echiquier global - annual report 31-12-2012

MAZARS

ECHIQUIER GLOBAL 53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 31, 2012

9 Mutual Fund - Annual Report- Year ended : 31.12.201274041

ECHIQUIER GLOBAL

auditreportPursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our re-port relative to the financial year closed on 31 December 2012 on :

- the audit of the annual accounts of the ECHIQUIER GLOBAL 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 anopinion 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 imple-mentation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significantanomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifyingthe amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provi-ded by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists ofassessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feelthat 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 trueimage of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end ofthis financial year.

II – Justification for our Assessments

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, wehereby 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, andtherefore 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 thelaw.We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in theannual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 15 April 2013

The Statutory Auditor

Mazars Gilles DUNAND-ROUX


ECHIQUIER GLOBAL

annualaccounts

assets


ECHIQUIER GLOBAL

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 79 588 357,28 45 172 530,67

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 73 930 209,28 42 372 492,34

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market - -


• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities - 2 800 038,33

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS and general purpose French UCITS

5 658 148,00 -

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

- -

Listed SPE and investment funds - -

Non-listed SPE and investment funds - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing repurchase agreements - -

Receivables representing securities lendings - -

Borrowed securities - -

Repurchase agreements - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 495 387,65 95 602,33

Foreign exchange forward contracts - -

Other 495 387,65 95 602,33

Financial accounts 3 804 592,92 2 518 266,76

Cash and cash equivalents 3 804 592,92 2 518 266,76

Total assets 83 888 337,85 47 786 399,76

31.12.2012 30.12.2011

BALANCE SHEET

Currency EUR EUR

Equity

• Capital 83 925 239,84 47 836 649,89

• Previous undistributed net capital gains and losses - -

• Retained earnings - -

• Net capital gains and losses for the financial year - -

• Adjusted retained earnings - -

• Result -810 414,13 -506 033,06

Total equity

(amount representing net assets)83 114 825,71 47 330 616,83

Financial instruments - -

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Debts representing repurchase agreements - -

Debts representing securities borrowings - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

Debts 773 512,14 455 782,93

Foreign exchange forward contracts - -

Other 773 512,14 455 782,93

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilites 83 888 337,85 47 786 399,76


ECHIQUIER GLOBAL

30.12.201131.12.2012

liabilitiesBALANCE SHEET

OFF-balance sheet


ECHIQUIER GLOBAL

Currency EUR EUR

Hedging

• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions

• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


30.12.201131.12.2012


ECHIQUIER GLOBAL

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - -

• Income from equities and similar securities 885 490,90 497 254,50

• Income from bonds and similar securities - -

• Income from debt securities 3 908,16 1 458,54

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 889 399,06 498 713,04

Expenses on financial transactions

• Expenses on temporary purchases and disposals of securities - -

• Expenses on forward financial instruments - -

• Expenses on financial debt - -

• Other financial expenses - -

Total (II) - -

Profit/loss on financial transactions (I - II) 889 399,06 498 713,04

Other income (III) - -

Management fees and depreciation expense (IV) -1 561 090,84 -917 818,30

Net income for the period (L.214-9) (I - II + III - IV) -671 691,78 -419 105,26

Income adjustments for the period (V) -138 722,35 -86 927,80

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI) : -810 414,13 -506 033,06

31.12.2012 30.12.2011

INCOMEstatement

accountingrules and methods


ECHIQUIER GLOBAL

appendices 1The 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 particularby 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 realisednet capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decreeof 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. 2012-465 of 10 April 2012 concerning the governance and transparency of fees and commissionscharged).

The new presentation of accounts associated with this new distribution possibility is appliedto your UCITS.

Since this UCITS fund did not opt for the distribution of net capital gains realised during thetransitional phase (old and new chart of accounts), the new lines included in the valid Chartof 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 valuedat the last known price.

- Debt securities and equivalent negotiable instruments which are not involved in significanttransactions are valued using an actuarial method. The rate used is that applied for issues ofequivalent securities plus or minus, where necessary, a differential representative of theintrinsic characteristics of the issuer.

However, negotiable debt securities with a residual maturity of 3 months or less, in the absenceof 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 purchasenegotiating rate. The amortisation of the premium or the discount is applied on a straight-line 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 accordancewith the regulations in force, based on the terms of the original agreement.

• Financial instruments not traded on a regulated market are valued by the managementcompany at their probable trading value.

