echiquier patrimoine annual reporte

MAZARS

ECHIQUIER PATRIMOINE 53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 31, 2012

9FR0010434019 Mutual Fund - Annual Report- Year ended : 31.12.201274007

ECHIQUIER PATRIMOINE

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 PATRIMOINE mutual fund, as attached to this report,

- the justification for our assessments,

- the specific verifications and the information provided by the law.

The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an

opinion on these accounts.

I – Opinion on the annual accounts

We conducted our audit in accordance with the professional standards applicable in France; these standards require the imple-

mentation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant

anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying

the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provi-

ded by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of

assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel

that the elements we have collected are sufficient and appropriate on which to base our opinion.

We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true

image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of

this financial year.

II – Justification for our Assessments

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we

hereby notify you of the following element:

- our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as

defined by regulation n° 2003-02 of the Accounts Regulation Committee.

The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and

therefore contributed to forming our opinion expressed in the first part of this report.

III – Specific Information and Verifications

In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the

law.

We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the

annual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 15 April 2013

The Statutory Auditor

Mazars Gilles DUNAND-ROUX



annualaccounts

assets



Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 512 976 739,17 594 935 597,64

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 89 566 954,31 67 979 414,81

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market 185 902 511,75 200 869 549,09

Not traded on a regulated or similar market - -

• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities 163 370 155,91 296 440 710,19

Other debt securities - -

Not traded on a regulated or similar market 32 957 466,44 -

• MUTUAL FUNDS

Coordinated European UCITS

and general purpose French UCITS39 254 250,76 27 776 443,55

UCITS reserved for certain investors – VCF - Funds investing in

futures and options1 925 400,00 1 869 480,00

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 1 540 093,76 93 816,47

Foreign exchange forward contracts - -

Other 1 540 093,76 93 816,47

Financial accounts 8 297 478,17 4 830 697,99

Cash and cash equivalents 8 297 478,17 4 830 697,99

Total assets 522 814 311,10 599 860 112,10

31.12.2012 30.12.2011

BALANCE SHEET

Currency EUR EUR

Equity

• Capital 513 735 892,05 589 261 659,26

• Previous undistributed net capital gains and losses - -

• Retained earnings - -

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

• Adjusted retained earnings - -

• Result 7 391 269,34 9 462 103,29

Total equity

(amount representing net assets)521 127 161,39 598 723 762,55

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 1 687 149,71 1 136 349,55

Foreign exchange forward contracts - -

Other 1 687 149,71 1 136 349,55

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilities 522 814 311,10 599 860 112,10



30.12.201131.12.2012

liabilitiesBALANCE SHEET

OFF-balance sheet



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



Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - -

• Income from equities and similar securities 4 014 494,23 5 348 944,91

• Income from bonds and similar securities 7 565 905,96 8 255 256,07

• Income from debt securities 3 252 800,01 3 696 029,28

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 14 833 200,20 17 300 230,26

Expenses on financial transactions

• Expenses on temporary purchases and disposals of securities - -

• Expenses on forward financial instruments - -

• Expenses on financial debt -14,09 -32,89

• Other financial expenses - -

Total (II) -14,09 -32,89

Profit/loss on financial transactions (I - II) 14 833 186,11 17 300 197,37

Other income (III) - -

Management fees and depreciation expense (IV) -6 617 376,46 -7 556 499,92

Net income for the period (L.214-9) (I - II + III - IV) 8 215 809,65 9 743 697,45

Income adjustments for the period (V) -824 540,31 -281 594,16

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

Income (I - II + III - IV +/- V - VI) : 7 391 269,34 9 462 103,29

31.12.2012 30.12.2011

INCOMEstatement

accountingrules and methods



1appendices The annual accounts are presented according to the format provided for by CRC Regulation

no. 2003-02 of 2 October 2003 concerning the modified UCITS chart of accounts, in particular

by Regulation no. 2011-05 of 10 November 2011 ratified by the decree of 27 December 2011,

published in the J.O.R.F. (French public journal) of 30 December 2011 (distribution of realised

net capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decree

of 28 December 2012, published in the J.O.R.F. (French public journal) of 30 December 2012

(in the appendix to the annual accounts of funds and companies referred to in decree no. 2012-

465 of 10 April 2012 concerning the governance and transparency of fees and commissions

charged).

The new presentation of accounts associated with this new distribution possibility is applied

to your UCITS.

Since this UCITS fund did not opt for the distribution of net capital gains realised during the

transitional phase (old and new chart of accounts), the new lines included in the valid Chart

of Accounts are not entered. However, these lines will be completed for the next year-end,

regardless of your UCITS fund's distribution option.

Asset valuation and accounting rules :

V-1 - Asset valuation rules

A – Valuation method

• Financial instruments and securities traded on a regulated market are valued at market price.

