sextant bond picking - amiral gestion...casino guichard-perrachon tssdi 4.87% eur retail france 3.2%...

SEXTANT BOND PICKING

ANNUAL REPORTUnit A FR0013202132

December 2018

SEXTANT BOND PICKING Sextant Bond Picking is an International bond fund based on a “value /fundamentals”-type management philosophy: - We concentrate on managing the credit risk (remuneration versus cost of risk) - Debt analysis is done internally, without reference to the opinions of rating agencies- As far as possible, we avoid macroeconomic bets on interest rates (preferring low ormodest sensitivities) and currencies (hedging most of our forex exposure) - We have no self-imposed investment constraints, in order to be free to takepositions in the least efficient market segments: unrated issues, out-of-the-moneyconvertibles, bonds in currencies other than the issuer’s domestic one, complexpaper and/or industries etc. - We are free to abstain from investing if we do not find opportunities that offersufficient security margin, and to wait with a large stock of cash or near-cash for suchopportunities to arise.

On an ancillary basis, the fund may also invest up to 10% (maximum) of assets inequities, mainly to arbitrage capital-market deals or to invest in companies that pay ahigh dividend and/or whose business activity is likely to benefit from higher interestrates (offsetting the interest-rate risk inherent to a bond fund).

How did the fund perform in 2018?

The value of the fund increased by 0.8% in 2018, despite a difficult Q4 when assetvalue fell 0.6%. This performance was disappointing in absolute terms, but itcompares favourably with the high-yield universe in euros (ex financials), which fellabout 4% both over the full-year and in Q4. The fund’s benchmark, the EuroConstant Maturity Treasury 3Y, slipped 0.48% in 2018.

There are three main explanations for this relative outperformance: our decision tohold a large percentage of assets in cash in a market where risk was not adequatelyrewarded, the short duration of our investments, and the absence of a default withinthe portfolio.

The main negative contributor to the performance was our investment in the Casino4.87% subordinated perpetual note. The market sanctioned all this issuer’s bondsheavily, and especially this paper which suffered a correction similar to the bonds ofRallye holding, even though we believe the latter is considerably more risky. We viewthis as an opportunity to strengthen our position on favourable terms, at a time whenCasino’s operational trajectory is positive – even in hypermarkets which is currentlythe most difficult format.

From a financial perspective, the group has completed its asset divestment planahead of schedule and in good conditions, and management has raised its debt-reduction target. The transactions highlighted asset values that the market hadoverlooked previously, such as the Green Yellow photovoltaic energy subsidiary, orloss-making hypermarkets that were sold to Leclerc. Independent of short-termmeasures, Groupe Casino’s asset base affords investors solid protection, as thegroup’s situation is often confused with that of the Rallye holding, even though thetwo groups are far from joined at the hip.

Structure of the portfolio

We maintained a disciplined stance, on the one hand by remaining demanding interms of the yield / interest rate risk / credit risk profile for funds invested; on the otherhand by holding a large share of assets in cash or in short-term instruments such as

treasury bills, bank deposits and money-market funds. Cash and near-cashaccounted for 45.5% of assets, a level that remained roughly unchanged through2018 and is coherent with low risk reward. Short-term variations were mainly theresult of early redemptions (calls) and subscription flows. Our freedom not to be fullyinvested allowed us to avoid the many pitfalls that plagued the bond market in 2018.

At end December, the portfolio’s gross yield – after forex hedging for funds invested– was 6% (vs 5.1% at end September). Sensitivity to interest-rate risk remains verymodest at 1.8 (vs 2.3 at end September).

For the overall fund, therefore, the gross yield after forex hedging was 3.3% (vs 3%end September) for rate sensitivity of 0.9 (vs 1.3). The fund’s sensitivity to the equitymarket (delta) remains controlled (7.0% vs 7.7%), mainly thanks to ancillaryinvestments in equities, as most of our convertible bonds are far out of the money.Investments in currencies other than the euro account for 25.6% of funds invested,but the forex risk is almost fully hedged. Bonds of issuers based in developingcountries account for 6.7% of the fund.

Main transactions

In Q4, our new investments were largely short-duration ideas: · the Ceva Logistic 2025 convertible, which should be redeemed in 2019 now thatCMA-CGM has a controlling stake in the company; · the Assicurazioni Generali 8.5% perpetual, for which the March 2019 call isalmost certain to be exercised, and for which massive sales by an Italian bankallowed us to acquire the issue at a yield of 3.7% at the call; · two stocks that are the object of takeover bids: Parrot and BinckBank.

We also reinforced our position in the Kloeckner convertible, whose treatment by themarket is coherent with its highly-cyclical results, even though we believe that thestructure of the balance sheet provides creditors with double protection: firstly, thecompany is solvent (debt amounts to just half working capital requirements);secondly, the cyclical nature of the business allows cash generation even whendemand is weak (i.e. lower WCR).

Exits from the portfolio included Royal Bank of Scotland, following early redemptionat par.

Market situation and outlook

The high-yield segment deteriorated sharply in late‑2018. However, this deteriorationis not synonymous with a return to plentiful investment opportunities, because themarket is highly polarised: the slump was concentrated on troubled issuers whosepaper is “binary” (risk looks unacceptable to us, irrespective of price), while creditmargins of “healthy” issuers have not increased greatly. Two numbers highlight thispolarisation: the yield on BB-rated issuers has remained at 4%, while the yield onCCC paper (issuers close to bankruptcy) jumped to 12%.

Against this backdrop, we remain alert for opportunities or a rebalancing of themarket in order to redeploy our cash position. We prefer to remain patient and wait formarket weakness to spread to issuers whose credit risk is acceptable, while keepingthe rate risk controlled and coherent with our remuneration.

