Annual report echiquier global 31 12 2013 en by Financiere de l'Echiquier

MAZARS

FCP ECHIQUIER GLOBAL 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 31, 2013

FCP ECHIQUIER GLOBAL Year ended December 31, 2013

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 Echiquier Global 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. Without calling into question the opinion expressed above, we draw your attention to the integrated section about accounting policies and rules of the notes to the annual accounts of the new financial statement presentation. 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, 23 April 2014 The Statutory Auditor Mazars Gilles DUNAND-ROUX

ECHIQUIER GLOBAL

BALANCE SHEET assets 31.12.2012

30.12.2011

EUR

Net assets

Deposits

79 588 357,28

45 172 530,67

73 930 209,28

42 372 492,34

Traded on a regulated or similar market

Not traded on a regulated or similar market

Negotiable debt securities

2 800 038,33

Other debt securities

Not traded on a regulated or similar market

5 658 148,00

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

495 387,65

95 602,33

495 387,65

95 602,33

3 804 592,92

2 518 266,76

3 804 592,92

2 518 266,76

83 888 337,85

47 786 399,76

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

• 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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

BALANCE SHEET liabilities 31.12.2012

30.12.2011

EUR

83 925 239,84

47 836 649,89

• Previous undistributed net capital gains and losses

• Retained earnings

• Net capital gains and losses for the financial year

• Adjusted retained earnings

-810 414,13

-506 033,06

83 114 825,71

47 330 616,83

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

773 512,14

455 782,93

773 512,14

455 782,93

Cash credit

Borrowings

83 888 337,85

47 786 399,76

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 liabilites

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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) 74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

INCOMEstatement 31.12.2012

30.12.2011

EUR

885 490,90

497 254,50

3 908,16

1 458,54

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

889 399,06

498 713,04

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

• Other financial expenses

Total (II)

889 399,06

498 713,04

-1 561 090,84

-917 818,30

Net income for the period (L.214-9) (I - II + III - IV)

-671 691,78

-419 105,26

Income adjustments for the period (V)

-138 722,35

-86 927,80

-810 414,13

-506 033,06

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)

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

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.

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

- 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": - 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. 74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

ECHIQUIER GLOBAL

74041

Fees charged to the fund

Basis

Rate

Net assets

Echiquier Global units: maximum 2,392% incl. taxes Echiquier Global Gestione Patrimoniale in Fondi units: maximum 1.20% incl. taxes Echiquier Global I units: maximum 1.00% incl.taxes

Maximum indirect fees (management fees and commissions)

Nets assets

Maximum 1% incl. taxes

Transactions commissions

Deducted on each transaction

Maximum 0.598% incl. taxes for equities

Net assets

Echiquier Global units: one Echiquier Global Gestione Patrimoniale in Fondi units: maximum 20% of the outperformance above the MSCI All Country World Index, converted into EUR and calculated excluding dividends. Echiquier Global I units: maximum 20% of the outperformance above the MSCI All Country World Index, converted into EUR and with dividends reinvested

Management fees other than management company fees (auditors, custodian, distributors, lawyers)

Outperformance commission

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 MSCI All Country World 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 Échiquier Global Gestione Patrimoniale in Fondi and Échiquier Global 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 expenses exists, the part proportional to the units reimbursed is paid to the fund management company.

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

Indication of accounting changes subject to special information to unit holders

74041

- 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

ECHIQUIER GLOBAL

appendices

changesnet assets 31.12.2012

30.12.2011

EUR

Net assets at the beginning of the period

47 330 616,83

35 979 537,30

Subscriptions (including the subscription fee allocated to the UCIT)

63 229 926,97

43 042 453,33

-34 869 555,27

-29 007 864,31

Capital gains on deposits and financial instruments

4 093 490,68

3 214 257,44

Capital losses on deposits and financial instruments

-3 983 075,32

-1 008 803,56

Capital gains on forward financial instruments

Capital losses on forward financial instruments

Transaction fees

-733 453,40

-433 508,53

Foreign exchange differences

-775 005,98

1 103 148,35

9 493 572,98

-5 139 497,93

8 461 681,58

-1 031 891,40

4 107 606,53

- Estimate difference – period N

- Estimate difference – period N-1

Distribution over the previous year net capital gains and losses

Prior period distribution

-671 691,78

-419 105,26

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

Interim payment(s) during the period

Other items

83 114 825,71

47 330 616,83

Currency

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

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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

3 804 592,92

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

3 804 592,92

Off-balance sheet Hedging

Other transactions

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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

USD

HKD

CHF

Other

34 389 212,83

8 025 990,62

7 176 814,11

8 782 000,72

Bonds and similar securities

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

9 924,97

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 :

495 387,65

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : -

429 942,46

Deferred sales regulations

55 520,22

Coupons to be received

9 924,97

Other transactions

Debts Foreign exchange forward contracts :

773 512,14

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Purchases delayed settlements