Notwithstanding this, the instruments below are valued using specific methods :

- European equities and bonds are valued at the closing price, and foreign securities are valued

at the last known price.

- Debt securities and equivalent negotiable instruments which are not involved in significant

transactions are valued using an actuarial method. The rate used is that applied for issues of

equivalent securities plus or minus, where necessary, a differential representative of the

intrinsic characteristics of the issuer.

However, negotiable debt securities with a residual maturity of 3 months or less, in the absence

of a particular sensitivity, may be valued using the straight-line method.

- Negotiable debt securities with a maturity of less than 3 months are valued at the purchase

negotiating rate. The amortisation of the premium or the discount is applied on a 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 accordance

with the regulations in force, based on the terms of the original agreement.

• Financial instruments not traded on a regulated market are valued by the management

company at their probable trading value.

• Warrants or subscription certificates obtained free of charge during private placements or

capital increases are valued as of their admission to a regulated market or the organisation

of an over-the-counter market.

• Contracts:

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

used.

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

contracts.

- The market price for options is equal to their conversion into the underlying equivalent.

- Interest rate swaps are valued at market rate, in accordance with the contractual provisions.

appendices



- Off-balance-sheet transactions are valued at market price.

• Financial instruments for which a price has not been recorded on the valuation date, or for

which the price has been adjusted, are valued at their probable trading value by the Board

of Directors of the management company. The auditor will be provided with these valuations

and their justification when it carries out its audits.

B - Practical methods

• Shares and bonds are valued on the basis of prices taken from the Finalim and Bloomberg

databases, depending on their listing market. The research options are completed by

“Télékurs” “Fin’xs” and “Reuters” “Securities 3000”:

- Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day.

- America : taken at 9 a.m. for a quotation at the closing price of D-1.

taken at 4.45 p.m. for a quotation at the opening price of that day.

- Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day.

taken at 2.30 p.m. for a quotation at the opening price of that day.

taken at 9 a.m. for a quotation at the price of D-1.

- France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day.

taken at 5.40 p.m. for a quotation at the closing price of that day.

- Contributors : taken at 2 p.m. for a quotation subject to the availability of prices.

• Positions on the futures markets at each net asset value are valued on the basis of the

settlement prices of that day.

Positions on the options markets at each net asset value are valued according to the principles

used for the underlying.

- Asia-Oceania : taken at 12 noon

- America : taken at 9 a.m. on D+1

- Europe excluding France : taken at 7.30 p.m.

- France : taken at 18 noon

V-2 - Accounting method

• The accounting method used for recording income from financial instruments is the 'coupons

received' method.

• The accounting method for recording transaction fees is exclusive of expenses.

Methods for evaluating off-balance sheet commitments

Off-balance sheet commitments are evaluated at their commitment value.

The commitment value for futures contracts is equal to the price (in the currency of the UCIT)

multiplied by the number of contracts multiplied by the nominal amount.

The commitment value for options contracts is equal to the price of the underlying security

(in the currency of the UCIT) multiplied by the number of contracts multiplied by the delta

multiplied by the nominal amount of the underlying security.

The commitment value for swap contracts is equal to the nominal amount of the contract (in

the currency of the UCIT).

Operating and management costs

These fees cover all costs charged directly to the Fund, with the exception of transaction fees.

Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and

transfer fees, if applicable, which may be levied by the custodian and the management

company.

The following fees may also be charged in addition to operating and management fees :

- excess return fees. These are paid to the management company if the Fund exceeds its

objectives. They are therefore charged to the Fund;

- transfer fees charged to the Fund;

- a share of income from the temporary acquisition and sale of securities.



appendices

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



Currency EUR EUR

Net assets at the beginning of the period 598 723 762,55 602 590 282,38

Subscriptions (including the subscription

fee allocated to the UCIT)163 942 359,60 321 984 493,78

Redemptions (with deduction of the redemption

fee allocated to the UCIT)-265 933 042,11 -307 416 816,40

Capital gains on deposits and financial instruments 5 810 756,30 4 554 653,50

Capital losses on deposits and financial instruments -17 202 314,61 -15 122 310,11

Capital gains on forward financial instruments 1 631 280,00 1 018 387,70

Capital losses on forward financial instruments -1 624 228,00 -1 148 034,00

Transaction fees -207 172,52 -165 428,05

Foreign exchange differences -3 159,76 -73 172,04

Changes in the estimate difference

in deposits and financial instruments :27 773 110,29 -17 148 871,66

- Estimate difference – period N 3 005 944,83 -24 767 165,46

- Estimate difference – period N-1 -24 767 165,46 -7 618 293,80

Changes in the estimate difference

in forward financial instruments : - -93 120,00

- Estimate difference – period N - -

- Estimate difference – period N-1 - 93 120,00

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

Prior period distribution - -

Net income for the period before adjustment accounts 8 215 809,65 9 743 697,45

Deposit(s) paid(s) during the year

net capital gains and losses- -

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 521 127 161,39 598 723 762,55