• Warrants or subscription certificates obtained free of charge during private placements orcapital increases are valued as of their admission to a regulated market or the organisationof an over-the-counter market.

• Contracts :

- Futures are valued at the settlement price and options are valued on the basis of the vehicleused.

- The market price for futures is equal to the price in EUR multiplied by the number ofcontracts.

- 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.


ECHIQUIER GLOBAL

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 forwhich the price has been adjusted, are valued at their probable trading value by the Boardof Directors of the management company. The auditor will be provided with these valuationsand 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 Bloombergdatabases, 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 thesettlement prices of that day.

Positions on the options markets at each net asset value are valued according to the principlesused 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 'couponsreceived' 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 deltamultiplied by the nominal amount of the underlying security.

The commitment value for swap contracts is equal to the nominal amount of the contract (inthe 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.) andtransfer fees, if applicable, which may be levied by the custodian and the managementcompany.

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 itsobjectives. 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.


ECHIQUIER GLOBAL

appendices

Outperformance commission calculation method :

Variable management fees are charged and accrue to the management company on thefollowing basis :

• 20% incl. taxes of the performance above the benchmark.

• The provision for variable management fees is adjusted each time net asset value iscalculated, on the basis of 20% including taxes of the fund's outperformance against theMSCI All Country World Index, calculated excluding dividends for GPF units and withdividends reinvested for I units. If the fund underperforms the benchmark, this provision isadjusted in the form of a reversal. A provision reversal may not exceed the value of theprovision.

• Outperformance is calculated for the first time as of the dates that the Échiquier GlobalGestione Patrimoniale in Fondi and Échiquier Global I units are launched, on the basis of abenchmark net asset value established on the same dates.

• Variable management fees charged by the management company are paid annually, on thelast trading day of December. The outperformance commission calculation period will be thefinancial year of the fund, with the exception of the first financial year of the units, for whichthe reference period will be the period between the unit creation date and the financial year-end date. Variable management fees are chargeable only if the net asset value at the end ofthe year is higher than the initial nominal value for the first year, and on the net asset valueat the start of the year for subsequent years.

• In the event that a unit is redeemed and a provision for variable management expenses exists,the part proportional to the units reimbursed is paid to the fund management company.

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.

appendices


ECHIQUIER GLOBAL

Currency EUR EUR

Net assets at the beginning of the period 47 330 616,83 35 979 537,30

Subscriptions (including the subscription fee allocated to the UCIT)

63 229 926,97 43 042 453,33

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

-34 869 555,27 -29 007 864,31

Capital gains on deposits and financial instruments 4 093 490,68 3 214 257,44

Capital losses on deposits and financial instruments -3 983 075,32 -1 008 803,56

Capital gains on forward financial instruments - -

Capital losses on forward financial instruments - -

Transaction fees -733 453,40 -433 508,53

Foreign exchange differences -775 005,98 1 103 148,35

Changes in the estimate difference in deposits and financial instruments :

9 493 572,98 -5 139 497,93

- Estimate difference – period N 8 461 681,58 -1 031 891,40

- Estimate difference – period N-1 -1 031 891,40 4 107 606,53

Changes in the estimate difference in forward financial instruments :

- -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

Distribution over the previous year net capital gains and losses - -

Prior period distribution - -

Net income for the period before adjustment accounts -671 691,78 -419 105,26

Deposit(s) paid(s) during the yearnet capital gains and losses

- -

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 83 114 825,71 47 330 616,83

31.12.2012 30.12.2011

changesnet assets2

appendices


ECHIQUIER GLOBAL

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 instrumentTraded on a regulated

or similar marketNot 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 agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additionalinformation3

appendices


ECHIQUIER GLOBAL

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

Fixed rate Variable rates Rollover rate Other

Assets

Deposits- - - -

Bonds and similar securities - - - -


Temporary purchases and sales ofsecurities

- - - -

Financial accounts - - - 3 804 592,92

Liabilities


- - - -

Financial accounts - - - -

Off-balance sheet

Hedging- - - -

Other transactions - - - -

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

0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 yearsAssets

Deposits- - - - -

Bonds and similar securities - - - - -

Debt securities - - - - -

Temporary purchases and salesof securities

- - - - -

Financial accounts 3 804 592,92 - - - -

Liabilities

Temporary purchases and salesof securities

- - - - -

Financial accounts - - - - -

Off-balance sheet

Hedging- - - - -

Other transactions - - - - -

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

Hedging

Commitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactions

Commitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

appendices


ECHIQUIER GLOBAL

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

By main currency USD HKD CHF Other

AssetsDeposits

- - - -

Equities and similar securities 34 389 212,83 8 025 990,62 7 176 814,11 8 782 000,72

Bonds and similar securities - - - -


Collective investment undertakings - - - -


- - - -

Receivables - - - -

Financial accounts 9 924,97 - - -

LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of securities

- - - -

Debts - - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.5. Receivables and Debts : breakdown by typeDetails on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type of

operation (purchase/sale).

