sextant pea - amiral gestion · annual report unitafr0010286005 december2018 the value of your fund...

SEXTANT PEA

ANNUAL REPORTUnit A FR0010286005

December 2018

The value of your fund decreased by 18.2% in full-year 2018, versus ‑10%for its benchmark, the CAC 40 All Tradable. Small and mid-caps sufferedmore than large caps. Over the years, Sextant PEA has gradually become amulti-cap fund that can take advantage of the depth of markets in Europe,but also outside Europe provided issues are eligible for a PEA. In the smalland mid-caps universe, we now believe that valuations have returned tofairly reasonable levels and offer investment opportunities.

Positive contributors to the portfolio in 2018 included Tripadvisor, theworld’s leader travel website with 490 million unique visitors per monthwhose share price rose over 50%. The company has posted regularincreases in profit in recent quarters, coupled with impressive improvementsin operational metrics (audience, content, usage). We remain confident thatTripadvisor can further monetise its large audience.

Rocket Internet, the second contributor to the fund’s performance, remainsone of our long-term convictions. Although the share price at end‑2018 wasroughly unchanged on that of the previous January, the stock’s volatilityallowed us to strengthen our position during spells of weakness and tolighten our hand when the price rose. In our view, the incubator still has avery defensive profile, with cash holdings that exceed 60% of capitalizationand a discount of 40% to net assets adjusted for cash.

Lastly, BinckBank, a Dutch online bank that provides brokerage servicesfor retail clients. The bank enjoys a solid competitive position in theNetherlands where it has over 30% market share, and it is also present inBelgium, France and Italy. BinckBank has an extremely solid balancesheet, yields a generous 5%, and has good earnings capacity despite anunfavourable environment (notably low interest rates weighing on the returnon assets). The stock has benefited from the news that Saxo Bank, aDanish peer, has offered €6.35 per BinckBank share, a 35% premium tothe latest price.

Negative contributors included Derichebourg, the leader in France formetal recycling. The stock took a direct hit following publication of lower-than-expected earnings (roughly unchanged on 2017). However, webelieve that 2017 earnings benefited from strong raw-material price inflation,which entailed a significant windfall for the company. Management has alsostepped up investments in production processes, which are currentlyweighing on cash generation, but are also raising the group’s quality and

positioning relative to competitors.

Solocal was another negative contributor to the fund’s performance in2018. The cost-cutting plan, which entailed 800 lay-offs from a workforce of5,000, caused some disruption in sales teams, which led to a sharper-than-expected fall in digital sales (internet visibility and indexing, digitalmarketing, website design). However, we remain shareholders because webelieve that the reorganization of the sales force, coupled with more rapiddeployment of the digital offering, should pay dividends longer term. Another negative contributor was Parrot. In late‑2018, we decided to sellour position to the founder’s holding company at a price based on thecompany projected cash at end‑2019 (€3.20). We found the company’srecovery strategy unconvincing given the current rate of cash burn (notablyin the market for retail drones, which is very competitive). Lastly, Iliad wasalso among the main negative contributor to the portfolio’s 2018performance, due to a price war in the telecoms sector in France which ledto losses of subscribers especially in low-cost packages. This comes at atime when the pace of investment by the operator is still brisk, both in fibreoptics and deployment of its own 3G/4G mobile network. We tookadvantage of share-price weakness to increase our position gradually, aswe continue to believe in the operator’s industrial strategy. Although thelatter may be a handicap in the near term, it should underpin cashgeneration strongly post 2020, with the gradual ending of roamingagreements and the rising momentum of fibre optic connections.

Other holdings that we strengthened included the fund’s main positionssuch as Vivendi (following good results, especially for the music division)and Viel (main shareholder of broker Tradition, whose valuation still looksvery attractive to us). Lastly, towards the year-end some small- and mid-caps had suffered severe corrections. This prompted us to revisit somewhich we considered expensive a few months ago. We thus acquired astake in Jacquet Metals in October (1.7% of the fund at end‑2018),following a near‑60% fall from its peak of 2018. The valuation of the StPriest-based steel distributor has thus returned to levels not seen forseveral years. Admittedly, the activity is cyclical and could suffer if theeconomy slows. But at the current price the company’s market capitalizationis covered by its “hard” assets (mainly warehouses and inventories). Thecompany is well-managed and is winning market share, thanks to acompetitive edge arising from economies of scale.

