# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Mexico | 7.02 % |
| --- | --- |
| Chile | 6.23 % |
| Cayman Islands | 5.63 % |
| Bulgaria | 5.62 % |
| Romania | 5.23 % |
| Indonesia | 4.85 % |
| Peru | 4.58 % |
| United Arab Emirates | 3.87 % |
| Philippines | 3.24 % |
| Poland | 3.23 % |
| China | 3.21 % |
| Hungary | 3.18 % |
| Latvia | 2.62 % |
| Ireland | 2.34 % |
| Croatia | 2.29 % |
| Slovakia | 2.13 % |
| Mazedonia | 2.10 % |
| Serbia Republic | 1.98 % |
| Senegal | 1.79 % |
| Kazakhstan | 1.78 % |
| Hong Kong | 1.64 % |
| South Korea | 1.61 % |
| Morocco | 1.54 % |
| Lithuania | 1.53 % |
| Saudi Arabia | 1.47 % |
| Egypt | 1.28 % |
| Australia | 1.24 % |
| Albania | 1.07 % |
| Benin | 1.05 % |
| Qatar | 0.97 % |
| Czech Republic | 0.84 % |
| Estonia | 0.84 % |
| Vietnam | 0.76 % |
| Georgia | 0.70 % |
| Colombia | 0.66 % |
| South Africa | 0.65 % |
| British Virgin Islands | 0.61 % |
| Guatemala | 0.55 % |
| Russia | 0.41 % |
| The Netherlands | 0.40 % |
| Ghana | 0.34 % |
| Azerbaijan | 0.18 % |
| Total | 93.26 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 54,361,959.75 |
| Cash at banks | 1,629,333.06 |
| Income receivable on portfolio | 575,832.67 |
| Prepaid expenses | 	23.27  |
| Total assets | 56,567,148.75 |
| Liabilities |  |
| Expenses payable | 52,268.99 |
| Other liabilities | 	80,468.75  |
| Total liabilities | 132,737.74 |
| Net assets at the end of the year | 56,434,411.01 |

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) |
| --- | --- | --- | --- | --- |
| A | 72,321.891 | USD | 92.20 | 6,668,084.60 |
| B | 431,470.363 | USD | 115.34 | 49,765,180.24 |
| BI | 1.000 | USD | 1,146.17 | 	1,146.17  |
|  |  |  |  | 	56,434,411.01  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 1,963,649.84 |
| Return on sukuk | 	85,909.61  |
| Total income | 2,049,559.45 |
| Expenses |  |
| Management fees | 327,275.78 |
| Depositary fees | 43,321.75 |
| Banking charges and other fees | 5,125.12 |
| Transaction fees | 2,769.09 |
| Central administration costs | 72,351.84 |
| Professional fees | 718.39 |
| Other administration costs | 34,101.66 |
| Subscription duty ("taxe d'abonnement") | 27,552.62 |
| Other taxes | 12,480.48 |
| Other expenses | 	1,642.43  |
| Total expenses | 527,339.16 |
| Net investment income | 1,522,220.29 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 130,822.56 |
| - on foreign exchange | 	66.59  |
| Realised result | 1,653,109.44 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-1,831,902.81  |
| Result of operations | -178,793.37 |
| Dividends paid | -206,083.16 |
| Reinvestments | - |
| Subscriptions | 9,910,241.35 |
| Redemptions | -5,247,073.04 |
| Total changes in net assets | 4,278,291.78 |
| Total net assets at the beginning of the year | 52,156,119.23 |
| Total net assets at the end of the year | 56,434,411.01 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 49,258,487.44 | 52,156,119.23 | 56,434,411.01 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 97.72 | 95.40 | 92.20 |
| B | USD | 110.76 | 115.62 | 115.34 |
| BI | USD | 1,093.84 | 1,145.35 | 1,146.17 |

| Annual performance per share class (unaudited) (in %) | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 7.00 | 4.38 | -0.25 |
| B | USD | 6.98 | 4.39 | -0.24 |
| BI | USD | 7.31 | 4.71 | 0.07 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| A | 65,328.823 | 12,114.279 | -5,121.211 | 72,321.891 |
| B | 397,169.100 | 75,485.762 | -41,184.499 | 431,470.363 |
| BI | 1.000 | - | - | 1.000 |

| TER per share class as at 30.09.2021 (unaudited) | (in %) |
| --- | --- |
| A | 0.96 |
| B | 0.96 |
| BI | 0.49 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | USD | 3.01 | 09.02.2021 |