Performances

Sextant Bond Picking (A) Euro Constant Maturity Treasury(CMT) cash 3Y

1 month ‑0.6% 0.0%

3 months ‑0.6% ‑0.1%

6 months ‑0.3% ‑0.3%

1 year 0.8% ‑0.5%

3 years - -

5 years - -

2017

Sextant Bond Picking (A) -Euro Constant Maturity Treasury (CMT) cash 3Y -

2018

0.8%‑0.5%

- - T. - F. - /

/ - -

Amiral Gestion 103 rue de Grenelle ‑75007 Paris +33 (0)1 47 20 78 18 +33 (0)1 40 74 35 64 www.amiralgestion.comAsset management company authorised by the Financial Markets Authority under the number GP‑04000038 Insurance broker company registered with

ORIAS under the number 12065490 Simplified joint-stock company with capital of €629 983 RCS Paris 445 224 090 VAT: FR 33 445 224 090


/ / /

A FR0013202132

/ /

1 2 3 4 5 6 7

: :

ANNUALREPORT

Breakdown of assets

Maturity < 1 year 1 to 3 years 3 to 5 years 5 to 7 years 7 to 10 years > 10 years perpetual EquitiesBase 100% 35.5% 26.0% 18.1% 5.9% 2.5% 0.0% 3.7% 8.4%

Allocation

Bonds 48.5%o/w sovereign 0.3%o/w corporate 27.2%o/w financials 8.6%o/w convertibles 12.6%Equities 6.0%o/w risk arb strategy 1.4%o/w yield strategy 4.6%Cash & quasi-cash 45.5%

Distribution by sector * Geographical distribution *

* of net assets invested

Main holdings

Issue Currency Sector Country Net asset %Safilo OC 1.75% 05‑2019 EUR Consumer goods Italy 4.1%

Cibus Real Estate EUR3M+450 05‑2021 EUR Real estate Sweden 3.8%Playtech Plc OC 0.5% 11‑2019 EUR Technology United Kingdom 3.5%

Casino Guichard-Perrachon TSSDI 4.87% EUR Retail France 3.2%Sacyr OC 4% 05‑2019 EUR Construction Spain 2.9%

Indicators

Fixed income part Total assets

Gross yield 6.8% 3.6%Yield after cost of forex hedging 6.2% 3.3%Spread (basis point) 632 328Residual duration (years) 2.5 1.3


Interest-rate sensitivity 1.8 0.9Equity sensitivity (delta) 5.1% 7.0%Net/gross forex exposure 14.0% ‑0.1%Number of lines Averageoutstanding

59 321 M€

Main characteristics

Legal form UCITS / French mutual fundShare category Unit all subscribersISIN codeBloomberg code AGSBPKA FPAMF classification Bonds and other international debt securitiesBenchmark Euro Constant Maturity Treasury (CMT) cash 3YNAV Net assets 101.95 € 145.92 M€Share NAV period Daily

Risk profile

Scale from 1 (lowest risk) to 7 (highest risk); category‑1 risk does not meana risk-free investment. This indicator may change over time.

Launch date Fund 30/03/2017Unit 30/03/2017

Recom. invest. duration Over 3 yearsCentralis.-Settlem. /Delivery D‑1 at 10 AM / D+2Custodian CACEIS BANKTransfert agent CACEIS BANKTax provisions - -Entry charge 1.0% including tax maximumExit charge 0.0% including tax maximumFixed management fee 1.25% including tax

Performance fee15% including tax of the mutual fund’soutperformance vs the benchmark, plus300bps

Source: Amiral Gestion at 31/12/2018

GLOSSARYThe full glossary is available in the monthly report of your fund, on the website www.amiralgestion.com.

- - T. - F. - /

/ - -

Notice

This commercial document aims to present the characteristics of the fund on a simplified basis.For further information, you may refer to the key informationdocument for investors and to the prospectus, which are legal documents available on the management company's internet site or by request to themanagement company.The performances shown are not a reliable guide to future performance. Performance may vary over time.




ANNUAL REPORTUnit N FR0013202140

December 2018

SEXTANT BOND PICKING Sextant Bond Picking is an International bond fund based on a “value /fundamentals”-type management philosophy: - We concentrate on managing the credit risk (remuneration versus cost of risk) - Debt analysis is done internally, without reference to the opinions of rating agencies- As far as possible, we avoid macroeconomic bets on interest rates (preferring low ormodest sensitivities) and currencies (hedging most of our forex exposure) - We have no self-imposed investment constraints, in order to be free to takepositions in the least efficient market segments: unrated issues, out-of-the-moneyconvertibles, bonds in currencies other than the issuer’s domestic one, complexpaper and/or industries etc. - We are free to abstain from investing if we do not find opportunities that offersufficient security margin, and to wait with a large stock of cash or near-cash for suchopportunities to arise.

On an ancillary basis, the fund may also invest up to 10% (maximum) of assets inequities, mainly to arbitrage capital-market deals or to invest in companies that pay ahigh dividend and/or whose business activity is likely to benefit from higher interestrates (offsetting the interest-rate risk inherent to a bond fund).

How did the fund perform in 2018?

The value of the fund increased by 0.8% in 2018, despite a difficult Q4 when assetvalue fell 0.6%. This performance was disappointing in absolute terms, but itcompares favourably with the high-yield universe in euros (ex financials), which fellabout 4% both over the full-year and in Q4. The fund’s benchmark, the EuroConstant Maturity Treasury 3Y, slipped 0.48% in 2018.

There are three main explanations for this relative outperformance: our decision tohold a large percentage of assets in cash in a market where risk was not adequatelyrewarded, the short duration of our investments, and the absence of a default withinthe portfolio.

The main negative contributor to the performance was our investment in the Casino4.87% subordinated perpetual note. The market sanctioned all this issuer’s bondsheavily, and especially this paper which suffered a correction similar to the bonds ofRallye holding, even though we believe the latter is considerably more risky. We viewthis as an opportunity to strengthen our position on favourable terms, at a time whenCasino’s operational trajectory is positive – even in hypermarkets which is currentlythe most difficult format.

From a financial perspective, the group has completed its asset divestment planahead of schedule and in good conditions, and management has raised its debt-reduction target. The transactions highlighted asset values that the market hadoverlooked previously, such as the Green Yellow photovoltaic energy subsidiary, orloss-making hypermarkets that were sold to Leclerc. Independent of short-termmeasures, Groupe Casino’s asset base affords investors solid protection, as thegroup’s situation is often confused with that of the Rallye holding, even though thetwo groups are far from joined at the hip.

Structure of the portfolio

We maintained a disciplined stance, on the one hand by remaining demanding interms of the yield / interest rate risk / credit risk profile for funds invested; on the otherhand by holding a large share of assets in cash or in short-term instruments such as

treasury bills, bank deposits and money-market funds. Cash and near-cashaccounted for 45.5% of assets, a level that remained roughly unchanged through2018 and is coherent with low risk reward. Short-term variations were mainly theresult of early redemptions (calls) and subscription flows. Our freedom not to be fullyinvested allowed us to avoid the many pitfalls that plagued the bond market in 2018.