Performances

Sextant PEA (A) CAC All Tradable NR

1 month ‑5.9% ‑5.8%

3 months ‑14.8% ‑14.4%

6 months ‑20.8% ‑11.9%

1 year ‑18.2% ‑10.0%

3 years 11.7% 9.6%

5 years 56.7% 26.0%

10 years 327.0% 112.4%

15 years 338.6% 134.0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Sextant PEA (A) ‑58.4% 61.8% 18.3% ‑11.6% 15.7% 39.3% 14.5% 22.4% 20.2% 13.6%

CAC All Tradable NR ‑40.9% 29.0% 3.2% ‑13.8% 19.8% 22.5% 3.0% 11.7% 7.4% 13.3%

2018

‑18.2%‑10.0%

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

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

SEXTANT PEA

: :

A FR0010286005

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1 2 3 4 5 6 7

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ANNUALREPORT

Distribution by capitalisation size Weight of the main holdings

Distribution of holdings by sector (equity portfolio) Geographical distribution of holdings (equity portfolio)

Main holdings

Name Sector Country Net asset % Contrib. to quarterly performanceIliad Telecommunications France 7.4% 76 bps

Vivendi Communication France 5.9% ‑19 bpsDerichebourg Industry France 3.9% ‑40 bps

Viel & Cie Finance France 3.9% ‑54 bpsRocket Internet Media / Internet Germany 3.5% ‑75 bps

Indicators

3 years volatility Fund 10.4%Benchmark 14.8%

Number of lines 98Average cap. of equities 13 079 M€Median cap. of equities 764 M€

Main contributions to performance

Name Contrib.Iliad 76 bps

TripAdvisor 42 bpsBinckBank 26 bps

CA Nord de France - CCI 6 bpsBalyo 5 bps

Name Contrib.Solocal Group ‑223 bps

HelloFresh ‑149 bpsShowroomprivé ‑124 bpsRocket Internet ‑75 bps

Wavestone ‑67 bps

Main characteristics

Legal form UCITS / French mutual fundShare category Unit all subscribersISIN codeBloomberg code AMSEPEA FPAMF classification "International Equities" UCITSBenchmark CAC All Tradable NRNAV Net assets 834.06 € 343.72 M€Share NAV period Daily based on prices at market close

Risk profile

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

Launch date Fund 18/01/2002Unit 18/01/2002

Recom. invest. duration Over 5 yearsCentralis.-Settlem. /Delivery D at 10 AM / D + 2Custodian CACEIS BankTransfert agent CACEIS Bank

Tax provisions Eligible for PEA (French personal equitysavings plan)

Entry charge 2.00% including tax maximumExit charge 1.00% including tax maximumFixed management fee 2.20% including tax

Performance fee 15% including taxes from the fundperformance, above 5% per year

Source: Amiral Gestion at 31/12/2018

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Notice

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

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

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

ANNUAL REPORT

December 2018

SEXTANT PEA

Additional information

Main changes made during the financial year, or forthcoming

N/A

Change to the prospectus and/or KIID

Accuracy of the management’s objective (5%)

Share of assets invested in securities eligible for an equity-saving plan (PEA): 81.39%

Cash holdings at end of financial year: 1,93%

Percentage of the portfolio divestible in more than 30 days: Between 25 and 30% - Liquidity is controlled by the Density Technologies portfolio

tracking tool.

Frequency of transactions (rotation rate): 47,93%

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

Policy for selecting intermediaries:

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

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

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

Commission:

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

Policy of use of voting rights

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

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

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

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

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

securities.

