Agressor - Annual Report 31-12-2012 by Financiere de l'Echiquier

MAZARS

FCP AGRESSOR 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 31, 2012

AGRESSOR

audit report 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 31 December 2012 on : - the audit of the annual accounts of the AGRESSOR 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 – 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. II – Justification for our Assessments 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, 15 April 2013

The Statutory Auditor Mazars Gilles DUNAND-ROUX

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

annual accounts

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

BALANCE SHEET assets 31.12.2012

30.12.2011

EUR

Net assets

Deposits

975 029 621,63

834 513 639,23

947 003 259,58

826 765 684,26

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

28 026 362,05

7 747 954,97

UCITS reserved for certain investors – VCF - Funds investing in futures and options

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

4 583 326,95

2 823 167,36

4 583 326,95

2 823 167,36

62 462 897,63

7 307 415,78

62 462 897,63

7 307 415,78

1 042 075 846,21

844 644 222,37

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

• 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

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

BALANCE SHEET liabilities 31.12.2012

30.12.2011

EUR

1 037 020 165,83

843 171 815,89

• Previous undistributed net capital gains and losses

• Retained earnings

• Net capital gains and losses for the financial year

• Adjusted retained earnings

-142 799,20

-1 409 746,31

1 036 877 366,63

841 762 069,58

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

5 198 479,58

2 882 152,79

5 198 479,58

2 882 152,79

Cash credit

Borrowings

1 042 075 846,21

844 644 222,37

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 liabilites

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

OFF-balance sheet 31.12.2012

30.12.2011

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) 74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

INCOMEstatement 31.12.2012

30.12.2011

EUR

22 275 199,35

24 418 385,06

36 610,02

1 490,99

224 822,51

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

22 276 690,34

24 679 817,59

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

• Other financial expenses

Total (II)

22 276 690,34

24 679 817,59

-22 735 177,71

-25 188 327,01

-458 487,37

-508 509,42

315 688,17

-901 236,89

-142 799,20

-1 409 746,31

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

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) :

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

74003

accountingrules and methods

The annual accounts are presented according to the format provided for by CRC Regulation no. 2003-02 of 2 October 2003 concerning the modified UCITS chart of accounts, in particular by Regulation no. 2011-05 of 10 November 2011 ratified by the decree of 27 December 2011, published in the J.O.R.F. (French public journal) of 30 December 2011 (distribution of realised net capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decree of 28 December 2012, published in the J.O.R.F. (French public journal) of 30 December 2012 (in the appendix to the annual accounts of funds and companies referred to in decree no. 2012465 of 10 April 2012 concerning the governance and transparency of fees and commissions charged). The new presentation of accounts associated with this new distribution possibility is applied to your UCITS. Since this UCITS fund did not opt for the distribution of net capital gains realised during the transitional phase (old and new chart of accounts), the new lines included in the valid Chart of Accounts are not entered. However, these lines will be completed for the next year-end, regardless of your UCITS fund's distribution option. 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. 15

Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

AGRESSOR

74003

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

Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

AGRESSOR

74003

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 CAC ALL-TRADABLE index, calculated excluding dividends for GPF units and with dividends reinvested for I units. If the fund underperforms the benchmark, this provision is 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 Agressor Gestione Patrimoniale in Fondi and Agressor 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 a unit is redeemed and a provision for variable management expenses 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 : 31.12.2012

AGRESSOR

appendices

changesnet assets 31.12.2012

30.12.2011

EUR

Net assets at the beginning of the period

841 762 069,58

1 018 327 011,26

Subscriptions (including the subscription fee allocated to the UCIT)

338 114 039,25

581 744 633,31

-358 743 152,07

-541 801 963,97

Capital gains on deposits and financial instruments

49 488 566,92

46 105 214,51

Capital losses on deposits and financial instruments

-66 496 698,82

-72 680 941,23

Capital gains on forward financial instruments

Capital losses on forward financial instruments

-4 776 381,63

-5 428 448,04

2 928 071,52

5 288 786,05

235 059 339,25

-189 283 712,89

123 219 793,48

-111 839 545,77

77 444 167,12

- Estimate difference – period N

- Estimate difference – period N-1

Distribution over the previous year net capital gains and losses

Prior period distribution

-458 487,37

-508 509,42

Deposit(s) paid(s) during the year net capital gains and losses

Interim payment(s) during the period

Other items

1 036 877 366,63

841 762 069,58

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 : - Estimate difference – period N