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 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 |
| Bonds |  |  |  |  |  |
| USD | 1,000,000 | Abu Dhabi (Emirate of) 3.125% MTN Ser6 Sen Reg S 17/11.10.27 | 1,059,700.00 | 1,087,135.00 | 1.93 |
| USD | 500,000 | Azerbaijan 4.75% Sen Reg S 14/18.03.24 | 521,000.00 | 536,087.50 | 0.95 |
| USD | 750,000 | Brazil 4.25% Sen 13/07.01.25 | 751,350.00 | 807,498.75 | 1.43 |
| USD | 1,500,000 | Chile 2.45% 20/31.01.31 | 1,542,000.00 | 1,488,375.00 | 2.64 |
| USD | 1,000,000 | Chile 3.125% Sen 14/27.03.25 | 1,003,500.00 | 1,066,720.00 | 1.89 |
| USD | 750,000 | Colombia 2.625% Sen 13/15.03.23 | 740,625.00 | 761,988.75 | 1.35 |
| USD | 500,000 | Colombia 8.125% Sen 04/21.05.24 | 591,775.00 | 578,857.50 | 1.03 |
| USD | 500,000 | Croatia 5.5% Reg S Sen 13/04.04.23 | 553,606.25 | 535,750.00 | 0.95 |
| USD | 1,000,000 | Dominican Republic 5.5% Reg S Sen 15/27.01.25 | 1,036,375.00 | 1,094,010.00 | 1.94 |
| USD | 750,000 | Egypt 5.25% 20/06.10.25 | 800,625.00 | 766,706.25 | 1.36 |
| USD | 1,500,000 | ENN Energy Hgs Ltd 2.625% 20/17.09.30 | 1,500,860.00 | 1,493,482.50 | 2.65 |
| USD | 1,000,000 | Georgia 2.75% 21/22.04.26 | 1,026,250.00 | 1,014,900.00 | 1.80 |
| USD | 750,000 | Ghana (Republic of) 7.875% Reg S Sen 13/07.08.23 | 772,500.00 | 781,788.75 | 1.39 |
| USD | 500,000 | Ghana (Republic of) 7.875% Sk Sen Reg S 19/26.03.27 | 538,075.00 | 489,075.00 | 0.87 |
| USD | 1,000,000 | Ghana (Republic of) 8.125% Ser 2019-2 19/26.03.32 | 1,065,150.00 | 949,625.00 | 1.68 |
| USD | 500,000 | Government of Jamaica 6.75% Sk Sen Reg S 15/28.04.28 | 603,000.00 | 583,842.50 | 1.03 |
| USD | 250,000 | Guatemala (Republic of) 4.5% Sen Reg S 16/03.05.26 | 255,562.50 | 268,176.25 | 0.47 |
| USD | 1,100,000 | Hungary 5.375% Sen 14/25.03.24 | 1,219,130.00 | 1,222,584.00 | 2.17 |
| USD | 750,000 | Hyundai Capital Serv Inc 1.25% EMTN 21/08.02.26 | 743,625.00 | 736,095.00 | 1.30 |
| USD | 500,000 | Indian Railway Financ Corp Ltd 3.835% Sen Reg S 17/13.12.27 | 548,570.00 | 538,260.00 | 0.95 |
| USD | 1,000,000 | Indonesia 4.125% Reg S Ser 13 Tr 1 15/15.01.25 | 1,049,766.66 | 1,096,065.00 | 1.94 |
| USD | 1,000,000 | Inversiones CMPC SA 4.375% 17/04.04.27 | 1,117,800.00 | 1,104,070.00 | 1.96 |
| USD | 750,000 | Kasachstan 5.125% EMTN Ser 3 Sen Reg S 15/21.07.25 | 818,437.50 | 863,231.25 | 1.53 |
| USD | 500,000 | Kasachstan 6.5% EMTN Ser 4 Sen Reg S 15/21.07.45 | 643,250.00 | 724,045.00 | 1.28 |
| USD | 750,000 | Kingdom of Saudi Arabia 4.375% Sen Reg S 19/16.04.29 | 853,925.00 | 867,510.00 | 1.54 |
| USD | 1,000,000 | Korea Electric Power Corp 1.125% EMTN Sen Reg S 20/15.06.25 | 1,021,430.00 | 995,700.00 | 1.76 |
| USD | 1,250,000 | Korea Hyd N P Co Ltd 3.75% Sen Reg S 18/25.07.23 | 1,337,057.50 | 1,321,362.50 | 2.34 |
