Société d'Investissement à Capital Variable€¦ · elections somewhat reassured investors. Coca Cola Icecek bottling and distribution company for Coca Cola in the region – lost

SYCOMORE FUND SICAVSociété d'Investissement à Capital Variable

R.C.S. Luxembourg N° B 166 946Audited Annual Report as at December 31, 2018

SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE

SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG)

SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG)

SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG)

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, ifpublished after such Annual Report.

SYCOMORE FUND SICAV

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Table of Contents

Organisation of the SICAV 3

Directors' Report 5

Audit report 14

Statistics 17

Combined Statement of Net Assets as at December 31, 2018 19

Combined Statement of Operations and Changes in Net Assets for the year ended December 31, 2018 19


Statement of Net Assets as at December 31, 2018 20

Statement of Operations and Changes in Net Assets for the year ended December 31, 2018 20

Statement of Changes in Number of Shares 20

Securities Portfolio as at December 31, 2018 21

Portfolio Breakdowns 23

Top Ten Holdings 23







Top Ten Holdings 26







Top Ten Holdings 30







Top Ten Holdings 33







Top Ten Holdings 36

SYCOMORE FUND SICAV

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Table of Contents







Top Ten Holdings 39







Top Ten Holdings 42

Notes to the Financial Statements 43

Additional Information (Unaudited) 51

SYCOMORE FUND SICAV

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Registered Office

60, avenue J.F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg

Board of Directors:

Chairman of the Board of Directors:

Laurent DELTOUR (until September 11, 2018)Chief Executive Officer Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Board of Directors Members:

Emmanuel de SINETY (until September 11, 2018)Portfolio Manager Sycomore Asset Management 14, avenue Hoche,F-75008 Paris, France

Jean-Baptiste BLANC Head of Legal and Compliance Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Frédéric PONCHON (since September 11, 2018)GérantSycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Richard YI (since September 11, 2018)Responsable des opérationsSycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Emeric Préaubert (since September 11, 2018)Fondateur et Directeur Général DéléguéSycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Management Company

Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Directors of the Management Company

Laurent Deltour, Président Cyril Charlot, Co-reponsable de la gestion Christine Kolb, Responsable du développement Emeric Préaubert, Co-reponsable de la gestion

Initiator


Investment Manager


Organisation of the SICAV

SYCOMORE FUND SICAV

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Distributor


Depositary Agent, Registrar, Transfer Agent, Domiciliary Agent and Administrative Agent

BNP Paribas Securities Services, Luxembourg Branch 60, avenue J.F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg

Auditor

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorL - 2182 Luxembourg Grand Duchy of Luxembourg

Organisation of the SICAV (continued)

SYCOMORE FUND SICAV Directors’ Report SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS January 2018: Asian stocks kept up going up in March. Indonesia, Korea and India outperformad in local currency, while Taiwan and China lagged behind. Currencies were mixed: Indian Rupee soared vs. Euro, but Hong-Kong Dollar and Renminbi, linked to US Dollar, lost some ground. Jardine Strategic, the first holding of the portfolio, posted again double digits return. Indian stocks also strongly contributed, led by Gujarat Gas, Nestle India and State Bank of India. China Mengniu Dairy was firm. The main losers were Chinese hygiene products manufacturer Hengan International and Korean tyre manufacturer Hankook. Other Chinese stocks generally declined, as was the case for ICBC, China Mobile and Baidu. February 2018: The MSCI Emerging Markets € gained 4.4% in January, driven by Brazil, Russia and China. Asian currencies fell, on the whole, vs. the euro. Synergy Emerging Markets returned just 1.3%. Two Chinese banks, ICBC and China Construction Bank, were up sharply. JD.com, Ali Baba’s rival, continued to post gains. Jardine Strategic, a holding company and the fund’s main holding, was down 3%. In India, Tata Consultancy, an IT services firm, gained 12% on solid results. The Russian bank Sberbank was up more than 15%. The market cheered the divestment of its Turkish subsidiary, Denizbank. In contrast, the result of Magnit, a retailer, disappointed once again, and its shares plunged by 17%. In Brazil, Fibbria, a paper pulp producer, surged by 15.8%, and Itaú, a bank, by 18.8%. March 2018: The MSCI Emerging Markets index in euro lost 2.8% in March. Europe underperformed the other regions, with Turkey, Russia and Poland recording the strongest losses. Currencies had a negative impact: the Turkish lira (-5%), the ruble (-2.4%) but also the Brazilian real (-2.8%) declined sharply during the month. Towngas China, a large position in the portfolio over recent years, rallied by 6.7%. Dairy Vietnam - in which Jardine holds stakes - rose by 4.5%. However, JD.com tumbled by 14.8% after releasing very mixed earnings. The real estate company Immofinanz (with properties located in the main East European countries) surged 10.1%. In India, Tata Steel suffered from the possible implementation of tariffs by the US. In Brazil, the oil & gas producer soared by 17.9% after publishing earnings viewed by the market as very positive. April 2018: The MSCI Emerging Markets € gained 1.5% in April. Asia outperformed the other geographical regions, buoyed by a lift from currencies. The Russian rouble lost ground over the month (-7.4%), as did the Brazilian real (-3.8%) despite Lula’s prison sentence, which met with a warm welcome from the stock markets. China Mobile, a key position in our fund since inception, surged 6.4%, while JD.com continued to decline after a lacklustre earnings report in March, sliding 8.2%. Looking to India, battery manufacturer Exide climbed 10.8% over the month and Tata Consultancy soared 23% on the back of solid quarterly earnings. Infosys also rose, with gains of 5.3%. Turkish stocks plummeted severely. Meanwhile, Sberbank also tumbled 16.6% following news of a fresh round of sanctions from the US. Brazilian company QGEP made fresh progress, up 25% in April. May 2018: The MSCI Emerging Markets index in EUR lost 0.2% in May. Asia outperformed other regions, propelled by Chinese stocks and a favourable currency effect. The Turkish lira tumbled (-7.3%) and the Real gained 2.7%. However, the Russian ruble recovered and posted a 4.2% gain. Towngas China rallied by 13.6%, while the online travel agent CTRIP rose 14.1%. In Korea, Hankook Tire declined by 11.1%. After correcting sharply since January 1st, Indian banks have recovered some of the lost ground (State Bank of India up +13%). The battery manufacturer Exide continued to rally (+7.1%). Russian stocks contributed largely to the fund’s performance, with Novatek and Magnit up 14.9% and +9% respectively. However, Turkish stocks continued to post strong losses, against a delicate political and economic backdrop. The Brazilian stocks in the portfolio also detracted from performance as the national index tumbled during the month. June 2018: The MSCI Emerging Markets € lost 4.2% in June. Eastern Europe outperformed other regions, despite the turmoil affecting the Turkish market. Within East European countries, those exposed to energy outperformed, notably Russia and Qatar. All currencies were on a downtrend, with the Renminbi losing over 3% against the Euro. JD.com (+10.7%) announced a sharp rise in its sales figures. Other Chinese stocks declined, including banks ICBC and CCB. In India, pharmaceutical stocks posted strong returns, particularly Cipla and Lupin (each up 15%). Turkish stocks suffered, even if the outcome of the elections somewhat reassured investors. Coca Cola Icecek – bottling and distribution company for Coca Cola in the region – lost 5.8%. However, Russian stocks contributed positively to performance. Brazilian stocks moved deep into negative territory, with the exception of QGEP, which surged by 17%. July 2018: The MSCI Emerging Markets € index was up 2% in July. Latin America outperformed, driven by the Brazilian market which gained 11.8%. However, Turkey posted strong losses as the country heads deeper into crisis. China is also losing ground. The renminbi continued to tumble and is now close to its 2016 lows. JD.com lost 8.1%. The other Chinese stocks are down, with the exception of banks ICBC (+3.3%) and CCB (+2.2%). In India, the IT services companies Tata Consultancy, Infosys and Wipro posted strong gains. Turkish financials tumbled. However, banks in other Eastern European countries contributed positively to performance. Brazilian stocks rose sharply. Brasil Foods and Duratex respectively gained 28.6% and 19.6% (after the announcement of an asset disposal). Notable exception: Embraer sold its commercial arm to Boeing for $4.75b, a price that was lower than expected. The stock fell by 18.9%. August 2018: The MSCI Emerging Markets index (€) lost 2.2% in August. Asia outperformed, driven by the Taiwanese, Korean and Indian markets. However, Eastern Europe was affected by the tumble of the Turkish Lira (-25% during the month). Russia also declined sharply with the Rouble falling 6.7% against the Euro. Nevertheless, some stocks did deliver positive returns in the region, such as Wirtualna Polska (+16.5%) in Poland and Gedeon Richter (+7.0%) in Hungary. Although the Renminbi strengthened slightly, the Chinese market posted a sharp loss. JD.com lost 12.2% and Towngas China slid by 6.8%. However not all Chinese stocks were in negative territory: China Mobile rose by 7.1% and Yum China, lifted amid speculation over a possible delisting, gained 8.1%. In India, ICICI Bank delivered the strongest performance (+10%). Brazilian stocks posted sharp losses, with Lojas Americanas tumbling -21.1%.

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SYCOMORE FUND SICAV Directors’ Report (continued) September 2018: The MSCI Emerging Markets index (€) declined by 0.4% in September. Asia was in negative territory this month, with China (-1.2%) and especially India (-9.0%) weighing on the region’s performance. Eastern Europe benefited from the strong performance of the Russian market (+10%) and the spectacular rebound in Turkey (+20.8% during the period). China Mengniu, Danone’s Chinese partner, closed the month up 4.6%. Primary Healthcare, the Australian hospital operator, gained 9.6%. Vietnam Dairy, on the other hand, lost 12.3%. In India, only IT services companies delivered positive performances, with Wipro and Tata Consultancy up +5.4% and +3.0% respectively. Other stocks frequently posted two-digit declines. Coca-Cola Icecek, Coca Cola’s bottling company in Turkey, surged by 30.5%. The Russian bank Sberbank gained 15.1%. In Brazil, highlights included Brasil Foods, which rose sharply (+12.8%), QGEP (+12.2%) and B3 (+11.9%). October 2018: The MSCI Emerging Markets € index posted a 6.4% loss in October. Despite a positive foreign currency effect, Asia lagged other markets, notably due to the underperformance of Chinese and Korean equities (-9.3% and -12.2% respectively). Brazil was the top performer this month after the market reacted favourably to the presidential election’s outcome. The MSCI Brazil index surged by almost 21%. Yum China, Yum!’s Chinese subsidiary, was up 5% despite the bearish market. In India, banks posted positive returns (ICICI +16.8% and State Bank of India +4.2%). However, Tata Motors suffered after issuing a profit warning (-19.5%). In Turkey, Tofas Türk Otomobil delivered strong returns after releasing robust quarterly earnings. In Brazil, other than the IT service company Linx, recently added to the portfolio, which surged by 72.6%, Duratex (+40.2%), Alpargatas (+36.7%) and the Lojas Americanas department store (+30.6%) posted the strongest performances. November 2018: The MSCI Emerging Markets € index gained 4.2% in November. Led by India and China, Asia outperformed the world’s other regions. Emerging currencies rallied against the Euro. This month’s strongest performer was Turkey; the country’s currency also rebounded by 7%. Most Chinese stocks posted strong gains, notably Alibaba (+13.1%) and Towngas China (+7.3%). However, JD.com (-9.7%) and Ctrip.com (-13.3%) declined after disappointing earnings announcements. In India, banks specialised in housing finance - LIC Housing +20.4% and HDFC +19.4% - benefited from lower expectations on interest rate hikes. The Estonian ferry operator Tallink gained 17%, supported by strong earnings. In Brazil, Instituto Hermes Pardini rebounded (+13.4%) after a prolonged decline. December 2018: The MSCI Emerging Markets € index gained 4.2% in November. Led by India and China, Asia outperformed the world’s other regions. Emerging currencies rallied against the Euro. This month’s strongest performer was Turkey; the country’s currency also rebounded by 7%. Most Chinese stocks posted strong gains, notably Alibaba (+13.1%) and Towngas China (+7.3%). However, JD.com (-9.7%) and Ctrip.com (-13.3%) declined after disappointing earnings announcements. In India, banks specialised in housing finance - LIC Housing +20.4% and HDFC +19.4% - benefited from lower expectations on interest rate hikes. The Estonian ferry operator Tallink gained 17%, supported by strong earnings. In Brazil, Instituto Hermes Pardini rebounded (+13.4%) after a prolonged decline. SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS January 2018: Some mobility securities performed well in January, such as Michelin, whose outlook is still favorable, and Renault, which is expected to ride the upturn in the Russian auto market (which is still 50% below the levels of its two previous peaks). CAF, the Spanish train manufacturer, also got the year off to a good start, driven by solid new orders. Among power generators, PNE Wind achieved a double-digit gain after completing the first construction phase of its European wind power project (43 MW out of a total of 200 MW). February 2018: In February, the fund displayed some resilience in the market correction. This performance was driven by the publication of consensus-beating earnings, particularly within renewable energy stocks – such as the results released by Orsted and the solid guidance from Vestas – and in sustainable chemicals, with the results of Arkema and Covestro. Within the mobility area, automotive suppliers such as Gestamp, TI Fluid Systems and MBB SE delivered robust performances. Finally, in January 2018, the CEET indicator measuring the Contribution to the Energy and Environmental Transition became the NEC, or Net Environmental Contribution. The Fund’s NEC remains deep in positive territory, while the NEC calculated for the index is slightly negative. March 2018: The fund displayed resilience despite the market sell-off, notably in the Energy area with solid earnings and perspectives from EDP Renovaveis and component suppliers, including the Dutch company Sif (monopiles for offshore wind farms) and the US groups TPI Composites (wind turbine blades) and Sunpower (sun panels). In the Mobility area, railway sector players such as CAF, Getlink and Alstom contributed positively to the fund’s performance. The strongest two-digit return was posted by Smurfit Kappa, in our Circular Economy theme, following the takeover bid from its US competitor International Paper. Finally, the sharp drawdowns of several stocks allowed us to add to positions for a number of our convictions, including Accell Group, Acciona, Aperam, Biffa, Umicore, Valeo, Eiffage and Spie. April 2018: In April, the fund posted a positive performance but lagged its benchmark, which was supported by the energy, telecom and financial sectors. The fund’s sector biases, which can be unfavourable at times, was offset by the positive contributions of Advanced Metallurgical Group and Arcelor Mittal in the circular economy theme, as well as Acciona and Sunpower in renewable energy. Additionally, robust Q1 earnings contributed to the stock performances of Schneider Electric, Orsted and Eiffage in particular. Finally, we used the market rebound to take some profits on AST Groupe, Athena Investments (formerly Greentech Energy Systems), EDP Renovaveis, Getlink, Sunpower and Renault. May 2018: In May, the fund’s performance was supported by individual stock gains across varied industries; these included the Dutch critical materials specialist AMG Advanced Metallurgical Group, as well as Aumann, the German manufacturer of copper coil winding technologies for electric car engines. In Energy, the US company TPI Composites – which manufactures blades for wind turbines, the Dutch electric grid specialist Alfen – which went public in April, and the German producer of agrofuel CropEnergies also posted significant progressions. Finally, we took the opportunity of recent gains to take some profits on Alstom, Arcelor-Mittal, Arkema, EDP Renovaveis, Orsted, Sunpower and TPI Composites.

