# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Taiwan | 23.19 % |
| --- | --- |
| South Korea | 7.20 % |
| Malaysia | 4.95 % |
| Thailand | 3.82 % |
| India | 3.25 % |
| China | 2.68 % |
| Russia | 2.66 % |
| Turkey | 1.54 % |
| South Africa | 1.34 % |
| Singapore | 1.26 % |
| Indonesia | 0.96 % |
| Poland | 0.91 % |
| Philippines | 0.70 % |
| Mexico | 0.63 % |
| The Netherlands | 0.63 % |
| New Zealand | 0.33 % |
| Australia | 0.25 % |
| Brazil | 0.16 % |
| Israel | 0.15 % |
| Total | 56.61 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 9,803,247.68 |
| Deposits on swaps contracts | 1,156,497.84 |
| Cash at banks | 2,471,280.96 |
| Other liquid assets | 5,888,528.57 |
| Formation expenses, net | 9,396.32 |
| Receivable on swaps contracts | 185,835.07 |
| Receivable cash collateral paid | 380,093.21 |
| Receivable on issues of shares | 244,705.74 |
| Income receivable on portfolio | 3,728.21 |
| Unrealised gain on forward foreign exchange contracts | 307,257.62 |
| Result on underlying of swaps contracts receivable | 2,139.04 |
| Prepaid expenses | 	5,257.44  |
| Total assets | 20,457,967.70 |
| Liabilities |  |
| Bank overdrafts | 246,208.99 |
| Other liquid liabilities | 4,138,318.40 |
| Redeemable cash collateral received | 248,337.02 |
| Payable on swaps contracts | 265,745.78 |
| Interest payable on swaps contracts | 5,846.95 |
| Accrued interest on cash collateral paid | 170.58 |
| Unrealised loss on swaps contracts | 321,169.75 |
| Expenses payable | 53,770.52 |
| Result on underlying of swaps contracts payable | 	19,042.58  |
| Total liabilities | 5,298,610.57 |
| Net assets at the end of the year | 15,159,357.13 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in USD) |
| --- | --- | --- | --- | --- |
| B | 4,470.953 | USD | 88.19 | 394,304.95 |
| CH | 1,402.918 | CHF | 78.87 | 125,181.16 |
| EH | 26,857.581 | EUR | 79.95 | 2,627,468.44 |
| U | 10.000 | USD | 89.98 | 899.75 |
| X | 2,286.698 | USD | 90.98 | 208,043.83 |
| XH (EUR) | 438.801 | EUR | 88.23 | 47,373.41 |
| XN | 5,679.051 | USD | 90.65 | 514,804.22 |
| XNH (EUR) | 4,440.138 | EUR | 87.84 | 477,250.97 |
| PI | 1,510.000 | USD | 92.09 | 139,050.02 |
| PIH (EUR) | 41,146.687 | EUR | 83.65 | 4,211,343.44 |
| R | 39,665.832 | USD | 90.84 | 3,603,126.38 |
| RAM | 14,327.936 | USD | 96.78 | 1,386,713.52 |
| RAMCH | 14,468.168 | CHF | 86.98 | 	1,423,797.04  |
|  |  |  |  | 	15,159,357.13  |

| Income |  |
| --- | --- |
| Dividends, net | 219,578.85 |
| Bank interest | 8,886.10 |
| Other commissions received | 6,928.30 |
| Other income | 	5,008.44  |
| Total income | 240,401.69 |
| Expenses |  |
| Management fees | 106,622.89 |
| Depositary fees | 7,863.24 |
| Banking charges and other fees | 14,166.74 |
| Transaction fees | 29,899.64 |
| Central administration costs | 223,297.42 |
| Professional fees | 1,749.73 |
| Other administration costs | 69,695.79 |
| Subscription duty ("taxe d'abonnement") | 4,489.88 |
| Bank interest paid | 64,141.20 |
| Other expenses | 	41,138.14  |
| Total expenses | 563,064.67 |
| Net investment loss | -322,662.98 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 934,998.28 |
| - on swaps contracts | -1,229,745.86 |
| - on forward foreign exchange contracts | 219,269.93 |
| - on foreign exchange | 	-47,065.63  |
| Realised result | -445,206.26 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -487,152.35 |
| - on swaps contracts | -130,775.29 |
| - on forward foreign exchange contracts | 	265,628.08  |
| Result of operations | -797,505.82 |
| Subscriptions | 9,007,958.03 |
| Redemptions | -18,970,941.90 |
| Total changes in net assets | -10,760,489.69 |
| Total net assets at the beginning of the year | 25,919,846.82 |
| Total net assets at the end of the year | 15,159,357.13 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 286,685,761.59 | 25,919,846.82 | 15,159,357.13 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 98.96 | 95.19 | 88.19 |  |  |
| CH | CHF | 93.60 | 86.87 | 78.87 |  |  |
| EH | EUR | 94.32 | 87.85 | 79.95 |  |  |
| U | USD | 99.64 | 96.62 | 89.98 |  |  |
| X | USD | - | 98.21 | 90.98 |  |  |
| XH (EUR) | EUR | - | 96.92 | 88.23 |  |  |
| XN | USD | - | 98.06 | 90.65 |  |  |
| XNH (EUR) | EUR | - | 96.72 | 87.84 |  |  |
| PI | USD | 101.20 | 98.34 | 92.09 |  |  |
| PIH (EUR) | EUR | 96.63 | 90.95 | 83.65 |  |  |
| IH (CHF) | CHF | 91.83 | 85.67 | 86.16 | * | 29/01/2020 |
| R | USD | 97.64 | 95.91 | 90.84 |  |  |
| RAM | USD | 104.11 | 102.24 | 96.78 |  |  |
| RAMCH | CHF | 98.97 | 93.77 | 86.98 |  |  |

(*) Net asset value used for final redemption.
| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -4.19 | -3.81 | -7.35 |
| CH | CHF | -7.18 | -7.19 | -9.21 |
| EH | EUR | -6.79 | -6.86 | -8.99 |
| U | USD | -3.79 | -3.03 | -6.87 |
| X | USD | - | - | -7.36 |
| XH (EUR) | EUR | - | - | -8.97 |
| XN | USD | - | - | -7.56 |
| XNH (EUR) | EUR | - | - | -9.18 |
| PI | USD | -3.29 | -2.83 | -6.36 |
| PIH (EUR) | EUR | -5.84 | -5.88 | -8.03 |
| R | USD | -2.19 | -1.77 | -5.29 |
| RAM | USD | -2.24 | -1.80 | -5.34 |
| RAMCH | CHF | -5.30 | -5.25 | -7.24 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| B | 14,534.863 | 1,436.000 | -11,499.910 | 4,470.953 |
| CH | 1,647.918 | - | -245.000 | 1,402.918 |
| EH | 30,307.322 | 13,507.223 | -16,956.964 | 26,857.581 |
| U | 10.000 | - | - | 10.000 |
| X | 10.000 | 2,945.572 | -668.874 | 2,286.698 |
| XH (EUR) | 10.000 | 2,395.039 | -1,966.238 | 438.801 |
| XN | 232.090 | 8,287.396 | -2,840.435 | 5,679.051 |
| XNH (EUR) | 113.534 | 6,191.838 | -1,865.234 | 4,440.138 |
| PI | 47,577.208 | - | -46,067.208 | 1,510.000 |
| PIH (EUR) | 67,577.608 | 47,239.409 | -73,670.330 | 41,146.687 |
| IH (CHF) | 5,000.000 | - | -5,000.000 | - |
| R | 67,250.832 | 6,700.000 | -34,285.000 | 39,665.832 |
| RAM | 15,727.936 | - | -1,400.000 | 14,327.936 |
| RAMCH | 13,226.527 | 2,173.089 | -931.448 | 14,468.168 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| TER per share class as at 31.12.2020 (unaudited) | TER without performance fee (in %) | Performance fee ratio (in %) | TER with performance fee (in %) |
| --- | --- | --- | --- |
| B | 4.04 | 0.00 | 4.04 |
| CH | 4.15 | 0.00 | 4.15 |
| EH | 4.14 | 0.00 | 4.14 |
| U | 3.62 | 0.00 | 3.62 |
| X | 4.23 | 0.00 | 4.23 |
| XH (EUR) | 3.91 | 0.00 | 3.91 |
| XN | 4.45 | 0.00 | 4.45 |
| XNH (EUR) | 4.40 | 0.00 | 4.40 |
| PI | 2.65 | 0.00 | 2.65 |
| PIH (EUR) | 3.05 | 0.00 | 3.05 |
| R | 1.91 | - | 1.91 |
| RAM | 1.98 | - | 1.98 |
| RAMCH | 2.01 | - | 2.01 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares |  |  |  |  |  |
| CAD | 4,500 | Acuityads Hgs Inc ADS | 54,715.66 | 50,486.77 | 0.33 |
| CAD | 1,400 | Alimentation Couche Tard Inc B | 49,478.37 | 47,681.56 | 0.31 |
| CAD | 800 | BRP Inc Sub Voting | 54,151.20 | 52,816.20 | 0.35 |
| CAD | 700 | Canadian Tire Corp A | 85,756.96 | 91,961.22 | 0.61 |
| CAD | 3,605 | Canfor Corp Reg | 44,420.90 | 65,041.14 | 0.43 |
| CAD | 1,000 | Dollarama Inc | 42,407.14 | 40,731.73 | 0.27 |
| CAD | 1,248 | Empire Co Ltd A Non voting | 36,370.81 | 34,088.03 | 0.22 |
| CAD | 1,800 | Finning Intl Inc Reg | 33,483.83 | 38,198.95 | 0.25 |
| CAD | 3,573 | Interfor Corp Reg | 37,263.74 | 66,679.92 | 0.44 |
| CAD | 2,200 | Intertape Polymer Gr Inc Reg | 45,697.84 | 41,695.85 | 0.27 |
| CAD | 1,600 | Linamar Corp Reg | 72,537.45 | 84,691.84 | 0.56 |
| CAD | 22,100 | New Gold Inc | 41,423.97 | 48,582.87 | 0.32 |
| CAD | 1,100 | Stella-Jones Inc Reg | 36,689.86 | 39,968.60 | 0.26 |
| CAD | 7,000 | Transcontinental Inc A Sub | 	119,927.52  | 	112,718.85  | 	0.74  |
|  |  |  | 754,325.25 | 815,343.53 | 5.36 |
| CHF | 520 | Adecco Group SA Reg | 30,700.90 | 34,803.94 | 0.23 |
| CHF | 30 | Partners Group Holding Reg | 34,185.35 | 35,298.11 | 0.23 |
| CHF | 42 | Swisscom Ltd Reg | 	22,362.65  | 	22,670.21  | 	0.15  |
|  |  |  | 87,248.90 | 92,772.26 | 0.61 |
| EUR | 1,303 | Assicurazioni Generali SpA | 22,882.43 | 22,735.44 | 0.15 |
| EUR | 40,923 | CIR SpA Cie Industriali Riunite | 23,595.74 | 22,032.29 | 0.15 |
| EUR | 1,786 | De'Longhi SpA | 61,065.15 | 56,338.31 | 0.37 |
| EUR | 119 | DiaSorin SpA | 23,518.53 | 24,767.99 | 0.16 |
| EUR | 1,916 | Fiat Chrysler Automobiles NV A Reg | 33,910.10 | 34,369.16 | 0.23 |
| EUR | 887 | Koninklijke Ahold Delhaize NV | 24,229.97 | 25,082.05 | 0.17 |
| EUR | 7,270 | Metsa Board Corp | 71,880.04 | 76,679.83 | 0.51 |
| EUR | 712 | Orion Corp (New) B | 33,105.05 | 32,696.26 | 0.22 |
| EUR | 689 | Randstad NV | 46,205.21 | 44,884.54 | 0.30 |
| EUR | 1,866 | Sanoma-WSOY Oyj B | 30,808.69 | 31,371.68 | 0.21 |
| EUR | 1,135 | TietoEvry Corp Reg | 32,889.05 | 37,302.79 | 0.25 |
| EUR | 989 | Tinexta SpA Reg | 25,027.25 | 25,412.95 | 0.17 |
| EUR | 1,384 | Uponor Oyj A Reg | 	25,274.54  | 	30,753.28  | 	0.20  |
|  |  |  | 454,391.75 | 464,426.57 | 3.09 |
| JPY | 1,400 | Ai Holdings Corp | 28,684.63 | 28,139.68 | 0.19 |
| JPY | 3,200 | Aichi Corp | 29,343.38 | 28,424.47 | 0.19 |
| JPY | 2,200 | Air Water Inc | 38,411.81 | 39,083.64 | 0.26 |
| JPY | 1,900 | Ajinomoto Co Inc | 43,484.52 | 43,020.78 | 0.28 |
| JPY | 1,419 | Asahi Holdings Inc Reg | 46,959.24 | 50,376.66 | 0.33 |
| JPY | 4,500 | Autobacs Seven Co Ltd Reg | 57,683.75 | 62,202.74 | 0.41 |
| JPY | 1,600 | Brother Industries Ltd Reg | 28,456.38 | 32,950.06 | 0.22 |
| JPY | 2,434 | Chubu Electric Power Co Inc | 28,718.84 | 29,306.55 | 0.19 |
| JPY | 2,400 | Chugoku Elec Power Co Inc | 28,433.95 | 28,106.75 | 0.19 |
| JPY | 1,700 | Dai Nippon Printing Co Ltd | 32,684.95 | 30,546.81 | 0.20 |
| JPY | 7,200 | Daicel Corp | 52,365.07 | 52,517.07 | 0.35 |
| JPY | 1,300 | Daihen Corp Reg | 54,992.07 | 63,214.99 | 0.42 |
| JPY | 336 | Daito Trust Construction Ltd | 30,782.95 | 31,375.40 | 0.21 |
| JPY | 1,200 | Denka Co Ltd | 45,266.39 | 46,844.58 | 0.31 |
