Unit A FR0010286005 December 2017 SEXTANT PEA · Bonduelle, Crit, Synergie, Linedata and Tessi. 2018 remains very uncertain and even more unpredictable than usual, with equity markets

SEXTANT PEA

2017

A FR0010286005

ANNUAL REPORT

Unit

December 2017

Sextant PEA’s fourth-quarter 2017 performance was -2.3% versus a

benchmark index that was unchanged. Sextant PEA ended 2017 up

13.4%, in line with the CAC All Tradable NR. The gains were achieved in

the first half, as the second part of the year was mixed.

The fund’s three-year volatility is far lower than that of the index: 8.6%

versus 17.1%. Net assets amount to €488 million. The French small

caps segment has stabilized since the summer at historically high

levels.

We continued to take advantage of favourable conditions to diversify the

fund in terms of geography, size and sector. France’s share notably

shrank from 58% to 50% of assets invested in the second half. Sextant

PEA’s profile is now multi-cap and mixed between France and

international.

EasyJet was among our outperformers in both Q4 and full-year 2017.

The airline has tightened its grip on Europe’s skies, both by acquiring

companies in difficulty and by means of organic growth. VIP Shop, a

Chinese version of Ventes-Privées, saw its share price soar in

December when two large rivals became shareholders. Mytilineos, a

Greek construction company that we « inherited » following an all-share

bid for subsidiary METKA in which we had a large stake, has significant

potential in 2018. Sextant PEA also acquired a major position in the

Bolloré/Odet/Vivendi trio which performed well towards the year-end

and is also one of our hopes for the current year. Hello Fresh, a

German food delivery company, was IPOed recently and the share

price has risen 20% after just a few weeks.

The most notable underperformer was Criteo, one of Sextant PEA’s

largest positions which lowered the fund’s performance by two points in

Q4. Criteo was hit by a change of marketing policy at Apple, which

simply blocked advertising retargeting – Criteo’s core business. The

stock market reaction was very severe, but we have decided to

maintain our position after the setback as Criteo’s unique technology

makes it an ideal target in a world where concentration is inevitable for

Tier 2 players striving to compete with the internet giants.

Other negative contributors included Parrot, which gave back its first-

half gains in the second part of the year. Parrot has attractive assets

that are undervalued, as the company has not yet demonstrated its

ability to emerge as a strong leader in the professional drones segment.

Guillin consolidated an exceptional five-year run following a first-half

publication that showed an (expected) decrease in the gross margin

due to higher plastics prices.

Our new positions include ILIAD (Free) which weighs 2.3% of the fund

and which launched an offensive in Italy in 2017. A success is not yet

reflected in the share price, although we estimate that the value of the

position in France is above the current capitalisation. We acquired a

position in Hello Fresh during the IPO, and one in Mitsubishi

Loginext, a Japanese forklift company. We have strengthened our

position in global travel ratings specialist TripAdvisor, and we initiated

positions in video games distributor Gamestop and in ShowroomPrivé,

which is undervalued following a third profit warning and a merciless

market sanction towards the year-end.

We have reduced our position in Derichebourg after an exceptional

one-year run. Potential remains considerable if the company can find

good acquisition opportunities, but the valuation is no longer attractive

and the sector is cyclical. We also lightened our positions in

Bonduelle, Crit, Synergie, Linedata and Tessi.

2018 remains very uncertain and even more unpredictable than usual,

with equity markets fully priced (especially the US market, which tends

to set the global trend) and bond markets (often the source of trouble)

clearly in bubble territory. On a positive note, growth appears to have

taken root in Europe and confidence has returned to levels not seen for

over 10 years, especially in France since the spring. There is,

therefore, a strong possibility of good news on the corporate earnings

front. Well-managed companies with sound balance sheets that allow

them to make shrew acquisitions funded with historically low interest

rates are well-placed to surprise positively.

Performances

Sextant PEA (A) CAC All Tradable NR

1 month 0,5% -0,6%

3 months -2,3% 0,0%

6 months -1,1% 4,3%

1 year 13,6% 13,3%

3 years 67,2% 36,0%

5 years 166,7% 71,5%

10 years 117,4% 39,5%

15 years 763,8% 179,4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sextant PEA (A) 21,7% -58,4% 61,8% 18,3% -11,6% 15,7% 39,3% 14,5% 22,4% 20,2%

CAC All Tradable NR 3,1% -40,9% 29,0% 3,2% -13,8% 19,8% 22,5% 3,0% 11,7% 7,4%

13,6%

13,3%

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Amiral Gestion 103 rue de Grenelle - 75007 Paris +33 (0)1 47 20 78 18 +33 (0)1 40 74 35 64 www.amiralgestion.com

Asset management company authorised by the Financial Markets Authority under the number GP-04000038 Insurance broker company registered with

ORIAS under the number 12065490 Simplified joint-stock company with capital of €629 983 RCS Paris 445 224 090 VAT: FR 33 445 224 090

