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MAZARS

FCP ECHIQUIER MAJOR 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 31, 2013


FCP ECHIQUIER MAJOR Year ended December 31, 2013

Pursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our report relative to the financial year closed on 31 December 2012 on : - the audit of the annual accounts of the Echiquier Major mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law. The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts. I – Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year. Without calling into question the opinion expressed above, we draw your attention to the integrated section about accounting policies and rules of the notes to the annual accounts of the new financial statement presentation. II – Justification for our Assessments Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we hereby notify you of the following element: - our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as defined by regulation n° 2003-02 of the Accounts Regulation Committee. The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and therefore contributed to forming our opinion expressed in the first part of this report. III – Specific Information and Verifications In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the law. We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the annual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 23 April 2014 The Statutory Auditor Mazars Gilles DUNAND-ROUX


ECHIQUIER MAJOR

BALANCE SHEET assets 31.12.2012

30.12.2011

EUR

EUR

Net assets

-

-

Deposits

-

-

866 352 202,34

659 128 652,49

853 224 808,84

659 128 652,49

-

-

Traded on a regulated or similar market

-

-

Not traded on a regulated or similar market

-

-

Negotiable debt securities

-

-

Other debt securities

-

-

Not traded on a regulated or similar market

-

-

13 127 393,50

-

UCITS reserved for certain investors – VCF - Funds investing in futures and options

-

-

Listed SPE and investment funds

-

-

Non-listed SPE and investment funds

-

-

Receivables representing repurchase agreements

-

-

Receivables representing securities lendings

-

-

Borrowed securities

-

-

Repurchase agreements

-

-

Other temporary purchases and sales

-

-

Transactions on a regulated or similar market

-

-

Other transactions

-

-

-

-

17 225 461,33

4 952 919,23

-

-

17 225 461,33

4 952 919,23

21 133 720,75

10 951 124,17

21 133 720,75

10 951 124,17

904 711 384,42

675 032 695,89

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market Not traded on a regulated or similar market • BONDS AND SIMILAR SECURITIES

• DEBT SECURITIES Traded on a regulated or similar market

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74015

11

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

BALANCE SHEET liabilities 31.12.2012

30.12.2011

EUR

EUR

888 353 652,88

676 915 696,17

• Previous undistributed net capital gains and losses

-

-

• Retained earnings

-

-

• Net capital gains and losses for the financial year

-

-

• Adjusted retained earnings

-

-

-3 493 067,13

-4 862 591,70

884 860 585,75

672 053 104,47

Financial instruments

-

-

• DISPOSALS OF FINANCIAL INSTRUMENTS

-

-

Debts representing repurchase agreements

-

-

Debts representing securities borrowings

-

-

Other temporary purchases and sales

-

-

-

-

-

-

19 850 798,67

2 979 591,42

-

-

19 850 798,67

2 979 591,42

-

-

Cash credit

-

-

Borrowings

-

-

904 711 384,42

675 032 695,89

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

• TEMPORARY PURCHASES AND SALES OF SECURITIES

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

Foreign exchange forward contracts Other Financial accounts

Total liabilites

74015

12

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

OFF-balance sheet 31.12.2012

30.12.2011

EUR

EUR

- Futures market (Futures)

-

-

- Options market (Options)

-

-

- Credit derivatives

-

-

- Swaps

-

-

- Contracts for Differences (CFD)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Currency

Hedging

• Commitments on regulated or similar markets

• OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) Other transactions

• Commitments on regulated or similar markets - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) 74015

13

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

INCOMEstatement 31.12.2012

30.12.2011

EUR

EUR

-

-

15 106 754,72

12 816 555,60

-

-

1 341,64

35 393,46

• Income from temporary purchases and disposals of securities

-

-

• Income from forward financial instruments

-

-

• Other financial income

-

-

15 108 096,36

12 851 949,06

• Expenses on temporary purchases and disposals of securities

-

-

• Expenses on forward financial instruments

-

-

• Expenses on financial debt

-

-47,92

• Other financial expenses

-

-

Total (II)

