74015 - ECHIQUIER MAJOR - 30-12-2011 - RA - EN by Financiere de l'Echiquier

MAZARS FCP ECHIQUIER MAJOR

Audited annual report As at December 30, 2011

FCP ECHIQUIER MAJOR 53, Avenue dâ&#x20AC;&#x2122;IENA 75116 PARIS

Audited annual report As at December 30, 2011

FCP ECHIQUIER MAJOR

Auditorâ&#x20AC;&#x2122;s report on annual accounts

Year ended December 30,2011

Pursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our report relative to the financial year closed on 30 December 2011 on : - the audit of the annual accounts of the Ă&#x2030;CHIQUIER MAJOR mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law. The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts. I â&#x20AC;&#x201C; Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year.

FCP ECHIQUIER MAJOR

II – Justification for our Assessments

Year ended December 30, 2011

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we hereby notify you of the following element: - our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as defined by regulation n° 2003-02 of the Accounts Regulation Committee. The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and therefore contributed to forming our opinion expressed in the first part of this report. III – Specific Information and Verifications In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the law. We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the annual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012 The Statutory Auditor

Mazars :

Gilles DUNAND-ROUX

FCP ECHIQUIER MAJOR

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

Net assets

Deposits

659 128 652,49

776 403 177,00

659 128 652,49

770 561 177,00

Traded on a regulated or similar market

Not traded on a regulated or similar market

Negotiable debt securities

Other debt securities

Not traded on a regulated or similar market

5 842 000,00

Listed SPE and investment funds

Non-listed SPE and investment funds

Receivables representing repurchase agreements

Receivables representing securities lendings

Borrowed securities

Repurchase agreements

Other temporary purchases and sales

Transactions on a regulated or similar market

Other transactions

4 952 919,23

4 972 168,99

4 952 919,23

4 972 168,99

10 951 124,17

49 697 128,77

10 951 124,17

49 697 128,77

675 032 695,89

831 072 474,76

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market Not traded on a regulated or similar market • BONDS AND SIMILAR SECURITIES

• DEBT SECURITIES Traded on a regulated or similar market

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS UCITS reserved for certain investors – VCF - Funds investing in futures and options

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

676 915 696,17

822 993 242,08

• Retained earnings

• Adjusted retained earnings

-4 862 591,70

-7 092 505,41

672 053 104,47

815 900 736,67

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

2 979 591,42

15 171 738,09

2 979 591,42

15 171 738,09

Cash credit

Borrowings

675 032 695,89

831 072 474,76

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS Transactions on a regulated or similar market Other transactions Debts

Foreign exchange forward contracts Other Financial accounts

Total liabilities

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

OFF-balance sheet 30.12.2011

31.12.2010

EUR

- Futures market (Futures)

- Options market (Options)

- Credit derivatives

- Swaps

- Contracts for Differences (CFD)

Currency

Hedging

• Commitments on regulated or similar markets

• OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) Other transactions

• Commitments on regulated or similar markets - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) 74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

INCOMEstatement 30.12.2011

31.12.2010

EUR

547,80

12 816 555,60

8 053 120,44

35 393,46

14 463,74

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

12 851 949,06

8 068 131,98

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

-47,92

-47,59

-47,92

-47,59

12 851 901,14

8 068 084,39

-17 925 605,99

-13 632 938,00

-5 073 704,85

-5 564 853,61

211 113,15

-1 527 651,80

-4 862 591,70

-7 092 505,41

Currency

Income from financial transactions

• Income from deposits and financial accounts • Income from equities and similar securities • Income from bonds and similar securities • Income from debt securities

Total (I) Expenses on financial transactions

• Expenses on financial debt • Other financial expenses Total (II) Profit/loss on financial transactions (I - II)

Other income (III) Management fees and depreciation expense (IV) Net income for the period (L.214-9) (I - II + III - IV)

Income adjustments for the period (V) Interim payments in terms of the period (VI) Income (I - II + III - IV +/- V - VI) :

