r.c.s. luxembourg b45423 unaudited semi-annual report as ... · front, equity indices in emerging...

R.C.S. LUXEMBOURG B45423

Unaudited semi-annual report as at 31st December 2019

Legal disclaimer This report is an information document for shareholders. Shares can only be subscribed for based on the prospectus or the key investor information document (KIID), accompanied by the most recent annual report and the most recent semi-annual report, if this was published after the annual report. These documents will be sent free of charge to anyone who wishes to receive them.

An umbrella fund Investment Company

with Variable Capital (SICAV)

domiciled in Luxembourg

Semi-annual report

01

Table of contents

Organisation .................................................................................................................................................................... 2

Report on activities ......................................................................................................................................................... 4

Combined statement of net assets .............................................................................................................................. 12

LUX-EQUITY GLOBAL ................................................................................................................................................... 13 Statement of net assets ............................................................................................................................................... 13 Statement of investments and other net assets ........................................................................................................... 14 Industrial and geographical classification of investments............................................................................................. 17

LUX-EQUITY EUROPE ................................................................................................................................................... 18 Statement of net assets ............................................................................................................................................... 18 Statement of investments and other net assets ........................................................................................................... 19 Industrial and geographical classification of investments............................................................................................. 21

LUX-EQUITY NORTH AMERICA.................................................................................................................................... 22 Statement of net assets ............................................................................................................................................... 22 Statement of investments and other net assets ........................................................................................................... 23 Industrial and geographical classification of investments............................................................................................. 25

LUX-EQUITY EMERGING MARKETS ............................................................................................................................ 26 Statement of net assets ............................................................................................................................................... 26 Statement of investments and other net assets ........................................................................................................... 27 Industrial and geographical classification of investments............................................................................................. 28

LUX-EQUITY LOW VOLATILITY .................................................................................................................................... 29 Statement of net assets ............................................................................................................................................... 29 Statement of investments and other net assets ........................................................................................................... 30 Industrial and geographical classification of investments............................................................................................. 32

LUX-EQUITY HIGH DIVIDEND ....................................................................................................................................... 33 Statement of net assets ............................................................................................................................................... 33 Statement of investments and other net assets ........................................................................................................... 34 Industrial and geographical classification of investments............................................................................................. 36

LUX-EQUITY BEST SECTORS ...................................................................................................................................... 37 Statement of net assets ............................................................................................................................................... 37 Statement of investments and other net assets ........................................................................................................... 38 Industrial and geographical classification of investments............................................................................................. 40

Notes to the financial statements ................................................................................................................................. 41

Additional information .................................................................................................................................................. 45

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02

Organisation

Registered office 1, Place de Metz L-1930 LUXEMBOURG Board of Directors Françoise THOMA Banque et Caisse d'Epargne de l'Etat, Luxembourg Chairman of the Board of Directors Jean-Claude FINCK Independent board member Vice-Chairman of the Board of Directors Michel BIREL Independent board member Gilbert ERNST Independent board member Jean GUILL Independent board member Pit HENTGEN La Luxembourgeoise-Vie S.A. d'Assurances Board Member Guy HOFFMANN Banque Raiffeisen S.C. Board Member Pierre KRIER Independent board member Guy ROSSELJONG Banque et Caisse d'Epargne de l'Etat, Luxembourg Board Member Management Company BCEE ASSET MANAGEMENT S.A. 6a, Rue Goethe L-1637 LUXEMBOURG Supervisory Board of the Management Jean FELL Company Pit HENTGEN Aly KOHLL Executive Board of the Management Hélène CORBET-BIDAUD Company Carlo STRONCK Yves WAGNER Custodian bank BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG 1, Place de Metz L-2954 LUXEMBOURG

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Organisation (continued)

Administrative agent BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG 1, Place de Metz L-2954 LUXEMBOURG Investment Advisor LUX-FUND ADVISORY S.A. 2, Place de Metz L-1930 LUXEMBOURG Calculation of the net asset value of EUROPEAN FUND ADMINISTRATION S.A. the shares, Transfer agent and registrar 2, Rue d’Alsace (by delegation) L-1122 LUXEMBOURG Statutory Auditor DELOITTE Audit Société à responsabilité limitée 20, Boulevard de Kockelscheuer L-1821 LUXEMBOURG Distributors BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG 1, Place de Metz L-2954 LUXEMBOURG BANQUE RAIFFEISEN S.C. 4, Rue Léon Laval L-3372 LEUDELANGE FORTUNA BANQUE S.C. 130-132, Boulevard de la Pétrusse L-2330 LUXEMBOURG Initiators BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG 1, Place de Metz L-2954 LUXEMBOURG BANQUE RAIFFEISEN S.C. 4, Rue Léon Laval L-3372 LEUDELANGE LA LUXEMBOURGEOISE-VIE S.A. D'ASSURANCES 9, Rue Jean Fischbach L-3372 LEUDELANGE FORTUNA BANQUE S.C. 130-132, Boulevard de la Pétrusse L-2330 LUXEMBOURG

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Report on activities

Lux-Equity The international equity markets continued to rally in the second half of 2019. After a relatively quiet summer, their performance picked up again at the end of September. The equity indices benefited from improved US-China trade relations. The various actors did not impose additional sanctions and agreed on the principles of a phase one deal. The situation in the UK was also a key factor for the equity markets: Boris Johnson succeeded Theresa May as Prime Minister and worked to put pressure on Parliament to accelerate Brexit. Cuts to US key rates also benefited the equity indices, which moved even higher. In short, the Fed showed that it would do anything to support the economy and, by extension, the equity markets. In sector terms, only energy (-2.80%) delivered a negative return during the reporting period. The IT (+16%), healthcare (+11.64%) and communication services (+8.61%) sectors rose to the top of the ranks in terms of performance. Conversely, the energy (-2.80%), materials (+3.97%) and real estate (+4.16%) sectors were the worst performers. In geographic terms, the US market did well (+11.66%, calculated in EUR) and outperformed the European market (+8.62%, calculated in EUR). The reality is that the US market benefited from the slight appreciation of the US dollar against the euro, with the exchange rate moving from 1.1373 to 1.1213. Emerging markets were up 8.92% (calculated in EUR).

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Report on activities (continued)

Lux-Equity Emerging Markets Emerging equity markets rose sharply in the second half of the 2019/2020 financial year, mostly because of the performance in the last quarter and despite the dollar appreciation. Progress on the US-China trade conflict and the central banks’ accommodative tone led to sharp gains in the MSCI Emerging Markets index (about +7%). On the international front, equity indices in emerging countries slightly underperformed their equivalents in developed countries. The sub-fund posted a positive performance of 8.57% at the end of the reporting period. On the regional front, the China-driven MSCI Asia was the top performer for the period. In contrast, the MSCI Hong Kong was the weakest index due to the protests against the government and the significant slowdown in economic activity and trade. Over the course of the reporting period, the sub-fund sold off the Blackrock Latin America and Invesco Asia Opportunities funds. The purpose of these transactions was to limit exposure to third-party funds and increase exposure to ETFs, which now account for approximately 40% of the sub-fund. The sub-fund is slightly overweight Eastern European and Russian equities. These boast an attractive valuation/growth profile in a region where visibility on the economic trend is higher than elsewhere. It is also partially invested in small- and mid-cap funds due to their earnings growth, which exceeds that of large-caps, especially in Latin America.

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Lux-Equity Best Sectors The Lux-Equity Best Sectors sub-fund posted a positive performance of 7.92% at the end of the reporting period. The fund’s investment policy requires that it be exposed to securities of sectors that are overweight when the Investment Committee meets. Each sector is equal-weighted and some of the total exposure can be to sector ETFs. We modified our sector allocation only once during the period when we decided to increase the weighting of the healthcare sector in December. We believe it offers attractive valuations due to concerns about the US elections, which could pave the way for an overhaul of the current healthcare system. However, we believe that this sector benefits from secular growth and that innovation should help pharmaceutical companies continue to grow their income over the long term. We balanced this out by trimming our exposure to the communication services and real estate sectors. The sub-fund is currently exposed to the real estate, healthcare and communication services sectors. It keeps approximately 3% of its assets in liquid funds to facilitate management.

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Lux-Equity High Dividend The Lux-Equity High Dividend sub-fund posted a positive performance of 9.04% at the end of the reporting period. The main transactions in securities focused on stocks with higher returns or lower volatility. For example, we trimmed our position in Playtech in favour of United Health and divested our position in Citigroup in favour of Allied Irish Bank. Economic uncertainties prompted us to maintain our exposure to gold producers and pharmaceutical companies. From a geographic standpoint, we preferred Europe and North America, especially Canada, to take advantage of balance sheet quality and higher dividend yields. The sub-fund favoured securities that pay regular dividends, have solid balance sheets, and allow for increased redistribution of cash to investors while maintaining a higher financial rating. Some of the top performers identified during the period, dividends included, were Celgene (boosted by its acquisition by Bristol Myers), Microsoft (which won the contract for the US government’s cloud network), Nextera and Enel (one of the utilities with the highest exposure to renewable energies). At the end of the financial year, the sub-fund took the form of a concentrated portfolio, characterised by a heavy weighting of the healthcare, materials and utilities sectors due to their high dividend yields and non-cyclicality. At the end of the period, it was 83% invested in equities and the average dividend yield was 3.4%. The sub-fund maintains a money market position to reduce performance volatility.