| JPY | 2,700 | Dexerials Corp | 35,113.55 | 35,281.64 | 0.23 |
| JPY | 1,600 | Doshisha Co Ltd Reg | 29,644.98 | 30,175.81 | 0.20 |
| JPY | 4,031 | Electric Power Development Co | 55,303.46 | 55,485.55 | 0.37 |
| JPY | 10,212 | Eneos Holdings Inc | 39,190.58 | 36,639.95 | 0.24 |
| JPY | 3,600 | Fuji Corp Reg | 87,151.07 | 94,607.45 | 0.62 |
| JPY | 1,200 | Glory Ltd Reg | 24,134.67 | 24,189.47 | 0.16 |
| JPY | 3,670 | GungHo Online Entertain Inc Reg | 89,643.19 | 82,049.30 | 0.54 |
| JPY | 2,800 | Haseko Corp | 31,913.74 | 32,086.02 | 0.21 |
| JPY | 200 | Hirose Electric Co Ltd Reg | 29,734.83 | 30,319.17 | 0.20 |
| JPY | 2,000 | Iida Group Holdings Co Ltd | 40,267.07 | 40,373.90 | 0.27 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| JPY | 1,200 | Itochu Corp | 30,980.75 | 34,453.43 | 0.23 |
| JPY | 6,435 | Itoham Yonekyu Hgs Inc Reg | 44,119.51 | 41,950.45 | 0.28 |
| JPY | 2,700 | Japan Post Bank Co Ltd | 22,726.46 | 22,152.37 | 0.15 |
| JPY | 3,600 | Kansai Electric Power Co Inc | 34,390.95 | 33,954.76 | 0.22 |
| JPY | 1,600 | KeePer Technical Lab Co Ltd | 35,819.84 | 34,577.42 | 0.23 |
| JPY | 1,136 | Komeri Co Ltd Reg | 31,735.56 | 32,087.72 | 0.21 |
| JPY | 3,300 | Kyushu Electric Power Co Inc | 27,641.40 | 28,385.72 | 0.19 |
| JPY | 10,075 | Marubeni Corp | 59,174.35 | 66,958.47 | 0.44 |
| JPY | 4,200 | MCJ Co Ltd | 42,682.11 | 45,077.73 | 0.30 |
| JPY | 26,000 | Mebuki Financial Group Inc | 55,096.62 | 51,126.07 | 0.34 |
| JPY | 1,200 | Megachips Corp Reg | 34,907.40 | 32,721.46 | 0.22 |
| JPY | 5,245 | Mitsubishi Gas Chemical Co Inc Reg | 105,278.44 | 120,360.39 | 0.79 |
| JPY | 6,730 | Mitsubishi UFJ Lease Fin Co Ltd | 31,003.24 | 32,269.58 | 0.21 |
| JPY | 1,007 | Mitsui Chemicals Inc | 25,097.46 | 29,507.19 | 0.19 |
| JPY | 2,800 | Mizuho Financial Group Inc | 35,829.58 | 35,462.78 | 0.23 |
| JPY | 1,900 | MS&AD Insurance Gr Hgs Inc | 56,963.73 | 57,808.88 | 0.38 |
| JPY | 1,100 | Nippon Steel Trading Corp Reg | 39,703.72 | 39,797.55 | 0.26 |
| JPY | 1,400 | Nippon Telegraph & Teleph Corp | 35,884.17 | 35,876.40 | 0.24 |
| JPY | 1,343 | Nippon Yusen KK | 24,463.72 | 31,247.99 | 0.21 |
| JPY | 2,900 | Nissha Co Ltd | 41,904.94 | 42,080.69 | 0.28 |
| JPY | 1,104 | Nitto Denko Corp | 83,351.13 | 98,706.06 | 0.65 |
| JPY | 839 | Nomura Research Institute Ltd Reg | 25,007.85 | 30,029.59 | 0.20 |
| JPY | 3,900 | Obayashi Corp | 34,486.60 | 33,622.32 | 0.22 |
| JPY | 979 | Ono Pharmaceutical Co Ltd | 27,198.39 | 29,473.84 | 0.19 |
| JPY | 1,100 | Prima Meat Packers Ltd Reg | 33,453.02 | 34,842.83 | 0.23 |
| JPY | 3,634 | Renesas Electronics Corp Reg | 27,154.90 | 37,982.14 | 0.25 |
| JPY | 4,470 | Ricoh Co Ltd | 30,807.02 | 29,313.60 | 0.19 |
| JPY | 5,000 | Sanwa Hgs Corp Reg | 60,995.94 | 58,216.69 | 0.38 |
| JPY | 3,400 | Senko Group Hgs Co Ltd | 32,850.69 | 33,132.17 | 0.22 |
| JPY | 10,500 | Seven Bank Ltd | 22,411.83 | 22,172.71 | 0.15 |
| JPY | 7,000 | Shikoku Electric Power Co Inc | 45,245.23 | 45,565.94 | 0.30 |
| JPY | 6,700 | SKY Perfect JSAT Hgs Inc Reg | 31,338.84 | 32,969.44 | 0.22 |
| JPY | 11,753 | Sojitz Corp | 26,162.62 | 26,184.82 | 0.17 |
| JPY | 4,400 | Sumitomo Corp | 56,922.96 | 58,199.25 | 0.38 |
| JPY | 2,700 | Sumitomo Electric Ind Ltd Reg | 33,753.08 | 35,739.33 | 0.24 |
| JPY | 3,200 | Sumitomo Rubber Industries Ltd Reg | 28,938.70 | 27,494.55 | 0.18 |
| JPY | 196 | TDK Corp | 21,791.62 | 29,503.95 | 0.19 |
| JPY | 1,800 | Teijin Ltd | 31,691.59 | 33,825.74 | 0.22 |
| JPY | 2,770 | Tohoku Electric Power Co Inc | 28,226.77 | 22,807.19 | 0.15 |
| JPY | 400 | Tokio Marine Holdings Inc | 20,589.29 | 20,566.67 | 0.14 |
| JPY | 1,200 | Tokyo Gas Co Ltd | 29,770.70 | 27,711.53 | 0.18 |
| JPY | 3,800 | Tosoh Corp | 61,365.02 | 59,189.23 | 0.39 |
| JPY | 1,500 | UBE Industries Ltd Reg | 32,074.04 | 27,200.08 | 0.18 |
| JPY | 1,674 | Valor Holdings Co Ltd Reg | 45,932.98 | 42,857.38 | 0.28 |
| JPY | 4,030 | Wacom Co Ltd Reg | 25,332.30 | 33,767.13 | 0.22 |
| JPY | 1,900 | Ya Man Ltd | 	36,030.91  | 	34,398.22  | 	0.23  |
|  |  |  | 2,756,653.04 | 2,840,647.89 | 18.74 |
| KRW | 10,625 | DGB Fin Gr Co Ltd Reg | 71,903.19 | 66,347.00 | 0.44 |
| KRW | 9,883 | Dongkuk Steel Mill Co Ltd Reg | 71,925.15 | 73,801.88 | 0.49 |
| KRW | 848 | Hankook Tire & Tech Co Ltd | 31,079.59 | 30,726.61 | 0.20 |
| KRW | 2,741 | Hankuk Carbon Co Ltd | 32,361.75 | 33,904.23 | 0.22 |
| KRW | 12,306 | Hanwha Life Insurance Co Ltd | 30,645.49 | 27,614.00 | 0.18 |
| KRW | 2,056 | Hanwha Systems Co Ltd | 29,492.14 | 32,710.85 | 0.22 |
| KRW | 379 | Hyosung TNC Corp Reg | 62,104.82 | 73,543.49 | 0.49 |
| KRW | 933 | Hyundai Construc Equip Co Ltd Reg | 29,124.25 | 28,100.60 | 0.19 |
| KRW | 610 | Kiwoom Securities Co Ltd | 70,658.52 | 70,964.79 | 0.47 |
| KRW | 572 | Kumho Petro Chemical Co Ltd Reg | 58,858.08 | 76,275.77 | 0.50 |
| KRW | 527 | LG Electronics Inc | 41,350.74 | 65,428.50 | 0.43 |
| KRW | 558 | LG Hausys Ltd Reg | 38,853.29 | 40,026.85 | 0.26 |
| KRW | 690 | Mando Corp | 33,931.50 | 37,312.04 | 0.25 |
| KRW | 230 | Samsung Electro-Mechanics Co Ltd Reg | 35,960.70 | 37,650.47 | 0.25 |
| KRW | 1,083 | Samsung Securities Co Ltd Reg | 	42,327.24  | 	40,287.43  | 	0.27  |