| USD | 1,000,000 | Korea South East Power Co Ltd 2.125% 20/03.02.25 | 1,059,260.00 | 1,027,960.00 | 1.82 |
| USD | 200,000 | Kuwait (emirate of) 3.5% Ser 2 Sen Reg S 17/20.03.27 | 205,000.00 | 221,936.00 | 0.39 |
| USD | 500,000 | Mexico 3.6% MTN Ser A 14/30.01.25 | 515,950.00 | 545,075.00 | 0.97 |
| USD | 600,000 | Ministry Fin The Russian Fed 4.75% Reg S Sen 16/27.05.26 | 626,638.12 | 676,338.00 | 1.20 |
| USD | 400,000 | Ministry Fin The Russian Fed 4.875% Reg S Sen 13/16.09.23 | 431,480.00 | 432,408.00 | 0.77 |
| USD | 500,000 | Ministry of Finance China 4% Sen Reg S 18/19.10.48 | 530,000.00 | 647,150.00 | 1.15 |
| USD | 750,000 | Mongolia 8.75% EMTN Sen Reg S 17/09.03.24 | 849,875.00 | 851,295.00 | 1.51 |
| USD | 250,000 | Morocco 4.25% Reg S Sen 12/11.12.22 | 259,883.33 | 258,928.75 | 0.46 |
| USD | 1,250,000 | Morocco 5.5% Sen Reg S 12/11.12.42 | 1,574,487.50 | 1,411,156.25 | 2.50 |
| USD | 500,000 | Panama 3.875% Sen 16/17.03.28 | 568,800.00 | 544,225.00 | 0.96 |
| USD | 1,250,000 | Panama 9.375% Sen 99/01.04.29 | 1,826,550.00 | 1,824,056.25 | 3.23 |
| USD | 750,000 | Paraguay 4.625% Reg S Sen 13/25.01.23 | 787,620.00 | 781,432.50 | 1.38 |
| USD | 1,000,000 | Paraguay 4.7% Sen Reg S 17/27.03.27 | 1,109,400.00 | 1,108,905.00 | 1.96 |
| USD | 1,000,000 | Peru 6.55% Sk Sen 07/14.03.37 | 1,448,500.00 | 1,353,430.00 | 2.40 |
| USD | 750,000 | Peru 7.35% Sen 05/21.07.25 | 991,375.00 | 908,355.00 | 1.61 |
| USD | 750,000 | Perusaha Penerbit SBSN Ind III 3.75% Tr 9 Sen 18/01.03.23 | 792,712.50 | 783,311.25 | 1.39 |
| USD | 1,250,000 | Philippines 3.7% Sen 17/02.02.42 | 1,341,700.00 | 1,327,168.75 | 2.35 |
| USD | 1,000,000 | Philippines 4.2% Sen 14/21.01.24 | 1,096,083.33 | 1,075,255.00 | 1.91 |
| USD | 1,500,000 | Poland 3.25% Sen 16/06.04.26 | 1,590,385.00 | 1,646,760.00 | 2.92 |
| USD | 1,000,000 | Qatar (State of) 9.75% Sen Reg S 00/15.06.30 | 1,586,255.00 | 1,592,835.00 | 2.82 |
| USD | 500,000 | Republic of Namibia 5.25% Sen Reg S 15/29.10.25 | 504,650.00 | 536,910.00 | 0.95 |
| USD | 750,000 | Senegal 6.25% 14/30.07.24 | 776,937.50 | 827,947.50 | 1.47 |
| USD | 1,000,000 | Serbia 2.125% 20/01.12.30 | 968,000.00 | 938,075.00 | 1.66 |
| USD | 300,000 | SIMA Of G-So Fin Ac Se De Fd I 3.35% EMTN Sen 19/09.10.22 | 300,000.00 | 300,000.00 | 0.53 |
| USD | 500,000 | Trinite et Tobago Republic 4.5% Sen Reg S 16/04.08.26 | 492,250.00 | 527,867.50 | 0.94 |
| USD | 1,000,000 | Uruguay 4.5% Sen 13/14.08.24 | 1,093,500.00 | 1,073,500.00 | 1.90 |
| USD | 1,000,000 | Uruguay VAR PIK Sen 03/15.01.33 | 1,398,750.00 | 1,480,020.00 | 2.62 |
| USD | 1,250,000 | Vietnam 4.8% Reg S Sen 14/19.11.24 | 	1,313,145.00  | 	1,386,262.50  | 	2.46  |
| Total bonds |  | 49,754,132.69 | 49,861,504.75 | 88.36 |