31.12.2012 30.12.2011

changesnet assets2

appendices



3.1. Financial instruments : breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrument

Traded on a regulated

or similar market

Not traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds 170 096 115,22 -

Variable-rate bonds 15 806 396,53 -

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 2 999 172,85 -

Commercial Papers 154 881 189,05 -

Certificates of deposit 5 489 794,01 -

MTN - -

Other instruments - 32 957 466,44

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



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 170 096 115,22 - 15 806 396,53 -

Debt securities 196 327 622,35 - - -

Temporary purchases and sales of

securities- - - -

Financial accounts - - - 8 297 478,17

Liabilities


securities

- - - -

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 years

Assets

Deposits- - - - -

Bonds and similar securities 19 827 328,44 22 300 606,26 79 285 498,13 42 286 400,11 22 202 678,81

Debt securities 166 386 788,65 29 940 833,70 - - -

Temporary purchases and sales

of securities- - - - -

Financial accounts 8 297 478,17 - - - -

Liabilities

Temporary purchases and sales

of 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



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 CHF USD - -

AssetsDeposits

- - - -

Equities and similar securities 3 275 347,91 - - -

Bonds and similar securities - - - -

Debt securities - - - -

Collective investment undertakings - - - -


securities- - - -

Receivables - - - -


LiabilitiesDisposal operations on financialinstruments

- 305 693,31 - -


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 :

1 540 093,76

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables :

Deferred sales regulations 1 310 066,72

- 230 027,04

- -

- -

- -

Other transactions -

DebtsForeign exchange forward contracts :

1 687 149,71

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts :

Purchases delayed settlements 535 032,72

Redemption to pay 486 740,24

Receivables and payables 377 000,00

Accrued expenses 288 376,75

- -

Other transactions -

appendices



3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets 1,20

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

Retrocession of management fees :

- Amount of fees retroceded to the UCIT -

- Breakdown by "target" UCIT :

- UCIT 1 -

- UCIT 2 -

3.8. Commitments received and granted

3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none

3.8.2. Description of other commitments received and/or granted ........................................................................none

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition :

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

3.9.2. Current value of financial instruments comprising guarantee deposits :

Financial instruments received as a guarantee and not written to the balance sheet :

- equities -

- bonds -

- debt securities -

- other financial instruments -

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

- equities -

- bonds -

- debt securities -


3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) or

financial managers (Mutual Funds) and UCITS managed by these entities :

- UCITS 32 406 705,94


3.6. Equity

Subscriptions Redemptions

Number of units Amount Number of units Amount

Number of units issued / redeemed

during the period207 842,087 163 942 359,60 337 846,258 265 933 042,11

Subscription / redemption fee 8 663,58 4 251,53

Retrocessions 8 663,58 4 251,53

Commissions allocated to the UCIT - -

appendices



3.10. Income allocation table (In the accounting currency of the UCIT)

Interim payments in terms of the period

Date Unit Class Total amount Unit amount Total tax credit

- - - - -

- - - - -

- - - - -

- - - - -

Total interim

payments- - - -

Income allocation EUR EUR

Sums remaining to be allocated

Retained earnings - -

Adjusted retained earnings - -

Result 7 391 269,34 9 462 103,29

Total 7 391 269,34 9 462 103,29

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 7 391 269,34 9 462 103,29

Total 7 391 269,34 9 462 103,29

Information concerning the units conferring distribution

rights

Number of units - -

Unit distribution - -

Tax credits - -

31.12.2012 30.12.2011

appendices



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 - -

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation - -

Total - -

Information concerning units conferring distribution rights

Number of units - -

Unit distribution - -

31.12.2012 30.12.2011

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

DateTotal

amountUnit

amount

- - -

- - -

- - -

- - -

Total interim payments - -

appendices



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

Currency

EUR 31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Net assets 521 127 161,39 598 723 762,55 602 590 282,38 570 627 759,68 565 103 874,27

Number of

outstanding units649 259,81 779 263,981 763 138,132 741 350,853 795 458,401

Net asset value 802,64 768,31 789,62 769,71 710,41

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 11,38 12,14 9,88 14,56 28,06

(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.

UCIT creation date: January 6, 1995.



