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AMunDIFunDS
30/06/18
AnnuAL rEPorT
SICAV with sub-funds under Luxembourg law
Management CompanyAmundi Luxembourg S.A.Administrative AgentSocit Gnrale Bank & Trust S.A.DepositaryCACEIS Bank, Luxembourg BranchAuditorPricewaterhouseCoopers, Socit cooprative
AmundiASSET MANAGEMENT
AMUNDI FUNDS
Management CompanyAmundi Luxembourg S.A.
Administrative AgentSocit Gnrale Bank & Trust S.A.
DepositaryCACEIS Bank, Luxembourg Branch
AuditorPricewaterhousecoopers, Socit cooprative
AMUNDI FUNDSAudited annual report
R.C.S. Luxembourg B 68.806
For the year ended as at 30/06/18
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annualreport of the SICAV and the unaudited semi-annual report if published after such annual report and the most recent Key Investor Information Document relating to the relevant sub-fund.
Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2018:
Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:
Equities:
Equity Euro Concentrated / Equity Global Income1 / Equity Japan Target / Equity Japan Value / Wells Fargo US Mid Cap / Equity Euroland Small Cap / Equity Europe Small Cap / Equity GreenImpact / Equity Asia Ex Japan Concentrated2 / Equity Brazil3 / SBI FM Equity India Select / Dynamic Multi Factors Euro Equity4 / Dynamic Multi Factors Europe Equity5 / Dynamic Multi FactorsGlobal Equity6 / Equity Emerging Conservative / Equity Euro Risk Parity / Equity Europe Risk Parity7 / Equity Europe Conservative / Equity Global Conservative.
Bonds:
Convertible Conservative8 / Convertible Europe / Bond Euro Aggregate / Bond Euro Corporate Short Term / Bond Euro Government / Bond Euro Inflation / Bond Euro High Yield Short Term / BondTotal Hybrid9 / Bond Europe / Bond Global Aggregate / Bond Global Corporate / Bond Global High Yield / Bond Global Inflation / Bond Global Total Return / Bond US Aggregate10 / Bond USCorporate / US Aggregate11 / Sterling Strategic Bond12 / Bond Asian Local Debt / Income Partners China Aggregate Bond13 / Bond Global Emerging Blended / Bond Global Emerging Corporate /Bond Global Emerging Hard Currency.
Multi Asset:
BFT Optimal Income / Multi Asset Conservative / Global Perspectives / Target Coupon.
Protected:
Protect 90 / Protect 90 USD.
Absolute Return:
Absolute Volatility Arbitrage / Absolute Volatility Arbitrage Plus14 / Absolute Volatility Euro Equities / Absolute Volatility World Equities / BFT Absolute Global Dividend15 / Credit Unconstrained /Global Macro Bonds & Currencies / Global Macro Bonds & Currencies Low Vol / Global Macro Forex.
For all sub-funds authorized in Hong Kong, please note that the shares
AHC, AE-DH, AE-MD, AHE, AHE-MD, AHK, AHU, AHU-MD, AK, AU-MD, A2HS, A3E, A3HC, A3HU, A3HU-MD, A5HP, A5K, A5U, FE, FE-MD, FHE, FHE-MD, FU, IG, IHC, IHE, IHG, IHU, I2, I4,I8, I9, I10, I11, I(15)E, ME, MG, MHE, MU, OE, OFE, OFU, OHE, OR, ORHE, ORU, OU, O1, RE, RHE, RHG, RU, R2E, SE, SE-MD, SHA, SHA-MD, SHE, SHE-MD, SHU, SHU-MD, SU, XE, XU,ZE are not authorized in Hong Kong.
For all the sub-funds authorized in Hong Kong, please note that the shares AE and IE are not authorized in Hong Kong excepted for the sub-fund Cash EUR.
For all the sub-funds authorized in Hong Kong, please note that the shares AU and IU are not authorized in Hong Kong excepted for the sub-funds Equity Korea, Equity Thailand and Cash USD.
1 Amundi Funds Equity Global Income has been liquidated on 2 February 2018.2 Amundi Funds Equity Asia Ex Japan Concentrated has been merged into Amundi Funds Equity Asia Concentrated as at 20 December 2017.3 Amundi Funds Equity Brazil has been merged into Amundi Funds Equity Latin America as at 17 November 2017.4 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.6 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.8 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017.10 Amundi Funds Bond US Aggregate has been merged into Amundi Funds US Aggregate as at 5 October 2017.11 Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. 12 Amundi Funds Sterling Strategic Bond was closed on 12 October 2017, based on NAV of 26 July 2017.13 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.14 Amundi Funds Absolute Volatility Arbitrage Plus has been liquidated on 15 November 2017.15 Amundi Funds BFT Absolute Global Dividend has been merged into Amundi Funds BFT Optimal Income as at 13 October 2017.
AMUNDI FUNDSAudited annual report
R.C.S. Luxembourg B 68.806
For the year ended as at 30/06/18
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annualreport of the SICAV and the unaudited semi-annual report if published after such annual report and the most recent Key Investor Information Document relating to the relevant sub-fund.
Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2018:
Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:
Equities:
Equity Euro Concentrated I Equity Global Income I Equity Japan Targetl Equity Japan Value I Wells Fargo US Mid Cap I Equity Euroland Small Cap I Equity Europe Small Cap I Equity GreenImpactl Equity Asia Ex Japan Concentrated? I Equity Brazil3 I SBI FM Equity India Selectl Dynamic Multi Factors Euro Equity I Dynamic Multi Factors Europe Equityfi l Dynamic Multi FactorsGlobal Equity I Equity Emerging Conservative I Equity Euro Risk ParityI Equity Europe Risk Parity I Equity Europe Conservativel Equity Global Conservative.
Bonds:
Convertible Conservative I Convertible Europe I Bond Euro Aggregate I Bond Euro Corporate Short Tenn I Bond Euro Governmentl Bond Euro Inflation I Bond Euro High Yield Short Term I BondTotal Hybrid-9 I Bond Europe I Bond Global Aggregate I Bond Global Corporate I Bond Global High Weld I Bond Global Inflation I Bond Global Total Return I Bond US Aggregate I Bond USCorporate I US Aggregate ISter|ing Strategic Bond I Bond Asian Local Debtl Income Partners China Aggregate Bond3I Bond Global Emerging Blended I Bond Global Emerging Corporate IBond Global Emerging Hard Currency.
Multi Asset:
BFT Optimal Income I Multi Asset Conservative I Global Perspectives I Target Coupon.
Protected:
Protect 90 I Protect 90 USD.
Absolute Return:
Absolute Volatility Arbitrage IAbso|ute Volatility Arbitrage Plus IAbso|ute Volatility Euro Equities I Absolute Volatility World Equities I BFT Absolute Global Dividend5 I Credit Unconstrained IGlobal Macro Bonds & Currencies I Global Macro Bonds & Currencies Law Vol I Global Macro Forex.
For all sub-funds authorized in Hong Kong, please note that the shares
AHC,AEDH, AEMD,AHE, AHEMD, AHK,AHU, AHUMD,AK, AUMD,A2HS,A3E,A3HC, A3HU,A3HUMD,A5HP, A5K, A5U, FE, FEMD, FHE, FHEMD, FU, IG, IHC, IHE, IHG, IHU, I2, I4,I8, I9, I10, I11, |(15)E, ME, MG, MHE, MU, OE, OFE, OFU, OHE, OR, ORHE, ORU, 0U, 01, RE, RHE, RHG, RU, R2E, SE, SEMD, SHA, SHAMD, SHE, SHEMD, SHU, SHUMD, SU, XE, XU,ZE are not authorized in Hong Kong.
For all the sub-funds authorized in Hong Kong, please note that the shares AE and IE are not authorized in Hong Kong excepted for the sub-fund Cash EUR.
For all the sub-funds authorized in Hong Kong, please note that the shares AU and IU are not authorized in Hong Kong excepted for the sub-funds Equity Korea, Equity Thailand and Cash USD.
Amundi Funds Equity Global Income has been liquidated on 2 February 2018.2 Amundi Funds Equity Asia Ex Japan Concentrated has been merged into Amundi Funds Equity Asia Concentrated as at 20 December 2017.3 Amundi Funds Equity Brazil has been merged into Amundi Funds Equity Latin America as at 17 November 2017.1 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.5 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.*3 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017. Amundi Funds Bond US Aggregate has been merged into Amundi Funds US Aggregate as at 5 October 2017. Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017.'2 Amundi Funds Sterling Strategic Bond was closed on 12 October 2017, based on NAV of 26 July 2017.'3 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017. Amundi Funds Absolute Volatility Arbitrage Plus has been liquidated on 15 November 2017.'5 Amundi Funds BFT Absolute Global Dividend has been merged into Amundi Funds BFT Optimal Income as at 13 October 2017.
Table of Contents
1 Amundi Funds Equity Global Agriculture has been renamed into Amundi Funds CPR Global Agriculture as at 27 October 2017.2 Amundi Funds Equity Global Luxury and Lifestyle has been renamed into Amundi Funds CPR Global Lifestyles as at 3 July 2017.3 Amundi Funds Equity Asia Ex Japan has been renamed into Amundi Funds Equity Asia Concentrated as at 20 December 2017.4 Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.6 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.8 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017.10 Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. 11 Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.