ReceivablesForeign exchange forward contracts :

495 387,65

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables :

- 429 942,46

Deferred sales regulations 55 520,22

Coupons to be received 9 924,97

- -

- -

Other transactions -

DebtsForeign exchange forward contracts :

773 512,14

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts :

Purchases delayed settlements 604 333,37

Accrued expenses 121 216,68

Redemption to pay 47 962,09

- -

- -

Other transactions -

appendices


ECHIQUIER GLOBAL

3.6. Equity

Subscriptions Redemptions

Number of units issued / redeemedduring the period:

Number of units Amount Number of units Amount

GLOBAL / FR0010859769 481 347,932 57 503 039,20 281 875,949 33 571 770,95

Global I / FR0011188267 49 175,823 5 724 879,69 10 853 1 296 776,24

GLOBAL GPF / FR0010868174 2 2 008,08 1 1 008,08

Subscription / redemption fee: Amount AmountGLOBAL / FR0010859769 7 446,83 -

Global I / FR0011188267 - -

GLOBAL GPF / FR0010868174 - -

Retrocessions: Amount AmountGLOBAL / FR0010859769 7 446,83 -

Global I / FR0011188267 - -

GLOBAL GPF / FR0010868174 - -

Commissions allocated to the UCIT:Amount Amount

GLOBAL / FR0010859769 - -

Global I / FR0011188267 - -

GLOBAL GPF / FR0010868174 - -

appendices


ECHIQUIER GLOBAL

3.7. Management fees

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

Unit class:

GLOBAL / FR0010859769 2,39

Global I / FR0011188267 1,20

GLOBAL GPF / FR0010868174 1,00

Outperformance fee (variable charges) : amount of fees for the period Amount

Unit class:

GLOBAL / FR0010859769 -

Global I / FR0011188267 34 640,99

GLOBAL GPF / FR0010868174 3,72

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

- Breakdown by "target" UCIT :

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appendices


ECHIQUIER GLOBAL

3.8. Commitments received and granted

3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. 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 -


3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) orfinancial managers (Mutual Funds) and UCITS managed by these entities :

- UCITS 5 658 148,00


appendices


ECHIQUIER GLOBAL

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- - - -

appendices


ECHIQUIER GLOBAL

Income allocation EUR EUR

Sums remaining to be allocated

Retained earnings - -

Adjusted retained earnings - -

Result -810 414,13 -506 033,06

Total -810 414,13 -506 033,06

31.12.2012 30.12.2011

GLOBAL / FR0010859769 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation -781 372,28 -506 402,73

Total -781 372,28 -506 402,73

Information concerning the units conferring distribution

rights

Number of units - -

Unit distribution - -

Tax credits - -

GLOBAL GPF / FR0010868174 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -29 042,00 369,67

Total -29 042,00 369,67


rights

Number of units - -


Tax credits - -

appendices


ECHIQUIER GLOBAL

Global I / FR0011188267 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 0,15 -

Total 0,15 -


rights

Number of units - -


Tax credits - -

appendices


ECHIQUIER GLOBAL

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

Date Total amount

Unitamount

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

Total interim payments - -

appendices


ECHIQUIER GLOBAL

Allocation of net capital gains and losses EUR EUR

Amounts remaining to be allocated

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

GLOBAL / FR0010859769 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation - -

Total - -

Information concerning units conferring distribution rights

Number of units - -


GLOBAL GPF / FR0010868174 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


ECHIQUIER GLOBAL

Global I / FR0011188267 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


ECHIQUIER GLOBAL

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

UCIT creation date : April 16, 2010

Currency

EUR 31.12.2012 30.12.2011 31.12.2010 - -

Net assets 83 114 825,71 47 330 616,83 35 979 537,30 - -

GLOBAL GPF / FR0010868174 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 - -Number of

outstanding units1 2 940,00 1 788,055 - -

Net asset value 1 078,19 108,25 114,49 - -

Unit distribution net ca-

pital gains and losses

(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -

Unit tax credit transfer-

red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation 0,15 0,12574 -2,44 - -

(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.