UCITinventory4

Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net


Se

curities

Sh

are

FR0000062184

IDSUD

PROPRE

89 188.00

1 649 978.00

EUR

0.32

FR0011027143

AREVA

PROPRE

160 000.00

2 051 200.00

EUR

0.39

FR0010340141

ADP

PROPRE

30 000.00

1 751 100.00

EUR

0.34

FR0000131757

ERAMET

PROPRE

7 000.00

776 650.00

EUR

0.15

FR0000130213

LAGARDERE

PROPRE

60 000.00

1 517 100.00

EUR

0.29

FR0000121709

SEB

PROPRE

39 000.00

2 172 690.00

EUR

0.42

FR0000121121

EURAZEO

PROPRE

33 000.00

1 194 765.00

EUR

0.23

FR0000073272

SAFRAN

PROPRE

50 000.00

1 629 750.00

EUR

0.31

FR0000052516

VILMORIN & CIE

PROPRE

15 681.00

1 467 741.60

EUR

0.28

FR0000031775

CIMENTS VICAT SA

PROPRE

38 000.00

1 792 840.00

EUR

0.34

GB00B03MLX29

ROYAL DUTCH SHELL PLC-A

PROPRE

35 000.00

909 125.00

EUR

0.17

FR0010411983

SCOR SE ACT PROV

PROPRE

110 000.00

2 245 100.00

EUR

0.43

FR0010208488

GDF SUEZ

PROPRE

99 676.00

1 552 453.70

EUR

0.30

FR0000131104

BNP PARIBAS

PROPRE

20 000.00

851 700.00

EUR

0.16

FR0000130809

SOCIETE GENERALE A

PROPRE

26 000.00

736 840.00

EUR

0.14

FR0000130403

CHRISTIAN DIOR

PROPRE

20 000.00

2 565 000.00

EUR

0.49

FR0000127771

VIVENDI

PROPRE

70 000.00

1 186 500.00

EUR

0.23

FR0000125007

COMPAGNIE DE SAINT-GOBAIN SA

PROPRE

78 000.00

2 513 160.00

EUR

0.48

FR0000121972

SCHNEIDER ELECTRIC SA

PROPRE

30 000.00

1 644 900.00

EUR

0.32

FR0000121485

PPR

PROPRE

16 000.00

2 253 600.00

EUR

0.43

FR0000121147

FAURECIA

PROPRE

190 000.00

2 226 800.00

EUR

0.43

FR0000120628

AXA

PROPRE

50 000.00

667 500.00

EUR

0.13

FR0000120578

SANOFI

PROPRE

15 000.00

1 070 850.00

EUR

0.21

FR0000120271

TOTAL

PROPRE

35 000.00

1 365 350.00

EUR

0.26

FR0000120164

CGG VERITAS

PROPRE

80 000.00

1 807 200.00

EUR

0.35

FR0000060618

RALLYE

PROPRE

76 500.00

1 944 247.50

EUR

0.37

CH0012032048

ROCHE HOLDING AG - BON DE JOUISSANCE DIVIDENDE

PROPRE

9 000.00

1 371 769.38

CHF

0.26

CH0012005267

NOVARTIS AG-NOM

PROPRE

40 000.00

1 903 578.53

CHF

0.37

DE0007664039

VOLKSWAGEN AG-PFD

PROPRE

9 000.00

1 549 350.00

EUR

0.30

DE0005190003

BAYERISCHE MOTORENWERKE

PROPRE

28 000.00

2 042 040.00

EUR

0.39

FR0000060402

SECHILIENNE-SIDEC

PROPRE

141 900.00

2 040 522.00

EUR

0.39

FR0000053225

M6 METROPOLE TELEVISION

PROPRE

195 000.00

2 303 925.00

EUR

0.44

FR0000033888

GEVELOT

PROPRE

16 009.00

736 574.09

EUR

0.14

FR0000120644

DANONE

PROPRE

45 000.00

2 245 725.00

EUR

0.43

FR0010407049

TERREIS

PROPRE

135 300.00

1 833 315.00

EUR

0.35

appendices



Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

FR0010461053

CRCAM LANGUEDOC

PROPRE

103 870.00

3 540 928.30

EUR

0.68

FR0004016699

SMTPC

PROPRE

74 537.00

1 937 962.00

EUR

0.37

FR0000061459

PERRIER (GERARD)

PROPRE

75 931.00

2 441 181.65

EUR

0.47

FR0000060451

INSTALLUX S.A.