€465

1 2 3 4 5 6 7

/ /

/ /

A

FR0010286005

SEXTANT PEAANNUAL REPORT

Distribution by capitalisation size Weight of the main holdings

Distribution of holdings by sector Geographical distribution of holdings

Main holdings

Name Sector Country Net asset % Contribution to quarterly

performance

Rocket Internet Media / Internet Germany 5,8% -13 bps

Vivendi Communication France 5,0% 22 bps

Criteo Media / Internet France 4,3% -199 bps

Easyjet Transport United Kingdom 3,6% 49 bps

Viel & Cie Finance France 2,9% -2 bps

Index

3-years volatilityFund 8,5%

Index 16,2%

Risk Profile

NAV Net assets 1 019,58 € 464,38 M€

Number of lines 99

Average median cap. of

equities

9 298 M€ 1 363 M€

Main contributions to performance

Name Name

Easyjet 49 bps

Vipshop 47 bps

Mytilineos 22 bps

Vivendi 22 bps

HelloFresh 22 bps

Name Contrib.

Criteo -199 bps

Parrot -39 bps

Groupe Guillin -32 bps

Groupe Crit -28 bps

TripAdvisor -19 bps

Main characteristics

Share category Unit all subscribers

ISIN code

Bloomberg code AMSEPEA FP

AMF classification "International Equities" UCITS

Index CAC All Tradable NR

Net Asset Value Daily based on prices at market close

Custodian CACEIS Bank

Transfert agent CACEIS Bank

Launch date Fund 18/01/2002 Unit 18/01/2002

Recommended investment

duration

Over 5 years

Tax provisionsEligible for PEA (French personal equity

savings plan)

Entry charge 2,00%

Exit charge 1,00%

Fixed management fee 2,20% including taxes

Performance fee15% including taxes from the fund

performance, above 5% per year

Source : Amiral Gestion at 29/12/2017

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Notice

This commercial document aims to present the characteristics of the fund on a simplified basis. For further information, you may refer to the key information

document for investors and to the prospectus, which are legal documents available on the management company's internet site or by request to the

management company. The performances shown are not a reliable guide to future performance. Performance may vary over time.

Amiral Gestion 103 rue de Grenelle - 75007 Paris +33 (0)1 47 20 78 18 +33 (0)1 40 74 35 64 www.amiralgestion.com

Asset management company authorised by the Financial Markets Authority under the number GP-04000038 Insurance broker company registered with

ORIAS under the number 12065490 Simplified joint-stock company with capital of €629 983 RCS Paris 445 224 090 VAT: FR 33 445 224 090

ANNUAL REPORT December 2017

SEXTANT PEA

Additional information

Main changes made during the financial year, or forthcoming Since 21 July 2017: - It is no longer possible to acquire registered shares in the fund - Change of settlement/delivery date, so that settlement of subscriptions and redemptions will take place two (and not three) working days after valuation of shares. Change to the prospectus and/or KIID Precision regarding the possible use of futures such as forex futures or swaps. Share of assets invested in securities eligible for an equity-saving plan (PEA): 79.55% Cash holdings at end of financial year: -0.30% Percentage of the portfolio divestible in more than 30 days: 20-30% - Liquidity is controlled by the Density Technologies portfolio tracking tool. Frequency of transactions (rotation rate): 70.33% Possible steps taken by the custodian to exonerate himself from responsibility: NA Policy for selecting intermediaries: As a fund management company, Amiral Gestion selects service providers whose execution policy makes it possible to obtain the best possible result when orders are placed for its UCITs or clients. The company also users service providers that help with investment decisions and execution of orders. The policy is available on the Amiral Gestion website: www.Amiralgestion.com. Commission: Information about commission is available on the Amiral Gestion website: www.Amiralgestion.com. Policy of use of voting rights In accordance with article 321-132 of the AMF’s General Regulation, Amiral Gestion has drawn up a policy for the exercise of voting rights attached to the shares held by mutual funds that it manages. This policy is available on the Amiral Gestion website: www.amiralgestion.com. A report on voting right is available on request from the fund management company. Criteria concerning the Environment, Social issues and Governance quality (ESG): Amiral Gestion does not simultaneously consider social, environmental and governance quality (ESG) criteria when deciding to buy or divest securities. However, Amiral Gestion does take account of extra-financial criteria in its investment policy. A quality rating is attributed to each investment based on qualitative criteria such as governance quality (respect for minorities, training, employee profit-sharing, quality of relations with suppliers etc) and respect for social and environmental objectives, even if this is not specifically a SRI policy. The policy describing the criteria for respect of social, environmental and governance quality issues is available on the Amiral Gestion website: www.amiralgestion.com Method for calculating global risk: The method for assessing the global risk for SEXTANT PEA is the commitment calculation method. Remuneration policy: Amiral Gestion implements a remuneration policy that respects the requirements of the AIFM and UCITS V directives and the ESMA guidelines. This remuneration policy is coherent and promotes sound and efficient risk management and does not encourage risk-taking that would be incompatible with the risk profiles, the regulations and the constitution documents of the mutual funds that it manages. This policy is also tailored to the interests of the mutual funds and their investors. Amiral Gestion employees are remunerated on a fixed and a variable basis. However, the variable part remains marginal relative to the overall remuneration paid to persons who have been identified as risk-takers or equivalent, as defined by the regulations.