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SYCOMORE FUND SICAV Directors’ Report (continued) June 2018: The fund declined in June. Tensions between China and the United States have weighed on stocks most exposed to international trade, particularly within the automobile sector. Cable specialists Nexans and Prysmian also detracted from performance after they downgraded their guidance. Conversely, circular economy players Biffa and Befesa posted robust returns and confirmed the industry’s structural growth outlook. We took some profits on both stocks, as well as on TI Fluid Systems and Acciona. We increased our positions in Covestro and Akerma and invested in Piaggio, an innovative player in the light-duty vehicle market in emerging countries, particularly in India. July 2018: In July, the proposed tariffs in the United States and the potential changes among automobile JVs in China continued to blur the outlook for the car industry; this was the case for BAIC Motor Corporation, despite its unchanged fundamentals, and for Faurecia, in spite of its excellent first-half earnings announcement. Strong earnings released by Arcadis, Alstom, Covestro, Gestamp, Spie and Kaufman & Broad offset the disappointment caused by Valeo, which downgraded its outlook for 2018, and by Wessanen and Kion, which both account for less than 1% of the portfolio. Finally, many companies released earnings which are in line with expectations, including Acciona, Acerinox, Michelin, Nexans, Saint-Gobain, Schneider Electric and Wacker Chemie, which further confirms our convictions in these stocks. August 2018: The fund outperformed its benchmark in August, notably thanks to stock selection within renewable energy (Vestas, PNE Wind, Acciona and Voltalia), durable mobility (Aumann, Voltabox, TI Fluid Systems) and energy efficiency (Schneider and SPIE). The fund’s position in Maison France Confort, initiated in August, turned out to be a strong contributor to performance. However, the unexpected revision of Continental’s guidance, three weeks after the release of the company’s earnings, caused the stock to drop almost 20%, thereby impacting the automobile sector as a whole. As a result, positions in Valeo, Michelin, Faurecia and Piaggio weighed on the fund’s performance. September 2018: In September, the fund’s absence from financial and oil company stocks weighed on performance and contributed two thirds of the fund’s monthly underperformance. Our exposure to the automotive sector continued to weigh on performance amid trade tensions among the United States, China and Europe. Furthermore, the new WLTP emissions standards is causing delays throughout the value chain, including parts suppliers (Schaeffler, Continental and Valeo). The fund’s exposure to basic materials was positive, with Norsk Hydro posting the strongest performance. Finally, we initiated a position in Porr, the Austrian infrastructure specialist, and in TPI Composites, the leading independent manufacturer of wind turbine blades, which should benefit from outsourcing trends. October 2018: In October, the fund suffered from the sharp market sell-off which particularly impacted small and mid-cap stocks listed on the French stock market, despite many companies reporting reassuring earnings. Although we had trimmed our exposure to the automobile sector since the summer, the remaining positions detracted from the fund’s performance after the major sell-off on stocks such as Valeo, BAIC or Faurecia. These stocks are now trading at very low valuations. Our exposure to renewable energy (Falck Renewables, Neoen IPO) and infrastructure (Porr, Eiffage) had been gradually increased and constituted a source of resilience for the portfolio. Finally, we took advantage of the sharp downturn to strengthen a number of positions (Alstom, Covestro, Befesa, Prysmian, Schneider Electric, Piaggio, TPI composites, Umicore and Vestas). November 2018: In November, the fund’s TEEC certification was successfully renewed (Energy and Environmental Transition for the Climate) following an in-depth audit conducted by Novethic. The negative monthly performance was amplified by the fund’s sector mix, which underweights the financial, healthcare and telecom sectors relative to its benchmark. Renewable energies were large contributors to the fund’s performance, with Vestas, the Danish wind turbine manufacturer, and the Italian developer/operator Falck Renewables both posting double-digit returns. However, the rebounds recorded by stocks such as Nexans or Accell Group – which received a partial tender offer from Pon Holdings – failed to offset the negative performances posted by our basic materials holdings, notably Covestro and AMG Advanced Metallurgical. December 2018: The fund ended the year with a significant decline, in the context of European markets falling sharply since September. Small and mid-caps, which constitute the majority of the portfolio holdings, were particularly impacted. The energy segment was the leading source of resilience within the portfolio, notably thanks to Orsted, TPI Composites, Falck Renewables, Acciona, EDP Renovaveis and Vestas, despite the sharp declines posted by Spie and Nexans. The largest detractors were to be found among the automotive segment of the mobility sector (Faurecia, Valeo, Schaeffler) and its electrical component (Aumann, Voltabox). Industrials such as Saint-Gobain and Covestro also featured among leading detractors. The fund enters 2019 with a larger exposure to defensive stocks, higher upside potential and strongly increasing assets under management. SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK January 2018: Risk appetite has remained high in January, driven by upward revisions in economic growth figures in Europe and across many of the world’s regions. The main positive contributors during the month were Mediawan, Technogym, Synergie and Adidas. Adidas and Technogym are getting a boost from the football World Cup and the Winter Olympics (Technogym is an official supplier), which will drive their business in 2018. Mediawan rallied following the announcement of three acquisitions (EuropaCorp’s TV assets, Makever and Mon Voisin Productions) in fiction production. Among the main detractors, Spie was hit by more cautious-than-expected guidance on 2018 in France and Germany. AIA Group, a Hong Kong insurance company named Regional Best Employer in 2016 by Aon Hewitt, was added to the portfolio. February 2018: As markets corrected in February, the fund outperformed its index. Among the positive contributors, Adesso benefited from the publication of Q4 earnings that were stronger than the preceding quarters thanks to the rise in licence sales, which enabled the company to exceed its annual targets for 2017. Criteo rebounded after beating earnings expectations, particularly in the US. However, Valeo was negatively impacted by a guidance that was more cautious than expected for 2018. This was also the case for Ingenico: the company’s guidance was impacted by currency effects and the disruption in payments in China. The software publisher Sage was added to the portfolio on the back of positive changes observed in the company’s labour relations: stronger focus on cultural integration after takeovers, employee shareholder scheme etc.

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SYCOMORE FUND SICAV Directors’ Report (continued) March 2018: The fund outperformed its benchmark in March, as markets continued to sell-off. Smurfit Kappa featured among the leading contributors to performance, following the takeover bid from International Paper, which the group rejected. Devoteam posted a solid performance after publishing organic growth of 9.6% in 2017. Conversely, SPIE suffered as the French recovery is proving slow to materialise. Sodexo suffered from a profit warning due to structural problems in the United States. Maisons du Monde, after an excellent performance since its IPO, fell back in March due to prudent growth forecasts for 2018. We engaged with several U.S. companies as part of the Human Capital Management Coalition with a view to improving transparency on their labour practices. April 2018: The fund posted a positive performance in April but lagged its benchmark, as it remains impacted by SPIE’s timid guidance for 2018. Ontex, which is suffering from a difficult environment in Brazil and unfavourable forex and commodity prices, also detracted from the fund’s performance. However, Direct Energie rose on the back of Total’s takeover bid on 74.3% of its capital, offering a 30% premium. Xilam, the French animation studio behind successful productions such as “Les Dalton”, was added to the fund in April. The stock contributed positively to performance as the company released better than expected earnings, including an 86% growth in net profits. The group’s CEO is convinced that employee empowerment, a focus on dialogue, and well-being at work are key to the smooth running of the company. May 2018: The fund posted a positive performance and outperformed its benchmark during the month. Lowes featured among the leading contributors to performance after the company released sound earnings, driven mainly by sales growth in its “Interiors” and “Professional” ranges. Aumann also reported a 25% growth in sales for the first quarter as well as a 51% rise in order intake. Leading detractors included EVS Broadcast, after the company published disappointing first quarter earnings - including sales and an order intake down by 7% and 9% respectively. US mobile operator T-Mobile, which stands out for its strong corporate culture, was added to the portfolio. We will keep a close watch on the cultural integration of Sprint following the announced takeover of the group this month. June 2018: In June, the fund performed in line with its benchmark. We took advantage of the strong performance posted by Brunello Cucinelli, after the company released better than-expected quarterly earnings, to trim our position. In France, SPIE has finally started to show signs of a recovery and the management’s tone has become more positive. Conversely, Ontex – which we also trimmed – is still suffering from challenges in Brazil and from adverse raw materials prices. We took part in the IPOs of two French companies: 2CRSI, an IT solutions provider offering collaborative, convivial and ergonomic office spaces, and Cogelec, the specialist in intercom systems, which we believe stands out for its simple, pragmatic and sound human capital management. July 2018: The fund posted a negative performance and lagged its benchmark, primarily due to several disappointing half-year results. In particular, Wessanen was heavily impacted after its growth outlook downgrade amid increased competition in France. Ingenico also recorded lower-than-expected earnings and a 2% decline in sales growth in the second quarter following the company’s withdrawal from Iran and a slowdown in several countries. Medicrea, a pioneer in personalised spine surgery, was a new addition to the portfolio. During our company’s visit, we witnessed Medicrea’s pleasant work environment including their “human” management style. The teams also hold their general managers in high regard. August 2018: Adidas continued to rally, driven by strong organic growth in the first half of the year — up more than 10% — notably thanks to the impact of the World Cup. The sporting goods manufacturer has also seen its gross margin rise sharply, up 220 bps. Rational — the world’s leading manufacturer of cooking equipment for professionals — is also enjoying a particularly strong momentum, having upgraded its sales guidance to 10 - 12%. Nevertheless, the company’s rich valuation, with a 2018 P/E of almost 50x, led us to halve our position in this high quality stock. We added Eurazeo to the portfolio at the beginning of the month on the back of positive internal HR practices and a nimble and dynamic organisation, structured around limited and close-knit teams; we also appreciate Eurazeo’s ability to spread best practices across its portfolio companies. September 2018: September saw a number of disappointing earnings announcements. Tessi weighed on the fund’s performance after releasing earnings that were weaker than expected. This was driven by unfavourable labour and tax-related issues in France as well as the transformation plan launched within its Diagonal subsidiary. Boiron suffered from a considerable increase in production costs and a decline in sales. Technogym continued to deliver outstanding returns after posting strong earnings supported by high growth rates in North America. During the month, we added Soitec and Klépierre to the portfolio due to their positive transformation dynamic: a shift towards the culture of individual freedom/empowerment at Soitec and the objectives to engage all employees to co-build the future at Klépierre. October 2018: October was a challenging month for stock markets, impacted by the economic and geopolitical environment: rising interest rates in the United States, cyclical slowdown, trade war, Italian budget, and Brexit talks. Despite a highly cautious investment ratio (<85%), the fund suffered from its exposure to small cap stocks which fell sharply during the month. Lowe’s was impacted by the slowdown of the US housing market, rising wages and increasing interest rates, pending a new strategic plan in December. Finally, as was the case for many companies during the month, Sopra Steria downgraded its growth and operating margin targets for 2018 due to difficulties in the Banking Software business. Finally, our visit to Xilam’s new Paris production studios confirmed our investment thesis on the animation company. November 2018: Markets continued to decline during the month. The fund underperformed, notably due to its exposure to small and mid caps. Among the most severely affected, Soitec – despite the release of excellent quarterly earnings – was impacted when the semi-conductor industry sell-off accelerated on the back of profit warnings suggesting a slowdown in demand from the automotive and industrial markets. Smurfit Kappa continued to decline on fears of pricing pressures. Maisons du Monde, as expected, is suffering from a weak retail environment and the delayed opening of new stores initially planned for 2018, and has downgraded its annual forecasts. Ubisoft stands out for the quality of its practices on diversity issues and the stock has re-entered the portfolio. December 2018: Markets continued to decline in December against a backdrop of high volatility and with a continued underperformance of smallcaps, negatively impacting the fund’s performance. Maisons du Monde, already hurt by pressure on households’ purchasing power in France during 2018 and increased competition, suffered further as the “yellow vest” movement disrupted retail activity at the end of year. Fnac Darty was also impacted and the effects were only partially offset by a shift to internet sales. Eiffage was also affected by the disruption caused by the movement on the highway network. Conversely, Focus Home benefited from the success of its most recent game launches. Tiffany and Ferrari were added to the fund during the month. Both companies stand out for the sense of pride their staffs have in their employers and for their directors’ extensive field presence.

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SYCOMORE FUND SICAV Directors’ Report (continued) SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) January 2018: A new stock was added to the portfolio – Lowe’s, the US’s second-largest DIY retailer. After underperforming the leader, Home Depot, for many years, its new activist shareholder, D.E. Shaw, should be an additional catalyst for accelerating the transformation begun by current management and should reduce the differential in margins vs. Home Depot. Lowe’s EBIT margin is currently 9.5% vs. almost 15% for Home Depot. With more than 95% of its revenues in the US, Lowe’s will also get the full benefit of the tax reform passed in December. Mediawan gained 35% on the month, driven by the announcement of three major acquisitions. We reduced our holdings of IWG (Régus), Chargeurs, and Maisons du Monde and added to our positions in Sanofi and TI Fluid. February 2018: Despite the favourable macroeconomic environment and a first wave of generally positive earnings publications, markets corrected sharply in the first week of February, due to the continued strengthening of the euro and fears that central banks would tighten monetary conditions faster than anticipated. We used this return of volatility to increase our exposure to a number of stocks that had experienced sharp drawdowns (Sanofi, SAP, Orange, IWG, etc.) and to initiate a new position in Volkswagen. As a result, the portfolio exposure rate increased from 42% to 47%. Maisons du Monde, which benefits from current forex trends due to its dollar sourcing policy, logically ranks among the leading contributors to performance, alongside Vopak, Applied Materials and Pandora. March 2018: This month’s major negative contributors were Technicolor, Direct Energie, Spie, Chargeurs and Maisons du Monde, the 2018 guidance of which disappointed investors. Conversely, the fund benefited from the positive performances posted by Devoteam, Viel, Stef, Samsonite and Pandora. As volatility returned, portfolio positions were actively managed and we carried out a relatively large number of arbitrage trades. The weighting of IWG – which operates under the Regus brand – was increased, while our exposure to Mediawan (strongest portfolio performance year-to-date) was trimmed. We initiated a small position in Atos. Conversely, Carrefour, Applied Materials and SES Global – during the 20% rally following the sell-off related to its dividend cut – exited the portfolio. The fund’s overall market exposure decreased slightly to 44%. April 2018: The leading contribution to performance came from Direct Energie, which rallied by over 40% during the month in the wake of Total’s takeover bid. We will tender our shares as we believe that the offered price of €42 – a 30% premium – represents the fair value of Direct Energie’s assets: our price target, representing our estimate of the group’s net asset value, indeed stands at €40.5. Other leading contributors to performance included Maisons du Monde, Orange, Rubis, IWG, SAP and Volkswagen, with gains of 6% to 15%. No stock in the portfolio lost more than 5% during the month. We slightly increased our position in Technicolor. Conversely, we trimmed our positions in Vopak, Pandora, SAP, Elior and sold Iliad. May 2018: Leading positive contributions to performance this month included jewellery company Tiffany (+25% following earnings that beat expectations), and work space operator IWG (+25% as well following approaches by several private equity funds). Lowes and Technicolor (following the sale of all stakes held by Cisco) also contributed to performance, rebounding by +10-15%. Conversely, Samsonite (0.5% of the portfolio) lost 25% as the company came under attack from short-seller Blue Orca Capital. We have kept our position but feel the management’s response should have been more dynamic and better argued. During the month, portfolio movements focused on disposals (IWG, SAP, Pandora) and reduced weightings (ALD, Maisons du Monde, Orange). Combined, these brought the fund’s exposure down to 44.5%. June 2018: In September 2012, we had initiated a position in Locindus, Crédit Foncier’s leasing and mortgage lending subsidiary. Our investment thesis relied on three arguments: at €10, the stock was trading at a 50% discount to its €20 book value; its dividend yield was around 10%; and there was a possibility for a delisting by its majority shareholder. Our patience was rewarded, as, on June 27th, Credit Foncier announced a delisting offer on Locindus at €25. Adding the cumulated €5.5 in dividends paid-out over the period, our initial investment has trebled in value in 6 years. In a down market, Mediawan, Samsonite, Spie and Wendel also contributed to performance, as did the rebound of Sanofi, the fund’s largest position. July 2018: The leading contributors to our performance this month were Samsonite (impacted in June by the short-selling report published by Blue Orca), Technicolor, FPP (following the excellent half-year earnings released by Peugeot) and Sanofi (the largest portfolio position). Elior, which had lost half of its value over the past 12 months, rebounded by almost 15%, helped by the new CEO’s announcement of a 2021 strategic plan and by a robust 9-month turnover. The sharp losses posted by a number of cyclical companies over the past few months enabled us to invest in several new positions: Imerys, Renault and Saint-Gobain were added to the fund. We also introduced a small holding in the asset management company DWS at €26 (we considered the stock too expensive at €32 at its IPO in March). We sold Volkswagen and Oracle and trimmed our position in ALD. August 2018: TI Fluid Systems – our largest auto sector weighting before BMW and FFP - was the leading positive contributor to performance, after the British automotive supplier released strong half-year earnings and a 30% growth in net income. Other major positive contributors included Lowe’s, after the US specialist retailer reported earnings that beat expectations, Vopak, the world’s leading tank storage company, and ALD – auto leasing – which continued to rally, gaining over 25% since the beginning of the year. Atos was the largest detractor due to disappointing organic growth in the second quarter and the market’s negative reaction to the acquisition of Syntel. This small position, weighing 0.5% of the portfolio, was increased after the stock fell 25% from its highest level this year. September 2018: In September, the main performance contributor was the reinsurance group Scor following Covea’s proposed takeover bid (at a price of €43). The fund also benefited from a rebound of 5% to 10% from Devoteam, Korian, Carrefour and Lowes. During the month, we initiated a position in Meliá Hotels. This Spanish group is the world’s largest resort hotel chain. We chose to invest after the company had lost a third of its value within a year, as it was impacted by a number of weather-related disasters (hurricanes), unfavourable exchange rates and more recently, a summer season that was below expectations in Spain. Our investment benefits from a comfortable margin of safety supported by the group’s real estate assets which is valued by an independent party at €15.2 per share vs. the current share price of €9.5.