At end December, the portfolio’s gross yield – after forex hedging for funds invested– was 6% (vs 5.1% at end September). Sensitivity to interest-rate risk remains verymodest at 1.8 (vs 2.3 at end September).

For the overall fund, therefore, the gross yield after forex hedging was 3.3% (vs 3%end September) for rate sensitivity of 0.9 (vs 1.3). The fund’s sensitivity to the equitymarket (delta) remains controlled (7.0% vs 7.7%), mainly thanks to ancillaryinvestments in equities, as most of our convertible bonds are far out of the money.Investments in currencies other than the euro account for 25.6% of funds invested,but the forex risk is almost fully hedged. Bonds of issuers based in developingcountries account for 6.7% of the fund.

Main transactions

In Q4, our new investments were largely short-duration ideas: · the Ceva Logistic 2025 convertible, which should be redeemed in 2019 now thatCMA-CGM has a controlling stake in the company; · the Assicurazioni Generali 8.5% perpetual, for which the March 2019 call isalmost certain to be exercised, and for which massive sales by an Italian bankallowed us to acquire the issue at a yield of 3.7% at the call; · two stocks that are the object of takeover bids: Parrot and BinckBank.

We also reinforced our position in the Kloeckner convertible, whose treatment by themarket is coherent with its highly-cyclical results, even though we believe that thestructure of the balance sheet provides creditors with double protection: firstly, thecompany is solvent (debt amounts to just half working capital requirements);secondly, the cyclical nature of the business allows cash generation even whendemand is weak (i.e. lower WCR).

Exits from the portfolio included Royal Bank of Scotland, following early redemptionat par.

Market situation and outlook

The high-yield segment deteriorated sharply in late‑2018. However, this deteriorationis not synonymous with a return to plentiful investment opportunities, because themarket is highly polarised: the slump was concentrated on troubled issuers whosepaper is “binary” (risk looks unacceptable to us, irrespective of price), while creditmargins of “healthy” issuers have not increased greatly. Two numbers highlight thispolarisation: the yield on BB-rated issuers has remained at 4%, while the yield onCCC paper (issuers close to bankruptcy) jumped to 12%.

Against this backdrop, we remain alert for opportunities or a rebalancing of themarket in order to redeploy our cash position. We prefer to remain patient and wait formarket weakness to spread to issuers whose credit risk is acceptable, while keepingthe rate risk controlled and coherent with our remuneration.

Performances

Sextant Bond Picking (N) Euro Constant Maturity Treasury(CMT) cash 3Y

1 month ‑0.6% 0.0%

3 months ‑0.6% ‑0.1%

6 months ‑0.3% ‑0.3%

1 year 0.8% ‑0.5%

3 years - -

5 years - -

2017

Sextant Bond Picking (N) -Euro Constant Maturity Treasury (CMT) cash 3Y -

2018

0.8%‑0.5%

- - T. - F. - /

/ - -




/ / /

NFR0013202140

/ /

1 2 3 4 5 6 7

: :

ANNUALREPORT

Breakdown of assets

Maturity < 1 year 1 to 3 years 3 to 5 years 5 to 7 years 7 to 10 years > 10 years perpetual EquitiesBase 100% 35.5% 26.0% 18.1% 5.9% 2.5% 0.0% 3.7% 8.4%

Allocation

Bonds 48.5%o/w sovereign 0.3%o/w corporate 27.2%o/w financials 8.6%o/w convertibles 12.6%Equities 6.0%o/w risk arb strategy 1.4%o/w yield strategy 4.6%Cash & quasi-cash 45.5%

Distribution by sector * Geographical distribution *

* of net assets invested

Main holdings

Issue Currency Sector Country Net asset %Safilo OC 1.75% 05‑2019 EUR Consumer goods Italy 4.1%

Cibus Real Estate EUR3M+450 05‑2021 EUR Real estate Sweden 3.8%Playtech Plc OC 0.5% 11‑2019 EUR Technology United Kingdom 3.5%

Casino Guichard-Perrachon TSSDI 4.87% EUR Retail France 3.2%Sacyr OC 4% 05‑2019 EUR Construction Spain 2.9%

Indicators


Gross yield 6.8% 3.6%Yield after cost of forex hedging 6.2% 3.3%Spread (basis point) 632 328Residual duration (years) 2.5 1.3


Interest-rate sensitivity 1.8 0.9Equity sensitivity (delta) 5.1% 7.0%Net/gross forex exposure 14.0% ‑0.1%Number of lines Averageoutstanding

59 321 M€

Main characteristics

Legal form UCITS / French mutual fundShare category UnitISIN codeBloomberg codeAMF classification Bonds and other international debt securitiesBenchmark Euro Constant Maturity Treasury (CMT) cash 3YNAV Net assets 5 097.52 € 145.92 M€Share NAV period Daily

Risk profile

Scale from 1 (lowest risk) to 7 (highest risk); category‑1 risk does not meana risk-free investment. This indicator may change over time.

Launch date Fund 30/03/2017Unit 29/12/2017

Recom. invest. duration Over 3 yearsCentralis.-Settlem. /Delivery D‑1 at 10 AM / D+2Custodian CACEIS BANKTransfert agent CACEIS BANKTax provisions - -Entry charge 5.0% including tax maximumExit charge 0.0% including tax maximumFixed management fee 0.85% including tax

Performance fee15% including tax of the mutual fund’soutperformance vs the benchmark, plus 350bps

Source: Amiral Gestion at 31/12/2018

GLOSSARYThe full glossary is available in the monthly report of your fund, on the website www.amiralgestion.com.

- - T. - F. - /

/ - -

Notice

This commercial document aims to present the characteristics of the fund on a simplified basis.For further information, you may refer to the key informationdocument for investors and to the prospectus, which are legal documents available on the management company's internet site or by request to themanagement company.The performances shown are not a reliable guide to future performance. Performance may vary over time.



ANNUAL REPORT

December 2018


Additional information

Main changes made during the financial year, or forthcoming

Upcoming in the 2nd quarter:

Possibility to use CDS to a limit of 20% of the net asset.

