Arty annual report 31 12 2012 by Financiere de l'Echiquier

MAZARS

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

Audited annual report As at December 31, 2012

ARTY

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 ARTY 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

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

annual accounts

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

BALANCE SHEET assets 31.12.2012

31.12.2011

EUR

Net assets

Deposits

199 894 105,82

143 556 296,74

71 783 691,50

44 410 126,53

123 589 018,62

89 608 552,63

Negotiable debt securities

8 500 269,45

Other debt securities

Not traded on a regulated or similar market

4 401 395,70

1 037 348,13

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

120 000,00

3 236 211,93

381 122,29

3 236 211,93

381 122,29

10 362 576,41

1 953 283,62

10 362 576,41

1 953 283,62

213 492 894,16

145 890 702,65

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

Traded on a regulated or similar market Not traded on a regulated or similar market • 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 Transactions on a regulated or similar market Other transactions • OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

BALANCE SHEET liabilities 31.12.2012

31.12.2011

EUR

207 461 453,65

142 219 356,90

• Previous undistributed net capital gains and losses

• Retained earnings

• Net capital gains and losses for the financial year

• Adjusted retained earnings

520 220,91

3 267 120,28

207 981 674,56

145 486 477,18

120 000,00

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

120 000,00

5 391 219,60

404 225,47

5 391 219,60

404 225,47

Cash credit

Borrowings

213 492 894,16

145 890 702,65

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS • 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

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

OFF-balance sheet 31.12.2012

31.12.2011

EUR

- Futures market (Futures)

- Options market (Options)

- Credit derivatives

- Swaps

- Contracts for Differences (CFD)

6 454 910,00

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) 74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

INCOMEstatement 31.12.2012

31.12.2011

EUR

1 414,94

• Income from equities and similar securities

1 491 527,13

2 216 901,55

• Income from bonds and similar securities

4 931 591,73

3 399 211,91

21 573,23

51 516,53

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

6 444 692,09

5 669 044,93

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

• Other financial expenses

Total (II)

6 444 692,09

5 669 044,93

-6 254 747,38

-2 279 396,18

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

189 944,71

3 389 648,75

Income adjustments for the period (V)

330 276,20

-122 528,47

520 220,91

3 267 120,28

Currency

Income from financial transactions

• Income from deposits and financial accounts

• 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) :

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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.

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

appendices

- Interest rate swaps are valued at market rate, in accordance with the contractual provisions.

74034

- 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 ; 16

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

appendices

- transfer fees charged to the Fund ;

74034

- 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 : • 15% incl. taxes of the performance above the composite index 75% Eonia / 25% DJ Euro Stoxx 600 • The provision for variable management fees is adjusted each time net asset value is calculated, on the basis of 15% including taxes of the fund's outperformance compared with the 75% Eonia / 25% DJ Euro Stoxx 600 composite index. 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 on the date the fund is launched, on the basis of a benchmark net asset value established on the same date. • Variable management fees charged by the management company are paid annually, on the last trading day of December. 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. Fees were deducted for the first time at the end of December 2009. • 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. 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

ARTY

appendices

changesnet assets 31.12.2012

31.12.2011

EUR

Net assets at the beginning of the period

145 486 477,18

79 283 486,60

Subscriptions (including the subscription fee allocated to the UCIT)

120 138 007,27

184 613 249,64

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

-78 382 262,42

-103 172 022,97

Capital gains on deposits and financial instruments

5 289 565,71

3 732 086,85

Capital losses on deposits and financial instruments

-7 243 735,01

-9 082 377,21

Capital gains on forward financial instruments

1 296 230,00

1 395 534,00

Capital losses on forward financial instruments

-1 271 262,00

-1 912 614,00

-302 742,68

-262 175,30

87 370,22

329 631,05

22 814 081,58

-12 827 970,23

- Estimate difference – period N

13 392 371,10

-9 421 710,48

- Estimate difference – period N-1

-9 421 710,48

3 406 259,75

-120 000,00

Distribution over the previous year net capital gains and losses

Prior period distribution

189 944,71

3 389 648,75

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

Interim payment(s) during the period

Other items

207 981 674,56

145 486 477,18

Currency

Transaction fees

Foreign exchange differences

Changes in the estimate difference in deposits and financial instruments :