|  |  |  | 680,576.45 | 734,694.51 | 4.86 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| NOK | 14,510 | Aker Solutions ASA | 29,609.27 | 27,860.20 | 0.18 |
| NOK | 10,080 | Europris ASA | 50,219.98 | 60,121.86 | 0.40 |
| NOK | 1,563 | Gjensidige Forsikring ASA | 33,373.20 | 34,918.20 | 0.23 |
| NOK | 4,354 | Sbanken ASA | 34,899.75 | 35,015.36 | 0.23 |
| NOK | 1,212 | Sparebanken Vest AS | 9,268.26 | 10,242.17 | 0.07 |
| NOK | 4,058 | Veidekke ASA | 	51,164.46  | 	52,481.08  | 	0.35  |
|  |  |  | 208,534.92 | 220,638.87 | 1.46 |
| SEK | 5,099 | Husqvarna AB B | 55,804.86 | 66,073.33 | 0.44 |
| SEK | 4,452 | Pricer AB B | 21,322.07 | 20,990.29 | 0.14 |
| SEK | 415 | Sectra AB B Reg | 36,236.87 | 37,037.34 | 0.24 |
| SEK | 3,084 | Svenska Handelsbanken AB B Reg | 33,160.05 | 34,596.88 | 0.23 |
| SEK | 2,645 | Tele2 AB B | 	32,785.65  | 	34,949.99  | 	0.23  |
|  |  |  | 179,309.50 | 193,647.83 | 1.28 |
| SGD | 4,500 | Oversea-Chinese Bankg Corp Ltd | 32,315.99 | 34,244.87 | 0.23 |
| SGD | 26,000 | Sheng Siong Group Ltd | 30,623.95 | 30,485.27 | 0.20 |
| SGD | 42,000 | StarHub Ltd Reg | 	37,979.17  | 	41,620.33  | 	0.27  |
|  |  |  | 100,919.11 | 106,350.47 | 0.70 |
| USD | 1,500 | Abercrombie & Fitch Co A Reg | 30,671.70 | 30,540.00 | 0.20 |
| USD | 5,087 | Albertsons Investor Holdings LLC A Reg | 76,246.19 | 89,429.46 | 0.59 |
| USD | 327 | Arrow Electronics Inc | 26,382.88 | 31,817.10 | 0.21 |
| USD | 230 | Asbury Automotive Group Inc Reg | 25,182.70 | 33,520.20 | 0.22 |
| USD | 3,115 | At Home Group Inc Reg | 49,181.73 | 48,157.90 | 0.32 |
| USD | 726 | Autonation Inc Reg | 42,836.57 | 50,667.54 | 0.33 |
| USD | 800 | BAE Syst Plc ADR DR | 21,868.96 | 21,720.00 | 0.14 |
| USD | 800 | Blueprint Medicines Corp Reg | 79,143.68 | 89,720.00 | 0.59 |
| USD | 1,300 | BNP Paribas SA spons ADR repr 1/2 Shares | 31,171.66 | 34,593.00 | 0.23 |
| USD | 3,200 | Brightcove Inc Reg | 41,587.84 | 58,880.00 | 0.39 |
| USD | 400 | Brunswick Corp Reg | 28,479.32 | 30,496.00 | 0.20 |
| USD | 500 | CBRE Group Inc A | 29,905.00 | 31,360.00 | 0.21 |
| USD | 600 | Charles Schwab Corp | 31,034.52 | 31,824.00 | 0.21 |
| USD | 2,000 | China Mobile Ltd ADR repr 5 Shares | 59,681.40 | 57,080.00 | 0.38 |
| USD | 1,200 | China Telecom Corp Ltd H ADR repr 100 Shares | 33,188.16 | 33,060.00 | 0.22 |
| USD | 3,800 | Community Health Syst Inc | 30,127.16 | 28,234.00 | 0.19 |
| USD | 1,300 | Cooper Tire & Rubber Co Reg | 53,198.36 | 52,650.00 | 0.35 |
| USD | 2,100 | Cowen Inc Reg S A | 48,517.56 | 54,579.00 | 0.36 |
| USD | 200 | Cummins Inc | 46,015.00 | 45,420.00 | 0.30 |
| USD | 400 | DaVita Inc | 44,963.12 | 46,960.00 | 0.31 |
| USD | 100 | Deckers Outdoor Corp | 30,057.00 | 28,678.00 | 0.19 |
| USD | 100 | Deere and Co | 26,348.00 | 26,905.00 | 0.18 |
| USD | 400 | Dell Technologies Inc | 29,837.68 | 29,316.00 | 0.19 |
| USD | 600 | Deutsche Post AG ADR DR repr spons | 27,581.70 | 29,904.00 | 0.20 |
| USD | 600 | Diamondback Energy Inc | 28,378.98 | 29,040.00 | 0.19 |
| USD | 300 | Discover Financial Services | 26,013.00 | 27,159.00 | 0.18 |
| USD | 100 | Dollar General Corp | 21,264.00 | 21,030.00 | 0.14 |
| USD | 300 | F5 Networks Inc | 51,207.00 | 52,782.00 | 0.35 |
| USD | 800 | Flagstar Bancorp Inc | 31,456.00 | 32,608.00 | 0.21 |
| USD | 700 | Foot Locker Inc | 28,627.97 | 28,308.00 | 0.19 |
| USD | 6,100 | Ford Motor Co | 53,423.19 | 53,619.00 | 0.35 |
| USD | 800 | Fulgent Genetics Inc | 34,722.00 | 41,680.00 | 0.27 |
| USD | 200 | Gartner Inc | 31,561.00 | 32,038.00 | 0.21 |
| USD | 237 | Groupe I Automotive Inc Reg | 22,358.80 | 31,080.18 | 0.20 |
| USD | 1,600 | Guess Inc Reg | 30,220.48 | 36,192.00 | 0.24 |
| USD | 1,600 | Halliburton Co (Hg Co) | 32,096.64 | 30,240.00 | 0.20 |
| USD | 200 | HCA Healthcare Inc | 32,887.00 | 32,892.00 | 0.22 |
| USD | 655 | Hibbett Sports Inc Reg | 26,032.45 | 30,247.90 | 0.20 |
| USD | 1,208 | Hologic Inc | 80,981.38 | 87,978.64 | 0.58 |
| USD | 732 | Horizon Therapeutics Plc | 55,067.82 | 53,545.80 | 0.35 |
| USD | 3,100 | HP Inc | 74,819.12 | 76,229.00 | 0.50 |
| USD | 1,300 | HSBC Holdings Plc spons ADR repr 5 Shares | 33,149.48 | 33,683.00 | 0.22 |
| USD | 400 | Insight Enterprises Inc | 28,721.00 | 30,436.00 | 0.20 |
| USD | 600 | Intl Paper Co | 29,680.02 | 29,832.00 | 0.20 |
| USD | 1,800 | Jefferies Fin Gr Inc Reg | 42,168.06 | 44,280.00 | 0.29 |

| Currency | Number / nominal value | Description | Cost |  | Market value |  | % of total net assets * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 1,200 | La-Z-Boy Inc Reg | 48,247.44 |  | 47,808.00 |  | 0.32 |
| USD | 300 | Leidos Holdings Inc | 29,906.01 |  | 31,536.00 |  | 0.21 |
| USD | 3,400 | LendingClub Corp | 29,749.66 |  | 35,904.00 |  | 0.24 |
| USD | 778 | LKQ Corp | 24,613.82 |  | 27,416.72 |  | 0.18 |
| USD | 800 | Marinemax Inc Reg | 27,916.96 |  | 28,024.00 |  | 0.18 |
| USD | 3,500 | Meridian Bioscience Inc Reg | 69,753.95 |  | 65,415.00 |  | 0.43 |
| USD | 4,100 | Michaels Companies (The) Inc Reg | 48,960.15 |  | 53,341.00 |  | 0.35 |
| USD | 500 | Mohawk Industries Inc | 59,077.00 |  | 70,475.00 |  | 0.46 |
| USD | 500 | Morgan Stanley | 32,261.00 |  | 34,265.00 |  | 0.23 |
