echiquier major - annual report 31-12-2012

MAZARS

ECHIQUIER MAJOR 53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 31, 2012

9 Mutual Fund - Annual Report- Year ended : 31.12.201274015

ECHIQUIER MAJOR

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 FCP 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 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 MAJOR

annualaccounts

assets


ECHIQUIER MAJOR

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 866 352 202,34 659 128 652,49

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 853 224 808,84 659 128 652,49

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 - -

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS and general purpose French UCITS

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 - -

• 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 17 225 461,33 4 952 919,23

Foreign exchange forward contracts - -

Other 17 225 461,33 4 952 919,23

Financial accounts 21 133 720,75 10 951 124,17

Cash and cash equivalents 21 133 720,75 10 951 124,17

Total assets 904 711 384,42 675 032 695,89

31.12.2012 30.12.2011

BALANCE SHEET

Currency EUR EUR

Equity

• Capital 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 - -

• Result -3 493 067,13 -4 862 591,70

Total equity

(amount representing net assets)884 860 585,75 672 053 104,47

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 19 850 798,67 2 979 591,42

Foreign exchange forward contracts - -

Other 19 850 798,67 2 979 591,42

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilites 904 711 384,42 675 032 695,89


ECHIQUIER MAJOR

30.12.201131.12.2012

liabilitiesBALANCE SHEET

OFF-balance sheet


ECHIQUIER MAJOR

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 MAJOR

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - -

• Income from equities and similar securities 15 106 754,72 12 816 555,60

• Income from bonds and similar securities - -

• Income from debt securities 1 341,64 35 393,46

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 15 108 096,36 12 851 949,06

Expenses on financial transactions

• 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

Profit/loss on financial transactions (I - II) 15 108 096,36 12 851 901,14

Other income (III) - -

Management fees and depreciation expense (IV) -18 606 489,75 -17 925 605,99

Net income for the period (L.214-9) (I - II + III - IV) -3 498 393,39 -5 073 704,85

Income adjustments for the period (V) 5 326,26 211 113,15

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

Income (I - II + III - IV +/- V - VI) : -3 493 067,13 -4 862 591,70

31.12.2012 30.12.2011

INCOMEstatement

accountingrules and methods


ECHIQUIER MAJOR

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 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 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 MAJOR

appendices

performance 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 theSTOXX EUROPE 600 index, calculated excluding dividends for GPF units and with dividendsreinvested for I units. If the fund underperforms the benchmark, this provision is adjusted inthe 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 MajorGestione Patrimoniale in Fondi and Échiquier Major 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 aprovision for variable management fees exists, the part proportional to the units reimbursedis 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 MAJOR

Currency 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

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

-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 - -

Transaction fees -5 045 723,98 -7 056 336,31

Foreign exchange differences 3 793 078,74 5 730 870,47

Changes in the estimate difference in deposits and financial instruments :

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

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 -3 498 393,39 -5 073 704,85

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 884 860 585,75 672 053 104,47

31.12.2012 30.12.2011

changesnet assets2

appendices


ECHIQUIER MAJOR

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 MAJOR

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 - - - 21 133 720,75

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 21 133 720,75 - - - -

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 MAJOR

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 GBP CHF SEK Other

AssetsDeposits

- - - -

Equities and similar securities 158 026 577,62 81 789 678,60 62 057 492,43 35 982 897,73

Bonds and similar securities - - - -


Collective investment undertakings - - - -


- - - -

Receivables - - - -


LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of securities

- - - -

Debts - - - -


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 :

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 -

DebtsForeign 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 -

appendices


ECHIQUIER MAJOR

3.6. Equity

Subscriptions Redemptions

Number of units issued / redeemedduring the period:

Number of units Amount Number of units Amount

MAJOR / FR0010321828 2 035 065,675 312 061 843,49 1 859 881,779 277 399 974,87

MAJOR I / FR0011188275 115 287,753 16 295 660,09 178 141,273 26 291 724,19

MAJOR GPF / FR0010581728 39 620 43 368 212,35 11 122 12 563 688,36

Subscription / redemption fee: Amount AmountMAJOR / FR0010321828 8 813,62 826,79

MAJOR I / FR0011188275 - -

MAJOR GPF / FR0010581728 - -

Retrocessions: Amount AmountMAJOR / 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 Amount

Unit class:

MAJOR / FR0010321828 -

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 :

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -


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...........................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 13 127 393,50


appendices


ECHIQUIER MAJOR

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 MAJOR

Income allocation EUR EUR

Sums remaining to be allocated

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

MAJOR / FR0010321828 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation -3 095 016,54 -4 965 069,23