Changes in the estimate difference in forward financial instruments : - Estimate difference – period N

- Estimate difference – period N-1

Net income for the period before adjustment accounts

Net assets at the end of the period

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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

109 868 621,37

Variable-rate bonds

13 720 397,25

Zero-coupon bonds

Investments

Other instruments

Fixed-rate bonds

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

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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

6 454 910,00

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

109 868 621,37

13 720 397,25

Debt securities

Temporary purchases and sales of securities

Financial accounts

10 362 576,41

Off-balance sheet Hedging

Other transactions

6 454 910,00

Assets Deposits

Bonds and similar securities

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

4 334 041,75

1 055 332,95

31 990 667,73

46 991 872,53

39 217 103,66

Debt securities

Temporary purchases and sales of securities

10 362 576,41

Off-balance sheet Hedging

Other transactions

6 454 910,00

Bonds and similar securities

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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

11 508 013,72

8 477 592,78

Bonds and similar securities

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

Financial accounts

Debts

Financial accounts

Off-balance sheet Hedging

Other transactions

Assets Deposits

Equities and similar securities

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 :

3 236 211,93

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : Deferred sales regulations

2 767 966,55

443 245,38

Deposits of guarantee (paid)

25 000,00

Other transactions

Debts Foreign exchange forward contracts :

5 391 219,60

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Accrued expenses

3 669 057,54

Purchases delayed settlements

1 373 783,56

Redemption to pay

348 378,50

Other transactions

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

appendices

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

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

PARTS C / FR0010611293

97 061,96

118 492 333,34

64 769,769

78 180 468,37

PARTS R / FR0011039304

1 362,118

1 645 673,93

170,989

201 794,05

Subscription / redemption fee:

Amount

PARTS C / FR0010611293

716,05

PARTS R / FR0011039304

Retrocessions:

Amount

PARTS C / FR0010611293

716,05

PARTS R / FR0011039304

Commissions allocated to the UCIT:

Amount

PARTS C / FR0010611293

PARTS R / FR0011039304

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

appendices

3.7. Management fees

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

PARTS C / FR0010611293

1,50

PARTS R / FR0011039304

1,99

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

Amount 3 746 698,40

PARTS CAPITALISABLE / FR0010611293

23 567,76

PARTS R / FR0011039304

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

- Breakdown by "target" UCIT :

74034

- UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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 : 3 335 349,00 - UCITS - other financial instruments

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY 31.12.2011

EUR

Retained earnings

Adjusted retained earnings

Result

520 220,91

3 267 120,28

Total

520 220,91

3 267 120,28

PARTS C / FR0010611293

31.12.2012

31.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

537 642,22

3 264 582,94

Total

537 642,22

3 264 582,94

Number of units

Unit distribution

Tax credits

31.12.2012

31.12.2011

EUR

Distribution

Retained earnings for the period

Capitalisation

-17 421,31

2 537,34

Total

-17 421,31

2 537,34

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Income allocation

Sums remaining to be allocated

Currency

Allocation

Information concerning the units conferring distribution rights

PARTS R / FR0011039304

Currency

Allocation

Information concerning the units conferring distribution rights

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

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

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY 31.12.2011

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

31.12.2011

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

31.12.2012

31.12.2011

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

PARTS C / FR0010611293

Currency

Allocation

Information concerning units conferring distribution rights

PARTS R / FR0011039304

Currency

Allocation

Information concerning units conferring distribution rights

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

ARTY

appendices

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

UCIT creation date :