Sells options strategies enlargement, instead of buys only.

Change to the prospectus and/or KIID

NA

Cash holdings at end of financial year: 28.19%

Percentage of the portfolio divestible in more than 30 days: NA, as this is a bond fund, traded over the counter

Frequency of transactions (rotation rate): NA – diversified fund

Possible steps taken by the custodian to exonerate himself from responsibility: NA

Policy for selecting intermediaries:

As a fund management company, Amiral Gestion selects service providers whose execution policy makes it possible to obtain the best possible result

when orders are placed for its UCITs or clients. The company also uses service providers that help with investment decisions and execution of orders.

This policy is available on the Amiral Gestion website: www.amiralgestion.com.

Commission:

Information regarding intermediary fees are available on the Amiral Gestion website: www.amiralgestion.com.

Policy of use of voting rights

In accordance with article 321-132 of the AMF’s General Regulation, Amiral Gestion has drawn up a policy for the exercise of voting rights attached

to the shares held by mutual funds that it manages. This policy is available on the Amiral Gestion website: www.amiralgestion.com. A report on

voting rights is available upon request to the fund management company.

Criteria concerning the Environment, Social issues and Governance quality (ESG):

Amiral Gestion does not simultaneously consider social, environmental and governance quality (ESG) criteria when deciding to buy or divest

securities.

However, Amiral Gestion does take account of extra-financial criteria in its investment policy. A quality rating is attributed to each investment based

on qualitative criteria such as governance quality (respect for minorities, training, employee profit-sharing, quality of relations with suppliers etc)

and respect for social and environmental objectives, even if this is not specifically a SRI policy.

At the end of 2018, we’ve improved our quality rating by reinforcing ESG’s criteria. In that way, the quantity of ESG’s criteria used for our quality

rating has raised to 10 (on an overall of 28 criteria). Furthermore, at the end of March 2019, Amiral Gestion signed the United Nations’s PRI,

thereby demonstrating its intent to be committed to sustainable development’s issues in the long run, by deploying means and mobilizing teams.

The policy describing the criteria for respect of social, environmental and governance quality issues is available on the Amiral Gestion website:

www.amiralgestion.com

Method for calculating global risk:

The method for assessing the global risk for SEXTANT BOND PICKING is the commitment calculation method.

Remuneration policy: Amiral Gestion implements a remuneration policy that respects the requirements of the AIFM and UCITS V directives and the

ESMA guidelines. This remuneration policy is coherent and promotes sound and efficient risk management and does not encourage risk-taking that

would be incompatible with the risk profiles, the regulations and the constitution documents of the mutual funds that it manages. This policy is also

tailored to the interests of the mutual funds and their investors.

Amiral Gestion employees are remunerated on a fixed and a variable basis. However, the variable part remains marginal relative to the overall

remuneration paid to persons who have been identified as risk-takers or equivalent, as defined by the regulations.

All employees benefit from profit-sharing and an incentive scheme. All employees are also Amiral Gestion shareholders. Their shareholdings rise

gradually and depend on each person’s contribution to the company. As a result, the interests of Amiral Gestion investors and employees are

aligned: the objective being to achieve the best possible long-term performance and to sustain the company.

All company employees have a direct interest in the success of its funds and the company results, in order to discourage any dangerous risk-taking.

Breakdown of remuneration paid in 2018

Type of remuneration

Category of

employee

No. of

employees

on the

31/12/2019

Fixed remuneration Total variable remuneration per

category

Managers and others who have a direct

impact on the risk profile or an

equivalent remuneration

12

Maximum €200,000*

- Incentive scheme

- Dividends

- €770K in bonuses

(individually limited to €200K)

Compliance, Managers (non-fund) and

department heads 4

Maximum €200,000

- Incentive scheme

- Dividends

- €190K

Other employees and non-risk takers

(including spain) 13

€35,000 to €100,000 - Incentive scheme

- Dividends

- €395K

* Except for one employee, in whose case a regularisation was necessary

Full details of Amiral Gestion’s remuneration policy are available on request, by simply writing to your manager at AMIRAL GESTION, 103 rue de

Grenelle, 75007 Paris

Transparency of transactions involving securities and re-use of financial instruments – SFTR regulation – in the currency of the mutual fund

(EUR): During the financial year, the fund made no transactions that were subject to SFTR regulations.

Amount of leverage available to the fund: Nil

Full details of Amiral Gestion’s remuneration policy, as well as total remunerations paid during the financial year, broken down according to the

regulatory criteria, are available on request by simply writing to your manager at AMIRAL GESTION, 103 rue de Grenelle, 75007 Paris

Warning

For more information, please refer to the Key Investor Information Document (KIID), the prospectus, and the relevant legal,

Documents which are available on the company website or on request to the fund management company.

Past performances are not a guide to future performances and are not constant over time.

Amiral Gestion - 103 rue de Grenelle - 75007 Paris - T. +33 (0)1 47 20 78 18 - F. + 33 (0)1 40 74 35 64 - www.amiralgestion.com

A portfolio management company approved by the AMF under the number GP-04000038 / An insurance brokerage company registered with the ORIAS under the number 12065490 / A simplified joint stock company with share capital of €629,983 – Paris Company Registry: 445 224 090 - VAT: FR 33 445 224 090


ANNUAL ACCOUNTS

12/31/18

SEXTANT BOND PICKING : ANNUAL ACCOUNTS 12/31/18

BALANCE SHEET - ASSET ON 12/31/18 IN EUR

Fixed Assets, net 0.00 0.00

12/31/18 12/29/17

Deposits 0.00 0.00

Financial instruments 104,779,387.92 28,743,729.74

Equities and similar securities 8,720,153.19 2,065,496.46

Traded in a regulated market or equivalent 8,720,153.19 2,065,496.46

Not traded in a regulated market or equivalent 0.00 0.00

Bonds and similar securities 70,207,450.38 20,167,613.83


Not traded in a regulated market or equivalent 0.00 0.00

Credit instruments 25,207,935.96 2,601,287.50


Negotiable credit instruments (Notes) 18,204,462.83 1,601,316.94

Other credit instruments 2,999,970.00 0.00

Not traded in a regulated market or equivalent 4,003,503.13 999,970.56

Collective investment undertakings 643,848.39 3,909,331.95

General-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countries

643,848.39 3,909,331.95

Other Funds intended for non-professionals and equivalents in other EUMember States

