› fonds-documents › fwwdok... · 2020-06-18 · contents 2 SICAV - Annual Report- Year ended: 12.31.2019 SICAV ECHIQUIER information about investments and management.............................4

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SICAV ECHIQUIER

YEAR ENDED: 12.31.2019

FINANCIERE DE L’ECHIQUIER

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2 SICAV - Annual Report- Year ended: 12.31.2019

SICAV ECHIQUIER

information about investments and management. . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

corporate governance report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

text of the resolutions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

aggregate annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

off-balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

income statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

accounting rules and methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

- ECHIQUIER AGENOR SRI MID CAP EUROPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

- ECHIQUIER AGRESSOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62

- ECHIQUIER AGRESSOR PEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

- ECHIQUIER ALTAROCCA CONVERTIBLES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132

- ECHIQUIER ALTAROCCA HYBRID BONDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173

- ECHIQUIER ARTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217

- ECHIQUIER CONVEXITE EUROPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262

- ECHIQUIER CREDIT SRI EUROPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .303

- ECHIQUIER PATRIMOINE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .344

- ECHIQUIER MAJOR SRI GROWTH EUROPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .386


SICAV ECHIQUIER

cont

ents - ECHIQUIER WORLD EQUITY GROWTH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .422

- ECHIQUIER ENTREPRENEURS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .465

- ECHIQUIER QME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .498

- ECHIQUIER VALUE EURO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .541

- ECHIQUIER ALPHA MAJOR SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .580

- ECHIQUIER SHORT TERM CREDIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .616

- ECHIQUIER WORLD NEXT LEADERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .651


SICAV ECHIQUIER

Distributor FINANCIÈRE DE L’ÉCHIQUIER

53, avenue d’Iéna - 75116 Paris.

Management company FINANCIÈRE DE L’ÉCHIQUIER


Custodian bank BNP PARIBAS SECURITIES SERVICES

3, rue d’Antin - 75002 Paris.

Centralizer BNP PARIBAS SECURITIES SERVICES


Statutory auditor CABINET PRICEWATERHOUSECOOPERS AUDIT

Represented by Mister Frédéric Sellam

63, rue de Villiers 92208 Neuilly sur Seine.

The ECHIQUIER SICAV is a sub-fund based UCITS.

Investment objective

The objective of each of the sub-funds is defined in their respective prospectuses.

The SICAV gives investors a choice between several sub-funds, each having a different investment objective.

Each sub-fund has its own separate set of assets. The assets in a given sub-fund are only bound by the debts, commitments andobligations pertaining to this sub-fund.

As of 31 December 2019, the ECHIQUIER SICAV contained 17 sub-funds:

- ECHIQUIER AGENOR SRI MID CAP EUROPE

- ECHIQUIER AGRESSOR

- ECHIQUIER AGRESSOR PEA

- ECHIQUIER ALTAROCCA CONVERTIBLES

- ECHIQUIER ALTAROCCA HYBRID BONDS

- ECHIQUIER ARTY

- ECHIQUIER CONVEXITE EUROPE

- ECHIQUIER CREDIT SRI EUROPE

- ECHIQUIER PATRIMOINE

- ECHIQUIER MAJOR SRI GROWTH EUROPE

- ECHIQUIER WORLD EQUITY GROWTH

- ECHIQUIER ENTREPRENEURS

- ECHIQUIER QME

- ECHIQUIER VALUE EURO

- ECHIQUIER ALPHA MAJOR SRI

- ECHIQUIER SHORT TERM CREDIT

- ECHIQUIER WORLD NEXT LEADERS

• The net asset value is available from www.lfde.com or can be sent out within eight business days on written request from the shareholder tothe following address: LA FINANCIERE DE L’ECHIQUIER, 53, avenue d’Iéna - 75 116 Paris.

• Sub-fund based Sicav creation date: 4 December 2018.

Information about investments and management


SICAV ECHIQUIER

CORPORATE GOVERNANCE REPORT

General management's choice of proceduresIn compliance with article L.225-51-1 paragraph 2 of the Commercial Code, it is up to the Board of Directors to select themanagement and general administration mode of the SICAV, either by splitting up the functions of Chairman and ManagingDirector or on the contrary merging these two functions into one.

The Board of Directors decided in its meeting on 18 November 2019 to keep the SICAV’s Chairman and Managing Directorfunctions united.

LIST OF MANDATES AND FUNCTIONS CARRIED OUT IN COMPANIES BY THE ECHIQUIER SICAV'SCORPORATE OFFICERS DURING THE FINANCIAL YEAR ENDING 31 DECEMBER 2019

NAME : Christophe Mianné

NAME : Maroussia Ermeneux

NAME : Didier RIGAUT

NAME : Bruno Prigent

NAME OF THE COMPANY MANDATES EXERCISED / FUNCTIONS

SICAV ECHIQUIER Chief Executive Officer Director

FINANCIERE DE L’ECHIQUIER General Manager

NEW PATRIMONIAL HOLDING Chief Operating Officer

GRAMONT Manager

MADRID President

VALENTINE Manager


SICAV ECHIQUIER POSITIVE IMPACT Chief Executive Officer Director

ECHIQUIER FUND Director

ECHIQUIER (SICAV) Director


ECHIQUIER (SICAV) Director (permanent representative of AGPM VIE)

LAZARD CONVERTIBLE GLOBAL (SICAV) Director



SGBT LuxembourgDirector – member of the audit committee – member of the

compensation committee

EQUIGEST Director

OFI Financial Investment Director

IZNES Chairman of the monitoring committee

EPSOR Member of the strategic committee

ASSACT SG Vice President

KUZULIER President

AILANCY Associate Partner

BLACKFIN Industry Advisor


SICAV ECHIQUIER

BOARD OF DIRECTORS COMPENSATIONWe wish to inform you that no compensation or advantage of any kind whatsoever was paid by the company to the corporateofficers during the past year.

REGULATED AGREEMENTSNo convention within the meaning of article L.225-38 of the Commercial Code was entered into in the course of the past financialyear. The Auditor was informed of this prior to drafting his reports.

DECLARATION – TABLE OF DELEGATIONSIn compliance with regulations in force, it is stated that as of 31 December 2018 no currently valid delegation has been grantedby the General Meeting of shareholders with respect to capital increases, pursuant to articles L. 225-129-1 and L. 225-129-2.


SICAV ECHIQUIER

TEXT OF THE RESOLUTIONS

RESOLUTION ONE

The General Meeting, after hearing the management report from the Board of Directors and the general report from the Auditor,approves the inventory and annual financial statements, i.e. the balance sheet, income statement and notes, as of 31 December 2019,such as they were presented, as well as the operations reflected in these accounts and recapped in these reports.

The General Meeting therefore notes that as of 31 December 2019:

i. Sub-fund N°1 : ECHIQUIER AGENOR MID CAP EUROPE

- The net assets of the Echiquier Agenor Mid Cap Europe sub-fund amounted to 1,342,178,355.34 euros;

- The number of Category A (FR0010321810) shares in circulation was 1,590,138.725;

- The number of Category G (FR0010581710) shares in circulation was 159,343.573;

- The number of Category I (FR0011188259) shares in circulation was 158,201.148;

- The number of Category IXL (FR0013406998) shares in circulation was 137,114.469;

- The number of Category J (FR0013392396) shares in circulation was 1.

ii. Sub-fund N°2 : ECHIQUIER AGRESSOR

- The net assets of the Echiquier Agressor sub-fund amounted to 681.801.548,81 euros;

- The number of Category A (FR0010321802) shares in circulation was 337,679.774;



- The number of Category P (FR0011435197) shares in circulation was 2,143.718.

iii. Sub-fund N°3 : ECHIQUIER AGRESSOR PEA

- The net assets of the Echiquier Agressor PEA sub-fund amounted to 124,775,295.68 euros;


- The number of Category G (FR0013286606) shares in circulation was 54,026.898.

iv. Sub-fund N°4 : ECHIQUIER ALTAROCCA CONVERTIBLES

- The net assets of the Echiquier Altarocca Convertibles sub-fund amounted to 207,757,552.18 euros;

- The number of Category A (FR0011672799) shares in circulation was 235.925,131;

- The number of Category D (FR0012612497) shares in circulation was 0;

- The number of Category F (FR0011672815) shares in circulation was 65.081,351 ;

- The number of Category G (FR0013340965) shares in circulation was 1 ;

- The number of Category I (FR0011672807) shares in circulation was 95.924,381.

v. Sub-fund N°5 : ECHIQUIER ALTAROCCA HYBRID BONDS

- The net assets of the Echiquier Altarocca Hybrid Bonds sub-fund amounted to 77,948,130.47 euros;


- The number of Category AD (FR0013277597) shares in circulation was 792;

- The number of Category F (FR0013218005) shares in circulation was 32,221;



- The number of Category ID (FR0013277555) shares in circulation was 1,732.

vi. Sub-fund N°6 : ECHIQUIER ARTY

- The net assets of the Echiquier Arty sub-fund amounted to 987,916,903.29 euros;


- The number of Category D (FR0011667989) shares in circulation was 5,479.684;



- The number of Category R (FR0011039304) shares in circulation was 13,051.57.


SICAV ECHIQUIER

vii. Sub-fund N°7 : ECHIQUIER CONVEXITÉ EUROPE

- The net assets of the Echiquier Convexité Europe sub-fund amounted to 171,153,1860.34 euros;


- The number of Category D (FR0010979039) shares in circulation was 1;


- The number of Category I (FR0010383448) shares in circulation was 97,105.265.

viii. Sub-fund N°8 : ECHIQUIER CREDIT SRI EUROPE

- The net assets of the Echiquier Crédit SRI Europe sub-fund amounted to 205,701,870.40 euros;




ix. Sub-fund N°9 : ECHIQUIER PATRIMOINE

- The net assets of the Echiquier Patrimoine sub-fund amounted to 398,765,945.35 euros;




x. Sub-fund N°10 : ECHIQUIER MAJOR SRI GROWTH EUROPE

- The net assets of the Echiquier Major SRI Growth Europe sub-fund amounted to 687,890,233.01 euros.



- The number of Category I (FR0011188275) shares in circulation was 106,269,594;


xi. Sub-fund N°11 : ECHIQUIER WORLD EQUITY GROWTH

- The net assets of the Echiquier World Equity Growth sub-fund amounted to 642,004,455.71 euros.



- The number of Category G USD (FR0013379013) shares in circulation was 410;


- The number of Category I USD (FR0013405263) shares in circulation was 2,607:

- The number of Category IXL (FR0013429719) shares in circulation was 75,250;


xii. Sub-fund N°12: ECHIQUIER ENTREPRENEURS

- The net assets of the Echiquier Entrepreneurs sub-fund amounted to 494,757,581.55 euros.


- The number of Category G (FR0013111382) shares in circulation was 130,803.268.

xiii. Sub-fund N°13: ECHIQUIER QME

- The net assets of the Echiquier QME sub-fund amounted to 90,212,933.21 euros.


- The number of Category G CHF (FR0013174828) shares in circulation was 0;



- The number of Category R (FR0013174836) shares in circulation was 531.778.

xiv. Sub-fund N°14: ECHIQUIER VALUE EURO

- The net assets of the Echiquier value Euro sub-fund amounted to 217,073,534.12 euros.


- The number of Category D (FR0011404425) shares in circulation was 76,039.958;




SICAV ECHIQUIER

xv. Sub-fund N°15: ECHIQUIER ALPHA MAJOR SRI

- The net assets of the Echiquier Alpha Major SRI sub-fund amounted to 71,014,954.80 euros.



- The number of Category I (FR0013406709) shares in circulation was 2,600.

xvi. Sub-fund N°16: ECHIQUIER SHORT TERM CREDIT

- The net assets of the Echiquier Short Term Credit sub-fund amounted to 132,998,940.13 euros.



xvii. Sub-fund N°17: ECHIQUIER WORLD NEXT LEADERS

- The net assets of the Echiquier World Next Leaders sub-fund amounted to 4,596,536.15 euros.


- The number of Category F (FR0013423365) shares in circulation was 1,411;

- The number of Category G (FR0013423357) shares in circulation was 1;

- The number of Category I (FR0013423340) shares in circulation was 1.

Accordingly, the shareholders give the directors full and unreserved discharge for their management for the year ending 31December 2019.

RESOLUTION TWO

First of all, the General Meeting is reminded that, in line with the SICAV ‘s articles of association and regulations in force,distributable sums comprise:

- The net income plus retained earnings, plus or minus the balance of income adjustment accounts;

- Capital gains achieved, net of fees, less capital losses, net of fees, during the financial year, plus net capital gains of the samekind during previous years that were not distributed or reinvested, plus or minus the balance of the capital gains adjustmentaccount.

i.Sub-fund N°1 : ECHIQUIER AGENOR SRI MID CAP EUROPE

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -8,636,527.57euros and those generated by net capital gains achieved amount to 9,218,541.11 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:

For category A shares (FR0010321810):

- To capitalise -9,652,593.30 euros under the earnings for the financial year;

- To capitalise 3,542,992.03 euros under net capital gains and losses.

For category G shares (FR0010581710):

- To capitalise -223,408.03 euros under the earnings for the financial year;

- To capitalise 388,490.57 euros under net capital gains and losses.

For category I shares (FR0011188259):

- To capitalise 788,941.89 euros under the earnings for the financial year;


For category IXL shares (FR0013406998):



For category J shares (FR0013392396):

- To capitalise -3.14 euros under the earnings for the financial year;

- To capitalise 7.40 euros under net capital gains and losses.

ii.Sub-fund N°2 : ECHIQUIER AGRESSOR

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 2,418,236.15euros and those generated by net capital gains achieved amount to 25,591,069.70 euros, , and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:


- To capitalise 1,265,125.30 euros under the earnings for the financial year;



SICAV ECHIQUIER







For category P shares (FR0011435197):



iii.Sub-fund N°3 : ECHIQUIER AGRESSOR PEA

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 301,930.27euros and those generated by net capital gains achieved amount to 3,988,496.56 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:







iv.Sub-fund N°4 : ECHIQUIER ALTAROCCA CONVERTIBLES

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -770,017.74euros and those generated by net capital gains achieved amount to 2,829,506.52 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:

For category A shares (FR0011672799:



For category F shares (FR0011672815):









v.Sub-fund N°5 : ECHIQUIER ALTAROCCA HYBRID BONDS

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 1,588,053.73euros and those generated by net capital gains achieved amount to -839,409.59 euros, and decide on the proposal of the Board ofDirectors and in compliance with the Articles of Association:



- To capitalise -181,624.36 euros under net capital gains and losses.

For category AD shares (FR0013277597):

- To allocate 5.77 euros to retained earnings under the earnings for the financial year;

- To distribute 1,172.16 euros under the earnings for the financial year, i.e. a unit distribution of 1.48 euros for each of the 792shares making up the capital as of 31 December 2019. Subject to ratification of this distribution by the General Meeting, theallotment date is set at [to be completed] April 2020 with payment on [to be completed] April 2020.

- To capitalise -885.99 euros under net capital gains and losses.





SICAV ECHIQUIER







For category ID shares (FR0013277555):


- To distribute 5,421.16 euros under the earnings for the financial year, i.e. a unit distribution of 3.13 euros for each of the 1.732shares making up the capital as of 31 December 2019. Subject to ratification of this distribution by the General Meeting, theallotment date is set at [to be completed] April 2020 with payment on [to be completed] April 2020.

- To allocate 16.74 euros in undistributed net capital gains and losses under net capital gains and losses;

- To distribute 1,766.64 euros under net capital gains and losses, i.e. a unit distribution of 1.02 euros for each of the 1,732 sharesmaking up the capital as of 31 December 2019. Subject to ratification of this distribution by the General Meeting, the allotmentdate is set at [to be completed] April 2020 with payment on [to be completed] April 2020.

In accordance with legal provisions, it is hereby recalled that over the last three financial years the following distributions havebeen performed for shares in categories AD and ID:

vi.Sub-fund N°6 : ECHIQUIER ARTY

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 9,338,794.05euros and those generated by net capital gains achieved amount to -18,655,070.23 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:



- To capitalise -14,440,663.35 euros under net capital gains and losses.

For category D shares (FR0011667989):


- To distribute 50,084.31 euros under the earnings for the financial year, i.e. a unit distribution of 9.14 euros for each of the

Category AD shares

Unit distribution

2018 - Result: 1.62 euros

- Net capital gains and losses: NA

Since the Echiquier SICAV was created on 4 December 2018,

no previous distribution has been performed.

Category ID shares

Unit distribution

2018 - Result: NA


Since the Echiquier SICAV was created on 4 December 2018,

no previous distribution has been performed.


SICAV ECHIQUIER

5,479.684 shares making up the capital as of 31 December 2019. Subject to ratification of this distribution by the General Meeting,the allotment date is set at [to be completed] April 2020 with payment on [to be completed] April 2020.








For category R shares (FR0011039304):



In accordance with legal provisions, it is hereby recalled that over the last three financial years the following distributions havebeen performed for Category D shares:

vii.Sub-fund N°7 : ECHIQUIER CONVEXITÉ EUROPE

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -319,647.67euros and those generated by net capital gains achieved amount to -1,527,288.30 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:






- To capitalise : -104.21 euros under net capital gains and losses.







In accordance with legal provisions, it is hereby recalled that over the last three financial years the following distributions havebeen performed for Category D shares:

Category D shares

Unit distribution



Since the Echiquier SICAV was created on 4 December 2018, no previous distribution has been performed.


SICAV ECHIQUIER

viii.Sub-fund N°8 : ECHIQUIER CREDIT SRI EUROPE


For category A (FR0010491803) :

- To capitalise 955.789,96 euros under the earnings for the financial year;

- To capitalise -569.510,81 euros under net capital gains and losses.

For category G (FR0013286614) :

- To capitalise 105.818,53 euros under the earnings for the financial year;


For category I (FR0011829050) :

- To capitalise 1.060.303,11 euros under the earnings for the financial year;


ix.Sub-fund N°9 : ECHIQUIER PATRIMOINE

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 2,067,302.60euros and those generated by net capital gains achieved amount to -12.117.456,26 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:










x.Sub-fund N°10 : ECHIQUIER MAJOR SRI GROWTH EUROPE

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -1,585,972.90euros and those generated by net capital gains achieved amount to +53,389,390.93 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:










Category D shares

Unit distribution



Since the Echiquier SICAV was created on 4 December 2018,no previous distribution has been performed.


SICAV ECHIQUIER




xi.Sub-fund N°11 : ECHIQUIER WORLD EQUITY GROWTH








For category G USD shares (FR0013379013):






For category I USD shares (FR0013405263):



For category IXL shares (FR0013429719):




- To capitalise 5.97 euros under the earnings for the financial year;


xii.Sub-fund N°12: ECHIQUIER ENTREPRENEURS








xiii.Sub-fund N°13: ECHIQUIER QME

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -28,914.84 eurosand those generated by net capital gains achieved amount to 5,141,628.77 euros, and decide on the proposal of the Board ofDirectors and in compliance with the Articles of Association:











SICAV ECHIQUIER

For category R shares (FR0013174836):



xiv.Sub-fund N°14: ECHIQUIER VALUE EURO







- To distribute 30,415.98 euros under the earnings for the financial year, i.e. a unit distribution of 0.40 euros for each of the76,039.958 shares making up the capital as of 31 December 2019. Subject to ratification of this distribution by the GeneralMeeting, the allotment date is set at [to be completed] April 2020 with payment on [to be completed] April 2020.






- To capitalise 27.09 euros under the earnings for the financial year;


xv.Sub-fund N°15: ECHIQUIER ALPHA MAJOR SRI

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -851,959.90euros and those generated by net capital gains achieved amount to -4,062,573.16 euros, and decide on the proposal of the Boardof Directors and in compliance with the Articles of Association:










xvi.Sub-fund N°16: ECHIQUIER SHORT TERM CREDIT

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to 356,488.53euros and those generated by net capital gains achieved amount to -539,032.87 euros, and decide on the proposal of the Board ofDirectors and in compliance with the Articles of Association:







xvii.Sub-fund N°17: ECHIQUIER WORLD NEXT LEADERS

The shareholders note that for the year ending 31 December 2019, distributable sums based on earnings amount to -45,999.56 eurosand those generated by net capital gains achieved amount to 105,663.68 euros, and decide on the proposal of the Board of Directorsand in compliance with the Articles of Association:





SICAV ECHIQUIER










RESOLUTION THREE

The General Meeting, on the proposal of the Board of Directors, appoints as a director Mr Olivier DE BERRANGER for aduration of six financial years or until the end of the Annual General Meeting called to approve the accounts for the financial yearending in December 2025.

Mr Olivier DE BERRANGER has stated that he accepts this mandate and that he meets all the conditions required by law forcarrying out the mandate of director.

RESOLUTION FOUR

The Shareholders' Meeting takes note of the auditor’s special report on the agreements referred to in Article L. 225-38 of theFrench Commercial Code and approves the conclusions therein.

RESOLUTION FIVE

The general meeting grants full powers to the bearer of a copy or extract of this document to make any submissions andpublications required by law.


SICAV ECHIQUIER

aggregate annualaccounts


SICAV ECHIQUIER

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 6,326,145,815.74 3,873,270,352.87

• EQUITIES AND SIMILAR SECURITIES 4,439,765,730.59 1,899,381,360.25

Traded on a regulated or similar market 4,439,765,730.59 1,899,381,360.25

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES 1,481,893,359.05 1,564,707,592.57

Traded on a regulated or similar market 1,481,893,359.05 1,564,707,592.57


• DEBT SECURITIES 238,334,767.24 230,692,916.72

Traded on a regulated or similar market 238,334,767.24 230,692,916.72

Negotiable debt securities 238,334,767.24 230,692,916.72

Other debt securities - -


• MUTUAL FUNDS 159,199,813.91 174,503,523.16

UCITS and general purpose AIF for non-professionals and equivalents in other countries

158,757,193.91 174,051,823.16

Other funds for non-professionals and equivalents in other European Union Member States

442,620.00 451,700.00

Professional general purpose funds and equivalents in other European Union Member States and listed securitization bodies

- -

Other Professional Investment Funds and equivalents in other European Union Member States and unlisted securitization bodies

- -

Other non-European organisations - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing financial repurchase agreements - -

Receivables representing financial securities lendings - -

Borrowed financial securities - -

Repurchase financial agreements - -

Other temporary purchases and sales - -

• FINANCIAL CONTRACTS 6,952,144.95 3,984,960.17

Transactions on a regulated or similar market 6,952,144.95 3,984,960.17

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 29,923,210.11 104,891,114.96

Foreign exchange forward contracts - -

Other 29,923,210.11 104,891,114.96

Financial accounts 206,283,820.23 114,935,563.36

Cash and cash equivalents 206,283,820.23 114,935,563.36

Other assets - -

Total assets 6,562,352,846.08 4,093,097,031.19

12.31.2019 12.31.2018

assetsBALANCE SHEET


SICAV ECHIQUIER

Currency EUR EUR

Equity

• Capital 6,460,831,109.42 3,928,193,603.74

• Previous undistributed net capital gains and losses - -

• Retained earnings 55.14 4.40

• Net capital gains and losses for the financial year 79,540,785.14 55,826,272.63

• Result -1,823,993.16 10,325,373.85

Total equity(amount representing net assets) 6,538,547,956.54 3,994,345,254.62

Financial instruments 3,589,151.17 1,424,211.17

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF FINANCIAL SECURITIES

Debts representing financial repurchase agreements - -

Debts representing financial securities borrowings - -


• FINANCIAL CONTRACTS



Debts 17,591,924.34 96,631,446.82


Other 17,591,924.34 96,631,446.82

Financial accounts 2,623,814.03 696,118.58

Cash credit 2,623,814.03 696,118.58

Borrowings - -

Total liabilities 6,562,352,846.08 4,093,097,031.19

12.31.201812.31.2019

liabilitiesBALANCE SHEET


SICAV ECHIQUIER

Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) 228,916,674.41 236,662,991.72

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments

- Futures market (Futures) - -



- Swaps - -


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets

- Futures market (Futures) 780,214,629.12 -

- Options market (Options) 33,096,147.74 17,097,568.40


- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019

OFF-balance sheet


SICAV ECHIQUIER

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts 225,803.11 9,464.90

• Income from equities and similar securities 74,250,126.87 49,474,902.91

• Income from bonds and similar securities 28,723,364.37 41,783,655.40

• Income from debt securities 169,566.85 225,200.06

• Income from temporary purchases and disposals of financial securities - -

• Income from financial contracts - -

• Other financial income - -

Total (I) 103,368,861.20 91,493,223.27

Expenses on financial transactions

• Expenses on temporary purchases and disposals of financial securities - -

• Expenses on financial contracts - -

• Expenses on financial debt -1,401,279.14 -560,371.80

• Other financial expenses -49,480.70 -39,067.16

Total (II) -1,450,759.84 -599,438.96

Profit/loss on financial transactions (I - II) 101,918,101.36 90,893,784.31

Other income (III) - -

Management fees and depreciation expense (IV) -99,596,989.20 -77,256,680.71

Net income for the period (L.214-9-17-1) (I - II + III - IV) 2,321,112.16 13,637,103.60

Income adjustments for the period (V) -4,145,105.32 -3,311,729.75

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI): -1,823,993.16 10,325,373.85

12.31.2019 12.31.2018

INCOMEstatement

The financial statements are presented in the form provided by the regulation ANC No. 2014-01, amended.

Joint information concerning the sub-funds

Method retained for aggregating the accountsThe holdings of one sub-fund by another are eliminated on the balance sheet by reducing the"Sican shares" and "Capital" items by the value of the units or shares held.

Currency retained for aggregating the sub-fundsThe Sicav's accounts are kept in euros.

Accounting currency and exchange rate retained for aggregating the accounts

List of sub-funds Accounting Aggregation: exchangecurrency rates used

ECHIQUIER AGENOR SRI MID CAP EUROPE EUR

ECHIQUIER AGRESSOR EUR

ECHIQUIER AGRESSOR PEA EUR

ECHIQUIER ALTAROCCA CONVERTIBLES EUR

ECHIQUIER ALTAROCCA HYBRID BONDS EUR

ECHIQUIER ARTY EUR

ECHIQUIER CONVEXITE EUROPE EUR

ECHIQUIER CREDIT SRI EUROPE EUR

ECHIQUIER PATRIMOINE EUR

ECHIQUIER MAJOR SRI GROWTH EUROPE EUR

ECHIQUIER WORLD EQUITY GROWTH EUR

ECHIQUIER ENTREPRENEURS EUR

ECHIQUIER QME EUR

ECHIQUIER VALUE EURO EUR

ECHIQUIER ALPHA MAJOR SRI EUR

ECHIQUIER SHORT TERM CREDIT EUR

ECHIQUIER WORLD NEXT LEADERS EUR

Sub-funds opened and closed during the period

List of sub-funds Opened on: Closed on:

ECHIQUIER MAJOR SRI GROWTH EUROPE 19/03/2019

ECHIQUIER WORLD EQUITY GROWTH 19/03/2019

ECHIQUIER ENTREPRENEURS 19/03/2019

ECHIQUIER QME 19/03/2019

ECHIQUIER VALUE EURO 19/03/2019

ECHIQUIER ALPHA MAJOR SRI 17/04/2019

ECHIQUIER SHORT TERM CREDIT 26/04/2019

ECHIQUIER WORLD NEXT LEADERS 24/09/2019

accounting rules and methods


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SICAV ECHIQUIER

Annual financial statements for each sub-fund

Reminder of the investment focus and the management policy (*)

Accounting rules and methods (*)

Event that occurred during the year The sub-funds of the Echiquier SICAV opened during the 2019 financial year, with theexception of the Echiquier Alpha Major SRI sub-fund, were created by merger-absorption ofpre-existing FCP funds.

These operations occurred in the wake of the regulatory changes provided by French [Routes& Opportunities] Garden enabling FCPs to be transformed into SICAVs while maintaining theFCP history (the sub-funds of the SICAV have kept the same ISIN code and performancehistory). These Echiquier SICAV sub-funds are therefore the continuation of the FCPs thatwere absorbed by merger-addition.

Thus the annual financial statements for the year ending 31 December 2019 for these sub-funds are presented as a continuation of the previous annual financial statements of theabsorbed FCPs. In particular, the financial statements for the last closed financial year arepresented under the heading n-1 in order to enable comparisons to be made.

Additional information (*)

(*) We suggest that you refer to the information concerning each sub-fund.

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25FR0010321810 SICAV - Annual Report - Year ended: 12.31.201974011

ECHIQUIER AGENOR SRI MID CAP EUROPE











Represented by Monsieur Frédéric Sellam


Classification EU country equities

Procedures for determining and allocating distributable sums A share, G share, I share, IXL share, J share :

Net income allocation: accumulation

Net gain realized allocation: accumulation

Investment objective Echiquier Agenor Mid Cap Europe is a stock-picking UCI. It invests in European growth small and mid-caps, selected in particularfor the quality of their management.

Benchmark The MSCI Europe Small Cap index is representative of the management of Echiquier Agenor Mid Cap Europe. This indexrepresents the movements of all equities of European small and mid-cap companies. It is calculated in euros, with dividendsreinvested.

Investment strategy Strategies used

The sub-fund’s management focuses on equity markets in the European Union. The sub-fund is exposed mainly to Europeansmall and mid caps.

The management of ECHIQUIER AGENOR MID CAP EUROPE is based on a rigorous selection of securities known as stock-picking, with the stocks chosen as a result of implementing a process involving direct meetings with the companies in which thesub-fund invests.

Next is a fundamental analysis of each stock, based on an internally developed rating according to several criteria including: thequality of the company’s management,

the quality of its financial structure, visibility on the company’s future earnings, the growth prospects for its business,environmental and social aspects,

the speculative nature of the stock.

The values used result from the setting of target purchase and sale prices.

The selected securities therefore underwent a highly selective process based on a quantitative and qualitative analysis. Themethodology involving the setting of a purchase price and a sale price make it possible to establish a position on securitiespresenting a potential for future appreciation by the market.



Depending on the manager’s convictions, the portfolio’s construction can lead to a concentrated portfolio (fewer than 50 stocks).

Assets used (excluding derivatives)

Equities:

ECHIQUIER AGENOR MID CAP EUROPE has a minimum exposure to European equities of 60% and a maximumexposure to non-European equities of 10%.

Stocks in any sector and of all market capitalisations may be selected.

It should be noted, however, that the sub-fund is exposed mainly to European small and mid-cap stocks, i.e., those with a marketcapitalisation of less than 10 bn euros. This criterion is assessed at the time of the initial investment in the equities in question.

In order for ECHIQUIER AGENOR MID CAP EUROPE to be eligible for the PEA (equity savings scheme), 75% of its assetsare invested in European equities.

Debt securities and money market instruments: Up to 25% of the sub-fund’s assets may be invested:

- in negotiable debt securities. The longest maturity of debt securities used for the sub-fund’s cash management shall be 5 years.The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratingsagency. Up to 10% of the sub-fund’s assets may be invested in “speculative” or unrated negotiable debt securities.

- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or consideredas such by the management team. The maximum maturity of bonds is 10 years. Up to 10% of the sub-fund’s assets may beinvested in “speculative” or unrated bonds. No limits have been set for the proportion of bonds of sovereign and private issuersin the portfolio.

Prior to purchase and for monitoring purposes over the life of securities, the credit risk is assessed on the basis of research andanalysis carried out in-house by La Financière de l’Echiquier and using the ratings produced by the rating agencies.

When securities are deemed speculative or unrated, their issuers belong to groups monitored by La Financière de l’Echiquier’sinternal research.

The ratings mentioned above are those used by the Fund manager at the time of the initial investment. If a rating is downgradedover the life of an investment, the manager will conduct an analysis on a case-by-case basis and decide whether or not to maintainthe position concerned. The investment limits defined in relation to the assessment of credit risk by the rating agencies maytherefore be adjusted slightly to reflect the management team’s own analysis.

Investment in the securities of other undertakings for collective investment

Up to 10% of the sub-fund’s assets may be invested in units or equities of French and/or European UCITS and in retail investmentfunds. This will be a UCI in any AMF category provided it is not in conflict with investment strategy. It may be UCIs managedby the management company or by an associate company.

Derivatives

The sub-fund may invest in financial futures traded on European regulated, unregulated, and/or over-the-counter markets. Withinthis framework, it may take positions to hedge the portfolio. It may also take positions to gain exposure to business sectors,equities, securities and equivalent instruments, and indices in order to satisfy the investment objective. The sub-fund may takepositions to hedge the portfolio against currency risk.

These transactions shall be limited to 100% of the sub-fund’s assets.

Financial instruments are entered into with intermediaries selected by the management company that have no say on thecomposition or management of the portfolio of the SICAV’s sub-fund.

Securities with embedded derivatives

The manager may invest in securities with embedded derivatives (warrants, subscription certificates, convertible bonds, etc.)traded on regulated markets or over-the-counter. No rating restrictions apply to convertible bonds.

In this context, the manager may take positions to hedge and/or expose the portfolio to business sectors, geographical areas,interest rates, equities (small, mid or large cap stocks), currencies, securities and similar transferable securities or indices in orderto achieve the investment objective.

The use of embedded derivatives, as opposed to the other derivative instruments listed above, will mainly be as a result of themanager seeking to optimise the hedging strategy, or, if appropriate, to improve the performance of the portfolio by reducing thecosts related to the use of these financial instruments in order to achieve the investment objective.

In any event, the amounts invested in securities with embedded derivatives cannot exceed 10% of the net assets. The risk associatedwith this type of investment will be limited to the amount invested in the purchase.

Deposits

None



Cash borrowings

The sub-fund of the SICAV may borrow cash. Although the sub-fund may be in a debtor position temporarily as a result of itspayment flows (investments and disposals in progress, subscriptions/redemptions, etc.) up to a limit of 10% of its assets, thisdoes not form part of the investment objective.

Temporary purchases and sales of securities

None

Risk profile Your money will be principally invested in financial instruments selected by the management company. These instruments willbe exposed to market trends and fluctuations.

Risk of capital loss:

Capital loss occurs when a share is sold for less than its purchase price. Investors are warned that they may not get back all thecapital they initially invested. The Fund offers no capital guarantee or protection.

Equity risk:

ECHIQUIER AGENOR MID CAP EUROPE has a minimum equity exposure of 60%.

If the equities or indices to which the Fund portfolio is exposed should fall, the Fund’s net asset value could also fall.

Risks associated with investments in small and mid-cap shares:

On markets trading in small and mid caps, the volume of shares listed on the stock exchange is low. As a result, market downturnsare more pronounced and more rapid than those trading in large caps. The UCI’s net asset value may therefore decline rapidlyand significantly.

Risk related to discretionary management:

The discretionary management style applied to the Fund is based on the selection of stocks. There is a risk that Fund might notbe invested in the best-performing securities at all times. The Fund may therefore not achieve its performance objective. Moreover,the net asset value of the Fund may post a negative performance.

Interest rate risk:

Up to a maximum of 25% of the assets of ECHIQUIER AGENOR MID CAP EUROPE are exposed to fixed-income products.The Fund's net asset value may fall if interest rates rise.

Credit risk:

The sub-fund has a maximum exposure to money market instruments or bonds of 25%.

Credit risk is the risk of a private issuer's credit rating being downgraded or of its defaulting. The value of debt securities or bondsin which the Fund invests may fall, causing the Fund’s net asset value to decline.

Currency risk:

This is the risk of a fall in the investment currencies relative to the euro, the portfolio’s reference currency. Should any of thesecurrencies weaken against the euro, the net asset value may decline.

Target investors and typical investor profile Target investors:

A share: All investors

G share: Reserved for distribution by financial intermediaries

I share: Reserved for institutional investors

IXL share: Reserved for institutional investors

J share: Reserved for institutional investors

Typical investor profile:

The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such aUCITS, which is a high risk due to investment in European equities.

ECHIQUIER AGENOR MID CAP EUROPE may be used for variable-capital, unit-linked individual life insurance policies.ECHIQUIER AGENOR MID CAP EUROPE may be used for investment in UCITS managed by La Financière de l’Echiquier.The sub-fund may invest in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER AGENOR MID CAP EUROPE depends on the personal situation of the investor.In deciding how much to invest, investors should take into account their personal and any business assets, their cash requirementsat the time and in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised todiversify their investments sufficiently so as not to be exposed solely to the risks of this sub-fund.

Recommended investment period: more than 5 years.



Tax regime information This prospectus does not purport to set out the tax implications for investors of subscribing, redeeming, holding, or selling sharesof a sub-fund of the SICAV. These tax implications will vary depending on the laws and practices in force in the shareholder'scountry of residence, domicile or incorporation, and on the shareholder's individual circumstances.

Depending on your tax regime, your country of residence, or the jurisdiction from which you invest in this SICAV, any capitalgains and income from holding shares of sub-funds of the SICAV may be subject to taxation. We advise you to consult a taxadviser regarding the potential consequences of purchasing, holding, selling, or redeeming shares of sub-funds of the SICAVaccording to the laws of your country of tax residence, ordinary residence, or domicile.

Neither the management company nor the distributors shall accept any responsibility whatsoever for the tax consequences thatmay arise for investors following a decision to purchase, hold, sell or redeem shares of a sub-fund of the SICAV.

The SICAV offers accumulation and distribution shares through various sub-funds. Investors are advised to consult their taxadviser regarding the regulations in force in their country of residence, following the rules for their particular situation (individuals,legal entities subject to corporate income tax, other cases, etc.). The rules applying to French resident investors are set by the FrenchGeneral Tax Code.

In general, investors are advised to consult their usual financial adviser or customer relationship manager to clarify the tax rulesapplicable in their particular circumstances.

Under the United States FATCA regulations (Foreign Account Tax Compliance Act), investors may be required to provide the UCI,the management company or their agent with information on their personal identity and place of residence (domicile and taxresidence) for the purpose of identifying "US persons", as defined by FATCA. This information may be sent to the United Statestax authorities via the French tax authorities. The failure by investors to fulfil this obligation may result in the deduction of a 30%withholding tax on US source income. Notwithstanding the efforts of the management company in relation to FATCA, investorsare asked to ensure that the financial intermediary they have used to invest in the Fund has "Participating FFI" status. For moreinformation, investors should contact a tax adviser.

For further information, the full prospectus is available on request from the management company.

• The latest annual and interim reports are available on the website www.lfde.com or may be sent to shareholders within eight business days on writtenrequest to:LA FINANCIERE DE L’ECHIQUIER, 53, avenue d’Iéna - 75 116 Paris

• AMF approval date ot the Sicav: December 3,2018

• AMF approval date ot the sub-fund: February 6, 2004

• Sicav creation date: December 4, 2018• Sub-fund creation date: February 27, 2004



Ladies and Gentlemen,

In compliance with statutory and legal provisions, we have convened you to this Ordinary Annual General Meeting in order toreport to you on the situation and activity of the company during the year ending 31 December 2019 and to submit the financialstatements to you for your approval.

As such, we would ask you to vote on the corresponding resolutions.

We hope all these proposals meet with your approval.

The Board of Directors

_______

Echiquier Agenor Mid Cap Europe returned +33.8% in 2019, compared with +31.4% for its benchmark. As a result of thisperformance, in addition to inflows of €394 million, the fund’s AuM doubled versus 31/12/18, to €1.35 trillion.

The fund benefited from its positioning in visible growth stocks (particularly in the first half of the year), which also made usresilient to the market decline in 2018 (-8% vs 15% for the benchmark). 13 stocks delivered annual gains of more than 50%,including a number that represent our heaviest weightings and therefore made a significant contribution to performance (Cellnex+260bp, Sartorius +240bp, NIBE +230bp, Interxion +220bp and Diasorin +215bp). On the other side of the equation, only threestocks had a negative impact in excess of -20bp (Ipsen, Beneteau and De Longhi).

In terms of transactions, we reduced the fund’s cyclical component (selling off Tarkett, Senior, Norma, DS Smith and Beneteau),took profits on Dechra, Merlin (takeover bid) and Vitrolife, and increased our exposure to long-term winners (Belimo, Orpea, GNStore and CTS) and strong growth candidates (Scout24, Technogym, Moncler and Recordati).

The fund’s strategy is unchanged for 2020, however the investment process has been strengthened since the fund obtained an SRIlabel, and we have continued the roll-out of decision-making tools. Long-term winners will continue to represent the majority ofthe portfolio, and we will aim to be more opportunist on proposals that have been approved or are pending a decision, such as therecent positions opened in Rockwool and Croda.

Performance of units:

AGENOR : 33.85%

AGENOR G :35.58%

AGENOR I : 36.33%

Investment proportion of the assets in PEA eligible securities or rights : 83.77%

Past performance is no guarantee of the future performance of the fund. Performance is not constant over time.

During the year, the UCI was not the subject of operations concerned by the SFTR directive.

Regulatory information- Your UCI has no exposure to derivatives.

- Your sub-fund does not hold any security issued by the management company.

- Your UCI holds UCIs managed by Financière de l’Échiquier or related companies, i.e.:

Overview of our General PolicySince 2007, Financiere de l’Echiquier has been including environmental, social and governance criteria in its investment selectionprocedure. This approach is used across the board for all of Financiere de l’Echiquier's equity funds. The evaluation is based onspecific SRI meetings with the target company's key people. We do not consult rating agencies. Moreover, the SRI meetings arealways conducted by 2-person teams involving the manager, or the financial analyst studying the investment, and one of themembers of the SRI team. Following each meeting, a rating reflecting our appraisal of each company is established. It is reviewed

management reportof the directors board



at follow-up meetings, which we conduct every two years on average. All SRI meeting reports and the securities' extra-financialratings are archived in our proprietary database.

ESG PolicyFor the Agressor Fund, we strive to apply the general policy and, in most cases, carry out an extra-financial analysis of thesecurities held. This analysis is based on Environmental, Social and Governance criteria and gives rise to an SRI rating, reviewedevery 2 years on average. The SRI rating given to the Fund's securities is not a reason for their exclusion.

More detailed information is available on our website via the following link:

https://www.lfde.com/la-societe/investissement-responsable/

Order execution policyThis policy involves selecting market intermediaries, i.e. establishments licensed to execute stock market orders. The selection ismade in order to get the "best execution" from the intermediaries, something which the management company must in turn provideto UCITS unitholders or shareholders.

The choice of the intermediaries is based on precise criteria and reviewed twice a year, based on the opinions of the participantsin the intermediary selection committee:

1 - Capacity to find liquidity and execution quality.

2 - Promoting meetings with companies.

3 - The proper completion of transactions.

4 - Quality of the analysis and sales material.

For further information and in accordance with regulatory requirements, you can view the Execution Policy laid down byFinanciere de l’Echiquier for the management of its UCITS on the management company's website.

Voting policyWe wish to inform you that our voting rights policy is available on our website.

The LA FINANCIERE DE L’ECHIQUIER management company calculates the UCITS' overall risk using the commitmentcalculation method.

Following the transposition of directive 2014/91/EU of 23 July 2014 (or “UCITS 5 Directive”), the ESMA adopted its guidelineson 31 March 2016 on the provisions relating to compensation for UCITS managers. The guidelines apply to UCITS managementcompanies from 1 January 2017 and concern bonuses paid in 2018.

As such, LFDE has updated its compensation policy. La Financière de l’Echiquier has adapted its compensation policy in termsof the variable component to enable healthy and efficient risk management but also to control the behaviour of colleagues exposedto risk-taking in the course of their functions.

The compensation policy is consistent with the business strategy, objectives, values and interests of the management company and theUCITS managed by it and consistent with those of the investors in such UCITS and includes measures to avoid conflicts of interest.

The compensation policy has been implemented in order to:

• actively back up the Management Company’s strategy and objectives;

• support the competitiveness of the Management Company on the market on which it operates;

• attract, develop and retain motivated and qualified employees.

LFDE staff are paid compensation that comprises a fixed component and a variable component, properly balanced and subject toan annual review based on the individual or collective performance. The principles of the compensation policy are revised on aregular basis and adapted according to regulatory developments.

The compensation policy has been approved by the directors of the Management Company. Details of the compensation policyare available on the following website: www.lfde.com. A handwritten copy of this compensation policy is available on demandand free of charge.

Remuneration

- fixed compensation for 2019: RT: 5 028 K€ / Others: 6 110 K€ (50 / 138)*

- variable compensation for 2019: RT: 4 216 K€ / Others: 1 792 K€ (50 / 138)*

- including deferred variable compensation: RT: 1 088 K€ / Others: 0 K€ (8/130)*

RT : Risk Takers

* Beneficial owners



The deliberations of the Board of Directors over the past yearYour Board of Directors met:

on 02 January 2019 to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board;

- Project to transfer six FCPs to six compartments to be created in the SICAV;

- Convening of the Extraordinary General Meeting;

> Report of the Board of Directors

> Setting of the date and venue of the meeting and draft agenda

> Examination and adoption of the draft text of resolutions

- Sundry items – Powers to carry out legal formalities.

on 07 February 2019 to discuss the following items on the agenda:Approval of the minutes of the meeting of the Board of Directors on 02 January 2019;

- Creation of a new Compartment;

- Project to transfer through a merger of 6 FCPs Echiquier Value Euro, Echiquier Major Sri Growth Europe, Echiquier WorldEquity Growth, Echiquier QME, Echiquier Entrepreneurs and Echiquier Court Terme to the 6 respective compartments EchiquierValue Euro, Echiquier Major Sri Growth Europe, Echiquier World Equity Growth, Echiquier QME, Echiquier Entrepreneurs andEchiquier Court Terme of the SICAV to be created;

- Administration of the company;

• Board of Directors compensation;

• functions and mandates exercised by the corporate officers in other companies;

• regulated agreements;

• proposal to appoint Mr Bruno Prigent as a director;

- Report of the Board of Directors on the company's activities;

- Examination and approval of the financial statements for the year ending 31 December 2018;

- Convening of the Combined Ordinary and Extraordinary General Meeting;

• date and venue of the meeting;

• draft agenda;

• draft text of resolutions;

- Sundry items.

• Close-up on one of the next compartments of the SICAV Echiquier Major SRI Growth Europe;

• Powers;

On 19 March 2019 to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board;

- Approval of the exchange ratios in the framework of the merger-absorption of the 5 FCPs ECHIQUIER VALUE EURO,ECHIQUIER MAJOR SRI GROWTH EUROPE, ECHIQUIER WORLD EQUITY GROWTH, ECHIQUIER QME,ECHIQUIER ENTREPRENEURS by the 5 respective compartments ECHIQUIER VALUE EURO, ECHIQUIER MAJOR SRIGROWTH EUROPE, ECHIQUIER WORLD EQUITY GROWTH, ECHIQUIER QME, ECHIQUIER ENTREPRENEURS, tobe created, of the SICAV;

- Creation of a new share category "IXL" in the compartment ECHIQUIER AGENOR MID CAP EUROPE and of a share category"I USD" in the compartment ECHIQUIER WORLD EQUITY GROWTH;


On 26 April 2019 to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Approval of the exchange ratios in the framework of the merger-absorption of the FCP ECHIQUIER COURT TERME by thecompartment ECHIQUIER SHORT TERM CREDIT to be created of the SICAV;

- Sundry items – Powers.

On 24 May to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Project of the merger-absorption of the FCP ECHIQUIER PRIME PATRIMOINE by the compartment ECHIQUIER ALPHA



MAJOR of the SICAV ECHIQUIER;

- Convening of the Extraordinary General Meeting

- Report of the Board of Directors

- Setting of the date and venue of the meeting and draft agenda

- Examination and adoption of the draft text of resolutions


On 25 June to discuss the items on the agenda hereinafter:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Creation of a new share category "IXL" in the compartment Echiquier World Equity Growth;


On 02 July to discuss the following items on the agenda:Approval of the minutes of the preceding meeting of the Board of Directors on 25 June 2019;

- Reminder of the latest changes in the SICAV since February 2019;

- Report of the Board of Directors on the management company's activities;

> Management update;

> Control system;

> Marketing strategy;

- Project to transfer through a merger of the FCP Echiquier World Next Leaders by the compartment Echiquier World Next Leadersof the SICAV to be created;

- Project for change;

> Creation of an "IXL" share on the compartment Echiquier Major SRI Growth Europe;

> Other changes;


> Date and venue of the meeting; draft agenda;

> Draft text of resolutions;


On 03 July to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Approval of the exchange ratios in the framework of the merger-absorption of the FCP ECHIQUIER PRIME PATRIMOINE bythe compartment ECHIQUIER ALPHA MAJOR of the SICAV ECHIQUIER;


On 24 September to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Approval of the exchange ratios in the framework of the merger-absorption of the FCP ECHIQUIER WORLD NEXT LEADERSby the compartment ECHIQUIER WORLD NEXT LEADERS to be created of the SICAV;


On 18 November to discuss the items on the agenda hereinafter:- Approval of the minutes of the preceding meeting of the Board of Directors;

- Project of the merger-absorption of the FCP ECHIQUIER PRIME by the compartment ECHIQUIER QME of the SICAV ECHIQUIER;





- Resignation of Mr Christophe MIANNE from his mandate as Chairman and Managing Director of the SICAV

- Choice of the method of administration of the SICAV

- Appointment of the new Chairman and Managing Director of the SICAV

- Modifications made to the Prospectus of the SICAV
















GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets



BALANCE SHEETCurrency EUR EUR

Net assets - -

Deposits - -

Financial instruments 1,272,367,008.16 647,971,088.15

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 1,131,590,621.87 572,445,513.91


• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market - -


• DEBT SECURITIES

Traded on a regulated or similar market




• MUTUAL FUNDS


70,751,908.50 31,526,000.00


- -


- -


- -









Transactions on a regulated or similar market - -



Receivables 1,713,591.34 38,127,341.12


Other 1,713,591.34 38,127,341.12



Other assets - -

Total assets 1,347,560,154.08 719,748,313.55

12.31.2019 12.31.2018



liabilitiesBALANCE SHEETCurrency EUR EUR

Equity

• Capital 1,341,596,341.80 623,671,614.34


• Retained earnings - -


• Result -8,636,527.57 -5,839,525.54

Total equity(amount representing net assets) 1,342,178,355.34 685,751,097.49

Financial instruments - -









Debts 5,381,798.74 33,997,216.06


Other 5,381,798.74 33,997,216.06

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilities 1,347,560,154.08 719,748,313.55

12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR


• Income from deposits and financial accounts 17,311.84 0.01


• Income from bonds and similar securities - -





Total (I) 7,802,367.69 7,685,661.75




• Expenses on financial debt -364,654.93 -130,550.12


Total (II) -370,483.81 -135,252.21




Net income for the period (L.214-9-17-1) (I - II + III - IV) -9,157,927.37 -6,058,990.79

Income adjustments for the period (V) 521,399.80 219,465.25


Income (I - II + III - IV +/- V - VI): -8,636,527.57 -5,839,525.54

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend

ices The annual financial statements are presented in the format laid down by ANC (French

accounting standards authority) Regulation 2014-01, as amended.

Asset valuation and accounting rulesValuation method

• Financial instruments and securities traded on a regulated market are valued at their mar-ket price.However, the instruments listed below are valued using the following methods:

- European bonds and equities are valued at their closing price, and foreign securities arevalued at their last known price.

- Negotiable debt securities and similar instruments that are not traded in large volumes arevalued by applying an actuarial method using the rate for issues of equivalent securities, plusor minus, if required, a differential reflecting the issuer's specific characteristics. However,negotiable debt securities with low sensitivity and a residual maturity of three months or lessmay be valued on a straight-line basis.

- Negotiable debt securities with a residual life of less than three months are valued at theirmarket rate at time of purchase. Any discount or premium is amortised on a straight-line basisover the life of the instrument.

Negotiable debt securities with a residual life of more than three months are valued at theirmarket price.

- UCI units or shares are valued at the last known net asset value.

- Securities subject to repurchase agreements are valued according to the rules applicableunder the terms of the original contract.

• Financial instruments not traded on a regulated market are valued under the responsibilityof the board of directors of the SICAV at their probable trading value.• Warrants or subscription certificates distributed free of charge with private placements orcapital increases will be valued as of their listing on a regulated market or the formation ofan OTC market.• Contracts:- Futures are valued at their settlement price and options are valued based on the underlying.- The market value for futures is the price in euro multiplied by the number of contracts.

- The market value for options is equal to the conversion value of the underlying.

- Interest rate swaps are valued at market value based on the terms of the contract.

- Off-balance sheet transactions are valued at their market value.

• Financial instruments whose price has not been established on the valuation date or whoseprice was corrected are valued at their probable market value as determined by the board ofdirectors of the management company. The auditors are provided with these valuations andthe basis therefore in the course of their audit.

Practical details

• Equities and bonds are valued using prices extracted from the Finalim and Bloomberg da-tabases, depending on where they are listed.The research options are supplemented by data from Telekurs (FinXS) and Reuters (Securities3000):

- Asia-Oceania: extraction at midday for a listing at the closing price for that day

- North America extraction at 9am for a listing at the closing price for the

previous day

extraction at 4.45pm for a listing at the opening price for

that day.

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- Europe (except France): extraction at 7.30pm for a listing at the closing price for that day.


that day.

extraction at 9am for a listing at the closing price for

the previous day

- France: extraction at midday and 4pm for a listing at the opening price

for that day

extraction at 5.40pm for a listing at the closing price for that day.

- Contributors: extraction at 2pm for a listing based on price availability

• Positions on futures markets on each NAV calculation day are valued at the settlement pricefor that day.

• Positions on options markets on each NAV calculation day are valued using the principlesapplied to their underlying.

- Asia-Oceania: extraction at midday

- North America: extraction D+1 at 9am

- Europe (except France): extraction at 7.30pm

- France: extraction at 6pm

Accounting method• The accounting method used for recording income from financial instruments is the "couponsreceived" method.

