# Investments in securities
| CHF | 12,780 | Co Financière Richemont SA | 811,188.09 | 725,859.70 | 1.75 |
| --- | --- | --- | --- | --- | --- |
| CHF | 8,857 | Novartis AG Reg | 545,434.36 | 685,988.17 | 1.66 |
| CHF | 2,891 | Roche Holding Ltd Pref | 	659,430.47  | 	892,036.21  | 	2.16  |
|  |  |  | 2,016,052.92 | 2,303,884.08 | 5.57 |
| DKK | 30,520 | ISS A/S | 704,841.02 | 429,962.82 | 1.04 |
| EUR | 7,553 | Air Liquide SA | 671,411.66 | 969,805.20 | 2.34 |
| EUR | 68,552 | ALD SA | 888,244.04 | 603,257.60 | 1.46 |
| EUR | 14,435 | Amadeus IT Group SA A | 722,810.60 | 669,495.30 | 1.62 |
| EUR | 11,728 | Atos SE | 738,127.44 | 890,155.20 | 2.15 |
| EUR | 13,399 | BNP Paribas SA A | 711,469.98 | 473,922.63 | 1.14 |
| EUR | 33,480 | Bureau Veritas SA | 725,709.95 | 628,754.40 | 1.52 |
| EUR | 13,315 | Danone | 840,028.45 | 819,671.40 | 1.98 |
| EUR | 19,867 | Deutsche Post AG Reg | 592,077.47 | 646,670.85 | 1.56 |
| EUR | 20,920 | Edenred SA | 842,448.03 | 814,415.60 | 1.97 |
| EUR | 42,835 | Elis SA | 640,686.29 | 445,055.65 | 1.08 |
| EUR | 59,240 | Engie SA | 824,629.18 | 651,640.00 | 1.57 |
| EUR | 35,780 | Eutelsat Communications | 593,604.86 | 293,753.80 | 0.71 |
| EUR | 9,345 | Gaztransport et technigaz SA | 519,638.79 | 634,525.50 | 1.53 |
| EUR | 36,211 | Industria de Diseno Textil SA | 853,630.73 | 853,493.27 | 2.06 |
| EUR | 941 | LVMH Moët Hennessy L Vuit SE | 303,958.57 | 367,460.50 | 0.89 |
| EUR | 60,080 | Orange SA | 806,066.84 | 639,551.60 | 1.55 |
| EUR | 34,318 | Royal Dutch Shell Plc A | 955,871.48 | 494,110.56 | 1.19 |
| EUR | 15,765 | Rubis SCA | 823,691.09 | 674,426.70 | 1.63 |
| EUR | 9,726 | Sanofi SA | 722,507.88 | 881,661.90 | 2.13 |
| EUR | 8,292 | SAP SE | 808,406.99 | 1,030,861.44 | 2.49 |
| EUR | 6,360 | STEF SA | 565,899.11 | 460,464.00 | 1.11 |
| EUR | 11,799 | Thales SA | 884,592.31 | 848,112.12 | 2.05 |
| EUR | 20,708 | Total SA | 972,909.30 | 703,554.30 | 1.70 |
| EUR | 5,820 | Unibail-Rodamco-Westf +1 Sh WFD Unib R | 785,639.34 | 291,931.20 | 0.71 |
| EUR | 41,353 | Veolia Environnement SA | 790,156.16 | 827,887.06 | 2.00 |
| EUR | 27,850 | Vivendi | 640,382.90 | 636,094.00 | 1.54 |
| EUR | 14,881 | Worldline SA | 	521,713.79  | 	1,147,027.48  | 	2.77  |
|  |  |  | 19,746,313.23 | 18,397,759.26 | 44.45 |
| HKD | 38,275 | Hang Seng Bank Ltd | 653,939.81 | 571,940.02 | 1.38 |
| HKD | 92,320 | Ping An Ins Gr Co of Cn Ltd H | 	901,062.74  | 	821,779.85  | 	1.99  |
|  |  |  | 1,555,002.55 | 1,393,719.87 | 3.37 |
| JPY | 1,060 | Fast Retailing Holdings Co Ltd | 399,691.98 | 539,703.35 | 1.30 |
| USD | 1,735 | Accenture Plc A | 245,966.08 | 331,632.35 | 0.80 |
| USD | 6,912 | IBM Corp | 902,287.45 | 743,100.76 | 1.80 |
| USD | 10,421 | Intel Corp | 	310,908.84  | 	555,025.98  | 	1.34  |
| 1,459,162.37 |  | 1,629,759.09 |  | 3.94 |
| Total shares	 25,881,064.07 |  | 24,694,788.47 |  | 59.67 |
| Closed-ended investment funds |  |  |  |
| EUR	15,200	Klepierre Dist | 	458,367.13  | 	269,572.00  | 	0.65  |
| Total closed-ended investment funds | 458,367.13 | 269,572.00 | 0.65 |