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

| Sukuk |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 750,000 | Malaysia Sovereign Sukuk Bhd 3.043% Sen Reg S 15/22.04.25 | 756,105.00 |  | 797,576.25 |  | 1.41 |
| USD | 1,000,000 | Malaysia Sukuk Global Bhd 3.179% Reg S Ser 1 16/27.04.26 | 1,113,970.00 |  | 1,083,010.00 |  | 1.92 |
| USD | 1,500,000 | Saudi Electricity Global Sukuk Co 5 2.413% 20/17.09.30 | 	1,534,875.00  |  | 	1,534,245.00  |  | 	2.72  |
| Total sukuk |  |  | 3,404,950.00 |  | 3,414,831.25 |  | 6.05 |
| Transferable securities dealt in on another regulated market |
| Bonds |  |  |  |  |  |  |  |
| USD | 750,000 | Consorcio Transmantaro SA 4.7% Sk 19/16.04.34 | 	843,525.00  |  | 	835,623.75  |  | 	1.48  |
| Total bonds |  |  | 843,525.00 |  | 835,623.75 |  | 1.48 |
| Other transferable securities |
| Bonds |  |  |  |  |  |  |  |
| USD | 250,000 | Micro Sm Medium Enter Bds SA 6.25% EMTN Ser 173 19/15.06.22 | 250,000.00 |  | 250,000.00 |  | 0.44 |
| Total bonds |  |  | 250,000.00 |  | 250,000.00 |  | 0.44 |
| Total investments in securities | 54,252,607.69 |  | 54,361,959.75 |  | 96.33 |
| Cash at banks |  |  | 1,629,333.06 |  | 2.89 |
| Other net assets/(liabilities) |  |  | 443,118.20 |  | 0.78 |
| Total |  |  | 56,434,411.01 |  | 100.00 |

Translation (ENFR, 2021-09-30):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 94,02 % |
| --- | --- |
| Chine | 1,50 % |
| Jersey | 1,23 % |
| Belgique | 0,58 % |
| Total | 97,33 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 734.119.490,00 |
| Avoirs bancaires | 18.266.288,22 |
| A recevoir sur garantie en espèces payée | 2.890.000,00 |
| A recevoir sur émissions d'actions | 60.762,41 |
| Revenus à recevoir sur portefeuille-titres | 46.564,00 |
| Charges payées d'avance | 	194,14  |
| Total de l'actif | 755.383.298,77 |
| Exigible |  |
| Dettes bancaires | 118.494,68 |
| Intérêts bancaires à payer | 7.097,15 |
| Moins-values non réalisées sur changes à terme | 3.156.948,21 |
| Frais à payer | 	774.602,15  |
| Total de l'exigible | 4.057.142,19 |
| Actif net à la fin de l'exercice | 751.326.156,58 |