-

-47,92

15 108 096,36

12 851 901,14

-

-

-18 606 489,75

-17 925 605,99

-3 498 393,39

-5 073 704,85

5 326,26

211 113,15

-

-

-3 493 067,13

-4 862 591,70

Currency

Income from financial transactions

• Income from deposits and financial accounts • Income from equities and similar securities • Income from bonds and similar securities • Income from debt securities

Total (I) Expenses on financial transactions

Profit/loss on financial transactions (I - II)

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

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

74015

14

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

1

74015

accountingrules and methods

The annual accounts are presented according to the format provided for by CRC Regulation no. 2003-02 of 2 October 2003 concerning the modified UCITS chart of accounts, in particular by Regulation no. 2011-05 of 10 November 2011 ratified by the decree of 27 December 2011, published in the J.O.R.F. (French public journal) of 30 December 2011 (distribution of realised net capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decree of 28 December 2012, published in the J.O.R.F. (French public journal) of 30 December 2012 (in the appendix to the annual accounts of funds and companies referred to in decree no. 2012465 of 10 April 2012 concerning the governance and transparency of fees and commissions charged). The new presentation of accounts associated with this new distribution possibility is applied to your UCITS. Since this UCITS fund did not opt for the distribution of net capital gains realised during the transitional phase (old and new chart of accounts), the new lines included in the valid Chart of Accounts are not entered. However, these lines will be completed for the next year-end, regardless of your UCITS fund's distribution option. Asset valuation and accounting rules : V-1 - Asset valuation rules A – Valuation method • Financial instruments and securities traded on a regulated market are valued at market price. Notwithstanding this, the instruments below are valued using specific methods : - European equities and bonds are valued at the closing price, and foreign securities are valued at the last known price. - Debt securities and equivalent negotiable instruments which are not involved in significant transactions are valued using an actuarial method. The rate used is that applied for issues of equivalent securities plus or minus, where necessary, a differential representative of the intrinsic characteristics of the issuer. However, negotiable debt securities with a residual maturity of 3 months or less, in the absence of a particular sensitivity, may be valued using the straight-line method. - Negotiable debt securities with a maturity of less than 3 months are valued at the purchase negotiating rate. The amortisation of the premium or the discount is applied on a straightline basis over the term of the negotiable debt security. - Negotiable debt securities with a maturity of more than 3 months are valued at market rate. - Units or shares of funds are valued at the last known net asset value. - Securities coming under temporary purchase or sale agreements are valued in accordance with the regulations in force, based on the terms of the original agreement. • Financial instruments not traded on a regulated market are valued by the management company at their probable trading value. • Warrants or subscription certificates obtained free of charge during private placements or capital increases are valued as of their admission to a regulated market or the organisation of an over-the-counter market. • Contracts : - Futures are valued at the settlement price and options are valued on the basis of the vehicle used. - The market price for futures is equal to the price in EUR multiplied by the number of contracts. - The market price for options is equal to their conversion into the underlying equivalent. - Interest rate swaps are valued at market rate, in accordance with the contractual provisions. 15

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

- Off-balance-sheet transactions are valued at market price. • Financial instruments for which a price has not been recorded on the valuation date, or for which the price has been adjusted, are valued at their probable trading value by the Board of Directors of the management company. The auditor will be provided with these valuations and their justification when it carries out its audits. B - Practical methods • Shares and bonds are valued on the basis of prices taken from the Finalim and Bloomberg databases, depending on their listing market. The research options are completed by Télékurs' "Fin’xs" and Reuters' "Securities 3000": - Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day. - America : taken at 9 a.m. for a quotation at the closing price of D-1. taken at 4.45 p.m. for a quotation at the opening price of that day. - Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day. taken at 2.30 p.m. for a quotation at the opening price of that day. taken at 9 a.m. for a quotation at the price of D-1. - France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day. taken at 5.40 p.m. for a quotation at the closing price of that day. - Contributors : taken at 2 p.m. for a quotation subject to the availability of prices. • Positions on the futures markets at each net asset value are valued on the basis of the settlement prices of that day. Positions on the options markets at each net asset value are valued according to the principles used for the underlying. - Asia-Oceania : taken at 12 noon - America : taken at 9 a.m. on D+1 - Europe excluding France : taken at 7.30 p.m. - France : taken at 18 noon V-2 - Accounting method • The accounting method used for recording income from financial instruments is the 'coupons received' method. • The accounting method for recording transaction fees is exclusive of expenses. Methods for evaluating off-balance sheet commitments Off-balance sheet commitments are evaluated at their commitment value. The commitment value for futures contracts is equal to the price (in the currency of the UCIT) multiplied by the number of contracts multiplied by the nominal amount. The commitment value for options contracts is equal to the price of the underlying security (in the currency of the UCIT) multiplied by the number of contracts multiplied by the delta multiplied by the nominal amount of the underlying security. The commitment value for swap contracts is equal to the nominal amount of the contract (in the currency of the UCIT). Operating and management costs These fees cover all costs charged directly to the Fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transfer fees, if applicable, which may be levied by the custodian and the management company. The following fees may also be charged in addition to operating and management fees : - excess return fees. These are paid to the management company if the Fund exceeds its objectives. They are therefore charged to the Fund ; - transfer fees charged to the Fund ; - a share of income from the temporary acquisition and sale of securities. 74015