• The accounting method for recording transaction fees excludes expenses.

Methods for evaluating off-balance sheet commitmentsOff-balance sheet commitments are evaluated at their commitment value.

The commitment value for futures contracts is equal to the price (in the currency of the UCIT)multiplied by the number of contracts multiplied by the nominal amount.

The commitment value for options contracts is equal to the price of the underlying security(in the currency of the UCIT) multiplied by the number of contracts multiplied by the deltamultiplied by the nominal amount of the underlying security.

The commitment value for swap contracts is equal to the nominal amount of the contract (inthe currency of the UCIT).

Operating and management costs

Fees charged to the UCIT Basis Rate

Financial management fees

Net assets

A shareMaximum of 2.392 %

incl. tax

G shareMaximum of 1.35 %

incl. tax

I shareMaximum of 1.00 %

incl. tax

Administrative fees external to the managementcompany

IXL shareMaximum of 0.70 %

incl. tax

J shareMaximum of 0.75 %

incl. tax

Maximum indirect fees (management fees andcommissions)

Net assets (*)

Transaction commissions received by the management company

Payable on each transaction or operation

Maximum of 0.40%incl. tax for equities



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es (*) The sub-fund may invest up to 10% of its assets in other UCIs if the management fees donot exceed 2.392%. For further information, please contact the management company.

UCITS management contributions due pursuant to Article L. 621-5-3 II, 3°, d) of the Monetaryand Financial Code are charged to the sub-fund.

Variable management fees will be deducted and paid to the management company as follows:

- 15% including taxes of performance in excess of the benchmark

- The provision for variable management fees is adjusted each time the net asset value iscalculated, based on 15% including taxes of the fund’s performance in excess of thebenchmark. If the fund underperforms the benchmark, this provision is adjusted throughwritebacks. Provision writebacks are capped at the level of the allocations made

- The outperformance will be calculated for the first time from 18/12/2018 by taking intoaccount a reference net asset value determined on that same date.

- The reference period for the calculation of the outperformance commission is the financial year.As an exception, the first reference period will cover the period from 28/12/2018 to 31/12/2019;

- The management company deducts management fees on an annual basis on the last tradingday of December of each year. Variable management fees can be charged only if the net assetvalue at the end of the year is greater than the original nominal value for the first year orgreater than the net asset value at the beginning of the year for subsequent accounting years.

- When shares are redeemed, if there is a provision for management fees, the amountproportional to the redeemed shares is paid to the management company.

The methodology applied for the calculation of outperformance commissions is based on the“fictional asset” calculation method, which simulates a fictional asset subject to the samesubscription and redemption conditions as the original fund, incremented by the performanceof the chosen index. This fictional asset is then compared with the performance of the sub-fund’s actual assets. The difference between the two assets therefore gives the sub-fund’soutperformance relative to its index (or objective).

Accounting currencyEuro.

Indication of accounting changes subject to special information to shareholders- Changes made: None.

- Changes to occur: None.

Details of other changes which must be specifically notified to shareholders(not certified by the statutory auditor)

- Changes made: None.


Details and justification of changes in valuation and implementation proceduresNone.

Details of the type of errors that have been corrected during the period None.

Details of the rights and conditions attached to each share category A share, G share, I share, IXL share, J share: Net income allocation: accumulationNet gain realized allocation: accumulation

Outperformance commission Net assets

J share:A 15% outperformancecommission is appliedon the positive diffe-

rence between the sub-fund’s performance

(net of fixed manage-ment fees) and the per-formance of the index.Other equities: None

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Currency EUR EUR

Net assets at the beginning of the period 685,751,097.49 553,187,605.87

Subscriptions (including the subscription fee allocated to the UCIT)

757,443,562.92 404,333,442.37

Redemptions (with deduction of the redemption fee allocated to the UCIT)

-379,571,817.45 -200,410,250.76

Capital gains on deposits and financial instruments 64,449,222.75 86,672,528.62

Capital losses on deposits and financial instruments -47,234,341.79 -21,603,918.21

Capital gains on financial contracts - -

Capital losses on financial contracts - -

Transaction fees -6,021,346.61 -5,083,085.82

Foreign exchange differences 6,925,988.83 -1,614,611.74

Changes in the estimate difference in deposits and financial instruments:

269,593,837.30 -123,671,622.05

- Estimate difference – period N 234,487,841.31 -35,105,995.99

- Estimate difference – period N-1 -35,105,995.99 88,565,626.06

Changes in the estimate difference in financial contracts:

- -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

Distribution over the previous year net capital gains and losses - -

Prior period distribution - -

Net income for the period before adjustment accounts -9,157,927.37 -6,058,990.79

Deposit(s) paid(s) during the yearnet capital gains and losses

- -

Interim payment(s) during the period - -

Other items 79.27* -

Net assets at the end of the period 1,342,178,355.34 685,751,097.49

12.31.2019 12.31.2018

changes net assets2

* Echiquier Rinascimento's fusion absorption relief in date of 03/11/2019.

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additional information33.1. Financial instruments: breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrumentTraded on a regulated

or similar marketNot traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds - -

Variable-rate bonds - -

Zero-coupon bonds - -

Investments - -

Other instruments - -

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument


Not traded on a regulated or similar market

Treasury Bonds - -

Short-term debt securities (NEU CP)issued by non-financial issuers

70,024,477.79 -

Short-term debt securities (NEU CP)issued by bank issuers

- -

Medium-term debt securities NEUMTN

- -


3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -



appe

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es3.2. Breakdown by rate type for asset, liability and off-balance sheets items

Fixed rate Variable rates Rollover rate Other

AssetsDeposits

- - - -

Bonds and similar securities - - - -

Debt securities 70,024,477.79 - - -

Temporary purchases and sales offinancial securities

- - - -

Financial accounts - - - 73,479,554.58

LiabilitiesTemporary purchases and sales offinancial securities

- - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

AssetsDeposits

- - - - -

Bonds and similar securities - - - - -

Debt securities 60,016,451.15 10,008,026.64 - - -

Temporary purchases and salesof financial securities

- - - - -

Financial accounts 73,479,554.58 - - - -

LiabilitiesTemporary purchases and salesof financial securities

- - - - -

Financial accounts - - - - -


- - - - -

Other transactions - - - - -

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities)Rates Equities Foreign Exchange Other

HedgingCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulated or similar markets

- - - -



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3.5. Receivables and Debts: breakdown by typeDetails on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type ofoperation (purchase/sale).

ReceivablesForeign exchange forward contracts: 1,713,591.34

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables:

Subscription receivable 764,894.59

Coupons receivable 490,840.93

Sales deferred settlements 457,855.82

- -

Other transactions -

DebtsForeign exchange forward contracts: 5,381,798.74

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts:

Deferred payment purchases 4,576,651.45

provisioned costs 490,348.24

Repurchase payable 314,799.05

- -


3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency GBP SEK DKK Other currencies

AssetsDeposits

- - - -

Equities and similar securities 182,955,297.47 121,279,454.86 99,610,696.47 83,715,061.90



Collective investment undertakings - - - -


- - - -

Receivables 490,840.93 - - -


Other assets - - - -

LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of financial securities

- - - -

Debts - - - -



- - - -




appe

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es3.6. Equity

Subscriptions RedemptionsNumber of shares issued / redeemedduring the period:

Number of shares Amount Number of shares Amount

A share / FR0010321810 487,574.075 182,785,532.11 523,232.07 194,314,754.64

I share / FR0011188259 146,321.592 374,552,132.76 65,750.342 166,397,423.85

G share / FR0010581710 141,509.702 57,929,424.40 46,954.68 18,859,638.96

J share/ FR0013392396 1 1,000.00 - -

IXL share / FR0013406998 137,114.469 142,175,473.65 - -

Subscription / redemption fee: Amount AmountA share / FR0010321810 11,261.26 -

I share / FR0011188259 - -

G share / FR0010581710 - -

J share/ FR0013392396 - -

IXL share / FR0013406998 - -

Retrocessions: Amount AmountA share / FR0010321810 11,261.26 -

I share / FR0011188259 - -

G share / FR0010581710 - -

J share/ FR0013392396 - -

IXL share / FR0013406998 - -

Commissions allocated to the UCIT:Amount Amount

A share / FR0010321810 - -

I share / FR0011188259 - -

G share / FR0010581710 - -

J share/ FR0013392396 - -

IXL share / FR0013406998 - -



appe

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es3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets %Share class:

A share / FR0010321810 2.39

I share / FR0011188259 0.57

G share / FR0010581710 1.11

J share/ FR0013392396 0.33

IXL share / FR0013406998 0.38

Outperformance fee (variable charges): amount of fees for the period Amount

Share class:

A share / FR0010321810 -

I share / FR0011188259 -

G share / FR0010581710 -

J share/ FR0013392396 8.25

IXL share / FR0013406998 -

- Breakdown by "target" UCIT:

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

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3.8. Commitments received and granted3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. Description of other commitments received and/or granted ........................................................................none

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition:

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

3.9.2. Current value of financial instruments comprising guarantee deposits: Financial instruments received as a guarantee and not written to the balance sheet:

- equities -

- bonds -

- debt securities -

- other financial instruments -

Financial instruments granted as a guarantee and maintained in their original item:

- equities -

- bonds -

- debt securities -


3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) orfinancial managers (Mutual Funds) and UCITS managed by these entities:

- UCITS -


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3.10. Income allocation table (In the accounting currency of the UCIT)

Interim payments in terms of the period

Date Share Class Total amount Unit amount Total tax credit

- - - - -

- - - - -

- - - - -

- - - - -



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esIncome allocation EUR EUR

Sums remaining to be allocated

Retained earnings - -

Result -8,636,527.57 -5,839,525.54

Total -8,636,527.57 -5,839,525.54

12.31.2019 12.31.2018

A share / FR0010321810 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation -9,652,593.30 -7,062,761.23

Total -9,652,593.30 -7,062,761.23

Information concerning the shares conferring distributionrights

Number of shares - -

Unit distribution - -

Tax credits - -

I share / FR0011188259 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 788,941.89 1,271,315.77

Total 788,941.89 1,271,315.77




Tax credits - -



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esG share / FR0010581710 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -223,408.03 -,48,080.08

Total -223,408.03 -,48,080.08




Tax credits - -

J share/ FR0013392396 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -3.14 -

Total -3.14 -




Tax credits - -

IXL share / FR0013406998 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 450,535.01 -

Total 450,535.01 -




Tax credits - -



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es3.11. Allocation table of amounts available for distribution relating to net capital gains and losses(in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Date Total amount

Unitamount

- - -

- - -

- - -

- - -



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esAllocation of net capital gains and losses EUR EUR

Amounts remaining to be allocated

Previous undistributed net capital gains and losses - -

Net capital gains and losses for the financial year 9,218,541.11 67,919,008.69

Payments on net capital gains and losses for the financial year - -

Total 9,218,541.11 67,919,008.69

12.31.2019 12.31.2018

A share / FR0010321810 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation 3,542,992.03 49,861,585.17

Total 3,542,992.03 49,861,585.17

Information concerning shares conferring distribution rights



I share / FR0011188259 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,474,150.70 15,948,559.25

Total 2,474,150.70 15,948,559.25






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esG share / FR0010581710 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 388,490.57 2,108,864.27

Total 388,490.57 2,108,864.27




J share/ FR0013392396 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 7.40 -

Total 7.40 -




IXL share / FR0013406998 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,812,900.41 -

Total 2,812,900.41 -






appe

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es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: February 27, 2004

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 1,342,178,355.34 685,751,097.49 553,187,605.87 395,918,997.22 442,521,786.49

I share / FR0011188259 SHARE currency: EUR

12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015Number of outstanding shares

158,201.148 77,629.898 36,979.21 32,469.066 29,663.557

Net asset value 2,856.01 2,094.92 2,246.56 1,807.83 1,766.1

Unit distribution net capital gains and losses(including interim payments)

- - - - -

Unit distribution (including interim payments)*

- - - - -

Unit tax credit transferred to share holders (individuals) (1)

- - - - -

Unit capitalisation* 20.62 221.82 275.80 97.78 305.12

* The amounts of the unit distribution, the unit capitalization and the tax credits are indicated in the accounting currency of the UCITS. The unit capitalizationis the sum of earnings and higher net capital losses and the number of units outstanding. This calculation method has been applied since 1 January 2013.(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped bydividing the total amount of the tax credits amongst the outstanding units on that date.

A share / FR0010321810 SHARE currency: EUR


1,590,138.725 1,625,796.72 1,350,677.982 1,214,602.366 1,380,259.802

Net asset value 413.08 308.61 337.45 277.27 276.13


- - - - -


- - - - -


- - - - -

Unit capitalisation* -3.84 26.32 35.38 10.07 43.48


appe

ndic

es



G share / FR0010581710 SHARE currency: EUR


159,343.573 64,788.551 40,100.953 1,520 31,460.199

Net asset value 447.25 329.89 356.96 290.24 286.07


- - - - -


- - - - -


- - - - -



J share/ FR0013392396 SHARE currency: EUR


1 - - - -

Net asset value 1,357.52 - - - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 4.26 - - - -


appe

ndic

es



IXL share / FR0013406998 SHARE currency: EUR


137,114.469 - - - -



- - - - -


- - - - -


- - - - -





ati12.31.20194inventory

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus

Asset DescriptionAsset Code

Valeurs mobilieres

Action

2.31SEK31,026,848.261,830,218.00PROPREAAK ABSE0011337708

2.42EUR32,530,050.00289,156.00PROPREALTENFR0000071946

2.23EUR29,919,202.60883,876.00PROPREBASIC FIT N.V.NL0011872650

1.04CHF13,980,032.012,085.00PROPREBELIMO HOLDINGCH0001503199

2.51EUR33,630,614.34876,482.00PROPRECELLNEX TELECOM S.A.ES0105066007

0.84GBP11,209,571.12185,560.00PROPRECRODA INTERNATIONAL PLCGB00BJFFLV09

1.85EUR24,795,230.85442,377.00PROPRECTS EVENTIM,AKTDE0005470306

2.96EUR39,789,804.60344,799.00PROPREDIASORIN SPAIT0003492391

2.51GBP33,731,104.481,412,490.00PROPREDIPLOMA PLCGB0001826634

3.19EUR42,869,828.002,317,288.00PROPREELIS SAFR0012435121

3.40DKK45,680,401.181,089,506.00PROPREGN GREAT NORDICDK0010272632

2.90GBP38,966,481.411,560,777.00PROPREHALMA PLCGB0004052071

3.33EUR44,678,750.60574,277.00PROPREIMCD B.VNL0010801007

3.30SEK44,270,572.941,386,744.00PROPREINDUTRADE ABSE0001515552

1.93USD25,879,109.39346,609.00PROPREINTERXIONNL0009693779

2.69EUR36,161,692.41902,463.00PROPREMONCLER SPAIT0004965148

3.14EUR42,154,830.601,364,234.00PROPRENEOEN SPAFR0011675362

3.43SEK45,982,033.662,972,948.00PROPRENIBE INDUSTRIER AB SHS BSE0008321293

2.94EUR39,485,963.70345,459.00PROPREORPEAFR0000184798

2.83EUR37,979,738.421,010,906.00PROPRERECORDATI INDUSTRIA CHIMICA EIT0003828271

1.69DKK22,713,578.77107,557.00PROPREROCKWOOL INTERNATIONAL BDK0010219153

1.61GBP21,555,359.382,999,876.00PROPRERWS HOLDINGS PLCGB00BVFCZV34

2.26EUR30,399,618.751,621,313.00PROPRESALVATORE FERRAGAMOIT0004712375

3.76EUR50,454,910.80341,604.00PROPRESARTORIUS STEDIM BIOTECHFR0013154002

2.81EUR37,777,753.80640,844.00PROPRESCOUT 24 AGDE000A12DM80


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.33DKK31,216,716.52307,939.00PROPRESIMCORPDK0060495240

2.62GBP35,120,033.871,764,433.00PROPRESMITHS GROUPGB00B1WY2338

3.16GBP42,372,747.21403,971.00PROPRESPIRAX-SARCO ENGINEERING PLCGB00BWFGQN14

2.31CHF31,013,163.61123,966.00PROPRETECAN GROUP NCH0012100191

2.44EUR32,764,176.652,826,935.00PROPRETECHNOGYM S.P.AIT0005162406

2.54EUR34,082,344.30363,739.00PROPREVIDRALAES0183746314

4.06EUR54,555,600.75863,905.00PROPREWORLDLINEFR0011981968

0.96CHF12,842,756.89106,589.00PROPREYPSOMED HOLDINGCH0019396990

84.311,131,590,621.87Total,Action

O.P.C.V.M.

5.27EUR70,751,908.506,370.00PROPREAMUNDI SERENITE PEA I CFR0010173237

5.2770,751,908.50Total O.P.C.V.M.

89.581,202,342,530.37Total Valeurs mobilieres

Liquidites

BANQUE OU ATTENTE

-0.02EUR-314,799.050.00PROPREACH DIFF OP DE CAPI

-0.34EUR-4,576,651.450.00PROPREACH DIFF TITRES EUR

5.47EUR73,479,554.580.00PROPREBANQUE EUR BPP

0.06EUR764,894.590.00PROPRESOUS RECEV EUR BPP

0.03EUR457,855.820.00PROPREVTE DIFF TITRES EUR

5.2069,810,854.49Total BANQUE OU ATTENTE

FRAIS DE GESTION

-0.03EUR-344,843.180.00PROPREPRCOMGESTFIN



-0.00EUR-0.060.00PROPREPRCOMGESTFIN


-0.00EUR-8.250.00PROPREPRCOMVARIABLE

-0.04-490,348.24Total FRAIS DE GESTION

5.1669,320,506.25Total Liquidites

Creances negociables

Interets precomptes.

0.45EUR6,005,307.616,000,000.00PROPREALTAREA ZCP 18/05/2020FR0126002247



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.30EUR4,002,719.034,000,000.00PROPREALTAREA ZCP 27/04/2020FR0125976755

0.37EUR4,999,989.715,000,000.00PROPREAPERAM ZCP 11/03/2020FR0125827149

1.12EUR15,003,939.7415,000,000.00PROPREATOS SE ZCP 12/02/2020FR0125971426

0.45EUR6,000,267.896,000,000.00PROPREFAURECIA ZCP 28/01/2020FR0125821795

0.30EUR4,001,143.884,000,000.00PROPRELEG IMMOBILIEN AG ZCP 19/02/2020XS2052925430

0.75EUR10,003,779.9510,000,000.00PROPRERELX INVESTMENTS ZCP 10/02/2020XS2093137151

0.75EUR10,000,283.3410,000,000.00PROPRESTEF ZCP 09/03/2020FR0125973943

0.75EUR10,007,046.6410,000,000.00PROPREVEOLIA ENVIRONNEMEN ZCP 06/03/2020FR0125443012

5.2270,024,477.79Total Interets precomptes.

5.2270,024,477.79Total Creances negociables

Coupons

Action

0.03GBP370,405.771,531,402.00ACHLIGDIPLOMAGB0001826634

0.01GBP120,435.161,560,777.00ACHLIGHALMA PLCGB0004052071

0.04490,840.93Total Action

0.04490,840.93Total Coupons

100.001,342,178,355.34Total ECHIQUIER AGENOR MID CAP EUROPE

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIERAGRESSOR



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER AGRESSOR













Classification EU country equities.

Procedures for determining and allocating distributable sums A share, G share, I share, P share :



Investment objectiveECHIQUIER AGRESSOR is a dynamic sub-fund seeking long-term performance through exposure to European equity markets.

Benchmark The MSCI EUROPE Index (Bloomberg ticker MSDEE15N) is a representative indicator for the management of EchiquierAgressor. This index is representative of movements on equity markets of Europe’s most developed countries. It is calculated ineuros, with dividends reinvested.


The sub-fund’s management focuses on equity markets in the European Union. Echiquier AGRESSOR invests in small and midcaps as well as European large caps.

The management of ECHIQUIER AGRESSOR is primarily based on:

- rigorous stock picking, obtained through the implementation of a process that involves direct meetings with the companies inwhich the sub-fund invests.

A fundamental analysis is carried out on each company, using a rating framework developed in-house that assesses several criteriaincluding:

- the quality of the company’s management,

- the quality of its financial structure,

- visibility on the company’s future earnings,

- the growth prospects for its business,

- environmental and social aspects

- the speculative nature of the stock.



ECHIQUIER AGRESSOR


- then on securities trading operations to take advantage of short-term market movements.


Up to a maximum of 25% of the net assets of ECHIQUIER AGRESSOR may be exposed to investment grade bonds dependingon market trends and situations.

Lastly, for cash management purposes, the sub-fund may invest:

- up to a maximum of 25% of its assets in investment grade negotiable debt securities

- up to 10% of its assets may be invested in units or shares of French and/or European UCITS or in units or shares of retailinvestment funds.

ECHIQUIER AGRESSOR may use derivative instruments for equity market risk hedging and exposure and exceptionally currencyrisk hedging.


A/ Equities:

ECHIQUIER AGRESSOR has a minimum exposure to European equities of 60% and a maximum exposure to non-European equitiesof 10%. The sub-fund has a maximum equity risk exposure of 100%. At all times, 75% of its assets will be invested in equities.

The sub-fund is exposed to European small caps, mid caps, and large caps.

The rigorous stock picking and the trading transactions are not intended to achieve any objective of sectoral or geographicalallocations apart from the constraints mentioned above.

B/ Debt securities and money market instruments:

Up to 25% of the sub-fund’s assets may be invested:


- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or considered assuch by the management team. The maximum maturity of bonds is 10 years. Up to 10% of the sub-fund’s assets may be invested in“speculative” or unrated bonds. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio.






Derivatives

The sub-fund may invest in financial futures traded on European regulated markets, unregulated markets, and/or over the counter.In this context, the sub-fund may take positions:

- to hedge the portfolio against equity market risk and exceptionally against currency risk.

- to generate exposure to equity market risk in accordance with the investment objective.

The instruments used are:

- index futures

- security and index options

- currency and forex forward options


Financial instruments are entered into with intermediaries selected by the management company that have no say on thecomposition or management of the sub-fund's portfolio.


ECHIQUIER AGRESSOR


The manager may invest in securities with embedded derivatives (warrants, subscription certificates, convertible bonds, etc.)traded on regulated markets or over-the-counter.




Deposits

None

Cash borrowings



None


Risk of capital loss


Equity risk

ECHIQUIER AGRESSOR has a minimum equity exposure of 60%.


Risks associated with investments in small and mid-cap shares


Risk related to discretionary management


Interest rate risk

Up to a maximum of 25% of the assets of ECHIQUIER AGRESSOR are exposed to fixed-income products. The Fund's net assetvalue may fall if interest rates rise.

Credit risk



Currency risk


Target investors and investor profile Target investors

- A share: All investors

- G share: Reserved for distribution by financial intermediaries

- I share: Reserved for institutional investors

- P share: All subscribers, donation share


ECHIQUIER AGRESSOR

Typical investor profile


ECHIQUIER AGRESSOR may be used for variable-capital, unit-linked individual life insurance policies. ECHIQUIERAGRESSOR may be used for investment in UCITS managed by La Financière de l’Echiquier. The sub-fund may invest in UCITSmanaged by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER AGRESSOR depends on the personal situation of the investor. In deciding howmuch to invest, investors should take into account their personal and any business assets, their cash requirements at the time andin 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised to diversify theirinvestments sufficiently so as not to be exposed solely to the risks of this sub-fund.










• AMF approval date ot the Sicav: December 3, 2018

• AMF approval date ot the sub-fund: October 31, 1991

• Sicav creation date: December 4, 2018

• Sub-fund creation date: November 29, 1991


ECHIQUIER AGRESSOR






_______

2019 was a very good year for the equity markets and for the Agressor fund, although it underperformed its benchmark (+21.3%for the I shares vs +26.1% for the MSCI Europe NR).

Despite the heightening of trade tensions between the USA and China throughout the year, the markets had an exceptional 2019,mainly thanks to ever greater support from the central banks. The Fed reversed the restrictive policy (interest rate hikes) expectedfor 2019 and implemented three rate cuts instead. The general fall in discount rates automatically led to a revaluation of long-termassets to the detriment of the cyclical stocks to which Agressor is exposed.

Over 2019 as a whole, the three top contributors to fund performance were ALTRAN, SPIE and SOPRA. The three worstcontributors were TULLOW OIL, EUROPCAR and EDF.

Agressor remains committed to its investment philosophy and is maintaining its contrarian and opportunist positioning. In additionto absolute performance, the fund aims to maximise the decorrelation of performance of the main equity indices.

Main movements

For information, the fund may invest in the institutional units of our funds whenever these exist.

Agressor FR0010321802 18.85%

Agressor- G share FR0010581702 20.09%

Agressor- I share FR0011188150 21.27%

Agressor- P share FR0011435197 19.32%






PRUDENTIAL Sale

MAERSK B Sale

EASYJET Sale

PRUDENTIAL Sale

LLOYDS BANKING Sale



ECHIQUIER AGRESSOR

Overview of our General PolicySince 2007, Financiere de l’Echiquier has been including environmental, social and governance criteria in its investment selectionprocedure. This approach is used across the board for all of Financiere de l’Echiquier's equity funds. The evaluation is based onspecific SRI meetings with the target company's key people. We do not consult rating agencies. Moreover, the SRI meetings arealways conducted by 2-person teams involving the manager, or the financial analyst studying the investment, and one of themembers of the SRI team. Following each meeting, a rating reflecting our appraisal of each company is established. It is reviewedat follow-up meetings, which we conduct every two years on average. All SRI meeting reports and the securities' extra-financialratings are archived in our proprietary database.























ECHIQUIER AGRESSOR

Remuneration




RT : Risk Takers

* Beneficial owners


ECHIQUIER AGRESSOR





















• draft agenda;


- Sundry items.


• Powers;











ECHIQUIER AGRESSOR














> Control system;





> Other changes;























ECHIQUIER AGRESSOR













GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President




ECHIQUIER AGRESSOR





ECHIQUIER AGRESSOR

annualaccounts

assets


ECHIQUIER AGRESSOR


Net assets - -

Deposits - -








• DEBT SECURITIES


Negotiable debt securities - -



• MUTUAL FUNDS


- 4,327,002.40


- -


- -


- -












Receivables 1,235,137.98 3,481,345.85


Other 1,235,137.98 3,481,345.85



Other assets - -

Total assets 682,417,422.09 721,603,634.63

12.31.2019 12.31.2018


ECHIQUIER AGRESSOR


Equity

• Capital 653,792,242.96 699,832,183.47




• Result 2,418,236.15 -5,282,529.68

Total equity(amount representing net assets) 681,801,548.81 720,330,704.26










Debts 615,873.28 1,272,930.37


Other 615,873.28 1,272,930.37


Cash credit - -

Borrowings - -

Total liabilities 682,417,422.09 721,603,634.63

12.31.201812.31.2019

OFF-balance sheet


ECHIQUIER AGRESSOR

Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019


ECHIQUIER AGRESSOR

Currency EUR EUR


• Income from deposits and financial accounts 6,012.74 -



• Income from debt securities - 5,070.55




Total (I) 18,602,289.87 18,677,405.95






Total (II) -53,265.54 -186,653.84




Net income for the period (L.214-9-17-1) (I - II + III - IV) 2,539,994.24 -5,513,150.35

Income adjustments for the period (V) -121,758.09 230,620.67


Income (I - II + III - IV +/- V - VI): 2,418,236.15 -5,282,529.68

12.31.2019 12.31.2018

INCOMEstatement



ECHIQUIER AGRESSOR

1ap

pend




• Financial instruments and securities traded on a regulated market are valued at theirmarket price.However, the instruments listed below are valued using the following methods:












Practical details

• Equities and bonds are valued using prices extracted from the Finalim and Bloomberg databases, depending on where they are listed.The research options are supplemented by data from Telekurs (FinXS) and Reuters (Securities3000):



previous day


that day.

appe

ndic

es


ECHIQUIER AGRESSOR



that day.


the previous day


for that day
















Fees charged to the UCITS Basis Rate


Net assets

A shareMax.of 2.392 % incl. tax

G shareMax. of 1.35 % incl. tax

I shareMax. of 1.00 % incl. tax

P shareMax. of 2.00 % incl. tax

Administrative fees external to the management company

Maximum indirect fees (management fees and commissions)

Net assets (*)


Payable on eachtransaction or operation

Maximum of 0.40% incl. taxfor shares only


A, G, and I shares: NoneP share

Maximum 20% incl. taxes ofthe outperformance relative

to the MSCI EUROPE index,calculated with dividends

reinvested.


ECHIQUIER AGRESSOR

appe

ndic

es(*) The sub-fund may invest up to 10% of its assets in other UCIs if the management fees donot exceed 2.392%. For further information, please contact the management company.


Calculation of the outperformance commission for the Agressor Partage unit


- 20% including taxes of the performance in excess of the benchmark.

- The provision for variable management fees is adjusted each time the net asset value iscalculated, based on 20% including taxes of the Fund’s performance in excess of thebenchmark MSCI Europe calculated with dividends reinvested. If the UCITS underperformsthe benchmark, this provision is adjusted through writebacks. Provision writebacks are cappedat the level of the allocations made.

- Outperformance will be calculated for the first time from the launch date of the EchiquierAgressor Partage unit, by taking into account a reference net asset value determined on thatsame date.

- The management company deducts management fees on an annual basis on the last tradingday of December of each year. The outperformance commission calculation period is thefinancial year of the UCITS, with the exception of the first year of the Echiquier AgressorPartage unit, for which the reference period will be between the unit creation date and the endof the financial year. Variable management fees can be charged only if the net asset value atthe end of the year is greater than the original nominal value for the first year or greater thanthe net asset value at the beginning of the year for subsequent accounting years. When unitsare redeemed, if there is a provision for management fees, the amount proportional to theredeemed units is paid to the management company.









Details of the rights and conditions attached to each share category A share, G share, I share, P share :



appe

ndic

es


ECHIQUIER AGRESSOR

Currency EUR EUR

Net assets at the beginning of the period 720,330,704.26 1,260,203,055.22


99,335,980.58 127,849,906.77


-263,319,075.89 -406,958,395.23



Capital gains on financial contracts 9,027,562.59 -

Capital losses on financial contracts -7,147,663.00 -


Foreign exchange differences 13,421,476.13 3,766,193.63


82,138,536.07 -286,551,591.87

- Estimate difference – period N -86,408,814.14 -168,547,350.21



- -





Net income for the period before adjustment accounts 2,539,994.24 -5,513,150.35


- -


Other items - -

Net assets at the end of the period 681,801,548.81 720,330,704.26

12.31.2019 12.31.2018

changes net assets2

appe

ndic

es


ECHIQUIER AGRESSOR




or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -




ECHIQUIER AGRESSOR

appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -


Debt securities - - - - -


- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es


ECHIQUIER AGRESSOR





Other Receivables:



- -

- -


DebtsForeign exchange forward contracts: 615,873.28



Other Debts:

Provisioned costs 339,481.27


- -

- -



By main currency GBP CHF DKK Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -



ECHIQUIER AGRESSOR

appe

ndic

es3.6. Equity



A share / FR0010321802 32,208.958 56,042,282.37 133,468.229 229,469,923.17

I share / FR0011188150 23,892.133 40,424,975.82 16,192.08 27,516,970.08

G share / FR0010581702 1,509.814 2,590,153.08 3,301.278 5,632,796.01

P share/ FR0011435197 214.556 278,569.31 555.969 699,386.63

Subscription / redemption fee: Amount AmountA share / FR0010321802 109.06 -

I share / FR0011188150 - -

G share / FR0010581702 - -

P share/ FR0011435197 - -

Retrocessions: Amount AmountA share / FR0010321802 109.06 -

I share / FR0011188150 - -

G share / FR0010581702 - -

P share/ FR0011435197 - -


A share / FR0010321802 - -

I share / FR0011188150 - -

G share / FR0010581702 - -

P share/ FR0011435197 - -


ECHIQUIER AGRESSOR

appe

ndic



A share / FR0010321802 2.39

I share / FR0011188150 0.37

G share / FR0010581702 1.35

P share/ FR0011435197 2.00


Share class:

A share / FR0010321802 -

I share / FR0011188150 -

G share / FR0010581702 -

P share/ FR0011435197 337.66


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es


ECHIQUIER AGRESSOR







- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es


ECHIQUIER AGRESSOR




- - - - -

- - - - -

- - - - -

- - - - -


ECHIQUIER AGRESSOR

appe

ndic




Result 2,418,236.15 -5,282,529.68

Total 2,418,236.15 -5,282,529.68

12.31.2019 12.31.2018

A share / FR0010321802 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,265,125.30 -5,685,510.80

Total 1,265,125.30 -5,685,510.80




Tax credits - -

I share / FR0011188150 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 934,319.28 337,266.49

Total 934,319.28 337,266.49




Tax credits - -


ECHIQUIER AGRESSOR

appe

ndic

esG share / FR0010581702 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 202,357.57 75,579.87

Total 202,357.57 75,579.87




Tax credits - -

P share/ FR0011435197 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 16,434.00 -9,865.24

Total 16,434.00 -9,865.24




Tax credits - -


ECHIQUIER AGRESSOR

appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -


ECHIQUIER AGRESSOR

appe

ndic






Total 25,591,069.70 25,781,050.47

12.31.2019 12.31.2018

A share / FR0010321802 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 23,178,677.43 24,162,198.13

Total 23,178,677.43 24,162,198.13




I share / FR0011188150 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,664,642.96 915,745.58

Total 1,664,642.96 915,745.58





ECHIQUIER AGRESSOR

appe

ndic

esG share / FR0010581702 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 640,306.06 603,533.53

Total 640,306.06 603,533.53




P share/ FR0011435197 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 107,443.26 99,573.23





ECHIQUIER AGRESSOR

appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: November 29, 1991

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.30.2015

Net assets 681,801,548.81 720,330,704.26 1,260,203,055.22 1,325,075,385.60 1,687,725,365.34



25,520.472 17,820.419 45,693.655 78,623.67 160,804.567

Net asset value 1,756.54 1,448.46 1,891.43 1,696.39 1,654.31


- - - - -


- - - - -


- - - - -





337,679.774 438,939.045 550,850.777 628,752.612 750,004.068

Net asset value 1,827.05 1,537.31 2,043.24 1,870.29 1,856.15


- - - - -


- - - - -


- - - - -



appe

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ECHIQUIER AGRESSOR



9,586.345 11,377.809 22,515.555 6,932.317 15,055.934

Net asset value 1,788.41 1,489.19 1,958.64 1,774.3 1,742.71


- - - - -


- - - - -


- - - - -



P share/ FR0011435197 SHARE currency: EUR


2,143.718 2,485.131 2,796.853 2,540.519 2,494.343

Net asset value 1,337.96 1,121.32 1,484.45 1,355.32 1,339.8


- - - - -


- - - - -


- - - - -




ECHIQUIER AGRESSOR


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

4.56EUR31,060,000.0010,000,000.00PROPREAIB GROUP PLCIE00BF0L3536

2.67EUR18,177,500.00250,000.00PROPREANHEUSER BUSCH INBEV SA/NVBE0974293251

1.67EUR11,400,000.001,000,000.00PROPREAPPLUS SERVICESES0105022000

1.75CHF11,942,165.4812,000,000.00PROPREARYZTACH0043238366

3.44GBP23,439,797.067,600,000.00PROPREBALFOUR BEATTYGB0000961622

4.16EUR28,391,000.002,900,000.00PROPRECNH INDUSTRIAL N.VNL0010545661

4.46GBP30,438,912.1613,000,000.00PROPRECONATEC GROUP PLCGB00BD3VFW73

3.04EUR20,725,000.00500,000.00PROPRECOVESTRO AGDE0006062144

2.12CHF14,464,147.751,200,000.00PROPRECREDIT SUISSE GROUP AG-NOMCH0012138530

2.23EUR15,233,400.0013,020.00PROPREDASSAULT AVIATIONFR0000121725

4.08GBP27,785,971.337,500,000.00PROPREDRAX GROUP PLCGB00B1VNSX38

2.42DKK16,509,822.81280,000.00PROPREDRILLING COMPANY OF 1972 ASDK0061135753

3.11CHF21,195,688.16240,000.00PROPREDUFRY AG REGCH0023405456

2.33EUR15,884,800.001,600,000.00PROPREELECTRICITE DE FRANCE SAFR0010242511

5.19EUR35,370,000.002,700,000.00PROPREELIOR GROUP SCAFR0011950732

2.39NOK16,325,826.746,500,000.00PROPREELKEM ASANO0010816093

3.13EUR21,350,000.00350,000.00PROPREEURAZEO SEFR0000121121

3.43EUR23,403,600.005,400,000.00PROPREEUROPCAR MOBILITY GROUP SAFR0012789949

0.91EUR6,175,500.0053,700.00PROPREEXACOMPTA CLAIREFONTAINEFR0000064164

3.68EUR25,090,000.00500,000.00PROPREFRESENIUS SE & CO KGAADE0005785604

3.55GBP24,171,317.333,200,000.00PROPREFRESNILLO PLC-W/IGB00B2QPKJ12

5.08EUR34,665,000.00300,000.00PROPREILIADFR0004035913

2.21EUR15,072,000.00400,000.00PROPREIMERYS SAFR0000120859

2.85EUR19,430,000.001,000,000.00PROPRELAGARDEREFR0000130213

1.91EUR13,029,500.001,100,000.00PROPREREXELFR0010451203


ECHIQUIER AGRESSOR

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


1.50EUR10,240,000.00400,000.00PROPREROTHSCHILD AND CO SCAFR0000031684

2.53EUR17,220,000.00120,000.00PROPRESOPRA STERIA GROUP SAFR0000050809

4.79EUR32,688,000.001,800,000.00PROPRESPIE SAFR0012757854

3.71EUR25,284,000.002,100,000.00PROPRETHYSSENKRUPP AGDE0007500001

1.22GBP8,306,294.6111,000,000.00PROPRETULLOW OIL PLCGB0001500809

5.59GBP38,094,743.6722,000,000.00PROPREVODAFONE ,GROUPGB00BH4HKS39

3.53GBP24,043,714.241,350,000.00PROPREWEIR GROUPGB0009465807

99.24676,607,701.34Total Action

99.24676,607,701.34Tota Valeurs mobilieres

Liquidites

BANQUE OU ATTENTE





FRAIS DE GESTION





-0.00EUR-337.660.00PROPREPRCOMVARIABLEACQU



Coupons

Action

0.15EUR990,000.0022,000,000.00ACHLIGVODAFONE,GROUPGB00BH4EUR39



100.00681,801,548.81Total ECHIQUIER AGRESSOR

Ann

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ECHIQUIERAGRESSOR PEA



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ECHIQUIER AGRESSOR PEA














Procedures for determining and allocating distributable sums

Investment objective ECHIQUIER AGRESSOR PEA is a dynamic sub-fund seeking long-term performance through exposure to European equitymarkets.

Benchmark No existing index reflects the management objective of the sub-fund.

The adoption of a management policy based on full stock picking, without any constraints on sectors other than geographical (75%in European equities with regard to PEA eligibility), makes comparison with any benchmark difficult. However, note that, forpurely informative purposes, reference may be made to the MSCI Europe index calculated in euros and dividends reinvested. Thisindex is representative of movements on equity markets of Europe’s most developed countries.

Investment strategy 1. Strategies used

The sub-fund’s management focuses on equity markets in the European Union. Equity risk exposure aside from European equitiesis limited to 10% of net assets.

Echiquier AGRESSOR PEA invests in small and mid caps as well as European large caps.

The management of ECHIQUIER AGRESSOR PEA is primarily based on:

- rigorous stock picking, obtained through the implementation of a process that involves direct meetings with the companies inwhich the sub-fund invests.


• the quality of the company’s management,

• the quality of its financial structure,

Share class Net income allocation Net gain realized allocation

A share Accumulation Accumulation

G share Accumulation Accumulation



• visibility on the company’s future earnings,

• the growth prospects for its business,

• environmental and social aspects

• the speculative nature of the stock.



- then on securities trading operations to take advantage of short-term market movements.


Up to a maximum of 25% of the net assets of ECHIQUIER AGRESSOR PEA may be exposed to investment grade bondsdepending on market trends and situations.

Lastly, for cash management purposes, the sub-fund may invest:

- up to a maximum of 25% of its assets in investment grade negotiable debt securities

- up to 10% of its assets may be invested in units or shares of French and/or European UCITS or in units or shares of retailinvestment funds.

ECHIQUIER AGRESSOR PEA may use derivative instruments for equity market risk hedging and exposure and exceptionallycurrency risk hedging.

2. Assets used (excluding derivatives)

A/ Equities:

ECHIQUIER AGRESSOR PEA has a minimum exposure to European equities of 60% and a maximum exposure to non-Europeanequities of 10%. The sub-fund has a maximum equity risk exposure of 100%.

The sub-fund is exposed to European small caps, mid caps, and large caps.

The rigorous stock picking and the trading transactions are not intended to achieve any objective of sectoral or geographicalallocations apart from the constraints mentioned above.

However, in order for the SICAV to be eligible for PEAs, 75% of the sub-fund’s assets are invested in European equities.

B/ Debt securities and money market instruments:



- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligible

securities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or considered as suchby the management team. The maximum maturity of bonds is 10 years. Up to 10% of the sub-fund’s assets may be invested in“speculative” or unrated bonds. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio.




3.Investment in the securities of other undertakings for collective investment


4. Derivatives

The sub-fund may invest in financial futures traded on European regulated markets, unregulated markets, and/or over the counter.In this context, the sub-fund may take positions:






- index futures





5. Securities with embedded derivatives





6. Deposits

None

7. Cash borrowings


8. Temporary purchases and sales of securities

None

Risk profileYour money will be principally invested in financial instruments selected by the management company. These instruments willbe exposed to market trends and fluctuations.



Equity risk

ECHIQUIER AGRESSOR PEA has a minimum equity exposure of 60%.


Risks associated with investments in small and mid-cap shares




Interest rate risk

Up to a maximum of 25% of the assets of ECHIQUIER AGRESSOR PEA are exposed to fixed-income products. The Fund's netasset value may fall if interest rates rise.

Credit risk





Currency risk


Target investors and investor profileTarget investors



Typical investor profile


ECHIQUIER AGRESSOR PEA may be used for variable-capital, unit-linked individual life insurance policies. ECHIQUIERAGRESSOR PEA may be used for investment in UCITS managed by La Financière de l’Echiquier. The sub-fund may invest inUCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER AGRESSOR PEA depends on the personal situation of the investor. In decidinghow much to invest, investors should take into account their personal and any business assets, their cash requirements at the timeand in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised to diversify theirinvestments sufficiently so as not to be exposed solely to the risks of this sub-fund.











• AMF approval date ot the sub-fund: July 24, 2001


• Sub-fund creation date: September 7, 2001.








_______

A very favourable year for the equities markets and for the Echiquier Agressor fund of which the performance is nevertheless lessthan its benchmark index (+18.5% for the I unit compared to +26.1% for MSCI Europe NR in 2019).

Despite the intensification of the commercial tensions between the United States and China all throughout the year 2019 themarkets enjoyed exceptional performance thanks in particular to the ever-increasing support of the central banks. The Americanfederal reserve indeed switched from a restrictive policy (increase in prime rates) scheduled for 2019 to three effective rate drops.This generalised drop in the discount rate resulted in a mechanical revaluation of long-term assets to the detriment of cyclical stocksto which Echiquier Agressor is exposed.

Over 2019 as a whole, the 3 highest performing stocks in the fund were ALTRAN, SPIE and SOPRA. The 3 with the highestnegative contribution were TULLOW OIL, EUROPCAR and EDF.

Echiquier Agressor remains faithful to its investment philosophy and is maintaining its constraining and opportunistic positioning.

In addition to absolute performance, the fund is aiming to maximise the decorrelation in performance of the main stock exchangeindices.

Main movements


Agressor PEA FR0010330902 18.51%

Agressor PEA G FR0013286606 19.77%

Investment proportion of the assets in PEA eligible securities or rights: 91.96%






PRUDENTIAL Sale

MAERSK B Sale

EASYJET Sale

PRUDENTIAL Sale

LLOYDS BANKING Sale




























Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- 2,037,000.00


- -


- -


- -












Receivables 189,935.37 2,628,866.90


Other 189,935.37 2,628,866.90



Other assets - -

Total assets 124,915,037.19 123,935,593.81

12.31.2019 12.31.2018




Equity

• Capital 120,484,868.85 117,663,243.98




• Result 301,930.27 -908,256.05











Debts 139,741.51 2,219,312.23


Other 139,741.51 2,219,312.23


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR





• Income from debt securities - 723.18




Total (I) 3,247,652.79 3,123,345.83






Total (II) -11,037.37 -27,506.61




Net income for the period (L.214-9-17-1) (I - II + III - IV) 346,247.80 -900,687.99

Income adjustments for the period (V) -44,317.53 -7,568.06


Income (I - II + III - IV +/- V - VI): 301,930.27 -908,256.05

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

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that day.


the previous day


for that day









Accounting method• The accounting method used for recording income from financial instruments is the "coupons

received" method.







(*) The sub-fund may invest up to 10% of its assets in other UCIs if the management fees donot exceed 2.392%. For further information, please contact the management company.




Net assetsA share Maximum of 2.392 % incl. taxG share Maximum of 1.35 % incl. tax

Administrative fees externalto the management company

Maximum indirect fees(management fees andcommissions)

Net assets (*)

Transaction commissionsreceived by the managementcompany

Payable on eachtransaction or

operationMaximum of 0.40% incl. tax for shares

Outperformance commission Net assets None



appe

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esAccounting currencyEuro.








Details of the rights and conditions attached to each share category

Share class Net income allocation Net gain realized allocation

A share Accumulation Accumulation

G share Accumulation Accumulation

appe

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Currency EUR EUR



18,750,851.96 22,282,208.80


-36,822,362.22 -65,489,236.05






Foreign exchange differences 2,333,822.85 646,308.14


14,555,002.60 -48,414,699.06




- -





Net income for the period before adjustment accounts 346,247.80 -900,687.99


- -


Other items - -

Net assets at the end of the period 124 775 295,68 121,716,281.58

12.31.2019 12.31.2018

changes net assets2

appe

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or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

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AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

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ReceivablesForeign exchange forward contracts: 189,935.37



Other Receivables:



- -

- -





Other Debts:



- -

- -



By main currency GBP CHF DKK Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

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es3.6. Equity



A share / FR0010330902 56,870.074 17,607,521.57 108,812.317 32,863,182.77

G share / FR0013286606 12,857.47 1,143,330.39 45,615.202 3,959,179.45

Subscription / redemption fee: Amount AmountA share / FR0010330902 - -

G share / FR0013286606 - -

Retrocessions: Amount AmountA share / FR0010330902 - -

G share / FR0013286606 - -


A share / FR0010330902 - -

G share / FR0013286606 - -

3.7. Management fees


A share / FR0010330902 2.39

G share / FR0013286606 1.35


Share class:

A share / FR0010330902 -

G share / FR0013286606 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

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- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

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- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result 301,930.27 -908,256.05

Total 301,930.27 -908,256.05

12.31.2019 12.31.2018

A share / FR0010330902 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 243,382.32 -939,696.93

Total 243,382.32 -939,696.93




Tax credits - -

G share / FR0013286606 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 58,547.95 31,440.88




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total 3,988,496.56 4,961,293.65

12.31.2019 12.31.2018

A share / FR0010330902 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 3,830,501.76 4,691,447.40

Total 3,830,501.76 4,691,447.40




G share / FR0013286606 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 157,994.80 269,846.25

Total 157,994.80 269,846.25






appe

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es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: September 7, 2001.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 124 775 295,68 121,716,281.58 208,216,349.60 227,250,733.61 304,966,785.06



54,026.898 86,784.63 223,808.44 - -

Net asset value 91.91 76.74 101.17 - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 4.00 3.47 0.31 - -




376,060.092 428,002.335 518,182.797 692,483.014 932,579.39

Net asset value 318.59 268.82 358.12 328.16 327.01


- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action



1.66EUR2,077,273.80182,217.00PROPREAPPLUS SERVICESES0105022000

1.75CHF2,177,744.442,188,291.00PROPREARYZTACH0043238366

3.40GBP4,243,935.641,376,032.00PROPREBALFOUR BEATTYGB0000961622

4.18EUR5,213,478.49532,531.00PROPRECNH INDUSTRIAL N.VNL0010545661

4.32GBP5,385,556.732,300,090.00PROPRECONATEC GROUP PLCGB00BD3VFW73

3.05EUR3,805,773.2091,816.00PROPRECOVESTRO AGDE0006062144

2.12CHF2,639,706.96219,000.00PROPRECREDIT SUISSE GROUP AG-NOMCH0012138530


4.06GBP5,060,381.101,365,900.00PROPREDRAX GROUP PLCGB00B1VNSX38

2.41DKK3,006,025.9950,981.00PROPREDRILLING COMPANY OF 1972 ASDK0061135753

2.83CHF3,532,614.6940,000.00PROPREDUFRY AG REGCH0023405456

2.23EUR2,779,840.00280,000.00PROPREELECTRICITE DE FRANCE SAFR0010242511

5.21EUR6,495,045.50495,805.00PROPREELIOR GROUP SCAFR0011950732

2.39NOK2,976,881.391,185,222.00PROPREELKEM ASANO0010816093

3.14EUR3,920,531.0064,271.00PROPREEURAZEO SEFR0000121121

3.42EUR4,270,853.62985,430.00PROPREEUROPCAR MOBILITY GROUP SAFR0012789949



3.54GBP4,418,894.48585,010.00PROPREFRESNILLO PLC-W/IGB00B2QPKJ12



2.86EUR3,567,969.76183,632.00PROPRELAGARDEREFR0000130213

1.91EUR2,382,278.25201,121.00PROPREREXELFR0010451203



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus




4.81EUR6,002,551.92330,537.00PROPRESPIE SAFR0012757854

3.70EUR4,612,307.28383,082.00PROPRETHYSSENKRUPP AGDE0007500001

1.21GBP1,512,450.902,002,934.00PROPRETULLOW OIL PLCGB0001500809

5.57GBP6,946,199.024,011,482.00PROPREVODAFONE GROUPGB00BH4HKS39

3.54GBP4,415,191.78247,903.00PROPREWEIR GROUPGB0009465807

98.74123,198,131.80Total Action

98.74123,198,131.80Total Valeurs mobilieres

Liquidites

BANQUE OU ATTENTE





FRAIS DE GESTION





Coupons

Action

0.14EUR180,516.694,011,482.00ACHLIGVODAFONE,GROUPGB00BH4EUR39



100.00124,775,295.68Total ECHIQUIER AGRESSOR PEA

Ann

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ECHIQUIERALTAROCCACONVERTIBLES



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ECHIQUIER ALTAROCCA CONVERTIBLES













Procedures for determining and allocating distributable sums A, G, I et F shares:



D share:

Net income allocation: accumulation and/or distribution

Net gain realized allocation: accumulation and/or distribution

Investment objective ECHIQUIER ALTAROCCA CONVERTIBLES aims to use a wealth management approach to outperform the Exane ECI Eurocoupons reinvested (indicator published by Exane, representative of the composition and liquidity of the market for convertiblebonds in the eurozone) with an investment over a recommended investment period of at least 3 years.

Benchmark The ECI Eurozone index (Exane Convertible Index) is the convertible index calculated by the company EXANE and representativeof movements in eurozone convertible bonds. The performance of the indicator is calculated with net coupons reinvested. It isavailable on Morningstar, Bloomberg, and Exane’s website (www.exane.com).

Investors are advised that the portfolio’s composition may differ from that of the benchmark index. It does not involve index-basedmanagement.


The sub-fund implements an active and discretionary management strategy that consists mainly in selecting convertible,exchangeable, and equivalent securities issued by companies or governments of the Europe zone in order to benefit from the risein equity markets, while reducing the impact of declines due to the bond component of these securities.

Its objective is to offer exposure to convertible bond markets through a defensive investment profile:

- Moderate bond floor distance;

- Selection of securities with a high yield to maturity while measuring credit risk;

- Sensitivity rate between 0 and 5;

The sub-fund will comply with the following constraints, except for 3 issuers who may exceed the ratios defined below and forless than 20% of the sub-fund’s assets:

When bonds are introduced into the portfolio, the weightings by position are limited according to the credit quality (official S&P,Moody’s, and Fitch rating) or the underlying risk:



Bonds rated B; Maximum of 2.5% per issuer; Bonds rated BB; Maximum of 5% per issuer; Bonds rated BBB; Maximum of 10%per issuer.

The selection of underlying assets is not based mechanically and exclusively on the rating criterion and relies on an in-houseanalysis of credit or market risk.

At least 70% of the sub-fund’s assets are invested in convertible bonds, exchangeable bonds, and equivalent securities. It may notinvest in equities, but it may hold shares resulting from the conversion of bonds for up to 10% of its assets.

It may invest in financial futures traded on French and foreign regulated, organised, or over-the-counter markets for the purposeof hedging and/or exposing the portfolio to interest rate and equity risks within the limit of 100% of its assets.

At least 70% of its assets are invested in fixed-income instruments issued by entities having their registered office in Europe. Assuch, 30% of the assets may be invested in issuers located outside the Europe zone; emerging countries will in no case representmore than 10% of assets.

The manager may invest in convertible, exchangeable, or similar bonds and unrated debt securities.

High-yield speculative securities (having an official rating below BBB- or equivalent at Moody’s and Fitch) are limited to 20%of net assets. In the event of a passive overrun (rating downgrade), the return to the 20% limit will take into account the interestsof the holders and the market conditions.