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

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

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

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

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

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

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

www.amiralgestion.com

Method for calculating global risk:

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

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

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

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

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

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

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

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

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

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

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

Breakdown of remuneration paid in 2018

Type of remuneration

Category of

employee

No. of

employees

on the

31/12/2018

Fixed remuneration Total variable remuneration per

category

Managers and others who have a direct

impact on the risk profile or an

equivalent remuneration

12

Maximum €200,000*

- Incentive scheme

- Dividends

- €770K in bonuses

(individually limited 200K€)

Compliance, Managers (non-fund) and

department heads 4

Maximum €200,000

- Incentive scheme

- Dividends

- €190K

Other employees and non-risk takers

(including Spain) 13

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

- Dividends

- €395K

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

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

Grenelle, 75007 Paris

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

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

Amount of leverage available to the fund: Nil

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

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

Warning

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

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

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

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

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

SEXTANT PEA

ANNUAL ACCOUNTS

12/31/18

SEXTANT PEA : ANNUAL ACCOUNTS 12/31/18

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

Fixed Assets, net 0.00 0.00

12/31/18 12/29/17

Deposits 0.00 0.00

Financial instruments 337,087,640.63 465,759,444.40

Equities and similar securities 309,466,825.25 429,387,644.93

Traded in a regulated market or equivalent 309,466,825.25 429,387,644.93

Not traded in a regulated market or equivalent 0.00 0.00

Bonds and similar securities 5,423,310.22 1,129,999.89

Traded in a regulated market or equivalent 5,423,310.22 1,129,999.89


Credit instruments 0.00 0.00

Traded in a regulated market or equivalent 0.00 0.00

Negotiable credit instruments (Notes) 0.00 0.00

Other credit instruments 0.00 0.00


Collective investment undertakings 21,886,806.65 34,543,430.29

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

21,886,806.65 34,543,430.29

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

0.00 0.00

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

0.00 0.00

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

0.00 0.00

Other non-European entities 0.00 0.00

Temporary transactions in securities 0.00 0.00

Credits for securities held under sell-back deals 0.00 0.00

Credits for loaned securities 0.00 0.00

Borrowed securities 0.00 0.00

Securities sold under buy-back deals 0.00 0.00

Other temporary transactions 0.00 0.00

Hedges 310,698.51 698,369.29

Hedges in a regulated market or equivalent 310,698.51 698,369.29

Other hedges 0.00 0.00

Other financial instruments 0.00 0.00

Receivables 1,515,554.52 2,577,499.41

Forward currency transactions 0.00 0.00

Other 1,515,554.52 2,577,499.41

Financial accounts 12,861,873.17 4,063,370.40

Cash and cash equivalents 12,861,873.17 4,063,370.40

Total assets 351,465,068.32 472,400,314.21


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

Shareholders' funds

12/31/18 12/29/17

Capital 405,622,623.21323,469,370.94

Allocation Report of distributed items (a) 0.000.00

Brought forward (a) 0.000.00

Allocation Report of distributed items on Net Income (a,b) 67,084,855.0022,647,345.49