Page
Organisation 6Board of Directors Report 9
Portfolios details as at 30/06/18:
EquitiesEquity Euro Concentrated 10Equity Europe Concentrated 11Equity Global Concentrated 12Equity Japan Target 13Equity Japan Value 14Wells Fargo US Mid Cap 16Equity US Relative Value 18Equity Euroland Small Cap 19Equity Europe Small Cap 20CPR Global Agriculture1 21CPR Global Gold Mines 22CPR Global Lifestyles2 23CPR Global Resources 25Equity Green Impact 26Equity ASEAN 27Equity Asia Concentrated3 28Equity Emerging Focus 29Equity Emerging World 31Equity Greater China 34SBI FM Equity India 36Equity India Infrastructure 37SBI FM Equity India Select 38Equity Korea 39Equity Latin America 41Equity MENA 43Equity Thailand 45Dynamic Multi Factors Euro Equity4 46Dynamic Multi Factors Europe Equity5 48Dynamic Multi Factors Global Equity6 51Equity Emerging Conservative 56Equity Euro Risk Parity 58Equity Europe Risk Parity7 61Equity Europe Conservative 66Equity Global Conservative 68
BondsConvertible Conservative8 70Convertible Europe 72Convertible Global 74Bond Euro Aggregate 76Bond Euro Corporate 78Bond Euro Corporate Short Term 82Bond Euro Government 84Bond Euro Inflation 85Bond Euro High Yield 86Bond Euro High Yield Short Term 90Bond Total Hybrid9 92Bond Europe 94Bond Global 96
Bond Global Aggregate 98Bond Global Corporate 102Bond Global High Yield 105Bond Global Inflation 108Bond Global Total Return 109Bond US Corporate 110US Aggregate10 113Bond Asian Local Debt 121Income Partners China Aggregate Bond11 122Bond Global Emerging Blended 123Bond Global Emerging Corporate 127Bond Global Emerging Hard Currency 130Bond Global Emerging Local Currency 133
Multi AssetBFT Optimal Income 134Multi Asset Conservative 137Global Perspectives 145Target Coupon 153
ProtectProtect 90 154Protect 90 USD 155
AbsoluteAbsolute Volatility Arbitrage 156Absolute Volatility Euro Equities 157Absolute Volatility World Equities 158Credit Unconstrained 159Global Macro Bonds & Currencies 161Global Macro Bonds & Currencies Low Vol 164Global Macro Forex 166
CashCash EUR 167Cash USD 170
Accounts:Statement of Net Assets 172Financial Details Relating to the Last 3 Years 198Statement of Operations and Changes in Net Assets 280Notes to the Financial Statements as at 30/06/18 308Audit Report 395Report of the Custodian 397Notices and Reports 398Additional Information (unaudited) 399
Table of Contents
figs
Organisation 6 Bond Global Aggregate 98Board of Directors Report 9 Bond Global Corporate 102
_ _ Bond Global High Yield 105Portfolios details as at 30/06/18: _Bond Global Inflation 108Equities Bond Global Total Return 109
Equity Euro Concentrated 10 Bond Us CVPT31e 110Equity Europe Concentrated 11 Us A99-931e1 113Equity Global Concentrated 12 Bond A513" 1-0031 Debt 121Equity Japan Target 13 Income Partners China Aggregate Bond 122
Equity Japan Vaiue 14 Bond Global Emerging Blended 123wens Fargo Us Mid cap 15 Bond Global Emerging Corporate 127
Equity Us Re|atiVe Vaiue 13 Bond Global Emerging Hard Currency 130
Equity Euioiand smaii cap 19 Bond Global Emerging Local Currency 133
Equity Europe Small Cap 20 Multi Asset
ElZEZli:2,.1:tliJ:; 2;CPR Global Lifesiyiesz 23
Multi Asset Conservative 137Global Perspectives 145
CPR Global Resources 25_ Target Coupon 153Equity Green Impact 26
Equity ASEAN 27 ProtectEquity Asia Concentrateda 28 Protect 90 154Equity Emerging Focus 29 Protect 90 USD 155
EquityEmerging
Vilorld31
AbsoluteEquity Greater China 34 Absolute Volatility Arbitrage 156SBI FM Equity India 36 __ __Equity india infrastructure 37
AbsoluteVolatility
EuroEquities
157
Sui FM Equity indie Seieci 38 Absolute VolatilityWorld Equities 158
Equity Korea 39Credit Unconstrained 159
. . . Global Macro Bonds & Currencies 161Equity Latin America 41 Global Macro Bonds & Currencies Low Vol 164Equity MENA 43
Equity Thaiiand 45Global Macro Forex 166
Dynamic Multi Factors Euro Equity 46 cashDynamic Multi Factors Europe Equity5 48 Cash EUR 157Dynamic Multi Factors Global Equity 51 Cash USD 170Equity Emerging Conservative 56Equity Euro Risk Parity 58 Accounts:
Equity Europe Risk Parity, 61 Statement of Net Assets 172
Equity Europe Conservative 66 Financial Details Relating to the Last 3 Years 198
Equity Gtobat Conservative 68 Statement of Operations and Changes in Net Assets 280Notes to the Financial Statements as at 30/06/18 308
30" Audit Report 395Convertible Conservativea 70 Report of the Custodian 397
C0"Ve|1ib1e Europe 72 Notices and Reports 398Convertible Global 74 Additional Information (unaudited) 399Bond Euro Aggregate 76Bond Euro Corporate 78Bond Euro Corporate Short Term 82Bond Euro Government 84Bond Euro Inflation 85Bond Euro High Weld 86Bond Euro High Weld Short Term 90Bond Total Hybrid9 92Bond Europe 94Bond Global 96
' Amundi Funds Equity Global Agriculture has been renamed into Amundi Funds CPR Global Agriculture as at 27 October 2017.2 Amundi Funds Equity Global Luxury and Lifestyle has been renamed into Amundi Funds CPR Global Lifestyles as at 3 July 2017.3 Amundi Funds Equity Asia Ex Japan has been renamed into Amundi Funds Equity Asia Concentrated as at 20 December 2017. Amundi Funds Dynamic Multi Factors Euro Equity has been launched on 18 October 2017.5 Amundi Funds Dynamic Multi Factors Europe Equity has been launched on 12 October 2017.5 Amundi Funds Dynamic Multi Factors Global Equity has been launched on 25 October 2017.7 Amundi Funds Equity Europe Risk Parity has been launched on 10 October 2017.3 Amundi Funds Convertible Credit has been renamed into Amundi Funds Convertible Conservative as at 19 March 2018.9 Amundi Funds Bond Global Hybrid has been renamed into Amundi Funds Bond Total Hybrid as at 15 November 2017. Amundi Funds Bond US Opportunistic Core Plus has been renamed into Amundi Funds US Aggregate as at 6 September 2017. Amundi Funds Bond China Aggregate has been renamed into Amundi Funds Income Partners China Aggregate Bond as at 3 July 2017.
