axa rosenberg equity alpha trust

Transcription

AXA ROSENBERG EQUITY ALPHA TRUST
______________________________________________________________________________________
ÉTATS FINANCIERS
RELATIFS A L’EXERCICE CLÔTURE AU 31 MARS 2006
TABLE DES MATIÈRES
N° de page
Administration du fonds
3
Déclaration quant aux responsabilités du Gestionnaire
4
Rapport du gestionnaire de placements
5
Déclaration quant aux responsabilités du Dépositaire
10
Rapport du Dépositaire
11
Rapport des Commissaires aux comptes
13
Programme des investissements
15
États fondamentaux:
Bilan
Compte de résultats
État de l'évolution de l’actif net imputable aux détenteurs de parts rachetables
177
Commentaires aux états financiers
205
État de l'évolution du portefeuille (non audité)
237
Autres informations (non auditées)
257
Ratio de charges totales (non audité)
260
DIRECTION ET ADMINISTRATION
Société de gestion
Administrateurs du Gestionnaire
Dépositaire#
AXA Rosenberg Management Ireland
Limited
Guild House
Guild Street
International Financial Services Centre,
Dublin 1
Irlande
David Cooke*
Edward Lyman
Jennifer Paterson
David Shubotham**
William Wiebe
William Jump (démission le 13 avril
2005)
Rajiv Vyas (nommé le 13 avril 2005)
Martin Braund (nommé le 13 avril 2005)
Catherine Adibi (nommée le 30 novembre
2005)
State Street Custodial Services
(Ireland) Ltd
Guild House
Guild Street
International Financial Services
Centre,
Dublin 1
Irlande
Gestionnaire de placements
Agent administratif, des registres et des
transferts#
Promoteur de l'introduction en
Bourse
AXA Rosenberg Investment Management
Limited
9A Devonshire Square
London, EC2M 4YY
Royaume-Uni
State Street Fund Services (Ireland)
Limited
Guild House
Guild Street
International Financial Services Centre,
Dublin 1
Irlande
Gestionnaires de placements délégués
Conseillers juridiques du Fonds
Commissaires aux comptes
LLC
4 Orinda Way, Bldg E
Orinda, CA 94563
Etats-Unis
en matière de droit irlandais
William Fry
Solicitors
Fitzwilton House
Wilton Place
Dublin 2
Irlande
PricewaterhouseCoopers
Experts comptables et
commissaires aux comptes
agréés
George’s Quay
Dublin 2
Irlande
Limited (Japan)
NBF Platinum Tower 14F
1-17-3 Shirokane
Minato-ku
Tokyo 108-0072
Japon
J&E Davy
49 Dawson Street
Dublin 2
Irlande
en matière de droit anglais
Speechly Bircham
6 St. Andrew Street
London EC4A 3LX
Royaume-Uni
Asia Pacific Limited
22/F One Pacific Place, Tower 1
88 Queensway
Hong-kong
*
**
#
##
2006.
Administrateur irlandais
Administrateur irlandais non exécutif.
PFPC Trustee and Custodial Services Limited a agi en qualité de Dépositaire jusqu'au 30 avril 2006.
PFPC International Limited a agi en qualité d'Agent administratif, des registres et des transferts jusqu'au 30 avril
3
DECLARATION QUANT AUX RESPONSABILITES DU GESTIONNAIRE
AXA Rosenberg Management Ireland Limited (le “Gestionnaire”) est, en tant que Gestionnaire du Fonds AXA Rosenberg
Equity Alpha Trust, (the “Trust”), est responsable de l'élaboration des états financiers pour chaque exercice financier
conformément à la loi applicable en Irlande et aux pratiques comptables généralement acceptées dans ce pays, y compris les
normes comptables émises par le Comité des Normes Comptables (Accounting Standards Board) et publiées par
l'Association des Experts-Comptables d'Irlande (Institute of Chartered Accountants in Ireland).
•
•
•
Choisir des normes comptables adéquates et les appliquer scrupuleusement ;
Procéder à des évaluations et des estimations raisonnables et prudentes ;
Etablir les états financiers en appliquant le principe de continuité de l’exploitation, à moins qu’il ne soit inapproprié
de présumer que le Fonds poursuivra ses activités.
Le Gestionnaire est responsable de la tenue des livres comptables qui révèlent à tout moment, avec une précision raisonnable,
la situation financière du Fonds, et qui lui permettent de s’assurer que les états financiers sont établis conformément aux
pratiques comptables généralement acceptées en Irlande, à l’Acte de Fiducie, et aux règlements des Communautés
européennes de 2003 sur les Organismes de Placement Collectif de Valeurs Mobilières (les règlements de l'OPCVM).
Les mesures prises par le Gestionnaire pour s’assurer que la tenue des livres comptables respecte les obligations du Fonds
sont : l’utilisation de systèmes et de procédures appropriés et l’emploi de personnel compétent. Le Gestionnaire a nommé
State Street Fund Services (Ireland) Ltd afin de tenir correctement les livres comptables à partir du 30 avril 2006. Jusqu'au 30
avril 2006, le Gestionnaire avait nommé PFPC International Limited afin de tenir correctement les livres comptables. En
conséquence, les livres comptables sont conservés à l’adresse suivante : State Street Fund Services (Ireland) Ltd, Guild
House, Guild Street, IFSC, Dublin 1, Irlande. Le Gestionnaire est également responsable de la préservation des actifs du
Fonds. A ces fins, il a confié les actifs du Fonds à State Street Custodial Services (Ireland) Limited conformément à l’Acte de
Fiducie du 30 avril 2006. Avant cette date, le Gestionnaire avait confié les actifs du Fonds à PFPC Trustee and Custodial
Services Limited. Le Gestionnaire se doit de prendre les mesures nécessaires à la prévention et à la détection d’une
quelconque fraude et de toute autre irrégularité.
Le Gestionnaire est responsable de la tenue et de l'intégrité des informations d'entreprise et financières publiées sur le site
Web du Fonds. La législation de la République d'Irlande concernant la préparation et la diffusion des états financiers peut
différer de la législation en vigueur dans d'autres États.
4
Hong-kong
Rapport du gestionnaire de placements
London
New York
Rapport annuel au 31 mars 2006
San Francisco
Singapour
Analyse du marché
Sydney
¾
Plusieurs marchés mondiaux ont atteint des hauts pluriannuels : le MSCI World enregistre
une hausse de 18,6%, US +12%, Europe +21%, Japan +34%, Pacific Ex-Japan +22%
(rendements estimés en USD).
¾
Le dollar US a gagné 6% par rapport à l'euro et 10% par rapport au yen au cours de la
période sous revue.
¾
Les marchés ont été soutenus par une croissance mondiale persistante, une inflation
relativement faible (en dépit d'une hausse des prix des matières premières et de l'énergie)
et des taux d'intérêt réels faibles, entraînant des bénéfices importants pour les sociétés et
une activité F&A record. Toutefois, les taux d'intérêt sont maintenant globalement à la
hausse.
¾
La forte demande chinoise et indienne a entraîné une hausse importante du prix des
matières premières, qui atteignent des niveaux record. Le prix du pétrole a augmenté de
22% pour atteindre 64 USD le baril de brent fin mars.
¾
Les entreprises MSCI signant les meilleures performances se situent dans les secteurs
des matériaux, de l'énergie et des produits financiers. Les entreprises MSCI signant les
moins bonnes performances se situent dans le secteur des Articles de consommation
courante et facultatifs ainsi que dans celui des Télécoms (-2%), seul secteur industriel à
afficher des rendements négatifs.
¾
La volatilité trans-sectorielle (stock) est restée sensiblement inférieure à sa moyenne
historique à long terme. Cela résulte des erreurs de poursuite inférieures aux prévisions à
travers la majorité des Fonds au cours de la période sous revue.
Tokyo
Toronto
Analyse des performances – Résumé
¾
Fonds de forte capitalisation (Large Cap) :
o
L'Alpha US Equity s'établit à +42 points de base.
o
L'Alpha European Strategies s'inscrit dans une fourchette de +2,0% (Fonds UK) à
+2,5% (Fonds Eurobloc).
o
Les Alphas Pacific ex-Japan et All-Country Pacific ex-Japan enregistre une forte
baisse, respectivement de 7,5% et 7,7%.
o
L'Alpha Japan Fund s'inscrit en baisse de 4,0%
o
Les Alphas Global et Global ex-UK s'établissement respectivement à -0,1% et -1,4%,
entraînés par la sous-performance des Fonds Pacific ex-Japan et Japan.
AXA Rosenberg Investment Management Limited
9A Devonshire Square London EC2M 4YY
Tel : +44 (0) 20 789 6666 Fax : + 44 (0) 20 7895 6767
www.axarosenberg.com
Authorised and regulated by the Financial Services Authority. Registered in England No.2426077. Registered office 9A Devonshire Square London EC2M 4YY
5
¾
¾
Fonds de petites capitalisations (Small Cap)
o
L'Alpha European Strategies s'inscrit dans une fourchette de 1,6% (UK Small Cap) à
4,7% (Europe ex-UK Small Cap).
o
Les Alphas Pacific Ex-Japan et Japan Small Cap enregistrent des baisses respectives
de 4,0% et 1,6%.
o
L'Alpha Global Small Cap enregistre une légère baisse, également entraîné par la
faible performance des Fonds Pacific ex-Japan et Japan.
Politiques améliorées
o
Les politiques améliorées affichent des Alphas mitigés : le Fonds European Enhanced
est plat, le Fonds US Enhanced s'établit à -48 points de base et le Fonds Japan
Enhanced enregistre une baisse de 1,3% (depuis sa création en août 2005).
Processus d'investissement
Le processus d'investissement d'AXA Rosenberg se base sur une analyse approfondie des
données d'entreprise fondamentales. En combinant connaissances fondamentales et
technologie, AXA Rosenberg effectue une analyse approfondie du potentiel d'investissement
d'une entreprise. Nos systèmes analysent quelque 200 éléments du bilan et du compte de
résultats de 19.000 actions afin d'identifier les entreprises présentant le potentiel pour générer
des bénéfices futurs supérieurs à court terme et actuellement sous-évaluées par rapport à leurs
pairs. Le modèle de risque sélectionne la combinaison d'actions offrant le plus haut rendement
potentiel tout en comparant étroitement le profil de risque de l'indice de référence au niveau du
secteur, de la taille et d'autres facteurs de risque. Ce processus décisionnel rigoureux est
totalement objectif, et il est répété à maintes reprises afin d'éviter les distorsions et les
raccourcis intellectuels.
Les Fonds qui présentent des rendements actifs négatifs au cours de la période sous revue
sont examinés plus en détail :
¾
¾
Pacific Ex-Japan Equity Alpha Fund
o
Les performances boursières sont fortement concentrées dans les actions de matières
premières (australiennes); un environnement stimulant pour le processus
d'investissement du Gestionnaire.
o
La sélection d'actions restantes (Residual Stock Selection) est le principal facteur
négatif (-6,3%), en raison de l'exposition sous-pondérée/zéro dans de grandes actions
d'indices. À titre d'exemple, BHP Billiton (métaux), Woodside Petroleum (exploration
pétrolière) et Rinker Group (matériaux de construction) représentent à elles seules
40% de la contribution négative.
o
Le profil de risque est également négatif : la surpondération dans des actions à
rendements supérieurs et la sous-pondération en taille et bêta n'ont pas été
récompensées. La surpondération en Book-to-Price est le seul élément positif
significatif.
o
L'exposition industrielle est négative : les métaux sous-pondérés sont le principal
élément négatif. L'exposition par pays se révèle légèrement positive.
Pacific Ex-Japan Small Cap Fund
o
négatif (-10,3%). Parmi les principaux facteurs négatifs, citons l'exposition zéro à AWB
(agriculture) et Zinifex (métaux), qui ont tous deux sous-performé sévèrement.
Tel : +44 (0) 20 789 6666 Fax : + 44 (0) 20 7895 6767
6
¾
¾
o
Le profil de risque était positif : la surpondération en Book-to-Price et en
comportement différentiel (force relative du marché) a été fortement récompensée.
o
L'exposition industrielle est positive, la surpondération dans le pétrole offrant la
principale contribution.
Japan Equity Alpha Cap Fund
o
Les valeurs nipponnes sont devenues hautement spéculatives vers septembredécembre 2005 en réponse aux signaux marquant la fin de la déflation; Les
performances se sont concentrées sur les Large Cap, les valeurs bêta à fort potentiel
telles que Softbank (incubateur Internet). Cet environnement est stimulant pour le
processus d'investissement du Gestionnaire.
o
négatif (-4,6%). Citons à titre d'exemple la sous-pondération dans Softbank et
Mitsubishi UFJ Financial Group (secteur bancaire).
o
L'exposition industrielle est négative : la surpondération dans la distribution pétrolière
et le secteur bancaire figure parmi les éléments négatifs.
o
Le profil de risque est positif : la surpondération dans la variation des bénéfices a été
fortement récompensée.
Japan Small Cap Fund
o
négatif (-5,0%). Parmi les principaux facteurs négatifs, signalons l'exposition zéro à
Mitsubishi Gas Chemical, Ibiden (électronique) et Leopalace 21 (immobilier).
o
Le profil de risque est positif, en raison principalement de la surpondération dans la
variation des bénéfices.
o
L'exposition industrielle est positive, avec une surpondération dans l'industrie
métallurgique largement récompensée.
Tel : +44 (0) 20 789 6666 Fax : + 44 (0) 20 7895 6767
7
AXA Rosenberg Equity Alpha Trust
Résumé des performances - Catégorie A
March-06
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
3 ans
5 ans
Depuis la création
Création
2000/2001
2001/2002
2002/2003
2003/2004
2004/2005
2005/2006
Annualisé
Annualisé
Annualisé
Date
US Equity Alpha Fund ($)
S&P 500
Alpha
-17.71%
-21.11%
3.40%
7.62%
0.25%
7.37%
-20.97%
-24.76%
3.79%
30.01%
35.13%
-5.12%
8.44%
6.66%
1.78%
12.15%
11.73%
0.42%
16.50%
17.21%
-0.71%
6.10%
3.96%
2.14%
5.45%
1.73%
3.72%
30-Sep-99
UK Equity Alpha Fund (£)
FTSE All Share
Alpha
4.80%
-9.51%
14.31%
-1.72%
-3.16%
1.44%
-33.04%
-29.81%
-3.24%
33.53%
31.01%
2.52%
14.57%
15.56%
-0.99%
29.98%
28.02%
1.96%
25.75%
24.68%
1.07%
5.52%
5.67%
-0.15%
4.96%
4.20%
0.76%
30-Sep-99
Eurobloc Equity Alpha Fund (€)
MSCI EMU
Alpha
-13.30%
-18.31%
5.01%
-1.53%
-6.36%
4.84%
-42.77%
-43.26%
0.49%
40.15%
41.84%
-1.69%
14.59%
15.97%
-1.38%
35.49%
32.97%
2.52%
29.58%
29.81%
-0.23%
4.16%
3.05%
1.11%
5.85%
4.39%
1.46%
30-Sep-99
Europe Ex-UK Equity Alpha Fund (€)
MSCI Europe ex-UK
Alpha
-7.88%
-17.86%
9.98%
-7.61%
-4.90%
-2.71%
-39.62%
-42.03%
2.41%
41.34%
41.52%
-0.18%
14.67%
15.29%
-0.62%
36.63%
34.17%
2.46%
30.34%
29.84%
0.50%
4.32%
3.83%
0.49%
7.07%
4.82%
2.25%
30-Sep-99
Pan-European Equity Alpha Fund (€)
MSCI Europe
Alpha
-6.92%
-15.48%
8.56%
-4.11%
-3.69%
-0.42%
-38.56%
-40.47%
1.91%
38.43%
37.27%
1.16%
14.04%
14.30%
-0.26%
32.52%
30.18%
2.34%
27.89%
26.88%
1.01%
4.27%
3.21%
1.06%
5.42%
3.95%
1.47%
30-Sep-99
Japan Equity Alpha Fund (¥)
TOPIX
Alpha
-22.12%
-24.82%
2.70%
-16.89%
-14.47%
-2.41%
-21.02%
-26.34%
5.32%
46.61%
51.13%
-4.52%
5.96%
1.42%
4.54%
43.87%
47.84%
-3.97%
30.74%
31.35%
-0.61%
7.97%
7.38%
0.59%
2.54%
3.15%
-0.61%
30-Sep-99
-4.50%
-4.40%
-0.10%
21.05%
28.75%
-7.70%
Large Cap Funds
All-Country Asia Pacific Ex-Japan Equity Alpha Fund ($)
MSCI AC Asia Pacific ex-Japan
Alpha
28-Feb-05
Pacific Ex-Japan Equity Alpha Fund ($)
MSCI Pacific ex-Japan
Alpha
-12.45%
-20.63%
8.18%
10.16%
7.04%
3.12%
-8.30%
-9.02%
0.72%
54.64%
54.94%
-0.30%
20.59%
22.69%
-2.10%
14.20%
21.71%
-7.51%
28.66%
32.26%
-3.60%
16.56%
17.64%
-1.08%
10.43%
11.36%
-0.93%
30-Sep-99
Global Equity Alpha Fund ($)
MSCI World
Alpha
-19.05%
-24.14%
5.09%
-0.96%
-3.70%
2.74%
-21.51%
-23.99%
2.49%
41.78%
44.55%
-2.77%
12.46%
11.07%
1.39%
18.47%
18.60%
-0.13%
23.62%
23.95%
-0.33%
7.99%
6.87%
1.12%
5.06%
3.34%
1.72%
30-Sep-99
28.50%
29.88%
-1.38%
-
-
-
Global Ex-UK Equity Alpha Fund (£)
FTSE World ex-UK
Alpha
-
-
-
-
2.81%
1.01%
1.80%
Pan-European Enhanced Index Equity Alpha Fund (€)
MSCI Europe
Alpha
-
-
-
3.19%
3.78%
-0.59%
13.65%
14.30%
-0.65%
30.26%
30.19%
0.07%
-
-
21.66%
22.66%
-1.00%
07-Oct-03
US Enhanced Index Equity Alpha Fund ($)
S&P 500
Alpha
-
-
-
1.77%
1.70%
0.07%
7.41%
6.66%
0.75%
11.24%
11.72%
-0.48%
-
-
11.36%
11.23%
0.13%
07-Oct-03
Japan Enhanced Index Equity Alpha Fund (¥)
TOPIX
Alpha
-
-
-
-
-
35.65%
36.94%
-1.29%
-
-
-
25-Aug-05
12-Jan-05
Large Cap Enhanced Funds
* Pour les fonds émis après le 1er avril 2005, les rendements de l'exercice 2005-2006 expriment des rendements pour la période allant de la création du fonds jusqu'au 31 mars 2006.
8
AXA Rosenberg Equity Alpha Trust
Tableau des performances - Catégorie A
March-06
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
Exercice fiscal
3 ans
5 ans
Depuis la création
Création
2000/2001
2001/2002
2002/2003
2003/2004
2004/2005
2005/2006
Annualisé
Annualisé
Annualisé
Date
UK Small Cap Alpha Fund (£)
FTSE Small Cap ex Inv. Trusts
Alpha
23.28%
-11.70%
34.98%
12.82%
-9.32%
22.14%
-23.00%
-33.62%
10.61%
68.87%
64.00%
4.87%
8.37%
11.66%
-3.29%
25.02%
23.47%
1.55%
31.77%
31.25%
0.52%
14.73%
6.36%
8.37%
15.54%
6.67%
8.87%
30-Sep-99
Europe Ex-UK Small Cap Alpha Fund (€)
S&P/Citigroup EMI Europe ex-UK
Alpha
-6.67%
-7.38%
0.71%
-3.86%
-3.00%
-0.86%
-28.61%
-27.04%
-1.57%
55.26%
51.43%
3.83%
21.57%
22.50%
-0.93%
48.35%
43.66%
4.69%
40.95%
38.64%
2.31%
13.96%
13.53%
0.43%
13.97%
11.80%
2.17%
30-Sep-99
Pan-European Small Cap Alpha Fund (€)
S&P/Citigroup EMI Europe
Alpha
0.78%
-8.01%
8.79%
-4.72%
-2.68%
-2.04%
-29.79%
-29.31%
-0.48%
58.15%
55.96%
2.19%
18.93%
19.47%
-0.54%
43.09%
40.47%
2.62%
39.10%
37.81%
1.29%
12.48%
12.47%
0.01%
13.87%
11.16%
2.71%
30-Sep-99
Japan Small Cap Alpha Fund (¥)
S&P/Citigroup EMI Japan
Alpha
-7.75%
-6.92%
-0.83%
-3.83%
-7.56%
3.73%
-4.31%
-10.63%
6.32%
70.63%
80.61%
-9.98%
18.63%
14.68%
3.95%
45.31%
46.87%
-1.56%
43.28%
44.89%
-1.61%
22.04%
20.24%
1.80%
12.66%
12.92%
-0.26%
30-Sep-99
Pacific Ex-Japan Small Cap Alpha Fund ($)
S&P/Citigroup EMI Pacific ex-Japan
Alpha
-6.87%
-11.98%
5.11%
33.33%
16.26%
17.08%
0.35%
0.27%
0.08%
77.67%
73.75%
3.92%
37.21%
30.48%
6.73%
32.14%
36.09%
-3.95%
47.69%
45.58%
2.11%
33.94%
29.17%
4.77%
22.47%
19.74%
2.73%
30-Sep-99
Global Small Cap Alpha Fund ($)
S&P/Citigroup EMI Global
Alpha
-4.29%
-14.34%
10.05%
7.13%
3.27%
3.86%
-11.18%
-15.50%
4.32%
66.38%
72.65%
-6.27%
17.90%
15.39%
2.51%
28.16%
28.29%
-0.13%
35.97%
36.72%
-0.75%
19.06%
17.40%
1.66%
15.94%
12.71%
3.23%
30-Sep-99
Small Cap Funds
Pour plus d'informations, veuillez consulter le site www.axarosenbergequityalpha.com
Toutes les données mentionnées se rapportent à des compartiments du Fonds AXA Rosenberg Equity Alpha Trust. Le Fonds est organisé sous la forme d'une société d'investissement à capital variable (SICAV) et est autorisé par l'Irish Financial Services Regulatory Authority
(Autorité de surveillance irlandaise des services financiers) comme un organisme de placement collectif en valeurs mobilières en vertu des directives 85/611/CEE et 88/220/CEE.
Les performances du fonds apparaissent hors commission et sont calculées sur une base VNI-VNI. Si un fonds n'est pas coté en raison des vacances du marché, la dernière date opérationnelle du fonds et la VNI sont utilisées.
Les statistiques de performance du fonds et l'indice de référence apparaissent dans la devise de base du fonds tel qu'indiqué.
Source des données: Les montants des indices de référence sont obtenus auprès du fournisseur d'indices de référence pertinent. Les VNI sont calculées par le gestionnaire du fonds.
Avant le 1er juin 2004, l'indice de référence de l'UK Small Cap était l'indice FTSE Small Cap. Avant le 1er octobre 2004, les indices de référence des Small Cap Funds, à l'exception des UK Small cap, étaient les indices Nomura Global Small Cap.
Ce document est uniquement à titre informatif et ne constitue pas une offre d'achat, de vente ou de souscription à des instruments financiers, ni une offre de vente de fonds d'investissement ou une offre de services financiers, et il ne doit pas servir de base à une décision
d'investissement. Ce document est publié et approuvé par AXA Rosenberg Investment Management Ltd 9A Devonshire Square, London EC2M 4YY. AXA Rosenberg Investment Management Ltd est autorisé et réglementé par l'Autorité de réglementation des services
financiers du Royaume-Uni (Financial Services Authority UK). Les performances passées ne constituent pas nécessairement un guide pour l'avenir. La valeur des investissements peut être revue à la hausse comme à la baisse, et les fluctuations de change peuvent influencer
9
DECLARATION QUANT AUX RESPONSABILITES DU DEPOSITAIRE
Conformément au Règlement 2003 de l’Union européenne (sur les Organismes de Placement Collectif en Valeurs
Mobilières) tels qu'amendés (le “Règlement”), le Dépositaire est tenu d'assurer, entre autres :
-
qu'il assure la responsabilité de la conservation des actifs du Fonds conformément au Règlement
-
qu'il met tout en oeuvre pour que le Fonds soit géré par le Gestionnaire conformément à l'Acte de fiducie et au
Règlement
-
qu'il s'enquiert de la gestion du Fonds lors de chaque exercice comptable et qu'il en informe les détenteurs dans un
rapport qui doit comporter les matières prescrites par le Règlement.
10
RAPPORT DU DEPOSITAIRE AUX DETENTEURS DE PARTS DU FONDS AXA ROSENBERG EQUITY
ALPHA TRUST
En notre qualité de Dépositaire du Fonds, nous nous sommes informés de la gestion du Fonds pour la période allant du 1er
avril 2005 au 30 décembre 2005.
Selon nous, et à tous égards importants, le Fonds a été géré au cours de cette période,
a)
conformément aux restrictions imposées aux capacités de placements et d’emprunt du Fonds en application de l’Acte de
Fiducie et du Règlement des Communautés européennes de 2003 (relatifs aux Organismes de Placement Collectif en
Valeurs Mobilières) et
b) en application de l’Acte de Fiducie et du Règlement des Communautés européennes de 2003 (sur les Organismes de
Placement Collectif en Valeurs Mobilières).
Veuillez agréer nos salutations distinguées.
Kevin O’ Doherty.
Administrateur
Pour le compte de
PFPC Trustee & Custodial Services Limited
Compartiments :
AXA Rosenberg Eurobloc Equity Alpha Fund
AXA Rosenberg Europe Ex-UK Equity Alpha Fund
AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund
AXA Rosenberg Global Equity Alpha Fund
AXA Rosenberg Global Small Cap Alpha Fund
AXA Rosenberg Japan Equity Alpha Fund
AXA Rosenberg Japan Small Cap Alpha Fund
AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund
AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund
AXA Rosenberg Pan-European Equity Alpha Fund
AXA Rosenberg Pan-European Small Cap Alpha Fund
AXA Rosenberg UK Equity Alpha Fund
AXA Rosenberg UK Small Cap Alpha Fund
AXA Rosenberg US Equity Alpha Fund
AXA Rosenberg US Enhanced Index Equity Alpha Fund
AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund
AXA Rosenberg Global Ex-UK Equity Alpha Fund
AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund
AXA Rosenberg Japan Enhanced Index Equity Alpha Fund
AXA Rosenberg Eurobloc Enhanced Index Equity Alpha Fund
11
RAPPORT DU DEPOSITAIRE AUX DETENTEURS DE PARTS DU FONDS AXA ROSENBERG EQUITY
ALPHA TRUST
En notre qualité de Dépositaire du Fonds, nous nous sommes informés de la gestion du Fonds pour la période allant du 31
décembre 2005 au 31 mars 2006.
Selon nous, et à tous égards importants, le Fonds a été géré au cours de cette période,
c)
conformément aux restrictions imposées aux capacités de placements et d’emprunt du Fonds en application de l’Acte de
Fiducie et du Règlement des Communautés européennes de 2003 (relatifs aux Organismes de Placement Collectif en
Valeurs Mobilières) tel qu'amendé, et
d) en application de l’Acte de Fiducie et du Règlement des Communautés européennes de 2003 (sur les Organismes de
Placement Collectif en Valeurs Mobilières), tel qu'amendé.
Veuillez agréer nos salutations distinguées.
Kevin O’ Doherty.
Administrateur
Pour le compte de
PFPC Trustee & Custodial Services Limited
Compartiments :
AXA Rosenberg Eurobloc Enhanced Index Equity Alpha Fun
12
Rapport du commissaire aux comptes aux détenteurs de parts du Fonds AXA Rosenberg Equity Alpha Trust (le
“Fonds”)
Nous avons vérifié les états financiers du Fonds pour l'exercice clôturé le 31 mars 2006, qui incluent le bilan, le compte de
résultats, l’état de l’évolution de l’actif net imputable aux détenteurs de parts rachetables, le programme des investissements
et les commentaires afférents. Ces états financiers ont été préparés suivant les règles comptables qui y sont énoncées.
Responsabilités incombant respectivement au Gestionnaire et aux commissaires aux comptes.
Les responsabilités du Gestionnaire dans l'élaboration du rapport annuel et des états financiers conformément à la loi
applicable en Irlande et aux normes comptables émises par le Comité des Normes Comptables (Accounting Standards Board)
et publiées par l'Association des Experts-Comptables d'Irlande (Institute of Chartered Accountants in Ireland) (Normes
comptables généralement acceptées en Irlande) sont définies dans la Déclaration quant aux responsabilités du Gestionnaire.
Notre responsabilité consiste à vérifier les états financiers conformément aux prescriptions légales et réglementaires et aux
normes de vérification internationales (Royaume-Uni et Irlande). Ce rapport, et l’opinion qu’il comporte, ont été établis pour
les détenteurs de parts du “Fonds” en tant que collège, et dans nul autre but. L’opinion que nous émettons n’implique
nullement que nous acceptons ou assumons une responsabilité dans un autre but ni pour une personne à qui ce rapport est
présenté ou dans les mains de qui il peut se trouver, sauf si cela est expressément convenu par un accord préalable écrit.
Notre rapport doit établir si les états financiers donnent une image fidèle de la situation financière du fonds, conformément
aux pratiques comptables généralement acceptées en Irlande, et s’ils sont établis conformément à la législation irlandaise, y
compris le Règlement des Communautés européennes de 2003 (sur les Organismes de Placement Collectif en Valeurs
Mobilières). Nous faisons état de toutes les informations et explications requises en vue de la vérification des comptes et de
la concordance des états financiers et des livres comptables. Notre opinion concerne également la qualité de la tenue des
livres comptables par le Gestionnaire du Fonds.
Nous avons pris connaissance des autres informations contenues dans le rapport annuel, et évaluons leur cohérence avec les
états financiers vérifiés. Nous tenons compte de leurs implications pour notre rapport si nous découvrons des inexactitudes
manifestes ou des incohérences substantielles par rapport aux états financiers. Nos responsabilités ne s'étendent à aucune
autre information.
Critères de l’attestation d’audit
Nous avons effectué nos travaux de vérification conformément aux normes de vérification internationales (Royaume-Uni et
Irlande) émanant de la Commission des pratiques de vérification. Ces travaux de vérification comprennent l’examen par
sondage des justificatifs des montants et informations figurant dans les états financiers. Ils incluent également une évaluation
des estimations et des avis importants émis par le Gestionnaire lors de la préparation de ces états financiers, et quant au
caractère adéquat des règles comptables en ce qui concerne la situation du “Fonds”, à la constance de leur application et au
caractère adéquat de leur publication.
Nous avons planifié et effectué nos travaux de vérification de manière à obtenir toutes les informations et explications
requises nous permettant de donner une garantie raisonnable que ces états financiers ne contiennent pas d’inexactitudes
substantielles, de nature intentionnelle ou non, ou toute autre irrégularité ou erreur. Afin de pouvoir nous prononcer sur les
états financiers, nous avons également évalué l’adéquation de la présentation des informations dans les états financiers.
13
Rapport du commissaire aux comptes aux détenteurs de parts du Fonds AXA Rosenberg Equity Alpha Trust (le
“Fonds”) – suite
Opinion
Selon nous, les états financiers
•
•
donnent une image fidèle, conformément aux pratiques comptables généralement acceptées en Irlande, de l'état du
Fonds au 31 mars 2006 et de ses résultats pour l'exercice clôturé; et
ont été préparés en application du Règlement des Communautés européennes de 2003 (sur les Organismes de
Placement Collectif en Valeurs Mobilières).
Nous avons obtenu toutes les informations et explications jugées nécessaires pour cette vérification. Selon nous, le
Gestionnaire du Fonds a tenu correctement les livres comptables. Les états financiers du Fonds concordent avec les livres
comptables.
PricewaterhouseCoopers
Experts comptables et commissaires aux comptes agréés
Dublin
21 juin 2006
1. La responsabilité de la tenue et de l'intégrité du site Web du Fonds AXA Rosenberg Equity Alpha Trust incombe au
Gestionnaire. Les travaux des commissaires aux comptes ne prennent pas en compte ces questions et, par conséquent, les
commissaires aux comptes déclinent toute responsabilité pour tout changement ayant pu survenir dans les états financiers
depuis leur publication initiale sur le site Web.
2. La législation irlandaise sur la préparation et la diffusion des états financiers peut différer de la législation en vigueur dans
d'autres États.
14
AXA ROSENBERG US EQUITY ALPHA FUND
Planning des investissements au 31 mars 2006
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
138,110
44,568
14,980
153,869
66,110
30,838
136,290
3,800
42,400
13,780
2,864
8,449,570
1,809,461
928,460
9,196,750
5,602,823
3,231,514
10,975,434
356,896
3,581,952
781,739
248,166
45,162,765
0.38%
0.08%
0.04%
0.41%
0.25%
0.14%
0.49%
0.02%
0.16%
0.04%
0.01%
2.02%
Télécommunications
AT&T Inc
Cisco Systems Inc
Expedia Inc
Google Inc
Harris Corp
Motorola Inc
News Corp
NII Holdings Inc
Qualcomm Inc
Time Warner Inc
2,253,321
92,131
31,943
104,509
118,498
186,722
3,170
164,670
438,984
438,538
60,929,800
1,996,479
647,485
40,758,510
5,603,770
4,277,801
55,665
9,710,590
22,216,980
7,363,053
153,560,133
2.71%
0.09%
0.03%
1.81%
0.25%
0.19%
0.00%
0.43%
0.99%
0.33%
6.83%
Consommation, Cyclique
AMR Corp
AnnTaylor Stores Corp
Autonation Inc
Beazer Homes USA Inc
Chico's FAS Inc
Claire's Stores Inc
Coach Inc
CVS Corp
Darden Restaurants Inc
Home Depot Inc
JC Penney Co Inc
KB Home
Lennar Corp
Lowe's Cos Inc
Mattel Inc
McDonald's Corp
Nordstrom Inc
Oshkosh Truck Corp
Paccar Inc
Polo Ralph Lauren Corp
Pulte Homes Inc
Steelcase Inc
Thor Industries Inc
325
37,582
223,194
64,300
96,774
72,130
592,300
973,191
184,711
1,478,390
95,596
94,321
159,844
806,404
110,470
406,480
279,456
2,600
239,951
83,094
216
60,660
37,238
8,791
1,382,642
4,809,831
4,224,510
3,932,895
2,619,040
20,481,734
29,069,215
7,578,692
62,535,897
5,774,954
6,128,979
9,651,381
51,964,674
2,002,821
13,966,653
10,949,086
161,824
16,911,746
5,036,327
8,299
1,091,880
1,987,020
0.00%
0.06%
0.21%
0.19%
0.18%
0.12%
0.91%
1.29%
0.34%
2.78%
0.26%
0.27%
0.43%
2.31%
0.09%
0.62%
0.49%
0.01%
0.75%
0.22%
0.00%
0.05%
0.09%
Actifs Financiers portés à juste valeur avec variation au compte de résulta
Actions
Matériaux de base
Allegheny Technologies Inc
Dow Chemical Co/The
FMC Corp
Freeport-McMoRan Copper & Gold Inc
Monsanto Co
Nucor Corp
Phelps Dodge Corp
Reliance Steel & Aluminum Co
Southern Copper Corp
Steel Dynamics Inc
Vulcan Materials Co
15
Les notes jointes font partie intégrante des présents états financiers
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
128,860
38,401
35,730
47,100
101,600
7,332,134
2,383,166
2,429,997
4,308,237
7,655,560
286,387,985
0.33%
0.11%
0.11%
0.19%
0.34%
12.75%
Consommation, Non-Cyclique
Aetna Inc
Allergan Inc
Altria Group Inc
Archer-Daniels-Midland Co
Barr Pharmaceuticals Inc
Becton Dickinson & Co
Bristol-Myers Squibb Co
Cendant Corp
Coventry Health Care Inc
Edwards Lifesciences Corp
Endo Pharmaceuticals Holdings Inc
Express Scripts Inc
General Mills Inc
Gilead Sciences Inc
Health Net Inc
Johnson & Johnson
Kraft Foods Inc
Merck & Co Inc
Moody's Corp
Omnicare Inc
Pediatrix Medical Group Inc
Pepsi Bottling Group Inc
PepsiAmericas Inc
Pfizer Inc
Procter & Gamble Co
Seaboard Corp
UnitedHealth Group Inc
Varian Medical Systems Inc
Wyeth
296,272
2,476
549,070
621,670
13,279
348,052
2,029,807
1,248,658
93,459
4
60,000
118,744
261,222
357,983
140,392
191,679
302,298
31,960
331,907
21,050
7,450
206,648
21,507
389,886
173,600
320
960,761
56,210
211,976
14,558,806
268,646
38,907,100
20,919,196
836,311
21,433,042
49,953,550
21,664,216
5,044,917
174
1,968,600
10,437,598
13,238,731
22,273,702
7,134,721
11,351,230
9,162,652
1,125,951
23,718,074
1,157,540
764,668
6,280,033
525,846
9,715,959
10,002,832
510,080
53,668,109
3,156,754
10,285,076
370,064,114
0.65%
0.01%
1.73%
0.93%
0.04%
0.95%
2.22%
0.96%
0.22%
0.00%
0.09%
0.47%
0.59%
0.99%
0.32%
0.51%
0.41%
0.05%
1.06%
0.05%
0.03%
0.28%
0.02%
0.43%
0.45%
0.02%
2.39%
0.14%
0.46%
16.47%
Énergie
Anadarko Petroleum Corp
Apache Corp
Chevron Corp
Cimarex Énergie Co
ConocoPhillips
Devon Énergie Corp
Diamond Offshore Drilling Inc
ENSCO International Inc
Exxon Mobil Corp
Frontier Oil Corp
Grant Prideco Inc
Marathon Oil Corp
98,193
34,340
911,837
38,019
990,660
532
49,090
185,893
1,525,900
17,270
756
83,322
9,918,475
2,249,613
52,859,191
1,644,702
62,560,179
32,542
4,393,555
9,564,195
92,866,274
1,024,975
32,387
6,346,637
0.44%
0.10%
2.35%
0.07%
2.78%
0.00%
0.20%
0.43%
4.13%
0.05%
0.00%
0.28%
Actions
Consommation, Cyclique (suite)
VF Corp
Wendy's International Inc
WESCO International Inc
Whirlpool Corp
WW Grainger Inc
16
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
47,960
336,085
13,974
182,681
76,660
399,517
600
290
161,470
44,859
2,541,400
31,138,275
978,879
8,030,657
4,233,932
32,081,215
37,386
16,168
9,652,677
1,954,507
334,157,821
0.11%
1.39%
0.04%
0.36%
0.19%
1.43%
0.00%
0.00%
0.43%
0.09%
14.87%
403,800
29,594
92,900
845,600
104,500
10,600
61,990
45,776
600
1,786,269
1,228,106
95,030
6,150
10,800
611,939
35,208
26,055
460
839,120
20,200
4,600
77,331
211,410
772,778
119,920
87,390
323,575
23,104
1,110
20,173
17,980
33,970
10,090
10,080
252,030
1,164,107
21,001,638
3,155,016
4,631,994
44,064,216
6,906,405
1,188,048
2,573,205
2,643,106
29,550
81,346,690
58,015,727
3,025,755
308,300
626,076
22,458,161
1,250,940
4,089,593
5,400
34,940,957
743,360
576,518
11,176,649
21,394,692
60,863,995
7,990,270
5,489,840
7,060,407
1,555,130
55,211
1,215,423
823,844
1,606,441
576,139
259,358
5,161,574
65,248,197
484,057,825
0.94%
0.14%
0.21%
1.96%
0.31%
0.05%
0.11%
0.12%
0.00%
3.62%
2.58%
0.13%
0.01%
0.03%
1.00%
0.06%
0.18%
0.00%
1.56%
0.03%
0.03%
0.50%
0.95%
2.71%
0.36%
0.24%
0.31%
0.07%
0.00%
0.05%
0.04%
0.07%
0.03%
0.01%
0.23%
2.90%
21.54%
Actions
Énergie (suite)
Maverick Tube Corp
Occidental Petroleum Corp
Questar Corp
Rowan Cos Inc
Tidewater Inc
Transocean Inc
Ultra Petroleum Corp
Unit Corp
Valero Énergie Corp
XTO Énergie Inc
Finance
ACE Ltd
Affiliated Managers Group
AG Edwards Inc
Allstate Corp/The
American International Group Inc
American National Insurance
AON Corp
Arch Capital Group Ltd
Assurant Inc
Bank of America Corp
Citigroup Inc
CNA Finance Corp
Colonial Properties Trust
Comerica Inc
Countrywide Finance Corp
Fidelity National Finance Inc
Goldman Sachs Group Inc
HRPT Properties Trust
JPMorgan Chase & Co
Keycorp
Legg Mason Inc
Lehman Brothers Holdings Inc
Loews Corp
