echiquier patrimoine annual reporte by Financiere de l'Echiquier

MAZARS

ECHIQUIER PATRIMOINE 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 31, 2012

ECHIQUIER PATRIMOINE

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 FCP ECHIQUIER PATRIMOINE 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

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER PATRIMOINE

annual accounts

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER PATRIMOINE

BALANCE SHEETassets 31.12.2012

30.12.2011

EUR

Net assets

Deposits

512 976 739,17

594 935 597,64

89 566 954,31

67 979 414,81

185 902 511,75

200 869 549,09

163 370 155,91

296 440 710,19

32 957 466,44

39 254 250,76

27 776 443,55

1 925 400,00

1 869 480,00

Listed SPE and investment funds

Non-listed SPE and investment funds

Receivables representing repurchase agreements

Receivables representing securities lendings

Borrowed securities

Repurchase agreements

Other temporary purchases and sales

Transactions on a regulated or similar market

Other transactions

1 540 093,76

93 816,47

1 540 093,76

93 816,47

8 297 478,17

4 830 697,99

8 297 478,17

4 830 697,99

522 814 311,10

599 860 112,10

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 Negotiable debt securities Other debt securities Not traded on a regulated or similar market • MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS UCITS reserved for certain investors – VCF - Funds investing in futures and options

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

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Mutual Fund - Annual Report- Year ended : 31.12.2012

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BALANCE SHEET liabilities 31.12.2012

30.12.2011

EUR

513 735 892,05

589 261 659,26

• Previous undistributed net capital gains and losses

• Retained earnings

• Net capital gains and losses for the financial year

• Adjusted retained earnings

7 391 269,34

9 462 103,29

521 127 161,39

598 723 762,55

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

1 687 149,71

1 136 349,55

1 687 149,71

1 136 349,55

Cash credit

Borrowings

522 814 311,10

599 860 112,10

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

• TEMPORARY PURCHASES AND SALES OF SECURITIES

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

Foreign exchange forward contracts Other Financial accounts

Total liabilities

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Mutual Fund - Annual Report- Year ended : 31.12.2012

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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) FR0010434019

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER PATRIMOINE

INCOMEstatement 31.12.2012

30.12.2011

EUR

• Income from equities and similar securities

4 014 494,23

5 348 944,91

• Income from bonds and similar securities

7 565 905,96

8 255 256,07

• Income from debt securities

3 252 800,01

3 696 029,28

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

14 833 200,20

17 300 230,26

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

-14,09

-32,89

-14,09

-32,89

14 833 186,11

17 300 197,37

-6 617 376,46

-7 556 499,92

8 215 809,65

9 743 697,45

-824 540,31

-281 594,16

7 391 269,34

9 462 103,29

Currency

Income from financial transactions

• Income from deposits and financial accounts

Total (I) Expenses on financial transactions

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

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

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

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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.

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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. FR0010434019

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Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

ECHIQUIER PATRIMOINE

FR0010434019

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.

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Mutual Fund - Annual Report- Year ended : 31.12.2012

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appendices

changesnet assets 31.12.2012

30.12.2011

EUR

Net assets at the beginning of the period

598 723 762,55

602 590 282,38

Subscriptions (including the subscription fee allocated to the UCIT)

163 942 359,60

321 984 493,78

-265 933 042,11

-307 416 816,40

Capital gains on deposits and financial instruments

5 810 756,30

4 554 653,50

Capital losses on deposits and financial instruments

-17 202 314,61

-15 122 310,11

Capital gains on forward financial instruments

1 631 280,00

1 018 387,70

Capital losses on forward financial instruments

-1 624 228,00

-1 148 034,00

-207 172,52

-165 428,05

-3 159,76

-73 172,04

27 773 110,29

-17 148 871,66

3 005 944,83

-24 767 165,46

-7 618 293,80

-93 120,00

- Estimate difference – period N

- Estimate difference – period N-1

93 120,00

Distribution over the previous year net capital gains and losses

Prior period distribution

8 215 809,65

9 743 697,45

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

Interim payment(s) during the period

Other items

521 127 161,39

598 723 762,55

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

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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