GLOBAL / FR0010859769 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 - -Number of

outstanding units632 234,065 432 762,082 307 665,456 - -

Net asset value 123,39 108,63 116,27 - -



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation -1,24 -1,17016 -0,77 - -



appendices


ECHIQUIER GLOBAL

Global I / FR0011188267 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 - -Number of

outstanding units41 262,823 - - - -

Net asset value 123,54 - - - -



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation -0,7 - - - -



appendices


ECHIQUIER GLOBAL

UCITinventory4

Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

ECHIQ

UIER G

LOBAL

Securities

Share

JE00B5BCW814

UNITED COMPANY RUSAL LIM

ITED

PROPRE

2 720 000.00

1 303 344.42

HKD

1.57

US8740391003

TAIW

AN SEMICONDUCTOR-SP ADR

PROPRE

120 000.00

1 560 709.41

USD

1.88

US6026751007

MINDRAY M

EDICAL INTERNATIO

NAL

PROPRE

58 000.00

1 437 471.58

USD

1.73

US5828391061

MEAD JOHNSON NUTRITIO

NPROPRE

35 000.00

1 747 877.82

USD

2.10

NL0009432491

KONINKLIJKE VOPAK N.V.

PROPRE

23 000.00

1 226 130.00

EUR

1.48

NL0000200384

CORE LABORATORIES

PROPRE

19 000.00

1 574 117.02

USD

1.89

KYG8878S1030

TINGYI HOLDING

PROPRE

700 000.00

1 475 161.35

HKD

1.78

KYG875721485

TENCENT HOLDINGS LTD

PROPRE

55 500.00

1 351 408.18

HKD

1.63

KYG4402L1510

HENGAN INTERNATIO

NAL G

ROUP CO LTD

PROPRE

250 000.00

1 710 101.70

HKD

2.06

KYG097021045

BELLE INTERNATIO

NAL HOLDINGS

PROPRE

1 329 000.00

2 185 974.97

HKD

2.63

INE030A01027

HINDUSTAN LEVER LTD

PROPRE

120 000.00

867 998.90

INR

1.04

US9884981013

YUM BRANDS INC

PROPRE

31 000.00

1 560 103.08

USD

1.88

US92826C8394

VISA INC-A

PROPRE

12 700.00

1 459 046.54

USD

1.76

US92220P1057

VARIAN M

EDICAL SYSTEMS INC

PROPRE

30 000.00

1 597 089.59

USD

1.92

US9130171096

UNITED TECHNOLOGIES CORP

PROPRE

24 800.00

1 541 494.62

USD

1.86

US88579Y1010

3 M

PROPRE

17 000.00

1 196 339.25

USD

1.44

US7960508882

SAMSUNG ELECTRONICS G

DR

PROPRE

2 875.00

1 536 209.64

USD

1.85

US68389X1054

ORACLE CORP

PROPRE

70 000.00

1 767 773.23

USD

2.13

US6541061031

NIKE INC -B-

PROPRE

45 000.00

1 759 890.86

USD

2.12

US5850551061

MEDTRONIC INC

PROPRE

48 200.00

1 498 532.67

USD

1.80

US5801351017

MC DONALD'S CORP

PROPRE

23 000.00

1 537 691.37

USD

1.85

US38259P5089

GOOGLE INC-A

PROPRE

2 620.00

1 408 632.26

USD

1.70

US2786421030

EBAY INC

PROPRE

26 000.00

1 005 396.39

USD

1.21

US1941621039

COLGATE PALMOLIVE CO

PROPRE

16 300.00

1 291 497.65

USD

1.55

US1912161007

COCA-C

OLA CO

PROPRE

55 000.00

1 511 103.53

USD

1.82

US1897541041

COACH INC

PROPRE

32 500.00

1 367 345.01

USD

1.65

US1491231015

CATERPILLAR INC

PROPRE

28 000.00

1 901 045.93

USD

2.29

US0231351067

AMAZON.COM

PROPRE

5 200.00

989 789.30

USD

1.19

IT0001479374

LUXOTTICA G

ROUP

PROPRE

56 200.00

1 746 134.00

EUR

2.10

IE00B4BNMY34