PROPRE

11 000.00

1 540 000.00

EUR

0.30

FR0000060329

PSB INDUSTRIES

PROPRE

60 000.00

1 242 000.00

EUR

0.24

FR0000052680

OENEO

PROPRE

515 000.00

1 174 200.00

EUR

0.23

FR0000045346

CRCAM SUD RHONE ALPES

PROPRE

37 000.00

3 470 600.00

EUR

0.67

FR0000045304

CRCAM TOURAINE ET POITOU CCI

PROPRE

50 000.00

2 090 000.00

EUR

0.40

FR0000044364

CRCAM NORMANDIE-SEINE

PROPRE

20 625.00

1 237 087.50

EUR

0.24

FR0000051831

GROUPE GUILLIN

PROPRE

30 000.00

2 005 500.00

EUR

0.39

FR0000125460

CANAL+

PROPRE

400 000.00

1 980 000.00

EUR

0.38

FR0000121352

LOCINDUS

PROPRE

148 607.00

1 802 602.91

EUR

0.35

FR0000039240

TOUPARGEL GROUPE

PROPRE

123 000.00

680 190.00

EUR

0.13

FR0000034548

UFFB

PROPRE

84 000.00

1 335 600.00

EUR

0.26

FR0000031023

ELECTRICITE DE STRASBOURG

PROPRE

42 149.00

3 808 162.15

EUR

0.73

BE0003822393

ELIA SYSTEM OPERATOR

PROPRE

50 000.00

1 710 000.00

EUR

0.33

Tota

l S

hare

89 566 954.31

17.19

Bon

ds

XS0257393370

MANPWR INC 4.75% 14/06/13 *EUR

PROPRE

1 440 000.00

1 492 211.44

EUR

0.29

FR0010877183

EUTELSAT 4.125% 27/03/2017

PROPRE

1 500 000.00

1 713 544.32

EUR

0.33

XS0429607640

MAN 5.375% 20/05/13 *EUR

PROPRE

3 250 000.00

3 419 430.96

EUR

0.66

XS0593990392

TELE DANMARK AS 3.5% 23/02/2015

PROPRE

1 000 000.00

1 083 828.58

EUR

0.21

XS0831389985

TELECOM ITALIA SPA 4.50% 20/09/2017

PROPRE

2 750 000.00

2 970 463.36

EUR

0.57

FR0000492076

AXA 2.50% 01/01/14 EX-CV DIRTY

PROPRE

15 000.00

3 513 750.00

EUR

0.67

FR0010292763

EUROFINS Eurib3 13 OBSAR *EUR

PROPRE

1 349 040.00

1 328 257.13

EUR

0.26

FR0010709097

HSBC FRANCE 4.875% 15/01/2014

PROPRE

1 500 000.00

1 638 277.25

EUR

0.31

XS0445463887

EADS FINAN 4.625% 08/16

PROPRE

3 500 000.00

4 009 226.51

EUR

0.77

EU000A1G0AG3

EFSF 1% 12/03/2014

PROPRE

375 000.00

381 549.14

EUR

0.07

XS0805410239

FIAT FINANCE & TRADE 7.75% 17/10/2016

PROPRE

3 000 000.00

3 235 211.92

EUR

0.62

XS0458230322

HEIDELBERG 8% 31/01/17

PROPRE

2 000 000.00

2 413 884.44

EUR

0.46

FR0010874115

RALLYE 5.875% 24/03/2014

PROPRE

5 000 000.00

5 452 221.23

EUR

1.05

XS0430328525

LAFARGE STEPCP 27/05/14

PROPRE

5 000 000.00

5 736 647.26

EUR

1.10

FR0011301480

CASINO GUICHARD PERRACHON 3.157% 06/08/2019

PROPRE

2 000 000.00

2 114 538.47

EUR

0.41

FR0011274026

ACCOR 2.875% 19/06/17

PROPRE

3 000 000.00

3 153 373.97

EUR

0.61

XS0426126180

PORTUGAL TELECOM 6% 30/04/2013

PROPRE

3 000 000.00

3 152 014.52

EUR

0.61

FR0010943316

GECINA 4.50% 19/09/2014

PROPRE

4 300 000.00

4 589 397.66

EUR

0.88

FR0011157726

VIVENDI SA 3.875% 30/11/2015

PROPRE

1 500 000.00

1 604 768.63

EUR

0.31

FR0010766329

PERNOD RICARD 7% 15/01/15

PROPRE

2 000 000.00

2 371 212.35

EUR

0.46

FR0010398271

PERNOD RIC 4.625% 12/13 *EUR

PROPRE

2 000 000.00

2 070 289.32

EUR

0.40

FR0010952739

GDF SUEZ 2.75% 18/10/2017

PROPRE

2 250 000.00

2 421 982.60

EUR

0.47

FR0010957274

PEUGEOT 4% 28/10/13

PROPRE

1 500 000.00

1 521 858.08

EUR

0.29

XS0686597286

UNIBAIL RODAMCO SE 3.5% 06/04/2016 EMTN