170 096 115,22

Variable-rate bonds

15 806 396,53

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

2 999 172,85

154 881 189,05

5 489 794,01

MTN

Other instruments

32 957 466,44

Treasury Bonds

Commercial Papers

Certificates of deposit

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

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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

170 096 115,22

15 806 396,53

Debt securities

196 327 622,35

Temporary purchases and sales of securities

Financial accounts

8 297 478,17

Off-balance sheet Hedging

Other transactions

Assets Deposits

Liabilities Temporary purchases and sales of securities Financial accounts

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items 0 - 3 months 3 months - 1 year

Assets Deposits

1 - 3 years

3 - 5 years

> 5 years

19 827 328,44

22 300 606,26

79 285 498,13

42 286 400,11

22 202 678,81

166 386 788,65

29 940 833,70

8 297 478,17

Off-balance sheet Hedging

Other transactions

Bonds and similar securities Debt securities

Temporary purchases and sales of securities Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

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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

CHF

USD

3 275 347,91

Bonds and similar securities

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

Financial accounts

305 693,31

Temporary purchases and sales of securities

Debts

Financial accounts

Off-balance sheet Hedging

Other transactions

Assets Deposits

Equities and similar securities

Liabilities Disposal operations on financial instruments

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 :

1 540 093,76

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : Deferred sales regulations

1 310 066,72

230 027,04

Other transactions

Debts Foreign exchange forward contracts :

1 687 149,71

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Purchases delayed settlements

535 032,72

Redemption to pay

486 740,24

Receivables and payables

377 000,00

Accrued expenses

288 376,75

Other transactions

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER PATRIMOINE

appendices

3.6. Equity Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

207 842,087

163 942 359,60

337 846,258

265 933 042,11

Number of units issued / redeemed during the period Subscription / redemption fee

8 663,58

4 251,53

Retrocessions

8 663,58

4 251,53

Commissions allocated to the UCIT

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Outperformance fee (variable charges) : amount of fees for the period

1,20 -

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

- Breakdown by "target" UCIT : - UCIT 1

- UCIT 2

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 : 32 406 705,94 - UCITS - other financial instruments

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Mutual Fund - Annual Report- Year ended : 31.12.2012

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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

Total interim payments

31.12.2012

30.12.2011

EUR

Retained earnings

Adjusted retained earnings

Result

7 391 269,34

9 462 103,29

Total

7 391 269,34

9 462 103,29

Distribution

Retained earnings for the period

Capitalisation

7 391 269,34

9 462 103,29

Total

7 391 269,34

9 462 103,29

Number of units

Unit distribution

Tax credits

Income allocation

Sums remaining to be allocated

Allocation

Information concerning the units conferring distribution rights

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Mutual Fund - Annual Report- Year ended : 31.12.2012

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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

31.12.2012

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

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

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

Allocation

Information concerning units conferring distribution rights

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appendices

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

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

521 127 161,39

598 723 762,55

602 590 282,38

570 627 759,68

565 103 874,27

649 259,81

779 263,981

763 138,132

741 350,853

795 458,401

802,64

768,31

789,62

769,71

710,41

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

Unit distribution (including interim payments)

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

11,38

12,14

9,88

14,56

28,06

Net assets

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.

UCIT creation date: January 6, 1995.