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

74015

accountingrules and methods

The annual accounts are presented in the format set forth in CRC Regulation no. 2003-02 of 2 October 2003 relative to the chart of accounts for UCITS, amended by CRC Regulation no. 2005-07 of 3 November 2005 approved by the ministerial order of 26 December 2005. Asset valuation and accounting rules: V-1 - Asset valuation rules A – Valuation method • Financial instruments and securities traded on a regulated market are valued at market price. Notwithstanding this, the instruments below are valued using specific methods: - European equities and bonds are valued at the closing price, and foreign securities are valued at the last known price. - Debt securities and equivalent negotiable instruments which are not involved in significant transactions are valued using an actuarial method. The rate used is that applied for issues of equivalent securities plus or minus, where necessary, a differential representative of the intrinsic characteristics of the issuer. However, negotiable debt securities with a residual maturity of 3 months or less, in the absence of a particular sensitivity, may be valued using the straight-line method. - Negotiable debt securities with a maturity of less than 3 months are valued at the purchase negotiating rate. The amortisation of the premium or the discount is applied on a straightline basis over the term of the negotiable debt security. - Negotiable debt securities with a maturity of more than 3 months are valued at market rate. - Units or shares of funds are valued at the last known net asset value. - Securities coming under temporary purchase or sale agreements are valued in accordance with the regulations in force, based on the terms of the original agreement. • Financial instruments not traded on a regulated market are valued by the management company at their probable trading value. • Warrants or subscription certificates obtained free of charge during private placements or capital increases are valued as of their admission to a regulated market or the organisation of an over-the-counter market. • Contracts: - Futures are valued at the settlement price and options are valued on the basis of the vehicle used. - The market price for futures is equal to the price in EUR multiplied by the number of contracts. - The market price for options is equal to their conversion into the underlying equivalent. - Interest rate swaps are valued at market rate, in accordance with the contractual provisions. - Off-balance-sheet transactions are valued at market price. • Financial instruments for which a price has not been recorded on the valuation date, or for which the price has been adjusted, are valued at their probable trading value by the Board of Directors of the management company. The auditor will be provided with these valuations and their justification when it carries out its audits. B - Practical methods • Shares and bonds are valued on the basis of prices taken from the Finalim and Bloomberg databases, depending on their listing market. The research options are completed by Télékurs' "Fin’xs" and Reuters' "Securities 3000":

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

- Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day.

74015

- America : taken at 9 a.m. for a quotation at the closing price of D-1. taken at 4.45 p.m. for a quotation at the opening price of that day. - Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day. taken at 2.30 p.m. for a quotation at the opening price of that day. taken at 9 a.m. for a quotation at the price of D-1. - France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day. taken at 5.40 p.m. for a quotation at the closing price of that day. - Contributors : taken at 2 p.m. for a quotation subject to the availability of prices. • Positions on the futures markets at each net asset value are valued on the basis of the settlement prices of that day. Positions on the options markets at each net asset value are valued according to the principles used for the underlying. - Asia-Oceania : taken at 12 noon - America : taken at 9 a.m. on D+1 - Europe excluding France : taken at 7.30 p.m. - France : taken at 18 noon V-2 - Accounting method • The accounting method used for recording income from financial instruments is the 'coupons received' method. • The accounting method for recording transaction fees is exclusive of expenses. Methods for evaluating off-balance sheet commitments Off-balance sheet commitments are evaluated at their commitment value. The commitment value for futures contracts is equal to the price (in the currency of the UCIT) multiplied by the number of contracts multiplied by the nominal amount. The commitment value for options contracts is equal to the price of the underlying security (in the currency of the UCIT) multiplied by the number of contracts multiplied by the delta multiplied by the nominal amount of the underlying security. The commitment value for swap contracts is equal to the nominal amount of the contract (in the currency of the UCIT). Operating and management costs These fees cover all costs charged directly to the Fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transfer fees, if applicable, which may be levied by the custodian and the management company. The following fees may also be charged in addition to operating and management fees : - excess return fees. These are paid to the management company if the Fund exceeds its objectives. They are therefore charged to the Fund ; - transfer fees charged to the Fund ; - a share of income from the temporary acquisition and sale of securities. Outperformance commission calculation method: Variable management fees are charged and accrue to the management company on the following basis : • 20% incl. taxes of the performance above the benchmark. • The provision for variable management fees is adjusted each time net asset value is calculated, on the basis of 20% including taxes of the fund's outperformance against the STOXX EUROPE 600 index, calculated excluding dividends for GPF units and with dividends reinvested for I units. If the fund underperforms the benchmark, this provision is

Mutual Fund - Annual Report- Year ended : 30.12.2011

appendices

FCP ECHIQUIER MAJOR

74015

adjusted in the form of a reversal. A provision reversal may not exceed the value of the provision.