PROPRE

1 000 000.00

1 101 788.08

EUR

0.21

FR0010925172

CEGEDIM SA 7% 27/07/2015

PROPRE

3 000 000.00

3 149 865.00

EUR

0.60

FR0010814558

BANQUE POPULAIRE CAISSE 9.25% PERP

PROPRE

1 000 000.00

1 117 210.14

EUR

0.21

XS0408165008

UNICREDITO 5.25% 14/01/14

PROPRE

2 500 000.00

2 720 438.93

EUR

0.52

FR0010773697


PROPRE

750 000.00

853 569.67

EUR

0.16

FR0011033851

CNP ASSURANCES VAR 30/09/2041

PROPRE

1 600 000.00

1 677 779.51

EUR

0.32

FR0010359687

SCOR TF/TV PERP

PROPRE

1 000 000.00

1 048 896.44

EUR

0.20



Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

XS0553803502

BANQUE FEDERATIVE DU CREDIT MUTUEL 3% 29/10/2015

PROPRE

4 000 000.00

4 245 027.40

EUR

0.82

XS0746002392

CREDIT AGRICOLE 3.875% 13/02/2019

PROPRE

2 000 000.00

2 294 250.05

EUR

0.44

XS0802756501

SOCIETE GENERALE 2.375% 13/07/2015

PROPRE

1 800 000.00

1 877 258.25

EUR

0.36

XS0683565476

COMPAGNIE DE ST GOBAIN SA 3.5% 30/09/2015

PROPRE

750 000.00

801 026.61

EUR

0.15

XS0501648371

LAFARGE MULTCP 13/04/18

PROPRE

1 500 000.00

1 733 936.92

EUR

0.33

XS0387435117

COMPAGNIE ST GOBAIN 7.25% 16/09/2013

PROPRE

1 000 000.00

1 066 859.32

EUR

0.21

XS0203831432

WENDEL INV 4.875% 04/11/14*EUR

PROPRE

2 000 000.00

2 108 634.52

EUR

0.41

FR0010744987

PPR SA 8.625% 03/04/14

PROPRE

1 000 000.00

1 160 279.18

EUR

0.22

FR0010526848

CARREFOUR 5.125% 10/10/2014

PROPRE

2 250 000.00

2 440 204.52

EUR

0.47

BE6000104727

ELIA SYSTEM OP SA 4.5% 22/04/13

PROPRE

3 000 000.00

3 129 404.79

EUR

0.60

FR0010878751

VIVENDI 4% 31/03/2017

PROPRE

1 500 000.00

1 678 733.01

EUR

0.32

FR0010804492

AREVA SA 3.875% 23/09/2016

PROPRE

1 100 000.00

1 174 783.42

EUR

0.23

XS0704870392

FAURECIA SA 9.375% 15/12/2016

PROPRE

983 000.00

1 142 794.43

EUR

0.22

XS0290422095

WENDEL INVESTISSEMENT 4.875% 21/09/2015

PROPRE

2 750 000.00

2 938 935.92

EUR

0.56

FR0011052075

FONCIERE LYONNAISE 4.625% 25/05/2016

PROPRE

2 000 000.00

2 201 927.12

EUR

0.42

FR0010455626


PROPRE

1 000 000.00

1 084 318.08

EUR

0.21

XS0562884733

SCLUMBERGER 2.75% 01/12/2015

PROPRE

1 000 000.00

1 063 191.64

EUR

0.20

FR0010945006

BPCE 2.875% 22/09/15

PROPRE

2 300 000.00

2 429 839.10

EUR

0.47

XS0640796032

PSA FINANCE 4% 24/06/2015

PROPRE

3 000 000.00

3 130 440.82

EUR

0.60

XS0594299066

BANQUE PSA 4.25% 25/02/2016

PROPRE

1 500 000.00

1 598 987.62

EUR

0.31

XS0735784851

CLARIANT FINANCE 5.625% 24/01/2017

PROPRE

2 000 000.00

2 321 512.46

EUR

0.45

XS0247812836

DAIMLER NA 4.375% 03/13 *EUR

PROPRE

5 000 000.00

5 212 752.05

EUR

1.00

FR0000476061

LAGARDERE 4.75% 10/07/13 *EUR

PROPRE

400 000.00

415 665.75

EUR

0.08

XS0526903827

CRED AGRICOLE LONDON 3% 20/07/15

PROPRE

4 000 000.00

4 252 592.88

EUR

0.82

XS0459903620

BARCLAYS BANK E3M+0.8% 28/01/2013

PROPRE

5 000 000.00

5 012 114.86

EUR

0.96

XS0598445129

GRENKE FINANCE 4% 09/03/2015

PROPRE

4 500 000.00

4 768 813.36

EUR

0.92

XS0491898184

UNIBAIL-RODANCO 3.375% 11/03/2015

PROPRE

750 000.00

810 012.95

EUR