6
Organisation
DEnoMInATIon AnD rEGISTErED oFFICE Amundi Funds 5, Alle Scheffer, L-2520 Luxembourg
MAnAGEMEnT CoMPAnY Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg
BoArD oF DIrECTorS
Chairman Christophe LEMArI Head of Retail Marketing Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France
Directors Laurent BErTIAu Global Head of Institutional Clients Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France
ramon DunG Company Secretary Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France
Christian PELLIS Global Head of External Distribution Amundi Asset Management, Paris 90, Boulevard Pasteur, 75015 Paris, France
ConDuCTInGoFFICErS Julien FAuCHEr Managing Director Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg
Charles GIrALDEZ Deputy General Manager Amundi Luxembourg S.A. 5, Alle Scheffer, L-2520 Luxembourg
DEPoSITArY CACEIS Bank, Luxembourg Branch 5, Alle Scheffer, L-2520 Luxembourg
rEGISTrAr, TrAnSFEr AnD CACEIS Bank, Luxembourg BranchPAYInGAGEnT 5, Alle Scheffer, L-2520 Luxembourg
ADMInISTrATIVE AGEnT Socit Gnrale Bank & Trust S.A. 28-32, Place de la gare, L-1616 Luxembourg
InVESTMEnT MAnAGErS Amundi Asset Management acting through: n Main office 90, Boulevard Pasteur, 75015 Paris, France
n London Branch 41, Lothbury, London EC2R 7HF, United Kingdom
Amundi Hong-Kong Ltd 901-908, One Pacific Place, No. 88 Queensway, Hong Kong, Peoples Republic of China
Amundi Japan 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100-0011, Japan
Organisation
DENOMINATION AND REGISTERED OFFICE
MANAGEMENT COMPANY
BOARD OF DIRECTORS
Chairman
Directors
CONDUCTING OFFICERS
DEPOSITARY
REGISTRAR, TRANSFER ANDPAYING AGENT
ADMINISTRATIVE AGENT
INVESTMENT MANAGERS
Amundi Funds5, Alle Scheffer,L-2520 Luxembourg
Amundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg
Christophe LEMARIEHead of Retail MarketingAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France
Laurent BERTIAUGlobal Head of Institutional ClientsAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France
Ramon DUNGCompany SecretaryAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France
Christian PELLISGlobal Head of External DistributionAmundi Asset Management, Paris90, Boulevard Pasteur,75015 Paris, France
Julien FAUCHERManaging DirectorAmundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg
Charles GIRALDEZDeputy General ManagerAmundi Luxembourg S.A.5, Alle Scheffer,L-2520 Luxembourg
CACEIS Bank, Luxembourg Branch5, Alle Scheffer,L-2520 Luxembourg
CACEIS Bank, Luxembourg Branch5, Alle Scheffer,L-2520 Luxembourg
Socit Gnrale Bank & Trust S.A.28-32, Place de la gare,L-1616 Luxembourg
Amundi Asset Management acting through:I Main office90, Boulevard Pasteur,75015 Paris, France
I London Branch41, Lothbury,London EC2R 7HF, United Kingdom
Amundi Hong-Kong Ltd901-908, One Pacifi c Place,No. 88 Queensway, Hong Kong, People's Republic of China
Amundi Japan1-2-2, Uchisaiwaicho Chiyoda-Ku,Tokyo 100-0011, Japan
7
Organisation
Amundi Singapore Ltd 168, Robinson Road #24-01, Capital Tower, Singapore 068912, Singapore
Amundi Pioneer Asset Management Inc 280 South Mangum Street, Suite 301 Durham, NC 27701, United States of America
BFT Gestion S.A 90, Boulevard Pasteur, 75015 Paris
CPr Asset Management 90, Boulevard Pasteur, 75015 Paris
Income Partners Asset Management (HK) Ltd Two International Finance Centre, Suite 3313, 8 Finance Street Central Hong-Kong SAR
Polen Capital Management LLC 1825 NW Corporate Blvd. Suite 300 Boca Raton, Florida 33431, United States of America
resona Bank Ltd Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku, Tokyo 135-8581, Japan
TCW Investment Management Company 865, South Figueroa Street, Suite 1800, Los Angeles, California 90017, United States of America
Wells Capital Management 525 Market Street, 10th Floor San Francisco, California 94105, United States of America
InVESTMEnT SuB-MAnAGErS Amundi Japan 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100 0011, Japan
CPr Asset Management 90, Boulevard Pasteur, 75015 Paris
nH-Amundi Asset Management Co., Ltd 10F Nonghyup Culture & Welfare Foundation Bldg. 34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea
InVESTMEnT ConSuLTAnT SBI Funds Management Pvt Ltd. 9th Floor, Crescenzo, C-38 & 39, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051, India
Pioneer Investment Management SGPrA (Milan) Piazza Gae Aulenti 1 Tower B I-20157 Milan, Italy
Pioneer Investment Management Limited (Dublin) 1, Georges Quay Plaza, Georges Quay Dublin 2, Ireland
GuArAnTor Amundi S.A. 91-93, Boulevard Pasteur, 75015 Paris, France
AuDITor oF THE FunD PricewaterhouseCoopers, Socit cooprative 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg
FInAnCIAL AGEnT In BELGIuM CACEISBelgium SA/Vn Avenue du Port / Havenlaan 86 C/320, B - 1000 Brussels, Belgium
Organisation
INVESTMENT SUB-MANAGERS
INVESTMENT CONSULTANT
GUARANTOR
AUDITOR OF THE FUND
FINANCIAL AGENT IN BELGIUM
Amundi Singapore Ltd168, Robinson Road #24-01, Capital Tower,Singapore 068912, Singapore
Amundi Pioneer Asset Management Inc280 South Mangum Street, Suite 301Durham, NC 27701, United States of America
BFT Gestion S.A90, Boulevard Pasteur,75015 Paris
CPR Asset Management90, Boulevard Pasteur,75015 Paris
Income Partners Asset Management (HK) LtdTwo International Finance Centre, Suite 3313,8 Finance Street CentralHong-Kong SAR
Polen Capital Management LLC1825 NW Corporate Blvd.Suite 300Boca Raton, Florida 33431, United States of America
Resona Bank LtdFukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku,Tokyo 135-8581, Japan
TCW Investment Management Company865, South Figueroa Street, Suite 1800,Los Angeles, California 90017, United States of America
Wells Capital Management525 Market Street, 10th FloorSan Francisco, California 94105, United States of America
Amundi Japan1-2-2, Uchisaiwaicho Chiyoda-Ku,Tokyo 100 0011, Japan
CPR Asset Management90, Boulevard Pasteur,75015 Paris
NH-Amundi Asset Management Co., Ltd10F Nonghyup Culture 8. Welfare Foundation Bldg.34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea
SBI Funds Management Pvt Ltd.9th Floor, Crescenzo, C-38 8. 39,G Block Bandra-Kurla ComplexBandra (East), Mumbai 400051, India
Pioneer Investment Management SGPrA (Milan)Piazza Gae Aulenti 1 Tower BI-20157 Milan, Italy
Pioneer Investment Management Limited (Dublin)1, George's Quay Plaza, George's QuayDublin 2, Ireland
Amundi S.A.91-93, Boulevard Pasteur,75015 Paris, France
Pricewaterhousecoopers, Socit cooprative2 rue Gerhard Mercator,B.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg
CACEIS Belgium SANNAvenue du Portl Havenlaan 86 C/320,B - 1000 Brussels, Belgium
8
Organisation
CEnTrALIZInG AGEnT In FrAnCE CACEIS Bank France 1-3, Place Valhubert, F-75206 Paris Cedex 13, France
PAYInG AnD InForMATIon AGEnT Marcard, Stein & Co AGIn GErMAnY Ballindam 36, D-20095 Hamburg, Germany
PAYInG AnD InForMATIon AGEnT Meinl Bank A.G.In AuSTrIA Bauermarkt 2, 1014, Wien, Austria
PAYInG AGEnT In GrEECE Alpha Bank of Greece 11, Sofokleous Str., 102 35 Athens, Greece
rEPrESEnTATIVE In GrEECE Amundi Hellas M.F.M.C 45, Mitropoleos Street, 105 56 Athens, Greece
rEPrESEnTATIVE In HonG KonG Amundi Hong-Kong Ltd 901-908, One Pacific Place, 88, Queensway, Hong-Kong
rEPrESEnTATIVE In THE nETHErLAnDS CACEIS netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands
rEPrESEnTATIVE In SPAIn Amundi Iberia SGICC Paseo de la Castellana 1, 28046 Madrid, Spain
FACILITIES AGEnT In unITED KInGDoM Amundi London Branch. 41, Lothbury, London EC2R 7HF, United Kingdom
PAYInG AnD rEPrESEnTATIVE AGEnT Socit Gnrale Express Bank ADIn BuLGArIA 92,Vladislav Varnenchik Blvd, 9000 Varma, Bulgaria
PAYInG AnD rEPrESEnTATIVE AGEnT CACEIS (Switzerland) S.A.In SWITZErLAnD Route de Signy 35 CH-1260 Nyon, Switzerland
ConTACT BAnK In CZECH rEPuBLIC Komercni Banka A.S Na Prikogne 33, Prague 1, Czech Republic
PAYInG AnD rEPrESEnTATIVE SKB Banka D.D. Ljubljana AGEnT In SLoVEnIA Ajdovscina 4, Ljubljana, Slovenia
FACILITIES AGEnT In IrELAnD Socit Gnrale, Dublin Branch 3rd Floor, IFSC House, IFSC, Dublin 1, Ireland
PAYInG AnD rEPrESEnTATIVE AGEnT Amundi Singapore LtdIn SInGAPorE 168, Robinson Road #24-01, Capital Tower, Singapore 068912
MASTEr AGEnT In TAIWAn Amundi Tawan Suite A, 14F, Tun Hua North Road, Taipei, Tawan
Organisation
CENTRALIZING AGENT IN FRANCE
PAYING AND INFORMATION AGENTIN GERMANY
PAYING AND INFORMATION AGENTIN AUSTRIA
PAYING AGENT IN GREECE
REPRESENTATIVE IN GREECE
REPRESENTATIVE IN HONG KONG
REPRESENTATIVE IN THE NETHERLANDS
REPRESENTATIVE IN SPAIN
FACILITIES AGENT IN UNITED KINGDOM
PAYING AND REPRESENTATIVE AGENTIN BULGARIA
PAYING AND REPRESENTATIVE AGENTIN SWITZERLAND
CONTACT BANK IN CZECH REPUBLIC
PAYING AND REPRESENTATIVEAGENT IN SLOVENIA
FACILITIES AGENT IN IRELAND
PAYING AND REPRESENTATIVE AGENTIN SINGAPORE
MASTER AGENT IN TAIWAN
CACEIS Bank France1-3, Place Valhubert,F-75206 Paris Cedex 13, France
Marcard, Stein & Co AGBallindam 36,D-20095 Hamburg, Germany
Meinl Bank A.G.Bauermarkt 2,1014, Wien, Austria
Alpha Bank of Greece11, Sofokleous Str.,102 35 Athens, Greece
Amundi Hellas M.F.M.C45, Mitropoleos Street,105 56 Athens, Greece
Amundi Hong-Kong Ltd901-908, One Pacifi c Place,88, Queensway, Hong-Kong
CACEIS NetherlandsDe Ruyterkade 6,1013 AAAmsterdam, The Netherlands
Amundi Iberia SGICCPaseo de la Castellana 1,28046 Madrid, Spain
Amundi London Branch.41, Lothbury,London EC2R 7HF, United Kingdom
Socit Gnrale Express Bank AD92,V|adis|av Varnenchik Blvd,9000 Varma, Bulgaria
CACEIS (Switzerland) S.A.Route de Signy 35CH-1260 Nyon, Switzerland
Komercni Banka A.SNa Prikogne 33,Prague 1, Czech Republic
SKB Banka D.D. LjubljanaAjdovscina 4,Ljubljana, Slovenia
Socit Gnrale, Dublin Branch3" Floor, IFSC House, IFSC,Dublin 1, Ireland
Amundi Singapore Ltd168, Robinson Road #24-01, Capital Tower,Singapore 068912
Amundi Ta'I'wanSuite A, 14F, Tun Hua North Road,Taipei, Taiwan
9
Board of Directors Report
uS GDP enjoyed a solid acceleration in H2 17 (average of 3% QoQ AR) followed by a soft patch in Q1 2018 due in part to seasonal factors. Although data on Q2 GDPare not yet available, coincident and leading indicators point to reaccelerating growth, supported by the fiscal expansion provided by the Tax Cuts passed in December2017 and the increased government spending approved by Congress in early 2018. Surveys altogether (business manufacturing, services, small companies and consumer) moved in a clear upward trend since June 2017, reaching multi-year highsbetween Q4 17 and Q1 18. Capex picked-up while consumption consolidated. Activity data followed a progressive consolidation, moving to an average growth in the1.5% range in early H2 17 to the 3.5% range at the end of H1 18. Labor market kept improving, with unemployment rate down to 3.8% in May from 4.3% in July 2017.Measures of labor compensations though responded to a slower pace to the tightening labor market.Inflation, subdued in part due to base effects and technical factors in mid 2017, gradually moved higher as transitory factors dissipated. While Headline inflation movedfrom below 2% in mid 2017 to 2.8% YoY in May, Core inflation increased at a slower pace, from 1.4% to 1.8% YoY.On this macro backdrop, the Fed grew progressively more confident on the economic outlook and since mid-2017 hiked three times moving rates within the 1.75% to2.00% range, as the new Fed Chair Powell continued along the gradual rate and balance sheet normalization path initiated by Yellen.