- Estimate difference – period N-1

Changes in the estimate difference in forward financial instruments :

Net income for the period before adjustment accounts

Net assets at the end of the period

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

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

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

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

62 462 897,63

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

62 462 897,63

Off-balance sheet Hedging

Other transactions

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

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

Other

121 913 307,19

83 777 501,66

34 208 809,14

24 033 213,30

Bonds and similar securities

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

360 249,93

Debts

Financial accounts

Off-balance sheet Hedging

Other transactions

Assets Deposits

Equities and similar securities

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 :

4 583 326,95

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : Ventes reglements differes

2 492 506,35

1 730 570,67

To receive coupons

360 249,93

Other transactions

Debts Foreign exchange forward contracts :

5 198 479,58

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Achats reglements differes

2 724 237,82

Accrued expenses

1 811 879,93

Redemption to pay

662 361,83

Other transactions

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

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

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

AGRESSOR / FR0010321802

266 557,18

322 532 974,76

286 699,186

343 009 818,69

AGRESSOR I / FR0011188150

13 934,365

15 577 982,59

14 528,657

15 731 251,48

3 081,90

2 081,90

AGRESSOR GPF / FR0010581702

Subscription / redemption fee:

Amount

AGRESSOR / FR0010321802

29 047,82

191,23

AGRESSOR I / FR0011188150

AGRESSOR GPF / FR0010581702

Retrocessions:

Amount

AGRESSOR / FR0010321802

29 047,82

191,23

AGRESSOR I / FR0011188150

AGRESSOR GPF / FR0010581702

Commissions allocated to the UCIT:

Amount

AGRESSOR / FR0010321802

AGRESSOR I / FR0011188150

AGRESSOR GPF / FR0010581702

3.7. Management fees

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

AGRESSOR / FR0010321802

2,39

AGRESSOR I / FR0011188150

1,20

AGRESSOR GPF / FR0010581702

1,00

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

Amount -

AGRESSOR / FR0010321802

785 870,96

AGRESSOR I / FR0011188150

1,97

AGRESSOR GPF / FR0010581702

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

- Breakdown by "target" UCIT :

74003

- UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

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

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 : 24 830 029,95 - UCITS - other financial instruments

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

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

Date -

Unit Class -

Total amount Unit amount

Total tax credit

Unit tax credit

Total interim payments

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR 30.12.2011

EUR

Retained earnings

Adjusted retained earnings

Result

-142 799,20

-1 409 746,31

Total

-142 799,20

-1 409 746,31

31.12.2012

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

302 778,82

-1 629 251,61

Total

302 778,82

-1 629 251,61

Number of units

Unit distribution

Tax credits

31.12.2012

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

-445 589,56

219 505,30

Total

-445 589,56

219 505,30

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Income allocation

Sums remaining to be allocated

AGRESSOR / FR0010321802

Currency

Allocation

Information concerning the units conferring distribution rights

AGRESSOR GPF / FR0010581702

Currency

Allocation

Information concerning the units conferring distribution rights

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR AGRESSOR I / FR0011188150

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

11,54

Total

11,54

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Currency

Allocation

Information concerning the units conferring distribution rights

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

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

Payments on net capital gains and losses for the financial year

Total amount

Unit amount

Total interim payments

Date

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR 30.12.2011

EUR

Previous undistributed net capital gains and losses

Net capital gains and losses for the financial year

Payments on net capital gains and losses for the financial year

Total

31.12.2012

30.12.2011

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

31.12.2012

30.12.2011

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

appendices

31.12.2012

Allocation of net capital gains and losses Amounts remaining to be allocated

AGRESSOR / FR0010321802

Currency

Allocation

Information concerning units conferring distribution rights

AGRESSOR GPF / FR0010581702

Currency

Allocation

Information concerning units conferring distribution rights

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR AGRESSOR I / FR0011188150

30.12.2011

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

appendices

31.12.2012

Currency

Allocation

Information concerning units conferring distribution rights

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

3.12. Table of results and other characteristic elements of the Fund over the last 5 periods

UCIT creation date :