http://www.amiralgestion.com/




All employees benefit from profit-sharing and an incentive scheme. All employees are also Amiral Gestion shareholders. Their shareholdings rise gradually and depend on each person’s contribution to the company. As a result, the interests of Amiral Gestion investors and employees are aligned: the objective being to achieve the best possible long-term performance and to sustain the company. All company employees have a direct interest in the success of its funds and the company results, in order to discourage any dangerous risk-taking.

Breakdown of remuneration paid in 2017

Type of remuneration Category of employee

No. of employees

Fixed remuneration Total variable remuneration per category

Managers and others who have a direct impact on the risk profile or an equivalent remuneration

16

Maximum €100,000*

- Incentive scheme

- Dividends

- €266K in bonuses

Compliance, Managers (non-fund) and department heads

3

Maximum €100,000

- Incentive scheme

- Dividends

- €50K

Other employees and non-risk takers 10

€35,000 to €100,000 - Incentive scheme

- Dividends

- €138K

* Except for one employee, in whose case a regularisation was necessary

Full details of Amiral Gestion’s remuneration policy are available on request, by simply writing to your manager at AMIRAL GESTION, 103 rue de Grenelle, 75007 Paris

Transparence of transactions involving securities and re-use of financial instruments – SFTR regulation – in the currency of the mutual fund (EUR): During the financial year, the fund made no transactions that were subject to SFTR regulations. Amount of leverage available to the fund: Nil Full details of Amiral Gestion’s remuneration policy, as well as total remunerations paid during the financial year, broken down according to the regulatory criteria, are available on request by simply writing to your manager at AMIRAL GESTION, 103 rue de Grenelle, 75007 Paris

https://maps.google.com/?q=103+rue+de+Grenelle,+75007+Paris&entry=gmail&source=g



Warning For more information, please refer to the Key Investor Information Document (KIID), the prospectus, and the relevant legal,

Documents which are available on the company website or on request to the fund management company.

Past performances are not a guide to future performances and are not constant over time.

Amiral Gestion - 103 rue de Grenelle - 75007 Paris - T. +33 (0)1 47 20 78 18 - F. + 33 (0)1 40 74 35 64 - www.amiralgestion.com

A portfolio management company approved by the AMF under the number GP-04000038 / An insurance brokerage company registered with the ORIAS under the number 12065490 /

A simplified joint stock company with share capital of €629,983 – Paris Company Registry: 445 224 090 - VAT: FR 33 445 224 090

SEXTANT PEA

ANNUAL ACCOUNTS

12/29/17

SEXTANT PEA : ANNUAL ACCOUNTS 12/29/17

BALANCE SHEET - ASSET ON 12/29/17 IN EUR

Fixed Assets, net 0.00 0.00

12/29/17 12/30/16

Deposits 0.00 0.00

Financial instruments 465,759,444.40 339,245,891.22

Equities and similar securities 429,387,644.93 332,726,116.59

Traded in a regulated market or equivalent 429,387,644.93 332,726,116.59

Not traded in a regulated market or equivalent 0.00 0.00

Bonds and similar securities 1,129,999.89 4,557,450.82

Traded in a regulated market or equivalent 1,129,999.89 4,557,450.82


Credit instruments 0.00 0.00

Traded in a regulated market or equivalent 0.00 0.00

Negotiable credit instruments (Notes) 0.00 0.00

Other credit instruments 0.00 0.00


Collective investment undertakings 34,543,430.29 1,836,561.65

General-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countries

34,543,430.29 1,836,561.65

Other Funds intended for non-professionals and equivalents in other EUMember States

0.00 0.00

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

0.00 0.00

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

0.00 0.00

Other non-European entities 0.00 0.00

Temporary transactions in securities 0.00 0.00

Credits for securities held under sell-back deals 0.00 0.00

Credits for loaned securities 0.00 0.00

Borrowed securities 0.00 0.00

Securities sold under buy-back deals 0.00 0.00

Other temporary transactions 0.00 0.00

Hedges 698,369.29 125,762.16

Hedges in a regulated market or equivalent 698,369.29 125,762.16

Other hedges 0.00 0.00

Other financial instruments 0.00 0.00

Receivables 2,577,499.41 5,185,675.62

Forward currency transactions 0.00 0.00

Other 2,577,499.41 5,185,675.62

Financial accounts 4,063,370.40 16,787,973.11

Cash and cash equivalents 4,063,370.40 16,787,973.11

Total assets 472,400,314.21 361,219,539.95


BALANCE SHEET - LIABILITIES ON 12/29/17 IN EUR

Shareholders' funds

12/29/17 12/30/16

Capital 330,810,360.69405,622,623.21

Allocation Report of distributed items (a) 0.000.00

Brought forward (a) 0.000.00

Allocation Report of distributed items on Net Income (a,b) 27,536,612.4667,084,855.00