Merrill Lynch & Co Inc
MGIC Investment Corp
Morgan Stanley
Old Republic International Corp
PNC Finance Services Group Inc
Protective Life Corp
Radian Group Inc
Reckson Associates Realty Corp
Reinsurance Group of America Inc
Torchmark Corp
Trizec Properties Inc
UnumProvident Corp
Wachovia Corp
17
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Industrie
Agilent Technologies Inc
Armor Holdings Inc
Arrow Electronics Inc
Avnet Inc
Boeing Co
Burlington Northern Santa Fe Corp
Caterpillar Inc
Commercial Metals Co
Crane Co
Cummins Inc
Eagle Materials Inc
FedEx Corp
General Dynamics Corp
General Electric Co
JLG Industries Inc
Kennametal Inc
Lennox International Inc
Martin Marietta Materials Inc
PerkinElmer Inc
Precision Castparts Corp
Raytheon Co
Rockwell Collins Inc
Teleflex Inc
Thermo Electron Corp
Thomas & Betts Corp
Timken Co
Trinity Industries Inc
Tyco International Ltd
Union Pacific Corp
United Technologies Corp
200,070
1,940
85,580
175,634
31,706
500,080
410,107
20,791
29,715
74,541
81,120
18,590
174,660
1,468,400
11,480
4,100
40,740
2,240
141,100
36
574,820
40,281
45,390
81,360
68,908
21
44,420
601,360
110,291
372,178
7,512,629
113,083
2,761,667
4,457,591
2,470,849
41,671,666
29,449,784
1,112,111
1,218,612
7,834,259
5,172,211
2,099,555
11,174,747
51,070,952
353,469
250,674
1,216,496
239,747
3,311,617
2,138
26,349,749
2,269,834
3,251,286
3,017,642
3,540,493
678
2,416,004
16,164,557
10,295,665
21,575,159
262,374,924
0.33%
0.01%
0.12%
0.20%
0.11%
1.86%
1.31%
0.05%
0.05%
0.35%
0.23%
0.09%
0.50%
2.27%
0.02%
0.01%
0.05%
0.01%
0.15%
0.00%
1.17%
0.10%
0.15%
0.13%
0.16%
0.00%
0.11%
0.72%
0.46%
0.96%
11.68%
Technologie
Apple Computer Inc
Autodesk Inc
BMC Software Inc
Broadcom Corp
Cognizant Technologie Solutions Corp
Computer Sciences Corp
Freescale Semiconductor Inc
Hewlett-Packard Co
International Business Machines Corp
LSI Logic Corp
Marvell Technologie Group Ltd
MEMC Electronic Materials Inc
Micron Technologie Inc
Microsoft Corp
National Semiconductor Corp
679,449
8,263
348,330
267,809
153,976
254,023
425,108
1,720,881
15,400
344,180
64,679
150,840
540,529
729,954
21,300
42,615,041
318,291
7,544,828
11,558,636
9,160,032
14,110,978
11,822,253
56,616,985
1,270,038
3,978,721
3,499,134
5,569,013
7,956,587
19,862,048
592,992
1.90%
0.01%
0.33%
0.51%
0.41%
0.63%
0.53%
2.52%
0.06%
0.18%
0.16%
0.25%
0.35%
0.88%
0.03%
Actions
18
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Technologie (suite)
Seagate Technologie
Sybase Inc
Texas Instruments Inc
Western Digital Corp
445,618
84,540
473,610
101,309
11,733,122
1,785,485
15,378,117
1,968,434
227,340,735
0.52%
0.08%
0.68%
0.09%
10.12%
Services Publics
Alliant Énergie Corp
Consolidated Edison Inc
DTE Énergie Co
Edison International
FPL Group Inc
PG&E Corp
Sempra Énergie
TXU Corp
Westar Énergie Inc
Xcel Énergie Inc
59,177
318,110
203,444
16,530
1,170
372,899
56,220
196,500
19,850
208,026
1,862,300
13,837,785
8,156,070
680,705
46,964
14,505,771
2,611,981
8,795,340
413,079
3,775,672
54,685,667
0.08%
0.61%
0.36%
0.03%
0.00%
0.65%
0.12%
0.39%
0.02%
0.17%
2.43%
Date Transaction
8 August 2006
Gain/(profit)
non réalisé US$
1,941,802
% de
l'Actif Net
0.09%
8 August 2006
(341,394)
(0.02)%
Actions
Contrat de change à terme
Contrepartie
Citibank
Devise Vendue
$ 207,029,506
€25,431,000
Devise Achetée
€ 171,144,753
$30,737,445
Appréciation nette non réalisée sur les Contrat de change à terme
1,600,408
Total Actifs Financiers portés à juste valeur avec variation au compte de résultat
0.07%
2,219,392,377
98.78%
Cash en banque
12,057,342
0.54%
Autre Actif Net
15,251,597
0.68%
2,246,701,316
100.00%
Actif Net attribuable aux détenteurs d'actions convertibles
Analyse de l'actif total
Valeurs mobilières admises sur une bourse officielle ou négociées sur un
marché réglementé
Instruments financiers dérivés de gré à gré
Actif à court terme
Actif Total
19
% de l'Actif Total
96.88%
0.07%
3.05%
100.00%
AXA ROSENBERG US ENHANCED INDEX EQUITY ALPHA FUND
Actifs financiers portés à juste valeur avec variation au compte de résultat
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
800
5,000
1,710
2,000
5,700
4,900
3,700
2,900
1,400
2,600
2,860
3,880
900
1,960
379
1,400
53,752
152,800
104,618
142,160
231,420
206,829
221,149
100,253
118,650
134,914
299,699
312,456
57,015
108,094
6,441
101,402
2,351,652
0.07%
0.19%
0.13%
0.17%
0.28%
0.25%
0.27%
0.12%
0.15%
0.17%
0.37%
0.38%
0.07%
0.13%
0.01%
0.12%
2.89%
1,900
1,700
45,272
10,700
900
32,700
2,200
11,600
23,030
6,900
1,500
2,000
13,300
700
10,230
10,100
16,050
6,200
25,200
15,500
10,200
7,500
123,025
62,067
1,224,155
370,755
35,208
708,609
63,822
303,456
619,737
269,514
89,880
115,240
304,703
58,275
517,740
68,680
414,732
104,346
423,108
527,930
284,478
241,950
6,931,410
0.15%
0.08%
1.51%
0.46%
0.04%
0.87%
0.08%
0.37%
0.75%
0.33%
0.11%
0.14%
0.36%
0.07%
0.64%
0.08%
0.51%
0.13%
0.52%
0.65%
0.35%
0.30%
8.51%
5,340
1,300
4,800
1,820
2,600
5,100
7,800
115,077
49,920
268,464
25,407
123,162
124,848
269,724
0.14%
0.06%
0.33%
0.03%
0.15%
0.15%
0.33%
Actions
Matériaux de base
Air Products & Chemicals Inc
Alcoa Inc
Ashland Inc
Dow Chemical Co/The
EI Du Pont de Nemours & Co
International Paper Co
Monsanto Co
Newmont Mining Corp
Nucor Corp
Phelps Dodge Corp
PPG Industries Inc
Praxair Inc
Tronox Inc
Weyerhaeuser Co
Alltel Corp
Amazon.Com Inc
AT&T Inc
BellSouth Corp
CenturyTel Inc
Cisco Systems Inc
Clear Channel Télécommunications Inc
Comcast Corp
Corning Inc
eBay Inc
Gannett Co Inc
McGraw-Hill Cos Inc/The
Motorola Inc
Omnicom Group Inc
Qualcomm Inc
Qwest Télécommunications International Inc
Sprint Nextel Corp
Symantec Corp
Time Warner Inc
Verizon Télécommunications Inc
Walt Disney Co
Yahoo! Inc
Autonation Inc
Bed Bath & Beyond Inc
Best Buy Co Inc
Big Lots Inc
Carnival Corp
Circuit City Stores Inc
Coach Inc
20
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Costco Wholesale Corp
CVS Corp
Dillard's Inc
Federated Department Stores Inc
Ford Motor Company
Gap Inc/The
General Motors Corp
Harley-Davidson Inc
Harrah's Entertainment Inc
Hasbro Inc
Home Depot Inc
International Game Technologie
JC Penney Co Inc
Johnson Controls Inc
KB Home
Kohl's Corp
Lennar Corp
Liz Claiborne Inc
Lowe's Cos Inc
Mattel Inc
McDonald's Corp
Nike Inc
Nordstrom Inc
Office Depot Inc
Paccar Inc
Sabre Holdings Corp
Sears Holdings Corp
Southwest Airlines Co
Staples Inc
Starbucks Corp
Starwood Hotels & Resorts Worldwide Inc
Target Corp
TJX Cos Inc
VF Corp
Walgreen Co
Wal-Mart Stores Inc
WW Grainger Inc
Yum! Brands Inc
2,800
14,090
100
3,300
1,400
10,800
4,100
3,800
1,900
1,260
4,900
19,400
1,400
4,600
1,006
200
1,400
3,080
2,700
9,980
3,340
6,700
1,290
5,300
1,700
3,000
4,600
600
3,300
10,900
4,600
1,200
5,300
1,900
2,300
5,800
13,300
1,700
2,240
151,648
420,868
4,103
85,932
102,200
85,968
76,588
80,826
98,572
98,230
103,390
820,620
49,308
277,886
76,386
12,996
74,214
185,970
110,646
643,111
60,554
230,212
109,779
207,654
63,308
211,440
108,238
79,344
59,367
278,168
173,144
81,276
275,653
47,158
130,870
250,154
628,292
128,095
109,446
7,768,216
0.19%
0.52%
0.01%
0.11%
0.13%
0.11%
0.09%
0.10%
0.12%
0.12%
0.13%
1.01%
0.06%
0.34%
0.09%
0.02%
0.09%
0.23%
0.14%
0.79%
0.07%
0.28%
0.14%
0.26%
0.08%
0.26%
0.13%
0.10%
0.06%
0.34%
0.21%
0.10%
0.34%
0.06%
0.16%
0.31%
0.77%
0.16%
0.13%
9.55%
Abbott Laboratories
Aetna Inc
Allergan Inc
Altria Group Inc
AmerisourceBergen Corp
Amgen Inc
Anheuser-Busch Cos Inc
Avon Products Inc
Baxter International Inc
8,300
10,000
700
16,100
320
6,700
4,300
10,200
2,700
3,200
352,501
491,400
75,950
1,140,846
15,446
487,425
183,911
343,230
84,159
124,192
0.43%
0.60%
0.09%
1.40%
0.02%
0.60%
0.23%
0.42%
0.10%
0.15%
Actions
21
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
5,200
2,000
3,600
13,630
2,190
2,370
19,852
11,000
3,000
1,800
5,400
100
6,000
3,300
1,300
1,100
4,960
1,800
7,463
1,100
2,500
1,300
1,200
16,100
1,400
2,900
2,600
3,100
1,800
1,300
6,400
11,600
4,700
1,300
4,300
8,800
39,200
17,800
2,400
5,200
8,000
1,400
1,800
3,600
10,430
3,500
800
9,200
1,300
320,216
94,200
82,980
335,434
163,199
116,557
344,432
460,570
171,300
38,628
98,334
5,398
331,800
290,070
58,019
88,693
251,373
120,996
464,348
85,866
114,475
67,899
45,504
953,442
61,656
167,620
52,936
137,485
93,834
74,386
324,800
408,668
335,862
54,158
130,677
508,552
976,864
1,025,636
60,288
92,976
151,920
57,400
79,812
115,380
582,620
271,005
51,200
446,384
87,880
14,752,792
0.39%
0.12%
0.10%
0.41%
0.20%
0.14%
0.42%
0.57%
0.21%
0.05%
0.12%
0.01%
0.41%
0.36%
0.07%
0.11%
0.31%
0.15%
0.57%
0.11%
0.14%
0.08%
0.06%
1.17%
0.08%
0.21%
0.07%
0.17%
0.12%
0.09%
0.40%
0.50%
0.41%
0.07%
0.16%
0.63%
1.20%
1.26%
0.07%
0.11%
0.19%
0.07%
0.10%
0.14%
0.72%
0.33%
0.06%
0.55%
0.11%
18.15%
Actions
Consommation, Non-Cyclique (suite)
Biogen Idec Inc
Boston Scientific Corp
Cardinal Health Inc
Caremark Rx Inc
Cendant Corp
Coca-Cola Co/The
Colgate-Palmolive Co
ConAgra Foods Inc
Convergys Corp
Eli Lilly & Co
Express Scripts Inc
Forest Laboratories Inc
Fortune Brands Inc
General Mills Inc
Genzyme Corp
Gilead Sciences Inc
Guidant Corp
HCA Inc
Hershey Co/The
HJ Heinz Co
Johnson & Johnson
Kellogg Co
Kimberly-Clark Corp
Kroger Co/The
Manor Care Inc
McKesson Corp
Medco Health Solutions Inc
Medtronic Inc
Merck & Co Inc
Moody's Corp
Paychex Inc
PepsiCo Inc
Pfizer Inc
Procter & Gamble Co
Safeway Inc
Sara Lee Corp
Schering-Plough Corp
St Jude Medical Inc
Stryker Corp
Sysco Corp
WellPoint Inc
WM Wrigley Jr Co
Wyeth
Zimmer Holdings Inc
22
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Énergie (suite)
Amerada Hess Corp
Apache Corp
Baker Hughes Inc
BJ Services Co
Burlington Resources Inc
Chesapeake Énergie Corp
Chevron Corp
ConocoPhillips
Devon Énergie Corp
EOG Resources Inc
Exxon Mobil Corp
Halliburton Co
Kerr-McGee Corp
Kinder Morgan Inc
Marathon Oil Corp
Nabors Industries Ltd
National Oilwell Varco Inc
Noble Corp
Rowan Cos Inc
Schlumberger Ltd
Sunoco Inc
Transocean Inc
Valero Énergie Corp
Weatherford International Ltd
Williams Cos Inc
XTO Énergie Inc
1,600
4,500
1,800
1,800
2,000
6,400
2,000
11,900
16,500
2,400
1,300
48,000
2,700
1,880
600
6,500
1,040
870
900
5,400
2,400
3,700
700
5,600
9,800
2,100
2,400
2,000
227,840
454,545
117,918
123,120
69,200
588,224
62,820
689,843
1,041,975
146,808
93,600
2,921,280
197,154
179,502
55,194
495,105
74,443
55,784
72,990
500,310
105,504
468,309
54,299
449,680
585,844
96,075
51,336
87,140
10,065,842
0.28%
0.56%
0.15%
0.15%
0.09%
0.72%
0.08%
0.85%
1.28%
0.18%
0.12%
3.59%
0.24%
0.22%
0.07%
0.61%
0.09%
0.07%
0.09%
0.62%
0.13%
0.58%
0.07%
0.55%
0.72%
0.12%
0.06%
0.11%
12.39%
Finance
ACE Ltd
Aflac Inc
Allstate Corp/The
American Express Co
Ameriprise Finance Inc
AmSouth Bancorp
AON Corp
Archstone-Smith Trust
Bank of New York Co Inc/The
BB&T Corp
Bear Stearns Cos Inc/The
Capital One Finance Corp
Charles Schwab Corp/The
Chubb Corp
Cigna Corp
CIT Group Inc
Citigroup Inc
Comerica Inc
6,000
2,900
10,180
6,600
21,060
1,380
650
6,700
1,300
39,300
4,100
3,100
800
1,510
4,800
1,100
700
1,100
26,900
3,600
312,060
130,877
530,480
346,830
1,391,855
62,183
17,583
278,117
63,401
1,789,722
147,764
121,520
110,960
121,585
82,608
104,984
91,434
58,872
1,270,756
208,692
0.38%
0.16%
0.65%
0.43%
1.71%
0.08%
0.02%
0.34%
0.08%
2.20%
0.18%
0.15%
0.14%
0.15%
0.10%
0.13%
0.11%
0.08%
1.56%
0.26%
Actions
23
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
10,955
900
2,400
1,100
3,300
2,000
2,900
800
3,700
2,000
1,900
3,540
2,000
32,320
2,200
2,700
900
3,400
3,100
1,900
10,110
9,370
2,200
12,700
4,000
1,900
1,000
5,200
1,700
1,200
1,300
2,700
2,300
1,300
2,500
3,700
2,000
1,900
900
6,300
9,700
800
13,300
6,000
8,900
500
402,049
24,282
80,592
51,469
169,620
78,100
114,144
75,392
225,700
66,860
129,010
555,638
161,100
1,345,805
80,960
390,231
49,131
344,080
91,016
67,640
796,264
453,227
146,586
797,814
139,600
54,777
52,500
350,012
82,960
125,112
69,550
204,687
115,483
109,382
129,850
154,623
120,860
138,244
70,389
129,024
295,850
76,800
745,465
255,720
568,443
32,055
17,960,379
0.49%
0.03%
0.10%
0.06%
0.22%
0.10%
0.14%
0.09%
0.28%
0.08%
0.16%
0.68%
0.20%
1.66%
0.10%
0.48%
0.06%
0.42%
0.11%
0.08%
0.98%
0.56%
0.18%
0.98%
0.17%
0.07%
0.06%
0.43%
0.10%
0.15%
0.09%
0.25%
0.14%
0.13%
0.16%
0.19%
0.15%
0.17%
0.09%
0.16%
0.36%
0.09%
0.92%
0.31%
0.70%
0.04%
22.12%
4,000
7,920
302,760
297,396
0.37%
0.37%
Actions
Finance (suite)
Countrywide Finance Corp
E*Trade Finance Corp
Equity Office Properties Trust
Equity Residential
Fannie Mae
Federated Investors Inc
Fifth Third Bancorp
Franklin Resources Inc
Freddie Mac
Genworth Finance Inc
Golden West Finance Corp
Hartford Finance Services Group Inc
JPMorgan Chase & Co
Keycorp
Lincoln National Corp
Loews Corp
Marsh & McLennan Cos Inc
Mellon Finance Corp
Metlife Inc
Morgan Stanley
National City Corp
North Fork Bancorporation Inc
Northern Trust Corp
PNC Finance Services Group Inc
Principal Finance Group
Progressive Corp/The
Prologis
Prudential Finance Inc
Safeco Corp
Simon Property Group Inc
SLM Corp
St Paul Travelers Cos Inc/The
State Street Corp
SunTrust Banks Inc
T Rowe Price Group Inc
UnumProvident Corp
US Bancorp
Vornado Realty Trust
Wachovia Corp
Washington Mutual Inc
Wells Fargo & Co
XL Capital Ltd
Industrie
3M Co
24
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Industrie (suite)
Boeing Co
Caterpillar Inc
Cummins Inc
Danaher Corp
Deere & Co
Dover Corp
Eagle Materials Inc
Eagle Materials Inc
Eaton Corp
Emerson Electric Co
FedEx Corp
General Electric Co
Honeywell International Inc
Illinois Tool Works Inc
Ingersoll-Rand Co Ltd
ITT Industries Inc
L-3 Télécommunications Holdings Inc
Lockheed Martin Corp
Masco Corp
Norfolk Southern Corp
Northrop Grumman Corp
Parker Hannifin Corp
PerkinElmer Inc
Raytheon Co
Rockwell Automation Inc
Tektronix Inc
Union Pacific Corp
United Parcel Service Inc
Waste Management Inc
4,970
5,700
3,600
1,440
1,100
1,600
1,100
144
489
500
2,200
2,000
2,200
56,200
13,100
1,100
1,700
1,200
1,310
2,300
2,900
2,200
1,800
600
4,390
2,400
3,000
400
200
4,000
12,000
2,280
5,900
10,860
3,400
387,312
474,981
258,516
151,344
69,905
126,480
53,416
9,181
31,193
36,485
183,986
225,880
140,756
1,954,636
560,287
105,941
71,043
67,464
112,385
172,799
94,221
118,954
122,922
48,366
103,033
110,016
215,730
22,540
7,142
148,360
322,560
212,838
468,342
629,554
120,020
8,538,744
0.48%
0.58%
0.32%
0.19%
0.09%
0.16%
0.07%
0.01%
0.04%
0.04%
0.23%
0.28%
0.17%
2.41%
0.69%
0.13%
0.09%
0.08%
0.14%
0.21%
0.12%
0.15%
0.15%
0.06%
0.13%
0.14%
0.27%
0.03%
0.01%
0.18%
0.40%
0.26%
0.58%
0.77%
0.15%
10.51%
Technologie
Adobe Systems Inc
Advanced Micro Devices Inc
Analog Devices Inc
Apple Computer Inc
Applied Materials Inc
Autodesk Inc
Automatic Data Processing Inc
BMC Software Inc
Broadcom Corp
CA Inc
Compuware Corp
Dell Inc
2,900
2,700
1,800
9,014
8,500
3,588
3,000
5,600
8,100
2,300
3,950
14,500
12,500
101,268
89,532
68,922
565,358
148,835
138,210
137,040
121,296
349,596
62,583
219,423
113,535
372,000
0.12%
0.11%
0.08%
0.70%
0.18%
0.17%
0.17%
0.15%
0.43%
0.08%
0.27%
0.14%
0.46%
Actions
25
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
2,000
1,800
13,000
4,200
16,220
32,100
8,500
1,000
1,000
1,200
8,820
1,300
584
49,458
7,300
20,000
1,000
22,300
8,600
3,800
109,440
48,294
177,190
196,644
533,638
621,135
700,995
53,190
48,360
42,096
101,959
48,295
8,596
1,345,754
203,232
273,800
42,930
114,399
279,242
57,760
7,494,547
0.13%
0.06%
0.22%
0.24%
0.66%
0.76%
0.86%
0.07%
0.06%
0.05%
0.13%
0.06%
0.01%
1.66%
0.25%
0.34%
0.05%
0.15%
0.34%
0.07%
9.23%
2,300
718
2,100
5,100
900
1,800
3,180
5,600
5,600
1,100
4,000
1,800
5,400
2,300
6,600
2,200
900
800
3,808
4,200
2,600
39,238
35,771
71,442
221,850
49,239
124,254
127,486
163,240
230,608
75,834
211,600
88,020
216,756
90,988
256,740
64,680
39,582
51,232
176,920
137,634
116,376
2,589,490
0.05%
0.04%
0.09%
0.27%
0.06%
0.15%
0.16%
0.20%
0.28%
0.09%
0.26%
0.11%
0.27%
0.11%
0.32%
0.08%
0.05%
0.06%
0.22%
0.17%
0.14%
3.19%
Actions
Technologie (suite)
Electronic Arts Inc
Electronic Data Systems Corp
EMC Corp/Massachusetts
First Data Corp
Hewlett-Packard Co
Intel Corp
Intuit Inc
Kla-Tencor Corp
Linear Technologie Corp
LSI Logic Corp
Maxim Integrated Products Inc
Micron Technologie Inc
Microsoft Corp
Oracle Corp
Pitney Bowes Inc
Sun Microsystems Inc
Xerox Corp
Services Publics (suite)
AES Corp/The
Ameren Corp
American Electric Power Co Inc
Constellation Énergie Group Inc
Dominion Resources Inc/VA
DTE Énergie Co
Duke Énergie Corp
Entergy Corp
Exelon Corp
FirstÉnergie Corp
FPL Group Inc
Nicor Inc
PG&E Corp
PPL Corp
Progress Énergie Inc
Public Service Enterprise Group Inc
Sempra Énergie
Southern Co/The
TXU Corp
26
Total Actifs financiers portés à juste valeur avec variation au compte de résultat
78,453,072
96.54%
Cash en banque
45,915
0.06%
Autre Actif Net
2,766,274
3.40%
81,265,261
100.00%
Analyse de l'Actif Total
Actif Total
27
% de l'Actif Total
96.23%
3.77%
100.00%
AXA ROSENBERG GLOBAL EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
5,471
5,547
4,384
15,675
82,198
22,794
56,697
76,321
1,472
37,673
67,579
57,788
49,202
67,145
104,654
19,402
19,251
34,972
46,343
26,842
35,342
114,919
50,675
5,303
69,891
100,848
16,192
18,073
53,680
123,230
44,994
45,812
180,898
19,345
82,010
30,038
10,363
30,260
50,967
433,724
188,538
64,684
1,442,148
2,404
104,227
1,349,242
367,555
1,589,282
175,711
168,649
108,463
243,653
345,125
267,994
56,653
950,063
113,901
142,729
9,037
272,602
254,560
252,620
1,016,136
435,587
120,381
623,693
505,347
482,420
31,174
1,392,928
13,632,858
0.01%
0.00%
0.01%
0.01%
0.07%
0.03%
0.01%
0.24%
0.00%
0.02%
0.22%
0.06%
0.26%
0.03%
0.03%
0.02%
0.04%
0.06%
0.04%
0.01%
0.16%
0.02%
0.02%
0.00%
0.05%
0.04%
0.04%
0.17%
0.07%
0.02%
0.10%
0.08%
0.08%
0.01%
0.23%
2.26%
Autriche
IMMOFINANZ Immobilien Anlagen AG
OMV AG
Voestalpine AG
45,000
16,200
1,411
466,150
1,082,165
197,150
1,745,465
0.08%
0.18%
0.03%
0.29%
Belgique
Delhaize Group
Fortis
Solvay SA
8,475
33,400
8,000
607,156
1,191,552
922,618
2,721,326
0.10%
0.20%
0.15%
0.45%
Actifs financiers portés à juste valeur avec variation au compte de résu
Actions
Australie
ABB Grain Ltd
Adelaide Brighton Ltd
Alesco Corp Ltd
Amalgamated Holdings Ltd
Amcor Ltd
Ansell Ltd
Austereo Group Ltd
Australia & New Zealand Banking Group Ltd
Australian Pharmaceutical Industries Ltd
AWB Ltd
BHP Billiton Ltd
Boral Ltd
Commonwealth Bank of Australia
DCA Group Ltd
Futuris Corp Ltd
Iluka Resources Ltd
Leighton Holdings Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Mayne Pharma Ltd
National Australian Bank Ltd
New Hope Corp Ltd
Oil Search Ltd
Pacific Brands Ltd
Promina Group Ltd
Qantas Airways Ltd
QBE Insurance Group Ltd
Rio Tinto Ltd
Santos Ltd
Smorgon Steel Group Ltd
Suncorp-Metway Ltd
TABCORP Holdings Ltd
Telstra Corp Ltd
Village Roadshow Ltd
Westpac Banking Corp
28
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
3,200
23,000
6,200
4,600
36,600
1,000
23,800
7,600
700
1,300
17,800
17,700
25,000
13,700
17,900
8,800
800
8,300
500
2,800
4,500
9,700
5,300
5,200
51,800
23,600
8,600
15,900
7,000
16,800
16,600
26,800
1,700
11,700
39,100
2,000
30,600
2,300
21,000
16,100
22,200
300
9,900
80,809
1,053,394
176,763
138,678
628,719
13,321
1,353,617
305,016
17,035
64,354
1,312,189
802,463
1,386,936
455,649
219,415
88,709
21,876
94,768
15,344
83,381
210,535
702,597
158,555
545,184
565,244
105,397
539,619
325,741
244,094
920,645
171,322
1,272,230
48,817
89,961
1,652,349
76,204
1,301,011
176,768
1,113,904
1,039,751
859,570
5,889
166,499
20,604,322
0.01%
0.17%
0.03%
0.02%
0.10%
0.00%
0.22%
0.05%
0.00%
0.01%
0.22%
0.13%
0.23%
0.08%
0.04%
0.02%
0.00%
0.02%
0.00%
0.01%
0.04%
0.12%
0.03%
0.09%
0.09%
0.02%
0.09%
0.05%
0.04%
0.15%
0.03%
0.21%
0.01%
0.02%
0.27%
0.01%
0.22%
0.03%
0.19%
0.17%
0.14%
0.00%
0.03%
3.41%
Actions
Canada
Agrium Inc
Alcan Inc
Astral Media Inc
Atco Ltd
ATI Technologies Inc
Axcan Pharma Inc
Bank of Montreal
Bank of Nova Scotia
Biovail Corp
Canada Bread Co Ltd
Canadian Imperial Bank of Commerce
Canadian National Railway Co
Canadian Natural Resources Ltd
Canadian Utilities Ltd
Canfor Corp
Cascades Inc
CCL Industries
Celestica Inc
Corus Entertainment Inc
Dundee Corp
EnCana Corp
George Weston Ltd
Inmet Mining Corp
IPSCO Inc
Kinross Gold Corp
LionOre Mining International Ltd
Manulife Financial Corp
Methanex Corp
MI Developments Inc
National Bank Of Canada
Norbord Inc
Petro-Canada
Power Corp Of Canada
QLT Inc
Royal Bank of Canada
Shoppers Drug Mart Corp
Sun Life Financial Inc
Suncor Energy Inc
Talisman Energy Inc
Teck Cominco Ltd
TELUS Corp
Transat AT Inc
Transcontinental Inc
29
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
214
441
240
1,835,808
33,827
8,893
1,878,528
0.30%
0.01%
0.00%
0.31%
468
3,200
11,000
175,182
27,200
13,000
10,472
50,071
191,422
3,620,900
548,711
481,398
4,902,974
0.00%
0.01%
0.03%
0.60%
0.09%
0.08%
0.81%
7,800
40,400
18,000
14,000
9,600
5,100
14,100
1,400
6,600
14,907
4,400
333
4,355
3,400
14,700
2,084
23,400
13,674
1,200
18,200
15,200
10,200
13,860
14,000
577,205
3,747,423
955,171
761,717
670,326
508,245
983,689
219,061
664,518
935,359
722,024
44,529
183,245
916,713
925,039
88,823
592,402
1,298,986
284,627
2,733,269
721,056
689,386
3,651,412
584,672
23,458,897
0.10%
0.62%
0.16%
0.13%
0.11%
0.08%
0.16%
0.04%
0.11%
0.16%
0.12%
0.01%
0.03%
0.15%
0.15%
0.01%
0.10%
0.22%
0.05%
0.45%
0.12%
0.11%
0.60%
0.10%
3.89%
Actions
Danemark
AP Moller - Maersk A/S
Codan A/S
Danske Bank A/S
Finlande
Elcoteq SE
Finnair OYJ
Kemira OYJ
Nokia OYJ
Outokumpu OYJ
Wartsila Oyj
France
Atos Origin SA
BNP Paribas
Bouygues
Cap Gemini SA
Casino Guichard Perrachon SA
Christian Dior SA
Cie de Saint-Gobain
Ciments Francais
CNP Assurances
Compagnie Generale des Etablissements Michelin
Eiffage
Eramet
European Aeronautic Defence and Space Co NV
Natexis Banques Populaires
Peugeot SA
Rallye SA
Safran SA
Sanofi-Aventis
Societe Fonciere Financiere et de Participations FFP
Societe Generale
Sodexho Alliance SA
Technip SA
Total SA
Valeo SA
30
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Allemagne
Allianz AG
BASF AG
Bayer AG
Bilfinger Berger AG
DaimlerChrysler AG
Deutsche Bank AG
Deutsche Lufthansa AG
E.ON AG
Fresenius AG
Fresenius Medical Care AG & Co KGaA
Infineon Technologies AG
Merck KGaA
Mobilcom AG
Rheinmetall AG
Siemens AG
ThyssenKrupp AG
TUI AG
16,300
22,400
59,700
867
5,800
23,200
4,311
28,000
2,672
5,800
46,000
6,400
12,500
5,400
14,800
47,400
700
2,717,772
1,753,846
2,388,451
56,762
332,694
2,646,114
77,054
3,077,024
455,344
692,061
473,725
607,437
302,235
418,228
1,379,803
1,366,915
13,723
18,759,188
0.45%
0.29%
0.40%
0.01%
0.06%
0.44%
0.01%
0.51%
0.08%
0.11%
0.08%
0.10%
0.05%
0.07%
0.23%
0.23%
0.00%
3.12%
Grèce
Agricultural Bank of Grèce
Bank of Grèce
Coca Cola Hellenic Bottling Co SA
13,213
2,800
19,600
86,025
386,788
608,154
1,080,967
0.01%
0.06%
0.10%
0.17%
Hong-Kong
Allied Properties HK Ltd
Bank of East Asia Ltd
BOC Hong Kong Holdings Ltd
Cathay Pacific Airways Ltd
Cheung Kong Holdings Ltd
Chinese Estates Holdings Ltd
CLP Holdings Ltd
Esprit Holdings Ltd
Guoco Group Ltd
Hang Lung Group Ltd
Hang Lung Properties Ltd
Henderson Investment Ltd
Hongkong & Shanghai Hotels/The
HongKong Electric Holdings
Hopson Development Holdings Ltd
Kerry Properties Ltd
TAI Cheung Holdings
Transport International Holdings Ltd
Truly International Holdings
Wheelock & Co Ltd
Wheelock Properties Ltd
6,000
114,200
4,000
43,000
88,000
188,000
106,500
29,000
23,000
27,000
142,000
68,860
38,999
80,500
6,000
86,500
78,000
3,600
2,000
60,000
30,000
5,335
412,806
8,041
75,362
932,750
268,923
621,719
225,726
294,471
61,586
269,915
133,108
44,478
378,648
12,913
316,578
44,228
19,926
2,577
107,476
23,003
4,259,569
0.00%
0.07%
0.00%
0.01%
0.15%
0.04%
0.10%
0.04%
0.05%
0.01%
0.04%
0.02%
0.01%
0.06%
0.00%
0.05%
0.01%
0.00%
0.00%
0.02%
0.00%
0.68%
Actions
31
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
35,100
37,906
1,223,316
137,616
1,360,932
0.20%
0.02%
0.22%
Italie
Banca Intesa SpA
Buzzi Unicem SpA
Caltagirone SpA
Capitalia SpA
Cementir SpA
CIR-Compagnie Industriali Riunite SpA
Danieli & Co SpA
ENI SpA
Fondiaria-Sai SpA
Italcementi SpA
Italmobiliare SpA
Snam Rete Gas SpA
Telecom Italia SpA
UniCredito Italiano SpA
144,000
4,720
38,000
123,000
63,000
96,000
33,450
93,000
506
22,500
2,700
156,000
858,000
51,000
859,110
112,353
418,010
1,021,100
453,625
288,984
348,124
2,642,532
20,189
538,305
228,751
688,587
2,499,728
368,146
10,487,544
0.14%
0.02%
0.07%
0.17%
0.08%
0.05%
0.06%
0.44%
0.00%
0.09%
0.04%
0.11%
0.41%
0.06%
1.74%
Japon
77 Bank Ltd/The
Acom Co Ltd
Aichi Bank Ltd/The
Aichi Toyota Motor Co Ltd
Alps Electric Co Ltd
Aoyama Trading Co Ltd
Asahi Breweries Ltd
Asahi Glass Co Ltd
Astellas Pharma Inc
Brother Industries Ltd
Canon Inc
Canon Marketing Japan Inc
Chiba Kogyo Bank Ltd/The
12,000
8,300
1,700
2,000
24,400
9,400
63,300
119,000
22,000
24,000
37,200
8,000
600
92,245
486,084
203,441
45,089
392,294
309,908
895,932
1,774,057
833,460
262,192
2,456,039
171,879
12,128
0.02%
0.08%
0.03%
0.01%
0.06%
0.05%
0.15%
0.29%
0.14%
0.04%
0.41%
0.03%
0.00%
Actions
Irelande
CRH PLC
Dragon Oil Plc
32
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
1,000
22,000
45,500
61,000
16,000
17,000
27,000
46,000
45,400
5,000
3,200
180,000
10,700
10,800
58,000
15,000
10,800
191,000
5,000
20,000
144
49,000
3,200
365
47,700
51,300
3,000
28,200
38,000
1,100
335,000
48,000
8,000
39,000
9,000
12,600
23,000
2,000
2,800
500
112,000
59,000
8,000
175,000
113,000
17,713
335,808
428,430
318,985
512,586
82,558
466,819
615,595
1,512,179
32,121
57,496
1,514,874
261,175
233,410
335,249
56,445
165,858
1,348,445
60,217
134,249
1,216,781
419,858
30,186
1,280,702
1,920,290
1,100,000
23,519
624,994
343,639
39,063
1,269,133
913,298
186,117
138,825
58,810
283,524
137,427
15,764
70,362
13,603
2,482,244
706,560
99,534
1,076,786
536,317
0.00%
0.06%
0.07%
0.05%
0.08%
0.01%
0.08%
0.10%
0.25%
0.01%
0.01%
0.25%
0.04%
0.04%
0.06%
0.01%
0.03%
0.22%
0.01%
0.02%
0.20%
0.07%
0.01%
0.21%
0.32%
0.18%
0.00%
0.10%
0.06%
0.01%
0.21%
0.15%
0.03%
0.02%
0.01%
0.05%
0.02%
0.00%
0.01%
0.00%
0.41%
0.12%
0.02%
0.18%
0.09%
Actions
Japon (suite)
Chudenko Corp
Chugoku Bank Ltd/The
Citizen Watch Co Ltd
Cosmo Oil Co Ltd
Daiei Inc/The
Daishi Bank Ltd/The
Daiwa House Industry Co Ltd
Daiwa Securities Group Inc
Fuji Photo Film Co Ltd
Fujitec Co Ltd
Fujitsu Business Systems Ltd
Fujitsu Ltd
Futaba Industrial Co Ltd
Glory Ltd
Hankyu Holdings Inc
Haseko Corp
Heiwa Corp
Hitachi Ltd
Hitachi Medical Corp
Hyakugo Bank Ltd/The
INPEX Corp
Itochu Corp
Japan Airport Terminal Co Ltd
Japan Tobacco Inc
JFE Holdings Inc
JS Group Corp
Kagoshima Bank Ltd/The
Kansai Electric Power Co Inc/The
Kinden Corp
Kobayashi Pharmaceutical Co Ltd
Kobe Steel Ltd
Komatsu Ltd
Komori Corp
Kurabo Industries Ltd
Kyudenko Corp
Kyushu Electric Power Co Inc
Maeda Corp
Maeda Road Construction Co Ltd
Mandom Corp
Matsumoto Yushi-Seiyaku Co Ltd
Matsushita Electric Industrial Co Ltd
Matsushita Electric Works Ltd
Mitsuba Corp
Mitsubishi Chemical Holdings Corp
Mitsubishi Heavy Industries Ltd
33
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
309
111,000
6,000
9,000
8,000
271
26,000
16,000
1,600
14,000
134,000
120,000
7,000
478,000
396
183,000
42,000
153,000
105,900
700
385
1,000
45,000
13,400
126,000
1,800
34,000
2,600
6,000
3,500
9,000
148,000
3,480
4,000
3,800
8,300
29,000
54,000
24,700
15,000
51,300
74,300
75,400
145
4,713,959
814,696
19,425
71,701
108,552
2,211,823
97,839
80,685
238,664
108,569
1,127,740
938,724
60,395
1,847,343
1,694,889
1,115,154
171,574
529,062
2,356,026
13,527
567,760
8,984
143,402
630,308
478,413
108,619
662,768
47,597
65,548
93,737
74,371
405,153
215,306
113,569
153,945
228,621
301,822
803,661
975,523
85,304
580,870
438,281
1,191,804
1,597,593
0.78%
0.13%
0.00%
0.01%
0.02%
0.37%
0.02%
0.01%
0.04%
0.02%
0.19%
0.16%
0.01%
0.31%
0.28%
0.18%
0.03%
0.09%
0.39%
0.00%
0.09%
0.00%
0.02%
0.10%
0.08%
0.02%
0.11%
0.01%
0.01%
0.02%
0.01%
0.07%
0.04%
0.02%
0.03%
0.04%
0.05%
0.13%
0.16%
0.01%
0.10%
0.07%
0.20%
0.26%
Actions
Japon (suite)
Mitsubishi UFJ Financial Group Inc
Mitsui Chemicals Inc
Mitsui Engineering & Shipbuilding Co Ltd
Mitsui Home Co Ltd
Mitsui Sumitomo Insurance Co Ltd
Mizuho Financial Group Inc
Nagoya Railroad Co Ltd
Nakayama Steel Works Ltd
Nintendo Co Ltd
Nippo Corp
Nippon Mining Holdings Inc
Nippon Oil Corp
Nippon Shinyaku Co Ltd
Nippon Steel Corp
Nippon Telegraph & Telephone Corp
Nippon Yusen KK
Nishimatsu Construction Co Ltd
Nisshin Steel Co Ltd
Nomura Holdings Inc
Noritz Corp
NTT DoCoMo Inc
Ohmoto Gumi Co Ltd
Oki Electric Industry Co Ltd
Ono Pharmaceutical Co Ltd
Orient Corp
Promise Co Ltd
Ricoh Co Ltd
Riso Kagaku Corp
Rohto Pharmaceutical Co Ltd
Ryosan Co Ltd
Sanki Engineering Co Ltd
Sanyo Electric Co Ltd
Sanyo Shinpan Finance Co Ltd
Sazaby League Ltd
Sega Sammy Holdings Inc
Seiko Epson Corp
Seino Holdings Corp
Sekisui House Ltd
Seven & I Holdings Co Ltd
Shinmaywa Industries Ltd
Showa Shell Sekiyu KK
Sojitz Corp
Sumitomo Electric Industries Ltd
Sumitomo Mitsui Financial Group Inc
34
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
87,000
12,800
4,000
2,000
5,000
2,400
3,400
5,100
3,400
2,000
60,000
12,000
5,000
275,000
33,000
6,000
44,100
28,000
6,000
261
6,000
22,000
10,000
1,004,272
400,305
35,461
33,054
100,432
50,852
213,527
383,397
67,141
9,204
1,492,499
142,487
104,034
1,594,203
172,565
27,155
2,403,280
446,851
58,174
1,099,390
127,638
135,367
58,310
69,865,200
0.17%
0.07%
0.01%
0.01%
0.02%
0.01%
0.04%
0.06%
0.01%
0.00%
0.25%
0.02%
0.02%
0.26%
0.03%
0.00%
0.40%
0.07%
0.01%
0.18%
0.02%
0.02%
0.01%
11.57%
7,945
312,764
0.05%
11,500
112,500
22,000
47,000
7,800
14,800
19,500
117,200
33,000
2,000
33,000
344,300
2,078,887
388,700
1,674,460
373,791
583,873
889,170
3,662,040
609,807
69,148
2,288,273
12,962,449
0.06%
0.34%
0.06%
0.28%
0.06%
0.10%
0.15%
0.61%
0.10%
0.01%
0.38%
2.15%
4,381
31,341
12,326
12,558
130,258
48,140
190,956
0.00%
0.02%
0.01%
0.03%
Actions
Japon (suite)
Sumitomo Trust & Banking Co Ltd/The
Suzuken Co Ltd
Taihei Dengyo Kaisha Ltd
Taikisha Ltd
Taisho Pharmaceutical Co Ltd
Takamatsu Corp
Takefuji Corp
TDK Corp
TKC
Toenec Corp
Tokyo Electric Power Co Inc/The
Tokyo Style Co Ltd
Torii Pharmaceutical Co Ltd
Toshiba Corp
Toshiba TEC Corp
Toyo Kohan Co Ltd
Toyota Motor Corp
UNY Co Ltd
Wakita & Co Ltd
West Japan Railway Co
Yamato Kogyo Co Ltd
Yodogawa Steel Works Ltd
Yurtec Corp
Luxembourg
Arcelor
Pays-Bas
ABN AMRO Holding NV
Aegon NV
Buhrmann NV
Fortis
Heijmans NV
ING Groep NV
Koninklijke DSM NV
Royal Dutch Shell PLC
STMicroelectronics NV
TNT NV
Unilever NV
Nouvelle-Zélande
Mainfreight Ltd
New Zealand Refining Co Ltd/The
Sky Network Television Ltd
35
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
16,200
55,800
9,769
2,241,343
1,606,954
302,172
4,150,469
0.37%
0.27%
0.05%
0.69%
Portugal
Energias de Portugal SA
287,000
1,125,294
0.19%
Singapour
CapitaLand Ltd
Dairy Farm International Holdings Ltd
DBS Group Holdings Ltd
Guocoland Ltd
Hongkong Land Holdings Ltd
Jardine Cycle & Carriage Ltd
Jardine Matheson Holdings Ltd
Jardine Strategic Holdings Ltd
Kim Eng Holdings Ltd
Neptune Orient Lines Ltd
Overseas Union Enterprise Ltd
Singapore Airlines Ltd
Singapore Telecommunications Ltd
United Overseas Bank Ltd
124,000
900
33,000
8,000
15,000
2,000
2,200
38,000
1,000
15,000
1,000
39,000
303,000
38,000
370,893
3,150
332,417
12,558
55,800
13,719
40,480
421,800
946
20,208
7,354
337,422
496,215
366,344
2,479,306
0.06%
0.00%
0.06%
0.00%
0.01%
0.00%
0.01%
0.07%
0.00%
0.00%
0.00%
0.06%
0.08%
0.06%
0.41%
Espagne
Acciona SA
Banco Bilbao Vizcaya Argentaria SA
Banco Santander Central Hispano SA
Cementos Portland Valderrivas SA
Cia Espanola de Petroleos
Corp Financiera Alba
Endesa SA
Fomento de Construcciones y Contratas SA
Gas Natural SDG SA
Iberdrola SA
Obrascon Huarte Lain SA
Repsol YPF SA
Telefonica SA
Union Fenosa SA
Uralita SA
4,800
26,600
266,000
3,971
14,421
243
51,800
10,200
36,500
21,600
13,000
51,000
209,000
2,264
38,318
746,711
554,312
3,878,894
415,436
771,360
12,292
1,669,949
754,190
1,055,233
696,349
302,053
1,446,662
3,275,332
85,947
201,248
15,865,968
0.12%
0.09%
0.64%
0.07%
0.13%
0.00%
0.28%
0.12%
0.17%
0.12%
0.05%
0.24%
0.54%
0.01%
0.03%
2.61%
Suède
Boliden AB
NCC AB
Ratos AB
Saab AB
SAS AB
Skanska AB
SKF AB
Tele2 AB
Telefonaktiebolaget LM Ericsson
TeliaSonera AB
36,000
2,335
6,295
12,000
9,195
39,660
48,000
34,696
91,000
295,000
551,984
62,167
207,176
301,782
128,598
648,813
782,170
409,566
345,612
1,767,646
5,205,514
0.09%
0.01%
0.03%
0.05%
0.02%
0.11%
0.13%
0.07%
0.06%
0.29%
0.86%
Actions
Norvège
Norsk Hydro ASA
Statoil ASA
Stolt-Nielsen SA
36
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
93,000
3,000
234
10,400
480
298
8,400
15,000
32,400
22
47,100
1,440
1,787
3,480
45,300
2,000
11,100
1,060
400
2,700
26,800
8,600
322
11,130
1,170,639
213,376
96,332
442,469
98,435
25,927
501,037
231,855
1,549,527
31,817
2,636,389
325,056
141,937
1,030,539
2,513,104
99,323
1,648,628
736,894
272,258
564,028
1,868,217
942,358
67,943
2,608,228
19,816,316
0.19%
0.04%
0.02%
0.07%
0.02%
0.00%
0.08%
0.04%
0.26%
0.01%
0.44%
0.05%
0.02%
0.17%
0.42%
0.02%
0.27%
0.12%
0.05%
0.09%
0.31%
0.16%
0.01%
0.43%
3.29%
58,200
26,160
22,000
56,000
82,800
15,435
32,000
72,151
163,200
70,000
185,765
15,357
71,091
253,800
18,325
228,000
468,000
991
66,000
138,000
67,800
102,800
24,500
28,012
170,500
192,000
142,200
5,000
949,442
212,359
153,785
521,614
3,185,508
572,134
341,637
3,629,336
2,263,213
510,868
2,170,143
282,091
1,296,614
2,909,912
112,283
902,677
714,357
12,737
486,255
499,082
987,861
2,683,592
318,299
366,355
2,842,069
285,576
2,380,202
255,066
0.16%
0.04%
0.03%
0.09%
0.53%
0.09%
0.06%
0.60%
0.37%
0.08%
0.36%
0.05%
0.21%
0.48%
0.02%
0.15%
0.12%
0.00%
0.08%
0.08%
0.16%
0.44%
0.05%
0.06%
0.47%
0.05%
0.39%
0.04%
Actions
Suisse
ABB Ltd
Baloise Holding AG
Barry Callebaut AG
Bobst Group AG
Centralschweizerische Kraftwerke AG
Charles Voegele Holding AG
Ciba Specialty Chemicals AG
Clariant AG
Compagnie Financiere Richemont AG
Conzzeta Holding AG
Credit Suisse Group
Helvetia Patria Holding
Holcim Ltd
Nestle SA
Novartis AG
PSP Swiss Property AG
Roche Holding AG
Serono SA
Sulzer AG
Swiss Life Holding
Swiss Reinsurance
UBS AG
Valora Holding AG
Zurich Financial Services AG
Royaume-Uni
3i Group PLC
Alfred Mcalpine Plc
Amec PLC
Amvescap PLC
Anglo American PLC
Antofagasta PLC
Arriva Plc
AstraZeneca PLC
Aviva PLC
BAE Systems PLC
Barclays PLC
Barratt Developments PLC
BHP Billiton PLC
BP PLC
British Airways PLC
Compass Group PLC
Corus Group PLC
Expro International Group
Firstgroup Plc
Friends Provident PLC
Gallaher Group PLC
GlaxoSmithKline PLC
Greene King Plc
Hanson PLC
HBOS PLC
Henderson Group PLC
HSBC Holdings PLC
Investec PLC
37
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
608,000
3,309
39,000
429,000
166,500
53,000
138,600
97,600
44,400
41,652
151,640
38,400
33,263
76,228
175,000
15,627
1,468,000
8,000
9,346
40,400
1,497,541
67,555
372,399
1,497,545
1,927,757
2,686,228
4,502,854
3,169,148
874,879
375,687