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BNP PARIBAS

SOCIETE GENERALE A

CHRISTIAN DIOR

VIVENDI

COMPAGNIE DE SAINT-GOBAIN SA

SCHNEIDER ELECTRIC SA

PPR

FAURECIA

AXA

SANOFI

TOTAL

CGG VERITAS

RALLYE

ROCHE HOLDING AG - BON DE JOUISSANCE DIVIDENDE

NOVARTIS AG-NOM

VOLKSWAGEN AG-PFD

BAYERISCHE MOTORENWERKE

SECHILIENNE-SIDEC

M6 METROPOLE TELEVISION

GEVELOT

DANONE

TERREIS

FR0000130809

FR0000130403

FR0000127771

FR0000125007

FR0000121972

FR0000121485

FR0000121147

FR0000120628

FR0000120578

FR0000120271

FR0000120164

FR0000060618

CH0012032048

CH0012005267

DE0007664039

DE0005190003

FR0000060402

FR0000053225

FR0000033888

FR0000120644

FR0010407049

GDF SUEZ

FR0010208488

FR0000131104

SCOR SE ACT PROV

SAFRAN

FR0000073272

FR0010411983

EURAZEO

FR0000121121

ROYAL DUTCH SHELL PLC-A

SEB

FR0000121709

GB00B03MLX29

LAGARDERE

FR0000130213

CIMENTS VICAT SA

ERAMET

FR0000131757

FR0000031775

ADP

FR0010340141

VILMORIN & CIE

AREVA

FR0011027143

FR0000052516

IDSUD

FR0000062184

Securities

Libellé valeur

PROPRE

Statut Valeur

135 300.00

45 000.00

16 009.00

195 000.00

141 900.00

28 000.00

9 000.00

40 000.00

9 000.00

76 500.00

80 000.00

35 000.00

15 000.00

50 000.00

190 000.00

16 000.00

30 000.00

78 000.00

70 000.00

20 000.00

26 000.00

20 000.00

99 676.00

110 000.00

35 000.00

38 000.00

15 681.00

50 000.00

33 000.00

39 000.00

60 000.00

7 000.00

30 000.00

160 000.00

89 188.00

Quantité

1 833 315.00

2 245 725.00

736 574.09

2 303 925.00

2 040 522.00

2 042 040.00

1 549 350.00

1 903 578.53

1 371 769.38

1 944 247.50

1 807 200.00

1 365 350.00

1 070 850.00

667 500.00

2 226 800.00

2 253 600.00

1 644 900.00

2 513 160.00

1 186 500.00

2 565 000.00

736 840.00

851 700.00

1 552 453.70

2 245 100.00

909 125.00

1 792 840.00

1 467 741.60

1 629 750.00

1 194 765.00

2 172 690.00

1 517 100.00

776 650.00

1 751 100.00

2 051 200.00

1 649 978.00

Valeur boursière

EUR

CHF

EUR

Devise de cotation

0.35

0.43

0.14

0.44

0.39

0.30

0.37

0.26

0.37

0.35

0.26

0.21

0.13

0.43

0.32

0.48

0.23

0.49

0.14

0.16

0.30

0.43

0.17

0.34

0.28

0.31

0.23

0.42

0.29

0.15

0.34

0.39

0.32

% Actif net

ECHIQUIER PATRIMOINE

Code valeur

appendices

ECHIQUIER PATRIMOINE

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012

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MAN 5.375% 20/05/13

TELE DANMARK AS 3.5% 23/02/2015

FR0010877183

XS0429607640

XS0593990392

EFSF 1% 12/03/2014

FIAT FINANCE & TRADE 7.75% 17/10/2016

HEIDELBERG 8% 31/01/17

EU000A1G0AG3

XS0805410239

XS0458230322

SCOR TF/TV PERP

BANQUE POPULAIRE CAISSE 9.25% PERP

FR0010814558

CNP ASSURANCES VAR 30/09/2041

CEGEDIM SA 7% 27/07/2015

FR0010925172

FR0010359687

UNIBAIL RODAMCO SE 3.5% 06/04/2016 EMTN

XS0686597286

FR0011033851

PEUGEOT 4% 28/10/13

FR0010957274

UNICREDITO 5.25% 14/01/14

GDF SUEZ 2.75% 18/10/2017

FR0010952739

CASINO GUICHARD PERRACHON 5.50% 30/01/2015

PERNOD RIC 4.625% 12/13 *EUR

FR0010398271

FR0010773697

PERNOD RICARD 7% 15/01/15

FR0010766329

XS0408165008

GECINA 4.50% 19/09/2014

XS0426126180

VIVENDI SA 3.875% 30/11/2015