Debt securities (in particular, convertible bonds) that have a rating will comply with the rating constraints of according to Standard& Poor’s or an equivalent rating at other rating agencies (Moody’s and Fitch).


The sub-fund will be invested in fixed-income instruments solely denominated in euros.

It may invest up to 10% of its net assets in units or shares of European UCITS or AIF meeting the four criteria of Article R.214-13 of the French Monetary and Financial Code:

- Either to diversify the types of investments according to market trends, through specialised UCITS or AIF on the convertible assetclass;

- Or to generate income on the sub-fund’s cash, through money market UCITS or AIF.


Equities:

- Distribution of issuers by geographical area and/or business sector: the sub-fund may hold shares resulting from a conversion,the corresponding percentage of which will in any case be less than 10% of the assets. The sale of these shares will be donequickly, taking into account the interests of the holders and the market conditions. There will be no predefined distribution bygeographical area or business sector.

- The investment strategy does not involve a small/mid/large cap allocation.

Debt securities and money market instruments:

A minimum of 70% of the sub-fund’s assets are invested in convertible or exchangeable bonds.

- Type of issuer and geographical distribution: between 70% and 100% of the portfolio’s net assets are invested in issuers (publicand/or private entities) whose registered office is located in Europe. Up to 30% of its net assets may be invested in issuers whoseregistered office is located outside Europe with a maximum of 10% of the assets in securities of issuers whose head office islocated in an emerging country. There will be no predefined distribution between private debt and public debt.

- Legal nature of the instruments used: the sub-fund invests in euro-denominated fixed-income instruments: convertible orexchangeable bonds or any equivalent securities, having characteristics that expose them to fluctuations in the underlying equities(bonds convertible into shares, bonds with share subscription warrants, etc.), as well as negotiable debt securities.

- Expected level of credit risk: The manager may invest in convertible or exchangeable bond or any equivalent securities bondsand unrated debt securities.

High-yield speculative securities (official rating below BBB- or any other equivalent at Moody’s and Fitch) will be limited to 20%of net assets.

In the event of a passive overrun (rating downgrade), the return to the 20% limit will take into account the interests of the holdersand the market conditions. Unrated securities may have the same risks as securities rated High Yield by the rating agencies.


Up to 20% of the sub-fund’s net assets may be invested in synthetic convertible bonds.

Duration: The duration will be 0 to 5 years on average. The management company may opportunistically invest in longer orshorter durations depending on market conditions.


Up to 10% of the sub-fund’s assets may be invested in units or equities of French and/or European UCITS and in retail investment



funds. This will be a UCI in any AMF category provided it is not in conflict with investment strategy. It may be UCIs managedby the management company or by an associate company.

Derivatives

Up to 100% of the sub-fund’s net assets may be invested in financial futures traded on French or foreign regulated, organised, orover-the-counter markets. The manager will address interest rate risks as well as equity risk.

The manager may take positions to hedge the portfolio against and/or expose it to assets:

- for hedging, through the sale of futures, purchase of put options, and sale of swaps.

- for exposure, through the purchase of futures, purchase of call options, and purchase of swaps.

All transactions will be limited to the achievement of the sub-fund’s investment objective.

Overall, the main derivatives used will be:

- interest rate derivatives (up to 100% for hedging purposes and up to 50% for exposure purposes),

- equity derivatives (up to 100% for hedging purposes and up to 50% for exposure purposes).

Counterparties are selected according to the procedure in force within La Financière de l’Echiquier, available on the website atwww.lfde.com, and the principle of selecting the best counterparties located in the OECD.

For the most part, the counterparties selected for the use of derivatives will be credit institutions or investment firms located in the OECD.


The manager will address interest rate and equity risks.

The manager may take positions to hedge or expose the portfolio within the limit of 100% of the net assets.

The following securities with embedded derivatives may be held in the portfolio:

equity warrants: used to increase the portfolio’s exposure to equity risk, up to the limit of 10% of net assets; subscription warrantsand rights;

synthetic convertible bonds (up to 20% of assets).

All transactions will be limited to the achievement of the investment objective.

Deposits

None

Cash borrowings



None

Information about financial guarantees

In order to reduce the counterparty risk arising from exposure to financial futures, the sub-fund may establish financial guaranteeswith counterparties meeting the requirements imposed by the management company.

Financial guarantees may be received in cash and/or in government securities.

Financial collateral received in cash will be held on deposit in accordance with the eligibility rules applicable to UCI and/orinvested in a diversified manner in high-quality government bonds having, at the time of their purchase, a minimum rating of froma recognised rating agency of AA (Standard & Poor’s, Fitch) or Aa3 (Moody’s) or equivalent ratings by other credit rating agenciesand/or invested in short-term money market UCIs and/or used for reverse purchase agreement transactions.

Financial guarantees may also be received in government securities. The securities thus received or transmitted as collateral maybe discounted in accordance with the criteria established by:

- clearing houses for financial instruments whose clearing is mandatory; or

- the management company in accordance with the applicable laws for financial instruments for which clearing is not mandatory.

The discount will be based in particular but not exclusively on the rating of the counterparties by rating agencies or by themanagement company and the remaining term of the securities.

Contracts constituting financial guarantees: None






Risks associated with holding convertible bonds:

Convertible bonds represent a midpoint between bonds and shares, with the particular feature of introducing an element of equityrisk into bond that already features interest rate and credit risks. Since equity markets are more volatile than bond markets, holdingthese instruments results in an increase in the portfolio’s risk. The value of convertible bonds depends on several factors: the levelof interest rates, changes in the price of the underlying equities, and changes in the price of the derivative embedded in theconvertible bond. These various factors may result in a fall in the UCI’s net asset value.

Equity risk:

ECHIQUIER ALTAROCCA CONVERTIBLES is invested directly or indirectly in one or more markets.


Interest rate risk:

The Fund's net asset value may fall if interest rates rise.

Credit risk:


Counterparty risk:

This involves the risk of default by a counterparty, which could lead to the counterparty defaulting on an over-the-countertransaction payment. Accordingly, a payment default by a counterparty may result in a decrease in the net asset value.

"High Yield” speculative securities risk:

This sub-fund should be considered speculative in part and is intended especially for investors who are aware of the risks inherentin investments in securities with a low or non-existent rating and more reduced liquidity.

Speculative securities have a higher default risk than Investment Grade securities. In the event of a fall in those securities, the netasset value may fall. In addition, as these types of instruments may be traded in low volumes, market movements may thereforebe more pronounced, whether upward or downward.

Volatility risk:

This risk is associated with the propensity of an asset to vary significantly upwards or downwards, either for specific reasons orbecause of market movements. The more this asset tends to vary sharply over a short period, the more volatile and therefore riskierit is. The change in the volatility of the underlying share has a direct impact on the value of the convertible bond conversion option.A decrease in volatility may cause a decline in convertible bond prices and consequently a decrease in the UCI’s net asset value.

Risk associated with the commitment to financial futures:

The sub-fund may use derivatives as a supplement to portfolio securities with a total commitment of up to 100% of its assets. Theseinstruments will be used within a fixed sensitivity range. In the event of unfavourable market trends, the net asset value may fall.





- D share: Reserved for institutional investors

- F share: “Founder” subscribers




The sub-fund is intended for anyone seeking exposure to fixed-income or equity markets particularly through convertible bondsand willing to accept the risks arising from such exposure.

The amount that can be reasonably invested in this UCITS depends on each investor’s personal situation. To determine this amount,investors should consider their personal assets, their current financial needs, and the investment horizon of 3 years as well as theirwillingness to accept risks or, alternatively, their preference for a more conservative investment.

They are also strongly advised to diversify their investments sufficiently so as not to be exposed solely to the risks of this UCITS.












• AMF approval date ot the Sicav: December 3, 2018.

• Sicav creation date: December 4, 2018.• Sub-fund creation date: April 3, 2018.








_______

Convertibles has a good year 2019 helped by equity markets up sharply (+25% for the SX5E). The new macroeconomics linkedto the progress with Brexit and especially, the negotiations between China and the US brought volatility to prices. In this climateof uncertainty, the central banks lent their support, retaining very accommodating policies and pulling the long rates to historiclows (-0.71% for the German 10 year rate in August). The defensive profile of Echiquier Altarocca Convertibles allowed it torelease itself from a part of this volatility: convertibles with a share profile were reduced as the year unfolded in favour of moremixed positions, guaranteeing the fund stronger convexity.

The biggest contributor to the fund's performance is Cellnex which, thanks to many acquisitions has convinced the market of itsrole as a consolidator in the telecom tower market. The 2026 and 2028 positions thus bring 111 bp to performance. ConverselyUBISOFT is disappointing following a very important warning on its results linked to the failure of the launching of the latestopus of Ghost Recon Breakpoint.

The primary market has remained dynamic: 34 issues for 17 billion have offset the early reimbursements those reaching maturity.Note that the new positions remain highly diversified with the market regulars Orpea, JPM or Air France, which are mixing withthe new entrants such as Edenred, TakeAway or Neoen.

Main movements


Echiquier Altarocca Convertibles FR0011672799 4.91%

Echiquier Altarocca Convertibles FFR0011672815 5.96%

Echiquier Altarocca Convertibles GFR0013340965 5.86%

Echiquier Altarocca Convertibles IFR0011672807 5.54%



VEOLIA ENVIRONNEMENT CV 0.000% 15/03/2021 Sale

RAG / EVONIK CV 0% 02/2021 Sale

VEOLIA CV 0.000% 01/01/2025 Purchase

RAG / EVONIK CV 0% 10/2024 Purchase

ADIDAS CV 0.05% 09/23 Sale































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 42,168.31 45,825.26


Other 42,168.31 45,825.26



Other assets - -

Total assets 207,836,632.61 225,704,173.75

12.31.2019 12.31.2018




Equity

• Capital 205,698,063.40 221,795,551.90




• Result -770,017.74 -430,415.26











Debts 79,080.43 174,297.25


Other 79,080.43 174,297.25


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR



• Income from equities and similar securities - -

• Income from bonds and similar securities 795,696.90 1,212,441.30

• Income from debt securities - -




Total (I) 801,658.25 1,212,441.30





• Other financial expenses - -

Total (II) -32,442.65 -58,792.41

Profit/loss on financial transactions (I - II) 769,215.60 1,153,648.89



Net income for the period (L.214-9-17-1) (I - II + III - IV) -856,436.43 -471,126.38



Income (I - II + III - IV +/- V - VI): -770,017.74 -430,415.26

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend




• Financial instruments and securities traded on a regulated market are valued at their mar-ket price.However, the instruments listed below are valued using the following methods:












Practical details

• Equities and bonds are valued using prices extracted from the Finalim and Bloomberg da-tabases, depending on where they are listed.The research options are supplemented by data from Telekurs (FinXS) and Reuters (Securities3000):



previous day


that day.

appe

ndic

es





that day.


the previous day


for that day


















Net assets

A share Maximum of 1.40 %

incl. tax

G share Maximum of 0.85 %

incl. tax

Administrative fees external to themanagement company

I, D shares Maximum of 0.80 %

incl. tax

F shareMaximum of 0.40 %

incl. tax



appe

ndic


When the sub-fund outperforms the benchmark index (ECI Euro), the variable share willrepresent a maximum of 10%, including taxes, of this difference. Variable management feesare paid annually at the close of the financial year.

The reference period for the calculation of the outperformance commission is the financialyear. As an exception, the first reference period will cover the period from the creation of thesub-fund until 31/03/2015.

The performance is calculated through a comparison of the change in the sub-fund’s assetswith the change beyond that of the benchmark (ECI eurozone index) and of the assets of areference sub-fund showing the same variations in subscriptions and redemptions as the actualsub-fund.

If the sub-fund underperforms its benchmark (net of management fees), the accrued variablemanagement fees will readjusted by applying a provision writeback capped at the sum of theexisting allocation.

Variable management fees are deducted annually at the close of each financial year, except forredemptions occurring during the financial year, which will entitle the holders to the earlypayment of their variable share.

The variable management fees are thus definitively accrued to the management company atthe close of each financial year of the sub-fund and on each redemption for the proportioncorresponding to the redeemed shares.

These fees (fixed + variable) accrue each time the net asset value is established and will becharged directly to the sub-fund’s income statement.

The method for calculating variable fees (outperformance commission) is available from themanagement company on request.










Net assets (*)

Transaction commissions received by themanagement company


None


A, D, F, G and Ishares

10% including tax of the positive

outperformancerelative to the ECIEuro benchmark.




Details of the rights and conditions attached to each share category A, G, I et F shares:



D share:

Net income allocation: accumulation and/or distribution

Net gain realized allocation: accumulation and/or distribution

appe

ndic

es

appe

ndic

es



Currency EUR EUR



36,847,374.03 27,877,355.48


-66,738,254.76 -161,383,053.43





Transaction fees - -83.61

Foreign exchange differences - -


10,251,173.53 -17,022,893.54




- -





Net income for the period before adjustment accounts -856,436.43 -471,126.38


- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -

Convertible bonds 203,894,549.64 -




Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -

Bonds and similar securities 203,894,549.64 - - -



- - - -



- - - -



- - - -



AssetsDeposits

- - - - -

Bonds and similar securities - 2,996,520.00 83,195,989.52 54,386,881.32 63,315,158.80



- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:



- -

- -





Other Debts:



- -

- -



By main currency - - - Other currencies

AssetsDeposits

- - - -

Equities and similar securities - - - -





- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



D share / FR0012612497 - - - -

F share / FR0011672815 10,088 11,517,431.08 15,931.698 18,007,020.55

G share / FR0013340965 - - - -

I share / FR0011672807 21,844.969 23,661,088.79 34,278.893 37,386,281.39

A share / FR0011672799 15,447.357 1,668,854.16 105,121.978 11,344,952.82

Subscription / redemption fee: Amount AmountD share / FR0012612497 - -

F share / FR0011672815 - -

G share / FR0013340965 - -

I share / FR0011672807 - -

A share / FR0011672799 - -

Retrocessions: Amount AmountD share / FR0012612497 - -

F share / FR0011672815 - -

G share / FR0013340965 - -

I share / FR0011672807 - -

A share / FR0011672799 - -


D share / FR0012612497 - -

F share / FR0011672815 - -

G share / FR0013340965 - -

I share / FR0011672807 - -

A share / FR0011672799 - -



appe

ndic



D share / FR0012612497 -

F share / FR0011672815 0.40

G share / FR0013340965 0.53

I share / FR0011672807 0.80

A share / FR0011672799 1.40


Share class:

D share / FR0012612497 -

F share / FR0011672815 1,797.19

G share / FR0013340965 -

I share / FR0011672807 965.99

A share / FR0011672799 113.55


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -770,017.74 -430,415.26

Total -770,017.74 -430,415.26

12.31.2019 12.31.2018

D share / FR0012612497 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -




Tax credits - -

F share / FR0011672815 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -35,108.36 67,115.92

Total -35,108.36 67,115.92




Tax credits - -



appe

ndic

esG share / FR0013340965 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -0.54 -0.28

Total -0.54 -0.28




Tax credits - -

I share / FR0011672807 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -468,550.08 -257,906.08

Total -468,550.08 -257,906.08




Tax credits - -

A share / FR0011672799 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -266,358.76 -239,624.82

Total -266,358.76 -239,624.82




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total 2,829,506.52 4,164,739.86

12.31.2019 12.31.2018

D share / FR0012612497 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -




F share / FR0011672815 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,028,029.64 1,430,544.59

Total 1,028,029.64 1,430,544.59






appe

ndic

esG share / FR0013340965 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1.83 1.29

Total 1.83 1.29




I share / FR0011672807 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,450,473.83 2,105,631.93

Total 1,450,473.83 2,105,631.93




A share / FR0011672799 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 351,001.22 628,562.05

Total 351,001.22 628,562.05






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: April 3, 2018.

Currency

EUR 12.31.2019 12.31.2018 03.29.2018 03-31.2017 03.31.2016

Net assets 207 757 552,18 225,529,876.50 371,474,523.73 305,006,339.70 296,001,273.11

F share / FR0011672815 SHARE currency: EUR

12.31.2019 12.31.2018 03.29.2018 03-31.2017 03.31.2016Number of outstanding shares

65,081.351 70,925.049 101,621.049 97,682.549 111,190.305

Net asset value 1,159.71 1,094.45 1.149.01 1,131.81 1,070.20


- - - - -


- - - - -


- - - - -



D share / FR0012612497 SHARE currency: -


- - - 6,500.000 3,500.000

Net asset value - - - 1,024.48 973.96


- - - - -


- - - - 1.76


- - - - -

Unit capitalisation* - - - 6.61 -0.86


appe

ndic

es





1.00 1.00 - - -

Net asset value 101.41 95.8 - - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 1.29 1.01 - - -




95,924.381 108,358.305 190,482.291 136,345.461 128,025.834

Net asset value 1,110.28 1,052.00 1,107.79 1,095.62 1,039.72


- - - - -


- - - - -


- - - - -



appe

ndic

es





235,925.131 325,599.752 396,602.116 350,379.383 379,168.668

Net asset value 109.26 104.15 110.17 109.61 104.57


- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

3.35EUR6,962,150.006,500,000.00PROPREAIRBUS GROUP SE CV 14/06/2021XS1434160971

1.44EUR2,996,520.003,000,000.00PROPREAMERICA,MOVIL,SAB,DE,CV CONV28/05/2020XS1238034695

0.58EUR1,196,360.001,000,000.00PROPREATOS SE 0% CV 06/11/2024FR0013457942

2.87EUR5,957,001.595,800,000.00PROPREBENI STABILI SPA CONV 0.875% 31/01/2021REITXS1268574891

4.79EUR9,950,256.428,900,000.00PROPRECELLNEX TELECOM SA 0.5% CV 05/07/2028XS2021212332

1.85EUR3,839,346.113,400,000.00PROPRECITIGROUP GLOB MKT FND L 0.5% CV04/08/2023XS1466161350

2.39EUR4,964,258.205,000,000.00PROPRECO,ECONOMICA DELTA SA CV 1.00%01/12/2023XS1492150260

2.48EUR5,157,528.0034,000.00PROPRECOFINIMMO CV 0.1875% 15/09/2021BE0002259282

4.04EUR8,398,183.258,200,000.00PROPREDEUTSCHE POST AG CV 0.05% 30/6/2025DE000A2G87D4

3.42EUR7,102,784.736,700,000.00PROPREDEUTSCHE WOHNEN SE,0.6% 05/01/2026DE000A2GS377

2.10EUR4,367,546.4665,810.00PROPREEDENRED CV 0% 06/09/2024FR0013444395

3.10EUR6,443,800.00200,000.00PROPREELIS SA 0% CV 06/10/2023 DIRTYFR0013285707

1.14EUR2,364,492.002,300,000.00PROPREENI SPA CV 13/04/2022XS1394957309

2.80EUR5,824,893.005,900,000.00PROPREFRESENIUS SE & CO KGAA CV 0%31/01/2024DE000A2DAHU1

2.06EUR4,273,206.004,200,000.00PROPREGN STORE NORD 0% CONV 21/05/2024XS1965536656

2.93EUR6,093,384.255,700,000.00PROPREGRAND CITY PROPERTIES SA 0.25%02/03/2022XS1373990834

0.89EUR1,851,376.001,600,000.00PROPREIBERDROLA INTL BV 0% CV 11/11/2022XS1321004118

3.41EUR7,078,099.047,000,000.00PROPREINTERNATIONAL CONSOLIDATEDAIRLINES 0.625% CV 17/11/2022XS1322536506

2.75EUR5,719,220.005,200,000.00PROPREJP,MORGAN CHASE BANK NA 0% CV24/05/2022XS2000719729

4.10EUR8,515,350.007,500,000.00PROPREJP MORGAN CHASE CV 0% 18/09/2022XS2052961070

1.56EUR3,249,060.003,000,000.00PROPREKERING 0% CV 30/09/2022FR0013450483

1.90EUR3,941,920.0080,000.00PROPREKORIAN SA CV 2.50% PERP DIRTYFR0013266087

1.51EUR3,135,890.082,700,000.00PROPRELEG IMMOBILIEN AG 0.875% CV 01/09/2025DE000A2GSDH2

2.01EUR4,175,462.0097,000.00PROPREMAISONS DU MONDE SA 0.125% DIRTY CV06/12/2023FR0013300381

1.83EUR3,797,530.003,800,000.00PROPREMORGAN STANLEY FIN LLC 0% CV17/12/2021XS1792361336



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.10EUR4,353,624.704,000,000.00PROPREMTU AERO ENGINES AG CV 0.05%18/03/2027DE000A2YPE76

1.14EUR2,372,206.1063,805.00PROPRENEOEN SAS 1.875% CV DIRTY 07/10/2024FR0013451820

3.35EUR6,963,800.00100,000.00PROPRENEXITY SA CV 0.25% 02/03/2025 DIRTYFR0013321429

1.89EUR3,922,556.1324,125.00PROPREORPEA 0.375% CONV 17/05/2027FR0013418795

3.11EUR6,470,230.006,500,000.00PROPREPRYSMIAN SPA CV 17/01/2022XS1551933010

1.97EUR4,098,800.004,000,000.00PROPRERAG STIFTUNG CV,0% 02/10/2024DE000A2LQRA1

1.48EUR3,074,338.6622,686.00PROPREREMY COINTREAU AS 0.125% CV 07/09/2026FR0013200995

2.20EUR4,578,693.0028,200.00PROPRESAFRAN SA 0% CV 21/06/2023FR0013344033

0.57EUR1,188,432.001,200,000.00PROPRESALZGITTER FINANCE BV 0% CV05/06/2022DE000A1Z2G97

2.72EUR5,649,720.0030,000.00PROPRESEB SA CV 0.00% 17/11/2021FR0013218807

2.55EUR5,303,907.004,900,000.00PROPRESNAM SPA 0% CONV 20/03/2022XS1583310807

2.26EUR4,685,726.553,900,000.00PROPRESYMRISE AG 0.2375% CV 20/06/2024DE000SYM7787

2.67EUR5,540,533.645,500,000.00PROPRETELECOM ITALIA SPA CV 1.125% 26/03/2022XS1209185161

1.11EUR2,297,976.002,300,000.00PROPRETELEFONICA PARTICIPACION 0% 09/03/2021CVXS1377251423

1.72EUR3,566,583.9029,700.00PROPREUBISOFT ENTERTAINMENT SA 0.00%24/09/2024 CONVFR0013448412

2.58EUR5,369,839.83170,791.00PROPREVEOLIA ENVIRONNEMENT SA 0% CV01/01/2025FR0013444148

3.42EUR7,101,965.0065,000.00PROPREWORLDLINE SA 0% CONV 30/07/2026FR0013439304

98.14203,894,549.64Total Obligation


Liquidites

BANQUE OU ATTENTE


0.08EUR173,739.700.00PROPREBANQUE EUR BNPSS




FRAIS DE GESTION







% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


-0.00EUR-1,797.190.00PROPREPRCOMVARIABLEACQU





Coupons

Obligation

0.02EUR40,210.0080,000.00ACHLIGKR DTY CV 2.50% PERPFR0013266087

0.0240,210.00Total Obligation


100.00207,757,552.18Total ECHIQUIER ALTAROCCA CONVERTIBLES

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ECHIQUIERALTAROCCAHYBRID BONDS



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ECHIQUIER ALTAROCCA HYBRID BONDS













Classification Bonds and other debt securities denominated in euros.

Procedures for determining and allocating distributable sums: - A, G, I and F shares:

Net income allocation: accumulation.

Net gain realized allocation: accumulation.

- Actions AD, ID :

Net income allocation: accumulation and/or distribution.

Net gain realized allocation: accumulation and/or distribution.

Investment objective The investment objective of ECHIQUIER ALTAROCCA HYBRID BONDS is to outperform, on an annualized basis over aminimum investment horizon of three years, net of fees, the iBoxx €Non-Financials Subordinated Total Return Index (net couponsreinvested) through investments mainly in perpetual bonds or bonds with a very long maturity.

Benchmark Investors should note that the portfolio management style will never consist in reproducing the composition of the benchmark.However, the iBoxx € Non-Financials Subordinated Total Return Index, which is the index of subordinated bonds issued by non-financial private companies denominated in euros, may be used as an ex-post performance indicator. Additional information aboutthe index is available on the website at www.iboxx.com.

Investment strategy 1. Strategies used

The portfolio is managed on an active and discretionary basis. With respect to stock-picking, the management team does notexclusively or automatically rely on ratings issued by rating agencies but bases its buy and sell decisions on its own fundamentalanalyses of issuers and bonds.

The fundamental analysis of issuers by the management company will be based primarily on the analysis of the issuers’ corporatefinancial statements (credit, liquidity, and profitability ratios), their competitive position in the markets in which they operate, andthe underlying risks of their activity and environment (country risk, management, transparency of information, and regulatory risks).

The management company may establish a statement of projected cash flows to supplement its fundamental analysis for a fullassessment of the risk associated with the issuer.

The allocation will be as follows:



- 80% minimum in bonds or subordinated debt securities issued by non-financial private companies called “hybrids”. “Hybrid”refers to subordinated, perpetual or very mature bonds or debt securities.

- The sub-fund may not invest in subordinated bonds or debt securities issued by a financial institution (bank or insurance) suchas Tier1, Coco or Tier2, etc.

- The eligible securities are denominated in euros.

- The holding of bonds whose issuers are unrated or whose rating is strictly lower than BBB- (Standard & Poor’s rating orequivalent rating from an independent rating agency) is limited to a maximum of 10% of the net assets.

- The rating of issuers and bonds is assessed when the securities are acquired. In the event of a downgrade of an issuer in the“speculative” (high yield) or unrated category (Standard & Poor’s rating or equivalent rating from an independent rating agency),the sale of the security will be done as soon as possible, taking into account the interest of the holders if the above constraints wereno longer respected.

- Bonds in the portfolio may have a rating strictly below BBB- (Standard & Poor’s rating or equivalent rating from an independentrating agency) for 100% of the net assets, to the extent that the subordinated bonds generally have a lower rating compared withthe rating of the issuers.

- The range of interest rate sensitivity within which the portfolio is managed is between 0 and 15.

- When the manager considers the market conditions to be unfavourable in a completely discretionary manner, up to 100% of thesub-fund’s net assets may be invested in securities in the form of bonds (subordinated or not), debt securities, and/or moneymarket instruments deemed investment grade by the management company or rating agency.

- The sub-fund may invest in financial futures traded on French and foreign regulated, organised, or over-the-counter markets tohedge the portfolio against interest rate risk on a discretionary basis according to the manager’s expectations through the use ofsovereign yield hedging derivatives. Investors are not exposed to currency risk. The sub-fund does not use TRS (Total ReturnSwaps).

- The sub-fund may also invest up to 10% of its net assets in units or shares of European UCITS or AIF meeting the four criteriaof Article R.214-13 of the French Monetary and Financial Code.


A/ Equities: None

B/ Bonds, debt securities, and money market instruments:

The sub-fund is exposed to eurozone and OECD fixed income markets at all times. The eligible securities are denominated in euros.It is invested mainly in private debt securities (long-term subordinated bonds or perpetual bonds).

The allocation between the ratings of the various issuers will be as follows:

- The holding of bonds whose issuers are unrated or whose rating is strictly lower than BBB- (Standard & Poor’s rating orequivalent rating from an independent rating agency) is limited to a maximum of 10% of the net assets.

- The rating of issuers and bonds is assessed when the securities are acquired. In the event of a downgrade of an issuer in the“speculative” (high yield) or unrated category (Standard & Poor’s rating or equivalent rating from an independent rating agency),the sale of the security will be done as soon as possible, taking into account the interest of the holders if the above constraints wereno longer respected.

- When the manager considers the market conditions to be unfavourable in a completely discretionary manner, up to 100% of theFund’s net assets may be invested in securities in the form of bonds (subordinated or not), debt securities, and/or money marketinstruments deemed investment grade by the management company or rating agency.

The analysis of the credit quality of securities is not exclusively or mechanically based on credit ratings issued by the ratingagencies. It is also based on the fundamental analysis of issuers carried out by the management company. The rating is assessedwhen the securities are acquired.

Interest rate risk is hedged on a discretionary basis according to the manager’s expectations. Geographical region of the registeredoffice of the securities to which the portfolio is exposed:

- 0% to 100% of net assets in OECD countries (all regions, including at least 50% of net assets in countries of the Europeancontinent),

- 0% to 10% of net assets in non-OECD countries.

The countries of the European continent are the following: Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium,Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany,Greece, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova,Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Republic of Macedonia, Romania, Russia, San Marino, Serbia,Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, and Vatican.

Investments in emerging market debt instruments are possible and are limited to a maximum of 10% of the sub-fund’s assets.

Legal nature of the instruments used: debt securities of any kind, particularly long-term or perpetual subordinated hybrid corporatebonds, fixed-rate or variable-rate bonds.



The sub-fund may not invest in subordinated bonds or debt securities issued by a financial institution (bank or insurance) such asTier1, Coco or Tier2, etc.

The average duration of the majority of the portfolio’s bonds (whether perpetual or not) will be less than 10 years from the dateof the next call of the security, but the sub-fund will invest in certain perpetual bonds.

3. Investment in the securities of other undertakings for collective investment


4. Derivatives

To achieve the investment objective, the sub-fund may invest in financial futures traded on French or foreign regulated, organised,or over-the-counter markets.

Commitments may not exceed 100% of the net assets. The manager will trade in futures, options, or swaps only for interest raterisk hedging purposes only.

The sub-fund will not use TRS (Total Return Swaps).

All transactions will be limited to the achievement of the investment objective.

Counterparties are selected according to the procedure in force within La Financière de l’Echiquier, available on the website atwww.lfde.com, and the principle of selecting the best counterparties located in the OECD.

For the most part, the counterparties selected for the use of derivatives will be credit institutions or investment firms located inthe OECD.

5. Securities with embedded derivatives: None

6. Deposits: None

7. Cash borrowings


8. Temporary purchases and sales of securities: None

Direct and indirect operating costs and fees arising from efficient portfolio management techniques may be deducted from theincome delivered to the UCI (for example, as a result of the income-sharing agreement). These costs and fees should not includehidden income. All income resulting from efficient portfolio management techniques, net of direct and indirect operating costs,will be returned to the UCI. Among the entities to which direct and indirect costs and fees may be paid are banks, investmentcompanies, brokers, or financial intermediaries, and these entities may be related parties of the management company.

9. Information about financial guarantees

In order to reduce the counterparty risk arising from exposure to financial futures, the sub-fund may establish financial guaranteeswith counterparties meeting the requirements imposed by the management company.

Financial guarantees may be received in cash and/or in government securities.

Financial collateral received in cash will be held on deposit in accordance with the eligibility rules applicable to UCI and/orinvested in a diversified manner in high-quality government bonds having, at the time of their purchase, a minimum rating of froma recognised rating agency of AA (Standard & Poor’s, Fitch) or Aa3 (Moody’s) or equivalent ratings by other credit rating agenciesand/or invested in short-term money market UCIs and/or used for reverse purchase agreement transactions.

Financial guarantees may also be received in government securities. The securities thus received or transmitted as collateral maybe discounted in accordance with the criteria established by:

- clearing houses for financial instruments whose clearing is mandatory; or

- the management company in accordance with the applicable laws for financial instruments for which clearing is not mandatory.

The discount will be based in particular but not exclusively on the rating of the counterparties by rating agencies or by the

Interest rate sensitivity range within which the UCITS is managed Between “0” and “+15”

Base currency of the securities in which the UCITS is invested Euro : 100

Geographical area of the issuers of securities to which the UCITS is exposed Eurozone and OECD: Maximum of 100%

Level of currency risk None



management company and the remaining term of the securities.

Any received financial guarantee will respect the following principles:

- Liquidity: Any financial guarantee in securities must be highly liquid and able to be traded quickly on a regulated market at atransparent price.

- Negotiability: Financial guarantees are negotiable at any time.

- Valuation: Financial guarantees received are evaluated on a daily basis. A conservative discount will be applied to securities thatmay present significant volatility or based on its credit quality.

- Credit quality of issuers: Financial guarantees have strong credit ratings.

Investment of guarantees received in cash: They are either invested in deposits within eligible entities or invested in governmentbonds with high credit quality (rating that meets the criteria of short-term money market UCITS or AIF) or invested in short-termmoney market UCITS or AIF

- Correlation: guarantees are issued by an entity independent of the counterparty.

- Diversification: Counterparty risk in over-the-counter transactions may not exceed 10% of net assets when the counterparty isone of the credit institutions as defined in the regulations in force. Financial guarantees must be sufficiently diversified in termsof countries, sectors, and issuers. As an exception, the UCITS will be fully guaranteed by various transferable securities andmoney market instruments issued or guaranteed by a Member State (the identified Member States are those of the eurozone witha high-quality rating). In particular, the UCITS will be guaranteed by government securities (i.e., government bonds of the eurozonehaving a minimum rating of “A-” according to the Standard & Poor’s agency or equivalent rating agencies or having a ratingdeemed equivalent by the management company).

- Custody: The financial guarantees received are placed with the custodian or by one of its agents or third parties under its controlor by any third-party custodian subject to prudential supervision and having no link with the provider of the financial guarantees.

- Prohibition on reuse: Financial guarantees other than cash cannot be sold, reinvested, or pledged as a guarantee.






Risk associated with the use of subordinated bonds

A debt is described as subordinated when its repayment is subject to the prior repayment of other creditors (preferential creditors,unsecured creditors). Subordinated creditors will thus be repaid after ordinary creditors, but before shareholders. This type of debtwill have a higher interest rate than that of other debt claims. If one or more provisions contained in the issuance documents ofsaid subordinated debt securities are triggered or, more generally, if a credit event occurs affecting the issuer in question occurs,there is a risk that the net asset value of the UCI could fall. The use of subordinated bonds may expose the UCI to risks of capitalloss, cancellation or deferral of coupon payment (at the sole discretion of the issuer), and uncertainty regarding the repayment dateor even the valuation/yield (since the attractive yield associated with these securities can be viewed as a complexity premium).

"High Yield” speculative securities risk

This sub-fund should be considered speculative in part and is intended especially for investors who are aware of the risks inherentin investments in securities with a low or non-existent rating and more reduced liquidity.


Interest rate risk


Credit risk


Counterparty risk




Volatility risk

This risk is associated with the propensity of an asset to vary significantly upwards or downwards, either for specific reasons orbecause of market movements. The more this asset tends to vary sharply over a short period, the more volatile and therefore riskierit is. The change in the volatility of the underlying share has a direct impact on the value of the convertible bond conversion option.A decrease in volatility may cause a decline in convertible bond prices and consequently a decrease in the UCI’s net asset value.

Liquidity risk

In the particular case where trading volumes on the financial markets are low, the manager may not be able to sell the securitiesquickly under satisfactory conditions, which may result in a decrease in the UCI’s net asset value.

Risk associated with the commitment to financial futures

The sub-fund may use derivatives as a supplement to portfolio securities with a total commitment of up to 100% of its assets. Theseinstruments will be used within a fixed sensitivity range. In the event of unfavourable market trends, the net asset value may fall.

Risks associated with investing in equities of emerging countries

There is a risk associated with investments in emerging countries, mainly in relation to the operating and supervision conditionsof these markets, which may deviate from the standards prevailing on the large international markets, or arising from political orregulatory factors. Market fluctuations (up or down) may be sharper and more sudden than on the major international stockexchanges. The UCI’s net asset value may therefore have the same behaviour.



- AD share: All investors



- ID share: Reserved for institutional investors


The sub-fund is open to all investors seeking exposure to bond markets and subordinated hybrid non-financial corporate bondmarkets.

The amount that can be reasonably invested in this sub-fund depends on each investor’s personal situation. To determine thisamount, investors should take into account their personal assets and current requires over an investment horizon of at least threeyears. This product may not be suitable for investors who plan to withdraw their money within 3 years.













• Sicav creation date: December 4, 2018.• Sub-fund creation date: January 2,2018.








_______

The Echiquier Altarocca Hybrid Bonds fund finished the year with a performance of + 9.01% on the A unit and + 9.78% on theI unit, helped by the very good performance of the corporate hybrids asset class which has the best performance in the bondmarket (just behind subordinated insurance). The market benefited both from a recovery effect from a valuation standpoint withrespect to the low point reached at the end of 2018. Many positive signals from issuers bear witness to their attachment over thelong term to this capital layer with much refinancing on frequent short calls and an easing in the s&P methodology (again a signof durability). The search for yield from investors on an asset class with a low default rate and the recovery in asset buying of theQE from the central banks also widely participated in this good progression.

The performance of the Echiquier Altarocca Hybrid Bonds fund is however below that of its benchmark index (2.98 points forthe I unit). Certain factors that explain this can be found in our prudent positioning in the second half with a duration that is lowerthan that if the index as well as less exposure to the issuers EDF, Volkswagen and Bayer, good performers over the period, in lightof our prudent credit opinion on the first and our ESG constraints on the last two. The negative impact of the residual hedge rateover the first part of the year explains the rest (-46 bps). The rate hedging was, recall, fully repurchased in July.

Fund assets at 78 M EUR is stable over the year.

Main movements


Echiquier Altarocca Hybrid Bonds FR0013277571 9.01%

Echiquier Altarocca Hybrid Bonds FFR0013218005 10.00%

Echiquier Altarocca Hybrid Bonds GFR0013340957 9.60%

Echiquier Altarocca Hybrid Bonds IFR0013217999 9.78%

Echiquier Altarocca Hybrid Bonds RDFR0013277597 7.24%



ORANGE 4.000% 31/12/2099 Sale

TOTAL SA 2.250% 31/12/2099 Sale

TOTAL SA 1.750% 31/12/2099 Purchase

ORANGE 2.375% 31/12/2099 Purchase

VOLKSWAGEN INTL FIN NV 3.750% 31/12/2099 Sale































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -









Transactions on a regulated or similar market - 36,460.00



Receivables 62,000.00 660,570.04


Other 62,000.00 660,570.04

Financial accounts 3,623,323.08 400,106.02

Cash and cash equivalents 3,623,323.08 400,106.02

Other assets - -

Total assets 77,979,875.91 78,812,359.49

12.31.2019 12.31.2018




Equity

• Capital 77,199,479.11 77,998,333.98


• Retained earnings 7.22 -

• Net capital gains and losses for the financial year -839,409.59 -1,900,095.28

• Result 1,588,053.73 2,624,834.43


Financial instruments - 36,460.00







Transactions on a regulated or similar market - 36,460.00


Debts 31,745.44 52,826.36


Other 31,745.44 52,826.36


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR


- Futures market (Futures) - 9,936,260.00



- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR


• Income from deposits and financial accounts 697.08 403.30







Total (I) 2,214,211.75 2,944,555.56






Total (II) -13,270.53 -20,607.34



Management fees and depreciation expense (IV) -549,195.61 -727,326.43




Income (I - II + III - IV +/- V - VI): 1,588,053.73 2,624,834.43

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

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that day.


the previous day


for that day










received" method.









Net assets

A and AD sharesMaximum of 1.30 %

incl. tax


incl. tax


I and ID shares Maximum of 0.60 %

incl. tax

F shareMaximum of 0.40 %

incl. tax



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The Echiquier Altarocca Hybrid Bonds sub-fund has a 20% outperformance commissionapplied on the positive difference between the sub-fund’s performance (net of fixedmanagement fees) and the benchmark’s performance.

The reference period for the calculation of the outperformance commission is 12 months andis calculated on the sub-fund’s financial year. The performance is calculated through an ex-post comparison of the change in the sub-fund’s assets with the change beyond that of thebenchmark (Iboxx EUR Non-Financial Subordinated Index Total Return Index, net couponsreinvested) and of the assets of a reference sub-fund showing the same variations insubscriptions and redemptions as the actual sub-fund.

At each net asset value calculation and on the net assets of the day, the outperformancecommission is the subject of: a provision, in case of outperformance,

a provision writeback, capped at the level of the allocations made, in the event of the sub-fund’s underperformance.

Variable fees are collected at the end of the reference period.

The share of variable fees corresponding to redemptions is definitively acquired by themanagement company and may be collected each month by the management company.

The methodology applied for the calculation of outperformance commissions is based on the“fictional asset” calculation method, which simulates a fictional asset subject to the samesubscription and redemption conditions as the original fund while benefiting from theperformance of the chosen index. This fictional asset is then compared with the performanceof the sub-fund’s actual assets. The difference between the two assets therefore gives the sub-fund’s outperformance relative to its index (or objective).




Net assets (*)



operationNone


A, AD, G, I, ID, FsharesA 20%

outperformancecommission isapplied on the

positive differencebetween the sub-

fund’s performance(net of fixed

management fees)and the performanceof the benchmark ona pro rata temporis

basis if thesub-fund has a

positiveperformance.










Details of the rights and conditions attached to each share category - A, G, I and F shares:



- Actions AD, ID :

Net income allocation: accumulation and/or distribution.

Net gain realized allocation: accumulation and/or distribution.

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Currency EUR EUR

Net assets at the beginning of the period 78,723,073.13 -


47,872,947.64 129,488,308.64


-55,886,328.47 -45,810,820.10

Capital gains on deposits and financial instruments 539,204.87 4,579.00


Capital gains on financial contracts - 93,610.00

Capital losses on financial contracts -382,970.00 -769,410.00

Transaction fees -525.40 4,231.31



6,451,501.84 -5,045,657.99


- Estimate difference – period N-1 -5,045,657.99 -


36,460.00 -36,460.00

- Estimate difference – period N - -36,460.00

- Estimate difference – period N-1 -36,460.00 -


Prior period distribution -3,553.02 -

Net income for the period before adjustment accounts 1,651,745.61 2,196,621.79


- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

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or similar market

Indexed bonds - -


Fixed-rate bonds 1,874,097.84 -

Variable-rate bonds 72,420,454.99 -


Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





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AssetsDeposits

- - - -

Bonds and similar securities 1,874,097.84 - 72,420,454.99 -



- - - -



- - - -



- - - -



AssetsDeposits

- - - - -

Bonds and similar securities - - - 4,760,545.33 69,534,007.50



- - - - -



- - - - -



- - - - -




- - - -




- - - -



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Other Receivables:


- -

- -

- -





Other Debts:



- -

- -




AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

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es3.6. Equity



F share / FR0013218005 4,555 4,711,324.10 3,500.1 3,677,218.72

G share/ FR0013340957 8,062.525 856,029.47 8,674.139 913,974.87

I share / FR0013217999 38,197.877 39,955,997.99 39,083.8 40,782,197.86

ID share / FR0013277555 1,732 1,732,000.00 - -

A share / FR0013277571 6,000.74 615,594.48 100,748.942 10,169,216.58

AD share / FR0013277597 20 2,001.60 3,498.224 343,720.44

Subscription / redemption fee: Amount AmountF share / FR0013218005 - -

G share/ FR0013340957 - -

I share / FR0013217999 - -

ID share / FR0013277555 - -

A share / FR0013277571 - -

AD share / FR0013277597 - -

Retrocessions: Amount AmountF share / FR0013218005 - -

G share/ FR0013340957 - -

I share / FR0013217999 - -

ID share / FR0013277555 - -

A share / FR0013277571 - -

AD share / FR0013277597 - -


F share / FR0013218005 - -

G share/ FR0013340957 - -

I share / FR0013217999 - -

ID share / FR0013277555 - -

A share / FR0013277571 - -

AD share / FR0013277597 - -



appe

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F share / FR0013218005 0.40

G share/ FR0013340957 0.80

I share / FR0013217999 0.60

ID share / FR0013277555 0.59

A share / FR0013277571 1.30

AD share / FR0013277597 1.30


Share class:

F share / FR0013218005 -

G share/ FR0013340957 -

I share / FR0013217999 -

ID share / FR0013277555 -

A share / FR0013277571 -

AD share / FR0013277597 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

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- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

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es






- - - - -

- - - - -

- - - - -

- - - - -



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Retained earnings 7.22 -

Result 1,588,053.73 2,624,834.43

Total 1,588,060.95 2,624,834.43

12.31.2019 12.31.2018

F share / FR0013218005 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 801,760.29 1,192,332.60

Total 801,760.29 1,192,332.60




Tax credits - -

G share/ FR0013340957 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 12,230.28 7,433.55




Tax credits - -



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esI share / FR0013217999 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 527,467.24 847,724.40

Total 527,467.24 847,724.40




Tax credits - -

ID share / FR0013277555 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution 5,421.16 -

Retained earnings for the period 4.19 -

Capitalisation - -

Total 5,425.35 -


Number of shares 1,732 -

Unit distribution 3,13 -

Tax credits - -

A share / FR0013277571 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 239,999.86 570,387.24

Total 239,999.86 570,387.24




Tax credits - -



appe

ndic

esAD share / FR0013277597 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution 1,172.16 6,917.76

Retained earnings for the period 5.77 38.88

Capitalisation - -

Total 1,177.93 6,956.64


Number of shares 792 4,270.224

Unit distribution 1,48 1.62

Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year -839,409.59 -1,900,095.28


Total -839,409.59 -1,900,095.28

12.31.2019 12.31.2018

F share / FR0013218005 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -379,427.67 -734,264.91

Total -379,427.67 -734,264.91




G share/ FR0013340957 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -6,945.87 -5,116.01

Total -6,945.87 -5,116.01






appe

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esI share / FR0013217999 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -272,309.08 -566,662.84

Total -272,309.08 -566,662.84




ID share / FR0013277555 12.31.2019 12.31.2018

Currency EUR EUR

Allocation


Undistributed net capital gains and losses 16.74 -

Capitalisation - -

Total 1,783.38 -


Number of shares 1,732.00 -

Unit distribution 1.02 -

A share / FR0013277571 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -181,624.36 -584,536.28

Total -181,624.36 -584,536.28






appe

ndic

esAD share / FR0013277597 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -885.99 -9,515.24

Total -885.99 -9,515.24






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: January 2,2018.

Currency

EUR 12.31.2019 12.31.2018 12.30.2017 - -

Net assets 77 948 130,47 78,723,073.13 - - -

G share/ FR0013340957 SHARE currency: EUR

12.31.2019 12.31.2018 12.30.2017 - -Number of outstanding shares

5,834.395 6,446.009 - - -

Net asset value 107.66 98.23 - - -


- - - - -


- - - - -


- - - - -





32,221 31,166.1 - - -

Net asset value 1,068.53 971.41 - - -


- - - - -


- - - - -


- - - - -



appe

ndic

es





23,199.652 24,085.575 - - -

Net asset value 1,063.77 969.02 - - -


- - - - -


- - - - -


- - - - -



ID share / FR0013277555 SHARE currency: EUR


1,732 - - - -



1,02 - - - -


3.13 - - - -


- - - - -

Unit capitalisation* - - - - -


appe

ndic

es





157,590.851 252,339.053 - - -

Net asset value 104.00 95.4 - - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 0.37 -0.05 - - -


AD share / FR0013277597 SHARE currency: EUR


792 4,270.224 - - -

Net asset value 100.44 93.66 - - -


- - - - -


1.48 1.62 - - -


- - - - -

Unit capitalisation* -1.11 -2.22 - - -





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

2.10EUR1,637,811.021,600,000.00PROPREACCOR SA VAR PERPFR0013457157

2.08EUR1,619,905.981,500,000.00PROPREARKEMA VARIBALE PERPETUALFR0013425170

2.27EUR1,770,357.481,600,000.00PROPREATF NETHERLANDS BV VAR PERPETUALXS1508392625

4.45EUR3,466,853.253,200,000.00PROPREBERTELSMANN SE & CO KGAA VAR23/04/2075XS1222591023

0.45EUR350,272.59600,000.00PROPRECASINO GUICHARD TF/TV PERPFR0011606169

5.07EUR3,952,060.633,800,000.00PROPREDANONE SA VAR PERPFR0013292828

2.62EUR2,040,140.051,900,000.00PROPREDEUTSCHE ANNINGTON FINANCE B.V. VARPERPETUALXS1117300837

6.11EUR4,760,545.334,500,000.00PROPREELIA SYSTEM OP SA NV VAR 05/09/2023BE0002597756

2.15EUR1,678,191.481,550,000.00PROPREENBW 3.375% VAR 05/04/2077XS1405770907

5.10EUR3,973,668.513,800,000.00PROPREENEL SPA VAR 24/11/2078XS1713463716

2.07EUR1,612,484.581,400,000.00PROPREENERGIAS DE PORTUGAL SA VAR30/04/2079PTEDPKOM0034

2.36EUR1,839,713.211,800,000.00PROPREENGIE SA VAR PERPFR0013310505

2.06EUR1,609,364.111,550,000.00PROPREEVONIK INDUSTRIES AG VAR 07/07/2077DE000A2GSFF1

1.82EUR1,419,397.751,300,000.00PROPREGAS NATURAL FENOSA TF/ TVPERPETUELXS1139494493

2.00EUR1,561,424.591,500,000.00PROPREGRAND CITY PROPERTIES SA VAR PERPXS1811181566

2.94EUR2,293,412.922,200,000.00PROPREIBERDROLA INTL BV VAR PERPXS1721244371


2.00EUR1,560,950.821,500,000.00PROPREINFINEON TECHNOLOGIES AG VARPERPETUALXS2056730323

1.05EUR819,092.44800,000.00PROPREKONINKLIJKE KPN NV VAR PERPETUALXS2069101868

1.62EUR1,260,807.441,200,000.00PROPREMERCK KGAA VAR 12/12/2074XS1152338072

1.46EUR1,136,014.421,100,000.00PROPREMERCK KGAA VAR 25/06/2079XS2011260531

1.96EUR1,530,750.591,400,000.00PROPREOMV AG VAR PERPETUAL 31/12/2099XS1713462403

4.13EUR3,220,758.773,000,000.00PROPREORANGE SA VAR PERPFR0013413887

1.43EUR1,115,904.141,100,000.00PROPREORANGE SA VAR PERPETUALFR0013447877

0.70EUR547,762.80508,000.00PROPREORANGE TF/TV PERPXS1115490523


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.09EUR1,627,296.981,550,000.00PROPREORSTED ,A/S VAR 24/11/20317XS1720192696

1.52EUR1,180,969.141,100,000.00PROPREREPSOL INTL FINANCE PERPETUALXS1207054666

1.92EUR1,494,449.671,300,000.00PROPRESOLVAY SA VAR PERPETUALBE6309987400

1.09EUR847,085.90800,000.00PROPRESUEZ ENVIRONMENT VAR PERPFR0012648590

2.09EUR1,628,647.421,500,000.00PROPRESUEZ VAR PERPFR0013252061

1.62EUR1,260,481.771,200,000.00PROPRETELEFONICA EUROPE BV VAR PERPXS1731823255


2.63EUR2,049,566.131,900,000.00PROPRETELIA CO AB VAR 04/04/2078XS1590787799

2.79EUR2,176,018.692,000,000.00PROPRETOTAL SA VAR PERPXS1501167164


2.38EUR1,857,697.571,800,000.00PROPREUNIBAIL RODAMCO SE VAR PERPFR0013330529

2.40EUR1,874,097.841,700,000.00PROPREVATTENFALL AB 3% 19/03/2077XS1205618470

2.70EUR2,107,020.002,000,000.00PROPREVODAFONE GROUP PLC VAR 03/01/2079XS1888179477

3.74EUR2,916,103.152,800,000.00PROPREVOLKSWAGEN INTL FIN NV VAR PERPXS1629658755



Liquidites

BANQUE OU ATTENTE




FRAIS DE GESTION












% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Coupons

Obligation

0.08EUR62,000.002,000.00ACHLIGVODAFONE VAR 01/79XS1888179477



100.0077,948,130.47Total ECHIQUIER ALTAROCCA HYBRID BONDS

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER ARTY



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER ARTY













Procedures for determining and allocating distributable sumsA, G, I and R shares: Net income allocation: Accumulation. / Net gain realized allocation: Accumulation.

D share : Net income allocation: Accumulation and/or distribution. / Net gain realized allocation: Accumulation and/or distribution.

Investment objective ECHIQUIER ARTY is a sub-fund whose objective is medium-term performance through a discretionary and opportunisticinvestment strategy on the fixed-income and equity markets with a composite benchmark: 25% MSCI Europe Net Return, 25%Capitalised EONIA, 50% Iboxx Euro Corporate 3-5 years. The sub-fund’s manager seeks to identify the best return/risk ratiooffered by instruments produced by issuers in its investment universe.

Benchmark The composite index (25% MSCI Europe Net Return, 25% Capitalised EONIA, 50% Iboxx Euro Corporate 3-5 years) may be arepresentative indicator for the management of ECHIQUIER ARTY.

The EONIA is calculated by the European Central Bank and represents the overnight interbank reference rate of the eurozone.

The MSCI Europe index is representative of movements on equity markets of Europe’s most developed countries. It is calculatedin euros, with dividends reinvested.

The Iboxx Euro Corporate 3-5 Years index is representative of the performance of corporate bonds in euros. It is calculated in euroswith coupons reinvested.


ECHIQUIER ARTY has a discretionary management style, combining the use of financial instruments (equities, bonds, negotiabledebt securities) and financial futures. In order to achieve the performance objective, the management team sets up strategic andtactical positions. This involves decisions to buy or sell portfolio assets on the basis of economic, financial, and stock marketpredictions.

This gives rise to short- and medium-term directional positions in fixed-income products and in equities. This involves takingportfolio positions in financial instruments based on their potential future appreciation.

Fixed-income management is based on a rigorous selection of securities known as bond-picking, to a large extent based on thequality of the issuer and to a lesser extent on how attractive the yield is on the security in question.

Equity management is based on a rigorous selection of securities known as stock-picking, with the stocks chosen as a result ofimplementing a process involving direct meetings with the companies in which the sub-fund invests. This management methodrelies on a fundamental analysis of each stock, based on an internally developed rating.