0.00 0.00

General-purpose professional funds and equivalents in other EU MemberStates and listed securitisation entities

0.00 0.00

Other professional investment funds and equivalents in other EU MemberStates and listed securitisation agencies

0.00 0.00

Other non-European entities 0.00 0.00

Temporary transactions in securities 0.00 0.00

Credits for securities held under sell-back deals 0.00 0.00

Credits for loaned securities 0.00 0.00

Borrowed securities 0.00 0.00

Securities sold under buy-back deals 0.00 0.00

Other temporary transactions 0.00 0.00

Hedges 0.00 0.00

Hedges in a regulated market or equivalent 0.00 0.00

Other hedges 0.00 0.00

Other financial instruments 0.00 0.00

Receivables 54,803,947.99 9,076,440.39

Forward currency transactions 20,427,560.04 8,759,258.81

Other 34,376,387.95 317,181.58

Financial accounts 7,057,026.47 11,448,317.43

Cash and cash equivalents 7,057,026.47 11,448,317.43

Total assets 166,640,362.38 49,268,487.56


BALANCE SHEET - LIABILITIES ON 12/31/18 IN EUR

Shareholders' funds

12/31/18 12/29/17

Capital 40,019,931.17143,565,769.25

Allocation Report of distributed items (a) 0.000.00

Brought forward (a) 0.000.00

Allocation Report of distributed items on Net Income (a,b) -626,393.20-1,679,711.70

Result (a,b) 997,986.084,032,467.11

Total net shareholders' funds (net assets) 40,391,524.05145,918,524.66

Financial instruments 0.000.00

Transfers of financial instruments 0.000.00

Temporary transactions in securities 0.000.00

Sums owed for securities sold under buy-back deals 0.000.00

Sums owed for borrowed securities 0.000.00

Other temporary transactions 0.000.00

Hedges 0.000.00

Hedges in a regulated market or equivalent 0.000.00

Other hedges 0.000.00

Payables 8,876,963.5120,721,837.72

Forward currency transactions 8,692,577.1920,417,215.88

Other 184,386.32304,621.84

Financial accounts 0.000.00

Short-term credit 0.000.00

Loans received 0.000.00

Total liabilities 49,268,487.56166,640,362.38

(a) Including adjusment(b) Decreased interim distribution paid during the business year


OFF-BALANCE SHEET ON 12/31/18 IN EUR

12/31/18 12/29/17

Hedges

Contracts in regulated markets or similar

OTC contracts

Other commitments

Other operations

Contracts in regulated markets or similar

OTC contracts

Other commitments


INCOME STATEMENT ON 12/31/18 IN EUR

12/31/18

Revenues from financial operations

12/29/17

2,843.92Revenues from deposits and financial accounts 0.00

124,589.82Revenues from equities and similar securities 49,329.60

1,919,221.73Revenues from bonds and similar securities 1,001,352.54

5,064.69Revenues from credit instruments 50.83

0.00Revenues from temporary acquisition and disposal of securities 0.00

0.00Revenues from hedges 0.00

0.00Other financial revenues 0.00

2,051,720.16Total (1) 1,050,732.97

Charges on financial operations

0.00Charges on temporary acquisition and disposal of securities 0.00

0.00Charges on hedges 0.00

19,690.62Charges on financial debts 19,901.51

0.00Other financial charges 0.00

19,690.62Total (2) 19,901.51

2,032,029.54Net income from financial operations (1 - 2) 1,030,831.46

0.00Other income (3) 0.00

0.00Management fees and depreciation provisions (4) 0.00

2,032,029.54Net income of the business year (L.214-17-1) (1-2+3-4) 1,030,831.46

2,000,437.57Revenue adjustment (5) -32,845.38

0.00Interim Distribution on Net Income paid during the business year (6) 0.00

4,032,467.11Net profit (1 - 2 + 3 - 4 + 5 + 6) 997,986.08


NOTES TO THE ANNUAL ACCOUNTS

ACCOUNTING RULES AND METHODS The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended.

General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized exclusiveof costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months.

Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities’ current values determined as above and their original historic cost are recognized in the accounts as “differences on estimation”. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day’s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions.. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s intrinsic characteristics: Notes maturing in one year’s time or less: euro interbank offered rate (Euribor); Notes maturing in more than one year’s time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT); Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities:


Securities held under sell-back deals are carried in Assets under “credits for securities held under sell-back deals” at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under “credits for loaned securities” at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under “borrowed securities” at the amount provided for in the contract, and in Liabilities under “debts for borrowed securities” at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day’s settlement price. Hedges not trades in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among “Off-Balance Sheet Commitments” at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund’s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund’s operating costs. The management fees do not include dealing costs. The percentage of nominal capital charged is … % including taxes. Allocation of net profit: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn’t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts:

Distributable amounts Unit: Allocation of the net income Accumulation and/ or distribution and / or carry forward a

decision taken by the management


Allocation of the net realized gains and losses Accumulation and/ or distribution and / or carry forward a decision taken by the management


CHANGES IN NET ASSETS 12/31/18 IN EUR

12/31/18

40,391,524.05Net assets in start of period 0.00

12/29/17

122,027,863.90Subscriptions (including subscription fees received by the fund) 48,680,838.21

-16,448,251.36Redemptions (net of redemption fees received by the fund) -8,711,686.10

414,360.31Capital gains realised on deposits and financial instruments 153,505.66

-423,454.80Capital losses realised on deposits and financial instruments -1,130,244.41

135,591.29Capital gains realised on hedges 867,793.72

-915,707.49Capital losses realised on hedges -63,801.39

-16,511.90Dealing costs -6,096.56

428,289.37Exchange gains/losses -1,024,169.94

-1,707,208.25Changes in difference on estimation (deposits and financial instruments) 594,546.61

-1,112,661.64Difference on estimation, period N 594,546.61

-594,546.61Difference on estimation, period N-1 0.00

0.00Changes in difference on estimation (hedges) 0.00

0.00Difference on estimation, period N 0.00

0.00Difference on estimation, period N-1 0.00

0.00Net Capital gains and losses Accumulated from Previous business year 0.00

0.00Distribution on Net Capital Gains and Losses from previous business year 0.00

2,032,029.54Net profit for the period, before adjustment prepayments 1,030,831.46

0.00Allocation Report of distributed items on Net Income 0.00

0.00Interim Distribution on Net Income paid during the business year 0.00

0.00Other items 6.79

145,918,524.66Net assets in end of period 40,391,524.05

2.


