MAZARS
ECHIQUIER MAJOR FUND 53, Avenue d’IENA 75116 PARIS
Statement of the auditors Composition of the assets as at 30 June 2011
ECHIQUIER MAJOR FUND
Statement of the auditors
Composition of the assets as at 30 June 2011
As auditors of the ECHIQUIER MAJOR fund and in implementation of the provisions set down in article L. 214-8 of the French Monetary and Financial Code and in article 38 VI of AMF instruction no. 2005-01 adopted pursuant to the General Regulations of the AMF, we have verified the accuracy of the composition of the assets as appended to this statement. The composition of the assets was established under the responsibility of the management company. It falls to us, on the basis of our audits, to certify its accuracy. We have performed the procedures that we considered necessary in accordance with the professional standards of the French national audit body (Compagnie Nationale des Commissaires aux Comptes) relating to this assignment. These procedures involved appraising the accuracy of the information in terms of its coherence, its plausibility and its relevance. An audit of this nature, limited in terms of its objective, essentially consists of analytical procedures and meetings with the persons responsible for the information provided. We have no comments to make on the accuracy of the information provided in the appended document.
Executed at Courbevoie, 5 August 2011 The auditors
Mazars: Gilles DUNAND-ROUX
FR0010581728
IC
843 513 039.37
Total
868 295 805.78
24 782 766.41
Cash & Equivalent
Securities
778 354 087.01
24 782 766.41
753 571 320.60
Book Cost FCY
FR0010321828
C
Market Value FCY
ISIN Code
Unit
89 941 718.77
89 941 718.77
P&L
147.39000
155.26000
NAV per share
74015
ECHIQUIER MAJOR
Summary
Code
Fund description
Fund description
as of 30/06/2011
Statement of Holdings of ECHIQUIER MAJOR
Accruals
22 725 742.37000
845 570 063.41000 EUR
EUR
Class Net Asset Value NAV Ccy
868 295 805.78 EUR
Net asset value Ccy
NAV Status
154 187.46300
5 445 872.45900
Outstanding shares
OFF
29/02/2012 - Page 1 - Groupe Societe Générale
123 000.00
REXEL
ROCKWOOL INTERNATIONAL B
SANDVIK
SAP AG
FR0010451203
DK0010219153
SE0000667891
DE0007164600
RECKITT BENCKISER GROUP PLC
GB00B24CGK77
1 485 000.00
PRYSMIAN SPA
QIAGEN NV
IT0004176001
NL0000240000
2 410 000.00
PRUDENTIAL PLC
GB0007099541
420 000.00
1 089 000.00
186 000.00
953 000.00
490 000.00
1 383 000.00
1 390 000.00
309 451.00
3 550 000.00
PEARSON
GB0030232317
MICHELIN (CGDE)-SA
MAN SE
MICHAEL PAGE INTERNATIONAL
DE000A1KRDS5
185 000.00 910 000.00
FR0000121261
LUXOTTICA GROUP
7 500.00
448 000.00
210 000.00
834 000.00
195 000.00
290 000.00
990 000.00
572 000.00
115 000.00
535 000.00
162 000.00
1 750 000.00
280 000.00
350 000.00
363 000.00
2 900 000.00
201 000.00
520 000.00
520 000.00
199 953.00
340 000.00
815 000.00
310 000.00
280 000.00
790 000.00
1 164 000.00
86 000.00
Quantity / Amount
GB0006776081
L'OREAL
IT0001479374
KRONES AG
DE0006335003