On the equity markets, these choices entail purchasing (mainly high-yield) French and European shares from any sector.

ECHIQUIER ARTY is not permitted to invest in securitisation products (ABS, CDO, etc.) or in over-the-counter credit derivatives(CDS, etc.).


ECHIQUIER ARTY

ECHIQUIER ARTY’s maximum exposure to the fixed-income and equity markets is respectively 50% and 110% of its assets throughdirect investments in securities or financial futures. The portfolio’s overall exposure to these two markets will not exceed 110%.

Up to 20% of the sub-fund’s net assets will be exposed to currency risk.

The overall level of investment (on fixed-income and equity markets) can be as high as 110%. Exposure above 100% is notintended to be employed permanently, but rather in order to meet large redemption volumes or in the event of substantial marketfluctuations.


Equities:

Up to 50% of ECHIQUIER ARTY’s assets are invested in equities. The sub-fund will invest mainly in mid-cap and large-cap stockswithout excluding the use of small-cap stocks.

ECHIQUIER ARTY may be invested in equities in all sectors. The equity investment will be in European equities with a focuson high-dividend stocks. However, the sub-fund may invest a maximum of 10% of its assets in stocks listed in a non-EuropeanOECD country or a non-OECD country.

The sub-fund has no minimum equity allocation.


With a minimum investment of 40 %:

- in negotiable debt securities of the Europe zone exclusively. The longest maturity of these securities used in the sub-fund’scash management shall be 5 years.The majority of these securities have an investment grade rating or are considered as such by the management team. However,the sub-fund may invest up to 20% of its assets in securities deemed speculative by rating agencies or in unrated securities.When securities are deemed speculative or unrated, their issuers belong to groups monitored by La Financière del’Echiquier’s internal research.

- in bonds of the Europe zone with a maximum of 10% outside Europe. The longest maturity of these bonds is 12 years, but thesub-fund may invest up to 20% of its assets in longer-maturity bonds. No limits have been set for the proportion of bonds ofsovereign and private issuers in the portfolio. The sub-fund may also invest up to a maximum of 40% of its net assets insubordinated bonds of the banking, insurance, and corporate sectors.

The share of bonds with a rating lower than BBB- or considered as such by the management team (speculative bonds) or unratedbonds shall not exceed 35% of net assets.


The ratings mentioned above are those used by the Fund manager at the time of the initial investment. If a rating is downgradedover the life of an investment, the manager will conduct an analysis on a case-by-case basis and decide whether or not to maintainthe position concerned. The investment limits defined in relation to the assessment of credit risk by the rating agencies maytherefore be adjusted slightly to reflect the management team's own analysis.



Derivatives

ECHIQUIER ARTY regularly trades in financial futures and takes positions on the equity, fixed-income, and currency derivativemarkets with a view to:

- exposing the portfolio in order to fulfil the investment objective, ensure a better risk diversification and reduce the cost oftransactions on the markets in which the sub-fund invests.

- or hedging the portfolio in order to reduce the risk to which the sub-fund is exposed.


- on regulated markets:

• Index, equity, and interest rate futures Index,

• equity, and interest rate options

- on over-the-counter markets, exclusively currency options and forwards with counterparties whose rating is equivalent to orhigher than A (Standard & Poor’s or equivalent).

These transactions shall be limited to 100% of the sub-fund’s assets. The sub-fund is prohibited from carrying out any swaptransactions.

Financial instruments are entered into with intermediaries selected by the management company that have no say on thecomposition or management of the UCITS' portfolio.


ECHIQUIER ARTY


A/ Bonds with early redemption options: the manager may use these bonds (callable or puttable) on the entire bond segmen

B/ Other securities with embedded derivatives: the manager may invest up to 10% of the net assets in securities with embeddedderivatives (warrants, convertible bonds, contingent convertible bonds of the financial sector, subscription warrant, etc.) tradedon regulated or over-the-counter markets. No rating restrictions apply to convertible bonds.



The risk associated with this type of investment will be limited to the amount invested in the purchase.

Deposits

None

Cash borrowings



None






Interest rate risk:

ECHIQUIER ARTY invests at least 40% of its assets in fixed-income products. The Fund's net asset value may fall if interest rates rise.

Credit risk:

ECHIQUIER ARTY has exposure of at least 40% to money market instruments and bonds.


Equity risk:

ECHIQUIER ARTY invests no more than 50% of its assets in equities.




Currency risk:



ECHIQUIER ARTY mainly invests in high yield (“speculative”) securities.



ECHIQUIER ARTY

Risk associated with the use of subordinated bonds:


Risk associated with contingent convertible bonds:

Contingent convertible bonds are subordinated debt securities that are issued by credit institutions or insurance or reinsurancecompanies that are eligible in their regulatory capital requirement and have the specific feature of being convertible into sharesor whose par value may be reduced (write-down mechanism) in the event of a trigger, previously defined in the prospectus. Acontingent convertible bond includes an option to convert into shares at the initiative of the issuer in the event that their financialsituation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion optionmay cause the value of the contingent convertible bonds to decrease by an amount greater than that recorded on other traditionalbonds of the issuer. Under the conditions set out by the contingent convertible bonds concerned, certain trigger events may leadto the main investment and/or accrued interest permanently depreciating to zero or to the conversion of the bond into a share.

- Risk associated with the conversion threshold of contingent convertible bonds: The conversion threshold of a contingentconvertible bond depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into anordinary share. The lower the solvency ratio, the greater the likelihood of conversion.

- Risk of loss or suspension of coupon: Depending on the characteristics of the contingent convertible bonds, the payment ofcoupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.

- Risk of intervention of a regulatory authority at the point of “non-viability”: A regulatory authority determines at any time andin a discretionary manner whether an institution is “not viable”, i.e. the issuing bank requires the support of the public authoritiesto prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable orotherwise continue its activities and requires or requests the conversion of conditional convertible bonds into shares incircumstances outside the issuer’s control.

- Risk of capital inversion: Contrary to the conventional capital hierarchy, investors in contingent convertible bonds may incur aloss of capital that does not affect holders of shares. In certain scenarios, holders of contingent convertible bonds will incurlosses before holders of shares.

- Risk of postponing redemption: Most contingent convertible bonds are issued in the form of instruments of a perpetual maturity,which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed thatperpetual contingent convertible bonds will be reimbursed on the repayment date. Contingent convertible bonds are a type ofpermanent capital. It is possible that the investor may not receive the return on the principal on the expected repayment date orany given date.

- Liquidity risk: In certain circumstances, it may be difficult to find a buyer for contingent convertible bonds, and the seller maybe forced to accept a significant discount on the expected value of the security in order to be able to sell it.



- D share: All investors

- G share: Reserved for financial intermediaries other than the management company


- R share: Reserved for Italian financial intermediaries


The sub-fund is intended for investors wanting exposure to a more bond-orientated management style, with the benefit of flexibilityaffording opportunistic investment on the equity markets.

ECHIQUIER ARTY may be used for variable-capital, unit-linked individual life insurance policies. ECHIQUIER ARTY may beused for investment in UCITS managed by La Financière de l’Echiquier.

The sub-fund may invest in UCITS managed by La Financière de l’Echiquier or by an associate company.

The reasonable amount to invest in ECHIQUIER ARTY depends on the personal situation of the investor. In deciding how muchto invest, investors should take into account their personal and any business assets, their cash requirements at the time and in 5years, and whether they are willing to take risks on fixed-income and equity markets. Investors are also strongly advised todiversify their investments sufficiently so as not to be exposed solely to the risks of this portfolio.



ECHIQUIER ARTY










• AMF approval date ot the sub-fund: May 13, 2008.

• Sicav creation date: December 4, 2018.• Sub-fund creation date: May 30, 2008.


ECHIQUIER ARTY






_______

In 2019 Arty R units gained +9.33% and I units +9.99% compared to 8.42% for the benchmark (50% iBoxx, 25% MSCI EURNR, 25% Eonia).

With average exposure of 30%, the equities position contributed two-thirds of fund performance and the fixed-income position(corporate and convertible bonds) provided the other third. This contribution includes hedging which cost 35bp in equities and50bp in fixed income.

In a risk-on market, encouraged by the latest central bank stimulus measures and generally bullish corporate earnings reports, stockindices ended the year on highs. Arty got the full benefit of the rally having ramped up its equity exposure to a high by year-end(38% at December 31, 2019). Equity performance on the year was +28.2%. Growth strategies were up +45% while value anddividends both gained +18.5%.

Sovereign debt remained highly volatile. The German 10-year bund, for instance, rose +39bp in Q4, its biggest monthly jump sinceJune 2015. Hybrids did well at +11% (annual average weighting 11%) as did convertibles at +5.8% (annual average weighting7%). Classic bonds, however, remain the bedrock of our fixed-income positions with an average weighting of 44% and posted aperformance of +5.2%.

Arty's 52-week volatility fell again, to end the year at an annual low of 3.7%.

Main movements

ARTY FR0010611293 9.33%

ARTY D FR0011667989 8.18%

ARTY G FR0013084043 9.77%

ARTY I FR0011645555 9.99%

ARTY R FR0011039304 8.78%




TELE2 Purchase

CREDIT SUISSE Sale

INTERXION Sale

CREDIT AGRICOLE ASSRNCES 4.250% 31/12/2099 Purchase

NESTLE Sale



ECHIQUIER ARTY




• 3,000 units d’ECHIQUIER ALTAROCCA HYBRID BONDS I

• 9,000 units d’ECHIQUIER CONVEXITE EUROPE I

• 7,000 units d’ECHIQUIER LUXURY I

• 6,000 units d’ECHIQUIER QME I

• 10,000 units d’ECHIQUIER SHORT TERM CREDIT I

• 700 units d’ECHIQUIER WORLD NEXT LEADERS F





















ECHIQUIER ARTY




Remuneration




RT : Risk Takers

* Beneficial owners


ECHIQUIER ARTY





















• draft agenda;


- Sundry items.


• Powers;











ECHIQUIER ARTY














> Control system;





> Other changes;























ECHIQUIER ARTY













GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President




ECHIQUIER ARTY





ECHIQUIER ARTY

annualaccounts

assets


ECHIQUIER ARTY


Net assets - -

Deposits - -

Financial instruments 957,142,473.42 1,217,470,110.79







• DEBT SECURITIES





• MUTUAL FUNDS


34,858,717.80 79,521,302.19


- -


- -


- -









Transactions on a regulated or similar market 471,646.06 886,321.47



Receivables 2,430,328.02 42,866,515.94


Other 2,430,328.02 42,866,515.94



Other assets - -

Total assets 989,297,812.29 1,296,714,759.61

12.31.2019 12.31.2018


ECHIQUIER ARTY


Equity

• Capital 997,233,131.55 1,268,669,329.89


• Retained earnings 47.92 4.40

• Net capital gains and losses for the financial year -18,655,070.23 -29,813,811.16

• Result 9,338,794.05 15,056,975.34

Total equity(amount representing net assets) 987,916,903.29 1,253,912,498.47

Financial instruments 471,646.06 886,321.47









Debts 909,262.94 41,915,939.67


Other 909,262.94 41,915,939.67


Cash credit - -

Borrowings - -

Total liabilities 989,297,812.29 1,296,714,759.61

12.31.201812.31.2019

OFF-balance sheet


ECHIQUIER ARTY

Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019


ECHIQUIER ARTY

Currency EUR EUR









Total (I) 26,617,344.80 40,615,935.28






Total (II) -202,341.47 -104,496.90








12.31.2019 12.31.2018

INCOMEstatement



ECHIQUIER ARTY

1ap

pend
















Practical details




previous day


that day.

appe

ndic

es


ECHIQUIER ARTY



that day.


the previous day


for that day










received" method.









Net assets

A + D sharesMaximum of 1.50%

incl. tax


incl. tax



incl. tax

Maximum of 2.00%incl. tax (1)


Net assets (2)


ECHIQUIER ARTY

appe

ndic

es (1) The 2% includes a maximum distribution commission of 0.5%.

(2) The sub-fund may invest up to 10% of its assets in other UCIs if the management fees donot exceed 2.392%. For further information, please contact the management company.










Details of the rights and conditions attached to each share category A, G, I and R shares: Net income allocation: Accumulation. / Net gain realized allocation:Accumulation.

D share : Net income allocation: Accumulation and/or distribution. / Net gain realizedallocation: Accumulation and/or distribution.




operationNone


appe

ndic

es


ECHIQUIER ARTY

Currency EUR EUR

Net assets at the beginning of the period 1,253,912,498.47 1,493,789,726.36


132,829,806.75 519,933,665.91


-499,976,868.40 -616,553,283.23



Capital gains on financial contracts 6,771,215.85 5,961,340.91

Capital losses on financial contracts -18,178,810.17 -12,064,305.74

Transaction fees -769,561.37 -963,576.21



109,489,980.46 -128,181,262.08




1,065,484.59 -2,175,722.19

- Estimate difference – period N 471,646.06 -593,838.53

- Estimate difference – period N-1 -593,838.53 1,581,883.66


Prior period distribution -85,479.79 -158,882.06



- -


Other items - -

Net assets at the end of the period 987,916,903.29 1,253,912,498.47

12.31.2019 12.31.2018

changes net assets2

appe

ndic

es


ECHIQUIER ARTY




or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -




ECHIQUIER ARTY

appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



45,009,360.00 - - -



AssetsDeposits

- - - - -

Bonds and similar securities - 30,444,379.62 124,485,246.56 203,109,986.26 214,097,174.60



- - - - -



- - - - -



- - - - 45,009,360.00




45,009,360.00 - 11,809,665.92 -




- - - -



appe

ndic

es


ECHIQUIER ARTY





Other Receivables:

Subscription receivable 1,362,577.46

Security deposits (paid) 820,250.56


- -





Other Debts:



- -

- -



By main currency USD CHF GBP Other currencies

AssetsDeposits

- - - -






- - - -

Receivables 165,808.46 - - -

Financial accounts 32,537.13 - - -



- - - -


- - - -

Debts - - - -



11,809,665.92 - - -



ECHIQUIER ARTY

appe

ndic

es3.6. Equity



A share / FR0010611293 63,096.925 98,491,796.34 255,948.449 398,098,092.02

D share / FR0011667989 645.166 675,214.26 4,646.694 4,822,746.48

G share / FR0013084043 2,260.872 2,443,181.88 9,352.906 9,897,957.78

I share / FR0011645555 25,273.86 30,119,301.83 64,408.967 75,771,614.34

R share / FR0011039304 736.559 1,100,312.44 7,646.869 11,386,457.78


D share / FR0011667989 - -

G share / FR0013084043 - -

I share / FR0011645555 - -

R share / FR0011039304 - -


D share / FR0011667989 - -

G share / FR0013084043 - -

I share / FR0011645555 - -

R share / FR0011039304 - -


A share / FR0010611293 - -

D share / FR0011667989 - -

G share / FR0013084043 - -

I share / FR0011645555 - -

R share / FR0011039304 - -


ECHIQUIER ARTY

appe

ndic



A share / FR0010611293 1.50

D share / FR0011667989 1.50

G share / FR0013084043 1.10

I share / FR0011645555 0.90

R share / FR0011039304 2.00


Share class:

A share / FR0010611293 -

D share / FR0011667989 -

G share / FR0013084043 -

I share / FR0011645555 -

R share / FR0011039304 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es


ECHIQUIER ARTY







- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 34,858,717.80


appe

ndic

es


ECHIQUIER ARTY




- - - - -

- - - - -

- - - - -

- - - - -


ECHIQUIER ARTY

appe

ndic



Retained earnings 47.92 4.40

Result 9,338,794.05 15,056,975.34

Total 9,338,841.97 15,056,979.74

12.31.2019 12.31.2018

A share / FR0010611293 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 6,449,305.48 10,844,565.03

Total 6,449,305.48 10,844,565.03




Tax credits - -

D share / FR0011667989 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution 50,084.31 104,198.52

Retained earnings for the period 3.17 82.03

Capitalisation - -

Total 50,087.48 104,280.55


Number of shares 5,479.684 9,481.212

Unit distribution 9,14 10.99

Tax credits - -


ECHIQUIER ARTY

appe

ndic

esG share / FR0013084043 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 213,098.28 351,230.67

Total 213,098.28 351,230.67




Tax credits - -

I share / FR0011645555 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,553,094.67 3,597,396.81

Total 2,553,094.67 3,597,396.81




Tax credits - -

R share / FR0011039304 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 73,256.06 159,506.68




Tax credits - -


ECHIQUIER ARTY

appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -


ECHIQUIER ARTY

appe

ndic




Net capital gains and losses for the financial year -18,655,070.23 -29,813,811.16


Total -18,655,070.23 -29,813,811.16

12.31.2019 12.31.2018

A share / FR0010611293 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -14,440,663.35 -23,448,157.79

Total -14,440,663.35 -23,448,157.79




D share / FR0011667989 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -111,831.96 -224,228.36

Total -111,831.96 -224,228.36





ECHIQUIER ARTY

appe

ndic

esG share / FR0013084043 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -327,697.17 -547,507.34

Total -327,697.17 -547,507.34




I share / FR0011645555 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -3,394,036.98 -4,921,571.14

Total -3,394,036.98 -4,921,571.14




R share / FR0011039304 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -380,840.77 -672,346.53

Total -380,840.77 -672,346.53





ECHIQUIER ARTY

appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: May 30, 2008.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 987,916,903.29 1,253,912,498.47 1,493,789,726.36 1,077,247,105.52 1,210,549,038.50

D share / FR0011667989 SHARE currency: EUR


5,479.684 9,481.212 9,821.729 4,952.281 5,070.961

Net asset value 1,078.21 996.67 1,109.33 1,072.02 1,048.28


- - - - -


9.14 10.99 13.16 21.73 22.38


- - 0.457 0.339 0.204

Unit capitalisation* -20.40 -23.64 13.33 23.48 8.21




469,745.276 662,596.8 681,615.263 500,382.545 591,038.126

Net asset value 1,626.86 1,488.06 1,636.5 1,550.27 1,483.59


- - - - -


- - - - -


- - - - -



appe

ndic

es


ECHIQUIER ARTY



15,602.512 22,694.546 27,336.005 510.405 1

Net asset value 1,114.38 1,015.23 1,112.03 1,049.16 1,000.00


- - - - -


- - - - -


- - - - -

Unit capitalisation* -7.34 -8.64 30.80 47.80 -




148,369.346 187,504.453 248,110.607 235,717.324 270,621.164

Net asset value 1,215.34 1,104.99 1,207.92 1,137.46 1,082.04


- - - - -


- - - - -


- - - - -



appe

ndic

es


ECHIQUIER ARTY

R share / FR0011039304 SHARE currency: EUR


13,051.57 19,961.88 23,872.278 18,506.203 24,823.596

Net asset value 1,539.18 1,414.91 1,563.91 1,488.91 1,432.01


- - - - -


- - - - -


- - - - -




ECHIQUIER ARTY


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

0.71USD7,034,632.5237,500.00PROPREACCENTURE SHS CLASS,AIE00B4BNMY34

0.83EUR8,203,000.0065,000.00PROPREAIR LIQUIDEFR0000120073

0.79EUR7,800,000.00300,000.00PROPREALBIOMAFR0000060402

0.69USD6,802,316.2636,000.00PROPREALIBABA GROUP HOLDING-SP ADRUS01609W1027

0.61EUR6,075,000.0030,000.00PROPREALTAREA REITFR0000033219

0.87USD8,560,149.675,200.00PROPREAMAZON.COM INCUS0231351067


0.67EUR6,592,500.0025,000.00PROPREASML HOLDING N.V.NL0010273215

0.77GBP7,628,989.4485,000.00PROPREASTRAZENECA PLCGB0009895292

0.79GBP7,804,849.27350,000.00PROPRECOMPASS GROUP PLCGB00BD6K4575

0.98CHF9,642,765.17800,000.00PROPRECREDIT SUISSE GROUP AG-NOMCH0012138530

0.44EUR4,371,000.00300,000.00PROPREDEUTSCHE TELEKOM AG-NOMDE0005557508


0.95EUR9,360,000.00650,000.00PROPREENGIE SAFR0010208488

0.83USD8,208,106.90110,000.00PROPREEOG RESOURCESUS26875P1012

0.72EUR7,074,600.00260,000.00PROPREEVONIK INDUSTRIES AGDE000EVNK013


0.52EUR5,185,950.00165,000.00PROPREGRIFOLS SAES0171996087


0.54SEK5,343,873.14167,393.00PROPREINDUTRADE ABSE0001515552

0.82EUR8,124,000.00400,000.00PROPREINFINEON TECHNOLOGIES AG-NOMDE0006231004


0.73EUR7,221,500.0065,000.00PROPREKERRY GROUP AIE0004906560

0.24EUR2,382,500.00100,000.00PROPRELA FRANCAISE DES JEUX SAFR0013451333


ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.46CHF4,548,029.8714,000.00PROPRELONZA GROUP AG NCH0013841017

0.72EUR7,074,000.00900,000.00PROPREMELIA HOTEL INTLES0176252718

0.85USD8,429,398.6660,000.00PROPREMICROSOFT CORPUS5949181045

0.68EUR6,728,600.001,700,000.00PROPRENATIXISFR0000120685

0.63CHF6,264,210.2965,000.00PROPRENESTLE SACH0038863350

0.77SEK7,578,738.85490,000.00PROPRENIBE INDUSTRIER AB SHS BSE0008321293

1.00DKK9,831,312.56190,000.00PROPRENOVO NORDISKDK0060534915

0.46EUR4,592,000.00350,000.00PROPREORANGEFR0000133308

0.74EUR7,299,500.00325,000.00PROPRERELX PLCGB00B2B0DG97

0.58CHF5,776,093.5920,000.00PROPREROCHE HOLDING LTDCH0012032048

0.81USD7,968,997.7755,000.00PROPRESALESFORCE.COMUS79466L3024

0.71EUR7,031,250.00375,000.00PROPRESALVATORE FERRAGAMOIT0004712375

1.04EUR10,227,200.0085,000.00PROPRESAP SEDE0007164600

0.74EUR7,264,000.00400,000.00PROPRESPIE SAFR0012757854

0.52EUR5,186,000.00400,000.00PROPRESTORA ENSO OYJ-RFI0009005961

0.82SEK8,142,934.69900,000.00PROPRESVENSKA CELLULOSA SCA ABSE0000112724

0.71CHF7,045,362.5750,000.00PROPRETEMENOS AG-NOMCH0012453913


0.97EUR9,594,000.00195,000.00PROPRETOTALFR0000120271

0.58EUR5,700,000.00500,000.00PROPRETUIDE000TUAG000

0.46EUR4,518,500.00175,000.00PROPREVIVENDIFR0000127771


0.52USD5,153,853.0140,000.00PROPREWALT,DISNEY CO/THEUS2546871060

0.77EUR7,578,000.00120,000.00PROPREWORLDLINEFR0011981968

35.40349,675,322.52Total Action

Obligation

0.64EUR6,323,259.456,000,000.00PROPREACCOR 1.25% 25/01/2024FR0013233384

0.19EUR1,866,183.171,600,000.00PROPREALLIANZ SE TV PERPETUALDE000A1YCQ29

1.08EUR10,634,585.2510,000,000.00PROPREALTAREA 2.25% 05/07/2024FR0013266525

0.26EUR2,575,141.872,500,000.00PROPREAMADEUS CAP MARKT 1.625% 17/11/2021XS1322048619


ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.20EUR2,004,887.922,000,000.00PROPREAMADUES CAP MARKET 0.125% 06/10/2020XS1501162876

0.30EUR2,996,520.003,000,000.00PROPREAMERICA MOVIL SAB DE CV CONV28/05/2020XS1238034695

0.73EUR7,189,152.616,600,000.00PROPREAREVA SA 3.125% 20/03/2023FR0011791391

0.31EUR3,100,993.613,000,000.00PROPREAREVA 3.25% 04/09/2020FR0011560986

0.92EUR9,127,740.988,000,000.00PROPREAXA TF-2024 / TV PERPETUALXS1134541306

0.68USD6,698,683.757,248,000.00PROPREAXA 5.5% PERPXS0876682666

0.51EUR5,075,013.465,000,000.00PROPREBANCO SANTANDER SA VAR PERPXS1043535092

0.72EUR7,091,135.607,000,000.00PROPREBANKINTER SA 0.875% 08/07/2026ES0213679HN2

0.21EUR2,080,356.282,000,000.00PROPREBANQUE FED CRED MUTUEL 4% 22/10/2020XS0548803757

0.64EUR6,319,124.008,000,000.00PROPREBANQUEFEDERATIVEDUCREDITMUTUELTF/TVPERPXS0207764712

0.31EUR3,059,298.203,000,000.00PROPREBBVA 0.75% 11/09/2022XS1678372472

0.31EUR3,044,124.103,000,000.00PROPREBECTON DICKINSON EURO 0.632%04/06/2023XS2002532567


0.21EUR2,110,866.232,000,000.00PROPREBENI STABILI SPA 1.625% 17/10/2024XS1698714000

0.22EUR2,166,783.282,000,000.00PROPREBERTELSMANN SE & CO KGAA VAR23/04/2075XS1222591023

0.23EUR2,279,290.492,000,000.00PROPREBERTELSMANN SE AND CO KGAA VAR23/04/2075XS1222594472

0.41EUR4,052,774.104,000,000.00PROPREBMW FINANCE NV 0.375% 10/07/2023XS1747444245

0.64EUR6,336,549.026,000,000.00PROPREBNP PARIBAS TF/TV 20/03/2026XS1046827405

0.62EUR6,174,327.205,500,000.00PROPREBNP PARIBAS 6.125% PERPXS1247508903

0.74EUR7,328,401.647,000,000.00PROPREBOLLORE SA 2% 25/01/2022FR0013233426

0.32EUR3,155,818.363,000,000.00PROPREBPCE TF/TV 08/07/26FR0012018851

0.50USD4,982,412.775,000,000.00PROPREBPCE 5.7% 22/10/2023US05578UAA25

0.21EUR2,048,055.622,000,000.00PROPREBUREAU VERITAS SA,1.125% 18/01/2027FR0013460607

0.27EUR2,688,842.142,600,000.00PROPREBUREAU VERITAS SA,1.25% 07/09/2023FR0013201084

0.42EUR4,149,255.304,000,000.00PROPRECAPGEMINI SE 1% 18/10/2024FR0013327962

0.24EUR2,335,150.584,000,000.00PROPRECASINO GUICHARD TF/TV PERPFR0011606169

0.45EUR4,472,025.364,000,000.00PROPRECELLNEX TELECOM SA,0.5% CV 05/07/2028XS2021212332

0.46EUR4,497,613.994,000,000.00PROPRECELLNEX TELECOM ,SA 2.875% 18/04/2025XS1551726810

0.43EUR4,234,932.024,000,000.00PROPRECNH INDUSTRIAL FIN EUR S 1.75%12/09/2025XS1678966935

0.64EUR6,304,873.286,000,000.00PROPRECNP ASSURANCES 1.875% 20/10/2022FR0013213832


ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus



0.62EUR6,136,794.786,000,000.00PROPRECREDIT AGRICOLE SA 4.5% 30/06/2020FR0010905133

0.90EUR8,859,815.228,500,000.00PROPRECREDIT MUTUEL ARKEA 1.25% 31/05/2024FR0013258936

0.35EUR3,442,117.843,300,000.00PROPRECREDIT SUISSE GROUP AG VAR 17/07/2025CH0343366842

0.75EUR7,403,130.777,000,000.00PROPRECREDIT SUISSE 5.75% 18/09/2025XS0972523947


0.49EUR4,832,850.00150,000.00PROPREELIS,SA 0%, CV 06/10/2023 DIRTYFR0013285707

0.48EUR4,733,893.774,500,000.00PROPREELIS SA 1.75% 11/04/2024FR0013413556


0.42EUR4,161,152.574,000,000.00PROPREENEL FINANCE INTL NV 1% 16/09/2024XS1550149204

0.37EUR3,642,737.153,400,000.00PROPREENEL FINANCE INTL NV 1.5% 21/07/2025XS1937665955



0.78EUR7,707,438.367,000,000.00PROPREEXOR SPA 2.5% 08/10/2024XS1119021357

0.61EUR6,059,796.505,800,000.00PROPREFAURECIA 2.625% 15/06/2025XS1785467751

0.10EUR1,033,203.991,000,000.00PROPREFCA,BANK SPA IRELAND 1.25% 21/06/2022XS1954697923

0.35EUR3,505,214.713,500,000.00PROPREFFP,1.875% 30/10/2026FR0013457405

0.23EUR2,321,057.052,000,000.00PROPREFIAT,CHRYSLER AUTOMOBILE 3.750%29/03/2024XS1388625425

0.23EUR2,277,124.812,000,000.00PROPREFIAT FINANCE & TRADE 4.75% 15/07/2022XS1088515207

0.20EUR1,973,839.081,800,000.00PROPREFIAT FINANCE AND TRADE,LTD S.A 4.75%22/03/2021XS1048568452

0.14EUR1,348,345.381,300,000.00PROPREFNAC DARTY SA 1.875% 30/05/2024XS1987729412

0.32EUR3,136,850.003,000,000.00PROPREFRESENIUS FINANCE 3% 01/02/21XS1013955379

0.15EUR1,500,358.611,500,000.00PROPREFRESENIUS MEDICAL CARE A,0.25%29/11/2023XS2084510069


0.39EUR3,829,727.233,288,000.00PROPREFRESENIUS 4% 01/02/2024XS1026109204


0.31EUR3,110,491.073,000,000.00PROPREGAS NATURAL FENOSA FINAN 0.875%15/05/2025XS1718393439

0.74EUR7,271,754.927,000,000.00PROPREGEMALTO NV 2.125% 23/09/2021XS1113441080

0.43EUR4,207,230.824,000,000.00PROPREGLENCORE FINANCE EUROPE 1.875%13/09/2023XS1489184900



ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.73EUR7,234,787.787,000,000.00PROPREGRIFOLS SA 3.2% 01/05/2025XS1598757760

0.31EUR3,043,025.903,000,000.00PROPREHAVAS 1.875% 08/12/20FR0013066669

0.83EUR8,154,186.348,100,000.00PROPREILIAD SA 1.5% 14/10/2024FR0013287273


0.33EUR3,244,026.163,000,000.00PROPREIMMOFINANZ AG 2.625% 27/01/2023XS1935128956


0.36EUR3,564,444.373,500,000.00PROPREINGENICO GROUP SA 1.625% 13/09/2024FR0013281946

0.52EUR5,165,010.0030,000.00PROPREINGENICO GROUP 0% 26/06/2022 CONVFR0012817542

0.33EUR3,254,391.693,100,000.00PROPREINGENICO 2.5% 20/05/2021FR0011912872

0.29EUR2,816,477.312,800,000.00PROPREINTESA SANPAOLO SPA 0.75% 04/12/2024XS2089368596


0.32EUR3,119,322.953,000,000.00PROPREINTESA SANPAOLO 2% 18/06/2021XS1077772538

0.25EUR2,457,277.332,400,000.00PROPREKONINKLIJKE KPN NV VAR PERPETUALXS2069101868

0.63EUR6,193,730.826,000,000.00PROPRELA BANQUE POSTALE 1% 16/10/2024FR0013286838

0.46EUR4,583,574.844,500,000.00PROPRELAGARDERE SCA 1.625% 21/06/2024FR0013262912

0.87EUR8,570,729.628,000,000.00PROPRELAGARDERE 2.75% 13/04/2023FR0013153160

0.10EUR1,030,954.151,000,000.00PROPRELONDON STOCK EXCHANGE PL 0.875%19/09/2024XS1685653302

0.35EUR3,443,680.0080,000.00PROPREMAISONS DU MONDE SA 0.125% DIRTY CV06/12/2023FR0013300381

0.53EUR5,193,060.965,000,000.00PROPRENCORE FINANCE (EUROPE) S.A. 1.625%18/01/2022 EMTNXS1110430193



1.11EUR10,982,481.789,000,000.00PROPREORANGE TF-2024/TV PERPETUELXS1028599287

0.57EUR5,625,715.765,200,000.00PROPREPEUGEOT SA 2% 23/03/2024FR0013245586

0.30EUR2,994,258.322,900,000.00PROPREPLASTIC OMNIUM 2.875% 29/0/20FR0011502830


0.07EUR709,683.72700,000.00PROPREPSA BANQUE FRANCE 0.5% 12/04/2022XS1980189028

0.24EUR2,403,999.442,100,000.00PROPRERABOBANK NEDERLAND 3.875% 25/07/2023XS0954910146

0.21EUR2,083,136.122,000,000.00PROPRERCI BANQUE SA 1.375% 08/03/2024FR0013241361


0.59EUR5,799,265.895,700,000.00PROPRERCI BAQUE SA 0.75% 12/01/2022FR0013230737


ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.42EUR4,137,722.304,000,000.00PROPRERYANAIR LTD 1.125% 10/03/2023XS1199964575

0.37EUR3,682,424.073,600,000.00PROPRESANTAN CONSUMER FINANCE 1%26/05/2021XS1413580579

0.42EUR4,161,473.334,000,000.00PROPRESCHAEFFLER FINANCE BV 3.25% 15/05/2025XS1212470972

0.31EUR3,031,417.053,000,000.00PROPRESCHNEIDER ELECTRIC SE 0.25% 09/09/2024FR0013201308

0.28EUR2,793,413.252,400,000.00PROPRESCOR TF/TV PERPFR0012199123

0.42EUR4,167,933.774,000,000.00PROPRESEB SA 1.5% 31/05/2024FR0013259116


0.44EUR4,343,791.114,000,000.00PROPRESMURFIT KAPPA ACQUISITIO 2.375%01/02/2024XS1555147369

0.22EUR2,171,139.022,000,000.00PROPRESOCIETE GENERALE TF/TV PERPETUALXS0867620725

0.21EUR2,090,021.112,000,000.00PROPRESOCIETE GENERALE TF/TV 16/09/2026XS1110558407

0.35EUR3,448,426.253,400,000.00PROPRESOCIETE GENERALE 0.5% 13/01/2023XS1718306050

0.42EUR4,120,193.224,000,000.00PROPRESOCIETE GENERALE 1% 01/04/2022XS1538867760

0.66EUR6,547,903.396,500,000.00PROPRETELECOM ITALIA SPA CV 1.125% 26/03/2022XS1209185161

0.43EUR4,281,541.644,000,000.00PROPRETELECOM ITALIA SPA 2.5% 19/07/2023XS1551678409

0.35EUR3,476,746.033,000,000.00PROPRETELEFONICA EMISIONES SAU 3.987%23/01/2023XS0874864860


1.05EUR10,333,223.619,600,000.00PROPRETELEPERFORMANCE 1.875% 02/07/2025FR0013346822

0.30EUR2,974,453.363,000,000.00PROPRETHERMO FISHER SCIENTIFIC 0.125%01/03/2025XS2058556296

0.72EUR7,128,421.317,000,000.00PROPRETHYSSENKRUPP AG 1.375% 03/03/2022DE000A2BPET2

0.53EUR5,219,830.605,000,000.00PROPRETHYSSENKRUPP AG 2.750% 08/03/2021DE000A2AAPF1



0.52EUR5,144,480.745,000,000.00PROPRETUI AG 2.125% 26/10/2021XS1504103984

0.21EUR2,078,352.006,000.00PROPREUNIBAIL 0% 01/01/2022 CVFR0012658094


0.71EUR7,062,486.677,000,000.00PROPREUNICREDIT SPA FRN 03/05/2025IT0005087116

0.43EUR4,210,503.834,000,000.00PROPREUNICREDIT SPA TF-2020 / TV 28/10/2025XS0986063864

0.62EUR6,115,730.966,000,000.00PROPREUNILEVER NV 0.375% 14/02/2023XS1566100977


0.26EUR2,598,173.772,500,000.00PROPREVIVENDI SA 1.125% 24/11/2023FR0013220399


ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.30EUR3,012,014.263,000,000.00PROPREVOLKSWAGEN LEASING GMBH 0.25%05/10/2020XS1692348847

1.04EUR10,306,091.8010,000,000.00PROPREWENDEL SA 1.00% 20/04/2023FR0013213709

0.40EUR3,982,043.504,000,000.00PROPREWORLDLINE SA FRANCE 0.25% 18/09/2024FR0013448032



O.P.C.V.M.

0.16EUR1,593,690.007,000.00PROPREECHIQUIER LUXURY I CAPFR0010458265

0.32EUR3,191,010.003,000.00PROPREECHIQUIER ALTAROCCA HYBRID BONDSPART IFR0013217999

1.33EUR13,129,740.009,000.00PROPREECHIQUIER CONVEXITE EUROPE PART IFR0010383448

0.63EUR6,199,620.006,000.00PROPREECHIQUIER QME ACT IFR0013133618

1.01EUR9,996,119.8010,000.00PROPREECHIQUIER SHORT TERM CREDIT IFR0013390564

0.08EUR748,538.00700.00PROPREECHIQUIER WORLD NEXT LEADERS FFR0013423365

3.5334,858,717.80Total O.P.C.V.M.


Liquidites

APPELS DE MARGES

-0.04EUR-403,920.000.00PROPREAPPEL MARGE EUR

-0.01USD-67,726.060.00PROPREAPPEL MARGE USD

-0.05-471,646.06Total APPELS DE MARGES

BANQUE OU ATTENTE



0.00USD32,537.130.00PROPREBANQUE USD BPP

0.14EUR1,362,577.460.00PROPRESOUS RECEV EUR BPP


DEPOSIT DE GARANTIE

0.02USD165,808.460.00PROPREDEP GAR S/FUT USD

0.07EUR654,442.100.00PROPREGAR SUR MAT FERM V

0.08820,250.56Total DEPOSIT DE GARANTIE

FRAIS DE GESTION





ECHIQUIER ARTY

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus






Futures

Change ( Livraison du sous-jacent )

0.01USD67,726.0694.00ACHLIGEURO FX 0320EC180320

0.0167,726.06Total Change ( Livraison du sous-jacent )

Taux ( Livraison du sous-jacent )

0.04EUR403,920.00-264.00VENLIGEURO BUND 0320RX100320

0.04403,920.00Total ,Taux ( Livraison du sous-jacent )

0.05471,646.06Total Futures

Coupons

Action

0.03EUR247,500.005,500,000.00ACHLIGVODAFONE GROUPGB00BH4EUR39



100.00987,916,903.29Total ECHIQUIER ARTY

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ECHIQUIERCONVEXITEEUROPE



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ECHIQUIER CONVEXITE EUROPE













Procedures for determining and allocating distributable sums: A, G, I shares:

Net income allocation: Accumulation.

Net gain realized allocation: Accumulation.

D share:

Net income allocation: Accumulation and/or distribution.

Net gain realized allocation: Accumulation and/or distribution.

Investment objective ECHIQUIER CONVEXITÉ EUROPE implements active management of European convertible bonds to achieve an annualperformance net of fees greater than that of the benchmark “Exane Convertibles Index Europe”.

Benchmark For a subsequent comparison, investors may refer to the benchmark “Exane Convertibles Index Europe” (code EECIEECI). Thisindex is representative of the performance of European convertible bonds, coupons reinvested. It is calculated in euros.


The sub-fund manages a portfolio of convertible bonds on a discretionary basis. It invests mainly in “mixed” European convertiblebonds and equivalent securities.

Convertible bonds usually enable investors to benefit from the upside in equities while benefiting from the protection providedby the bond component of the security. They also have an “asymmetrical” return profile, since they capture a greater share of themarkets’ performance when they rise than when they fall.

The Fund emphasises investment in mixed convertible bonds, as they enable this asymmetry to be optimised. In fact, more than othersecurities, convertible bonds are sufficiently sensitive to movements in the equity markets to take advantage of market rises when theyoccur because of their delta. However, they remain sufficiently close to their actuarial floor so that the floor can provide protectionin the event that markets fall. These securities, which have a high convexity level, are therefore particularly attractive, given their abilityto capture performance in the event that markets rise and to minimise the impact of their falls in the opposite case.

In order to maximise the risk-return ratio, management follows a strict process and is subject to systematic checks. Themanagement process combines several complementary approaches:

A global allocation that involves exposure to the equity markets, to interest rates, to volatility and to credit A selection of underlyingequities.



A selection of convertible bonds according to their features, which enables performance and the risk associated with the underlyingasset to be optimised.

The process therefore combines fundamental and quantitative analyses and is based on specific convertible bond analysis.Moreover, it is in line with a thorough framework involving an in-depth analysis of sectors and sensitivity to equity markets.

In fact, when seeking performance from this strategy, a greater emphasis is placed on the convertible bonds’ “equity” componentthan on the inherent bond characteristics (duration, credit): managers will select securities where they believe that the underlyingequity will appreciate in value while the credit remains stable or improves. Since this assessment by the managers of the credit riskassociated with each issuer is an integral part of the management process, the sub-fund does not set any particular limits in termsof external ratings. Investments in unrated or high-yield securities may therefore represent up to 100% of the sub-fund’s assets.

As part of the more specific underlying asset selection process, the macro-economic process is followed by an analytical processcombining fundamental and quantitative approaches.

The process therefore combines fundamental and quantitative analyses and is based on specific convertible bond analysis.Moreover, it is in line with a thorough framework involving an in-depth analysis of sectors and sensitivity to equity markets.

In fact, when seeking performance from this strategy, a greater emphasis is placed on the convertible bonds’ “equity” componentthan on the inherent bond characteristics (duration, credit): managers will select securities where they believe that the underlyingequity will appreciate in value while the credit remains stable or improves. Since this assessment by the managers of the credit riskassociated with each issuer is an integral part of the management process, the sub-fund does not set any particular limits in termsof external ratings. Investments in unrated or high-yield securities may therefore represent up to 100% of the sub-fund’s assets.

As part of the more specific underlying asset selection process, the macro-economic process is followed by an analytical processcombining fundamental and quantitative approaches.

A database and “scoring” method enables the full benchmark universe to be screened. The manager thus rates the equitiesaccording to their valuation, their quality, their growth, and their momentum. This analysis is meant to be a dynamic process, asit is performed according to different horizons.

The next stage consists in finding convertible bonds with features that reflect and optimise the predefined target portfolio. In thiscontext, several criteria enable the convertible bonds that form the portfolio to be selected, including:

Limiting the conversion premium Limiting the risk of loss

Limiting the price of the contingent option Limiting the credit risk

Between 60% and 100% of the sub-fund’s assets are invested at all times in European convertible bonds and equivalent securities.A maximum of 20% of the sub-fund’s assets are exposed to other OECD (non-EU) countries. This category also includes thesynthetic exposure created by the managers with a view to replicating the risk profile of a convertible bond. Such a risk profilemay be obtained, for instance, by investing in a negotiable debt security or a conventional bond and a share option.

The sub-fund may invest up to a maximum of 10% of its assets directly in equities, such a limit being likely to be approximatedonly in investment or very specific situations: the convertible market is more expensive than the shares, bonds converted intoshares, etc. Most of the time, direct investment in shares is incidental.

Geographical allocations among the various European markets are at the manager’s discretion. The portfolio’s interest ratesensitivity is kept within the [0 ; 7] range.

Managers may invest up to 10% of the Fund in UCITS units or shares when they consider that such an investment serves themanagement strategy or when it is used to achieve a return on cash holdings.

Derivatives may be used to address various kinds of portfolio risk, including currency (see below), equity and interest-rate risk,either as a hedge or to gain exposure (primarily to replicate the risk of a convertible bond and manage interest-rate sensitivity)and credit risk, but only to buy protection (single-name CDS or index-based).

The sub-fund invests primarily in organised futures markets (where there is a clearing house) but reserves the right to enter intoOTC contracts.

The Fund’s policy is to neutralise the currency risk associated with investments in assets denominated in currencies other thanthe euro as much as possible. It may also take into account the implicit currency risk that appears, for example, when a convertiblebond and the underlying security are not denominated in the same currency. On an incidental basis, the manager may create netexposure to a currency, particularly when that currency is included in their benchmark index.

Total net sensitive exposures (i.e. above 1%) to currencies other than the euro shall be less than 10% of net assets in allcircumstances. Total risk on the sub-fund’s financial contracts is calculated using the commitment calculation method and isalways less than 100% of net assets.


The manager may invest in all the asset categories listed below, with no specific sector or geography constraints (in Europe).

Equities:

The portfolio may invest directly in European equities within a 10% limit.

The manager is only likely to approach that limit when waiting to invest or in very specific situations, including where the



convertible bond market is more expensive than the equity market or in technical cases. In most cases, direct investment in equitiesis incidental.

Examples of technical situations include situations where shares are held:

- following the conversion of convertible bonds

- following the exchange of exchangeable bonds

- following a call by the issuer

- following repayment in shares by the issuer

- while waiting to build a synthetic convertible bond.


Between 60% and 100% of the sub-fund’s assets are invested at all times in European convertible bonds and equivalent securities.This category also includes the synthetic exposure created by the managers with a view to replicating the risk profile of a convertiblebond. A risk profile of this type may, for example, be obtained by investing in a negotiable debt security and in an equity option.

The issuers of these instruments may be private or public entities based in Europe or that have parent companies based there orwhere the underlying assets are listed on European markets. These bonds, which are usually issued with maturities of betweenthree and five years, include but are not limited to the following:

- Bonds convertible into shares. Convertible bonds with equity warrants attached, low-coupon convertible bonds with a callpremium, and OCEANE bonds (bonds convertible or exchangeable into new or existing shares) will also be an investment target;

- Index-linked bonds;

- Bonds redeemable in shares;

- Bonds exchangeable into shares (ORA, ORANE, ORABSA);

- Bonds with share subscription warrants (OBSA, OBSAR).

The sub-fund may invest up to a maximum of 40% of its net assets in subordinated bonds of the banking, insurance, and corporatesectors.

It may also invest in negotiable debt securities, primarily to invest its short-term cash.



Derivatives

Derivatives may be used to address the portfolio’s various types of risk. The sub-fund invests primarily in organised futuresmarkets (where there is a clearing house) but reserves the right to enter into OTC contracts when these contracts are better suitedto the management objective or their transaction costs are lower. It may use all types of futures and options.

The main types of applications and of instruments likely to be used, depending on the risks involved, are as follows:

- Equity risk: as a hedge or to replicate the risk profile of a convertible bond; the instruments involved are options and futures.

- Interest rate risk: mainly to reduce or alter the portfolio’s sensitivity; the instruments are mainly futures and swaps.

- Credit risk: only to buy protection, through single-signature CDS or index-based instruments.

- Currency risk: the sub-fund’s policy is to neutralise currency risk relating to investments in assets denominated in currencies otherthan the euro as much as possible. It may also take into account the implicit currency risk that appears, for example, when aconvertible bond and the underlying security are not denominated in the same currency. On an incidental basis, the manager maycreate net exposure to a currency, particularly when that currency is included in their benchmark index.

Total net sensitive exposures (i.e. above 1%) to currencies other than the euro shall be less than 10% of net assets in allcircumstances. The instruments used are swaps and forward contracts.

These transactions shall be limited to 100% of the sub-fund’s assets. The financial instruments are concluded with intermediariesselected by the management company that have no power over the composition or management of the portfolio.


When they are required or more beneficial, securities with embedded derivatives (EMTN, BMTN, contingent convertible bondsof the financial sector, subscription and other warrants, etc.) may be used instead of assets or derivative instruments, with the samepurpose as that for which such assets or derivative instruments would have been used. In this context, all the securities authorisedby applicable regulations may be used.

Deposits

None



Cash borrowings



None




Risk associated with investing in convertible bonds:

The value of convertible bonds depends on the following factors, among others: yield, credit rating, the equity, and the price ofthe option built into the convertible bond. These factors may lead to a decline in the net asset value.



Equity risk:


Interest rate risk:


Credit risk:


Currency risk:

Currency risk concerns the portfolio’s investments that are denominated in non-euro currencies.


Counterparty risk:



The sub-fund should be considered speculative in part and is intended especially for investors who are aware of the risks inherentin investments in securities with a low or non-existent rating.





Contingent convertible bonds are subordinated debt securities that are issued by credit institutions or insurance or reinsurancecompanies that are eligible in their regulatory capital requirement and have the specific feature of being convertible into sharesor whose par value may be reduced (write-down mechanism) in the event of a trigger, previously defined in the prospectus. Acontingent convertible bond includes an option to convert into shares at the initiative of the issuer in the event that their financialsituation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion option



may cause the value of the contingent convertible bonds to decrease by an amount greater than that recorded on other traditionalbonds of the issuer. Under the conditions set out by the contingent convertible bonds concerned, certain trigger events may leadto the main investment and/or accrued interest permanently depreciating to zero or to the conversion of the bond into a share.









- D share: Reserved for institutional investors




An investor who subscribes to this sub-fund wishes to benefit from most of the upside in European equity markets while beingaffected to a lesser degree by any downturn in those markets.

The reasonable amount to invest in this UCITS depends on your personal situation. In order to determine that amount, you shouldconsider your personal wealth and your current requirements, as well as whether you want to take risks or instead prefer a cautiousinvestment stance. Furthermore, you are strongly advised to diversify your investments in order to avoid being exposed solely tothe risks of this UCITS.







Under the United States FATCA regulations (Foreign Account Tax Compliance Act), investors may be required to provide the UCI,



the management company or their agent with information on their personal identity and place of residence (domicile and taxresidence) for the purpose of identifying "US persons", as defined by FATCA. This information may be sent to the United Statestax authorities via the French tax authorities. The failure by investors to fulfil this obligation may result in the deduction of a 30%withholding tax on US source income. Notwithstanding the efforts of the management company in relation to FATCA, investorsare asked to ensure that the financial intermediary they have used to invest in the Fund has "Participating FFI" status. For moreinformation, investors should contact a tax adviser.




• Sicav creation date: December 4, 2018• Sub-fund creation date: Octobre 12, 2006.








_______

Convertibles has a good year 2019 helped by equity markets up sharply (+25% for the SX5E). The new macroeconomics linkedto the progress with Brexit and especially, the negotiations between China and the US brought volatility to prices. In this climateof uncertainty, the central banks lent their support, retaining very accommodating policies and pulling the long rates to historiclows (-0.71% for the German 10 year rate in August). Echiquier Convexité Europe was able to take advantage of these conditionsthanks to the mobility of its exposure to equities and to scrupulous management of the fund's bond floor distance.

The optional segment contributed for nearly half of the performance, in particular thanks to the strategies implemented on Luxury(LVMH +57 bp of contribution), technology (ASML +64bp, SAP +54 bp) or industry (AIRBUS +32 bp, SAFRAN +44bp). Inthe convertible segment, performance was driven by STMICROELECTRONICS (+107 bp) and CELLNEX (+79 bp) of whichthe sharp increase offsets the disappointments linked to UBISOFT (-24 bp following a very important warning on its resultslinked to the failure of the latest opus of Ghost Recon Breakpoint) and TULLOW OIL (-15 bp, after the departure of the CEOand the review downward of the production objectives for the upcoming years).

The primary market has remained dynamic: 34 issues for 17 billion have offset the early reimbursements those reaching maturity.Note that the new positions remain highly diversified with the market regulars Vodafone, JPM or Air France, which are mixingwith the new entrants such as Ocado, TakeAway or Neoen.

Echiquier Convexité Europe managed to absorb more than 30% of the increase in the equity markets and closed out the year at+7.92% compared to +11.4% for its benchmark index, the Exane Convertibles Europe.

Main movements


Echiquier Convexité Europe A FR0010377143 7.17%

Echiquier Convexité Europe D FR0010979039 7.55%

Echiquier Convexité Europe G FR0013299286 7.75%

Echiquier Convexité Europe I FR0010383448 7.92%

JP MORGAN CHASE BANK NA CV 0.000% 18/09/2022 Purchase

VEOLIA ENVIRONNEMENT CV 0.000% 15/03/2021 Sale

VODAFONE GROUP PLC CV 0.000% 26/11/2020 Sale

APERAM CV 0.625% 08/07/2021 Sale

RAG / EVONIK CV 0% 02/2021 Sale

































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 562,330.55 1,100,178.63


Other 562,330.55 1,100,178.63



Other assets - -

Total assets 171,686,178.25 180,776,070.98

12.31.2019 12.31.2018




Equity

• Capital 173,000,122.31 180,227,778.01



• Net capital gains and losses for the financial year -1,527,288.30 -995,053.79

• Result -319,647.67 436,415.05











Debts 30,733.37 144,337.45


Other 30,733.37 144,337.45

Financial accounts 7.12 696,118.58

Cash credit 7.12 696,118.58

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -




- Options market (Options) 33,096,147.74 17,097,568.40


- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 1,130,694.72 2,172,332.08






Total (II) -50,552.87 -31,206.26




Net income for the period (L.214-9-17-1) (I - II + III - IV) -317,187.67 493,944.90



Income (I - II + III - IV +/- V - VI): -319,647.67 436,415.05

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details



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previous day


that day.



that day.


the previous day


for that day










received" method.









Net assets


incl. tax


incl. tax



incl. tax

D shareMaximum of 0.70 %

incl. tax



appe

ndic











Details of the rights and conditions attached to each share category A, G, I shares:



D share:

Net income allocation: Accumulation and/or distribution.

Net gain realized allocation: Accumulation and/or distribution.