PORTUGAL TELECOM 6% 30/04/2013

FR0011274026

FR0010943316

ACCOR 2.875% 19/06/17

FR0011301480

FR0011157726

LAFARGE STEPCP 27/05/14

CASINO GUICHARD PERRACHON 3.157% 06/08/2019

XS0430328525

RALLYE 5.875% 24/03/2014

EADS FINAN 4.625% 08/16

XS0445463887

FR0010874115

HSBC FRANCE 4.875% 15/01/2014

EUROFINS Eurib3 13 OBSAR *EUR

FR0010292763

FR0010709097

TELECOM ITALIA SPA 4.50% 20/09/2017

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

XS0831389985

FR0000492076

*EUR

MANPWR INC 4.75% 14/06/13 *EUR

EUTELSAT 4.125% 27/03/2017

XS0257393370

Bonds

Total Share

ELIA SYSTEM OPERATOR

FR0000034548

BE0003822393

TOUPARGEL GROUPE

UFFB

FR0000039240

ELECTRICITE DE STRASBOURG

LOCINDUS

FR0000031023

CANAL+

FR0000121352

FR0000045346

FR0000125460

CRCAM SUD RHONE ALPES

FR0000052680

GROUPE GUILLIN

OENEO

FR0000060329

FR0000051831

PSB INDUSTRIES

FR0000060451

CRCAM TOURAINE ET POITOU CCI

INSTALLUX S.A.

FR0000061459

CRCAM NORMANDIE-SEINE

PERRIER (GERARD)

FR0004016699

FR0000044364

SMTPC

FR0010461053

FR0000045304

Libellé valeur

CRCAM LANGUEDOC

Code valeur

Statut Valeur

PROPRE

Quantité

1 000 000.00

1 600 000.00

750 000.00

2 500 000.00

1 000 000.00

3 000 000.00

1 000 000.00

1 500 000.00

2 250 000.00

2 000 000.00

1 500 000.00

4 300 000.00

3 000 000.00

2 000 000.00

5 000 000.00

2 000 000.00

3 000 000.00

375 000.00

3 500 000.00

1 500 000.00

1 349 040.00

15 000.00

2 750 000.00

1 000 000.00

3 250 000.00

1 500 000.00

1 440 000.00

50 000.00

42 149.00

84 000.00

123 000.00

148 607.00

400 000.00

30 000.00

20 625.00

50 000.00

37 000.00

515 000.00

60 000.00

11 000.00

75 931.00

74 537.00

103 870.00

1 048 896.44

1 677 779.51

853 569.67

2 720 438.93

1 117 210.14

3 149 865.00

1 101 788.08

1 521 858.08

2 421 982.60

2 070 289.32

2 371 212.35

1 604 768.63

4 589 397.66

3 152 014.52

3 153 373.97

2 114 538.47

5 736 647.26

5 452 221.23

2 413 884.44

3 235 211.92

381 549.14

4 009 226.51

1 638 277.25

1 328 257.13

3 513 750.00

2 970 463.36

1 083 828.58

3 419 430.96

1 713 544.32

1 492 211.44

89 566 954.31

1 710 000.00

3 808 162.15

1 335 600.00

680 190.00

1 802 602.91

1 980 000.00

2 005 500.00

1 237 087.50

2 090 000.00

3 470 600.00

1 174 200.00

1 242 000.00

1 540 000.00

2 441 181.65

1 937 962.00

3 540 928.30

Valeur boursière

EUR

Devise de cotation

0.20

0.32

0.16

0.52

0.21

0.60

0.21

0.29

0.47

0.40

0.46

0.31

0.88

0.61

0.41

1.10

1.05

0.46

0.62

0.07

0.77

0.31

0.26

0.67

0.57

0.21

0.66

0.33

0.29

17.19

0.33

0.73

0.26

0.13

0.35

0.38

0.39

0.24

0.40

0.67

0.23

0.24

0.30

0.47

0.37

0.68

% Actif net

ECHIQUIER PATRIMOINE

Mutual Fund - Annual Report- Year ended : 31.12.2012

FR0010434019

74007

CLARIANT FINANCE 5.625% 24/01/2017

DAIMLER NA 4.375% 03/13 *EUR

LAGARDERE 4.75% 10/07/13 *EUR

CRED AGRICOLE LONDON 3% 20/07/15

BARCLAYS BANK E3M+0.8% 28/01/2013

XS0735784851

XS0247812836

FR0000476061

XS0526903827

XS0459903620

FGA CAPITAL IRELAND 4% 28/03/2013

XS0611285064

SIPAREX MIDMARKET II

ARTY

ECHIQUIER VALUE

FR0010408559

FR0010611293

FR0007070883

O.P.C.V.M.