Result (a,b) -8,604,898.54-8,359,668.02

Total net shareholders' funds (net assets) 349,742,074.61464,347,810.19

Financial instruments 125,762.1665,099.29

Transfers of financial instruments 0.000.00

Temporary transactions in securities 0.000.00

Sums owed for securities sold under buy-back deals 0.000.00

Sums owed for borrowed securities 0.000.00

Other temporary transactions 0.000.00

Hedges 125,762.1665,099.29

Hedges in a regulated market or equivalent 125,762.1665,099.29

Other hedges 0.000.00

Payables 10,977,051.117,122,159.59

Forward currency transactions 0.000.00

Other 10,977,051.117,122,159.59

Financial accounts 374,652.07865,245.14

Short-term credit 374,652.07865,245.14

Loans received 0.000.00

Total liabilities 361,219,539.95472,400,314.21

(a) Including adjusment(b) Decreased interim distribution paid during the business year


OFF-BALANCE SHEET ON 12/29/17 IN EUR

12/29/17 12/30/16

Hedges

Contracts in regulated markets or similar

Contracts intendeds

Dér XPAR FCE CA 0118 3,717,350.00 0.00

ES S&P 500 H7 0.00 6,042,351.27

SP 500 MINI 0318 1,114,257.16 0.00

XPAR FCE CAC 0117 0.00 4,960,260.00

OTC contracts

Other commitments

Other operations

Contracts in regulated markets or similar

Options

DJ EURO STOXX 50 01/2018 PUT 3400 38,008,188.60 0.00

OTC contracts

Other commitments


INCOME STATEMENT ON 12/29/17 IN EUR

12/29/17

Revenues from financial operations

12/30/16

0.34Revenues from deposits and financial accounts 0.00

6,738,853.83Revenues from equities and similar securities 3,291,260.59

308,775.44Revenues from bonds and similar securities 503,024.02

0.00Revenues from credit instruments 0.00

0.00Revenues from temporary acquisition and disposal of securities 0.00

0.00Revenues from hedges 0.00

0.00Other financial revenues 0.00

7,047,629.61Total (1) 3,794,284.61

Charges on financial operations

0.00Charges on temporary acquisition and disposal of securities 0.00

0.00Charges on hedges 0.00

1,761.65Charges on financial debts 1,323.29

0.00Other financial charges 0.00

1,761.65Total (2) 1,323.29

7,045,867.96Net income from financial operations (1 - 2) 3,792,961.32

0.00Other income (3) 0.00

14,683,794.77Management fees and depreciation provisions (4) 10,862,699.72

-7,637,926.81Net income of the business year (L.214-17-1) (1-2+3-4) -7,069,738.40

-721,741.21Revenue adjustment (5) -1,535,160.14

0.00Interim Distribution on Net Income paid during the business year (6) 0.00

-8,359,668.02Net profit (1 - 2 + 3 - 4 + 5 + 6) -8,604,898.54


NOTES TO THE ANNUAL ACCOUNTS

ACCOUNTING RULES AND METHODS The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended.

General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized exclusiveof costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months.

Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions.. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT); Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities:


Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price. Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs. The percentage of nominal capital charged is … % including taxes. Allocation of net profit: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts:

Distributable amounts Unit: Allocation of the net income Accumulation and/ or distribution and / or carry forward a

decision taken by the management


Allocation of the net realized gains and losses Accumulation and/ or distribution and / or carry forward a decision taken by the management


CHANGES IN NET ASSETS 12/29/17 IN EUR

12/29/17

349,742,074.61Net assets in start of period 178,970,557.63

12/30/16

204,062,152.97Subscriptions (including subscription fees received by the fund) 187,228,560.56

-140,369,843.60Redemptions (net of redemption fees received by the fund) -63,343,188.29

82,916,111.82Capital gains realised on deposits and financial instruments 28,435,824.74

-9,401,023.70Capital losses realised on deposits and financial instruments -6,994,890.71

950,532.59Capital gains realised on hedges 774,225.99

-7,082,911.54Capital losses realised on hedges -2,788,943.43

-1,861,650.33Dealing costs -1,105,131.39

-6,212,638.30Exchange gains/losses 1,251,446.27

501,535.93Changes in difference on estimation (deposits and financial instruments) 34,433,336.34

74,419,417.25Difference on estimation, period N 73,917,881.32

-73,917,881.32Difference on estimation, period N-1 -39,484,544.98

-1,258,603.45Changes in difference on estimation (hedges) -49,984.70

-1,302,161.29Difference on estimation, period N -43,557.84

43,557.84Difference on estimation, period N-1 -6,426.86

0.00Net Capital gains and losses Accumulated from Previous business year 0.00

0.00Distribution on Net Capital Gains and Losses from previous business year 0.00

-7,637,926.81Net profit for the period, before adjustment prepayments -7,069,738.40

0.00Allocation Report of distributed items on Net Income 0.00

0.00Interim Distribution on Net Income paid during the business year 0.00

0.00Other items 0.00

464,347,810.19Net assets in end of period 349,742,074.61

2.