## Transferable securities admitted to an official stock exchange listing Shares
Currency		Number / nominal value
Description	Cost	Market value	% of
total net assets
| Bonds |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| EUR | 300,000 | Carrefour Banque FRN 19/12.09.23 | 300,000.00 | 298,090.50 | 0.72 |
| EUR | 4,600,000 | Deutschland 3% 10/04.07.20 | 4,746,050.00 | 4,600,828.00 | 11.12 |
| EUR | 10,100,000 | France 0.25% OAT 15/25.11.20 | 	10,228,270.00  | 	10,132,471.50  | 	24.48  |
| Total bonds | 15,274,320.00 |  | 15,031,390.00 |  | 36.32 |
| Total investments in securities | 41,613,751.20 |  | 39,995,750.47 |  | 96.64 |
| Cash at banks |  |  | 1,269,487.39 |  | 3.07 |
| Other net assets/(liabilities) |  |  | 119,214.80 |  | 0.29 |

Total	
41,384,452.66100.00
| Industrial classification |  |
| --- | --- |
| (in percentage of net assets) |
| Countries and governments | 35.60 % |
| Financials | 11.90 % |
| Technologies | 10.20 % |
| Industrials | 9.25 % |
| Cyclical consumer goods | 7.54 % |
| Energy | 6.05 % |
| Healthcare | 5.95 % |
| Utilities | 3.57 % |
| Raw materials | 2.34 % |
| Telecommunications services | 2.26 % |
| Non-cyclical consumer goods | 1.98 % |
| Total | 96.64 % |
| Geographical classification |  |
| (by domicile of the issuer) (in percentage of net assets) |  |
| France | 61.38 % |
| Germany | 15.17 % |
| Switzerland | 5.57 % |
| Spain | 3.68 % |
| United States of America | 3.14 % |
| China | 1.99 % |
| Hong Kong | 1.38 % |
| Japan | 1.30 % |
| The Netherlands | 1.19 % |
| Denmark | 1.04 % |
| Ireland | 0.80 % |
| Total | 96.64 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 372,918,854.62 |
| Cash at banks | 11,059,103.07 |
| Receivable on issues of shares | 630,874.30 |
| Income receivable on portfolio | 2,404,805.89 |
| Prepaid expenses | 	2,286.54  |
| Total assets | 387,015,924.42 |
| Liabilities |  |
| Expenses payable | 	370,327.16  |
| Total liabilities | 370,327.16 |
| Net assets at the end of the period | 386,645,597.26 |

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 EUR) |
| --- | --- | --- | --- | --- |
| C | 5,602,915.6889 | EUR | 56.10 | 314,324,086.33 |
| D | 112,460.3427 | EUR | 95.63 | 10,754,259.73 |
| I | 59,303.5500 | EUR | 1,038.17 | 	61,567,251.20  |
|  |  |  |  | 	386,645,597.26  |

| Income |  |
| --- | --- |
| Dividends, net | 1,351,610.99 |
| Interest on bonds and other debt securities, net | 1,379,935.01 |
| Bank interest | 6.14 |
| Other income | 	17,656.32  |
| Total income | 2,749,208.46 |
| Expenses |  |
| Management fees | 1,722,694.28 |
| Depositary fees | 83,028.50 |
| Banking charges and other fees | 13,516.06 |
| Transaction fees | 93,621.38 |
| Central administration costs | 57,933.24 |
| Professional fees | 7,539.28 |
| Other administration costs | 19,262.34 |
| Subscription duty ("taxe d'abonnement") | 83,559.08 |
| Other taxes | 2,501.78 |
| Bank interest paid | 60,017.79 |
| Other expenses | 	34,247.32  |
| Total expenses | 2,177,921.05 |
| Net investment income | 571,287.41 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 1,761,676.85 |
| - on foreign exchange | 	-27,848.84  |
| Realised result | 2,305,115.42 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-23,983,769.81  |
| Result of operations | -21,678,654.39 |
| Dividends paid | -124,956.36 |
| Reinvestments | 2,574.67 |
| Subscriptions | 46,840,885.87 |
| Redemptions | -88,844,550.49 |
| Total changes in net assets | -63,804,700.70 |
| Total net assets at the beginning of the period | 450,450,297.96 |
| Total net assets at the end of the period | 386,645,597.26 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 30.06.2020 |
| --- | --- | --- | --- | --- |
|  | EUR | 435,139,813.49 | 450,450,297.96 | 386,645,597.26 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 30.06.2020 |
| --- | --- | --- | --- | --- |
| C | EUR | 56.47 | 58.89 | 56.10 |
| D | EUR | 98.25 | 101.47 | 95.63 |
| I | EUR | 1,039.79 | 1,088.05 | 1,038.17 |