1,530,818
588,470
66,351
534,174
1,787,887
185,133
3,068,315
221,051
229,225
1,305,513
58,333,597
0.25%
0.01%
0.06%
0.25%
0.32%
0.45%
0.75%
0.53%
0.14%
0.06%
0.25%
0.10%
0.01%
0.09%
0.30%
0.03%
0.51%
0.04%
0.04%
0.22%
9.67%
47,900
47,600
4,070
11,520
21,450
10,730
15,576
16,950
87,321
58,100
14,300
4,105
96,083
1,024
3,175
12,420
14,600
9,270
56,030
5,599
54,410
15,020
100
240,168
32,477
33,340
27,530
232,020
2,491,279
2,339,064
433,903
574,387
805,448
656,461
1,689,996
533,417
4,550,297
4,116,966
2,036,320
170,809
6,350,125
114,770
85,884
1,254,544
537,134
607,278
3,514,202
323,286
1,830,897
484,695
4,925
6,494,143
1,251,014
718,477
698,711
10,566,191
0.41%
0.39%
0.07%
0.10%
0.13%
0.11%
0.28%
0.09%
0.75%
0.68%
0.34%
0.03%
1.05%
0.02%
0.01%
0.21%
0.09%
0.10%
0.58%
0.05%
0.30%
0.08%
0.00%
1.08%
0.21%
0.12%
0.12%
1.75%
Actions
Royaume-Uni (suite)
Legal & General Group PLC
Liberty International PLC
Lloyds TSB Group PLC
Old Mutual PLC
Prudential PLC
Rio Tinto PLC
Royal Bank of Scotland Group PLC
SABMiller PLC
Scottish & Newcastle PLC
Scottish Power PLC
Shire PLC
Stagecoach Group PLC
Taylor Woodrow PLC
Unilever PLC
Venture Production PLC
Vodafone Group PLC
Wilson Bowden PLC
Wolseley PLC
Xstrata PLC
États-Unis
ACE Ltd
Aetna Inc
AG Edwards Inc
Allergan Inc
Alliant Energy Corp
Allstate Corp/The
Altria Group Inc
Amerada Hess Corp
American Financial Group Inc/OH
AMR Corp
Apache Corp
Apple Computer Inc
Assurant Inc
AT&T Inc
Autodesk Inc
Autonation Inc
Avnet Inc
38
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
3,367
7,200
49,390
42,600
2,960
166,890
13,173
40,920
4,350
21,350
1,240
8,392
150,120
101,530
700
38,300
13,442
13,346
133,190
14,680
9,400
59,400
28,204
1,630
12,100
40,900
56,300
50,800
2,540
18,090
102,900
12,120
8,740
9,300
144,966
421
34,000
4,090
12,657
36,550
5,340
10,040
760
140
10,700
2,390
1,209
13,700
205,700
17,920
980
14,500
22,257
212,054
473,040
3,041,436
922,716
230,673
4,107,163
568,547
3,409,864
411,162
1,533,144
54,448
371,094
2,604,582
5,885,694
313,250
1,556,512
581,501
289,208
6,291,896
533,031
299,296
2,054,052
1,677,856
81,712
647,229
2,271,995
3,555,345
2,209,800
46,253
486,802
3,776,430
654,238
358,427
977,430
4,330,134
15,034
1,395,020
366,055
513,874
1,465,290
409,471
640,150
31,297
6,090
351,067
122,966
24,506
1,204,230
12,518,902
2,023,885
34,819
567,820
1,088,367
0.04%
0.08%
0.50%
0.15%
0.04%
0.68%
0.09%
0.56%
0.07%
0.25%
0.01%
0.06%
0.43%
0.98%
0.05%
0.26%
0.10%
0.05%
1.04%
0.09%
0.05%
0.34%
0.28%
0.01%
0.11%
0.38%
0.59%
0.37%
0.01%
0.08%
0.63%
0.11%
0.06%
0.16%
0.72%
0.00%
0.23%
0.06%
0.09%
0.24%
0.07%
0.11%
0.01%
0.00%
0.06%
0.02%
0.00%
0.20%
2.07%
0.34%
0.01%
0.09%
0.18%
Actions
États-Unis (suite)
BMC Software Inc
Boeing Co
Broadcom Corp
Carpenter Technology Corp
Caterpillar Inc
CBRL Group Inc
Celgene Corp
Cendant Corp
Chevron Corp
Chicago Mercantile Exchange Holdings Inc
Chico's FAS Inc
Cimarex Energy Co
Cisco Systems Inc
Citigroup Inc
Claire's Stores Inc
CNA Financial Corp
Coach Inc
Cognizant Technology Solutions Corp
ConocoPhillips
Convergys Corp
Corning Inc
Countrywide Financial Corp
Crane Co
Cummins Inc
CVS Corp
Dade Behring Holdings Inc
Dow Chemical Co/The
DTE Energy Co
Dun & Bradstreet Corp
Eagle Materials Inc
Expedia Inc
Express Scripts Inc
Exxon Mobil Corp
FedEx Corp
Fidelity National Financial Inc
First American Corp
FirstEnergy Corp
39
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
1,980
11,960
35,900
41,860
3,900
2,800
196,300
32,680
68,337
4,890
11,600
400
12,690
1,650
9,080
177,000
133,250
200
12,095
100
2,200
23,500
43,100
420
14,393
4,100
14,731
135,200
2,890
4,940
47,500
55,200
3,819
30,000
25,890
70,700
78,190
59,589
400
53,800
19,690
6,900
40,826
7,120
27,600
2,640
60,400
1,640
100
16,900
116,310
10,646
122,720
480,074
2,145,743
1,164,127
231,465
179,144
6,827,314
1,656,222
4,251,928
767,534
4,524,000
17,136
600,110
57,420
461,446
5,823,300
5,636,475
8,554
234,038
3,051
181,434
506,190
2,603,671
12,932
852,353
313,814
880,472
5,629,728
187,792
302,032
1,748,000
1,673,112
551,960
1,811,400
2,620,068
4,555,908
903,876
4,538,894
42,812
2,910,580
356,980
365,631
1,402,781
238,164
1,018,992
93,007
4,757,104
79,327
6,034
1,126,047
1,712,083
309,905
0.02%
0.08%
0.36%
0.19%
0.04%
0.03%
1.13%
0.27%
0.70%
0.13%
0.75%
0.00%
0.10%
0.01%
0.08%
0.96%
0.93%
0.00%
0.04%
0.00%
0.03%
0.08%
0.43%
0.00%
0.14%
0.05%
0.15%
0.93%
0.03%
0.05%
0.29%
0.28%
0.09%
0.30%
0.43%
0.75%
0.15%
0.75%
0.01%
0.48%
0.06%
0.06%
0.23%
0.04%
0.17%
0.02%
0.79%
0.01%
0.00%
0.19%
0.28%
0.05%
Actions
États-Unis (suite)
FMC Corp
FPL Group Inc
Frontier Oil Corp
General Electric Co
General Mills Inc
Gilead Sciences Inc
Google Inc
Grant Prideco Inc
Harris Corp
HCC Insurance Holdings Inc
Health Net Inc
Hewlett-Packard Co
Home Depot Inc
Intel Corp
Intermec Inc
JB Hunt Transport Services Inc
JC Penney Co Inc
JLG Industries Inc
Johnson & Johnson
Jones Lang LaSalle Inc
Joy Global Inc
JPMorgan Chase & Co
KB Home
Kennametal Inc
Keycorp
Kraft Foods Inc
Lennar Corp
Loews Corp
Lowe's Cos Inc
LSI Logic Corp
Marathon Oil Corp
Marvell Technology Group Ltd
Mattel Inc
Maverick Tube Corp
McDonald's Corp
MDU Resources Group Inc
Merck & Co Inc
Metlife Inc
Mettler Toledo International Inc
Micron Technology Inc
Microsemi Corp
40
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
109,159
5,410
27,660
40,760
66,310
36,079
28,270
28,460
25,457
33,720
6,060
26,080
41,637
128
30,100
350
10,590
28,240
7,980
300
22,670
4,080
45,100
32,293
22,150
1,404
16,950
9,500
24,500
2,670
73,403
500
16,700
72,540
15,500
5,780
1,360
240
23,552
2,596
30,601
4,200
26
94,210
7,650
10,530
5,070
1,900
3,269
12,360
15,500
4,080
7,030
99,540
7,160
2,970,216
436,695
2,344,185
2,912,710
4,165,594
826,570
787,037
499,758
1,501,199
1,321,150
635,027
2,416,312
908,519
4,680
2,121,448
35,924
241,346
858,214
195,111
17,337
532,065
63,485
1,123,892
1,256,198
1,783,740
47,933
1,140,905
575,795
1,411,690
132,806
3,714,926
35,025
1,006,175
3,325,234
710,210
273,336
127,731
13,524
1,035,346
180,162
720,042
531,594
41,444
2,480,549
355,419
82,134
428,314
48,488
185,450
222,480
327,360
91,188
503,559
3,232,064
265,564
0.49%
0.07%
0.39%
0.48%
0.69%
0.14%
0.13%
0.08%
0.25%
0.22%
0.11%
0.40%
0.15%
0.00%
0.35%
0.01%
0.04%
0.14%
0.03%
0.00%
0.09%
0.01%
0.19%
0.21%
0.30%
0.01%
0.19%
0.10%
0.23%
0.02%
0.62%
0.01%
0.17%
0.55%
0.12%
0.05%
0.02%
0.00%
0.17%
0.03%
0.12%
0.09%
0.01%
0.41%
0.06%
0.01%
0.07%
0.01%
0.03%
0.04%
0.05%
0.03%
0.08%
0.55%
0.04%
Actions
États-Unis (suite)
Microsoft Corp
Mohawk Industries Inc
Monsanto Co
Moody's Corp
Morgan Stanley
Motorola Inc
News Corp
NII Holdings Inc
Nordstrom Inc
Nucor Corp
O'Reilly Automotive Inc
Paccar Inc
Pepco Holdings Inc
PepsiAmericas Inc
PepsiCo Inc
PerkinElmer Inc
Perot Systems Corp
Pfizer Inc
PG&E Corp
Phelps Dodge Corp
Philadelphia Consolidated Holding Co
PNC Financial Services Group Inc
Procter & Gamble Co
Qualcomm Inc
Questar Corp
Radian Group Inc
Raytheon Co
Rowan Cos Inc
Ryland Group Inc
Sabre Holdings Corp
Schlumberger Ltd
Seaboard Corp
Seagate Technology
Sempra Energy
Service Corp International/US
Staples Inc
Steel Dynamics Inc
Steelcase Inc
Sybase Inc
Synopsys Inc
Teleflex Inc
41
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
12,500
5,630
11,090
5,200
1,230
41,130
8,300
11,550
7,400
6,870
1,090
69,480
63,990
25,300
140
22,900
2,400
20,300
620
97,724
3,100
1,490
14,530
7,200
9,920
39,030
11,900
13,529
67,320
32,190
222
642,250
300,417
612,501
252,460
70,233
3,302,739
451,437
297,182
172,420
184,666
101,752
4,027,756
3,574,481
518,144
5,635
1,368,962
134,784
1,155,070
8,829
5,477,430
146,444
115,371
901,732
489,672
206,435
758,353
1,088,493
1,019,410
3,266,369
584,249
9,673
298,766,572
0.11%
0.05%
0.10%
0.04%
0.01%
0.55%
0.07%
0.05%
0.03%
0.03%
0.02%
0.67%
0.59%
0.09%
0.00%
0.23%
0.02%
0.19%
0.00%
0.91%
0.02%
0.02%
0.15%
0.08%
0.03%
0.13%
0.18%
0.17%
0.54%
0.10%
0.00%
49.54%
593,966,975
98.41%
9,732,376
1.61%
Actions
États-Unis (suite)
Thomas & Betts Corp
Thor Industries Inc
Tidewater Inc
Titanium Metals Corp
Torchmark Corp
Transocean Inc
TRW Automotive Holdings Corp
Union Pacific Corp
UnumProvident Corp
URS Corp
Valero Energy Corp
VF Corp
Vishay Intertechnology Inc
Wachovia Corp
Wal-Mart Stores Inc
WellPoint Inc
Westar Energy Inc
Whirlpool Corp
WW Grainger Inc
Wyeth
Xcel Energy Inc
XTO Energy Inc
Cash en banque
Autre Passif Net
Actif Total
42
(101,688)
(0.02%)
603,597,663
100.00%
% de l'Actif Total
96.42%
3.58%
100.00%
AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND
Actifs financiers portés à juste valeur avec variation au compte de résul
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
42,740
40,461
148,436
31,080
36,572
73,692
45,118
22,372
111,905
10,425
87,378
89,936
104,386
598,282
18,555
45,687
58,489
83
32,267
187,788
16,065
85,332
155,434
15,281
92,296
94,926
72,345
222,613
38,001
78,393
27,043
8,310
40,473
47,450
30,968
24,077
48,822
21,160
284,906
115,008
175,328
6,858
89,976
214,270
957
6,459
234,663
373,617
277,307
214,524
118,914
388,841
373,188
25,364
124,877
18,064
99,688
146,855
288,798
72,523
213,675
464,875
71,734
876
71,325
53,561
9,107
170,369
406,754
30,073
583,749
132,666
30,951
358,739
57,716
226,387
61,706
9,421
47,762
265,260
47,255
56,998
481,805
122,365
173,695
242,739
127,518
8,509
89,179
365,157
2,573
16,350
0.04%
0.06%
0.05%
0.04%
0.02%
0.07%
0.06%
0.00%
0.02%
0.00%
0.02%
0.03%
0.05%
0.01%
0.04%
0.08%
0.01%
0.00%
0.01%
0.01%
0.00%
0.03%
0.07%
0.01%
0.10%
0.02%
0.01%
0.06%
0.01%
0.04%
0.01%
0.00%
0.01%
0.05%
0.01%
0.01%
0.08%
0.02%
0.03%
0.04%
0.02%
0.00%
0.02%
0.06%
0.00%
0.00%
Actions
Australie
ABB Grain Ltd
Adelaide Bank Ltd
Alesco Corp Ltd
Amcor Ltd
Ansell Ltd
ARC Energy Ltd
Ausdrill Ltd
Austal Ltd
Austereo Group Ltd
AWB Ltd
B Digital Ltd
Bank of Queensland Ltd
Bendigo Bank Ltd
Brazin Ltd
Campbell Brothers Ltd
Candle Australie Ltd
CBH Resources Ltd
Consolidated Rutile Ltd
David Jones Ltd
DCA Group Ltd
Diversified Utility & Energy Trusts
Downer EDI Ltd
Felix Resources Ltd
Forest Enterprises Australie Ltd
Futuris Corp Ltd
GRD Ltd
Great Southern Plantations Ltd
GWA International Ltd
HPAL Ltd
iiNET Ltd
Iluka Resources Ltd
Independence Group NL
K&S Corp Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Macmahon Holdings Ltd
Mayne Pharma Ltd
MYOB Ltd
National Hire Group Ltd
New Hope Corp Ltd
Pacific Brands Ltd
PaperlinX Ltd
Prime Television Ltd
43
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
13,017
93,378
1,398
21,730
43,676
18,257
39,548
250,255
4,054
28,235
63,557
33,315
212,067
69,314
64,155
7,058
49,144
99,260
33,507
364,210
976
22,932
41,109
12,367
320,913
244,469
101,873
154,539
46,798
520,177
115,159
171,546
5,637
79,195
135,185
10,128,664
0.01%
0.06%
0.00%
0.00%
0.01%
0.00%
0.06%
0.04%
0.00%
0.02%
0.03%
0.01%
0.09%
0.02%
0.03%
0.00%
0.01%
0.02%
1.75%
Autriche
Allgemeine Baugesellschaft Porr AG
Boehler-Uddeholm AG
Voestalpine AG
57
4,700
79,200
8,800
8,622
966,910
820,424
1,229,571
3,025,527
0.00%
0.17%
0.14%
0.21%
0.52%
Belgique
Atenor Group
Brantano
CFE (CIE Francois D'enter)
Cofinimmo
Delhaize Group
Dolmen Computer Applications
Econocom Group
Ion Beam Applications
LSG Laundry Systems Group
Sapec
Umicore
15
364
211
3,701
27,300
1,060
12,272
19,234
7,905
852
8,320
3,972
24,073
219,338
615,830
1,955,796
14,046
98,016
244,166
87,053
87,639
1,150,824
4,500,753
0.00%
0.00%
0.04%
0.11%
0.34%
0.00%
0.02%
0.04%
0.01%
0.02%
0.20%
0.77%
17,800
12,300
1,400
28,400
28,600
18,000
18,700
8,500
6,000
200
109,500
5,200
5,900
71,900
41,000
16,600
542,117
310,610
64,120
809,690
862,217
309,206
283,722
108,053
79,925
7,543
863,535
257,415
206,748
881,339
413,304
453,917
0.09%
0.05%
0.01%
0.14%
0.15%
0.05%
0.05%
0.02%
0.01%
0.00%
0.15%
0.04%
0.04%
0.15%
0.07%
0.08%
Actions
Australie (suite)
Programmed Maintenance Services Ltd
Promina Group Ltd
Record Realty
Resolute Mining Ltd
Ridley Corp Ltd
Sally Malay Mining Ltd
Santos Ltd
Sons of Gwalia Ltd
Spotless Group Ltd
Straits Resources Ltd
Sunland Group Ltd
Symbion Health Ltd
Tap Oil Ltd
Timbercorp Ltd
UXC Ltd
Vision Systems Ltd
Canada
Agnico-Eagle Mines Ltd
Agrium Inc
Alcan Inc
Astral Media Inc
Atco Ltd
ATI Technologies Inc
ATS Automation Tooling Systems Inc
AUR Resources Inc
Axcan Pharma Inc
BPO Properties Ltd
CAE Inc
Canada Bread Co Ltd
Canadian Western Bank
Canfor Corp
Cascades Inc
CCL Industries
44
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
500
1,200
12,500
19,400
23,100
9,600
46,500
1,700
600
24,500
17,800
26,600
3,500
79,500
9,400
117,100
24,200
55,800
28,200
20,700
31,800
1,000
19,300
900
5,500
12,600
500
11,500
6,700
46,000
16,300
7,200
3,304
30,447
311,696
468,121
708,881
285,877
459,978
832,076
22,172
535,531
434,853
795,765
366,951
867,508
118,044
522,965
495,783
575,889
462,426
555,028
244,511
17,401
180,327
25,111
86,041
410,747
19,360
225,249
131,519
773,633
744,021
258,289
18,422,965
0.00%
0.01%
0.05%
0.08%
0.12%
0.05%
0.08%
0.14%
0.00%
0.09%
0.08%
0.14%
0.06%
0.15%
0.02%
0.09%
0.09%
0.10%
0.08%
0.10%
0.04%
0.00%
0.03%
0.00%
0.01%
0.07%
0.00%
0.04%
0.02%
0.13%
0.13%
0.05%
3.19%
Danemark
Arkil Holding A/S
Carlsberg A/S
Codan A/S
FLSmidth & Co A/S
Gyldendalske Boghandel
Harboes Bryggeri A/S
Monberg & Thorsen A/S
Ostjydsk Bank A/S
Royal UNIBREW A/S
Sanistal A/S
Schouw & Co
SKAKO Industries A/S
328
8,700
998
20,976
43
2,120
1,107
196
108
224
1,178
2,400
56,914
567,157
76,551
840,190
4,428
72,540
116,686
34,168
10,946
27,970
57,309
123,375
1,988,234
0.01%
0.10%
0.01%
0.15%
0.00%
0.01%
0.02%
0.01%
0.00%
0.00%
0.01%
0.02%
0.34%
Finlande
Citycon Oyj**
Citycon Oyj
Elcoteq SE
Finnair OYJ
Kemira OYJ
Lannen Tehtaat OY
Lemminkainen Oyj
Norvestia OYJ
18,549
13,777
2,746
34,519
35,272
3,494
917
12,000
6,106
68,523
61,444
540,127
613,802
96,912
38,684
123,435
0.00%
0.01%
0.01%
0.09%
0.11%
0.02%
0.01%
0.02%
Actions
Canada (suite)
CGI Group Inc
CHC Helicopter Corp
Cinram International Inc
Cogeco Cable Inc
Corus Entertainment Inc
Dundee Corp
Dundee Wealth Management Inc
E-L Financial Corp Ltd
Empire Co Ltd
First Capital Realty Inc
FirstService Corp
Inmet Mining Corp
IPSCO Inc
Kinross Gold Corp
Linamar Corp
LionOre Mining International Ltd
Methanex Corp
Norbord Inc
Open Text Corp
Pason Systems Inc
QLT Inc
Rothmans Inc
Royal Group Technologies Ltd
Saputo Inc
ShawCor Ltd
Sobeys Inc
TELUS Corp
Torstar Corp
Transat AT Inc
Transcontinental Inc
Trican Well Service Ltd
West Fraser Timber Co Ltd
45
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Finlande (suite)
Raisio Plc
Rautaruukki OYJ
Tekla Oyj
Wartsila Oyj
16,320
21,145
28,000
14,732
42,264
779,941
200,594
545,535
3,117,367
0.01%
0.14%
0.03%
0.09%
0.55%
France
A Novo
ADLPartner
Air France-KLM
Altamir et Compagnie
Atos Origin SA
Bacou Dalloz
Cap Gemini SA
CFCAL-Banque
Ciments Francais
CNP Assurances
Compagnie du Mont-Blanc
Compagnie Generale de Geophysique SA
Compagnie Industrielle et Financiere D'Entreprises
Eiffage
Eramet
Esso Ste Anonyme Francaise
Flo Groupe
Generale de Sante
Gevelot SA
Groupe Crit
Groupe ONET
Havas SA
Icade Fonciere des Pimonts SA
IDI
IMS-Intl Metal Service
Jacques Bogart
LDC
Nexans SA
Peugeot SA
Provimi SA
Rallye SA
Remy Cointreau SA
Rubis
SA d'Explosifs et Produits Chimiques
Safran SA
Societe Alsacienne et Lorraine de Valeurs d'Entreprises et de Participations
Sodexho Alliance SA
Technip SA
Thomson
Valeo SA
Viel et Compagnie
18,383
3,328
18,900
671
17,700
3,800
35,400
19,200
104
7,600
16,200
15
6,300
31,800
301
200
2,600
2,581
9,641
13,853
1,001
6,860
52
36,592
44
126
647
6
1,235
8,820
4,415
24,600
6,546
9,600
14,400
586
38
5,400
1,700
2,720
38,800
16,600
9,259
29,600
5,975
19,799
94,241
444,400
153,470
1,309,812
422,609
1,926,055
1,340,653
9,464
1,189,190
1,631,089
1,425
914,873
1,995,332
72,851
32,819
347,676
565,335
81,669
469,398
63,294
290,557
22,075
175,799
5,431
4,879
14,837
632
97,145
2,378,061
343,276
1,548,024
200,418
409,166
717,261
44,322
17,249
136,708
232,676
645,155
1,840,590
1,121,942
182,526
1,236,163
29,646
24,779,992
0.00%
0.02%
0.08%
0.03%
0.23%
0.07%
0.33%
0.23%
0.00%
0.21%
0.28%
0.00%
0.16%
0.35%
0.01%
0.01%
0.06%
0.10%
0.01%
0.08%
0.01%
0.05%
0.00%
0.03%
0.00%
0.00%
0.00%
0.00%
0.02%
0.41%
0.06%
0.27%
0.04%
0.07%
0.12%
0.01%
0.00%
0.02%
0.04%
0.11%
0.32%
0.19%
0.03%
0.21%
0.01%
4.30%
Actions
46
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Allemagne
ALBIS Leasing AG
Bilfinger Berger AG
D Logistics AG
Deutz AG
Dyckerhoff AG
Edel Music AG
Fresenius AG
Frosta AG
Fuchs Petrolub AG
GEA Group AG
GFT Technologies AG
Heidelberger Druckmaschinen
Hochtief AG
Hornbach Baumarkt AG
Interseroh AG zur Verwertung von Sekundaerrohstoffen
Jenoptik AG
Jungheinrich AG
KAP Beteiligungs AG
Koenig & Bauer AG
KSB AG
Marseille-Kliniken AG
Maternus-Kliniken AG
Merck KGaA
Mobilcom AG
Norddeutsche Affinerie AG
PC-Ware AG
Rheinmetall AG
Salzgitter AG
TAG Tegernsee Immobilien und Beteiligungs AG
ThyssenKrupp AG
TUI AG
Washtec AG
Wuerttembergische Lebensversicherung AG
11,000
15,000
45,517
81,000
8,500
14,674
5,900
7,880
2,392
5,579
20,000
10,038
25,800
24,000
11,600
175,179
302
15,943
1,066
1,948
7,914
716
4,000
13,184
10,200
25,738
12,482
7,200
13,316
19,200
10,402
95,400
40,334
9,568
8,853
59,237
982,037
101,902
684,195
411,451
90,564
1,005,439
940,248
48,775
275,256
335,938
38,143
1,136,476
1,355,755
600,815
1,804,059
11,117
145,279
33,824
64,356
251,878
169,724
70,431
35,738
968,103
622,314
385,180
140,629
1,031,319
1,411,519
117,824
2,751,133
790,725
182,944
330,510
19,384,837
0.01%
0.17%
0.02%
0.12%
0.07%
0.02%
0.17%
0.16%
0.01%
0.05%
0.06%
0.01%
0.20%
0.23%
0.10%
0.31%
0.00%
0.02%
0.01%
0.01%
0.04%
0.03%
0.01%
0.01%
0.17%
0.11%
0.07%
0.02%
0.18%
0.24%
0.02%
0.47%
0.14%
0.03%
0.06%
3.33%
Grèce
Agricultural Bank of Greece
Bank of Greece
Hellenic Petroleum SA
132,624
5,400
72,000
863,463
745,949
1,026,401
2,635,813
0.15%
0.13%
0.18%
0.46%
Hong-Kong
Alco Holdings Ltd
Angang New Steel Co Ltd
Asia Financial Holdings Ltd
Asia Satellite Telecommunications Holdings Ltd
Beijing Enterprises Holdings Ltd
Champion Technology Holdings Ltd
Chevalier International Holdings Ltd
China Oilfield Services Ltd
Dickson Concepts International Ltd
eSun Holdings Ltd
Great Wall Technology Co Ltd
Guoco Group Ltd
36,000
18,000
202,000
246,000
28,999
52,240
669,200
6,000
160,000
282,408
26,500
231,000
263,400
16,000
17,281
16,005
190,029
118,089
52,693
97,279
110,386
6,302
81,445
403,968
37,224
209,869
54,310
204,849
0.00%
0.00%
0.03%
0.02%
0.01%
0.02%
0.02%
0.00%
0.01%
0.07%
0.01%
0.04%
0.01%
0.04%
Actions
47
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Hong-Kong (suite)
GZI Transportation Ltd
Hang Lung Group Ltd
Harbin Power Equipment
Hong Kong Ferry Holdings
JCG Holdings Ltd ***
JCG Holdings Ltd
Jingwei Textile Machinery
Keck Seng Investments
Liu Chong Hing Bank Ltd
Man Yue International Holdings Ltd
Mandarin Oriental International Ltd
Moulin Global Eyecare Holdings
Next Media Ltd
Proview International Holdings Ltd
Shanghai Industrial Holdings Ltd
Sichuan Expressway Co Ltd
Sinolink Worldwide Holdings
SmarTone Telecommunications Holding Ltd
Sun Hung Kai & Co Ltd
SUNeVision Holdings Ltd
TAI Cheung Holdings
Tan Chong International Ltd
Tencent Holdings Ltd
Tom Online Inc
Tomson Group Ltd
Varitronix International Ltd
Vtech Holdings Ltd
Wing On Co International Ltd
150,000
5,000
196,000
25,250
229,000
86,000
20,000
12,000
50,000
36,000
89,484
69,000
38,000
5,000
8,385
154,000
254,000
55,000
614,613
575,600
17,500
189,000
367,500
208,647
163,000
83,000
452,400
128,400
61,600
135,800
51,398
66,000
118,950
44,000
64,756
11,405
165,441
30,424
261,171
185,081
26
10,206
15,947
11,946
327,499
148,051
11,263
5,200
0
87,321
54,009
115,531
95,045
213,258
19,169
107,776
65,356
118,307
36,760
139,584
138,463
49,640
340,950
175,003
34,774
298,537
91,207
69,460
5,098,295
0.01%
0.00%
0.03%
0.01%
0.04%
0.03%
0.00%
0.00%
0.00%
0.00%
0.06%
0.03%
0.00%
0.00%
0.00%
0.01%
0.01%
0.02%
0.02%
0.04%
0.00%
0.02%
0.01%
0.02%
0.01%
0.02%
0.02%
0.01%
0.06%
0.03%
0.01%
0.05%
0.02%
0.01%
0.86%
Irelande
DCC Plc
Dragon Oil Plc
IFG Group Plc
Kerry Group PLC
38,000
142,013
10,953
5,846
882,925
515,571
27,835
140,217
1,566,548
0.15%
0.09%
0.01%
0.02%
0.28%
Italie
ACEA SpA
Aedes SPA
Astaldi SpA
Autostrada Torino-Milano SpA
Banca Popolare Italiana
Banco di Sardegna SpA
Biesse SpA
Boero Bartolomeo
Buzzi Unicem SpA
Caltagirone SpA
Cam Finanziara SpA
Cofide SpA
Cremonini SpA
6,000
47,109
62,653
24,000
80,082
3,231
28,000
536
2,000
18,974
89,840
300,000
429,000
9,255
74,642
346,614
443,544
492,289
846,035
71,201
368,660
10,735
47,607
208,719
223,419
903,074
564,840
25,004
0.01%
0.06%
0.08%
0.09%
0.15%
0.01%
0.06%
0.00%
0.01%
0.04%
0.04%
0.16%
0.10%
0.00%
Actions
48
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Italie (suite)
Danieli & Co SpA
ERG SpA
Fondiaria-Sai SpA
Gefran SpA
Gruppo Coin SpA
I Grandi Viaggi SpA
IFIL - Investments SpA
Italcementi SpA
Italmobiliare SpA
La Doria SpA
Mittel SpA
Mondo TV SpA
Monrif SpA
Pirelli & C SpA
Premafin Finanziaria SpA
SMI-Societa Metallurgica Italiana SpA
Vianini Lavori SpA
62,079
1,547
7,723
18,000
77,496
50,000
99,000
63,000
6,501
14,838
38,544
1,176
132,514
558,000
99,136
346,865
32,963
646,074
40,437
308,137
115,666
390,601
133,722
577,759
1,507,254
550,782
45,339
243,482
42,409
208,470
531,433
261,533
176,718
394,514
10,800,713
0.11%
0.01%
0.05%
0.02%
0.07%
0.02%
0.10%
0.26%
0.09%
0.01%
0.04%
0.01%
0.04%
0.09%
0.04%
0.03%
0.07%
1.85%
Japon
ABILIT Corp
Aderans Co Ltd
Aichi Bank Ltd/The
Aichi Electric Co Ltd
Airport Facilities Co Ltd
Akita Bank Ltd/The
Amada Co Ltd
AOC Holdings Inc
AOKI Holdings Inc
Arakawa Chemical Industries Ltd
Asahi Diamond Industrial Co Ltd
Asahi Kogyosha Co Ltd
Asanuma Corp
Bank of Iwate Ltd/The
Bank of Kyoto Ltd/The
Bank of Nagoya Ltd/The
Bank of Okinawa Ltd/The
BMB Corp
BML Inc
CAC Corp
Canon Finetech Inc
Canon Marketing Japon Inc
Capcom Co Ltd
C-Cube Corp
Central Glass Co Ltd
Century Leasing System Inc
Charle Co Ltd
Chodai Co Ltd
Chofu Seisakusho Co Ltd
Chubu Steel Plate Co Ltd
Chukyo Bank Ltd/The
13,200
8,400
5,400
26,000
14,000
30,800
105,000
31,500
14,000
19,100
24,300
20,000
4,920
25,000
10,000
47,000
1,700
9,000
9,000
11,300
6,000
1,600
45,000
7,800
5,200
12,000
500
11,700
17,000
200
1,400
5,500
200
18,400
5,000
29,000
44,100
209,316
246,326
646,224
87,041
315,620
207,787
597,127
506,445
152,352
352,085
524,142
659,378
55,084
237,944
49,157
105,958
117,569
108,314
70,786
526,740
29,087
29,969
491,609
92,021
105,992
257,818
5,123
61,083
98,263
3,356
11,818
29,414
4,746
284,600
76,320
105,441
415,248
0.04%
0.04%
0.11%
0.02%
0.05%
0.04%
0.10%
0.09%
0.03%
0.06%
0.09%
0.11%
0.01%
0.04%
0.01%
0.02%
0.02%
0.02%
0.01%
0.09%
0.01%
0.01%
0.08%
0.02%
0.02%
0.04%
0.00%
0.01%
0.02%
0.00%
0.00%
0.01%
0.00%
0.05%
0.01%
0.02%
0.07%
Actions
49
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
52
93,000
11,000
5,800
9,700
2,000
23,150
3,000
10,000
24,000
66,000
27,000
13,200
11,500
100
4,700
98,000
10,800
3,700
6,000
42,000
6,000
3,600
41,000
9,900
55,000
15,200
13,000
12,600
10,000
16,000
1,400
21,800
79,000
33,000
8,700
204,000
18,100
1,000
16,000
44,000
23,000
14,500
44,000
4,000
35,000
1,500
600
25,000
35,000
2,000
34,000
4,000
171,000
22,000
48,800
458,344
486,321
35,334
65,919
94,624
14,798
741,648
26,951
233,918
89,092
697,534
131,121
206,743
217,349
4,322
183,236
614,628
67,826
98,780
27,613
228,528
35,189
46,438
463,200
232,418
353,335
273,108
198,432
130,816
53,140
192,152
30,613
471,142
541,665
304,577
126,456
767,658
277,966
10,925
90,584
560,861
276,998
388,338
460,548
15,866
108,865
12,077
7,068
306,594
234,935
8,407
307,467
31,460
540,580
77,193
343,283
0.08%
0.08%
0.01%
0.01%
0.02%
0.00%
0.13%
0.00%
0.04%
0.02%
0.12%
0.02%
0.04%
0.04%
0.00%
0.03%
0.11%
0.01%
0.02%
0.00%
0.04%
0.01%
0.01%
0.08%
0.04%
0.06%
0.05%
0.03%
0.02%
0.01%
0.03%
0.01%
0.08%
0.09%
0.05%
0.02%
0.13%
0.05%
0.00%
0.02%
0.10%
0.05%
0.07%
0.08%
0.00%
0.02%
0.00%
0.00%
0.05%
0.04%
0.00%
0.05%
0.01%
0.09%
0.01%
0.06%
Actions
Japon (suite)
Coca-Cola Central Japan Co Ltd
Cosmo Oil Co Ltd
Cowboy Co Ltd
CRC Solutions Corp
CTI Engineering Co Ltd
Dai-Dan Co Ltd
Daiei Inc/The
Daiichi Kensetsu Corp
Daiko Clearing Services Corp
Dainippon Ink and Chemicals Inc
Dainippon Screen Manufacturing Co Ltd
Daishi Bank Ltd/The
Daisyo Corp
Daiwabo Information System Co Ltd
DMW Corp
Dydo Drinco Inc
Ebara Corp
Eikoh Inc
Excel Co Ltd
Friendly Corp
Fuji Electric Holdings Co Ltd
Fuji Heavy Industries Ltd
Fujicco Co Ltd
Fujikura Ltd
Fujimi Inc
Fujitec Co Ltd
Fujitsu Devices Inc
Fujitsu Frontech Ltd
Fukuda Corp
Furuno Electric Co Ltd
Furusato Industries Ltd
Glory Ltd
Godo Steel Ltd
Hankyu Department Stores
Haruyama Trading Co Ltd
Haseko Corp
Heiwa Corp
Hibiya Engineering Ltd
Hitachi Cable Ltd
Hitachi Kokusai Electric Inc
Hitachi Systems & Services Ltd
Hitachi Transport System Ltd
Hokkan Holdings Ltd
Hokuetsu Bank Ltd/The
Hokuyaku Inc
Horipro Inc
Hosiden Corp
Imura Envelope Co Inc
Inabata & Co Ltd
Isewan Terminal Service Co Ltd
Ishikawajima-Harima Heavy Industries Co Ltd
Ishizuka Glass Co Ltd
Itochu Enex Co Ltd
50
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
48,000
8,000
6,000
32,700
6,900
53,000
10,000
13,200
11,000
12,000
61,000
22,000
21,000
3,000
41,000
18,800
5,000
8,000
40,000
14,000
23,000
55,000
1,600
16,100
400
10,000
16,300
2,000
33,000
8,100
1,000
86,000
141,000
42,000
74,000
23,000
69,000
24,000
200
47,000
800
12,500
8,000
200
3,000
8,000
98,000
62,000
3,000
6,000
50,000
400
11,200
18,000
39,000
86,000
151,335
85,838
53,191
308,459
429,825
488,270
97,042
335,622
69,735
94,076
509,755
221,883
146,834
22,604
275,557
317,078
56,106
42,715
361,726
61,700
242,885
250,784
89,770
204,678
14,205
46,953
225,595
8,645
767,735
174,371
5,594
354,233
501,907
230,308
260,903
150,292
412,281
189,169
1,495
589,541
24,612
314,116
129,503
3,983
48,411
108,484
302,331
365,726
20,900
64,378
344,521
4,790
560,997
247,140
207,907
278,430
0.03%
0.01%
0.01%
0.05%
0.07%
0.08%
0.02%
0.06%
0.01%
0.02%
0.09%
0.04%
0.03%
0.00%
0.05%
0.05%
0.01%
0.01%
0.06%
0.01%
0.04%
0.04%
0.02%
0.04%
0.00%
0.01%
0.04%
0.00%
0.13%
0.03%
0.00%
0.06%
0.09%
0.04%
0.05%
0.03%
0.07%
0.03%
0.00%
0.10%
0.00%
0.05%
0.02%
0.00%
0.01%
0.02%
0.05%
0.06%
0.00%
0.01%
0.06%
0.00%
0.10%
0.04%
0.04%
0.05%
Actions
Japon (suite)
Iwasaki Electric Co Ltd
Iyo Bank Ltd/The
Izumiya Co Ltd
Japan Petroleum Exploration Co
Japan Wool Textile Co Ltd/The
Jichodo Co Ltd
Kaga Electronics Co Ltd
Kagawa Bank Ltd/The
Kaken Pharmaceutical Co Ltd
Kamei Corp
Kanaden Corp
Kaneshita Construction Co Ltd/The
Kasumi Co Ltd
Kato Sangyo Co Ltd
Kawanishi Warehouse Co Ltd
Keiyo Gas Co Ltd
Kinden Corp
King Co Ltd
Kinki Coca-Cola Bottling Co Ltd
Kinki Nippon Tourist Co Ltd
Kita-Nippon Bank Ltd/The
Koa Corp
Kodensha Co Ltd/The
Kohnan Shoji Co Ltd
Komai Tekko Inc
Komori Corp
Konaka Co Ltd
Kowa Spinning Co Ltd
Kumagai Gumi Co Ltd
KUREHA CORP
Kurimoto Ltd
Kyudenko Corp
Maeda Corp
Maezawa Industries Inc
Makino Milling Machine Co Ltd
Makita Corp
Mandom Corp
Marusan Securities Co Ltd
Matsuya Foods Co Ltd
Mediceo Paltac Holdings Co Ltd
Meiko Trans Co Ltd
Mercian Corp
Mie Bank Ltd/The
Mikasa Seiyaku Co Ltd
Mikuni Coca-Cola Bottling Co Ltd
Minebea Co Ltd
Mirai Co Ltd
Misawa Homes Holdings Inc
Mitani Corp
Mitsubishi Materials Corp
51
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
27,000
13,000
62,000
138,000
3,000
83,000
44,000
16,400
3,000
1,000
50,000
9,000
44,000
38,000
6,000
7,000
50,000
21,000
28,000
27,000
144,000
7,000
14,000
36,000
9,000
41,000
63,500
131,000
54,000
10,000
9,700
217,000
80
8,000
60,000
54,000
4,000
2,000
16,000
25,800
1,700
46,000
3,000
30,000
18,000
88,000
28,000
11,500
6,000
125,000
22,400
7,000
52,000
44,200
800
1,100
215,103
89,796
321,061
519,298
41,190
418,552
277,447
284,939
39,003
3,772
345,792
41,648
157,369
112,399
46,529
60,514
172,048
154,488
389,423
77,803
800,610
60,395
165,997
324,638
43,326
484,397
282,545
535,147
293,822
47,462
136,305
750,369
87
31,189
324,943
446,224
16,747
16,612
106,992
498,551
56,479
179,727
26,951
129,672
205,492
280,431
404,136
180,507
105,772
474,616
484,109
79,083
417,798
550,674
18,917
14,637
0.04%
0.02%
0.06%
0.09%
0.01%
0.07%
0.05%
0.05%
0.01%
0.00%
0.06%
0.01%
0.03%
0.02%
0.01%
0.01%
0.03%
0.03%
0.07%
0.01%
0.14%
0.01%
0.03%
0.06%
0.01%
0.08%
0.05%
0.09%
0.05%
0.01%
0.02%
0.13%
0.00%
0.01%
0.06%
0.08%
0.00%
0.00%
0.02%
0.09%
0.01%
0.03%
0.00%
0.02%
0.04%
0.05%
0.07%
0.03%
0.02%
0.08%
0.08%
0.01%
0.07%
0.10%
0.00%
0.00%
Actions
Japon (suite)
Mitsui Home Co Ltd
Mitsuuroko Co Ltd
Miyazaki Bank Ltd/The
Nakano Refrigerators Co Ltd
Nanto Bank Ltd/The
NEC Fielding Ltd
NEC Networks & System Integration Corp
Nice Corp
Nichias Corp
Nichiwa Sangyo Co Ltd
Nihon Yamamura Glass Co Ltd
Nikken Chemicals Co Ltd
Nippo Corp
Nippon Antenna Co Ltd
Nippon Denko Co Ltd
Nippon Densetsu Kogyo Co Ltd
Nippon Konpo Unyu Soko Co Ltd
Nippon Road Co Ltd/The
Nippon Sheet Glass Co Ltd
Nippon Shokubai Co Ltd
Nippon Signal Co Ltd
Nippon Synthetic Chemical Industry Co Ltd/The
Nippon Thompson Co Ltd
Nippon Yakin Kogyo Co Ltd
Nishi-Nippon City Bank Ltd/The
Nisshin Fire & Marine Insurance Co Ltd/The
Nisshin Fudosan Co/Japon
Nissin Co Ltd
Nissin Corp
Nissin Electric Co Ltd
Nittetsu Mining Co Ltd
NJK Corp
Nohmi Bosai Ltd
Noritake Co Ltd
Noritz Corp
Obara Corp
Oenon Holdings Inc
Ohmoto Gumi Co Ltd
Okabe Co Ltd
Okasan Holdings Inc
Okuwa Co Ltd
Onoken Co Ltd
Onward Kashiyama Co Ltd
Orient Corp
Osaka Steel Co Ltd
Osaki Electric Co Ltd
PanaHome Corp
Parco Co Ltd
Piolax Inc
Poplar Co Ltd
52
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
6,600
16,700
46,000
29,000
8,000
600
58,000
2,900
46,000
3,200
10,000
1,000
2,000
91,000
8,200
4,000
7,000
8,700
11,500
11,000
37,000
6,000
26,000
8,000
7,000
8,000
173
15,000
5,000
8,000
31,800
15,000
64,000
40,100
44,000
17,000
34,000
118,700
26,000
178,000
17,000
12,300
141,000
11,000
3,000
113,000
9,000
13,000
24,000
5,000
1,000
4,000
3,000
16,400
1,000
12,000
120,824
392,766
337,232
254,386
214,255
8,314
306,738
19,810
213,645
91,126
103,399
8,263
24,155
594,635
175,133
31,359
433,088
183,969
326,511
69,828
385,083
13,018
219,697
112,349
77,540
75,328
228,731
113,145
247,479
42,309
282,990
229,214
363,963
454,052
261,039
73,481
491,313
700,188
426,392
647,190
112,094
384,668
250,953
83,439
26,595
544,936
148,741
43,961
57,768
41,529
7,289
24,680
22,197
323,858
7,670
55,225
0.02%
0.07%
0.06%
0.04%
0.04%
0.00%
0.05%
0.00%
0.04%
0.02%
0.02%
0.00%
0.00%
0.10%
0.03%
0.01%
0.07%
0.03%
0.06%
0.01%
0.07%
0.00%
0.04%
0.02%
0.01%
0.01%
0.04%
0.02%
0.04%
0.01%
0.05%
0.04%
0.06%
0.08%
0.05%
0.01%
0.08%
0.12%
0.07%
0.11%
0.02%
0.07%
0.04%
0.01%
0.00%
0.09%
0.03%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
0.06%
0.00%
0.01%
Actions
Japon (suite)
Riso Kagaku Corp
Roland Corp
Ryobi Ltd
Ryoden Trading Co Ltd
Ryosan Co Ltd
Ryoyo Electro Corp
Sakai Chemical Industry Co Ltd
Sakura KCS Corp
San-Ai Oil Co Ltd
Sangetsu Co Ltd
San-In Godo Bank Ltd/The
Sanshin Electronics Co Ltd
Sanwa Shutter Corp
Sanyo Electric Credit Co Ltd
Sanyo Engineering & Construction Inc
Satori Electric Co Ltd
Sazaby League Ltd
Seibu Electric Industry Co Ltd
Seino Holdings Corp
Sekido Co Ltd
Sekisui Chemical Co Ltd
Senshukai Co Ltd
Shibaura Mechatronics Corp
Shibuya Kogyo Co Ltd
Shidax Corp
Shiga Bank Ltd/The
Shimizu Bank Ltd/The
Shinagawa Refractories Co Ltd
Shinki Co Ltd
Shinko Shoji Co Ltd
Sinanen Co Ltd
Sinko Kogyo Co Ltd
Sintokogio Ltd
Sojitz Corp
Star Micronics Co Ltd
Sumitomo Osaka Cement Co Ltd
Sumitomo Pipe & Tube Co Ltd
Suzuken Co Ltd
SWCC Showa Holdings Co Ltd
Tachikawa Corp
Taiheiyo Cement Corp
Taikisha Ltd
Taiko Bank Ltd/The
Taisei Rotec Corp
Takasago Thermal Engineering Co Ltd
Takigami Steel Construction Co Ltd/The
Teikoku Tsushin Kogyo Co Ltd
Tigers Polymer Corp
TKC
Toei Co Ltd
Toenec Corp
53
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
108,000
2,000
4,000
36,100
29,000
17,100
105,000
56,000
61,000
46,000
10,000
42,000
3,000
78,000
2,800
12,000
3,000
6,000
600
247,000
35,000
9,000
9,000
11,600
46,000
24,400
79,000
21,000
10,600
6,000
4,200
31,000
4,000
500
81,000
13,000
15,000
3,000
3,400
14,000
27,000
39,000
584,897
12,543
12,747
731,240
344,343
355,797
549,072
518,756
431,689
237,427
45,258
310,399
36,740
583,066
7,855
40,885
39,919
26,697
4,755
726,409
231,376
62,090
94,966
126,431
734,113
529,401
191,491
203,610
55,700
38,444
51,615
659,463
31,223
5,513
498,398
92,550
93,822
33,918
32,447
95,991
157,437
134,859
66,747,635
0.10%
0.00%
0.00%
0.13%
0.06%
0.06%
0.09%
0.09%
0.07%
0.04%
0.01%
0.05%
0.01%
0.10%
0.00%
0.01%
0.01%
0.00%
0.00%
0.13%
0.04%
0.01%
0.02%
0.02%
0.13%
0.09%
0.03%
0.03%
0.01%
0.01%
0.01%
0.11%
0.00%
0.00%
0.09%
0.02%
0.02%
0.01%
0.01%
0.02%
0.03%
0.02%
11.51%
5,482
482
23,464
59,000
6,000
3,303
18,900
10,000
9,285
2,400
39,039
17,210
23,883
31,935
144,814
1,042,423
145,218
164,242
905,725
191,204
247,197
243,095
1,780,118
581,064
0.00%
0.01%
0.03%
0.18%
0.02%
0.03%
0.16%
0.03%
0.04%
0.04%
0.31%
0.10%
Actions
Japon (suite)
Toho Bank Ltd/The
Tokai Carbon Co Ltd
Tokyo Printing Ink Manufacturing Co Ltd
Tokyo Steel Manufacturing Co Ltd
Tokyo Style Co Ltd
Toshiba TEC Corp
TOTO Ltd
Towa Real Estate Development Co Ltd
Toyo Ink Manufacturing Co Ltd
Toyo Kohan Co Ltd
Toyo Securities Co Ltd
Toyo TEC Co Ltd
Tsubakimoto Chain Co
Tsuchiya Home Co Ltd
Tsuken Corp
Tsukishima Kikai Co Ltd
Tsuzuki Denki Co Ltd
U Store Co Ltd
Ube Industries Ltd/Japon
Uchida Yoko Co Ltd
Uehara Sei Shoji Co Ltd
UFJ NICOS Co Ltd
Unipres Corp
UNY Co Ltd
Valor Co Ltd
Wakachiku Construction Co Ltd
Wakita & Co Ltd
Wesco Inc/Japon
With us Corp
Yagi & Co Ltd
Yamato Kogyo Co Ltd
Yamazaki Baking Co Ltd
Yellow Hat Ltd
Yokogawa Bridge Corp
Yondenko Corp
Yonekyu Corp
Yonex Co Ltd
Yuraku Real Estate Co Ltd
Yurtec Corp
Zenitaka Corp/The
Pays-Bas
Amsterdam Commodities NV
Batenburg Beheer NV
BE Semiconductor Industries NV
Buhrmann NV
Crown Van Gelder
Gamma Holding NV
Heijmans NV
Hes-Beheer NV
KAS Bank NV
Koninklijke BAM Groep NV
Koninklijke DSM NV
Koninklijke Vopak NV
54
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
8,548
2,201
12,600
14,800
37,000
37,000
142,545
110,537
702,013
832,825
1,201,328
613,425
9,103,591
0.02%
0.02%
0.12%
0.14%
0.21%
0.11%
1.56%
213,504
43,271
10,091
50,722
235,381
2,702
14,305
15,427
85,795
49,588
235,380
31,825
145,396
84,880
11,230
44,503
60,251
94,913
757,966
0.01%
0.04%
0.01%
0.02%
0.01%
0.00%
0.01%
0.01%
0.02%
0.12%
Norvège
Aker ASA
Aker Yards AS
DET Norske Oljeselskap
Skiens Aktiemolle
Stolt-Nielsen SA
5,865
1,551
34,403
1,223
15,318
271,249
115,565
253,189
68,950
473,812
1,182,765
0.05%
0.02%
0.04%
0.01%
0.08%
0.20%
Portugal
Banco Espirito Santo SA
Ibersol SGPS SA
56,518
424,000
3,103
1,029,349
1,662,456
28,163
2,719,968
0.18%
0.29%
0.00%
0.47%
Singapour
Amara Holdings Ltd
Amtek Engineering Ltd
Asia Food & Properties Ltd
Asia Pacific Breweries Ltd
GK Goh Holdings Ltd
Golden Agri-Resources Ltd
GP Batteries International Ltd
GP Industries Ltd