Result (a,b) -8,359,668.02-2,399,821.64

Total net shareholders' funds (net assets) 464,347,810.19343,716,894.79

Financial instruments 65,099.29310,698.51

Transfers of financial instruments 0.000.00

Temporary transactions in securities 0.000.00

Sums owed for securities sold under buy-back deals 0.000.00

Sums owed for borrowed securities 0.000.00

Other temporary transactions 0.000.00

Hedges 65,099.29310,698.51

Hedges in a regulated market or equivalent 65,099.29310,698.51

Other hedges 0.000.00

Payables 7,122,159.591,413,316.31

Forward currency transactions 0.000.00

Other 7,122,159.591,413,316.31

Financial accounts 865,245.146,024,158.71

Short-term credit 865,245.146,024,158.71

Loans received 0.000.00

Total liabilities 472,400,314.21351,465,068.32

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


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

12/31/18 12/29/17

Hedges

Contracts in regulated markets or similar

Contracts intendeds

Dér XPAR FCE CA 0118 0.00 3,717,350.00

RTY INDEX 50 0319 9,499,584.48 0.00

SP 500 MINI 0318 0.00 1,114,257.16

SP 500 MINI 0319 1,095,744.22 0.00

OTC contracts

Other commitments

Other operations

Contracts in regulated markets or similar

Options

DJ EURO STOXX 50 01/2018 PUT 3400 0.00 38,008,188.60

OTC contracts

Other commitments


INCOME STATEMENT ON 12/31/18 IN EUR

12/31/18

Revenues from financial operations

12/29/17

0.69Revenues from deposits and financial accounts 0.34

7,673,060.23Revenues from equities and similar securities 6,738,853.83

64,536.13Revenues from bonds and similar securities 308,775.44

0.00Revenues from credit instruments 0.00

0.00Revenues from temporary acquisition and disposal of securities 0.00

0.00Revenues from hedges 0.00

0.00Other financial revenues 0.00

7,737,597.05Total (1) 7,047,629.61

Charges on financial operations

0.00Charges on temporary acquisition and disposal of securities 0.00

0.00Charges on hedges 0.00

14,768.98Charges on financial debts 1,761.65

0.00Other financial charges 0.00

14,768.98Total (2) 1,761.65

7,722,828.07Net income from financial operations (1 - 2) 7,045,867.96

0.00Other income (3) 0.00

10,203,474.67Management fees and depreciation provisions (4) 14,683,794.77

-2,480,646.60Net income of the business year (L.214-17-1) (1-2+3-4) -7,637,926.81

80,824.96Revenue adjustment (5) -721,741.21

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

-2,399,821.64Net profit (1 - 2 + 3 - 4 + 5 + 6) -8,359,668.02


NOTES TO THE ANNUAL ACCOUNTS

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

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

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


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

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

decision taken by the management


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


CHANGES IN NET ASSETS 12/31/18 IN EUR

12/31/18

464,347,810.19Net assets in start of period 349,742,074.61

12/29/17

122,697,035.37Subscriptions (including subscription fees received by the fund) 204,062,152.97

-158,861,339.30Redemptions (net of redemption fees received by the fund) -140,369,843.60

55,988,489.91Capital gains realised on deposits and financial instruments 82,916,111.82

-38,486,886.55Capital losses realised on deposits and financial instruments -9,401,023.70

20,997,547.99Capital gains realised on hedges 950,532.59

-10,015,201.74Capital losses realised on hedges -7,082,911.54

-2,073,097.16Dealing costs -1,861,650.33

3,014,393.13Exchange gains/losses -6,212,638.30

-113,024,070.25Changes in difference on estimation (deposits and financial instruments) 501,535.93

-38,604,653.00Difference on estimation, period N 74,419,417.25

-74,419,417.25Difference on estimation, period N-1 -73,917,881.32

1,612,859.80Changes in difference on estimation (hedges) -1,258,603.45

310,698.51Difference on estimation, period N -1,302,161.29

1,302,161.29Difference on estimation, period N-1 43,557.84

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

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

-2,480,646.60Net profit for the period, before adjustment prepayments -7,637,926.81

0.00Allocation Report of distributed items on Net Income 0.00

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

0.00Other items 0.00

343,716,894.79Net assets in end of period 464,347,810.19

2.


FURTHER DETAILS3.

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL ORCOMMERCIAL TYPE

3.1.

Amount %

Assets

Bonds and similar securities

Convertible bonds traded on a regulated or similar market 189,455.75 0.06

Fixed-rate bonds traded on a regulated or similar market 466,074.52 0.14

Floating-rate bonds traded on regulated markets 4,767,779.95 1.39

Total bonds and similar securities 5,423,310.22 1.58

Credit instruments

Total credit instruments 0.00 0.00

Liabilities

Transactions involving transfer of financial instruments

Total transactions involving transfer of financial instruments 0.00 0.00

Off-balance sheet

Hedges

Equities 10,595,328.70 3.08

Total hedges 10,595,328.70 3.08

Other operations

Total other operations 0.00 0.00


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

3.2.

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

Assets

Deposits 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Bonds and similar securities 0.00 4,767,779.95 0.000.19 0.00 1.39 0.00655,530.27

Credit instruments 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 12,861,873.170.00 0.00 0.00 3.740.00

Liabilities

Temporary transactions in securities 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Financial accounts 0.00 0.00 6,024,158.710.00 0.00 0.00 1.750.00

Off-balance sheet

Hedges 0.00 0.00 0.000.00 0.00 0.00 0.000.00

Other operations 0.00 0.00 0.000.00 0.00 0.00 0.000.00

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

3.3.