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Lux-Equity Global The Lux-Equity Global sub-fund posted a positive performance of 7.84% at the end of the reporting period. We trimmed our geographic exposure to Europe in favour of North America: with European economic fundamentals deteriorating, we would like to take advantage of the strength and resilience of the US economy. We maintained our underweight in the materials, semiconductors and utilities sectors during the reporting period. We reasoned that the first two sectors are exposed to a rapidly slowing China and that the third is seeing high valuations. The sub-fund also remained overexposed to the real estate sector, whose market valuation reflected the negative impact of higher interest rates, which we believe is overblown. The communication services sector, to which we remained overexposed, continues to show defensive characteristics in an environment of slowing economic growth. Lastly, we revised the weighting of the healthcare sector to overweight on the back of its defensive nature, secular growth and attractive valuations. In addition, innovation supports growth and M&A continues to boost sector valuations. During the reporting period, the main transactions in the securities in the sub-fund were the purchase of securities such as United Rentals, Novo Nordisk, Roche Holdings and Nextera. These purchases were funded by sales of securities such as Boeing, Apple, Adidas and Berkshire Hathaway. In accordance with our investment strategy, the securities transactions are justified by valuation levels that are inconsistent with the earnings growth expected. Lastly, the sub-fund maintained a relatively high level of cash during the reporting period. This level is consistent with both our cautious view of the stock markets and our objective of maintaining some degree of flexibility in the daily management of the sub-fund.

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Lux-Equity Europe The Lux-Equity Europe sub-fund posted a positive performance of 5.26% at the end of the reporting period. We maintained our underweight in the materials, semiconductors and utilities sectors during the reporting period. We reasoned that the first two sectors are exposed to a rapidly slowing China and that the third is seeing high valuations. The sub-fund also remained overexposed to the real estate sector, whose market valuation reflected the negative impact of higher interest rates, which we believe is overblown. The communication services sector, to which we remained overexposed, continues to show defensive characteristics in an environment of slowing economic growth. Lastly, we revised the weighting of the healthcare sector to overweight on the back of its defensive nature, secular growth and attractive valuations. In addition, innovation supports growth and M&A continues to boost sector valuations. During the reporting period, the main transactions in the securities in the sub-fund were the purchase of securities such as Ubisoft and Roche Holdings. These purchases were funded by sales of securities such as AB Inbev and Randstad. In accordance with our investment strategy, the securities transactions are justified by valuation levels that are inconsistent with the earnings growth expected. Lastly, the sub-fund maintained a relatively high level of cash during the reporting period. This level is consistent with both our cautious view of the stock markets and our objective of maintaining some degree of flexibility in the daily management of the sub-fund.

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Lux-Equity North America The Lux-Equity North America sub-fund posted a positive performance of 6.49% at the end of the reporting period. We maintained our underweight in the materials, semiconductors and utilities sectors during the reporting period. We reasoned that the first two sectors are exposed to a rapidly slowing China and that the third is seeing high valuations. The sub-fund also remained overexposed to the real estate sector, whose market valuation reflected the negative impact of higher interest rates, which we believe is overblown. The communication services sector, to which we remained overexposed, continues to show defensive characteristics in an environment of slowing economic growth. Lastly, we revised the weighting of the healthcare sector to overweight on the back of its defensive nature, secular growth and attractive valuations. In addition, innovation supports growth and M&A continues to boost sector valuations. During the reporting period, the main transactions in the securities in the sub-fund were the purchase of securities such as Autodesk and Booking. These purchases were funded by sales of securities such as Boeing and Netflix. In accordance with our investment strategy, the securities transactions are justified by valuation levels that are inconsistent with the earnings growth expected. Lastly, the sub-fund maintained a relatively high level of cash during the reporting period. This level is consistent with both our cautious view of the stock markets and our objective of maintaining some degree of flexibility in the daily management of the sub-fund.

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Lux-Equity Low Volatility The Lux-Equity Low Volatility sub-fund posted a positive performance of 7.21% at the end of the reporting period. In accordance with its low volatility investment strategy, the sub-fund has significant exposure to the real estate, utilities and consumer staples sectors, which offer high visibility on future earnings. Conversely, the sub-fund has little exposure to more cyclical sectors such as industrials, financials and technology. During the reporting period, we also overweighted healthcare at the expense of energy. This allocation gives us a beta of significantly less than 1 as well as lower volatility than that of the benchmark index. During the reporting period, the main transactions in the securities in the sub-fund were the purchase of securities such as Abbott Laboratories, Booking and EDP. These purchases were funded by the sale of securities such as Grubhub, 2U and Amazon. In accordance with our investment strategy, the securities transactions are justified by valuation levels that are inconsistent with the earnings growth expected. Lastly, during this same period, we significantly increased the level of cash to reduce the sub-fund's performance volatility and maintain some degree of flexibility in the daily management of the sub-fund. Luxembourg, 5th February 2020 The Board of Directors

Note: The information in this report represents historical data and is not an indication of future results.

Semi-annual report 12

Combined statement of net assets

as at 31st December 2019 (in EUR)

The accompanying notes are an integral part of these financial statements.

Assets

Securities portfolio at market value 681,473,737.85 Deposits on futures contracts 1,287,916.96 Cash at banks 67,408,957.89 Receivable on sales of securities 4,054,677.04 Receivable on treasury transactions 79.35 Receivable on issues of shares 804,345.03 Income receivable on portfolio 687,637.02 Unrealised gain on futures contracts 31,200.00 Other receivables 69,689.15

Total assets 755,818,240.29

Liabilities

Bank overdrafts 276,769.88 Payable on purchases of securities 3,159,523.29 Payable on treasury transactions 16,373.36 Payable on redemptions of shares 622,020.82 Unrealised loss on futures contracts 59,725.37 Expenses payable 896,990.54 Payable on futures contracts 16,460.32 Other liabilities 40,950.00

Total liabilities 5,088,813.58

Net assets at the end of the period 750,729,426.71

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LUX-EQUITY GLOBAL

Statement of net assets



Assets

Securities portfolio at market value 140,728,315.87 Deposits on futures contracts 443,206.31 Cash at banks 9,851,014.94 Receivable on issues of shares 119,453.27 Income receivable on portfolio 90,492.33 Other receivables 42,103.86


Liabilities

Bank overdrafts 121,656.91 Payable on treasury transactions 224.67 Payable on redemptions of shares 72,858.66 Unrealised loss on futures contracts 32,224.70 Expenses payable 177,123.75 Payable on futures contracts 9,944.78 Other liabilities 9,750.00

Total liabilities 423,783.47


Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

EUR 425,381.0802 EUR 224.42 95,463,492.11 M 296,204.5683 EUR 119.26 35,326,601.26 USD 89,391.0689 USD 251.95 20,060,709.74

150,850,803.11

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LUX-EQUITY GLOBAL

Statement of investments and other net assets



Currency Number / nominal

value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

CAD 85,000 Barrick Gold Corp 1,322,964.61 1,408,347.22 0.93 CAD 11,800 Franco Nevada Corporation 1,035,629.03 1,086,905.81 0.72 CAD 73,017 Suncor Energy Inc 2,023,532.66 2,134,711.15 1.42 CAD 594,604 TORC Oil & Gas Ltd 1,780,438.95 1,833,950.80 1.22

6,162,565.25 6,463,914.98 4.29

CHF 5,627 Roche Holding Ltd Pref 1,209,695.17 1,626,305.38 1.08 DKK 30,266 Novo Nordisk AS B 1,307,061.86 1,565,968.26 1.04 EUR 8,680 Airbus SE 1,053,176.64 1,132,566.40 0.75 EUR 25,881 Alstom 733,678.03 1,092,954.63 0.72 EUR 15,882 Anheuser-Busch InBev SA 1,435,378.59 1,154,780.22 0.77 EUR 17,454 Atos SE 1,291,041.38 1,297,181.28 0.86 EUR 26,699 BNP Paribas SA A 1,313,501.90 1,410,508.17 0.94 EUR 26,844 Crédit Agricole SA 262,989.03 346,958.70 0.23 EUR 23,609 Danone 1,644,191.83 1,744,705.10 1.16 EUR 98,396 Deutsche Telekom AG Reg 1,436,981.64 1,433,629.72 0.95 EUR 101,815 Elior Group SA 1,277,468.35 1,333,776.50 0.88 EUR 276,474 ENEL SpA 1,905,210.68 1,955,224.13 1.30 EUR 5,854 Ferrari NV 876,859.18 865,806.60 0.57 EUR 45,817 GrandVision NV 894,682.58 1,256,302.14 0.83 EUR 3,524 Henkel AG & Co KGaA Pref 348,557.74 324,912.80 0.22 EUR 27,794 Korian SA 848,760.81 1,165,124.48 0.77 EUR 2,633 LVMH Moët Hennessy L Vuit SE 856,029.73 1,090,588.60 0.72 EUR 37,347 NN Group NV 1,283,534.85 1,263,075.54 0.84 EUR 116,598 Orange SA 1,596,898.22 1,529,765.76 1.01 EUR 251,645 Snam SpA 1,134,354.42 1,179,208.47 0.78 EUR 51,866 Total SA 2,472,867.93 2,551,807.20 1.69 EUR 23,584 UBISOFT Entertainment SA 1,412,281.17 1,452,302.72 0.96 EUR 2,571 Unibail-Rodamco-Westf +1 Sh WFD Unib R 340,662.03 361,611.15 0.24 EUR 23,500 Unilever NV 1,233,188.90 1,203,905.00 0.80 EUR 11,725 Vinci SA 1,056,483.72 1,160,775.00 0.77 EUR 52,096 Vivendi 1,328,906.73 1,345,118.72 0.89 EUR 30,570 Vonovia SE 1,381,733.22 1,467,360.00 0.97

29,419,419.30 31,119,949.03 20.62

GBP 30,412 Prudential Plc 439,255.77 520,035.20 0.35 USD 21,879 Abbott Laboratories 978,668.30 1,692,713.94 1.12 USD 1,547 Alphabet Inc C 1,452,504.56 1,842,317.57 1.22 USD 1,147 Amazon.com Inc 1,438,674.98 1,887,835.11 1.25 USD 62,936 American Homes 4 Rent A 1,208,447.65 1,469,272.79 0.97 USD 57,212 Apache Corp 1,850,737.19 1,304,048.35 0.86 USD 9,684 Apple Inc 1,434,249.44 2,532,917.61 1.68 USD 655 Booking Holdings Inc Reg 1,161,302.23 1,198,176.85 0.79 USD 840 Bristol Myers Squibb Co 31,023.75 48,026.72 0.03 USD 12,056 Chubb Ltd N 1,304,990.65 1,671,539.11 1.11 USD 45,943 Cisco Systems Inc 1,345,763.87 1,962,613.59 1.30 USD 24,791 Citigroup Inc 1,112,072.37 1,764,098.15 1.17 USD 11,702 Clorox Co 1,423,729.32 1,600,360.81 1.06 USD 25,436 Cognex Corp 1,090,313.50 1,269,647.67 0.84 USD 33,775 Comcast Corp A 1,101,616.60 1,352,865.19 0.90 USD 19,982 CVS Health Corp 1,176,515.83 1,322,225.69 0.88