FR0000120321
JC DECAUX
FR0000077919
LAFARGE SA
ILIAD
FR0004035913
LINDT AND SPRUENGLI PS
HOLCIM LTD-NOM
CH0012214059
CH0010570767
HENNES & MAURITZ AB-B SHS
SE0000106270
FR0000120537
HEINEKEN NV
DASSAULT SYSTEMES
FR0000130650
NL0000009165
DANONE
GEBERIT AG-NOM
CONTINENTAL AG
DE0005439004
FR0000120644
CH0030170408
CAPITA GROUP PLC
GB00B23K0M20
EDF
BRENNTAG AG
DE000A1DAHH0
FR0010242511
BOURBON DS
FR0011055888
DAVIDE CAMPARI-MILANO SPA
BOURBON
FR0004548873
DUFRY GROUP-NOM
BONDUELLE SA
FR0000063935
CH0023405456
BNP PARIBAS
FR0000131104
IT0003849244
BAYER AG
AUTOLIV INC SWEDISH DEPOSITORY RECEIPT
SE0000382335
BENETEAU
ARCELORMITTAL SA
LU0323134006
FR0000035164
AMADEUS IT HOLDING
DE000BAY0017
AIR LIQUIDE
ES0109067019
Asset description
FR0000120073
Equities
Securities
Security code
Holdings
Statement of Holdings of ECHIQUIER MAJOR as of 30/06/2011
41.75000 EUR
110.90000 SEK
628.00000 DKK
17.10000 EUR
34.40000 GBP
13.22000 EUR
13.87000 EUR
7.20000 GBP
11.76000 GBP
67.44000 EUR
5.35000 GBP
92.75000 EUR
22.12000 EUR
89.56000 EUR
2 620.00000 CHF
43.94500 EUR
58.38000 EUR
22.10500 EUR
92.53000 EUR
63.45000 CHF
218.10000 SEK
41.47000 EUR
199.20000 CHF
27.10500 EUR
105.90000 CHF
5.67000 EUR
58.71000 EUR
51.45000 EUR
72.45000 EUR
7.15500 GBP
80.16000 EUR
2.99800 EUR
29.98000 EUR
69.35000 EUR
53.23000 EUR
14.85000 EUR
55.44000 EUR
499.90000 SEK
23.99500 EUR
14.31000 EUR
98.84000 EUR
Price Ccy
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
Price Date
13 987 163.63
12 414 581.11
13 514 906.85
10 763 182.39
19 291 612.98
19 678 044.45
18 812 918.50
18 992 497.84
15 897 333.82
16 966 787.91
14 776 373.15
8 642 420.89
18 057 361.63
13 765 431.33
10 958 010.26
20 539 945.44
8 947 070.54
18 376 168.35
14 647 046.68
14 159 651.82
23 377 426.65
17 299 741.83
15 843 091.68
19 458 236.50
13 675 812.91
9 350 063.00
11 900 044.22
14 514 083.22
21 693 831.54
25 168 024.95
11 149 508.99
14 936 025.15
13 248 736.70
16 321 527.19
8 348 372.86
16 623 236.00
11 890 535.24
18 699 621.31
14 720 785.38
6 175 434.19
Book Cost FCY
17 535 000.00
13 164 531.99
15 660 637.91
16 296 300.00
18 675 973.63
18 283 260.00
20 596 950.00
19 225 527.67
18 111 351.17
20 869 375.44
21 043 155.50
11 408 250.00
20 129 200.00
16 568 600.00
16 278 684.45
19 687 360.00
12 259 800.00
18 435 570.00
18 043 350.00
15 243 558.94
23 536 227.78
23 720 840.00
18 977 715.19
14 501 175.00
14 212 409.91
9 922 500.00
16 438 800.00
18 007 500.00
26 299 350.00
22 989 862.06
16 112 160.00
1 558 960.00
15 589 600.00
13 866 740.55
18 098 200.00
12 102 750.00
17 186 400.00
15 257 633.07
18 956 050.00
16 656 840.00
8 500 240.00
Market Value FCY
Accruals
3 547 836.37
749 950.88
2 145 731.06
5 533 117.61
-615 639.35
-1 394 784.45
1 784 031.50
233 029.83
2 214 017.35
3 902 587.53
6 266 782.35
2 765 829.11
2 071 838.37
2 803 168.67
5 320 674.19
-852 585.44
3 312 729.46
59 401.65
3 396 303.32
1 083 907.12
158 801.13
6 421 098.17
3 134 623.51
-4 957 061.50
536 597.00