FURTHER DETAILS3.

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL ORCOMMERCIAL TYPE

3.1.

Amount %

Assets

Bonds and similar securities

Convertible bonds traded on a regulated or similar market 22,610,633.89 15.50

Fixed-rate bonds traded on a regulated or similar market 23,853,925.81 16.35

Floating-rate bonds traded on regulated markets 23,742,890.68 16.27

Total bonds and similar securities 70,207,450.38 48.11

Credit instruments

Certificate of deposit 18,204,462.83 12.48

Euro-Commercial Paper 4,003,503.13 2.74

European (EU) Commercial paper regulated 2,999,970.00 2.06

Total credit instruments 25,207,935.96 17.28

Liabilities

Transactions involving transfer of financial instruments

Total transactions involving transfer of financial instruments 0.00 0.00

Off-balance sheet

Hedges

Total hedges 0.00 0.00

Other operations

Total other operations 0.00 0.00


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TYPE

3.2.

Fixed rate % Variable rate % Rate subject toreview % Other %

Assets

Deposits 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Bonds and similar securities 0.00 25,263,258.18 372,194.7330.55 0.00 17.31 0.2644,571,997.47

Credit instruments 0.00 0.00 0.0017.28 0.00 0.00 0.0025,207,935.96

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 7,057,026.470.00 0.00 0.00 4.840.00

Liabilities

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Off-balance sheet

Hedges 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Other operations 0.00 0.00 0.000.00 0.00 0.00 0.000.00

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY TIME TO MATURITY

3.3.

< 3 Months % ]3 Months - 1Year] % ]1 - 3 Years] % ]3 - 5 Years] % > 5 Years %

AssetsDeposits 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Bonds and similar securities 3,507,315.31 15,288,490.08 12,454,340.61 8,681,566.87 30,275,737.512.40 10.48 8.54 5.95 20.75

Credit instruments 17,000,947.49 8,206,988.47 0.00 0.00 0.0011.65 5.62 0.00 0.00 0.00Temporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 7,057,026.47 0.00 0.00 0.00 0.004.84 0.00 0.00 0.00 0.00

LiabilitiesTemporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Off-balance sheetHedges 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

All hedges are shown in terms of time to maturity of the underlying securities.


BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEETITEMS, BY LISTING OR VALUATION CURRENCY

3.4.

USD

%

SEK

%

SGD

%

Other currencies

%Amount Amount Amount Amount

Assets

Deposits 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Equities and similar securities 0.00 576,965.27 0.00 0.000.00 0.40 0.00 0.00

Bonds and similar securities 15,180,343.61 2,021,392.07 1,968,045.84 713,437.1610.40 1.39 1.35 0.49

Credit instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Mutual fund units 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Liabilities 31,101.17 0.00 0.00 0.000.02 0.00 0.00 0.00

Financial accounts 0.00 50,312.86 0.00 0.000.00 0.03 0.00 0.00

Liabilities

Transactions involving transfer of financial instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Debts 15,113,606.31 2,613,799.25 1,979,294.12 710,516.2010.36 1.79 1.36 0.49

Financial accounts 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Off-balance sheet

Hedges 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE3.5.

Funds to be accepted on urgent sale of currencies 20,427,560.04

12/31/18

Receivables

Subscription receivable 1,667,785.42Coupons and dividends in cash 55,414.05Other receivables 32,653,188.48

Total receivables 54,803,947.99

Urgent sale of currency 20,417,215.88Payables

Purchases deferred settlement 210,439.23Redemptions to be paid 94,182.61

Total of Payables 20,721,837.72


SHAREHOLDERS’ FUNDS3.6.

Number of units issued or redeemed3.6.1.

Units subscribed during the period 678,488.176 69,436,623.46

Net Subscriptions / Redemptions 584,963.846 59,863,980.41

SEXTANT BOND PICKING Part A

Units redeemed during the period -93,524.330 -9,572,643.05



SEXTANT BOND PICKING N

Units redeemed during the period -1,307.254 -6,676,108.97



SEXTANT BOND PICKING Part Z

Units redeemed during the period -1,949.211 -199,499.34

Units Value

Subscription and/or redemption fees3.6.2.

Total of subscription fees received 0.00Total of redemption fees received 0.00


Total of subscription and/or redemption fees received 0.00







Value

MANAGEMENT FEES3.7.

12/31/18


0.00Percentage of management charges0.00Fixed management fees

0.00Variable management fees0.00Trailer fees

0.00Underwriting commission


MANAGEMENT FEES3.7.

12/31/18










3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the fund :

None

3.8.2. Other commitments received and/or given :

None


FURTHER DETAILS3.9.

Stock market values of temporarily acquired securities3.9.1.

Securities held under sell-back deals 0.00Borrowed securities 0.00

12/31/18

Stock market values of pledged securities3.9.2.

Financial instruments pledged but not reclassified 0.00Financial instruments received as pledges but not recognized in the Balance Sheet 0.00

12/31/18

Group financial instruments held by the Fund3.9.3.

12/31/18Name of securityIsin code

Equities 0.00

Bonds 0.00

Notes 0.00

UCITS 0.00

Hedges 0.00


3.10.TABLE OF ALLOCATION OF THE DISTRIBUTABLE

Table of allocation of the distributable share of the sums concerned to profit(loss)

Distribution 0.00 0.00

Brought forward 0.00 0.00

Allocation

Capitalized 1,967,841.41 283,708.05

Total 1,967,841.41 283,708.05

12/31/18 12/29/17

Sums not yet allocated


Profit (loss) 4,032,467.11 997,986.08

Total 4,032,467.11 997,986.08

12/31/18 12/29/17

C1 SEXTANT BOND PICKING Part A



Allocation

Capitalized 1,628,004.83 437,019.94

Total 1,628,004.83 437,019.94

12/31/18 12/29/17

C2 SEXTANT BOND PICKING N



Allocation

Capitalized 436,620.87 277,258.09

Total 436,620.87 277,258.09

12/31/18 12/29/17

C3 SEXTANT BOND PICKING Part Z



Allocation

Capitalized -819,698.06 -178,070.93

Total -819,698.06 -178,070.93

12/31/18 12/29/17

Sums not yet allocated

Net Capital gains and losses Accumulated from Previous business year 0.00 0.00

Total -1,679,711.70 -626,393.20

Net Capital gains and losses of the business year -1,679,711.70 -626,393.20

Allocation Report of distributed items on Net Capital Gains and Losses 0.00 0.00

12/31/18 12/29/17

C1 SEXTANT BOND PICKING Part A

Net capital gains and losses accumulated per share 0.00 0.00

Table of allocation of the distributable share of the sums concerned tocapital gains and losses