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LUX-EQUITY GLOBAL

Statement of investments and other net assets (continued)




value


USD 15,628 Electronic Arts Inc 1,329,330.66 1,496,540.73 0.99 USD 19,792 Emerson Electric Co 1,181,485.75 1,344,382.22 0.89 USD 15,996 Exxon Mobil Corp 986,325.64 994,211.17 0.66 USD 8,474 Facebook Inc A 1,273,228.18 1,549,201.48 1.03 USD 9,667 Fedex Corp 1,578,336.86 1,301,992.58 0.86 USD 25,577 Flowserve Corp 958,023.40 1,133,844.56 0.75 USD 48,189 Ford Motor Co 501,540.19 399,178.50 0.26 USD 22,730 Gilead Sciences Inc 1,484,780.69 1,315,574.42 0.87 USD 7,228 Home Depot Inc 648,089.88 1,405,941.61 0.93 USD 10,267 Honeywell Intl Inc 975,836.74 1,618,650.57 1.07 USD 24,777 JPMorgan Chase & Co 1,409,948.24 3,076,435.20 2.04 USD 19,160 KeyCorp 320,058.61 345,415.87 0.23 USD 3,716 Keysight Technologies Inc Reg 169,666.94 339,692.78 0.23 USD 6,500 Mastercard Inc A 990,411.52 1,728,720.94 1.15 USD 13,400 Medtronic Plc Reg 1,010,628.94 1,354,083.90 0.90 USD 28,026 Merck & Co Inc 1,431,523.08 2,270,388.08 1.51 USD 10,775 Metlife Inc 432,142.90 489,179.43 0.32 USD 24,746 Microsoft Corp 1,615,002.71 3,475,945.67 2.30 USD 8,214 Monster Beverage Corp 336,874.43 464,950.30 0.31 USD 17,800 Nasdaq Inc 1,100,789.37 1,698,031.53 1.13 USD 51,898 Newmont Goldcorp Corp Reg 1,899,202.07 2,008,522.40 1.33 USD 5,160 NextEra Energy Inc 1,103,911.08 1,112,982.63 0.74 USD 3,370 Nike Inc B 147,735.99 304,101.45 0.20 USD 34,104 Occidental Petroleum Corp 1,897,809.38 1,251,826.70 0.83 USD 11,694 Pepsico Inc 972,336.65 1,423,549.46 0.94 USD 62,271 Pfizer Inc 1,792,806.59 2,173,134.21 1.44 USD 20,669 Philip Morris Intl Inc 1,565,307.60 1,566,513.95 1.04 USD 101,400 Regions Financial Corp 1,299,951.08 1,549,856.60 1.03 USD 7,503 Salesforce.com Inc 819,651.78 1,086,922.53 0.72 USD 18,820 Starbucks Corp 755,073.21 1,473,817.05 0.98 USD 6,800 TE Connectivity Ltd 545,918.87 580,486.33 0.39 USD 12,610 The Walt Disney Co 1,107,372.15 1,624,462.72 1.08 USD 9,560 United Rentals Inc 1,062,822.10 1,420,077.67 0.94 USD 36,363 Verizon Communications Inc 1,739,203.74 1,988,677.47 1.32 USD 12,812 Zimmer Biomet Hgs Inc 1,409,944.38 1,708,114.51 1.13

55,963,681.64 71,994,066.37 47.72

Total shares 94,501,678.99 113,290,239.22 75.10

Closed-ended investment funds

EUR 10,559 Icade SA 989,442.67 1,024,750.95 0.68 EUR 52,165 Klepierre Dist 1,596,038.40 1,765,785.25 1.17

2,585,481.07 2,790,536.20 1.85

USD 61,400 Macerich Co 1,993,867.84 1,472,243.70 0.98 USD 11,340 Simon Property Group Inc 1,714,235.07 1,504,592.86 1.00

3,708,102.91 2,976,836.56 1.98

Total closed-ended investment funds 6,293,583.98 5,767,372.76 3.83

Warrants and rights

USD 10,840 Bristol Myers Squibb Co Droits d'attribut 31.12.20 0.00 29,062.44 0.02

Total warrants and rights 0.00 29,062.44 0.02

Open-ended investment funds

Tracker funds (UCITS)

EUR 40,297 Invesco Mks Plc JPX-Nikkei 400 UCITS ETF Cap 4,359,574.73 5,615,789.92 3.72 EUR 132,721 iShares III Plc Core MSCI Japan IMI UCITS ETF

Cap 4,315,430.60 5,237,170.66 3.47

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LUX-EQUITY GLOBAL





value


EUR 80,677 iShares Plc European Property Yield UCITS ETF

Dist 3,541,995.42 3,687,342.29 2.44

EUR 33,790 Xtrackers MSCI Europe Small Cap UCITS ETF 1C Cap

1,618,758.98 1,653,175.75 1.10

13,835,759.73 16,193,478.62 10.73

USD 29,412 iShares VII Plc Core MSCI Pacific ex Japan UCITS ETF B Cap

3,261,781.33 4,136,070.69 2.74

USD 32,255 SSgA SPDR ETFs Europe II Plc Russ 2000 US Sm Cap UCITS Cap

1,319,515.98 1,312,092.14 0.87

4,581,297.31 5,448,162.83 3.61

Total tracker funds (UCITS) 18,417,057.04 21,641,641.45 14.34

Total investments in securities 119,212,320.01 140,728,315.87 93.29

Cash at banks 9,851,014.94 6.53

Bank overdrafts -121,656.91 -0.08

Other net assets/(liabilities) 393,129.21 0.26

Total 150,850,803.11 100.00

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LUX-EQUITY GLOBAL

Industrial and geographical classification of investments

as at 31st December 2019

Industrial classification (in percentage of net assets)

Investment funds 14.34 %

Financials 13.72 %

Cyclical consumer goods 12.92 %

Healthcare 10.79 %

Technologies 9.57 %

Energy 7.46 %

Industrials 7.27 %

Non-cyclical consumer goods 6.08 %

Telecommunications services 3.28 %

Raw materials 3.20 %

Real estate 2.62 %

Utilities 2.04 %

Total 93.29 %

Geographical classification (by domicile of the issuer)

(in percentage of net assets)

United States of America 47.32 %

Ireland 14.14 %

France 13.69 %

Canada 4.29 %

The Netherlands 3.79 %

Switzerland 2.58 %

Germany 2.14 %

Italy 2.08 %

Luxembourg 1.10 %

Denmark 1.04 %

Belgium 0.77 %

United Kingdom 0.35 %

Total 93.29 %

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LUX-EQUITY EUROPE




Assets

Securities portfolio at market value 174,620,852.90 Deposits on futures contracts 696,322.62 Cash at banks 10,773,096.65 Receivable on issues of shares 26,158.78 Income receivable on portfolio 73,582.83 Unrealised gain on futures contracts 31,200.00


Liabilities

Payable on redemptions of shares 186,352.78 Expenses payable 224,506.72 Other liabilities 31,200.00





shares

Currency of

share class


share class


(in EUR)

A 1,038,235.5775 EUR 151.40 157,189,546.60 M 271,053.4444 EUR 105.48 28,589,607.68

185,779,154.28

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LUX-EQUITY EUROPE





value




Shares

CHF 17,500 Nestlé SA Reg 1,760,232.28 1,687,765.01 0.91 CHF 17,242 Novartis AG Reg 1,369,310.92 1,458,473.99 0.79 CHF 18,917 Roche Holding Ltd Pref 4,234,202.49 5,467,357.19 2.94

7,363,745.69 8,613,596.19 4.64

DKK 184,055 Danske Bank A/S 3,963,909.97 2,655,071.95 1.43 DKK 68,314 GN Store Nord Ltd 1,371,923.83 2,864,046.23 1.54 DKK 81,968 Novo Nordisk AS B 3,548,799.04 4,241,039.00 2.28 DKK 47,415 Vestas Wind Systems A/S 3,240,766.48 4,271,395.40 2.30