| Number of shares | outstanding at the beginning of the period | issued | reinvested | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- | --- |
| C | 6,103,624.6153 | 534,546.6853 | - | -1,035,255.6117 | 5,602,915.6889 |
| D | 125,886.2007 | 16,783.6461 | 27.3465 | -30,236.8506 | 112,460.3427 |
| I | 71,886.3640 | 13,786.5331 | - | -26,369.3471 | 59,303.5500 |

TER per share class as at 30.06.2020
(in %)
C1.04
D1.04
I0.71
| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| D | EUR | 1.01 | 23.04.2020 |

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

Translation (ENDE, 2020-06-30):
# Wertpapierbestand
| CHF | 154.570 | Co Financière Richemont SA | 9.813.222,22 | 8.779.040,16 | 1,78 |
| --- | --- | --- | --- | --- | --- |
| CHF | 1.551.937 | Credit Suisse Group AG Reg | 17.225.736,60 | 14.289.232,27 | 2,90 |
| CHF | 219.540 | Novartis AG Reg | 13.401.930,92 | 17.003.708,19 | 3,45 |
| CHF | 67.727 | Roche Holding Ltd Pref | 15.216.509,49 | 20.897.591,35 | 4,25 |
| CHF | 30.420 | Swatch Group AG | 	8.009.826,22  | 	5.405.652,35  | 	1,10  |
|  |  |  | 63.667.225,45 | 66.375.224,32 | 13,48 |
| EUR | 100.043 | Air Liquide SA | 9.463.447,47 | 12.845.521,20 | 2,61 |
| EUR | 928.955 | ALD SA | 13.273.419,88 | 8.174.804,00 | 1,66 |
| EUR | 231.810 | Amadeus IT Group SA A | 10.747.395,63 | 10.751.347,80 | 2,18 |
| EUR | 436.193 | Arcadis NV | 9.087.897,57 | 7.022.707,30 | 1,43 |
| EUR | 257.869 | Atos SE | 14.585.146,85 | 19.572.257,10 | 3,98 |
| EUR | 357.900 | BNP Paribas SA A | 18.740.773,90 | 12.658.923,00 | 2,57 |
| EUR | 522.000 | Bureau Veritas SA | 11.310.020,44 | 9.803.160,00 | 1,99 |
| EUR | 255.800 | Danone | 16.563.398,62 | 15.747.048,00 | 3,20 |
| EUR | 248.240 | Deutsche Post AG Reg | 7.426.455,28 | 8.080.212,00 | 1,64 |
| EUR | 269.630 | Edenred SA | 10.165.592,17 | 10.496.695,90 | 2,13 |
| EUR | 1.236.758 | Elis SA | 17.345.630,68 | 12.849.915,62 | 2,61 |
| EUR | 178.759 | Gaztransport et technigaz SA | 9.100.265,56 | 12.137.736,10 | 2,47 |
| EUR | 640.250 | Industria de Diseno Textil SA | 15.123.262,96 | 15.090.692,50 | 3,07 |
| EUR | 532.060 | JC Decaux SA | 12.922.709,84 | 8.805.593,00 | 1,79 |
| EUR | 830.368 | Rexel SA | 11.702.776,35 | 8.444.842,56 | 1,72 |
| EUR | 1.027.360 | Royal Dutch Shell Plc A | 25.769.246,72 | 14.791.929,28 | 3,01 |
| EUR | 245.150 | Rubis SCA | 11.915.879,49 | 10.487.517,00 | 2,13 |
| EUR | 186.220 | Sanofi SA | 13.611.858,85 | 16.880.843,00 | 3,43 |
| EUR | 143.320 | SAP SE | 13.939.344,44 | 17.817.542,40 | 3,62 |
| EUR | 153.430 | Thales SA | 11.597.762,87 | 11.028.548,40 | 2,24 |
| EUR | 578.646 | Total SA | 24.939.439,59 | 19.659.497,85 | 3,99 |
| EUR | 131.670 | Unibail-Rodamco-Westf +1 Sh WFD Unib R | 10.554.229,10 | 6.604.567,20 | 1,34 |
| EUR | 396.420 | Veolia Environnement SA | 7.660.215,43 | 7.936.328,40 | 1,61 |
| EUR | 448.710 | Vivendi | 10.317.637,74 | 10.248.536,40 | 2,08 |
| EUR | 335.432 | Worldline SA | 	7.891.225,80  | 	25.855.098,56  | 	5,25  |
|  |  |  | 325.755.033,23 | 313.791.864,57 | 63,75 |
| GBP | 10.162.210 | G4S Plc | 19.815.321,20 | 12.737.976,75 | 2,59 |
| GBP | 3.223.545 | Page Gr Plc | 16.973.550,45 | 13.410.754,70 | 2,72 |
| GBP | 1.197.090 | Standard Chartered Plc | 	12.460.162,75  | 	5.795.302,75  | 	1,18  |
|  |  |  | 49.249.034,40 | 31.944.034,20 | 6,49 |
| HKD | 586.100 | Hang Seng Bank Ltd | 9.939.662,13 | 8.758.041,69 | 1,78 |
| HKD | 1.203.000 | Ping An Ins Gr Co of Cn Ltd H | 	12.405.336,06  | 	10.708.418,12  | 	2,18  |
|  |  |  | 22.344.998,19 | 19.466.459,81 | 3,96 |
| USD | 2.444.785 | Gazprom PJSC spons ADR repr 2 Shares | 9.732.641,54 | 11.743.499,23 | 2,39 |
| USD | 158.480 | IBM Corp | 20.965.977,46 | 17.037.993,15 | 3,46 |
| USD | 274.790 | Intel Corp | 	8.158.032,79  | 	14.635.408,11  | 	2,97  |
| 38.856.651,79 |  | 43.416.900,49 |  | 8,82 |
| Summe Aktien	 499.872.943,06 |  | 474.994.483,39 |  | 96,50 |