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

AssetsDeposits 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Bonds and similar securities 0.00 0.00 189,455.75 0.00 5,233,854.470.00 0.00 0.06 0.00 1.52

Credit instruments 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00Temporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 12,861,873.17 0.00 0.00 0.00 0.003.74 0.00 0.00 0.00 0.00

LiabilitiesTemporary transactions insecurities

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Financial accounts 6,024,158.71 0.00 0.00 0.00 0.001.75 0.00 0.00 0.00 0.00

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

Other operations 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

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


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

3.4.

USD

%

GBP

%

KRW

%

Other currencies

%Amount Amount Amount Amount

Assets

Deposits 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Equities and similar securities 23,654,713.73 15,854,737.90 5,817,988.30 6,377,812.146.88 4.61 1.69 1.86

Bonds and similar securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Credit instruments 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Mutual fund units 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Liabilities 607,711.15 0.00 0.00 2,700.830.18 0.00 0.00 0.00

Financial accounts 12,861,873.17 0.00 0.00 0.003.74 0.00 0.00 0.00

Liabilities

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

Temporary transactions in securities 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

Off-balance sheet

Hedges 10,595,328.70 0.00 0.00 0.003.08 0.00 0.00 0.00

Other operations 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00

RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE3.5.

Sales deferred settlement 715,633.11

12/31/18

Receivables

Subscription receivable 77,112.57Deposits 607,711.15Coupons and dividends in cash 18,485.83Other receivables 96,611.86

Total receivables 1,515,554.52

Purchases deferred settlement 74,172.96Payables

Redemptions to be paid 518,811.13Management fees 646,767.62Variable management fees 173,564.60

Total of Payables 1,413,316.31


SHAREHOLDERS’ FUNDS3.6.

Number of units issued or redeemed3.6.1.

Units subscribed during the period 115,834.331 119,026,314.47

Net Subscriptions / Redemptions -44,436.532 -37,190,894.87

SEXTANT PEA A

Units redeemed during the period -160,270.863 -156,217,209.34

Units subscribed during the period 8,742.719 3,670,720.90

Net Subscriptions / Redemptions 2,020.928 1,026,590.94

SEXTANT PEA Z

Units redeemed during the period -6,721.791 -2,644,129.96

Units Value

Subscription and/or redemption fees3.6.2.

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

SEXTANT PEA A

Total of subscription and/or redemption fees received 0.00

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

SEXTANT PEA Z

Total of subscription and/or redemption fees received 0.00

Value

MANAGEMENT FEES3.7.

12/31/18

SEXTANT PEA A

2.20Percentage of management charges10,021,435.82Fixed management fees

173,564.60Variable management fees0.00Trailer fees

0.00Underwriting commission

SEXTANT PEA Z

0.10Percentage of management charges8,474.25Fixed management fees

0.00Variable management fees0.00Trailer fees

0.00Underwriting commission


3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the fund :

None

3.8.2. Other commitments received and/or given :

None


FURTHER DETAILS3.9.

Stock market values of temporarily acquired securities3.9.1.

Securities held under sell-back deals 0.00Borrowed securities 0.00

12/31/18

Stock market values of pledged securities3.9.2.

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

12/31/18

Group financial instruments held by the Fund3.9.3.

12/31/18Name of securityIsin code

Equities 0.00

Bonds 0.00

Notes 0.00

UCITS 0.00

Hedges 0.00


3.10.TABLE OF ALLOCATION OF THE DISTRIBUTABLE

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

Distribution 0.00 0.00

Brought forward 0.00 0.00

Allocation

Capitalized -2,529,222.44 -8,473,879.37

Total -2,529,222.44 -8,473,879.37

12/31/18 12/29/17

Sums not yet allocated


Profit (loss) -2,399,821.64 -8,359,668.02

Total -2,399,821.64 -8,359,668.02

12/31/18 12/29/17

C0 SEXTANT PEA A



Allocation

Capitalized 129,400.80 114,211.35

Total 129,400.80 114,211.35

12/31/18 12/29/17

C2 SEXTANT PEA Z


Allocation

Capitalized 22,189,129.57 65,998,445.29

Total 22,189,129.57 65,998,445.29

12/31/18 12/29/17

Sums not yet allocated

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

Total 22,647,345.49 67,084,855.00

Net Capital gains and losses of the business year 22,647,345.49 67,084,855.00

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

12/31/18 12/29/17

C0 SEXTANT PEA A

Net capital gains and losses accumulated per share 0.00 0.00

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



Allocation

Capitalized 458,215.92 1,086,409.71

Total 458,215.92 1,086,409.71

12/31/18 12/29/17

C2 SEXTANT PEA Z

Net capital gains and losses accumulated per share 0.00 0.00


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

3.11.