16

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

Fees charged to the fund

74015

Basis

Rate

Net assets

Echiquier Major units: maximum 2.392 % incl. taxes Echiquier Major Gestione Patrimoniale in Fondi units: maximum 1.20% incl. taxes Echiquier Major I units: maximum 1.00% incl. taxes

Maximum indirect fees (management fees and commissions)

Nets assets

Maximum 1% incl. taxes

Transactions commissions

Deducted on each transaction

Maximum 0.598% incl. taxes for equities

Net assets

Echiquier Major units: None Echiquier Major Gestione Patrimoniale in Fondi units: maximum 20% incl. taxes of the outperformance of the fund above the Stoxx Europe 600 index, calculated excluding dividends. Echiquier Major I units: maximum 20% incl. taxes of the outperformance of the fund above the Stoxx Europe 600 index, with dividends reinvested

Management fees other than management company fees (auditors, custodian, distributors, lawyers)

Outperformance commission

performance commission calculation method : Variable management fees are charged and accrue to the management company on the following basis : • 20% incl. taxes of the performance above the benchmark. • The provision for variable management fees is adjusted each time net asset value is calculated, on the basis of 20% including taxes of the fund's outperformance against the STOXX EUROPE 600 index, calculated excluding dividends for GPF units and with dividends reinvested for I units. If the fund underperforms the benchmark, this provision is adjusted in the form of a reversal. A provision reversal may not exceed the value of the provision. • Outperformance is calculated for the first time as of the dates that the Échiquier Major Gestione Patrimoniale in Fondi and Échiquier Major I units are launched, on the basis of a benchmark net asset value established on the same dates. • Variable management fees charged by the management company are paid annually, on the last trading day of December. The outperformance commission calculation period will be the financial year of the fund, with the exception of the first financial year of the units, for which the reference period will be the period between the unit creation date and the financial yearend date. Variable management fees are chargeable only if the net asset value at the end of the year is higher than the initial nominal value for the first year, and on the net asset value at the start of the year for subsequent years. In the event that a unit is redeemed and a provision for variable management fees exists, the part proportional to the units reimbursed is paid to the fund management company.

17

Mutual Fund - Annual Report- Year ended : 31.12.2012


appendices

ECHIQUIER MAJOR

74015

Indication of accounting changes subject to special information to unit holders - Changes occurred : None. - Changes to occur : None. Indication and justification of changes in estimates and in application methods None. Indication of the type of errors that have been corrected during the period None. Indication of the rights and conditions attached to each unit category

Capitalisation of all income.

18

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

2

changesnet assets 31.12.2012

30.12.2011

EUR

EUR

Net assets at the beginning of the period

672 053 104,47

815 900 736,67

Subscriptions (including the subscription fee allocated to the UCIT)