Net assets (*)



operationNone


appe

ndic

es



Currency EUR EUR



46,018,727.77 41,696,427.59


-67,792,795.92 -66,015,548.77






Foreign exchange differences 1,310,564.55 864,108.72


10,097,638.30 -10,624,631.96




4,624,948.96 -4,759,102.64

- Estimate difference – period N -390,608.26 -5,015,557.22

- Estimate difference – period N-1 -5,015,557.22 -256,454.58


Prior period distribution -38.54 -54.26

Net income for the period before adjustment accounts -317,187.67 493,944.90


- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -

Obligations,convertibles 160,122,134.84 -

Obligations,à,taux,fixe - -

Obligations,à,taux,variable 1,144,697.27 -


Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -

Financial accounts - - - 7.12


11,625,810.00 - - -



AssetsDeposits

- - - - -

Bonds and similar securities 3,320,720.77 8,841,211.94 65,894,986.20 41,716,699.56 41,493,213.64



- - - - -



- - - - -

Financial accounts 7.12 - - - -


- - - 11,625,810.00 -




11,625,810.00 - 27,333,689.81 -




- 33,096,174.74 - -



appe

ndic

es







Other Receivables:

security deposits (paid) 490,515.16



- -





Other Debts:


- -

- -

- -



By main currency USD CHF GBP Other currencies

AssetsDeposits

- - - -


Bonds and similar securities 21,708,087.80 5,153,217.32 4,029,055.90 -




- - - -

Receivables 254,708.24 111,290.98 128,747.57 -

Financial accounts 2,014,849.82 158,568.45 629,804.33 6.34



- - - -


- - - -

Debts - - - -



17,840,133.63 5,487,656.82 4,005,899.36 -




appe

ndic

es3.6. Equity



A share / FR0010377143 9,039.459 11,881,272.57 9,670.592 12,582,300.19

D share / FR0010979039 - - - -

G share / FR0013299286 6,972.271 689,678.26 5,607.327 556,048.53

I share / FR0010383448 23,244 33,447,776.94 38,204.336 54,654,447.20


D share / FR0010979039 - -

G share / FR0013299286 - -

I share / FR0010383448 - -


D share / FR0010979039 - -

G share / FR0013299286 - -

I share / FR0010383448 - -


A share / FR0010377143 - -

D share / FR0010979039 - -

G share / FR0013299286 - -

I share / FR0010383448 - -



appe

ndic



A share / FR0010377143 1.40

D share / FR0010979039 0.70

G share / FR0013299286 0.85

I share / FR0010383448 0.70


Share class:

A share / FR0010377143 -

D share / FR0010979039 -

G share / FR0013299286 -

I share / FR0010383448 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -319,647.67 436,415.05

Total -319,647.67 436,415.05

12.31.2019 12.31.2018

A share / FR0010377143 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -217,925.86 -106,124.31

Total -217,925.86 -106,124.31




Tax credits - -

D share / FR0010979039 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - 38.54



Total -8.36 38.54


Number of shares - 1

Unit distribution - 38.54

Tax credits - -



appe

ndic

esG share / FR0013299286 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -1,450.41 956.52

Total -1,450.41 956.52




Tax credits - -

I share / FR0010383448 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -100,263.04 541,544.30

Total -100,263.04 541,544.30




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year -1,527,288.30 -995,053.79


Total -1,527,288.30 -995,053.79

12.31.2019 12.31.2018

A share / FR0010377143 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -258,926.95 -150,048.67

Total -258,926.95 -150,048.67




D share / FR0010979039 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -104.21 -58.79

Total -104.21 -58.79






appe

ndic

esG share / FR0013299286 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -5,957.75 -2,730.74

Total -5,957.75 -2,730.74




I share / FR0010383448 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -1,262,299.40 -842,215.59

Total -1,262,299.40 -842,215.59






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: Octobre 12, 2006.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 21.31.2015

Net assets 171,153,186.34 179,669,139.27 218,205,818.00 134,417,033.90 117,988,642.73



1 1 1 1 1

Net asset value 11,617.73 10,801.78 11,633.9 11,291.24 11,183.84


- - - - -


- 38.54 54.26 67.02 135.26


- - - - -

Unit capitalisation* -112.57 -58.79 500.55 -167.18 717.11




21,519.749 22,150.88 21,073.23 8,736 11,153

Net asset value 1,338.68 1,249.17 1,348.59 1,310.44 1,291.2


- - - - -


- - - - -


- - - - -



appe

ndic

es





6,631.873 5,266.93 1 - -

Net asset value 100.63 93.39 100.26 - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* -1.11 -0.33 0.40 - -




97,105.265 112,065.6 130,949.6 87,930 75,704

Net asset value 1,458.89 1,351.85 1,449.21 1,398.35 1,368.18


- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

3.57EUR6,105,270.005,700,000.00PROPREAIRBUS GROUP SE CV 14/06/2021XS1434160971


1.26EUR2,153,448.001,800,000.00PROPREATOS SE 0% CV 06/11/2024FR0013457942


2.01USD3,440,295.774,200,000.00PROPRECARREFOUR SA CV,0% 14/06/2023FR0013261062

4.31EUR7,378,841.846,600,000.00PROPRECELLNEX TELECOM SA 0.5% CV 05/07/2028XS2021212332

1.49USD2,553,541.203,000,000.00PROPRECIE GENERALE DES ESTABLI 0% CV10/11/2023FR0013309184

0.85USD1,452,286.861,600,000.00PROPRECIE GENERALE DES ESTABLI 0%CV10/01/2022FR0013230745

2.38EUR4,065,190.003,600,000.00PROPRECITIGROUP GLOB MKT FND L 0.5% CV04/08/2023XS1466161350

1.57EUR2,680,699.432,700,000.00PROPRECO ECONOMICA DELTA SA CV 1.00%01/12/2023XS1492150260



2.06EUR3,518,924.4253,023.00PROPREEDENRED CV 0% 06/09/2024FR0013444395

2.94EUR5,024,746.36155,956.00PROPREELIS SA 0% CV 06/10/2023 DIRTYFR0013285707

0.33EUR564,119.50161,177.00PROPREEOS IMAGING SA 6% CV 31/05/2023 DIRTYFR0013334224

1.94EUR3,320,720.773,300,000.00PROPREFRESENIUS MEDICAL CARE AG & COKGAA CV 1.125% 31/01/2020DE000A13R491


0.00CNY0.003,000,000.00PROPREFU JI FOOD 0% 18/10/2010 DEFAULTEDXS0325832375


0.81EUR1,389,160.211,300,000.00PROPREGRAND CITY PROPERTIES SA 0.25%02/03/2022XS1373990834

2.57EUR4,396,524.004,400,000.00PROPREHANFIN FINANCE DE 0% CV 12/05/2020DE000A161GV3

1.08EUR1,851,376.001,600,000.00PROPREIBERDROLA INTL BV 0% CV 11/11/2022XS1321004118


0.62EUR1,057,590.00270,000.00PROPREINSIDE SECURE SA 6% CV 29/06/2022 DIRTYFR0013265527

2.95USD5,054,189.765,800,000.00PROPREJP MORGAN CHASE BANK NA CV11/01/2021XS1892855740



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.57EUR4,399,400.004,000,000.00PROPREJP MORGAN CHASE BANK NA 0% CV24/05/2022XS2000719729

4.18EUR7,152,894.006,300,000.00PROPREJP MORGAN CHASE CV 0% 18/09/2022XS2052961070

2.45EUR4,188,290.0085,000.00PROPREKORIAN SA CV 2.50% PERP DIRTYFR0013266087




1.74GBP2,980,423.962,500,000.00PROPREOCADO GROUP PLC 0.875% 09/12/2025CONVXS2090948279

1.83EUR3,128,126.7319,239.00PROPREORPEA 0.375% CONV 17/05/2027FR0013418795

0.41EUR693,690.1713,018.00PROPREPIERRE AND VACANCES SA 2% CV01/04/2023FR0013299575


0.73EUR1,254,887.429,260.00PROPREREMY COINTREAU AS 0.125% CV 07/09/2026FR0013200995

1.84EUR3,142,562.5916,687.00PROPRESEB SA CV 0.00% 17/11/2021FR0013218807

3.01CHF5,153,217.324,800,000.00PROPRESIKA AG CV 0.15% 05/06/2025CH0413990240

2.83USD4,850,086.413,800,000.00PROPRESIMICROELECTRONICS NV 0.25%03/07/2024,CVXS1638065414

2.28EUR3,896,748.003,600,000.00PROPRESNAM SPA 0% CONV 20/03/2022XS1583310807

1.19EUR2,034,940.562,000,000.00PROPRETECHNIP 0.875% CV 25/01/2021XS1351586588

2.39EUR4,096,392.004,100,000.00PROPRETELEFONICA PARTICIPACION 0%09/03/2021,CVXS1377251423

2.55USD4,357,687.804,600,000.00PROPRETOTAL SA 0.5% CV 02/12/2022XS1327914062

1.05EUR1,789,296.3014,900.00PROPREUBISOFT ENTERTAINMENT SA,0.00%24/09/2024 CONVFR0013448412



0.61GBP1,048,631.94900,000.00PROPREVODAFONE GROUP 0% CV 26/11/2020XS1325649140




Options

Valeurs mobilieres

0.26EUR448,650.00225.00ACHLIGASL/202003/C/250.ASL2003C-01

0.11EUR183,210.00465.00ACHLIGEA1/202003/C/135.EA12003C-01

0.07EUR121,903.00877.00ACHLIGFRE1/202006/C/54.FRE12006C-01

0.05EUR79,640.00440.00ACHLIGFRE1/202112/C/65.FRE12112C-01


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.29EUR498,640.002,710.00ACHLIGIFX/202003/C/19.IFX2003C-01

0.20EUR347,050.00275.00ACHLIGML1/202112/C/108.ML12112C-01

0.06EUR96,950.001,385.00ACHLIGPU1/202012/C/50.PU12012C-01

-0.02EUR-36,010.00-1,385.00VENLIGPU1/202012/C/56.PU12012C-02

0.11EUR195,364.00442.00ACHLIGSAP/202006/C/125.SAP2006C-01

0.43EUR733,986.00726.00ACHLIGSA1/202003/C/80.SA12003C-01

-0.16EUR-277,332.00-726.00VENLIGSA1/202003/C/88.SA12003C-02

0.20EUR343,008.00144.00ACHLIGSM1/202106/C/120.SM12106C-01

0.26EUR442,890.00630.00ACHLIGSY1/202012/C/92.SY12012C-01

0.00EUR6,520.00815.00ACHLIGTNE5/202112/C/8.TNE52112C-01

0.10EUR178,524.001,539.00ACHLIGTOTB/202112/C/56.TOTB2112C-01


1.963,362,993.00Total Options

Liquidites

APPELS DE MARGES

0.03CHF46,033.990.00PROPREAPPEL MARGE CHF


0.00GBP1,415.850.00PROPREAPPEL MARGE GBP



BANQUE OU ATTENTE

0.09CHF158,568.450.00PROPREBANQUE CHF BPP

-0.00DKK-6.910.00PROPREBANQUE DKK BPP


0.37GBP629,804.330.00PROPREBANQUE GBP BPP

0.00SEK6.340.00PROPREBANQUE SEK BPP

-0.00SGD-0.210.00PROPREBANQUE SGD BPP

1.18USD2,014,849.820.00PROPREBANQUE USD BPP



DEPOSIT DE GARANTIE

0.08GBP128,747.570.00PROPREDEP GAR S/FUT GBP




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.15USD250,476.610.00PROPREDEP,GAR,S/FUT,USD

0.07CHF111,290.980.00PROPREGAR SUR MAT FERM V


FRAIS DE GESTION







Futures



-0.03CHF-46,033.9944.00ACHLIGEURO/CHF FU 0320RF1180320

-0.00GBP-1,415.8532.00ACHLIGEURO/GBP FU 0320RP180320



0.02EUR39,150.00-87.00VENLIGEURO,BOBL 0320OE100320

0.0239,150.00Total Taux ( Livraison du sous-jacent )


Coupons

Obligation

0.02EUR42,723.1385,000.00ACHLIGKR DTY CV 2.50% PERPFR0013266087

0.00USD4,231.6319.00ACHLIGSTMICROE 0.25% 24 CVXS1638065414



100.00171,153,186.34Total ECHIQUIER CONVEXITE EUROPE

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER CREDITSRI EUROPE



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER CREDIT SRI EUROPE













Classification Bonds and other debt securities denominated in euros

Procedures for determining and allocating distributable sums A, G and I shares:



Investment objective ECHIQUIER CREDIT EUROPE’s objective is to achieve a similar or better performance than the IBOXX EURO CORPORATE3-5 YEARS index.

Benchmark The benchmark of ECHIQUIER CREDIT EUROPE is the IBOXX EURO CORPORATE 3-5 YEARS index. Given that theUCITS is not index-linked, the sub-fund does not aim to replicate the composition of this index in any way. This index isrepresentative of the performance of corporate bonds in euros. It is calculated in euros with coupons reinvested.


ECHIQUIER CREDIT EUROPE is managed using a discretionary approach based on rigorous bond-picking and implementedthrough a variety of strategies that combine:

- a top-down approach (researching the economic environment in the eurozone then selecting securities) based on macroeconomiccriteria to derive the strategy for exposure to interest rate risk (sensitivity, duration, yield curve positioning) and, secondarily, tocurrency risk.

- a bottom-up approach (analysing the characteristics of each issuer and issue) based on microeconomic criteria and internal orexternal financial research to determine the portfolio’s exposure to specific risks (sector, issuers, securities).

The investment strategy, based on management of currency and credit risks, aims to select securities with residual maturity closeto the IBOXX EURO CORPORATE 3-5 YEAR index but is not exclusively restricted to these. The strategy depends on eurobond markets and movements on the eurozone yield curve. To meet its investment objective, the sub-fund generates exposure tothe bonds and other debt instruments of public or corporate issuers.

The portfolio will be managed within a sensitivity range between 0 and 7.




Equities:

ECHIQUIER CREDIT EUROPE will not invest in equities.


The sub-fund invests in fixed-income products mostly denominated in euros. Exposure to instruments denominated in othercurrencies cannot exceed 10%, irrespective of the nationality of the issuer.

Specifically, the Fund invests in:

- negotiable debt securities with a maximum maturity of 5 years. The majority of these securities will have an investment graderating. The fund may invest up to 20% of its net assets in negotiable debt securities rated as speculative grade or unrated by ratingagencies. These securities are issued by issuers belonging to groups monitored by the internal research team at La Financièrede l’Echiquier.

- bonds. In this regard, particular attention will be paid to the credit quality of the companies or governments that issue thesesecurities. The bonds selected will be mainly investment grade, i.e. with a minimum rating of BBB- from Standard & Poor's orequivalent, or considered as such by the management team. The portion of securities that are unrated or non-investment grade(with a rating below BBB-) will not exceed 40% of the net assets. The issuers of such instruments will be subject to monitoringby the in-house research department of La Financière de l’Echiquier. No limits have been set for the proportion of bonds ofsovereign and private issuers in the portfolio. The manager may also invest up to a maximum of 40% of its net assets insubordinated bonds of the banking, insurance and corporate sectors.

The maximum maturity of securities can be greater than 12 years with a maximum duration for the portfolio of 7 years. Theportfolio may invest up to 20% of net assets in bonds with a maturity longer than 12 years.


The ratings mentioned above are those used by the Fund manager at the time of the initial investment. If a rating is downgradedover the life of an investment, the manager will conduct an analysis on a case-by-case basis and decide whether or not to maintainthe position concerned.

The investment limits defined in relation to the assessment of credit risk by the rating agencies may therefore be adjusted slightlyto reflect the management team's own analysis.



Derivatives

The sub-fund reserves the right to deal in financial futures and options traded on regulated European and international markets.In this context, the UCITS will take positions to hedge the portfolio against interest rate risk and any currency risk. It may alsogenerate exposure to financial futures for the purpose of managing interest rate risk.


- index futures


- currency options and futures

- asset swaps.

These transactions shall be limited to 100% of the sub-fund’s assets. Financial instruments are entered into with intermediariesselected by the management company that have no say on the composition or management of the sub-fund's portfolio.


A/ Bonds with early redemption options: the manager may use these bonds (callable or puttable) on the entire bond segment.

B/ Other securities with embedded derivatives: the manager may invest up to 10% of the net assets in securities with embeddedderivatives (warrants, convertible bonds, contingent convertible bonds of the financial sector, subscription warrant, etc.) traded

Interest rate sensitivity 0-7

Geographical scope of issuers

Eurozone Between 80% and 100% of net assets

Other European countries Between 0% and 20% of assets

Other countries Up to 10% of net assets



on regulated or over-the-counter markets. No rating restrictions apply to convertible bonds.




Deposits: None

Cash borrowings


Temporary purchases and sales of securities: None




Interest rate risk:

Up to a maximum of 100% of the assets of ECHIQUIER CREDIT EUROPE are exposed to fixed-income products. The Fund'snet asset value may fall if interest rates rise.

Credit risk:

ECHIQUIER CREDIT EUROPE has a maximum exposure to money market instruments or bonds of 110%.




Currency risk:







Contingent convertible bonds are subordinated debt securities that are issued by credit institutions or insurance or reinsurancecompanies that are eligible in their regulatory capital requirement and have the specific feature of being convertible into sharesor whose par value may be reduced (write-down mechanism) in the event of a trigger, previously defined in the prospectus. Acontingent convertible bond includes an option to convert into shares at the initiative of the issuer in the event that their financialsituation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion optionmay cause the value of the contingent convertible bonds to decrease by an amount greater than that recorded on other traditional



bonds of the issuer. Under the conditions set out by the contingent convertible bonds concerned, certain trigger events may leadto the main investment and/or accrued interest permanently depreciating to zero or to the conversion of the bond into a share.












The sub-fund is intended for individuals and entities who are aware of the risks involved in holding units in such a sub-fund: risksof investing in bonds and other debt securities.

ECHIQUIER CREDIT EUROPE may be used for investment in UCITS managed by La Financière de l’Echiquier.

The amount that can be reasonably invested in this product depends on each investor’s personal situation. In deciding how muchto invest, investors should take into account their personal and any business assets, their cash requirements at the time and in 2years, and whether they are willing to take risks on equity markets. They are also strongly advised to diversify their investmentssufficiently so as not to be exposed solely to the risks of this UCITS.







Under the United States FATCA regulations (Foreign Account Tax Compliance Act), investors may be required to provide the UCI,the management company or their agent with information on their personal identity and place of residence (domicile and tax



residence) for the purpose of identifying "US persons", as defined by FATCA. This information may be sent to the United Statestax authorities via the French tax authorities. The failure by investors to fulfil this obligation may result in the deduction of a 30%withholding tax on US source income. Notwithstanding the efforts of the management company in relation to FATCA, investorsare asked to ensure that the financial intermediary they have used to invest in the Fund has "Participating FFI" status. For moreinformation, investors should contact a tax adviser.




• AMF approval date ot the sub-fund: July 10, 2007

• Sicav creation date: December 4, 2018• Sub-fund creation date: july 20,2007.








_______

Echiquier Crédit SRI Europe closed out the year with a performance of +3.83% for the C unit and +4.25% for the I unit. We canonly be happy with the behaviour of our asset class in 2019, not only because of its absolute performance, but also because of thelow volatility that it drove. Private European bonds absorbed the many geopolitical subjects that marked the year as well as theturnaround in the economic cycle. The renewed support of the ECB is obviously a large part of it, but the flow dynamics also playeda positive role.

If its performance is so satisfying, this is thanks to its two performance engines: rate and risk premiums. Risk premiums clearlyeased over the year and this applies to both good and bad signatures. The rate effect went the same direction, with a shift of theentire curve downwards.

The yield-risk profile for the asset class remains as we see it interesting for the next twelve months and our strategy has not changed:maintain a moderate duration and remain selective as to the credit quality of the issues in the portfolio. The obtaining of the SRIlabel by Echiquier Crédit Europe shows the requirements of our selection process which also applies to extra-financial criteria.

Main movements


Echiquier Credit SRI Europe FR0010491803 3.83%

Echiquier Credit SRI Europe G FR0013286614 4.04%

Echiquier Credit SRI Europe I FR0011829050 4.25%



SOLVAY SA 4.250% 31/12/2099 Purchase

SCOR SE 3.875% 31/12/2099 Purchase

INTERXION HOLDING NV 4.750% 15/06/2025 Purchase

IBERDROLA 2.500% 24/10/2022 Purchase

INTERXION HOLDING NV 4.750% 15/06/2025 Sale































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 282,935.56 352,410.26


Other 282,935.56 352,410.26



Other assets - -

Total assets 205,853,453.54 135,958,611.04

12.31.2019 12.31.2018




Equity

• Capital 204,632,245.40 134,020,218.85



• Net capital gains and losses for the financial year -1,052,286.60 -602,358.48

• Result 2,121,911.60 2,307,179.57











Debts 39,075.30 87,937.08


Other 39,075.30 87,937.08


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 3,691,204.15 3,370,146.43






Total (II) -52,386.88 -14,543.35








12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.









Net assets

A share Maximum of 1.00 %

incl. tax


incl. tax


I share Maximum of 0.60 %

incl. tax


Net assets (*)



appe

ndic







- Changes made : As at december 31, 2019, the name of ECHIQUIER CREDIT EUROPEbecomes ECHIQUIER CREDIT SRI EUROPE.




Details of the rights and conditions attached to each share category A, G and I shares:






operationNone


appe

ndic

es



Currency EUR EUR



206,683,670.04 140,863,059.56


-143,658,783.79 -124,470,118.27



Capital gains on financial contracts 422,482.19 518,817.83



Foreign exchange differences 42,804.43 101,663.21


5,467,580.79 -5,610,997.32




224,393.82 -329,578.79


- Estimate difference – period N-1 -111,885.98 217,692.81





- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -

Convertible bonds 12,279,844.28, -




Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



11,252,340.00 - - -



AssetsDeposits

- - - - -

Bonds and similar securities 918,850.00 11,998,055.94 44,470,998.12 64,593,666.37 75,209,623.23



- - - - -



- - - - -



- - - - 11,252,340.00




11,252,340.00 - 2,010,155.96 -




- - - -



appe

ndic

es







Other Receivables:

Security deposits (paid) 191,745.22



- -





Other Debts:



- -

- -



By main currency USD CNY - Other currencies

AssetsDeposits

- - - -






- - - -

Receivables 28,222.72 - - -




- - - -


- - - -

Debts - - - -



2,010,155.96 - - -




appe

ndic

es3.6. Equity



A share / FR0010491803 561,528.726 93,503,497.30 190,318.97 31,885,485.85

G share / FR0013286614 48,666.34 4,868,373.43 46,269.434 4,646,060.76

I share / FR0011829050 988,527.964 108,311,799.31 975,162.278 107,127,237.18


G share / FR0013286614 - -

I share / FR0011829050 - -


G share / FR0013286614 - -

I share / FR0011829050 - -


A share / FR0010491803 - -

G share / FR0013286614 - -

I share / FR0011829050 - -



A share / FR0010491803 1.00

G share / FR0013286614 0.80

I share / FR0011829050 0.60


Share class:

A share / FR0010491803 -

G share / FR0013286614 -

I share / FR0011829050 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result 2,121,911.60 2,307,179.57

Total 2,121,911.60 2,307,179.57

12.31.2019 12.31.2018

A share / FR0010491803 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 955,789.96 674,509.61

Total 955,789.96 674,509.61




Tax credits - -

G share / FR0013286614 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 105,818.53 154,874.08

Total 105,818.53 154,874.08




Tax credits - -



appe

ndic

esI share / FR0011829050 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,060,303.11 1,477,795.88

Total 1,060,303.11 1,477,795.88




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year -1,052,286.60 -602,358.48


Total -1,052,286.60 -602,358.48

12.31.2019 12.31.2018

A share / FR0010491803 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -569,510.81 -206,858.23

Total -569,510.81 -206,858.23




G share / FR0013286614 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -51,195.42 -41,668.92

Total -51,195.42 -41,668.92






appe

ndic

esI share / FR0011829050 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -431,580.37 -353,831.33

Total -431,580.37 -353,831.33






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: july 20,2007.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 205,701,870.40 135,725,039.94 123,535,875.68 101,381,098.26 95,081,597.91



99,139.315 96,742.409 126,412.92 - -

Net asset value 100.97 97.05 99.96 - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 0.55 1.17 -0.18 - -




657,791.916 286,582.16 305,245.124 393,377.343 409,102.601

Net asset value 168.88 162.65 167.86 161.94 153.79


- - - - -


- - - - -


- - - - -



appe

ndic

es





763,406.545 750,040.859 546,034.659 358,879.867 323,863.682

Net asset value 110.81 106.29 109.25 104.98 99.3


- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

0.55EUR1,122,904.811,000,000.00PROPREACCOR SA VAR PERPFR0013399177

0.77EUR1,580,875.071,500,000.00PROPREACCOR SA 2.625% 05/02/2021FR0011731876


0.79EUR1,627,621.971,500,000.00PROPREALLIANZ SE VAR 07/07/2045DE000A14J9N8





0.74EUR1,531,434.431,500,000.00PROPREASTRAZENECA PLC 0.875% 24/11/2024XS1143486865

1.15EUR2,369,510.002,000,000.00PROPREAXA SA TF/TV 04/07/2043XS0878743623

0.56EUR1,153,931.071,000,000.00PROPREAXA TF/TV PERPXS1069439740

0.31USD646,947.94700,000.00PROPREAXA 5.5% PERPXS0876682666

0.35EUR710,501.88700,000.00PROPREBANCO SANTANDER SA VAR PERPXS1043535092

1.21EUR2,486,226.622,400,000.00PROPREBANKINTER SA 0.875% 05/03/2024ES0313679K13

0.74EUR1,519,529.061,500,000.00PROPREBANKINTER SA 0.875% 08/07/2026ES0213679HN2

0.22EUR448,758.50400,000.00PROPREBANKINTER SA 8.625% PERPETUALXS1404935204

0.58EUR1,184,835.751,500,000.00PROPREBANQUEFEDERATIVEDUCREDITMUTUELTF/TVPERPXS0207764712



0.57EUR1,169,419.891,108,000.00PROPREBENI STABILI SPA 1.625% 17/10/2024XS1698714000

0.55EUR1,139,645.251,000,000.00PROPREBERTELSMANN SE AND CO KGAAVAR,23/04/2075XS1222594472

0.82EUR1,687,614.841,500,000.00PROPREBFCM 3% 21/05/2024XS1069549761

0.76EUR1,554,589.061,500,000.00PROPREBNP PARIBAS 1.125% 10/10/2023XS1547407830

0.61EUR1,247,645.311,200,000.00PROPREBNP PARIBAS 1.125% 28/08/2024FR0013405537

0.33EUR673,562.97600,000.00PROPREBNP PARIBAS 6.125% PERPXS1247508903



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


1.02EUR2,103,878.912,000,000.00PROPREBPCE TF/TV 08/07/26FR0012018851

0.73USD1,494,723.831,500,000.00PROPREBPCE 5.7% 22/10/2023US05578UAA25

0.20EUR409,611.12400,000.00PROPREBUREAU VERITAS SA 1.125% 18/01/2027FR0013460607

1.01EUR2,068,340.112,000,000.00PROPREBUREAU VERITAS SA 1.25% 07/09/2023FR0013201084

1.23EUR2,534,583.612,500,000.00PROPRECAP,GEMINI SA 1.75% 01/07/2020FR0012821932

0.86EUR1,763,433.501,700,000.00PROPRECAPGEMINI SE 1% 18/10/2024FR0013327962

1.33EUR2,726,610.272,500,000.00PROPRECELLNEX TELECOM SAU 2.375% 16/01/2024XS1468525057

0.53EUR1,088,671.201,000,000.00PROPRECELLNEX TELECOM 3.125% 27/07/2022XS1265778933

1.29EUR2,646,832.512,500,000.00PROPRECNH,INDUSTRIAL FIN EUR S,1.75%12/09/2025XS1678966935


0.26EUR530,922.003,500.00PROPRECOFINIMMO CV 0.1875% 15/09/2021BE0002259282

0.79EUR1,626,786.431,500,000.00PROPRECREDIT AGRICOLE SA PERPETUALXS1055037177

0.73EUR1,497,792.301,500,000.00PROPRECREDIT AGRICOLE SA 0.375% 21/10/2025XS2067135421

0.25EUR511,399.57500,000.00PROPRECREDIT AGRICOLE SA 4.5% 30/06/2020FR0010905133

0.61EUR1,250,797.441,200,000.00PROPRECREDIT MUTUEL ARKEA 1.25% 31/05/2024FR0013258936

1.52EUR3,129,198.033,000,000.00PROPRECREDIT SUISSE GROUP AG VAR 17/07/2025CH0343366842

1.03EUR2,115,180.222,000,000.00PROPRECREDIT SUISSE 5.75% 18/09/2025XS0972523947

0.34EUR702,553.83700,000.00PROPREDANONE SA 0.167% 03/11/2020FR0013216892

0.49EUR1,014,846.671,000,000.00PROPREDANONE SA 0.424% 03/11/2022FR0013216900

0.63EUR1,302,691.001,300,000.00PROPREDIAGEO FINANCE PLC 0% 17/11/2020XS1719154657

0.75EUR1,536,367.381,500,000.00PROPREDIAGEO FINANCE PLC 0.5% 19/6/2024XS1719154574

0.70EUR1,439,062.641,400,000.00PROPREEDENRED 2.625% 30/10/20FR0011612381

0.96EUR1,979,513.612,000,000.00PROPREEDP FINANCE BV 0.375% 16/09/2026XS2053052895



0.51EUR1,040,288.141,000,000.00PROPREENEL FINANCE INTL NV 1% 16/09/2024XS1550149204

0.71EUR1,463,983.141,400,000.00PROPREENEL SPA VAR 24/11/2078XS1713463716


0.76EUR1,567,236.231,500,000.00PROPREENGIE SA 0.875% 19/09/2025FR0013365285



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus





0.24EUR501,828.47500,000.00PROPREFCA,BANK SPA IRELAND 0.25% 12/10/2020XS1697916358

0.25EUR509,764.40500,000.00PROPREFCA BANK SPA IRELAND 1.00% 15/11/2021XS1598835822

0.68EUR1,402,085.891,400,000.00PROPREFFP 1.875% 30/10/2026FR0013457405


0.50EUR1,037,188.751,000,000.00PROPREFNAC DARTY SA 1.875% 30/05/2024XS1987729412

0.30EUR627,370.00600,000.00PROPREFRESENIUS FINANCE 3% 01/02/21XS1013955379


0.00CNY0.005,000,000.00PROPREFU JI FOOD 0% 18/10/2010 DEFAULTEDXS0325832375


0.76EUR1,555,245.531,500,000.00PROPREGAS NATURAL FENOSA FINAN 0.875%15/05/2025XS1718393439

1.00EUR2,067,082.222,000,000.00PROPREGRIFOLS SA,3.2% 01/05/2025XS1598757760

0.49EUR1,010,364.521,000,000.00PROPREHEIDELBERGCEMENT FIN LUX 0.5%18/01/2021XS1549372420


1.05EUR2,151,539.452,000,000.00PROPREIBERDROLA INTL 2.5% 24/10/2022XS1057055060



1.05EUR2,162,684.112,000,000.00PROPREIMMOFINANZ AG 2.625% 27/01/2023XS1935128956



0.63EUR1,291,252.507,500.00PROPREINGENICO GROUP 0% 26/06/2022 CONVFR0012817542

0.53EUR1,092,056.521,000,000.00PROPREINTESA SANPAOLO SPA VAR PERPXS1346815787


0.51EUR1,039,774.321,000,000.00PROPREINTESA SANPAOLO 2% 18/06/2021XS1077772538

0.75EUR1,535,798.331,500,000.00PROPREKONINKLIJKE KPN NV VAR PERPETUALXS2069101868


0.53EUR1,093,693.971,000,000.00PROPRELA POSTE SA VAR PERP 31/12/2099FR0013331949





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.42EUR860,920.0020,000.00PROPREMAISONS DU MONDE SA 0.125% DIRTY CV06/12/2023FR0013300381

0.78EUR1,610,379.391,500,000.00PROPREORANGE SA VAR PERPFR0013413887

0.75EUR1,538,769.101,500,000.00PROPREORANGE SA 0.75% 11/09/2023FR0013241536

0.30EUR610,137.88500,000.00PROPREORANGE TF-2024/TV PERPETUELXS1028599287

0.00EUR0.00500,000.00PROPREPRAKTIKER BAU 5.875% 10/02/16DEFAULTEDDE000A1H3JZ8

0.78EUR1,595,201.561,500,000.00PROPREPRYSMIAN SPA 2.5% 11/04/2022XS1214547777

0.99EUR2,043,394.752,000,000.00PROPREPSA BANQUE FRANC 0.75% 19/04/2023XS1808861840



0.25EUR507,552.86500,000.00PROPRERCI BANQUE SA 1.375% 17/11/2020FR0013053055

0.98EUR2,017,481.152,000,000.00PROPRERELX FINANCE BV 0.375% 22/03/2021XS1576837725

1.03EUR2,110,590.002,000,000.00PROPREREXEL SA 2.75% 15/06/2026XS1958300375

0.77EUR1,580,658.361,500,000.00PROPRERICHEMONT INTERNATIONAL 1%26/03/2026XS1789751531

0.30EUR606,943.90600,000.00PROPRESANTAN CONSUMER FINANCE 0.5%04/10/2021XS1690133811

0.50EUR1,027,006.581,000,000.00PROPRESANTAN CONSUMER FINANCE 0.875%24/01/2022XS1550951641

1.13EUR2,327,844.372,000,000.00PROPRESCOR TF/TV PERPFR0012199123


0.26EUR530,770.37500,000.00PROPRESEB SA 2.375% 25/11/2022FR0013059417

0.53EUR1,085,947.781,000,000.00PROPRESMURFIT KAPPA ACQUISITIO 2.375%01/02/2024XS1555147369

0.84EUR1,724,365.001,500,000.00PROPRESOLVAY SA VAR PERPETUALBE6309987400

0.45EUR918,850.0050,000.00PROPRESUEZ ENVIRIRONNEMENT 0% 27/02/20 CVFR0011766120

0.24EUR503,684.88500,000.00PROPRETELECOM ITALIA SPA CV 1.125% 26/03/2022XS1209185161



0.51EUR1,046,743.511,000,000.00PROPRETELEFONICA EMISIONES SAU 1.069%05/02/2024XS1946004451



2.09EUR4,305,509.844,000,000.00PROPRETELEPERFORMANCE 1.875% 02/07/2025FR0013346822





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus




0.75EUR1,543,344.221,500,000.00PROPRETUI AG 2.125% 26/10/2021XS1504103984

0.35EUR722,124.55700,000.00PROPREUBISOFT ENTERTAINMENT SA 1.289%30/01/2023FR0013313186



0.25EUR504,463.33500,000.00PROPREUNICREDIT SPA FRN 03/05/2025IT0005087116

0.86EUR1,770,994.511,500,000.00PROPREUNICREDIT 6.95% 31/10/2022XS0849517650

0.26EUR524,659.75500,000.00PROPREUNILEVER NV 0.875% 31/7/2025XS1654192191

0.51EUR1,053,510.001,000,000.00PROPREVODAFONE GROUP PLC VAR 03/01/2079XS1888179477

0.60EUR1,227,753.531,200,000.00PROPREVONOVIA FINANCE BV 0.75% 25/01/2022DE000A19B8D4



0.97EUR1,991,021.752,000,000.00PROPREWORLDLINE SA FRANCE 0.25% 18/09/2024FR0013448032



Liquidites

APPELS DE MARGES




BANQUE OU ATTENTE






DEPOSIT DE GARANTIE

0.01USD28,222.720.00PROPREDEP GAR S/FUT USD

0.08EUR163,522.500.00PROPREGAR SUR MAT FERM V


FRAIS DE GESTION




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus






Futures








Coupons

Obligation

0.02EUR31,000.001,000.00ACHLIGVODAFONE VAR 01/79XS1888179477



100.00205,701,870.40Total ECHIQUIER CREDIT EUROPE

Ann

ual

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VE

ST

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NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

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SIC

AV

UN

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R F

RE

NC

H L

AW

ECHIQUIERPATRIMOINE



This

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atio

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ECHIQUIER PATRIMOINE













Procedures for determining and allocating distributable sumsA, G and I shares:



Investment objective ECHIQUIER PATRIMOINE is a sub-fund whose objective is to offer the most regular capital growth possible through exposureto fluctuations on fixed-income and equity markets.

Benchmark No existing index reflects the management objective of the sub-fund exactly. However, the closest index is the capitalised EONIA.

Given that the UCITS is neither index-linked nor index-referenced, the capitalised EONIA is only an indicator for ex-postperformance comparison. The EONIA, used solely for information purposes, is calculated by the European Central Bank andrepresents the overnight interbank reference rate of the eurozone.

Investment strategy 1.Strategies used

ECHIQUIER PATRIMOINE has a discretionary management style, combining the use of financial instruments (equities, bonds,negotiable debt securities) and financial futures.

In order to achieve the performance objective, the management team sets up:

- strategic and tactical positions, which involve decisions to buy or sell portfolio assets on the basis of economic, financial, andstock market predictions;

- equity arbitrage, which involves taking advantage of an expected outperformance of one security or market over another.

This gives rise to:

- Short- and medium-term directional positions in equities, fixed-income products and currencies. This involves taking portfoliopositions in financial instruments based on their potential future appreciation.

- Equity management is based on a rigorous selection of securities known as stock-picking, with the stocks chosen as a result ofimplementing a process involving direct meetings with the companies in which the portfolio invests. This management methodrelies on a fundamental analysis of each stock, based on an internally developed rating.

- Equity security arbitrage (purchase of a stock against an index or of a stock against another stock). This involves buying a stockif it is believed that it will outperform its benchmark index.



- Equity index arbitrage (purchase of an index against another index). This involves taking positions in order to take advantageof the future outperformance of one index against another (e.g. Stoxx Europe 50 against Standard & Poor’s 500 if the managementteam believes that Europe has greater potential than the USA).

The equity market exposure of ECHIQUIER PATRIMOINE may not exceed 35 % of its assets.


A/ Equities:

ECHIQUIER PATRIMOINE may be exposed to equity in any sector and of all market capitalisations within a limit of 35% of itsnet assets. Equity investments will be in European stocks. However, a maximum of 10% of the sub-fund’s assets may be investedin equities listed in a non-European OECD country.

B/ Debt securities and money market instruments: With a minimum investment of 50%:

- in negotiable debt securities of the Europe zone. The maximum maturity of these securities used for the portfolio’s cashmanagement will be 5 years. The majority of these securities will have an investment grade rating. However, the sub-fund mayinvest up to 30% of its net assets in securities that are unrated or considered speculative by rating agencies, on the condition thatthe share of “speculative” securities does not exceed 20% of net assets. These securities are issued by issuers belonging to groupsmonitored by the internal research team at La Financière de l’Echiquier.

- in bonds of the Europe zone with a maximum maturity of 12 years. However, the sub-fund may invest up to a maximum of 10%in bonds with maximum maturity of more than 12 years.

No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio. The manager may also investup to a maximum of 40% of its net assets in subordinated bonds of the banking, insurance and corporate sectors.

The majority of eligible securities are rated at least BBB- (investment grade) by Standard & Poor’s or equivalent or consideredas such by the management team. The share of securities with a rating below BBB- (speculative securities) or unrated by a ratingagency may not exceed 10% of net assets, and each line held shall not exceed 2% of net assets.

However, up to 10% of the sub-fund’s assets may be invested in fixed-income products outside the Europe zone.



3. Investment in the securities of other undertakings for collective investment


4. Derivatives

ECHIQUIER PATRIMOINE regularly trades in financial futures and takes positions on equity, fixed-income, and currencyderivative markets with a view to:

- exposing the portfolio in order to fulfil the investment objective, ensure a better risk diversification and reduce the cost oftransactions on the markets in which the sub-fund invests.

- or hedging the portfolio in order to reduce the risk to which the sub-fund is exposed.


- on regulated markets:

- Index, equity, and interest rate futures Index,

- equity, and interest rate options

- on over-the-counter markets, exclusively currency options and forwards with counterparties whose rating is equivalent to orhigher than A (Standard & Poor’s or equivalent).

These transactions shall be limited to 100% of the sub-fund’s assets. The sub-fund is prohibited from carrying out any swaptransactions.

The financial instruments are concluded with intermediaries selected by the management company that have no power over thecomposition or management of the portfolio.

5. Securities with embedded derivatives

A/ Bonds with early redemption options: the manager may use these bonds (callable or puttable) on the entire bond segment

B/ Other securities with embedded derivatives: the manager may invest up to 10% of the net assets in securities with embeddedderivatives (warrants, convertible bonds, contingent convertible bonds of the financial sector, subscription warrant, etc.)traded on ulated or over-the-counter markets. No rating restrictions apply to convertible bonds.






6. Deposits

None

7. Cash borrowings


8. Temporary purchases and sales of securities

None




Interest rate risk:

ECHIQUIER PATRIMOINE invests at least 50% of its assets in fixed-income products. The Fund's net asset value may fall ifinterest rates rise.

Credit risk:

The sub-fund has exposure of at least 50% to money market instruments or bonds.


Equity risk:

ECHIQUIER PATRIMOINE invests no more than 35% of its assets in equities.






Currency risk:



ECHIQUIER PATRIMOINE mainly invests in high yield (“speculative”) securities.



A debt is described as subordinated when its repayment is subject to the prior repayment of other creditors (preferential creditors,unsecured creditors). Subordinated creditors will thus be repaid after ordinary creditors, but before shareholders. This type of debtwill have a higher interest rate than that of other debt claims. If one or more provisions contained in the issuance documents ofsaid subordinated debt securities are triggered or, more generally, if a credit event occurs affecting the issuer in question occurs,there is a risk that the net asset value of the UCI could fall. The use of subordinated bonds may expose the UCI to risks of capital



loss, cancellation or deferral of coupon payment (at the sole discretion of the issuer), and uncertainty regarding the repayment dateor even the valuation/yield (since the attractive yield associated with these securities can be viewed as a complexity premium).

Risk associated with contingent convertible bonds: Contingent convertible bonds are subordinated debt securities that are issuedby credit institutions or insurance or reinsurance companies that are eligible in their regulatory capital requirement and have thespecific feature of being convertible into shares or whose par value may be reduced (write-down mechanism) in the event of atrigger, previously defined in the prospectus. A contingent convertible bond includes an option to convert into shares at the initiativeof the issuer in the event that their financial situation deteriorates. In addition to the inherent interest rate and credit risk involvedwith bonds, activating the conversion option may cause the value of the contingent convertible bonds to decrease by an amountgreater than that recorded on other traditional bonds of the issuer. Under the conditions set out by the contingent convertible bondsconcerned, certain trigger events may lead to the main investment and/or accrued interest permanently depreciating to zero or tothe conversion of the bond into a share.

Risk associated with the conversion threshold of contingent convertible bonds: The conversion threshold of a contingent convertiblebond depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into an ordinary share.The lower the solvency ratio, the greater the likelihood of conversion.

Risk of loss or suspension of coupon: Depending on the characteristics of the contingent convertible bonds, the payment ofcoupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.

Risk of intervention of a regulatory authority at the point of “non-viability”: A regulatory authority determines at any time and ina discretionary manner whether an institution is “not viable”, i.e. the issuing bank requires the support of the public authoritiesto prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable orotherwise continue its activities and requires or requests the conversion of conditional convertible bonds into shares incircumstances outside the issuer’s control.

Risk of capital inversion: Contrary to the conventional capital hierarchy, investors in contingent convertible bonds may incur aloss of capital that does not affect holders of shares. In certain scenarios, holders of contingent convertible bonds will incur lossesbefore holders of shares.

Risk of postponing redemption: Most contingent convertible bonds are issued in the form of instruments of a perpetual maturity,which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed that perpetualcontingent convertible bonds will be reimbursed on the repayment date. Contingent convertible bonds are a type of permanentcapital. It is possible that the investor may not receive the return on the principal on the expected repayment date or any given date.

Liquidity risk: In certain circumstances, it may be difficult to find a buyer for contingent convertible bonds, and the seller maybe forced to accept a significant discount on the expected value of the security in order to be able to sell it.






The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such aUCITS, partially invested on the equity markets defined above.

ECHIQUIER PATRIMOINE may be used for variable-capital, unit-linked individual life insurance policies.

ECHIQUIER PATRIMOINE may be used for investment in UCITS managed by La Financière de l’Echiquier. The sub-fund mayinvest in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER PATRIMOINE depends on the personal situation of the investor. In decidinghow much to invest, investors should take into account their personal and any business assets, their cash requirements at the timeand in 2 years, and whether they are willing to take risks on equity markets. They are also strongly advised to diversify theirinvestments sufficiently so as not to be exposed solely to the risks of this UCITS.













• AMF approval date ot the sub-fund: December 29, 1994.

• Sicav creation date: December 4, 2018.• Sub-fund creation date: January 6, 1995.








_______

Patrimoine returned +2.66% over the year. The equity markets had a particularly strong year, with the CAC 40 gaining almost 30%.In terms of styles, priority was given to high-quality/growth stocks (STMICROELECTRONICS, LVMH, SCHNEIDERELECTRIC) at the expense of cyclical/discounted stocks (RENAULT, PUBLICIS, ARCELORMITTAL).

However, this template did not apply to the performance of Patrimoine over the year. The best performers were: ALTICE, whichbenefited from a more favourable competitive environment on the telecoms market, SPIE, whose valuation returned to normallevels after hitting a bottom at the end of 2018, and ALTRAN, thanks to the CAPGEMINI takeover. Meanwhile, small caps suchas ABEO, GROUPE OPEN and EXEL INDUSTRIE weighed on performance. The hedge on the equities component establishedin the second quarter also harmed performance as the markets rose strongly.

With the markets buoyant at the close of 2019, unlike in 2018, we are approaching 2020 with a degree of caution and equityexposure net of hedging of 20%.

Main movements

Patrimoine FR0010434019 1.34%

Patrimoine G unit FR0013286622 1.68%

Patrimoine I unit FR0013286648 1.80%




BT EDENRED 29/04/19 TX -0.25% Purchase

BT EDENRED 29/04/19 TX -0.25% Sale

BT ATOS11/06/19 Tx -0.175% Purchase

BT ATOS11/06/19 Tx -0.175% Sale

LOCINDUS Sale







• 700 units of Echiquier CONVEXITE EUROPE I

• 2500 units of Echiquier SHORT TERM CREDIT I

























Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


3,520,231.95 56,640,518.57


442,620.00 451,700.00


- -


- -












Receivables 3,415,238.57 15,628,060.96


Other 3,415,238.57 15,628,060.96



Other assets - -

Total assets 399,876,862.65 609,843,514.33

12.31.2019 12.31.2018




Equity

• Capital 408,816,099.01 604,315,349.32




• Result 2,067,302.60 2,360,695.99











Debts 1,081,817.30 16,766,650.35


Other 1,081,817.30 16,766,650.35


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 8,441,000.11 11,691,399.09






Total (II) -66,314.41 -20,380.04








12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day















Operating and management costsThese fees cover all costs charged directly to the Sicav, with the exception of transaction fees.Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) andtransfer fees, if applicable, which may be levied by the custodian and the managementcompany.

The following fees may also be charged in addition to operating and management fees:

- excess return fees. These are paid to the management company if the Sicav exceeds itsobjectives. They are therefore charged to the Sicav;

- transfer fees charged to the Sicav;

- a share of income from the temporary acquisition and sale of securities.



Net assets


incl. tax



incl. tax


incl. tax



appe

ndic















Net assets (*)


Outperformance commission


Net assets

None

None

appe

ndic

es



Currency EUR EUR



59,204,109.42 420,614,345.36


-263,288,304.37 -516,010,898.65






Foreign exchange differences -199,469.58 257,981.37


22,916,103.37 -37,487,008.34




87,760.00 -397,132.25

- Estimate difference – period N -1,560.00 -89,320.00






- -


Other items - 114.05


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


94,999,233.36 -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



3,068,820.00 - - -



AssetsDeposits

- - - - -

Bonds and similar securities 2,515,097.15 18,307,489.18 61,556,504.91 43,490,552.68 20,823,586.43

Debt securities 72,013,175.19 22,986,058.17 - - -


- - - - -



- - - - -



- - - - 3,068,820.00




3,068,820.00 57,909,000.00 - -




- - - -



appe

ndic

es







Other Receivables:

Security deposit (paid) 3,342,591.20

Sales deferred payments 58,029.64


- -





Other Debts:


Various accounts receivable and payable 357,800.00


- -



By main currency USD - - Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0010434019 32,609.219 28,930,104.70 249,036.191 220,316,949.54

G share / FR0013286622 7,557.867 731,101.51 20,796.641 1,991,406.56

I share / FR0013286648 31,023.023 29,542,903.21 42,525.469 40,979,948.27

Subscription / redemption fee: Amount AmountA share / FR0010434019 572.63 -

G share / FR0013286622 - -

I share / FR0013286648 - -

Retrocessions: Amount AmountA share / FR0010434019 572.63 -

G share / FR0013286622 - -

I share / FR0013286648 - -


A share / FR0010434019 - -

G share / FR0013286622 - -

I share / FR0013286648 - -



A share / FR0010434019 1.20

G share / FR0013286622 0.85

I share / FR0013286648 0.75


Share class:

A share / FR0010434019 -

G share / FR0013286622 -

I share / FR0013286648 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 3,520,231.95


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result 2,067,302.60 2,360,695.99

Total 2,067,302.60 2,360,695.99

12.31.2019 12.31.2018

A share / FR0010434019 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,005,794.75 2,205,747.93

Total 2,005,794.75 2,205,747.93




Tax credits - -

G share / FR0013286622 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 28,829.36 34,047.11




Tax credits - -



appe

ndic

esI share / FR0013286648 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 32,678.49 120,900.95




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total -12,117,456.26 -13,688,501.33

12.31.2019 12.31.2018

A share / FR0010434019 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -11,912,558.75 -13,257,672.63

Total -11,912,558.75 -13,257,672.63




G share / FR0013286622 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -101,766.02 -104,716.16

Total -101,766.02 -104,716.16






appe

ndic

esI share / FR0013286648 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -103,131.49 -326,112.54

Total -103,131.49 -326,112.54






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: January 6, 1995.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 398,765,945.35 592,987,543.98 738,998,502.18 588,260,790.00 682,547,719.41



35,170.039 48,408.813 62,251.939 - -

Net asset value 95.41 93.83 100.31 - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* -2.07 -1.45 -0.19 - -




446,598.217 663,025.189 782,429.224 652,395.789 783,213.601

Net asset value 877.75 866.17 929.29 901.69 871.47


- - - - -


- - - - -


- - - - -



appe

ndic

es





3,563.098 15,065.544 5,631 - -

Net asset value 956.2 939.28 1,003.22 - -


- - - - -


- - - - -


- - - - -

Unit capitalisation* -19.77 -13.62 -1.87 - -





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

0.95EUR3,798,342.60224,754.00PROPREABEO SAFR0013185857

1.04EUR4,145,217.30248,962.00PROPREALTAMIRFR0000053837

1.11EUR4,409,392.00116,960.00PROPREBASTIDE LE CONFORT MEDICAL SAFR0000035370

0.71EUR2,815,800.00260,000.00PROPREBENETEAUFR0000035164

1.06EUR4,216,000.0068,000.00PROPREBICFR0000120966

0.72EUR2,866,575.70123,029.00PROPREBONDUELLE SAFR0000063935

1.06EUR4,236,750.00105,000.00PROPRECIMENTS VICAT SAFR0000031775

1.10EUR4,395,560.0053,500.00PROPRECRCAM LANGUEDOCFR0010461053

0.90EUR3,604,290.0022,740.00PROPRECRCAM NORMANDIE-SEINEFR0000044364

1.07EUR4,267,600.0018,800.00PROPRECRCAM SUD RHONE ALPESFR0000045346

0.92EUR3,686,400.0028,800.00PROPRECRCAM TOURAINE ET POITOU CCIFR0000045304


1.05EUR4,169,760.00420,000.00PROPREELECTRICITE DE FRANCE SAFR0010242511

1.10EUR4,392,196.0037,222.00PROPREELECTRICITE DE STRASBOURGFR0000031023


1.23EUR4,919,090.001,135,000.00PROPREEUROPCAR MOBILITY GROUP SAFR0012789949

1.26EUR5,032,800.00108,000.00PROPREEXEL INDUSTRIESFR0004527638

1.04EUR4,160,000.0040,000.00PROPREFFP (FONCIERE FINANCIERE PART)FR0000064784

0.66EUR2,622,800.0083,000.00PROPREFLEURY MICHONFR0000074759

0.92EUR3,681,500.0018,500.00PROPREGEVELOTFR0000033888

0.96EUR3,822,000.00350,000.00PROPREGROUPE OPENFR0004050300

0.96EUR3,831,030.0060,810.00PROPREIDSUDFR0000062184


0.91EUR3,623,700.00235,000.00PROPREJACQUET METAL SERVICEFR0000033904




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus



0.83EUR3,293,246.40163,032.00PROPREPIERRE & VACANCESFR0000073041


1.00EUR3,988,012.50212,694.00PROPRESALVATORE FERRAGAMOIT0004712375

0.89EUR3,537,508.0020,932.00PROPRESAMSEFR0000060071

1.71EUR6,810,440.00182,000.00PROPRESCOR SE ACT PROVFR0010411983

1.19EUR4,740,232.70233,509.00PROPRESMTPCFR0004016699

1.29EUR5,126,975.0058,594.00PROPRESOMFY SAFR0013199916


34.51137,622,625.80Total Action

Obligation


0.73EUR2,900,044.262,500,000.00PROPREALLIANZ SE TF/TV 17/10/2042DE000A1RE1Q3





0.45EUR1,777,132.501,500,000.00PROPREAXA SA TF/TV 04/07/2043XS0878743623

0.52EUR2,071,855.522,000,000.00PROPREBANKINTER SA 0.875% 05/03/2024ES0313679K13

0.51EUR2,039,532.132,000,000.00PROPREBBVA 0.75% 11/09/2022XS1678372472


0.28EUR1,125,076.561,000,000.00PROPREBFCM 3% 21/05/2024XS1069549761

0.50EUR2,010,378.362,000,000.00PROPREBMW FINANCE NV 0.125% 12/01/2021XS1548436556

0.79EUR3,168,274.513,000,000.00PROPREBNP PARIBAS TF/TV 20/03/2026XS1046827405


0.39EUR1,570,371.781,500,000.00PROPREBOLLORE SA 2% 25/01/2022FR0013233426

0.52EUR2,091,422.402,000,000.00PROPREBOLLORE SA 2.875% 29/07/2021FR0012872174

0.78EUR3,122,333.013,000,000.00PROPREBPCE SA 1.125% 18/01/2023FR0013231743

0.39EUR1,551,255.081,500,000.00PROPREBUREAU VERITAS SA 1.25% 07/09/2023FR0013201084

0.53EUR2,129,050.232,100,000.00PROPRECAP GEMINI SA 1.75% 01/07/2020FR0012821932


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.82EUR3,271,932.333,000,000.00PROPRECELLNEX TELECOM SAU 2.375% 16/01/2024XS1468525057

0.26EUR1,044,088.141,000,000.00PROPRECIE DE SANINT GOBAIN 1.00% 17/03/2025XS1577586321

0.40EUR1,588,099.511,500,000.00PROPRECNH,INDUSTRIAL FIN EUR S 1.75%12/09/2025XS1678966935


0.26EUR1,037,666.391,000,000.00PROPRECRED SUIS GP FUN LTD 1.25% 14/04/2022XS1218287230

1.08EUR4,312,553.444,000,000.00PROPRECREDIT AGRICOLE SA 3.9% 19/04/2021XS0550466469

0.50EUR2,011,888.202,000,000.00PROPREDAIMLER INTL FINANCE BV 0.25%09/08/2021DE000A194DC1







0.21EUR826,563.19800,000.00PROPREFCA BANK SPA IRELAND 1.25% 21/06/2022XS1954697923

0.28EUR1,101,638.911,100,000.00PROPREFFP 1.875% 30/10/2026FR0013457405


0.50EUR2,012,558.042,000,000.00PROPREFRESENIUS MEDICAL CARE AG & COKGAA CV 1.125% 31/01/2020DE000A13R491


0.51EUR2,029,706.282,000,000.00PROPREGDF SUEZ 1.375% 19/05/2020FR0011911239

0.78EUR3,116,466.393,000,000.00PROPREGEMALTO NV 2.125% 23/09/2021XS1113441080


0.34EUR1,343,603.441,300,000.00PROPREGRIFOLS SA 3.2% 01/05/2025XS1598757760

0.03EUR100,668.97100,000.00PROPREILIAD SA 1.5% 14/10/2024FR0013287273



0.16EUR629,882.26600,000.00PROPREINGENICO 2.5% 20/05/2021FR0011912872


0.27EUR1,067,481.151,000,000.00PROPRELA BANQUE POSTALE VAR 19/11/2027FR0013054913


0.81EUR3,214,023.613,000,000.00PROPRELAGARDERE 2.75% 13/04/2023FR0013153160




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.56EUR2,244,824.702,200,000.00PROPRELEGRAND SA 0.5% 09/10/2023FR0013286846


0.26EUR1,043,395.681,000,000.00PROPREMICROSOFT CORP 2.125% 06/12/2021XS1001749107

0.13EUR508,142.81500,000.00PROPREORANGE SA 0.5% 15/01/2022FR0013396496

0.11EUR442,092.02410,000.00PROPREORANGE TF/TV PERPXS1115490523

0.27EUR1,081,868.421,000,000.00PROPREPEUGEOT SA 2% 23/03/2024FR0013245586

0.17EUR696,794.00700,000.00PROPREPRYSMIAN SPA CV 17/01/2022XS1551933010

0.13EUR502,539.11500,000.00PROPREPSA,BANQUE FINANCE 0.5% 17/01/2020XS1548539441

0.13EUR506,916.94500,000.00PROPREPSA,BANQUE FRANCE 0.5% 12/04/2022XS1980189028

0.52EUR2,076,310.492,000,000.00PROPRERABOBANK NEDERLAND 3.750% 09/11/ 20XS0557252417

0.21EUR833,254.45800,000.00PROPRERCI BANQUE SA 1.375% 08/03/2024FR0013241361

0.92EUR3,654,380.563,600,000.00PROPRERCI,BANQUE SA 1.375% 17/11/2020FR0013053055

0.26EUR1,022,784.041,000,000.00PROPRERENAUL SA 1% 08/03/2023FR0013240835


1.21EUR4,826,930.904,700,000.00PROPRESANTAN CONSUMER FINANCE 0.875%24/01/2022XS1550951641



0.52EUR2,090,021.112,000,000.00PROPRESOCIETE GENERALE TF/TV 16/09/2026XS1110558407

0.26EUR1,030,048.311,000,000.00PROPRESOCIETE GENERALE 1% 01/04/2022XS1538867760

0.05EUR209,348.70200,000.00PROPRETELEFONICA EMISIONES SAU 1.069%05/02/2024XS1946004451


0.31EUR1,222,015.081,200,000.00PROPRETHYSSENKRUPP AG 1.375% 03/03/2022DE000A2BPET2

0.29EUR1,148,362.731,100,000.00PROPRETHYSSENKRUPP AG 2.750% 08/03/2021DE000A2AAPF1


0.31EUR1,238,465.051,200,000.00PROPREUNIBAIL,RODAMCO SE VAR PERPFR0013330529

0.51EUR2,017,853.332,000,000.00PROPREUNICREDIT SPA FRN 03/05/2025IT0005087116

0.41EUR1,625,310.691,600,000.00PROPREVIVENDI SA 0.75% 26/05/2021FR0013176302

0.51EUR2,035,158.692,000,000.00PROPREVOLKSWAGEN BANK GMBH 0.75%15/06/2023XS1734548487




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus




O.P.C.V.M.