Guocoland Ltd
Hotel Grand Central Ltd
Hotel Plaza Ltd
Metro Holdings Ltd
SBS Transit Ltd
Singapore Petroleum Co Ltd
Stamford Land Corp Ltd
United Engineers Ltd
UOB-Kay Hian Holdings Ltd
WBL Corp Ltd
19,000
183,000
508,000
1,000
82,000
389,000
2,000
2,000
38,000
77,000
9,000
47,800
184,600
100,491
55,000
43,000
1,000
55,000
45,000
41,000
216,000
27,000
3,699
61,635
224,466
6,025
49,155
169,481
2,126
896
59,648
33,310
7,564
327,893
174,544
61,171
74,097
316,225
1,434
176,745
8,482
52,956
174,866
130,149
2,116,567
0.00%
0.01%
0.04%
0.00%
0.01%
0.03%
0.00%
0.00%
0.01%
0.01%
0.00%
0.06%
0.03%
0.01%
0.01%
0.05%
0.00%
0.03%
0.00%
0.01%
0.03%
0.02%
0.37%
Actions
Pays-Bas (suite)
Koninklijke Wessanen NV
Nedschroef Hldg
Stork NV
Univar NV
VNU NV
Wegener NV
Nouvelle-Zélande
AFFCO Holdings Ltd
Fletcher Building Ltd
Hallenstein Glasson Holdings Ltd
Mainfreight Ltd
Millennium & Copthorne Hotels Nouvelle-Zélande Ltd
Sanford Ltd/NZ
Tourism Holdings Ltd
55
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
2,790
1,031
290
12,400
680
2,380
580
18,920
5,730
3,190
53
11,860
1,710
7,560
12,330
23,070
1,470
4,970
4,710
1,280
2,010
8,150
730
5,890
1,710
4,470
130
5,680
1,280
9,100
1,350
20,620
7,570
13,510
18,500
2,650
630
3,080
4,940
880
700
5,820
35,047
1,940
2,790
5,550
4,000
22,030
1,630
590
9,910
29,260
250
60
11,860
3,080
115,718
38,729
61,931
454,320
4,857
188,607
8,327
103,202
205,812
18,681
3,747
229,474
104,890
283,991
407,341
97,228
107,415
295,648
125,306
91,160
57,715
123,301
6,762
357,649
17,581
82,808
4,536
530,792
82,993
416,297
68,844
85,735
94,659
191,878
551,202
121,366
28,529
109,360
128,629
28,982
22,549
456,424
380,536
21,563
154,769
133,088
279,936
308,350
86,059
131,462
367,169
137,620
172,902
7,503
132,436
45,012
0.02%
0.01%
0.01%
0.08%
0.00%
0.03%
0.00%
0.02%
0.04%
0.00%
0.00%
0.04%
0.02%
0.05%
0.07%
0.02%
0.02%
0.05%
0.02%
0.02%
0.01%
0.02%
0.00%
0.06%
0.00%
0.01%
0.00%
0.09%
0.01%
0.07%
0.01%
0.01%
0.02%
0.03%
0.10%
0.02%
0.00%
0.02%
0.02%
0.01%
0.00%
0.08%
0.07%
0.00%
0.03%
0.02%
0.05%
0.05%
0.01%
0.02%
0.06%
0.02%
0.03%
0.00%
0.02%
0.01%
Actions
Corée du Sud
Asia Cement Co Ltd
Boryung Pharmaceutical Co Ltd
Cheil Communications Inc
Cheil Industries Inc
Cheju Bank Ltd
Daelim Industrial Co
Daewoo Engineering & Construction Co Ltd
Daou Technology Inc
DC Chemical Co Ltd
Dong Ah Tire & Rubber Co Ltd
Dong-A Pharmaceutical Co Ltd
Dongbu Insurance Co Ltd
Dongwon F&B Co Ltd
Doosan Corp
Doosan Heavy Industries and Construction Co Ltd
First Fire & Marine Insurance Co Ltd
Green Cross Holdings Corp
GS Engineering & Construction Corp
Halla Engineering & Construc
Hanil Cement Manufacturing
Hanjin Heavy Industries & Construction Co Ltd
Hankook Tire Co Ltd
Hanmi Capital Co Ltd
Honam Petrochemical Corp
Hwa Sung Industrial Co Ltd
Hyosung Corp
Hyundai Cement Co
Hyundai Department Store Co Ltd
Hyundai Department Store H&S Co Ltd
Hyundai Development Co
Hyundai Engineering & Construction Co Ltd
Hyundai Information Technology Co Ltd
Hyundai Marine & Fire Insurance Co Ltd
Hyundai Merchant Marine Co Ltd
Hyundai Steel Co
Il Dong Pharmaceutical Co Ltd
Ilshin Spinning Co Ltd
INTOPS Co Ltd
Joongang Construction
Korea Development Corp
Korea Iron & Steel Co Ltd
Korea Zinc Co Ltd
Korean Reinsurance Co
KTHitel Co Ltd
Kumho Electric Co Ltd
Kumho Industrial Co Ltd
LG Household & Health Care Ltd
LG Insurance Co Ltd
LG Micron Ltd
Lotte Samkang Co Ltd
LS Cable Ltd
Meritz Fire & Marine Insurance Co Ltd
Namyang Dairy Products Co Ltd
Ottogi Corp
Poonglim Industrial Co Ltd
Pusan Bank
56
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Corée du Sud (suite)
Pusan City Gas Co Ltd
Sam Young Electronics Co Ltd
Samchully Co Ltd
Samho International Co Ltd
Samsung Securities Co Ltd
Samsung Techwin Co Ltd
Samyang Genex Co Ltd
Seoul City Gas Co Ltd
SFA Engineering Corp
Shin Poong Pharmaceutical Co Ltd
Shindongah Fire & Marine Insurance Co Ltd
Shinmoorim Paper Manufacturing Co Ltd
Woori Investment & Securities Co Ltd
350
9,320
1,200
7,650
12,530
9,300
40
1,780
1,140
2,050
5,690
2,290
7,840
7,564
90,068
140,791
132,270
670,571
257,948
2,824
106,802
37,662
46,521
41,519
24,982
172,671
10,605,573
0.00%
0.02%
0.02%
0.02%
0.12%
0.04%
0.00%
0.02%
0.01%
0.01%
0.01%
0.00%
0.03%
1.83%
Espagne
Acciona SA
Adolfo Dominguez
Cia de Distribucion Integral Logista SA
Corp Mapfre SA
Dinamia
Ercros SA
Espanola del Acumulador Tudor SA
Gas Natural SDG SA
Iberia Lineas Aereas de Espana
Indo Internacional SA
Inmobiliaria Urbis SA
La Seda de Barcelona SA
NH Hoteles SA
Pescanova SA
Prosegur Cia de Seguridad SA
Sol Melia SA
Unipapel SA
Uralita SA
12,400
558
8,854
3,600
26,700
2,981
50,567
3,218
185,165
335
22,800
22,688
62,684
7,496
40,000
76,868
51,300
8,369
23,400
13,000
8,110
42,000
1,929,003
27,267
926,283
202,623
1,428,146
150,792
1,028,665
105,223
197,188
3,762
1,685,836
655,921
172,954
86,177
936,656
225,113
882,167
287,628
590,420
201,369
201,193
220,586
12,144,972
0.33%
0.00%
0.16%
0.04%
0.25%
0.03%
0.18%
0.02%
0.03%
0.00%
0.29%
0.11%
0.03%
0.01%
0.16%
0.04%
0.15%
0.05%
0.10%
0.03%
0.03%
0.04%
2.10%
Suède
Active Biotech AB
Beijer AB G&L
Boliden AB
Cherryforetagen AB
Concordia Maritime AB
Elanders AB
FastPartner AB
Geveko AB
Hagstromer & Qviberg AB
Luxonen SA
NCC AB
Novestra AB
OEM International AB
Ratos AB
Rederi AB Transatlantic
Saab AB
SAS AB
2,888
1,119
106,000
2,972
2,152
4,744
13,912
2,191
2,857
3,884
1,604
23,011
8,000
20,138
24,000
35,181
64,000
27,606
31,156
1,625,287
12,965
13,254
76,087
61,048
63,253
123,170
44,353
42,705
104,519
187,844
662,766
119,789
884,750
895,082
0.00%
0.01%
0.28%
0.00%
0.00%
0.01%
0.01%
0.01%
0.02%
0.01%
0.01%
0.02%
0.03%
0.11%
0.02%
0.15%
0.15%
Actions
57
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Suède (suite)
Stralfors AB
Svolder AB
Tele2 AB
Traction Holding AB
Vostok Nafta Investment Ltd
22,000
3,743
92,000
707
15,000
266,754
35,659
1,086,005
19,050
882,444
7,265,546
0.05%
0.01%
0.19%
0.00%
0.15%
1.26%
Suisse
AIG Private Equity Ltd
Also Holding AG
Baloise Holding AG
Banque Cantonale du Jura
Barry Callebaut AG
Bobst Group AG
Bucher Industries AG
Carlo Gavazzi Holding AG
Clariant AG
Conzzeta Holding AG
Daetwyler Holding AG
Eichhof Holding AG
Feintool International Holding AG
Graubuendner Kantonalbank
Gurit-Heberlein AG
Harwanne Compagnie de Participations Industrielles et Financieres SA
Huber & Suhner AG
Implenia AG
Industrieholding Cham AG
Intershop Holdings
Jungfraubahn Holding AG
Kardex AG
LEM Holding SA
MCH Messe Schweiz Holding AG
Metraux Services Holding SA
Moevenpick Holding
Pax-Anlage AG
Saurer AG
Schweiz Natl-Vers-Ges
Schweizerhall Holding AG
Serono SA
SIG Holding AG
St Galler Kantonalbank
Sulzer AG
Swiss Life Holding
Tornos SA
UMS Schweizerische Metallwerke Holding AG
Unaxis Holding AG
Unique Zurich Airport
Valora Holding AG
Vetropack Holding AG
Waadt Versicherungen Hldg
WMH Walter Meier AG
Zehnder Group AG
Zueblin Immobilien Holding AG
3,500
320
19,500
122
1,574
24
4,326
809
23,700
72,000
235
145
107
770
232
480
840
891
4,707
6,173
395
2,320
5,622
6,400
1,600
496
700
800
29
9,300
43
3,369
2,000
2,420
81
1,500
9,300
16,718
6,162
2,304
2,722
2,720
420
293
100
180
34,000
458,239
12,610
1,386,942
40,142
647,979
1,021
380,679
129,071
1,413,640
1,112,905
339,863
554,769
123,633
206,516
167,762
514,214
154,907
201,129
475,076
129,898
125,435
486,422
193,157
325,179
188,545
140,429
120,519
200,176
18,085
740,100
25,007
349,055
1,390,366
514,795
30,619
1,020,966
1,942,763
180,376
80,158
655,843
562,375
573,930
390,481
33,070
9,642
285,251
303,095
19,336,834
0.08%
0.00%
0.24%
0.01%
0.11%
0.00%
0.07%
0.02%
0.24%
0.19%
0.06%
0.10%
0.02%
0.04%
0.03%
0.09%
0.03%
0.03%
0.08%
0.02%
0.02%
0.08%
0.03%
0.06%
0.03%
0.02%
0.02%
0.03%
0.00%
0.13%
0.00%
0.06%
0.24%
0.09%
0.01%
0.18%
0.34%
0.03%
0.01%
0.11%
0.10%
0.10%
0.07%
0.01%
0.00%
0.05%
0.05%
3.34%
Actions
58
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
58,069
34,529
38,649
80,000
100,027
2,528
132,169
123,000
21,089
19,693
43,500
81,000
24,000
18,040
46,357
53,939
59,396
18,850
54,000
253,000
10,227
69,654
13,086
42,000
18,474
15,534
15,515
101,750
342,000
148,000
83,000
1,287,000
43,634
10,313
57,133
38,000
261,227
5,110
5,400
61,000
151,038
10,000
15,000
76,703
205,978
150,588
139,415
309,000
99,600
25,552
64,400
70,751
564,000
7,828
25,775
130,729
947,305
181,174
127,373
649,416
135,331
6,906
923,893
1,145,688
101,967
27,498
1,612,429
864,769
81,385
36,454
153,178
990,799
284,350
144,763
91,090
1,550,206
169,144
190,289
261,712
189,777
379,402
233,070
19,713
159,283
1,354,016
654,619
744,313
1,964,482
133,585
180,315
142,209
169,231
246,946
58,411
89,170
784,034
605,181
18,300
23,156
224,846
769,043
1,109,457
304,696
1,117,510
1,451,194
128,532
836,671
925,317
838,880
28,107
39,902
142,856
0.16%
0.03%
0.02%
0.11%
0.02%
0.00%
0.16%
0.20%
0.02%
0.00%
0.28%
0.15%
0.01%
0.01%
0.03%
0.17%
0.05%
0.03%
0.02%
0.27%
0.03%
0.03%
0.05%
0.03%
0.07%
0.04%
0.00%
0.03%
0.23%
0.11%
0.13%
0.34%
0.02%
0.03%
0.02%
0.03%
0.04%
0.01%
0.02%
0.14%
0.10%
0.00%
0.00%
0.04%
0.13%
0.19%
0.05%
0.19%
0.25%
0.02%
0.14%
0.16%
0.15%
0.01%
0.01%
0.02%
Actions
Royaume-Uni
3i Group PLC
Abbot Group PLC
Aberdeen Asset Management PLC
Alfred Mcalpine Plc
Alpha Airports Group Plc
Alumasc Group
Amec PLC
Amvescap PLC
Anglo-Eastern Plantations
Anite Group Plc
Antofagasta PLC
Arriva Plc
Atrium Underwriting Plc
Autologic Holdings Plc
Avocet Mining PLC
Bodycote International
Braemar Seascope Group PLC
Brit Insurance Holdings Plc
British Airways PLC
Burren Energy PLC
Cape PLC
Capital & Regional PLC
Castings Plc
Chemring Group Plc
Clarkson PLC
Colt Telecom Group Plc
Communisis Plc
Compass Group PLC
Computacenter PLC
Cookson Group PLC
Corus Group PLC
Creston Plc
Dana Petroleum Plc
Dawson Holdings Plc
Dialight PLC
Dimension Data Holdings PLC
DTZ Holdings PLC
Enterprise Inns Plc
F&C Asset Management PLC
Fayrewood Plc
Ferraris Group PLC
Filtronic PLC
First Choice Holidays Plc
Firstgroup Plc
FKI PLC
Gallaher Group PLC
Goldshield Group Plc
Greene King Plc
Hanson PLC
Henderson Group PLC
Hitachi Capital UK PLC
Huntsworth Plc
Intec Telecom Systems PLC
59
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
189,000
29,600
63,793
50,000
56,657
394,783
31,282
51,000
704,000
47,748
378,208
2,762
108,000
112,108
168,000
100,000
108,000
67,738
111
27,000
17,762
41,336
464,000
6,762
17,874
365,355
59,885
3,679
43,625
272,420
4,736
21,378
9,217
14,108
139,800
838,821
430,000
79,514
184,000
66,250
176,000
24,599
32,000
70,000
50,232
68,000
22,400
40,094
570,061
120,973
132,771
1,509,988
162,105
238,067
452,062
409,151
103,366
247,694
1,733,995
974,807
1,284,161
26,733
211,684
113,757
483,731
114,480
846,270
121,607
9,242
57,604
13,556
153,437
1,619,723
23,399
19,842
1,026,637
234,235
22,016
73,778
650,905
39,719
192,822
10,991
273,341
2,142,400
152,773
857,735
272,739
1,289,395
266,600
71,741
81,923
142,927
1,712,001
595,097
1,398,880
618,943
223,587
346,080
174,162
50,678,002
0.02%
0.26%
0.03%
0.04%
0.08%
0.07%
0.02%
0.04%
0.30%
0.17%
0.22%
0.00%
0.04%
0.02%
0.08%
0.02%
0.15%
0.02%
0.00%
0.01%
0.00%
0.03%
0.28%
0.00%
0.00%
0.18%
0.04%
0.00%
0.01%
0.11%
0.01%
0.03%
0.00%
0.05%
0.37%
0.03%
0.15%
0.05%
0.22%
0.05%
0.01%
0.01%
0.02%
0.30%
0.10%
0.24%
0.11%
0.04%
0.06%
0.03%
8.78%
Actions
Royaume-Uni (suite)
Intechnology Plc
Investec PLC
iSOFT Group PLC
John David Group PLC
Keller Group PLC
Kingston Communications PLC
Lambert Howarth Group
Lavendon Group Plc
LogicaCMG PLC
Luminar Plc
Maclellan Group PLC
Management Consulting Group PLC
Mcbride Plc
Microgen Plc
Millennium & Copthorne Hotels PLC
Morse Plc
Mountview Estates Plc
Nestor Healthcare Group PLC
Newcastle United Plc
Nichols Plc
Old Mutual PLC
Oxford Instruments Plc
Pace Micro Technology Plc
Pilkington Plc
Rank Group PLC
Raymarine PLC
Regent Inns Plc
Royal & Sun Alliance Insurance Group
Rugby Estates Plc
Senior Plc
Severn Trent PLC
Shire PLC
Sportech Plc
Systems Union Group Plc
Taylor Woodrow PLC
TDG Plc
Tenon Group Plc
Tribal Group Plc
Ultimate Leisure Group Plc
Vedanta Resources PLC
Whitbread PLC
Wilson Bowden PLC
Wincanton Plc
Woolworths Group PLC
Zetex PLC
60
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
23,300
1,025
910
13,000
1
4,130
2,100
1,440
7,180
80
230
14,700
15,180
12,700
49,000
1,070
900
5,790
16,900
19,600
27,800
3,750
18,900
2,900
65,900
90,887
3,769
5,700
1,600
30,180
100
6,600
36,400
11,790
11,400
4,500
3,608
1,700
500
3,330
6,300
7,300
2,870
2,368
5,200
15,400
7,000
2,430
12,936
5,026
200
56,760
20,600
38,775
13,731
1,290
165,430
18,194
8,645
665,340
9
165,200
59,220
8,496
101,453
1,174
7,841
204,330
1,618,340
287,147
2,443,140
16,114
28,890
171,037
599,105
746,564
497,620
124,500
908,523
15,051
4,031,762
2,860,214
18,280
34,314
28,800
809,428
5,700
194,700
521,976
490,582
71,364
105,705
404,385
23,545
46,700
22,478
45,801
272,728
41,615
55,080
380,796
927,696
140,000
95,985
251,864
393,184
9,556
2,088,200
918,760
2,238,869
417,422
9,998
0.03%
0.00%
0.00%
0.12%
0.00%
0.03%
0.01%
0.00%
0.02%
0.00%
0.00%
0.04%
0.28%
0.05%
0.42%
0.00%
0.01%
0.03%
0.10%
0.13%
0.09%
0.02%
0.16%
0.00%
0.70%
0.49%
0.00%
0.01%
0.01%
0.14%
0.00%
0.03%
0.09%
0.09%
0.01%
0.02%
0.07%
0.00%
0.01%
0.00%
0.01%
0.05%
0.01%
0.01%
0.07%
0.16%
0.02%
0.02%
0.04%
0.07%
0.00%
0.36%
0.16%
0.39%
0.07%
0.00%
Actions
États-Unis
1-800-FLOWERS.COM Inc
1st Independence Financial Group Inc
Ablest Inc
Accredited Home Lenders Holding Co
Activision Inc
Acuity Brands Inc
Adams Resources & Energy Inc
ADDvantage Technologies Group Inc
Advanced Energy Industries Inc
Advanced Power Technology Inc
Advanta Corp
AFC Enterprises
Aftermarket Technology Corp
AG Edwards Inc
Agilysys Inc
Agree Realty Corp
Air Methods Corp
Alaska Air Group Inc
Albany International Corp
Alderwoods Group Inc
Aldila Inc
Aleris International Inc
ALL American Semiconductor
Alliant Energy Corp
Allied Healthcare International Inc
Allied Healthcare Products
Almost Family Inc
Alpharma Inc
Altin AG
AM Castle & Co
American Equity Investment Life Holding Co
American Italian Pasta Co
American National BankTitres Inc
American Physicians Service Group Inc
American Science & Engineering Inc
American Shared Hsptl Serv
American Software Inc
American States Water Co
American Technical Ceramics Corp
Ameris Bancorp
Ameron International Corp
AmerUs Group Co
Ampco-Pittsburgh Corp
Amrep Corp
Anaren Inc
Andersons Inc/The
Anixter International Inc
Applied Industrial Technologies Inc
Arch Chemicals Inc
Aristotle Corp/The
61
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
20,131
5,010
67,645
84,970
380
18,826
1,430
24,880
2,500
1,500
3,900
1,700
3,200
310
23,210
2,946
20,200
3,300
3,800
700
2,739
7,900
1,490
20,490
1,700
4,601
27,900
32,800
2,350
1,300
11,600
4,800
2,300
1,900
1,300
11,462
800
1,500
7,100
131,090
2,922
2,400
2,600
4,200
2,340
1,430
14,800
1,600
9,000
7,350
570
11,800
46,314
1,440
17,440
610
787,525
292,033
930,795
2,741,982
12,692
900,259
28,200
308,512
29,325
53,850
42,510
96,900
30,176
24,487
1,313,222
179,706
512,676
81,180
75,050
7,483
92,770
49,217
6,645
1,065,070
53,550
91,790
700,848
2,154,960
72,098
45,422
122,960
56,016
14,490
118,465
25,389
550,749
112,000
62,115
113,600
2,839,409
86,813
30,600
13,494
135,870
26,933
36,093
167,092
36,416
466,740
385,728
9,365
420,552
856,346
10,051
204,746
22,631
0.14%
0.05%
0.16%
0.47%
0.00%
0.16%
0.00%
0.05%
0.01%
0.01%
0.01%
0.02%
0.01%
0.00%
0.23%
0.03%
0.09%
0.01%
0.01%
0.00%
0.02%
0.01%
0.00%
0.18%
0.01%
0.02%
0.12%
0.37%
0.01%
0.01%
0.02%
0.01%
0.00%
0.02%
0.00%
0.10%
0.02%
0.01%
0.02%
0.49%
0.02%
0.01%
0.00%
0.02%
0.00%
0.01%
0.03%
0.01%
0.08%
0.07%
0.00%
0.07%
0.15%
0.00%
0.04%
0.00%
Actions
États-Unis (suite)
Arkansas Best Corp
Armor Holdings Inc
Arris Group Inc
Artesian Resources Corp
Arthrocare Corp
Asbury Automotive Group Inc
Ashford Hospitality Trust Inc
Astea International Inc
Astec Industries Inc
Astro-Med Inc
Atlantic Tele-Network Inc
Atlantis Plastics Inc
Atrion Corp
Autoliv Inc
Avatar Holdings Inc
Avnet Inc
AZZ Inc
B&H Ocean Carriers Ltd
Bairnco Corp
Baldor Electric Co
Baldwin Technology Co
Ballantyne of Omaha Inc
Banta Corp
Bar Harbor BankTitres
Bassett Furniture Industries Inc
BE Aerospace Inc
Benihana Inc
Berkshire Hills Bancorp Inc
Beverly Hills Bancorp Inc
Big Dog Holdings Inc
Bioanalytical Systems Inc
Bio-Rad Laboratories Inc
BIW Ltd
Black Box Corp
BlackRock Inc/New York
Blair Corp
BlueLinx Holdings Inc
BMC Software Inc
Bob Evans Farms Inc
Bolt Technology Corp
Bonso Electronic International Inc
Bon-Ton Stores Inc/The
Books-A-Million Inc
Borders Group Inc
Boykin Lodging Co
Britton & Koontz Capital Corp
Brookfield Homes Corp
Brown Shoe Co Inc
BTU International Inc
Building Material Holding Corp
Cadence Design Systems Inc
Cagle's Inc
CalAmp Corp
California Coastal Communities Inc
62
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
3,900
5,560
19,360
8,100
3,200
17,600
500
3,600
17,537
7,700
1,340
4,036
1,840
9,600
400
4,100
1,800
37
910
20,430
600
7,900
27,648
960
21,420
10,300
3,390
8,560
7,146
500
3,800
24,802
12,868
700
8,800
59,113
3,870
9,400
47,000
1,900
17,150
5,200
882
1,700
5,180
56
3,170
12,500
23,463
9,300
3,000
39,400
33,950
2,300
921
1,586
56,394
250,478
332,992
170,262
45,984
380,160
8,125
114,696
135,210
359,975
6,204
54,607
173,917
46,080
6,768
216,685
34,200
846
32,478
487,460
29,154
637,530
221,184
40,752
940,552
296,331
74,207
214,428
379,738
12,820
189,620
136,907
327,491
10,486
422,400
884,330
24,149
77,550
698,890
28,500
460,992
308,568
35,518
53,108
210,515
3,242
42,668
79,750
1,015,009
271,560
84,780
1,430,614
1,080,968
16,790
9,753
32,513
0.01%
0.04%
0.06%
0.03%
0.01%
0.07%
0.00%
0.02%
0.02%
0.06%
0.00%
0.01%
0.03%
0.01%
0.00%
0.04%
0.01%
0.00%
0.01%
0.08%
0.01%
0.11%
0.04%
0.01%
0.16%
0.05%
0.01%
0.04%
0.07%
0.00%
0.03%
0.02%
0.06%
0.00%
0.07%
0.15%
0.00%
0.01%
0.12%
0.00%
0.08%
0.05%
0.01%
0.01%
0.04%
0.00%
0.01%
0.01%
0.18%
0.05%
0.01%
0.25%
0.19%
0.00%
0.00%
0.01%
Actions
États-Unis (suite)
California First National Bancorp
California Water Service Group
Callaway Golf Co
Callon Petroleum Co
Camco Financial Corp
Candela Corp
Capital Bank Corp
Capital Crossing Bank
Capital Title Group Inc
Capitol Bancorp Ltd
Captaris Inc
Cardinal Financial Corp
Carpenter Technology Corp
Carriage Services Inc
Carver Bancorp Inc
Cascade Corp
Cascade Financial Corp
Casey's General Stores Inc
Cass Information Systems Inc
Cato Corp/The
Cavco Industries Inc
CB Richard Ellis Group Inc
CBIZ Inc
CBL & Associates Properties Inc
CBRL Group Inc
CDI Corp
Celadon Group Inc
CentraCore Properties Trust
Central Garden and Pet Co
Centrue Financial Corp
Ceradyne Inc
Ceres Group Inc
Ceridian Corp
CFS Bancorp Inc
CH Energy Group Inc
Champion Enterprises Inc
Champion Industries Inc/WV
Champps Entertainment Inc
Charming Shoppes Inc
Chase Corp
Checkpoint Systems Inc
Chemed Corp
Cherokee Inc
Chesapeake Utilities Corp
Chico's FAS Inc
Childrens Place Retail Stores Inc/The
Chromcraft Revington Inc
Ciber Inc
Cimarex Energy Co
CIRCOR International Inc
Citizens First Bancorp Inc
Claire's Stores Inc
CNA Financial Corp
Coast Distribution System/CA
Cobra Electronics Corp
Codorus Valley Bancorp Inc
63
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
12,268
40,200
7,830
17,400
31,620
31,040
5,600
3,400
820
1,500
2,047
5,800
2,407
80,800
4,400
300
43,440
116
14,900
1,740
1,450
1,500
150
1,600
5,000
13,200
25,500
35,930
11,000
10,500
9,600
7,600
3,000
1,000
4,800
3,490
8,900
1,200
17,710
13,400
2,565
3,484
16,100
13,080
8,000
4,514
980
20,520
3,700
26,796
47,400
750
40,000
1,320
30,288
2,300
430,729
1,117,560
392,518
234,900
1,691,354
723,232
159,880
35,870
19,672
33,300
28,924
290,000
10,230
632,664
48,444
2,454
791,042
5,243
885,656
13,659
5,923
30,600
2,661
10,144
163,700
179,388
341,190
3,776,243
73,370
118,020
393,888
300,656
89,100
8,850
247,824
61,878
84,995
31,908
560,876
523,940
106,448
52,121
640,136
232,562
174,080
216,446
98
595,285
82,140
2,054,717
782,100
7,560
2,550,400
27,654
715,100
23,828
0.07%
0.19%
0.07%
0.04%
0.29%
0.12%
0.03%
0.01%
0.00%
0.01%
0.00%
0.05%
0.00%
0.11%
0.01%
0.00%
0.14%
0.00%
0.15%
0.00%
0.00%
0.01%
0.00%
0.00%
0.03%
0.03%
0.06%
0.65%
0.01%
0.02%
0.07%
0.05%
0.02%
0.00%
0.04%
0.01%
0.01%
0.01%
0.10%
0.09%
0.02%
0.01%
0.11%
0.04%
0.03%
0.04%
0.00%
0.10%
0.01%
0.36%
0.14%
0.00%
0.44%
0.00%
0.12%
0.00%
Actions
États-Unis (suite)
Coherent Inc
Coldwater Creek Inc
Comfort Systems USA Inc
Commercial Net Lease Realty
CommScope Inc
Communications Systems Inc
Community Capital Corp
Community Financial Corp/Va
Community West BancTitres
Computer Programs & Systems Inc
Computer Task Group Inc
Compuware Corp
Comstock Homebuilding Cos Inc
Consumer Portfolio Services
Convergys Corp
Corrections Corp of America
Corus BankTitres Inc
Cost-U-Less Inc
CPAC Inc
CPI Corp
Crown Holdings Inc
CSP Inc
CSS Industries Inc
CT Communications Inc
CTS Corp
Cummins Inc
Cybex International Inc
D&E Communications Inc
Datascope Corp
DEB Shops Inc
Decorator Industries Inc
Delphi Financial Group
Delta Apparel Inc
Delta Financial Corp
Delta Natural Gas Co Inc
Denbury Resources Inc
Digene Corp
Diodes Inc
Dixie Group Inc
DJ Orthopedics Inc
Dollar Financial Corp
Dover Downs Gaming & Entertainment Inc
Dress Barn Inc
DSG International Ltd
DSP Group Inc
Ducommun Inc
Dun & Bradstreet Corp
Duquesne Light Holdings Inc
Eagle Hospitality Properties Trust Inc
Eagle Materials Inc
Eastern Co/The
Eclipsys Corp
Ecology And Environment Inc
64
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
2,900
400
29,320
8,518
2,270
36,413
1,811
100
42,127
8,135
7,820
39,800
18,100
250
3,700
3,100
19,460
26,820
2,000
20,260
619
120,500
6,206
4,900
1,600
1,800
1,600
4,700
8,800
178
1,794
55,569
6,480
2,079
300
5,800
594
1,800
500
2,780
116
277
404
2,464
1,100
12,400
116
5,200
600
3,790
3,000
1,400
3,100
6,795
7,720
78
18,966
3,220
1,275,420
383,310
28,943
1,018,472
42,233
2,700
454,972
146,674
264,942
1,305,838
620,830
22,435
52,651
14,446
831,915
1,126,976
39,700
289,313
18,372
2,442,535
196,420
144,648
35,824
14,670
20,896
161,915
258,896
3,338
31,933
2,176,082
129,535
401,247
17,298
152,772
10,846
46,332
11,300
88,126
3,479
7,728
14,059
47,260
17,270
307,520
4,393
118,716
11,400
226,680
53,250
13,944
43,865
201,812
478,486
1,427
0.00%
0.00%
0.22%
0.07%
0.01%
0.18%
0.01%
0.00%
0.08%
0.03%
0.05%
0.23%
0.11%
0.00%
0.01%
0.00%
0.14%
0.19%
0.01%
0.05%
0.00%
0.42%
0.03%
0.02%
0.01%
0.00%
0.00%
0.03%
0.04%
0.00%
0.01%
0.38%
0.02%
0.07%
0.00%
0.03%
0.00%
0.01%
0.00%
0.02%
0.00%
0.00%
0.00%
0.01%
0.00%
0.05%
0.00%
0.02%
0.00%
0.04%
0.01%
0.00%
0.01%
0.03%
0.08%
0.00%
Actions
États-Unis (suite)
Edgewater Technology Inc
Educational Development Corp
EGL Inc
Electronic Clearing House Inc
Electronics for Imaging
Elizabeth Arden Inc
Elmira Savings Bank FSB
Emdeon Corp
EMS Technologies Inc
Encore Wire Corp
EnPro Industries Inc
Enstar Group Inc
ePlus Inc
Escalon Medical Corp
Esterline Technologies Corp
Ethan Allen Interiors Inc
Evans Bancorp Inc
Exar Corp
Exchange National BancTitres Inc
Expedia Inc
Exponent Inc
Ezcorp Inc
E-Z-Em-Inc
Factory Card & Party Outlet Corp
Famous Dave's Of America Inc
FBL Financial Group Inc
Federal Agricultural Mortgage Corp
Fidelity Bancorp Inc/Pittsburgh PA
Fidelity Southern Corp
First American Corp
First Cash Financial Services Inc
First Citizens BancTitres Inc/NC
First Community Bancorp Inc/CA
First Defiance Financial Corp
First Federal BancTitres Inc /de
First Federal BancTitres of Arkansas Inc
First Federal BankTitres Inc
First Financial Holdings Inc
First Financial Service Corp
First Indiana Corp
First M&F Corp
First Mariner Bancorp Inc
First Niles Financial Inc
First Place Financial Corp/OH
First South Bancorp Inc/Washington NC
First United Corp
First West Virginia Bancorp
FirstFed Financial Corp
Flag Financial Corp
Flanigan's Enterprises Inc
Florida Public Utilities Co
Flowers Foods Inc
FMC Corp
FMS Financial Corp
65
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
4,700
2,100
10,800
2,570
3,910
3,800
30,490
12,474
6,300
5,418
40,582
2,420
100
9,790
9,900
1,052
4,660
15,050
240
17,945
1,400
7,830
14,100
8,650
9,700
16,749
5,870
500
300
4,090
18
4,220
24,800
580
23,996
1,040
1,900
24,500
5,420
2,100
4,684
5,100
43,300
21,810
7,037
6,000
43,500
30,800
8,800
200
44,200
210
1,100
29,300
39,730
300
95,974
71,358
241,056
49,421
30,654
78,660
1,809,582
130,353
107,037
179,444
490,636
44,068
434
101,229
688,446
11,640
94,365
275,867
4,063
94,211
20,286
57,942
423,705
79,234
472,196
717,527
115,815
8,000
4,575
118,160
526
200,619
421,600
17,545
624,856
23,920
96,463
641,655
37,669
264,705
75,366
151,419
243,346
194,327
30,892
36,300
1,513,800
1,565,256
310,640
5,940
1,675,180
6,090
22,968
966,607
504,968
10,437
0.02%
0.01%
0.04%
0.01%
0.01%
0.01%
0.31%
0.02%
0.02%
0.03%
0.08%
0.01%
0.00%
0.02%
0.12%
0.00%
0.02%
0.05%
0.00%
0.02%
0.00%
0.01%
0.07%
0.01%
0.08%
0.12%
0.02%
0.00%
0.00%
0.02%
0.00%
0.03%
0.07%
0.00%
0.11%
0.00%
0.02%
0.11%
0.01%
0.05%
0.01%
0.03%
0.04%
0.03%
0.01%
0.01%
0.26%
0.27%
0.05%
0.00%
0.29%
0.00%
0.00%
0.17%
0.09%
0.00%
Actions
États-Unis (suite)
FNB Corp/NC
FNB Corp/VA
Forrester Research Inc
Franklin Bank Corp/Houston TX
Franklin Covey Co
Frisch's Restaurants Inc
Frontier Oil Corp
Frozen Food Express Industries
Gateway Financial Holdings Inc
Gehl Co
General Communication Inc
Gentiva Health Services Inc
GeoPharma Inc
Gerber Scientific Inc
Giant Industries Inc
G-Iii Apparel Group Ltd
Gladstone Commercial Corp
Glatfelter
Glen Burnie Bancorp
Glenayre Technologies Inc
Global Industries Ltd
Globecomm Systems Inc
Golden Telecom Inc
Gottschalks Inc
Granite Construction Inc
Grant Prideco Inc
Great American Financial Resources Inc
Great Pee Dee Bancorp Inc
Greater Community Bancorp
Green Mountain Power Corp
Greene County BancTitres Inc
Group 1 Automotive Inc
GSI Commerce Inc
Guaranty Federal BancTitres Inc
Gymboree Corp
Habersham Bancorp
Haemonetics Corp/Mass
Hain Celestial Group Inc
Hanger Orthopedic Group Inc
Hansen Natural Corp
Hardinge Inc
Harleysville Group Inc
Harris Interactive Inc
Hartmarx Corp
Harvard Bioscience Inc
Hastings Entertainment Inc/United States
Health Net Inc
HealthExtras Inc
Hector Communications Corp
Helix Energy Solutions Group Inc
Heritage Financial Corp/WA
Herley Industries Inc
Hibbett Sporting Goods Inc
Highland Hospitality Corp
HMN Financial Inc
66
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
7,090
400
6,083
2,300
96,951
4,200
6,490
21,730
10,361
7,772
880
22,400
1,990
17,970
390
3,100
2,559
4,670
1,570
600
12,584
6,043
4,300
300
22,600
1,810
123
67,700
25,000
4,166
25,460
610
16
100
1,810
11,257
4,900
18,600
19,094
4,200
2,800
16,733
3,620
14,634
22,720
6,000
33,980
2,570
2,400
14,500
7,582
10,240
5,100
9,004
13,211
25,522
362,299
6,392
114,360
69,575
1,138,205
191,436
60,422
202,089
51,805
211,398
42,187
319,200
20,199
771,093
4,306
22,010
59,011
39,462
6,877
15,378
334,734
138,143
116,057
3,465
554,152
74,373
2,950
1,957,884
133,750
150,559
228,885
17,556
153
4,293
22,154
374,633
236,278
1,191,330
176,047
34,020
94,052
727,886
114,320
211,315
699,549
459,240
2,030,955
58,339
122,976
393,965
256,272
626,074
22,185
103,006
557,636
325,406
0.06%
0.00%
0.02%
0.01%
0.20%
0.03%
0.01%
0.03%
0.01%
0.04%
0.01%
0.06%
0.00%
0.13%
0.00%
0.00%
0.01%
0.01%
0.00%
0.00%
0.06%
0.02%
0.02%
0.00%
0.10%
0.01%
0.00%
0.34%
0.02%
0.03%
0.04%
0.00%
0.00%
0.00%
0.00%
0.06%
0.04%
0.21%
0.03%
0.01%
0.02%
0.13%
0.02%
0.04%
0.12%
0.08%
0.35%
0.01%
0.02%
0.07%
0.04%
0.11%
0.00%
0.02%
0.10%
0.06%
Actions
États-Unis (suite)
Home Properties Inc
HopFed Bancorp Inc
Horace Mann Educators Corp
Horizon Bancorp/IN
HRPT Properties Trust
HUB Group Inc
Huttig Building Products Inc
Hypercom Corp
ICO Inc
ICT Group Inc
Ihop Corp
IKON Office Solutions Inc
ILX Resorts Inc
Imation Corp
Imergent Inc
Income OPP Realty Investors
Independence Holding Co
Industrial Distribution Group Inc
Inforte Corp
Innospec Inc
Insituform Technologies Inc
Integra Bank Corp
Integral Systems Inc/MD
Integramed America Inc
Interdigital Communications Corp
International Aluminum Corp
Internet Security Systems
Intersil Corp
Interstate Hotels & Resorts Inc
Intervest BancTitres Corp
Interwoven Inc
Intevac Inc
Investors Real Estate Trust
Investors Title Co
Iridex Corp
Isle of Capri Casinos Inc
ITLA Capital Corp
ITT Educational Services Inc
IXYS Corp
J Alexander's Corp
J&J Snack Foods Corp
Jack in the Box Inc
Jackson Hewitt Tax Service Inc
JDA Software Group Inc
JLG Industries Inc
Jones Lang LaSalle Inc
Joy Global Inc
Kadant Inc
Kansas City Life Ins Co
Kelly Services Inc
Kendle International Inc
Kennametal Inc
KEY Tronic Corp
Keynote Systems Inc
Keystone Automotive Industries Inc
Kforce Inc
67
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
1,290
84,000
16,900
600
530
2,969
3,800
10,070
14,632
12,600
3,900
53,000
1,800
24,050
89
9,998
400
22,500
8,950
70
16,300
3,429
62
10,860
18,710
1,700
630
155,490
9,500
3,840
6,200
2,640
6,700
3,252
3,340
61,050
8,950
17,400
8,170
1,596
360
868
8,660
6,820
7,700
29,840
1,900
19,564
5,600
4,580
11,832
75,700
2,900
19,500
4,220
66,520
19,402
1,170,120
305,890
29,208
18,243
86,012
177,650
280,248
329,220
854,910
159,666
406,510
60,336
408,850
1,729
156,469
10,392
671,850
117,245
1,198
180,930
133,594
3,347
376,842
259,882
30,600
17,955
1,797,464
220,970
47,962
343,728
25,476
79,462
105,690
19,405
2,707,568
511,761
243,948
162,992
28,872
38,531
28,549
122,712
82,386
179,410
1,581,222
19,190
465,623
201,488
116,653
166,950
2,532,165
35,757
136,500
39,077
2,455,918
0.00%
0.20%
0.05%
0.01%
0.00%
0.01%
0.03%
0.05%
0.06%
0.15%
0.03%
0.07%
0.01%
0.07%
0.00%
0.03%
0.00%
0.12%
0.02%
0.00%
0.03%
0.02%
0.00%
0.07%
0.04%
0.01%
0.00%
0.31%
0.04%
0.01%
0.06%
0.00%
0.01%
0.02%
0.00%
0.47%
0.09%
0.04%
0.03%
0.00%
0.01%
0.00%
0.02%
0.01%
0.03%
0.27%
0.00%
0.08%
0.03%
0.02%
0.03%
0.44%
0.01%
0.02%
0.01%
0.42%
Actions
États-Unis (suite)
Kimball International Inc
Knight Capital Group Inc
Knot Inc/The
K-Tron International Inc
Laclede Group Inc/The
Ladish Co Inc
Lakeland Financial Corp
Lamson & Sessions Co/The
Lance Inc
LandAmerica Financial Group Inc
Lawson Products
Lawson Software Inc
Layne Christensen Co
La-Z-Boy Inc
LB Foster Co
LeCroy Corp
Leesport Financial Corp
Lennox International Inc
Lenox Group Inc
Lesco Inc
Lightbridge Inc
Lincare Holdings Inc
Lincoln Electric Holdings Inc
Lithia Motors Inc
Lodgian Inc
LSB BancTitres Inc/NC
LSB Financial Corp
LSI Logic Corp
LTC Properties Inc
Luby's Inc
Lufkin Industries Inc
Lydall Inc
Mac-Gray Corp
Macquarie Infrastructure Co Trust
MAN Sang Holdings Inc
Manor Care Inc
Manpower Inc
Mapinfo Corp
Marcus Corp
Marten Transport Ltd
MASSBANK Corp
Mastec Inc
Material Sciences Corp
Matrixx Initiatives Inc
Maverick Tube Corp
Max & Erma's Restaurants Inc
Max Re Capital Ltd
MAXIMUS Inc
McCormick & Schmick's Seafood Restaurants Inc
MCG Capital Corp
Meadow Valley Corp
Meadowbrook Insurance Group Inc
Medtox Scientific Inc
68
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
900
4,897
100
1,700
1,900
200
5,370
3,495
54,600
430
2,700
8,050
500
1,970
3,980
14,000
3,200
6,290
6,525
12,620
37,696
7,000
9,638
1,360
2,180
60
3,200
16,582
2,834
3,500
4,000
4,100
800
10,010
12,030
2,900
220
700
900
3,900
4,335
830
3,100
6,900
3,500
6,923
8,586
3,200
8,380
500
12,550
35,520
64,105
8,541
3,900
596
27,135
78,205
1,411
21,386
43,377
6,010
152,132
51,796
1,589,406
36,000
53,460
94,588
4,510
22,852
62,486
464,240
18,496
52,962
242,339
291,270
576,749
111,720
249,239
48,538
45,213
959
492,672
663,943
24,089
94,850
49,150
47,437
18,584
565,765
305,562
57,768
8,818
7,497
16,875
191,763
26,010
192,801
25,234
86,250
209,195
164,421
254,317
19,200
76,258
4,270
597,255
1,405,171
3,780,272
110,264
37,362
14,757
0.00%
0.01%
0.00%
0.00%
0.01%
0.00%
0.03%
0.01%
0.27%
0.01%
0.01%
0.02%
0.00%
0.00%
0.01%
0.08%
0.00%
0.01%
0.04%
0.05%
0.10%
0.02%
0.04%
0.01%
0.01%
0.00%
0.09%
0.11%
0.00%
0.02%
0.01%
0.01%
0.00%
0.10%
0.05%
0.01%
0.00%
0.00%
0.00%
0.03%
0.00%
0.03%
0.00%
0.01%
0.04%
0.03%
0.04%
0.00%
0.01%
0.00%
0.10%
0.24%
0.65%
0.02%
0.01%
0.00%
Actions
États-Unis (suite)
Merchants Group Inc
Merge Technologies Inc
Mesa Laboratories Inc
Mestek Inc
Meta Financial Group Inc
MFB Corp
Michael Baker Corp
Micrel Inc
Microsemi Corp
Middleby Corp
MidWestOne Financial Group Inc
Mission West Properties
Mocon Inc
Mod-Pac Corp
Moldflow Corp
Molecular Devices Corp
Monmouth Capital Corp
Monmouth Reit
Monro Muffler Inc
Movado Group Inc
MPS Group Inc
MRO Software Inc
M-Systems Flash Disk Pioneers
Mueller Industries Inc
MutualFirst Financial Inc
Myers Industries Inc
NACCO Industries Inc
Nasdaq Stock Market Inc/The
Nashua Corp
NATCO Group Inc
Nathan's Famous Inc
National Beverage Corp
National Dentex Corp
National Financial Partners Corp
National Health Investors Inc
National Health Realty Inc
National Healthcare Corp
National Home Health Care Corp
National Mercantile Bancorp
National Presto Industries Inc
National Technical SYS Inc
National Western Life Insurance Co
Natural Alternatives International Inc
Natures Sunshine Prods Inc
NCI Building Systems Inc
NCO Group Inc
Neoware Inc
Netmanage Inc
Netscout Systems Inc
New Brunswick Scientific Inc
NewMarket Corp
Nicor Inc
NII Holdings Inc
NN Inc
Nobel Learning Communities Inc
Nobility Homes Inc
69
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
410
100
1,900
800
1,300
899
9,160
2,300
520
6,773
1,300
5,080
10
2,000
600
1,740
4,100
100
3,000
2,800
1,300
67,778
8,100
45,630
117,611
6,100
5,670
200
1,244
68,420
48,550
1,150
2,199
4,860
100
1,225
1,228
2,600
22,100
100
14,560
500
5,300
400
47,360
3,230
320
17,710
15,200
4,336
113
500
130,270
35,070
6,300
9,120
20,443
3,952
40,375
19,200
39,455
28,768
421,635
19,573
6,141
321,853
18,122
151,536
170
114,600
14,700
50,460
129,970
1,419
110,550
56,000
17,173
1,478,905
244,458
639,733
853,856
120,963
182,858
1,194
6,455
2,501,435
3,021,752
16,905
42,705
41,553
2,143
30,196
40,291
26,000
584,324
3,500
429,520
13,950
170,925
27,208
1,513,626
61,112
4,496
1,817,754
1,079,200
130,080
3,051
9,700
2,968,853
1,065,777
53,613
276,974
0.00%
0.00%
0.01%
0.00%
0.01%
0.00%
0.07%
0.00%
0.00%
0.06%
0.00%
0.03%
0.00%
0.02%
0.00%
0.01%
0.02%
0.00%
0.02%
0.01%
0.00%
0.26%
0.04%
0.11%
0.15%
0.02%
0.03%
0.00%
0.00%
0.43%
0.52%
0.00%
0.01%
0.01%
0.00%
0.01%
0.01%
0.00%
0.10%
0.00%
0.07%
0.00%
0.03%
0.00%
0.26%
0.01%
0.00%
0.31%
0.19%
0.02%
0.00%
0.00%
0.51%
0.18%
0.01%
0.05%
Actions
États-Unis (suite)
Nordson Corp
North Central BancTitres Inc
Northeast Bancorp
Northrim BanCorp Inc
Northwest Pipe Co
Norwood Financial Corp
NS Group Inc
NU Horizons Electronics Corp
Nuance Communications Inc
Nutri/System Inc
NWH Inc
NYMAGIC Inc
Oakley Inc
Oceaneering International Inc
OceanFirst Financial Corp
OGE Energy Corp
Ohio Casualty Corp
OI Corp
Oil States International Inc
Oil-Dri Corp of America
Oilgear Co/The
Olympic Steel Inc
Omega Healthcare Investors Inc
ON Semiconductor Corp
One Liberty Properties Inc
Oneok Inc