371 725 715,93

390 865 007,48

-316 255 387,42

-415 825 672,32

Capital gains on deposits and financial instruments

46 356 692,44

63 586 700,27

Capital losses on deposits and financial instruments

-29 659 071,63

-41 412 690,81

Capital gains on forward financial instruments

-

-

Capital losses on forward financial instruments

-

-

-5 045 723,98

-7 056 336,31

3 793 078,74

5 730 870,47

145 390 570,59

-134 661 806,13

- Estimate difference – period N

124 977 530,80

-20 413 039,79

- Estimate difference – period N-1

-20 413 039,79

114 248 766,34

-

-

- Estimate difference – period N

-

-

- Estimate difference – period N-1

-

-

Distribution over the previous year net capital gains and losses

-

-

Prior period distribution

-

-

-3 498 393,39

-5 073 704,85

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

-

-

Interim payment(s) during the period

-

-

Other items

-

-

884 860 585,75

672 053 104,47

Currency

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

Transaction fees

Foreign exchange differences

Changes in the estimate difference in deposits and financial instruments :

Changes in the estimate difference in forward financial instruments :

Net income for the period before adjustment accounts

Net assets at the end of the period

74015

19

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3

additionalinformation

3.1. Financial instruments : breakdown by legal or economic type of instrument 3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Indexed bonds

-

-

Convertible bonds

-

-

Fixed-rate bonds

-

-

Variable-rate bonds

-

-

Zero-coupon bonds

-

-

Investments

-

-

Other instruments

-

-

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds

-

-

Commercial Papers

-

-

Certificates of deposit

-

-

MTN

-

-

Other instruments

-

-

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument Disposals of repurchase Disposals of borrowed Disposals of acquired agreements securities repurchase agreements

Short sales

Equities

-

-

-

-

Bonds

-

-

-

-

Debt securities

-

-

-

-

Other instruments

-

-

-

-

74015

20

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities) Rates

Equities

Foreign Exchange

Other

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

Hedging Commitments on regulated or similar markets

Other transactions Commitments on regulated or similar markets

3.2. Breakdown by rate type for asset, liability and off-balance sheets items Fixed rate

Variable rates

Rollover rate

Other

-

-

-

-

Bonds and similar securities

-

-

-

-

Debt securities

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Financial accounts

-

-

-

21 133 720,75

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Assets Deposits

Liabilities Temporary purchases and sales of securities Financial accounts

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items Assets Deposits

0 - 3 months 3 months - 1 year

1 - 3 years

3 - 5 years

> 5 years

-

-

-

-

-

Bonds and similar securities

-

-

-

-

-

Debt securities

-

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

-

21 133 720,75

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

-

Other transactions

-

-

-

-

-

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74015

21

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets items This breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency

GBP

CHF

SEK

Other

-

-

-

-

158 026 577,62

81 789 678,60

62 057 492,43

35 982 897,73

Bonds and similar securities

-

-

-

-

Debt securities

-

-

-

-

Collective investment undertakings

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Receivables

-

-

-

-

Financial accounts

-

-

-

-

-

-

-

-

-

-

-

-

Debts

-

-

-

-

Financial accounts

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Assets Deposits

Equities and similar securities

Liabilities Disposal operations on financial instruments Temporary purchases and sales of securities

3.5. Receivables and Debts : breakdown by type Details on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type of operation (purchase/sale).

Receivables Foreign exchange forward contracts :

17 225 461,33

Forward currency purchases

-

Total amount traded for forward currency sales

-

Other Receivables : -

17 189 976,29

Deferred sales regulations

35 485,04

-

-

-

-

-

-

Other transactions

-

Debts Foreign exchange forward contracts :

19 850 798,67

Forward currency sales

-

Total amount traded for forward currency purchases

-

Other Debts : Redemption to pay

16 437 347,53

Purchases delayed settlements

1 833 717,58

Accrued expenses

1 579 733,56

-

-

-

-

Other transactions

74015

-

22

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.6. Equity Number of units issued / redeemed during the period: MAJOR / FR0010321828

MAJOR I / FR0011188275

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

2 035 065,675

312 061 843,49

1 859 881,779

277 399 974,87

115 287,753

16 295 660,09

178 141,273

26 291 724,19

39 620

43 368 212,35

11 122

12 563 688,36

MAJOR GPF / FR0010581728

Subscription / redemption fee:

Amount

Amount

MAJOR / FR0010321828

8 813,62

826,79

MAJOR I / FR0011188275

-

-

MAJOR GPF / FR0010581728

-

-

Retrocessions:

Amount

Amount

MAJOR / FR0010321828

8 813,62

826,79

MAJOR I / FR0011188275

-

-

MAJOR GPF / FR0010581728

-

-

Commissions allocated to the UCIT:

Amount

Amount

MAJOR / FR0010321828

-

-

MAJOR I / FR0011188275

-

-

MAJOR GPF / FR0010581728

-

-

3.7. Management fees

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

%

MAJOR / FR0010321828

2,39

MAJOR I / FR0011188275

1,20

MAJOR GPF / FR0010581728

0,99

Outperformance fee (variable charges) : amount of fees for the period Unit class: MAJOR / FR0010321828

Amount -

MAJOR I / FR0011188275

599 761,91

MAJOR GPF / FR0010581728

163 581,08

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

-

- Breakdown by "target" UCIT :

74015

- UCIT 1

-

- UCIT 2

-

- UCIT 3

-

- UCIT 4

-

23

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.8. Commitments received and granted 3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none 3.8.2. Description of other commitments received and/or granted ........................................................................none

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition : - Financial instruments as repurchase agreements (delivered)

-

- Other temporary purchases and sales

-

3.9.2. Current value of financial instruments comprising guarantee deposits : Financial instruments received as a guarantee and not written to the balance sheet : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

Financial instruments granted as a guarantee and maintained in their original item : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) or financial managers (Mutual Funds) and UCITS managed by these entities : 13 127 393,50 - UCITS - other financial instruments

74015

-

24

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.10. Income allocation table (In the accounting currency of the UCIT) Interim payments in terms of the period

Date -

Unit Class -

-

Total amount Unit amount

Total tax credit

Unit tax credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total interim payments

74015

25

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR 30.12.2011

EUR

EUR

Retained earnings

-

-

Adjusted retained earnings

-

-

Result

-3 493 067,13

-4 862 591,70

Total

-3 493 067,13

-4 862 591,70

31.12.2012

30.12.2011

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

-3 095 016,54

-4 965 069,23

Total

-3 095 016,54

-4 965 069,23

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

31.12.2012

30.12.2011

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

-308 557,15

-

Total

-308 557,15

-

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

appendices

31.12.2012

Income allocation

Sums remaining to be allocated

MAJOR / FR0010321828

Currency

Allocation

Information concerning the units conferring distribution rights

MAJOR I / FR0011188275

Currency

Allocation

Information concerning the units conferring distribution rights

74015

26

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR MAJOR GPF / FR0010581728

30.12.2011

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

-89 493,44

102 477,53

Total

-89 493,44

102 477,53

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

appendices

31.12.2012

Currency

Allocation

Information concerning the units conferring distribution rights

74015

27

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses (in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Total amount

Unit amount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total interim payments

-

-

Date

74015

28

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR 30.12.2011

EUR

EUR

Previous undistributed net capital gains and losses

-

-

Net capital gains and losses for the financial year

-

-

Payments on net capital gains and losses for the financial year

-

-

Total

-

-

31.12.2012

30.12.2011

EUR

EUR

Distribution

-

-

Undistributed net capital gains and losses

-

-

Capitalisation

-

-

Total

-

-

Number of units

-

-

Unit distribution

-

-

31.12.2012

30.12.2011

EUR

EUR

Distribution

-

-

Undistributed net capital gains and losses

-

-

Capitalisation

-

-

Total

-

-

Number of units

-

-

Unit distribution

-

-

appendices

31.12.2012

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

MAJOR / FR0010321828

Currency

Allocation

Information concerning units conferring distribution rights

MAJOR I / FR0011188275

Currency

Allocation

Information concerning units conferring distribution rights

74015

29

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR MAJOR GPF / FR0010581728

30.12.2011

EUR

EUR

Distribution

-

-

Undistributed net capital gains and losses

-

-

Capitalisation

-

-

Total

-

-

Number of units

-

-

Unit distribution

-

-

appendices

31.12.2012

Currency

Allocation

Information concerning units conferring distribution rights

74015

30

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

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

UCIT creation date :

??.??.????