0.26EUR1,021,202.00700.00PROPREECHIQUIER CONVEXITE EUROPE PART IFR0010383448


0.11EUR442,620.002,000.00PROPRESIPAREX MIDMARKET IIFR0010408559

0.993,962,851.95Total O.P.C.V.M.


Liquidites

APPELS DE MARGES

0.00EUR1,560.000.00PROPREAPPEL MARGE EUR

0.001,560.00Total APPELS DE MARGES

AUTRES

-0.09EUR-357,800.000.00PROPRECREDITEUR DIV EUR

-0.09-357,800.00Total AUTRES

BANQUE OU ATTENTE






3.1612,607,480.39Total,BANQUE,OU,ATTENTE

DEPOSIT DE GARANTIE

0.84EUR3,342,591.200.00PROPREGAR SUR MAT FERM V

0.843,342,591.20Total DEPOSIT DE GARANTIE

FRAIS DE GESTION






Futures

Indices ( Livraison du sous-jacent )

-0.01EUR-29,100.00-970.00VENLIGCAC 40 0120CF170120

-0.01-29,100.00Total Indices ( Livraison du sous-jacent )



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus





-0.00-1,560.00Total Futures



0.75EUR3,000,391.963,000,000.00PROPREALTAREIT SA ZCP 17/07/2020FR0125761520

0.50EUR2,001,263.232,000,000.00PROPREAMADEUS FINANCE BV ZCP 12/03/2020XS1964560665

0.25EUR1,000,678.451,000,000.00PROPREARCELORMITTAL SA ZCP 09/04/2020FR0125979809

0.75EUR3,000,180.003,000,000.00PROPREARCELORMITTAL SOURC ZCP 08/01/2020FR0125580334

1.00EUR4,000,644.564,000,000.00PROPREBARRY CALLEBAUT SERVICES NV ZCP30/01/2020BE6318264726

0.50EUR2,000,975.662,000,000.00PROPRECARMILA SAS ZCP 06/03/2020FR0125973810

1.00EUR4,001,572.594,000,000.00PROPRECNH INDUSTRIAL FINANCIAL SERVI ZCP27/04/2020FR0125785503

0.50EUR2,000,411.312,000,000.00PROPRECOFINIMMO SA ZCP 10/02/2020BE6315507317


1.25EUR5,003,404.065,000,000.00PROPRECOVIVIO SA ZCP 20/03/2020FR0125974289

0.75EUR2,999,167.213,000,000.00PROPREECONOCOM GROUP ZCP 10/02/2020FR0125739104

0.25EUR999,902.771,000,000.00PROPREELIS SA ZCP 05/02/2020FR0125721235

1.25EUR4,983,981.895,000,000.00PROPREELIS SA ZCP 28/08/2020FR0125797375

0.75EUR3,000,324.133,000,000.00PROPREESSITY AB ZCP 16/01/2020BE6315607349

1.25EUR5,000,000.005,000,000.00PROPREF,MARC DE LACHARRIERE ZCP 12/02/2020FR0125914913

0.25EUR1,000,066.741,000,000.00PROPREIBERDROLA INTERNATIONAL ZCP07/01/2020XS2063282235

2.01EUR7,999,464.648,000,000.00PROPREKORIAN SA ZCP 22/07/2020FR0125720435

0.75EUR3,000,770.423,000,000.00PROPRELAGARDERE SCA ZCP 12/02/2020FR0125971459

0.25EUR1,000,401.271,000,000.00PROPRELEG IMMOBILIEN AG,ZCP 19/02/2020XS205292543A

0.50EUR2,000,775.312,000,000.00PROPRELEG IMMOBILIEN AG ZCP 19/02/2020XS2052925430

0.50EUR1,999,968.642,000,000.00PROPRENEXITY ZCP 15/07/2020FR0125913485

0.50EUR2,001,100.762,000,000.00PROPRESAFRAN ZCP 13/03/2020FR0125981102

1.25EUR5,000,321.365,000,000.00PROPRESNAM SPA ZCP 10/01/2020XS2057074507

1.00EUR4,000,709.074,000,000.00PROPRESOLVAY ZCP 30/01/2020BE6317759528

0.25EUR999,999.611,000,000.00PROPRESTEF ZCP 09/01/2020FR0125798001



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus



1.25EUR5,000,447.435,000,000.00PROPRETELEPERFORMANCE SE ZCP 15/01/2020FR0125719932

0.50EUR2,000,735.392,000,000.00PROPRETHYSSENKRUPP AG ZCP 04/03/2020DE000A255KQ5

0.75EUR2,999,877.573,000,000.00PROPRETHYSSENKRUPP AG ZCP 08/01/2020DE000A255HY5

0.75EUR3,000,427.603,000,000.00PROPREVATTENFALL AB ZCP 20/01/2020XS2095767591

1.00EUR4,000,254.344,000,000.00PROPREVICAT ZCP 16/01/2020FR0125769531

0.50EUR2,000,773.732,000,000.00PROPREVONOVIA FINANCE B V ZCP 28/02/2020XS2094047292



100.00398,765,945.35Total ECHIQUIER PATRIMOINE

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER MAJORSRI GROWTHEUROPE



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER MAJOR SRI GROWTH EUROPE













Procedures for determining and allocating distributable sums A, G, I, IXL and J shares:



Investment objectiveECHIQUIER MAJOR SRI GROWTH EUROPE is a dynamic sub-fund seeking long-term performance through exposure toEuropean equity markets and investing in leading growth companies in their sectors. This objective is combined with a non-financial approach incorporating environmental, social, and governance (ESG) criteria. The non-financial objective is to helpcompanies move forward on ESG issues by engaging in dialogue with them on a regular basis and by sharing with them specificareas of improvement monitored over time.

Benchmark The MSCI EUROPE index is a representative indicator of the management of ECHIQUIER MAJOR SRI GROWTH EUROPE.This index is representative of movements on equity markets of Europe’s most developed countries. It is calculated in euros, withdividends reinvested.

Investment strategy trategies used

The sub-fund’s management focuses on equity markets in Europe. The sub-fund is primarily exposed to European large caps. Thesub-fund also reserves the option of exposing up to 40% of its net assets to European small and mid-caps.

The management of ECHIQUIER MAJOR SRI GROWTH EUROPE is based on a rigorous selection of equities (stock picking)obtained via the implementation of an in-depth evaluation process of the companies included in the portfolio.

This management is based on a fundamental analysis of each stock, based on an internally developed rating according to severalcriteria including:

the quality of the company’s management,

the quality of its financial structure,

visibility on the company’s future earnings,

the growth prospects for its business,

environmental and social aspects,





The selected securities therefore underwent a highly selective process based on quantitative and qualitative analysis. Themethodology involving the setting of a purchase price and a sale price make it possible to establish a position on securitiespresenting a potential for future appreciation by the market.

ECHIQUIER MAJOR SRI GROWTH EUROPE systematically incorporates environmental, social, and governance criteria intofinancial management. This has an impact on the selection of portfolio securities. Given the investment theme of this sub-fund(selection of leading and growing European companies), the ESG analysis provides a better way to identify companies led by high-quality management teams, able to attract and motivate the best individuals and to anticipate social and environmental regulationsin order to install their leadership for the long term. The ESG analysis allows use to gain more thorough knowledge of companiesand thus minimize the risks attached to investments. ECHIQUIER MAJOR SRI GROWTH EUROPE focuses on selecting the top-rated issuers from a non-financial perspective within its investment universe ("best in universe" approach) or those demonstratingcontinuous improvement in their ESG practices over time (“best efforts approach”). For us, this means assessing whether thecompany is taking a real step forward by setting ambitious goals.

The examples of indicators used for each of the E, S, and G criteria are as follows:

- Environmental indicators: environmental policy and actions, results of action plans put in place by the company, exposure ofsuppliers to environmental risks, positive or negative impact of products on the environment.

- Social indicators: attractiveness of the employer brand, employee retention, anti-discrimination, employee protection, exposureof suppliers to social risks, relations with civil society.

- Governance Indicators: competence of the management team, checks and balances, respect for minority shareholders, businessethics.

These ESG criteria are also used to determine an ESG score out of 10 for each issuer. This score is determined as follows:

- Governance: The Governance rating represents approximately 60% of the overall ESG score. This is a long-standing bias forLa Financière de l'Echiquier, which has attached particular importance to this subject since the company’s creation.

- Environment and Social: Social and environmental criteria are combined to determine a Responsibility score. Its calculation takesinto account the type of company:

- For industrial stocks: the social and environmental criteria are equally weighted in the Responsibility score.

- For service stocks: the Social score accounts for 2/3 of the Responsibility score, while the Environmental score represents 1/3of the Responsibility score.

The scoring process takes place before financial criteria are taken into account.

The sub-fund’s non-financial objective is to help companies move forward on ESG issues by engaging in dialogue with them ona regular basis and by sharing specific areas of improvement to be monitored over time.

Depending on the manager’s convictions, the portfolio’s construction can lead to a concentrated portfolio (fewer than 50 stocks).ECHIQUIER MAJOR SRI GROWTH EUROPE uses derivatives only to hedge market risk and currency risk.


Equities:

ECHIQUIER MAJOR SRI GROWTH EUROPE has a 60% minimum exposure on European equity markets and a 25% maximumexposure to non-European equities.

The sub-fund has a minimum exposure of 60% to stocks representative of large caps and all business sectors.

In addition, up to 40% of the sub-fund’s assets may be exposed to European small and mid-caps.

However, in order for the SICAV to be eligible for PEAs, 75% of the sub-fund’s assets are invested in European equities.




- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or consideredas such by the management team. The maximum maturity of bonds is 10 years.

Up to 10% of the sub-fund’s assets may be invested in “speculative” or unrated bonds. No limits have been set for the proportionof bonds of sovereign and private issuers in the portfolio.








Derivatives

The sub-fund may invest in financial futures traded on European regulated markets, unregulated markets, and/or over the counter.In this context, the sub-fund will exclusively take positions to hedge the portfolio against market risk and any currency risk.


index futures,

options on securities and indices,

currency and forex forward options.








Deposits

None

Cash borrowings

The sub-fund may borrow cash. Although the sub-fund may be in a debtor position temporarily as a result of its payment flows(investments and disposals in progress, subscription/redemption transactions, etc.) up to a limit of 10% of its assets, this does notform part of its investment objective.


None




Equity risk:

ECHIQUIER MAJOR SRI GROWTH EUROPEhas a minimum equity exposure of 60%.








Interest rate risk:


Credit risk:


Currency risk:


Target investors and investor profile Target investors:







The sub-fund is intended for individual or institutional investors who are aware of the risks inherent in holding shares in such asub-fund,

i.e. equity markets risk as defined above.

ECHIQUIER MAJOR SRI GROWTH EUROPE may be used for variable-capital, unit-linked individual life insurance policies.ECHIQUIER MAJOR SRI GROWTH EUROPE may be used for investment in UCITS managed by LA FINANCIERE DEL’ECHIQUIER. The sub-fund may invest in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER MAJOR SRI GROWTH EUROPE depends on the personal situation of theinvestor. In deciding how much to invest, investors should take into account their personal and any business assets, their cashrequirements at the time and in 5 years, and whether they are willing to take risks on equity markets. Investors are also stronglyadvised to diversify their investments sufficiently so as not to be exposed solely to the risks of this sub-fund.













• AMF approval date ot the sub-fund: January 28, 2005


• Sub-fund creation date: March 11, 2005.








_______

2019 was the fund’s best year since inception. In 2019, Major SRI Growth Europe returned +39.98%, compared with +26.05%for its benchmark (MSCI Europe).

The fund reaped the benefits of its positioning in high-quality growth stocks (leaders generating high levels of ROCE) in anenvironmental of favourable low rates and uncertainty (geopolitical, cyclical factors, etc.), with none of its positions sufferingsignificant underperformance - testament to skilful stock picking.

Security selection was proficient. The best-performing sector was tech (29% of the fund on average), which gained +52%, followedby manufacturing (19% of the fund on average), with +43%, and healthcare (15% of the fund on average), with +35%. Half ofthe portfolio posted gains of between +40% and +95%. The main contributors to annual performance were CELLNEX (+95%),WORLDPAY (+81%), ASML (+95%), LSE (+81%) and TELEPERFORMANCE (+57%).

In 2019, positions were opened in five new stocks, while three stocks were sold off. LSE (the European leader in financial marketinfrastructure and clearing solutions), STRAUMANN (global leader in dental implants), LONZA (global leader in outsourcingof pharma manufacturing), KINGSPAN (European leader in building insulation) and PHILIPS (leader in healthcare technologies)were added to the portfolio. The stocks sold off were FAURECIA (weakness of end markets), NOVOZYMES (overvalued givenits growth profile) and CAP GEMINI (following the acquisition of ALTRAN).

In 2020, we will aim to take advantage of any excessive volatility to increase our high-quality positions. The incorporation ofenvironmental, social and governance (ESG) criteria are an essential source of performance in our view, irrespective of marketconditions.

Major FR0010321828 39.98%

Major - G share FR0010581728 41.70%

Major - I share FR0011188275 42.38%

Major - J share FR0013392404 39.95%











Overview of our General PolicySince 2007, Financiere de l’Echiquier has been including environmental, social and governance criteria in its investment selectionprocedure. This approach is used across the board for all of Financiere de l’Echiquier's equity funds. The evaluation is based onspecific SRI meetings with the target company's key people. We do not consult rating agencies.

Moreover, the SRI meetings are always conducted by 2-person teams involving the manager, or the financial analyst studying theinvestment, and one of the members of the SRI team. Following each meeting, a rating reflecting our appraisal of each companyis established. It is reviewed at follow-up meetings, which we conduct every two years on average. All SRI meeting reports andthe securities' extra-financial ratings are archived in our proprietary database.

Echiquier Major, an SRI fund in the Echiquier's Financial range, attaches particular importance to social issues, environmentaland governance. The fund invests only in securities that have obtained an extra-financial rating (6/10).



















Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 346,384.94 99,792.17


Other 346,384.94 99,792.17



Other assets - -

Total assets 688,320,150.58 608,442,492.48

12.31.2019 12.31.2018




Equity

• Capital 636,086,814.98 566,307,041.32




• Result -1,585,972.90 -75,679.34











Debts 429,917.57 346,326.23


Other 429,917.57 346,326.23


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 10,491,523.42 11,862,082.10






Total (II) -97,444.99 -37,575.60







Income (I - II + III - IV +/- V - VI): -1,585,972.90 -75,679.34

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day

















1


Net assets


incl. tax



incl. tax


incl. tax

IXL shareMaximum of 0.70 %

incl. tax

J shareMaximum of 0.75 %

incl. tax

2 Maximum indirect fees(management fees andcommissions)

Net assets (*)

3 Transaction commissions receivedby the management company

Payable oneach transaction

or operationMaximum of 0.40% incl. tax for shares



appe

ndic







- The reference period for the calculation of the outperformance commission is the financialyear. As an exception, the first reference period will cover the period from 28/12/2018 to31/12/2019;

- The management company deducts management fees on an annual basis on the last tradingday of December of each year. Variable management fees can be charged only if the netasset value at the end of the year is greater than the original nominal value for the first yearor greater than the net asset value at the beginning of the year for subsequent accountingyears.

- Shares are redeemed, if there is a provision for management fees, the amount proportionalto the redeemed shares is paid to the management company.






- Changes made: IXL share creation on 09/01/2019.




4 Outperformance commission Net assets

A, G, I, IXL shares

None

J share

15% on the positivedifference between the

sub-fund’sperformance (net offixed management

fees) and theperformance of the

index.



appe

ndic

esDetails of the rights and conditions attached to each share category A, G, I, IXL and J shares:



Event that occurred during the yearThe compartment Echiquier Major SRI Growth Europe of the SICAV Echiquier was createdon 19/03/2019 by merger-absorption of the fund Echiquier Major SRI Growth Europe.

This operation occurred in the continuation of the regulatory changes made by French [Routes& Opportunities] Garden allowing for the transformation of FCP into SICAV by maintainingthe history of the FCP (the compartment of the SICAV retained the same ISIN code and theperformance history),

This Echiquier SICAV sub-fund is therefore the continuation of the FCP that was absorbed bymerger-addition.

Thus the annual financial statements for the year ending 31 December 2019 for the sub-fundare presented as a continuation of the previous annual financial statements of the absorbedFCP. In particular, the financial statements for the last closed financial year are presentedunder the heading n-1 in order to enable comparisons to be made.

appe

ndic

es



Currency EUR EUR



221,274,369.20 208,102,012.93


-369,213,779.16 -410,448,209.44








161,906,733.34 -103,722,628.71

- Estimate difference – period N 163,515,828.60 1,609,095.26

- Estimate difference – period N-1 1,609,095.26 105,331,723.97


- -







- -


Other items - 3,153.58*


12.31.2019 12.31.2018

changes net assets2

* Fusion-absorption soulte of Stamina Europe (05.22.2018) and FCM Real Estate (11.02.2018).

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:


- -

- -

- -





Other Debts:



- -

- -



By main currency GBP CHF USD Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - - - -

Financial accounts - - 282.71 -



- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0010321828 282,787.789 74,198,722.96 429,875.344 110,811,353.81

I share / FR0011188275 68,078.324 132,918,927.83 127,565.863 252,462,898.56

G share / FR0010581728 52,736.125 14,156,718.41 21,535.257 5,939,526.79

J share / FR0013392404 - - - -

IXL share / FR0013431871 - - - -


I share / FR0011188275 - -

G share / FR0010581728 - -

J share / FR0013392404 - -

IXL share / FR0013431871 - -


I share / FR0011188275 - -

G share / FR0010581728 - -

J share / FR0013392404 - -

IXL share / FR0013431871 - -


A share / FR0010321828 - -

I share / FR0011188275 - -

G share / FR0010581728 - -

J share / FR0013392404 - -

IXL share / FR0013431871 - -



appe

ndic



A share / FR0010321828 2.39

I share / FR0011188275 0.69

G share / FR0010581728 1.17

J share / FR0013392404 0.42

IXL share / FR0013431871 -


Share class:

A share / FR0010321828 -

I share / FR0011188275 -

G share / FR0010581728 -

J share / FR0013392404 24.52

IXL share / FR0013431871 -

Return of management fees:- Amount of fees returned to the UCIT 2,719.13

- Breakdown by "target" UCIT: -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -





- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -1,585,972.90 -75,679.34

Total -1,585,972.90 -75,679.34

12.31.2019 12.31.2018

A share / FR0010321828 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -3,331,296.27 -3,134,640.70

Total -3,331,296.27 -3,134,640.70




Tax credits - -

I share / FR0011188275 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,686,049.71 3,040,792.23

Total 1,686,049.71 3,040,792.23




Tax credits - -



appe

ndic

esG share / FR0010581728 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 59,284.93 18,169.13




Tax credits - -

J share / FR0013392404 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -11.27 -




Tax credits - -

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses(in the accounting currency of the UCITS)


Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total 53,389,390.93 41,864,804.27

12.31.2019 12.31.2018

A share / FR0010321828 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 33,003,194.28 23,123,606.21

Total 33,003,194.28 23,123,606.21




I share / FR0011188275 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 18,770,565.72 18,180,047.68

Total 18,770,565.72 18,180,047.68






appe

ndic

esG share / FR0010581728 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 1,615,522.20 561,150.38

Total 1,615,522.20 561,150.38




J share / FR0013392404 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 108.73 -






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: March 11, 2005.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 687,890,233.01 608,096,166.25 858,644,918.23 1,080,855,257.24 1,208,187,116.43



106,269.594 165,757.133 261,349.078 368,750.117 324,745.094

Net asset value 2,285.19 1,604.97 1,716.99 1,534.74 1,566.81


- - - - -


- - - - -


- - - - -





1,443,495.088 1,590,582.643 1,739,313.253 2,430,806.146 3,135,115.24

Net asset value 293.85 209.92 228.85 208.72 217.48


- - - - -


- - - - -


- - - - -



appe

ndic

es





70,018.433 38,817.565 52,244.806 36,893.248 83,093.053

Net asset value 297.99 210.3 226.88 204.77 211.16


- - - - -


- - - - -


- - - - -



J share / FR0013392404 SHARE currency: EUR


1 1 - - -

Net asset value 1,399.47 1,000.00 - - -


- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

3.04USD20,945,571.42111,656.00PROPREACCENTURE SHS CLASS AIE00B4BNMY34

3.06EUR21,053,188.80166,824.00PROPREAIR,LIQUIDEFR0000120073

3.11EUR21,406,476.00294,045.00PROPREAMADEUS IT GROUP SAES0109067019




3.77GBP25,937,387.291,163,134.00PROPRECOMPASS GROUP PLCGB00BD6K4575

2.39EUR16,423,565.40112,068.00PROPREDASSAULT SYSTEMESFR0000130650

2.63GBP18,077,090.72600,362.00PROPREEXPERIAN PLCGB00B19NLV48

2.93USD20,153,366.56162,644.00PROPREFIDELITY NATIONAL INFORM SVCESUS31620M1062


3.05EUR20,991,461.431,033,553.00PROPREINFINEON TECHNOLOGIES AG-NOMDE0006231004


2.74EUR18,837,630.90345,962.00PROPREKINGSPAN GROUP PLCIE0004927939

2.93EUR20,163,203.10173,671.00PROPREKONINKLIJKE DSM NVNL0000009827

2.01EUR13,845,539.84318,142.00PROPREKONINKLIJKE PHILIPS N.V.NL0000009538

2.58EUR17,740,576.64244,226.00PROPRELEGRANDFR0010307819

3.55GBP24,449,236.03267,380.00PROPRELONDON STOCK EXCHANGEGB00B0SWJX34


1.95EUR13,436,016.0050,894.00PROPREL’OREAL SAFR0000120321

2.55EUR17,560,423.2042,396.00PROPRELVMH MOET HENNESSY LOUIS VUITTONSEFR0000121014

2.48EUR17,075,241.00156,510.00PROPREMICHELIN (CGDE)-SAFR0000121261



3.24GBP22,316,104.481,305,315.00PROPREPRUDENTIAL PLCGB0007099541


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.72EUR18,744,738.46872,254.00PROPREPRYSMIAN SPAIT0004176001

3.87EUR26,632,798.481,185,788.00PROPRERELX PLCGB00B2B0DG97

2.33GBP16,024,766.804,054,266.00PROPREROTORK PLCGB00BVFNZH21


2.49CHF17,110,416.8419,574.00PROPRESTRAUMANN HOLDING (NAMEN)CH0012280076

4.23EUR29,097,033.40133,841.00PROPRETELEPERFORMANCE SEFR0000051807


2.17EUR14,910,337.81291,047.00PROPREUNILEVER NVNL0000388619

2.95USD20,294,873.94121,240.00PROPREVISA INC-AUS92826C8394

99.75686,186,589.47Total Action


Liquidites

BANQUE OU ATTENTE



0.00USD282.710.00PROPREBANQUE USD BPP



FRAIS DE GESTION








100.00687,890,233.01Total ECHIQUIER MAJOR SRI GROWTH EUROPE


Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER WORLDEQUITY GROWTH



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER WORLD EQUITY GROWTH













Classification International equities

Procedures for determining and allocating distributable sums A, G, G USD, I, I USD, IXL and J shares:



Investment objective ECHIQUIER WORLD EQUITY GROWTH is a dynamic sub-fund seeking long-term performance via exposure to growth stocksin international markets. The sub-fund invests in stocks with confirmed global leadership positions in their industry.

Benchmark No existing index reflects the management objective of the sub-fund exactly. However, the closest index is the MSCI All CountryWorld, calculated in euros. Given that the UCITS is neither index-linked nor index-referenced, the MSCI All Country WorldIndex is only an indicator for ex-post performance comparison.

MSCI All Country World Index is calculated in euros and dividends reinvested. It includes stocks listed 46 countries: 23 developedcountries and 23 emerging countries (February 2015 data).


The sub-fund’s management focuses on international equity markets in Europe.

The management of ECHIQUIER WORLD EQUITY GROWTH is based on a rigorous selection of securities known as stock-picking, with the stocks chosen as a result of implementing a process involving direct meetings with the companies in which thesub-fund invests.

Next is a fundamental analysis of each stock, based on an internally developed rating according to several criteria:

- the quality of the company’s management,

- the quality of its financial structure,

- visibility on the company’s future earnings,

- the growth prospects for its business,






The investment strategy is intended to select stocks which provide the best current or potential growth, which are leaders inmarkets of significant size in all regions of the world.

It will focus primarily on large caps. However, the sub-fund reserves the right to select small and mid-caps for up to 10%.


ECHIQUIER WORLD EQUITY GROWTH has a 60% exposure, at least, to the equities of the eurozone and/or international andemerging markets.

• Up to a maximum of 40% of the net assets of ECHIQUIER WORLD EQUITY GROWTH may be exposed to investment gradebonds depending on market trends and situations.

• Lastly, for cash management purposes, the sub-fund may invest:

- up to a maximum of 40 % of its assets in investment grade negotiable debt securities

- up to 10% of its assets in units or shares of French and/or European coordinated or non-coordinated UCITS.

ECHIQUIER WORLD EQUITY GROWTH may use derivative instruments for equity market risk hedging and exposure andexceptionally currency risk hedging.


Equities:

At all times, ECHIQUIER WORLD EQUITY GROWTH has 60% exposure to equity risks through investments in shares of listedcompanies around the world.

It will focus primarily on large caps. However, the sub-fund reserves the right to select small and mid-caps for up to 10%.


Up to 40 % of the sub-fund’s assets may be invested:

• in negotiable debt securities. The longest maturity of debt securities used for the sub-fund’s cash management shall be 5 years.The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratingsagency. Up to 10% of the sub-fund’s assets may be invested in “speculative” or unrated negotiable debt securities.

• in bonds. The maximum maturity of bonds is 12 years. In this regard, particular attention will be given to the credit quality ofthe companies that issue these securities. Eligible securities are deemed investment grade, i.e., having a minimum Standard &Poor’s rating of BBB- or equivalent or considered as such by the management team. Up to 10% of the sub-fund’s assets may beinvested in “speculative” or unrated bonds. No limits have been set for the proportion of bonds of sovereign and private issuersin the portfolio.






Derivatives

The sub-fund may invest in financial futures traded on international regulated markets, unregulated markets, and/or over thecounter. In this context, the sub-fund may take positions:




- index futures,

- options on securities and indices,

- currency and forex forward options.






The manager may invest in European and/or international convertible bonds, particularly in emerging countries.

The manager may invest in securities with embedded derivatives (warrants, subscription certificates, convertible bonds, etc.)traded on eurozone and/or international regulated markets or over the counter. No rating restrictions apply to convertible bonds.




Deposits

None

Cash borrowings



None




Equity risk

ECHIQUIER WORLD EQUITY GROWTH has a minimum equity exposure of 60%.


Currency risk




Interest rate risk

Up to a maximum of 40% of the assets of ECHIQUIER WORLD EQUITY GROWTH are exposed to fixed-income products. TheFund's net asset value may fall if interest rates rise.

Credit risk

ECHIQUIER WORLD EQUITY GROWTH has a maximum exposure to money market instruments or bonds of 40%.





G USD share: Reserved for distribution by financial intermediaries




I USD share: Reserved for institutional investors




The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such asub-fund, which is a high risk due to investment in listed equities around the world.

ECHIQUIER WORLD EQUITY GROWTH may be used for variable-capital, unit-linked individual life insurance policies.ECHIQUIER WORLD EQUITY GROWTH may be used for investment in UCITS managed by LA FINANCIERE DEL’ECHIQUIER. The sub-fund may invest in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER WORLD EQUITY GROWTH depends on the personal situation of the investor.In deciding how much to invest, investors should take into account their personal and any business assets, their cash requirementsat the time and in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised todiversify their investments sufficiently so as not to be exposed solely to the risks of this sub-fund.











• AMF approval date ot the sub-fund: February 26, 2010.

• Sicav creation date: December 4, 2018.• Sub-fund creation date: April 16, 2010.








_______

The main themes of 2019 were the US-China trade war, the demonstrations in Hong Kong, the Fed’s accommodative monetarypolicy, the growth/value rotation at the end of the summer, and the disappointing US IPOs (UBER/LYFT, abandonment of theWEWORK flotation).

Over the course of 2019, World Equity Growth outperformed its benchmark index, the MSCI ACWI NR EUR. The fund postedthe best calendar performance in its history, and has made gains in each of the last eight years.

The outperformance was mainly due to the fund being overweight in tech and the stock selection within this sector, particularlyMICROSOFT (+60.5%, with an average weighting of 8.2%) and MASTERCARD (+62%, average weighting: 4.3%). These twocompanies benefit from key megatrends, such as e-commerce, the cloud and digital payments, and are leaders in their respectivesectors, hold a sustainable competitive advantage and deliver double-digit annual growth, which is rare for companies of this sizein the current low-growth environment. Moreover, although the fund is underexposed to healthcare, our stock selection in thissector made a positive contribution, particularly THERMO FISHER SCIENTIFIC, with a performance of +48% (averageweighting of 4.4%). However, our position in EOG RESOURCES (a US company operating in gas and crude oilexploration/production) hampered performance, returning -1% since the position was opened in May. The fund is overexposedto this stock compared with the benchmark.

By country, the main source of outperformance (and performance) was the USA. Over the year, the fund was, on average, slightlyoverexposed compared with the benchmark (57.3% vs 53.8%), but the stock selection was the principal reason for itsoutperformance: MICROSOFT (+60.5%), MASTERCARD (+62%), ADOBE (+48.5%) and THERMO FISHER (+48%).

Our significant overweighting of China (16.3% vs 3.3% for the benchmark) also contributed to performance, particularly thanksto ALIBABA, one of our strongest convictions (average weighting of 7.7% over the year).

During the year, we reduced our exposure to the USA to the benefit of emerging countries where we see excellent investmentopportunities via growth stocks.

Main movements

MURATA Sale

SALESFORCE.COM Sale

ADOBE SYSTEMS Sale

BLACKROCK Purchase

BECTON DICKINSON Purchase




World Equity Growth FR0010859769 29.31%

World Equity Growth - G share FR0010868174 31.40%

World Equity Growth - I share FR0011188267 32.20%

World Equity Growth - J share FR0013390705 31.72%







• 700 units of ECHIQUIER WORLD NEXT LEADERS F

• 4,300 units of ECHIQUIER ROBOTICS I

• 4,000 units of ECHIQUIER ARTIFICIAL INTELLIGENCE I EUR

























Remuneration




RT : Risk Takers

* Beneficial owners




On 02 January 2019 to discuss the following items on the agenda:- Approval of the minutes of the preceding meeting of the Board;







On 07 February 2019 to discuss the following items on the agenda:Approval of the minutes of the meeting of the Board of Directors on 02 January 2019;












• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


6,299,154.00 4,545,837.00


- -


- -


- -












Receivables 3,363,147.34 8,502,260.70


Other 3,363,147.34 8,502,260.70



Other assets - -

Total assets 646,740,806.30 353,603,956.08

12.31.2019 12.31.2018




Equity

• Capital 589,728,124.05 331,225,408.57




• Result -4,388,502.97 -2,282,165.36











Debts 4,736,350.59 10,464,771.44


Other 4,736,350.59 10,464,771.44


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 5,411,681.15 2,439,477.59






Total (II) -51,056.33 -16,729.75








12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.









Net assets

A shareMaximum of

2.392 % incl. tax


G, G USD sharesMaximum of

1.35 % incl. tax

I , I USD sharesMaximum of

1.00 % incl. tax

IXL shareMaximum of

0.70 % incl. tax

J shareMaximum of

0.75 % incl. tax


Net assets (*)

Transaction commissions received bythe management company


Maximum of 0.40% incl. tax for shares



appe

ndic



Variable management fees will be deducted and paid to the management company as follows:- 15% including taxes of performance in excess of the benchmark




- The management company deducts management fees on an annual basis on the last tradingday of December of each year. Variable management fees can be charged only if the netasset value at the end of the year is greater than the original nominal value for the first yearor greater than the net asset value at the beginning of the year for subsequent accountingyears.












Other equities: None

J share: A 15% outperformance commis-sion is applied on the positive differencebetween the sub-fund’s performance (netof fixed management fees) and the per-

formance of the MSCI All CountryWorld Index.



appe

ndic

esDetails of the rights and conditions attached to each share category A, G, G USD, I, I USD, IXL and J shares:



Event that occurred during the yearThe compartment Echiquier World Equity Growth of the SICAV Echiquier was created on19/03/2019 by merger-absorption of the fund Echiquier World Equity Growth.

This operation occurred in the continuation of the regulatory changes made by French [Routes& Opportunities] Garden allowing for the transformation of FCP into SICAV by maintainingthe history of the FCP (the compartment of the SICAV retained the same ISIN code and theperformance history).



appe

ndic

es



Currency EUR EUR



373,737,537.10 458,942,974.55


-197,505,806.04 -238,489,921.89








74,090,913.60 -35,204,229.31




- -







- -


Other items - 1,855.97*


12.31.2019 12.31.2018

changes net assets2

* Fusion-absorption relief of Stamina Or and Stamina GCM US Equity (05.21.2018) and FCP FCM Asie

Pacifique, FCM Chine, FCM Japon, FCM Evolution, FCM New Deal (10.12.2018).

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:

Sales deferred payments 2,711,129.40

Subcriptions receivable 494,343.83


- -





Other Debts:

Deferred payment purchases 4,068,719.58



- -



By main currency USD HKD MXN Other currencies

AssetsDeposits

- - - -






- - - -

Receivables 123,773.72 - - 33,900.39

Financial accounts 2,425,108.79 - - 213.53



- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0010859769 736,291.249 192,170,413.40 429,056.638 112,988,812.68

G USD share / FR0013379013 410 37,506.04 - -

I share / FR0011188267 27,640.063 69,899,690.74 20,314.352 52,029,673.55

G share / FR0010868174 121,435.52 33,776,347.54 115,018.064 32,389,770.72

I USD share / FR0013405263 2,712 2,432,384.38 105 97,549.09

J share / FR0013390705 - - - -

IXL share / FR0013429719 75,250 75,421,195.00 - -


G USD share / FR0013379013 - -

I share / FR0011188267 - -

G share / FR0010868174 - -

I USD share / FR0013405263 - -

J share / FR0013390705 - -

IXL share / FR0013429719 - -


G USD share / FR0013379013 - -

I share / FR0011188267 - -

G share / FR0010868174 - -

I USD share / FR0013405263 - -

J share / FR0013390705 - -

IXL share / FR0013429719 - -


A share / FR0010859769 - -

G USD share / FR0013379013 - -

I share / FR0011188267 - -

G share / FR0010868174 - -

I USD share / FR0013405263 - -

J share / FR0013390705 - -

IXL share / FR0013429719 - -



appe

ndic



A share / FR0010859769 2.39

G USD share / FR0013379013 1.35

I share / FR0011188267 0.20

G share / FR0010868174 0.76

I USD share / FR0013405263 0.35

J share / FR0013390705 0.13

IXL share / FR0013429719 0.40


Share class:

A share / FR0010859769 -

G USD share / FR0013379013 -

I share / FR0011188267 -

G share / FR0010868174 -

I USD share / FR0013405263 -

J share / FR0013390705 5.07

IXL share / FR0013429719 -

Retrocession of management fees:- Breakdown by "target" UCIT:

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 6,299,154.00


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -4,388,502.97 -2,282,165.36

Total -4,388,502.97 -2,282,165.36

12.31.2019 12.31.2018

A share / FR0010859769 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -5,333,503.54 -3,038,421.89

Total -5,333,503.54 -3,038,421.89




Tax credits - -

G USD share / FR0013379013 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -112.19 -




Tax credits - -



appe

ndic

esI share / FR0011188267 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 719,671.21 756,549.45

Total 719,671.21 756,549.45




Tax credits - -

G share / FR0010868174 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 76,077.09 -292.49

Total 76,077.09 -292.49




Tax credits - -

I USD share / FR0013405263 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 11,387.37 -




Tax credits - -



appe

ndic

esJ share / FR0013390705 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 5.97 -0.43

Total 5.97 -0.43




Tax credits - -

IXL share / FR0013429719 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 137,971.12 -




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total 56,664,834.63 14,195,941.43

12.31.2019 12.31.2018

A share / FR0010859769 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 41,674,909.60 11,075,572.29

Total 41,674,909.60 11,075,572.29




G USD share / FR0013379013 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 2,038.73 -






appe

ndic

esI share / FR0011188267 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 8,871,033.92 2,183,625.59

Total 8,871,033.92 2,183,625.59




G share / FR0010868174 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 3,063,132.95 936,743.50

Total 3,063,132.95 936,743.50




I USD share / FR0013405263 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 171,237.23 -






appe

ndic

esJ share / FR0013390705 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 126.70 0.05

Total 126.70 0.05




IXL share / FR0013429719 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,882,355.50 -

Total 2,882,355.50 -






appe

ndic


Currency

? 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 642 004 455,71 343,139,184.64 146,292,584.82 111,278,245.51 136,939,242.51

G USD share / FR0013379013 SHARE currency: USD


410 - - - -

Net asset value 104.41 - - - -


- - - - -


- - - - -


- - - - -





1,508,465.47 1,201,230.859 622,057.196 570,652.783 726,985.712

Net asset value 286.47 221.53 219.7 188.67 181.38


- - - - -


- - - - -


- - - - -



appe

ndic

es





32,108.896 24,783.185 2,001 2,001 2,901

Net asset value 2,890.7 2,186.59 2,118.3 1,777.2 1,674.96


- - - - -


- - - - -


- - - - -





102,837.179 96,419.723 23,176.621 273.95 1

Net asset value 311.12 236.77 232.37 197.47 188.33


- - - - -


- - - - -


- - - - -



appe

ndic

es



I USD share / FR0013405263 SHARE currency: USD


2,607 - - - -



- - - - -


- - - - -


- - - - -





1 1 - - -

Net asset value 1,329.03 1,008.98 - - -


- - - - -


- - - - -


- - - - -





appe

ndic

esIXL share / FR0013429719 SHARE currency: EUR


75,250 - - - -



- - - - -


- - - - -


- - - - -





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

3.20USD20,567,216.0470,000.00PROPREADOBE NCUS00724F1012

4.91HKD31,520,536.043,370,000.00PROPREAIA GROUP LTD -H-HK0000069689

6.33USD40,624,944.32215,000.00PROPREALIBABA GROUP HOLDING-SP ADRUS01609W1027

8.72USD55,970,209.3534,000.00PROPREAMAZON.COM INCUS0231351067

4.15USD26,651,848.55110,000.00PROPREBECTON DICKINSON & COUS0758871091

5.02USD32,244,454.3472,000.00PROPREBLACKROCK INC AUS09247X1019

0.00HKD0.00183,000.00PROPRECHINA ANIMAL HEALTHCARE LTDBMG211151037

3.84USD24,624,320.71330,000.00PROPREEOG RESOURCESUS26875P1012

3.80USD24,416,837.42290,000.00PROPREFOMENTO ECONOMICO MEXICANO SA DECV FEMSA ADRUS3444191064

5.32MXN34,144,157.966,850,000.00PROPREGRUPO FIN BANORTEMXP370711014

4.10BRL26,315,556.153,200,000.00PROPREITAU UNIBANCO HOLDING SABRITUBACNPR1

3.44USD22,078,369.7183,000.00PROPREMASTERCARD INC SHS AUS57636Q1040

5.91USD37,932,293.99270,000.00PROPREMICROSOFT CORPUS5949181045

2.62JPY16,849,877.05137,000.00PROPRENIDEC CORPJP3734800000

2.27SGD14,548,827.352,000,000.00PROPREOVERSEA-CHINESE BANKINGSG1S04926220

3.44HKD22,115,120.752,100,000.00PROPREPING AN INSURANCE GROUP CO-HCNE1000003X6

6.77USD43,467,260.58300,000.00PROPRESALESFORCE.COMUS79466L3024

3.12KRW20,008,786.60110,000.00PROPRESAMSUNG SDIKR7006400006

3.85HKD24,694,703.62575,000.00PROPRETENCENT HOLDINGS LTDKYG875721634

3.25USD20,837,986.6472,000.00PROPRETHERMO FISHER SCIEUS8835561023


4.82USD30,923,118.04240,000.00PROPREWALT DISNEY CO/THEUS2546871060

4.74USD30,452,668.15712,000.00PROPREYUM CHINA HOLDINGS INCUS98850P1093

98.04629,446,108.95Total,Action

O.P.C.V.M.

0.75EUR4,813,080.004,000.00PROPREECHIQUIER FUND SICAV ECHIQUIERARTIFICIAL INTELLIGENCE SICAVLU1819578672




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.11EUR737,536.004,300.00PROPREECHIQUIER ROBOTICS FCPFR0012413722

0.12EUR748,538.00700.00PROPREECHIQUIER WORLD NEXT LEADERS FFR0013423365

0.986,299,154.00Total O.P.C.V.M.


Liquidites

BANQUE OU ATTENTE


-0.63EUR-4,068,719.580.00PROPREACH DIFF TITRES EUR

0.00CAD89.030.00PROPREBANQUE CAD BPP


0.00GBP32.850.00PROPREBANQUE GBP BPP

0.00SGD91.650.00PROPREBANQUE SGD BPP

0.38USD2,425,108.790.00PROPREBANQUE USD BPP


0.42EUR2,711,129.400.00PROPREVTE DIFF TITRES EUR


FRAIS DE GESTION








-0.00EUR-0.370.00PROPREPRN-1COMVARIABLE



Coupons

Action

0.01BRL33,900.396,585,000.00ACHLIGITAUUNIBANCOBRITUBACNPR1

0.00USD8,530.9672,000.00ACHLIGTHERMO FISCHER SCIENUS8835561023



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.02USD115,242.76210,000.00ACHLIGWALT DISNEY CO/THEUS2546871060



100.00642,004,455.71Total ECHIQUIER WORLD EQUITY GROWTH

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIERENTREPRENEURS



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER ENTREPRENEURS














Procedures for determining and allocating distributable sums A share, G share:



Investment objectiveECHIQUIER ENTREPRENEURS is a dynamic sub-fund seeking long-term performance through exposure to European small-cap and micro-cap equity markets.

Benchmark The MSCI Europe Micro Cap NR index is a representative indicator for the management of ECHIQUIER ENTREPRENEURS.This index, used for information purposes only, shows the evolution of all euro-denominated equities of European micro-capcompanies. It is calculated in euros, with dividends reinvested.


The sub-fund’s management focuses on equity markets in the European Union.

The sub-fund is exposed mainly to European small caps with a market capitalisation of less than 1.5 bn euros and has a long-termpreference for growth stocks. However, depending on the market conditions and the manager’s assessment, it may favour otherthemes over shorter periods.

The management of ECHIQUIER ENTREPRENEURS is based on a rigorous selection of securities known as stock-picking, withthe stocks chosen as a result of implementing a process involving direct meetings with the companies in which the sub-fund invests.


the quality of its financial structure,

visibility on the company’s future earnings,

the growth prospects for its business,

environmental and social aspects,





The selected securities therefore underwent a highly selective qualitative process. The methodology involving the setting of a purchaseprice and a sale price make it possible to establish a position on securities presenting a potential for future appreciation by the market.


Assets used (excluding derivatives)Equities:

The ECHIQUIER ENTREPRENEURS sub-fund has a minimum exposure to European equities of 60% and a maximum exposureto non-European equities of 10%.

Stocks in any sector may be selected.

It should be noted, however, that the sub-fund is exposed mainly to European small-cap stocks, i.e., those with a marketcapitalisation of less than 1.5 bn euros. This criterion is assessed at the time of the initial investment in the equities in question.

However, in order to allow the sub-fund to be eligible for the PEA as well as the PEA PME, a minimum of 75% of the sub-fundis invested in European equities issued by companies meeting the following criteria: fewer than 5,000 employees as well as annualturnover of less than 1,500 million euros or a total balance sheet of less than 2,000 million euros. These criteria are assessed whenthe sub-fund invests in the equities in question.




- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or consideredas such by the management team. Up to 10% of the sub-fund’s assets may be invested in “speculative” or unrated bonds. Themaximum maturity of bonds is 10 years. However, the sub-fund reserves the right to buy bonds with a maturity of more than 10years marginally as a percentage of assets. No limits have been set for the proportion of bonds of sovereign and private issuersin the portfolio.

Prior to purchase and for monitoring purposes over the life of securities, the risk is assessed on the basis of research and analysiscarried out in-house by La Financière de l’Echiquier and using the ratings produced by the rating agencies.





Derivatives

The sub-fund may invest in financial futures traded on European regulated, unregulated, and/or over-the-counter markets. Withinthis framework, the sub-fund may take positions to hedge the portfolio. It may also take positions to gain exposure to businesssectors, equities, securities and equivalent instruments, and indices in order to satisfy the investment objective. The sub-fund maytake positions to hedge the portfolio against currency risk.

These transactions shall be limited to 100% of the sub-fund’s assets. Financial instruments are entered into with intermediariesselected by the management company that have no say on the composition or management of the sub-fund's portfolio.








Deposits

None

Cash borrowings



None




Equity risk:

ECHIQUIER ENTREPRENEURS has a minimum equity exposure of 60%.






Interest rate risk:

Up to a maximum of 25% of the assets of ECHIQUIER ENTREPRENEURS are exposed to fixed-income products. The Fund'snet asset value may fall if interest rates rise.

Credit risk:



Currency risk:


Target investors and investor profile Target investors:


- G share: Reserved for institutional investors and distribution by financial intermediaries


The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such asub-fund, which is a high risk due to investment in European small-cap equities.

ECHIQUIER ENTREPRENEURS may be used for variable-capital, unit-linked individual life insurance policies. ECHIQUIERENTREPRENEURS may be used for investment in UCITS managed by La Financière de l’Echiquier. The sub-fund may investin UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in ECHIQUIER ENTREPRENEURS depends on the personal situation of the investor. Indeciding how much to invest, investors should take into account their personal and any business assets, their cash requirementsat the time and in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised todiversify their investments sufficiently so as not to be exposed solely to the risks of this sub-fund.






• Sicav creation date: December 4, 2018• Sub-fund creation date: October 18, 2013.















_______

Entrepreneurs returned +28.2% over the year, outperforming its benchmark (+22.4%). This result was driven by healthy gains fromsome of the larger positions (Interxion +58%, Johnson +80%, Diploma +80%, Carel +55%) and by the outstanding performanceof HelloFresh (+205%) and Virbac (+108%). French micro caps underperformed their European peers within the universe (CACSmall +16% in 2019) and the fund (Guerbet, Exel Industries, EOS Imaging, Maisons du Monde).

In terms of transactions, we sold off our positions in HMS Network, Dechra, Kornit and Wessanen (takeover bid) on reaching ourtarget prices, and in Consort Medical, Sportamore and Beneteau, owing to divergence from our estimates. Elsewhere, we expandedthe fund’s “cyclical/special situation” components (Munters, Cerved, Norma, Boiron) and added to the “niche leaders” (Vaisala,Albioma) and “transformative project” (Karo Pharma, Vitrolife, BoneSupport) components.

With AuM of €498 million, Entrepreneurs is likely to close to new subscriptions in the coming weeks. The investment strategyremains unchanged: we continue to favour long-term investments in growth companies positioned in high-potential markets.Some positions, such as MIDSONA, ESKER and PORVAIR, have been in the portfolio for more than five years. The portfoliosegmentation, with three thematic components - niche leaders (50%), transformative projects (30%) and cyclical companies (20%)- enables us to preserve the DNA of Entrepreneurs, which has been operating successfully for more than six years.

Entrepreneurs FR0011558246 28.25%

Entrepreneurs - G unit FR0013111382 29.59%


For your information, the fund may invest in the institutional units of our funds whenever these exist.