SEXTANT PEA A

Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

142,817,572.34

234,217.432

609.76

-5.90

Net Capital Gains and Losses Accumulatedper share in EUR 93.98

Net income Accumulated per share in EUR

174,112,131.63

233,254.937

746.44

-19.65

114.03

343,423,250.29

382,732.725

897.29

-22.72

70.68

456,748,990.55

447,975.932

1,019.58

-18.91

147.32

336,578,454.08

403,539.400

834.06

-6.26

54.98

SEXTANT PEA Z

Net assets in EUR

Number of shares/units

NAV per share/unit in EUR in EUR

3,518,606.87

14,292.555

246.18

6.26

Net Capital Gains and Losses Accumulatedper share in EUR 35.72

Net income Accumulated per share in EUR

4,858,426.00

15,393.314

315.61

5.15

47.34

6,318,824.32

15,937.093

396.48

5.71

30.23

7,598,819.64

16,291.112

466.43

7.01

66.68

7,138,440.71

18,312.040

389.82

7.06

25.02

12/31/14

Global Net Assets in EUR 146,336,179.21

12/31/15

178,970,557.63

12/30/16

349,742,074.61

12/29/17

464,347,810.19

12/31/18

343,716,894.79


Equities and similar securities

Listed equities & similar securitieBELGIUM

PICANOL EUR 66,516 4,576,300.80 1.33

Currency Quantity Market value %Name of security

TESSENDERLO EUR 113,150 3,292,665.00 0.96

TOTAL BELGIUM 7,868,965.80 2.29

CHINABAIDU.COM SPONS.ADR CL.A USD 30,900 4,287,048.94 1.25

TOTAL CHINA 4,287,048.94 1.25

CURACAOHUNTER DOUGLAS EUR 42,100 2,450,220.00 0.71

TOTAL CURACAO 2,450,220.00 0.71

FRANCEAKWEL SA EUR 347,526 5,595,168.60 1.63

AUBAY EUR 41,800 1,176,670.00 0.34

BALYO SA - PROMESSES EUR 682,390 1,999,402.70 0.58

BOURSE DIRECT EUR 1,376,428 1,369,545.86 0.40

BURELLE SA EUR 2,731 2,173,876.00 0.63

CAPGEMINI EUR 13,000 1,128,400.00 0.33

CRCAM ALPES PROVENCE CCI EUR 1,500 163,200.00 0.05

CRCAM ATLANTIQUE VENDEE CCI EUR 6,700 884,400.00 0.26

CRCAM BRIE PICARDIE PROV.ECH. EUR 15,626 398,306.74 0.12

CRCAM D'ILLE-ET-VILAINE CCI EUR 10,487 1,068,625.30 0.31

CRCAM LOIRE HAUTE LOIRE CCI EUR 11,757 1,107,391.83 0.32

CRCAM MORBIHAN CCI EUR 10,812 929,723.88 0.27

CRCAM NORD FRANCE CCI EUR 210,108 4,664,397.60 1.36

CRCAM NORMANDIE SEINE CCI EUR 8,144 1,058,720.00 0.31

CRCAM TOULOUSE 31 CCI EUR 9,687 1,092,499.86 0.32

CRCAM TOURAINE ET POITOU CCI EUR 12,440 1,396,763.20 0.41

DERICHEBOURG EUR 3,369,293 13,470,433.41 3.92

EXEL INDUSTRIES EUR 60,791 4,133,788.00 1.20

FINANCIERE DE L ODET EUR 8,800 7,004,800.00 2.04

GROUPE CRIT EUR 55,882 2,961,746.00 0.86

GROUPE FLO EUR 20,977,656 4,090,642.92 1.19

GROUPE GUILLIN EUR 359,798 6,972,885.24 2.03

ID LOGISTICS GROUP EUR 21,000 2,415,000.00 0.70

ILIAD EUR 207,503 25,450,242.95 7.41

INFOTEL EUR 20,535 788,544.00 0.23

INSTALLUX SA EUR 15,392 4,802,304.00 1.40

JACQUET METAL SERVICE SA EUR 368,240 5,715,084.80 1.66

PORTFOLIO LISTING IN EUR3.12.