FURTHER DETAILS3.

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL ORCOMMERCIAL TYPE

3.1.

Amount %

Assets

Bonds and similar securities

Convertible bonds traded on a regulated or similar market 616,830.37 0.13

Fixed-rate bonds traded on a regulated or similar market 513,169.52 0.11

Total bonds and similar securities 1,129,999.89 0.24

Credit instruments

Total credit instruments 0.00 0.00

Liabilities

Transactions involving transfer of financial instruments

Total transactions involving transfer of financial instruments 0.00 0.00

Off-balance sheet

Hedges

Equities 4,831,607.16 1.04

Total hedges 4,831,607.16 1.04

Other operations

Equities 38,008,188.60 8.19

Total other operations 38,008,188.60 8.19


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TYPE

3.2.

Fixed rate % Variable rate % Rate subject toreview % Other %

Assets

Deposits 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Bonds and similar securities 0.00 0.00 0.000.24 0.00 0.00 0.001,129,999.89

Credit instruments 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 4,063,370.400.00 0.00 0.00 0.880.00

Liabilities

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 865,245.140.00 0.00 0.00 0.190.00

Off-balance sheet

Hedges 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Other operations 0.00 0.00 0.000.00 0.00 0.00 0.000.00

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TIME TO MATURITY

3.3.

< 3 Months % ]3 Months - 1Year] % ]1 - 3 Years] % ]3 - 5 Years] % > 5 Years %

AssetsDeposits 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Bonds and similar securities 0.00 0.00 418,644.00 198,186.37 513,169.520.00 0.00 0.09 0.04 0.11

Credit instruments 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00Temporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 4,063,370.40 0.00 0.00 0.00 0.000.88 0.00 0.00 0.00 0.00

LiabilitiesTemporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 865,245.14 0.00 0.00 0.00 0.000.19 0.00 0.00 0.00 0.00

Off-balance sheetHedges 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

All hedges are shown in terms of time to maturity of the underlying securities.


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY LISTING OR VALUATION CURRENCY

3.4.

USD

%

GBP

%

JPY

%

Other currencies

%Amount Amount Amount Amount

Assets

Deposits 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Equities and similar securities 41,847,457.58 31,748,017.96 13,815,396.02 10,895,928.619.01 6.84 2.98 2.35

Bonds and similar securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Credit instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Mutual fund units 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Liabilities 42,561.31 87,800.74 3,756.26 0.000.01 0.02 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Liabilities

Transactions involving transfer of financial instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Financial accounts 865,245.14 0.00 0.00 0.000.19 0.00 0.00 0.00

Off-balance sheet

Hedges 1,114,257.16 0.00 0.00 0.000.24 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE3.5.

Sales deferred settlement 1,509,810.06

12/29/17

Receivables

Subscription receivable 566,121.04Deposits 265,922.52Coupons and dividends in cash 135,645.79Other receivables 100,000.00

Total receivables 2,577,499.41

Purchases deferred settlement 426,059.48Payables

Redemptions to be paid 655,457.44Management fees 797,638.72Variable management fees 5,243,003.95

Total of Payables 7,122,159.59


SHAREHOLDERS’ FUNDS3.6.

Number of units issued or redeemed3.6.1.

Units subscribed during the period 207,385.923 203,285,862.29

Net Subscriptions / Redemptions 65,243.207 63,488,772.89

SEXTANT PEA A

Units redeemed during the period -142,142.716 -139,797,089.40

Units subscribed during the period 1,676.511 776,290.68

Net Subscriptions / Redemptions 354.019 203,536.48

SEXTANT PEA Z

Units redeemed during the period -1,322.492 -572,754.20

Units Value

Subscription and/or redemption fees3.6.2.

Total of subscription fees received 0.00Total of redemption fees received 0.00

SEXTANT PEA A

Total of subscription and/or redemption fees received 0.00

Total of subscription fees received 0.00Total of redemption fees received 0.00

SEXTANT PEA Z

Total of subscription and/or redemption fees received 0.00

Value

MANAGEMENT FEES3.7.

12/29/17

SEXTANT PEA A

2.20Percentage of management charges9,433,409.55Fixed management fees

5,243,292.93Variable management fees0.00Trailer fees

0.00Underwriting commission

SEXTANT PEA Z

0.10Percentage of management charges7,092.29Fixed management fees

0.00Variable management fees0.00Trailer fees

0.00Underwriting commission


3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the fund :

None

3.8.2. Other commitments received and/or given :

None


FURTHER DETAILS3.9.

Stock market values of temporarily acquired securities3.9.1.

Securities held under sell-back deals 0.00Borrowed securities 0.00

12/29/17

Stock market values of pledged securities3.9.2.