Total -3 095 016,54 -4 965 069,23

Information concerning the units conferring distribution

rights

Number of units - -

Unit distribution - -

Tax credits - -

MAJOR I / FR0011188275 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -308 557,15 -

Total -308 557,15 -


rights

Number of units - -


Tax credits - -

appendices


ECHIQUIER MAJOR

MAJOR GPF / FR0010581728 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -89 493,44 102 477,53

Total -89 493,44 102 477,53


rights

Number of units - -


Tax credits - -

appendices


ECHIQUIER MAJOR

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 MAJOR

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

MAJOR / FR0010321828 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 - -


MAJOR I / FR0011188275 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


ECHIQUIER MAJOR

MAJOR GPF / FR0010581728 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


ECHIQUIER MAJOR

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

UCIT creation date : ??.??.????

Currency

EUR 31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Net assets 884 860 585,75 672 053 104,47 815 900 736,67 381 576 450,75 269 076 901,17

MAJOR I / FR0011188275 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008Number of

outstanding units28 498 - - - -

Net asset value 1 118,77 - - - -

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 -3,14 - - - -

(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 / FR0010321828 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008Number of

outstanding units5 132 256,657 4 957 072,761 5 132 216,883 3 175 616,364 3 097 496,475

Net asset value 163,15 131,39 152,16 120,15 86,84



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation -0,6 -0,098 -1,04 -0,26 0,50



appendices


ECHIQUIER MAJOR

MAJOR GPF / FR0010581728 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008Number of

outstanding units101 506,663 164 360,183 242 079,845 81,726 691,986

Net asset value 153,9 126,13 144,34 119,1 87,7



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation -3,04 0,62 -7,19 -2,37 1,71