Opinion Research Corp
Optical Cable Corp
O'Reilly Automotive Inc
Oshkosh Truck Corp
P&F Industries
PAB BankTitres Inc
Pacific Internet Ltd
Palm Harbor Homes Inc
PAM Transportation Services
Papa John's International Inc
Paragon Technologies Inc
Parexel International Corp
Park Bancorp Inc
Park Electrochemical Corp
Parkvale Financial Corp
Parlux Fragrances Inc
Patriot Transportation Holding Inc
Patterson-UTI Energy Inc
PDF Solutions Inc
Pediatric Services of America Inc
Penn Virginia Corp
Peoples Bancorp Inc/OH
Peoples Bancorp of North Carolina Inc
Peoples Banctrust Co Inc
Pepco Holdings Inc
Perceptron Inc
Perini Corp
70
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
59,830
1,765
881
16,180
5,430
22,800
40,200
620
17,300
526
6,600
75,470
5,300
4,430
2,000
9,200
180
2,570
200
1,605
18,000
200
2,512
6,204
2,410
35,928
44,800
18,900
11,747
4,241
33,420
1,993
68,600
2,300
19,900
25,000
9,500
1,430
984
12,090
6,300
12,583
2,100
1,400
4,400
900
3,100
7,600
3,142
88,800
1,800
7,537
11,752
21,500
97,870
5,762
1,404,210
7,272
29,699
559,990
185,380
871,188
1,132,434
34,100
218,672
6,707
400,026
703,380
44,308
59,761
67,840
233,772
1,202
80,133
6,620
24,797
895,320
3,250
81,891
346,928
42,874
599,998
2,699,200
255,528
409,148
165,866
987,895
12,875
3,143,252
30,590
841,173
1,182,250
92,530
61,805
36,349
179,053
92,484
231,276
30,786
34,608
66,308
22,995
82,956
164,160
170,076
3,903,648
19,026
125,642
314,484
1,492,100
2,302,881
263,093
0.24%
0.00%
0.01%
0.10%
0.03%
0.15%
0.20%
0.01%
0.04%
0.00%
0.07%
0.12%
0.01%
0.01%
0.01%
0.04%
0.00%
0.01%
0.00%
0.00%
0.15%
0.00%
0.01%
0.06%
0.01%
0.10%
0.47%
0.04%
0.07%
0.03%
0.17%
0.00%
0.54%
0.01%
0.15%
0.20%
0.02%
0.01%
0.01%
0.03%
0.02%
0.04%
0.01%
0.01%
0.01%
0.00%
0.01%
0.03%
0.03%
0.67%
0.00%
0.02%
0.05%
0.26%
0.40%
0.05%
Actions
États-Unis (suite)
PerkinElmer Inc
Pervasive Software Inc
PFF Bancorp Inc
Pharmaceutical Product Development Inc
Philadelphia Consolidated Holding Co
Phillips-Van Heusen
Pinnacle Entertainment Inc
Piper Jaffray Cos
Playboy Enterprises Inc
Pocahontas Bancorp Inc
PolyOne Corp
Pomeroy IT Solutions Inc
Powerwave Technologies Inc
Preformed Line Products Co
Presidential Life Corp
Presidential Realty Corp
Pride International Inc
Princeton National Bancorp Inc
Printronix Inc
Providence and Worcester Railroad Co
Provident Financial Holdings Inc
PS Business Parks Inc
Psychemedics Corp
Quest Software Inc
Radian Group Inc
Radiant Systems Inc
Rare Hospitality International Inc
Raven Industries Inc
Raymond James Financial Inc
RCM Technologies Inc
Red Lion Hotels Corp
Regal-Beloit Corp
Relm Wireless Corp
Remington Oil & Gas Corp
Renasant Corp
Republic Airways Holdings Inc
Republic First Bancorp Inc
Res-Care Inc
Retail Ventures Inc
Retalix Ltd
Rex Stores Corp
RGC Resources Inc
Riverview Bancorp Inc
Robbins & Myers Inc
Rofin-Sinar Technologies Inc
Rowan Cos Inc
RTW Inc
Rush Enterprises Inc
Ryerson Inc
Ryland Group Inc
Sabre Holdings Corp
Safety Insurance Group Inc
71
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
1,740
2,830
15,401
37,500
250
3,980
27
15,300
300
2,100
81,870
800
4,700
2,410
9,285
5,800
9,970
200
42,700
2,310
10,900
3,600
44,600
13,100
1,587
16,940
17,301
34,902
2,000
3,500
14,494
3,925
4,580
14,400
200
2,700
12,550
6,000
17,600
7,700
5,300
1,599
43,460
10,578
3,400
41,300
9,200
30,100
9,491
9
5,915
1,700
29,550
12,756
100
4,900
20,932
16,923
381,175
930,375
398,500
315,216
1,431
173,961
5,895
205,380
638,586
15,400
165,393
21,931
276,322
155,730
248,552
8,276
1,249,829
38,115
178,651
34,272
316,214
532,384
14,918
1,431,091
275,776
1,123,495
26,200
40,250
184,799
34,501
37,464
455,904
1,178
43,281
442,513
324,660
457,248
243,782
155,025
13,576
782,280
125,455
100,470
1,019,284
326,600
700,728
76,782
221
85,649
17,340
856,064
324,513
555
36,407
0.00%
0.00%
0.07%
0.16%
0.07%
0.05%
0.00%
0.03%
0.00%
0.04%
0.11%
0.00%
0.03%
0.00%
0.05%
0.03%
0.04%
0.00%
0.22%
0.01%
0.03%
0.01%
0.05%
0.09%
0.00%
0.25%
0.05%
0.19%
0.00%
0.01%
0.03%
0.01%
0.01%
0.08%
0.00%
0.01%
0.08%
0.06%
0.08%
0.04%
0.03%
0.00%
0.14%
0.02%
0.02%
0.18%
0.06%
0.12%
0.01%
0.00%
0.01%
0.00%
0.15%
0.06%
0.00%
0.01%
Actions
États-Unis (suite)
Sands Regent
Schiff Nutrition International Inc
Schulman A Inc
Scottish Re Group Ltd
Seaboard Corp
SEACOR Holdings Inc
Selective Insurance Group
Semitool Inc
Seneca Foods Corp
Sequa Corp
Service Corp International/US
Shiloh Industries Inc
Shore BancTitres Inc
Sigmatron International Inc
Simmons First National Corp
SJW Corp
Skechers U.S.A. Inc
Skyline Corp
Skywest Inc
SL Industries Inc
Smart & Final Inc
Smithway Motor Xpress Corp
SonicWALL Inc
SonoSite Inc
South Street Financial Corp
Southwest Water Co
Southwestern Energy Co
Span-America Medical Systems Inc
Spartan Motors Inc
Spartan Stores Inc
Sparton Corp
Spectrum Control Inc
SPSS Inc
SRI/Surgical Express Inc
SSA Global Technologies Inc
Stamps.com Inc
Stancorp Financial Group Inc
Standard Microsystems Corp
Standex International Corp
Stanley Furniture Co Inc
Star Buffet Inc
Steelcase Inc
Stellent Inc
Stepan Co
STERIS Corp
Steven Madden Ltd
Strategic Hotels & Resorts Inc
Stratos International Inc
Stratus Properties Inc
Stride Rite Corp
Summa Industries
Sunstone Hotel Investors Inc
Superior Essex Inc
Supertel Hospitality Inc
Supreme Industries Inc
72
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
36,400
12,400
75,800
2,640
9,996
499
19,340
7,500
5,038
10,400
2,833
3,800
33,000
1,100
1,000
4,350
4,860
28,540
23,200
6,700
2,300
12,760
21,500
1,030
32,600
27,240
37,971
52,501
49,160
8,592
500
10,240
1,400
3,512
3
170
40,417
78,100
17,660
14,460
35,900
1,300
1,600
340
11,700
7,750
36,135
1,686
330
5,238
1,086
222
1,720
5,907
250
3,340
790,972
324,260
1,600,896
12,408
141,743
7,480
432,249
70,725
36,374
206,960
22,664
51,262
968,550
15,829
41,750
88,523
54,092
2,044,320
257,752
350,544
42,550
87,278
1,011,360
30,900
1,674,988
1,453,526
731,701
1,359,238
2,715,107
69,166
14,100
497,152
43,498
52,259
51
979
1,174,518
2,009,513
310,639
267,799
836,470
7,137
11,184
18,544
128,700
405,713
2,251,572
16,186
18,398
119,950
11,943
3,636
42,794
71,593
5,625
203,506
0.14%
0.06%
0.28%
0.00%
0.02%
0.00%
0.07%
0.01%
0.01%
0.04%
0.00%
0.01%
0.17%
0.00%
0.01%
0.02%
0.01%
0.35%
0.04%
0.06%
0.01%
0.02%
0.17%
0.01%
0.29%
0.25%
0.13%
0.23%
0.47%
0.01%
0.00%
0.09%
0.01%
0.01%
0.00%
0.00%
0.20%
0.35%
0.05%
0.05%
0.14%
0.00%
0.00%
0.00%
0.02%
0.07%
0.39%
0.00%
0.00%
0.02%
0.00%
0.00%
0.01%
0.01%
0.00%
0.04%
Actions
États-Unis (suite)
Swift Transportation Co Inc
SWS Group Inc
Sybase Inc
Sycamore Networks Inc
SYKES Enterprises Inc
Synalloy Corp
Synopsys Inc
Sypris Solutions Inc
Systemax Inc
Tarragon Corp
Tasty Baking Co
TB Wood's Corp
TD Banknorth Inc
Team Financial Inc
Teche Holding Co
Technical Olympic USA Inc
TechTeam Global Inc
Teleflex Inc
TeleTech Holdings Inc
Tennant Co
Tessco Technologies Inc
Teton Energy Corp
Tetra Technologies Inc
TF Financial Corp
Thomas & Betts Corp
Thor Industries Inc
Thoratec Corp
THQ Inc
Tidewater Inc
Tier Technologies Inc
Timberland Bancorp Inc/WA
Todd Shipyards Corp
Tollgrade Communications Inc
Tower Financial Corp
Traffix Inc
Trident Microsystems Inc
Trizetto Group
Trump Entertainment Resorts Inc
TRW Automotive Holdings Corp
TSR Inc
Tufco Technologies Inc
Twin Disc Inc
Tyler Technologies Inc
UIL Holdings Corp
Unico American Corp
Unit Corp
United America Indemnity Ltd
United Bancorp Inc/Martins Ferry OH
United BancTitres Inc/OH
United Capital Corp
United Community Financial Corp/OH
United Financial Corp
United Industrial Corp/New York
73
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
4,950
2,210
2,300
7,800
300
1,643
21,100
2,410
19,857
2,210
2,749
5,940
3,400
38
7,600
2,774
64,140
21,800
24,700
100
49,000
73,030
2,425
2,348
6,250
1,800
5,630
105
16,880
305
1,940
4,400
8,700
39,760
200
24,790
53,698
119,460
11,300
700
10,000
6,770
3,600
4,824
9,920
21,600
1,775
17,567
15,240
5,604
92,714
59,206
60,053
138,060
6,540
42,225
849,275
41,934
287,132
54,410
44,341
227,027
72,794
1,406
344,964
115,953
3,649,566
655,744
364,325
5,949
622,300
1,039,947
133,205
16,436
191,000
74,700
226,945
1,092
1,124,546
5,502
16,199
95,348
387,759
730,391
79,800
1,685,968
1,117,455
2,321,108
390,415
15,750
444,900
39,672
127,656
54,029
149,594
114,264
0
446,202
337,261
186,333
0.02%
0.01%
0.01%
0.02%
0.00%
0.01%
0.15%
0.01%
0.05%
0.01%
0.01%
0.04%
0.01%
0.00%
0.06%
0.02%
0.63%
0.11%
0.06%
0.00%
0.11%
0.18%
0.02%
0.00%
0.03%
0.01%
0.04%
0.00%
0.19%
0.00%
0.00%
0.02%
0.07%
0.13%
0.01%
0.29%
0.19%
0.40%
0.07%
0.00%
0.08%
0.01%
0.02%
0.01%
0.03%
0.02%
0.00%
0.08%
0.06%
0.03%
Actions
États-Unis (suite)
United Retail Group Inc
United Security BancTitres/Thomasville AL
Unitil Corp
Universal Electronics Inc
Universal Security Instruments Inc
Universal Stainless & Alloy
URS Corp
Urstadt Biddle Properties Inc
US Concrete Inc
USA Truck Inc
USI Holdings Corp
Vail Resorts Inc
Valley National Gases Inc
Value Line Inc
Veritas DGC Inc
Vertrue Inc
VF Corp
Viasys Healthcare Inc
Vignette Corp
Village Super Market
Viropharma Inc
Vishay Intertechnology Inc
Vital Signs Inc
Vodavi Technology Inc
Volt Information Sciences Inc
VSE Corp
W&T Offshore Inc
Wainwright Bank & Trust Co
Walter Industries Inc
Washington Banking Co
Washington Savings Bank FSB/Bowie MD
Waste Industries USA Inc
Weis Markets Inc
Werner Enterprises Inc
Wesco Financial Corp
Westar Energy Inc
Westlake Chemical Corp
Weyco Group Inc
W-H Energy Services Inc
White Electronic Designs Corp
Whitney Holding Corp
Willis Lease Finance Corp
Windrose Medical Properties Trust
Winthrop Realty Trust
*Winthrop RTS
Witness Systems Inc
Wolverine World Wide Inc
Woodward Governor Co
74
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
9,500
4,600
606
8,610
2,070
7,800
551,570
289,018
10,757
414,379
29,953
127,296
276,599,463
0.10%
0.05%
0.00%
0.07%
0.01%
0.02%
47.83%
564,708,590
97.57%
7,801,312
1.35%
Actions
États-Unis (suite)
WR Berkley Corp
WSFS Financial Corp
WVS Financial Corp
Zenith National Insurance Corp
Zevex International Inc
Zygo Corp
Cash en banque
Autre Actif Net
6,237,989
1.08%
578,747,891
100.00%
*Winthrop Rights: 1 Share for every Right exercised
**Citycon OYJ Rights Expiry: April 12, 06
***JCG Holdings Ltd - 1 Right for every 2 Titres held
Actif Total
75
% de l'Actif Total
96.08%
3.92%
100.00%
AXA ROSENBERG PACIFIC EX-JAPAN EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Australie
ABB Grain Ltd
Amcor Ltd
Ansell Ltd
Austereo Group Ltd
AWB Ltd
BHP Billiton Ltd
Boral Ltd
DCA Group Ltd
Futuris Corp Ltd
GRD Ltd
Iluka Resources Ltd
Leighton Holdings Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Mayne Pharma Ltd
National Australian Bank Ltd
New Hope Corp Ltd
Oil Search Ltd
Pacific Brands Ltd
Promina Group Ltd
Qantas Airways Ltd
Rio Tinto Ltd
Santos Ltd
Suncorp-Metway Ltd
Sunland Group Ltd
Telstra Corp Ltd
43,340
5,466
232,192
1,951,151
437,549
1,127,027
1,569,771
31,105
619,261
1,339,412
1,320,724
1,015,899
1,456,084
2,147,687
212,705
448,240
134,542
830,732
901,794
373,644
582,161
248,662
1,319,147
37,459
1,841,247
2,191,410
362,646
364,411
1,305,442
2,424,267
677,880
129,117
1,030,884
3,981,937
564,367
1,696,823
237,958
10,212
754,974
10,295,386
3,619,134
1,285,803
29,662,120
50,791
1,713,269
26,741,898
8,400,341
32,814,723
3,810,417
3,460,983
323,056
2,505,802
1,702,849
8,198,172
5,214,927
788,624
15,649,644
246,459
3,715,440
63,837
7,181,570
5,531,551
5,657,834
20,488,643
10,593,022
2,368,214
9,396,564
181,372
11,371,562
10,619,058
909,474
28,820,288
274,385,971
0.06%
0.00%
0.18%
2.42%
0.85%
0.30%
6.99%
0.01%
0.40%
6.30%
1.98%
7.73%
0.90%
0.82%
0.08%
0.59%
0.40%
1.93%
1.23%
0.19%
3.69%
0.06%
0.87%
0.02%
1.69%
1.30%
1.33%
4.82%
2.49%
0.56%
2.21%
0.04%
2.68%
2.50%
0.21%
6.79%
64.62%
Hong-Kong
CLP Holdings Ltd
Esprit Holdings Ltd
Guoco Group Ltd
Hang Lung Group Ltd
Hopewell Holdings
2,077,000
911,500
1,213,000
1,780,000
4,921,000
2,070,000
835,500
548,000
1,319,345
582,000
1,123,000
14,750
489,480
2,474,500
33,000
96,000
1,691,646
13,600
7,507,858
1,832,432
2,125,917
18,866,988
7,039,195
12,084,125
6,503,244
7,016,089
3,009,389
1,106,271
2,170,789
17,773
558,245
11,639,304
95,685
206,602
6,191,195
7,755
1.77%
0.43%
0.50%
4.44%
1.66%
2.85%
1.53%
1.65%
0.71%
0.26%
0.51%
0.00%
0.13%
2.74%
0.02%
0.05%
1.46%
0.00%
Actifs financiers portés à juste valeur avec variation du compte de résultat
Actions
76
Les notes jointes font partie inégrante des présents états financiers
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Hong-Kong (suite)
TAI Cheung Holdings
Wheelock & Co Ltd
973,091
46,800
114,744
626,400
585,000
551,763
259,033
147,869
1,122,053
448,559
90,508,133
0.13%
0.06%
0.03%
0.26%
0.11%
21.31%
Nouvelle-Zélande
Mainfreight Ltd
95,800
95,227
356,048
274,613
395,779
1,390,570
2,060,962
0.06%
0.09%
0.33%
0.49%
3,083,000
629,000
32,000
275,000
126,675
5,800
665,000
28,000
3,400
822,000
5,130,743
608,000
9,221,469
6,336,063
50,230
1,023,000
868,951
106,720
7,381,500
26,475
25,004
7,111,825
8,402,477
5,861,509
46,415,223
2.17%
1.49%
0.01%
0.24%
0.20%
0.03%
1.74%
0.01%
0.01%
1.67%
1.98%
1.38%
10.93%
413,370,289
97.35%
Cash en banque
10,588,221
2.49%
Autre Actif Net
680,325
0.16%
424,638,835
100.00%
Actions
Singapour
CapitaLand Ltd
Guocoland Ltd
Actif Total
77
% de l'Actif Total
94.71%
5.29%
100.00%
Les notes jointes font partie inégrante des présents états financiers
AXA ROSENBERG PACIFIC EX-JAPAN SMALL CAP ALPHA FUND
Actifs financiers portés à juste valeur avec variation au compte de résulta
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
747,270
1,209,354
2,219,308
989,817
689,201
936,853
1,136,467
1,544,761
1,805,889
627,765
2,258,555
3,113,708
3,129,568
7,470,159
448,299
1,089,488
1,223,766
24,848
76,560
3,126,736
169,526
46,708
87,417
3,558,640
5,896,637
91,894
3,869,144
1,328,403
1,291,903
6,730,826
1,497,073
2,287,456
552,109
71,972
537,725
2,348,411
1,423,133
1,175,679
27,871
1,057,717
859,546
8,843,712
2,981,678
661,004
4,163,068
51,587
1,281,699
192,000
6,629,278
1,010,373
4,102,875
11,167,173
4,146,092
6,832,038
2,240,943
4,943,371
9,400,151
1,751,372
2,015,234
1,087,736
2,576,740
5,084,326
8,658,370
905,522
5,162,503
11,085,785
1,500,883
262,224
74,790
891,808
287,696
26,478
373,996
7,104,968
15,430,872
180,849
24,471,384
1,856,547
552,715
10,846,680
2,273,749
6,605,836
1,259,780
91,092
609,645
2,771,355
7,955,758
1,794,000
65,980
10,438,199
4,970,613
5,391,638
6,293,214
351,140
3,027,845
64,004
1,270,343
438,098
11,297,547
2,716,083
0.48%
1.31%
0.49%
0.80%
0.26%
0.58%
1.11%
0.21%
0.24%
0.13%
0.30%
0.60%
1.02%
0.11%
0.61%
1.30%
0.18%
0.03%
0.01%
0.10%
0.03%
0.00%
0.04%
0.84%
1.82%
0.02%
2.88%
0.22%
0.07%
1.28%
0.27%
0.78%
0.15%
0.01%
0.07%
0.33%
0.94%
0.21%
0.01%
1.23%
0.59%
0.63%
0.74%
0.04%
0.36%
0.01%
0.15%
0.05%
1.33%
0.32%
Actions
Australie
ABB Grain Ltd
Adelaide Bank Ltd
Alesco Corp Ltd
Amcor Ltd
Ansell Ltd
ARC Energy Ltd
Ausdrill Ltd
Austal Ltd
Austereo Group Ltd
AWB Ltd
B Digital Ltd
Bank of Queensland Ltd
Bendigo Bank Ltd
Brazin Ltd
Campbell Brothers Ltd
Capral Aluminium Ltd
CBH Resources Ltd
Central Equity Ltd
Consolidated Rutile Ltd
Corporate Express Australia Ltd
David Jones Ltd
DCA Group Ltd
Diversified Utility & Energy Trusts
Downer EDI Ltd
Felix Resources Ltd
Forest Enterprises Australia Ltd
Futuris Corp Ltd
GRD Ltd
Great Southern Plantations Ltd
GWA International Ltd
Housewares International Ltd
HPAL Ltd
iiNET Ltd
Iluka Resources Ltd
Independence Group NL
K&S Corp Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Macmahon Holdings Ltd
Mayne Pharma Ltd
Mincor Resources NL
MYOB Ltd
National Hire Group Ltd
New Hope Corp Ltd
OAMPS Ltd
Pacific Brands Ltd
PaperlinX Ltd
78
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
70,777
189,381
2,947,780
48,373
1,527,769
1,457,211
92,725
1,197,890
7,778,459
49,359
120,270
901,837
1,857,863
1,000,188
6,454,755
2,160,312
1,642,671
392,422
1,049,523
2,389,392
56,512
179,160
487,488
11,497,473
33,803
1,612,276
1,371,565
62,812
9,720,290
7,598,610
95,380
0
3,253,858
4,517,395
1,404,973
15,832,818
3,589,157
4,392,400
313,395
1,691,299
3,254,174
45,131
285,661,497
0.02%
0.06%
1.35%
0.00%
0.19%
0.16%
0.01%
1.14%
0.89%
0.01%
0.00%
0.38%
0.53%
0.16%
1.86%
0.42%
0.52%
0.04%
0.20%
0.38%
0.01%
33.61%
834,000
247,840
1,727,980
7,192,000
6,124,000
50,000
44,499
1,675,731
42,735
14,113,844
212,000
2,322,000
7,820,712
1,365,000
163,014
3,465,305
4,408,000
1,125,000
4,060,360
339,113
4,587,000
819,105
5,376,000
346,000
133,500
5,980,450
2,208,000
400,349
445,546
1,536,507
6,765,801
2,939,735
6,637
80,857
3,120,461
1,289
2,328,102
222,659
1,181,969
11,187,059
1,917,370
59,871
1,183,407
4,004,768
427,682
837,204
4,341,692
1,980,251
1,868,356
4,537,820
577,421
160,857
6,820,619
4,751,844
0.05%
0.05%
0.18%
0.80%
0.35%
0.00%
0.01%
0.37%
0.00%
0.27%
0.03%
0.14%
1.32%
0.23%
0.01%
0.14%
0.47%
0.05%
0.10%
0.51%
0.23%
0.22%
0.53%
0.07%
0.02%
0.80%
0.56%
Actions
Australie (suite)
Prime Television Ltd
Programmed Maintenance Services Ltd
Promina Group Ltd
Record Realty
Resolute Mining Ltd
Ridley Corp Ltd
Sally Malay Mining Ltd
Santos Ltd
SMS Management & Technology Ltd
Sons of Gwalia Ltd
Spotless Group Ltd
Sunland Group Ltd
Symbion Health Ltd
Tap Oil Ltd
Timbercorp Ltd
UXC Ltd
Vision Systems Ltd
Volante Group Ltd
Hong-Kong
Alco Holdings Ltd
Allied Group Ltd
Angang New Steel Co Ltd
Asia Resources Holdings Ltd
Asia Satellite Telecommunications Holdings Ltd
Beijing Enterprises Holdings Ltd
Champion Technology Holdings Ltd**
Champion Technology Holdings Ltd
Chevalier International Holdings Ltd
China Oilfield Services Ltd
Dickson Concepts International Ltd
Digital China Holdings Ltd
EganaGoldpfeil Holdings Ltd
eSun Holdings Ltd
Fubon Bank Hong Kong Ltd
Guoco Group Ltd
GZI Transportation Ltd
Hang Lung Group Ltd
Harbin Power Equipment
Harbour Centre Development Ltd
79
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
61,426
378,000
384,000
845,354
588,000
2,667,500
166,000
1,662,000
1,405,000
1,226,000
295,248
5,047,971
340,800
1,642,000
15,596,000
1,480,000
21,510,130
17,090,000
840,400
1,605,000
4,703,000
8,042,720
370,000
6,573,702
2,221,430
1,032,000
3,900,800
1,576,000
2,019,752
3,940,499
1,015,000
2,160,061
256,000
1,981,516
2,219,167
96,250
790,000
7,000
88,658
487
326,604
269,625
195,120
9,762,689
22,890
540,803
3,014,652
363,383
0
2,862,307
84,323
1,100,331
3,316,224
3,108,823
3,326,373
6,331,791
920,559
403,326
2,681,853
1,430,305
57,218
3,727,429
500,977
1,735,549
1,193,889
609,290
11,179,127
5,078,061
418,565
1,461,410
30,021
8,962,958
1,701,585
930,269
1,247,125
11,186
142,681,918
0.01%
0.00%
0.04%
0.03%
0.02%
1.15%
0.00%
0.06%
0.35%
0.04%
0.00%
0.34%
0.01%
0.13%
0.39%
0.37%
0.39%
0.74%
0.11%
0.05%
0.31%
0.17%
0.01%
0.44%
0.06%
0.20%
0.14%
0.07%
1.32%
0.60%
0.05%
0.17%
0.00%
1.05%
0.20%
0.11%
0.15%
0.00%
16.77%
5,940,172
11,160
1,070,778
98,341
1,354,692
2,469,020
66,830
159,625
182,882
1,379,641
9,890
5,824,690
310,147
3,883,263
890,348
277,756
178,540
568,947
0.16%
0.00%
0.69%
0.04%
0.46%
0.10%
0.03%
0.02%
0.07%
Actions
Hong-Kong (suite)
Industrial & Commercial Bank of China Ltd/Hong Kong
JCG Holdings Ltd*
JCG Holdings Ltd
Jingwei Textile Machinery
Keck Seng Investments
Lee & Man Holding Ltd
Lippo Ltd
Man Yue International Holdings Ltd
Moulin Global Eyecare Holdings
Next Media Ltd
Poly Hong Kong Investment Ltd
Prime Success International Group
Proview International Holdings Ltd
Shanghai Industrial Holdings Ltd
SmarTone Telecommunications Holding Ltd
Star Cruises Ltd
Symphony Holdings Ltd
TAI Cheung Holdings
Tan Chong International Ltd
Tencent Holdings Ltd
Tom Online Inc
Tomson Group Ltd
USI Holdings Ltd
Varitronix International Ltd
Vedan International Holdings Ltd
Vtech Holdings Ltd
Wing Lung Bank
Wing On Co International Ltd
Winsor Properties Hldgs
Nouvelle-Zélande
AFFCO Holdings Ltd
Briscoe Group Ltd
Hallenstein Glasson Holdings Ltd
Mainfreight Ltd
Millennium & Copthorne Hotels New Zealand Ltd
PGG Wrightson Ltd
Sanford Ltd/NZ
80
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
Nouvelle-Zelande (suite)
Tourism Holdings Ltd
TrustPower Ltd
443,747
1,199,047
6,443
1,733,084
1,326,472
26,739
16,409,517
0.20%
0.16%
0.00%
1.93%
Singapour
Amara Holdings Ltd
Amtek Engineering Ltd
Asia Pacific Breweries Ltd
GK Goh Holdings Ltd
GP Batteries International Ltd
GP Industries Ltd
Guocoland Ltd
Hotel Grand Central Ltd
Hotel Plaza Ltd
IDT Holdings Singapore Ltd
K1 Ventures Ltd
Metro Holdings Ltd
SBS Transit Ltd
SP Chemicals Ltd
Stamford Land Corp Ltd
United Engineers Ltd
WBL Corp Ltd
112,000
2,311,000
8,585,777
32,000
2,633,136
9,214,197
148,000
6,000
1,178,000
520,000
1,853,950
20,568
1,215,000
4,503,000
3,253,030
1,354,000
3,891,611
1,444,910
150,000
1,971,000
224,400
4,155,000
1,119,750
6,249,973
1,312,448
21,803
778,355
3,793,734
192,813
1,578,433
4,014,466
157,315
2,688
1,849,099
224,948
1,558,182
11,249
8,334,518
1,182,693
3,075,819
1,408,160
2,368,901
10,625,980
215,060
6,333,900
78,352
783,163
1,446,267
5,059,769
6,326,419
61,422,086
0.00%
0.09%
0.45%
0.02%
0.19%
0.47%
0.02%
0.00%
0.22%
0.03%
0.18%
0.00%
0.98%
0.14%
0.36%
0.17%
0.28%
1.25%
0.03%
0.74%
0.01%
0.09%
0.17%
0.60%
0.74%
7.22%
325
84,340
20,366
478,470
15,060
6,170
4,850
112,070
400,000
590,580
64,810
7,720
1,535
376,120
23,030
197,360
376,720
752,070
39,640
15,252
3,498,072
765,048
17,530,522
107,566
908,053
50,414
8,881,171
5,742,809
3,221,401
2,327,864
45,208
108,515
7,277,369
1,412,636
7,413,822
12,445,543
3,169,584
2,896,557
0.00%
0.41%
0.09%
2.06%
0.01%
0.11%
0.01%
1.05%
0.68%
0.38%
0.27%
0.01%
0.01%
0.86%
0.17%
0.87%
1.46%
0.37%
0.34%
Actions
Corée du Sud
Ace Bed Co Ltd
Asia Cement Co Ltd
Boryung Pharmaceutical Co Ltd
Cheju Bank Ltd
Dae Han Flour Mills Co Ltd
Daehan Fire & Marine Insurance Co Ltd
Daelim Industrial Co
Daou Technology Inc
DC Chemical Co Ltd
Dong Ah Tire & Rubber Co Ltd
Dong-A Pharmaceutical Co Ltd
Dongbu Insurance Co Ltd
Dongwon F&B Co Ltd
Doosan Corp
First Fire & Marine Insurance Co Ltd
81
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
38,310
154,640
31,370
337,600
29,270
184,600
42,060
17,190
32,730
187,800
29,460
341,210
49,640
730,050
312,020
92,740
758,460
74,130
5,630
71,981
44,430
32,500
38,340
165,000
1,002,374
31,000
57,850
129,250
107,200
619,250
16,554
313,820
865,990
5,000
6,200
44,001
432,780
1,180
178,670
39,913
130,820
404,330
239,750
6,670
1,280
41,470
34,168
56,890
2,278,926
4,114,078
2,234,142
5,107,518
271,116
11,209,180
432,439
318,448
1,141,920
17,549,776
1,910,132
15,609,308
2,531,428
3,035,457
3,901,655
1,317,153
22,598,072
3,395,034
254,948
2,555,801
1,156,876
1,070,344
1,235,056
12,939,845
10,883,600
344,569
3,209,093
3,099,393
7,502,290
8,667,524
3,688,510
11,627,150
4,073,045
3,458,035
775,279
536,625
4,832,669
25,503
1,726,662
4,682,841
2,261,901
21,638,615
6,649,784
393,342
90,370
2,488,243
1,128,794
1,291,025
0.27%
0.48%
0.26%
0.60%
0.03%
1.32%
0.05%
0.04%
0.13%
2.07%
0.22%
1.84%
0.30%
0.36%
0.46%
0.16%
2.66%
0.40%
0.03%
0.30%
0.14%
0.13%
0.15%
1.52%
1.28%
0.04%
0.38%
0.37%
0.88%
1.02%
0.43%
1.37%
0.48%
0.41%
0.09%
0.06%
0.57%
0.00%
0.20%
0.55%
0.27%
2.55%
0.78%
0.05%
0.01%
0.29%
0.13%
0.15%
Actions
GS Engineering & Construction Corp
Halla Engineering & Construction Corp
Hanil Cement Manufacturing
Hankook Tire Co Ltd
Hanmi Capital Co Ltd
Hwa Sung Industrial Co Ltd
Hyosung Corp
Hyundai Cement Co
Hyundai Department Store H&S Co Ltd
Hyundai Information Technology Co Ltd
Hyundai Merchant Marine Co Ltd
Hyundai Steel Co
Il Dong Pharmaceutical Co Ltd
Ilshin Spinning Co Ltd
INTOPS Co Ltd
Joongang Construction
Korea Development Corp
Korea Iron & Steel Co Ltd
Korea Zinc Co Ltd
KTHitel Co Ltd
Kumho Electric Co Ltd
Kumho Industrial Co Ltd
LG Household & Health Care Ltd
LG Insurance Co Ltd
Lotte Samkang Co Ltd
LS Cable Ltd
Meritz Fire & Marine Insurance Co Ltd
Ottogi Corp
People & Telecommunication Inc
Poonglim Industrial Co Ltd
Pusan City Gas Co Ltd
Sam Young Electronics Co Ltd
Samchully Co Ltd
Samho International Co Ltd
Samyang Corp
Samyang Genex Co Ltd
Seoul City Gas Co Ltd
SFA Engineering Corp
Shin Poong Pharmaceutical Co Ltd
82
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
62,540
28,940
250,350
31,040
366
456,346
315,715
5,513,803
113,407
65,919
307,526,110
0.05%
0.04%
0.65%
0.01%
0.01%
36.20%
813,701,128
95.74%
Cash en banque
30,376,980
3.58%
Autre Actif Net
5,584,258
0.66%
849,662,366
99.97%
Actions
Shindongah Fire & Marine Insurance Co Ltd
Shinmoorim Paper Manufacturing Co Ltd
Yoosung Enterprise Co Ltd
Young Poong Corp
*JCG Holdings Ltd Rights issue 1 right for every 2 Titres held
**Champion Technology Holdings Ltd 2 Champion Tech Warrants for every one held
Actif Total
83
% de l'Actif Total
94.57%
5.43%
100.00%
AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
US$
% de
l'Actif Net
26,078
12,183
77,507
25,021
109,522
23,067
73,857
121,357
9,542
34,682
55,436
44,050
73,896
23,778
63,336
8,326
4,279
119,411
49,136
59,513
68,734
83,249
84,319
141,998
106,545
78,700
160,777
10,776
20,348
73,669
99,299
12,480
35,673
93,627
63,449
376,929
31,728
137,478
143,181
112,498
144,798
81,356
577,901
190,796
84,262
2,293,141
15,581
95,952
1,106,802
280,176
2,386,927
47,474
165,744
52,660
5,980
192,430
484,904
344,154
145,072
60,548
2,266,662
140,740
181,573
306,960
405,833
168,122
1,144,046
597,788
97,003
30,345
494,488
229,657
699,899
1,005,197
51,129
2,335,044
19,166,823
0.23%
0.18%
0.23%
0.13%
0.92%
0.30%
0.13%
3.64%
0.02%
0.15%
1.76%
0.45%
3.79%
0.08%
0.26%
0.08%
0.01%
0.31%
0.77%
0.55%
0.23%
0.10%
3.60%
0.22%
0.29%
0.49%
0.64%
0.27%
1.82%
0.95%
0.15%
0.05%
0.79%
0.37%
1.11%
1.60%
0.08%
3.71%
30.47%
1,730,000
48,000
138,000
39,300
158,800
1,003,241
27,341
144,049
14,620
63,996
1,253,247
1.60%
0.04%
0.23%
0.02%
0.10%
2.00%
142,000
396,000
22,000
54,600
431,500
98,000
38,000
123,000
263,500
126,265
418,462
10,561
197,366
867,465
171,756
402,778
155,338
1,383,741
0.20%
0.66%
0.02%
0.31%
1.38%
0.27%
0.64%
0.25%
2.20%
Actions
Australie
ABB Grain Ltd
Adelaide Bank Ltd
Amcor Ltd
Ansell Ltd
Austereo Group Ltd
AWB Ltd
BHP Billiton Ltd
Boral Ltd
David Jones Ltd
DCA Group Ltd
Downer EDI Ltd
Felix Resources Ltd
Futuris Corp Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Mayne Pharma Ltd
MYOB Ltd
National Australia Bank Ltd
New Hope Corp Ltd
Pacific Brands Ltd
Promina Group Ltd
Qantas Airways Ltd
Rio Tinto Ltd
Santos Ltd
Suncorp-Metway Ltd
Symbion Health Ltd
Telstra Corp Ltd
Chine
China Petroleum & Chemical Corp
Jiangling Motors Corp Ltd
PetroChina Co Ltd
Shanghai Mechanical and Electrical Industry Co Ltd
Zhejiang Southeast Electric Power Co
Hong-Kong
Aluminum Corp of China Ltd
China Life Insurance Co Ltd
China Mobile Hong Kong Ltd
84
Nombre de
Titres
Juste Valeur
US$
% de
de l'Actif Net
196,000
180,000
54,000
1,483,500
77,500
25,000
60,000
271,000
8,000
158,868
143,000
185,000
56,000
80,000
17,000
23,000
102,955
23,000
10,000
508,411
309,238
5,000
200,000
78,000
43,232
81,040
27,350
125,000
280,366
540,474
315,238
1,147,058
603,233
320,077
136,858
515,119
13,351
307,096
163,089
870,184
208,320
172,168
312,800
255,300
376,801
49,350
5,670
78,622
114,572
2,851
35,568
44,228
239,285
104,435
123,712
95,846
11,165,403
0.44%
0.86%
0.50%
1.82%
0.96%
0.51%
0.22%
0.82%
0.02%
0.49%
0.26%
1.38%
0.33%
0.27%
0.50%
0.41%
0.60%
0.08%
0.01%
0.12%
0.18%
0.00%
0.06%
0.07%
0.38%
0.17%
0.20%
0.15%
17.72%
Indonésie
Gudang Garam Tbk PT
PT Astra International Tbk
Tempo Scan Pacific Tbk PT
49,000
429,000
28,500
56,080
531,116
20,857
608,053
0.09%
0.85%
0.03%
0.98%
Malaisie
Affin Holdings BHD
Batu Kawan BHD
Berjaya Sports Toto BHD
Boustead Holdings BHD
British American Tobacco Malaysia BHD
DRB-Hicom BHD
Genting BHD
Golden Hope Plantations BHD
Highlands & Lowlands BHD
Hong Leong Credit BHD
KrisAssets Holdings BHD
Malaysian Industrial Dev Finance
Oriental Holdings BHD
PPB Group BHD
Public Bank BHD
103,000
8,000
186,000
175,000
31,000
26,000
74,000
201,000
3,000
152,000
9,732
199,000
42,100
500
21,100
49,499
16,616
236,344
94,554
357,715
10,165
478,184
228,118
3,388
178,285
6,949
54,031
46,865
584
36,951
1,798,248
0.08%
0.03%
0.38%
0.15%
0.57%
0.02%
0.76%
0.36%
(0.00%)
0.28%
0.01%
0.09%
0.07%
0.00%
0.06%
2.85%
5,476
22,111
27,300
15,697
91,897
106,622
214,216
0.02%
0.15%
0.17%
0.34%
Actions
Hong-Kong (suite)
Citic Pacific Ltd
CLP Holdings Ltd
CNOOC Ltd
Esprit Holdings Ltd
Guoco Group Ltd
Hang Lung Group Ltd
Harbour Centre Development Ltd
Next Media Ltd
TAI Cheung Holdings
Vtech Holdings Ltd
New Zealand
Mainfreight Ltd
85
Nombre de
Titres
Juste Valeur
US$
% de
de l'Actif Net
Philippines
Equitable PCI Bank
International Container Term Services Inc
Metropolitan Bank & Trust
19,000
91,000
218,000
27,854
20,011
166,185
214,050
0.05%
0.03%
0.26%
0.35%
Singapour
CapitaLand Ltd
Dairy Farm International Holdings Ltd
Guocoland Ltd
Haw Par Corp Ltd
120,500
225,000
9,900
102,000
97,000
44,000
1,000
47,000
25,000
16,000
78,000
61,000
123,000
53,244
672,991
34,650
44,440
152,260
161,790
6,860
44,440
26,000
117,665
674,845
588,079
99,577
2,676,841
0.08%
1.07%
0.06%
0.07%
0.24%
0.26%
0.01%
0.07%
0.04%
0.19%
1.07%
0.93%
0.16%
4.25%
33,200
8,040
1,150
2,340
13,280
3,520
18,740
3,150
9,310
8,050
8,680
7,460
11,990
11,842
2,440
7,280
4,110
116
6,260
740
2,500
26,820
8,030
26,760
5,442
2,920
33,460
13,960
476,653
265,614
84,032
62,254
200,912
213,740
557,388
294,365
425,904
410,516
108,539
627,265
503,465
128,580
98,062
101,897
152,277
80,226
1,613,884
86,821
1,620,954
480,284
429,743
1,198,024
1,078,151
224,188
664,620
307,461
12,495,819
0.76%
0.42%
0.13%
0.10%
0.32%
0.34%
0.89%
0.47%
0.68%
0.65%
0.17%
1.00%
0.80%
0.20%
0.16%
0.16%
0.24%
0.13%
2.56%
0.14%
2.58%
0.76%
0.68%
1.90%
1.71%
0.36%
1.06%
0.49%
19.86%
301,000
506,000
713,350
365,000
195,600
291,500
211,462
760,855
668,202
688,297
82,570
469,756
0.34%
1.21%
1.06%
1.09%
0.13%
0.75%
Actions
Corée du Sud
Halla Engineering & Construction Corp
Hankook Tire Co Ltd
Hynix Semiconductor Inc
Hyundai Motor Co
Korea Electric Power Corp
KT Corp
LG Insurance Co Ltd
LS Cable Ltd
POSCO
Samchully Co Ltd
Samsung Electronics Co Ltd
Samsung Heavy Industries Co Ltd
Shinhan Financial Group Co Ltd
SK Telecom Co Ltd
S-Oil Corp
Woori Finance Holdings Co Ltd
Taiwan
Asia Cement Corp
AU Optronics Corp
China Steel Corp
Chunghwa Telecom Co Ltd
Continental Engineering Corp
Formosa Chemicals & Fibre Corp
86
Nombre de
Titres
Juste Valeur
US$
% de
de l'Actif Net
348,292
94,000
534,340
378,000
246,000
350,000
866,547
480,054
147,000
625,668
130,338
794,414
221,298
320,253
62,011
1,714,190
175,283
136,111
7,060,708
0.99%
0.21%
1.26%
0.35%
0.51%
0.10%
2.72%
0.28%
0.22%
11.22%
324,000
36,000
71,000
1,622,000
157,439
216,583
430,801
308,595
1,113,418
0.25%
0.34%
0.69%
0.49%
1.78%
118,280
2,954,634
2,954,634
4.70%
4.70%
60,721,460
96.52%
Cash en banque
2,328,878
3.70%
Autre Passif Net
(126,429)
(0.20%)
62,923,909
100.02%
Actions
Taiwan (suite)
Formosa Petrochemical Corp
Lite-On Technology Corp
Nan Ya Plastics Corp
Powerchip Semiconductor Corp
Siliconware Precision Industries Co
Tainan Spinning Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Walsin Lihwa Corp
Yulon Motor Co Ltd
Thaïlande
Bank of Ayudhya PCL
PTT PCL
Siam Cement PCL
Thai Petrochemical Industry PCL
Fonds commun de placement
Indian Index Fund Ltd
Fonds Commun de placement
Actif Total
87
% de l'Actif Total
90.74%
4.64%
4.62%
100.00%
AXA ROSENBERG PAN-EUROPEAN EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
446,400
165,200
3,821,184
9,119,040
12,940,224
0.28%
0.67%
0.95%
Belgique
Delhaize Group
Fortis
Solvay SA
84,300
24,000
20,200
4,990,560
707,520
1,925,060
7,623,140
0.36%
0.05%
0.14%
0.56%
Danemark
Dfds A/S
FLSmidth & Co A/S
1,930
2,475
50,400
13,681,432
134,323
1,668,192
15,483,947
1.01%
0.01%
0.12%
1.14%
57,600
58,685
101,000
1,772,800
29,342
1,065,024
758,797
1,452,380
30,279,424
894,344
34,449,969
0.08%
0.05%
0.11%
2.21%
0.07%
2.51%
102,493
78,000
13,800
355,200
137,200
96,300
96,200
257,000
28,800
91,300
134,100
7,538
2,341
95,574
24,213
12,792
31,600
4,039
22,619
162,600
10,640
168,900
151,200
56,400
26,410
72,720
124,000
3,334,097
4,769,700
1,268,220
27,226,080
6,168,512
5,556,510
7,922,070
14,816,050
3,723,840
7,596,160
6,953,085
832,949
65,548
379,429
5,394,656
821,886
1,112,952
702,786
473,189
12,764,100
2,085,440
20,960,490
5,927,040
3,149,940
430,219
15,831,144
4,279,240
164,545,332
0.24%
0.35%
0.09%
1.99%
0.45%
0.41%
0.58%
1.08%
0.27%
0.56%
0.51%
0.06%
0.01%
0.03%
0.39%
0.06%
0.08%
0.05%
0.03%
0.93%
0.15%
1.53%
0.43%
0.23%
0.03%
1.16%
0.31%
12.04%
Actifs financiers portés à juste valeur avec variation au compte de
Actions
Autriche
Immofinanz Immobilien Anlagen AG
OMV AG
Finlande
Elcoteq SE
Finnair OYJ
Kemira OYJ
Nokia OYJ
Rautaruukki OYJ
France
Arcelor
Atos Origin SA
Bacou Dalloz
BNP Paribas
Cap Gemini SA
Christian Dior SA
Cie de Saint-Gobain
Ciments Francais
CNP Assurances
Eramet
Generale de Sante
Havas SA
Nexans SA
Rallye SA
Sa des Ciments Vicat
Safran SA
Sanofi-Aventis
Societe Generale
Sodexho Alliance SA
Technip SA
Thomson
Total SA
Valeo SA
88
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Allemagne
Allianz AG
BASF AG
Bayer AG
Bilfinger Berger AG
DaimlerChrysler AG
Deutsche Bank AG
E.ON AG
Fresenius AG
Hochtief AG
Merck KGaA
Mobilcom AG
Rheinmetall AG
Siemens AG
ThyssenKrupp AG
TUI AG
153,900
92,895
537,300
25,039
58,800
32,500
29,316
280,500
30,509
37,524
659,000
57,296
110,500
26,400
51,617
414,000
106,306
21,204,342
6,010,307
17,763,138
1,354,610
2,787,120
3,063,125
432,997
25,472,205
4,296,277
1,751,620
5,608,090
4,493,725
2,207,790
1,689,600
3,976,574
9,865,620
1,722,157
113,699,297
1.55%
0.44%
1.30%
0.10%
0.20%
0.22%
0.03%
1.86%
0.31%
0.13%
0.41%
0.33%
0.16%
0.12%
0.29%
0.72%
0.13%
8.31%
Grèce
Bank of Greece
11,215
115,057
210,000
1,280,192
2,950,061
2,473,800
6,704,053
0.09%
0.22%
0.18%
0.49%
Irlande
CRH PLC
Dragon Oil PLC
359,200
299,534
10,344,960
898,602
11,243,562
0.76%
0.06%
0.81%
919,471
97,120
100,134
1,318,649
627,000
679,937
1,482,763
11,814
1,381,200
52,000
239,400
11,451
63,477
2,000
177,633
381,000
9,762,000
507,000
4,532,992
1,910,350
910,218
9,045,932
3,730,650
1,691,343
1,613,246
101,600
32,430,576
1,714,440
4,732,938
801,685
138,380
29,540
647,916
5,817,870
23,502,015
3,024,255
96,375,946
0.33%
0.14%
0.07%
0.66%
0.27%
0.12%
0.12%
0.01%
2.37%
0.13%
0.35%
0.06%
0.01%
0.00%
0.05%
0.43%
1.72%
0.22%
7.04%
Actions
Italie
Banca Intesa SpA
Buzzi Unicem SpA
Caltagirone SpA
Capitalia SpA
Cementir SpA
Cofide SpA
Danieli & Co SpA
ENI SpA
Fondiaria-Sai SpA
Italcementi SpA
Italmobiliare SpA
Sanpaolo IMI SpA
Snam Rete Gas SpA
Telecom Italia SpA
89
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
113,000
936,900
249,600
48,000
658,810
24,960
135,200
173,700
190
1,196,800
276,400
300,800
64,400
2,795,620
14,306,463
10,929,984
700,800
19,395,366
988,416
4,407,520
6,545,016
14,089
30,901,376
7,896,748
17,235,840
2,994,600
119,111,838
0.21%
1.05%
0.80%
0.05%
1.42%
0.07%
0.32%
0.48%