604 333,37

Accrued expenses

121 216,68

Redemption to pay

47 962,09

Other transactions

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

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

GLOBAL / FR0010859769 Global I / FR0011188267

GLOBAL GPF / FR0010868174

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

481 347,932

57 503 039,20

281 875,949

33 571 770,95

49 175,823

5 724 879,69

10 853

1 296 776,24

2 008,08

1 008,08

Subscription / redemption fee:

Amount

GLOBAL / FR0010859769

7 446,83

Global I / FR0011188267

GLOBAL GPF / FR0010868174

Retrocessions:

Amount

GLOBAL / FR0010859769

7 446,83

Global I / FR0011188267

GLOBAL GPF / FR0010868174

Commissions allocated to the UCIT:

Amount

GLOBAL / FR0010859769

Global I / FR0011188267

GLOBAL GPF / FR0010868174

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

3.7. Management fees

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

GLOBAL / FR0010859769

2,39

Global I / FR0011188267

1,20

GLOBAL GPF / FR0010868174

1,00

Outperformance fee (variable charges) : amount of fees for the period Unit class: GLOBAL / FR0010859769

Amount -

Global I / FR0011188267

34 640,99

GLOBAL GPF / FR0010868174

3,72

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

- Breakdown by "target" UCIT :

74041

- UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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 : 5 658 148,00 - UCITS - other financial instruments

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL 30.12.2011

EUR

Retained earnings

Adjusted retained earnings

Result

-810 414,13

-506 033,06

Total

-810 414,13

-506 033,06

31.12.2012

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

-781 372,28

-506 402,73

Total

-781 372,28

-506 402,73

Number of units

Unit distribution

Tax credits

31.12.2012

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

-29 042,00

369,67

Total

-29 042,00

369,67

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Income allocation

Sums remaining to be allocated

GLOBAL / FR0010859769

Currency

Allocation

Information concerning the units conferring distribution rights

GLOBAL GPF / FR0010868174

Currency

Allocation

Information concerning the units conferring distribution rights

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL Global I / FR0011188267

30.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

0,15

Total

0,15

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Currency

Allocation

Information concerning the units conferring distribution rights

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL 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

GLOBAL / FR0010859769

Currency

Allocation

Information concerning units conferring distribution rights

GLOBAL GPF / FR0010868174

Currency

Allocation

Information concerning units conferring distribution rights

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL Global I / FR0011188267

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

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

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

UCIT creation date :

April 16, 2010

Currency EUR

Net assets

31.12.2012

30.12.2011

31.12.2010

83 114 825,71

47 330 616,83

35 979 537,30

GLOBAL / FR0010859769

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

632 234,065

432 762,082

307 665,456

123,39

108,63

116,27

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

Unit distribution (including interim payments)

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

-1,24

-1,17016

-0,77

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.

GLOBAL GPF / FR0010868174

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

2 940,00

1 788,055

1 078,19

108,25

114,49

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

Unit distribution (including interim payments)

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

0,15

0,12574

-2,44

Number of outstanding units Net asset value

Unit capitalisation

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER GLOBAL

appendices

Global I / FR0011188267

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

41 262,823

123,54

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

Unit distribution (including interim payments)

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

-0,7

Number of outstanding units Net asset value

Unit capitalisation

74041

Mutual Fund - Annual Report- Year ended : 31.12.2012

74041

COACH INC

CATERPILLAR INC

AMAZON.COM

LUXOTTICA GROUP

ACCENTURE SHS CLASS A

ANGLO AMERICAN PLC

PEARSON

SABMILLER

BUREAU VERITAS

SCHNEIDER ELECTRIC SA

US1491231015

US0231351067

IT0001479374

IE00B4BNMY34

GB00B1XZS820

GB0006776081

GB0004835483

FR0006174348

FR0000121972

COCA-COLA CO

US1897541041

COLGATE PALMOLIVE CO

US1912161007

MEDTRONIC INC

US5850551061

US1941621039

NIKE INC -B-

US6541061031

EBAY INC

ORACLE CORP

US68389X1054

US2786421030

SAMSUNG ELECTRONICS GDR

US7960508882

MC DONALD'S CORP

US88579Y1010

GOOGLE INC-A

UNITED TECHNOLOGIES CORP

US9130171096

US38259P5089

VARIAN MEDICAL SYSTEMS INC

US92220P1057

US5801351017

VISA INC-A

YUM BRANDS INC

US9884981013

US92826C8394

HINDUSTAN LEVER LTD

INE030A01027

TINGYI HOLDING

KYG8878S1030

BELLE INTERNATIONAL HOLDINGS

CORE LABORATORIES

NL0000200384

KYG097021045

KONINKLIJKE VOPAK N.V.