May 30, 2008

Currency EUR

Net assets

31.12.2012

31.12.2011

31.12.2010

31.12.2009

31.12.2008

207 981 674,56

145 486 477,18

79 283 486,60

29 564 031,41

21 934 779,82

PARTS C / FR0010611293

EUR

UCIT currency :

31.12.2012

31.12.2011

31.12.2010

31.12.2009

31.12.2008

160 782,57

128 490,379

65 375,297

26 233,294

23 685,82

1 282,73

1130,6

1 212,74

1 126,96

926,07

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

Unit distribution (including interim payments)

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

3,34

25,40

10,36

-9,87

9,19

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.

PARTS R / FR0011039304

EUR

UCIT currency :

31.12.2012

31.12.2011

Number of outstanding units

1 381,91

190,781

Net asset value

1 259,39

1125

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

Unit distribution (including interim payments)

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

-12,61

13,29

Unit capitalisation

31.12.2010

31.12.2009

31.12.2008

74034

Mutual Fund - Annual Report- Year ended : 31.12.2012

74034

SEB

EURAZEO

DEVOTEAM

GEBERIT AG-NOM

FR0000121709

FR0000121121

FR0000073793

CH0030170408

BOUYGUES

L'OREAL

AIR LIQUIDE

RALLYE

ROCHE HOLDING AG - BON DE JOUISSANCE DIVIDENDE

FR0000120503

FR0000120321

FR0000120073

FR0000060618

CH0012032048

FR0000053225

XS0626028566

Bonds

GERRESHEIMER AG 5% 19/05/18

M6 METROPOLE TELEVISION

FR0000060402

Total Shares

PIAGGIO & C

SECHILIENNE-SIDEC

IT0003073266

NOVARTIS AG-NOM

SANOFI

FR0000120578

BAYERISCHE MOTORENWERKE

AXA

FR0000120628

DE0005190003

MICHELIN (CGDE)-SA

FR0000121261

CH0012005267

SCHNEIDER ELECTRIC SA

PPR

COMPAGNIE DE SAINT-GOBAIN SA

FR0000125007

FR0000121485

CHRISTIAN DIOR

FR0000130403

FR0000121972

GDF SUEZ

FR0010208488

GB0006776081

SABMILLER

PEARSON

GB00B03MLX29

GB0004835483

ANGLO AMERICAN PLC

ROYAL DUTCH SHELL PLC-A

GB00B1XZS820

RECKITT BENCKISER GROUP PLC

LAGARDERE

FR0000130213

GB00B24CGK77

BOURBON

FR0004548873

GIVAUDAN N

UNILEVER CVA

NL0000009355

CH0010645932

LANCASHIRE HOLDINGS

BMG5361W1047

Securities

Libellé valeur

PROPRE

Statut Valeur

2 500 000.00

174 000.00

142 000.00

500 000.00

39 000.00

51 000.00

15 000.00

105 000.00

27 500.00

22 000.00

60 000.00

40 000.00

193 000.00

26 000.00

19 700.00

35 000.00

85 500.00

21 500.00

150 000.00

78 000.00

134 000.00

102 000.00

103 000.00

40 000.00

2 000.00

13 000.00

143 000.00

65 000.00

41 000.00

110 000.00

55 000.00

87 000.00

270 000.00

Quantité

2 874 292.12

71 783 691.50

2 055 810.00

2 041 960.00

1 015 000.00

2 844 270.00