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SYCOMORE FUND SICAV Directors’ Report (continued) October 2018: Amid a major market sell-off, positive contributions to performance were rare. However, it is worth noting the rise of Ceva Logistics after the successive bids it received from DSV at €27.75 and CMA-CGM at €30. We sold our position after a 35% gain. On the other hand, the automotive sector suffered from the slowdown in China. We actively managed the portfolio’s exposure, which was brought down to an annual low of 25% through tactical hedging on EuroStoxx 50 futures; these were redeemed at the end of the month. We initiated a new position in CECONOMY, leader in the German retail market for electronic goods, known for its Media Markt and Saturn franchises. After a nightmarish year on the stock market (-65%) and the departure of its CEO, the company’s valuation hits new lows, trading at 8% of sales and less than 4x EBIT. November 2018: During the month, we made a number of arbitrage movements, notably within the automobile industry which is struggling following the implementation of the WLTP standards and the slowdown in China; this led us to sell Faurecia. At the same time, we initiated two new portfolio positions: Fresenius SE and Saint-Gobain. We continued to strengthen our exposure to a number of stocks that are now trading at particularly compelling valuations, notably Tarkett, Elior, Maisons du Monde and Fraport. The German airport operator, which notably operates the Frankfurt airport, is a striking example: the stock is now trading close to its 10-year lows, at 8.2x EBITDA (12x for ADP). We also sold entirely our hedging (short positions) on indices, which had reached 16% of the portfolio mid-November. December 2018: The extent of the correction observed on market indices - which lost between 20 and 25% compared to their annual highs - should not hide the fact that most individual stocks posted even greater losses. This explains the poor performances delivered by stock pickers in 2018. For several quarters now, we have pointed out that equity markets – and mid-caps in particular – were overvalued. For the first time in a long time, valuations now appear attractive. However, we have chosen not to increase our exposure rate at this stage: the end of QE, the economic slowdown and likely outflows represent powerful headwinds. As we enter 2019, we are resisting our “temptation to buy” until two catalysts materialise: i) the downward adjustment to 2019 earnings forecasts and ii) the rise of the VIX (volatility) index, which is still far from panic levels. SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE January 2018: Some positions weighted on the fund’s performance, such as Pandora, after management revised its medium-term guidance. Even so, potential sales growth is significant at between +7% to +10%, and margins are comfortable. The company’s valuation remains highly attractive, as does its +6.0% dividend yield (SES and Eutelsat) Satellite operators remained under pressure, as their growth prospects were called into question. However, their dividend yields are still solid (between 7% and 10%) and we remain more optimistic than the market on the outlook for the two companies. Our financial stocks (AXA, ALD and Crédit Agricole) were among the fund’s strongest performers, posting gains between +7% à +10%. February 2018: Nokia, which was added to the portfolio at the beginning of the month, was the fund’s top performer in February. Performance was driven by the prospect of a marked rise in sales and earnings growth from the second half of 2018 and for 2019/2020. The group should benefit from the quality of its new router offer and from rising client investments, driven by the adoption of 5G. Pandora also rebounded sharply in February, after suffering from what we saw as undue investor pessimism at the beginning of the year over the group’s ability to maintain its high margins in the mid-term, as markets focused on the challenging environment for retail as a whole in the US. March 2018: We took advantage of the market downturn to add to some of our positions, including Sanofi. The stock’s valuation is very low and its 4.8% yield is particularly attractive. We increased our exposure to Banca Farmafactoring after the stock lost 15% over the past 3 months. After tumbling by more than 35% over the past 9 months, Unieuro displays a dividend yield above 8.0%. The group is continuing with its acquisition strategy – the 4 takeovers conducted in 2017 generate almost 15% of its sales - and is leveraging on some of its competitors’ setbacks to gain market share. We also increased our position in BASF after the stock lost 19% since mid-January. April 2018: C&C was the leading contributor to performance during the month. The group announced the takeover of the UK’s largest drinks’ distributor, which offers access to over 23,000 hotels, restaurants, clubs, bars and pubs. C&C will be in a stronger position to promote its cider and super-premium brands and will benefit from a 30% accretion on 2019/2020 earnings, as the acquisition and funding costs were particularly low. Pandora continued to rally: while the first quarter is likely to be rather weak, the new product range currently being launched has been particularly well received by retailers and clients. Finally, telecoms stocks - Orange, Deutsche Telekom, Vodafone Group - which had been lagging the market year-to-date rebounded in April. May 2018: The fund underperformed its benchmark this month as several portfolio companies released disappointing earnings. For the first quarter, Pandora published sales up 1% in Asia – while sales in the area historically posted double-digit growth. The management confirmed its objectives for the year, but these now appear harder to achieve. We have kept our position as we believe the sell-off to be excessive. EVS declined sharply after releasing sales figures down by 6.9%. However, the company’s management remains optimistic and is expecting a better 2018 second half. Conversely, other positions stood out and delivered positive performances, including Burberry and Alstom, following reassuring earnings publications. June 2018: Sanofi featured among the leading contributors to performance during the period. The prospect of an acceleration that would enable the group to display, in 2019, one of the highest growth rates in the sector, as well as several changes in the management team, have started to ease investors’ scepticism on the stock. C&C continued the rebound begun in April, when the company announced the accretive and transformative takeover of wholesale businesses. The group’s valuations continue to offer some upside, without even including the potential synergies. Burberry was up again in June, as investors attempt to identify the next Gucci. Conversely, Unieuro detracted from performance, impacted by some cautious commentary from other industry players in the past few weeks. July 2018: After a long period of downward revisions of earnings growth estimates, Sanofi’s shares have continued to rebound since late March. The momentum now seems to have reversed and the arrival of Jean-Baptiste de Chatillon from the Peugeot group has raised hopes of an improvement in the company’s operational efficiency. After a significant drop in May, Poste Italiane has recovered and has since gained over 20%. The company has signed a three-year agreement with Amazon and will fulfil the US group’s deliveries in Italy. Other partnerships could be signed in coming months, particularly within the insurance industry. In addition, Elior reassured by a 9-month sales increase of 3% (which was slightly above expectations).

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SYCOMORE FUND SICAV Directors’ Report (continued) August 2018: In August, the fund performed roughly in line with its benchmark; however the returns posted by individual stocks were quite contrasted. Eutelsat was the strongest performer in the portfolio. After three years of declining organic growth, the company’s management seems confident that growth will return this year. Burberry also posted a solid performance after reporting organic growth in line with expectations and confirming the positive outlook for the current year. However, Pandora downgraded its growth and profitability guidance for 2018. Intesa and Poste Italiane were impacted by rising rates on Italian sovereign debt, amid uncertainty over the funding of the reforms due to be implemented by the new government. September 2018: The Italian stocks in the portfolio rebounded in September in the wake of easing of Italian rates and the release of favourable macroeconomic data in the Eurozone, which made up for the excessive sell-off in the summer. The Italian banks held in the fund, including Intesa San Paolo and Poste Italiane, rose by almost 10%. Piaggio and Unieuro (the Italian Darty) also posted strong rebounds. Scor was the leading performance contributor during the month. Covéa launched a hostile takeover bid on Scor at €43, which was rejected by the reassurance company. Furthermore, Carrefour’s management expressed confidence in the group’s ability to improve its competitive positioning while protecting its margin and cash generation. The stock also posted a robust performance in September. October 2018: In October, Sycomore Rendement Durable cushioned the fall thanks to positive contributors, mostly within defensive sectors (Deutsche Telekom, Veolia, Eutelsat, Nestlé). The fund also benefited from the performance of Scor, which after the hostile takeover bid from Covea at €43, remains buoyed by its speculative element. Carrefour benefited from the announcement of better-than-expected third quarter sales. However, the political situation in Italy weighed heavily on performance, due to our positions in Banca Farmafactoring, Marr, IMA, Intesa Sanpaolo and Poste Italiane. CECONOMY, the German leading electronic retailer, was added to the portfolio after a 65% decline in share price and a change of CEO, while trading at under 4x EBIT. November 2018: Sycomore Rendement Durable resisted well despite the market taking another bearish turn in November. As crude oil prices reached their yearly lows, the fund’s absence from the oil sector and its over-exposure to telecom stocks contributed to relative performance. Deutsche Telekom, Orange and Vodafone were this month’s leading contributors to performance. Vodafone reassured investors on the sustainability of its dividends, thanks to the growth of its Ebitda and the potential sale of non-strategic assets. Orange resisted well to this year’s price war. Deutsche Telekom upped its guidance thanks to T-Mobile US. Covestro, however, ranked among leading detractors after issuing a profit warning; Ceconomy also continued to decline sharply after a series of disappointments. These two stocks are now trading at considerable valuation discounts. December 2018: The fund was not spared as markets were hit by another sell-off in December. Its annual performance has been disappointing but roughly in line with its benchmark. Despite its absence from the oil sector, which resisted well during the year, the fund’s rather favourable sector mix was offset by its stock selection which detracted somewhat from performance. Incidentally, in December, the main detractors were stocks that had already largely impacted the fund’s performance during the year, notably Ceconomy, Pandora and Covestro. Ceconomy has already downgraded its guidance for 2019, implying great caution over the timing of the structural transformations initiated by the group amid an increasingly competitive environment. SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) January 2018: German and French yields were driven up by favourable macro indicators, a trend that was further amplified by the ECB’s tone, considered hawkish. Peripheral sovereign spreads narrowed, particularly in Spain. This has so far had rather little impact on investment grade bonds, whose spreads continued to narrow. High-yield spreads also declined. Selecta, the top European operator of beverage vending machines, and rated B-, refinanced its bond debt by issuing €1.3bn in six-year bonds. We were holders of the older debt and bought into the new tranche with a fixed rate and a 5.875% coupon. Ubisoft, a non-rated issuer, raised €500m at 1.29%. This is low but we still felt it was appealing for a five-year maturity. February 2018: German and French rates contracted slightly in February. Recent inflation data did not suggest any price acceleration in the Eurozone. With Italian elections – and their uncertain outcome – looming nearer, peripheral country spreads widened. Credit spreads also expanded across all market segments. Elis raised €1 billion with the issuance of 5 and 8-year maturity bonds, offering coupons of 1.875% and 2.875%, to refinance its recent acquisitions – in the UK and Brazil in particular - which had been funded through short-term bank loans. We appreciate Elis’ resilient business model and have owned the company’s bonds since its first issuance in 2013. We have strengthened our positions in Infopro (professional database publisher, rated B) and Antolin (autmotive supplier, rated BB-). March 2018: Despite the political uncertainty, Italian interest rates trended downwards alongside German and French rates. Credit spreads widened amid higher sector and issuer dispersion. The primary market regained some momentum. We took part in the hybrid issuance by Telefonica (3% coupon) and in the issuance by the German cardboard specialist Progroup, also with a 3% coupon. Paprec refinanced its bond debt, initially issued in 2015. We appreciate this family-owned recycling and waste management company, rated B+/B-, which should reap the benefits of past investments in its industrial facilities. The American company LKQ, world leader in automotive spare parts, also tapped the market offering several tranches in euro. We selected the shortest 8-year maturity tranche offering a coupon of 3.625%. April 2018: The trend reversed as long-term rates began to rise in the second half of the month, with the yield on 10-year Treasury Notes exceeding the psychological threshold of 3%. The fund’s duration, which we had maintained at reduced levels, helped the fund navigate the period with low volatility, while the primary market was once again particularly active. We took part in the issuances of Adler (German real estate), Sixt Leasing, Darling (ingredients sourced from recycling) and Piaggio. Over the past two months, the exposure rate has been increased progressively and the fund’s liquidity reserves are now below 10%. May 2018: The political crisis in Italy did not only weigh on Italian sovereign debt – with the BTP yield curve flattening sharply – but also impacted peripheral country bonds – with Spain also entering a period of uncertainty – and, broadly speaking, most risk assets. As a result, corporate bonds in Southern Europe underperformed amid a strong risk aversion. The primary market logically dried up as market tensions escalated. We had previously steered clear of new issuances, with the exception of Nexi, the leading Italian payments company, whose underlying market enjoys a strong potential. The fund holds cash reserves in excess of 15% at end May; these will be deployed to seize new opportunities that will undoubtedly arise.