Total bonds

DEUTSCHE TELEKOM INTERNATIONAL 5.75% 14/04/15

RCI BANQUE 3.375% 23/01/13

XS0494501926

DE000A0TT2M2

AMADEUS CAP MARKET 4.875% 15/07/2016

XS0647188605

RTE EDF TRANSPORT 4.875% 06/05/2015

DAIMLER 3% 19/07/13

DE000A1C9VP6

FR0010612622

IMERYS 5% 18/04/17

FR0010456475

GLENCORE FINANCE EUROPE 4.125% 03/04/2018

AIR LIQUIDE 4.375% 03/06/15

FR0010765354

RCI BANQUE 4% 16/03/16

DEUTSH TELEKOM 5.75% 10/01/2014

DE000A0TWHZ4

XS0767815599

STERIA SCA TF/TV PERPETUAL CV DIRTY

FR0010544734

XS0602211202

CAISSE DES DEPOT 4.375% 09/04/18

CIEALPES 4.875% 18/10/17 *EUR

FR0010950857

FR0010606848

FR0011178938

*EUR

BFCM Eurib3 12/07/13

CREDIT FONCIER DE FRANCE 4.25% 24/02/2018

XS0259993045

UNIBAIL-RODANCO 3.375% 11/03/2015

BANQUE PSA 4.25% 25/02/2016

XS0594299066

XS0491898184

PSA FINANCE 4% 24/06/2015

XS0640796032

GRENKE FINANCE 4% 09/03/2015

BPCE 2.875% 22/09/15

FR0010945006

XS0598445129

SCLUMBERGER 2.75% 01/12/2015

XS0562884733

WENDEL INVESTISSEMENT 4.875% 21/09/2015

XS0290422095

FONCIERE LYONNAISE 4.625% 25/05/2016

FAURECIA SA 9.375% 15/12/2016

XS0704870392

CASINO GUICHARD PERRACHON 4.875% 10/04/2014

AREVA SA 3.875% 23/09/2016

FR0010804492

FR0010455626

VIVENDI 4% 31/03/2017

FR0010878751

FR0011052075

ELIA SYSTEM OP SA 4.5% 22/04/13

BE6000104727

XS0387435117

CARREFOUR 5.125% 10/10/2014

COMPAGNIE ST GOBAIN 7.25% 16/09/2013

XS0501648371

FR0010526848

LAFARGE MULTCP 13/04/18

XS0683565476

WENDEL INV 4.875% 04/11/14*EUR

COMPAGNIE DE ST GOBAIN SA 3.5% 30/09/2015

XS0802756501

PPR SA 8.625% 03/04/14

SOCIETE GENERALE 2.375% 13/07/2015

XS0746002392

FR0010744987

CREDIT AGRICOLE 3.875% 13/02/2019

XS0553803502

XS0203831432

Libellé valeur

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

Code valeur

Statut Valeur

PROPRE

Quantité

331.26

2 848.32

2 000.00

3 000 000.00

5 000 000.00

3 000 000.00

1 500 000.00

5 000 000.00

3 000 000.00

4 000 000.00

1 000 000.00

2 000 000.00

3 000 000.00

600 000.00

62 501.00

4 000 000.00

1 000 000.00

3 000 000.00

5 000 000.00

750 000.00

4 500 000.00

5 000 000.00

4 000 000.00

400 000.00

5 000 000.00

2 000 000.00

1 500 000.00

3 000 000.00

2 300 000.00

1 000 000.00

2 000 000.00

2 750 000.00

983 000.00

1 100 000.00

1 500 000.00