Financial instruments pledged but not reclassified 0.00Financial instruments received as pledges but not recognized in the Balance Sheet 0.00

12/29/17

Group financial instruments held by the Fund3.9.3.

12/29/17Name of securityIsin code

Equities 0.00

Bonds 0.00

Notes 0.00

UCITS 0.00

Hedges 0.00


3.10.TABLE OF ALLOCATION OF THE DISTRIBUTABLE

Table of allocation of the distributable share of the sums concerned to profit(loss)

Distribution 0.00 0.00

Brought forward 0.00 0.00

Allocation

Capitalized -8,473,879.37 -8,695,960.72

Total -8,473,879.37 -8,695,960.72

12/29/17 12/30/16

Sums not yet allocated


Profit (loss) -8,359,668.02 -8,604,898.54

Total -8,359,668.02 -8,604,898.54

12/29/17 12/30/16

C0 SEXTANT PEA A



Allocation

Capitalized 114,211.35 91,062.18

Total 114,211.35 91,062.18

12/29/17 12/30/16

C2 SEXTANT PEA Z


Allocation

Capitalized 65,998,445.29 27,054,702.61

Total 65,998,445.29 27,054,702.61

12/29/17 12/30/16

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year 0.00 0.00

Total 67,084,855.00 27,536,612.46

Net Capital gains and losses of the business year 67,084,855.00 27,536,612.46

Allocation Report of distributed items on Net Capital Gains and Losses 0.00 0.00

12/29/17 12/30/16

C0 SEXTANT PEA A

Net capital gains and losses accumulated per share 0.00 0.00

Table of allocation of the distributable share of the sums concerned tocapital gains and losses



Allocation

Capitalized 1,086,409.71 481,909.85

Total 1,086,409.71 481,909.85

12/29/17 12/30/16

C2 SEXTANT PEA Z

Net capital gains and losses accumulated per share 0.00 0.00


TABLE OF PROFIT (LOSS) AND OTHER TYPICAL FEATURES OF THEFUND OVER THE PAST FIVE FINANCIAL PERIODS

3.11.