12,125,399.32 14,031,552.58 7.55

EUR 4,553 Adidas AG Reg 1,117,383.15 1,319,459.40 0.71 EUR 582,103 AIB Group Plc Reg 2,251,732.87 1,808,011.92 0.97 EUR 9,396 Air Liquide SA 1,155,729.27 1,185,775.20 0.64 EUR 11,483 Airbus SE 1,371,928.68 1,498,301.84 0.81 EUR 8,234 Allianz SE Reg 1,785,551.12 1,798,305.60 0.97 EUR 62,538 Alstom 1,700,091.63 2,640,979.74 1.42 EUR 6,064 Amadeus IT Group SA A 436,607.96 441,459.20 0.24 EUR 54,098 Anheuser-Busch InBev SA 4,879,021.89 3,933,465.58 2.12 EUR 39,189 Atos SE 2,842,439.53 2,912,526.48 1.57 EUR 26,223 BNP Paribas SA A 1,222,952.45 1,385,361.09 0.75 EUR 18,786 CapGemini SE 2,035,738.63 2,045,795.40 1.10 EUR 299,391 Crédit Agricole SA 2,927,138.22 3,869,628.68 2.08 EUR 67,099 Danone 4,520,224.79 4,958,616.10 2.67 EUR 33,283 Deutsche Boerse AG Reg 3,195,388.65 4,664,612.45 2.51 EUR 253,560 Deutsche Telekom AG Reg 3,677,993.04 3,694,369.20 1.99 EUR 209,679 Elior Group SA 2,631,094.42 2,746,794.90 1.48 EUR 308,473 ENEL SpA 2,094,816.96 2,181,521.06 1.17 EUR 26,744 Evonik Industries AG Reg 714,758.78 727,704.24 0.39 EUR 17,314 Ferrari NV 1,783,520.66 2,560,740.60 1.38 EUR 84,914 Fresenius SE & Co KGaA 5,002,046.14 4,260,984.52 2.29 EUR 117,342 GrandVision NV 2,233,904.50 3,217,517.64 1.73 EUR 32,043 Heineken NV 2,588,741.74 3,041,521.56 1.64 EUR 25,053 Henkel AG & Co KGaA Pref 2,678,338.91 2,309,886.60 1.24 EUR 307,424 Hera SpA 1,201,029.01 1,198,953.60 0.65 EUR 3,306 Hermes Intl SA 1,268,861.31 2,202,457.20 1.19 EUR 251,155 ING Groep NV 2,805,941.36 2,684,344.64 1.44 EUR 1,133,451 Intesa Sanpaolo SpA 2,712,205.62 2,661,909.67 1.43 EUR 27,500 Kion Group AG 1,178,504.25 1,692,900.00 0.91 EUR 745,285 Koninklijke KPN NV 2,038,743.44 1,960,844.84 1.06 EUR 91,548 Korian SA 2,550,474.18 3,837,692.16 2.07 EUR 203,585 Leonardo SpA 1,815,918.79 2,127,463.25 1.15 EUR 7,621 LVMH Moët Hennessy L Vuit SE 2,297,763.79 3,156,618.20 1.70 EUR 123,270 NN Group NV 3,933,690.93 4,168,991.40 2.24 EUR 746,937 Nokia Oyj 3,207,637.36 2,461,904.35 1.33 EUR 183,006 Orange SA 2,589,564.71 2,401,038.72 1.29 EUR 61,732 Randstad NV 2,810,913.86 3,360,690.08 1.81 EUR 51,632 Red Electrica Corporacion SA 912,814.73 925,503.60 0.50 EUR 175,325 Royal Dutch Shell Plc A 4,324,937.43 4,587,378.63 2.47 EUR 15,860 Rémy Cointreau SA 1,500,071.39 1,736,670.00 0.93 EUR 341,539 Saipem SpA Reg 1,444,311.50 1,487,743.88 0.80 EUR 16,724 Sanofi SA 1,265,130.51 1,498,804.88 0.81 EUR 9,585 SEB SA 1,580,989.94 1,269,054.00 0.68 EUR 254,214 Snam SpA 1,128,157.62 1,191,246.80 0.64

Semi-annual report

20

LUX-EQUITY EUROPE





value


EUR 3,877,077 Telecom Italia SpA 2,180,411.91 2,157,205.64 1.16 EUR 335,450 Telefonica SA 2,778,898.48 2,088,847.15 1.12 EUR 159,244 Terna Rete Elettr Nazional SpA 916,233.96 948,138.78 0.51 EUR 135,103 Total SA 6,522,339.79 6,647,067.60 3.58 EUR 22,488 UBISOFT Entertainment SA 1,328,690.67 1,384,811.04 0.75 EUR 11,649 Unibail-Rodamco-Westf +1 Sh WFD Unib R 1,543,547.87 1,638,431.85 0.88 EUR 26,852 Unilever NV 1,434,688.93 1,375,627.96 0.74 EUR 14,588 Vinci SA 1,324,077.04 1,444,212.00 0.78 EUR 95,327 Vivendi 2,341,736.64 2,461,343.14 1.32 EUR 36,697 Vonovia SE 1,676,506.96 1,761,456.00 0.95

119,461,937.97 127,722,690.06 68.76

GBP 51,000 Ashtead Group Plc 1,226,784.25 1,452,870.21 0.78 GBP 68,223 Imperial Brands Plc 1,390,782.62 1,504,733.16 0.81 GBP 188,497 Prudential Plc 2,739,315.74 3,223,236.75 1.73 GBP 1,635,174 Vodafone Group Plc 2,398,916.62 2,831,985.68 1.52

7,755,799.23 9,012,825.80 4.84

Total shares 146,706,882.21 159,380,664.63 85.79


EUR 26,376 Icade SA 1,902,875.67 2,559,790.80 1.38 EUR 93,380 Klepierre Dist 2,830,578.18 3,160,913.00 1.70




EUR 140,758 iShares Plc European Property Yield UCITS ETF Dist

6,001,268.35 6,433,344.39 3.46

EUR 63,079 Xtrackers MSCI Europe Small Cap UCITS ETF 1C Cap

3,044,032.80 3,086,140.08 1.66



Cash at banks 10,773,096.65 5.80


Total 185,779,154.28 100.00

Semi-annual report

21

LUX-EQUITY EUROPE




Financials 19.71 %

Healthcare 12.72 %



Energy 8.99 %


Industrials 6.88 %


Technologies 4.24 %

Utilities 2.83 %

Real estate 2.33 %


Total 93.99 %



France 30.77 %


Germany 11.96 %

Denmark 7.55 %

Italy 7.51 %


Switzerland 4.64 %

Ireland 4.43 %

Belgium 2.12 %

Spain 1.86 %

Luxembourg 1.66 %

Finland 1.33 %

Total 93.99 %

Semi-annual report

22

LUX-EQUITY NORTH AMERICA


as at 31st December 2019 (in USD)


Assets

Securities portfolio at market value 61,711,308.65 Deposits on futures contracts 166,595.24 Cash at banks 3,733,638.15 Receivable on issues of shares 13,090.29 Income receivable on portfolio 72,242.59 Other receivables 30,970.00


Liabilities

Payable on redemptions of shares 88,698.64 Unrealised loss on futures contracts 30,875.00 Expenses payable 70,296.48 Payable on futures contracts 7,315.00





shares

Currency of

share class


share class


(in USD)

A 169,177.0594 USD 158.40 26,797,500.78 M 327,542.6416 USD 118.25 38,733,159.02

65,530,659.80

Semi-annual report

23






value




Shares

CAD 35,922 Barrick Gold Corp 643,042.97 668,213.20 1.02 CAD 9,132 BCE Inc 408,812.13 423,692.68 0.65 CAD 6,621 Franco Nevada Corporation 644,179.37 684,695.09 1.04 CAD 4,000 Nutrien Ltd Reg 194,863.12 191,786.53 0.29 CAD 22,335 Suncor Energy Inc 694,888.73 733,102.69 1.12 CAD 274,704 TORC Oil & Gas Ltd 971,591.64 951,236.62 1.45

3,557,377.96 3,652,726.81 5.57

USD 15,359 Abbott Laboratories 685,557.09 1,334,082.74 2.04 USD 2,800 Accenture Plc A 442,453.50 589,596.00 0.90 USD 10,097 Activision Blizzard Inc 459,715.00 599,963.74 0.92 USD 1,092 Alphabet Inc C 1,227,517.58 1,460,025.84 2.23 USD 611 Amazon.com Inc 946,765.79 1,129,030.24 1.72 USD 28,235 American Homes 4 Rent A 595,080.48 740,039.35 1.13 USD 23,974 Apache Corp 858,702.40 613,494.66 0.94 USD 6,658 Apple Inc 1,171,334.40 1,955,121.70 2.98 USD 18,543 AT&T Inc 556,180.66 724,660.44 1.11 USD 4,100 Autodesk Inc 602,002.74 752,186.00 1.15 USD 1,100 BlackRock Inc 565,989.38 552,970.00 0.84 USD 360 Booking Holdings Inc Reg 710,297.62 739,342.80 1.13 USD 275 Charter Communications Inc A 103,379.29 133,397.00 0.20 USD 11,465 Cheniere Energy Inc 705,229.35 700,167.55 1.07 USD 5,817 Chubb Ltd N 733,566.58 905,474.22 1.38 USD 27,690 Cisco Systems Inc 1,032,773.89 1,328,012.40 2.03 USD 13,997 Citigroup Inc 732,232.37 1,118,220.33 1.71 USD 5,276 Clorox Co 699,003.86 810,077.04 1.24 USD 8,690 Cognex Corp 430,839.23 486,987.60 0.74 USD 11,577 Comcast Corp A 423,273.32 520,617.69 0.79 USD 10,000 Corteva Inc Reg 278,796.00 295,600.00 0.45 USD 8,129 CVS Health Corp 534,527.07 603,903.41 0.92 USD 8,335 Delta Air Lines Inc 392,029.00 487,430.80 0.74 USD 6,329 Electronic Arts Inc 600,888.85 680,430.79 1.04 USD 6,300 Emerson Electric Co 441,630.13 480,438.00 0.73 USD 8,927 Exxon Mobil Corp 664,963.46 622,926.06 0.95 USD 4,974 Facebook Inc A 892,192.59 1,020,913.50 1.56 USD 3,031 Fedex Corp 642,792.22 458,317.51 0.70 USD 17,100 Flowserve Corp 743,998.70 851,067.00 1.30 USD 11,128 Gilead Sciences Inc 780,532.82 723,097.44 1.10 USD 4,566 Home Depot Inc 565,814.63 997,123.08 1.52 USD 6,873 Honeywell Intl Inc 786,377.46 1,216,521.00 1.86 USD 13,653 Interactive Brokers Group Inc A 645,964.39 636,502.86 0.97 USD 5,772 Johnson & Johnson 777,647.43 841,961.64 1.28 USD 14,096 JPMorgan Chase & Co 1,031,722.43 1,964,982.40 3.00 USD 6,917 Keysight Technologies Inc Reg 396,364.26 709,891.71 1.08 USD 7,622 Lamb Weston Holdings Inc Reg S 644,344.06 655,720.66 1.00 USD 2,216 Lockheed Martin Corp Reg 673,702.49 862,866.08 1.32 USD 3,526 Mastercard Inc A 646,916.59 1,052,828.34 1.61 USD 2,622 Mc Donald's Corp 501,049.88 518,133.42 0.79 USD 3,700 Medtronic Plc Reg 297,228.40 419,765.00 0.64 USD 13,970 Merck & Co Inc 736,332.86 1,270,571.50 1.94 USD 9,900 Metlife Inc 462,503.38 504,603.00 0.77 USD 13,215 Microsoft Corp 1,134,594.49 2,084,005.50 3.18 USD 11,765 Mondelez Intl Inc 645,354.96 648,016.20 0.99 USD 5,103 Monster Beverage Corp 272,717.48 324,295.65 0.49