ACCENTURE SHS CLASS A

PROPRE

30 000.00

1 512 050.93

USD

1.82

GB00B1XZS820

ANGLO AMERICAN PLC

PROPRE

55 800.00

1 295 003.06

GBP

1.56

GB0006776081

PEARSON

PROPRE

112 600.00

1 639 122.66

GBP

1.97

GB0004835483

SABMILLER

PROPRE

51 100.00

1 768 870.24

GBP

2.13

FR0006174348

BUREAU VERITAS

PROPRE

16 900.00

1 430 585.00

EUR

1.72

FR0000121972

SCHNEIDER ELECTRIC SA

PROPRE

27 500.00

1 507 825.00

EUR

1.81


ECHIQUIER GLOBAL

Code valeur

Libellé

valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

FR0000121220

SODEXO

PROPRE

30 000.00

1 911 600.00

EUR

2.30

FR0000120321

L'OREAL

PROPRE

15 400.00

1 615 460.00

EUR

1.94

FR0000120073

AIR LIQ

UIDE

PROPRE

18 000.00

1 710 900.00

EUR

2.06

CH0045039655

CIE FIN RICHEMONT

PROPRE

34 600.00

2 046 421.47

CHF

2.46

CH0012255151

THE SWATCH G

ROUP

PROPRE

4 300.00

1 642 776.67

CHF

1.98

CH0010570767

LINDT AND SPRUENGLI PS

PROPRE

680.00

1 678 595.10

CHF

2.02

AU000000ORI1

ORICA

PROPRE

86 000.00

1 696 050.98

AUD

2.04

AN8068571086

SCHLUMBERGER LTD

PROPRE

31 000.00

1 628 005.15

USD

1.96

KR7005380001

HYUNDAI MOTOR

PROPRE

9 750.00

1 514 954.88

KRW

1.82

ES0148396015

INDITEX

PROPRE

7 200.00

759 600.00

EUR

0.91

DE0005785802

FRESENIUS M

EDICAL CARE AG & CO

PROPRE

30 700.00

1 605 917.00

EUR

1.93

DE0005190003

BAYERISCHE M

OTORENWERKE

PROPRE

28 000.00

2 042 040.00

EUR

2.46

CH0000587979

SIKA

PROPRE

1 035.00

1 809 020.87

CHF

2.18

Tota

l S

hare

s

73 930 209.28

88.95

O.P.C.V.M

.

FR0010839282

ECHIQ

UIER CT 3D PARTS DE CAPITALISATIO

N 3 DECIM

ALES

PROPRE

40 000.00

4 039 198.00

EUR

4.86

FR0011274984

GEMEQUITY PART I

PROPRE

15 000.00

1 618 950.00

EUR

1.95

Total O.P.C.V.M

.5 658 148.00

6.81

Tota

l S

ecurities

79 588 357.28

95.76

Cash

BA

NK

OR

WA

ITIN

G

Banque EUR BPP

PROPRE

3 804 592.92

EUR

4.58

Vte diff titres EUR

PROPRE

55 520.22

EUR

0.07

Sous recev EUR BPP

PROPRE

429 942.46

EUR

0.52

Ach diff op de capi

PROPRE

-47 962.09

EUR

-0.06

Ach diff titres EUR

PROPRE

-604 333.37

EUR

-0.73

Tota

l B

AN

K O

R W

AIT

ING

3 637 760.14

4.38

MA

NA

GE

ME

NT

FE

ES

PrC

omGestFin

PROPRE

-0.51

EUR

PrC

omGestFin

PROPRE

-2 843.49

EUR

0.00

PrC

omVariable

PROPRE

-1.51

EUR

PrC

omVariable

PROPRE

-30 387.95

EUR

-0.04

PrC

omVariableAcqu

PROPRE

-2.21

EUR

PrC

omVariableAcqu

PROPRE

-2 858.39

EUR

0.00

PrC

omGestFin

PROPRE

-85 122.62

EUR

-0.10

Tota

l M

AN

AG

EM

EN

T F

EE

S

-121 216.68

-0.15

To

tal C

ash

3 516 543.46

4.23

Coupons

Sh

are

AN8068571086

SCHLUMBERGER LTD

ACHLIG

27 000.00

5 627.56

USD

0.01

US5828391061

MEAD JHN NUTRITIO

NACHLIG

27 000.00

4 297.41

USD

0.01

Tota

l S

hare

s

9 924.97

0.01

Total Coupons

9 924.97

0.01

Total ECHIQ

UIER G

LOBAL

83 114 825.71

100.00

echiquier global - annual report 31-12-2012

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