0.16

XS0259993045

BFCM Eurib3 12/07/13 *EUR

PROPRE

5 000 000.00

5 005 411.67

EUR

0.96

FR0011178938

CREDIT FONCIER DE FRANCE 4.25% 24/02/2018

PROPRE

3 000 000.00

3 308 633.61

EUR

0.64

FR0010950857

CIEALPES 4.875% 18/10/17 *EUR

PROPRE

1 000 000.00

1 088 107.81

EUR

0.21

FR0010606848

CAISSE DES DEPOT 4.375% 09/04/18

PROPRE

4 000 000.00

4 802 692.05

EUR

0.92

FR0010544734

STERIA SCA TF/TV PERPETUAL CV DIRTY

PROPRE

62 501.00

2 434 413.95

EUR

0.47

DE000A0TWHZ4

DEUTSH TELEKOM 5.75% 10/01/2014

PROPRE

600 000.00

665 128.43

EUR

0.13

FR0010765354

AIR LIQUIDE 4.375% 03/06/15

PROPRE

3 000 000.00

3 341 551.64

EUR

0.64

FR0010456475

IMERYS 5% 18/04/17

PROPRE

2 000 000.00

2 311 886.85

EUR

0.44

DE000A1C9VP6

DAIMLER 3% 19/07/13

PROPRE

1 000 000.00

1 027 460.41

EUR

0.20

XS0647188605

AMADEUS CAP MARKET 4.875% 15/07/2016

PROPRE

4 000 000.00

4 462 264.66

EUR

0.86

XS0494501926

RCI BANQUE 3.375% 23/01/13

PROPRE

3 000 000.00

3 097 433.85

EUR

0.59

XS0611285064

FGA CAPITAL IRELAND 4% 28/03/2013

PROPRE

5 000 000.00

5 176 770.55

EUR

0.99

XS0767815599

GLENCORE FINANCE EUROPE 4.125% 03/04/2018

PROPRE

1 500 000.00

1 670 327.67

EUR

0.32

XS0602211202

RCI BANQUE 4% 16/03/16

PROPRE

3 000 000.00

3 285 927.53

EUR

0.63

FR0010612622

RTE EDF TRANSPORT 4.875% 06/05/2015

PROPRE

5 000 000.00

5 626 477.40

EUR

1.08

DE000A0TT2M2

DEUTSCHE TELEKOM INTERNATIONAL 5.75% 14/04/15

PROPRE

3 000 000.00

3 446 239.73

EUR

0.66

Total b

onds

185 902 511.75

35.67

O.P.C.V.M.

FR0010408559

SIPAREX MIDMARKET II

PROPRE

2 000.00

1 925 400.00

EUR

0.37

FR0010611293

ARTY

PROPRE

2 848.32

3 650 154.41

EUR

0.70

FR0007070883

ECHIQUIER VALUE

PROPRE

331.26

661 386.41

EUR

0.13



Code valeur

Libellé

valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

FR0011312826

ECHIQ

UIER HIG

H YIELD

PROPRE

12 500.00

1 315 750.00

EUR

0.25

FR0010106500

ECHIQ

UIER EXCELSIO

RPROPRE

255.11

3 773 103.96

EUR

0.72

FR0010839282

ECHIQ

UIER CT 3D PARTS DE CAPITALISATIO

N 3 DECIM

ALES

PROPRE

198 000.00

19 994 030.10

EUR

3.84

FR0010491803

ECHIQ

UIER O

BLIG

PROPRE

16 425.76

2 318 331.06

EUR

0.45

FR0010434696

ECHIQ

UIER JUNIO

RPROPRE

5 000.00

693 950.00

EUR

0.13

FR0011023910

PHILEAS L/S EUROPE I

PROPRE

64 229.85

6 847 544.82

EUR

1.31

Total O.P.C.V.M

.41 179 650.76

7.91

Total Securities

316 649 116.82

60.76

Cash

Others

Crediteur div EUR

PROPRE

-377 000.00

EUR

-0.07

Total Others

-377 000.00

-0.07

BANK OR W

AITING

Banque USD BPP

PROPRE

305 693.31

USD

0.06

Banque EUR BPP

PROPRE

7 991 784.86

EUR

1.53

Ach diff titres EUR

PROPRE

-535 032.72

EUR

-0.10

Ach diff op de capi

PROPRE

-486 740.24

EUR

-0.09

Sous recev EUR BPP

PROPRE

230 027.04

EUR

0.04

Vte diff titres EUR

PROPRE

1 310 066.72

EUR

0.25

Total BANK OR W

AITING

8 815 798.97

1.69

MANAGEMENT FEES

PrC

omGestFin

PROPRE

-288 376.75

EUR

-0.06

Total MANAGEMENT FEE

-288 376.75

-0.06

Total Cash

8 150 422.22

1.57

Negotiable debt

Interests precomptes.