The Eurozone economy improved a lot in H2 2017, with a real GDP growth of 0.7% in both Q3 and Q4. Growth became more broad based in terms of sectoralcomponents (pick-up in internal demand, notably investment, and in exports) and geographically (the situation improved in countries that had been lagging, especiallyItaly and Portugal). The unemployment rate also declined, ending 2017 at 8.7% vs. 9.6% 12 months earlier. Political risk also receded while it had been a major topicearlier in the year, prior to the April-June French electoral cycle.However, the Eurozone situation deteriorated in H1 2018, with a significant drop in economic surprise. Real GDP growth in Q1 2018 was just 0.4% and early economicfigures for Q2 only pointed to a moderate improvement. While some of the disappointment could be attributed to exaggeratedly high expectations at the end of 2017,worries over global trade and the higher euro also played a part. Moreover, political risk surged again when protest parties managed to form a government coalition inItaly in June. Nonetheless, at the end of the period, most indicators remained compatible with economic growth of around 2% on an annual basis.Throughout the period, while Eurozone headline inflation largely followed rising oil prices (reaching 2% in June 2018), core inflation remained very low, failing to crediblybypass the 1% threshold. The ECB nonetheless reduced its asset purchases at the beginning of 2018 and announced in June that it would probably end its QE programby the end of the year.
In the second half of 2017, the Emerging Markets economic growth has been further accelerating from the first part of the year. In particular, the Chinese economyhas been more than resilient and supportive with a GDP growing at around 6.9% YoY. Russia and Brazil coming out from their deep recessions has been supportiveof market sentiment. In terms of growth drivers, Households Consumptions have been leading the economic performance while Fixed Investments have improved lessevenly. Together with that, the USD has remained on the weaker side thanks to the much gradual normalization process implemented by the Federal Reserve: EmergingMarkets portfolio inflows has been significantly positive. That positive environment within EM universe stayed until the first quarter of 2018: constructive growthenvironment, low inflation, supportive commodity cycle, stable/weak USD and very accommodative Monetary Policy; only the US rates started to peak up significantly.In Q2 2018, finally, USD started to appreciate and EM Central Banks have been tightening their Monetary Policy or stopping their easing cycle under pressure fromglobal financial conditions. In that regard, only China has made its Monetary Policy stance less tighter to accommodate the eventual economic cooling-down. Theprotectionist measures started by the US Administration have been increasing the downside risk to our otherwise constructive economic outlook.
Equities: In the fiscal year under review (July 1, 2017 - June 30, 2018), the total return of the MSCI World AC went up by 11.3% in USD (+11.4% in local currencies). This variation, however, covers two distinct periods with a sharp rise in the first six months (+11.5%), followed by a virtual stagnation in the last six months. By majorregions, the US (+ 14.5%) posted the best performance over twelve months, followed by Japan, the UK, Emerging Markets and, more in retreat, the eurozone. Withinthe euro area, France and Italy stand out ahead of Germany and Spain (respectively + 8.4%, + 6.9%, + 0.9% and -5.3% in )This dichotomy between the two semesters is due to the gradual alteration of the economic scenario. Thus, at the beginning of the period, the global recovery was notonly substantial but also synchronized between the different regions. As a result, corporate earnings have grown strongly. In addition, from September 2017, the USmarket was boosted with the announcement of the tax reform. As at the same time, the Fed kept a conciliatory tone, emerging equities continued to benefit fromsignificant flows.Conversely, from the end of January, the markets which had continued to rally began to be seized with doubt. In chronological order, the first reason for concern wasthe Fed's tightening of tone which led to a reassessment of risk premiums. Subsequently, Q1 GDP growth slowed significantly on both sides of the Atlantic. Finally,while this soft patch was supposed to fade, the threat of trade war worried investors. As a result, even though corporate results at March 31, 2018 were sustained, andare expected to remain solid on Q2, the longer term prospects being less clear-cut prompted a general decline in PE ratios.
The Fixed Income markets were characterized by a pressure on long term yields. The 10-year Bund did rise to 0.75% in February but has fallen below 0.3% in recentweeks. US rates have been rising since the beginning of the year, but the very small difference between short and long-dated rates challenges us.The recent fall in yields can be explained in by investors' flight to safe havens. Our economists continue to anticipate solid global growth, but the risks to this scenarioare growing. Investors are worried about (1) the impact of a trade war on growth, inflation or the exchange rate, (2) tensions on emerging currencies and (3) the rise inpolitical risk in Europe. In the Euro area, the normalization of the monetary policy turns out to be slower than expected. The ECB will stop buying bonds at the end of the year but should notraise its key rates until the summer of 2019. The ECB will continue to play an important role on the interest rate markets by reinvesting bonds of its own portfoliomaturing (estimation: 180bn in 2019 and 50bn in German debt) and should favour long-dated bonds to keep rates low.The gap between short-term yields has reached record levels between the United States and the euro area. Due to the strong macroeconomic environment, the Fedexpects to hike Fed Funds rate two more time this year. Conversely, the ECB revised its forward guidance and do not expect to increase interest rates before summer2019.In this context of higher volatility, credit indices have widened, in particular Euro HY.For the time being trade tensions and the resulting threat to global growth outlook supports long term bonds. Greater confidence in growth projections and lowerpolitical risk (Eurozone) are the catalysts needed for a rise in rates. Volatility is expected to remain high in this environment, but we expect higher bond yields in thesecond half of this year.
Luxembourg, October 26, 2018The Boards of Directors
The figures stated in this report are historical and not necessarily indicative of future performance.
Board of Directors Report
US GDP enjoyed a solid acceleration in H2 17 (average of 3% QoQ AR) followed by a soft patch in Q1 2018 due in part to seasonal factors. Although data on Q2 GDPare not yet available, coincident and leading indicators point to reaccelerating growth, supported by the fiscal expansion provided by the Tax Cuts passed in December2017 and the increased government spending approved by Congress in early 2018.Surveys altogether (business manufacturing, services, small companies and consumer) moved in a clear upward trend since June 2017, reaching multi-year highsbetween Q4 17 and Q1 18. Capex picked-up while consumption consolidated. Activity data followed a progressive consolidation, moving to an average growth in the1.5% range in early H2 17 to the 3.5% range at the end of H1 18. Labor market kept improving, with unemployment rate down to 3.8% in May from 4.3% in July 2017.Measures of labor compensations though responded to a slower pace to the tightening labor market.Inflation, subdued in part due to base effects and technical factors in mid 2017, gradually moved higher as transitory factors dissipated. While Headline inflation movedfrom below 2% in mid 2017 to 2.8% YoY in May, Core inflation increased at a slower pace, from 1.4% to 1.8% YoY.On this macro backdrop, the Fed grew progressively more confident on the economic outlook and since mid-2017 hiked three times moving rates within the 1.75% to2.00% range, as the new Fed Chair Powell continued along the gradual rate and balance sheet normalization path initiated by Yellen.