3 000 000.00

2 250 000.00

1 000 000.00

2 000 000.00

1 000 000.00

1 500 000.00

750 000.00

1 800 000.00

2 000 000.00

4 000 000.00

661 386.41

3 650 154.41

1 925 400.00

185 902 511.75

3 446 239.73

5 626 477.40

3 285 927.53

1 670 327.67

5 176 770.55

3 097 433.85

4 462 264.66

1 027 460.41

2 311 886.85

3 341 551.64

665 128.43

2 434 413.95

4 802 692.05

1 088 107.81

3 308 633.61

5 005 411.67

810 012.95

4 768 813.36

5 012 114.86

4 252 592.88

415 665.75

5 212 752.05

2 321 512.46

1 598 987.62

3 130 440.82

2 429 839.10

1 063 191.64

1 084 318.08

2 201 927.12

2 938 935.92

1 142 794.43

1 174 783.42

1 678 733.01

3 129 404.79

2 440 204.52

1 160 279.18

2 108 634.52

1 066 859.32

1 733 936.92

801 026.61

1 877 258.25

2 294 250.05

4 245 027.40

Valeur boursière

EUR

Devise de cotation

0.13

0.70

0.37

35.67

0.66

1.08

0.63

0.32

0.99

0.59

0.86

0.20

0.44

0.64

0.13

0.47

0.92

0.21

0.64

0.96

0.16

0.92

0.96

0.82

0.08

1.00

0.45

0.31

0.60

0.47

0.20

0.21

0.42

0.56

0.22

0.23

0.32

0.60

0.47

0.22

0.41

0.21

0.33

0.15

0.36

0.44

0.82

% Actif net

ECHIQUIER PATRIMOINE

Mutual Fund - Annual Report- Year ended : 31.12.2012

FR0010434019

ECHIQUIER OBLIG

ECHIQUIER JUNIOR

PHILEAS L/S EUROPE I

FR0010491803

FR0010434696

74007

PROPRE PROPRE PROPRE

Ach diff op de capi

Sous recev EUR BPP

Vte diff titres EUR

VICAT 10/01/2013

FIMALAC 11/01/2013

ENEL FINANCE INTERNATIONAL 08/01/13

VICAT 18/01/13

ERAMET 17/01/2013

FR0121092318

FR0121127726

XS0842164708

FR0121128039

FR0121168316

BOLLORE 02/05/13

BARRY CALLEBAUT 27/02/2013

ZODIAC AEROSPACE 0% 06/03/2013

BONGRAIN 07/03/13

UNICREDIT 08/05/2013

ILIAD 15/02/2013

FR0121207403

BE6244617484

FR0121207734

FR0121241048

FR0121241915

FR0121246344

BOT 0% 14/01/2013

BOLLORE 0% 03/01/2013

FR0121152815

FIMALAC 29/01/2013

CONTINENTAL AG 0% 22/01/2013

XS0832973365

FR0121128286

TELEFONICA 14/03/13

XS0831095137

IT0004863319

GECINA 11/03/2013

FR0121084414

FR0120946878

ILIAD 0% 28/02/2013

ILIAD 07/03/13

FR0121075784

CONTINENTAL 05/03/13

ARCELOR FINANCE 0% 28/02/2013

XS0825853038

RCI 18/01/13

FR0121073698

PROPRE

Ach diff titres EUR

PrComGestFin

PROPRE

Banque EUR BPP

Banque USD BPP

FR0120245776

Interests precomptes.