Répartition des actifs nets par classe d'action
| Classe d'action | Nombre d'actions | Devise action | VNI par action en devise de la classe d'action | Actifs nets par classe d'action (en USD) |
| --- | --- | --- | --- | --- |
| A | 16.155,860 | USD | 222,00 | 3.586.526,89 |
| AM | 351.006,866 | USD | 226,12 | 79.369.002,47 |
| B | 415.726,286 | USD | 238,15 | 99.003.750,89 |
| B EUR HEDGED | 399.093,728 | EUR | 209,33 | 96.831.638,95 |
| BI | 22.543,627 | USD | 2.293,13 | 51.695.420,94 |
| BI EUR HEDGED | 8.335,549 | EUR | 1.394,80 | 13.476.200,19 |
| BM | 1.509.726,005 | USD | 242,69 | 366.387.965,67 |
| BM EUR HEDGED | 164.041,988 | EUR | 215,50 | 	40.975.650,58  |
|  |  |  |  | 	751.326.156,58  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 2.807.887,25 |
| Intérêts bancaires | 	69,82  |
| Total des revenus | 2.807.957,07 |
| Charges |  |
| Commission de gestion | 5.555.037,34 |
| Commission de dépositaire | 257.857,50 |
| Frais bancaires et autres commissions | 25.635,80 |
| Frais sur transactions | 547.063,78 |
| Frais d'administration centrale | 209.836,00 |
| Frais professionnels | 7.596,81 |
| Autres frais d'administration | 115.571,13 |
| Taxe d'abonnement | 296.137,36 |
| Autres impôts | 168.411,06 |
| Intérêts bancaires payés | 8.267,66 |
| Autres charges | 	15.082,04  |
| Total des charges | 7.206.496,48 |
| Pertes nettes des investissements | -4.398.539,41 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 48.478.142,94 |
| - sur changes à terme | -3.337.171,46 |
| - sur devises | 	-125.706,73  |
| Résultat réalisé | 40.616.725,34 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 82.996.926,19 |
| - sur changes à terme | 	-3.309.032,42  |
| Résultat des opérations | 120.304.619,11 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 356.216.224,09 |
| Rachats | -122.049.831,43 |
| Total des variations de l'actif net | 354.471.011,77 |
| Total de l'actif net au début de l'exercice | 396.855.144,81 |
| Total de l'actif net à la fin de l'exercice | 751.326.156,58 |

| Total de l'actif net | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 270.416.395,45 | 396.855.144,81 | 751.326.156,58 |

| VNI par classe d'action | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 147,60 | 173,17 | 222,00 |
| AM | USD | 149,14 | 175,67 | 226,12 |
| B | USD | 158,34 | 185,76 | 238,15 |
| B EUR HEDGED | EUR | 144,68 | 165,42 | 209,33 |
| BI | USD | 1.503,74 | 1.776,32 | 2.293,13 |
| BI EUR HEDGED | EUR | - | 1.094,46 | 1.394,80 |
| BM | USD | 160,07 | 188,54 | 242,69 |
| BM EUR HEDGED | EUR | 147,74 | 169,61 | 215,50 |

| Performance annuelle par classe d'action (non-auditée) (en %) | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 4,60 | 17,32 | 28,20 |
| AM | USD | 5,02 | 17,79 | 28,72 |
| B | USD | 4,60 | 17,32 | 28,20 |
| B EUR HEDGED | EUR | 1,35 | 14,34 | 26,54 |
| BI | USD | 5,34 | 18,13 | 29,09 |
| BI EUR HEDGED | EUR | - | - | 27,44 |
| BM | USD | 5,02 | 17,79 | 28,72 |
| BM EUR HEDGED | EUR | 1,85 | 14,80 | 27,06 |