## Amtlich notierte Wertpapiere Aktien
Währung	Stückzahl /
Nennwert
Bezeichnung	Einstandswert	Marktwert		% des Netto- vermö- gens

## Geschlossene Investmentfonds
| EUR | 319.210	Klepierre Dist | 	8.060.987,46  | 	5.661.189,35  | 	1,15  |
| --- | --- | --- | --- | --- |
| Summe geschlossene Investmentfonds | 8.060.987,46 |  | 5.661.189,35 |  | 1,15 |
| Summe des Wertpapierbestandes | 507.933.930,52 |  | 480.655.672,74 |  | 97,65 |
| Bankguthaben |  |  | 8.247.303,21 |  | 1,68 |
| Bankverbindlichkeiten |  |  | -92,08 |  | 0,00 |
| Sonstige Nettoaktiva/(-Passiva) |  |  | 3.301.098,09 |  | 0,67 |

Gesamt	
492.203.981,96	100,00
| Wirtschaftliche Aufgliederung |  |
| --- | --- |
| (in Prozent des Nettovermögens) |
| Finanzen | 22,62 % |
| Industrie | 16,46 % |
| Technologien | 16,21 % |
| Energie | 13,99 % |
| Gesundheitswesen | 11,13 % |
| Nachhaltige Konsumgüter | 9,82 % |
| Nicht zyklische Konsumgüter | 3,20 % |
| Rohstoffe | 2,61 % |
| Dienstprogramme | 1,61 % |
| Gesamt | 97,65 % |
| Geographische Aufgliederung |  |
| (nach Sitz des Emittenten) (in Prozent des Nettovermögens) |  |
| Frankreich | 49,95 % |
| Schweiz | 13,48 % |
| Vereinigtes Königreich | 6,49 % |
| Vereinigte Staaten von Amerika | 6,43 % |
| Deutschland | 5,26 % |
| Spanien | 5,25 % |
| Niederlande | 4,44 % |
| Russland | 2,39 % |
| China | 2,18 % |
| Hongkong | 1,78 % |
| Gesamt | 97,65 % |

| Aktiva |  |
| --- | --- |
| Wertpapierbestand zum Marktwert | 58.926.270,31 |
| Bankguthaben | 7.588.176,72 |
| Ausstehende Zeichnungsbeträge | 3.957,20 |
| Forderungen aus Wertpapiererträgen | 118.247,81 |
| Rechnungsabgrenzungsposten | 	416,93  |
| Gesamtaktiva | 66.637.068,97 |
| Passiva |  |
| Bankverbindlichkeiten | 0,79 |
| Sonstige Verbindlichkeiten | 	129.712,51  |
| Gesamtpassiva | 129.713,30 |
| Nettovermögen am Ende der Berichtsperiode | 66.507.355,67 |