The Eurozone economy improved a lot in H2 2017, with a real GDP growth of 0.7% in both Q3 and Q4. Growth became more broad based in terms of sectoralcomponents (pick-up in internal demand, notably investment, and in exports) and geographically (the situation improved in countries that had been lagging, especiallyItaly and Portugal). The unemployment rate also declined, ending 2017 at 8.7% vs. 9.6% 12 months earlier. Political risk also receded while it had been a major topicearlier in the year, prior to the April-June French electoral cycle.However, the Eurozone situation deteriorated in H1 2018, with a significant drop in economic surprise. Real GDP growth in Q1 2018 was just 0.4% and early economicfigures for Q2 only pointed to a moderate improvement. While some of the disappointment could be attributed to exaggeratedly high expectations at the end of 2017,worries over global trade and the higher euro also played a part. Moreover, political risk surged again when protest parties managed to form a government coalition inItaly in June. Nonetheless, at the end of the period, most indicators remained compatible with economic growth of around 2% on an annual basis.Throughout the period, while Eurozone headline inflation largely followed rising oil prices (reaching 2% in June 2018), core inflation remained very low, failing to crediblybypass the 1% threshold. The ECB nonetheless reduced its asset purchases at the beginning of 2018 and announced in June that it would probably end its QE programby the end of the year.
In the second half of 2017, the Emerging Markets economic growth has been further accelerating from the first part of the year. In particular, the Chinese economyhas been more than resilient and supportive with a GDP growing at around 6.9% YoY. Russia and Brazil coming out from their deep recessions has been supportiveof market sentiment. In terms of growth drivers, Households Consumptions have been leading the economic performance while Fixed Investments have improved lessevenly. Together with that, the USD has remained on the weaker side thanks to the much gradual normalization process implemented by the Federal Reserve: EmergingMarkets portfolio inflows has been significantly positive. That positive environment within EM universe stayed until the first quarter of 2018: constructive growthenvironment, low inflation, supportive commodity cycle, stablelweak USD and very accommodative Monetary Policy; only the US rates started to peak up significantly.In Q2 2018, finally, USD started to appreciate and EM Central Banks have been tightening their Monetary Policy or stopping their easing cycle under pressure fromglobal financial conditions. In that regard, only China has made its Monetary Policy stance less tighter to accommodate the eventual economic cooling-down. Theprotectionist measures started by the US Administration have been increasing the downside risk to our othewvise constructive economic outlook.
Equities: In the fiscal year under review (July 1, 2017 - June 30, 2018), the total return of the MSCI World AC went up by 11.3% in USD (+11.4% in local currencies).This variation, however, covers two distinct periods with a sharp rise in the first six months (+11.5%), followed by a virtual stagnation in the last six months. By majorregions, the US (+ 14.5%) posted the best performance over twelve months, followed by Japan, the UK, Emerging Markets and, more in retreat, the eurozone. Withinthe euro area, France and Italy stand out ahead of Germany and Spain (respectively + 8.4%, + 6.9%, + 0.9% and -5.3% in )This dichotomy between the two semesters is due to the gradual alteration of the economic scenario. Thus, at the beginning of the period, the global recovery was notonly substantial but also synchronized between the different regions. As a result, corporate earnings have grown strongly. In addition, from September 2017, the USmarket was boosted with the announcement of the tax reform. As at the same time, the Fed kept a conciliatory tone, emerging equities continued to benefit fromsignificant flows.Conversely, from the end of January, the markets which had continued to rally began to be seized with doubt. In chronological order, the first reason for concern wasthe Fed's tightening of tone which led to a reassessment of risk premiums. Subsequently, Q1 GDP growth slowed significantly on both sides of the Atlantic. Finally,while this soft patch was supposed to fade, the threat of trade war worried investors. As a result, even though corporate results at March 31, 2018 were sustained, andare expected to remain solid on Q2, the longer term prospects being less clear-cut prompted a general decline in PE ratios.
The Fixed Income markets were characterized by a pressure on long term yields. The 10-year Bund did rise to 0.75% in February but has fallen below 0.3% in recentweeks. US rates have been rising since the beginning of the year, but the very small difference between short and long-dated rates challenges us.The recent fall in yields can be explained in by investors flight to safe havens. Our economists continue to anticipate solid global growth, but the risks to this scenarioare growing. Investors are worried about (1) the impact of a trade war on growth, inflation or the exchange rate, (2) tensions on emerging currencies and (3) the rise inpolitical risk in Europe.In the Euro area, the normalization of the monetary policy turns out to be slower than expected. The ECB will stop buying bonds at the end of the year but should notraise its key rates until the summer of 2019. The ECB will continue to play an important role on the interest rate markets by reinvesting bonds of its own portfoliomaturing (estimation: 180bn in 2019 and 50bn in German debt) and should favour long-dated bonds to keep rates low.The gap between short-term yields has reached record levels between the United States and the euro area. Due to the strong macroeconomic environment, the Fedexpects to hike Fed Funds rate two more time this year. Conversely, the ECB revised its forward guidance and do not expect to increase interest rates before summer2019.In this context of higher volatility, credit indices have widened, in particular Euro HY.For the time being trade tensions and the resulting threat to global growth outlook supports long term bonds. Greater confidence in growth projections and lowerpolitical risk (Eurozone) are the catalysts needed for a rise in rates. Volatility is expected to remain high in this environment, but we expect higher bond yields in thesecond half of this year.
Luxembourg, October 26, 2018The Boards of Directors
The figures stated in this report are historical and not necessarily indicative of future performance.
10
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Equity Euro Concentrated
Equities
Portfolios details as at 30/06/18:
% o
f NaV
Mark
et V
alu
e
Quantity
EUR
100.05489,795,629Long positions
99.35486,347,338Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market99.35486,347,320Shares0.964,722,087Denmark
0.964,722,087NOVO NORDISK118,861
2.1910,733,147Finland
2.1910,733,147NOKIA OYJ2,177,109
26.33128,860,870France