Allocation

Capitalized -678,140.11 -274,298.98

Total -678,140.11 -274,298.98

12/31/18 12/29/17

C2 SEXTANT BOND PICKING N



Allocation

Capitalized -181,873.53 -174,023.29

Total -181,873.53 -174,023.29

12/31/18 12/29/17

C3 SEXTANT BOND PICKING Part Z



TABLE OF PROFIT (LOSS) AND OTHER TYPICAL FEATURES OF THEFUND OVER THE PAST FIVE FINANCIAL PERIODS

3.11.


Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

0.00

0.000

0.00

0.00Net income Accumulated per share in EUR

0.00

0.000

0.00

0.00


Net assets in EUR



11,482,575.90

113,495.679

101.17

2.49

Net Capital Gains and Losses Accumulatedper share in EUR -1.56

Net income Accumulated per share in EUR

71,208,235.57

698,459.525

101.95

2.81

-1.17


Net assets in EUR



17,687,490.56

3,496.522

5,058.59

124.98



58,910,810.32

11,556.759

5,097.52

140.87

-58.67


Net assets in EUR



11,221,457.59

110,914.742

101.17

2.49



15,799,478.77

154,972.194

101.95

2.81

-1.17

12/29/17

Global Net Assets in EUR 40,391,524.05

12/31/18

145,918,524.66


Equities and similar securities

Listed equities & similar securitieFRANCE

CRCAM ALPES PROVENCE CCI EUR 2,850 310,080.00 0.21

Currency Quantity Market value %Name of security

CRCAM ATLANTIQUE VENDEE CCI EUR 3,274 432,168.00 0.30

CRCAM BRIE PICARDIE PROV.ECH. EUR 10,047 256,098.03 0.18

CRCAM D'ILLE-ET-VILAINE CCI EUR 2,720 277,168.00 0.19

CRCAM DU LANGUEDOC CCI EUR 8,073 603,860.40 0.41

CRCAM MORBIHAN CCI EUR 650 55,893.50 0.04

CRCAM NORD FRANCE CCI EUR 61,020 1,354,644.00 0.93

CRCAM NORMANDIE SEINE CCI EUR 4,371 568,230.00 0.39

CRCAM SUD RHONE ALPES CCI EUR 1,750 349,090.00 0.24

CRCAM TOULOUSE 31 CCI EUR 11,129 1,255,128.62 0.86

CRCAM TOURAINE ET POITOU CCI EUR 203 22,792.84 0.02

PAREF EUR 3,355 251,625.00 0.17

PARROT EUR 216,002 690,126.39 0.47

SELECTIRENTE EUR 414 35,604.00 0.02

TERREIS EUR 3,000 108,000.00 0.07

TOTAL FRANCE 6,570,508.78 4.50

ITALYIMMOBILIARE GRANDE DISTRIBUZ EUR 43,270 232,879.14 0.16

TOTAL ITALY 232,879.14 0.16

NETHERLANDSBINCKBANK NV EUR 220,000 1,339,800.00 0.92

TOTAL NETHERLANDS 1,339,800.00 0.92

SWEDENCIBUS NORDIC REAL ESTATE AB SEK 56,498 576,965.27 0.40

TOTAL listed equities & similar securities traded in a regulatedmarket or equivalent

8,720,153.19 5.98

Total equities & similar securities 8,720,153.19 5.98

TOTAL SWEDEN 576,965.27 0.40

Bonds and similar securities

Listed bonds and similar securitiesARGENTINA

PROVINCE OF BUENOS AIRES 3.0% 01-05-20 EUR 770,000 372,194.73 0.26

TOTAL ARGENTINA 372,194.73 0.26

BELGIUMECONOCOM GROUP 0.5% 06-03-23 EUR 283,116 1,805,430.73 1.24

FORTIS BK TV07-191272 CV EUR 2,000,000 1,520,367.50 1.04

TOTAL BELGIUM 3,325,798.23 2.28

PORTFOLIO LISTING IN EUR3.12.