| Nombre d'actions | en circulation au début de l'exercice | émises | remboursées | en circulation à la fin de l'exercice |
| --- | --- | --- | --- | --- |
| A | 5.301,274 | 11.814,932 | -960,346 | 16.155,860 |
| AM | 347.015,852 | 78.203,138 | -74.212,124 | 351.006,866 |
| B | 264.786,702 | 218.392,780 | -67.453,196 | 415.726,286 |
| B EUR HEDGED | 4.677,917 | 408.579,936 | -14.164,125 | 399.093,728 |
| BI | 17.799,280 | 9.366,275 | -4.621,928 | 22.543,627 |
| BI EUR HEDGED | 2.610,000 | 18.238,351 | -12.512,802 | 8.335,549 |
| BM | 1.322.439,676 | 441.782,363 | -254.496,034 | 1.509.726,005 |
| BM EUR HEDGED | 2.940,580 | 173.447,988 | -12.346,580 | 164.041,988 |

| TER par classe d'action au 30.09.2021 (non-audité) | (en %) |
| --- | --- |
| A | 1,43 |
| AM | 1,03 |
| B | 1,42 |
| B EUR HEDGED | 1,47 |
| BI | 0,74 |
| BI EUR HEDGED | 0,79 |
| BM | 1,03 |
| BM EUR HEDGED | 1,07 |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / classes 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 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 | 172.000 | A.O.Smith Corp | 9.193.471,24 | 10.504.040,00 |  | 1,40 |
| USD | 74.000 | Advance Auto Parts | 10.997.458,96 | 15.457.860,00 |  | 2,06 |
| USD | 144.000 | Albany Intl Corp A Reg | 9.488.880,35 | 11.069.280,00 |  | 1,47 |
| USD | 45.500 | ANSYS Inc | 11.924.573,78 | 15.490.475,00 |  | 2,06 |
| USD | 138.000 | AptarGroup Inc | 15.710.100,52 | 16.470.300,00 |  | 2,19 |
| USD | 114.000 | Aspen Technology Inc | 11.989.371,33 | 13.999.200,00 |  | 1,86 |
| USD | 151.000 | BlackLine Inc Reg | 17.115.384,87 | 17.827.060,00 |  | 2,37 |
| USD | 38.000 | Burlington Stores Inc | 5.349.600,74 | 10.775.660,00 |  | 1,43 |
| USD | 92.500 | CDW Corp | 10.619.923,44 | 16.836.850,00 |  | 2,24 |
| USD | 178.000 | Check Point Software Tec Ltd | 19.778.283,23 | 20.121.120,00 |  | 2,68 |
| USD | 38.000 | Chemed Corp | 15.214.013,69 | 17.674.560,00 |  | 2,35 |
| USD | 238.000 | Church & Dwight Co Inc | 15.847.642,70 | 19.651.660,00 |  | 2,62 |
| USD | 110.000 | Clorox Co | 18.585.676,18 | 18.217.100,00 |  | 2,42 |
| USD | 155.000 | Cognex Corp | 7.967.448,15 | 12.434.100,00 |  | 1,65 |
| USD | 22.000 | Cooper Companies Inc (The) | 5.905.257,14 | 9.092.820,00 |  | 1,21 |
| USD | 32.000 | Domino's Pizza Inc Reg | 9.209.532,51 | 15.262.720,00 |  | 2,03 |
| USD | 67.000 | Equifax Inc | 9.825.746,57 | 16.979.140,00 |  | 2,26 |
| USD | 128.000 | Globus Medical Inc | 5.681.452,68 | 9.807.360,00 |  | 1,31 |
| USD | 98.000 | Graco Inc | 4.475.226,27 | 6.857.060,00 |  | 0,91 |
| USD | 155.500 | Henry Jack & Associates Inc | 22.861.777,98 | 25.511.330,00 |  | 3,40 |
| USD | 10.000 | IDEXX Laboratories Inc | 1.656.529,77 | 6.219.000,00 |  | 0,83 |