SEXTANT PEA A

Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

114,791,398.40

215,607.920

532.40

-25.68

Net Capital Gains and Losses Accumulatedper share in EUR 69.88

Net income Accumulated per share in EUR

142,817,572.34

234,217.432

609.76

-5.90

93.98

174,112,131.63

233,254.937

746.44

-19.65

114.03

343,423,250.29

382,732.725

897.29

-22.72

70.68

456,748,990.55

447,975.932

1,019.58

-18.91

147.32

SEXTANT PEA Z

Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

2,910,766.55

14,049.913

207.17

3.32

Net Capital Gains and Losses Accumulatedper share in EUR 27.19

Net income Accumulated per share in EUR

3,518,606.87

14,292.555

246.18

6.26

35.72

4,858,426.00

15,393.314

315.61

5.15

47.34

6,318,824.32

15,937.093

396.48

5.71

30.23

7,598,819.64

16,291.112

466.43

7.01

66.68

12/31/13

Global Net Assets in EUR 117,702,164.95

12/31/14

146,336,179.21

12/31/15

178,970,557.63

12/30/16

349,742,074.61

12/29/17

464,347,810.19


Equities and similar securities

Listed equities & similar securitieBELGIUM

ONTEX GROUP NV EUR 130,000 3,584,750.00 0.77

Currency Quantity Market value %Name of security

PICANOL EUR 72,496 6,720,379.20 1.45

TESSENDERLO EUR 287,233 11,170,491.37 2.40

TOTAL BELGIUM 21,475,620.57 4.62

CURACAOHUNTER DOUGLAS EUR 71,100 5,147,640.00 1.11

TOTAL CURACAO 5,147,640.00 1.11

FRANCEASSYTEM BRIME EUR 23,681 708,535.52 0.15

AUBAY EUR 36,300 1,255,980.00 0.27

BONDUELLE RTS EUR 95,000 0.00 0.00

BONDUELLE SA EUR 81,612 3,597,048.90 0.77

BOURSE DIRECT EUR 1,376,428 2,243,577.64 0.48

BURELLE SA EUR 6,296 7,995,920.00 1.72

CRCAM ALPES PROVENCE CCI EUR 1,500 148,530.00 0.03

CRCAM ATLANTIQUE VENDEE CCI EUR 6,700 803,933.00 0.17

CRCAM BRIE PICARDIE PROV.ECH. EUR 15,626 413,151.44 0.09

CRCAM D'ILLE-ET-VILAINE CCI EUR 10,487 891,395.00 0.19

CRCAM LOIRE HAUTE LOIRE CCI EUR 11,757 954,903.54 0.21

CRCAM MORBIHAN CCI EUR 10,812 748,190.40 0.16

CRCAM NORD FRANCE CCI EUR 220,108 4,802,756.56 1.03

CRCAM NORMANDIE SEINE CCI EUR 8,144 977,280.00 0.21

CRCAM TOULOUSE 31 CCI EUR 9,687 1,001,538.93 0.22

CRCAM TOURAINE ET POITOU CCI EUR 12,440 1,181,924.40 0.25

CRITEO ADR USD 914,000 19,812,974.68 4.27

DERICHEBOURG EUR 713,068 6,497,475.62 1.40

EXEL INDUSTRIES EUR 83,083 9,637,628.00 2.08

FINANCIERE DE L ODET EUR 4,500 4,436,775.00 0.96

GROUPE CRIT EUR 120,141 8,743,861.98 1.88

GROUPE FLO EUR 16,495,783 4,288,903.58 0.92

GROUPE GUILLIN EUR 171,798 5,909,851.20 1.27

ID LOGISTICS GROUP EUR 41,732 5,642,166.40 1.22

ILIAD EUR 52,303 10,447,524.25 2.25

INFOTEL EUR 21,738 1,161,896.10 0.25

INSTALLUX SA EUR 15,392 6,387,680.00 1.38

LECTRA EUR 30,040 755,506.00 0.16

LINEDATA SERVICES EUR 144,773 5,691,026.63 1.23

PORTFOLIO LISTING IN EUR3.12.