4.0719,925,506BNP PARIBAS374,6101.507,341,120CAP GEMINI SE63,7251.899,258,508COMPAGNIE DE SAINT-GOBAIN SA241,9263.8919,048,667DANONE302,9851.426,952,777LEGRAND110,5372.8914,135,180LOREAL SA66,8333.8618,885,944LVMH MOET HENNESSY LOUIS VUITTON SE66,2203.4616,930,611SCHNEIDER ELECTRIC SA237,0573.3516,382,557VINCI SA198,914
21.61105,767,460Germany
4.6022,533,799BAYER AG238,8322.8413,911,691DEUTSCHE POST AG-NOM497,3793.7218,206,188DEUTSCHE TELEKOM AG-NOM1,371,9812.3411,465,864FRESENIUS SE & CO KGAA166,6551.658,060,274HEIDELBERGCEMENT AG111,8244.8923,893,835SIEMENS AG-NOM211,0391.577,695,809VOLKSWAGEN AG-PFD54,112
10.2750,256,294Ireland
0.944,580,627AIB GROUP PLC985,0810.904,391,711AIB GROUP PLC944,4543.4917,080,100CRH PLC562,7713.2415,866,816KERRY GROUP A177,0851.708,337,040RYANAIR HOLDINGS PLC528,497
2.039,921,177Italy
2.039,921,177ENI SPA623,738
2.6512,991,334Jersey
2.6512,991,334SHIRE269,376
13.9568,256,559Netherlands
1.909,306,874AKZO NOBEL NV-CVA126,9353.1915,616,133ASML HOLDING N.V.92,0223.9119,132,194ING GROUP NV1,551,9302.5512,472,982KONINKLIJKE KPN NV5,353,2112.4011,728,376KONINKLIJKE PHILIPS N.V.321,987
9.7447,707,571Spain
3.6117,672,959BANCO BILBAO VIZCAYA ARGENTA2,909,6083.5417,347,037IBERDROLA SA2,618,8162.5912,687,575INDITEX433,615
% o
f NaV
Mark
et V
alu
e
Quantity
EUR
1.035,063,855Switzerland
1.035,063,855LONZA GROUP AG N22,280
8.5942,066,966United Kingdom
2.1510,523,933CARNIVAL PLC214,0982.8513,966,652PRUDENTIAL PLC712,1022.5712,589,078ROYAL DUTCH SHELL PLC-A422,8781.024,987,303TECHNIPFMC PLC183,457
0.0018Warrants, Rights0.0018Germany
0.0018BAYER AG SUBSCRIPTION RIGHT11
0.703,448,291Share/Units of UCITS/UCIS
0.703,448,291Share/Units in investment funds0.703,448,291France
0.003AMUNDI CASH INSTITUTIONS SRI-SC0.0030.703,448,288AMUNDI 3 M - IC3
100.05489,795,629Total securities portfolio
Equity Euro Concentrated
Securities Portfolio as at 30/06/18
0 3 ,\ .0 2 g5 9, 0 5 3 0 E 2 E E 21.|ew
JPY
18,067,688,410
18,067,688,410
18,067,688,410
1, 775, 766,400
186,319,000125,240,000365,637,200187,572,000155,811 ,200127,072,000254,775,000181,500,000191,840,000
772, 688, 080
408,826,580363,861,500
896, 792,500
458,872,500437,920,000
1,550,699,600
270,720,000134,100,000359,283,000169,336,600451,200,000166,060,000
1,021,574,600
462,598,600155,120,000403,856,000
1,580,572,150
252,280,000436,819,950169,918,400353,780,000122,326,000245,447,800
414,381,180
153,333,180261,048,000
829, 037, 000
360,689,000468,348,000
516,463,000
258,520,000
/\9N
J0/o
98.48
98.48
98.48
9. 67
1.020.681.981.020.850.691.390.991.05
4.21
2.231.98
4. 89
2.502.39
8.45
1.480.731.960.922.450.91
5.57
2.520.852.20
8. 62
1.382.370.931.930.671.34
2. 26
0.841.42
4. 52
1.972.55
2.82
1.41
Amuenb
49,700 DAIKOKUTENBUSSAN CO LTD
Food Producers
358,000 ITOHAM YONEKYU SHS11,000 KAMEDA SEIKA
Gas, Water & Multiutilities
98,200 TOKYO GAS CO LTD
General Industn'als
134,000 ASICS CORPORATION
General Retailers
95,000 RAKUTEN66,000 SEVEN & I HOLDINGS CO LTD
Household Goods & Home Construction
55,000 SANRIO
Industrial Engineering
11,200 FANUC LTD144,000 KURITA WATER INDUSTRIES LTD57,000 THE JAPAN STEEL WORKS
Industrial Metals & Mining
182,000 HITACHI METALS LTD
Industrial Transportation
60,000 YAMATO HOLDINGS
Leisure Goods
65,800 MIZUNO CORP257,000 NIKON CORP
16,200 SHIMANO
Media
58,000 DENTSU INC
Nonlife Insurance
63,000 TOKIO MARINE HLDGS INC
Pharmaceuticals & Biotechnology
144,000 ASTELLAS PHARMA INC21,700 EISAI
123,000 MIRACA HOLDINGS INC9,000 TAISHO PHARM
Real Estate Investment & Services
136,000 IIDA GROUP HLDGS71,000 MITSUI FUDOSAN CO LTD REIT
Software & Computer Services
150,000 NTT DATA
Support Services
134,000 DAISEKI
an|e/\
J,a>1.iew
JPY
257,943,000
406,294,000
341 ,174,00065,120,000
288, 757, 100
288,757, 1 00
250,982, 000
250,982,000
390,039, 000
71,193,000318,846,000
118,030,000
118,030,000
860,811,000
246,456,000455,040,000159,315,000
209,300,000
209,300,000
195,840,000
195,840,000
988,915,000
272,412,000453,091,000263,412,000
304,500, 000
304,500,000
327, 1 59, 000
327, 1 59,000
935, 1 92, 800
243,216,000169,346,800405,900,000116,730,000
480,486, 000
290,632,000189,854,000
191,400,000
191,400,000
1,000,084,500
436,170,000
l\EN
J0%
1.41
2.21
1.860.35
1.57
1.57
1.37
1.37
2.13
0.391.74
0.64
0.64
4.69
1.342.480.87
1.14
1.14
1.07
1.07
5.39
1.482.471.44
1.66
1.66
1.78
1.78
5.10
1.330.922.210.64
2.62
1.591.03
1.04
1.04
5.45
2.38
The accompanying notes form an integral part of these financial statements
14
15
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Equity Japan Value
% o
f NaV
Mark
et V
alu
e
Quantity
JPY
1.75321,465,000MITSUI & CO LTD174,0001.32242,449,500SECOM CO LTD28,500
7.411,358,746,000Technology Hardware & Equipment
2.75503,850,000FUJITSU LTD750,0002.67489,712,000RICOH COMPANY LTD482,0001.99365,184,000TOKYO ELECTRON LTD19,200
2.20403,177,500Travel, Leisure & Catering
0.1628,468,000AEON FANTASY CO.LTD4,4002.04374,709,500EAST JAPAN RAILWAY CO35,300
98.4818,067,688,410Total securities portfolio
Equity Japan Value
Securities Portfolio as at 30/06/18
Amuenb
174,000 MITSUI & CO LTD28,500 SECOM CO LTD
Technology Hardware & Equipment
750,000 FUJITSU LTD482,000 RICOH COMPANY LTD
19,200 TOKYO ELECTRON LTD
Travel, Leisure & Catering
4,400 AEON FANTASY CO.LTD35,300 EAST JAPAN RAILWAY CO
Total securities portfolio
an|e/\
:;a>1.|ew
JPY
321,465,000242,449,500
1,358, 746,000
503,850,000489,712,000365,184,000
403,177,500
28,468,000374,709,500
18,067,688,410
/\9N
J0/2
1.751.32
7.41
2.752.671.99
2. 20
0.162.04
98.48
The accompanying notes form an integral part of these financial statements
15
16
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Wells Fargo US Mid Cap
% o
f NaV
Mark
et V
alu
e
Quantity
USD
96.7762,541,522Long positions
96.7762,541,522Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market96.7762,541,522Shares0.43280,665Aerospace & Defense
0.43280,665ARCONIC INC16,500
0.89576,353Automobiles & Parts
0.89576,353APTIV REGISTERED SHS6,290
8.535,510,513Banks
1.46945,091FIFTH THIRD BANCORP32,9302.211,425,027NORTHERN TRUST CORP13,8501.831,180,100PACWEST BANCORP23,8791.841,188,966REGIONS FINANCIAL CORP66,8711.19771,329ZIONS BANCORP14,639
3.372,176,416Chemicals
1.38893,380INTERNATIONAL FLAVORS & FRAGRANCES7,2071.991,283,036PPG INDUSTRIES INC12,369
2.191,412,631Construction & Materials
0.86552,700ACUITY BRANDS INC.4,7701.33859,931OWENS CORNING13,570
5.923,825,652Electricity
2.771,794,770AMEREN CORPORATION29,4952.371,529,525AMERICAN ELECTRIC POWER INC22,0870.78501,357PG&E CORP11,780
7.374,765,040Financial Services
1.13732,176CARLISLE COS6,7601.921,240,475CBRE GROUP25,9841.27823,459EURONET WORLDWIDE9,8301.51973,982FIDELITY NATIONAL FINANCIAL CLASSE A25,8901.54994,948SPECTRUM BRANDS HOLDINGS12,190
1.721,114,043Forestry & Paper
1.721,114,043INTERNATIONAL PAPER21,391
2.331,508,750Gas, Water & Multiutilities
2.331,508,750AMERICAN WATER WORKS17,671
9.616,209,878General Industrials
0.79509,829AMERISOURCEBERGEN5,9790.82531,472C&J ERGY SVCS REGISTERED SHS22,5201.33861,186NATIONAL OILWELL VARCO19,8431.33858,100PACKAGING CORP. OF AMERICA7,6762.601,682,818REPUBLIC SERVICES INC24,6172.741,766,473SEALED AIR41,613
2.511,618,960General Retailers
1.721,106,258KOHL S CORP15,1750.79512,702MIDDLEBY CORP4,910
% o
f NaV
Mark