0.00%
2.26%
0.58%
1.26%
0.22%
8.72%
171,600
103,265
19,618,837
2,639,486
22,258,323
1.43%
0.19%
1.63%
Portugal
3,087,000
10,001,880
0.73%
Espagne
Acciona SA
Endesa SA
Gas Natural SDG SA
Iberdrola SA
Repsol YPF SA
Telefonica SA
Uralita SA
45,600
209,004
2,668,000
250
143,535
4,762
553,700
93,200
316,500
162,448
99,855
536,400
2,097,000
50,000
5,861,880
3,599,049
32,149,400
21,613
6,344,247
199,052
14,750,568
5,694,520
7,561,185
4,327,615
1,917,216
12,573,216
27,156,150
217,000
122,372,711
0.43%
0.26%
2.35%
0.00%
0.46%
0.01%
1.08%
0.42%
0.55%
0.32%
0.14%
0.92%
1.98%
0.02%
8.94%
Suède
Boliden AB
NCC AB
Nordea Bank AB
Ratos AB
Saab AB
SAS AB
Skanska AB
Tele2 AB
TeliaSonera AB
120,000
18,662
1,316,000
40,193
151,000
31,015
320,000
372,000
2,742,000
3,192,000
24,611
1,520,437
410,578
13,429,995
1,093,093
3,137,995
358,441
4,325,929
3,628,691
8,605,545
15,805,164
1,196,431
53,512,299
0.11%
0.03%
0.98%
0.08%
0.23%
0.03%
0.32%
0.26%
0.63%
1.16%
0.09%
3.90%
Actions
Pays-Bas
ABN AMRO Holding NV
Aegon NV
Akzo Nobel NV
Buhrmann NV
Fortis
Heijmans NV
ING Groep NV
Koninklijke DSM NV
OPG Groep NV
TNT NV
Unilever NV
Univar NV
Norvège
Norsk Hydro ASA
Stolt-Nielsen SA
90
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
47,692
36,670
3,319
19,137
120
6,043
89,100
206,030
9
523,800
367
59,800
87
34,620
405,300
98,100
9,001
12,000
3,150
22,400
268,000
86,200
12,200
1,745
90,760
496,085
2,155,286
1,129,104
672,811
20,336
434,468
4,391,758
8,142,448
10,756
24,228,379
1,160,328
3,925,031
17,989
8,471,934
18,580,575
12,040,349
591,928
6,893,674
1,771,744
3,866,831
15,438,237
7,805,394
2,869,771
304,267
17,575,801
142,995,284
0.04%
0.16%
0.08%
0.05%
0.00%
0.03%
0.32%
0.60%
0.00%
1.77%
0.08%
0.29%
0.00%
0.62%
1.36%
0.88%
0.04%
0.50%
0.13%
0.28%
1.13%
0.57%
0.21%
0.02%
1.28%
10.45%
532,800
29,763
126,404
186,282
538,000
753,300
146,700
288,000
394,400
1,766,800
1,329,161
472,000
805,167
2,253,600
166,135
2,208,000
4,169,000
2,444
654,000
1,191,000
609,600
906,000
68,203
231,063
1,713,000
1,806,074
7,182,147
129,043
847,887
1,075,987
4,140,834
23,947,533
4,493,305
2,540,691
16,393,292
20,245,902
8,015,544
4,556,285
12,134,630
21,350,575
841,152
7,223,391
5,258,306
25,957
3,981,461
3,559,173
7,339,315
19,543,213
732,178
2,497,083
23,594,568
2,219,734
0.52%
0.01%
0.06%
0.08%
0.30%
1.75%
0.33%
0.19%
1.20%
1.48%
0.59%
0.33%
0.89%
1.56%
0.06%
0.53%
0.38%
0.00%
0.29%
0.26%
0.54%
1.43%
0.05%
0.18%
1.72%
0.16%
Actions
Suisse
ABB Ltd
Baloise Holding AG
Barry Callebaut AG
Bobst Group AG
Centralschweizerische Kraftwerke AG
Conzzeta Holding AG
Credit Suisse Group
Holcim Ltd
Moevenpick Holding
Nestle SA
Novartis AG
Roche Holding AG
Saurer AG
Serono SA
Sulzer AG
Swiss Life Holding
Swiss Reinsurance
UBS AG
Unaxis Holding AG
Valora Holding AG
Royaume-Uni
3i Group PLC
Abbot Group PLC
Alfred Mcalpine PLC
Amec PLC
Amvescap PLC
Anglo American PLC
Antofagasta PLC
Arriva PLC
AstraZeneca PLC
Aviva PLC
BAE Systems PLC
Barclays PLC
BHP Billiton PLC
BP PLC
British Airways PLC
Compass Group PLC
Corus Group PLC
Firstgroup PLC
Gallaher Group PLC
GlaxoSmithKline PLC
Greene King PLC
Hanson PLC
HBOS PLC
Henderson Group PLC
91
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
1,168,800
6,100,000
26,170
390,000
597,000
40,383
3,674,818
1,256,000
576,000
532,600
1,392,600
809,100
144,500
381,411
1,245,000
379,200
324,075
1,971,900
139,902
14,680,000
108,529
86,500
379,800
16,165,859
12,415,078
441,480
3,077,182
1,674,971
322,971
10,599,930
2,916,325
5,510,678
22,305,535
37,384,833
21,708,975
2,352,759
2,842,679
10,385,409
4,801,823
534,164
16,646,827
1,369,544
25,353,877
1,844,853
1,974,982
10,141,428
416,641,348
1.18%
0.91%
0.03%
0.22%
0.12%
0.02%
0.77%
0.21%
0.40%
1.63%
2.73%
1.59%
0.17%
0.21%
0.76%
0.35%
0.04%
1.22%
0.10%
1.85%
0.13%
0.14%
0.74%
30.45%
1,349,959,153
98.67%
Cash en banque
11,651,979
0.85%
Autre Actif Net
6,499,088
0.48%
1,368,110,220
100.00%
Actions
Royaume-Uni (suite)
HSBC Holdings PLC
LogicaCMG PLC
Luminar PLC
Old Mutual PLC
Pilkington PLC
Prudential PLC
Rio Tinto PLC
SABMiller PLC
Scottish Power PLC
Shire PLC
Unilever PLC
Vodafone Group PLC
Whitbread PLC
Wilson Bowden PLC
Xstrata PLC
Actif Total
92
% de l'Actif Total
98.12%
1.88%
100.00%
AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Australie
Austrian Airlines
Boehler-Uddeholm AG
DEMETER**
Linz Textil Holding AG
Miba AG
Voestalpine AG
8,219
23,400
3,173
401,400
90
2,275
45,920
69,451
3,978,000
0
3,435,984
13,725
284,375
5,301,923
13,083,458
0.01%
0.54%
0.00%
0.47%
0.00%
0.04%
0.73%
1.80%
Belgique
AGFA-Gevaert NV
Brederode (SA Financiere)
CFE (CIE Francois D'enter)
Cofinimmo
Delhaize Group
Econocom Group
LSG Laundry Systems Group
Quest for Growth
Sabca (SA Belge Constr Aero)
Sapec
Umicore
480
1,966
924
3,500
147,600
188,726
18,092
900
37,372
290
7,600
42,363
7,546
54,557
793,716
481,250
8,737,920
1,245,592
189,785
8,190
344,570
7,830
646,000
4,842,091
17,359,047
0.00%
0.01%
0.11%
0.06%
1.19%
0.17%
0.03%
0.00%
0.05%
0.00%
0.09%
0.66%
2.36%
Danemark
Arkil Holding A/S
Carlsberg A/S
FLSmidth & Co A/S
GPV Industri A/S
Gyldendalske Boghandel
Harboes Bryggeri A/S
Ostjydsk Bank A/S
Sanistal A/S
Schouw & Co
SKAKO Industries A/S
SmallCap Danmark A/S
Thrane & Thrane AS
2,277
67,800
110,258
841
428
7,238
5,590
406
3,757
5,460
8,507
26,496
4,000
326,487
3,652,366
3,649,435
31,555
36,420
204,654
486,904
58,486
387,660
219,499
361,372
280,496
137,220
9,832,554
0.05%
0.50%
0.50%
0.00%
0.00%
0.03%
0.07%
0.01%
0.05%
0.03%
0.05%
0.04%
0.02%
1.35%
Actions
93
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Finlande
Aspocomp Group Oyj
Elcoteq SE
Finnair OYJ
Lannen Tehtaat OY
Larox Oyj
Neomarkka Oyj
Norvestia OYJ
Outokumpu OYJ
Rautaruukki OYJ
Tekla Oyj
22,750
21,236
210,958
45,600
6,400
40,000
49,583
91,155
312,506
20,364
79,625
392,654
2,727,687
1,045,152
53,376
340,000
421,456
1,519,554
9,525,183
120,555
16,225,242
0.01%
0.05%
0.37%
0.14%
0.01%
0.05%
0.06%
0.21%
1.30%
0.02%
2.22%
France
A Novo
ADLPartner
Atos Origin SA
Bacou Dalloz
Cap Gemini SA
Chargeurs SA
Ciments Francais
CNP Assurances
Compagnie du Mont-Blanc
Compagnie Industrielle et Financiere D'Entreprises
Eiffage
Elior
Finuchem
Flo Groupe
Generale de Sante
Gevelot SA
Groupe Crit
Groupe ONET
Havas SA
Jacques Bogart
LDC
Nexans SA
Pierre & Vacances
Prodef
Rallye SA
Remy Cointreau SA
Rubis
SA d'Explosifs et Produits Chimiques
SDR DE Bretagne SA
Societe Alsacienne et Lorraine de Valeurs d'Entreprises et de Participations
79,047
13,275
3,045
97,400
17,861
178,000
96,706
11,428
51,400
34,600
21
32,500
194,700
958
30,645
119,000
3,064
2,762
13,698
41,573
4,911
6,027
1,522
181,917
26
489
45,540
78,600
148
450
78,409
75,200
5,297
4,700
88
14,000
7,100
70,352
310,635
575,505
5,956,010
1,641,426
8,002,880
5,579,936
266,272
6,646,020
2,878,720
1,649
3,900,000
10,095,195
191,600
4,155,462
1,516,060
554,584
59,659
95,886
1,164,044
256,600
210,945
533,918
722,210
2,262
31,785
10,146,312
5,050,050
12,876
178,245
2,761,565
3,095,232
331,063
817,800
33,009
319,200
803,010
0.01%
0.04%
0.08%
0.81%
0.22%
1.09%
0.76%
0.04%
0.91%
0.39%
0.00%
0.53%
1.38%
0.03%
0.57%
0.21%
0.08%
0.01%
0.01%
0.16%
0.04%
0.03%
0.07%
0.10%
0.00%
0.01%
1.39%
0.69%
0.00%
0.02%
0.38%
0.42%
0.05%
0.11%
0.01%
0.04%
0.11%
Actions
94
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
France (suite)
Sodexho Alliance SA
Technip SA
Thomson
Valeo SA
Vet' Affaires
Viel et Compagnie
23,791
212,400
153,000
51,101
152,000
10,500
56,057
4,663,036
8,326,080
8,545,050
832,435
5,245,520
303,135
229,834
107,113,067
0.64%
1.14%
1.17%
0.11%
0.72%
0.04%
0.03%
14.67%
Allemagne
Adcapital AG
ALBIS Leasing AG
BankGesellschaft Berlin AG
Bilfinger Berger AG
D Logistics AG
Deutz AG
Duerr AG
Fresenius AG
Frosta AG
Fuchs Petrolub AG
GEA Group AG
Herlitz AG
Hochtief AG
Hornbach Baumarkt AG
IM Internationalmedia AG
Jenoptik AG
KAP Beteiligungs AG
Koenig & Bauer AG
KSB AG
Marseille-Kliniken AG
Merck KGaA
Mobilcom AG
Norddeutsche Affinerie AG
PC-Ware AG
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstech
Rheinmetall AG
Ruecker AG
Salzgitter AG
TAG TER RIGHTS*
ThyssenKrupp AG
TUI AG
Value Management & Research AG
Washtec AG
5,797
46,104
68,393
90,299
227,958
71,301
318,578
98,400
47,700
9,050
43,355
91,000
154,200
72,000
118,200
7,962
285,607
958,000
6,252
282,280
1,991
3,535
1,594
46,162
52,552
140,192
27,119
16,725
4,463
75,000
2,372
144,800
53,000
37,000
269,550
56,700
29,120
52,649
81,600
58,260
205,163
338,545
4,885,176
421,722
1,053,116
2,223,674
2,051,640
6,717,114
152,493
1,767,583
1,263,080
5,612,880
334,800
5,517,576
340,774
302,743
8,152,580
190,186
2,125,568
54,354
92,971
312,233
671,657
4,121,653
2,801,036
691,535
269,942
26,555
4,800,000
19,237
8,796,600
496,080
0
6,423,377
918,540
154,918
831,854
2,517,360
77,714,575
0.01%
0.03%
0.05%
0.67%
0.06%
0.14%
0.30%
0.28%
0.92%
0.02%
0.24%
0.17%
0.77%
0.05%
0.75%
0.05%
0.04%
1.12%
0.03%
0.29%
0.01%
0.01%
0.04%
0.09%
0.56%
0.38%
0.10%
0.04%
0.00%
0.66%
0.00%
1.20%
0.07%
0.00%
0.88%
0.13%
0.02%
0.11%
0.34%
10.65%
Actions
95
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Grèce
Bank of Greece
704,816
33,571
372,000
3,791,910
3,832,130
4,382,160
12,006,200
0.52%
0.52%
0.60%
1.64%
Irlande
DCC Plc
Dragon Oil Plc
IFG Group Plc
Kerry Group PLC
199,000
695,404
196,352
5,422
3,820,800
2,086,212
412,339
107,464
6,426,815
0.52%
0.29%
0.06%
0.01%
0.88%
135,489
31,850
483,715
27,303
81,412
4,484
28,800
232,771
95,767
659,210
1,656,631
2,842,120
10,641
153,458
201,888
90,000
279,855
56,599
1,311,000
255,900
5,000
207,075
10,720
773,337
419,526
297,729
7,000
823,773
539,858
4,222,832
497,188
885,763
35,917
476,640
4,578,606
870,522
1,354,677
4,120,870
3,092,227
23,756
1,319,739
6,656,247
477,900
1,165,596
125,084
6,322,298
5,059,143
12,625
1,080,932
319,456
1,005,338
914,567
1,262,371
106,890
47,350,815
0.11%
0.07%
0.58%
0.07%
0.12%
0.00%
0.07%
0.63%
0.12%
0.19%
0.56%
0.42%
0.00%
0.18%
0.91%
0.07%
0.16%
0.02%
0.86%
0.69%
0.00%
0.15%
0.04%
0.14%
0.13%
0.17%
0.02%
6.48%
Actions
Italie
Aedes SPA
Biesse SpA
Bipielle Investimenti SpA
Boero Bartolomeo
Buzzi Unicem SpA
Caltagirone SpA
Cam Finanziara SpA
Cofide SpA
Cremonini SpA
Danieli & Co SpA
Fondiaria-Sai SpA
Gefran SpA
Gruppo Coin SpA
I Grandi Viaggi SpA
Italcementi SpA
La Doria SpA
Mittel SpA
Mondo TV SpA
Monrif SpA
Stefanel
STMicroelectronics
96
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
71,557
2,046
117,490
369,000
7,909
32,400
52,000
58,254
59,437
31,820
11,590
1,902
979
10,803
14,188
70,000
273,000
175,000
257,605
112,019
599,199
5,387,400
158,180
1,283,040
821,600
1,281,588
4,974,877
1,320,530
90,634
141,033
49,929
164,854
653,216
3,255,000
7,324,590
2,397,500
30,272,794
0.04%
0.01%
0.08%
0.74%
0.02%
0.18%
0.11%
0.18%
0.68%
0.18%
0.01%
0.02%
0.01%
0.02%
0.09%
0.44%
1.00%
0.33%
4.12%
24,110
18,357
3,691
2,284
1
921,353
1,130,266
69,712
106,406
26
2,227,763
0.13%
0.16%
0.01%
0.01%
0.00%
0.31%
Portugal
Ibersol SGPS SA
276,000
2,180,461
127,041
4,153,800
7,064,694
952,808
12,171,302
0.57%
0.96%
0.13%
1.65%
Espagne
Acciona SA
Construcciones y Auxiliar de Ferrocarriles SA
Corp Mapfre SA
Dinamia
Ercros SA
Espanola del Acumulador Tudor SA
Gas Natural SDG SA
67,200
31,282
12,443
158,100
1,747
123,109
5,569
12,382
672,000
892
111,000
52,426
1,660,000
8,638,560
2,704,329
578,724
6,988,020
201,254
5,145,956
93,615
334,562
591,360
8,278
6,782,100
1,252,457
3,784,800
1.18%
0.37%
0.08%
0.96%
0.03%
0.70%
0.01%
0.04%
0.08%
0.00%
0.93%
0.17%
0.52%
Actions
Pays-Bas
Amsterdam Commodities NV
Batenburg Beheer NV
Buhrmann NV
Crown Van Gelder
Heijmans NV
Hes-Beheer NV
KAS Bank NV
Nedschroef Hldg
Neways Electronic International NV
OPG Groep NV
RSDB NV
Stork NV
Univar NV
VNU NV
Wegener NV
Norvège
Aker ASA
Aker Yards AS
Kongsberg Gruppen AS
Skiens Aktiemolle
Stolt-Nielsen SA
97
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Espagne (suite)
La Seda de Barcelona SA
NH Hoteles SA
Pescanova SA
Sotogrande SA
Unipapel SA
Uralita SA
35,438
260,000
113,086
307,000
41,484
64,689
121,800
2,798
16,977
27,000
336,661
5,031,000
273,668
4,362,470
796,493
1,837,168
2,539,530
38,389
348,029
117,180
52,784,603
0.05%
0.69%
0.04%
0.60%
0.11%
0.25%
0.35%
0.00%
0.05%
0.01%
7.19%
Suède
Active Biotech AB
Beijer AB G&L
Boliden AB
Bure Equity AB
Cherryforetagen AB
Elanders AB
Hagstromer & Qviberg AB
Luxonen SA
Novestra AB
Observer AB
Ratos AB
Saab AB
SAS AB
Stralfors AB
Svolder AB
Tele2 AB
Traction Holding AB
15,827
5,454
558,000
963,522
14,065
57,507
13,173
1,498
88,526
200,000
38,000
115,297
37,168
242,022
338,000
112,200
12,409
474,000
2,983
95,000
125,018
125,486
7,070,031
286,048
50,703
762,167
469,292
14,136
332,272
752,796
737,316
3,135,629
153,299
5,029,562
3,906,272
1,124,201
97,691
4,623,655
66,419
4,618,300
33,480,293
0.02%
0.02%
0.97%
0.04%
0.01%
0.10%
0.06%
0.00%
0.05%
0.10%
0.10%
0.43%
0.02%
0.69%
0.53%
0.15%
0.01%
0.63%
0.01%
0.63%
4.58%
Suisse
Also Holding
Baloise Holding AG
Banque Cantonale du Jura
Barry Callebaut AG
Bobst Group AG
Clariant AG
Conzzeta Holding AG
18,300
9,160
109,200
80
5,443
27,271
36,387
3,517
126,900
106,000
2,184
1,979,911
298,296
6,418,249
21,752
1,851,677
958,783
2,645,993
463,685
6,254,927
1,353,947
2,610,111
0.27%
0.04%
0.88%
0.00%
0.25%
0.13%
0.36%
0.06%
0.86%
0.19%
0.36%
Actions
98
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Suisse (suite)
Eichhof Holding AG
Energiedienst Holding AG
Groupe Minoteries SA
Gurit-Heberlein AG
Harwanne Compagnie de Participations Industrielles et Financieres SA
Huber & Suhner AG
Implenia AG
Intershop Holdings
Kardex AG
LEM Holding SA
Saurer AG
Serono SA
Siegfried Holding AG
SIG Holding AG
St Galler Kantonalbank
Sulzer AG
Swiss Life Holding
Tornos SA
UMS Schweizerische Metallwerke Holding AG
Valora Holding AG
Zehnder Group AG
755
103
29
3,493
1,962
2,212
2,860
2,371
17,326
5,792
19,916
5,917
10,620
8,699
18,244
5,594
2,184
3,300
66,200
791
15,656
9,770
2,097
7,840
582
7,830
51,570
79,639
18,519
19,170
1,671
4,695
125
162,000
2,387,050
98,346
9,146
774,161
1,172,399
353,875
2,531,854
361,321
3,231,952
483,079
346,321
1,552,724
1,840,008
246,979
766,007
544,738
510,974
469,506
4,353,473
380,132
1,340,430
5,612,599
261,885
1,378,178
181,800
4,404,050
8,902,343
710,051
199,072
3,342,583
1,283,800
437,897
163,695
1,193,398
76,683,157
0.33%
0.01%
0.00%
0.11%
0.16%
0.05%
0.35%
0.05%
0.44%
0.07%
0.05%
0.21%
0.25%
0.03%
0.10%
0.07%
0.07%
0.06%
0.60%
0.05%
0.18%
0.77%
0.04%
0.19%
0.02%
0.60%
1.22%
0.10%
0.03%
0.46%
0.18%
0.06%
0.02%
0.16%
10.49%
Royaume-Uni
3i Group PLC
Abacus Group Plc
Abbot Group PLC
Acal Plc
Alfred Mcalpine Plc
Alkane Energy PLC
Alpha Airports Group Plc
Amec PLC
Amvescap PLC
349,783
160,571
722,000
257,908
6,712
211,154
489,846
60,687
706,227
602,122
9,260
4,715,077
339,461
3,130,357
702,344
34,152
1,416,369
135,152
67,846
4,079,253
4,634,363
36,996
0.64%
0.05%
0.43%
0.10%
0.00%
0.19%
0.02%
0.01%
0.56%
0.63%
0.01%
Actions
99
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
264,137
213,900
661,651
448,216
218,400
220,871
229,159
97,715
135,920
202,877
130,000
1,354,000
236,500
336,000
98,738
176,000
24,200
1,331,896
445,000
1,926,000
198,000
850,000
204,910
6,684,000
216,000
328,531
9,176
184,000
4,577,629
72,682
120,718
676,000
268,316
25,831
1,048,064
806,000
864,000
2,349,000
19,399
240,000
150,368
16,531
549,636
3,465,000
39,697
202,510
304,759
6,551,588
616,416
3,954,091
611,971
368,804
625,696
228,987
2,063,054
802,552
824,961
6,855,389
3,908,335
339,516
1,675,588
325,412
300,029
1,398,329
575,623
6,300,838
248,316
3,106,636
1,518,396
8,430,443
546,424
675,709
16,308
677,111
3,575,760
365,650
1,282,099
2,238,154
405,724
62,569
3,233,421
4,906,815
1,560,327
7,019,729
77,991
292,389
625,007
37,673
5,939,882
4,258,618
48,931
600,825
0.04%
0.90%
0.08%
0.54%
0.08%
0.05%
0.09%
0.03%
0.28%
0.11%
0.11%
0.94%
0.53%
0.05%
0.23%
0.04%
0.04%
0.19%
0.08%
0.86%
0.03%
0.42%
0.21%
1.15%
0.07%
0.09%
0.00%
0.09%
0.49%
0.05%
0.18%
0.31%
0.06%
0.01%
0.44%
0.67%
0.21%
0.96%
0.01%
0.04%
0.09%
0.01%
0.81%
0.58%
0.01%
0.08%
Actions
Royaume-Uni (suite)
Anite Group Plc
Antofagasta PLC
Arla Foods UK PLC
Arriva Plc
Atrium Underwriting Plc
Autologic Holdings Plc
Avocet Mining PLC
Baggeridge Brick Plc
British Airways PLC
Carclo PLC
Chemring Group Plc
Christie Group Plc
Clarkson PLC
Colt Telecom Group Plc
Communisis Plc
Compass Group PLC
Compel Group Plc
Computacenter PLC
Cookson Group PLC
Corus Group PLC
Creston Plc
Dawson Holdings Plc
Delta Plc
Dialight PLC
easyJet plc
Fayrewood Plc
Filtronic PLC
First Choice Holidays Plc
Firstgroup Plc
FKI PLC
Global Energy Development PLC
Glotel Plc
Goldshield Group Plc
Halladale Group Plc
Hanson PLC
Henderson Group PLC
Highway Insurance Holdings PLC
100
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
220,000
317,314
1,038,047
151,236
114,965
210,000
47,157
2,691,616
117,888
146,330
3,400,000
140,158
1,947,000
61,200
403,442
558,287
74,000
756,000
576,000
307,228
10,000
76,648
472,280
27,564
153,386
245,762
2,565,108
67,207
1,277,177
227,993
351,000
1,518,906
19,672
510,000
711,000
402,413
2,235,000
712,000
1,050,000
234,746
736,000
60,510
218,766
384,000
86,364
3,611
285,341
1,242,368
405,909
937,322
6,375,019
277,649
826,215
310,910
2,305,060
321,881
587,250
6,919,880
2,364,425
5,462,595
489,460
653,418
468,106
240,232
406,335
3,729,511
455,756
21,571
135,125
297,840
27,852
470,469
350,485
7,398,996
192,171
2,965,496
318,609
286,756
2,998,843
136,325
502,544
9,003,401
60,561
3,683,890
2,018,031
6,079,977
780,580
247,900
405,453
602,022
319,220
195,579
6,185
5,766,530
0.17%
0.06%
0.13%
0.87%
0.04%
0.11%
0.04%
0.32%
0.04%
0.08%
0.95%
0.32%
0.75%
0.07%
0.09%
0.06%
0.03%
0.06%
0.51%
0.06%
0.00%
0.02%
0.04%
0.00%
0.06%
0.05%
1.01%
0.03%
0.41%
0.04%
0.04%
0.41%
0.02%
0.07%
1.23%
0.01%
0.50%
0.28%
0.83%
0.11%
0.03%
0.06%
0.08%
0.04%
0.03%
0.00%
0.79%
Actions
Royaume-Uni (suite)
Hunting Plc
Huntsworth Plc
Investec PLC
James Latham PLC
Keller Group PLC
Lavendon Group Plc
LogicaCMG PLC
Luminar Plc
Maclellan Group PLC
Metnor Group Plc
Mice Group Plc
Morse Plc
MS International Plc
Newcastle United Plc
Next Fifteen Communications PLC
Nichols Plc
Nord Anglia Education Plc
Old Mutual PLC
Oxford Instruments Plc
Pilkington Plc
Regent Inns Plc
Renold Plc
Rugby Estates Plc
Senior Plc
Shire PLC
Sportech Plc
Systems Union Group Plc
Taylor Woodrow PLC
TDG Plc
Tenon Group Plc
Thorpe (F.W.) Plc
Tribal Group Plc
Trifast Plc
UK Coal PLC
Uniq PLC
101
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
350,334
126,352
186,000
294,033
352,000
188,000
590,143
3,429,527
455,461
4,246,782
1,354,903
245,951
323,348
702,048
200,483,947
0.47%
0.06%
0.58%
0.19%
0.03%
0.04%
0.10%
27.41%
715,215,632
97.81%
(197,853)
(0.03%)
16,291,343
2.23%
731,309,122
100.01%
Actions
Royaume-Uni (suite)
Wagon PLC
Wilson Bowden PLC
Wincanton Plc
Windsor Plc
XKO Group Plc
Zetex PLC
Découvert bancaire Net
Autre Actif Net
*Tag Ter Rights (priced at zero as rights will not trade)
**Demeter VermoegaNVerwaltung spin off with no market value
Actif Total
102
% de l'Actif Total
97.36%
2.64%
100.00%
AXA ROSENBERG PAN-EUROPEAN ENHANCED INDEX EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Autriche
Boehler-Uddeholm AG
Erste Bank der Oesterreichischen Sparkassen AG
OMV AG
Telekom Austria AG
Voestalpine AG
1,050
2,788
32,400
8,500
9,540
2,000
178,500
135,664
277,344
469,200
185,553
230,920
1,477,181
0.11%
0.08%
0.17%
0.29%
0.12%
0.14%
0.92%
Belgique
AGFA-Gevaert NV
Belgacom SA
Cofinimmo
Delhaize Group
Dexia
Fortis
Groupe Bruxelles Lambert SA
InBev NV
KBC Groep NV
Solvay SA
Umicore
3,000
3,500
820
5,600
10,500
35,400
1,598
3,500
4,000
4,200
2,400
47,160
92,365
112,750
331,520
224,070
1,043,592
146,696
135,450
354,400
400,260
274,320
3,162,583
0.03%
0.06%
0.07%
0.20%
0.14%
0.64%
0.09%
0.08%
0.22%
0.25%
0.17%
1.95%
Danemark
Carlsberg A/S
Danske Bank A/S
FLSmidth & Co A/S
Novo-Nordisk A/S
62
3,600
20,000
4,200
4,000
439,507
193,931
612,399
139,016
205,295
1,590,148
0.27%
0.12%
0.38%
0.08%
0.13%
0.97%
5,600
149,100
11,000
8,400
8,000
12,865
8,000
6,400
116,592
2,546,628
183,370
256,032
138,960
163,386
156,000
195,840
3,756,808
0.07%
1.57%
0.11%
0.16%
0.09%
0.10%
0.10%
0.12%
2.32%
3,000
12,600
1,900
26,000
13,188
5,400
10,690
28,400
4,200
142,710
244,818
326,420
332,020
429,006
330,210
309,582
2,176,860
184,170
0.09%
0.15%
0.20%
0.21%
0.27%
0.20%
0.19%
1.34%
0.11%
Actions
Finlande
Fortum Oyj
Nokia OYJ
Outokumpu OYJ
Rautaruukki OYJ
Sampo Oyj
Stora Enso Oyj
UPM-Kymmene Oyj
Wartsila Oyj
France
Accor SA
Air France-KLM
Air Liquide
Alcatel SA
Arcelor
Atos Origin SA
AXA SA
BNP Paribas
Bouygues
103
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
8,700
10,800
3,900
12,120
2,125
3,400
8,400
12,000
1,800
34,200
4,600
420
3,600
1,800
5,600
5,200
1,440
6,741
1,600
2,800
3,200
15,600
22,000
8,600
3,300
14,900
8,500
21,200
20,500
6,900
17,500
11,400
1,000
7,200
7,200
3,000
3,000
24,514
391,152
474,120
225,030
698,718
156,400
282,880
435,540
385,320
122,490
634,752
465,060
87,612
336,600
116,010
407,120
420,680
227,664
350,532
159,440
90,160
280,800
326,352
1,727,000
766,260
182,820
1,849,090
333,200
323,512
666,660
385,365
285,075
2,481,780
149,000
248,472
329,976
5,310
244,050
694,727
22,222,525
0.24%
0.29%
0.14%
0.43%
0.10%
0.18%
0.27%
0.24%
0.08%
0.39%
0.29%
0.05%
0.21%
0.07%
0.25%
0.26%
0.14%
0.22%
0.10%
0.06%
0.17%
0.20%
1.07%
0.47%
0.11%
1.14%
0.21%
0.20%
0.41%
0.24%
0.18%
1.53%
0.09%
0.15%
0.20%
0.00%
0.15%
0.43%
13.75%
Actions
France (suite)
Cap Gemini SA
Carrefour SA
Cie de Saint-Gobain
Cie Generale d'Optique Essilor International SA
CNP Assurances
Credit Agricole SA
Euronext NV
France Telecom SA
Groupe Danone
Hermes International
Lafarge SA
Lagardere SCA
L'Oreal SA
LVMH Moet Hennessy Louis Vuitton SA
Pernod-Ricard SA
Peugeot SA
PPR SA
Publicis Groupe
Renault SA
Safran SA
Sanofi-Aventis
Schneider Electric SA
Societe BIC SA
Societe Generale
Sodexho Alliance SA
Suez SA
Technip SA
Thomson
Total SA
Unibail
Valeo SA
Veolia Environnement
Vinci SA
Vinci SA
Vivendi Universal SA
104
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Allemagne
Adidas-Salomon AG
Allianz AG
BASF AG
Bayer AG
Commerzbank AG
Continental AG
DaimlerChrysler AG
Deutsche Bank AG
Deutsche Boerse AG
Deutsche Post AG
Deutsche Telekom AG
E.ON AG
Henkel KGaA
Hochtief AG
Hypo Real Estate Holding AG
Linde AG
MAN AG
Merck KGaA
Metro AG
Muenchener Rueckversicherungs AG
Porsche AG
RWE AG
SAP AG
Schering AG
Siemens AG
ThyssenKrupp AG
TUI AG
Volkswagen AG
998
8,100
11,200
24,000
10,500
2,600
19,500
10,300
2,116
21,600
30,500
58,500
22,000
4,100
5,400
1,400
6,000
2,800
44,000
1,600
2,400
4,000
3,475
3,500
180
15,000
4,240
2,800
16,800
20,168
19,800
10,600
162,864
1,116,018
724,640
793,440
345,240
236,210
924,300
970,775
251,804
319,032
631,045
814,320
1,997,820
404,260
196,560
124,320
280,080
158,396
374,440
114,640
137,448
313,720
147,027
409,500
142,200
1,077,300
759,002
240,212
1,294,272
480,603
320,760
660,486
16,922,734
0.10%
0.69%
0.45%
0.49%
0.21%
0.15%
0.57%
0.60%
0.16%
0.20%
0.39%
0.50%
1.23%
0.25%
0.12%
0.08%
0.17%
0.10%
0.23%
0.07%
0.08%
0.19%
0.09%
0.25%
0.09%
0.66%
0.47%
0.15%
0.80%
0.30%
0.20%
0.41%
10.45%
Grèce
Alpha Bank AE
EFG Eurobank Ergasias SA
Hellenic Telecommunications Organization SA
National Bank of Greece SA
OPAP SA
Piraeus Bank SA
5,400
10,400
3,200
12,000
5,000
5,500
13,200
3,500
164,592
266,656
101,696
141,360
92,000
213,400
416,328
87,500
1,483,532
0.10%
0.16%
0.06%
0.09%
0.06%
0.13%
0.26%
0.06%
0.93%
Actions
105
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Irlande
Allied Irish Banks PLC
Bank of Ireland
CRH PLC
DCC PLC
Irish Life & Permanent PLC
Kerry Group PLC
Waterford Wedgwood PLC
20,920
16,000
21,600
9,000
5,217
13,000
164,316
412,124
245,600
622,080
172,800
103,297
257,660
7,723
1,821,284
0.25%
0.15%
0.38%
0.11%
0.06%
0.16%
0.01%
1.13%
Italie
Alleanza Assicurazioni SpA
Assicurazioni Generali SpA
Autostrade SpA
Banca Antonveneta SpA
Banca Intesa SpA
Banca Monte dei Paschi di Siena SpA
Banca Popolare di Verona e Novara Scrl
Banche Popolari Unite Scpa
Capitalia SpA
Enel SpA
ENI SpA
Finmeccanica SpA
Italcementi SpA
Mediaset SpA
Mediobanca SpA
Pirelli & C SpA
Sanpaolo IMI SpA
Telecom Italia SpA
10,230
18,600
6,300
5,400
174,000
81,000
7,456
7,074
34,000
82,000
96,000
4,750
8,100
13,014
10,262
304,000
43,000
9,800
510,000
171,000
100,356
578,088
128,583
143,100
857,820
376,245
162,839
141,551
233,240
572,360
2,254,080
89,015
160,137
126,496
181,637
239,248
635,110
149,646
1,227,825
1,020,015
9,377,391
0.06%
0.36%
0.08%
0.09%
0.53%
0.23%
0.10%
0.09%
0.14%
0.35%
1.39%
0.06%
0.10%
0.08%
0.11%
0.15%
0.39%
0.09%
0.76%
0.63%
5.80%
37,500
29,600
12,600
7,200
12,600
13,600
3,000
5,000
70,400
10,500
26,500
11,000
96,700
44,000
927,750
451,992
551,754
121,320
183,960
472,872
88,320
156,600
2,295,040
395,640
739,085
130,130
2,496,794
409,200
0.57%
0.28%
0.34%
0.07%
0.11%
0.29%
0.06%
0.10%
1.42%
0.24%
0.46%
0.08%
1.54%
0.25%
Actions
Pays-Bas
ABN AMRO Holding NV
Aegon NV
Akzo Nobel NV
ASML Holding NV
Buhrmann NV
Fortis
Heineken NV
ING Groep NV
Koninklijke DSM NV
Koninklijke Philips Electronics NV
Reed Elsevier NV
Royal KPN NV
106
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Pays-Bas (suite)
Royal Numico NV
TNT NV
Unilever NV
VNU NV
Wolters Kluwer NV
3,493
19,200
11,200
5,000
5,249
127,529
548,544
641,760
134,150
108,024
10,980,464
0.08%
0.34%
0.40%
0.08%
0.07%
6.79%
Norvège
DNB NOR ASA
Norsk Hydro ASA
Orkla ASA
Statoil ASA
Stolt-Nielsen SA
Telenor ASA
16,190
6,000
3,727
27,000
4,720
12,000
179,900
685,973
152,515
642,533
120,645
106,522
1,888,088
0.11%
0.42%
0.10%
0.40%
0.07%
0.07%
1.18%
Portugal
Banco Comercial Portugues SA
Portugal Telecom SGPS SA
44,000
11,000
126,000
16,000
115,720
165,550
408,240
160,160
849,670
0.07%
0.10%
0.25%
0.10%
0.52%
Espagne
Abertis Infraestructuras SA
Acciona SA
ACS Actividades Cons y Serv
Altadis SA
Banco Popular Espanol SA
Corp Mapfre SA
Endesa SA
Gas Natural SDG SA
Iberdrola SA
Inditex SA
NH Hoteles SA
Repsol YPF SA
Telefonica SA
Union Fenosa SA
5,953
2,600
6,300
9,997
71,100
18,620
206,000
12,000
32,200
4,600
14,000
30,000
54,000
5,032
10,000
34,000
166,500
4,400
127,335
334,230
201,978
369,889
1,224,342
226,419
2,482,300
201,720
857,808
281,060
334,460
799,200
123,120
160,269
142,100
796,960
2,156,175
138,028
10,957,393
0.08%
0.21%
0.12%
0.23%
0.76%
0.14%
1.53%
0.12%
0.53%
0.17%
0.21%
0.49%
0.08%
0.10%
0.09%
0.49%
1.33%
0.08%
6.75%
Actions
107
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
6,000
12,000
4,500
4,164
5,600
8,400
78,000
32,923
3,000
10,000
10,801
10,000
27,000
11,189
2,000
2,500
8,000
30,000
294,000
95,000
5,400
91,926
278,641
92,324
64,238
132,704
252,940
796,003
94,948
146,477
115,570
171,781
204,633
365,000
150,666
72,629
90,654
183,640
292,636
922,695
470,392
208,694
5,199,191
0.06%
0.17%
0.06%
0.04%
0.08%
0.16%
0.49%
0.06%
0.09%
0.07%
0.11%
0.13%
0.22%
0.09%
0.04%
0.06%
0.11%
0.18%
0.57%
0.29%
0.13%
3.20%
75,000
2,542
6,000
20,000
19,200
44,100
8,100
360
8,400
540
48,600
4,000
500
14,700
510
720
400
800
12,400
360
2,874
21,600
720
548
4,900
780,139
117,098
295,741
255,462
758,797
2,039,846
531,651
153,884
2,055,582
99,108
2,228,019
164,153
164,406
1,804,211
292,981
126,567
224,983
110,734
714,307
96,178
332,933
1,955,876
169,364
95,552
948,892
16,516,464
0.48%
0.07%
0.18%
0.16%
0.47%
1.26%
0.33%
0.09%
1.27%
0.06%
1.38%
0.10%
0.10%
1.11%
0.18%
0.08%
0.14%
0.07%
0.44%
0.06%
0.21%
1.21%
0.10%
0.06%
0.59%
10.19%
Actions
Suède
Assa Abloy AB
Atlas Copco AB
Axfood AB
Capio AB
Electrolux AB
Hennes & Mauritz AB
Nordea Bank AB
Old Mutual PLC
Sandvik AB
SAS AB
Securitas AB
Skandinaviska Enskilda Banken AB
Skanska AB
SKF AB
Svenska Cellulosa AB
Svenska Cellulosa AB
Svenska Handelsbanken
Tele2 AB
TeliaSonera AB
Volvo AB
Suisse
ABB Ltd
Adecco SA
Clariant AG
Credit Suisse Group
Holcim Ltd
Kuoni Reisen Holding
Nestle SA
Nobel Biocare Holding AG
Novartis AG
Rieter Holding AG
Roche Holding AG
Serono SA
SIG Holding AG
Sulzer AG
Swatch Group AG
Swiss Reinsurance
Swisscom AG
Syngenta AG
UBS AG
Unaxis Holding AG
Valora Holding AG
108
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
31,200
34,000
48,000
44,400
21,600
33,600
81,900
17,100
121,000
237,600
75,200
50,500
10,976
11,777
426,400
15,000
55,000
33,200
9,600
20,000
170,000
36,000
5,859
64,000
12,500
124,000
322,000
56,700
43,408
25,800
52,000
38,000
129,000
34,200
37,000
122,000
2,795
21,500
5,400
24,338
145,500
334,500
23,283
13,200
28,800
64,000
30,000
420,576
196,388
369,443
1,411,483
190,552
1,396,589
938,499
203,181
729,694
2,293,588
775,497
761,083
243,369
121,450
4,039,708
92,608
278,469
663,334
170,755
154,794
540,920
295,141
38,587
258,220
191,074
405,662
406,134
736,686
114,788
352,037
160,427
231,339
385,502
411,753
296,711
2,631,647
7,581
325,104
95,973
263,019
2,004,092
4,626,523
115,464
322,953
388,637
109,388
142,970
0.26%
0.12%
0.23%
0.87%
0.12%
0.86%
0.58%
0.13%
0.45%
1.42%
0.48%
0.47%
0.15%
0.07%
2.49%
0.06%
0.17%
0.41%
0.11%
0.10%
0.33%
0.18%
0.02%
0.16%
0.12%
0.25%
0.25%
0.45%
0.07%
0.22%
0.10%
0.14%
0.24%
0.25%
0.18%
1.62%
0.00%
0.20%
0.06%
0.16%
1.24%
2.86%
0.07%
0.20%
0.24%
0.07%
0.09%
Actions
Royaume-Uni
3i Group PLC
Amec PLC
Amvescap PLC
Anglo American PLC
Arriva PLC
AstraZeneca PLC
Aviva PLC
BAA PLC
BAE Systems PLC
Barclays PLC
BG Group PLC
BHP Billiton PLC
BOC Group PLC
Boots Group PLC
BP PLC
Brambles Industries PLC
British Airways PLC
British American Tobacco PLC
British Land Co PLC
British Sky Broadcasting PLC
BT Group PLC
Cadbury Schweppes PLC
Capita Group PLC
Centrica PLC
Close Brothers Group PLC
Compass Group PLC
Corus Group PLC
Diageo PLC
DSG International PLC
Enterprise Inns PLC
First Choice Holidays PLC
Firstgroup PLC
Gallaher Group PLC
George Wimpey PLC
GlaxoSmithKline PLC
Group 4 Securicor PLC
GUS PLC
Hammerson PLC
Hanson PLC
HBOS PLC
HSBC Holdings PLC
Imperial Chemical Industries PLC
Imperial Tobacco Group PLC
Intercontinental Hotels Group PLC
ITV PLC
J Sainsbury PLC
109
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
4,400
6,400
53,548
43,289
10,587
288,000
119,000
104,000
6,062
26,000
58,000
5,432
195,077
18,459
6,000
100,000
87,000
12,900
20,000
23,000
12,000
22,200
30,000
1,614,000
196,000
107,400
67,500
18,500
30,000
48,624
13,500
72,000
6,000
21,585
12,664
94,834
51,000
164,000
56,700
16,800
1,320,000
20,500
88,038
72,329
183,815
241,356
292,558
586,155
938,935
291,787
214,173
207,381
475,921
128,462
562,695
211,126
114,204
232,192
832,342
374,594
158,234
130,708
95,887
929,746
196,933
2,360
386,972
2,883,191
1,811,094
301,218
118,353
362,398
219,034
600,602
96,059
158,090
178,425
156,312
295,313
775,692
478,663
166,026
2,279,770
348,474
0.05%
0.04%
0.11%
0.15%
0.18%
0.36%
0.58%
0.18%
0.13%
0.13%
0.29%
0.08%
0.35%
0.13%
0.07%
0.14%
0.51%
0.23%
0.10%
0.08%
0.06%
0.57%
0.12%
0.00%
0.24%
1.78%
1.12%
0.19%
0.07%
0.22%
0.14%
0.37%
0.06%
0.10%
0.11%
0.10%
0.18%
0.48%
0.30%
0.10%
1.41%
0.22%
Actions
Royaume-Uni (suite)
Johnson Matthey PLC
Kelda Group PLC
Kingfisher PLC
Ladbrokes PLC
Land Securities Group PLC
LogicaCMG PLC
Man Group PLC
Marks & Spencer Group PLC
National Grid PLC
Next PLC
Old Mutual PLC
Pearson PLC
Persimmon PLC
Pilkington PLC
Prudential PLC
Reckitt Benckiser PLC
Reed Elsevier PLC
Reuters Group PLC
Rexam PLC
Rio Tinto PLC
Rolls-Royce Group PLC
Rolls-Royce Group PLC*
SABMiller PLC
Sage Group PLC
Scottish & Southern Energy PLC
Scottish Power PLC
Severn Trent PLC
Smith & Nephew PLC
Smiths Group PLC
Taylor Woodrow PLC
Tesco PLC
Unilever PLC
United Utilities PLC
Vodafone Group PLC
Whitbread PLC
110
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
9,759
12,000
26,000
16,000
83,854
243,199
257,317
124,867
51,196,246
0.05%
0.15%
0.16%
0.08%
31.60%
159,401,702
98.45%
Cash en banque
2,251,936
1.39%
Autre Actif Net
507,452
0.31%
162,007,023
100.16%
Actions
Royaume-Uni (suite)
William Hill PLC
Wolseley PLC
WPP Group PLC
Yell Group PLC
*Rolls Royce Bonus Émission d'actions convertibles
Actif Total
111
% de l'Actif Total
97.67%
2.33%
100.00%
AXA ROSENBERG EUROBLOC EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Autriche
Austrian Airlines
Demeter VermoegaNVerwaltung*
OMV AG
Voestalpine AG
7,374
23,816
5,396
241,200
154,200
22,149
921,750
201,245
0
2,064,672
8,511,840
2,557,324
14,256,831
0.08%
0.02%
0.00%
0.17%
0.70%
0.21%
1.18%
Belgique
Delhaize Group
Fortis
Nationale A Portefeuille
Solvay SA
Umicore
86,800
314,360
6,298
82,400
25,200
5,138,560
9,267,333
1,873,655
7,852,720
2,880,360
27,012,628
0.42%
0.77%
0.15%
0.65%
0.24%
2.23%
24,499
114,178
108,000
11,200
2,496,800
17,598
2,426
94,100
16,100
452,987
1,476,322
1,553,040
390,432
42,645,344
37,308
5,192
2,868,168
492,660
49,921,453
0.04%
0.12%
0.13%
0.03%
3.53%
0.00%
0.00%
0.24%
0.04%
4.13%
227,200
843,000
202,100
43,345
564,200
278,700
138,400
90,900
115,898
333,000
27,300
99,000
156,600
31,600
7,600
7,541
4,414,496
10,765,110
6,574,313
2,650,547
43,245,930
12,220,995
6,222,464
5,244,930
9,544,200
19,197,450
3,529,890
8,236,800
8,119,710
4,284,960
839,800
1,364,921
0.37%
0.89%
0.54%
0.22%
3.57%
1.01%
0.51%
0.43%
0.79%
1.59%
0.29%
0.68%
0.67%
0.35%
0.07%
0.11%
Actions
Finlande
Elcoteq SE
Finnair OYJ
Kemira OYJ
Lemminkainen Oyj
Nokia OYJ
Raisio Plc
Raisio Plc
Rautaruukki OYJ
Wartsila Oyj
France
Air France-KLM
Alcatel SA
Arcelor
Atos Origin SA
BNP Paribas
Bouygues
Cap Gemini SA
Christian Dior SA
Cie de Saint-Gobain
Ciments Francais
CNP Assurances
Eiffage
Eramet
112
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
France (suite)
Generale de Sante
Groupe ONET
Havas SA
Lafarge SA
Peugeot SA
Rallye SA
Remy Cointreau SA
Safran SA
Sanofi-Aventis
Schneider Electric SA
Societe Generale
Sodexho Alliance SA
Technip SA
Thomson
Total SA
Valeo SA
10,510
194
50,299
175,400
30,800
204,850
14,488
34,000
2,883
7,219
166,307
48,283
8,750
286,300
144,000
102,000
281,400
219,566
102,400
156,400
294,280
68,055
199,687
16,399,900
6,862,240
10,652,200
510,267
1,399,440
501,642
151,021
13,055,100
4,302,015
1,715,000
35,529,830
5,644,800
5,696,700
4,584,006
47,799,518
3,533,824
7,167,812
312,523,853
0.02%
0.01%
0.02%
1.36%
0.57%
0.88%
0.04%
0.12%
0.04%
0.01%
1.08%
0.36%
0.14%
2.94%
0.47%
0.47%
0.38%
3.95%
0.29%
0.59%
25.83%
Allemagne
Allianz AG
BASF AG
Bayer AG
Bilfinger Berger AG
Deutsche Bank AG
Deutsche Post AG
Dyckerhoff AG
E.ON AG
EnBW Energie Baden-Wuerttemberg AG
Fresenius AG
GEA Group AG
Hochtief AG
Koenig & Bauer AG
Merck KGaA
Mobilcom AG
236,500
455,400
660,600
32,100
382,300
412,000
928,000
2,722
437,000
2,060
35,820
82,900
24,000
76,400
740,000
3,889
54,200
67,500
32,584,970
29,464,380
21,839,436
1,736,610
36,031,775
6,085,240
19,200,320
108,880
39,683,970
106,914
5,044,172
8,173,940
333,120
3,566,352
6,297,400
102,281
4,250,906
1,348,650
2.69%
2.44%
1.81%
0.14%
2.98%
0.50%
1.59%
0.01%
3.28%
0.01%
0.42%
0.68%
0.03%
0.29%
0.52%
0.01%
0.35%
0.11%
Actions
113
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Allemagne (suite)
RWE AG
Salzgitter AG
Siemens AG
ThyssenKrupp AG
TUI AG