• 23,503 units of Echiquier Short Term Credit I

Overview of our General PolicySince 2007, Financiere de l’Echiquier has been including environmental, social and governance criteria in its investment selectionprocedure. This approach is used across the board for all of Financiere de l’Echiquier's equity funds. The evaluation is based onspecific SRI meetings with the target company's key people. We do not consult rating agencies. Moreover, the SRI meetings are




always conducted by 2-person teams involving the manager, or the financial analyst studying the investment, and one of themembers of the SRI team. Following each meeting, a rating reflecting our appraisal of each company is established. It is reviewedat follow-up meetings, which we conduct every two years on average. All SRI meeting reports and the securities' extra-financialratings are archived in our proprietary database.






















Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


23,493,880.37 23,503,000.00


- -


- -


- -












Receivables 667,659.04 25,360,633.15


Other 667,659.04 25,360,633.15

Financial accounts 21,065,861.03 -

Cash and cash equivalents 21,065,861.03 -

Other assets - -

Total assets 495,218,999.31 357,391,717.31

12.31.2019 12.31.2018




Equity

• Capital 491,985,059.88 307,755,870.33




• Result -4,397,297.78 -4,105,743.46











Debts 461,417.76 358,372.46


Other 461,417.76 358,372.46

Financial accounts - 16,436,726.67

Cash credit - 16,436,726.67

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 3,814,744.48 3,698,709.06






Total (II) -141,188.45 -83,587.74








12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.












Net assets

A shareMaximum of

2.392 % incl. tax

G shareMaximum of

1.35 % incl. tax


Net assets (*)



Maximum of 0.40% incl. tax forshares




appe

ndic

esAccounting currencyEuro.








Details of the rights and conditions attached to each share category A share, G share:



Event that occurred during the year The compartment Echiquier Entrepreneurs of the SICAV Echiquier was created on 19/03/2019by merger-absorption of the fund Echiquier Entrepreneurs.




appe

ndic

es



Currency EUR EUR



203,250,314.99 87,947,756.91


-149,386,445.56 -97,108,661.47






Foreign exchange differences 2,612,290.21 -1,270,669.75


94,613,170.42 -81,943,520.59




- -







- -


Other items - 228,829.31


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


13,301,091.81 -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -


Debt securities 13,301,091.81 - - - -


- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:


Deffered payment sales 256,407.26

coupons receivable 111,390.80

- -





Other Debts:

Deferred payment purchases 209,887.54



- -



By main currency SEK GBP DKK Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - 111,390.80 - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0011558246 357,671.652 75,761,866.09 414,114.318 86,052,869.14

G share / FR0013111382 75,693.946 126,875,997.05 37,787.122 63,333,576.42


G share / FR0013111382 - -


G share / FR0013111382 - -


A share / FR0011558246 612,451.85 -

G share / FR0013111382 - -



A share / FR0011558246 2.39

G share / FR0013111382 1.35


Share class:

A share / FR0011558246 -

G share / FR0013111382 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 23,493,880.37


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -4,397,297.78 -4,105,743.46

Total -4,397,297.78 -4,105,743.46

12.31.2019 12.31.2018

A share / FR0011558246 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -3,440,509.03 -3,505,047.13

Total -3,440,509.03 -3,505,047.13




Tax credits - -

G share / FR0013111382 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -956,788.75 -600,696.33

Total -956,788.75 -600,696.33




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total 7,169,819.45 36,946,491.31

12.31.2019 12.31.2018

A share / FR0011558246 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 3,707,023.19 22,794,207.17

Total 3,707,023.19 22,794,207.17




G share / FR0013111382 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 3,462,796.26 14,152,284.14

Total 3,462,796.26 14,152,284.14






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: October 18, 2013.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 494,757,581.55 340,596,618.18 399,609,558.86 268,745,938.95 141,202,819.81



130,803.268 92,896.444 78,459.064 10,589.768 -

Net asset value 1,826.56 1,409.51 1,607.83 1,284.13 -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 19.15 145.87 221.88 49.98 -




1,107,634.411 1,164,077.077 1,317,150.171 1,523,195.333 959,087.575

Net asset value 230.97 180.1 207.61 167.5 147.22


- - - - -


- - - - -


- - - - -





Valeurs mobilieres

Action

2.03SEK10,062,002.40365,571.00PROPREADDLIFE ABSE0007982814

2.92EUR14,439,854.00555,379.00PROPREALBIOMAFR0000060402

1.82EUR8,991,166.50540,010.00PROPREALTAMIRFR0000053837

0.78EUR3,860,948.00106,070.00PROPREBOIRONFR0000061129

0.48SEK2,383,356.03770,000.00PROPREBONESUPPORT HOLDING ABSE0009858152

1.93SEK9,558,307.891,893,609.00PROPREBOOZT RGSE0009888738

2.23EUR11,046,420.00797,000.00PROPRECAREL INDUSTRIES S P AIT0005331019

2.58EUR12,742,056.00530,919.00PROPRECEMBREIT0001128047

2.99EUR14,781,500.001,700,000.00PROPRECERVED GROUP SPA AZ NOMINATIVAIT0005010423

1.34EUR6,636,829.5070,231.00PROPREDEVOTEAMFR0000073793

0.08GBP390,247.18140,150.00PROPREDIALIGHTGB0033057794

1.89EUR9,347,400.0081,000.00PROPREDIASORIN SPAIT0003492391

2.22GBP10,997,802.99460,533.00PROPREDIPLOMA PLCGB0001826634

1.93GBP9,571,852.991,690,130.00PROPREDRAPER ESPIRIT PLCGB00BY7QYJ50

0.73EUR3,599,184.511,624,914.00PROPREEOS IMAGING-PROMESSESFR0011191766

3.47EUR17,188,987.20186,028.00PROPREESKERFR0000035818

0.89EUR4,380,400.0094,000.00PROPREEXEL INDUSTRIESFR0004527638

2.57SEK12,693,454.222,240,000.00PROPREFAGERHULT ABSE0010048884

0.47SEK2,340,396.892,186,293.00PROPREGOMSPACE GROUP ABSE0008348304

2.42EUR11,951,394.00289,380.00PROPREGUERBETFR0000032526

2.50EUR12,352,920.00662,000.00PROPREHELLOFRESH SEDE000A161408

1.70EUR8,420,371.80108,231.00PROPREIMCD B.VNL0010801007


3.04GBP15,031,561.566,500,000.00PROPREJOHNSON SERVICE GROUP PLCGB0004762810

0.70SEK3,472,191.87899,745.00PROPREKARO BIO ABSE0007464888


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.25EUR11,143,510.95519,511.00PROPREMANITOU BFFR0000038606

2.98SEK14,721,340.203,129,000.00PROPREMIDSONA BSE0000565228

2.96EUR14,625,550.00365,000.00PROPREMONCLER SPAIT0004965148

3.02SEK14,951,761.453,200,000.00PROPREMUNTERS GROUP ABSE0009806607

3.53EUR17,458,500.00565,000.00PROPRENEOEN SPAFR0011675362

1.49EUR7,347,546.20356,677.00PROPRENEURONESFR0004050250

1.04EUR5,130,000.00135,000.00PROPRENORMA GROUP NDE000A1H8BV3

2.55DKK12,632,097.591,804,820.00PROPREOSSUR HFIS0000000040

1.44CHF7,101,493.69142,982.00PROPREPIERER MOBILITY AGAT0000KTMI02

1.92GBP9,505,359.021,206,028.00PROPREPORVAIR PLCGB0006963689

2.00SEK9,882,504.79967,960.00PROPRERAYSEARCH LABORATORIES CLSE0000135485

2.19GBP10,834,889.981,507,900.00PROPRERWS HOLDINGS PLCGB00BVFCZV34

2.11EUR10,434,150.00177,000.00PROPRESCOUT 24 AGDE000A12DM80

1.93SEK9,546,757.59700,000.00PROPRESTORYTEL ABSE0007439443

2.33EUR11,511,500.008,050,000.00PROPRETOTAL PRODUCEIE00B1HDWM43

1.59EUR7,854,061.00247,372.00PROPREVAISALA OY AFI0009900682

2.45EUR12,128,193.0051,282.00PROPREVIRBAC SAFR0000031577

2.74SEK13,560,178.19720,914.00PROPREVITROLIFE ABSE0011205202

2.18EUR10,778,680.50848,715.00PROPREZIGNAGO VETRO SPAIT0004171440

88.26436,690,507.06Total Action

O.P.C.V.M.


4.7523,493,880.37Total O.P.C.V.M.


Liquidites

BANQUE OU ATTENTE


-0.04EUR-209,887.540.00PROPREACH DIFF TITRES EUR







% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


FRAIS DE GESTION







0.61EUR3,000,704.263,000,000.00PROPREARCELORMITTAL SA ZCP 07/02/2020FR0125802944

0.87EUR4,299,824.514,300,000.00PROPRETHYSSENKRUPP AG ZCP 08/01/2020DE000A255HY5




Coupons

Action

0.02GBP111,390.80460,533.00ACHLIGDIPLOMAGB0001826634



100.00494,757,581.55Total ECHIQUIER ENTREPRENEURS

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER QME



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER QME













Procedures for determining and allocating distributable sumsA, G CHF, G, I and R shares:



Investment objectiveECHIQUIER QME is a quantitatively managed sub-fund that seeks the highest possible return over a period of 3 years with littlecorrelation to trends in financial markets and an average annual volatility of less than 10%.

The manager shall not be bound to any guarantee of performance. These objectives are based on the realisation of assumptionsmade by the management company about market conditions and in no way constitutes a guarantee of the sub-fund's return orperformance.

Benchmark In view of the sub-fund's investment objective, no relevant benchmark exists. The index stated below is therefore not representativeof the sub-fund's risk profile, but has been selected as an ex-post performance indicator.

The sub-fund’s performance may be compared with the Capitalized Eonia rate. The EONIA (European Over Night Index Average),used solely for information purposes, is calculated by the European Central Bank and represents the overnight interbank referencerate of the eurozone.


The ECHIQUIER QME sub-fund uses a management methodology that systematically implements trading strategies with theobjective of realizing gains on both up and down market trends. This method consists in taking positions based on buy and sellsignals generated by a quantitative model based on an analysis of historical prices and econometric information.

The sub-fund's management methodology includes more than 30 proprietary quantitative models that enable two sets ofcomplementary strategies to be implemented:

“momentum” strategies to model medium/long-term movements driven by imbalances between supply and demand in the marketsas part of a quantitative approach. This method represents around 70% of the portfolio.

"satellite" strategies using algorithms representing around 30% of the portfolio's allocation and benefiting from momentum-independent sources of performance.

To diversify the gain and risk opportunities, the sub-fund will invest in four asset classes (equities, short-term rates, sovereignbonds, currencies) through more than 60 underlying assets without any geographical restriction.

Management decisions are taken on the basis of a computerized system, and orders are executed through a computerized order


ECHIQUIER QME

placement system (Bloomberg EMSX). If this system becomes temporarily unavailable, the managers can have orders executedby telephone.

Exposure to market trends will be achieved mainly through the use of forward financial instruments, especially futures.

From time to time, the ECHIQUIER QME sub-fund may also use trackers or ETFs for exposure to equities or indices, currencies,credit, medium-term and long-term fixed-income products, or money market instruments.

The sub-fund may invest its cash holdings in various money market instruments and treasury bills.

The manager will primarily use forward financial instruments on equities or indices, currencies, medium-term and long-termfixed-income products, or money market instruments.

Other financial instruments are used in order to meet objectives relating to liquidity management or risk diversification.


Equities:

Between 0% and 100% of the ECHIQUIER QME sub-fund may be invested in equities. These will be equities issued by Europeanand US large-cap companies belonging to the main indices (STOXX 600, S&P 500). On an incidental basis, the sub-fund mayuse small and mid-cap equities.


Up to 100% of the ECHIQUIER QME sub-fund may be invested in negotiable debt securities, bonds, and money marketinstruments.

- The sub-fund is not intended to take credit risks.

- It may invest in investment grade public debt securities denominated in euros.

- The average duration of the bond portfolio will be less than 1 year.

- The main securities considered are treasury bills issued by European states whose default risk is considered the lowest by themanagement company.


The sub-fund may invest more than 10% of its assets in securities of other French and/or European UCITS and in French orEuropean AIFs – retail investment funds only, chiefly exchange traded funds (ETFs). These may be UCIs in any AMF category.The sub-fund may invest in UCIs of the management company or an associate company.

Derivatives

To pursue the investment objective, the sub-fund systematically invests in financial futures traded on French or foreign regulated,organised, or over-the-counter markets. These financial futures may cover all asset classes, including equity or equity index,currency, medium-term and long-term fixed-income or money market instrument, volatility, and credit markets. In other words,the risks that the manager intends to deal in are:

- Equity: yes,

- Interest rate: yes

- Currency: yes,

- Credit: yes

- Volatility: yes.

These contracts are used to hedge or expose the portfolio.

The forward financial instruments used by the manager will only be futures. These futures will be listed on organized markets withthe following underlying assets: financial instruments (equities), currencies, interest rates, yields, financial indices (including volatility).


The system for allocation of positions among the different markets is based on the principle of diversification of the risk observedon each of the forward financial contracts in which the sub-fund invests. The overall risk is estimated by calculating the Value atRisk (VaR) of the portfolio. This method is described in title IV. Investment rules. Liquidity risk is measured on each forwardfinancial contract and then aggregated at the portfolio level.


None

Deposits

None

Cash borrowings



ECHIQUIER QME


None




Equity risk:




Currency risk:


Interest rate risk:


Credit risk:


Risk associated with the investment strategy

- Volatility risk: The net asset value is likely to be highly volatile due to the composition of its portfolio and its exposure to marketvolatility and/or the management techniques that may be used.

- Risk associated with the use of derivatives: The Fund may use forward financial instruments. The change in the underlyingsecurity of a derivative may therefore be accentuated and have a more significant impact on the net asset value.

- Risk associated with the investment strategy: Absolute return investments strategies employ techniques that take advantage ofobserved (or anticipated) differences in prices between markets and/or sectors and/or securities and/or currencies and/orinstruments. If the markets move against these positions (for example, if they rise for short transactions and/or fall for longtransactions), the fund’s net asset value may fall.

- Counterparty risk: In the event of the default of a counterparty used by the Fund, the counterparty would no longer be able tohonour the commitments undertaken with the Fund in relation to assets, securities or cash; such events could have a negativeimpact on the Fund's net asset value.



- G CHF share: Reserved for distribution by financial intermediaries



- R share: Reserved for distribution by Italian financial intermediaries


This sub-fund is intended for investors with an investment horizon of at least 3 years who wish to diversify their investments byusing different management techniques on all international markets and who are seeking a degree of decorrelation from marketindices and a lower volatility than that of equity markets.

The appropriate amount to invest in ECHIQUIER QME depends on the personal situation of the investor. To determine thisamount, investors must take into account not only their personal and possibly professional wealth, their cash requirements nowand three years from now, but also their desire to take risks or otherwise favour a cautious investment. Investors are also stronglyadvised to diversify their investments sufficiently so as not to be exposed solely to the risks of this sub-fund.



ECHIQUIER QME










• Sicav creation date: December 4, 2018• Sub-fund creation date: November 13, 2015.


ECHIQUIER QME






_______

The fund started in 2019 with a downward positioning on the equity indices following the drop in the markets in the last quarterof 2018. These positions cost the portfolio over the first part of the year. The latter then adjusted itself to get exposure to the risein the markets under the effect of the promising tends of the medium term.

The positions in long and short rates were very profitable, benefiting from the continued drop in yield until the end of the summer.The turnaround in these markets starting in autumn resulted in marked reductions in positions.

Foreign exchange had a marginal impact over the year with a US dollar with no marked trend and hardly significant positions inthe other currencies.

At the end of December the fund had a long positioning on the equity indices which is balanced with the moderately upwardpositions on sovereign bonds, while the exposure to foreign exchange remains more marginal.

Main movements

Echiquier QME A:

Your fund is up +2.26% over the year 2019 while its benchmark index EONIA is down -0.40%.

Echiquier QME I:


Echiquier QME R:


Echiquier QME G:


The commitment is calculated according to the VAR method.

Min VAR.: 1.16%

Max VAR.: 2.12%

Average VAR.: 1.55%

For your information, the fund may invest in the institutional units of our funds whenever these exist.

BUONI POLIENNALI DEL TES 4.500% 01/02/2020 Purchase 23,500

FRANCE (GOVT OF) 0.25% 25/11/2020 Purchase 22,000,000

FRANCE (GOVT OF) 0.500% 25/11/2019 Purchase 17,000,000

BUONI POLIENNALI DEL TES 4.500% 01/02/2020 Purchase 4,000



ECHIQUIER QME




- Your UCI does not hold units of UCIs managed by Financière de l’Échiquier.






















The compensation policy has been approved by the directors of the Management Company. Details of the compensation policy


ECHIQUIER QME

are available on the following website: www.lfde.com. A handwritten copy of this compensation policy is available on demandand free of charge.


Remuneration




RT : Risk Takers

* Beneficial owners


ECHIQUIER QME





















• draft agenda;


- Sundry items.


• Powers;











ECHIQUIER QME














> Control system;





> Other changes;























ECHIQUIER QME













GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President




ECHIQUIER QME





ECHIQUIER QME

annualaccounts

assets


ECHIQUIER QME


Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


9,069,479.49 9,425,000.00


- -


- -


- -












Receivables 10,082,169.59 16,585,481.22


Other 10,082,169.59 16,585,481.22



Other assets - -

Total assets 97,809,887.36 107,063,305.08

12.31.2019 12.31.2018


ECHIQUIER QME


Equity

• Capital 85,100,219.28 103,174,855.76



• Net capital gains and losses for the financial year 5,141,628.77 -6,277,359.85

• Result -28,914.84 1,152,929.67











Debts 2,745,541.77 255,384.88


Other 2,745,541.77 255,384.88


Cash credit 2,623,594.74 5,871,403.26

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet


ECHIQUIER QME

Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -



- Futures market (Futures) 772,210,689.12 1,062,118,311.85



- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019


ECHIQUIER QME

Currency EUR EUR









Total (I) 1,271,953.19 2,555,797.38





• Other financial expenses -833.43 -882.39

Total (II) -174,874.96 -168,460.55




Net income for the period (L.214-9-17-1) (I - II + III - IV) -31,902.20 1,093,683.26



Income (I - II + III - IV +/- V - VI): -28,914.84 1,152,929.67

12.31.2019 12.31.2018

INCOMEstatement



ECHIQUIER QME

1ap

pend
















Practical details




previous day


that day.

appe

ndic

es


ECHIQUIER QME



that day.


the previous day


for that day










received" method.







(1) The 2% includes a maximum distribution commission of 0.5%.




Net assets

A shareMaximum of 1.50%

incl. tax

G CHF and Gshares

Maximum of 1.25 %incl. tax



incl. tax

R shareMaximum of 2.00%

incl. tax(1)

Maximum indirect fees (managementfees and commissions)

Net assets Maximum 1.00% including taxes per year


Payable on eachtransaction or ope-

rationNone

Outperformance commission Net assets15% of the performance above the maxi-

mum between 2% and the CapitalizedEONIA


ECHIQUIER QME

appe

ndic

esCalculation of the outperformance commission


- 15% including tax of the performance above the maximum between 2% and the CapitalizedEONIA.

- The provision for variable management fees is adjusted each time the net asset value iscalculated, based on 15% including taxes of the UCITS' outperformance in relation to 2%or compared with the Capitalized EONIA according to the maximum for ECHIQUIERQME, G, G CHF, I and R shares.

- The provision for variable management fees is adjusted each time the net asset value iscalculated, based on 15% including taxes of the UCITS' outperformance in relation to 2%or compared with the Capitalized EONIA according to the maximum converted into CHFfor the G CHF share

If the UCITS underperforms the benchmark, this provision is adjusted through writebacks.Provision writebacks are capped at the level of the allocations made

- The outperformance will be calculated for the first time from the share creation date bytaking into account a reference net asset value determined on that same date.

- The management company deducts management fees on an annual basis on the last tradingday of December of each year. The performance commission is deducted only when the netasset value at the end of the year is greater than the highest historical annual closing netasset value (High Water Mark condition).

- For the A share, the first deduction will take place at the end of December 2016. The firstcalculation period will therefore be between the share creation date and the last business dayof 2016.

- For the G CHF, I, and R shares, the first deduction will take place at the end of December2017. The first calculation period will therefore be between the share creation date and the lastbusiness day of 2017.

- For the G share, the first deduction will take place at the end of December 2018. The firstcalculation period will therefore be between the share creation date and the last business dayof 2018.

When shares are redeemed, if there is a provision for management fees, the amountproportional to the redeemed shares is paid to the management company.









Details of the rights and conditions attached to each share category A, G CHF, G, I and R shares:




ECHIQUIER QME

appe

ndic

esEvent that occurred during the yearThe compartment Echiquier QME of the SICAV Echiquier was created on 19/03/2019 bymerger-absorption of the fund Echiquier QME.




appe

ndic

es


ECHIQUIER QME

Currency EUR EUR



49,486,824.58 51,090,351.61


-58,503,577.34 -53,175,893.60






Foreign exchange differences 99,184.56 130,400.39


342,904.03 -520,109.46

- Estimate difference – period N -414,937.77 -757,841.80

- Estimate difference – period N-1 -757,841.80 -237,732.34


-2,452,780.39 1,566,998.73

- Estimate difference – period N -435,362.18 2,017,418.21

- Estimate difference – period N-1 2,017,418.21 450,419.48



Net income for the period before adjustment accounts -31,902.20 1,093,683.26


- -


Other items - *96.07


12.31.2019 12.31.2018

changes net assets2

* Fusion-absorption relief FCP FCM Hedging (11.02.2018).

appe

ndic

es


ECHIQUIER QME




or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -




ECHIQUIER QME

appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -

Other transactions 251,008,216.09 - - 364,773,684.77


AssetsDeposits

- - - - -

Bonds and similar securities 32,703,928.79 28,790,726.66 - - -



- - - - -



- - - - -



- - - - -

Other transactions 364,773,684.77 - 158,471,925.78 19,395,502.40 73,140,787.91



- - - -




615,781,900.86 61,112,619.05 95,316,169.21 -



appe

ndic

es


ECHIQUIER QME





Other Receivables:

Security deposits (paid) 8,476,081.83

Deferred payment sales 1,534,067.25


- -





Other Debts:

repurchase payable 2,702,001.05


- -

- -



By main currency USD KRW JPY Other currencies

AssetsDeposits

- - - -






- - - -

Receivables 3,384,649.44 251,621.11 292,786.89 2,259,892.39

Financial accounts 978.33 2,375,841.37 494,894.47 1,031,785.82



- - - -


- - - -

Debts - - - 36.72

Financial accounts 2,515,071.96 - 36.43 108,486.35


- - - -

Other transactions 185,500,635.71 18,557,548.38 20,529,282.79 204,933,930.81


ECHIQUIER QME

appe

ndic

es3.6. Equity



A share / FR0012815876 19,275.136 19,631,056.81 25,414.734 25,798,409.91

G CHF share / FR0013174828 - - - -

I share / FR0013133618 26,632 27,805,525.17 29,996.953 30,276,365.49

G share / FR0013300076 19,386.643 1,898,307.73 22,382.135 2,153,975.62

R share / FR0013174836 149.556 151,934.87 284.385 274,826.32


G CHF share / FR0013174828 - -

I share / FR0013133618 - -

G share / FR0013300076 - -

R share / FR0013174836 - -


G CHF share / FR0013174828 - -

I share / FR0013133618 - -

G share / FR0013300076 - -

R share / FR0013174836 - -


A share / FR0012815876 - -

G CHF share / FR0013174828 - -

I share / FR0013133618 - -

G share / FR0013300076 - -

R share / FR0013174836 - -


ECHIQUIER QME

appe

ndic



A share / FR0012815876 1.50

I share / FR0013133618 1.00

G share / FR0013300076 1.25

R share / FR0013174836 2.00


Share class:

A share / FR0012815876 17,095.92

I share / FR0013133618 949.26

G share / FR0013300076 135.96

R share / FR0013174836 21.52


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es


ECHIQUIER QME







- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 9,069,479.49


appe

ndic

es


ECHIQUIER QME




- - - - -

- - - - -

- - - - -

- - - - -


ECHIQUIER QME

appe

ndic




Result -28,914.84 1,152,929.67

Total -28,914.84 1,152,929.67

12.31.2019 12.31.2018

A share / FR0012815876 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -90,996.41 424,026.19

Total -90,996.41 424,026.19




Tax credits - -


ECHIQUIER QME

appe

ndic

esI share / FR0013133618 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 66,788.60 692,081.05




Tax credits - -

G share / FR0013300076 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -858.73 34,220.45

Total -858.73 34,220.45




Tax credits - -

R share / FR0013174836 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -3,848.30 2,601.98




Tax credits - -


ECHIQUIER QME

appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -


ECHIQUIER QME

appe

ndic




Net capital gains and losses for the financial year 5,141,628.77 -6,277,359.85


Total 5,141,628.77 -6,277,359.85

12.31.2019 12.31.2018

A share / FR0012815876 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,337,841.70 -2,969,765.52

Total 2,337,841.70 -2,969,765.52





ECHIQUIER QME

appe

ndic

esI share / FR0013133618 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 2,597,707.01 -3,054,494.60

Total 2,597,707.01 -3,054,494.60




G share / FR0013300076 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 176,079.13 -211,470.93

Total 176,079.13 -211,470.93




R share / FR0013174836 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 30,000.93 -41,628.80





ECHIQUIER QME

appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: November 13, 2015.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 -

Net assets 90,212,933.21 98,050,425.58 103,754,460.49 99,251,286.09 -

G CHF share / FR0013174828 SHARE currency: -

12.31.2019 12.31.2018 12.29.2017 12.30.2016 -Number of outstanding shares

- - 378 970.363 -

Net asset value - - 1,030.8 1,003.64 -


- - - - -


- - - - -


- - - - -

Unit capitalisation* - - -46.02 14.14 -




39,647.709 45,787.307 52,849.306 65,961.791 -

Net asset value 1,033.96 1,011.08 1,051.46 1,028.89 -


- - - - -


- - - - -


- - - - -

Unit capitalisation* 56.67 -55.59 35.81 -38.33 -


appe

ndic

es


ECHIQUIER QME



44,182.235 47,547.188 43,224.648 29,674.563 -

Net asset value 1,032.2 1,005.46 1,040.08 1,013.1 -


- - - - -


- - - - -


- - - - -





31,352.773 34,348.265 22,655.17 - -

Net asset value 98.52 96.14 99.86 - -


- - - - -


- - - - -


- - - - -



appe

ndic

es


ECHIQUIER QME

R share / FR0013174836 SHARE currency: EUR


531.778 666.607 623.836 414.571 -

Net asset value 986.38 969.57 1,013.47 995.98 -


- - - - -


- - - - -


- - - - -




ECHIQUIER QME


% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

1.44EUR1,301,703.001,300,000.00PROPREFEDERAL,REPUBLIC OF GERMANY 0%13/03/2020DE0001104719

24.58EUR22,174,820.6622,000,000.00PROPREFRANCE GOVT OF 0.25% 25/11/2020FR0012968337

7.33EUR6,615,906.006,600,000.00PROPREFRANCE O.A.T. 0% 25/05/2020FR0012557957

34.81EUR31,402,225.7930,700,000.00PROPREITALINA REPBULIC 4.50% 01/02/20IT0003644769


O.P.C.V.M.


10.059,069,479.49Total O.P.C.V.M.


Liquidites

APPELS DE MARGES

0.08AUD69,492.270.00PROPREAPPEL MARGE AUD

-0.04BRL-40,238.060.00PROPREAPPEL MARGE BRL

0.03CAD29,311.350.00PROPREAPPEL MARGE CAD

-0.10CHF-87,350.770.00PROPREAPPEL MARGE CHF

0.17EUR154,034.500.00PROPREAPPEL MARGE EUR

0.05GBP42,476.850.00PROPREAPPEL MARGE GBP

0.04JPY36,260.250.00PROPREAPPEL MARGE JPY

0.02KRW16,401.660.00PROPREAPPEL MARGE KRW

-0.10MXN-89,700.640.00PROPREAPPEL MARGE MXN

0.03SEK26,937.880.00PROPREAPPEL MARGE SEK

0.00SGD417.380.00PROPREAPPEL MARGE SGD

0.30USD272,832.070.00PROPREAPPEL MARGE USD

0.00ZAR4,488.220.00PROPREAPPEL MARGE ZAR

0.48435,362.96Total APPELS DE MARGES

BANQUE OU ATTENTE

-3.00EUR-2,702,001.050.00PROPREACH DIFF OP DE CAPI

0.08AUD72,492.950.00PROPREBANQUE AUD NEWEDG

ECHIQUIER QME

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.36BRL322,342.090.00PROPREBANQUE BRL NEWEDG

0.04CAD37,328.890.00PROPREBANQUE CAD NEWEDG

-0.00CHF-80.330.00PROPREBANQUE CHF BPP

0.14CHF126,344.370.00PROPREBANQUE CHF NEWEDG


5.45EUR4,914,612.270.00PROPREBANQUE EUR NEWEDG

0.05GBP49,601.490.00PROPREBANQUE GBP NEWEDG

0.01HKD5,936.990.00PROPREBANQUE HKD NEWEDG

-0.00JPY-36.430.00PROPREBANQUE JPY BPP

0.55JPY494,894.470.00PROPREBANQUE JPY NEWEDG

2.63KRW2,375,841.370.00PROPREBANQUE KRW NEWEDG

0.00MXN230.000.00PROPREBANQUE MXN BPP

0.34MXN302,497.610.00PROPREBANQUE MXN NEWEDG

0.13SEK115,011.430.00PROPREBANQUE SEK NEWEDG

-0.04SGD-37,303.250.00PROPREBANQUE SGD NEWEDG

0.00USD978.330.00PROPREBANQUE USD BPP

-2.79USD-2,515,071.960.00PROPREBANQUE USD NEWEDG

-0.08ZAR-71,102.770.00PROPREBANQUE ZAR NEWEDG


1.70EUR1,534,067.250.00PROPREVTE DIFF TITRES EUR


DEPOSIT DE GARANTIE

0.71GBP643,849.920.00PROPREDEP GAR S/FUT GBP

0.32JPY292,786.890.00PROPREDEP GAR S/FUT JPY

3.75USD3,384,649.440.00PROPREDEP GAR S/FUT USD

0.13AUD113,456.460.00PROPREGAR SUR MAT FERM V

0.39BRL352,566.830.00PROPREGAR SUR MAT FERM V

0.21CAD190,322.510.00PROPREGAR SUR MAT FERM V

0.39CHF351,394.360.00PROPREGAR SUR MAT FERM V




ECHIQUIER QME

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.28KRW251,621.110.00PROPREGAR SUR MAT FERM V

0.37MXN335,448.560.00PROPREGAR SUR MAT FERM V

0.22SEK195,077.670.00PROPREGAR SUR MAT FERM V

0.00SGD2,404.930.00PROPREGAR SUR MAT FERM V

0.08ZAR75,371.150.00PROPREGAR SUR MAT FERM V


FRAIS DE GESTION









-0.00CHF-36.720.00PROPREPRN-1COMVARIABLE



Futures


-0.18USD-158,766.15-90.00PROPREAUSTRALIAN 0320AD180320

-0.06USD-57,318.49-144.00PROPREBRAZIL REAL 0220BR030220

0.01USD8,719.3832.00PROPREBRITISH POU 0320BP180320

0.03USD30,877.5151.00PROPRECANADIAN DO 0320CD180320

-0.19USD-167,939.87-75.00PROPRECHF CURRENC 0320SF180320

-0.15USD-138,546.1891.00PROPREDOLLAR INDE 0320DX180320

-0.17USD-149,141.43-69.00PROPREEURO FX 0320EC180320

0.14CHF127,323.54-122.00PROPREEURO/CHF FU 0320RF1180320

0.01GBP8,495.07-59.00PROPREEURO/GBP FU 0320RP180320

-0.06JPY-50,030.74-46.00PROPREEURO/JPY CM 0320RY180320

-0.00USD-3,780.62-35.00PROPREJAPANESE YE 0320JY180320


ECHIQUIER QME

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.28KRW251,621.110.00PROPREGAR SUR MAT FERM V

0.37MXN335,448.560.00PROPREGAR SUR MAT FERM V

0.22SEK195,077.670.00PROPREGAR SUR MAT FERM V

0.00SGD2,404.930.00PROPREGAR SUR MAT FERM V

0.08ZAR75,371.150.00PROPREGAR SUR MAT FERM V


FRAIS DE GESTION









-0.00CHF-36.720.00PROPREPRN-1COMVARIABLE



Futures


-0.18USD-158,766.15-90.00PROPREAUSTRALIAN 0320AD180320

-0.06USD-57,318.49-144.00PROPREBRAZIL REAL 0220BR030220

0.01USD8,719.3832.00PROPREBRITISH POU 0320BP180320

0.03USD30,877.5151.00PROPRECANADIAN DO 0320CD180320

-0.19USD-167,939.87-75.00PROPRECHF CURRENC 0320SF180320

-0.15USD-138,546.1891.00PROPREDOLLAR INDE 0320DX180320

-0.17USD-149,141.43-69.00PROPREEURO FX 0320EC180320

0.14CHF127,323.54-122.00PROPREEURO/CHF FU 0320RF1180320

0.01GBP8,495.07-59.00PROPREEURO/GBP FU 0320RP180320

-0.06JPY-50,030.74-46.00PROPREEURO/JPY CM 0320RY180320

-0.00USD-3,780.62-35.00PROPREJAPANESE YE 0320JY180320


ECHIQUIER QME

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.03USD24,988.8610.00PROPRES&P 500 EMI 0320ES200320

-0.08AUD-69,492.2724.00PROPRESPI 200 FUTURES 0320XP190320

0.01CAD5,687.7923.00PROPRES&P/TSE 60 0320PT200320

0.03CHF29,662.2625.00PROPRESWISS MKT I 0320SM200320

0.00JPY0.006.00PROPRETOPIX INDEX 0320TP130320

-0.00EUR-4,340.0031.00PROPREVSTOXX FUTU 0220FVS190220

0.14122,194.19Total Indices ( Livraison du sous-jacent )


-0.00CAD-2,782.07-94.00PROPREBANK ACCEPTANCE 1220BA141220

-0.04CAD-32,217.0720.00PROPRECAN 10YR BO 0320CN310320

-0.02EUR-18,700.0055.00PROPREEURO BOBL 0320OE100320

-0.05EUR-48,870.0038.00PROPREEURO BUND 0320RX100320

-0.11EUR-98,780.0018.00PROPREEURO BUXL 0320UB100320

-0.03CHF-23,177.96133.00PROPREEURO CHF 3M 1220ESX141220

0.04EUR35,105.00-700.00PROPREEURO SCHATZ 0320DU100320

-0.00EUR-2,710.0051.00PROPREEURO-BTP FU 0320IK1100320

-0.08EUR-70,560.0048.00PROPREEURO-OAT FU 0320OAT100320

0.00JPY1,967.21-10.00PROPREJAPANESE 10 0320JB230320

-0.02KRW-13,557.5740.00PROPREKOREA 10YR BOND 0320KAA170320

0.01KRW11,530.49168.00PROPREKOREA 3YR B 0320KE170320

-0.08GBP-68,161.1756.00PROPRELONG GILT 0320G310320

0.08EUR76,260.00343.00PROPRESHORT EURO 0320BTS100320

-0.05CHF-46,457.0836.00PROPRESWISS FEDER 0320FB100320

-0.09USD-81,403.1232.00PROPREUS LONG BON 0320US310320

-0.09USD-83,157.0219.00PROPREUS ULTRA BO 0320WN310320

-0.06USD-55,435.3772.00PROPREUS 10 YR NO 0320TY310320

-0.01USD-4,920.66142.00PROPREUS 2 YR NOT 0420TU030420

-0.03USD-29,613.92114.00PROPREUS 5 YR NOT 0420FV030420

-0.13EUR-114,187.50688.00PROPRE3MO EURO EU 1220ER141220

-0.10USD-88,853.01213.00PROPRE90 DAY EURO 1221ED131221


ECHIQUIER QME

% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.00GBP1,644.45675.00PROPRE90 DAY STERLING 1220L161220

-0.84-757,036.37Total Taux ( Livraison du sous-jacent )

-0.48-435,362.18Total Futures

100.0090,212,933.21Total ECHIQUIER QME

Ann

ual

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VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

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AP

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L -

SIC

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UN

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R F

RE

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H L

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ECHIQUIER VALUEEURO



This

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ECHIQUIER VALUE EURO













ClassificationEquities of eurozone countries

Procedures for determining and allocating distributable sums

Investment objective ECHIQUIER VALUE EURO is a dynamic sub-fund seeking long-term performance through exposure to eurozone securities andwith reference to an MSCI EMU NET RETURN EUR index. The index is used solely for information purposes and is calculatedwith dividends reinvested.

Benchmark The MSCI EMU NET RETURN EUR index (Bloomberg code M7EM) reflects the sub-fund's management objective. Given thatthe UCITS is neither index-linked nor index-referenced, the MSCI EMU NET RETURN EUR is only an indicator for ex-postperformance comparison. The MSCI EMU RETURN NET EUR is a broad index, representative of eurozone stock markets as awhole. It is calculated in euros, with dividends reinvested.


The sub-fund’s management focuses on equity markets in the eurozone.

The management of ECHIQUIER VALUE EURO is based on a rigorous selection of securities known as stock-picking, with thestocks chosen as a result of implementing a process involving direct meetings with the companies in which the sub-fund invests.

This management is based on a fundamental analysis of each stock, based on an internally developed rating according to five criteria:

- the quality of the company's management

- the quality of its financial structure

- visibility on future earnings

- the growth prospects for its business


Net income allocation Net gain realized allocation

A, G et J shares Accumulation Accumulation

D share Distribution Distribution




The selected securities therefore underwent a highly selective qualitative process. The methodology involving the setting of apurchase price and a sale price make it possible to establish a position on securities presenting a potential for future appreciationby the market.


Equities:

The sub-fund has a minimum exposure of 60% to equity markets of eurozone countries. Equity risk exposure outside the eurozoneis limited to 10% of net assets.

Stocks in any sector and of all market capitalisations may be selected, but the sub-fund’s long-term focus is stocks with a marketcapitalization of less than 15 billion euros.

In order for the sub-fund to be eligible for PEAs, a minimum of 75% is invested in European equities.



- in negotiable debt securities. The longest maturity of debt securities used for the sub-fund’s cash management shall be 5 years.The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratingsagency. Negotiable debt securities deemed "speculative" or unrated are authorized within the limit of 10% and are monitoredby the in-house research department of La Financière de l'Echiquier.

- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or consideredas such by the management team. The maximum maturity of bonds is 10 years.Bonds deemed "speculative" or unrated areauthorized within the limit of 10% and are monitored by the in-house research department of LA FINANCIERE DEL’ECHIQUIER. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio.





Derivatives

The sub-fund may invest in financial futures traded on European regulated markets, unregulated markets, or over the counter.Within this framework, the sub-fund may take positions to hedge the portfolio. It may also take positions to gain exposure tobusiness sectors, equities, securities and equivalent instruments, and indices in order to satisfy the investment objective. The sub-fund may take positions to hedge the portfolio against currency risk. The instruments used are:

- index futures,

- options on securities and indices,

- currency options.










Deposits

None

Cash borrowings



None




Equity risk:

ECHIQUIER VALUE EURO has a minimum equity exposure of 60%.






Interest rate risk:

Up to a maximum of 25% of the assets of ECHIQUIER VALUE EURO are exposed to fixed-income products. The Fund's netasset value may fall if interest rates rise.

Credit risk:



Currency risk:




D share: All investors

G share: Reserved for institutional investors and distribution by financial intermediaries



The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding units in such a sub-fund, which is a high risk due to investment in listed equities of the eurozone.

ECHIQUIER VALUE EURO may be used for variable-capital, unit-linked individual life insurance policies. ECHIQUIER VALUEEURO may be used for investment in UCITS managed by LA FINANCIERE DE L’ECHIQUIER.

The appropriate amount to invest in ECHIQUIER VALUE EURO depends on the personal situation of the investor. In decidinghow much to invest, investors should take into account their personal and any business assets, their cash requirements at the timeand in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised to diversify theirinvestments sufficiently so as not to be exposed solely to the risks of this sub-fund.













• AMF approval date ot the sub-fund: March 22, 2002.

• Sicav creation date: December 4, 2018.

• Sub-fund creation date: April 5, 2002.








_______

Echiquier Value Euro closed out the year 2019 with performance less than that of its benchmark index. Financial year 2019 wasa good year for the stock markets, driven in particular by the growth stocks. The latter indeed benefited from the change in strategyof the American federal reserve which, instead of successive tightening, decided to proceed with three rate cuts, under pressurefrom the American government. The value stocks were abandoned by investors, with the latter turning to visible growth stocks,or to defensive growth stocks.

Our investments on small caps also penalised relative performance. The least liquid French and Italian stocks suffered from thesubstantial flow of sellers, such as was the case in 2018. We are more optimistic on this compartment for 2020, while most of theremovals from this fund are now behind us.

In terms of sector exposure, the fund was penalised by the absence of municipal utility services stocks which benefited from thedrop in the interest rate. We consider these stocks to be excessively expensive and will stay away from the sector.

In terms of stock picking, performance was driven by our positions with SOPRA-STERIA, BNP PARIBAS, UNICREDIT, SAINT-GOBAIN, BOUYGUES or FAURECIA. These stocks recorded during the year slight positive revisions in profits despite a difficultmacroeconomic context. The detractors are DANIELI, ARCELORMITTAL and THYSSENKRUPP, companies that sufferedfrom the drop in steel margins in 2019.

In terms of movements, in 2019 we initiated new positions with TAKKT (equipment for warehouses), RTL Group (TV/content),DALATA (hotel industry in Ireland), BRITISH TELECOM or TENARIS (tubes for the oil industry). We moreover disposed ofour positions with EVONIK, STORA ENSO and MAERSK for which the valuations appeared to be less attractive than those ofthe stocks acquired. We disposed of our positions with THYSSENKRUPP and TELECOM ITALIA, due to the absence of animprovement in the level of indebtedness of these two companies.

The positioning of the portfolio at the end of 2019 is resolutely value. Indeed, the difference in the valuation between growth stocksand value stocks reached its highest since the internet bubble of 2000 (growth stocks are 3 times more expensive on the price /equity criterion). This context was historically followed by a recovery, of which the extent remains however to be determinedaccording to the macroeconomic context.

Value FR0011360700 10.87%

Value D FR0011404425 10.87%

Value G FR0007070883 11.86%




During the year, the UCI was not the subject of operations concerned by the SFTR regulation







• 10 768 shares of Echiquier SHORT TERM CREDIT I

























Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


10,763,821.80 33,796,000.00


- -


- -


- -












Receivables 1,330,991.97 35,031,446.89


Other 1,330,991.97 35,031,446.89



Other assets - -

Total assets 217,350,616.04 538,963,261.42

12.31.2019 12.31.2018




Equity

• Capital 261,830,452.48 530,446,345.40




• Result 1,008,130.84 -1,015,089.33











Debts 277,081.92 1,392,834.32


Other 277,081.92 1,392,834.32

Financial accounts - 30,185,715.65

Cash credit - 30,185,715.65

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR









Total (I) 8,879,252.27 17,818,082.23






Total (II) -70,517.66 -234,999.47







Income (I - II + III - IV +/- V - VI): 1,008,130.84 -1,015,089.33

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.









Net assets

A and D sharesMaximum of 2.392 %

incl. tax


G share Maximum of1.50% incl. tax

J share Maximum of0.75 % incl. tax


Net assets (*)



operation

Maximum of 0.40%incl. tax for shares



appe

ndic








- The management company deducts management fees on an annual basis on the last tradingday of December of each year. Variable management fees can be charged only if the net assetvalue at the end of the year is greater than the original nominal value for the first year orgreater than the net asset value at the beginning of the year for subsequent accounting years.

- When shares are redeemed, if there is a provision for management fees, the amountproportional to the redeemed shares is paid to the management company.











J share: 15% on thepositive difference

between the sub-fund’sperformance (net offixed management

fees) and theperformance of theMSCI EMU DNR

index.

Other equities: None



appe

ndic

esDetails of the rights and conditions attached to each share category

Event that occurred during the yearThe compartment ECHIQUIER VALUE EURO of the SICAV Echiquier was created on19/03/2019 by merger-absorption of the fund ECHIQUIER VALUE EURO.




Net income allocation Net gain realized allocation

A, G & J shares Accumulation Accumulation

D share Distribution Distribution

appe

ndic

es



Currency EUR EUR



42,459,817.70 313,198,501.36


-375,522,634.02 -510,214,056.83






Foreign exchange differences 568,014.42 1,335,882.60


112,544,707.11 -253,201,216.15




- -



Distribution over the previous year net capital gains and losses - -945,596.79




- -


Other items - -0.01


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:

deferred payment sales 905,286.38



- -





Other Debts:



differed regulated purchase 67,210.34

- -



By main currency GBP CHF NOK Other currencies

AssetsDeposits

- - - -

Equities and similar securities 8,396,933.54 5,195,918.10 4,112,521.86 -





- - - -

Receivables 94,478.47 - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



G share / FR0007070883 6,280.672 20,867,518.85 70,369.008 235,845,496.88

A share / FR0011360700 131,594.674 21,524,702.37 773,107.295 127,320,376.70

D share / FR0011404425 464.199 66,596.48 88,425.464 12,356,760.44

J share / FR0013392446 1 1,000.00 - -

Subscription / redemption fee: Amount AmountG share / FR0007070883 - -

A share / FR0011360700 - -

D share / FR0011404425 - -

J share / FR0013392446 - -

Retrocessions: Amount AmountG share / FR0007070883 - -

A share / FR0011360700 - -

D share / FR0011404425 - -

J share / FR0013392446 - -


G share / FR0007070883 - -

A share / FR0011360700 - -

D share / FR0011404425 - -

J share / FR0013392446 - -



appe

ndic



G share / FR0007070883 1.50

A share / FR0011360700 2.39

D share / FR0011404425 2.39

J share / FR0013392446 0.14


Share class:

G share / FR0007070883 -

A share / FR0011360700 -

D share / FR0011404425 -

J share / FR0013392446 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS 10,763,821.80


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result 1,008,130.84 -1,015,089.33

Total 1,008,130.84 -1,015,089.33

12.31.2019 12.31.2018

G share / FR0007070883 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 551,681.62 1,092,549.80

Total 551,681.62 1,092,549.80




Tax credits - -

A share / FR0011360700 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 425,401.03 -1,686,186.63

Total 425,401.03 -1,686,186.63




Tax credits - -



appe

ndic

esD share / FR0011404425 12.31.2019 12.31.2018

Currency EUR EUR

Allocation


Retained earnings for the period 605.12 -

Capitalisation - -421,452.50

Total 31,021.10 -421,452.50


Number of shares 76,039.958 -

Unit distribution 0,40 -

Tax credits - -

J share / FR0013392446 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 27.09 -




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic






Total -45,765,049.20 -22,046,544.62

12.31.2019 12.31.2018

G share / FR0007070883 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -10,387,558.34 -10,667,020.14

Total -10,387,558.34 -10,667,020.14




A share / FR0011360700 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -32,972,715.96 -10,417,925.21

Total -32,972,715.96 -10,417,925.21






appe

ndic

esD share / FR0011404425 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -2,404,538.31 -961,599.27

Total -2,404,538.31 -961,599.27




J share / FR0013392446 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -236.59 -






appe

ndic


Currency

EUR 12.31.2019 12.31.2018 Date n-2 Date n-3 Date n-4

Net assets 217,073,534.12 507,384,711.45 975,935,951.59 473,210,476.89 450,631,071.27


12.31.2019 12.31.2018 Date n-2 Date n-3 Date n-4Number of outstanding shares

912,052.766 1,553,565.387 1,740,030.212 1,159,080.334 1,219,334.668

Net asset value 171.28 154.49 222.69 183.27 164.67


- - - - -


- - - - -


- - - - -





14,096.284 78,184.62 125,533.907 65,597.659 70,959.601

Net asset value 3,508.36 3,136.27 4,480.51 3,654.9 3,254.82


- - - - -


- - - - -


- - - - -



appe

ndic

es





76,039.958 164,001.223 127,802.564 124,678.057 124,268.394

Net asset value 149.82 135.13 203.32 168.61 151.9


- - 7.12 - -


0.40 - - - -


- - - - -





1 - - - -



- - - - -


- - - - -


- - - - -

Unit capitalisation* -209.50 - - - -





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action


1.85EUR4,012,265.40198,627.00PROPREAKWEL SAFR0000053027

1.68EUR3,637,093.48232,521.00PROPREARCELORMITTAL SALU1598757687

1.28EUR2,774,806.68743,916.00PROPREBANCO SANTANDER SAES0113900J37

2.83EUR6,136,533.60111,472.00PROPREBAYERISCHE MOTOREN WERKE PFDDE0005190037

2.31EUR5,013,355.6894,896.00PROPREBNP PARIBASFR0000131104

1.99EUR4,310,403.08113,791.00PROPREBOUYGUESFR0000120503

1.81GBP3,935,375.861,733,230.00PROPREBT GROUP PLCGB0030913577

2.64EUR5,734,580.80383,584.00PROPRECARREFOUR SAFR0000120172

2.81EUR6,110,442.60151,436.00PROPRECIMENTS VICAT SAFR0000031775

1.73EUR3,755,631.00102,894.00PROPRECOMPAGNIE DE SAINT-GOBAIN SAFR0000125007

1.97EUR4,270,771.40829,276.00PROPREDALATA HOTELIE00BJMZDW83

2.50EUR5,431,679.00537,790.00PROPREDANIELI & C.OFFICINE MECCANICHE SPAIT0000076486

1.53EUR3,315,984.85908,489.00PROPREDERICHEBOURG ACT.FR0000053381

2.17EUR4,713,334.0084,620.00PROPREDRAEGERWERK AG CO KGAADE0005550636




1.64EUR3,555,005.10218,635.00PROPREGROUPE GUILLIN SAFR0012819381

2.50EUR5,435,445.96125,646.00PROPREHUGO BOSS AGDE000A1PHFF7



1.32EUR2,872,154.18268,727.00PROPREING GROUP NVNL0011821202

1.63EUR3,536,930.8029,573.00PROPREMAYR-MELNHOF KARTON AGAT0000938204

2.62EUR5,690,655.72724,002.00PROPREMELIA HOTEL INTLES0176252718



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus



2.22EUR4,821,930.28119,473.00PROPREPUBLICIS GROUPEFR0000130577

2.83EUR6,139,036.26139,587.00PROPRERTL GROUPLU0061462528

2.64EUR5,729,227.3663,928.00PROPRESANOFIFR0000120578

2.04EUR4,420,580.66459,138.00PROPRESCHAEFFLER AGDE000SHA0159

1.18EUR2,562,500.00205,000.00PROPRESES GLOBAL FDRLU0088087324


1.58EUR3,438,012.0030,158.00PROPRESTO AG VORZ. PFDDE0007274136

1.89NOK4,112,521.86386,291.00PROPRESUBSEA 7 SALU0075646355

2.40EUR5,201,704.20413,490.00PROPRETAKKT,AGDE0007446007

1.49EUR3,226,435.20224,058.00PROPRETARKETT - W/IFR0004188670

2.02EUR4,393,225.20603,465.00PROPRETELEKOM AUSTRIA AGAT0000720008

1.50EUR3,256,200.00324,000.00PROPRETENARIS SALU0156801721

2.84EUR6,157,606.60832,109.00PROPRETF1FR0000054900

2.39CHF5,195,918.1020,923.00PROPRETHE SWATCH GROUPCH0012255151

2.05EUR4,443,202.8090,309.00PROPRETOTALFR0000120271

1.77EUR3,841,800.00337,000.00PROPRETUIDE000TUAG000

2.05EUR4,460,652.00342,600.00PROPREUNICREDIT SPAIT0005239360


91.84199,352,173.94Total Action

O.P.C.V.M.


4.9610,763,821.80Total O.P.C.V.M.


Liquidites

BANQUE OU ATTENTE








% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


FRAIS DE GESTION






Coupons

Action

0.04GBP94,478.471,733,230.00ACHLIGBT GROUP PLCGB0030913577

0.05EUR109,196.242,426,583.00ACHLIGVODAFONE GROUPGB00BH4EUR39



100.00217,073,534.12Total ECHIQUIER VALUE EURO

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ECHIQUIER ALPHAMAJOR SRI



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ECHIQUIER ALPHA MAJOR SRI













Procedures for determining and allocating distributable sumsA, G and I shares:



Investment objectiveEchiquier Alpha Major aims to deliver a performance, after taking into account current fees, above that of the following compositebenchmark index: 20% MSCI Europe + 80% EONIA, while seeking to significantly reduce equity market volatility.

BenchmarkThe MSCI EUROPE (Bloomberg ticker MSDEE15N) is representative of movements on equity markets of Europe’s mostdeveloped countries. It is calculated in euros, with dividends reinvested.

The EONIA is calculated by the European Central Bank and represents the overnight interbank reference rate of the eurozone.


In order to achieve its investment objective, the sub-fund implements an investment strategy that combines investments in equitiesand equity risk hedging, in particular through the use of derivative instruments.

The portfolio’s net exposure to the equity markets will at all times remain between 0% and 40%, with an average exposure targetof 20%.

In equity investments, management focuses on equity markets in Europe, and in particular on European large caps. Themanagement also reserves the option of investing up to 40% of its net assets in European small and mid-caps.

The management of Echiquier Alpha Major is based on a rigorous selection of equities (stock picking) obtained via theimplementation of an in-depth evaluation process of the companies included in the portfolio.