BERMUDAGP INVESTMENTS LTD USD 4,380,000 2,903,952.44 1.99


VOSTOK NAFTA INVESTMENT 6.15% 14-06-22 SEK 10,000,000 1,007,238.12 0.69

TOTAL BERMUDA 3,911,190.56 2.68

BRAZILBR PROPERTIES SA USD 3,925,000 3,507,315.31 2.40

TOTAL BRAZIL 3,507,315.31 2.40

COLOMBIACOLOMBIA TELECOMUNICACIONES SA FIX PERP USD 2,656,000 2,448,539.33 1.68

TOTAL COLOMBIA 2,448,539.33 1.68

DENMARKBIDCO NO 2 OF 15 MARCH 2018 A S E3R+7.0% 11-09-23 EUR 1,400,000 1,457,879.12 1.00

TOTAL DENMARK 1,457,879.12 1.00

FRANCEBOLLORE 2.0% 25-01-22 EUR 500,000 502,717.26 0.34

CASI GUIC FLR PERP EUR 6,700,000 4,697,665.53 3.22

CRED.LYONNAIS PERP TSDI EUR 25,000 17,153.68 0.01

ERAMET 4.5% 06/11/20 EUR 1,800,000 1,805,905.23 1.24

FIGEAC AERO 1.125% 18-10-22 EUR 5,838 136,696.77 0.09

NATEXIS BP 1YR PERP EUR 1,600,000 1,659,487.56 1.14

NEOP FRAN S 3.375% PERP CV EUR 16,664 922,769.00 0.63

SELECTIRENTE 3.5% 01/01/2020 CV EUR 7,327 652,103.00 0.45

SOLOCAL GROUP E3R+7% 15-03-22 EUR 2,103,442 2,032,976.69 1.39

TOTAL FRANCE 12,427,474.72 8.51

GERMANYACCENTRO REAL ESTATE AG 3.75% 26-01-21 EUR 1,700,000 1,738,719.63 1.20

ADLE REA 4.75% 08-04-20 EMTN EUR 120,000 122,346.63 0.08

ADLE REAL 2.5% 19-07-21 CV EUR 36,109 546,148.63 0.37

KLOE CO FIN S 2.0% 08-09-23 EUR 2,000,000 1,738,628.18 1.19

TOTAL GERMANY 4,145,843.07 2.84

ITALYASS GENERALI 8.5% PERP EMTN EUR 2,000,000 2,113,909.59 1.45

CREDITO VALTELLINESE SCARL 8.25% 12-04-27 EUR 400,000 402,437.32 0.28

SAFILO GROUP SPA 1.25% 22/05/2019 CV EUR 6,100,000 6,029,302.69 4.12

TOTAL ITALY 8,545,649.60 5.85

MAURITIUS ISLANDHT GLOBAL IT SOLUTIONS HOLDINGS LTD 7.0% 14-07-21 USD 700,000 639,195.01 0.44

TOTAL MAURITIUS ISLAND 639,195.01 0.44


NETHERLANDSCEVA LOGISTICS FINANCE BV 5.25% 01-08-25 EUR 2,579,000 2,612,746.22 1.79

TOTAL NETHERLANDS 2,612,746.22 1.79


SINGAPORETRAFIGURA GROUP PTE LTD 7.5% PERP SGD 3,000,000 1,968,045.84 1.35

TOTAL SINGAPORE 1,968,045.84 1.35

SPAINBANCO DE CREDITO SOCIAL 7.75% 07-06-27 EUR 1,200,000 1,118,578.85 0.77

SACYR VALLEHERMOSO 4.0% 08/05/2019 CV EUR 4,300,000 4,189,777.91 2.87

TOTAL SPAIN 5,308,356.76 3.64

STOCKING STITCHPT JERSEY 0.5% 19-11-19 CV EUR 5,200,000 5,069,409.48 3.47

TOTAL STOCKING STITCH 5,069,409.48 3.47

SWEDENCIBUS NORDIC REAL ESTATE AB E3R+4.5% 26-05-21 EUR 5,400,000 5,563,573.80 3.81

STENDORREN FASTIGHETER AB STIB3R+4.0% 05-07-20 SEK 10,000,000 1,014,153.95 0.70

TOTAL SWEDEN 6,577,727.75 4.51

SWITZERLANDARYZ EURO FINA LT 4.5% PERP EUR 600,000 590,084.30 0.40

ARYZTA AG L3RCHF+6.045% PERP CHF 850,000 713,437.16 0.49

TOTAL SWITZERLAND 1,303,521.46 0.89

UNITED KINGDOMCOFIN FDG TEC10 PERP *EUR EUR 1,000,000 905,221.67 0.62

ROYAL BANK OF SCOTLAND GROUP L3RUSD+2.32% 29-03-49 USD 2,500,000 1,960,475.26 1.34

TOTAL UNITED KINGDOM 2,865,696.93 1.96

USAUSB REALTY CORP L3RUSD+1.14% 17-10-49 USD 4,900,000 3,720,866.26 2.55

Total listed bond and similar securities 70,207,450.38 48.10

Total bonds and similar securities 70,207,450.38 48.10

TOTAL USA 3,720,866.26 2.55

Credit instruments

Credit instruments traded in a regulated market or equivalentBELGIUM

ECONOCOM GROUP SE ZCP 25-01-19 EUR 3,000,000 2,999,680.13 2.06

TOTAL BELGIUM 2,999,680.13 2.06

EIREFRES FINA IREL PLC ZCP 06-02-19 EUR 3,000,000 2,999,970.00 2.06

TOTAL EIRE 2,999,970.00 2.06

FRANCEBELLON ZCP 18-01-19 EUR 1,000,000 999,985.83 0.69


FIMALAC ZCP 09-04-19 EUR 1,700,000 1,701,398.18 1.17


LNA NTE ZCP 12-02-19 EUR 2,000,000 1,999,928.85 1.37

STEF ZCP 12-03-19 EUR 5,000,000 4,999,951.39 3.42

TOTAL FRANCE 9,701,264.25 6.65

LUXEMBURGARCELLOR MITTAL ZCP 25-02-19 EUR 3,000,000 3,001,431.29 2.06

TOTAL LUXEMBURG 3,001,431.29 2.06

NOUVELLE-CALEDONIEBANQ CALE INVE ZCP 11-04-19 EUR 2,500,000 2,502,087.16 1.71

Total credit instruments traded on a regulated or similar market 21,204,432.83 14.54

TOTAL NOUVELLE-CALEDONIE 2,502,087.16 1.71

Credit instruments not traded in a regulated market or equivalentSPAIN

MELI HOTE INTE SA ZCP 23-05-19 EUR 1,000,000 1,001,054.55 0.69

TOTAL SPAIN 1,001,054.55 0.69

UNITED KINGDOMWEIR GROUP PLC THE ZCP 08-04-19 EUR 3,000,000 3,002,448.58 2.05

Total credit instruments not traded on a regulated or similarmarket

4,003,503.13 2.74

Total credit instruments 25,207,935.96 17.28

TOTAL UNITED KINGDOM 3,002,448.58 2.05

Collective investment undertakingsGeneral-purpose UCITS and alternative investment funds intended fornon-professionals and equivalents in other countriesLUXEMBURG

IVO FIXED INCOME EUR I EUR 5,534.672 643,848.39 0.44

TOTAL General-purpose UCITS and alternative investment fundsintended for non-professionals and equivalents in othercountries

643,848.39 0.44

Total collective investment undertakings 643,848.39 0.44

TOTAL LUXEMBURG 643,848.39 0.44

Receivables 54,803,947.99 37.56

Debts -20,721,837.72 -14.20

Financial accounts 7,057,026.47 4.84

Net assets 145,918,524.66 100.00

SEXTANT BOND PICKING Part A 698,459.525 101.95EURSEXTANT BOND PICKING N 11,556.759 5,097.52EURSEXTANT BOND PICKING Part Z 154,972.194 101.95EUR