2 427 062.62

2 286 282.31

2 668 575.00

2 613 875.00

2 307 800.00

1 344 000.00

2 855 600.00

2 576 550.00

1 861 340.00

2 774 745.00

1 919 050.00

2 754 810.00

2 757 375.00

2 336 250.00

2 700 036.76

1 950 643.30

2 649 450.00

2 390 417.84

1 901 237.59

1 595 427.44

2 168 820.41

1 349 920.00

2 353 325.00

2 284 110.00

2 781 350.00

1 144 275.00

2 508 645.00

2 565 678.23

Valeur boursière

EUR

CHF

EUR

GBP

EUR

GBP

CHF

EUR

GBP

Devise de cotation

1.38

34.52

0.99

0.98

0.49

1.37

1.17

1.10

1.28

1.26

1.11

0.65

1.37

1.24

0.90

1.33

0.92

1.33

1.12

1.30

0.94

1.27

1.15

0.91

0.77

1.04

0.65

1.13

1.10

1.34

0.55

1.21

1.23

% Actif net

ARTY

Code valeur

appendices

ARTY

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012

74034

XS0831389985

INTESA SANPAOLO 4.875% 10/07/2015

INTESA SANPAOLO 4.375% 15/10/2019

SCHAEFFLER FINANCE BV 6.75% 01/07/2017

ENEL FINANCE INTL 3.625% 17/04/18

ENEL FINANCE 4.875% 11/03/2020

EXOR SPA 5.375% 12/06/17

TELEF SAU 4.674% 07/02/14 *EUR

XS0802960533

XS0842828120

XS0801261156

XS0842659343

XS0827692269

XS0300900478

XS0284891297

FR0010814558

WENDEL INVESTISSEMENT 4.875% 21/09/2015

WENDEL INV 4.375% 08/17 *EUR

FONCIERE LYONNAISE 4.625% 25/05/2016

XS0290422095

XS0224749100

FR0011052075

BOLLORE 5.375% 26/05/2016

FR0011052745

REXEL SA 8.25% 15/12/2016

AREVA 4.625% 05/10/2017

FR0011125442

XS0473749959

COMPAGNIE ST GOBAIN 7.25% 16/09/2013

XS0387435117

REXEL SA 7% 17/12/2018

SOCIETE GENERALE 5.125% 19/12/2013

XS0404952078

CNP ASSUR TF/TV 14/09/2040

TELECOM ITALIA 8.25% 21/03/16 *EUR

XS0418508924

FR0010941484

LAFARGE MLTCPON 24/11/16

XS0434974217

XS0629656496

LAFARGE SA 5.875% 09/07/2019

FAURECIA 8.75% 15/06/2019

XS0553803502

XS0778917814

BANQUE FEDERATIVE DU CREDIT MUTUEL 3% 29/10/2015

FR0010359687

XS0801954867

CONTI GUMMI FINANCE BV 7.50% 15/09/2017

SCOR TF/TV PERP

DE000A1A0U37

CONTI-GUMMI FINANCE 8.50% 15/07/ 15

BANQUE POPULAIRE CAISSE 9.25% PERP

FR0010989111

DE000A1AY2A0

INTESA SANPAOLO 4.125% 19/09/16

AUTOROUTES PARIS RHIN-RH 5% 12/01/2017

XS0829329506

CEGEDIM SA 7% 27/07/2015

BRENNTAG FINANCE 5.5% 19/07/2018

XS0645941419

FR0010925172

UNICREDIT SPA 4.375% 11/09/2015

XS0827818203

PEUGEOT SA VRN 01/01/16 CV

FONCIERE LYONNAISE 3.50% 28/11/2017

FR0011361070

FR0010773226

FIAT FINANCE & TRADE LTD SA 5.25% 11/03/2015

RENAULT SA 4.625% 18/09/17

FR0011365238

FIAT FINANCE & TRADE 7.75% 17/10/2016

RALLYE SA 5% 15/10/18

FR0011370220

XS0805410239

FAURECIA CV 3.25% 01/01/2018

FR0011321363

XS0604640499

UNICREDIT 6.95% 31/10/2022