Currency EUR

Net assets

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

884 860 585,75

672 053 104,47

815 900 736,67

381 576 450,75

269 076 901,17

MAJOR / FR0010321828

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

5 132 256,657

4 957 072,761

5 132 216,883

3 175 616,364

3 097 496,475

163,15

131,39

152,16

120,15

86,84

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

-

-

-

-

-

Unit distribution (including interim payments)

-

-

-

-

-

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

-

-

-

-

-

-0,6

-0,098

-1,04

-0,26

0,50

Number of outstanding units Net asset value

Unit capitalisation

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

MAJOR I / FR0011188275

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

28 498

-

-

-

-

1 118,77

-

-

-

-

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

-

-

-

-

-

Unit distribution (including interim payments)

-

-

-

-

-

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

-

-

-

-

-

-3,14

-

-

-

-

Number of outstanding units Net asset value

Unit capitalisation

31.12.2009

31.12.2008

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

74015

31

Mutual Fund - Annual Report- Year ended : 31.12.2012


ECHIQUIER MAJOR

appendices

MAJOR GPF / FR0010581728

EUR

UCIT currency :

31.12.2012

30.12.2011

31.12.2010

31.12.2009

31.12.2008

101 506,663

164 360,183

242 079,845

81,726

691,986

153,9

126,13

144,34

119,1

87,7

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

-

-

-

-

-

Unit distribution (including interim payments)