Semi-annual report

24






value


USD 7,800 Nasdaq Inc 516,779.75 835,380.00 1.27 USD 15,655 Newmont Goldcorp Corp Reg 640,569.72 680,209.75 1.04 USD 2,000 NextEra Energy Inc 480,236.00 484,320.00 0.74 USD 10,004 Nike Inc B 479,518.14 1,013,505.24 1.55 USD 13,207 Occidental Petroleum Corp 907,388.82 544,260.47 0.83 USD 5,670 Pepsico Inc 552,777.82 774,918.90 1.18 USD 36,598 Pfizer Inc 1,203,680.06 1,433,909.64 2.19 USD 17,632 Philip Morris Intl Inc 1,484,463.00 1,500,306.88 2.29 USD 52,995 Regions Financial Corp 757,276.48 909,394.20 1.39 USD 3,200 Salesforce.com Inc 398,622.99 520,448.00 0.79 USD 8,371 Starbucks Corp 424,763.69 735,978.32 1.12 USD 10,022 Synchrony Fin 303,761.00 360,892.22 0.55 USD 8,700 TE Connectivity Ltd 792,741.69 833,808.00 1.27 USD 7,457 The Walt Disney Co 788,841.22 1,078,505.91 1.65 USD 2,785 United Health Group Inc 640,140.04 818,734.30 1.25 USD 5,403 United Rentals Inc 665,395.01 901,058.31 1.38 USD 13,704 Verizon Communications Inc 741,880.84 841,425.60 1.28 USD 7,200 Zimmer Biomet Hgs Inc 817,577.49 1,077,696.00 1.64

42,469,294.32 53,470,131.63 81.59

Total shares 46,026,672.28 57,122,858.44 87.16


USD 3,702 American Tower Corp 730,260.58 850,793.64 1.30 USD 3,013 Crown Castle International Corp 380,009.80 428,297.95 0.65 USD 28,395 Macerich Co 1,072,719.94 764,393.40 1.17 USD 5,109 ProLogis Inc 379,773.94 455,416.26 0.70 USD 7,726 Simon Property Group Inc 1,368,767.83 1,150,864.96 1.76


Warrants and rights

USD 8,400 Bristol Myers Squibb Co Droits d'attribut 31.12.20 0.00 25,284.00 0.04

Total warrants and rights 0.00 25,284.00 0.04



USD 20,000 SSgA SPDR ETFs Europe II Plc Russ 2000 US Sm Cap UCITS Cap

917,500.00 913,400.00 1.39

Total tracker funds (UCITS) 917,500.00 913,400.00 1.39


Cash at banks 3,733,638.15 5.70


Total 65,530,659.80 100.00

Semi-annual report

25





Financials 16.89 %

Technologies 15.41 %


Healthcare 13.04 %

Industrials 9.74 %


Energy 6.36 %


Real estate 3.08 %



Utilities 0.74 %

Total 94.17 %




Canada 5.57 %

Ireland 2.93 %

Switzerland 2.65 %

Total 94.17 %

Semi-annual report

26

LUX-EQUITY EMERGING MARKETS




Assets

Securities portfolio at market value 19,610,103.16 Cash at banks 826,743.42 Receivable on sales of securities 2,472,809.25 Receivable on treasury transactions 79.35 Receivable on issues of shares 30,969.69


Liabilities

Payable on purchases of securities 1,167,833.86 Payable on redemptions of shares 203,913.25 Expenses payable 27,181.79





shares

Currency of

share class


share class


(in EUR)

A 151,210.1630 EUR 142.46 21,541,775.97

21,541,775.97

Semi-annual report

27






value




Investment funds (UCITS)

EUR 9,000 BNP Paribas Fds Russia Equity I Cap 1,271,318.52 1,688,400.00 7.84 EUR 65,000 F Templeton Inv Fds Eastern Europe I Cap 1,276,250.00 1,363,700.00 6.33

2,547,568.52 3,052,100.00 14.17

USD 66,000 First State Gl Umbrella Fd Plc Indian Subcontinent III Cap

1,412,512.06 1,540,056.83 7.15

USD 40,000 Goldman Sachs Fds Scv India Equity Ptf I USD Cap

710,937.66 836,198.45 3.88

USD 12,524 Invesco Fds SICAV Greater China Equity C Cap 592,237.64 855,942.39 3.97 USD 77,000 Investec Global Strateg Fd Latin American Smaller

Co I Cap 1,524,823.66 1,855,900.95 8.61

USD 80,000 Janus Henderson Inv Fds Ser I China Opp I USD Cap

1,220,421.65 1,513,494.25 7.03

USD 20,000 Robeco Capital Gh Fds Asian Stars Equities I USD Cap

1,691,644.28 2,200,944.15 10.22

USD 6,900 UBS (Lux) Equity Fd China Opp IA1 USD Cap 1,033,482.54 1,464,383.18 6.80

8,186,059.49 10,266,920.20 47.66

Total investment funds (UCITS) 10,733,628.01 13,319,020.20 61.83


EUR 3,700 Amundi Index Solutions MSCI China UCITS ETF Cap

983,570.00 1,029,710.00 4.78

EUR 110,000 Amundi Index Solutions MSCI Em Mkts UCITS ETF Cap

495,085.00 491,436.00 2.28

EUR 8,000 Multi Units Lux Lyxor MSCI East Eu Ex Russia UCITS ETF Cap

167,200.00 167,120.00 0.78

EUR 7,000 Xtrackers (IE) Plc MSCI Em Mks ETF 1C Cap 330,225.00 330,687.00 1.53 EUR 125,000 Xtrackers MSCI China UCITS ETF 1C Cap 1,798,206.63 2,132,750.00 9.90 EUR 10,000 Xtrackers MSCI Korea UCITS ETF 1C Cap 628,111.55 641,500.00 2.98

4,402,398.18 4,793,203.00 22.25

GBP 22,500 iShares Plc MSCI Taiwan UCITS ETF EUR Dist 763,709.32 1,060,365.49 4.92 USD 4,500 iShares VII Plc MSCI Mexico Capped UCITS ETF

USD Cap 460,033.17 437,514.47 2.03



Cash at banks 826,743.42 3.84

Other net assets/(liabilities) 1,104,929.39 5.13

Total 21,541,775.97 100.00

Semi-annual report

28






Total 91.03 %



Luxembourg 68.37 %

Ireland 15.63 %


Total 91.03 %

Semi-annual report

29

LUX-EQUITY LOW VOLATILITY




Assets

Securities portfolio at market value 91,563,406.03 Cash at banks 14,559,034.09 Receivable on sales of securities 1,428,697.60 Receivable on issues of shares 123,175.94 Income receivable on portfolio 79,485.04


Liabilities

Bank overdrafts 155,112.97 Payable on purchases of securities 1,991,689.43 Payable on treasury transactions 224.67 Expenses payable 123,770.58





shares

Currency of

share class


share class


(in EUR)

A 442,524.1361 EUR 174.97 77,430,536.28 M 250,099.6619 EUR 112.17 28,052,464.77

105,483,001.05

Semi-annual report

30






value




Shares

CAD 27,359 Agnico Eagle Mines Ltd 1,043,010.47 1,503,125.12 1.42 CAD 18,642 Franco Nevada Corporation 1,257,661.06 1,717,126.96 1.63 CAD 403,817 Ivanhoe Mines Ltd A 779,967.28 1,178,927.34 1.12 CAD 28,000 Rogers Communications Inc B Nv 1,235,402.47 1,240,213.84 1.18 CAD 75,794 Secure Energy Serv Inc Reg 401,194.74 263,450.40 0.25 CAD 24,976 Suncor Energy Inc 721,069.94 730,193.59 0.69 CAD 75,020 Wheaton Precious Metals Corp Reg 1,341,859.50 1,991,258.72 1.89

6,780,165.46 8,624,295.97 8.18

CHF 4,037 Roche Holding Ltd Pref 1,126,599.59 1,166,766.45 1.11 DKK 21,775 Novo Nordisk AS B 1,120,479.47 1,126,642.40 1.07 EUR 5,668 Airbus SE 713,169.04 739,560.64 0.70 EUR 2,513 Allianz SE Reg 555,801.75 548,839.20 0.52 EUR 27,596 Alstom 1,087,976.47 1,165,379.08 1.10 EUR 70,497 Altran Technologies SA 771,589.67 998,237.52 0.95 EUR 104,435 Autogrill SpA 907,738.58 974,378.55 0.92 EUR 21,656 Danone 1,503,829.75 1,600,378.40 1.52 EUR 48,450 Deutsche Telekom AG Reg 720,641.26 705,916.50 0.67 EUR 143,657 EDP-Energias de Portugal SA Reg 551,394.82 555,090.65 0.53 EUR 182,167 ENEL SpA 1,044,128.25 1,288,285.02 1.22 EUR 79,566 Engie SA 1,107,129.06 1,145,750.40 1.09 EUR 47,574 GrandVision NV 912,160.09 1,304,479.08 1.24 EUR 298,399 Hera SpA 1,005,677.03 1,163,756.10 1.10 EUR 1,775 LVMH Moët Hennessy L Vuit SE 722,513.28 735,205.00 0.70 EUR 209,238 Saipem SpA Reg 769,400.93 911,440.73 0.86 EUR 36,763 Total SA 1,787,336.18 1,808,739.60 1.71 EUR 17,921 Unilever NV 953,466.30 918,092.83 0.87 EUR 9,332 Vinci SA 922,185.26 923,868.00 0.88 EUR 27,151 Vonovia SE 1,058,881.24 1,303,248.00 1.23