appendices


ECHIQUIER MAJOR

UCITinventory4

Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

ECHIQ

UIER M

AJOR

Securitie

s

Share

DK0010219153

ROCKWOOL INTERNATIO

NAL B

PROPRE

207 000.00

17 589 867.31

DKK

1.99

NL0000240000

QIAGEN NV

PROPRE

972 500.00

13 371 875.00

EUR

1.51

NL0000009355

UNILEVER CVA

PROPRE

790 000.00

22 779 650.00

EUR

2.57

FR0004548873

BOURBON

PROPRE

847 100.00

17 623 915.50

EUR

1.99

FR0000130577

PUBLICIS G

ROUPE

PROPRE

530 000.00

23 982 500.00

EUR

2.71

FR0000121709

SEB

PROPRE

450 000.00

25 069 500.00

EUR

2.83

DK0060336014

NOVOZYMES AS-B

PROPRE

862 000.00

18 393 030.42

DKK

2.08

CH0030170408

GEBERIT AG-N

OM

PROPRE

75 000.00

12 512 425.45

CHF

1.41

CH0009002962

BARRY CALLEBAUT N

PROPRE

20 000.00

14 579 191.52

CHF

1.65

BE0003884047

UMICORE

PROPRE

396 000.00

16 509 240.00

EUR

1.87

SE0000163628

ELEKTA AB B

PROPRE

1 405 000.00

16 600 675.83

SEK

1.88

SE0000106270

HENNES & M

AURITZ AB-B SHS

PROPRE

754 000.00

19 724 190.17

SEK

2.23

SE0000103699

HEXAGON B

PROPRE

1 354 000.00

25 732 626.43

SEK

2.91

IT0004176001

PRYSMIAN SPA

PROPRE

1 560 000.00

23 415 600.00

EUR

2.65

IT0003849244

DAVIDE CAMPARI-MILANO SPA

PROPRE

2 901 139.00

16 826 606.20

EUR

1.90

IT0001479374

LUXOTTICA G

ROUP

PROPRE

643 000.00

19 978 010.00

EUR

2.26

GB00B24CGK77

RECKITT BENCKISER G

ROUP PLC

PROPRE

533 000.00

25 333 990.93

GBP

2.86

GB00B23K0M20

CAPITA

PROPRE

1 727 000.00

15 977 024.87

GBP

1.81

GB0007099541

PRUDENTIAL PLC

PROPRE

2 420 000.00

25 664 869.50

GBP

2.90

GB0006776081

PEARSON

PROPRE

1 835 000.00

26 712 167.63

GBP

3.02

GB0005405286

HSBC HOLDINGS PLC

PROPRE

2 230 000.00

17 676 596.01

GBP

2.00

GB0004835483

SABMILLER

PROPRE

612 000.00

21 184 903.81

GBP

2.39

FR0000125684

ZODIAC AEROSPACE

PROPRE

195 000.00

16 268 850.00

EUR

1.84

FR0000121972

SCHNEIDER ELECTRIC SA

PROPRE

457 000.00

25 057 310.00

EUR

2.83

FR0000121261

MICHELIN (CGDE)-SA

PROPRE

328 000.00

23 481 520.00

EUR

2.65

FR0000121220

SODEXO

PROPRE

362 000.00

23 066 640.00

EUR

2.61

FR0000120321

L'OREAL

PROPRE

195 500.00

20 507 950.00

EUR

2.32

FR0000120073

AIR LIQ

UIDE

PROPRE

192 600.00

18 306 630.00

EUR

2.07

ES0109067019

AMADEUS IT HOLDING

PROPRE

437 000.00

8 324 850.00

EUR

0.94

CH0012032048

ROCHE HOLDING AG - BON DE JOUISSANCE DIVIDENDE

PROPRE

136 000.00

20 728 959.58

CHF

2.34

CH0012005267

NOVARTIS AG-N

OM

PROPRE

470 000.00

22 367 047.71

CHF

2.53

CH0010570767

LINDT AND SPRUENGLI PS

PROPRE

4 700.00

11 602 054.34

CHF

1.31

GB00B4WQ2Z29

AGGREKO

PROPRE

582 000.00

12 408 773.43

GBP

1.40

DE000A1DAHH0

BRENNTAG AG

PROPRE

236 500.00

23 515 195.00

EUR

2.66

DE0007664039

VOLKSWAGEN AG-PFD

PROPRE

165 000.00

28 404 750.00

EUR

3.21


ECHIQUIER MAJOR

Code valeur

Libellé

valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

DE0007164600

SAP AG

PROPRE

435 000.00

26 400 150.00

EUR

2.98

DE0005785802

FRESENIUS M

EDICAL CARE AG & CO

PROPRE

384 000.00

20 087 040.00

EUR

2.27

DE0005439004

CONTINENTAL AG

PROPRE

276 000.00

24 174 840.00

EUR

2.73

DE0005190003

BAYERISCHE M

OTORENWERKE

PROPRE

261 000.00

19 034 730.00

EUR

2.15

GB0030232317

MICHAEL PAGE INTERNATIO

NAL

PROPRE

2 700 000.00

13 068 251.44

GBP

1.48

FR0000035164

BENETEAU

PROPRE

1 161 749.00

9 572 811.76

EUR

1.08

FR0000120644

DANONE

PROPRE

413 000.00

20 610 765.00

EUR

2.33

DE0006335003

KRONES AG

PROPRE

370 400.00

17 408 800.00

EUR

1.97

FR0000063935

BONDUELLE SA

PROPRE

162 076.00

11 588 434.00

EUR

1.31

Tota

l S

hare

s

853 224 808.84

96.43

O.P.C.V.M

.

FR0010839282

ECHIQ

UIER CT 3D PARTS DE CAPITALISATIO

N 3 DECIM

ALES

PROPRE

130 000.00

13 127 393.50

EUR

1.48

Total O.P.C.V.M

.13 127 393.50

1.48

Tota

l S

ecurities

866 352 202.34

97.91

Cash

BA

NK

OR

WA

ITIN

G

Banque EUR BPP

PROPRE

21 133 720.75

EUR

2.39

Vte diff titres EUR

PROPRE

35 485.04

EUR

0.00

Sous recev EUR BPP

PROPRE

17 189 976.29

EUR

1.94

Ach diff op de capi

PROPRE

-16 437 347.53

EUR

-1.86

Ach diff titres EUR

PROPRE

-1 833 717.58

EUR

-0.21

Tota

l B

AN

K O

R W

AIT

ING

20 088 116.97

2.27

MA

NA

GE

ME

NT

FE

ES

PrC

omGestFin

PROPRE

-929 007.56

EUR

-0.11

PrC

omGestFin

PROPRE

-14 031.42

EUR

0.00

PrC

omGestFin

PROPRE

-8 760.84

EUR

0.00

PrC

omVariable

PROPRE

-99 360.06

EUR

-0.01

PrC

omVariable

PROPRE

-244 739.15

EUR

-0.03

PrC

omVariableAcqu

PROPRE

-64 221.02

EUR

-0.01

PrC

omVariableAcqu

PROPRE

-219 613.51

EUR

-0.03

Total FRAIS DE G

ESTIO

N

-1 579 733.56

-0.18

To

tal M

AN

AG

EM

EN

T F

EE

S

18 508 383.41

2.09

Total ECHIQ

UIER M

AJOR

884 860 585.75

100.00

echiquier major - annual report 31-12-2012

Documents

auditing annual accounts

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