Aufteilung des Nettovermögens pro Anteilsklasse
| Anteilklasse | Anzahl der Anteile | Währung Anteil | NIW pro Anteil in Währung der Anteilklasse | Nettovermögen pro Anteilklasse (in EUR) |
| --- | --- | --- | --- | --- |
| C | 268.234,5890 | EUR | 240,81 | 64.594.610,29 |
| D | 3.122,9966 | EUR | 77,12 | 240.851,07 |
| I | 1.821,1015 | EUR | 918,07 | 	1.671.894,31  |
|  |  |  |  | 	66.507.355,67  |

| Erträge |  |
| --- | --- |
| Nettodividendenerträge | 789.326,87 |
| Sonstige Erträge | 	6.158,90  |
| Gesamterträge | 795.485,77 |
| Aufwendungen |  |
| Verwaltungsvergütung | 601.345,15 |
| Depotgebühren | 14.335,77 |
| Bankspesen und sonstige Gebühren | 3.123,81 |
| Transaktionskosten | 54.553,84 |
| Zentralverwaltungsaufwand | 30.353,45 |
| Honorare externer Dienstleister | 1.225,10 |
| Sonstiger Verwaltungsaufwand | 8.784,62 |
| Kapitalsteuer ("taxe d'abonnement") | 15.164,34 |
| Andere Steuern | 2.040,15 |
| Bezahlte Bankzinsen | 21.810,26 |
| Sonstige Aufwendungen | 	13.989,24  |
| Gesamtaufwendungen | 766.725,73 |
| Summe der Nettoerträge | 28.760,04 |
| Nettorealisierte Werterhöhungen / (Wertverminderungen) |  |
| - aus Wertpapieren | -4.388.744,17 |
| - aus Devisengeschäften | 	2.955,24  |
| Realisiertes Ergebnis | -4.357.028,89 |
| Nettoveränderung der nicht realisierten Werterhöhungen / (Wertverminderungen) |  |
| - aus Wertpapieren | 	-14.226.871,42  |
| Ergebnis | -18.583.900,31 |
| Ausschüttungen | -6.590,87 |
| Wiederanlage von Anteilen | - |
| Zeichnung von Anteilen | 7.958.979,36 |
| Rücknahme von Anteilen | -4.938.741,48 |
| Summe der Veränderungen des Nettovermögens | -15.570.253,30 |
| Nettovermögen zu Beginn der Berichtsperiode | 82.077.608,97 |
| Nettovermögen am Ende der Berichtsperiode | 66.507.355,67 |

| Nettovermögen | Währung | 31.12.2018 | 31.12.2019 | 30.06.2020 |
| --- | --- | --- | --- | --- |
|  | EUR | 82.285.353,76 | 82.077.608,97 | 66.507.355,67 |

| Wert pro Anteilsklasse | Währung | 31.12.2018 | 31.12.2019 | 30.06.2020 |
| --- | --- | --- | --- | --- |
| C | EUR | 248,43 | 313,11 | 240,81 |
| D | EUR | 83,62 | 103,44 | 77,12 |
| I | EUR | 938,09 | 1.189,92 | 918,07 |

| Anzahl der Anteile | im Umlauf zu Beginn der Berichtsperiode | ausgegeben | zurückgenommen | im Umlauf am Ende der Berichtsperiode |
| --- | --- | --- | --- | --- |
| C | 252.935,5630 | 32.606,3718 | -17.307,3458 | 268.234,5890 |
| D | 3.485,7107 | 113,9705 | -476,6846 | 3.122,9966 |
| I | 2.117,7538 | 177,8986 | -474,5509 | 1.821,1015 |

TER pro Anteilsklasse zum 30.06.2020
(in %)
C	2,06
D	2,21
I	1,40
| Ausschüttungen | Währung | Ausschüttung pro Anteil | Ex-Dividenden Datum |
| --- | --- | --- | --- |
| D | EUR | 2,07 | 23.04.2020 |

Währung	Stückzahl /
Nennwert
Bezeichnung	Einstandswert	Marktwert		% des Netto- vermö- gens