17,095,018.96 18,790,645.30 17.81

GBP 58,575 Imperial Brands Plc 1,626,553.62 1,291,935.93 1.22 GBP 62,435 Prudential Plc 1,112,333.81 1,067,617.98 1.01

2,738,887.43 2,359,553.91 2.23

USD 15,773 Abbott Laboratories 1,217,940.06 1,220,310.66 1.16 USD 1,177 Alphabet Inc C 1,287,922.36 1,401,685.70 1.33 USD 16,032 American Electric Power Co Inc 875,880.82 1,349,589.67 1.28 USD 41,477 American Homes 4 Rent A 964,323.44 968,301.57 0.92 USD 3,222 Apple Inc 576,805.07 842,736.53 0.80 USD 35,977 AT&T Inc 1,003,095.98 1,252,321.33 1.19 USD 4,500 Athene Holding Ltd A Reg 191,188.62 188,505.39 0.18 USD 510 Booking Holdings Inc Reg 917,282.08 932,931.59 0.88 USD 6,260 Clorox Co 849,580.03 856,115.08 0.81 USD 8,678 Constellation Brands Inc 1,438,918.07 1,466,687.90 1.39 USD 123,949 Coty Inc A 1,267,265.41 1,242,029.26 1.18 USD 23,890 CVS Health Corp 1,480,907.02 1,580,821.32 1.50 USD 12,326 Dollar Tree Inc 981,193.64 1,032,564.62 0.98 USD 7,646 Electronic Arts Inc 731,476.50 732,182.65 0.69 USD 12,420 Emerson Electric Co 848,863.22 843,635.17 0.80 USD 11,491 Entergy Corp 867,954.27 1,226,170.66 1.16 USD 28,818 Firstenergy Corp 1,087,020.80 1,247,488.02 1.18 USD 3,837 Home Depot Inc 752,983.08 746,347.25 0.71

Semi-annual report

31






value


USD 4,620 JPMorgan Chase & Co 572,440.86 573,642.11 0.54 USD 13,553 Leidos Holdings Inc 757,455.57 1,181,707.64 1.12 USD 25,261 Merck & Co Inc 1,432,795.81 2,046,395.25 1.94 USD 14,553 Microsoft Corp 1,700,947.23 2,044,186.43 1.94 USD 27,845 Mondelez Intl Inc 993,345.94 1,366,084.08 1.29 USD 7,737 Nasdaq Inc 741,790.34 738,071.35 0.70 USD 46,235 Newmont Goldcorp Corp Reg 1,449,721.18 1,789,356.68 1.70 USD 7,006 NextEra Energy Inc 887,460.41 1,511,154.32 1.43 USD 35,146 NRG Energy Inc 1,132,056.10 1,244,369.38 1.18 USD 42,735 Nutanix Inc A 1,275,026.87 1,189,895.88 1.13 USD 34,963 Pfizer Inc 1,215,726.84 1,220,139.25 1.16 USD 12,606 Public Serv Enterprise Gr Inc 578,123.55 663,030.46 0.63 USD 7,330 Stryker Corp 1,101,908.24 1,370,678.01 1.30 USD 1,206 Texas Pacific Land Trust 921,429.29 839,183.50 0.80 USD 11,674 The Howard Hughes Corp Reg 1,173,843.96 1,318,485.08 1.25 USD 5,068 United Rentals Inc 757,119.10 752,819.42 0.71 USD 22,363 Verizon Communications Inc 1,038,027.39 1,223,023.25 1.16 USD 4,586 Walgreens Boots Alliance Inc 316,487.59 240,839.55 0.23 USD 9,195 Zimmer Biomet Hgs Inc 1,221,808.21 1,225,890.80 1.16

36,608,114.95 41,669,376.81 39.51

Total shares 65,469,265.86 73,737,280.84 69.91


EUR 10,007 Gecina Reg 1,352,750.02 1,597,117.20 1.51 EUR 50,426 Klepierre Dist 1,573,693.64 1,706,920.10 1.62

2,926,443.66 3,304,037.30 3.13

USD 2,463 Equinix Inc REIT 864,366.82 1,280,531.84 1.21 USD 49,657 Macerich Co 1,814,959.02 1,190,671.10 1.13 USD 18,631 ProLogis Inc 971,992.12 1,479,261.90 1.40 USD 8,631 Simon Property Group Inc 1,206,398.38 1,145,162.34 1.09

4,857,716.34 5,095,627.18 4.83




EUR 139,388 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap

4,988,282.75 5,500,250.48 5.21

EUR 30,487 iShares Plc European Property Yield UCITS ETF Dist

1,371,009.28 1,393,408.34 1.32

6,359,292.03 6,893,658.82 6.53

USD 18,011 iShares VII Plc Core MSCI Pacific ex Japan UCITS ETF B Cap

2,081,918.09 2,532,801.89 2.40



Cash at banks 14,559,034.09 13.80

Bank overdrafts -155,112.97 -0.15

Other net assets/(liabilities) -484,326.10 -0.45

Total 105,483,001.05 100.00

Semi-annual report

32





Financials 13.02 %

Utilities 10.80 %

Healthcare 10.40 %





Technologies 6.21 %

Industrials 4.43 %


Real estate 3.66 %

Energy 2.65 %

Total 86.80 %




France 11.08 %

Ireland 8.93 %

Canada 8.18 %

Italy 4.10 %


Germany 2.42 %


Switzerland 1.11 %

Denmark 1.07 %

Portugal 0.53 %

Bermuda 0.18 %

Total 86.80 %

Semi-annual report

33

LUX-EQUITY HIGH DIVIDEND




Assets

Securities portfolio at market value 115,024,038.00 Cash at banks 25,362,121.94 Receivable on sales of securities 153,170.19 Receivable on issues of shares 471,645.04 Income receivable on portfolio 278,470.36


Liabilities

Payable on treasury transactions 15,924.02 Payable on redemptions of shares 26,244.83 Expenses payable 169,389.56





shares

Currency of

share class


share class


(in EUR)

A 622,980.4124 EUR 181.22 112,895,008.63 B 61,754.7365 EUR 119.07 7,352,829.13 M 181,753.4154 EUR 114.61 20,830,049.36

141,077,887.12

Semi-annual report

34






value




Shares

CAD 176,690 Barrick Gold Corp 2,117,278.12 2,927,539.66 2.07 CAD 13,000 Franco Nevada Corporation 911,594.15 1,197,438.61 0.85 CAD 48,030 Nutrien Ltd Reg 2,009,224.14 2,051,195.08 1.45 CAD 63,500 Suncor Energy Inc 1,751,247.59 1,856,473.94 1.32 CAD 832,973 TORC Oil & Gas Ltd 2,826,961.71 2,569,157.79 1.82 CAD 46,600 Wheaton Precious Metals Corp Reg 922,346.03 1,236,905.58 0.88

10,538,651.74 11,838,710.66 8.39

CHF 14,300 Nestlé SA Reg 1,222,981.87 1,379,145.12 0.98 CHF 8,134 Roche Holding Ltd Pref 1,657,241.99 2,350,874.00 1.67

2,880,223.86 3,730,019.12 2.65

DKK 100,063 Danske Bank A/S 2,167,473.30 1,443,451.49 1.02 EUR 214,886 AIB Group Plc Reg 860,473.59 667,435.92 0.47 EUR 5,550 Allianz SE Reg 1,153,158.50 1,212,120.00 0.86 EUR 267,067 ENEL SpA 1,314,730.07 1,888,697.82 1.34 EUR 5,035 Evonik Industries AG Reg 130,050.21 137,002.35 0.10 EUR 2,350,000 Fincantieri SpA 2,172,095.00 2,164,350.00 1.53 EUR 380,706 Hera SpA 987,934.46 1,484,753.40 1.05 EUR 58,096 Nokian Tyres Plc 1,631,713.90 1,489,000.48 1.06 EUR 100,286 Orange SA 1,413,552.39 1,315,752.32 0.93 EUR 71,534 Royal Dutch Shell Plc A 1,786,598.49 1,871,687.11 1.33 EUR 58,500 Tenaris SA Reg 654,232.71 587,925.00 0.42 EUR 37,200 Total SA 1,854,287.12 1,830,240.00 1.30

13,958,826.44 14,648,964.40 10.39

GBP 109,000 HSBC Holdings Plc 826,512.10 761,367.29 0.54 GBP 222,075 Imperial Brands Plc 6,369,607.60 4,898,107.92 3.47 GBP 73,143 Prudential Plc 1,226,685.96 1,250,721.26 0.89 GBP 831,788 Vodafone Group Plc 1,543,612.75 1,440,587.80 1.02

9,966,418.41 8,350,784.27 5.92

JPY 4,500 Toyota Motor Corp 243,625.84 284,484.65 0.20 USD 25,300 Abbott Laboratories 973,152.84 1,957,386.66 1.39 USD 43,000 Apache Corp 968,025.74 980,110.45 0.69 USD 24,000 AT&T Inc 682,912.85 835,414.63 0.59 USD 850 Booking Holdings Inc Reg 1,457,871.70 1,554,885.99 1.10 USD 33,700 Bristol Myers Squibb Co 1,268,651.12 1,926,786.32 1.37 USD 26,995 Carnival Corp 1,230,865.05 1,222,192.79 0.87 USD 21,500 Cheniere Energy Inc 1,216,661.94 1,169,506.55 0.83 USD 34,304 Cisco Systems Inc 868,849.96 1,465,413.59 1.04 USD 17,900 Coca-Cola Co 745,354.91 882,484.19 0.63 USD 85,742 Corteva Inc Reg 1,953,021.21 2,257,534.09 1.60 USD 168,500 Criteo SA Sh Spons ADR Repr 1 Sh 3,551,807.33 2,600,966.42 1.84 USD 60,010 CVS Health Corp 3,271,854.67 3,970,912.00 2.81 USD 16,800 Dominion Energy Inc 1,140,287.78 1,239,312.37 0.88 USD 14,600 Duke Energy Corp 1,146,965.53 1,186,128.08 0.84 USD 7,200 Home Depot Inc 1,286,413.76 1,400,495.23 0.99 USD 37,500 Interactive Brokers Group Inc A 1,566,123.79 1,557,183.58 1.10 USD 14,500 Johnson & Johnson 1,763,345.47 1,883,953.86 1.34 USD 22,572 JPMorgan Chase & Co 1,660,850.86 2,802,651.47 1.99 USD 57,000 Kroger Co Reg 1,225,255.52 1,471,835.75 1.04 USD 21,000 Lamb Weston Holdings Inc Reg S 1,207,146.43 1,609,183.22 1.14

