONOVIA SE | EUR | 937.455,12 | 0,65 |
| Italy |  | 8.416.903,42 | 5,80 |
| 25.756,00 AMPLIFON SPA | EUR | 876.734,24 | 0,60 |
| 91.607,00 BUZZI UNICEM SPA | EUR | 1.786.336,50 | 1,23 |
| 221.370,00 ENEL SPA | EUR | 1.832.058,12 | 1,26 |
| 22.964,00 INTERPUMP GROUP | EUR | 926.367,76 | 0,64 |
| 73.000,00 PRYSMIAN SPA | EUR | 2.122.840,00 | 1,47 |
| 9.156,00 REPLY SPA | EUR | 872.566,80 | 0,60 |
| Denmark |  | 12.432.764,51 | 8,57 |
| 14.905,00 CARLSBERG AS -B- | DKK | 1.952.771,36 | 1,35 |
| 21.810,00 GN GREAT NORDIC | DKK | 1.427.541,26 | 0,98 |
| 52.487,00 NOVO NORDISK | DKK | 3.008.494,52 | 2,07 |
| 12.798,00 ORSTED | DKK | 2.138.029,14 | 1,47 |
| 20.197,00 VESTAS WIND SYSTEMS AS | DKK | 3.905.928,23 | 2,70 |
| Spain |  | 6.626.385,60 | 4,57 |
| 11.200,00 ACCIONA SA | EUR | 1.307.040,00 | 0,90 |
| 137.340,00 EDP RENOVAVEIS SA | EUR | 3.131.352,00 | 2,16 |
| 187.008,00 IBERDROLA SA | EUR | 2.187.993,60 | 1,51 |
| Sweden |  | 1.701.773,21 | 1,17 |
| 72.390,00 EMBRACER GRP- REGISTERED SHS -B- | SEK | 1.416.318,26 | 0,97 |
| 10.845,00 ESSITY AB REGISTERED -B- | SEK | 285.454,95 | 0,20 |
| Norway |  | 2.442.760,63 | 1,68 |
| 8.768,00 SALMAR | NOK | 421.493,39 | 0,29 |
| 50.106,00 TOMRA SYSTEMS ASA | NOK | 2.021.267,24 | 1,39 |
| Austria |  | 1.667.319,50 | 1,15 |
| 23.870,00 VERBUND AG | EUR | 1.667.319,50 | 1,15 |
| Belgium |  | 1.654.819,20 | 1,14 |
| 28.890,00 KBC GROUPE SA | EUR | 1.654.819,20 | 1,14 |
| Ireland |  | 1.696.170,00 | 1,17 |
| 29.550,00 KINGSPAN GROUP | EUR | 1.696.170,00 | 1,17 |
| Finland |  | 2.360.484,00 | 1,63 |
| 39.900,00 NESTE | EUR | 2.360.484,00 | 1,63 |
| Total securities portfolio |  | 136.392.025,71 | 93,97 |

Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 2.675.624,29 |
| --- | --- | --- |
| Net dividends |  | 2.674.889,03 |
| Bank interest on cash account | Note 2 | 735,26 |
| Expenses |  | 2.663.964,21 |
| Management fees & management Company fees | Note 3 | 1.579.616,84 |
| Custodian & sub-custodian fees | Note 9 | 70.625,06 |
| Taxe d'abonnement | Note 4 | 23.113,97 |
| Administrative expenses | Note 3 | 518.795,76 |
| Performance fees | Note 3 | 23.103,42 |
| Professional fees |  | 8.558,87 |
| Bank interest on overdrafts |  | 32.762,05 |
| Legal fees |  | 12.061,14 |
| Transaction fees | Note 2, 6 | 342.770,94 |
| Other expenses | Note 10 | 52.556,16 |
| Net income from investments |  | 11.660,08 |
| Net realised profit / loss on: - sales of investment securities |  | 3.000.524,57 |
| - options |  | 31.213,32 |
| - forward foreign exchange contracts |  | -659,61 |
| - financial futures |  | -6.287.935,92 |
| - foreign exchange |  | -767.858,60 |
| Net realised loss |  | -4.013.056,16 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | -8.604.988,81 |
| - options |  | -4.357,21 |
| - financial futures |  | -932.014,54 |
| Decrease in net assets as a result of operations |  | -13.554.416,72 |
| Dividends paid | Note 8 | -1.190.529,01 |
| Subscription capitalisation shares |  | 41.837.181,48 |
| Subscription distribution shares |  | 10.442.633,64 |
| Redemption capitalisation shares |  | -75.095.338,25 |
| Redemption distribution shares |  | -32.746.417,29 |
| Decrease in net assets |  | -70.306.886,15 |
| Net assets at the beginning of the year |  | 215.451.550,04 |
| Net assets at the end of the year |  | 145.144.663,89 |