UNICREDIT SPA 6.95% 31/10/2022

XS0862793634

FR0011069442

XS0849517650

NEXANS SA 4.25% 19/03/18

GFI INFORMATIQUE 5.25% 01/01/17 CV

FR0011376201

AXA SA TF/TV PERPETUAL

TELECOM ITALIA SPA 4.50% 20/09/2017

XS0431928414

AXA 2.50% 01/01/14 EX-CV DIRTY

ARCELORMITTAL 9.375% 03/06/2016

FR0010877183

FR0000492076

EUTELSAT 4.125% 27/03/2017

FR0010036087

XS0323922376

Libellé valeur

CA TF/TV PERPETUEL

Code valeur

Statut Valeur

PROPRE

Quantité

3 000 000.00

1 000 000.00

2 150 000.00

1 000 000.00

1 700 000.00

1 000 000.00

2 000 000.00

800 000.00

500 000.00

2 000 000.00

500 000.00

2 500 000.00

2 000 000.00

2 550 000.00

2 150 000.00

1 500 000.00

2 000 000.00

1 000 000.00

2 500 000.00

1 000 000.00

100 000.00

2 000 000.00

1 500 000.00

1 000 000.00

2 500 000.00

1 000 000.00

2 500 000.00

2 000 000.00

75 000.00

150 000.00

1 750 000.00

111 401.00

2 400 000.00

12 800.00

1 000 000.00

1 500 000.00

1 000 000.00

3 000 000.00

3 302 890.68

1 049 219.73

2 297 713.54

1 097 364.17

1 757 801.63

1 103 875.56

2 203 278.08

882 344.66

533 429.66

521 903.29

2 493 343.84

606 634.59

2 635 970.14

2 780 954.11

2 122 513.70

2 674 685.92

2 352 719.92

1 680 799.17

2 234 420.27

1 168 767.10

2 639 456.16

1 049 955.00

2 487 300.00

2 149 696.07

1 654 568.42

1 093 419.59

1 042 984.52

2 741 718.75

1 036 878.90

2 700 409.93

2 276 931.51

2 132 165.28

2 075 775.89

2 156 807.95

2 200 173.70

2 109 369.86

2 049 611.78

1 427 175.00

157 582.01

1 840 836.75

529 154.75

2 421 055.23

2 998 400.00

991 204.96

1 620 252.74

1 266 142.60

1 142 362.88

2 243 483.33

Valeur boursière

EUR

Devise de cotation

1.59

0.50

1.11

0.53

0.85

0.53

1.06

0.42

0.26

0.25

1.20

0.29

1.27

1.34

1.02

1.29

1.13

0.81

1.07

0.56

1.27

0.51

1.20

1.03

0.80

0.53

0.50

1.32

0.50

1.30

1.10

1.03

1.00

1.04

1.06

1.01

0.99

0.69

0.08

0.89

0.25

1.16

1.44

0.48

0.78

0.61

0.55

1.08

% Actif net

ARTY

Mutual Fund - Annual Report- Year ended : 31.12.2012

74034

RCI BQ 4.375% 27/01/15

DEUTSCHE TELEKOM INTERNATIONAL 5.75% 14/04/15

XS0479866567

DE000A0TT2M2

Options

MANAGEMENT FEES

Total DEPOSIT

DEPOSIT

Total BANK OR WAITING

BANK OR WAITING

Total Margins Call

Margins Call

PROPRE PROPRE PROPRE

Sous recev EUR BPP

Ach diff op de capi

Ach diff titres EUR

PROPRE

Gar sur MAT ferm V

PROPRE

Vte diff titres EUR

PROPRE

Banque EUR BPP

Appel marge EUR

25 000.00

11 851 626.28

-1 373 783.56

-348 378.50

443 245.38

2 767 966.55

10 362 576.41

120 000.00

-120 000.00

Cash

Total Options

-120 000.00

500.00

Total Rate (underlying delivery )