| USD | 1,400 | Mr Cooper Group Inc Reg | 41,876.52 |  | 43,442.00 |  | 0.29 |
| USD | 4,500 | MRC Global Inc Reg | 30,674.25 |  | 29,835.00 |  | 0.20 |
| USD | 100 | MSCI Inc | 43,610.00 |  | 44,653.00 |  | 0.29 |
| USD | 500 | NetApp Inc | 31,997.00 |  | 33,120.00 |  | 0.22 |
| USD | 1,600 | Netgear Inc Reg | 60,854.72 |  | 65,008.00 |  | 0.43 |
| USD | 22,200 | New Gold Inc | 41,616.12 |  | 48,618.00 |  | 0.32 |
| USD | 731 | Nintendo Co Ltd ADR repr 1/8 share | 46,796.79 |  | 58,860.12 |  | 0.39 |
| USD | 1,300 | Nomad Foods Ltd | 32,683.43 |  | 33,046.00 |  | 0.22 |
| USD | 689 | Owens Corning Inc Reg | 47,979.83 |  | 52,198.64 |  | 0.34 |
| USD | 718 | Penske Automotive Group Inc Reg | 41,291.46 |  | 42,642.02 |  | 0.28 |
| USD | 300 | Perkin Elmer Inc | 42,814.56 |  | 43,050.00 |  | 0.28 |
| USD | 1,000 | PJT Partners Inc A Reg | 70,406.36 |  | 75,250.00 |  | 0.50 |
| USD | 1,400 | Primoris Serv Corp | 33,025.02 |  | 38,654.00 |  | 0.25 |
| USD | 300 | Providence Service Corp Reg | 40,424.01 |  | 41,589.00 |  | 0.27 |
| USD | 22,400 | QEP Resources Inc | 52,411.52 |  | 53,536.00 |  | 0.35 |
| USD | 705 | Quanta Services Inc | 40,649.23 |  | 50,774.10 |  | 0.33 |
| USD | 200 | Quest Diagnostics Inc | 24,456.00 |  | 23,834.00 |  | 0.16 |
| USD | 7,900 | Qurate Retail Inc A Reg | 73,792.32 |  | 86,663.00 |  | 0.57 |
| USD | 1,700 | Rambus Inc | 30,383.25 |  | 29,682.00 |  | 0.20 |
| USD | 300 | Raymond James Financial Inc | 26,189.01 |  | 28,701.00 |  | 0.19 |
| USD | 70 | Regeneron Pharmaceuticals Inc | 24,287.90 |  | 33,817.70 |  | 0.22 |
| USD | 500 | Rio Tinto Plc spons ADR repr 1 Share | 30,462.80 |  | 37,610.00 |  | 0.25 |
| USD | 1,500 | Rush Enterprises Inc A | 61,367.25 |  | 62,130.00 |  | 0.41 |
| USD | 400 | Sage Therapeutics Inc | 30,320.00 |  | 34,604.00 |  | 0.23 |
| USD | 3,400 | Sangamo Therapeutics Inc Reg | 45,129.56 |  | 53,057.00 |  | 0.35 |
| USD | 5,100 | SM Energy Co | 30,080.82 |  | 31,212.00 |  | 0.21 |
| USD | 2,500 | Sonos Inc Reg | 58,443.75 |  | 58,475.00 |  | 0.39 |
| USD | 300 | Sony Corp ADR DR repr spons | 27,191.01 |  | 30,330.00 |  | 0.20 |
| USD | 600 | Stifel Financial Corp Reg | 27,888.96 |  | 30,276.00 |  | 0.20 |
| USD | 1,600 | Supernus Pharmaceuticals Inc | 33,930.56 |  | 40,256.00 |  | 0.27 |
| USD | 1,000 | Systemax Inc | 35,328.00 |  | 35,890.00 |  | 0.24 |
| USD | 200 | T. Rowe Price Group Inc | 30,246.00 |  | 30,278.00 |  | 0.20 |
| USD | 200 | Take-Two Interactive Softw Inc | 38,998.00 |  | 41,558.00 |  | 0.27 |
| USD | 1,200 | Takeda Pharmaceutical Co Ltd ADR repr 1/2 shared Reg | 22,548.96 |  | 21,840.00 |  | 0.14 |
| USD | 408 | Target Corp | 60,709.54 |  | 72,024.24 |  | 0.47 |
| USD | 400 | Teradyne Inc | 44,996.00 |  | 47,956.00 |  | 0.32 |
| USD | 2,800 | Translate Bio Inc | 63,248.08 |  | 51,604.00 |  | 0.34 |
| USD | 400 | Trinet Group Inc Reg | 30,347.00 |  | 32,240.00 |  | 0.21 |
| USD | 700 | Triton International Ltd A Reg | 34,033.79 |  | 33,957.00 |  | 0.22 |
| USD | 100 | United Rentals Inc | 23,063.00 |  | 23,191.00 |  | 0.15 |
| USD | 400 | United Therapeutics Corp | 57,072.00 |  | 60,716.00 |  | 0.40 |
| USD | 698 | US Concrete Inc Reg | 23,651.52 |  | 27,899.06 |  | 0.18 |
| USD | 1,800 | Vodafone Group Plc Spons ADR Repr 10 Shares | 30,807.36 |  | 29,664.00 |  | 0.20 |
| USD | 1,100 | Vontier Corp Reg | 31,787.25 |  | 36,740.00 |  | 0.24 |
| USD | 200 | Williams-Sonoma Inc Reg | 22,475.00 |  | 20,368.00 |  | 0.13 |
| USD | 200 | Yum! Brands Inc | 20,894.00 |  | 21,712.00 |  | 0.14 |
| USD | 1,300 | Zumiez Inc Reg | 	49,208.77  |  | 	47,814.00  |  | 	0.32  |
|  |  | 3,950,977.55 |  | 4,214,971.32 |  | 27.78 |
| Total shares |  | 9,172,936.47 |  | 9,683,493.25 |  | 63.88 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| Transferable securities dealt in on another regulated market |
| --- |
| Shares |  |  |  |  |  |  |  |
| KRW | 902 | Osstem Implant Co Ltd | 43,125.60 |  | 42,305.74 |  | 0.28 |
| KRW | 1,447 | Silicon Works Co Ltd | 	65,020.21  |  | 	77,448.69  |  | 	0.51  |
| Total shares |  |  | 108,145.81 |  | 119,754.43 |  | 0.79 |
| Total investments in securities | 9,281,082.28 |  | 9,803,247.68 |  | 64.67 |
| Cash at banks |  |  | 2,471,280.96 |  | 16.30 |
| Bank overdrafts |  |  | -246,208.99 |  | -1.62 |
| Other net assets/(liabilities) |  |  | 3,131,037.48 |  | 20.65 |
| Total |  |  | 15,159,357.13 |  | 100.00 |

Translation (ENFR, 2020-12-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Suède | 12,78 % |
| --- | --- |
| Allemagne | 12,32 % |
| France | 11,86 % |
| Suisse | 11,32 % |
| Finlande | 8,76 % |
| Pays-Bas | 7,12 % |
| Royaume-Uni | 6,88 % |
| Italie | 4,53 % |
| Danemark | 3,76 % |
| Espagne | 3,47 % |
| Norvège | 3,37 % |
| Belgique | 1,61 % |
| Autriche | 1,59 % |
| Luxembourg | 0,86 % |
| Jersey | 0,59 % |
| Portugal | 0,09 % |
| Total | 90,91 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 37.767.111,42 |
| Avoirs bancaires | 1.086.969,39 |
| A recevoir sur émissions d'actions | 25.695,43 |
| Revenus à recevoir sur portefeuille-titres | 21.674,62 |
| Plus-values non réalisées sur changes à terme | 157.056,61 |
| Charges payées d'avance | 	3.157,33  |