• Outperformance is calculated for the first time as of the dates that the Échiquier Major Gestione Patrimoniale in Fondi and Échiquier Major I units are launched, on the basis of a benchmark net asset value established on the same dates. • Variable management fees charged by the management company are paid annually, on the last trading day of December. The outperformance commission calculation period will be the financial year of the fund, with the exception of the first financial year of the units, for which the reference period will be the period between the unit creation date and the financial yearend date. Variable management fees are chargeable only if the net asset value at the end of the year is higher than the initial nominal value for the first year, and on the net asset value at the start of the year for subsequent years. In the event that a unit is redeemed and a provision for variable management fees exists, the part proportional to the units reimbursed is paid to the fund management company. Indication of accounting changes subject to special information to unit holders - Changes occurred : None. - Changes to occur: None. Indication and justification of changes in estimates and in application methods None. Indication of the type of errors that have been corrected during the period None. Indication of the rights and conditions attached to each unit category

Capitalisation of all income.

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

changesnet assets 30.12.2011

31.12.2010

EUR

Net assets at the beginning of the period

815 900 736,67

381 576 450,75

Subscriptions (including the subscription fee allocated to the UCIT)

390 865 007,48

477 813 363,11

-415 825 672,32

-176 173 589,49

Capital gains on deposits and financial instruments

63 586 700,27

56 031 426,32

Capital losses on deposits and financial instruments

-41 412 690,81

-15 592 887,16

Capital gains on forward financial instruments

Capital losses on forward financial instruments

-7 056 336,31

-6 547 946,63

5 730 870,47

10 849 048,68

-134 661 806,13

93 507 370,82

- Estimate difference – period N

-20 413 039,79

114 248 766,34

- Estimate difference – period N-1

114 248 766,34

20 741 395,52

- Estimate difference – period N

- Estimate difference – period N-1

-5 073 704,85

-5 564 853,61

Interim payment(s) during the period

Other items

2 353,88

672 053 104,47

815 900 736,67

Currency

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

Transaction fees

Foreign exchange differences

Changes in the estimate difference in deposits and financial instruments :

Changes in the estimate difference in forward financial instruments :

Prior period distribution

Net income for the period before adjustment accounts

Net assets at the end of the period

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

additionalinformation

3.1. Financial instruments : breakdown by legal or economic type of instrument 3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Indexed bonds

Convertible bonds

Fixed-rate bonds

Variable-rate bonds

Zero-coupon bonds

Investments

Other instruments

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds

Commercial Papers

Certificates of deposit

MTN

Other instruments

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument Disposals of repurchase Disposals of borrowed Disposals of acquired agreements securities repurchase agreements

Short sales

Equities

Bonds

Debt securities

Other instruments

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

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

Equities

Foreign Exchange

Other

OTC commitments

Other commitments

OTC commitments

Other commitments

Hedging Commitments on regulated or similar markets

Other transactions Commitments on regulated or similar markets

3.2. Breakdown by rate type for asset, liability and off-balance sheets items Fixed rate

Variable rates

Rollover rate

Other

Bonds and similar securities

Debt securities

Temporary purchases and sales of securities

Financial accounts

10 951 124,17

Off-balance sheet Hedging

Other transactions

Assets Deposits

Liabilities Temporary purchases and sales of securities Financial accounts

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items Assets Deposits

0 - 3 months 3 months - 1 year

1 - 3 years

3 - 5 years

> 5 years

Bonds and similar securities

Debt securities

Temporary purchases and sales of securities

10 951 124,17

Off-balance sheet Hedging

Other transactions

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

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

By main currency

GBP

CHF

SEK

Autres devises

94 761 630,56

61 150 302,73

45 412 477,56

14 070 323,64

Bonds and similar securities

Debt securities

Assets Deposits

Equities and similar securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

Debts

Financial accounts

Off-balance sheet Hedging

Other transactions

Financial accounts Liabilities Disposal operations on financial instruments Temporary purchases and sales of securities

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

Receivables Foreign exchange forward contracts :

4 952 919,23

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : -

3 544 375,87

Differed payment sales

1 408 543,36

Other transactions

Debts Foreign exchange forward contracts :