NL0009432491

HENGAN INTERNATIONAL GROUP CO LTD

MEAD JOHNSON NUTRITION

US5828391061

KYG4402L1510

MINDRAY MEDICAL INTERNATIONAL

US6026751007

TENCENT HOLDINGS LTD

TAIWAN SEMICONDUCTOR-SP ADR

KYG875721485

UNITED COMPANY RUSAL LIMITED

US8740391003

Libellé valeur

JE00B5BCW814

Securities

ECHIQUIER GLOBAL

PROPRE

Statut Valeur

27 500.00

16 900.00

51 100.00

112 600.00

55 800.00

30 000.00

56 200.00

5 200.00

28 000.00

32 500.00

55 000.00

16 300.00

26 000.00

2 620.00

23 000.00

48 200.00

45 000.00

70 000.00

2 875.00

17 000.00

24 800.00

30 000.00

12 700.00

31 000.00

120 000.00

1 329 000.00

250 000.00

55 500.00

700 000.00

19 000.00

23 000.00

35 000.00

58 000.00

120 000.00

2 720 000.00

Quantité

1 507 825.00

1 430 585.00

1 768 870.24

1 639 122.66

1 295 003.06

1 512 050.93

1 746 134.00

989 789.30

1 901 045.93

1 367 345.01

1 511 103.53

1 291 497.65

1 005 396.39

1 408 632.26

1 537 691.37

1 498 532.67

1 759 890.86

1 767 773.23

1 536 209.64

1 196 339.25

1 541 494.62

1 597 089.59

1 459 046.54

1 560 103.08

867 998.90

2 185 974.97

1 710 101.70

1 351 408.18

1 475 161.35

1 574 117.02

1 226 130.00

1 747 877.82

1 437 471.58

1 560 709.41

1 303 344.42

Valeur boursière

EUR

GBP

USD

EUR

USD

INR

HKD

USD

EUR

USD

HKD

Devise de cotation

1.81

1.72

2.13

1.97

1.56

1.82

2.10

1.19

2.29

1.65

1.82

1.55

1.21

1.70

1.85

1.80

2.12

2.13

1.85

1.44

1.86

1.92

1.76

1.88

1.04

2.63

2.06

1.63

1.78

1.89

1.48

2.10

1.73

1.88

1.57

% Actif net

Code valeur

appendices

ECHIQUIER GLOBAL

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012

74041

BAYERISCHE MOTORENWERKE

SIKA

DE0005190003

CH0000587979

Cash

PROPRE PROPRE

Sous recev EUR BPP

Ach diff op de capi

PROPRE

PrComGestFin

27 000.00

Total ECHIQUIER GLOBAL

83 114 825.71

9 924.97 9 924.97

4 297.41

5 627.56

USD USD

100.00

0.01

4.23

Total Shares

27 000.00

-0.15

-0.10

0.00

-0.04

0.00

4.38

-0.73

-0.06

0.52

0.07

4.58

-121 216.68

EUR

3 516 543.46

-85 122.62

-2 858.39

-2.21

-30 387.95

-1.51

-2 843.49

-0.51

3 637 760.14

-604 333.37

-47 962.09

429 942.46

55 520.22

3 804 592.92

Total Coupons

ACHLIG

PROPRE

PrComVariableAcqu

SCHLUMBERGER LTD

PROPRE

PrComVariableAcqu

MEAD JHN NUTRITION

PROPRE

PrComVariable

US5828391061

PROPRE

PrComGestFin

PrComVariable

PROPRE

PrComGestFin

PROPRE

Vte diff titres EUR

Ach diff titres EUR

PROPRE

Banque EUR BPP

AN8068571086

Coupons

Total Cash

Total MANAGEMENT FEES

MANAGEMENT FEES

Total BANK OR WAITING

BANK OR WAITING EUR

1.95

4.86

88.95

2.18

2.46

1.93

0.91

1.82

1.96

2.04

2.02

1.98

2.46

2.06

1.94

2.30

6.81

EUR

CHF

EUR

KRW

USD

AUD

CHF

EUR

% Actif net

95.76

1 618 950.00

4 039 198.00

73 930 209.28

1 809 020.87

2 042 040.00

1 605 917.00

759 600.00

1 514 954.88

1 628 005.15

1 696 050.98

1 678 595.10

1 642 776.67

2 046 421.47

1 710 900.00

1 615 460.00

EUR

Devise de cotation

79 588 357.28

15 000.00

40 000.00

1 035.00

28 000.00

30 700.00

7 200.00

9 750.00

31 000.00

86 000.00

680.00

4 300.00

34 600.00

18 000.00

15 400.00

1 911 600.00

Valeur boursière

Total Securities

PROPRE

Quantité 30 000.00

5 658 148.00

FR0011274984

Statut Valeur PROPRE

Total O.P.C.V.M.

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

GEMEQUITY PART I

FR0010839282

O.P.C.V.M.

Total Shares

FRESENIUS MEDICAL CARE AG & CO

AU000000ORI1

INDITEX

ORICA

CH0010570767

DE0005785802

LINDT AND SPRUENGLI PS

CH0012255151

ES0148396015

THE SWATCH GROUP

CH0045039655

SCHLUMBERGER LTD

CIE FIN RICHEMONT

FR0000120073

HYUNDAI MOTOR

AIR LIQUIDE

FR0000120321

KR7005380001

L'OREAL

FR0000121220

AN8068571086

Libellé valeur

SODEXO

Code valeur

ECHIQUIER GLOBAL

Mutual Fund - Annual Report- Year ended : 31.12.2012