Translation (ENFR, 2020-12-31):
# INDOSUEZ FUNDS
## Combiné
INDOSUEZ FUNDS
Combiné

##### Etats Financiers au 31/12/20
Etat du Patrimoine au 31/12/20
Exprimé en EUR
| Actifs |  | 3.769.586.735,25 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 3.417.214.088,15 |
| Prix d'acquisition |  | 3.021.752.464,97 |
| Plus-value non réalisée sur le portefeuille-titres |  | 395.461.623,18 |
| Options achetées à la valeur de marché | Note 2 | 3.195.651,43 |
| Options achetées au prix d'acquisition |  | 3.871.404,30 |
| Avoirs en banque et liquidités | Note 2 | 234.863.125,69 |
| Compte d'appels de marge sur contrats "futures" |  | 81.493.199,76 |
| Intérêts à recevoir |  | 22.741.132,98 |
| Brokers à recevoir |  | 286.451,15 |
| Souscriptions à recevoir |  | 4.278.475,49 |
| Dividendes à recevoir |  | 243.192,48 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 1.027.484,55 |
| Plus-value non réalisée sur contrats "futures" | Note 2 | 4.070.137,44 |
| Autres actifs |  | 173.796,13 |
| Passifs |  | 130.904.273,60 |
| Options vendues à la valeur de marché | Note 2 | 4.230.240,25 |
| Options vendues au prix d'acquisition |  | 5.308.331,27 |
| Dettes bancaires à vue |  | 16.047,84 |
| Intérêts à payer |  | 8.054,84 |
| Brokers à payer |  | 9.295.435,62 |
| Commissions de performance à payer | Note 3 | 14.856.942,16 |
| Rachats à payer |  | 92.484.665,32 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 5.686.716,98 |
| Moins-value non réalisée sur contrats "futures" | Note 2 | 546.803,88 |
| Commissions de gestion à payer | Note 3 | 2.004.385,05 |
| Compte d'appels de marge sur contrats "futures" |  | 231.491,80 |
| Autres passifs |  | 1.543.489,86 |
| Valeur nette d'inventaire |  | 3.638.682.461,65 |

Les notes en annexe font partie intégrante de ces états financiers

#####
Combiné
Etat des Opérations et des Variations des Actifs Nets du 01/01/20 au 31/12/20
Exprimé en EUR
| Revenus |  | 83.506.921,39 |
| --- | --- | --- |
| Dividendes nets |  | 13.553.179,27 |
| Intérêts nets sur obligations | Note 2 | 69.813.118,43 |
| Intérêts bancaires à vue | Note 2 | 136.108,20 |
| Autres revenus financiers |  | 4.515,49 |
| Dépenses |  | 52.875.181,37 |
| Commissions de gestion | Note 3 | 21.564.636,19 |
| Commissions de banque dépositaire et sous-dépositaire | Note 9 | 1.861.594,26 |
| Taxe d'abonnement | Note 4 | 807.965,45 |
| Frais administratifs | Note 3 | 8.396.928,82 |
| Commission de performance | Note 3 | 14.970.706,11 |
| Frais professionnels |  | 223.812,68 |
| Intérêts bancaires sur découvert |  | 613.153,55 |
| Frais légaux |  | 256.745,59 |
| Frais de transaction | Note 2, 6 | 3.044.629,43 |
| Autres dépenses | Note 10 | 1.135.009,29 |
| Revenus nets des investissements |  | 30.631.740,02 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres |  | 32.738.049,42 |
| - contrats "options" |  | -560.781,73 |
| - contrats de change à terme |  | 1.042.893,74 |
| - contrats "futures" |  | -59.531.223,74 |
| - swaps |  | 149,95 |
| - change |  | -1.584.687,37 |
| Bénéfice net réalisé |  | 2.736.140,29 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 201.196.867,54 |
| - contrats "options" |  | 609.212,45 |
| - contrats de change à terme |  | -4.432.358,71 |
| - contrats " futures" |  | -2.122.617,63 |
| Augmentation des actifs nets résultant des opérations |  | 197.987.243,94 |
| Dividendes distribués | Note 8 | -23.062.334,93 |
| Souscriptions actions de capitalisation |  | 1.676.366.073,53 |
| Souscriptions actions de distribution |  | 349.473.278,20 |
| Rachats actions de capitalisation |  | -1.865.439.399,44 |
| Rachats actions de distribution |  | -385.679.241,77 |
| Diminution des actifs nets |  | -50.354.380,47 |
| Réévaluation de la balance d'ouverture | Note 2 | -163.949.008,21 |
| Actifs nets au début de l'année |  | 3.852.985.850,33 |
| Actifs nets à la fin de l'année |  | 3.638.682.461,65 |