2 979 591,42

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Differed payment purchases

1 629 766,60

Accrued expenses

720 484,86

Subscribers payable

629 339,96

Other transactions

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

3.6. Equity Number of units issued / redeemed during the period MAJOR / FR0010321828

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

2 607 713,964

377 259 058,02

2 782 858,086

390 957 904,46

95 613,215

13 605 949,46

173 332,877

24 867 767,86

MAJOR GPF / FR0010581728

Subscription / redemption fee

Amount

MAJOR / FR0010321828

31 142,28

20 346,50

5 836,00

MAJOR GPF / FR0010581728

Retrocessions

Amount

MAJOR / FR0010321828

31 142,28

20 346,50

5 836,00

Amount

MAJOR / FR0010321828

MAJOR GPF / FR0010581728

Commissions allocated to the UCIT

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Category of part

MAJOR / FR0010321828

2,39

MAJOR GPF / FR0010581728

1,20

Outperformance fee (variable charges) : amount of fees for the period Category of part MAJOR / FR0010321828

Amount -

MAJOR GPF / FR0010581728

1 314,74

Retrocession of management fees : - Amount of fees retroceded to the UCIT

- Breakdown by "target" UCIT : - UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

3.8. Commitments received and granted 3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none 3.8.2. Description of other commitments received and/or granted ........................................................................none

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

3.9. Other information 3.9.1. Current value of financial instruments pertaining to a temporary acquisition : - Financial instruments as repurchase agreements (delivered)

- Other temporary purchases and sales

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

- bonds

- debt securities

- other financial instruments

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

- bonds

- debt securities

- other financial instruments

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

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

3.10. Income allocation table (In the accounting currency of the UCIT) Interim payments in terms of the period

Date -

Category of part -

Total amount Unit amount -

Total tax credit

Unit tax credit

Total interim payments

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR 31.12.2010

EUR

Retained earnings

Adjusted retained earnings

Result

-4 862 591,70

-7 092 505,41

Total

-4 862 591,70

-7 092 505,41

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

-4 965 069,23

-5 349 695,05

Total

-4 965 069,23

-5 349 695,05

Number of units

Unit distribution

Tax credits

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

102 477,53

-1 742 810,36

Total

102 477,53

-1 742 810,36

Number of units

Unit distribution

Tax credits

appendices

30.12.2011

Income allocation

Sums remaining to be allocated

MAJOR / FR0010321828

Currency

Allocation

Information concerning the units conferring distribution rights

MAJOR GPF / FR0010581728 Currency

Allocation

Information concerning the units conferring distribution rights

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER MAJOR

appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods UCIT creation date : March 11, 2005