et V
alu
e
Quantity
USD
6.764,370,360Health Care Equipment & Services
1.701,105,398HUMANA3,7141.22787,470STERIS PLC7,4990.84540,484UNIVERSAL HEALTH SERV CL B4,8501.06687,324VARIAN MEDICAL SYSTEMS INC6,0440.26166,487WATERS CORP8601.681,083,197ZIMMER BIOMET HOLDINGS INC9,720
1.931,247,494Household Goods & Home Construction
1.841,191,342MOHAWK INDUSTRIES5,5600.0956,152WHIRLPOOL CORP384
0.60390,042Industrial Engineering
0.60390,042DEERE & CO2,790
3.682,379,095Industrial Transportation
2.711,752,260KANSAS CITY SOUTHERN16,5370.97626,835RYDER SYSTEM INC8,723
0.54348,787Media
0.54348,787INTERPUBLIC GROUP OF COS INC14,880
10.196,575,848Nonlife Insurance
1.46940,355ALLSTATE CORP10,3031.611,043,397ARCH CAP GRP39,4332.741,770,172BROWN & BROWN63,8362.831,822,425LOEWS CORP37,7471.55999,499WILLIS TOWERS - SHS6,593
6.904,460,504Oil & Gas Producers
1.901,229,794ANADARKO PETROLEUM CORP16,7892.011,300,238CIMAREX ENERGY12,7801.591,026,962HESS CORP15,3531.40903,510PATTERSON UTI ENERGY50,195
0.82527,347Personal Goods
0.82527,347CHURCH & DWIGHT INC9,920
1.551,003,604Pharmaceuticals & Biotechnology
1.551,003,604CHARLES RIVER LABORATORIES8,940
4.462,885,235Real Estate Investment Trusts
1.631,051,031AMERICAN CAMPUS COMMUNITI REIT24,5111.551,004,079INVITATION HOMES INC REIT43,5421.28830,125MID-AMERICA APARTMENT COMMUNITIES INC
REIT8,246
4.723,052,874Software & Computer Services
1.961,264,825AMDOCS19,1091.04673,992CHECK POINT SOFTWARE TECHNOLOGIES6,9001.721,114,057NCR CORP37,160
5.133,313,469Support Services
2.651,712,066FIDELITY NATIONAL INFORM SVCES16,1471.06685,580LEIDOS HOLDINGS11,620
Wells Fargo US Mid Cap
Securities Portfolio as at 30/06/18
0 3 3 .0 2 g5 1.", 0 5 2 0 E 2 E E 2< 5 g < 5 2
5 5
USD USD
'-9 P"i"5 2'5"'522 '77 Health Care Equipment 0 Services 4 370 300 0 70Transferable securities admitted to an official stock exchange 3,714 HUMANA 1,105,398 1.70. . . 02,541,522 90.77listing and/or dealt In on another regulated market 7499 37-ERIS p|_C 7871470 122
shares 62,541,522 96-77 4,050 UNIVERSAL HEALTH SERv CL B 540,404 0.04Aerospace & Defense 2301555 o_43 0,044 vARIAN MEDICAL SYSTEMS INC 007,324 1.00
000 wATERS CORP 100,407 0.2015500 ARN' 'NC 280365 0'43 9 720 ZIMMER BIOMET HOLDINGS INC 1 003 197 1 00
A"s & PMS 576353 0'89 Household Goods 0 Home Construction 1 247 494 1 930,290 APTIV REGISTERED SHS 570,353 0.09 515611 M011AWK 1NDUSTR1ES 111911342 184
Banks 5,510,513 0.53 304 wHIRLPOOL CORP 50,152 0.0932,930 FIFTH THIRD BANCORP 945,091 1.46 Industrial Engineering 390,042 0.6013,050 NORTHERN TRUST CORP 1,425,027 2.21 2 7911 DEERE & C0 390 042 11 61123,079 PACwEST BANCORP 1,100,100 1.03
'
00,071 REGIONS FINANCIAL CORP 1,100,900 1.04 Industnal Transportation 2,379,095 3.6814539 Z'N3 BANCORP 771329 1-19 10 537 KANSAS CITY SOUTHERN 1 752 200 2.71
chem,-ee;s 211751415 337 0,723 RYDER SYSTEM INC 020,035 0.977,207 INTERNATIONAL FLAvORS 0 FRAGRANCES 093,300 1.30 Media 348,787 0.54
11359 PPG 'NDU3TR'E'5 NC 13831035 1-99 14 000 INTERPUBLIC GROUP OF COS INC 340 707 0.54COl'lS1l'llC1l0ll & Materials 1,412,631 2.19 Nonlife Insurance 6 575 848 10.19
4,770 ACUITY BRANDS INC. 552,700 0.00 ,0 303 ALLSTATE CORP 940 355 14513,570 OwENS CORNING 059,931 1.33 39 433 ARCH CAP GRP 1 043 397 ,6,
7;-Ieem-e,-7,, 313251552 5_92 03,030 BROWN 0 BROwN 1,770,172 2.7429 495 AMEREN CORPORATION 1 794 770 2 77 37] LOEWS CORP 1822425 2'83' ' ' ' 0,593 wILLIS TOwERS SHS 999,499 1.5522,007 AMERICAN ELECTRIC POWER INC 1,529,525 2.37111780 pGg,E CORP 5011357 015 Oil & Gas Producers 4,460,504 6.90
F,-,,e,,e,-e; se,,,,-eee 417551040 7_37 10,709 ANADARKO PETROLEUM CORP 1,229,794 1.9012,700 CIMAREx ENERGY 1,300,230 2.010,700 CARLISLE COS 732,170 1.13 15 353 HESS CORP 1 1126 962 1 59
25984 CBRE GROUP 1'24'475 1'92 50,195 PATTERSON UTI ENERGY 903,510 1.409,030 EURONET wORLDwIDE 023,459 1.2725,090 FIDELITY NATIONAL FINANCIAL CLASSE A 973,902 1.51 Personal Goods 527,347 0.8212,190 SPECTRUM BRANDS HOLDINGS 994,940 1.54 9 92,, CHURCH 81 DW,G,_,, mo 52, 347 1,82
FeS"Y & Pm 17741043 1-72 Pharmaceuticals 0 Biotechnology 1 003 004 1.5521391 'NTERNAT'NA'- PAPER 14v43 1-72 0 940 CHARLES RIVER LABORATORIES 1 003 004 1.55
Gas Water & Mfi tmies 115081750 2'33 Real Estate Investment Trusts 2 885 235 4.46
17571 AMEWCAN WATER WORKS 158v75 2-33 24 511 AMERICAN CAMPUS COMMUNITI REIT 1 051 031 1.03Genera; Induem-eIs 5,209,973 901 43,542 INVITATION HOMES INC REIT 1,004,079 1.55
0,240 MID-AMERICAAPARTMENT COMMUNITIES INC 030,125 1.205,979 AMERISOURCEBERGEN 509,029 0.79 RE22,520 C&J ERGY SvCS REGISTERED SHS 531,472 0.02 _19,043 NATIONAL OILwELL vARCO 001,100 1.33 S""a" & CP" S"""s 3'52374 4'727,070 PACKAGING CORP OF AMERICA 050,100 1.33 19,109 Ampocs 1,254,325 195
24,617 REPUBLIC SERVICES INC 1,682,818 2.60 0,900 CHECK POINT SOFTWARE TECHNOLOGIES 073,992 1.0441,613 SEALED AIR 1,766,473 2.74 37,160 NCR CORP 1,114,057 1.72
General Retailers 1,618,960 2.51 Support Services 33131469 5_ 13
15,175 KOHL S CORP 1,106,258 1.72 10,147 FIDELITY NATIONAL INFORM svCES 1,712,000 2.054,910 MIDDLEBY CORP 512,702 0.79 11,020 LEIDOS HOLDINGS 005,500 1.00
The accompanying notes form an integral part of these financial statements
16
17
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Wells Fargo US Mid Cap
% o
f NaV
Mark
et V
alu
e
Quantity
USD
1.42915,823STERICYCLE14,027
0.65421,089Technology Hardware & Equipment
0.65421,089ANALOG DEVICES INC4,390
2.681,735,224Tobacco
2.681,735,224MOLSON COORS BREWING CO-B25,503
1.29831,649Travel, Leisure & Catering
1.29831,649WENDYS CO48,408
96.7762,541,522Total securities portfolio
Wells Fargo US Mid Cap
Securities Portfolio as at 30/06/18
Azlzuenb
14,027 STERICYCLE
Technology Hardware & Equipment
4,390 ANALOG DEVICES INC
Tobacco
25,503 MOLSON COORS BREWING CO-B
Travel, Leisure & Catering
48,408 WENDYS CO
Total securities portfolio
anle/\
:;a>1.|ew
USD
915,823
421,089
421,089
1, 735,224
1,735,224
831,649
831,649
62,541,522
/\9N
J0/2
1.42
0.65
0.65
2.68
2.68
1.29
1.29
96.77
The accompanying notes form an integral part of these financial statements
17
18
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Equity US Relative Value
% o
f NaV
Mark
et V
alu
e
Quantity
USD
99.60242,056,957Long positions
99.60242,056,957Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market99.60242,056,957Shares1.593,865,416Automobiles & Parts
1.593,865,416DANA INC SHS191,452
11.4727,870,556Banks
4.2210,245,452CITIGROUP INC153,1004.5210,991,433J.P.MORGAN CHASE & CO105,4842.736,633,671ZIONS BANCORP125,900
2.085,064,088Beverages
2.085,064,088PEPSICO INC46,515
1.914,643,009Chemicals
1.914,643,009DOWDU POINT INC70,434
1.964,775,489Construction & Materials
1.964,775,489JOHNSON CONTROLS INTERNATIONAL PLC142,765
2.455,959,203Electricity
2.455,959,203AES CORP444,385
3.187,717,711Electronic & Electrical Equipment
2.556,179,708CORNING INC224,6350.631,538,003NVENT ELECTRIC61,275
12.8231,147,267Financial Services
2.756,677,939BAKER HUGHES A GE CO LLC202,1781.032,508,763GOLDMAN SACHS GROUP11,3743.328,067,332INTERCONTINENTALEXCHANGE GROUP109,6850.821,986,688INVESCO LTD74,8000.701,700,400METLIFE INC39,0002.125,157,186STATE STREET CORP55,4002.085,048,959SYCHRONY FINANCIAL151,257
1.273,076,138Fixed Line Telecommunications
1.273,076,138AT&T INC95,800