29, 1991

Currency

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

1 036 877 366,63

841 762 069,58

1 018 327 011,26

727 914 458,61

516 166 509,36

EUR

Net assets

AGRESSOR / FR0010321802

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

766 712,673

786 854,679

776 181,011

705 654,336

747 807,564

1 307,45

1033,95

1258,3

981,88

662,00

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

Unit distribution (including interim payments)

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

0,39

-2,07

-5,14

2,13

8,87

Number of outstanding units Net asset value

Unit capitalisation

(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.

AGRESSOR GPF / FR0010581702

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

29 354,549

35 971,63

36 967,41

31 650,181

1 122,2

960,4

1158,08

947,95

667,04

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

Unit distribution (including interim payments)

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

11,54

7,47

-58,79

-33,09

15,62

Number of outstanding units Net asset value

Unit capitalisation

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

AGRESSOR

appendices

AGRESSOR I / FR0011188150

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

28 760,257

1 197,3

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

Unit distribution (including interim payments)

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

-15,49

Number of outstanding units Net asset value

Unit capitalisation

74003

Mutual Fund - Annual Report- Year ended : 31.12.2012

74003

SODEXO

FAURECIA

RALLYE

CIE FIN RICHEMONT

THE SWATCH GROUP

FRESENIUS SE & CO KGAA

CONTINENTAL AG

NIGERIAN BREWERIES

PIAGGIO & C

DANONE

LANCASHIRE HOLDINGS

EXACOMPTA CLAIREFONTAINE

FR0000121147

FR0000060618

CH0045039655

CH0012255151

DE0005785604

DE0005439004

NGNB00000005

IT0003073266

FR0000120644

BMG5361W1047

FR0000064164

GB0007973794

FR0000121220

SERCO GROUP

GB00B24CGK77

MICHELIN (CGDE)-SA

RECKITT BENCKISER GROUP PLC

SE0000103699

FR0000121261

HEXAGON B

CH0012142631

PPR

CLARIANT (NAMEN)