-

-

-

-

-

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

-

-

-

-

-

-3,04

0,62

-7,19

-2,37

1,71

Number of outstanding units Net asset value

Unit capitalisation

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

74015

32

Mutual Fund - Annual Report- Year ended : 31.12.2012


74015

33

L'OREAL

AIR LIQUIDE

AMADEUS IT HOLDING

ROCHE HOLDING AG - BON DE JOUISSANCE DIVIDENDE

NOVARTIS AG-NOM

FR0000120321

FR0000120073

ES0109067019

CH0012032048

CH0012005267

BRENNTAG AG

SODEXO

FR0000121220

VOLKSWAGEN AG-PFD

MICHELIN (CGDE)-SA

FR0000121261

DE0007664039

SCHNEIDER ELECTRIC SA

FR0000121972

DE000A1DAHH0

PROPRE

ZODIAC AEROSPACE

FR0000125684

LINDT AND SPRUENGLI PS

SABMILLER

GB0004835483

AGGREKO

HSBC HOLDINGS PLC

GB0005405286

CH0010570767

PEARSON

GB0006776081

GB00B4WQ2Z29

PROPRE

PRUDENTIAL PLC

GB0007099541

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

RECKITT BENCKISER GROUP PLC

LUXOTTICA GROUP

IT0001479374

CAPITA

DAVIDE CAMPARI-MILANO SPA

IT0003849244

PROPRE

PROPRE

GB00B23K0M20

PRYSMIAN SPA

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

Statut Valeur

GB00B24CGK77

HEXAGON B

HENNES & MAURITZ AB-B SHS

SE0000106270

IT0004176001

ELEKTA AB B

SE0000163628

SE0000103699

UMICORE

NOVOZYMES AS-B

DK0060336014

BE0003884047

SEB

FR0000121709

BARRY CALLEBAUT N

PUBLICIS GROUPE

FR0000130577

CH0009002962

BOURBON

FR0004548873

GEBERIT AG-NOM

UNILEVER CVA

NL0000009355

CH0030170408

ROCKWOOL INTERNATIONAL B

QIAGEN NV

NL0000240000

Libellé valeur

DK0010219153

Share

Securities

ECHIQUIER MAJOR

165 000.00

236 500.00

582 000.00

4 700.00

470 000.00

136 000.00

437 000.00

192 600.00

195 500.00

362 000.00

328 000.00

457 000.00

195 000.00

612 000.00

2 230 000.00

1 835 000.00

2 420 000.00

1 727 000.00

533 000.00

643 000.00

2 901 139.00

1 560 000.00

1 354 000.00

754 000.00

1 405 000.00

396 000.00

20 000.00

75 000.00

862 000.00

450 000.00

530 000.00

847 100.00

790 000.00

972 500.00

207 000.00

Quantité

28 404 750.00

23 515 195.00

12 408 773.43

11 602 054.34

22 367 047.71

20 728 959.58

8 324 850.00

18 306 630.00

20 507 950.00

23 066 640.00

23 481 520.00

25 057 310.00

16 268 850.00

21 184 903.81

17 676 596.01

26 712 167.63

25 664 869.50

15 977 024.87

25 333 990.93

19 978 010.00

16 826 606.20

23 415 600.00

25 732 626.43

19 724 190.17

16 600 675.83

16 509 240.00

14 579 191.52

12 512 425.45

18 393 030.42

25 069 500.00

23 982 500.00

17 623 915.50

22 779 650.00

13 371 875.00

17 589 867.31

Valeur boursière

EUR

EUR

GBP

CHF

CHF

CHF

EUR

EUR

EUR

EUR

EUR

EUR

EUR

GBP

GBP

GBP

GBP

GBP

GBP

EUR

EUR

EUR

SEK

SEK

SEK

EUR

CHF

CHF

DKK

EUR

EUR

EUR

EUR

EUR

DKK

Devise de cotation

3.21

2.66

1.40

1.31

2.53

2.34

0.94

2.07

2.32

2.61

2.65

2.83

1.84

2.39

2.00

3.02

2.90

1.81

2.86

2.26

1.90

2.65

2.91

2.23

1.88

1.87

1.65

1.41

2.08

2.83

2.71

1.99

2.57

1.51

1.99

% Actif net

4

Code valeur

appendices

ECHIQUIER MAJOR

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012


74015

BENETEAU

FR0000035164

Cash

34

PROPRE

Ach diff titres EUR

-64 221.02

EUR

-0.01 -0.03

100.00

2.09

EUR

884 860 585.75

-219 613.51

-0.01 -0.03

Total ECHIQUIER MAJOR

PROPRE

PrComVariableAcqu

EUR EUR

-0.18

PROPRE

PrComVariableAcqu

-99 360.06 -244 739.15

0.00

0.00

-0.11

2.27

-0.21

-1.86

1.94

0.00

2.39

-1 579 733.56

PROPRE

PrComVariable

EUR

EUR

EUR

EUR

EUR

EUR

EUR

18 508 383.41

PROPRE

PrComVariable

-8 760.84

-14 031.42

-929 007.56

20 088 116.97

-1 833 717.58

-16 437 347.53

17 189 976.29

35 485.04

21 133 720.75

Total FRAIS DE GESTION

PROPRE

PrComGestFin

PROPRE

PROPRE

Ach diff op de capi

PROPRE

PROPRE

Sous recev EUR BPP

PrComGestFin

PROPRE

Vte diff titres EUR

PrComGestFin

PROPRE

Banque EUR BPP

Total MANAGEMENT FEES

MANAGEMENT FEES

Total BANK OR WAITING

BANK OR WAITING EUR

1.48

96.43

1.31

1.97

2.33

1.08

1.48

2.15

2.73

2.27

2.98

1.48

EUR

EUR

EUR

EUR

EUR

GBP

EUR

EUR

EUR

% Actif net

97.91

13 127 393.50

853 224 808.84

11 588 434.00

17 408 800.00

20 610 765.00

9 572 811.76

13 068 251.44

19 034 730.00

24 174 840.00

20 087 040.00

EUR

Devise de cotation

866 352 202.34

130 000.00

162 076.00

370 400.00

413 000.00

1 161 749.00

2 700 000.00

261 000.00

276 000.00

384 000.00

26 400 150.00

Valeur boursière

Total Securities

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

PROPRE

Quantité 435 000.00

13 127 393.50

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

Statut Valeur PROPRE

Total O.P.C.V.M.

FR0010839282

O.P.C.V.M.

Total Shares

BONDUELLE SA

MICHAEL PAGE INTERNATIONAL

GB0030232317

FR0000063935

BAYERISCHE MOTORENWERKE

DE0005190003

DANONE

CONTINENTAL AG

DE0005439004

KRONES AG

FRESENIUS MEDICAL CARE AG & CO

DE0005785802

DE0006335003

SAP AG

DE0007164600

FR0000120644

Libellé valeur

Code valeur

ECHIQUIER MAJOR

Mutual Fund - Annual Report- Year ended : 31.12.2012


Annual report echiquier major 31 12 2013 en