This management is based on a fundamental analysis of each stock, based on an internally developed rating according to severalcriteria including:

the quality of the company’s management, the quality of its financial structure, visibility on the company’s future earnings, thegrowth prospects for its business, environmental and social aspects,







In hedging, management will in particular use derivatives (especially futures) in order to desensitise the portfolio to market risk.It may also take positions in order to expose the portfolio to sectors of activity, geographical regions, style characteristics (growthstocks, high-yield stocks, discounted stocks, etc.) or indices in order to meet its investment objective.


Equities:

In order for the sub-fund to be eligible for PEAs, a minimum of 75% is invested in European equities. Up to 25% may also beinvested in non-European equities (all geographical regions but up to a limit of 10% in emerging countries).

Investments will be made in the minimum amount of 60% to stocks representative of large caps (stock market capitalisation ofover EUR 10 billion) and all business sectors. In addition, up to 40% of assets held by the sub-fund may be invested in Europeansmall and mid-caps (market capitalisation of less than EUR 1 billion and between EUR 1 and 10 billion respectively).

However, exposure (net of hedging) to equity markets will remain between 0% and 40% at all times.



- in negotiable debt securities. The longest maturity of debt securities used for cash management shall be 5 years. The short-termsecurities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratings agency. Up to 10%of the sub-fund’s assets may be invested in “speculative” or unrated negotiable debt securities.

- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligiblesecurities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or consideredas such by the management team. The maximum maturity of bonds is 10 years.

Up to 10% of the sub-fund’s assets may be invested in “speculative” or unrated bonds. No limits have been set for the proportionof bonds of sovereign and private issuers in the portfolio.




This part of the portfolio will be managed within a sensitivity range between 0 and 2.



Derivatives

The sub-fund may invest in financial futures traded on European regulated markets, unregulated markets, and/or over the counter.In this context, the sub-fund will exclusively take positions to hedge the portfolio against market risk and any currency risk, or toexpose the portfolio in accordance with the investment strategy.

The instruments used may be:

- futures,

- options,

- forex forward transactions.





No rating restrictions apply to convertible bonds.






Deposits

None

Cash borrowings

The sub-fund may borrow cash. Although the sub-fund may be in a debtor position temporarily as a result of its payment flows(investments and disposals in progress, subscriptions/redemptions, etc.) up to a limit of 10% of its assets, this does not form partof the investment objective.


None






Equity risk:




Impact of derivative products:

The possibility for the portfolio to invest in derivative products (futures, options, swaps, etc.) exposes it to sources or risk andtherefore of added value that direct investment in securities cannot attain. Thus, the portfolio may be exposed to changes involatility on the market or certain market segments. The portfolio may also invest in certain market segments or on the market asa whole more than the assets permit. In the event of overexposure and an unfavourable market trend, the fall in the UCI’s net assetvalue would be even greater and faster. The use of derivative products enables, without changing the composition of the securitiesportfolio, to increase the portfolio’s exposure to different risk factors, according to the expectations of our management teams,and to accentuate (or reduce) fluctuations in value.

Currency risk:


Interest rate risk:


Credit risk:


Target investors and typical investor profileTarget investors:







The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such aUCITS - which is high-risk due to its investment in equities, although this risk is partially hedged.

Echiquier Alpha Major may be used for variable-capital, unit-linked individual life insurance policies. Echiquier Alpha Major maybe used for investment in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in Echiquier Alpha Major depends on the personal situation of the investor. In deciding how muchto invest, investors should take into account their personal and any business assets, their cash requirements at the time and in 5years, and whether they are willing to take risks on equity markets. Investors are also strongly advised to diversify their investmentssufficiently so as not to be exposed solely to the risks of this sub-fund.











• AMF approval date ot the sub-fund: March 19, 2019.










_______

The fund benefited from its positioning on growth and quality stocks (leaders generating high returns on capital employed) in acontext of favourable low rates and uncertainties (geopolitical, cyclical, etc.) and did not suffer from any significant under-performance demonstrating good stock picking.

The stock selection was satisfactory. The sectors that contributed the most to performance are IT Technology, up 52%. Theindustrial sector, up 43% is the second contributor. The third sector contributor is health, up 35%. Half of the portfolio rosebetween 40% and 95%. The main contributors to annual performance are CELLNEX, WORLDPAY, ASML, LES andTELEPERFORMANCE.

In the movements, LONZA (global leader in outsourcing the manufacturing of drugs), KINGSPAN (European leader in insulationfor buildings) and PHILIPS (leader in health technologies) joined the portfolio in April.

NOVOZYMES (excessive valuation in view of the growth profile) and CAP GEMINI (following the ALTRAN takeover) weretaken out.

We will strive in 2020 to take advantage of any excessive volatility in order to reinforce the quality stocks. Taking theenvironmental, social and governance (ESG) criteria into consideration is still as we see it an essential source of performance,whatever the market conditions may be.


Min var: 0.98%

Max var: 1.45%

Average var: 1.13%





























Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -

Financial instruments 65,096,087.54 -


Traded on a regulated or similar market 64,850,259.33 -





• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -









Transactions on a regulated or similar market 245,828.21 -



Receivables 3,099,349.70 -


Other 3,099,349.70 -



Other assets - -

Total assets 71,821,664.93 -

12.31.2019 -




Equity

• Capital 75,929,487.86 -



• Net capital gains and losses for the financial year -4,062,573.16 -

• Result -851,959.90 -

Total equity(amount representing net assets) 71,014,954.80 -

Financial instruments 245,828.21 -







Transactions on a regulated or similar market 245,828.21 -


Debts 560,669.75 -


Other 560,669.75 -

Financial accounts 212.17 -

Cash credit 212.17 -

Borrowings - -

Total liabilities 71,821,664.93 -

-12.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


-12.31.2019



Currency EUR EUR


• Income from deposits and financial accounts 1.35 -

• Income from equities and similar securities 314,834.14 -






Total (I) 314,835.49 -




• Expenses on financial debt -17,317.77 -


Total (II) -17,317.77 -

Profit/loss on financial transactions (I - II) 297,517.72 -


Management fees and depreciation expense (IV) -1,036,573.05 -

Net income for the period (L.214-9-17-1) (I - II + III - IV) -739,055.33 -

Income adjustments for the period (V) -112,904.57 -


Income (I - II + III - IV +/- V - VI): -851,959.90 -

12.31.2019 -

INCOMEstatement




1ap

pend



Information: This exercise has an exceptional duration of 8.5 months.














Practical details




previous day


that day.

appe

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es





that day.


the previous day


for that day










received" method.








1


Net assets


incl. tax



incl. tax


incl. tax

2 Maximum indirect fees(management fees andcommissions)

Net assets (*)

3 Transaction commissions receivedby the management company


operation None

4 Outperformance commission Net assets Action A, G et I

15% on the positivedifference between thesub-fund’s performance

(net of fixedmanagement fees) andthe performance of the

index (20% MSCIEurope + 80% EONIA)



appe

ndic



Variable management fees will be deducted and paid to the management company as follows:- 15% including taxes of performance in excess of the benchmark

- The provision for variable management fees is adjusted each time the net asset value iscalculated, based on 15% including taxes of the fund’s performance in excess of thebenchmark (20% MSCI Europe + 80% EONIA). If the fund underperforms the benchmark,this provision is adjusted through writebacks. Provision writebacks are capped at the levelof the allocations made



- The management company deducts management fees on an annual basis on the last tradingday of December of each year. Variable management fees can be charged only if the netasset value at the end of the year is greater than the original nominal value

- for the first year or greater than the net asset value at the beginning of the year for subsequentaccounting years.







- Changes made: On 31 December 2019, the name of the UCI ECHIQUIER ALPHA MAJORbecame ECHIQUIER ALPHA MAJOR SRI.







Event that occurred during the year The compartment Echiquier Alpha Major Sri of the SICAV Echiquier was created on04/17/2019.

appe

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es



Currency EUR EUR

Net assets at the beginning of the period - -


78,596,691.12 -


-10,942,576.29 -

Capital gains on deposits and financial instruments 1,096,085.35 -

Capital losses on deposits and financial instruments -133,404.36 -



Transaction fees -205,605.22 -

Foreign exchange differences 694,449.91 -


6,558,116.03 -

- Estimate difference – period N 6,558,116.03 -



84,191.79 -

- Estimate difference – period N 84,191.79 -




Net income for the period before adjustment accounts -739,055.33 -


- -


Other items 42.96* -

Net assets at the end of the period 71,014,954.80 -

12.31.2019 -

changes net assets2

* Echiquier Prime Patrimoine's fusion absorption relief on 07-02-2019

appe

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or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -



- - - - -

Financial accounts 212.17 - - - -


- - - - -




- 58,897,832.72 - -




- 8,003,940.00 - -



appe

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Other Receivables:

Security deposits (paid) 3,082,571.90


- -

- -





Other Debts:



- -

- -



By main currency GBP USD CHF Other currencies

AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - 7,064,732.72 -




appe

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es3.6. Equity



A share / FR0013406691 674,248.417 68,824,771.02 52,390.564 5,459,039.70

G share / FR0013406717 16,630.169 1,747,408.10 590.999 60,668.59

I share / FR0013406709 7,800 8,024,512.00 5,200 5,422,868.00


G share / FR0013406717 - -

I share / FR0013406709 - -


G share / FR0013406717 - -

I share / FR0013406709 - -


A share / FR0013406691 - -

G share / FR0013406717 - -

I share / FR0013406709 - -



A share / FR0013406691 1.80

G share / FR0013406717 1.00

I share / FR0013406709 0.75


Share class:

A share / FR0013406691 395,661.88

G share / FR0013406717 4,281.83

I share / FR0013406709 27,204.54


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

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- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -851,959.90 -

Total -851,959.90 -

12.31.2019 -

A share / FR0013406691 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -821,420.98 -

Total -821,420.98 -




Tax credits - -

G share / FR0013406717 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -



Total -13,373.37 -




Tax credits - -



appe

ndic

esI share / FR0013406709 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -



Total -17,165.55 -




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year -4,062,573.16 -


Total -4,062,573.16 -

12.31.2019 -

A share / FR0013406691 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -3,804,376.66 -

Total -3,804,376.66 -




G share / FR0013406717 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -



Total -98,434.49 -






appe

ndic

esI share / FR0013406709 12.31.2019 -

Currency EUR EUR

Allocation

Distribution - -



Total -159,762.01 -






appe

ndic


Currency

EUR 12.31.2019 - - - -

Net assets 71,014,954.80 - - - -


12.31.2019 - - - -Number of outstanding shares

16,039.17 - - - -



- - - - -


- - - - -


- - - - -





621,857.853 - - - -



- - - - -


- - - - -


- - - - -



appe

ndic

es





2,600 - - - -



- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

2.86USD2,030,288.7410,823.00PROPREACCENTURE SHS CLASS AIE00B4BNMY34

2.87EUR2,039,896.8016,164.00PROPREAIR LIQUIDEFR0000120073

2.92EUR2,072,980.0028,475.00PROPREAMADEUS IT GROUP SAES0109067019




3.52GBP2,501,409.59112,173.00PROPRECOMPASS GROUP PLCGB00BD6K4575

2.26EUR1,603,403.5510,941.00PROPREDASSAULT SYSTEMESFR0000130650

2.14GBP1,517,861.1350,410.00PROPREEXPERIAN PLCGB00B19NLV48

2.42USD1,716,166.1513,850.00PROPREFIDELITY NATIONAL INFORM SVCESUS31620M1062


2.86EUR2,031,568.68100,028.00PROPREINFINEON TECHNOLOGIES AG-NOMDE0006231004


2.58EUR1,830,336.7533,615.00PROPREKINGSPAN GROUP PLCIE0004927939

2.75EUR1,955,472.3016,843.00PROPREKONINKLIJKE DSM NVNL0000009827

1.91EUR1,358,737.9231,221.00PROPREKONINKLIJKE PHILIPS N.V.NL0000009538

2.43EUR1,726,144.3223,763.00PROPRELEGRANDFR0010307819

3.33GBP2,363,541.9725,848.00PROPRELONDON STOCK EXCHANGEGB00B0SWJX34


1.86EUR1,320,264.005,001.00PROPREL’OREAL SAFR0000120321

2.41EUR1,710,231.804,129.00PROPRELVMH MOET HENNESSY LOUIS VUITTONSEFR0000121014

2.34EUR1,661,811.2015,232.00PROPREMICHELIN (CGDE)-SAFR0000121261



3.04GBP2,159,198.91126,296.00PROPREPRUDENTIAL PLCGB0007099541



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.56EUR1,821,513.8984,761.00PROPREPRYSMIAN SPAIT0004176001

3.62EUR2,568,637.90114,365.00PROPRERELX PLCGB00B2B0DG97

2.20GBP1,562,636.36395,347.00PROPREROTORK PLCGB00BVFNZH21


2.01CHF1,426,596.521,632.00PROPRESTRAUMANN HOLDING (NAMEN)CH0012280076

3.95EUR2,801,633.8012,887.00PROPRETELEPERFORMANCE SEFR0000051807


2.05EUR1,455,546.7628,412.00PROPREUNILEVER NVNL0000388619


91.3264,850,259.33Total Action


Liquidites

APPELS DE MARGES

0.09CHF65,128.210.00PROPREAPPEL MARGE CHF



BANQUE OU ATTENTE



-0.00SEK-212.170.00PROPREBANQUE SEK BPP



DEPOSIT DE GARANTIE



FRAIS DE GESTION




-0.53EUR-376,461.440.00PROPREPRCOMVARIABLE





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus






Futures

Indices ( Livraison du sous-jacent )

-0.04EUR-31,380.001,652.00ACHLIGEURO STOXX 0320CA200320

0.25EUR180,700.00-1,390.00VENLIGEURO STOXX 50 0320VG200320

-0.09CHF-65,128.21-73.00VENLIGSWISS MKT I 0320SM200320

0.1284,191.79Total Indices ( Livraison du sous-jacent )


100.0071,014,954.80Total ECHIQUIER ALPHA MAJOR


Ann

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ECHIQUIER SHORTTERM CREDIT



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ECHIQUIER SHORT TERM CREDIT


Distributors FINANCIÈRE DE L’ÉCHIQUIER











ClassificationBonds and other debt securities denominated in euros.

Procedures for determining and allocating distributable sums A and I shares:



Investment objective The objective of the Echiquier Short Term Credit compartment is to achieve performance equal to or greater than that of itsbenchmark by selecting fixed-income products through rigorous credit risk management.

Benchmark The benchmark of Echiquier Short Term Credit is the index consisting of 65% EONIA and 35% IBOXX EURO CORPORATE1-3 YEARS.

Given that the UCITS is not index-linked, the Fund does not aim to replicate the composition of this index in any way.

The Capitalized EONIA is calculated by the European Central Bank and represents the overnight interbank reference rate of theeurozone. The IBOXX EURO CORPORATE 1-3 YEARS index is representative of the performance of corporate bonds in euros.It is calculated in euros with coupons reinvested.


The management of Echiquier Short Term Credit is based on a rigorous selection of securities (bonds and debt securities)denominated in euros without any constraint of allocation by type of issuer, sovereign or private, country, or sector. However, themanager favours private issues and in euros, with exposure to other currencies remaining ancillary.

Management is achieved through a variety of strategies combining:

- a top-down approach (researching the economic environment in the eurozone then selecting securities) based on macroeconomiccriteria to derive the strategy for exposure to interest rate risk.

- a bottom-up approach (analysing the characteristics of each issuer and issue) based on microeconomic criteria and internal orexternal financial research to determine the portfolio’s exposure to specific risks (sector, issuers, securities).

The aim of the investment strategy, based on the management of interest rate and credit risk, is to choose primarily short/medium-term securities. The minimum proportion of instruments having a remaining maturity of more than 1 year will be 30% of assets,including a minimum of 15% on securities of more than 2 years. However, no security in the portfolio may have a maturity ofmore than 5 years.

The goal of the sub-fund is to be managed within a sensitivity range between 0 and 2.




Equities:

The Echiquier Short Term Credit compartment will not invest in equities.

Fixed-income products, debt securities, and money market instruments:

The manager will invest in any type of securities (bonds, convertible bonds up to a limit of 10%, debt securities, bank subordinateddebt, etc.), excluding corporate hybrid bonds and contingent convertible bonds (cocos) and any securities with a residual maturityexceeding 5 years.

These will include securities issued by issuers deemed speculative by credit rating agencies (minimum 30% of assets) as well asunrated issues. When securities are deemed speculative or unrated, they are issued by issuers belong to groups monitored by LaFinancière de l’Echiquier’s internal research.

For securities that are unrated and not monitored by La Financière de l 'Echiquier's in-house research department, it is specifiedthat, if a rating is downgraded over the life of an investment, the manager will conduct an analysis on a case-by-case basis anddecide whether to maintain the position in question.


Up to 10% of the sub-fund’s assets may be invested in securities of French and/or European UCITS and in retail investment funds.These may be UCIs in any AMF category. The sub-fund may invest in UCIs of the management company or an associate company.

Derivatives

The sub-fund reserves the right to deal in financial futures and options traded on regulated European markets. In this context, thefund will take positions to reduce the portfolio’s exposure to interest rate risks and possibly against currency risk. The fund mayalso generate exposure to financial futures for the purpose of managing interest rate risk.

The instruments used are: Interest rate and currency futures, Interest rate and currency options, Interest rate and currency swaps.

These transactions will be carried out within the limit of 100% of the Fund's assets.

Financial instruments are entered into with intermediaries selected by the management company that have no say on thecomposition or management of the Fund's portfolio.


• Bonds with early redemption options: the manager may use these bonds (callable or puttable) on the entire bond segment.

• Other securities with embedded derivatives: the manager may invest up to 10% of the net assets in convertible bonds traded onregulated or over-the-counter markets. No rating restrictions apply to convertible bonds.

Deposits

The sub-fund may use term deposits for up to a limit of 20% of its net assets.

Cash borrowings



None


Credit risk:



The fund mainly invests in high yield ("speculative") securities.


Geographical scope of issuers

Eurozone Between 80% and 100% of net assets

Other European countries Between 0% and 20% of net assets

Other OECD countries (excluding European countries)

Up to 10% of net assets



Interest rate risk:

Up to a maximum of 100 % of the assets of Echiquier Short Term Creditare exposed to fixed-income products. The Fund's netasset value may fall if interest rates rise.



Currency risk:






The sub-fund is intended for individuals and entities who are aware of the risks involved in holding units in such a fund: risks ofinvesting in debt securities.

Echiquier Short Term Credit may be used for investment in UCITS managed by La Financière de l’Echiquier.

The appropriate amount to invest in this Fund depends on the personal situation of the investor. In deciding how much to invest,investors should take into account their personal and any business assets, their cash requirements at the time and in 1 year, andwhether they are willing to take risks on fixed-income and credit markets. We also strongly advise investors to diversify theirinvestments so that they are not wholly exposed to the fund’s risks.

Recommended investment period: more than 1 year.










• AMF approval date ot the sub-fund: October 31, 1991.

• Sicav creation date: December 4, 2018.• Sub-fund creation date: December 30, 2009.








_______

A year of change for Echiquier Court Terme which became Echiquier Short Term Credit in April 2019. The fund took the decisionto combine short-term debt securities and company bonds with a maturity of less than 5 years in order to take advantage of theopportunities offered by the short portion of the rate curve while still aiming for low volatility and, as much as possible, apreservation of the capital. At 31 December, the bond segment represents nearly 50% of the fund with a duration of 1.86 yearsand an average rating at BBB+. For its part, the commercial paper segment guarantees the fund's high liquidity with nearly 80%of the segment having a maturity of less than 3 months.

During the year 2019, the fund was able to take advantage of the opportunities offered by the changes in the long rates. Thus, webenefited from the turnaround in the German 5-year rate in October (+19 bp) in order to increase the share of the bond segmentfrom 34% (on the average between April and October) to 46% on the average over the last 3 months of the year. Althoughcompanies with undeniable credit quality, such as KERING, EDENRED, AB INBEV or THALES, are favoured, the segment'syield is energised by exposure to a few names with high yield, or which are unrated, selected for their resilience such as SEB,ILIAD or FIAT CHRYSLER. Moreover, the fund holds nearly 7% convertible bonds issued by issues with very good credit qualitywhich show positive yields, often exceeding those offered by the conventional positions issued by these same issuers. This is thecase, for example for the convertible Unibail 0% 2022 which offers nearly 0.1% yield while the conventional bond offers anegative rate for a higher maturity of a few months.

In the commercial paper segment, diversification is the crux. We thus participated in the issue programmes of 35 issuers with highlyvaried profiles such as COFINIMMO, FIMALAC or KORIAN.

Echiquier Short Term Credit is carrying out its mandate by displaying performance of -0.03% over the year compared to -0.17%for its benchmark index (65% EONIA Capitalised and 35% IBOXX 1-3 years).

Main movements

Echiquier Short Term Credit FR0010839282 -0.21%

Echiquier Short Term Credit I FR0013390564 -0.03%

BT VICAT 05/02/19 TX -0.29 Purchase

BT SAFRAN 07/05/19 TX -0.28% Purchase

BT EDENRED 07/05/19 TX -0.25% Purchase

BT COVIVIO 18/04/19 TX -0.23% Purchase

BT TELEPERF 18/06/19 TX -0.195% Purchase

































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -






Traded on a regulated or similar market 64,921,557.97 -


• DEBT SECURITIES




Not traded on a regulated or similar market - 55,499,795.92

• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 1,099,573.18 205,830,455.74


Other 1,099,573.18 205,830,455.74



Other assets - -

Total assets 133,062,017.05 438,505,733.29

12.31.2019 12.31.2018




Equity

• Capital 133,181,484.47 232,731,065.13



• Net capital gains and losses for the financial year -539,032.87 -31,638.12

• Result 356,488.53 -14,631.88











Debts 63,076.92 205,820,938.16


Other 63,076.92 205,820,938.16


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR




• Income from bonds and similar securities 576,493.52 -





Total (I) 630,517.67 61,432.20






Total (II) -45,903.24 -3,098.48

Profit/loss on financial transactions (I - II) 584,614.43 58,333.72



Net income for the period (L.214-9-17-1) (I - II + III - IV) 381,644.53 -84,358.26



Income (I - II + III - IV +/- V - VI): 356,488.53 -14,631.88

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.












Net assetsA share, Maximum of 0.40 % incl. taxI share, Maximum of 0.15 % incl. taxAdministrative fees external to the ma-

nagement company


Net assets (*)



None




appe

ndic

esIndication of accounting changes subject to special information to shareholders- Changes made: None.



- Changes made: As at 04/26/2019 the name of ECHIQUIER COURT TERME becomesECHIQUIER SHORT TERM CREDIT.




Details of the rights and conditions attached to each share category A and I shares:



Event that occurred during the year The compartment Echiquier Short Term Credit of the SICAV Echiquier was created on26/04/2019 by merger-absorption of the Echiquier Court Terme fund.




appe

ndic

es



Currency EUR EUR



229,053,397.80 322,295,955.98


-328,637,934.86 -253,963,810.19

Capital gains on deposits and financial instruments 229,235.71 -

Capital losses on deposits and financial instruments -883,095.06 -205,221.83



Transaction fees - -



170,896.88 -34,885.70




- -





Net income for the period before adjustment accounts 381,644.53 -84,358.26


- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


60,009,964.28 -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -



- - - -



- - - -



AssetsDeposits

- - - - -

Bonds and similar securities 1,925,129.02 9,233,069.06 46,460,246.53 7,303,113.36 -

Debt securities 47,012,133.85 12,997,830.43 - - -


- - - - -



- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es







Other Receivables:

Subscription receivable 1,099,573.18

- -

- -

- -





Other Debts:



- -

- -




AssetsDeposits

- - - -






- - - -

Receivables - - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0010839282 282,034.23 28,695,776.23 339,352.57 34,522,372.07

I share / FR0013390564 200,319.188 200,357,621.57 294,090.395 294,115,562.79


I share / FR0013390564 - -


I share / FR0013390564 - -


A share / FR0010839282 - -

I share / FR0013390564 - -



A share / FR0010839282 0.26

I share / FR0013390564 0.09


Share class:

A share / FR0010839282 -

I share / FR0013390564 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result 356,488.53 -14,631.88

Total 356,488.53 -14,631.88

12.31.2019 12.31.2018

A share / FR0010839282 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 25,249.74 -13,278.57




Tax credits - -

I share / FR0013390564 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 331,238.79 -1,353.31




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year -539,032.87 -31,638.12


Total -539,032.87 -31,638.12

12.31.2019 12.31.2018

A share / FR0010839282 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -85,153.65 -31,638.11

Total -85,153.65 -31,638.11




I share / FR0013390564 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -453,879.22 -0.01

Total -453,879.22 -0.01






appe

ndic

es3.12. Table of results and other characteristic elements of the SICAV over the last 5 periodsUCIT creation date: December 30, 2009.

Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 132,998,940.13 232,684,795.13 164,677,115.13 141,311,967.50 280,308,136.07



112,044.393 205,815.6 - - -

Net asset value 999.67476 999.99342 - - -


- - - - -


- - - - -


- - - - -





206,590.195 263,908.535 1,614,297.941 1,385,067.69 2,748,497.552

Net asset value 101.60689 101.81765 102.01159 102.02531 101.98595


- - - - -


- - - - -


- - - - -

Unit capitalisation* -0.28 -0.17 -0.00 0.08 0.19





% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Obligation

0.79EUR1,053,916.711,000,000.00PROPREACCOR SA 2.625% 05/02/2021FR0011731876

0.40EUR531,729.26500,000.00PROPREALTAREA 2.25% 05/07/2024FR0013266525

0.60EUR801,955.17800,000.00PROPREAMADUES CAP MARKET 0.125% 06/10/2020XS1501162876


0.77EUR1,029,680.871,000,000.00PROPREANHEUSER-BUSCH INBEV NV 0.875%17/03/2022BE6285452460

0.55EUR729,056.54700,000.00PROPREAP MOLLER - MAERSK A/S 1.5% 24/11/2022XS1324446092

0.62EUR823,662.32800,000.00PROPREARCELORMITTAL 2.875% 06/07/2020XS1084568762

0.77EUR1,020,956.281,000,000.00PROPREASTRAZENECA PLC 0.875% 24/11/2024XS1143486865

0.38EUR511,164.26500,000.00PROPREATOS SE 0.75% 07/05/2022FR0013378445

0.39EUR519,478.69500,000.00PROPREAT&T INC 1.45% 01/06/2022XS1144086110

0.47EUR624,741.70600,000.00PROPREBANCO SANTANDER SA 1.375% 09/02/2022XS1557268221

0.39EUR517,963.88500,000.00PROPREBANKINTER SA 0.875% 05/03/2024ES0313679K13

0.79EUR1,044,214.211,000,000.00PROPREBANQUE POSTALE 4.375% 30/11/2020FR0010969410

0.38EUR509,883.03500,000.00PROPREBBVA 0.75% 11/09/2022XS1678372472



0.63EUR836,568.96800,000.00PROPREBOLLORE SA 2.875% 29/07/2021FR0012872174

0.39EUR517,085.03500,000.00PROPREBUREAU VERITAS SA 1.25% 07/09/2023FR0013201084

0.76EUR1,013,833.441,000,000.00PROPRECAP GEMINI SA 1.75% 01/07/2020FR0012821932

0.74EUR979,804.08900,000.00PROPRECELLNEX TELECOM 3.125% 27/07/2022XS1265778933


0.62EUR830,133.11800,000.00PROPRECRED SUIS GP FUN LTD 1.25% 14/04/2022XS1218287230

0.38EUR507,423.33500,000.00PROPREDANONE SA 0.424% 03/11/2022FR0013216900

0.61EUR811,586.91800,000.00PROPREDEUTSCHE WOHNEN AG 1.375% 24/07/2020XS1250867642




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.93EUR1,233,482.261,200,000.00PROPREEDENRED 2.625% 30/10/20FR0011612381

0.41EUR541,729.38500,000.00PROPREEDP FINANCE BV 4.125% 20/01/2021XS0995380580

0.77EUR1,024,543.611,000,000.00PROPREENI SPA 0.75% 17/05/2022XS1412593185

0.40EUR526,618.96500,000.00PROPREEXOR SPA 2.125% 02/12/2022XS1329671132

0.77EUR1,019,528.801,000,000.00PROPREFCA BANK SPA IRELAND 1.00% 15/11/2021XS1598835822

0.43EUR569,281.20500,000.00PROPREFIAT FINANCE & TRADE 4.75% 15/07/2022XS1088515207

0.82EUR1,096,577.271,000,000.00PROPREFIAT FINANCE AND TRADE LTD S.A 4.75%22/03/2021XS1048568452

0.76EUR1,006,279.021,000,000.00PROPREFRESENIUS,MEDICAL,CARE,AG,&,CO,KGAA,CV,1.125%,31/01/2020DE000A13R491



0.76EUR1,010,364.521,000,000.00PROPREHEIDELBERGCEMENT FIN LUX 0.5%18/01/2021XS1549372420

0.81EUR1,075,769.731,000,000.00PROPREIBERDROLA INTL 2.5% 24/10/2022XS1057055060


0.38EUR511,373.77500,000.00PROPREING GROEP 0.75% 09/03/2022XS1576220484

0.79EUR1,049,803.771,000,000.00PROPREINGENICO 2.5% 20/05/2021FR0011912872

0.38EUR505,578.50500,000.00PROPREINTERNATIONAL CONSOLIDATEDAIRLINES 0.625% CV 17/11/2022XS1322536506

0.63EUR831,819.45800,000.00PROPREINTESA SANPAOLO 2% 18/06/2021XS1077772538

0.77EUR1,027,727.901,000,000.00PROPREKERING 0.875% 28/03/2022FR0012648244

0.38EUR502,920.55500,000.00PROPRELANXESS AG 0.25% 7/10/2021XS1501363425

0.40EUR536,702.17500,000.00PROPRELCL SA 4.4% 13/07/2021FR0011062595


0.24EUR317,109.93300,000.00PROPRENEXANS SA 3.25% 26/05/2021FR0013176294

0.61EUR813,028.49800,000.00PROPREORANGE SA 0.5% 15/01/2022FR0013396496

0.60EUR799,424.00800,000.00PROPREPERNOD RICARD SA 0% 24/10/2023FR0013456423

0.60EUR796,336.00800,000.00PROPREPRYSMIAN SPA CV 17/01/2022XS1551933010

0.40EUR531,733.85500,000.00PROPREPRYSMIAN SPA 2.5% 11/04/2022XS1214547777


0.46EUR605,244.34600,000.00PROPRERELX FINANCE BV 0.375% 22/03/2021XS1576837725


0.77EUR1,018,528.501,000,000.00PROPRESCA HYGIENE AB 0.625% 28/03/2022XS1584122680



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


0.62EUR824,855.02800,000.00PROPRESCHAEFFLER AG 1.125% 26/03/2022DE000A2YB699

0.32EUR424,616.30400,000.00PROPRESEB SA 2.375% 25/11/2022FR0013059417

0.65EUR868,758.22800,000.00PROPRESMURFIT KAPPA ACQUISITIO 2.375%01/02/2024XS1555147369

0.62EUR826,269.38800,000.00PROPRESOCIETE FONCIERE LYONNAI 1.875%26/11/2021FR0012346856

0.90EUR1,200,780.001,200,000.00PROPRESOCIETE GENERALE 0.0% 27/05/2022FR0013422003

0.63EUR834,208.61800,000.00PROPRESOLVAY SA 1.625% 02/12/2022BE6282459609

0.42EUR555,465.64500,000.00PROPREST GOBAIN 3.625% 28/03/22XS0760364116

0.69EUR918,850.0050,000.00PROPRESUEZ ENVIRIRONNEMENT 0% 27/02/20 CVFR0011766120



0.40EUR526,910.25500,000.00PROPRETELEPERFORMANCE 1.5% 03/04/2024FR0013248465

0.75EUR1,000,760.001,000,000.00PROPRETHALES SA 0% 31/05/2022FR0013422052

0.64EUR848,377.09800,000.00PROPRETHERMO FISHER SCIENTIFIC 2.15%21/07/2022XS1250034276

0.39EUR521,983.06500,000.00PROPRETHYSSENKRUPP AG 2.750% 08/03/2021DE000A2AAPF1

0.62EUR823,116.92800,000.00PROPRETUI AG 2.125% 26/10/2021XS1504103984

0.23EUR309,481.95300,000.00PROPREUBISOFT ENTERTAINMENT SA 1.289%30/01/2023FR0013313186


0.44EUR590,331.50500,000.00PROPREUNICREDIT 6.95% 31/10/2022XS0849517650

0.76EUR1,009,990.331,000,000.00PROPREVODAFONE GROUP PLC 0.375% 22/11/2021XS1574681620


0.62EUR818,502.36800,000.00PROPREVONOVIA FINANCE BV 0.75% 25/01/2022DE000A19B8D4




Liquidites

BANQUE OU ATTENTE



0.83EUR1,099,573.180.00PROPRESOUS RECEV EUR BPP



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


FRAIS DE GESTION







1.50EUR2,000,215.372,000,000.00PROPREALTAREIT ZCP 05/02/2020FR0125499790

0.75EUR1,000,059.351,000,000.00PROPREARCELORMITTAL SOURC ZCP 08/01/2020FR0125580334

1.50EUR2,001,134.562,000,000.00PROPREBEL SA ZCP 20/03/2020FR0125694069

0.75EUR1,000,310.121,000,000.00PROPREBOLLORE ZCP 13/03/2020FR0125981417

1.50EUR2,000,982.372,000,000.00PROPRECARMILA SAS ZCP 27/02/2020FR0125977811

2.63EUR3,502,979.853,500,000.00PROPRECNH INDUSTRIAL FINANCIAL SERVI ZCP19/05/2020FR0125663304




1.13EUR1,499,913.801,500,000.00PROPREECONOCOM GROUP SA ZCP 10/01/2020FR0125892499

1.50EUR1,995,276.972,000,000.00PROPREELIS SA 0% 31/07/2020FR0125721136

0.75EUR1,000,832.751,000,000.00PROPREESSITY AB ZCP 20/04/2020BE6318104096

1.13EUR1,500,000.001,500,000.00PROPREF MARC DE LACHARRIE ZCP 07/02/2020FR0125796633

1.50EUR2,000,000.002,000,000.00PROPREFRESENIUS MEDICAL CARE AG CO ZCP28/02/2020DE000A2YYKP1

1.50EUR2,001,243.532,000,000.00PROPREIBERDROLA INTERNATIONAL BV ZCP04/03/2020XS2091209333

0.75EUR1,000,352.721,000,000.00PROPREILIAD SA ZCP 17/02/2020FR0125972606

0.75EUR1,000,779.941,000,000.00PROPREKLEPIERRE SA ZCP 20/03/2020FR0125918252

2.26EUR2,999,799.243,000,000.00PROPREKORIAN SA ZCP 22/07/2020FR0125720435

1.13EUR1,500,564.681,500,000.00PROPRELAGARDERE SCA ZCP 04/03/2020FR0125978769

1.50EUR2,000,802.532,000,000.00PROPRELEG IMMOBILIEN AG ZCP 19/02/2020XS205292543A

1.50EUR2,000,592.032,000,000.00PROPRELEGRAND FRANCE ZCP 31/01/2020FR0125973505

0.75EUR1,000,604.841,000,000.00PROPRELVMH FINANCE BELGIQ ZCP 20/02/2020BE6317487716

1.50EUR1,999,573.462,000,000.00PROPRENEXANS ZCP 05/03/2020FR0125973703

1.50EUR1,999,968.642,000,000.00PROPRENEXITY ZCP 15/07/2020FR0125913485




% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


1.50EUR2,000,755.992,000,000.00PROPRERELX INVESTMENTS ZCP 10/02/2020XS2093137151



1.50EUR2,000,128.552,000,000.00PROPRESNAM SPA ZCP 10/01/2020XS2057074507



1.13EUR1,498,972.981,500,000.00PROPRETHYSSENKRUPP AG ZCP 06/05/2020DE000A255JY1


1.50EUR2,000,317.882,000,000.00PROPREVICAT ZCP 14/02/2020FR0125453896

1.50EUR2,000,828.982,000,000.00PROPREVIVENDI ZCP 12/02/2020FR0125917858

1.50EUR2,000,773.732,000,000.00PROPREVONOVIA FINANCE B V ZCP 28/02/2020XS2094047292



100.00132,998,940.13Total ECHIQUIER SHORT TERM CREDIT

Ann

ual

repo

rtIN

VE

ST

ME

NT

CO

MPA

NY

WIT

H V

AR

IAB

LE C

AP

ITA

L -

SIC

AV

UN

DE

R F

RE

NC

H L

AW

ECHIQUIER WORLDNEXT LEADERS



This

tran

slat

ion

is fo

r in

form

atio

n pu

rpos

e on

ly -

Onl

y th

e Fr

ench

ver

sion

is b

indi

ng


ECHIQUIER WORLD NEXT LEADERS













Classification International equities

Procedures for determining and allocating distributable sums A, F, G and I shares:



Investment objective Echiquier World Next Leaders is a dynamic sub-fund seeking long-term performance through exposure to international equitymarkets and more specifically in companies considered by the management team to be innovative and emerging global leadersin traditional or burgeoning sectors.

Benchmark No existing index reflects the management objective of the sub-fund exactly. However, the closest index is the MSCI All CountryWorld Index NET RETURN EUR. Given that the UCITS is neither index-linked nor index-referenced, the MSCI All CountryWorld Index NET RETURN EUR is only an indicator for ex-post performance comparison.

MSCI All Country World Index NET RETURN EUR is calculated in euros and dividends reinvested. It includes stocks listed 46countries: 23 developed countries and 23 emerging countries (February 2015 data).


The sub-fund’s management focuses on international equity markets in Europe.

The management of Echiquier World Next Leaders is based on a rigorous selection of securities known as “stock-picking”, withthe stocks chosen as a result of implementing a process involving direct meetings with the companies in which the sub-fundinvests.


the quality of the company’s management, the quality of its financial structure, visibility on the company’s future earnings, thegrowth prospects for its business, environmental and social aspects, the speculative nature of the stock.


The selected securities therefore underwent a highly selective qualitative process. The methodology involving the setting of apurchase price and a sale price make it possible to establish a position on securities presenting a potential for future appreciationby the market.



The investment strategy is intended to select stocks which provide the best current or potential growth, with the criteria to betomorrow’s leaders in their area, in all regions of the world and all sectors.

Depending on the manager’s convictions, the portfolio’s construction can lead to a concentrated portfolio (fewer than 50 stocks).Echiquier World Next Leaders has a minimum 60% exposure to the equities of the eurozone and/or international and emergingmarkets.


Equities:

At all times, a minimum of 75% of the net assets of Echiquier World Next Leaders will be invested in listed equities.

These will mainly be stocks whose market capitalisation is below 20 bn euros. The sub-fund will however also be able to investin small-cap stocks with a market capitalisation of less than 500 mn euros up to a limit of 10% of its net assets.

Compliance with the market capitalisation criterion is assessed at the time of the initial investment in the equities in question.

The rigorous stock picking is not intended to meet any objective in terms of sector allocation.


For cash management purposes, and up to a limit of 25%, the sub-fund may invest:

- in negotiable debt securities. The longest maturity of debt securities used for the sub-fund’s cash management shall be 5 years.The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratingsagency.

- in bonds. The maximum maturity of bonds is 12 years. In this regard, particular attention will be given to the credit quality ofthe companies that issue these securities. Eligible securities are deemed investment grade, i.e., having a minimum Standard &Poor’s rating of BBB- or equivalent or considered as such by the management team. No limits have been set for the proportionof bonds of sovereign and private issuers in the portfolio.




Up to 10% of the sub-fund’s assets may be invested in units or equities of French and/or European UCITS and in retail investmentfunds. These may be UCIs in any AMF category. The sub-fund may invest in UCITS of the management company or an associatecompany.

Derivatives

The sub-fund may invest in financial futures traded on international regulated markets, unregulated markets, and/or over thecounter. In this context, the sub-fund may take positions:

to hedge the portfolio against equity market risk and exceptionally against currency risk. to generate exposure to equity marketrisk in accordance with the investment objective.


- index futures

- options on securities and indices





The manager may invest in European and/or international convertible bonds, particularly in emerging countries.

The manager may invest in securities with embedded derivatives (warrants, subscription certificates, convertible bonds, etc.)traded on eurozone and/or international regulated markets or over the counter. No rating restrictions apply to convertible bonds.

In this context, the manager may take positions to hedge and/or expose the portfolio to business sectors, geographical areas,interest rates, equities (small, mid or large cap stocks), currencies, securities, etc. in order to achieve the investment objective.





Deposits

None

Cash borrowings

The sub-fund may borrow cash. Although the Fund may be in a debtor position temporarily as a result of its payment flows(investments and disposals in progress, subscription/redemption transactions, etc.) up to a limit of 10% of its assets, this does notform part of the investment objective …


None




Equity risk:

Echiquier World Next Leadershas a minimum equity exposure of 60%.




Risks associated with investing in equities of emerging countries:

There is a risk associated with investments in emerging countries, mainly in relation to the operating and supervision conditionsof these markets, which may deviate from the standards prevailing on the large international markets, or arising from political orregulatory factors. Market fluctuations (up or down) may be sharper and more sudden than on the major international stockexchanges. The UCI’s net asset value may therefore have the same behaviour.

Currency risk:




Interest rate risk:

Up to a maximum of 40% of the assets of Echiquier World Next Leadersare exposed to fixed-income products. The Fund’s netasset value may fall if interest rates rise.

Target investors and typical investor profileTarget investors:


- F share: All investors




The sub-fund is intended for individuals or institutional investors who are aware of the inherent risk in holding shares in such asub-fund, which is a high risk due to investment in listed equities around the world.

Echiquier World Next Leaders may be used for variable-capital, unit-linked individual life insurance policies. Echiquier WorldNext Leaders may be used for investment in UCITS managed by La Financière de l’Echiquier. The sub-fund may invest in UCITSmanaged by La Financière de l’Echiquier.

The appropriate amount to invest in Echiquier World Next Leaders depends on the personal situation of the investor. In decidinghow much to invest, investors should take into account their personal and any business assets, their cash requirements at the timeand in 5 years, and whether they are willing to take risks on equity markets. Investors are also strongly advised to diversify theirinvestments sufficiently so as not to be exposed solely to the risks of this sub-fund.






















_______

The main themes of the year 2019 were the trade war between the United States and China, the demonstrations in Hong Kong,the accommodating monetary policy of the FED, the growth/value rotation at the end of the summer, disappointing IPOs in theUnited States (UBER/LYFT and that of WEWORK which was not launched).

Over the year 2019, Echiquier World Next Leaders outperformed its benchmark index, the MSCI ACWI NR EUR. Theoutperformance can firstly be explained by the overweighting of the fund in the IT sector (53% on the average over the yearcompared to 16% for the index). This sector is the one that contributed the most to performance absolute terms. Note thatALTERYX is the largest contributor to the fund's performance this year (+71%). Our selection of stocks in the CommunicationsServices sector was beneficial, especially MATCH which is up +95.5%. The selection of stocks in the Consumer Discretionarysector also played out in our favour: SHAKE SHACK (+67% over the period of holding in the portfolio in 2019) and our e-commerce companies PINDUODUO (+34%), ALIBABA (+19%) and AMAZON, (+27%). Conversely, our selection of stocksin the Health sector is penalising with regards to the index, in particular GUARDANT HEALTH (-17%) which hasn't droppedfor specific reasons linked to its activity but because it is in the remit of SoftBank which has trouble with the aborted IPO ofWeWork.

In geographical terms, the United States contributes the most to the year's performance, followed by China. We are overexposedto the United States (60% vs. 54%) and significantly exposed to China (16% vs. 3%).

Main movements


Echiquier World Next Leaders FR0011449602 37.60%



TRADE DESK Sale

SHAKE SHACK Sale

SUNNY OPTICAL TECH Sale

TEMENOS Sale

FIVE9 Sale































Remuneration




RT : Risk Takers

* Beneficial owners























• draft agenda;


- Sundry items.


• Powers;

























> Control system;





> Other changes;




































GRAMONT Manager

MADRID President

VALENTINE Manager












EQUIGEST Director





KUZULIER President










annualaccounts

assets




Net assets - -

Deposits - -








• DEBT SECURITIES





• MUTUAL FUNDS


- -


- -


- -


- -












Receivables 268.65 116.75


Other 268.65 116.75

Financial accounts 59,318.74 7,712.29

Cash and cash equivalents 59,318.74 7,712.29

Other assets - -

Total assets 4,605,275.90 1,215,822.64

12.31.2019 12.31.2018




Equity

• Capital 4,536,872.03 1,171,571.87



• Net capital gains and losses for the financial year 105,663.68 42,106.75

• Result -45,999.56 1,826.59











Debts 8,739.75 317.43


Other 8,739.75 317.43


Cash credit - -

Borrowings - -


12.31.201812.31.2019

OFF-balance sheet



Currency EUR EUR





- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -






- Swaps - -


• OTC commitments




- Swaps - -






- Swaps - -


12.31.201812.31.2019



Currency EUR EUR


• Income from deposits and financial accounts 2.80 -

• Income from equities and similar securities 5,926.60 17,772.91






Total (I) 5,929.40 17,772.91




• Expenses on financial debt -350.58 -162.56

• Other financial expenses -10.33 -13.88

Total (II) -360.91 -176.44

Profit/loss on financial transactions (I - II) 5,568.49 17,596.47




Income adjustments for the period (V) -9,459.75 -2.66


Income (I - II + III - IV +/- V - VI): -45,999.56 1,826.59

12.31.2019 12.31.2018

INCOMEstatement




1ap

pend
















Practical details




previous day


that day.

appe

ndic

es





that day.


the previous day


for that day










received" method.









Net assets

A shareMaximum of 2.392

% incl. tax

F share Maximum of 0.75 %

incl. tax


G share Maximum of 1.35 %

incl. tax


incl. tax



appe

ndic







- Changes made: Creation of F, G and I shares on 06/17/2019.




Details of the rights and conditions attached to each share category A, F, G and I shares:



Event that occurred during the year The compartment Echiquier World Next Leaders of the SICAV Echiquier was created on24/09/2019 by merger-absorption of the fund Echiquier World Next Leaders.





Maximum indirect fees (management fees andcommissions) Net assets (*)



operationNone


appe

ndic

es



Currency EUR EUR



6,918,951.65 2,036,176.33


-4,026,170.32 -2,429,333.11


Capital losses on deposits and financial instruments -173,874.06 -174,573.69




Foreign exchange differences -4,724.25 50,325.91


505,851.37 -166,811.10




- -







- -


Other items - -


12.31.2019 12.31.2018

changes net assets2

appe

ndic

es






or similar market

Indexed bonds - -





Investments - -





Treasury Bonds - -


- -


- -


- -






Short sales

Equities - - - -

Bonds - - - -





appe

ndic



AssetsDeposits

- - - -




- - - -

Financial accounts - - - 59,318.74


- - - -



- - - -



AssetsDeposits

- - - - -




- - - - -

Financial accounts 59,318.74 - - - -


- - - - -



- - - - -




- - - -




- - - -



appe

ndic

es




ReceivablesForeign exchange forward contracts: 268.65



Other Receivables:

Coupons receivable 268.65

- -

- -

- -





Other Debts:

Deffered regulated purchases 6,866.46


- -

- -



By main currency USD HKD JPY Other currencies

AssetsDeposits

- - - -

Equities and similar securities 3,361,451.17 527,624.77 196,524.59 350,437.98





- - - -

Receivables 268.65 - - -




- - - -


- - - -

Debts - - - -



- - - -




appe

ndic

es3.6. Equity



A share / FR0011449602 25,427.566 5,349,356.25 18,851.339 3,970,587.32

F share / FR0013423365 1,411 1,509,683.90 - -

G share / FR0013423357 551 58,911.50 550 55,583.00

I share / FR0013423340 1 1,000.00 - -


F share / FR0013423365 - -

G share / FR0013423357 - -

I share / FR0013423340 - -


F share / FR0013423365 - -

G share / FR0013423357 - -

I share / FR0013423340 - -


A share / FR0011449602 - -

F share / FR0013423365 - -

G share / FR0013423357 - -

I share / FR0013423340 - -



appe

ndic



A share / FR0011449602 1.86

F share / FR0013423365 0.74

G share / FR0013423357 1.33

I share / FR0013423340 1.02


Share class:

A share / FR0011449602 -

F share / FR0013423365 -

G share / FR0013423357 -

I share / FR0013423340 -


- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appe

ndic

es









- equities -

- bonds -

- debt securities -



- equities -

- bonds -

- debt securities -



- UCITS -


appe

ndic

es






- - - - -

- - - - -

- - - - -

- - - - -



appe

ndic




Result -45,999.56 1,826.59

Total -45,999.56 1,826.59

12.31.2019 12.31.2018

A share / FR0011449602 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -41,178.70 1,826.59




Tax credits - -

F share / FR0013423365 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -4,815.48 -




Tax credits - -



appe

ndic

esG share / FR0013423357 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -0.35 -




Tax credits - -

I share / FR0013423340 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -5.03 -




Tax credits - -



appe

ndic



Date Total amount

Unitamount

- - -

- - -

- - -

- - -



appe

ndic




Net capital gains and losses for the financial year 105,663.68 42,106.75


Total 105,663.68 42,106.75

12.31.2019 12.31.2018

A share / FR0011449602 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total 108,515.36 42,106.75




F share / FR0013423365 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -2,849.69 -






appe

ndic

esG share / FR0013423357 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -0.14 -




I share / FR0013423340 12.31.2019 12.31.2018

Currency EUR EUR

Allocation

Distribution - -



Total -1.90 -






appe

ndic


Currency

EUR 12.31.2019 12.31.2018 12.29.2017 12.30.2016 12.31.2015

Net assets 4,596,536.15 1,215,505.21 1,632,804.50 961,559.28 1,028,580.43



1,411 - - - -



- - - - -


- - - - -


- - - - -





14,377.167 7,800.94 10,015.4 6,739.5 7,351.80

Net asset value 214.4 155.81 163.02 142.67 139.90


- - - - -


- - - - -


- - - - -



appe

ndic

es





1 - - - -



- - - - -


- - - - -


- - - - -





1 - - - -



- - - - -


- - - - -


- - - - -






% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


Valeurs mobilieres

Action

2.39EUR109,650.00150.00PROPREADYEN BVNL0012969182

8.09USD371,663.104,169.00PROPREALTERYX INCUS02156B1035

2.61USD120,179.191,121.00PROPREATLASSIAN CORPORATION PLC -A-GB00BZ09BD16

2.39USD109,833.412,200.00PROPRECOGNEXUS1924221039

2.74USD126,074.23664.00PROPRECREDICORP LTD.BMG2519Y1084

4.28JPY196,524.593,600.00PROPREDAIFUKUJP3497400006

2.85USD130,955.351,583.00PROPREDIAMONDBACK ENGUS25278X1090

3.40USD156,288.71752.00PROPREEDWARDS LIFESCIENCESUS28176E1082

4.11USD188,858.642,713.00PROPREGUARDANT HEALTH INCUS40131M1099

2.51USD115,259.33390.00PROPREILLUMINAUS4523271090

4.96USD228,033.81433.00PROPREINTUITIVE SURGICALUS46120E6023

2.42PHP111,291.4529,300.00PROPREJOLLIBEE FOODS CORP.PHY4466S1007

4.89USD224,860.703,074.00PROPREMATCH GROUPUS57665R1068

3.72USD170,804.041,077.00PROPREMONOLITHIC POWER SYSTEMSUS6098391054

2.99GBP137,474.969,110.00PROPREOCADO GROUPGB00B3MBS747

3.76USD172,977.921,683.00PROPREOKTA INCUS6792951054

3.47USD159,467.314,733.00PROPREPINDUODUO INC ADRUS7223041028

6.08HKD279,465.7042,992.00PROPREPING AN HELATHCARE AND TECHNOLOGYCOMPANY LIMITEDKYG711391022

2.02USD92,712.15617.00PROPRERINGCENTRAL AUS76680R2067

4.14USD190,261.205,310.00PROPRESEA LTD ADRUS81141R1005

3.22USD147,914.692,654.00PROPRESQUARE INCUS8522341036

3.79USD174,378.824,907.00PROPRESTONECO LTDKYG851581069

2.83USD130,107.4412,440.00PROPRETENCENT MUSIC ENTERTAINMENT GROUPADRUS88034P1093

4.99USD229,305.412,619.00PROPRETWILIO INCUS90138F1021

5.40HKD248,159.0722,000.00PROPREWUXI BIOLOGICS INCKYG970081090



% TNAQuotation

CcyMarket

Value - FCYNominal

HoldingStatus


2.21AUD101,671.572,030.00PROPREXERO LTDNZXROE0001S2

2.64USD121,515.721,780.00PROPREZENDESKUS98936J1016

98.894,545,688.51Total Action


Liquidites

BANQUE OU ATTENTE


1.29EUR59,318.740.00PROPREBANQUE EUR BPP

1.1452,452.28Total BANQUE OU ATTENTE

FRAIS DE GESTION






1.1050,578.99Total Liquidites

Coupons

Action

0.01USD268.651,077.00ACHLIGMONOLITHIC POWER SUS6098391054

0.01268.65Total Action

0.01268.65Total Coupons

100.004,596,536.15Total ECHIQUIER WORLD NEXT LEADERS

Documents

› fonds-documents › fwwdok... · 2020-06-18 · contents 2 SICAV - Annual Report- Year ended: 12.31.2019 SICAV ECHIQUIER information about investments and management.............................4