DK0060336014

FR0000121485

NOVOZYMES AS-B

FR0000034639

SCHNEIDER ELECTRIC SA

ALTRAN TECHNOLOGIES

FR0000052516

ZODIAC AEROSPACE

VILMORIN & CIE

FR0000072910

FR0000121972

GROUPE STERIA SCA

FR0000073272

FR0000125684

SAFRAN

FR0000120966

BUREAU VERITAS

BIC

FR0000121709

FR0006174348

SEB

FR0004548873

CRODA INTERNATIONAL PLC

BOURBON

GB0006731235

SCOR SE ACT PROV

ASSOCIATED BRITISH FOODS

NL0010157558

FR0010411983

DE MASTER BLENDERS 1753 NV W/I

US20440T2015

GB0002335270

MANUTAN INTERNATIONAL

COMPANHIA BRASILEIRA DIST -ADR

FR0000032302

Libellé valeur

PROPRE

Statut Valeur

62 700.00

1 150 000.00

400 000.00

9 000 000.00

11 200 000.00

430 000.00

350 000.00

78 000.00

584 000.00

900 000.00

2 050 000.00

500 000.00

450 000.00

285 000.00

275 000.00

470 000.00

250 000.00

1 550 000.00

1 230 000.00

3 850 000.00

470 000.00

1 800 000.00

1 900 000.00

595 000.00

5 500 000.00

150 000.00

1 250 000.00

1 180 000.00

342 000.00

570 000.00

980 000.00

1 440 000.00

1 000 000.00

100 000.00

103 199.00

Quantité

2 896 740.00

10 927 888.74

19 962 000.00

18 270 000.00

7 972 919.97

37 663 700.00

30 485 000.00

29 799 204.77

34 540 755.47

22 873 500.00

24 026 000.00

31 860 000.00

32 215 500.00

40 142 250.00

15 078 250.00

39 212 100.00

21 162 500.00

31 635 500.00

35 810 317.36

25 238 941.31

22 339 541.72

34 208 809.14

19 437 541.42

12 695 885.27

31 625 000.00

14 040 000.00

17 750 000.00

38 462 100.00

30 889 440.00

31 754 700.00

20 388 900.00

27 596 618.06

8 719 000.00

3 364 408.06

3 455 102.52

Valeur boursière

EUR

GBP

EUR

NGN

EUR

CHF

EUR

GBP

SEK

CHF

DKK

EUR

GBP

EUR

USD

EUR

Devise de cotation

0.28

1.05

1.93

1.76

0.77

3.63

2.94

2.87

3.33

2.21

2.32

3.07

3.11

3.87

1.45

3.78

2.04

3.05

3.45

2.43

2.16

3.30

1.88

1.22

3.05

1.35

1.71

3.71

2.98

3.06

1.97

2.66

0.84

0.32

0.33

% Actif net

Securities

AGRESSOR

Code valeur

appendices

AGRESSOR

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012

74003

GUERBET

FR0000032526

Cash

1.96

0.44

0.31

91.33

0.69

3.93

0.95

0.77

1.31

0.01

Total AGRESSOR

Total Coupons

Total Share

GB0006731235

Coupons

A.B FOODS

ACHLIG

100.00

0.04 1 036 877 366.63

360 249.93

0.04

GBP

360 249.93

5.93

-0.01

-0.06

61 487 495.07

EUR

0.00

-0.11

6.11

-0.26

-0.06

0.17

0.24

6.03

Total Cash

-110 755.88

-572 097.86

EUR

-0.18

PROPRE

-1.97

-19 212.59

-0.51

-1 109 811.12

63 299 375.00

-2 724 237.82

-662 361.83

1 730 570.67

2 492 506.35

62 462 897.63

-1 811 879.93

PROPRE

PrComVariableAcqu

PROPRE

PrComVariable

PROPRE

PrComGestFin

PROPRE

Ach diff titres EUR

PROPRE

Ach diff op de capi

PROPRE

Sous recev EUR BPP

PrComGestFin

PROPRE

Vte diff titres EUR

PrComGestFin

PROPRE

Banque EUR BPP

1 470 000.00

0.82 0.21

Total MANAGEMENT FEES

MANAGEMENT FEES

Total BANK OR WAITING

BANK OR WAITING EUR

EUR

0.28 2.48

2.70

20 296 969.95

EUR

% Actif net

94.04

201 000.00

4 533 060.00

3 196 332.10

947 003 259.58

7 138 082.56

40 700 800.00

9 815 610.00

7 960 800.00

13 580 103.60

101 137.50

2 183 989.50

8 451 242.36

25 691 405.25

EUR

Devise de cotation

28 026 362.05

PROPRE

42 000.00

29 981.54

74 108.00

158 000.00

3 804 500.00

428 000.00

359 262.00

775.00

32 670.00

1 786 732.00

439 545.00

2 879 975.00

Valeur boursière

975 029 621.63

FR0010839282

PROPRE

Quantité 587 750.00

Total O.P.C.V.M.

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

FR0011274984

Statut Valeur PROPRE

Total Securities

PHILEAS L/S EUROPE I

GEMEQUITY PART I

FR0011023910

O.P.C.V.M.

Total Share

VIEL & CIE

CEGEDIM

FR0000053506

BOLLORE SA

EXEL INDUSTRIES

FR0004527638

FR0000039299

SOMFY

FR0000120495

FR0000050049

LECTRA

GROUPE GUILLIN

FR0000052870

FR0000051831

NORBERT DENTRESSANGLE (GROUPE)

FR0000054231

FR0000065484

Libellé valeur

HIGH CO

Code valeur

AGRESSOR

Mutual Fund - Annual Report- Year ended : 31.12.2012