MGI COUTIER EUR 62,319 2,100,773.49 0.45


NANOBIOTIX EUR 346,667 5,141,071.61 1.11

PARROT EUR 1,402,579 12,370,746.78 2.66

SOPRA STERIA EUR 22,250 3,467,662.50 0.75

SRP GOUPE EUR 794,676 5,038,245.84 1.09

SYNERGIE EUR 231,694 10,167,891.19 2.19

TERREIS EUR 20,086 859,680.80 0.19

TESSI EUR 17,102 3,009,952.00 0.65

TRILOGIQ EUR 197,338 1,971,406.62 0.42

VIALIFE EUR 2,083 44,992.80 0.01

VIEL ET COMPAGNIE EUR 2,535,954 13,694,151.60 2.95

VIVENDI EUR 1,026,234 23,008,166.28 4.95

VOYAGEURS DU MONDE EUR 21,608 2,124,066.40 0.46

WAVESTONE EUR 44,177 5,446,582.33 1.17

YMAGIS EUR 506,660 4,276,210.40 0.92

1000MERCIS EUR 40,000 1,725,600.00 0.37

TOTAL FRANCE 211,585,135.41 45.56

GERMANYGFT TECHNOLOGIES EUR 133,000 1,734,985.00 0.37

HELLOFRESH AG EUR 477,742 5,685,129.80 1.22

ROCKET INTERNET AG EUR 1,271,000 26,849,875.00 5.79

SIXT PREF EUR 132,890 7,032,538.80 1.51

TOTAL GERMANY 41,302,528.60 8.89

GREECEELTECH ANEMOS EUR 1,980,178 3,069,275.90 0.66

FOURLIS HOLDING EUR 950,000 5,462,500.00 1.18

HELLENIC TECHNODOMIKI TEV SA EUR 1,200,000 1,944,000.00 0.42

MOTOR OIL HELLAS CORINTH REFINERIES EUR 558,715 10,492,667.70 2.26

MYTILINEOS EUR 1,333,057 12,184,140.98 2.62

PLAISIO COMPUTERS EUR 64,301 267,492.16 0.06

TOTAL GREECE 33,420,076.74 7.20

ILIAC TRACTS CAIMANESVIPSHOP HOLDINGS USD 890,000 8,686,542.31 1.87

TOTAL ILIAC TRACTS CAIMANES 8,686,542.31 1.87

ITALYCALTAGIRONE SPA EUR 224,131 676,427.36 0.15

DANIELI C.EPAR.NCV EUR 55,934 775,245.24 0.17

GRUPPO MUTUIONLINE SPA EUR 586,164 7,772,534.64 1.66

IGD IMMOBILIARE GRANDE DISTRIBUZIONE EUR 1,395,059 1,344,836.88 0.29


OPENJOBMETIS EUR 92,001 1,184,972.88 0.26


RENO DE MEDICI ORD.CAT.A EUR 5,187,553 2,622,308.04 0.56

SESA EUR 115,675 2,963,593.50 0.64

SOGEFI SPA EUR 150,000 601,500.00 0.13

TOTAL ITALY 17,941,418.54 3.86

JAPANDAIWA INDUSTRIES JPY 120,000 1,147,038.41 0.25

MITSUBISHI LOGISNEXT CO LTD JPY 375,000 2,766,686.80 0.60

TOYOTA INDUSTRIES CORP JPY 185,000 9,901,670.81 2.13

TOTAL JAPAN 13,815,396.02 2.98

NETHERLANDSBINCKBANK NV EUR 1,400,000 6,207,600.00 1.34

FORFARMERS NV EUR 165,000 1,722,600.00 0.37

TOTAL NETHERLANDS 7,930,200.00 1.71

PORTUGALIBERSOL SGPS ESCRITURAIS EUR 122,666 1,490,391.90 0.32

MOTA ENGIL SGPS SA EUR 855,000 3,131,865.00 0.67

NOVABASE SGPS EUR 42,973 131,024.68 0.03

TOTAL PORTUGAL 4,753,281.58 1.02

REPUBLIC OF KOREAHYUNDAI MOBIS KRW 18,000 3,682,566.64 0.79

TOTAL REPUBLIC OF KOREA 3,682,566.64 0.79

RUSSIASBERBANK OF RUSSIA OJSC PREF RUB 420,000 1,148,245.63 0.25

SBERBANK RUSSIA SPONS.ADR USD 95,000 1,347,310.13 0.29

TOTAL RUSSIA 2,495,555.76 0.54

SPAINDIA EUR 1,190,000 5,120,570.00 1.10

TECNICAS REUNIDAS EUR 83,800 2,217,348.00 0.48

TOTAL SPAIN 7,337,918.00 1.58

STOCKING STITCHSAFESTYLE UK PLC GBP 2,746,103 5,413,935.95 1.17

TOTAL STOCKING STITCH 5,413,935.95 1.17

SWEDENAHLSELL AB SEK 150,000 805,573.92 0.17

INDUTRADE AB SEK 60,000 1,364,593.40 0.30

TOTAL SWEDEN 2,170,167.32 0.47

SWITZERLANDRIETER HOLDING N.PROV.DIVISION CHF 9,857 2,003,157.37 0.43


VETROPACK HOLDING CHF 1,180 1,891,791.65 0.41

TOTAL SWITZERLAND 3,894,949.02 0.84


UNITED KINGDOMEASYJET GBP 1,010,000 16,657,916.97 3.59

ITE GROUP PLC GBP 2,300,000 4,709,344.90 1.01

JUDGES SCIENTIFIC PLC GBP 122,715 2,878,994.96 0.62

MATCHTECH GROUP P.L.C. GBP 458,449 1,570,729.48 0.34

PETROFAC LIMITED GBP 90,000 517,095.70 0.11

TOTAL UNITED KINGDOM 26,334,082.01 5.67

USAALPHABET- A USD 800 701,798.80 0.15

GAMESTOP CORP ACTION A USD 270,000 4,036,059.29 0.87

NEW YORK REIT INC USD 102,000 333,827.45 0.07

TRIPADVISOR USD 228,000 6,543,037.97 1.41

VAIL RESORTS INC USD 2,181 385,906.95 0.08

TOTAL listed equities & similar securities traded in a regulatedmarket or equivalent

429,387,644.93 92.46

Total equities & similar securities 429,387,644.93 92.46

TOTAL USA 12,000,630.46 2.58

Bonds and similar securities

Listed bonds and similar securitiesFRANCE

CBO TERRITORIA 6% 01/20 CV EUR 104,661 418,644.00 0.09

TOTAL FRANCE 418,644.00 0.09

GERMANYADLE REAL 2.5% 19-07-21 CV EUR 12,526 198,186.37 0.04

TOTAL GERMANY 198,186.37 0.04

SPAINBANCO DE CREDITO SOCIAL 7.75% 07-06-27 EUR 500,000 513,169.52 0.11

Total listed bond and similar securities 1,129,999.89 0.24

Total bonds and similar securities 1,129,999.89 0.24

TOTAL SPAIN 513,169.52 0.11

Collective investment undertakingsGeneral-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countriesFRANCE

AMUNDI SERENITE PEA Part ID EUR 5,142.784 33,966,215.32 7.32


TOCQUEVILLE GOLD-N EUR 9,388.6625 577,214.97 0.12

TOTAL General-purpose UCITS and alternative investment fundsintended for non-professionals and equivalents in othercountries

34,543,430.29 7.44

Total collective investment undertakings 34,543,430.29 7.44

TOTAL FRANCE 34,543,430.29 7.44


Hedges

Urgent commitments closedUrgent commitments firm on regulated or assimilated market

Dér XPAR FCE CA 0118 EUR -70 60,290.00 0.01

SP 500 MINI 0318 USD -10 -4,809.29 0.00

Total Firm urgent commitments 55,480.71 0.01

Total Firm urgent commitments on market reglemente 55,480.71 0.01

Commitments with conditional termsCommitments with conditional terms on regulated or assimilated

DJ EURO STOXX 50 01/2018 PUT 3400 EUR 5,555 633,270.00 0.14

TOTAL Commitments with conditional terms 633,270.00 0.14

Total hedges 688,750.71 0.15

TOTAL Commitments with conditional terms on regulatedmarket

633,270.00 0.14

Margin call

Appels marges C.A.I. USD 5,775 4,809.29 0.00

Appels marges C.A.I. EUR -60,290 -60,290.00 -0.01

Total margin call -55,480.71 -0.01

Receivables 2,577,499.41 0.56

Debts -7,122,159.59 -1.53

Financial accounts 3,198,125.26 0.69

Net assets 464,347,810.19 100.00

SEXTANT PEA A 447,975.932 1,019.58EURSEXTANT PEA Z 16,291.112 466.43EUR