| USD | 64.000 | Insulet Corp | 14.329.996,15 | 18.190.720,00 |  | 2,42 |
| USD | 72.000 | IPG Photonics Corp | 11.886.992,76 | 11.404.800,00 |  | 1,52 |
| USD | 403.000 | Lamb Weston Holdings Inc Reg S | 27.294.371,41 | 24.732.110,00 |  | 3,29 |
| USD | 40.000 | Lancaster Colony Corp | 5.695.125,06 | 6.752.400,00 |  | 0,90 |
| USD | 41.000 | Lennox Intl Inc | 10.056.583,62 | 12.060.970,00 |  | 1,60 |
| USD | 44.000 | Littelfuse Inc | 8.213.193,81 | 12.023.880,00 |  | 1,60 |
| USD | 283.000 | LKQ Corp | 8.806.700,31 | 14.240.560,00 |  | 1,90 |
| USD | 72.000 | Manhattan Associates Inc | 5.019.877,41 | 11.018.160,00 |  | 1,47 |
| USD | 72.000 | Masimo Corp | 13.265.132,02 | 19.491.120,00 |  | 2,59 |
| USD | 101.000 | McCormick & Co | 6.694.608,93 | 8.184.030,00 |  | 1,09 |
| USD | 8.000 | Mettler Toledo Intl Inc | 5.222.157,18 | 11.018.880,00 |  | 1,47 |
| USD | 75.000 | Middleby Corp | 8.223.403,61 | 12.788.250,00 |  | 1,70 |
| USD | 23.000 | MSCI Inc | 6.562.629,37 | 13.991.820,00 |  | 1,86 |
| USD | 65.000 | Nordson Corp | 10.649.823,19 | 15.479.750,00 |  | 2,06 |
| USD | 32.500 | Pool Corp | 5.550.561,81 | 14.118.325,00 |  | 1,88 |
| USD | 181.000 | Qualys Inc | 18.769.007,30 | 20.143.490,00 |  | 2,68 |
| USD | 74.000 | Resmed Inc | 9.491.996,85 | 19.502.700,00 |  | 2,60 |
| USD | 545.000 | Rollins Inc | 15.556.474,26 | 19.254.850,00 |  | 2,56 |
| USD | 127.000 | Sensient Technologies Corp | 8.359.114,97 | 11.567.160,00 |  | 1,54 |
| USD | 90.000 | SiteOne Landscape Supply Inc | 9.016.975,68 | 17.952.300,00 |  | 2,39 |
| USD | 74.000 | Tractor Supply Co | 6.721.760,98 | 14.993.140,00 |  | 2,00 |
| USD | 35.000 | Tyler Technologies Inc | 10.661.997,43 | 16.052.750,00 |  | 2,14 |
| USD | 52.000 | Ulta Beauty Inc Reg | 12.641.128,83 | 18.767.840,00 |  | 2,50 |
| USD | 65.000 | Verisign Inc | 12.940.493,26 | 13.325.650,00 |  | 1,77 |
| USD | 156.000 | Verisk Analytics Inc | 25.346.642,76 | 31.242.120,00 |  | 4,16 |
| USD | 42.000 | Waters Corp | 8.160.808,07 | 15.006.600,00 |  | 2,00 |
| USD | 48.000 | Watsco Inc | 8.874.430,85 | 12.701.760,00 |  | 1,69 |
| USD | 23.000 | Zebra Technologies Corp A | 	3.888.131,45  | 	11.854.660,00  |  | 	1,58  |
| Total portefeuille-titres |  | 537.297.471,43 | 734.119.490,00 |  | 97,71 |
| Avoirs bancaires |  |  | 18.266.288,22 |  | 2,43 |
| Dettes bancaires |  |  | -118.494,68 |  | -0,02 |
| Autres actifs/(passifs) nets |  | -941.126,96 |  | -0,12 |
| Total |  |  |  | 751.326.156,58 |  | 100,00 |

* Des différences mineures peuvent apparaître résultant des arrondis lors du calcul des pourcentages.
Les notes annexées font partie intégrante de ces états financiers.