UCIT currency EUR

Net assets

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

672 053 104,47

815 900 736,67

381 576 450,75

269 076 901,17

438 491 722,32

MAJOR / FR0010321828

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

4 957 072,761

5 132 216,883

3 175 616,364

3 097 496,475

3 189 188,135

131,39

152,16

120,15

86,84

137,49

-0,098

-1,04

-0,26

0,50

-0,71

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

MAJOR GPF / FR0010581728

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

164 360,183

242 079,845

81,726

691,986

126,13

144,34

119,1

87,7

0,62

-7,19

-2,37

1,71

74015

Mutual Fund - Annual Report- Year ended : 30.12.2011

74015 805 000.00

DAVIDE CAMPARI-MILANO SPA

IT0003849244

19 420 000.00

235 000.00 550 000.00

LINDT AND SPRUENGLI PS

L'OREAL

LUXOTTICA GROUP

MICHAEL PAGE INTERNATIONAL

CH0010570767

FR0000120321

IT0001479374

GB0030232317

90 000.00

1 625 000.00 1 553 000.00

PRUDENTIAL PLC

PRYSMIAN SPA

QIAGEN NV

RECKITT BENCKISER GROUP PLC

GB0007099541

IT0004176001

NL0000240000

GB00B24CGK77

300 000.00

308 000.00

UMICORE

UNILEVER CVA

UPM KYMMENE OYJ

BE0003884047

NL0000009355

FI0009005987

SODEXO

TEMENOS GROUP AG-NOM

FR0000121220

CH0012453913

295 000.00

SAP AG

SEB

DE0007164600

FR0000121709

1 620 000.00

865 000.00

404 000.00

1 270 000.00

370 000.00

227 000.00

1 100 000.00

REXEL

ROCKWOOL INTERNATIONAL B

FR0010451203

DK0010219153

540 000.00

2 520 000.00

1 390 000.00

MICHELIN (CGDE)-SA

PEARSON

FR0000121261

GB0006776081

3 380 000.00

3 132.00

480 000.00

KUEHNE UND NAGEL INTERNATIONAL AG-NOM

LAFARGE SA

CH0025238863

FR0000120537

315 000.00

139 000.00

ILIAD

KRONES AG

FR0004035913

DE0006335003

295 000.00

HEXAGON B

HOLCIM LTD-NOM

SE0000103699

1 890 000.00

950 000.00

CH0012214059

HEINEKEN NV

HENNES & MAURITZ AB-B SHS

NL0000009165

SE0000106270

223 000.00

FRESENIUS MEDICAL CARE AG & CO

GEBERIT AG-NOM

DE0005785802

CH0030170408

65 000.00

115 000.00

3 010 000.00

235 000.00

360 000.00

320 000.00

2 750 000.00

201 000.00

1 204 000.00

DUFRY GROUP-NOM

CH0023405456

DANONE

DASSAULT SYSTEMES

FR0000120644

FR0000130650

CAPITA GROUP PLC

CONTINENTAL AG

GB00B23K0M20

DE0005439004

BOURBON

BRENNTAG AG

FR0004548873

DE000A1DAHH0

194 076.00

BENETEAU

BONDUELLE SA

FR0000035164

FR0000063935

1 164 000.00

AIR LIQUIDE

AMADEUS IT HOLDING

FR0000120073

86 000.00

Quantity / Amount

ES0109067019

Asset description

8.51000 EUR

26.57000 EUR

31.87000 EUR

15.40000 CHF

55.47000 EUR

58.12000 EUR

40.85000 EUR

460.80000 DKK

13.20000 EUR

31.80000 GBP

10.65000 EUR

9.59500 EUR

6.38500 GBP

12.10000 GBP

45.67500 EUR

3.48800 GBP

21.70000 EUR

80.70000 EUR

2 794.00000 CHF

27.16000 EUR

105.50000 CHF

36.76500 EUR

95.35000 EUR

50.25000 CHF

102.90000 SEK

221.30000 SEK

35.77000 EUR

181.00000 CHF

52.50000 EUR

86.45000 CHF

5.14500 EUR

61.93000 EUR

48.57000 EUR

48.09500 EUR

6.28500 GBP

71.95000 EUR

21.30000 EUR

62.50000 EUR

8.09200 EUR

12.53500 EUR

95.59000 EUR

Price Ccy

30/12/2011

Price Date

19 873 426.24

20 146 599.52

11 367 839.50

25 056 656.07

13 612 741.10

20 106 587.00

12 322 025.10

16 546 137.31

12 594 525.79

21 306 863.53

21 815 706.56

20 123 724.50

19 829 270.34

15 897 333.82

15 962 621.72

14 043 848.63

10 913 790.00

17 502 637.33

4 576 065.09

19 876 873.19

8 231 785.71

12 816 155.96

10 440 715.33

13 785 716.02

21 184 377.73

22 448 413.64

12 702 607.64

8 954 790.95

10 788 789.10

9 708 138.79

16 442 322.00

9 987 537.11

14 979 687.37

17 207 488.92

23 587 643.44

11 481 815.76

19 299 448.93

12 877 703.85

11 566 564.66

14 720 785.38