LECTRA EUR 30,040 546,127.20 0.16


LINEDATA SERVICES EUR 54,919 1,729,948.50 0.50

LUMIBIRD SA EUR 285,895 3,144,845.00 0.91

MAISONS DU MONDE EUR 75,000 1,253,250.00 0.36

NANOBIOTIX EUR 436,667 5,082,803.88 1.48

PAREF EUR 12,550 941,250.00 0.27

PLASTIC OMNIUM EUR 135,000 2,722,950.00 0.79

RENAULT SA EUR 3,900 212,745.00 0.06

SAVENCIA SA EUR 1 55.80 0.00

SOCIETE POUR L'INFORMATIQUE EUR 49,000 1,014,300.00 0.30

SOLOCAL GROUP EUR 15,109,495 7,607,630.73 2.21

SRP GOUPE EUR 1,877,612 4,525,044.92 1.32

SYNERGIE EUR 178,441 4,362,882.45 1.27

TARKETT - W/I EUR 110,700 1,939,464.00 0.56

TERREIS EUR 15,086 543,096.00 0.16

TESSI EUR 24,102 2,795,832.00 0.81

TRILOGIQ EUR 166,522 702,722.84 0.20

VIALIFE EUR 2,083 20,830.00 0.01

VIEL ET COMPAGNIE EUR 3,170,079 13,314,331.80 3.87

VIVENDI EUR 946,234 20,135,859.52 5.86

VOYAGEURS DU MONDE EUR 25,020 2,902,320.00 0.84

WAVESTONE EUR 227,453 5,265,536.95 1.53

YMAGIS EUR 538,186 740,005.75 0.22

1000MERCIS EUR 40,000 984,000.00 0.29

TOTAL FRANCE 186,500,395.23 54.26

GERMANYDELIVERY HERO SE EUR 42,700 1,387,750.00 0.40

HEIDELBERGER DRUCKMASCHINEN EUR 2,340,000 3,722,940.00 1.08

HELLOFRESH AG EUR 1,232,054 7,527,849.94 2.19

ROCKET INTERNET AG EUR 593,111 11,968,979.98 3.49

SIXT PREF EUR 37,170 1,784,160.00 0.52

TOTAL GERMANY 26,391,679.92 7.68

GREECEELTECH ANEMOS EUR 1,700,000 2,558,500.00 0.74

FOURLIS HOLDING EUR 980,000 4,018,000.00 1.18

HELLENIC TECHNODOMIKI TEV SA EUR 1,100,000 1,368,400.00 0.40

IKTINOS HELLAS S.A.-REG EUR 738,000 3,380,040.00 0.98

MOTOR OIL HELLAS CORINTH REFINERIES EUR 149,500 3,139,500.00 0.91

TOTAL GREECE 14,464,440.00 4.21


ILIAC TRACTS CAIMANESALIBABA GROUP HOLDING LTD ADR USD 15,000 1,798,582.86 0.52


VIPSHOP HOLDINGS USD 1,214,500 5,800,787.30 1.69

TOTAL ILIAC TRACTS CAIMANES 7,599,370.16 2.21

ITALYCALTAGIRONE SPA EUR 182,551 416,216.28 0.12

DANIELI C.EPAR.NCV EUR 113,934 1,469,748.60 0.43

GRUPPO MUTUIONLINE SPA EUR 344,434 5,462,723.24 1.60

IMMOBILIARE GRANDE DISTRIBUZ EUR 332,186 1,787,825.05 0.52

OPENJOBMETIS EUR 91,349 730,792.00 0.21

RENO DE MEDICI ORD.CAT.A EUR 4,906,013 3,041,728.06 0.88

SAIPEM EUR 600,000 1,959,000.00 0.57

SESA EUR 20,000 464,000.00 0.13

TOTAL ITALY 15,332,033.23 4.46

JAPANDAIWA INDUSTRIES JPY 80,000 714,395.63 0.21

TOYOTA INDUSTRIES CORP JPY 60,000 2,435,004.75 0.71

TOTAL JAPAN 3,149,400.38 0.92

LUXEMBURGHOME24 AG EUR 50,000 558,100.00 0.16

TOTAL LUXEMBURG 558,100.00 0.16

NETHERLANDSBINCKBANK NV EUR 115,050 700,654.50 0.20

FORFARMERS NV EUR 286,250 2,304,312.50 0.67