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SYCOMORE FUND SICAV Directors’ Report (continued) June 2018: Sovereign spreads in Italy have stabilised. At the same time, the ECB confirmed the gradual unwinding of its asset purchase programme by the end of the year. Credit spreads continued to widen across BBB and BB segments. Although the primary market has recovered a little, we remained highly selective. Interxion refinanced its bond debt and we took part in the €1 billion BB-/B1 rated issuance. We appreciate the fast-growing “data centre” industry in which the company operates. We are also exposed to the world leader, Equinix. The Swiss producer of specialty steel, Schmolz & Bickenbach, financed the takeover of the French metal company Ascometal through a tap issue on its original bonds, which we have held since April 2017. July 2018: Credit spreads contracted gradually during the month - very modestly in the BBB segment and to a larger extent across High-Yield ratings. Spreads on Italian sovereign debt contracted slightly. The primary market remained active and once again, we were particularly selective. We took part in the €465 M issuance by Techem with a 6% coupon. This German service provider serves property managers by monitoring their water and energy consumption through remotely managed meters. The company has recently been bought by a consortium led by Partners Group from Macquarie. It is also worth mentioning that Peugeot bonds recorded strong performance after the company’s robust half-year earnings announcement. August 2018: The spread on Italian sovereign debt widened considerably in August, while corporate spreads expanded slightly during the month. Nevertheless, the fund delivered a positive performance. Early in the month, we subscribed to the new issue by Nexans, maturing in 2023 with a coupon of 3.75% and rated BB: conditions we consider to be attractive in light of the company’s fundamentals. After the traditional summer break, the primary market recovered at the end of the month. We took part in the hybrid issuance by Elia, Belgium’s electricity transmission system operator. This BBB- rated issue, combined with a senior BBB+ rated issue (same rating as the issuer), will fund Elia’s acquisition of a stake in Eurogrid - 50Hertz, one of the four transmission system operators for electricity in Germany. September 2018: The rise in sovereign interest rates during the month was only partially offset by the decline in spreads. Jaguar Land Rover, which was recently downgraded a notch to BB by ratings agencies, consented to a coupon of 4.5% for a 7-year bond issue. We are aware of the serious challenges the manufacturer is facing (electrification of the range, Brexit, etc.) but we found the terms attractive. We also subscribed to Covivio Hôtels which tapped the market with a BBB-rated 7-year issue offering a coupon of 1.875%. Finally, Getlink (formerly Eurotunnel) issued a 550 million green bond over 5 years, aimed at funding the ElecLink electrical interconnection between the United Kingdom and France, a key project for creating an integrated European energy market. We invested in this BB+-rated instrument which offers a coupon of 3.625%. October 2018: Italian rates were particularly volatile with Brussels and the coalition now locked in a struggle over the 2019 budget. The portfolio was impacted by the broad-based rise in spreads. This move affected cyclical industries, particularly the automobile sector. This unfavourable environment for risk-taking naturally weighed on the primary market. Nevertheless, we subscribed to the issuance from UGI International. This European subsidiary of the US group UGI distributes liquefied petroleum gas (butane and propane) in bulk or in bottles to mostly retail clients in Europe. UGI is known in France through the Antargaz brand, bought in 2004, and Finagaz, the new name given to TotalGaz, bought in 2015. The bond has a BB rating and offers a coupon of 3.25% for a 7-year maturity. November 2018: Spreads on Italian sovereign debt eased as sovereign rates declined, following the government’s more conciliatory stance towards Brussels on its budget for 2019. The credit market suffered from a sharp widening of spreads, notably on the ‘B’ segment. However, this broad move also affected the Investment Grade sector. The market decline was amplified by banks appearing to have closed their books ahead of the year-end. Furthermore, primary market activity was greatly reduced. We invested in the new hybrid bond issued by Solvay, a €300m issuance paying a coupon of 4.25% and redeemable from March 2024. This issuance considerably reduces the extension risk on the company’s short-dated issues, which we also hold in the portfolio. December 2018: Spreads continued to widen across the credit market. The B-rated segment was particularly impacted. Issuers from the industrial and distribution sectors were most affected, while less cyclical issuers, such as Telecoms, outperformed. The decline of automotive sector bonds has not stopped but spreads appear to be stabilising. The risk premium on BBB-rated issuers is also on the rise: the ECB is ending its asset purchase programme on January 1st raising concerns that yields may increase on this credit segment as the central bank will then merely reinvest the redemptions in its portfolio. Financials have outperformed in recent weeks. Due to the current risk aversion, primary market activity has been inexistent. SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) January 2018: The faster pace of economic growth in the euro zone helped drive the steep rally in European markets in January, despite the appreciation of the single currency. Financial stocks rode the macroeconomic environment and made a positive contribution to fund performance (mainly Axa, KBC and BNP). Biocartis rose by almost 20% after signing two essential partnerships with Amgen and Immunexpress. Sophos rose on heavy demand for cybersecurity solutions, fed mainly by more demanding regulations. However, some disappointments caused the fund to underperform its index, including Shire’s downgrade of its 2020 sales target and Ontex’s profit-warning due to the difficulties in integrating Hypermarcas. February 2018: In February, the market correction that had begun at the end of January continued and volatility returned, fuelled by concerns around inflation in the US and rising interest rates. The month was also marked by the 2017 earnings season, which overall is proving robust and slightly above market expectations. However, the dispersion of performance between stocks was high, with frequent moves of +/-20%. The fund was negatively impacted by its exposure to healthcare – the worst performing sector in February – and our stock selection was not able to compensate. Leading positive contributors included Dassault Systèmes, Qiagen and Smurfit Kappa following robust earnings publications. Conversely, Ingenico, Valeo and Gerresheimer dropped sharply despite strong 2017 earnings, as their outlook for 2018 disappointed. March 2018: As has been the case since the beginning of the year, the fund suffered from its sector mix in March: underexposure to oil & gas and utilities and overexposure to healthcare. However, stock picking also had a negative impact on performance. The volatility of stock market indices was high, driven by trade tensions, weaker macroeconomic data in the Eurozone and uncertainty over interest rate hikes; however the dispersion of performance was even stronger at individual stock level. Within the portfolio, Smurfit Kappa and Shire posted gains of around 15% on the back of possible takeovers from International Paper and Takeda, respectively. However, AXA corrected sharply as investors reacted negatively to its acquisition of XL Group (relatively expensive deal and not yet funded, pending the IPO of AXA US).

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SYCOMORE FUND SICAV

Directors’ Report (continued)

April 2018: European equity markets rebounded in April, as investors’ concerns over trade tensions eased and the Q1 2018 earnings season got off to a robust start. Nevertheless, the return dispersion between sectors and individual stocks was high. The fund suffered from its underexposure to the oil sector (top performer this month, buoyed by the sharp rise of crude oil prices) and from its over-exposure to healthcare (bottom performer in April). The fund benefited from Total’s takeover bid on 74% of Direct Energie, offering a 30% premium. Solid earnings published by Sophos, with robust growth for the fiscal year closing at the end of March, also supported the fund’s performance. However, Kion and Philips Lighting detracted from performance following the release of disappointing earnings for the first quarter of 2018.

May 2018: After posting gains at the beginning of the month on the back of strong Q1 earnings and a weakening of the Euro, equity markets corrected at the end of the month, amid renewed risk aversion caused by political uncertainty in Italy and fears of a new Eurozone crisis. Against this backdrop, the fund’s underexposure to financial stocks and our stock selection contributed to relative results. Qiagen, Aumann, Advanced Metallurgical Group and Sophos featured among leading contributors to performance following the release of strong Q1 earnings; Ontex, having sold-off during the first 4 months of the year, rebounded after posting earnings in line with expectations. However, Iliad, Elior and ABN Amro declined following disappointing quarterly earnings and weighed on the fund’s performance.

June 2018: In June, equity markets continued their correction that began at the end of May, amid a return of risk aversion caused by fears of a trade war, political uncertainty within the Eurozone (Germany, Italy) and softer macroeconomic indicators, which are no longer delivering positive surprises. The fund’s performance was negatively impacted by some cyclical stocks exposed to the risk of escalating trade tensions – such as Valeo, Kion or Aumann – and by stocks that continue to suffer from the high eaw materials prices – such as Ontex. Portfolio movements this month included reducing our exposure to banking stocks, with yield curves flattening and the industry offering little visibility ahead of the upcoming half-year earnings season.

July 2018: Equity markets rebounded in July, lifted by the easing of trade tensions - particularly between the United States and Europe - and by second quarter earnings announcements. As was the case at the beginning of the year, performance dispersion between sectors and individual stocks was very high during the month. Wessanen, Kion, and Sophos declined sharply after publishing disappointing results. Wessanen is suffering from intense competition in France and has downgraded its annual growth and profitability targets. Kion has maintained its annual objectives but the company’s profitability is under pressure due to bottlenecks affecting several of its suppliers. After a considerable decline in the first half, Ontex rebounded sharply following a preliminary takeover proposal from the PAI Partners investment fund.

August 2018: After rebounding in July, equity markets suffered from the return of macroeconomic risks in August: crisis in Turkey, fears of contagion to emerging countries and to the banking sector, tensions on Italian sovereign debt, trade war between the United States and China, etc. The second quarter earnings season, which is now drawing to a close, proved solid and company executives showed confidence for the second half of the year. In a market where the performance dispersion between sectors and individual stocks remain high, the fund benefited from a favourable stock selection and notably from the robust publications by Qiagen (sales +8%, EBIT margin +200bp to 27%), Kerry (sales +8%, EPS +9% excl. FX) and Aumann (sales +48% and +129% for the E-Mobility segment).

September 2018: In September, markets have experienced successive and sharp sector rotations, impacted by the changing risk perception around the Italian budget preparation and the escalating trade war between the US and China. The dispersion of performances between sectors, styles and individual stocks continued to be elevated. In that context, the performance of the fund was penalized by its absence from the oil sector, its underexposure to the financial sector, and a globally unfavorable stock selection. Among the main positive contributors were Korian, following solid half-year results and an increase in its 2018 guidance, and B&S Group, after a roadshow that appears to have raised the interest of new investors. Conversely, Ontex declined substantially after negotiations of a possible buyout by PAI Partners were terminated.

October 2018: October’s severe market correction was initially triggered by the sharp rise in US interest rates; it then intensified due to fears of a global economic slowdown and disappointing earnings. Cap Gemini, Schneider, Kion and Korian released robust earnings and resisted on a relative basis. The same applies to B&M, which announced the acquisition of the Babou shops in France. However, the auto sector (whose exposure had been reduced from 9% of the portfolio in early 2018 to 1% in September) corrected sharply and was impacted by a large number of profit warnings. Packaging stocks, including Smurfit Kappa, suffered from US broker downgrades owing to fears of production overcapacity which we believe are exaggerated.

November 2018: In November markets remained nervous in the face of uncertainties related to trade tensions and to the perspectives of increasing interest rates, which led to an heightened volatility and a wide dispersion of performances (-/+15% for the stocks held in the portfolio). Telecommunications holdings (Deutsche Telekom, Vodafone, Iliad) featured among the leading positive contributors to performance following reassuring results and with a European regulatory authority that seems to be relaxing its position on the consolidation of the industry. Ontex rebounded following results that were in line with expectations. However, the auto sector and notably Faurecia suffered again from trade tensions and a slowdown in China. Smurfit Kappa, despite strong results and a cheap valuation, continues to be penalized by concerns around pricing pressures.

December 2018: Markets continued to fall in December, posting a sharp drawdown over the 4th quarter, impacted by concerns of a synchronized slowdown of global growth, by the rise of interest rates and the downsizing of central banks’ balance sheets (“quantitative tightening”), and by uncertainties around global trade tensions. Most of equity market indices and the vast majority of stocks are now down more than 20% from their highs, i.e. are in a “bear market”. Small and medium-sized capitalizations have particularly suffered, which negatively impacted the fund’s performance in December and over the 4th quarter. The valuation of a large number of companies have now become attractive, offering compelling long-term opportunities, but we are reinvesting only progressively, with the market uncertainties and volatility likely to persist over the next several months.

The Board of Directors of the Company

Luxembourg, April 30, 2019.

Note: The figure stated in this report are historical and not necessarily indicative of future results.

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PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofSYCOMORE FUND SICAV

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of SYCOMORE FUND SICAV and of each of its sub-funds (the “Fund”) as at 31 December 2018, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 31 December 2018;

the securities portfolio as at 31 December 2018; the combined statement of operations and changes in net assets for the Fund and the statement of

operations and changes in net assets for each of the sub-funds for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

15

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

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conclude on the appropriateness of the Board of Directors of the Fund's use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Fund's ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to draw attention inour audit report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our audit report. However. future events or conditions may cause the Fund to cease tocontinue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

Pricewaterhousecoopers, Société coopérative Luxembourg, 30 April 2019Represented by

Frederic Botteman

16

SYCOMORE FUND SICAV

17

The accompanying notes are an integral part of these financial statements.

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

40,200,818.92 56,541,013.34 52,534,332.74EUR

Net asset value per share

- I EUR 2,336.30 2,587.62 2,366.98EUR- R EUR 1,112.35 1,238.97 1,141.70EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 16,307.04 19,023.09 19,118.09- R EUR 1,890.26 5,905.26 6,378.36−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

130,574,263.14 76,109,544.43 33,310,019.86EUR


- I EUR 101.50 130.62 108.96EUR- R EUR 98.64 128.11 107.71EUR- X EUR 105.05 135.05 110.25EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 980,156.65 371,113.24 265,146.14- R EUR 30,954.42 14,529.50 549.00- X EUR 266,877.00 190,852.00 39,552.59−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

188,140,712.26 163,640,147.10 86,810,683.80EUR


- CS EUR 93.58 - -EUR- I EUR 107.79 127.91 114.42EUR- R EUR 105.50 126.45 114.25EUR- X EUR 110.85 131.54 117.78EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- CS EUR 179.61 - -- I EUR 1,608,839.96 1,165,859.38 701,428.88- R EUR 118,893.78 89,658.78 33,225.03- X EUR 19,554.67 24,149.66 23,400.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

17,717,294.24 20,497,974.77 18,810,402.31EUR


- I EUR 96.24 108.72 98.93EUR- ID EUR 97.70 110.36 100.22EUR- R EUR 93.44 106.61 97.93EUR- X EUR 96.69 109.22 98.91EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 1,305.00 1,305.00 1,300.00- ID EUR 50.00 50.00 50.00- R EUR 479.06 300.00 300.00- X EUR 181,430.00 186,030.00 188,530.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2016December 31, 2018 December 31, 2017

SYCOMORE FUND SICAV

18


Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

45,531,891.59 59,984,795.26 13,619,916.45EUR


- I EUR 92.18 118.15 102.26EUR- ID EUR 92.18 118.15 102.26EUR- R EUR 90.18 116.75 102.06EUR- RD EUR 90.18 116.75 102.06EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 68,652.02 89,334.45 13,496.14- ID EUR 215,193.90 8,678.57 250.00- R EUR 113,423.95 131,549.33 250.00- RD EUR 101,336.26 283,037.20 119,423.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

465,523.05 62,840.00 -EUR


- I EUR 97.52 - -EUR- ID EUR 97.65 100.55 -EUR- R EUR 97.53 101.02 -EUR- RD EUR 97.52 101.02 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 4,035.00 - -- ID EUR 326.36 524.50 -- R EUR 50.00 50.00 -- RD EUR 362.00 50.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,256,388.83 5,008.49 -EUR


- I EUR 93.60 100.17 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 45,474.82 50.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2016December 31, 2018 December 31, 2017

19


SYCOMORE FUND SICAV

Combined Statement

EUR

AssetsInvestment in securities at cost 459,397,852.39Unrealised appreciation / (depreciation) on securities (50,222,089.56)

Investment in securities at market value 2.3 409,175,762.83Cash at bank 20,864,037.47Receivable for investment sold 391,784.11Receivable on subscriptions 29,934.62Receivable on withholding tax reclaim 132,018.50Dividends and interest receivable 81,186.96

Total assets 430,674,724.49

LiabilitiesBank overdraft 13,276.37Accrued expenses 632,109.02Payable for investment purchased 3,109,992.59Payable on redemptions 31,429.07Other liabilities 1,025.41

Total liabilities 3,787,832.46

Net assets at the end of the year 426,886,892.03

Notes

Statement of Net Assets as at December 31, 2018

IncomeDividends (net of withholding taxes) 2.4 6,167,016.26Bank interest 2.4 33,697.84Other income 88,309.31

Total income 6,289,023.41

ExpensesManagement fees 3 4,257,186.36Deposiatry fees 4 47,556.27Performance fees 5 60,038.53Administration fees 4 56,683.00Professional fees 44,670.72Transaction costs 8 800,532.63Subscription tax 6 40,103.77Bank interest and charges 92,097.24Tax charges (excluding subscription tax) 12,272.37Other expenses 9,060.19

Total expenses 5,420,201.08

Net investment income / (loss) 868,822.33

Net realised gain / (loss) on: Investments 2.3 4,321,353.92Foreign currencies transactions 2.2 (22,776.13)Futures contracts (171,250.00)

Net realised gain / (loss) for the year 4,996,150.12

Net change in unrealised appreciation / (depreciation) on: Investments (76,950,431.51)

Increase / (Decrease) in net assets as a result ofoperations

(71,954,281.39)

Proceeds received on subscription of shares 214,143,474.98Net amount paid on redemption of shares (92,143,624.95)Net assets at the beginning of the year 376,841,323.39


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2018

20


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR

AssetsInvestment in securities at cost 37,573,305.17Unrealised appreciation / (depreciation) on securities (613,544.39)

Investment in securities at market value 2.3 36,959,760.78Cash at bank 3,884,501.06Receivable for investment sold 17,521.33Dividends and interest receivable 32,888.11


LiabilitiesBank overdraft 2.90Accrued expenses 357,186.56Payable for investment purchased 335,637.49Other liabilities 1,025.41

Total liabilities 693,852.36


Notes


IncomeDividends (net of withholding taxes) 2.4 1,229,943.99Bank interest 2.4 33,398.65Other income 88,309.31