246,600
46,500
91,400
480,500
233,800
17,710,812
2,824,875
7,041,456
11,450,315
3,787,560
258,774,334
1.46%
0.23%
0.58%
0.95%
0.31%
21.39%
Grèce
Bank of Greece
Public Power Corp
12,000
186,900
228,000
168,000
57,000
1,369,800
4,792,116
2,685,840
3,091,200
1,105,800
13,044,756
0.11%
0.40%
0.22%
0.26%
0.09%
1.08%
Irlande
Abbey PLC
CRH PLC
DCC Plc
Dragon Oil Plc
Kerry Group PLC
116,000
485,600
95,000
115,650
55,000
1,243,520
13,985,280
1,824,000
346,950
1,090,100
18,489,850
0.10%
1.16%
0.15%
0.03%
0.09%
1.53%
70,200
4,286,337
2,016,000
120,621
2,313
96,113
86,406
144,000
1,950,000
26,167
679,000
122,298
405,270
42,691
1,820,400
8,894
108,600
613,222
54,857
225,900
23,700
188,100
1,189,890
21,131,641
9,364,320
1,053,021
18,527
1,890,543
785,431
295,920
13,377,000
155,694
1,689,013
133,060
904,765
367,143
42,742,992
192,110
3,580,542
2,957,263
977,552
4,466,043
1,659,237
148,035
0.10%
1.75%
0.77%
0.09%
0.00%
0.16%
0.06%
0.02%
1.11%
0.01%
0.14%
0.01%
0.07%
0.03%
3.53%
0.02%
0.30%
0.24%
0.08%
0.37%
0.14%
0.01%
Actions
Italie
Banca Intesa SpA
Bipielle Investimenti SpA
Buzzi Unicem SpA
Caltagirone SpA
Cam Finanziara SpA
Capitalia SpA
Cementir SpA
Cofide SpA
Cremonini SpA
Danieli & Co SpA
ENI SpA
ERG SpA
Fondiaria-Sai SpA
Istituto Finanziario Industriale SpA
Italcementi SpA
Italmobiliare SpA
Pirelli & C SpA
114
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
299,559
995,000
1,664,000
12,564,000
726,000
360,000
134,000
653,039
14,696,150
6,069,440
30,247,830
4,330,590
963,900
1,325,260
167,365,951
0.05%
1.21%
0.50%
2.50%
0.36%
0.08%
0.11%
13.82%
Pays-Bas
Aegon NV
Buhrmann NV
European Assets Trust NV
Fortis
Heijmans NV
ING Groep NV
Koninklijke DSM NV
Stork NV
TNT NV
Unilever NV
Univar NV
VNU NV
1,425,600
159,000
521,200
543
709,140
23,460
1,173,200
9,800
194,400
121,200
46,708
24,300
464,000
411,800
25,223
200,500
21,768,912
2,321,400
18,122,124
6,462
20,877,082
929,016
38,246,320
820,260
7,324,992
3,380,268
1,303,153
1,118,772
13,256,480
23,596,140
1,172,870
5,379,415
159,623,666
1.80%
0.19%
1.50%
0.00%
1.73%
0.08%
3.16%
0.07%
0.61%
0.28%
0.11%
0.09%
1.10%
1.95%
0.10%
0.44%
13.21%
Portugal
Cimpor Cimentos de Portugal SA
383,821
3,008,000
2,114,854
9,745,920
11,860,774
0.17%
0.81%
0.98%
Espagne
Acciona SA
Corp Mapfre SA
Dinamia
Endesa SA
52,500
362,400
4,163,000
22,813
25,147
170,400
45,200
198,390
52,489
872,200
101,700
6,748,875
6,240,528
50,164,150
1,972,184
1,169,587
7,531,680
1,889,360
3,334,936
1,418,253
23,235,408
6,213,870
0.56%
0.52%
4.14%
0.16%
0.10%
0.62%
0.16%
0.28%
0.12%
1.92%
0.51%
Actions
Italie (suite)
Sanpaolo IMI SpA
Snam Rete Gas SpA
Telecom Italia SpA
Unipol SpA
Vianini Lavori SpA
115
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
360,000
315,600
942,000
106,400
126,000
90,300
1,148
314,400
146,000
1,189,565
9,155
474,507
8,600,400
8,407,584
2,147,760
2,058,840
1,790,460
1,733,760
32,603
7,369,536
1,868,800
15,404,863
187,678
2,059,360
161,580,475
0.71%
0.69%
0.18%
0.17%
0.15%
0.14%
0.00%
0.61%
0.15%
1.27%
0.02%
0.17%
13.35%
1,194,454,571
98.73%
Cash en banque
12,482,211
1.03%
Autre Actif Net
2,942,431
0.24%
1,209,879,212
100.00%
Actions
Espagne (suite)
Gas Natural SDG SA
Iberdrola SA
NH Hoteles SA
Pescanova SA
Repsol YPF SA
Sol Melia SA
Telefonica SA
Unipapel SA
Uralita SA
Actif Net attribuable aux détenteurs d'actions convertible
*Demeter VermoegaNVerwaltung spinoff avec une valeur de marché nulle
Actif Total
116
% de l'Actif Total
98.24%
1.76%
100.00%
AXA ROSENBERG EUROPE EX-UK EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
1,560
42,400
195,000
2,340,480
2,535,480
0.07%
0.87%
0.94%
18,000
141,000
16,600
1,065,600
4,156,680
1,581,980
6,804,260
0.40%
1.54%
0.59%
2.53%
474
4,826
2,400
3,360,103
147,772
209,047
3,716,922
1.25%
0.05%
0.08%
1.38%
Finland
Elcoteq SE
Finnair OYJ
Kemira OYJ
Nokia OYJ
Wartsila Oyj
1,192
19,524
19,960
478,176
22,446
22,040
252,445
287,025
8,167,246
686,848
9,415,604
0.01%
0.09%
0.11%
3.03%
0.26%
3.50%
France
Air France-KLM
Alcatel SA
Arcelor
Atos Origin SA
BNP Paribas
Bouygues
Cap Gemini SA
Christian Dior SA
Cie de Saint-Gobain
Ciments Francais
CNP Assurances
Eiffage
Eramet
Havas SA
Lafarge SA
Peugeot SA
Rallye SA
Remy Cointreau SA
Sanofi-Aventis
50,400
120,000
32,680
2,400
107,400
24,919
26,800
20,100
20,400
59,700
5,900
19,800
914
30,900
7,600
3,842
16,207
20,326
4,600
6,979
40,500
6,800
9,600
2,244
97,288
979,272
1,532,400
1,063,080
146,760
8,232,210
1,092,698
1,204,928
1,159,770
1,679,940
3,441,705
762,870
1,647,360
109,680
1,602,165
1,030,560
424,541
563,517
80,694
430,100
1,554,921
2,106,000
239,496
395,136
390,456
7,637,108
0.36%
0.57%
0.39%
0.05%
3.06%
0.41%
0.45%
0.43%
0.62%
1.28%
0.28%
0.61%
0.04%
0.60%
0.38%
0.16%
0.21%
0.03%
0.16%
0.58%
0.78%
0.09%
0.15%
0.15%
2.84%
Actifs financiers portés à juste valeur avec variation au compte de ré
Actions
Autriche
OMV AG
Belgique
Delhaize Group
Fortis
Solvay SA
Danemark
Danske Bank A/S
117
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
2,099
45,400
28,841
11,900
25,643
21,200
411,404
5,634,140
1,130,567
193,851
5,582,481
731,612
53,191,422
0.15%
2.09%
0.42%
0.07%
2.07%
0.27%
19.77%
20,100
67,400
115,800
66,900
5,185
67,600
74,600
98
8,300
15,900
114,000
919
12,200
15,500
9,421
83,600
91,700
44,100
29,400
3,004
2,769,378
4,360,780
3,828,348
3,040,605
280,509
6,371,300
6,774,426
5,086
1,168,806
1,567,740
970,140
24,170
956,846
309,690
572,326
6,440,544
2,185,211
714,420
1,831,914
92,673
44,264,912
1.03%
1.62%
1.42%
1.13%
0.10%
2.37%
2.52%
0.00%
0.43%
0.58%
0.36%
0.01%
0.36%
0.11%
0.21%
2.39%
0.81%
0.27%
0.68%
0.03%
16.43%
Grèce
Bank of Greece
OPAP SA
3,600
44,800
14,000
600
410,940
1,148,672
164,920
18,924
1,743,456
0.15%
0.43%
0.06%
0.01%
0.65%
Irlande
CRH PLC
Dragon Oil Plc
91,200
96,000
2,626,560
288,000
2,914,560
0.97%
0.11%
1.07%
776,892
368,000
19,297
13,873
81,000
168,000
77,014
3,830,078
1,709,360
379,572
126,106
555,660
417,900
83,791
1.42%
0.63%
0.14%
0.05%
0.21%
0.16%
0.03%
Actions
France (suite)
Societe Generale
Sodexho Alliance SA
Thomson
Total SA
Valeo SA
Allemagne
Allianz AG
BASF AG
Bayer AG
Bayerische Motoren Werke AG
Bilfinger Berger AG
Deutsche Bank AG
E.ON AG
EnBW Energie Baden-Wuerttemberg AG
Fresenius AG
Koenig & Bauer AG
Merck KGaA
Mobilcom AG
Salzgitter AG
Siemens AG
ThyssenKrupp AG
TUI AG
Volkswagen AG
Italie
Banca Intesa SpA
Buzzi Unicem SpA
Caltagirone SpA
Capitalia SpA
Cofide SpA
118
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
12,354
49,336
281,219
6,880
1,840
47,000
6,000
918,000
39,645
2,196,000
117,000
20,000
27,580
424,290
6,603,022
148,608
7,664
929,190
420,060
722,466
86,426
5,286,870
697,905
197,800
22,654,348
0.01%
0.16%
2.45%
0.06%
0.00%
0.34%
0.16%
0.27%
0.03%
1.96%
0.26%
0.07%
8.41%
Pays-Bas
Aegon NV
Akzo Nobel NV
Buhrmann NV
Fortis
Heijmans NV
ING Groep NV
Koninklijke DSM NV
TNT NV
Unilever NV
Univar NV
VNU NV
231,000
57,900
38,000
45,000
11,100
148,000
3,083
36,000
10,750
86,500
80,800
6,800
49,000
3,527,370
2,535,441
554,800
1,324,800
439,560
4,824,800
258,047
1,356,480
299,925
2,471,305
4,629,840
316,200
1,314,670
23,853,238
1.31%
0.94%
0.21%
0.49%
0.16%
1.79%
0.10%
0.50%
0.11%
0.92%
1.72%
0.12%
0.49%
8.86%
Norvège
Norsk Hydro ASA
Statoil ASA
Stolt-Nielsen SA
28,800
104,250
11,787
3,292,672
2,480,893
301,279
6,074,844
1.22%
0.92%
0.11%
2.26%
Portugal
568,000
1,840,320
0.68%
Espagne
Acciona SA
Dinamia
Endesa SA
11,800
60,800
709,000
45
36,900
9,600
178
145,600
23,400
1,516,890
1,046,976
8,543,450
3,890
1,630,980
401,280
4,810
3,878,784
1,429,740
0.56%
0.39%
3.17%
0.00%
0.61%
0.15%
0.00%
1.44%
0.53%
Actions
Italie (suite)
Cremonini SpA
Danieli & Co SpA
ENI SpA
ERG SpA
Gruppo Coin SpA
Italcementi SpA
Italmobiliare SpA
Pirelli & C SpA
Telecom Italia SpA
Vianini Lavori SpA
119
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Espagne (suite)
Gas Natural SDG SA
Iberdrola SA
Repsol YPF SA
Telefonica SA
Uralita SA
65,000
108,000
23,000
23,792
148,317
426,383
66,000
1,552,850
2,877,120
445,050
456,806
3,476,550
5,521,660
286,440
33,073,276
0.58%
1.07%
0.16%
0.17%
1.29%
2.05%
0.11%
12.27%
Suède
Boliden AB
NCC AB
Nordea Bank AB
Ratos AB
Saab AB
SAS AB
Skanska AB
SKF AB
Tele2 AB
TeliaSonera AB
58,000
3,440
410,000
13,472
23,000
40,000
82,000
40,186
100,000
240,000
640,000
8,500
734,878
75,683
4,184,117
366,386
477,973
462,281
1,108,519
541,125
975,455
753,221
3,168,955
413,216
13,261,809
0.27%
0.03%
1.55%
0.14%
0.18%
0.17%
0.41%
0.20%
0.36%
0.28%
1.18%
0.15%
4.92%
Suisse
ABB Ltd
Baloise Holding AG
Barry Callebaut AG
Bobst Group AG
Credit Suisse Group
Energiedienst Holding AG
Holcim Ltd
Huber & Suhner AG
Nestle SA
Novartis AG
Roche Holding AG
Saurer AG
Serono SA
Sulzer AG
Swiss Life Holding
Swiss Reinsurance
UBS AG
294,000
10,260
1,055
17,600
1,532
16,800
78,600
139,500
102
347
654
25,002
3,607
11,280
71,400
17,200
1,972
2,610
3,036
880
4,800
58,200
26,800
3,058,143
603,033
358,905
618,774
110,145
828,076
3,106,326
6,452,573
322,489
109,435
121,996
1,641,030
300,840
2,760,353
3,273,262
2,111,050
129,684
1,499,374
379,152
494,963
828,607
3,352,632
2,426,735
1.14%
0.22%
0.13%
0.23%
0.04%
0.31%
1.15%
2.40%
0.12%
0.04%
0.05%
0.61%
0.11%
1.02%
1.22%
0.78%
0.05%
0.56%
0.14%
0.18%
0.31%
1.24%
0.90%
Actions
120
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
2,600
182
151
200
1,948
23,760
611,591
31,734
116,011
18,654
14,350
4,601,157
40,281,074
0.23%
0.01%
0.04%
0.01%
0.01%
1.71%
14.95%
265,625,525
98.62%
Cash en banque
2,579,517
0.96%
Autre Actif Net
1,146,946
0.43%
269,351,988
100.00%
Actions
Suisse (suite)
Unaxis Holding AG
Valora Holding AG
Actif Total
121
% de l'Actif Total
98.53%
1.47%
100.00%
AXA ROSENBERG EUROPE EX-UK SMALL CAP ALPHA FUND
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
Autriche
Boehler-Uddeholm AG
Demeter VermoegaNVerwaltung*
Voestalpine AG
700
2,650
3,956
45,000
4,320
87,500
450,500
0
385,200
498,787
1,421,987
0.13%
0.64%
0.00%
0.55%
0.71%
2.04%
Belgique
Brantano
Cofinimmo
Delhaize Group
Econocom Group
Sapec
Umicore
1,008
1,600
20,400
6,628
2,036
803
5,800
55,087
220,000
1,207,680
43,745
21,358
68,255
662,940
2,279,065
0.08%
0.31%
1.72%
0.06%
0.03%
0.10%
0.95%
3.25%
Danemark
ALK-Abello A/S
Carlsberg A/S
Dfds A/S
FLSmidth & Co A/S
PER Aarsleff A/S
Rockwool International AS
Schouw & Co
Thrane & Thrane AS
91
531
2,100
14,000
112
1,375
960
5,716
4,000
10,999
28,605
113,971
463,387
9,756
87,522
100,342
229,790
137,220
1,181,592
0.02%
0.04%
0.16%
0.66%
0.01%
0.13%
0.14%
0.33%
0.20%
1.69%
Finlande
Finnair OYJ
Lannen Tehtaat OY
Lemminkainen Oyj
Norvestia OYJ
Outokumpu OYJ
Perlos Oyj
Raisio Plc
Rautaruukki OYJ
Sponda OYJ
25,895
3,600
431
10,000
36,800
6,222
5,500
2,092
8,000
334,822
82,512
15,025
85,000
613,456
42,994
11,770
63,764
70,400
1,319,743
0.48%
0.12%
0.02%
0.12%
0.87%
0.06%
0.02%
0.09%
0.10%
1.88%
Actions
122
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
France
A Novo
ADLPartner
Air France-KLM
Atos Origin SA
Bacou Dalloz
Cap Gemini SA
Ciments Francais
CNP Assurances
Damartex SA
Eiffage
Elior
Eramet
Flo Groupe
Generale de Sante
Havas SA
IMS-Intl Metal Service
LDC
Nexans SA
Pierre & Vacances
Rallye SA
Remy Cointreau SA
Sodexho Alliance SA
Sucriere de Pithiviers-Le-Vieil
Technip SA
Thomson
Valeo SA
Viel et Compagnie
41,772
1,426
23,800
282
6,000
2,400
27,200
15,200
6,000
13,600
3,649
26,700
2,156
7,000
31,000
2,000
4,987
2,924
5,293
1,280
400
6,390
5,600
2,774
4,200
8,700
1,280
30,000
28
21,300
28,000
17,600
14,088
37,177
33,368
462,434
53,298
366,900
220,560
1,222,912
877,040
775,800
1,131,520
437,880
1,384,395
75,460
949,200
394,940
221,000
34,909
81,872
21,013
24,256
26,000
1,423,692
359,800
241,338
147,924
358,092
250,880
1,176,000
19,180
1,189,605
456,120
607,376
57,761
15,119,702
0.05%
0.05%
0.66%
0.08%
0.52%
0.31%
1.74%
1.25%
1.11%
1.61%
0.62%
1.97%
0.11%
1.35%
0.56%
0.32%
0.05%
0.12%
0.03%
0.04%
0.04%
2.03%
0.51%
0.34%
0.21%
0.51%
0.36%
1.68%
0.03%
1.70%
0.65%
0.87%
0.08%
21.57%
Allemagne
Adcapital AG
Ahlers AG
Bilfinger Berger AG
D Logistics AG
Deutz AG
Fresenius AG
Frosta AG
GEA Group AG
61
78
10,000
28,000
68,800
8,586
8,730
5,942
41,400
613
1,381
541,000
51,800
1,016,176
59,930
1,229,359
100,123
574,632
0.00%
0.00%
0.77%
0.07%
1.45%
0.09%
1.75%
0.14%
0.82%
Actions
123
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
38,000
18,600
13,800
600
145,000
2,057
256
8,500
900
7,700
15,500
2,486
1,549
9,200
12,200
4,288
8,250
66,600
27,300
3,098
5,600
275,500
677,040
644,184
51,120
1,233,950
62,574
6,989
223,550
34,065
603,911
309,690
40,124
85,505
588,800
741,150
43,309
77,220
1,587,078
442,260
48,948
172,760
11,524,741
0.39%
0.97%
0.92%
0.07%
1.76%
0.09%
0.01%
0.32%
0.05%
0.86%
0.44%
0.06%
0.12%
0.84%
1.06%
0.06%
0.11%
2.26%
0.63%
0.07%
0.25%
16.43%
Grèce
Bank of Greece
90,000
2,730
44,000
484,200
311,630
518,320
1,314,150
0.69%
0.44%
0.74%
1.87%
Irlande
Abbey PLC
Dragon Oil PLC
IFG Group PLC
Kerry Group PLC
16,000
83,097
63,989
19,800
171,520
249,291
134,377
392,436
947,624
0.24%
0.36%
0.19%
0.56%
1.35%
18,900
32,000
315
13,454
15
37,800
46,000
69,076
162,000
19,061
320,355
279,360
5,736
146,380
248
743,526
418,140
411,002
402,975
42,554
0.46%
0.40%
0.01%
0.21%
0.00%
1.06%
0.60%
0.59%
0.57%
0.06%
Actions
Allemagne (suite)
Gildemeister AG
Hochtief AG
Hornbach Holding AG
KAP Beteiligungs AG
Koenig & Bauer AG
Lindner Holding Kgaa
Merck KGaA
Mobilcom AG
PC-Ware AG
Pfeiffer Vacuum Technology AG
Rheinmetall AG
Salzgitter AG
Sektkellerei Schloss Wachenheim AG
ThyssenKrupp AG
TUI AG
Washtec AG
Italie
Biesse SpA
Boero Bartolomeo
Buzzi Unicem SpA
Caltagirone SpA
Cementir SpA
Cremonini SpA
124
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
49,777
30,500
15,000
91,815
154,903
48,600
4,500
14,170
40,463
43,051
170,000
29,062
36,000
428,082
1,005,585
79,650
382,409
381,836
960,822
315,045
35,779
211,217
93,851
71,570
123,223
356,040
7,215,385
0.61%
1.43%
0.11%
0.55%
0.54%
1.37%
0.45%
0.05%
0.30%
0.13%
0.10%
0.18%
0.51%
10.29%
Pays-Bas
Buhrmann NV
Eriks Group NV
Frans Maas Groep
Gamma Holding NV
Heijmans NV
Hes-Beheer NV
KAS Bank NV
Koninklijke DSM NV
OPG Groep NV
Stork NV
TNT NV
Univar NV
VNU NV
27,000
31,000
1,000
2,400
613
3,900
1,434
8,337
3,800
1,500
800
8,400
23,111
6,561
24,500
137,700
452,600
42,900
90,048
25,188
154,440
22,657
183,414
318,060
56,520
59,320
386,736
660,281
305,087
657,335
3,552,286
0.20%
0.64%
0.06%
0.13%
0.04%
0.22%
0.03%
0.26%
0.45%
0.08%
0.08%
0.55%
0.94%
0.44%
0.94%
5.05%
Norvège
Aker ASA
Aker Yards AS
DET Norske Oljeselskap
Kongsberg Gruppen AS
Skiens Aktiemolle
Stolt-Nielsen SA
5,105
3,566
16,600
5,537
1,560
1
195,085
219,564
100,954
104,577
72,677
26
692,883
0.28%
0.31%
0.15%
0.15%
0.10%
0.00%
1.00%
Portugal
308,000
997,920
1.42%
Actions
Italie (suite)
Danieli & Co SpA
Fondiaria-Sai SpA
Gefran SpA
Gruppo Coin SpA
IMMSI SpA
Italcementi SpA
Italmobiliare SpA
La Doria SpA
Mittel SpA
SMI-Societa Metallurgica Italiana SpA
Stefanel
Vianini Lavori SpA
125
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
9,700
5,091
21,300
40,187
5,550
17,800
21,500
195,000
11,482
25,200
32,000
17,000
4,042
10,200
540
39,000
1,246,935
440,117
941,460
675,543
149,961
1,087,580
513,635
444,600
109,079
487,620
454,720
326,400
114,793
212,670
12,960
169,260
7,387,333
1.78%
0.63%
1.34%
0.96%
0.21%
1.55%
0.73%
0.63%
0.16%
0.70%
0.65%
0.47%
0.16%
0.30%
0.02%
0.24%
10.53%
74,000
532
4,561
3,000
840
13,450
17,799
6,033
8,790
1,845
21,000
33,851
7,136
4,389
74,000
1,324
8,000
937,603
7,446
16,442
15,268
20,039
78,434
66,806
117,059
239,054
7,610
436,410
391,217
96,090
34,553
721,836
29,480
388,910
3,604,257
1.34%
0.01%
0.02%
0.02%
0.03%
0.11%
0.10%
0.17%
0.34%
0.01%
0.62%
0.56%
0.14%
0.05%
1.03%
0.04%
0.55%
5.14%
Actions
Espagne
Acciona SA
Corp Mapfre SA
Dinamia
Gas Natural SDG SA
NH Hoteles SA
Pescanova SA
TESTA Inmuebles en Renta SA
Uralita SA
Suède
Boliden AB
Capona AB
Cherryforetagen AB
Concordia Maritime AB
Geveko AB
Midway Holding AB
Novestra AB
Ratos AB
Saab AB
SAS AB
SKF AB
Svolder AB
Tele2 AB
Traction Holding AB
126
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
2,900
1,380
12,900
376
11,055
2,425
579
15,300
630
350
150
380
450
1,840
4,000
4,785
420
1,530
3,500
3,702
800
384
497
18
2,600
56
4,000
175
3,900
685
2,707
1,740
1,788
990
720
6,660
14,000
1,300
2,520
313,756
44,940
758,200
127,913
388,667
176,341
76,336
754,140
139,628
69,161
89,633
336,400
68,576
343,229
333,618
83,207
110,215
265,086
99,371
155,435
77,903
89,842
70,710
3,722
206,658
28,860
164,153
57,542
256,473
329,192
231,767
999,583
223,295
174,030
404,970
1,149,690
124,822
305,795
439,401
0.45%
0.06%
1.08%
0.18%
0.55%
0.25%
0.11%
1.07%
0.20%
0.10%
0.13%
0.48%
0.10%
0.49%
0.48%
0.12%
0.16%
0.38%
0.14%
0.22%
0.11%
0.13%
0.10%
0.00%
0.29%
0.04%
0.23%
0.08%
0.37%
0.47%
0.33%
1.42%
0.32%
0.25%
0.58%
1.64%
0.18%
0.44%
0.63%
Actions
Suisse
Also Holding AG
Baloise Holding AG
Barry Callebaut AG
Bobst Group AG
Forbo Holding AG
Gurit-Heberlein AG
Harwanne Compagnie de Participations Industrielles et Financieres
Huber & Suhner AG
Implenia AG
Intershop Holdings
Kardex AG
LEM Holding SA
Moevenpick Holding
Pargesa Holding SA
Pax-Anlage AG
Rieter Holding AG
Saurer AG
Serono SA
SIG Holding AG
Sulzer AG
Swiss Life Holding
Tornos SA
Unaxis Holding AG
Valora Holding AG
127
Nombre de
Titres
Juste Valeur
€
% de
l'Actif Net
300
2,600
24,000
230,485
242,499
176,800
10,722,044
0.33%
0.35%
0.25%
15.26%
69,280,712
98.78%
Cash en banque
227,358
0.32%
Autre Actif Net
626,754
0.89%
70,134,824
100.00%
Actions
Suisse (suite)
*Demeter VermoegaNVerwaltung spinoff avec une valeur de marché nulle
Actif Total
128
% de l'Actif Total
98.46%
1.54%
100.00%
AXA ROSENBERG JAPAN EQUITY ALPHA FUND
Actifs financiers portés à juste valeur avec variation au compte de rés
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
175,256,000
72,258,700
3,114,368,000
142,167,500
693,354,000
182,543,000
868,057,000
9,390,275,000
5,165,979,000
59,072,000
3,742,893,000
2,834,274,000
2,095,720,000
7,416,000
556,325,000
1,404,000
121,394,000
138,501,000
7,566,408,000
188,212,500
2,202,384,000
160,875,000
488,325,000
295,152,000
65,890,000
139,872,000
1,172,043,000
23,271,600
15,023,000
2,356,270,000
332,694,000
837,984,000
39,396,000
89,523,000
340,158,000
46,501,000
1,212,330,000
973,566,000
47,907,135,300
0.04%
0.02%
0.68%
0.03%
0.15%
0.04%
0.19%
2.05%
1.13%
0.01%
0.82%
0.62%
0.46%
0.00%
0.12%
0.00%
0.03%
0.03%
1.66%
0.04%
0.48%
0.04%
0.11%
0.06%
0.01%
0.03%
0.26%
0.01%
0.00%
0.52%
0.07%
0.18%
0.01%
0.02%
0.07%
0.01%
0.27%
0.21%
10.48%
Actions
Matériaux de base
Air Water Inc
Asahi Kasei Corp
Fujimi Inc
Godo Steel Ltd
JFE Holdings Inc
Kobe Steel Ltd
Kurimoto Ltd
Mitsui Mining & Smelting Co Ltd
Nippon Chemical Industrial Co Ltd
Nippon Denko Co Ltd
Nippon Steel Corp
Osaka Steel Co Ltd
Sakata INX Corp
Sekisui Jushi Corp
Showa Denko KK
Soft99 Corp
ST Chemical Co Ltd
Sumitomo Metal Mining Co Ltd
Tokyo Ohka Kogyo Co Ltd
Topy Industries Ltd
Tosoh Corp
Toyo Kohan Co Ltd
Tsutsunaka Plastic Industry Co Ltd
Yamato Kogyo Co Ltd
152,000
54,700
3,712,000
77,900
1,583,000
65,900
1,073,000
1,976,900
11,557,000
142,000
5,155,500
4,506,000
2,420,000
9,000
935,000
4,000
299,000
99,000
16,593,000
358,500
5,398,000
165,000
191,500
473,000
110,000
141,000
2,241,000
17,200
8,300
1,435,000
90,900
1,624,000
67,000
147,000
637,000
91,000
483,000
1,341,000
129
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Aiphone Co Ltd
Chubu-Nippon Broadcasting Co Ltd
Daimei Telecom Engineering Corp
Gakken Co Ltd
Japan Radio Co Ltd
Nexus Co Ltd
Nippon Denwa Shisetsu Co Ltd
NTT DoCoMo Inc
Rakuten Inc
Softbank Corp
Tohokushinsha Film Corp
Yahoo! Japan Corp
109,400
2,500
35,000
258,000
717,000
529,000
927
80,000
22,563
47,421
4,430,000
2,182
99,700
100
2,230
218,800,000
3,750,000
57,855,000
91,074,000
1,078,368,000
174,570,000
104,751,000
45,600,000
11,394,315,000
8,251,254,000
1,665,680,000
233,474,000
343,965,000
153,500
160,114,000
23,823,723,500
0.05%
0.00%
0.01%
0.02%
0.24%
0.04%
0.02%
0.01%
2.49%
1.81%
0.36%
0.05%
0.08%
0.00%
0.04%
5.21%
Aisan Industry Co Ltd
Alpine Electronics Inc
AOKI Holdings Inc
Arc Land Sakamoto Co Ltd
As'ty Inc
Aucnet Inc
Autobacs Seven Co Ltd
BMB Corp
Cawachi Ltd
CFS Corp/Japan
Charle Co Ltd
Chiyoda Co Ltd
Chuo Spring Co Ltd
Corona Corp
Create SD Co Ltd
Daiei Inc/The
Daiichikosho Co Ltd
Daikoku Denki Co Ltd
Daisyo Corp
Doutor Coffee Co Ltd
5,000
274,500
228,900
181,700
453,900
25,300
30,700
37,000
65,600
3,000
689,000
167,600
25,000
9,300
57,800
6,000
1,974,900
62,400
1,800
660,550
182,300
72,700
83,000
1,864,000
14,400
13,300,000
364,536,000
398,057,100
462,426,500
1,765,671,000
47,817,000
37,239,100
70,374,000
385,072,000
1,716,000
1,746,615,000
775,988,000
20,775,000
9,262,800
183,226,000
4,224,000
2,194,113,900
151,632,000
7,704,000
2,496,879,000
590,652,000
326,423,000
153,384,000
3,802,560,000
33,264,000
0.00%
0.08%
0.09%
0.10%
0.39%
0.01%
0.01%
0.02%
0.08%
0.00%
0.38%
0.17%
0.00%
0.00%
0.04%
0.00%
0.48%
0.03%
0.00%
0.55%
0.13%
0.07%
0.03%
0.83%
0.01%
130
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
1,923,760,000
74,601,000
102,475,200
1,100,979,000
678,042,000
207,172,000
1,808,190,000
1,321,310,400
3,806,000
242,985,600
475,000
1,354,482,000
7,248,000
481,217,000
129,408,000
319,550,000
29,288,000
12,192,000
291,316,000
6,438,000
284,410,000
29,635,200
460,661,100
46,787,000
255,550,000
132,436,300
321,564,000
611,940,000
64,864,800
14,793,055,000
82,720,000
106,865,000
65,340,000
81,893,500
89,548,000
423,708,000
245,641,000
9,691,000
425,558,000
5,490,000
212,960,000
12,710,000
0.42%
0.02%
0.02%
0.24%
0.15%
0.05%
0.40%
0.29%
0.00%
0.05%
0.00%
0.30%
0.00%
0.11%
0.03%
0.07%
0.01%
0.00%
0.06%
0.00%
0.06%
0.01%
0.10%
0.01%
0.06%
0.03%
0.07%
0.13%
0.01%
3.24%
0.02%
0.02%
0.01%
0.02%
0.02%
0.09%
0.05%
0.00%
0.09%
0.00%
0.05%
0.00%
Actions
Gourmet Kineya Co Ltd
Hakuto Co Ltd
Hanwa Co Ltd
Haseko Corp
Heiwa Corp
HIS Co Ltd
Hitachi Maxell Ltd
Hokuyaku Inc
Honda Motor Co Ltd
Impact 21 Co Ltd
Inabata & Co Ltd
Itochu Corp
Itochu Enex Co Ltd
Izumiya Co Ltd
Japan Pulp & Paper Co Ltd
Joyfull Co Ltd
Kamei Corp
Kanematsu Electronics Ltd
Kanto Auto Works Ltd
Kasumi Co Ltd
Kohnan Shoji Co Ltd
Konaka Co Ltd
Maruko Co Ltd
Meganesuper Co Ltd
Mikuni Corp
Ministop Co Ltd
Mitsuba Corp
Mitsubishi Corp
Mitsuuroko Co Ltd
Mizuno Corp
Nagase & Co Ltd
NGK Spark Plug Co Ltd
Nintendo Co Ltd
Nippon Restaurant System Inc
2,780,000
81,000
57,700
1,011,000
1,251,000
120,800
4,072,500
729,200
1,100
124,800
500
185,800
2,400
451,000
128,000
385,000
28,000
24,000
268,000
5,800
239,000
33,600
264,900
59,000
475,000
81,100
126,600
1,457,000
92,400
5,657,000
35,200
67,000
90,000
29,300
61,000
158,100
301,400
11,000
269,000
2,000
12,100
3,100
131
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
11,000
29,000
499,500
250,000
141,200
32,000
406,000
75,500
63,900
144,300
226,000
52,300
91,500
250,000
69,000
96,800
5,500
86,000
55,100
101,800
10,900
1,403,000
1,977,000
19,000
1,025,800
146
905,000
415,000
343,700
2,701,400
181,000
2,100
134,600
238,100
55,600
2,000
49,400
366,000
76,000
2,600
628,000
70,000
27,225,000
8,845,000
698,301,000
197,250,000
321,936,000
54,496,000
844,480,000
210,645,000
177,322,500
272,871,300
233,910,000
85,510,500
55,632,000
137,000,000
231,840,000
784,080,000
5,934,500
214,570,000
184,585,000
486,604,000
29,321,000
1,398,791,000
3,471,612,000
31,483,000
4,780,228,000
22,776,000
607,255,000
290,500,000
723,488,500
1,880,174,400
986,450,000
2,385,600
175,114,600
327,149,400
86,569,200
3,096,000
123,500,000
194,346,000
68,780,000
5,265,000
879,828,000
48,650,000
0.01%
0.00%
0.15%
0.04%
0.07%
0.01%
0.18%
0.05%
0.04%
0.06%
0.05%
0.02%
0.01%
0.03%
0.05%
0.17%
0.00%
0.05%
0.04%
0.11%
0.01%
0.31%
0.76%
0.01%
1.05%
0.00%
0.13%
0.06%
0.16%
0.41%
0.22%
0.00%
0.04%
0.07%
0.02%
0.00%
0.03%
0.04%
0.02%
0.00%
0.19%
0.01%
Actions
Nippon Seiki Co Ltd
Nippon Sharyo Ltd
Nissan Motor Co Ltd
Noritake Co Ltd
Noritz Corp
Okuwa Co Ltd
Piolax Inc
Roland Corp
Royal Holdings Co Ltd
Ryoyo Electro Corp
Sala Corp
San-Ai Oil Co Ltd
Sangetsu Co Ltd
Sankyo Co Ltd
Sansei Yusoki Co Ltd
Sazaby League Ltd
Segami Medics Co Ltd
Sekisui House Ltd
Senshukai Co Ltd
Shidax Corp
Sinanen Co Ltd
Skylark Co Ltd
Sojitz Corp
Sony Corp
Space Co Ltd
Tachibana Eletech Co Ltd
Tachi-S Co Ltd
Taiho Kogyo Co Ltd
Taiyo Co Ltd
Takamatsu Corp
Takihyo Co Ltd
Toei Co Ltd
Tohoku Pioneer Corp
Tokyo Style Co Ltd
Tokyu Recreation Co Ltd
132
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
TOTO Ltd
Toyo Bussan Co Ltd
Toyo Tire & Rubber Co Ltd
Toyota Motor Corp
Trusco Nakayama Corp
U Store Co Ltd
Unimat Life Corp
Unipres Corp
UNY Co Ltd
USC Corp
Wakita & Co Ltd
Yamae Hisano Co Ltd
Yellow Hat Ltd
Yonex Co Ltd
Yorozu Corp
1,879,000
16,400
567,000
2,290,900
116,600
17,000
79,000
32,900
95,700
1,220,000
85,900
197,000
13,600
63,700
42,200
68,500
2,053,747,000
21,779,200
292,005,000
14,730,487,000
316,569,000
15,895,000
64,306,000
65,734,200
123,070,200
2,297,260,000
211,314,000
225,368,000
14,960,000
82,873,700
47,517,200
102,887,000
86,936,447,500
0.45%
0.00%
0.06%
3.22%
0.07%
0.00%
0.01%
0.01%
0.03%
0.50%
0.05%
0.05%
0.00%
0.02%
0.01%
0.02%
19.02%
Aderans Co Ltd
Aigan Co Ltd
Alfresa Holdings Corp
Asahi Breweries Ltd
Astellas Pharma Inc
Avon Products Co Ltd
BML Inc
Dydo Drinco Inc
Ebara Foods Industry Inc
Fujicco Co Ltd
Gecoss Corp
Harashin Narus Holdings Co Ltd
Human Holdings Co Ltd
Hurxley Corp
Inageya Co Ltd
Itoham Foods Inc
Japan Maintenance Co Ltd
Japan Medical Dynamic Marketing Inc
Japan Tobacco Inc
Kanamoto Co Ltd
232,300
155,800
12,100
2,187,400
1,401,000
58,000
68,700
87
103,900
2,000
35,800
9,700
20,200
291,000
54
66,100
23,000
11,000
455,000
12,200
108,800
13,180
588,000
71,000
803,758,000
157,513,800
86,515,000
3,652,958,000
6,262,470,000
22,620,000
151,827,000
90,480,000
477,940,000
3,198,000
54,487,600
8,245,000
32,663,400
413,511,000
13,014,000
135,505,000
20,976,000
10,208,000
205,660,000
16,775,000
105,862,400
5,456,520,000
579,768,000
61,131,000
0.18%
0.03%
0.02%
0.80%
1.37%
0.00%
0.03%
0.02%
0.10%
0.00%
0.01%
0.00%
0.01%
0.09%
0.00%
0.03%
0.00%
0.00%
0.04%
0.00%
0.02%
1.19%
0.13%
0.01%
133
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
177,906,000
59,592,000
1,635,642,000
548,100,000
497,772,000
37,907,500
222,300,000
286,715,500
4,485,000
84,537,600
269,360,000
99,507,600
328,179,000
125,960,000
85,854,000
310,490,000
91,103,000
197,292,000
21,620,000
161,700,000
222,663,000
253,635,000
27,489,000
141,658,000
7,722,000
186,727,200
99,267,500
105,458,400
51,250,000
3,365,000
1,783,008,000
220,410,000
1,134,661,000
719,055,000
820,440,000
200,613,000
265,631,000
61,674,000
99,540,000
272,136,000
30,746,032,500
0.04%
0.01%
0.36%
0.12%
0.11%
0.01%
0.05%
0.06%
0.00%
0.02%
0.06%
0.02%
0.07%
0.03%
0.02%
0.07%
0.02%
0.04%
0.00%
0.04%
0.05%
0.06%
0.01%
0.03%
0.00%
0.04%
0.02%
0.02%
0.01%
0.00%
0.39%
0.05%
0.25%
0.16%
0.18%
0.04%
0.06%
0.01%
0.02%
0.06%
6.73%
Actions
Kato Sangyo Co Ltd
Kirin Beverage Corp
Kirin Brewery Co Ltd
Kissei Pharmaceutical Co Ltd
Kosaido Co Ltd
Kyorin Co Ltd
Mandom Corp
Maxvalu Nishinihon Co Ltd
Mercian Corp
Morinaga Milk Industry Co Ltd
Myojo Foods Co Ltd
Nishio Rent All Co Ltd
Nisshin Seifun Group Inc
Nissin Corp
Nohmi Bosai Ltd
Oenon Holdings Inc
Osaka Uoichiba Co Ltd
Paramount Bed Co Ltd
Riken Vitamin Co Ltd
Seikagaku Corp
Shikoku Coca-Cola Bottling Co Ltd
Shingakukai Co Ltd
Sonton Food Industry Co Ltd
Sunstar Inc/Osaka
Suzuken Co Ltd
Takeda Pharmaceutical Co Ltd
Tanabe Seiyaku Co Ltd
TIS Inc
TKC
Tosho Printing Co Ltd
Yokohama Reito Co Ltd
Yonekyu Corp
89,400
20,800
1,021,000
252,000
118,800
29,500
156,000
96,700
2,500
44,400
740,000
78,600
787,000
188,000
246,000
305,000
39,100
164,000
47,000
165,000
483,000
45,700
77,000
51,700
2,600
145,200
67,300
120,800
41,000
5,000
483,200
93,000
169,100
551,000
258,000
86,100
108,200
114,000
105,000
204,000
134
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Énergie
Cosmo Oil Co Ltd
INPEX Corp
Kanto Natural Gas Development Ltd
Nippon Oil Corp
TonenGeneral Sekiyu KK
3,512,000
5,413
156,900
198,000
3,731,500
4,790,000
1,811,500
787,000
2,166,904,000
5,396,761,000
1,153,215,000
195,030,000
3,705,379,500
4,421,170,000
2,420,164,000
942,826,000
20,401,449,500
0.47%
1.18%
0.25%
0.04%
0.81%
0.97%
0.53%
0.21%
4.46%
Finance
77 Bank Ltd/The
Acom Co Ltd
Aichi Bank Ltd/The
Akita Bank Ltd/The
Bank of Fukuoka Ltd/The
Bank of Ikeda Ltd/The
Bank of Saga Ltd/The
Bank of the Ryukyus Ltd
Century Leasing System Inc
Daishi Bank Ltd/The
Daito Trust Construction Co Ltd
Daiwa Kosho Lease Co Ltd
Fuji Corp Ltd
Fuso Lexel Inc
Gifu Bank Ltd/The
Goldcrest Co Ltd
Gunma Bank Ltd/The
Hachijuni Bank Ltd/The
Higashi-Nippon Bank Ltd/The
Higo Bank Ltd/The
Hitachi Capital Corp
Iyo Bank Ltd/The
240,000
416,070
23,100
504,000
56,000
2,900
19,300
44,000
233,000
1,700
104,000
64,700
36,500
40,900
849,000
14,800
766,000
159,200
48,000
2,954,000
1,100
63,600
400,000
460
38,000
978,000
402,000
190,000
335,800
407,000
1,230,000
139,000
217,680,000
2,875,043,700
326,172,000
338,184,000
55,608,000
17,487,000
157,488,000
62,480,000
216,224,000
9,350,000
50,544,000
207,687,000
72,270,000
97,546,500
1,529,049,000
40,848,000
438,918,000
977,488,000
40,080,000
4,664,366,000
915,200
76,192,800
78,800,000
2,612,800
33,820,000
926,166,000
252,456,000
178,600,000
790,809,000
149,369,000
974,160,000
175,974,000
0.05%
0.63%
0.07%
0.07%
0.01%
0.00%
0.03%
0.01%
0.05%
0.00%
0.01%
0.05%
0.02%
0.02%
0.33%
0.01%
0.10%
0.21%
0.01%
1.02%
0.00%
0.02%
0.02%
0.00%
0.01%
0.20%
0.06%
0.04%
0.17%
0.03%
0.21%
0.04%
135
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
7,480,000
308,025,000
92,018,000
317,156,000
89,327,000
51,740,000
316,030,000
1,178,980,000
217,620,000
21,105,000,000
3,269,700,000
4,991,918,000
3,481,583,000
72,098,000
5,474,655,000
303,552,000
29,467,000
1,603,875,000
4,974,000
127,120,000
245,218,200
8,916,337,500
102,024,000
193,968,000
1,973,888,000
20,550,000
924,888,000
84,250,000
1,337,120,000
34,524,000
1,580,742,000
1,047,530,000
105,704,000
258,588,000
1,759,240,000
604,692,000
17,252,300,000
312,960,000
3,108,084,000
1,995,000
3,165,477,900
14,022,000
17,974,000
17,646,000
84,168,000
25,350,000
268,452,500
0.00%
0.07%
0.02%
0.07%
0.02%
0.01%
0.07%
0.26%
0.05%
4.62%
0.72%
1.09%
0.76%
0.02%
1.20%
0.07%
0.01%
0.35%
0.00%
0.03%
0.05%
1.95%
0.02%
0.04%
0.43%
0.00%
0.20%
0.02%
0.29%
0.01%
0.35%
0.23%
0.02%
0.06%
0.38%
0.13%
3.77%
0.07%
0.68%
0.00%
0.69%
0.00%
0.00%
0.00%
0.02%
0.01%
0.06%
Actions
Finance (suite)
Kagawa Bank Ltd/The
Kiyo Holdings Inc
Kobayashi Yoko Co Ltd
Kumamoto Family Bank Ltd/The
Leopalace21 Corp
Millea Holdings Inc
Mitsubishi Estate Co Ltd
Mitsubishi UFJ Securities Co
Mitsui Trust Holdings Inc
Nanto Bank Ltd/The
Nihon Eslead Corp
Nikko Cordial Corp
Nissay Dowa General Insurance Co Ltd
Nisshin Fudosan Co/Japan
Nomura Holdings Inc
Oita Bank Ltd/The
Okasan Holdings Inc
Orient Corp
Osaka Securities Finance Co Ltd
Promise Co Ltd
Ricoh Leasing Co Ltd
Shiga Bank Ltd/The
Shinko Securities Co Ltd
Shinsei Bank Ltd
Shizuoka Bank Ltd/The
Sumitomo Realty & Development Co Ltd
Taiko Bank Ltd/The
Takefuji Corp
TOC Co Ltd
Tokyo Leasing Co Ltd
Tokyu Community Corp
Tomato Bank Ltd
Tottori Bank Ltd/The
10,000
333,000
13,900
964,000
49,000
130,000
71,500
506
78,000
11,725
1,730,000
3,118,000
2,023,000
118,000
5,685
408,000
7,900
822,500
6,000
227,000
147,900
3,396,700
109,000
144,000
4,406,000
25,000
129,900
25,000
1,096,000
13,700
216,540
1,177,000
18,100
396,000
2,135,000
509,000
13,271
96,000
2,282,000
5,000
427,190
19,000
9,500
5,100
252,000
65,000
321,500
136
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
26,000
734,000
23,000
67,000
121,000
22,672,000
913,830,000
15,571,000
123,012,000
97,889,000
103,707,373,100
0.00%
0.20%
0.00%
0.03%
0.02%
22.69%
2,700
366,200
983,200
1,328,000
173,000
21,500
157,000
88,000
3,922,000
81,000
171,500
1,568,000
261,000
1,170,000
58,600
60,500
44,000
72,000
6,000
500
229,000
127,000
536,000
135,000
10,100
388
503,000
47,800
145,800
107,000
66,300
679,000
73,500
1,677,100
303,000
12,600
524,000
130,000
170,000
63,000
8,154,000
291,495,200
1,865,130,400
1,705,152,000
58,301,000
64,177,500
106,446,000
98,824,000
6,898,798,000
21,546,000
183,676,500
2,021,152,000
190,269,000
797,940,000
184,004,000
126,445,000
85,184,000
81,792,000
5,238,000
966,000
75,799,000
134,620,000
668,392,000
108,810,000
12,130,100
338,336,000
372,220,000
192,634,000
288,100,800
306,020,000
129,815,400
435,918,000
159,495,000
6,591,003,000
403,899,000
11,894,400
397,192,000
234,130,000
106,590,000
89,271,000
0.00%
0.06%
0.41%
0.37%
0.01%
0.01%
0.02%
0.02%
1.51%
0.00%
0.04%
0.44%
0.04%
0.17%
0.04%
0.03%
0.02%
0.02%
0.00%
0.00%
0.02%
0.03%
0.15%
0.02%
0.00%
0.07%
0.08%
0.04%
0.06%
0.07%
0.03%
0.10%
0.03%
1.44%
0.09%
0.00%
0.09%
0.05%
0.02%
0.02%
Actions
Finance (suite)
UFJ NICOS Co Ltd
Yamagata Bank Ltd/The
Yamaguchi Bank Ltd/The
Industrie
Ahresty Corp
Amada Co Ltd
Ando Corp
AOI Electronic Co Ltd
Aronkasei Co Ltd
Asahi Glass Co Ltd
Asanuma Corp
Asunaro Aoki Construction Co Ltd
Bunka Shutter Co Ltd
Chiyoda Integre Co Ltd
Chudenko Corp
CKD Corp
Commuture Corp
Dai-Dan Co Ltd
Daifuku Co Ltd
Daiho Corp
Daishinku Corp
Daitec Co Ltd
East Japan Railway Co
Ebara Corp
Eizo Nanao Corp
Eneserve Corp
Enplas Corp
ESPEC Corp
Fuji Machine Manufacturing Co Ltd
Fujikura Ltd
Fujita Corp
Fujitec Co Ltd
Fujitsu Devices Inc
Fukuda Corp
137
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
30,000
75,600
50,100
364,600
640,000
457,800
40,000
231,000
10,941,000
41,000
17,000
197,000
177,000
58,600
1,611,000
28,200
545,000
463,800
1,297,500
29,600
13,200
111,000
813,000
425,000
26,500
1,475,000
474,000
11,700
20,000
22,000
1,036,000
477,000
2,369,000
33,000
763,000
465,000
36,800
183,000
573,000
14,400
897,000
612,000
47,300
15,300
217,000
217,100
26,500
77,400,000
229,824,000
82,164,000
929,730,000
436,480,000
165,265,800
51,560,000
154,308,000
9,113,853,000
36,941,000
13,447,000
243,295,000
82,836,000
278,350,000
600,903,000
48,363,000
202,740,000
516,209,400
3,282,675,000
35,401,600
39,600,000
91,575,000
717,066,000
295,375,000
52,205,000
1,573,825,000
216,618,000
22,230,000
5,820,000
12,958,000
2,325,820,000
1,309,365,000
3,558,238,000
62,832,000
370,818,000
300,855,000
383,456,000
79,971,000
441,783,000
47,952,000
632,385,000
569,160,000
110,918,500
30,477,600
321,160,000
788,073,000
47,170,000
0.02%
0.05%
0.02%
0.20%
0.10%
0.04%
0.01%
0.03%
1.99%
0.01%
0.00%
0.05%
0.02%
0.06%
0.13%
0.01%
0.04%
0.11%
0.72%
0.01%
0.01%
0.02%
0.16%
0.06%
0.01%
0.34%
0.05%
0.00%
0.00%
0.00%
0.51%
0.29%
0.78%
0.01%
0.08%
0.07%
0.08%
0.02%
0.10%
0.01%
0.14%
0.12%
0.02%
0.01%
0.07%
0.17%
0.01%
Actions
Industrie (suite)
Futaba Corp/Chiba
Geomatec Co Ltd
Glory Ltd
Hankyu Holdings Inc
Hazama Corp
Hibiya Engineering Ltd
Hitachi Cable Ltd
Hitachi Ltd
Hitachi Plant Technologies Ltd
Hitachi Powdered Metals Co Ltd
Hokkan Holdings Ltd
Hoya Corp
Itec Corp
JS Group Corp
JSP Corp
Kanaden Corp
Kandenko Co Ltd