Semi-annual report

35






value


USD 5,600 Mastercard Inc A 1,203,767.26 1,489,359.58 1.06 USD 16,400 Medtronic Plc Reg 1,332,602.80 1,657,237.02 1.17 USD 35,200 Merck & Co Inc 2,063,492.31 2,851,554.29 2.02 USD 14,097 Microsoft Corp 883,414.53 1,980,134.41 1.40 USD 115,560 Newmont Goldcorp Corp Reg 3,696,849.40 4,472,327.42 3.17 USD 4,700 NextEra Energy Inc 798,634.54 1,013,763.25 0.72 USD 31,500 NRG Energy Inc 1,011,052.56 1,115,280.13 0.79 USD 39,265 Occidental Petroleum Corp 2,126,916.52 1,441,267.17 1.02 USD 6,879 Pepsico Inc 561,055.40 837,403.52 0.59 USD 81,232 Pfizer Inc 2,335,503.28 2,834,835.45 2.01 USD 34,000 PPL Corp Reg 917,828.95 1,086,594.82 0.77 USD 11,000 Royal Gold Inc 946,263.40 1,197,782.13 0.85 USD 9,900 United Health Group Inc 2,145,819.10 2,592,323.86 1.84 USD 19,800 Verizon Communications Inc 1,032,126.05 1,082,853.83 0.77

50,240,744.56 59,627,054.12 42.26

Total shares 89,995,964.15 99,923,468.71 70.83


EUR 65,794 Klepierre Dist 2,056,313.97 2,227,126.90 1.58 USD 60,000 Macerich Co 2,019,084.34 1,438,674.62 1.02 USD 14,720 Simon Property Group Inc 2,327,973.72 1,953,051.75 1.38

4,347,058.06 3,391,726.37 2.40


Warrants and rights

USD 100,000 Bristol Myers Squibb Co Droits d'attribut 31.12.20 133,530.01 268,103.68 0.19

Total warrants and rights 133,530.01 268,103.68 0.19



EUR 5,100 Amundi Index Solutions US Treasury 7-10 C Cap 1,213,863.21 1,244,859.00 0.88 EUR 170,019 iShares III Plc Core MSCI Japan IMI UCITS ETF

Cap 5,573,895.50 6,708,949.74 4.76

6,787,758.71 7,953,808.74 5.64

USD 6,300 Xtrackers II Iboxx USD Treasuries UCITS ETF 1D Dist

1,229,077.31 1,259,803.60 0.89



Cash at banks 25,362,121.94 17.98


Total 141,077,887.12 100.00

Semi-annual report

36





Healthcare 15.81 %

Financials 10.85 %



Energy 8.73 %


Utilities 6.39 %


Technologies 3.50 %


Industrials 1.53 %

Total 81.53 %




Canada 8.39 %

Ireland 6.40 %


France 5.65 %

Italy 3.92 %

Switzerland 2.65 %

Luxembourg 2.19 %


Finland 1.06 %

Denmark 1.02 %

Germany 0.96 %

Panama 0.87 %

Japan 0.20 %

Total 81.53 %

Semi-annual report

37

LUX-EQUITY BEST SECTORS




Assets

Securities portfolio at market value 84,960,148.59 Cash at banks 2,711,358.40 Receivable on issues of shares 21,282.66 Income receivable on portfolio 101,259.27


Liabilities

Payable on redemptions of shares 53,646.54 Expenses payable 112,404.37





shares

Currency of

share class


share class


(in EUR)

A 798,237.7769 EUR 109.78 87,627,998.01

87,627,998.01

Semi-annual report

38






value




Shares

CAD 21,199 BCE Inc 792,214.49 876,065.78 1.00 CHF 9,500 Novartis AG Reg 790,194.47 803,590.24 0.92 CHF 7,000 Roche Holding Ltd Pref 1,945,257.29 2,023,127.36 2.31

2,735,451.76 2,826,717.60 3.23

DKK 25,000 Novo Nordisk AS B 1,284,138.35 1,293,504.48 1.48 EUR 82,455 Deutsche Telekom AG Reg 1,236,572.50 1,201,369.35 1.37 EUR 16,663 Deutsche Wohnen SE 678,857.28 606,866.46 0.69 EUR 15,000 Fresenius SE & Co KGaA 742,882.50 752,700.00 0.86 EUR 82,387 Orange SA 1,161,262.00 1,080,917.44 1.23 EUR 6,000 Sanofi SA 496,217.40 537,720.00 0.61 EUR 1,689,452 Telecom Italia SpA 807,144.26 940,011.09 1.07 EUR 164,138 Telefonica SA 1,167,309.26 1,022,087.33 1.17 EUR 3,142 Unibail-Rodamco-Westf +1 Sh WFD Unib R 432,443.01 441,922.30 0.50 EUR 11,871 Vonovia SE 555,304.26 569,808.00 0.65

7,277,992.47 7,153,401.97 8.15

GBP 7,000 AstraZeneca Plc 599,890.41 628,392.27 0.72 GBP 28,000 GlaxoSmithKline Plc 572,852.30 587,832.18 0.67 GBP 284,589 Vodafone Group Plc 469,536.61 492,884.54 0.56

1,642,279.32 1,709,108.99 1.95

HKD 102,500 CK Asset Hgs Ltd Reg 753,415.87 659,077.54 0.75 HKD 36,000 Sun Hung Kai Properties Ltd 533,030.00 490,945.25 0.56

1,286,445.87 1,150,022.79 1.31

JPY 14,800 KDDI Corp 324,760.43 394,559.46 0.45 JPY 38,900 Mitsubishi Estate Co Ltd 642,405.88 666,129.49 0.76 JPY 20,000 Mitsui Fudosan Co Ltd 448,486.98 437,958.67 0.50 JPY 1,000 Nintendo Co Ltd 277,384.51 360,348.86 0.41 JPY 9,500 NTT DoCoMo Inc 183,261.04 236,525.55 0.27 JPY 9,400 Softbank Group Corp 293,404.48 366,383.90 0.42

2,169,703.32 2,461,905.93 2.81

USD 20,000 Abbott Laboratories 1,542,393.99 1,547,341.23 1.77 USD 8,000 AbbVie Inc 632,754.85 630,907.63 0.72 USD 7,174 Activision Blizzard Inc 292,344.37 379,690.99 0.43 USD 3,474 Alphabet Inc C 3,242,565.30 4,137,175.99 4.72 USD 46,028 American Homes 4 Rent A 950,044.87 1,074,546.97 1.23 USD 3,500 Amgen Inc 744,247.59 751,532.02 0.86 USD 42,926 AT&T Inc 1,122,906.96 1,494,208.68 1.71 USD 12,000 Bristol Myers Squibb Co 657,645.83 686,096.02 0.78 USD 7,132 CBRE Group Inc A 308,325.14 389,347.36 0.44 USD 1,453 Charter Communications Inc A 382,237.98 627,791.25 0.72 USD 38,162 Comcast Corp A 1,215,496.58 1,528,587.46 1.74 USD 10,000 CVS Health Corp 679,583.66 661,708.38 0.76 USD 2,880 Electronic Arts Inc 239,824.33 275,789.44 0.31 USD 5,000 Eli Lilly & Co 541,009.64 585,330.01 0.67 USD 12,065 Facebook Inc A 1,605,025.81 2,205,701.66 2.52 USD 12,000 Gilead Sciences Inc 729,904.33 694,539.95 0.79 USD 14,500 Johnson & Johnson 1,843,320.95 1,883,953.86 2.15 USD 7,500 Medtronic Plc Reg 765,560.71 757,882.78 0.87 USD 25,000 Merck & Co Inc 2,012,881.84 2,025,251.63 2.31

Semi-annual report

39






value


USD 2,683 NetFlix Inc 712,212.42 773,259.38 0.88 USD 56,000 Pfizer Inc 1,937,989.77 1,954,288.77 2.23 USD 18,136 The Walt Disney Co 1,806,724.60 2,336,340.68 2.67 USD 2,000 Thermo Fisher Scientific Inc 578,382.58 578,729.85 0.66 USD 5,500 United Health Group Inc 1,397,647.65 1,440,179.92 1.64 USD 41,386 Verizon Communications Inc 2,058,551.56 2,263,383.27 2.58 USD 6,000 Zimmer Biomet Hgs Inc 803,321.18 799,928.74 0.91

28,802,904.49 32,483,493.92 37.07

Total shares 45,991,130.07 49,954,221.46 57.00


EUR 11,694 Icade SA 882,419.51 1,134,902.70 1.30 EUR 33,103 Klepierre Dist 1,016,391.42 1,120,536.55 1.28