6 175 434.19

Book Cost FCY

13 786 200.00

22 983 050.00

12 875 480.00

16 089 174.07

17 084 760.00

17 145 400.00

15 114 500.00

14 070 323.64

14 520 000.00

20 557 883.40

16 539 450.00

15 591 875.00

19 262 779.84

20 135 280.74

13 702 500.00

14 114 018.92

11 935 000.00

18 964 500.00

7 198 756.17

13 036 800.00

7 810 957.55

11 580 975.00

13 253 650.00

12 194 595.26

21 822 374.33

23 590 103.23

15 023 400.00

9 678 348.14

11 707 500.00

8 178 471.54

15 486 450.00

14 553 550.00

17 485 200.00

15 390 400.00

20 691 667.66

14 461 950.00

17 146 500.00

12 129 750.00

9 742 768.00

14 590 740.00

8 220 740.00

Market Value FCY

Accruals

-6 087 226.24

2 836 450.48

1 507 640.50

-8 967 482.00

3 472 018.90

-2 961 187.00

2 792 474.90

-2 475 813.67

1 925 474.21

-748 980.13

-5 276 256.56

-4 531 849.50

-566 490.50

4 237 946.92

-2 260 121.72

70 170.29

1 021 210.00

1 461 862.67

2 622 691.08

-6 840 073.19

-420 828.16

-1 235 180.96

2 812 934.67

-1 591 120.76

637 996.60

1 141 689.59

2 320 792.36

723 557.19

918 710.90

-1 529 667.25

-955 872.00

4 566 012.89

2 505 512.63

-1 817 088.92

-2 895 975.78

2 980 134.24

-2 152 948.93

-747 953.85

-1 823 796.66

-130 045.38

2 045 305.81

P&L

2.05

3.42

1.92

2.39

2.54

2.55

2.25

2.09

2.16

3.06

2.46

2.32

2.87

3.00

2.04

2.10

1.78

2.82

1.07

1.94

1.16

1.72

1.97

1.82

3.25

3.51

2.24

1.44

1.74

1.22

2.30

2.17

2.60

2.29

3.08

2.15

2.55

1.81

1.45

2.17

1.22

% TNA

11/04/2012 - Page 2 - Groupe Societe Générale

Equities

Securities

Security code

Holdings

Statement of Holdings of ECHIQUIER MAJOR as of 30/12/2011

appendices

FCP ECHIQUIER MAJOR

UCITinventory

Mutual Fund - Annual Report- Year ended : 30.12.2011

74015

VOLKSWAGEN AG-PFD

WINCOR NIXDORF

ZODIAC AEROSPACE

DE0007664039

DE000A0CAYB2

FR0000125684

Vte diff titres EUR

SDS021EUR

PnVstdVarFee

F171EURIC

7.43420000 0.83530000 7.75400000 8.91200000

30/12/2011

EUR/DKK

EUR/GBP

EUR/NOK

EUR/SEK

EUR/USD

1.29390000

1.21560000

Price Date

EUR/CHF

Used FX Rate

-397.94

-11 300.42

-708 786.50

1 408 543.36

3 544 375.87

-629 339.96

-1 629 766.60

10 951 124.17

320 000.00

366 000.00

139 000.00

Quantity / Amount

Currency

Used FX Rates

Total Cash & Equivalent

Total MANAGEMENT FEES

PnInvstMgrFee

F110EURC

F110EURIC

MANAGEMENT FEES

Total CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

RedemPybl-Hedge

Sous recev EUR BPP

RP021EUR

SR021EUR

BkDep EUR BPP

DsPur-Sec

BK021EUR

BDS021EUR

CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

Cash & Equivalent

Total Securities

Total Equities

Asset description

Statement of Holdings of ECHIQUIER MAJOR as of 30/12/2011

Security code

30/12/2011

Price Date

0.77285725

0.11220826

0.12896570

1.19717467

0.13451346

0.82263903

Reverse FX Rate

1.00000 EUR

65.48000 EUR

34.53000 EUR

115.75000 EUR

Price Ccy

12 924 451.98

-720 484.86

-397.94

-11 300.42

-708 786.50

13 644 936.84

1 408 543.36

3 544 375.87

-629 339.96

-1 629 766.60

12 924 451.98

-720 484.86

-397.94

-11 300.42

-708 786.50

13 644 936.84

1 408 543.36

3 544 375.87

-629 339.96

-1 629 766.60

10 951 124.17

659 128 652.49

674 376 396.60

10 951 124.17

659 128 652.49

20 953 600.00

12 637 980.00

16 089 250.00

Market Value FCY

674 376 396.60

16 947 012.66

17 158 587.60

17 407 601.52

Book Cost FCY

-15 247 744.11

4 006 587.34

-4 520 607.60

-1 318 351.52

P&L

1.92

-0.11

0.00

-0.11

2.03

0.21

0.53

-0.09

-0.24

1.63

98.08

3.12

1.88

2.39

% TNA

11/04/2012 - Page 3 - Groupe Societe Générale

Accruals

FCP ECHIQUIER MAJOR

Mutual Fund - Annual Report- Year ended : 30.12.2011