| Total de l'actif | 39.061.664,80 |
| Exigible |  |
| Dettes bancaires | 26.903,82 |
| Garantie en espèces reçue à rembourser | 105.000,00 |
| Frais à payer | 	85.173,58  |
| Total de l'exigible | 217.077,40 |
| Actif net à la fin de l'exercice | 38.844.587,40 |

| Répartition des actifs nets par classe d'action |  |
| --- | --- |
| Classe d'action | Nombre | Devise | VNI par action | Actifs nets |
|  | d'actions | action | en devise de la classe d'action | par classe d'action (en USD) |
| B | 12.480,395 | USD | 337,36 | 4.210.389,57 |
| EH | 987,899 | EUR | 282,53 | 341.518,46 |
| F | 17.188,576 | USD | 318,28 | 5.470.862,69 |
| GH | 3.430,282 | EUR | 264,04 | 1.108.251,05 |
| PH | 929,568 | CHF | 285,00 | 299.720,07 |
| PI | 5,000 | USD | 383,79 | 1.918,93 |
| I | 50,000 | USD | 355,49 | 17.774,70 |
| IP | 599,513 | USD | 381,69 | 228.828,48 |
| IPH (EUR) | 11.166,567 | EUR | 106,43 | 1.454.187,34 |
| R | 197.400,000 | USD | 119,99 | 23.685.264,02 |
| RAM | 1.095,000 | USD | 408,76 | 447.591,01 |
| RAMCH | 9.796,753 | CHF | 142,40 | 	1.578.281,08  |
|  |  |  |  | 	38.844.587,40  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 507.119,74 |
| Intérêts bancaires | 2.713,64 |
| Autres commissions reçues | 32,47 |
| Autres revenus | 	4.244,21  |
| Total des revenus | 514.110,06 |
| Charges |  |
| Commission de gestion | 187.378,47 |
| Commission de dépositaire | 16.610,77 |
| Frais bancaires et autres commissions | 2.830,11 |
| Frais sur transactions | 58.550,23 |
| Frais d'administration centrale | 141.361,07 |
| Frais professionnels | 2.685,56 |
| Autres frais d'administration | 116.652,78 |
| Taxe d'abonnement | 9.174,49 |
| Autres impôts | 474,66 |
| Intérêts bancaires payés | 214,63 |
| Autres charges | 	14.296,28  |
| Total des charges | 550.229,05 |
| Pertes nettes des investissements | -36.118,99 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 1.637.195,23 |
| - sur changes à terme | 206.622,58 |
| - sur devises | 	2.015,71  |
| Résultat réalisé | 1.809.714,53 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 834.848,85 |
| - sur changes à terme | 	92.521,04  |
| Résultat des opérations | 2.737.084,42 |
| Emissions | 4.456.650,62 |
| Rachats | -17.485.229,44 |
| Total des variations de l'actif net | -10.291.494,40 |
| Total de l'actif net au début de l'exercice | 49.136.081,80 |
| Total de l'actif net à la fin de l'exercice | 38.844.587,40 |

| Total de l'actif net | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 27.420.821,50 | 49.136.081,80 | 38.844.587,40 |

| VNI par classe d'action | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 249,72 | 309,47 | 337,36 |  |  |
| CPH | CHF | 238,73 | 287,41 | 270,09 | * | 01/07/2020 |
| EH | EUR | 218,98 | 264,59 | 282,53 |  |  |
| F | USD | 237,74 | 293,44 | 318,28 |  |  |
| GH | EUR | 206,72 | 248,53 | 264,04 |  |  |
| PH | CHF | 224,44 | 268,84 | 285,00 |  |  |
| PI | USD | 277,31 | 348,52 | 383,79 |  |  |
| I | USD | 260,57 | 324,33 | 355,49 |  |  |
| IP | USD | 278,22 | 348,27 | 381,69 |  |  |
| IPH (EUR) | EUR | - | - | 106,43 |  |  |
| R | USD | 85,52 | 108,30 | 119,99 |  |  |
| RAM | USD | 291,58 | 369,10 | 408,76 |  |  |
| RAMCH | CHF | 107,48 | 131,55 | 142,40 |  |  |

(*) Valeur nette d'inventaire utilisée pour le rachat final.
| Performance annuelle par classe d'action (en %) | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -15,80 | 23,93 | 9,01 |
| EH | EUR | -18,28 | 20,83 | 6,78 |
| F | USD | -16,22 | 23,43 | 8,47 |
| GH | EUR | -18,70 | 20,23 | 6,24 |
| PH | CHF | -19,02 | 19,78 | 6,01 |
| PI | USD | -15,01 | 25,68 | 10,12 |
| I | USD | -15,34 | 24,47 | 9,61 |
| IP | USD | -15,35 | 25,18 | 9,60 |
| R | USD | -14,48 | 26,64 | 10,79 |
| RAM | USD | -14,51 | 26,59 | 10,75 |
| RAMCH | CHF | -17,35 | 22,39 | 8,25 |

| Nombre d'actions | en circulation au début de l'exercice | émises | remboursées | en circulation à la fin de l'exercice |
| --- | --- | --- | --- | --- |
| B | 26.759,383 | 263,830 | -14.542,818 | 12.480,395 |
| CPH | 68,000 | - | -68,000 | - |
| EH | 1.869,956 | 9,000 | -891,057 | 987,899 |
| F | 26.960,513 | 169,063 | -9.941,000 | 17.188,576 |
| GH | 4.223,257 | 590,046 | -1.383,021 | 3.430,282 |
| PH | 981,387 | 26,872 | -78,691 | 929,568 |
| PI | 64,148 | - | -59,148 | 5,000 |
| I | 50,000 | - | - | 50,000 |
| IP | 769,397 | - | -169,884 | 599,513 |
| IPH (EUR) | - | 13.024,393 | -1.857,826 | 11.166,567 |
| R | 262.910,000 | 24.200,000 | -89.710,000 | 197.400,000 |
| RAM | 1.095,000 | - | - | 1.095,000 |
| RAMCH | 12.742,919 | 1.790,991 | -4.737,157 | 9.796,753 |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| TER par classe d'action au 31.12.2020 (non audité) | TER sans commission de performance (en %) | Ratio de la commission de performance (en %) | TER avec commission de performance (en %) |
| --- | --- | --- | --- |
| B |  | 2,20 | - | 2,20 |
| EH |  | 2,23 | - | 2,23 |
| F |  | 2,70 | - | 2,70 |
| GH |  | 2,74 | - | 2,74 |
| PH |  | 2,74 | - | 2,74 |
| PI |  | 1,08 | - | 1,08 |
| I |  | 1,67 | - | 1,67 |
| IP |  | 1,68 | 0,00 | 1,68 |
| IPH (EUR) | * | 1,72 | 0,00 | 1,72 |
| R |  | 0,60 | - | 0,60 |
| RAM |  | 0,64 | - | 0,64 |
| RAMCH |  | 0,65 | - | 0,65 |