1,898,810.93 2,255,439.25 2.58

HKD 47,000 Link Real Esta Inv Trust (The) Units 501,086.22 443,243.04 0.51 USD 13,534 American Tower Corp 2,386,607.33 2,770,449.70 3.16 USD 3,145 Avalon Bay Communities Inc Reg Dist 565,269.55 587,428.97 0.67 USD 3,483 Boston Properties Inc Reg Dist 412,609.20 427,688.95 0.49 USD 9,311 Crown Castle International Corp 1,060,308.00 1,178,906.79 1.35 USD 4,836 Digital Realty Trust Inc Reg Dist 513,699.11 515,776.82 0.59 USD 2,320 Equinix Inc REIT 959,273.69 1,206,185.09 1.38 USD 11,509 Equity Residential Sh of Benefit Interest 778,240.28 829,525.50 0.95 USD 2,286 Essex Property Trust Inc Dist 592,407.11 612,599.95 0.70 USD 44,639 Macerich Co 1,558,304.38 1,070,349.94 1.22 USD 20,533 ProLogis Inc 1,335,541.21 1,630,276.67 1.86 USD 3,493 Public Storage REIT 696,254.74 662,571.73 0.76 USD 10,532 Realty Income Corp 680,213.15 690,719.84 0.79 USD 2,543 SBA Communications Corp A Reg 456,921.61 545,860.49 0.62 USD 15,316 Simon Property Group Inc 2,394,338.63 2,032,129.12 2.32 USD 12,107 Ventas Inc 696,141.39 622,658.04 0.71 USD 12,318 Welltower REIT Inc 870,296.02 897,270.90 1.02 USD 25,203 Weyerhaeuser Co 557,459.74 677,946.56 0.77

16,513,885.14 16,958,345.06 19.36




EUR 50,580 Amundi Index Solutions FTSE EPRA Nareit Gl DR Cap

3,041,334.40 3,216,483.36 3.67

EUR 9,025 Multi Units Lux SICAV Lyxor UCITS ETF MSCI World Hlth Cap

2,925,331.25 2,982,130.75 3.40

EUR 91,639 SSGA SPDR ETFs Europe I Plc DJ Gl Real Estate UCITS USD Dist

3,084,081.88 3,190,411.79 3.64

EUR 253,220 Xtrackers (IE) Plc MSCI World Com Serv ETF 1C USD Cap

2,675,300.40 3,305,533.88 3.77

EUR 78,000 Xtrackers (IE) Plc MSCI Wld Hlth Care 1C Cap 2,601,300.00 2,654,340.00 3.03



Cash at banks 2,711,358.40 3.09

Other net assets/(liabilities) -43,508.98 -0.05

Total 87,627,998.01 100.00

Semi-annual report

40





Healthcare 24.69 %

Financials 19.17 %


Real estate 13.03 %


Technologies 8.86 %


Total 96.96 %




Ireland 11.31 %

Luxembourg 7.07 %

France 4.92 %

Germany 3.57 %

Switzerland 3.23 %

Japan 2.81 %


Denmark 1.48 %

Spain 1.17 %

Italy 1.07 %

Hong Kong 1.07 %

Canada 1.00 %

Cayman Islands 0.75 %

Total 96.96 %

Semi-annual report

41

Notes to the financial statements


Note 1. General information LUX-EQUITY (hereinafter "the SICAV") was incorporated on 9th November 1993 in the form of an umbrella fund investment company with variable capital established in the Grand Duchy of Luxembourg for an open-end period. The initial share capital of LUF 50,000,000 was subscribed jointly by Banque et Caisse d'Epargne de l'Etat, Luxembourg, Banque Raiffeisen S.C. and La Luxembourgeoise-Vie S.A. d'Assurances. The SICAV is governed by Part I of the amended law of 17th December 2010 relating to Undertakings for Collective Investment in Transferable Securities in accordance with Directive 2009/65/EC. The Net Asset Value, the issue price and the redemption price are available at the registered office of the SICAV and at the counters of Banque et Caisse d'Epargne de l'Etat, Luxembourg, Banque Raiffeisen S.C. or Fortuna Banque S.C.. The financial reports, the prospectus, the Key Information Document (KIID) and the Articles of Association of the SICAV are available free of charge at the registered office of the SICAV, as well as at the counters of Banque et Caisse d'Epargne de l'Etat, Luxembourg and Banque Raiffeisen S.C. or Fortuna Banque S.C.. Notices to shareholders will be published in “Luxemburger Wort” in Luxembourg and possibly in other publications at the discretion of the Board of Directors. The shareholder is responsible for enquiring about the tax treatment that applies to them by virtue of the laws of their country, their nationality or their residence. The following documents can be viewed at the registered office of the SICAV, 1, Place de Metz, L-1930 Luxembourg:

1. The by-laws. 2. The custodian bank agreement. 3. The domiciliary and paying agent agreement. 4. The agreement between LUX-FUND ADVISORY S.A. and the SICAV. 5. The agreement between BCEE ASSET MANAGEMENT S.A. and the SICAV. 6. Annual and semi-annual reports. Note 2. Significant accounting policies a) Presentation of the financial statements The financial statements of the SICAV are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment in transferable securities and with generally accepted accounting principles in Luxembourg. The financial statements have been prepared on a going concern basis. b) Valuation of the securities portfolio The value of any transferable securities and money market instruments, options and futures that are traded or officially listed on a stock exchange or regulated market that is operating regularly, recognised and open to the public is determined according to the last available closing price applicable on the valuation day in question. If there is no known price for the transferable securities and money market instruments, options and futures on the valuation day or if the price calculated in accordance with the previous paragraph does not reflect the actual value of those transferable securities or if the securities are not listed, they are valued on the basis of their probable sales price as estimated prudently and in good faith by the Board of Directors of the SICAV. The value of units of open-end UCIs in which the SICAV invests is based on the last net asset value available of the units in question. The value of the units of closed-end UCIs in which the SICAV invests is based on the last available closing price applicable on the valuation day in question.

Semi-annual report

42

Notes to the financial statements (continued)


c) Valuation of other assets The value of any cash on hand or on deposit, sight drafts and bills and accounts receivable, prepaid expenses, dividends and interest declared or due but not yet received, consists of the nominal value of these assets, unless the same is unlikely to be received, in which case the value thereof is determined after deducting such amounts as may be considered appropriate by the Board of Directors of the SICAV in order to reflect the true value of such assets. d) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each sub-fund that are denominated in currencies other than the reference currency of the sub-fund is converted into this currency at the exchange rate prevailing on the date of purchase. e) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. f) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. g) Combined financial statements The combined financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each sub-fund converted into this currency at the exchange rates prevailing at the date of the financial statements. At the date of the financial statements, the exchange rate used for the combined financial statements is the following:

1 EUR = 1.1227000 USD US Dollar h) Receivable / Payable on treasury transactions The item "Receivable on treasury transactions" comprises maturities of time deposits, new loans or foreign exchange transactions not yet disclosed under the item "Cash at banks". The item "Payable on treasury transactions" comprises new time deposits, maturities of loans or foreign exchange transactions not yet disclosed under the item "Cash at banks". At the level of the sub-fund, "Receivable and payable on treasury transactions" are disclosed net in the statement of net assets. i) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are disclosed in the statement of net assets. j) Valuation of futures contracts Open futures contracts are valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses of open contracts are disclosed in the statement of net assets. k) Conversion of foreign currencies Cash at banks, other net assets, liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction.

Semi-annual report

43



Note 3. Remuneration of the investment advisor and of the management company The SICAV enlists the services of the company BCEE ASSET MANAGEMENT S.A., acting as management company. For its services, BCEE ASSET MANAGEMENT S.A. receives an annual remuneration of 0.20% for each sub-fund payable at the end of each month on the average net assets of the month in question.

The SICAV enlists the services of the company LUX-FUND ADVISORY S.A., acting as investment advisor. For its services, LUX-FUND ADVISORY S.A. receives an annual remuneration of 0.85% for the EUR, USD, A and B share classes and 0.57% for the M share class, payable at the end of each month on the average net assets of the month in question.

Note 4. Remuneration of the custodian bank The remuneration for the services of the custodian bank is included in the item "Custodian fees" disclosed in the statement of operations and other changes in net assets of the annual report. Note 5. Central administration costs The remuneration of the administrative agent and of the transfer agent is included in the item "Central administration costs" disclosed in the statement of operations and other changes in net assets of the annual report. Note 6. Remuneration of the directors The remuneration of the directors is included in the item "Other expenses" disclosed in the statement of operations and other changes in net assets of the annual report. This remuneration is submitted each year to the General Meeting of Shareholders for approval. Note 7. Taxes In Luxembourg, the SICAV is subject to the payment of subscription tax at the rate of 0.05% per year, payable quarterly and calculated on the total assets valued on the last day of each quarter. The M share class intended exclusively for institutional investors is subject to a reduced subscription tax of 0.01%. Pursuant to Article 175 (a) of the amended law of 17th December 2010, the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax. Some of the SICAV's income from sources outside Luxembourg are subject to withholding tax at a variable rate, which is not recoverable. Note 8. Securities lending The SICAV may carry out securities lending transactions. At the date of the financial statements, the SICAV is not engaged in securities lending transactions.

Semi-annual report

44



Note 9. Futures contracts As at 31st December 2019, the following sub-funds are committed in the following futures contracts with BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG:

LUX-EQUITY GLOBAL Number

of contracts

Denomination Currency Exposure (in EUR)

Unrealised result

(in EUR)

Sale 75 Euro Stoxx 50 EUR (Price) Index FUT 03/20 EUX

EUR -2,796,750.00 9,750.00

Sale 29 S&P 500 Index FUT 03/20 CME

USD -4,172,931.33 -41,974.70

-32,224.70

LUX-EQUITY EUROPE Number

of contracts

Denomination Currency Exposure (in EUR)

Unrealised result

(in EUR)

Sale 240 Euro Stoxx 50 EUR (Price) Index FUT 03/20 EUX

EUR -8,949,600.00 31,200.00

31,200.00

LUX-EQUITY NORTH AMERICA Number

of contracts

Denomination Currency Exposure (in USD)

Unrealised result

(in USD)

Sale 19 S&P 500 Index FUT 03/20 CME

USD -3,069,450.00 -30,875.00

-30,875.00

Note 10. Changes in the securities portfolio The list of purchases and sales made during the financial year referring to the report including the audited financial statements is available free of charge to shareholders at the registered office of the SICAV and at the counters of Banque et Caisse d'Epargne de l'Etat, Luxembourg and Banque Raiffeisen S.C. or Fortuna Banque S.C.. Note 11. Subsequent events There are no significant subsequent events.

Semi-annual report

45

Additional information


Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the SICAV did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.

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