ExpensesManagement fees 3 950,534.89Deposiatry fees 4 47,556.27Performance fees 5 59,055.11Administration fees 4 56,683.00Professional fees 44,670.72Transaction costs 8 82,697.72Subscription tax 6 6,446.59Bank interest and charges 20,970.01Tax charges (excluding subscription tax) 12,272.37Other expenses 9,060.19



Net realised gain / (loss) on: Investments 2.3 (481,040.84)Foreign currencies transactions 2.2 (50,744.85)

Net realised gain / (loss) for the year (470,080.61)



(5,652,021.00)

Proceeds received on subscription of shares 82,456.89Net amount paid on redemption of shares (10,770,630.31)Net assets at the beginning of the year 56,541,013.34


EURNotes


Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

- I EUR 19,023.09 - (2,716.05) 16,307.04

- R EUR 5,905.26 71.00 (4,086.00) 1,890.26

SYCOMORE FUND SICAV

21

SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS (in EUR)


Securities Portfolio as at December 31, 2018

ALIOR BANK SA PLN 43,885.83 0.113,546.00

Transferable securities admitted to an official exchange listing

SharesBanks

BANCO SANTANDER BRASIL-UNIT BRL 110,831.49 0.2811,500.00BANK PEKAO SA PLN 116,524.20 0.294,591.00BRD-GROUPE SOCIETE GENERALE RON 288,611.59 0.72117,851.00CHINA CONSTRUCTION BANK-H HKD 1,250,115.36 3.101,732,000.00HSBC HOLDINGS PLC HKD 671,881.48 1.6692,800.00ICICI BANK LTD INR 339,969.22 0.8575,337.00INDUSTRIAL AND CIAL BK CHINA -H- HKD 1,278,276.67 3.172,046,649.00ITAU UNIBANCO HOLDING SA BRL 444,306.74 1.1165,509.00KOMERCNI BANKA AS CZK 235,140.65 0.587,145.00NOVA LJUBLJANSKA BANKA DD EUR 88,288.00 0.221,424.00PKO BANK POLSKI SA PLN 185,101.07 0.4620,140.00SBERBANK OF RUSSIA PJSC USD 440,699.84 1.10187,900.00STATE BANK OF INDIA INR 325,864.63 0.8187,891.00YES BANK LTD INR 148,100.08 0.3765,015.00

5,967,596.85 14.83

B3 SA-BRASIL BOLSA BALCAO BRL 258,055.18 0.6442,646.00Financial services

HOUSING DEVELOPMENT FINANCE INR 557,216.65 1.3922,593.00ITAUSA-INVESTIMENTOS ITAU-PR BRL 443,055.12 1.10162,500.00JARDINE STRATEGIC HLDGS LTD USD 2,241,488.87 5.5769,800.00LIC HOUSING FINANCE LTD INR 304,723.17 0.7649,764.00MOSCOW EXCHANGE MICEX-RTS PJ USD 105,023.40 0.26104,000.00SHRIRAM TRANSPORT FINANCE INR 267,149.41 0.6617,195.00

4,176,711.80 10.38

ENEVA SA BRL 196,830.68 0.4954,200.00Energy

GAIL INDIA LTD INR 234,069.12 0.5851,848.00LUKOIL PJSC-SPON ADR USD 176,331.72 0.442,820.00NOVATEK OAO USD 99,193.25 0.257,000.00NTPC LTD INR 245,562.84 0.61131,487.00OIL & NATURAL GAS CORP LTD INR 220,085.72 0.55117,177.00OMV PETROM SA RON 277,737.76 0.694,324,024.00POWER GRID CORP OF INDIA LTD INR 201,026.93 0.5080,764.00PTC INDIA LTD INR 188,482.74 0.47162,010.00QGEP PARTICIPACOES SA BRL 101,295.54 0.2548,000.00SOCIETATEA NATIONALA DE GAZE RON 155,272.23 0.3926,000.00TOWNGAS CHINA CO LTD HKD 1,656,239.00 4.112,551,392.00

3,752,127.53 9.33

ALIBABA GROUP HOLDING-SP ADR USD 963,320.98 2.408,034.00Internet

CTRIP.COM INTERNATIONAL-ADR USD 930,595.09 2.3139,313.00JD.COM INC-ADR USD 844,084.21 2.1046,102.00WIRTUALNA POLSKA HOLDING SA PLN 83,308.57 0.216,776.0051JOB INC-ADR USD 553,583.87 1.3810,135.00

3,374,892.72 8.40

AMBEV SA BRL 178,730.97 0.4451,488.00Food services

BRF SA BRL 194,026.99 0.4839,200.00CHINA MENGNIU DAIRY CO HKD 1,278,593.10 3.19469,000.00CIA BRASILEIRA DE DIS-PREF BRL 206,535.01 0.5111,300.00COCA-COLA ICECEK AS TRY 75,206.35 0.1914,811.00MAGNIT PJSC USD 218,505.32 0.545,000.00X 5 RETAIL GROUP NV-REGS GDR USD 91,043.17 0.234,200.00

2,242,640.91 5.58

CAFE DE CORAL HOLDINGS LTD HKD 557,726.97 1.39263,000.00Distribution & Wholesale

FAIRWOOD HOLDINGS LTD HKD 605,646.27 1.51206,500.00LOJAS AMERICANAS SA-PREF BRL 227,653.14 0.5751,200.00OBUV ROSSII PJSC USD 33,476.89 0.0855,000.00RAIA DROGASIL SA BRL 145,757.91 0.3611,300.00VIA VAREJO SA BRL 80,059.59 0.2080,800.00YUM CHINA HOLDINGS INC USD 506,462.42 1.2617,267.00

2,156,783.19 5.37

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

BAJAJ AUTO LTD INR 439,503.22 1.0912,895.00Diversified services

GLOBAL PORTS INV-REGS W/I USD 55,912.17 0.1427,550.00HERO MOTOCORP LTD INR 401,328.56 1.0010,318.00NEW ORIENTAL EDUCATIO-SP ADR USD 905,085.40 2.2518,877.00PRIME CAR MANAGEMENT SA PLN 34,032.88 0.0811,374.00TALLINNA SADAM AS EUR 79,517.16 0.2038,979.00

1,915,379.39 4.76

CIPLA LTD INR 201,644.69 0.5030,978.00Cosmetics

HEALIUS LTD AUD 273,643.99 0.68199,257.00INSTITUTO HERMES PARDINI SA BRL 161,650.79 0.4038,300.00KRKA EUR 234,957.00 0.584,065.00LUPIN LTD INR 207,147.41 0.5219,581.00PRODIA WIDYAHUSADA TBK PT IDR 306,649.19 0.762,210,900.00RICHTER GEDEON NYRT HUF 272,972.60 0.6816,127.00VINDA INTERNATIONAL HOLDINGS HKD 134,898.30 0.3498,000.00

1,793,563.97 4.46

ATRIUM EUROPEAN REAL ESTATE EUR 110,143.00 0.2734,100.00Real estate

CYRELA BRAZIL REALTY SA EMP BRL 153,631.56 0.3844,000.00IMMOFINANZ AG EUR 212,197.70 0.5310,153.00MULTIPLAN EMPREENDIMENTOS BRL 149,807.23 0.3727,303.00SUN HUNG KAI PROPERTIES HKD 831,686.62 2.0866,700.00

1,457,466.11 3.63

INFOSYS LTD INR 507,053.24 1.2761,412.00Office & Business equipment

Tata Consultancy Services Ltd INR 262,292.90 0.6511,058.00WIPRO LTD INR 298,390.37 0.7471,979.00

1,067,736.51 2.66

CHINA MOBILE LTD HKD 805,936.83 2.0095,730.00Telecommunication

MOBILE TELESYSTEMS OJSC USD 166,836.21 0.4256,000.00PLAY COMMUNICATIONS SA PLN 60,972.91 0.1512,589.00

1,033,745.95 2.57

ANADOLU HAYAT EMEKLILIK TRY 119,874.11 0.30121,299.24Insurance

SAMSUNG FIRE + MARINE INS-PF KRW 817,357.58 2.036,009.00937,231.69 2.33

HANKOOK TIRE CO LTD KRW 509,395.37 1.2616,183.00Auto Parts & Equipment

MARCOPOLO SA-PREF BRL 195,868.73 0.49212,700.00TATA MOTORS LTD INR 143,067.24 0.3666,115.00TOFAS TURK OTOMOBIL FABRIKA TRY 61,136.74 0.1522,000.00

909,468.08 2.26

ACC LTD INR 148,260.79 0.377,846.00Building materials

AMBUJA CEMENTS LTD INR 188,419.49 0.4766,804.00DURATEX SA BRL 170,670.70 0.4263,920.00LARSEN & TOUBRO LIMITED INR 135,813.26 0.347,540.00

643,164.24 1.60

TATA STEEL LTD INR 228,047.78 0.5734,930.00Metal

TATA STEEL LTD-PARTLY PAID INR 2,494.32 0.012,223.00VALE SA BRL 399,426.71 0.9934,700.00

629,968.81 1.57

INDIAN HOTELS CO LTD INR 296,140.08 0.74160,018.00Lodging & Restaurants

296,140.08 0.74

TALLINK GRUPP AS EUR 276,541.83 0.69272,455.00Transportation

276,541.83 0.69


Market valuein EUR

Currency %NAV

SYCOMORE FUND SICAV

22




ALPARGATAS SA - PREF BRL 240,859.93 0.6062,700.00Textile

240,859.93 0.60

LINX SA BRL 147,158.40 0.3620,000.00Computer software

LOGO YAZILIM SANAYI VE TICAR TRY 18,565.05 0.054,160.00TOTVS SA BRL 67,406.22 0.1711,000.00

233,129.67 0.58

EXIDE INDUSTRIES LTD INR 120,046.79 0.3035,756.00Electric & Electronic

120,046.79 0.30

PHOSAGRO PJSC USD 66,947.51 0.172,100.00Chemical

66,947.51 0.17

33,292,143.56 82.81

BNP INSTICASH FUND USD INST CAP USD 2,274,417.18 5.6616,834.69

Undertakings for collective investmentOpen-ended Funds

2,274,417.18 5.66

2,274,417.18 5.66

CLSA GM CW 10/02/2020 INFO EDGE I USD 331,866.82 0.8318,461.00

WarrantsFinancial services

CLSA GM CW 22/09/2021 GUJARAT GAS USD 487,759.10 1.2158,021.00CLSA GM CW 27/11/2019 POWER GRID USD 260,883.00 0.65105,590.00

1,080,508.92 2.69

1,080,508.92 2.69

MARCOPOLO SA RTS 18/01/2019 BRL 982.95 0.005,064.00

RightsAuto Parts & Equipment

982.95 0.00

982.95 0.00

SC FONDUL PROPRIETATEA SA RON 311,708.17 0.781,643,281.00

Other transferable securities

Undertakings for collective investmentClose-ended Funds

311,708.17 0.78

311,708.17 0.78

Total securities portfolio 36,959,760.78 91.94


Market valuein EUR

Currency %NAV

Summary of net assets%

NAV36,959,760.78 91.94Total securities portfolio

3,884,498.16 9.66Cash at bank

(643,440.02) (1.60)Other assets and liabilities

40,200,818.92 100.00Total net assets

SYCOMORE FUND SICAV

23



Nature allocation % of portfolio % of netassets

Shares 90.08 82.81

Undertakings for collective investment 7.00 6.44

Warrants 2.92 2.69

Rights - -

100.00 91.94

Country allocation % of portfolio % of netassets

Cayman Islands 19.65 18.08

India 18.59 17.13

Brazil 11.57 10.61

Bermuda 9.21 8.47

China 6.84 6.27

Luxembourg 6.32 5.81

Hong Kong 4.43 4.08

South Korea 3.59 3.29

Russia 3.54 3.26

Romania 2.80 2.58

Singapore 2.22 2.04

Other 11.24 10.32

100.00 91.94

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

BNP INSTICASH FUND USD INST CAP 2,274,417.18 5.66Open-ended Funds

JARDINE STRATEGIC HLDGS LTD 2,241,488.87 5.57Financial services

TOWNGAS CHINA CO LTD 1,656,239.00 4.11Energy

CHINA MENGNIU DAIRY CO 1,278,593.10 3.19Food services

INDUSTRIAL AND CIAL BK CHINA -H- 1,278,276.67 3.17Banks

CHINA CONSTRUCTION BANK-H 1,250,115.36 3.10Banks

ALIBABA GROUP HOLDING-SP ADR 963,320.98 2.40Internet

CTRIP.COM INTERNATIONAL-ADR 930,595.09 2.31Internet

NEW ORIENTAL EDUCATIO-SP ADR 905,085.40 2.25Diversified services

JD.COM INC-ADR 844,084.21 2.10Internet

EUR

Sector

Top Ten Holdings

24


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR


Investment in securities at market value 2.3 124,218,612.15Cash at bank 8,624,969.55Receivable on subscriptions 4,557.20Receivable on withholding tax reclaim 59,858.44Dividends and interest receivable 19,581.08


LiabilitiesBank overdraft 216.66Accrued expenses 90,055.35Payable for investment purchased 2,251,977.56Payable on redemptions 11,065.71

Total liabilities 2,353,315.28


Notes


IncomeDividends (net of withholding taxes) 2.4 1,602,120.95Bank interest 2.4 60.73


ExpensesManagement fees 3 922,154.31Performance fees 5 459.95Transaction costs 8 258,505.85Subscription tax 6 10,186.97Bank interest and charges 18,196.11



Net realised gain / (loss) on: Investments 2.3 2,289,954.58Foreign currencies transactions 2.2 7,777.83




(22,503,338.85)



EURNotes







- I EUR 371,113.24 619,628.87 (10,585.46) 980,156.65

- R EUR 14,529.50 51,686.84 (35,261.92) 30,954.42

- X EUR 190,852.00 76,525.00 (500.00) 266,877.00

SYCOMORE FUND SICAV

25

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS (in EUR)



ACCIONA SA EUR 1,330,200.00 1.0218,000.00


SharesBuilding materials

ARCADIS NV EUR 1,367,795.26 1.05128,311.00AST GROUPE EUR 580,496.00 0.44103,660.00CENTROTEC SUSTAINABLE AG EUR 1,459,240.64 1.12127,556.00CFE EUR 1,877,904.00 1.4421,735.00COMPAGNIE DE SAINT GOBAIN EUR 4,657,504.68 3.56159,695.00EIFFAGE EUR 3,884,755.20 2.9853,245.00KAUFMAN ET BROAD SA EUR 1,469,266.00 1.1343,990.00MAISONS FRANCE CONFORT EUR 907,015.00 0.6928,300.00PORR AG EUR 1,747,313.60 1.34100,190.00SPIE SA - W/I EUR 3,992,523.20 3.06344,480.00STEICO SE EUR 286,493.20 0.2214,617.00TARKETT - W/I EUR 1,278,960.00 0.9873,000.00TEKMAR GROUP PLC GBP 219,347.11 0.17225,000.00WIENERBERGER AG EUR 1,443,870.00 1.1180,215.00

26,502,683.89 20.31

ACEA SPA EUR 1,244,115.90 0.95103,590.00Energy

BORALEX INC -A CAD 1,708,052.52 1.31158,360.00CROPENERGIES AG EUR 1,321,812.05 1.01293,410.00ENCAVIS AG EUR 363,148.50 0.2866,027.00ENERGIEKONTOR AG EUR 1,869,000.00 1.43140,000.00FALCK RENEWABLES SPA EUR 476,811.20 0.37203,331.00ORSTED A/S DKK 3,094,439.49 2.3753,000.00PNE AG EUR 1,821,333.60 1.39749,520.00SIF HOLDING NV EUR 936,064.80 0.7280,280.00TPI COMPOSITES INC USD 2,644,744.78 2.03123,000.00VOLTALIA-REGR EUR 3,334,125.00 2.55392,250.00