Negotiable debt

Total Cash

Total MANAGEMENT FEE

MANAGEMENT FEES

Total BANK OR WAITING

BANK OR WAITING

Total Others

Others

Cash

4 000 000.00

5 000 000.00

11 000 000.00

4 000 000.00

3 000 000.00

6 000 000.00

5 000 000.00

3 000 000.00

5 000 000.00

3 000 000.00

4 000 000.00

5 000 000.00

10 000 000.00

5 000 000.00

6 000 000.00

4 000 000.00

1 500 000.00

0.06

3 998 151.67

3 990 041.71

4 996 515.77

10 991 420.34

3 997 732.61

2 995 250.63

2 998 753.37

2 999 172.85

2 999 347.48

5 998 876.90

4 999 660.02

2 999 546.46

4 999 475.56

4 999 877.46

2 998 480.64

3 996 921.91

4 995 486.48

9 984 742.34

4 996 081.37

5 996 028.90

3 997 513.38

1 499 752.30

EUR

0.77

0.96

2.11

0.77

0.58

1.15

0.96

0.58

0.96

0.58

0.77

0.96

1.92

0.96

1.15

0.77

0.29

1.57

-0.06

1.69

0.25

0.04

-0.09

-0.10

1.53

-0.06

EUR

-0.07

8 150 422.22

EUR

USD

EUR

-288 376.75

8 815 798.97

1 310 066.72

230 027.04

-486 740.24

-535 032.72

7 991 784.86

305 693.31

-377 000.00

7.91

1.31

0.13

0.45

3.84

0.72

0.25

60.76

EUR

% Actif net

316 649 116.82

6 847 544.82

693 950.00

2 318 331.06

19 994 030.10

3 773 103.96

EUR

Devise de cotation

Total Securities

64 229.85

5 000.00

16 425.76

198 000.00

255.11

1 315 750.00

Valeur boursière

41 179 650.76

PROPRE

Quantité 12 500.00

Total O.P.C.V.M.

Crediteur div EUR

PROPRE

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

FR0010839282

FR0011023910

PROPRE

ECHIQUIER EXCELSIOR

FR0010106500

Statut Valeur

FR0011312826

PROPRE

Libellé valeur

ECHIQUIER HIGH YIELD

Code valeur

ECHIQUIER PATRIMOINE

Mutual Fund - Annual Report- Year ended : 31.12.2012

FR0010434019

74007

Total Interest precomptes..

100.00

37.67

0.58

1.15

0.77

0.96

1.34

0.58

0.77

0.96

0.77

1.72

0.77

0.96

1.34

1.53

0.38

2.11

0.77

0.58

196 327 622.35

EUR

% Actif net

521 127 161.39

2 998 618.15

5 995 399.53

3 998 016.83

4 990 570.39

6 996 603.08

2 996 711.37

3 997 593.03

4 998 796.36

3 993 973.08

8 981 337.13

3 997 006.63

4 989 660.76

6 995 759.20

7 980 099.34

1 999 120.70

10 993 151.03

3 998 123.78

EUR

Devise de cotation

Total Negotiable debt

3 000 000.00

6 000 000.00

4 000 000.00

5 000 000.00

7 000 000.00

3 000 000.00

4 000 000.00

5 000 000.00

4 000 000.00

9 000 000.00

4 000 000.00

5 000 000.00

7 000 000.00

8 000 000.00

2 000 000.00

11 000 000.00

4 000 000.00

2 998 251.81

Valeur boursière

Total ECHIQUIER PATRIMOINE

PROPRE

Quantité 3 000 000.00

37.67

VIVENDI 21/03/2013

FR0121304846

Statut Valeur PROPRE

196 327 622.35

AGACHE 27/03/13

FR0121341236

CASINO GUICHARD 18/03/2013

FR0121255303

REXEL 11/04/13

ERAMET 28/03/2013

FR0121297982

REXEL 08/02/2013

FAURECIA 05/01/2013

FR0121296752

FR0121340725

PERNOD RICARD FINANCE SA 04/02/2013

FR0121295101

FR0121321444

ECP TELEFONICA 03/06/13

ZODIAC AEROSPACE 04/03/2013

FR0121293403

FIMALAC 05/04/2013

BT BOLLORE 31/05/13

FR0121291613

FR0121255006

BONGRAIN 01/03/2013

FR0121291332

XS0861974482

ARCELOR 18/02/13

FR0121259198

FAURECIA 28/02/13

HAVAS 21/02/13

FR0121177754

FR0121289476

PERNOD 22/02/13

BE6245807746

FR0121264065

Libellé valeur

BARRY CALLEBAUT 20/02/13 0.42%

Code valeur

ECHIQUIER PATRIMOINE

Mutual Fund - Annual Report- Year ended : 31.12.2012