572 437.00
4 538 755.78
3 493 416.78
4 605 518.46
-2 178 162.89
4 962 651.01
1 558 960.00
653 574.85
618 003.85
1 776 672.81
3 754 377.14
563 164.00
3 367 097.83
256 428.69
1 936 054.62
2 324 805.81
P&L
2.02
1.52
1.80
1.88
2.15
2.11
2.37
2.21
2.09
2.40
2.42
1.31
2.32
1.91
1.88
2.27
1.41
2.12
2.08
1.76
2.71
2.73
2.19
1.67
1.64
1.14
1.89
2.07
3.03
2.65
1.86
0.18
1.80
1.60
2.08
1.39
1.98
1.76
2.18
1.92
0.98
% TNA
29/02/2012 - Page 2 - Groupe Societe Générale
FI0009005987
Vte diff titres EUR
SDS021EUR
PnVarFee
PnVstdVarFee
F110EURC
F170EURIC
F171EURIC
Price Date
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
Currency
EUR/CHF
EUR/DKK
EUR/GBP
EUR/NOK
EUR/SEK
EUR/USD
Used FX Rates
Total Cash & Equivalent
Total MANAGEMENT FEES
PnInvstMgrFee
PnInvstMgrFee
F110EURIC
MANAGEMENT FEES
Total CURRENT ACCOUNTS + SUSPENSE ACCOUNTS
RedemPybl-Hedge
Sous recev EUR BPP
SR021EUR
BDS021EUR
RP021EUR
BkDep EUR BPP
DsPur-Sec
BK021EUR
CURRENT ACCOUNTS + SUSPENSE ACCOUNTS
Cash & Equivalent
Total Securities
Total Equities
ZODIAC AEROSPACE
UPM KYMMENE OYJ
NL0000009355
FR0000125684
UNILEVER CVA
CH0012453913
WINCOR NIXDORF
TEMENOS GROUP AG-NOM
DE0007446007
VOLKSWAGEN AG-PFD
TAKKT AG
FR0000121220
DE0007664039
SODEXO
FR0000121709
DE000A0CAYB2
Asset description
SEB
Security code
1.44530000
9.17390000
7.78750000
0.90255000
7.45870000
1.20710000
Used FX Rate
-916.80
-117 490.85
-860 162.58
-11 718.57
2 060 181.39
593 770.32
-504 386.87
-5 858 012.92
29 481 503.29
330 000.00
223 500.00
149 000.00
1 490 000.00
977 500.00
820 000.00
666 500.00
308 000.00
260 000.00
Quantity / Amount
Statement of Holdings of ECHIQUIER MAJOR as of 30/06/2011 Price Ccy
Price Date
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
30/06/2011
0.69189788
0.10900489
0.12841091
1.10797186
0.13407162
0.82843178
Reverse FX Rate
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
1.00000 EUR
60.03000 EUR
49.83500 EUR
142.35000 EUR
12.61000 EUR
22.60500 EUR
25.90000 CHF
11.15000 EUR
54.06000 EUR
72.25000 EUR
24 782 766.41
-990 288.80
-916.80
-117 490.85
-860 162.58
-11 718.57
25 773 055.21
2 060 181.39
593 770.32
-504 386.87
-5 858 012.92
24 782 766.41
-990 288.80
-916.80
-117 490.85
-860 162.58
-11 718.57
25 773 055.21
2 060 181.39
593 770.32
-504 386.87
-5 858 012.92
29 481 503.29
843 513 039.37
753 571 320.60
29 481 503.29
843 513 039.37
19 809 900.00
11 138 122.50
21 210 150.00
18 788 900.00
22 096 387.50
17 594 234.11
7 431 475.00
16 650 480.00
18 785 000.00
Market Value FCY
753 571 320.60
17 476 606.81
10 789 610.85
18 778 313.30
20 078 847.00
22 766 822.00
19 256 114.88
5 181 872.08
13 612 741.10
18 047 743.50
Book Cost FCY
Accruals
89 941 718.77
89 941 718.77
2 333 293.19
348 511.65
2 431 836.70
-1 289 947.00
-670 434.50
-1 661 880.77
2 249 602.92
3 037 738.90
737 256.50
P&L
2.85
-0.11
-0.01
-0.10
0.00
2.97
0.24
0.07
-0.06
-0.68
3.40
97.15
97.15
2.28
1.28
2.44
2.16
2.55
2.03
0.86
1.92
2.16
% TNA
29/02/2012 - Page 3 - Groupe Societe Générale