18,813,647.84 14.41

AKASOL AG EUR 1,026,615.60 0.7930,018.00Auto Parts & Equipment

AUMANN AG EUR 1,838,043.75 1.4162,625.00BAIC MOTOR CORP LTD-H HKD 1,245,900.91 0.952,700,000.00FAURECIA EUR 2,092,338.90 1.6063,270.00GESTAMP AUTOMOCION SA EUR 1,063,580.00 0.81214,000.00JUNGHEINRICH - PRFD EUR 922,781.68 0.7140,402.00MICHELIN (CGDE) EUR 3,901,500.00 2.9845,000.00RENAULT SA EUR 1,495,215.50 1.1527,410.00SCHAEFFLER AG EUR 1,491,600.00 1.14200,000.00TI FLUID SYSTEMS PLC GBP 558,186.17 0.43300,000.00

15,635,762.51 11.97

MERSEN EUR 1,534,667.50 1.1865,305.00Electric & Electronic

NEXANS SA EUR 1,994,816.70 1.5381,990.00PRYSMIAN SPA EUR 2,918,510.00 2.24173,000.00SCHNEIDER ELECTRIC SE EUR 5,237,444.00 4.0087,700.00SIGNIFY NV EUR 614,100.00 0.4730,000.00VOLTABOX AG EUR 1,500,012.50 1.15122,450.00

13,799,550.70 10.57

ACCELL GROUP EUR 1,159,300.56 0.8961,534.00Diversified services

ALFEN NV EUR 568,229.60 0.4446,160.00BEFESA SA EUR 3,166,875.00 2.4284,450.00DERICHEBOURG EUR 679,660.00 0.52170,000.00PIAGGIO & C. S.P.A. EUR 2,037,042.43 1.561,112,530.00RENEWI PLC GBP 1,728,084.42 1.324,707,260.00SECHE ENVIRONNEMENT EUR 2,358,888.00 1.8188,680.00

11,698,080.01 8.96

ARKEMA EUR 3,064,364.80 2.3540,880.00Chemical

COVESTRO AG EUR 4,023,080.60 3.0893,170.00LENZING AG EUR 1,252,926.50 0.9615,770.00UMICORE EUR 1,348,384.80 1.0338,680.00WACKER CHEMIE AG EUR 1,024,186.80 0.7812,948.00

10,712,943.50 8.20


Market valuein EUR

Currency %NAV

ALSTOM EUR 3,773,890.00 2.89107,000.00Diversified machinery

AMG ADVANCED METALLURGICAL EUR 3,318,110.46 2.54117,747.007,092,000.46 5.43

MONDI PLC GBP 862,840.34 0.6647,410.00Forest products & Paper

SMURFIT KAPPA GROUP PLC EUR 1,607,033.40 1.2369,090.00STORA ENSO OYJ-R SHS EUR 1,814,896.60 1.39179,960.00UPM-KYMMENE OYJ EUR 614,884.00 0.4727,760.00

4,899,654.34 3.75

NORSK HYDRO ASA NOK 2,605,615.66 1.99657,800.00Metal

OUTOKUMPU OYJ EUR 583,726.50 0.45182,700.003,189,342.16 2.44

ABN AMRO GROUP NV-CVA EUR 2,300,480.00 1.77112,000.00Banks

UMWELTBANK AG EUR 305,198.84 0.2336,161.002,605,678.84 2.00

ORSERO SPA EUR 1,050,822.50 0.80141,050.00Food services

WESSANEN EUR 362,519.00 0.2845,400.001,413,341.50 1.08

NEXITY EUR 1,337,630.00 1.0233,950.00Real estate

1,337,630.00 1.02

REXEL SA EUR 1,246,200.00 0.95134,000.00Distribution & Wholesale

1,246,200.00 0.95

118,946,515.75 91.09

BNP PARIBAS MOIS ISR PARTS IC 3DECIMALE

EUR 5,272,096.40 4.04229.00


5,272,096.40 4.04

5,272,096.40 4.04



Market valuein EUR

Currency %NAV



8,624,752.89 6.61Cash at bank

(2,269,101.90) (1.74)Other assets and liabilities

130,574,263.14 100.00Total net assets

SYCOMORE FUND SICAV

26

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS (in EUR)



Shares 95.76 91.09


100.00 95.13


France 43.54 41.41

Germany 15.50 14.74

Netherlands 8.55 8.16

Italy 6.22 5.92

Austria 3.58 3.41

United Kingdom 2.71 2.58

Belgium 2.60 2.47


Denmark 2.49 2.37

Finland 2.43 2.31

United States 2.13 2.03

Norway 2.10 1.99

Other 5.60 5.32

100.00 95.13



assets

BNP PARIBAS MOIS ISR PARTS IC 3 DECIMALE 5,272,096.40 4.04Open-ended Funds

SCHNEIDER ELECTRIC SE 5,237,444.00 4.00Electric & Electronic

COMPAGNIE DE SAINT GOBAIN 4,657,504.68 3.56Building materials

COVESTRO AG 4,023,080.60 3.08Chemical

SPIE SA - W/I 3,992,523.20 3.06Building materials

MICHELIN (CGDE) 3,901,500.00 2.98Auto Parts &Equipment

EIFFAGE 3,884,755.20 2.98Building materials

ALSTOM 3,773,890.00 2.89Diversifiedmachinery

VOLTALIA-REGR 3,334,125.00 2.55Energy

AMG ADVANCED METALLURGICAL 3,318,110.46 2.54Diversifiedmachinery

EUR

Sector

Top Ten Holdings

27


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR


Investment in securities at market value 2.3 180,050,281.53Cash at bank 8,353,223.42Receivable for investment sold 319,108.80Receivable on subscriptions 25,377.42Receivable on withholding tax reclaim 43,755.16Dividends and interest receivable 17,145.94


LiabilitiesBank overdraft 306.76Accrued expenses 152,073.88Payable for investment purchased 502,171.87Payable on redemptions 13,627.50



Notes


IncomeDividends (net of withholding taxes) 2.4 2,226,526.55Bank interest 2.4 238.46


ExpensesManagement fees 3 1,828,158.37Performance fees 5 523.47Transaction costs 8 444,639.52Subscription tax 6 21,525.62Bank interest and charges 47,804.58


Net investment income / (loss) (115,886.55)

Net realised gain / (loss) on: Investments 2.3 2,384,016.83Foreign currencies transactions 2.2 13,768.35Futures contracts (171,250.00)




(27,480,515.04)



EURNotes







- CS EUR - 179.61 - 179.61

- I EUR 1,165,859.38 655,602.45 (212,621.87) 1,608,839.96

- R EUR 89,658.78 76,399.49 (47,164.49) 118,893.78

- X EUR 24,149.66 1,580.00 (6,174.99) 19,554.67

SYCOMORE FUND SICAV

28

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK (in EUR)



AMADEUS IT GROUP SA EUR 3,200,184.00 1.7052,600.00


SharesComputer software

DASSAULT SYSTEMES SA EUR 1,171,810.00 0.6211,300.00FOCUS HOME INTERACTIVE EUR 2,061,000.00 1.1090,000.00PHARMAGEST INTERACTIVE EUR 1,303,050.00 0.6925,500.00SALESFORCE.COM INC USD 1,867,004.80 0.9915,582.00SAP SE EUR 4,346,500.00 2.3250,000.00UBISOFT ENTERTAINMENT EUR 3,263,224.00 1.7346,300.00

17,212,772.80 9.15

BOUYGUES SA EUR 3,917,500.00 2.08125,000.00Building materials

COMPAGNIE DE SAINT GOBAIN EUR 3,353,975.00 1.78115,000.00EIFFAGE EUR 3,757,440.00 2.0051,500.00SPIE SA - W/I EUR 4,172,400.00 2.22360,000.00

15,201,315.00 8.08

BONDUELLE SCA EUR 284,852.00 0.1510,030.00Food services

DANONE GROUPE EUR 7,608,294.92 4.05123,692.00HEINEKEN NV EUR 3,844,560.00 2.0549,800.00SAVENCIA SA EUR 1,116,000.00 0.5920,000.00WESSANEN EUR 1,004,600.84 0.53125,811.00

13,858,307.76 7.37

AIR LIQUIDE SA EUR 5,639,400.00 2.9952,000.00Chemical

KONINKLIJKE DSM EUR 1,478,808.00 0.7920,700.00LENZING AG EUR 1,509,550.00 0.8019,000.00ROBERTET SA EUR 4,155,400.00 2.217,900.00

12,783,158.00 6.79

FNAC DARTY SA EUR 2,069,875.00 1.1036,250.00Distribution & Wholesale

MAISONS DU MONDE SA EUR 1,879,875.00 1.00112,500.00MANUTAN INTERNATIONAL EUR 2,929,500.00 1.5646,500.00ONTEX GROUP NV - W/I EUR 984,500.00 0.5255,000.00SEB SA EUR 2,481,600.00 1.3222,000.00THERMADOR GROUPE EUR 574,050.00 0.3112,900.00TIFFANY & CO USD 1,457,863.80 0.7720,700.00

12,377,263.80 6.58

ADIDAS AG EUR 2,487,936.00 1.3213,640.00Textile

BRUNELLO CUCINELLI SPA EUR 1,391,315.00 0.7446,300.00BURBERRY GROUP PLC GBP 2,151,300.71 1.14111,259.00CHRISTIAN DIOR SE EUR 2,637,810.00 1.407,900.00HERMES INTERNATIONAL EUR 2,860,320.00 1.535,900.00

11,528,681.71 6.13

LEGRAND SA EUR 2,933,350.00 1.5659,500.00Electric & Electronic

SCHNEIDER ELECTRIC SE EUR 4,926,900.00 2.6182,500.00SOITEC EUR 2,631,200.00 1.4052,000.00SOMFY SA EUR 1,008,000.00 0.5416,000.00

11,499,450.00 6.11

GEMALTO EUR 2,533,000.00 1.3550,000.00Office & Business equipment

NEURONES EUR 1,890,000.00 1.00100,000.00SOCIETE POUR LINFORMATIQUE EUR 903,741.30 0.4843,659.00SOPRA STERIA GROUP EUR 3,387,300.00 1.8142,000.00TESSI SA EUR 2,030,000.00 1.0817,500.002CRSI SA EUR 347,667.60 0.1841,389.00

11,091,708.90 5.90

AXA SA EUR 5,351,900.40 2.85283,800.00Insurance

SCOR SE EUR 3,821,800.00 2.0397,000.009,173,700.40 4.88


Market valuein EUR

Currency %NAV

BUREAU VERITAS SA EUR 2,116,181.40 1.12118,920.00Diversified services

DEVOTEAM SA EUR 1,196,250.00 0.6414,500.00SYNERGIE SA EUR 1,940,914.35 1.0379,383.00TECHNOGYM SPA EUR 3,865,680.00 2.06413,000.00

9,119,025.75 4.85

BIOMERIEUX EUR 1,512,250.00 0.8026,300.00Cosmetics

BOIRON SA EUR 2,692,250.00 1.4355,000.00ESSILORLUXOTTICA EUR 2,761,250.00 1.4725,000.00MEDICREA INTERNATIONAL EUR 587,831.55 0.31256,695.00

7,553,581.55 4.01

AUMANN AG EUR 629,528.15 0.3321,449.00Auto Parts & Equipment

FERRARI NV EUR 781,020.00 0.429,000.00MICHELIN (CGDE) EUR 5,202,000.00 2.7660,000.00

6,612,548.15 3.51

MEDIAWAN SA EUR 2,750,000.00 1.46250,000.00Private Equity

XILAM ANIMATION EUR 3,482,625.00 1.8592,500.006,232,625.00 3.31

ADESSO AG EUR 1,130,400.00 0.6024,000.00Internet

SPOTIFY TECHNOLOGY SA USD 2,561,606.09 1.3725,800.00XING SE EUR 1,662,500.00 0.887,000.001000MERCIS EUR 514,140.00 0.2720,900.00

5,868,646.09 3.12

ACCOR SA EUR 5,380,950.00 2.86145,000.00Lodging & Restaurants

5,380,950.00 2.86

MASTERCARD INC - A USD 3,003,481.61 1.5918,200.00Financial services

VISA INC-CLASS A SHARES USD 2,041,627.66 1.0917,689.005,045,109.27 2.68

SMURFIT KAPPA GROUP PLC EUR 3,622,442.62 1.93155,737.00Forest products & Paper

3,622,442.62 1.93

VOLTALIA-REGR EUR 2,506,684.00 1.33294,904.00Energy

2,506,684.00 1.33

COGELEC SAS EUR 776,619.98 0.41120,034.00Telecommunication

776,619.98 0.41

HOPSCOTCH GROUPE EUR 615,728.12 0.3397,118.00Media

615,728.12 0.33

168,060,318.90 89.33

BNP INSTICASH-EUR-I EUR 11,989,962.63 6.3786,078.95


11,989,962.63 6.37

11,989,962.63 6.37



Market valuein EUR

Currency %NAV

SYCOMORE FUND SICAV

29





8,352,916.66 4.44Cash at bank


188,140,712.26 100.00Total net assets

SYCOMORE FUND SICAV

30




Shares 93.34 89.33


100.00 95.70


France 66.92 64.04


Germany 5.70 5.45


United States 4.65 4.44

Italy 2.92 2.80

Ireland 2.01 1.93

Other 4.36 4.16

100.00 95.70



assets

BNP INSTICASH-EUR-I 11,989,962.63 6.37Open-ended Funds

DANONE GROUPE 7,608,294.92 4.05Food services

AIR LIQUIDE SA 5,639,400.00 2.99Chemical

ACCOR SA 5,380,950.00 2.86Lodging &Restaurants

AXA SA 5,351,900.40 2.85Insurance

MICHELIN (CGDE) 5,202,000.00 2.76Auto Parts &Equipment

SCHNEIDER ELECTRIC SE 4,926,900.00 2.61Electric & Electronic

SAP SE 4,346,500.00 2.32Computer software

SPIE SA - W/I 4,172,400.00 2.22Building materials

ROBERTET SA 4,155,400.00 2.21Chemical

EUR

Sector

Top Ten Holdings

31


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR


Investment in securities at market value 2.3 17,677,191.86Receivable for investment sold 48,867.98Receivable on withholding tax reclaim 28,404.90Dividends and interest receivable 11,571.83


LiabilitiesBank overdraft 12,750.05Accrued expenses 15,786.61Payable for investment purchased 20,205.67



Notes


IncomeDividends (net of withholding taxes) 2.4 677,379.44

Total income 677,379.44

ExpensesManagement fees 3 197,418.67Transaction costs 8 14,689.54Subscription tax 6 1,944.46Bank interest and charges 4,940.93

Total expenses 218,993.60


Net realised gain / (loss) on: Investments 2.3 212,780.00Foreign currencies transactions 2.2 6,422.54

Net realised gain / (loss) for the year 677,588.38



(2,329,930.63)

Proceeds received on subscription of shares 17,921.10Net amount paid on redemption of shares (468,671.00)Net assets at the beginning of the year 20,497,974.77


EURNotes







- I EUR 1,305.00 - - 1,305.00

- ID EUR 50.00 - - 50.00

- R EUR 300.00 179.06 - 479.06

- X EUR 186,030.00 - (4,600.00) 181,430.00

SYCOMORE FUND SICAV

32

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE (in EUR)



ASTRAZENECA PLC GBP 847,366.16 4.7812,950.00


SharesCosmetics

DERMAPHARM HOLDING SE EUR 227,000.00 1.2810,000.00GLAXOSMITHKLINE PLC GBP 171,789.96 0.9710,340.00RHOEN-KLINIKUM AG EUR 416,051.60 2.3518,860.00ROCHE HOLDING AG-GENUSSCHEIN CHF 396,991.04 2.241,838.00SANOFI EUR 1,263,900.30 7.1416,705.00UNILEVER NV-CVA EUR 303,061.22 1.716,391.00

3,626,160.28 20.47

DEUTSCHE TELEKOM AG-REG EUR 714,472.20 4.0348,210.00Telecommunication

EUTELSAT COMMUNICATIONS EUR 159,593.58 0.909,276.00KONINKLIJKE KPN NV EUR 272,256.00 1.54106,350.00NOKIA OYJ EUR 318,378.88 1.8063,296.00ORANGE EUR 322,167.80 1.8222,760.00SES EUR 246,255.27 1.3914,737.00VODAFONE GROUP PLC GBP 292,580.64 1.65171,750.00