TOTAL NETHERLANDS 3,004,967.00 0.87

REPUBLIC OF KOREAHYUNDAI MOBIS KRW 17,000 2,532,287.05 0.74

SAMSUNG ELECTRONICS CO LTD PREF KRW 132,000 3,285,701.25 0.95

TOTAL REPUBLIC OF KOREA 5,817,988.30 1.69

RUSSIASBERBANK OF RUSSIA OJSC PREF RUB 420,000 880,111.32 0.26

SBERBANK RUSSIA SPONS.ADR USD 65,000 623,190.31 0.18

TOTAL RUSSIA 1,503,301.63 0.44

SPAINTECNICAS REUNIDAS EUR 55,800 1,190,772.00 0.35

TOTAL SPAIN 1,190,772.00 0.35

SWEDENCIBUS NORDIC REAL ESTATE AB SEK 112,750 1,151,418.35 0.33


INDUTRADE AB SEK 59,000 1,196,882.09 0.35

TOTAL SWEDEN 2,348,300.44 0.68


UNITED KINGDOMEASYJET GBP 475,000 5,847,863.63 1.70

ITE GROUP PLC GBP 6,650,000 4,704,751.82 1.37

JUDGES SCIENTIFIC PLC GBP 98,500 2,633,836.56 0.77

MATCHTECH GROUP P.L.C. GBP 300,000 355,969.03 0.10

WOOD GROUP (JOHN) GBP 410,000 2,312,316.86 0.67

TOTAL UNITED KINGDOM 15,854,737.90 4.61

USAALPHABET- A USD 800 731,284.61 0.21

TRIPADVISOR USD 220,700 10,413,819.71 3.03

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

309,466,825.25 90.03

Total equities & similar securities 309,466,825.25 90.03

TOTAL USA 11,145,104.32 3.24

Bonds and similar securities

Listed bonds and similar securitiesFRANCE

CASI GUIC FLR PERP EUR 6,800,000 4,767,779.95 1.38

TOTAL FRANCE 4,767,779.95 1.38

GERMANYADLE REAL 2.5% 19-07-21 CV EUR 12,526 189,455.75 0.06

TOTAL GERMANY 189,455.75 0.06

SPAINBANCO DE CREDITO SOCIAL 7.75% 07-06-27 EUR 500,000 466,074.52 0.14

Total listed bond and similar securities 5,423,310.22 1.58

Total bonds and similar securities 5,423,310.22 1.58

TOTAL SPAIN 466,074.52 0.14

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

AMUNDI SERENITE PEA Part ID EUR 3,341.784 21,395,028.51 6.23

TOCQUEVILLE GOLD-N EUR 9,388.6625 491,778.14 0.14

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

21,886,806.65 6.37

Total collective investment undertakings 21,886,806.65 6.37

TOTAL FRANCE 21,886,806.65 6.37


Hedges

Urgent commitments closedUrgent commitments firm on regulated or assimilated market

RTY INDEX 50 0319 USD -161 288,719.77 0.08


SP 500 MINI 0319 USD -10 21,978.74 0.01

Total Firm urgent commitments 310,698.51 0.09

Total hedges 310,698.51 0.09

Total Firm urgent commitments on market reglemente 310,698.51 0.09

Margin call

Appels de marges C.A.Indo en $ us USD -355,175 -310,698.51 -0.09

Total margin call -310,698.51 -0.09

Receivables 1,515,554.52 0.44

Debts -1,413,316.31 -0.41

Financial accounts 6,837,714.46 1.99

Net assets 343,716,894.79 100.00

SEXTANT PEA A 403,539.400 834.06EURSEXTANT PEA Z 18,312.040 389.82EUR