3.819,255,871General Industrials
1.603,889,779GENERAL ELECTRIC CO285,8032.215,366,092KONINK PHIL SP ADR NY REGISTRED ADR126,948
1.824,430,770General Retailers
1.824,430,770TAPESTRY INC94,857
5.5613,513,673Health Care Equipment & Services
2.275,519,808CENTENE44,8001.423,459,243MEDTRONIC PLC40,4071.874,534,622MOLINA HEALTHCARE46,300
2.796,773,094Household Goods & Home Construction
2.736,636,315LENNAR A126,4060.06136,779LENNAR CORP B3,204
% o
f NaV
Mark
et V
alu
e
Quantity
USD
4.099,941,918Industrial Engineering
0.641,546,326FLUOR NEW31,7000.962,342,804PENTAIR PLC55,6752.496,052,788TEREX143,465
2.395,796,564Industrial Metals & Mining
2.395,796,564FREEPORT MCMORAN INC335,838
1.012,451,788Industrial Transportation
1.012,451,788UNITED PARCEL SERVICE-B23,080
2.977,219,119Leisure Goods
2.977,219,119COMCAST CLASS A220,028
1.253,038,046Life Insurance
1.253,038,046AMERICAN INTL GRP57,300
2.115,130,896Nonlife Insurance
2.115,130,896HARTFORD FINANCIAL SERVICES GRP100,350
4.3010,447,776Oil & Gas Producers
3.428,329,841CHEVRON CORP65,8850.25596,360MARATHON PETROLEUM8,5000.631,521,575NEWFIELD EXPLORATN50,300
1.583,843,714Oil Equipment, Services & Distribution
1.583,843,714TECHNIPFMC PLC121,100
2.155,222,214Personal Goods
2.155,222,214PROCTER AND GAMBLE CO66,900
7.0917,228,319Pharmaceuticals & Biotechnology
0.962,343,348AMNEAL PHARMACEUTICALS INC142,8002.917,081,379GILEAD SCIENCES INC99,9633.227,803,592MERCK AND CO INC128,560
2.425,892,645Real Estate Investment & Services
2.425,892,645JONES LANG LASALLE REIT35,500
2.075,039,944Support Services
2.075,039,944FIRST DATA CORP240,800
13.4632,711,729Technology Hardware & Equipment
4.4310,769,118CISCO SYSTEMS INC250,2703.077,462,820CYPRESS SEMICONDUCTOR CORP479,0001.212,947,107INTEL CORP59,2861.764,276,658ON SEMICONDUCTOR192,3392.997,256,026WESTERN DIGITAL CORP93,735
99.60242,056,957Total securities portfolio
Equity US Relative Value
Securities Portfolio as at 30/06/18
Amuenb
Long positions
Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market
SharesAutomobiles & Parts
191,452 DANAINC SHS
Banks
153,100 CITIGROUP INC105,484 J.P.MORGAN CHASE & CO125,900 ZIONS BANCORP
Beverages
46,515 PEPSICO INC
Chemicals
70,434 DOWDU POINT INC
Construction & Materials
142,765 JOHNSON CONTROLS INTERNATIONAL PLC
Electricity
444,385 AES CORP
Electronic & Electrical Equipment
224,635 CORNING INC61,275 NVENT ELECTRIC
Financial Services
202,178 BAKER HUGHESAGE CO LLC11,374 GOLDMAN SACHS GROUP
109,685 INTERCONTINENTALEXCHANGE GROUP74,800 INVESCO LTD39,000 METLIFE INC55,400 STATE STREET CORP
151,257 SYCHRONY FINANCIAL
Fixed Line Telecommunications
95,800 AT&T INC
General lndustrials
285,803 GENERAL ELECTRIC CO126,948 KONINK PHIL SP ADR NY REGISTRED ADR
General Retailers
94,857 TAPESTRY INC
Health Care Equipment & Services
44,800 CENTENE40,407 MEDTRONIC PLC46,300 MOLINA HEALTHCARE
Household Goods & Home Construction
126,406 LENNARA3,204 LENNAR CORP B
enle/\
:;e>1.lew
USD
242,056,957
242,056,957
242,056,957
3,865,416
3,865,416
27,870,556
10,245,45210,991,4336,633,671
5,064, 088
5,064,088
4, 643, 009
4,643,009
4, 775,489
4,775,489
5,959,203
5,959,203
7,717,711
6,179,7081,538,003
31,147,267
6,677,9392,508,7638,067,3321,986,6881,700,4005,157,1865,048,959
3,076,138
3,076,138
9,255,871
3,889,7795,366,092
4,430, 770
4,430,770
13, 513, 673
5,519,8083,459,2434,534,622
6, 773, 094
6,636,315136,779
/\9N
J0/o
99.60
99.60
99.60
1.59
1.59
11.47
4.224.522.73
2.08
2.08
1.91
1.91
1.96
1.96
2.45
2.45
3.18
2.550.63
12.82
2.751.033.320.820.702.122.08
1.27
1.27
3.81
1.602.21
1.82
1.82
5.56
2.271.421.87
2. 79
2.730.06
Amuent)
Industrial Engineering
31,700 FLUOR NEW55,675 PENTAIR PLC
143,465 TEREX
Industrial Metals & Mining
335,838 FREEPORT MCMORAN INC
Industrial Transportation
23,080 UNITED PARCEL SERVICE-B
Leisure Goods
220,028 COMCAST CLASS A
Life Insurance
57,300 AMERICAN INTL GRP
Nonlife Insurance
100,350 HARTFORD FINANCIAL SERVICES GRP
Oil & Gas Producers
65,885 CHEVRON CORP8,500 MARATHON PETROLEUM
50,300 NEWFIELD EXPLORATN
Oil Equipment, Services & Distribution
121,100 TECHNIPFMC PLC
Personal Goods
66,900 PROCTER AND GAMBLE C0
Pharmaceuticals & Biotechnology
142,800 AMNEAL PHARMACEUTICALS INC99,963 GILEAD SCIENCES INC
128,560 MERCKAND CO INC
Real Estate Investment & Services
35,500 JONES LANG LASALLE REIT
Support Services
240,800 FIRST DATA CORP
Technology Hardware & Equipment
250,270 CISCO SYSTEMS INC479,000 CYPRESS SEMICONDUCTOR CORP
59,286 INTEL CORP192,339 ON SEMICONDUCTOR93,735 WESTERN DIGITAL CORP
Total securities portfolio
an|e/\
J,a>1.iew
USD
9,941,918
1,546,3262,342,8046,052,788
5, 796,564
5,796,564
2,451, 788
2,451,788
7,219,119
7,219,119
3,038, 046
3,038,046
5,130,896
5,130,896
10,447, 776
8,329,841596,360
1,521,575
3, 843, 714
3,843,714
5,222,214
5,222,214
1 7,228, 319
2,343,3487,081,3797,803,592
5,892,645
5,892,645
5,039,944
5,039,944
32, 711, 729
10,769,1187,462,8202,947,1074,276,6587,256,026
242,056,957
/\EN
J0%
4.09
0.640.962.49
2.39
2.39
1.01
1.01
2.97
2.97
1.25
1.25
2.11
2.11
4.30
3.420.250.63
1.58
1.58
2.15
2.15
7.09
0.962.913.22
2.42
2.42
2.07
2.07
13.46
4.433.071.211.762.99
99.60
The accompanying notes form an integral part of these financial statements
18
19
The accompanying notes form an integral part of these financial statements
Securities Portfolio as at 30/06/18
Equity Euroland Small Cap
% o
f NaV
Mark
et V
alu
e
Quantity
EUR
100.37623,424,027Long positions
96.63600,177,074Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market96.63600,177,074Shares1.9812,276,379Austria
1.9812,276,379SCHOELLER-BLECKMANN OILFIELD E118,842
1.147,065,680Belgium
1.147,065,680TELENET GROUP HOLDING176,642
5.6234,876,151Finland
1.7310,709,002HUHTAMAKI OYJ337,9301.308,082,187KONECRANES OYJ228,6981.569,681,793NOKIAN RENKAAT OYJ286,1051.036,403,169VALMET CORPORATION387,601
26.95167,478,821France
1.9512,106,122ALTRAN TECHNOLOGIES974,7281.116,884,553ARKEMA67,8950.724,492,716DBV TECHNOLOGIES135,4861.7911,087,978ELIS SA564,5611.499,271,698FNAC DARTY113,8331.7710,983,473GAZTRANSPORT ET TECHNIGAZ209,2090.955,897,381MAISON DU MONDE186,9812.3614,695,893ORPEA128,5731.8311,388,385RUBIS SCA212,8670.915,642,463SEB37,7171.9312,003,327SMCP SAS490,3322.0712,826,290SOPRA STERIA GROUP SA73,4611.378,495,049SPIE SA488,7832.3414,576,090TELEPERFORMANCE SE96,3391.9712,262,040UBISOFT ENTERTAINMENT130,4751.066,578,972WENDEL ACT55,7541.338,286,391WORLDLINE170,783
14.8091,911,713Germany
1.298,012,9751&1 DRILLISCH AKTIENGESELLCHAFT164,3351.388,592,173DUERR215,9381.589,803,431EVOTEC665,3161.197,378,401INSTONE REAL ESTATE GROUP BV327,3470.784,870,436JOST WERKE AG148,9431.398,626,941KOENIG & BAUER139,3692.2113,684,621LEG IMMOBILIEN REIT147,0201.338,235,810NORMA GROUP N140,1841.9211,937,444RHEINMETALL AG126,2421.7310,769,481WIRECARD78,068
7.1944,653,754Ireland
1.126,930,491GLENVEAGH PROPERTIES PLC6,026,5141.207,468,092GREEN REIT5,046,0082.6716,609,396KINGSPAN GROUP PLC387,3462.2013,645,775SMURFIT KAPPA393,250
% o
f NaV
Mark
et V
alu
e
Quantity
EUR
19.12118,751,910Italy
2.2313,860,171AMPLIFON780,4150.986,077,077BREMBO SPA CURNEO524,3381.569,717,242CERVED GROUP SPA AZ NOMINATIVA1,056,2222.5815,996,580FINECOBANK1,653,9061.459,004,922HERA SPA3,372,6301.489,188,453INFRASTRUTTURE WIRELESS ITALIA