2,325,704.37 13.13

ANHEUSER-BUSCH INBEV SA/NV EUR 141,191.90 0.802,447.00Food services

BERENTZEN-GRUPPE AG EUR 400,599.10 2.2664,405.00CARREFOUR SA EUR 182,349.30 1.0312,230.00C&C GROUP PLC EUR 371,349.38 2.10136,275.00CORBION NV EUR 195,680.00 1.108,000.00ELIOR GROUP EUR 186,105.00 1.0514,250.00NESTLE SA-REG CHF 594,481.32 3.358,395.00

2,071,756.00 11.69

CECONOMY AG EUR 269,086.82 1.5285,533.00Distribution & Wholesale

CIE FINANCIERE RICHEMONT-REG CHF 230,331.00 1.304,120.00MARR SPA EUR 224,540.00 1.2710,900.00MATAS A/S DKK 160,652.33 0.9120,670.00ONTEX GROUP NV - W/I EUR 99,488.20 0.565,558.00PANDORA A/S DKK 236,878.49 1.346,663.00UNIEURO SPA EUR 432,798.70 2.4344,780.00

1,653,775.54 9.33

ALLIANZ AG REG EUR 169,885.80 0.96970.00Insurance

ASR NEDERLAND NV EUR 164,946.60 0.934,770.00AXA SA EUR 576,489.06 3.2530,570.00POSTE ITALIANE SPA EUR 355,443.70 2.0150,894.00

1,266,765.16 7.15

ABN AMRO GROUP NV-CVA EUR 174,590.00 0.998,500.00Banks

BNP PARIBAS EUR 247,903.00 1.406,280.00CREDIT AGRICOLE SA EUR 292,848.65 1.6431,055.00INTESA SANPAOLO EUR 148,431.56 0.8476,519.00NATIXIS EUR 169,290.90 0.9641,100.00SWEDBANK AB - A SHARES SEK 200,774.30 1.1310,290.00

1,233,838.41 6.96

ALSTOM EUR 500,834.00 2.8314,200.00Diversified machinery

CHARGEURS SA EUR 294,840.00 1.6617,550.00SIEMENS AG-REG EUR 180,639.90 1.021,855.00

976,313.90 5.51

BANCA FARMAFACTORING SPA EUR 544,945.28 3.08120,032.00Financial services

VAN LANSCHOT KEMPEN NV EUR 416,913.70 2.3521,035.00961,858.98 5.43

INDUSTRIA MACCHINE AUTOMATIC EUR 45,152.00 0.25830.00Auto Parts & Equipment

MICHELIN (CGDE) EUR 458,209.50 2.595,285.00


Market valuein EUR

Currency %NAV

RENAULT SA EUR 378,577.00 2.146,940.00881,938.50 4.98

ENEL SPA EUR 144,712.36 0.8228,690.00Energy

ENERGIEKONTOR AG EUR 226,950.00 1.2817,000.00RUBIS EUR 262,012.32 1.485,589.00

633,674.68 3.58

BASF SE EUR 283,276.00 1.604,690.00Chemical

COVESTRO AG EUR 258,648.20 1.465,990.00541,924.20 3.06

EVS BROADCAST EQUIPMENT S.A. EUR 8,932.00 0.05385.00Electric & Electronic

SCHNEIDER ELECTRIC SE EUR 453,872.00 2.567,600.00462,804.00 2.61

ALD SA EUR 130,728.00 0.7412,570.00Diversified services

PIAGGIO & C. S.P.A. EUR 174,219.65 0.9895,150.00304,947.65 1.72

BURBERRY GROUP PLC GBP 168,861.03 0.958,733.00Textile

HERMES INTERNATIONAL EUR 83,385.60 0.47172.00252,246.63 1.42

SWORD GROUP EUR 175,102.00 0.996,038.00Office & Business equipment

175,102.00 0.99

STORA ENSO OYJ-R SHS EUR 162,368.50 0.9216,100.00Forest products & Paper

162,368.50 0.92

BOUYGUES SA EUR 146,013.06 0.824,659.00Building materials

146,013.06 0.82

17,677,191.86 99.77



Market valuein EUR

Currency %NAV



(12,750.05) (0.07)Cash at bank

52,852.43 0.30Other assets and liabilities

17,717,294.24 100.00Total net assets

SYCOMORE FUND SICAV

33

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE (in EUR)



Shares 100.00 99.77

100.00 99.77


France 34.56 34.48

Germany 17.80 17.76

Italy 11.71 11.68


United Kingdom 8.38 8.35

Switzerland 6.91 6.89

Finland 2.72 2.72


Denmark 2.25 2.25

Ireland 2.10 2.10

Other 2.55 2.54

100.00 99.77



assets

SANOFI 1,263,900.30 7.14Cosmetics

ASTRAZENECA PLC 847,366.16 4.78Cosmetics

DEUTSCHE TELEKOM AG-REG 714,472.20 4.03Telecommunication

NESTLE SA-REG 594,481.32 3.35Food services

AXA SA 576,489.06 3.25Insurance

BANCA FARMAFACTORING SPA 544,945.28 3.08Financial services

ALSTOM 500,834.00 2.83Diversifiedmachinery

MICHELIN (CGDE) 458,209.50 2.59Auto Parts &Equipment

SCHNEIDER ELECTRIC SE 453,872.00 2.56Electric & Electronic

UNIEURO SPA 432,798.70 2.43Distribution &Wholesale

EUR

Sector

Top Ten Holdings

34


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR


Investment in securities at market value 2.3 45,548,861.93Cash at bank 466.18Receivable for investment sold 6,286.00


LiabilitiesAccrued expenses 16,986.66Payable on redemptions 6,735.86



Notes




ExpensesManagement fees 3 358,819.02Bank interest and charges 160.27

Total expenses 358,979.29

Net investment income / (loss) (73,414.84)

Net realised gain / (loss) on: Investments 2.3 105,965.12




(13,538,080.45)



EURNotes







- I EUR 89,334.45 37,064.25 (57,746.68) 68,652.02

- ID EUR 8,678.57 227,687.59 (21,172.26) 215,193.90

- R EUR 131,549.33 21,559.22 (39,684.60) 113,423.95

- RD EUR 283,037.20 35,099.94 (216,800.88) 101,336.26

SYCOMORE FUND SICAV

35

SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) (in EUR)



SYCOMORE SELECTION RESPON-ID EUR 45,548,861.93 100.04143,846.08



45,548,861.93 100.04

45,548,861.93 100.04



Market valuein EUR

Currency %NAV



466.18 -Cash at bank


45,531,891.59 100.00Total net assets

SYCOMORE FUND SICAV

36

SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) (in EUR)




100.00 100.04


France 100.00 100.04

100.00 100.04



assets

SYCOMORE SELECTION RESPON-ID 45,548,861.93 100.04Open-ended Funds

EUR

Sector

Top Ten Holdings

37


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR

AssetsInvestment in securities at cost 480,787.13Unrealised appreciation / (depreciation) on securities (15,345.71)

Investment in securities at market value 2.3 465,441.42Cash at bank 101.59

Total assets 465,543.01

LiabilitiesAccrued expenses 19.96

Total liabilities 19.96

Net assets at the end of the year 465,523.05

Notes




ExpensesManagement fees 3 101.10Bank interest and charges 8.76

Total expenses 109.86


Net realised gain / (loss) on:Investments 2.3 (189,002.41)

Net realised gain / (loss) for the year (138,251.47)

Net change in unrealised appreciation / (depreciation) on:Investments (15,435.12)


(153,686.59)

Proceeds received on subscription of shares 6,741,499.21Net amount paid on redemption of shares (6,185,129.57)Net assets at the beginning of the year 62,840.00

Net assets at the end of the year 465,523.05

EURNotes







- I EUR - 66,790.00 (62,755.00) 4,035.00

- ID EUR 524.50 325.36 (523.50) 326.36

- R EUR 50.00 - - 50.00

- RD EUR 50.00 312.00 - 362.00

SYCOMORE FUND SICAV

38

SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) (in EUR)



SYCOMORE SELECTION CREDIT-ID EUR 465,441.42 99.984,403.42



465,441.42 99.98

465,441.42 99.98

Total securities portfolio 465,441.42 99.98


Market valuein EUR

Currency %NAV


NAV465,441.42 99.98Total securities portfolio

101.59 0.02Cash at bank

(19.96) -Other assets and liabilities

465,523.05 100.00Total net assets

SYCOMORE FUND SICAV

39

SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) (in EUR)




100.00 99.98


France 100.00 99.98

100.00 99.98



assets

SYCOMORE SELECTION CREDIT-ID 465,441.42 99.98Open-ended Funds

EUR

Sector

Top Ten Holdings

40


SYCOMORE FUND SICAV

SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2018

EUR

AssetsInvestment in securities at cost 4,645,597.51Unrealised appreciation / (depreciation) on securities (389,984.35)

Investment in securities at market value 4,255,613.16Cash at bank 775.67


Liabilities


Notes




ExpensesSubscription tax 0.13Bank interest and charges 16.58

Total expenses 16.71


Net realised gain / (loss) on:Investments (1,319.36)


Net change in unrealised appreciation / (depreciation) on:Investments (389,992.84)


(296,708.83)

Proceeds received on subscription of shares 4,875,905.10Net amount paid on redemption of shares (327,815.93)Net assets at the beginning of the year 5,008.49


EURNotes







- I EUR 50.00 48,698.81 (3,273.99) 45,474.82

2.3

2.3

SYCOMORE FUND SICAV

41

SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) (in EUR)



SYCOMORE PARTNERS FUND-ID EUR 4,255,613.16 99.982,760.00



4,255,613.16 99.98

4,255,613.16 99.98



Market valuein EUR

Currency %NAV



775.67 0.02Cash at bank

- -Other assets and liabilities

4,256,388.83 100.00Total net assets

SYCOMORE FUND SICAV

42

SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) (in EUR)




100.00 99.98


France 100.00 99.98

100.00 99.98



assets

SYCOMORE PARTNERS FUND-ID 4,255,613.16 99.98Open-ended Funds

EUR

Sector

Top Ten Holdings

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 1 - General information SYCOMORE FUND SICAV (previously named UNITED INVESTORS SYNERGY) (the “Company”) is an Investment Company with Variable Capital incorporated on February 13, 2012 in the form of a limited company under Luxembourg law in accordance with the amended Law of August 10, 1915 on commercial companies as well as Part I of the Law of December 17, 2010 as amended relating to Undertakings for Collective Investment. The Company Articles of Association were filed with the Luxembourg Trade and Companies Registry on February 21, 2012 and published in the “Mémorial C, Recueil Électronique des Sociétés et Associations” (Gazette) on March 7, 2012. Copies of the Articles of Association may be obtained from the Trade and Companies Registry in Luxembourg on payment of the Registrar’s fee. The Company is registered in the Luxembourg Trade and Companies Registry under n° B.166.946. The Company consists of different sub-funds each of which relates to a distinct portfolio of assets consisting of transferable securities denominated in various currencies. For each sub-fund, the management will aim to combine a maximization of growth and capital yield. After an extraordinary general meeting held on July 28, 2015, the board of directors of the Company has resolved to change the name of the Company into “SYCOMORE FUND SICAV”. The changes have become effective on August 14, 2015. The registered office of the Company is 60, Avenue J.F. Kennedy, L-1855 Luxembourg. During the year ended, seven sub-funds have been active: SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS; SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS; SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK; SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE; SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG); SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG); SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG). The Company can issue only capitalisation shares for which no distribution is made except for the sub-funds SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE, SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) and SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG), there is a distribution class which is entitled to receive a dividend (shares in class “D” or “D” shares). The Company is incorporated for an indefinite term, and at present can issue shares in the following categories: (i) Category “R”, open to all types of investors; (ii) Category “l”, exclusively reserved for all other institutional investors; (iii) Category “X” shares, which are open to all types of institutional investors providing said investors have been approved beforehand by the Company’s Board of Directors; (iiii) Category “CS” shares, which are reserved exclusively for retail investors in the framework of portfolio management and/or investment advice on an independent basis under Directive 2014/65/CE, for which providers of these services are not allowed to accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by the Management Company or the distributors of the Company. The Sub-Fund SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) acts as feeder fund by investing substantially all of its assets in its Master Fund (the “Master Fund”) SYCOMORE SELECTION RESPONSABLE an investment fund in the form of a French “fonds commun de placement”, governed by French law and the Directive 2009/65/EC (the “Master Fund”), with only a small amount of cash held for liquidity purposes. The Sub-Fund SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) acts as feeder fund by investing substantially all of its assets in its Master Fund (the “Master Fund”) SYCOMORE SELECTION CREDIT an investment fund in the form of a French “fonds commun de placement”, governed by French law and the Directive 2009/65/EC (the “Master Fund”), with only a small amount of cash held for liquidity purposes. The Sub-Fund SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) acts as feeder fund by investing substantially all of its assets in its Master Fund (the “Master Fund”) SYCOMORE PARTNERS an investment fund in the form of a French “fonds commun de placement”, governed by French law and the Directive 2009/65/EC (the “Master Fund”), with only a small amount of cash held for liquidity purposes. SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG), SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) and SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG): Investment objective: The objective, the investment policy and the risk profile of the Feeder Sub-Fund and the Master Fund are similar. The performance of the Feeder Sub-Fund and the Master Fund are similar deducting the Sub-Fund's Total Expense Ratio, with the exception of the assets of the Feeder Sub-Fund which will not be invested in the Master Fund. The SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) (the “Feeder Sub-Fund”) aims to outperform the Euro Stoxx Total Return index over a minimum investment period of five years.

43

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 1 - General information (continued) Investment objective (continued): The SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) (the “Feeder Sub-Fund”) aims to outperform the Barclays Capital Euro Corporate ex-Financial Bond index over a minimum investment period of five years, and within a sensitivity range of 0 to +5. The SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) (the “Feeder Sub-Fund”) aims to achieve a significant return over a minimum recommended investment horizon of five years through a careful selection of European and International equities and an opportunistic and discretionary variation in the portfolio’s exposure to equity markets. The Feeder Sub-Fund will invest more than 95% of its total net exposure in the Master Fund and will look for a 100% exposure to the Master Fund, depending of the cash needed for ancillary purposes. Investment policy of the Master Fund: The Master Fund of SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG): The objective of the Master Fund of SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG), which is classified as “euro zone equities” is to outperform over a recommended minimum investment horizon of five years the Euro Stoxx Total Return index (with dividends reinvested), via the careful selection of euro zone equities. The Master Fund’s investment strategy is based on a portfolio exposure of 60% to 100% to Euro zone equities. These equities are selected based on a thorough fundamental analysis of companies, without sector or capitalisation restrictions. The portfolio can therefore be exposed up to 100% to small cap equities. It aims to identify quality companies whose market valuation is not representative of their intrinsic value as determined by the management team. The Master Fund of SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG): The objective of the Master Fund of SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG), is to continually expose the Portfolio between 60% and 100% (with a maximum of 20% to public issuers and equivalent) to Euro denominated bonds (including convertible bonds) and other debt or money market securities issued by public or private issuers. In addition, the portfolio may be exposed up to 40% to fixed income derivatives listed on international regulated markets or traded over the counter (including Credit Default Swaps for hedging purposes only) to adjust the sensitivity of the portfolio without allowing any overexposure. Indirect exposure to stocks, gained through convertible bonds will be limited to 10% of assets.