FR0120245776

RCI 18/01/13

PROPRE

1 500 000.00

1 499 752.30

EUR

0.29

FR0121073698

ARCELOR FINANCE 0% 28/02/2013

PROPRE

4 000 000.00

3 997 513.38

EUR

0.77

FR0121075784

ILIAD 0% 28/02/2013

PROPRE

6 000 000.00

5 996 028.90

EUR

1.15

FR0121084414

ILIAD 07/03/13

PROPRE

5 000 000.00

4 996 081.37

EUR

0.96

XS0825853038

CONTINENTAL 05/03/13

PROPRE

10 000 000.00

9 984 742.34

EUR

1.92

FR0120946878

GECINA 11/03/2013

PROPRE

5 000 000.00

4 995 486.48

EUR

0.96

XS0831095137

TELEFONICA 14/03/13

PROPRE

4 000 000.00

3 996 921.91

EUR

0.77

XS0832973365

CONTINENTAL AG 0% 22/01/2013

PROPRE

3 000 000.00

2 998 480.64

EUR

0.58

FR0121152815

BOLLORE 0% 03/01/2013

PROPRE

5 000 000.00

4 999 877.46

EUR

0.96

FR0121092318

VICAT 10/01/2013

PROPRE

5 000 000.00

4 999 475.56

EUR

0.96

FR0121127726

FIM

ALAC 11/01/2013

PROPRE

3 000 000.00

2 999 546.46

EUR

0.58

XS0842164708

ENEL FINANCE INTERNATIO

NAL 08/01/13

PROPRE

5 000 000.00

4 999 660.02

EUR

0.96

FR0121128039

VICAT 18/01/13

PROPRE

6 000 000.00

5 998 876.90

EUR

1.15

FR0121168316

ERAMET 17/01/2013

PROPRE

3 000 000.00

2 999 347.48

EUR

0.58

IT0004863319

BOT 0% 14/01/2013

PROPRE

3 000 000.00

2 999 172.85

EUR

0.58

FR0121128286

FIM

ALAC 29/01/2013

PROPRE

3 000 000.00

2 998 753.37

EUR

0.58

FR0121207403

BOLLORE 02/05/13

PROPRE

3 000 000.00

2 995 250.63

EUR

0.58

BE6244617484

BARRY CALLEBAUT 27/02/2013

PROPRE

4 000 000.00

3 997 732.61

EUR

0.77

FR0121207734

ZODIAC AEROSPACE 0% 06/03/2013

PROPRE

11 000 000.00

10 991 420.34

EUR

2.11

FR0121241048

BONGRAIN 07/03/13

PROPRE

5 000 000.00

4 996 515.77

EUR

0.96

FR0121241915

UNICREDIT 08/05/2013

PROPRE

4 000 000.00

3 990 041.71

EUR

0.77

FR0121246344

ILIAD 15/02/2013

PROPRE

4 000 000.00

3 998 151.67

EUR

0.77



Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

BE6245807746

BARRY CALLEBAUT 20/02/13 0.42%

PROPRE

3 000 000.00

2 998 251.81

EUR

0.58

FR0121177754

PERNOD 22/02/13

PROPRE

4 000 000.00

3 998 123.78

EUR

0.77

FR0121259198

HAVAS 21/02/13

PROPRE

11 000 000.00

10 993 151.03

EUR

2.11

FR0121264065

ARCELOR 18/02/13

PROPRE

2 000 000.00

1 999 120.70

EUR

0.38

FR0121289476

FAURECIA 28/02/13

PROPRE

8 000 000.00

7 980 099.34

EUR

1.53

FR0121291332

BONGRAIN 01/03/2013

PROPRE

7 000 000.00

6 995 759.20

EUR

1.34

FR0121291613

BT BOLLORE 31/05/13

PROPRE

5 000 000.00

4 989 660.76

EUR

0.96

FR0121293403

ZODIAC AEROSPACE 04/03/2013

PROPRE

4 000 000.00

3 997 006.63

EUR

0.77

XS0861974482

ECP TELEFONICA 03/06/13

PROPRE

9 000 000.00

8 981 337.13

EUR

1.72

FR0121255006

FIM

ALAC 05/04/2013

PROPRE

4 000 000.00

3 993 973.08

EUR

0.77

FR0121295101

PERNOD RICARD FINANCE SA 04/02/2013

PROPRE

5 000 000.00

4 998 796.36

EUR

0.96

FR0121296752

FAURECIA 05/01/2013

PROPRE

4 000 000.00

3 997 593.03

EUR

0.77

FR0121297982

ERAMET 28/03/2013

PROPRE

3 000 000.00

2 996 711.37

EUR

0.58

FR0121255303

CASINO G

UICHARD 18/03/2013

PROPRE

7 000 000.00

6 996 603.08

EUR

1.34

FR0121321444

REXEL 11/04/13

PROPRE

5 000 000.00

4 990 570.39

EUR

0.96

FR0121340725

REXEL 08/02/2013

PROPRE

4 000 000.00

3 998 016.83

EUR

0.77

FR0121341236

AGACHE 27/03/13

PROPRE

6 000 000.00

5 995 399.53

EUR

1.15

FR0121304846

VIVENDI 21/03/2013

PROPRE

3 000 000.00

2 998 618.15

EUR

0.58

Tota

l In

tere

st p

recom

pte

s..

196 327 622.35

37.67

Tota

l N

egotiable

debt

196 327 622.35

37.67

Total ECHIQ

UIER PATRIM

OINE

521 127 161.39

100.00

echiquier patrimoine annual reporte

Documents

auditing annual accounts

annual accountswe

accounts regulation

past financial year

financial situation

theannual report

specific information

fund management company