| * TER annualisé |  |  |  |  |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| USD | 518 | 3M Co | 86.258,36 | 90.541,22 | 0,23 |
| USD | 5.154 | AbbVie Inc | 520.308,50 | 552.251,10 | 1,42 |
| USD | 2.186 | Accenture Plc A | 499.415,92 | 571.005,06 | 1,47 |
| USD | 1.797 | Adobe Inc Reg | 841.402,14 | 898.715,64 | 2,31 |
| USD | 415 | Agilent Technologies Inc Reg | 39.127,68 | 49.173,35 | 0,13 |
| USD | 515 | Alphabet Inc A | 709.884,45 | 902.609,60 | 2,32 |
| USD | 877 | Amerco Reg | 375.233,48 | 398.122,92 | 1,02 |
| USD | 480 | American Express Co | 56.826,72 | 58.036,80 | 0,15 |
| USD | 3.247 | Amgen Inc | 749.674,11 | 746.550,24 | 1,92 |
| USD | 140 | ANSYS Inc | 43.598,83 | 50.932,00 | 0,13 |
| USD | 1.826 | Applied Materials Inc | 146.788,32 | 157.583,80 | 0,41 |
| USD | 296 | Aptiv Plc Reg | 34.517,13 | 38.565,84 | 0,10 |
| USD | 1.123 | Archer-Daniels Midland Co | 55.340,83 | 56.610,43 | 0,15 |
| USD | 1.591 | Automatic Data Processing Inc | 275.104,04 | 280.334,20 | 0,72 |
| USD | 646 | Ball Corp | 55.979,48 | 60.194,28 | 0,15 |
| USD | 826 | Bank of New York Mellon Corp | 30.068,18 | 35.055,44 | 0,09 |
| USD | 1.338 | Becton Dickinson & Co | 330.390,02 | 334.794,36 | 0,86 |
| USD | 475 | Best Buy Co Inc | 48.748,84 | 47.400,25 | 0,12 |
| USD | 367 | BlackRock Inc | 245.184,90 | 264.805,18 | 0,68 |
| USD | 18.730 | Bristol Myers Squibb Co | 1.126.071,54 | 1.161.821,90 | 2,99 |
| USD | 8.064 | Bunge Ltd | 479.199,97 | 528.837,12 | 1,36 |
| USD | 4.599 | Cadence Design Systems Inc | 397.306,31 | 627.441,57 | 1,62 |
| USD | 1.069 | Campbell Soup Co | 50.721,08 | 51.686,15 | 0,13 |
| USD | 453 | Cardinal Health Inc | 21.689,46 | 24.262,68 | 0,06 |
| USD | 3.259 | Carrier Global Corporation Reg | 104.359,02 | 122.929,48 | 0,32 |
| USD | 492 | Caterpillar Inc Reg | 84.490,27 | 89.553,84 | 0,23 |
| USD | 438 | CBRE Group Inc A | 28.788,25 | 27.471,36 | 0,07 |
| USD | 305 | Cerner Corp | 20.907,75 | 23.936,40 | 0,06 |
| USD | 332 | Cigna Corp Reg | 66.280,35 | 69.115,76 | 0,18 |
| USD | 24.613 | Cisco Systems Inc | 1.060.593,42 | 1.101.431,75 | 2,84 |
| USD | 4.883 | Citrix Systems Inc | 614.223,90 | 635.278,30 | 1,64 |
| USD | 4.646 | Coca-Cola Co | 239.897,34 | 254.786,64 | 0,66 |
| USD | 771 | Cognizant Tec Solutions Corp | 56.831,54 | 63.183,45 | 0,16 |
| USD | 3.201 | Colgate-Palmolive Co | 243.832,92 | 273.717,51 | 0,70 |
| USD | 703 | Conagra Brands Inc | 25.067,36 | 25.490,78 | 0,07 |
| USD | 680 | Consolidated Edison of NY Inc | 49.595,19 | 49.143,60 | 0,13 |
| USD | 382 | Copart Inc | 36.117,56 | 48.609,50 | 0,12 |
| USD | 968 | Corning Inc | 30.481,81 | 34.848,00 | 0,09 |
| USD | 2.694 | CSX Corp | 226.320,96 | 244.480,50 | 0,63 |
| USD | 4.310 | Cummins Inc | 992.912,23 | 978.801,00 | 2,52 |
| USD | 2.657 | Deere and Co | 676.785,41 | 714.865,85 | 1,84 |
| USD | 858 | DuPont de Neumours Inc Reg When Issued | 49.669,08 | 61.012,38 | 0,16 |
| USD | 843 | EBay Inc | 43.219,43 | 42.360,75 | 0,11 |
| USD | 283 | Ecolab Inc | 60.639,80 | 61.229,88 | 0,16 |
| USD | 703 | Edwards Lifesciences Corp | 58.179,42 | 64.134,69 | 0,16 |
| USD | 382 | Electronic Arts Inc | 46.395,30 | 54.855,20 | 0,14 |
| USD | 882 | Eli Lilly & Co | 134.803,54 | 148.916,88 | 0,38 |
| USD | 409 | Eversource Energy Inc | 36.594,47 | 35.382,59 | 0,09 |
| USD | 1.435 | Exelon Corp | 55.872,73 | 60.585,70 | 0,16 |
| USD | 334 | Expeditors Intl of Washington Inc | 29.128,87 | 31.766,74 | 0,08 |
| USD | 275 | Fortive Corp | 18.992,49 | 19.475,50 | 0,05 |
| USD | 4.105 | Fortune Brands Home & Security Inc | 345.735,03 | 351.880,60 | 0,91 |
| USD | 108 | Generac Holdings Inc Reg | 23.875,35 | 24.560,28 | 0,06 |
| USD | 7.418 | General Electric Co | 81.523,82 | 80.114,40 | 0,21 |
| USD | 3.226 | General Mills Inc | 192.640,92 | 189.688,80 | 0,49 |
| USD | 1.865 | Harris Corp Reg | 341.237,45 | 352.522,30 | 0,91 |
| USD | 286 | HCA Healthcare Inc | 35.880,54 | 47.035,56 | 0,12 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 4.630 | Hologic Inc | 278.210,24 | 337.202,90 | 0,87 |
| --- | --- | --- | --- | --- | --- |
| USD | 4.205 | Home Depot Inc | 1.069.504,55 | 1.116.932,10 | 2,88 |
| USD | 712 | Honeywell Intl Inc | 128.095,46 | 151.442,40 | 0,39 |
| USD | 538 | Horizon Therapeutics Plc | 41.406,42 | 39.354,70 | 0,10 |
| USD | 2.072 | HP Inc | 40.075,82 | 50.950,48 | 0,13 |
| USD | 51 | HubSpot Inc Reg | 19.331,55 | 20.218,44 | 0,05 |
| USD | 69 | Humana Inc | 26.527,38 | 28.308,63 | 0,07 |
| USD | 988 | IBM Corp | 117.003,84 | 124.369,44 | 0,32 |
| USD | 118 | Idex Corp | 23.282,80 | 23.505,60 | 0,06 |
| USD | 279 | IDEXX Laboratories Inc | 110.843,21 | 139.463,73 | 0,36 |
| USD | 995 | Illinois Tool Works Inc | 205.252,45 | 202.860,60 | 0,52 |
| USD | 148 | Illumina Inc | 49.977,85 | 54.760,00 | 0,14 |
| USD | 12.785 | Intel Corp | 598.721,05 | 636.948,70 | 1,64 |
| USD | 10.327 | Intl Paper Co | 505.877,43 | 513.458,44 | 1,32 |
| USD | 1.311 | Intuit Inc | 414.933,71 | 497.983,35 | 1,28 |
| USD | 217 | J.M. Smucker Co | 24.554,83 | 25.085,20 | 0,06 |
| USD | 198 | Jacobs Engineering Group Inc | 20.999,66 | 21.574,08 | 0,06 |
| USD | 2.525 | Johnson Controls Intl Plc | 107.807,25 | 117.639,75 | 0,30 |