Range of interest rate sensitivity Geographical area of securities issuers Min 0 Euro zone: Min 75% / Max 100% Max 5 World (including emerging markets):

Min 0%/Max 25% The Master Fund of SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG): The objective of the Master Fund of SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG), is to achieve a significant return over a minimum recommended investment horizon of five years through a careful selection of European and International equities and an opportunistic and discretionary variation in the portfolio’s exposure to equity markets. The Master Fund’s portfolio is allocated between various asset classes on a discretionary basis by the management team as a function of its expectations and outlook for the equity markets. In any case, PEA-eligible financial instruments must at all times account for at least 75% of the Fund’s net assets. Note 2 - Principal accounting methods The financial statements of the Company are established in accordance with the regulatory provisions and accounting practices generally accepted in the Grand Duchy of Luxembourg. 2.1 Consolidation of the different Sub-Funds The combined financial statements of SYCOMORE FUND SICAV are expressed in euro and are equal to the sum of the corresponding accounts in the financial statements of each Sub-Fund converted into euro at the exchange rate prevailing at the end of the financial year. 2.2 Conversion of foreign currencies The reference currency of the Fund is EURO and the combined statements, financial statements and accounting are expressed in that currency. Assets and Liabilities denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund at the exchange rate prevailing on the closing date. Income and expenses in currencies other than that of the sub-fund are converted into the currency of the sub-fund at the exchange rate prevailing on the date of the transactions. Foreign exchange gains and losses resulting from this conversion are recorded in the Statement of Operations and Changes in net Assets.

44

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 2 - Principal accounting methods (continued) 2.3 Securities portfolio Securities officially listed on a stock market or traded on a regulated, recognised market that is functioning normally and open to the public, shall be valued at the last known closing price, and if this security is traded on several markets the last known closing price in this security’s main market. If the last known price is unrepresentative, the valuation shall be based on the probable market value, estimated conservatively and in a good faith. Unlisted securities and money market instruments and securities not traded on a stock market or on a regulated, recognised market that is functioning normally and open to the public, shall be valued on the basis of their probable market value, estimated conservatively and in good faith. Units of UCITS and/or other investment funds shall be valued at their last known net asset value per share. 2.4 Income Interests are accrued on a daily basis. Dividends are recorded on the date when the shares are listed for the first time “ex-dividend”. 2.5 Formation expenses The Company will bear the formation and launching expenses incurred on behalf of, or in connection with, the formation of the Fund and the launching of the sub-funds. These expenses will be written off over a period not exceeding five years. 2.6 Pooling of assets During the year a part of the assets of one or more sub-funds are co-managed with all or part of the assets of other sub-funds of the Company. Assets shall be co-managed in accordance with the respective investment policy of the relevant Parties to the Co-Managed Assets, each of which being identical or comparable in their objectives. As at December 31, 2018, one or more sub-funds are co-managed with all or part of the assets of other sub-funds of the Company. 2.7 Realised gains and losses on sales of investments in securities Investments in securities are accounted for on trade date basis. Realised gains and losses on sales of investments in securities are calculated on the average cost basis.

45

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 3 - Management fees The Investment Manager (Sycomore Asset Management) receives management fees corresponding to a rate per annum of the average NAV of each sub-fund as indicated below: Sub-Fund Category Class Management fee max SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS I - EUR C 2.00% SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS R - EUR C 2.50% SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS I - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS R - EUR C 2.00% SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS X - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK I - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK R - EUR C 2.00% SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK X - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK CS - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE I - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE ID - EUR D 1.00% SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE R - EUR C 2.00% SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE X - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) I - EUR C - SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) ID - EUR D - SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) R - EUR C 1.00% SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE (LUXEMBOURG) RD - EUR D 1.00% SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) I – EUR C - SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) ID - EUR D - SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) R - EUR C 0.60% SYCOMORE FUND SICAV - SYCOMORE SELECTION CREDIT (LUXEMBOURG) RD - EUR D 0.60% SYCOMORE FUND SICAV - SYCOMORE PARTNERS (LUXEMBOURG) I - EUR C - Note 4 - Depositary fees and Administration fees The Depositary and Administration Agent receive from the sub-funds a quarterly fee in relation to their services in accordance with usual practice in Luxembourg. Note 5 - Performance fee SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS A performance fee may be charged, based on comparison of the performance of the sub-fund, over the fund’s financial year, and the MSCI Emerging Markets Equity Total Return Net (expressed in EUR). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Fund’s financial year, the performance of the sub-fund, whether positive or negative, is superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the Fund’s financial year, the performance of the sub-fund is inferior to the benchmark, no performance fee will be charged. If, over the Fund’s financial year, the performance of the sub-fund, since the beginning of the Fund’s financial year, is superior to the benchmark calculated over the same period, whether positive or negative, a provision will be posted for that out-performance upon calculation of the sub-fund’s NAV. In the case of an under-performance of the sub-fund in relation to the benchmark between two net asset values, the provision will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. The performance fee will only be definitely charged at the close of each financial year if, over the Fund’s past financial year, the performance of the sub-fund was superior to the benchmark, whether positive or negative.

46

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 5 - Performance fee (continued) In addition, if shares were redeemed (or converted into other shares of any class of the same sub-fund or any class of another existing sub-fund) during the reference period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Management Company. As at December 31, 2018, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS and amounts to EUR 59,055.11. SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS A performance fee may be charged, based on a comparison of the performance of the sub-fund, over the Fund’s financial year, and the benchmark, MSCI Daily Net TR Europe Index (expressed in Euros). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Fund’s financial year, the performance of the sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the Fund’s financial year, the performance of the sub-fund is inferior to the benchmark, no performance fee will be charged. If, over the Fund’s financial year, the performance of the sub-fund, since the beginning of the Fund’s financial year, is positive and superior to the benchmark calculated over the same period a provision will be posted for that out-performance by way of performance fee on calculation of the sub-fund’s NAV. In the case of an under-performance of a the sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. The performance fee will only be definitively charged at the close of each financial year if, over the Fund’s past financial year, the performance of the sub-fund was positive and superior to the benchmark. In addition, if shares were redeemed (or converted into other shares of any class of the same sub-fund or any Class of another existing sub-fund) during the reference period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2018, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS and amounts EUR 459.95. SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK A performance fee may be charged, based on a comparison of the performance of the sub-fund, from the first bank business day of October to the last bank business day of September (the “Calculation period”), and the benchmark, Euro Stoxx Total Return Index (expressed in Euros). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Calculation period, the performance of the sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the Calculation period, the performance of the sub-fund is negative or inferior to the benchmark, no performance fee will be charged. If, over the Calculation period, the performance of the sub-fund, since the beginning of the Calculation period, is positive and superior to the benchmark calculated over the same period, a provision will be posted for that out-performance by way of performance fee on calculation of the sub-fund’s NAV. In the case of an under-performance of a the sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. In addition, if shares were redeemed (or converted into other shares of any class of the same sub-fund or any class of another existing sub-fund) during the Calculation period, and for those shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2018, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK and amounts to EUR 523.47.

47

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 5 - Performance fee (continued) For this sub-fund, a performance fee was accrued only for the following shares: - Category “R” (20% over the Euro Stoxx Total Return) - Category “I” (20% over the Euro Stoxx Total Return) SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE A performance fee may be charged, based on a comparison of the performance of the sub-fund, from the first bank business day of October to the last bank business day of September (the “Calculation period”), and the benchmark, Stoxx 600 Total Return Index (expressed in Euros). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Calculation period, the performance of the sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the Calculation period, the performance of the sub-fund is negative or inferior to the benchmark, no performance fee will be charged. If, over the Calculation period, the performance of the sub-fund, since the beginning of the Calculation period, is positive and superior to the benchmark calculated over the same period, a provision will be posted for that out-performance by way of performance fee on calculation of the sub-fund’s NAV. In the case of an under-performance of a the sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. In addition, if shares were redeemed (or converted into other shares of any class of the same sub-fund or any class of another existing sub-fund) during the Calculation period, and for those shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2018, no performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE. For this sub-fund, a performance can be accrued only for the following shares: - Category “R” (20% over the Stoxx 600 Total Return); - Category “I” (20% over the Stoxx 600 Total Return). Note 6 - Taxation The Company is subject to the Luxembourg tax laws. In accordance with current legislation and regulations, the Company is liable for subscription tax at the annual rate of 0.05% (except for the share classes reserved for institutional investors, which qualify for the reduced annual tax rate of 0.01% as specified in each sub-fund schedule), assessed and payable quarterly, based on the net value of the Company’s assets at the end of the quarter in question. No duties or taxes shall be payable in Luxembourg on issues of the Company’s shares except for the fixed duty payable at the time of incorporation, covering the raising of capital. The amount of this duty is EUR 1,250 or its equivalent in another currency. Income received by the Company from abroad may have been subject to withholding tax in the country of origin, and is consequently received by the Company after deduction of said withholding tax. No stamp duty or other tax is currently payable in Luxembourg on the issue of shares by the Company.

48

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 7 - Exchange rates as at December 31, 2018 The exchange rates used for the translation of the SICAV’s assets and liabilities not denominated in EUR are as follows:

1 Australian Dollar (AUD) = 0.615839 Euro (EUR)

1 Indonesian Rupiah (IDR) = 0.000061 Euro (EUR) 1 Brazilian Real (BRL) = 0.225703 Euro (EUR)

1 South Korean Won (KRW) = 0.000784 Euro (EUR)

1 Canadian Dollar (CAD) = 0.640492 Euro (EUR)

1 Norwegian Krone (NOK) = 0.101023 Euro (EUR) 1 Swiss Franc (CHF) = 0.887390 Euro (EUR)

1 Polish Zloty (PLN) = 0.232853 Euro (EUR)

1 Czech Koruna (CZK) = 0.038855 Euro (EUR)

1 Romanian Leu (RON) = 0.214820 Euro (EUR) 1 Danish Krone (DKK) = 0.134004 Euro (EUR)

1 Russian Rubble (RUB) = 0.012610 Euro (EUR)

1 Great Britain Pound (GBP) = 1.114144 Euro (EUR)

1 Swedish Krone (SEK) = 0.098668 Euro (EUR) 1 Hong Kong Dollar (HKD) = 0.111730 Euro (EUR)

1 Turkish Lira (TRY) = 0.164434 Euro (EUR)

1 Hungarian Forint (HUF) = 0.003117 Euro (EUR)

1 US Dollar (USD) = 0.874776 Euro (EUR) 1 Indian Rupee (INR) = 0.012530 Euro (EUR)

Note 8 - Transaction costs The Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. Note 9 - Changes in the composition of the securities portfolio The list of changes in the composition of the portfolio is available to shareholders at the office of the Depositary Bank and at the registered office of the SICAV. Note 10 - Subsequent event Emerci Préaubert, Président Directeur Général of Sycomore Asset Management has been appointed as Chairman of the board of directors during January 2019, but this change is still under approval of CSSF.

49

SYCOMORE FUND SICAV Notes to the Financial Statements as at December 31, 2018 Note 11 - Master - Feeder

Feeder Fund Share class of the Master Fund

% of share class of the

Master Fund held by

Feeder Fund

% of total assets of the Master Fund

held by the Feeder Fund

Total fees* of ID share of the

Master Fund In % of the

Average NAV

Total fees of the Feeder

Fund In % of the Average

NAV

Total fees* of ID shares of

the Master Fund and the Feeder Fund

In % of the Average NAV

SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE

SYCOMORE SELECTION RESPONSABLE Share class "ID"

6.32% 0.60% 1.00% 0.00% 1.00%

(LUXEMBOURG) - share class “IC” SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE


19.81% 1.87% 1.00% 0.00% 1.00%

(LUXEMBOURG) - share class “ID” SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE


10.22% 0.96% 1.00% 1.00% 2.00% (LUXEMBOURG) - share class “RC” SYCOMORE FUND SICAV - SYCOMORE SELECTION RESPONSABLE


9.13% 0.86% 1.00% 1.00% 2.00% (LUXEMBOURG) - share class “RD”

SYCOMORE FUND SICAV – SYCOMORE SELECTION CREDIT

SYCOMORE SELECTION CREDIT share classe ID

33.85% 0.00% 0.60% 0.00% 0.60% (Luxembourg) – share class « IC »

SYCOMORE FUND SICAV – SYCOMORE SELECTION CREDIT

SYCOMORE SELECTION CREDIT share classe ID

2.74% 0.00% 0.60% 0.00% 0.60% (Luxembourg) – share class « ID » SYCOMORE FUND SICAV – SYCOMORE SELECTION CREDIT SYCOMORE

SELECTION CREDIT share classe ID

0.42% 0.00% 0.60% 0.60% 1.20% (Luxembourg) – share class « RC »

SYCOMORE FUND SICAV – SYCOMORE SELECTION CREDIT SYCOMORE

SELECTION CREDIT share classe ID

3.04% 0.00% 0.60% 0.60% 1.20% (Luxembourg) – share class « RD »

SYCOMORE FUND SICAV – SYCOMORE PARTNERS SYCOMORE

PARTNERS, share class “IBD”

27.13% 0.40% 1.00% 0.00% 1.00% (Luxembourg) – share class « I »

* Total fees excluding the Master Fund’s performance fees. The prospectus, annual reports and most recent interim documents, as well as other practical information of the Master Fund are available on our website www.sycomore-am.com or on written request from: SYCOMORE AM – Service clients – 14, avenue Hoche, 75008 Paris, France.

50

SYCOMORE FUND SICAV

Additional Information (unaudited)

Global risk exposure

The Risk Management Process complies with the CSSF circular 11/512 and enables to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each sub-fund. The commitment approach is used for all the sub-funds of SYCOMORE FUND SICAV to determine the global exposure. Financial derivatives instruments are converted into their equivalent position in the underlying asset. The global risk exposure shall not exceed the sub-fund's net asset value.

Security Financing Transaction Regulation (SFTR)

During the year ending December 31, 2018, the Fund did not engage in transactions which are the subject of EU Regulation No 2015/2365 on the transparency of securities financing transactions and of reuse. Accordingly, no global, concentration or transaction data, or information on the reuse or safekeeping of collateral is required to be reported.

Remuneration policy

In accordance with the Directive 2009/65/EC and Article 11bis of the 2010 Law, the Management Company has established a remuneration policy for those categories of staff whose professional activities have a material impact on the risk profiles of the Management Company or the Sub-Funds. Those categories of staff includes any employees who are decision takers, fund managers, risk takers and persons who take investment decisions, control functions, senior management and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and decision takers. The remuneration policy is compliant and promotes a sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profiles of the Sub-Funds or with its Articles and which are in line with the obligation of the Management Company to always act in the best interests of the shareholders of the Company. The up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, is available at www.sycomore-am.com. A paper copy is available free of charge upon request at the Management Company’s registered office.

Total fixed remuneration of the entire Management Company's staff: EUR 5,139,961 Total variable remuneration for the entire Management Company's staff: EUR 2,570,000 Number of beneficiaries: 56, 30 of which are part of the Identified Staff* Total fixed and variable remuneration for the Identified Staff**: EUR 6,028,039

* The Identified Staff group includes employees who are likely to have an influence on the risk profile of a fund, namely executive management, investmentmanagement team members, heads of support or administrative functions (operations, marketing, legal, human resources), heads of control functions (compliance, internal control, risk control), and whose annual variable remuneration (excluding non-discretionary collective schemes) has exceeded a threshold previously set by the management company and declared as such to the French financial market regulator (Autorité des Marchés Financiers). ** The French "cadre" (executive) status applies to all Sycomore AM employees.

Remuneration policy of the investment manager delegated

Avaron

Fixed Remuneration, paid 2018

Variable Remuneration, non-deferred, cash, paid 2018

Variable Remuneration, paid, % of fixed remuneration

Variable Remuneration, cash, deferred

Material Risk Takers 166,192 9,200 6% 13,800 Employees 7 2 2

Total remuneration 431,802 19,800 5% 0 Employees 20 7 0

Comments and definitions on table above All amounts are initial for the financial year 2018 and not audited All amounts are in EUR All amounts are presented excluding social costs Due to the small size of the company no information is provided on a position level

Allard Partners

Total fixed remuneration for Allard Partners’s staff: EUR 64,708 Total variable remuneration for Allard Partners’s staff: EUR 23,847

JB Invest This remuneration policy was not made available to the fund.

51

http://www.sycomore-am.com/

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