OE1301P-02

Rate ( underlying delivery ) PROPRE

2 019 599.00

1 315 750.00

1 066 046.70

123 589 018.62

1 148 746.58

1 095 860.68

2 190 618.36

2 329 546.75

2 254 025.48

2 788 915.41

1 155 943.42

1 165 687.12

787 908.29

2 237 460.00

2 004 495.00

2 205 755.74

2 499 952.78

2 119 472.60

2 819 410.96

1 857 209.97

1 592 384.59

273 990.00

14 061.72

889 004.10

4 401 395.70

20 000.00

12 500.00

9 999.50

1 000 000.00

2 000 000.00

2 250 000.00

2 000 000.00

2 500 000.00

1 000 000.00

750 000.00

30 000.00

2 000 000.00

2 500 000.00

2 000 000.00

2 500 000.00

1 600 000.00

1 500 000.00

5 000.00

85.00

750 000.00

1 548 773.63

Valeur boursière

199 774 105.82

PROPRE

Quantité 1 500 000.00

Total Securities

OE/201301/P/126.5

Statut Valeur PROPRE

Total O.P.C.V.M.

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

ECHIQUIER HIGH YIELD

FR0011312826

FR0010839282

PHILEAS L/S EUROPE I

FR0011023910

O.P.C.V.M.

Total Bonds

FGA CAPITAL IRELAND 4% 28/03/2013

RCI BANQUE 4% 16/03/16

XS0505532134

XS0602211202

VOTO -VOTORANTIM LTD 5.25% 28/04/17

XS0647188605

XS0611285064

IMERYS 5% 18/04/17

AMADEUS CAP MARKET 4.875% 15/07/2016

FR0010456475

GRENKE FINANCE 4% 22/04/2014

BARRY CALLEBAUT SVCS 6% 13/07/2017

PIERRE & VACANCES 4% 01/10/2015 CV

FR0010998187

BE0933072291

CREDIT MUTUEL ARKEA VAR 14/01/2013

FR0011076579

DE000A1A2KG5

TELEFONICA EMISIONES Eurib3 + 1.825 02/06/2015

GRENKE FINANCE 4% 09/03/2015

XS0598445129

CREDIT FONCIER DE FRANCE 4.25% 24/02/2018

MANPOWER GROUP 4.5% 22/06/2018

XS0794990050

FR0011178938

CLARIANT FINANCE 5.625% 24/01/2017

XS0735784851

XS0430779537

ARTEMIS 4.25% 01/01/2015 CV

FR0010627109

BANQUE PSA 4.875% 25/09/2015

VILMORIN CV 4.50% 01/07/2015

FR0010806745

XS0798333802

RALLYE 8.375 20/01/15

FR0010945188

FR0010814731

Libellé valeur

SUEZ ENVIRONNEMENT TF/TV PERP

Code valeur

EUR

Devise de cotation

0.01

5.70

-0.66

-0.17

0.21

1.33

4.98

0.06

-0.06

96.06

2.12

0.97

0.63

0.51

59.42

0.55

0.53

1.05

1.12

1.08

1.34

0.56

0.38

1.08

0.96

1.06

1.20

1.02

1.36

0.89

0.77

0.13

0.01

0.43

0.75

% Actif net

ARTY

Mutual Fund - Annual Report- Year ended : 31.12.2012

74034 4.00 100.00

207 981 674.56

Total ARTY

-0.19

-0.01

-1.49

0.00

-0.07

% Actif net

-1.77

EUR

Devise de cotation

8 327 568.74

-863.96

-396 307.17

-22 433.66

-3 107 387.57

-1 542.24

-140 522.94

Valeur boursière

Total Cash

PROPRE

PrComVariableAcqu

Quantité

-3 669 057.54

PROPRE

PrComVariable PROPRE

PROPRE

PrComGestFin

PrComVariableAcqu

PROPRE

PrComGestFin

PrComVariable

Statut Valeur

Libellé valeur

Total MANAGEMENT FEES

Code valeur

ARTY

Mutual Fund - Annual Report- Year ended : 31.12.2012