| USD | 576 | Kellogg Co | 39.900,04 | 35.844,48 | 0,09 |
| USD | 2.181 | Keurig Dr Pepper Inc Reg | 63.708,75 | 69.813,81 | 0,18 |
| USD | 458 | Keysight Technologies Inc Reg | 48.887,26 | 60.497,22 | 0,16 |
| USD | 2.307 | Kimberly-Clark Corp | 320.041,90 | 311.052,81 | 0,80 |
| USD | 1.543 | Kroger Co Reg | 50.461,76 | 49.005,68 | 0,13 |
| USD | 128 | Lam Research Corp | 52.564,20 | 60.450,56 | 0,16 |
| USD | 2.910 | Leidos Holdings Inc | 251.402,17 | 305.899,20 | 0,79 |
| USD | 582 | Lowe's Companies Inc | 84.323,83 | 93.416,82 | 0,24 |
| USD | 114 | Lululemon Athletica Inc | 37.299,91 | 39.675,42 | 0,10 |
| USD | 1.497 | Marsh & McLennan Cos Inc | 169.676,73 | 175.149,00 | 0,45 |
| USD | 661 | Marvell Technology Group Ltd | 23.306,20 | 31.423,94 | 0,08 |
| USD | 342 | Masco Corp | 19.661,86 | 18.786,06 | 0,05 |
| USD | 854 | Mastercard Inc A | 283.606,58 | 304.826,76 | 0,78 |
| USD | 358 | McCormick & Co | 34.272,52 | 34.224,80 | 0,09 |
| USD | 37 | MercadoLibre Inc | 47.091,30 | 61.983,14 | 0,16 |
| USD | 18.877 | Merck & Co Inc | 1.550.452,51 | 1.544.138,60 | 3,97 |
| USD | 859 | Metlife Inc | 39.571,81 | 40.330,05 | 0,10 |
| USD | 285 | Mettler Toledo Intl Inc | 301.801,25 | 324.808,80 | 0,84 |
| USD | 5.848 | Microsoft Corp | 1.066.665,21 | 1.300.712,16 | 3,35 |
| USD | 1.504 | Moody's Corp | 417.113,10 | 436.520,96 | 1,12 |
| USD | 4.399 | Morgan Stanley | 248.060,67 | 301.463,47 | 0,78 |
| USD | 1.912 | Motorola Solutions Inc | 318.178,38 | 325.154,72 | 0,84 |
| USD | 25.919 | Newell Brands Inc Reg | 520.924,87 | 550.260,37 | 1,42 |
| USD | 1.922 | Newmont Corp Reg | 119.902,91 | 115.108,58 | 0,30 |
| USD | 3.977 | Nike Inc B | 504.713,55 | 562.626,19 | 1,45 |
| USD | 822 | Norfolk Southern Corp | 182.311,08 | 195.315,42 | 0,50 |
| USD | 283 | Northern Trust Corp | 25.450,05 | 26.358,62 | 0,07 |
| USD | 1.906 | Northrop Grumman Corp | 583.703,27 | 580.796,32 | 1,50 |
| USD | 1.145 | NVIDIA Corp | 565.019,91 | 597.919,00 | 1,54 |
| USD | 170 | Okta Inc Reg A | 43.501,30 | 43.224,20 | 0,11 |
| USD | 15.569 | Owens Corning Inc Reg | 975.700,12 | 1.179.507,44 | 3,04 |
| USD | 190 | Parker Hannifin Corp | 40.193,02 | 51.757,90 | 0,13 |
| USD | 57 | Paycom Software Inc | 21.821,31 | 25.778,25 | 0,07 |
| USD | 897 | PayPal Holdings Inc | 154.613,62 | 210.077,40 | 0,54 |
| USD | 3.803 | Pepsico Inc | 528.018,83 | 563.984,90 | 1,45 |
| USD | 285 | PNC Financial Serv Group | 33.623,06 | 42.465,00 | 0,11 |
| USD | 831 | PPG Industries Inc | 116.421,53 | 119.846,82 | 0,31 |
| USD | 10.648 | Procter & Gamble Co | 1.282.259,01 | 1.481.562,72 | 3,81 |
| USD | 406 | Prudential Financial Inc | 27.151,22 | 31.696,42 | 0,08 |
| USD | 303 | Quest Diagnostics Inc | 35.624,51 | 36.108,51 | 0,09 |
| USD | 1.583 | Regions Financial Corp | 24.195,68 | 25.517,96 | 0,07 |
| USD | 209 | Resmed Inc | 36.936,50 | 44.425,04 | 0,11 |
| USD | 106 | Rockwell Automation | 25.614,54 | 26.585,86 | 0,07 |
| USD | 1.748 | S&P Global Inc | 587.188,26 | 574.620,04 | 1,48 |
| USD | 984 | Salesforce.com Inc | 233.807,07 | 218.969,52 | 0,56 |
| USD | 346 | Sempra Energy Reg | 46.248,74 | 44.083,86 | 0,11 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 1.135 | ServiceNow Inc Reg | 493.217,99 | 624.738,05 |  | 1,61 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 271 | Skyworks Solutions Inc | 37.935,81 | 41.430,48 |  | 0,11 |
| USD | 110 | Snap-On Inc | 19.228,17 | 18.825,40 |  | 0,05 |
| USD | 286 | State Street Corp | 20.523,50 | 20.815,08 |  | 0,05 |
| USD | 1.099 | Steris Plc Reg | 206.754,00 | 208.304,46 |  | 0,54 |
| USD | 219 | T. Rowe Price Group Inc | 27.316,51 | 33.154,41 |  | 0,09 |
| USD | 8.092 | Target Corp | 1.178.654,99 | 1.428.480,76 |  | 3,68 |
| USD | 361 | TE Connectivity Ltd | 32.139,60 | 43.706,27 |  | 0,11 |
| USD | 51 | Teledyne Technologies Inc | 19.604,40 | 19.990,98 |  | 0,05 |
| USD | 4.171 | Texas Instruments Inc | 602.949,16 | 684.586,23 |  | 1,76 |
| USD | 147 | Tractor Supply Co | 20.840,05 | 20.665,26 |  | 0,05 |
| USD | 3.883 | Trane Technologies Plc Reg | 542.597,01 | 563.656,28 |  | 1,45 |
| USD | 206 | Travelers Cies Inc | 23.692,67 | 28.916,22 |  | 0,07 |
| USD | 307 | Trimble Inc | 17.624,93 | 20.498,39 |  | 0,05 |
| USD | 275 | Vertex Pharmaceuticals Inc | 77.004,78 | 64.993,50 |  | 0,17 |
| USD | 584 | VF Corp | 45.465,02 | 49.879,44 |  | 0,13 |
| USD | 1.383 | Visa Inc A | 276.778,89 | 302.503,59 |  | 0,78 |
| USD | 100 | Waters Corp | 23.087,33 | 24.742,00 |  | 0,06 |
| USD | 2.096 | West Pharmaceutical Serv Inc Reg | 572.968,14 | 593.817,76 |  | 1,53 |
| USD | 205 | Workday Inc A | 42.127,04 | 49.120,05 |  | 0,13 |
| USD | 83 | WW Grainger Inc | 33.846,57 | 33.892,22 |  | 0,09 |
| USD | 222 | Xylem Inc | 21.969,83 | 22.597,38 |  | 0,06 |
| USD | 69 | Zebra Technologies Corp A | 23.487,60 | 26.518,77 |  | 0,07 |
| USD | 6.616 | Zoetis Inc A | 	1.055.739,66  | 	1.094.948,00  |  | 	2,82  |
| Total portefeuille-titres |  | 34.711.664,86 | 37.767.111,42 |  | 97,23 |
| Avoirs bancaires |  |  |  | 1.086.969,39 |  | 2,80 |
| Dettes bancaires |  |  |  | -26.903,82 |  | -0,07 |
| Autres actifs/(passifs) nets |  | 17.410,41 |  | 0,04 |
| Total |  |  |  | 38.844.587,40 |  | 100,00 |