Kawasaki Kisen Kaisha Ltd
Kimoto Co Ltd
Kinden Corp
Kioritz Corp
Kitagawa Industries Co Ltd
Kobelco Eco-Solutions Co Ltd
Koito Industries Ltd
Komatsu Ltd
Komori Corp
Konica Minolta Holdings Inc
KRS Corp
Kumagai Gumi Co Ltd
KUREHA CORP
Kyocera Corp
Kyosan Electric Manufacturing Co Ltd
Kyudenko Corp
Macnica Inc
Maeda Corp
Maezawa Kasei Industries Co Ltd
Maezawa Kyuso Industries Co Ltd
Makita Corp
Marubun Corp
138
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
130,000
94,000
807,000
110,000
9,000
4,000
3,231,000
232,000
765,000
600
38,000
6,700
1,036,000
6,000
9,300
239,000
129,500
190,000
287,000
67,000
128,000
27,700
824,000
782,000
110,500
392,000
460,000
34,000
122,000
72,000
401,000
798,000
218,000
102,000
4,318,000
1,854,000
2,800
106,400
31,200
770,000
3,800
7,900
154,800
29,000
6,000
30,600
158,000
381,550,000
41,642,000
1,140,291,000
176,000,000
14,580,000
4,000,000
1,809,360,000
98,600,000
292,230,000
1,488,000
35,530,000
10,619,500
459,984,000
2,580,000
22,413,000
197,653,000
198,653,000
84,550,000
176,218,000
54,672,000
189,952,000
119,387,000
347,728,000
715,530,000
228,182,500
311,640,000
399,280,000
99,620,000
200,202,000
70,128,000
136,340,000
523,488,000
231,952,000
142,188,000
3,104,642,000
893,628,000
4,382,000
130,872,000
35,256,000
492,030,000
7,558,200
17,380,000
387,000,000
27,782,000
6,360,000
77,112,000
158,158,000
0.08%
0.01%
0.25%
0.04%
0.00%
0.00%
0.40%
0.02%
0.06%
0.00%
0.01%
0.00%
0.10%
0.00%
0.00%
0.04%
0.04%
0.02%
0.04%
0.01%
0.04%
0.03%
0.08%
0.16%
0.05%
0.07%
0.09%
0.02%
0.04%
0.02%
0.03%
0.11%
0.05%
0.03%
0.68%
0.20%
0.00%
0.03%
0.01%
0.11%
0.00%
0.00%
0.08%
0.01%
0.00%
0.02%
0.03%
Actions
Industrie (suite)
Maruichi Steel Tube Ltd
Maruzen Showa Unyu Co Ltd
Meiko Trans Co Ltd
Mitani Corp
Mitani Sekisan Co Ltd
Mitsubishi Plastics Inc
Mori Seiki Co Ltd
Morita Corp
Nagawa Co Ltd
Nankai Electric Railway Co Ltd
NBC Inc
NEC Corp
Nice Corp
Nichia Steel Works Ltd
Nichias Corp
Nichicon Corp
Nichiden Corp
Nippo Corp
Nippon Cable System Inc
Nippon Chemi-Con Corp
Nippon Electric Glass Co Ltd
Nippon Pillar Packing Co Ltd
Nippon Yusen KK
Nissei Corp
Nissei Plastic Industrial Co Ltd
Nissho Electronics Corp
Nitta Corp
Nitto Kogyo Corp
Noritsu Koki Co Ltd
Obayashi Corp
Ohmoto Gumi Co Ltd
Oiles Corp
Oizumi Corp
139
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
68,000
252,700
131,200
169,000
30,200
785,000
10,600
479,000
215,000
437,000
205,000
960,000
188,000
2,256,000
3,700
641,000
53,200
108,000
26,600
548,000
48,400
25,000
244,000
75,000
1,303,700
8,000
300,000
239,000
31,000
33,000
268,000
306,000
4,693,000
209,000
250,000
86,000
70,900
156,000
106,000
375,000
1,295,000
35,000
73,000
45,000
44,064,000
854,126,000
242,982,400
225,277,000
46,417,400
744,180,000
13,515,000
414,335,000
679,400,000
426,075,000
292,125,000
740,160,000
199,280,000
728,688,000
10,397,000
787,148,000
170,240,000
141,156,000
29,552,600
469,636,000
48,496,800
45,075,000
416,020,000
145,125,000
2,431,400,500
9,048,000
128,700,000
185,942,000
23,498,000
13,266,000
56,280,000
320,076,000
2,670,317,000
407,550,000
141,000,000
24,424,000
136,128,000
55,536,000
77,168,000
101,250,000
683,760,000
19,005,000
34,018,000
19,665,000
0.01%
0.19%
0.05%
0.05%
0.01%
0.16%
0.00%
0.09%
0.15%
0.09%
0.06%
0.16%
0.04%
0.16%
0.00%
0.17%
0.04%
0.03%
0.01%
0.10%
0.01%
0.01%
0.09%
0.03%
0.53%
0.00%
0.03%
0.04%
0.01%
0.00%
0.01%
0.07%
0.58%
0.09%
0.03%
0.01%
0.03%
0.01%
0.02%
0.02%
0.15%
0.00%
0.01%
0.00%
Actions
Industrie (suite)
Okumura Corp
Omron Corp
Onoken Co Ltd
Oyo Corp
PanaHome Corp
Riken Keiki Co Ltd
Ryobi Ltd
Ryosan Co Ltd
Sanwa Shutter Corp
Sanyo Denki Co Ltd
Secom Joshinetsu Co Ltd
Seino Holdings Corp
Senshu Electric Co Ltd
Shimizu Corp
Shin Nippon Air Technologies Co Ltd
Shinko Shoji Co Ltd
Sintokogio Ltd
Sumitomo Heavy Industries Ltd
Sumitomo Precision Products Co Ltd
Sun Wave Corp
Taikisha Ltd
Taisei Corp
Taisei Rotec Corp
Tamron Co Ltd
Tatsuta Electric Wire and Cable Co Ltd
Tekken Corp
Toda Corp
Toenec Corp
Toko Inc
Toli Corp
140
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Industrie (suite)
Tonami Transportation Co Ltd
Toshiba Corp
Toshiba TEC Corp
Totetsu Kogyo Co Ltd
Toyo Machinery & Metal Co Ltd
Toyo Seikan Kaisha Ltd
Tsurumi Manufacturing Co Ltd
U-Shin Ltd
Yamaichi Electronics Co Ltd
Yamato Holdings Co Ltd
Yondenko Corp
Yurtec Corp
Zojirushi Corp
216,000
3,498,000
791,000
164,000
9,500
222,000
207,000
74,000
21,000
152,000
524,000
6,595
200
296,000
198,000
120,000
448,000
3,000
76,680,000
2,392,632,000
488,047,000
118,244,000
12,530,500
473,970,000
182,574,000
116,180,000
29,190,000
202,160,000
149,864,000
3,277,715,000
314,400
713,360,000
166,320,000
88,560,000
308,224,000
3,465,000
95,352,336,000
0.02%
0.52%
0.11%
0.03%
0.00%
0.10%
0.04%
0.03%
0.01%
0.04%
0.03%
0.72%
0.00%
0.16%
0.04%
0.02%
0.07%
0.00%
20.86%
Technologie
CAC Corp
Canon Finetech Inc
Canon Inc
Capcom Co Ltd
Computer Engineering & Consulting Ltd
CRC Solutions Corp
Fujitsu Ltd
Ines Corp
Infocom Corp
JBCC Holdings Inc
NEC Electronics Corp
NEC Fielding Ltd
New Japan Radio Co Ltd
Nisca Corp
Ricoh Co Ltd
Riso Kagaku Corp
Saison Information Systems Co Ltd
Seiko Epson Corp
Sorun Corp
TDK Corp
Uchida Yoko Co Ltd
60,000
103,000
1,902,800
146,100
128,900
9,600
130,500
140,500
112,100
6,101,000
97,000
20,000
336
85,400
431,500
34,900
69,000
6,700
1,004,000
128,100
7,700
424,300
188,000
133,500
324,000
83,520,000
247,715,000
14,822,812,000
176,634,900
190,772,000
12,873,600
291,015,000
297,860,000
137,322,500
6,058,293,000
306,520,000
18,000,000
38,304,000
101,199,000
2,066,885,000
71,545,000
55,683,000
11,403,400
2,309,200,000
276,696,000
12,766,600
1,378,975,000
175,216,000
1,184,145,000
252,720,000
30,578,076,000
0.02%
0.05%
3.24%
0.04%
0.04%
0.00%
0.06%
0.07%
0.03%
1.33%
0.07%
0.00%
0.01%
0.02%
0.45%
0.02%
0.01%
0.00%
0.51%
0.06%
0.00%
0.30%
0.04%
0.26%
0.06%
6.69%
141
Juste Valeur
¥
% de
l'Actif Net
487,045,000
5,822,820,500
28,350,000
1,899,387,000
326,136,000
29,776,500
8,444,288,500
17,037,803,500
0.11%
1.27%
0.01%
0.42%
0.07%
0.01%
1.85%
3.73%
456,490,376,900
99.88%
Cash en banque
3,738,280,353
0.82%
Autre Passif Net
(3,183,358,156)
Nombre de
Titres
Actions
Services Publics
Chubu Electric Power Co Inc
Keiyo Gas Co Ltd
Osaka Gas Co Ltd
Tohoku Electric Power Co Inc
165,100
2,226,700
45,000
715,400
762,000
11,700
2,877,100
457,045,299,097
Actif Total
142
(0.70%)
100.00%
% de l'Actif Total
93.71%
6.29%
100.00%
AXA ROSENBERG JAPAN SMALL CAP ALPHA FUND
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
20,800
701,000
139,740
3,000
160,900
224,000
2,239,000
593,000
336,400
3,627,000
112,000
740,000
3,644,000
144,000
3,099,000
52,000
341,000
81,000
12,000
260,000
152,000
1,142,000
2,520,000
9,365,000
1,450,000
749,200
772,000
2,915,000
386,400
500
244,000
497,000
37,200
194,000
1,626,400
757,000
562,000
823,000
512,000
9,961,000
1,349,800
3,640,000
35,568,000
808,253,000
184,596,540
5,544,000
293,642,500
221,984,000
980,682,000
311,918,000
931,828,000
2,934,243,000
155,120,000
307,840,000
2,292,076,000
118,656,000
1,843,905,000
53,352,000
138,446,000
84,402,000
7,044,000
363,740,000
75,240,000
648,656,000
1,323,000,000
3,820,920,000
1,413,750,000
1,910,460,000
481,728,000
1,524,545,000
522,799,200
905,000
158,356,000
255,458,000
136,152,000
72,944,000
3,887,096,000
390,612,000
330,456,000
501,207,000
273,408,000
3,456,467,000
3,387,998,000
2,642,640,000
39,287,637,240
0.01%
0.25%
0.06%
0.00%
0.09%
0.07%
0.31%
0.10%
0.29%
0.92%
0.05%
0.10%
0.72%
0.04%
0.58%
0.02%
0.04%
0.03%
0.00%
0.11%
0.02%
0.20%
0.42%
1.20%
0.44%
0.60%
0.15%
0.48%
0.16%
0.00%
0.05%
0.08%
0.04%
0.02%
1.22%
0.12%
0.10%
0.16%
0.09%
1.08%
1.06%
0.83%
12.33%
2,900
13,320
369,700
4,900
252,000
1,907,000
515
1,811,000
241,000
27,000
5,800,000
199,134,000
227,735,200
7,350,000
88,956,000
2,868,128,000
29,458,000
597,630,000
127,730,000
27,540,000
0.00%
0.06%
0.07%
0.00%
0.03%
0.90%
0.01%
0.19%
0.04%
0.01%
Actions
Matériaux de base
Aica Kogyo Co Ltd
Air Water Inc
Asahi Denka Co Ltd
Daicel Chemical Industries Ltd
Denki Kagaku Kogyo K K
Fujimi Inc
Godo Steel Ltd
Hitachi Metals Ltd
Kurimoto Ltd
Nihon Kagaku Sangyo Co Ltd
Nippon Denko Co Ltd
Nippon Kayaku Co Ltd
Nippon Paint Co Ltd
Nippon Soda Co Ltd
Nippon Synthetic Chemical Industry Co Ltd/The
Osaka Steel Co Ltd
Showa Denko KK
Soft99 Corp
ST Chemical Co Ltd
Sumitomo Seika Chemicals Co Ltd
Toagosei Co Ltd
Tokyo Printing Ink Manufacturing Co Ltd
Topy Industries Ltd
Tosoh Corp
Toyo Kohan Co Ltd
Ube Industries Ltd/Japan
Yamato Kogyo Co Ltd
Aiphone Co Ltd
Asahi Broadcasting Corp
C-Cube Corp
Chubu-Nippon Broadcasting Co Ltd
Gakken Co Ltd
Impress Holdings Inc
Japan Radio Co Ltd
Nakayo Telecommunications Inc
Nippon Antenna Co Ltd
143
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
3,733,000
2,391
310,000
6,300
216,000
1,403,608,000
255,837,000
232,190,000
12,663,000
248,400,000
6,332,159,200
0.44%
0.08%
0.07%
0.00%
0.08%
1.99%
171,000
338,400
786,700
10,000
247,300
125,000
45,000
506,000
429,000
71,700
74,800
34,000
2,102,100
56,000
932,750
143,800
160,500
250,300
72,000
123,000
51,000
6,100
25,000
64,000
710,000
308,400
1,431,000
1,270,000
339,600
8,208,000
790,700
206,000
141,100
19,000
41,000
32,800
1,370,000
544,000
1,006,600
855,000
1,059,000
290,160
664,000
23,000
992,000
26,500
262,000
454,860,000
861,228,000
3,060,263,000
18,900,000
1,451,651,000
277,500,000
25,740,000
457,930,000
1,087,515,000
331,971,000
74,500,800
42,874,000
2,335,433,100
136,080,000
3,525,795,000
465,912,000
720,645,000
462,554,400
45,648,000
146,493,000
65,280,000
14,091,000
95,250,000
34,752,000
491,320,000
888,192,000
1,558,359,000
688,340,000
582,414,000
3,644,352,000
1,432,748,400
61,800,000
274,721,700
35,815,000
56,990,000
146,944,000
1,461,790,000
225,216,000
835,478,000
894,330,000
1,151,133,000
440,753,040
790,160,000
24,610,000
786,656,000
59,625,000
290,820,000
0.14%
0.27%
0.96%
0.01%
0.46%
0.09%
0.01%
0.14%
0.34%
0.10%
0.02%
0.01%
0.73%
0.04%
1.11%
0.15%
0.23%
0.15%
0.01%
0.05%
0.02%
0.00%
0.03%
0.01%
0.15%
0.28%
0.49%
0.22%
0.18%
1.14%
0.45%
0.02%
0.09%
0.01%
0.02%
0.05%
0.46%
0.07%
0.26%
0.28%
0.36%
0.14%
0.25%
0.01%
0.25%
0.02%
0.09%
Actions
Télécommunications (suite)
Rakuten Inc
Seibu Electric Industry Co Ltd
Shobunsha Publications Inc
Suntelephone Co Ltd
AOKI Holdings Inc
Arc Land Sakamoto Co Ltd
Blue Grass Co Ltd
BMB Corp
Calsonic Kansei Corp
Cawachi Ltd
Charle Co Ltd
Chuo Warehouse Co Ltd
Corona Corp
Daiei Inc/The
Daiichikosho Co Ltd
Daisyo Corp
Daiwabo Co Ltd
Denkodo Co Ltd
Denkyosha Co Ltd
Doutor Coffee Co Ltd
Exedy Corp
Friendly Corp
Futaba Industrial Co Ltd
Hanwa Co Ltd
Haseko Corp
Heiwa Corp
Higashi Nihon House Co Ltd
Hitachi Maxell Ltd
H-One Co Ltd
Horipro Inc
Inaba Denki Sangyo Co Ltd
Inabata & Co Ltd
Ishizuka Glass Co Ltd
Itochu Enex Co Ltd
Izumiya Co Ltd
Jeans Mate Corp
Kamei Corp
Karakami Kankoh Co Ltd
Kasumi Co Ltd
Katakura Industries Co Ltd
Keiiyu Co Ltd
144
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
606,000
1,569,000
16,600
58,000
5,182,000
124,800
128,300
158,100
12,900
138,300
208,800
233,000
38,000
972,000
548,000
634,000
62,000
549,500
169,000
22,500
7,600
108,000
13,000
2,379,000
2,020,000
326,900
195,000
382,000
665,200
186,500
291,400
125,200
754,000
57,300
1,589,000
61,700
120,400
55,500
136,100
1,225,000
42,000
155,000
2,047
2,894,000
2,021,000
107,600
4,466,500
48,700
1,431,000
379,300
282,600
513,200
79,000
1,000
315,120,000
844,122,000
29,481,600
38,280,000
2,176,440,000
126,422,400
138,435,700
110,986,200
30,315,000
386,548,500
1,234,008,000
342,044,000
71,516,000
913,680,000
446,620,000
558,554,000
98,084,000
885,794,000
463,905,000
54,000,000
31,160,000
32,940,000
17,147,000
861,198,000
1,593,780,000
745,332,000
332,085,000
794,560,000
977,844,000
292,805,000
808,635,000
236,753,200
780,390,000
93,685,500
870,772,000
341,201,000
404,544,000
138,472,500
455,935,000
1,221,325,000
73,752,000
256,835,000
319,332,000
1,941,874,000
1,414,700,000
226,498,000
3,108,684,000
74,900,600
299,079,000
493,469,300
252,927,000
705,136,800
197,500,000
1,794,000
0.10%
0.26%
0.01%
0.01%
0.68%
0.04%
0.04%
0.03%
0.01%
0.12%
0.39%
0.11%
0.02%
0.29%
0.14%
0.18%
0.03%
0.28%
0.15%
0.02%
0.01%
0.01%
0.01%
0.27%
0.50%
0.23%
0.10%
0.25%
0.31%
0.09%
0.25%
0.07%
0.24%
0.03%
0.27%
0.11%
0.13%
0.04%
0.14%
0.38%
0.02%
0.08%
0.10%
0.61%
0.44%
0.07%
0.98%
0.02%
0.09%
0.15%
0.08%
0.22%
0.06%
0.00%
Actions
King Co Ltd
Kokuyo Co Ltd
Kowa Spinning Co Ltd
Kyokuto Kaihatsu Kogyo Co Ltd
Marche Corp
Maruko Co Ltd
Ministop Co Ltd
Misawa Homes Holdings Inc
Mitsuba Corp
Mitsubishi Logistics Corp
Mitsui Home Co Ltd
Mitsuuroko Co Ltd
Mizuno Corp
Nagase & Co Ltd
Namco Bandai Holdings Inc
Nifco Inc/Japan
Nippon Restaurant System Inc
Nippon Sharyo Ltd
Nisshinbo Industries Inc
Nitto Boseki Co Ltd
Noritake Co Ltd
Noritz Corp
Okuwa Co Ltd
Parco Co Ltd
Poplar Co Ltd
Roland Corp
Ryoyo Electro Corp
San-Ai Oil Co Ltd
Sanei-International Co Ltd
Sangetsu Co Ltd
Sazaby League Ltd
Sekisui House Ltd
Senshukai Co Ltd
Shidax Corp
Sinanen Co Ltd
Skylark Co Ltd
Sojitz Corp
Sumitomo Rubber Industries Inc
SxL Corp
Tachikawa Corp
Tachi-S Co Ltd
Takamatsu Corp
Takashimaya Co Ltd
145
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Takihyo Co Ltd
Tasaki Shinju Co Ltd
Three F Co Ltd
Toei Co Ltd
Tohoku Pioneer Corp
Tokyo Dome Corp
Tokyo Style Co Ltd
Tomen Electronics Corp
Topre Corp
TOTO Ltd
Toyo Tire & Rubber Co Ltd
Toyobo Co Ltd
Tsuchiya Home Co Ltd
Tsuzuki Denki Co Ltd
U Store Co Ltd
Unipres Corp
UNY Co Ltd
Wakita & Co Ltd
Yagi & Co Ltd
Yamato International Inc
Yellow Hat Ltd
Yokohama Rubber Co Ltd/The
Yonex Co Ltd
Yorozu Corp
447,000
341,000
41,900
159,000
45,200
142,000
1,369,000
18,000
200,700
2,272,000
1,395,000
101,000
124,400
149,100
439,000
25,500
271,000
217,700
1,864,000
482,000
95,800
150,500
325,100
1,566,000
15,300
84,200
237,357,000
243,474,000
41,816,200
143,895,000
91,530,000
101,104,000
1,917,969,000
55,260,000
269,339,400
2,483,296,000
718,425,000
36,764,000
337,746,000
49,352,100
230,475,000
23,842,500
220,594,000
279,962,200
3,509,912,000
551,408,000
138,910,000
169,764,000
422,955,100
958,392,000
17,227,800
126,468,400
76,054,074,440
0.07%
0.08%
0.01%
0.05%
0.03%
0.03%
0.60%
0.02%
0.08%
0.78%
0.23%
0.01%
0.11%
0.02%
0.07%
0.01%
0.07%
0.09%
1.10%
0.17%
0.04%
0.05%
0.13%
0.30%
0.01%
0.04%
23.87%
Aderans Co Ltd
Ain Pharmaciez Inc
Belx Co Ltd
BML Inc
Chodai Co Ltd
CTI Engineering Co Ltd
Dydo Drinco Inc
Eikoh Inc
Fujicco Co Ltd
Fukuda Denshi Co Ltd
Gecoss Corp
Itoham Foods Inc
Ivy Cosmetics Corp
Kato Sangyo Co Ltd
Katokichi Co Ltd
Kenko Mayonnaise Co Ltd
King Jim Co Ltd
Kirin Beverage Corp
Kose Corp
683,900
300
11,500
5,000
41,000
102,000
1,098
353,600
301,900
388,600
16,800
40,900
58,500
847,000
55,000
1,292,000
73,000
2,124,000
665,100
1,299,600
28,000
133,600
306,000
154,200
187,900
7,300
2,366,294,000
712,500
82,225,000
7,150,000
90,610,000
64,362,000
1,141,920,000
406,993,600
1,388,740,000
287,952,600
25,569,600
174,234,000
49,725,000
1,203,587,000
51,040,000
583,984,000
32,850,000
2,094,264,000
1,323,549,000
1,046,178,000
26,348,000
184,368,000
381,276,000
441,783,000
787,301,000
32,412,000
0.74%
0.00%
0.03%
0.00%
0.03%
0.02%
0.36%
0.13%
0.44%
0.09%
0.01%
0.05%
0.02%
0.38%
0.02%
0.18%
0.01%
0.66%
0.42%
0.33%
0.01%
0.06%
0.12%
0.14%
0.25%
0.01%
146
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Mandom Corp
Maxvalu Nishinihon Co Ltd
Mercian Corp
Nichiwa Sangyo Co Ltd
Nissin Corp
Nohmi Bosai Ltd
Oenon Holdings Inc
OIE Sangyo Co Ltd
Riken Vitamin Co Ltd
Rohto Pharmaceutical Co Ltd
Rokko Butter Co Ltd
Shingakukai Co Ltd
Shoei Foods Corp
Sunstar Inc/Osaka
Suzuken Co Ltd
TKC
Tokatsu Foods Co Ltd
Tokyu Store Chain Co Ltd
Toyo TEC Co Ltd
Valor Co Ltd
Wesco Inc/Japan
With us Corp
Yonekyu Corp
Yuasa Funashoku Co Ltd
325,500
2,700
3,828,000
234,300
1,386,000
124,000
637,000
509,000
454,000
690,000
1,644,000
60,100
47,400
18,100
119,000
69,000
85,200
20,000
106,000
592,100
50,000
443,700
176,000
143,000
523,400
42,100
42,800
242,700
130,400
900,000
32,000
53,000
336,000
965,107,500
4,843,800
1,393,392,000
296,623,800
577,962,000
67,704,000
222,313,000
518,162,000
208,840,000
676,200,000
757,884,000
68,333,700
129,876,000
53,757,000
153,391,000
28,911,000
74,379,600
15,700,000
71,338,000
2,184,849,000
65,250,000
1,033,821,000
142,384,000
91,949,000
1,284,947,000
60,834,500
109,568,000
150,474,000
98,582,400
828,900,000
30,336,000
70,702,000
141,456,000
26,854,199,600
0.30%
0.00%
0.44%
0.09%
0.18%
0.02%
0.07%
0.16%
0.07%
0.21%
0.24%
0.02%
0.04%
0.02%
0.05%
0.01%
0.02%
0.00%
0.02%
0.69%
0.02%
0.32%
0.04%
0.03%
0.40%
0.02%
0.03%
0.05%
0.03%
0.26%
0.01%
0.02%
0.04%
8.43%
Énergie
AOC Holdings Inc
Cosmo Oil Co Ltd
Teikoku Oil Co Ltd
Toa Oil Co Ltd
1,128,800
4,083,000
294,400
307,000
1,704,900
166,000
766,000
2,455,140,000
2,519,211,000
2,163,840,000
302,395,000
2,277,746,400
235,886,000
173,882,000
10,128,100,400
0.77%
0.79%
0.68%
0.09%
0.71%
0.07%
0.05%
3.18%
Finance
Aichi Bank Ltd/The
Akita Bank Ltd/The
Aomori Bank Ltd/The
Bank of Ikeda Ltd/The
197,100
2,220,000
23,000
29,600
81,200
615,000
771,000
81,100
36,000
168,100
2,783,052,000
1,489,620,000
11,224,000
178,488,000
662,592,000
873,300,000
715,488,000
446,050,000
17,496,000
539,601,000
0.87%
0.47%
0.00%
0.06%
0.21%
0.27%
0.22%
0.14%
0.01%
0.17%
147
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
67,600
589,000
234,000
19,100
160,700
45,000
427,000
393,000
1,312,000
810
462,000
738,000
751,500
719,000
1,170,000
391,000
15,200
356,000
3,500
322,000
101,000
9,300
32,800
2,704,000
32,000
83,900
169,000
2,771,000
115,000
857,000
881,000
141,000
283,000
391,000
492,100
80
700,000
788,000
5,436,000
17,300
859,000
556,500
201,460
90
791,000
99,500
570,500
1,282,000
690,500
1,000
251,000
22,000
2,040,000
23,400
161,226,000
1,060,789,000
100,386,000
35,640,600
443,532,000
25,785,000
356,545,000
285,318,000
258,464,000
4,600,800
290,136,000
693,720,000
1,769,782,500
401,921,000
926,640,000
495,006,000
134,976,000
331,080,000
8,505,000
240,856,000
93,425,000
19,297,500
217,136,000
889,616,000
12,736,000
43,376,300
322,790,000
1,928,616,000
120,060,000
523,627,000
655,464,000
90,522,000
234,607,000
218,960,000
815,901,800
10,320
655,200,000
1,061,436,000
2,435,328,000
58,301,000
1,047,980,000
1,402,380,000
1,470,658,000
2,396,700
703,990,000
581,080,000
599,025,000
837,146,000
718,120,000
1,025,000
100,149,000
20,196,000
1,303,560,000
44,272,800
0.05%
0.33%
0.03%
0.01%
0.14%
0.01%
0.11%
0.09%
0.08%
0.00%
0.09%
0.22%
0.56%
0.13%
0.29%
0.16%
0.04%
0.10%
0.00%
0.08%
0.03%
0.01%
0.07%
0.28%
0.00%
0.01%
0.10%
0.61%
0.04%
0.16%
0.21%
0.03%
0.07%
0.07%
0.26%
0.00%
0.21%
0.33%
0.76%
0.02%
0.33%
0.44%
0.46%
0.00%
0.22%
0.18%
0.19%
0.26%
0.23%
0.00%
0.03%
0.01%
0.41%
0.01%
Actions
Finance (suite)
Chukyo Bank Ltd/The
Credia Co Ltd
Daishi Bank Ltd/The
Daiwa Kosho Lease Co Ltd
Eighteenth Bank Ltd/The
Gifu Bank Ltd/The
Goldcrest Co Ltd
Higashi-Nippon Bank Ltd/The
Higo Bank Ltd/The
Hokkoku Bank Ltd/The
Iyo Bank Ltd/The
Jafco Co Ltd
Japan Asia Investment Co Ltd
Japan General Estate Co Ltd/The
Kagawa Bank Ltd/The
Kanto Tsukuba Bank Ltd/The
Kiyo Holdings Inc
Kumamoto Family Bank Ltd/The
Lopro Corp
Marusan Securities Co Ltd
Mie Bank Ltd/The
Mito Securities Co Ltd
Nanto Bank Ltd/The
Nissay Dowa General Insurance Co Ltd
Nissin Co Ltd
Oita Bank Ltd/The
Okasan Holdings Inc
Orient Corp
SFCG Co Ltd
Shiga Bank Ltd/The
Shinki Co Ltd
SMBC Friend Securities Co Ltd
Starts Corp Inc
Taiko Bank Ltd/The
Tochigi Bank Ltd/The
Toho Bank Ltd/The
148
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Financie (suite)
Tokyo Tomin Bank Ltd/The
Tokyu Community Corp
Tomato Bank Ltd
UFJ NICOS Co Ltd
Yamanashi Chuo Bank Ltd/The
205,500
62,000
97,000
2,573,000
460,000
4,044,000
255,000
388,000
133,000
564,000
1,107,645,000
214,520,000
32,398,000
2,148,455,000
401,120,000
5,034,780,000
172,635,000
712,368,000
121,030,000
456,276,000
45,371,435,320
0.35%
0.07%
0.01%
0.67%
0.13%
1.58%
0.05%
0.22%
0.04%
0.14%
14.24%
Industrie
ABILIT Corp
Ahresty Corp
Aida Engineering Ltd
Amada Co Ltd
Ando Corp
AOI Electronic Co Ltd
Asahi Industries Co Ltd
Bando Chemical Industries Ltd
Chudenko Corp
CKD Corp
Cleanup Corp
COMSYS Holdings Corp
Daifuku Co Ltd
Daishinku Corp
Denyo Co Ltd
Ebara Corp
Eizo Nanao Corp
Eneserve Corp
Fuji Machine Manufacturing Co Ltd
Fujikura Ltd
Fujita Corp
Fujitec Co Ltd
Fujitsu Devices Inc
Fukuda Corp
Fukushima Industries Corp
Furukawa Electric Co Ltd
Futaba Corp/Chiba
Glory Ltd
Hankyu Holdings Inc
Hitachi Cable Ltd
Hitachi Construction Machinery Co Ltd
5,000
267,300
137,000
186,100
1,235,300
660,000
270,000
5,500
1,010,000
35
6,000
1,803,000
67,000
2,046,000
96,700
859,000
92,400
224,000
368,500
103,000
1,907,000
1,157,000
18,700
1,482,000
77,700
51,400
2,727,000
54,900
582,000
121,200
1,456,000
74,000
369,000
82,100
444,000
282,000
36,400
85,200
714,400
1,957,000
51,000
328,600
9,355,000
807,246,000
128,643,000
148,135,600
2,343,364,100
847,440,000
90,990,000
16,417,500
1,134,230,000
20,125,000
3,144,000
2,324,067,000
48,843,000
1,395,372,000
202,103,000
1,663,024,000
122,522,400
376,544,000
711,942,000
109,180,000
2,378,029,000
932,542,000
32,538,000
1,096,680,000
313,131,000
101,566,400
1,750,734,000
119,133,000
775,806,000
114,412,800
1,103,648,000
133,274,000
231,363,000
130,456,900
433,344,000
399,594,000
93,912,000
259,008,000
1,821,720,000
1,334,674,000
34,068,000
1,018,660,000
0.00%
0.25%
0.04%
0.05%
0.74%
0.27%
0.03%
0.01%
0.36%
0.01%
0.00%
0.73%
0.02%
0.44%
0.06%
0.52%
0.04%
0.12%
0.22%
0.03%
0.75%
0.29%
0.01%
0.34%
0.10%
0.03%
0.55%
0.04%
0.24%
0.04%
0.35%
0.04%
0.07%
0.04%
0.14%
0.13%
0.03%
0.08%
0.57%
0.42%
0.01%
0.32%
149
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
132,000
1,732,000
694,000
494,300
300
205,000
7,299,000
1,862,000
980,700
167,000
57,600
454,400
498,000
285,000
87,000
1,349,000
68,000
605,000
146,400
21,000
39,000
1,342,000
58,000
3,083,000
49,700
1,996,000
965,000
3,446,000
570,000
123,700
1,085,000
228,900
1,600
30,000
959,000
169,000
2,149,000
164,000
2,380,000
8,315,000
475,400
92,200
1,536,000
115,000
270,800
11,200
741,000
1,819,000
6,300
1,373,000
532,000
3,600
284,000
959,000
118,932,000
2,139,020,000
324,792,000
715,252,100
1,218,000
107,420,000
2,722,527,000
692,664,000
1,091,519,100
386,605,000
68,889,600
1,363,200,000
410,850,000
251,370,000
77,343,000
1,439,383,000
40,052,000
276,485,000
219,600,000
12,369,000
19,890,000
3,683,790,000
38,976,000
1,498,338,000
35,187,600
1,291,412,000
744,015,000
2,429,430,000
530,100,000
246,410,400
1,605,800,000
830,907,000
2,848,000
13,290,000
489,090,000
270,400,000
1,747,137,000
265,680,000
1,011,500,000
3,176,330,000
731,640,600
228,656,000
681,984,000
49,450,000
415,407,200
16,016,000
454,974,000
1,484,304,000
27,153,000
579,406,000
486,780,000
7,434,000
225,780,000
1,573,719,000
0.04%
0.67%
0.10%
0.22%
0.00%
0.03%
0.85%
0.22%
0.34%
0.12%
0.02%
0.43%
0.13%
0.08%
0.02%
0.45%
0.01%
0.09%
0.07%
0.00%
0.01%
1.16%
0.01%
0.47%
0.01%
0.41%
0.23%
0.76%
0.17%
0.08%
0.50%
0.26%
0.00%
0.00%
0.15%
0.08%
0.55%
0.08%
0.32%
1.00%
0.23%
0.07%
0.21%
0.02%
0.13%
0.01%
0.14%
0.47%
0.01%
0.18%
0.15%
0.00%
0.07%
0.49%
Actions
Industrie (suite)
Hitachi Plant Technologies Ltd
Hokkan Holdings Ltd
Hosiden Corp
Icom Inc
Ishikawajima Transport Machinery Co Ltd
JGC Corp
JSP Corp
Kanaden Corp
Kandenko Co Ltd
Kaneshita Construction Co Ltd/The
Kinden Corp
Kinki Sharyo Co Ltd
Kioritz Corp
Koa Corp
Koito Industries Ltd
Komai Tekko Inc
Komori Corp
Krosaki Harima Corp
Kumagai Gumi Co Ltd
Kuramoto Co Ltd
KUREHA CORP
Kyudenko Corp
Maeda Corp
Maezawa Kyuso Industries Co Ltd
Makita Corp
Marubun Corp
Meidensha Corp
Meiko Trans Co Ltd
Minebea Co Ltd
Mitani Corp
Mitsubishi Plastics Inc
Mitsumi Electric Co Ltd
Mori Seiki Co Ltd
Nankai Electric Railway Co Ltd
Neturen Co Ltd
Nichias Corp
Nichiden Corp
Nippo Corp
Nippon Cable System Inc
Nippon Chemi-Con Corp
150
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
708,000
4,312,000
409,000
1,126,000
86,000
3,918,000
57,100
284,300
8,400
45,000
14,000
449,700
100,000
734,000
1,327,000
99,100
793,000
395,300
648,000
139,000
3,014,000
286,000
177,000
82,900
2,026,000
22,000
33,000
5,000
145,000
181,000
996,000
684,000
421,000
3,026,000
749,000
201,000
3,000
5,762,000
284,000
288,000
4,755,000
360,900
193,000
1,113,000
24,000
237,000
17,400
73,000
3,000
114,000
926,000
3,015,000
118,000
144,000
240,720,000
2,828,672,000
435,176,000
1,569,644,000
31,530,000
1,888,476,000
125,620,000
710,750,000
32,928,000
47,700,000
9,072,000
832,844,400
133,300,000
695,832,000
317,153,000
51,333,800
685,945,000
1,249,148,000
631,800,000
198,075,000
2,323,794,000
303,160,000
163,725,000
232,949,000
2,487,928,000
9,240,000
43,131,000
5,555,000
90,480,000
326,343,000
1,698,180,000
1,323,540,000
476,151,000
1,298,154,000
582,722,000
152,358,000
10,500,000
1,210,020,000
316,092,000
301,248,000
2,705,595,000
703,755,000
108,852,000
316,092,000
14,712,000
232,260,000
89,610,000
62,780,000
1,425,000
108,984,000
674,128,000
814,050,000
64,074,000
156,960,000
0.08%
0.89%
0.14%
0.49%
0.01%
0.59%
0.04%
0.22%
0.01%
0.01%
0.00%
0.26%
0.04%
0.22%
0.10%
0.02%
0.22%
0.39%
0.20%
0.06%
0.73%
0.10%
0.05%
0.07%
0.78%
0.00%
0.01%
0.00%
0.03%
0.10%
0.53%
0.42%
0.15%
0.41%
0.18%
0.05%
0.00%
0.38%
0.10%
0.09%
0.85%
0.22%
0.03%
0.10%
0.00%
0.07%
0.03%
0.02%
0.00%
0.03%
0.21%
0.26%
0.02%
0.05%
Actions
Industrie (suite)
Nireco Corp*
Nitto Kogyo Corp
Noritsu Koki Co Ltd
Obara Corp
Ohmoto Gumi Co Ltd
Okumura Corp
Onoken Co Ltd
PanaHome Corp
Penta-Ocean Construction Co Ltd
Raito Kogyo Co Ltd
Ryobi Ltd
Ryosan Co Ltd
Sanwa Shutter Corp
Sanyo Denki Co Ltd
Sanyo Engineering & Construction Inc
Secom Joshinetsu Co Ltd
Seino Holdings Corp
Senko Co Ltd
Shinko Shoji Co Ltd
Sintokogio Ltd
Sumitomo Wiring Systems Ltd
Tadano Ltd
Taikisha Ltd
Taisei Corp
Taisei Rotec Corp
Takada Kiko Co Ltd
Takeuchi Manufacturing Co Ltd
Takigami Steel Construction Co Ltd/The
Takiron Co Ltd
Takuma Co Ltd
Tekken Corp
Toenec Corp
Tokyo Energy & Systems Inc
151
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Industrie (suite)
Toshiba Plant Systems & Services Corp
Toshiba TEC Corp
Yokogawa Construction Co Ltd
Yondenko Corp
Yurtec Corp
Yusen Air & Sea Service Co Ltd
Zenitaka Corp/The
Zojirushi Corp
120,000
4,054,000
1,162,000
2,649,000
310,000
68,500
203,000
771,000
26,500
321,000
52,000
103,440,000
2,501,318,000
1,024,884,000
757,614,000
260,400,000
33,839,000
149,814,000
530,448,000
89,835,000
130,968,000
60,060,000
104,230,593,500
0.03%
0.79%
0.32%
0.24%
0.08%
0.01%
0.05%
0.17%
0.03%
0.04%
0.02%
32.72%
Technologie
CAC Corp
Canon Finetech Inc
Capcom Co Ltd
CRC Solutions Corp
Komatsu Electronic Metals Co Ltd
Melco Holdings Inc
Mimasu Semiconductor Industry Co Ltd
NEC Fielding Ltd
Nihon Unisys Ltd
Riso Kagaku Corp
Ryomo Systems Co Ltd
Shindengen Electric Manufacturing Co Ltd
Shinkawa Ltd
TDI Co Ltd
Uchida Yoko Co Ltd
191,700
141,800
1,025,700
186,000
170,700
467,000
515,900
298,600
264,400
500
8,000
4,600
354,900
21,100
233,500
33,000
282,000
2,400
14,400
1,070,000
266,846,400
341,029,000
1,240,071,300
275,280,000
228,908,700
1,041,410,000
1,093,708,000
365,785,000
835,504,000
1,510,000
28,320,000
10,810,000
727,545,000
38,402,000
504,360,000
39,336,000
206,988,000
7,800,000
23,040,000
834,600,000
8,111,253,400
0.08%
0.11%
0.39%
0.09%
0.07%
0.33%
0.34%
0.11%
0.26%
0.00%
0.01%
0.00%
0.23%
0.01%
0.16%
0.01%
0.06%
0.00%
0.01%
0.26%
2.55%
66,500
63,000
470,155,000
41,895,000
512,050,000
0.15%
0.01%
0.16%
316,881,503,100
99.47%
2,165,766,568
0.68%
Services Publics
Okinawa Electric Power Co Inc/The
Otaki Gas Co Ltd
Cash en banque
Autre Passif Net
(470,047,224)
318,577,222,444
(0.15%)
100.00%
*Nireco Corp inclut des droits de 56,000 avec une valeur de marché nulle
Actif Total
152
% de l'Actif Total
96.74%
3.26%
100.00%
AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND
Actifs financiers portés à juste valeur avec variation au compte de résult
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Matériaux de base
Asahi Kasei Corp
Daido Metal Co Ltd
Godo Steel Ltd
JFE Holdings Inc
Kobe Steel Ltd
Kurimoto Ltd
Nippon Steel Corp
Nitto Denko Corp
Osaka Steel Co Ltd
Riken Technos Corp
Sakata INX Corp
Sekisui Jushi Corp
Shin-Etsu Chemical Co Ltd
Showa Denko KK
Sumitomo Bakelite Co Ltd
Sumitomo Chemical Co Ltd
Sumitomo Forestry Co Ltd
Sumitomo Metal Industries Ltd
Sumitomo Metal Mining Co Ltd
Tomoku Co Ltd
Tosoh Corp
Toyo Kohan Co Ltd
Tsutsunaka Plastic Industry Co Ltd
Yamato Kogyo Co Ltd
3,720
48,000
2,000
21,000
16,800
99,000
30,000
51,500
47,000
28,000
22,000
11,000
199,000
26,500
51,000
13,000
3,400
5,700
15,000
9,000
17,000
14,000
7,200
49,000
1,000
32,000
16,000
90,000
22,000
2,800
9,100
28,000
8,000
23,000
13,000
29,000
9,000
26,000
4,914,120
40,272,000
2,110,000
16,989,000
79,800,000
44,253,000
12,480,000
37,389,000
29,563,000
24,248,000
13,090,000
15,389,000
90,744,000
13,912,500
20,808,000
12,675,000
33,966,000
14,535,000
8,700,000
5,616,000
10,183,000
13,888,000
46,008,000
25,627,000
1,066,000
30,656,000
19,088,000
45,450,000
36,124,000
10,248,000
21,749,000
9,296,000
4,704,000
12,282,000
6,643,000
10,063,000
22,590,000
18,876,000
865,994,620
0.04%
0.33%
0.02%
0.14%
0.66%
0.37%
0.10%
0.31%
0.24%
0.20%
0.11%
0.13%
0.75%
0.12%
0.17%
0.10%
0.28%
0.12%
0.07%
0.05%
0.08%
0.12%
0.38%
0.21%
0.01%
0.25%
0.16%
0.38%
0.30%
0.08%
0.18%
0.08%
0.04%
0.10%
0.06%
0.08%
0.19%
0.16%
7.19%
Aiphone Co Ltd
Gakken Co Ltd
Japan Radio Co Ltd
KDDI Corp
NTT DoCoMo Inc
Softbank Corp
Suntelephone Co Ltd
Yahoo! Japan Corp
4,900
34,000
14,000
2,000
68
298
1,057
36,000
18,400
1,000
652
9,800,000
12,002,000
21,056,000
660,000
42,772,000
150,490,000
183,918,000
13,536,000
63,480,000
1,150,000
46,813,600
545,677,600
0.08%
0.10%
0.17%
0.01%
0.35%
1.25%
1.52%
0.11%
0.53%
0.01%
0.39%
4.52%
153
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
33,689,000
32,604,000
15,651,000
14,506,500
22,951,000
14,088,000
31,915,000
18,100,000
20,280,000
10,649,000
21,664,500
25,137,000
15,266,000
10,533,600
36,720,000
62,775,000
24,912,000
20,691,000
15,718,000
9,089,500
17,538,000
20,294,400
311,000
140,697,000
11,310,200
28,308,000
10,873,000
13,598,000
24,332,000
14,131,000
10,710,000
12,688,000
11,298,000
9,634,700
14,478,000
15,540,000
10,535,200
188,280,000
9,870,000
1,677,000
13,212,000
79,864,000
52,762,000
10,595,000
18,984,000
44,000,000
91,289,400
16,569,000
16,644,000
13,624,000
18,720,000
16,170,000
10,323,000
11,850,000
0.28%
0.27%
0.13%
0.12%
0.19%
0.12%
0.26%
0.15%
0.17%
0.09%
0.18%
0.21%
0.13%
0.09%
0.30%
0.52%
0.21%
0.17%
0.13%
0.08%
0.15%
0.17%
0.00%
1.16%
0.09%
0.23%
0.09%
0.11%
0.20%
0.12%
0.09%
0.11%
0.09%
0.08%
0.12%
0.13%
0.09%
1.56%
0.08%
0.01%
0.11%
0.66%
0.44%
0.09%
0.16%
0.36%
0.76%
0.14%
0.14%
0.11%
0.15%
0.13%
0.09%
0.10%
Actions
Aeon Co Ltd
All Nippon Airways Co Ltd
Alpine Electronics Inc
AOKI Holdings Inc
Bridgestone Corp
Calsonic Kansei Corp
Cawachi Ltd
Daiei Inc/The
Daisyo Corp
Denso Corp
Hanwa Co Ltd
Haseko Corp
Heiwa Corp
Hitachi High-Technologies Corp
Honda Motor Co Ltd
Inabata & Co Ltd
Itochu Corp
Itochu Enex Co Ltd
Izumiya Co Ltd
Japan Airlines Corp
Kamei Corp
Kasumi Co Ltd
Kohnan Shoji Co Ltd
Konaka Co Ltd
Kyokuto Kaihatsu Kogyo Co Ltd
Ministop Co Ltd
Mitsuba Corp
Mitsubishi Corp
Mitsui & Co Ltd
Mitsuuroko Co Ltd
Nagase & Co Ltd
Nintendo Co Ltd
Nissan Motor Co Ltd
Noritake Co Ltd
Noritz Corp
Okuwa Co Ltd
Parco Co Ltd
Piolax Inc
Resorttrust Inc
11,800
76,000
9,000
5,700
5,900
2,400
13,000
20,000
8,000
2,300
19,500
6,650
3,400
5,700
18,000
13,500
36,000
19,000
29,000
5,300
39,500
11,200
100
19,300
10,600
28,000
13,100
13,000
79,000
13,000
9,000
16,000
21,000
5,900
5,700
37,000
10,400
72,000
4,200
600
9,000
29,800
31,000
13,000
12,000
2,500
65,300
21,000
7,300
8,000
9,000
11,000
3,700
3,000
154
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Roland Corp
Ryoyo Electro Corp
Sala Corp
San-Ai Oil Co Ltd
Sangetsu Co Ltd
Sekisui House Ltd
Senshukai Co Ltd
Sinanen Co Ltd
Sojitz Corp
Sony Corp
Sumitomo Corp
Tachi-S Co Ltd
Taiho Kogyo Co Ltd
Takihyo Co Ltd
Teijin Ltd
Toei Co Ltd
Tokyo Dome Corp
Tokyo Style Co Ltd
Tomy Co Ltd
TOTO Ltd
Toyota Motor Corp
Unipres Corp
UNY Co Ltd
Yellow Hat Ltd
5,200
4,800
12,000
2,600
13,500
21,000
4,000
5,200
24,000
10,000
18,600
19,000
16,000
33,700
22,100
21,000
7,200
9,200
200
20,500
33,000
14,000
28,000
13,000
10,700
20,000
72,900
9,900
10,000
7,900
14,430,000
9,076,800
12,420,000
4,251,000
8,208,000
11,508,000
13,440,000
12,974,000
42,144,000
16,570,000
86,676,000
12,749,000
11,200,000
23,455,200
120,445,000
35,196,000
9,367,200
12,640,800
311,400
10,885,500
25,839,000
12,670,000
19,936,000
18,213,000
9,062,900
21,860,000
468,747,000
12,731,400
18,830,000
10,277,900
2,523,765,100
0.12%
0.08%
0.10%
0.04%
0.07%
0.10%
0.11%
0.11%
0.35%
0.14%
0.72%
0.11%
0.09%
0.19%
1.00%
0.29%
0.08%
0.10%
0.00%
0.09%
0.21%
0.10%
0.16%
0.15%
0.07%
0.18%
3.88%
0.10%
0.16%
0.08%
20.85%
Aderans Co Ltd
Asahi Breweries Ltd
ASKA Pharmaceutical Co Ltd
Astellas Pharma Inc
Benesse Corp
BML Inc
Dai Nippon Printing Co Ltd
Daiichi Sankyo Co Ltd
Dydo Drinco Inc
Eisai Co Ltd
Hurxley Corp
Inageya Co Ltd
Itoham Foods Inc
Japan Maintenance Co Ltd
Japan Tobacco Inc
Kamigumi Co Ltd
Kao Corp
Kato Sangyo Co Ltd
4,700
1,600
17,900
5,000
14,900
5,200
5,100
13
13,000
12,800
2,000
4,800
10,000
3,900
11,000
30,000
400
165
16,000
14,000
11,000
5,800
16,262,000
11,440,000
29,893,000
5,840,000
66,603,000
21,840,000
11,271,000
13,520,000
27,690,000
34,368,000
9,200,000
24,624,000
14,210,000
7,995,000
10,032,000
13,560,000
550,000
68,310,000
15,776,000
13,132,000
34,100,000
11,542,000
0.14%
0.10%
0.25%
0.05%
0.55%
0.18%
0.09%
0.11%
0.23%
0.28%
0.08%
0.20%
0.12%
0.07%
0.08%
0.11%
0.00%
0.57%
0.13%
0.11%
0.28%
0.10%
155
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Katokichi Co Ltd
Kissei Pharmaceutical Co Ltd
Kyowa Hakko Kogyo Co Ltd
Mandom Corp
Mercian Corp
Nippon Meat Packers Inc
Nisshin Seifun Group Inc
Nissin Corp
Nohmi Bosai Ltd
Oenon Holdings Inc
Seikagaku Corp
Shimadzu Corp
Suzuken Co Ltd
TKC
Tokyu Store Chain Co Ltd
Valor Co Ltd
Yonekyu Corp
1,900
7,100
21,000
7,000
1,900
24,000
4,100
11,700
22,000
4,200
36,000
21,000
12,000
13,000
14,500
24,000
14,000
24,000
4,900
4,700
7,700
23,000
4,900
11,000
21,800
15,000
5,800
18,000
5,300
4,800
21,000
11,000
7,500
1,529,500
8,846,600
33,642,000
15,225,000
7,961,000
20,640,000
12,156,500
22,276,800
8,008,000
5,317,200
15,012,000
7,329,000
14,796,000
13,234,000
17,443,500
11,040,000
13,720,000
11,064,000
27,195,000
12,878,000
9,902,200
17,043,000
18,081,000
26,070,000
146,278,000
19,575,000
13,514,000
11,574,000
13,011,500
12,288,000
19,341,000
10,428,000
10,005,000
1,068,182,800
0.01%
0.07%
0.28%
0.13%
0.07%
0.17%
0.10%
0.18%
0.07%
0.04%
0.12%
0.06%
0.12%
0.11%
0.14%
0.09%
0.11%
0.09%
0.23%
0.11%
0.08%
0.14%
0.15%
0.22%
1.21%
0.16%
0.11%
0.10%
0.11%
0.10%
0.16%
0.09%
0.08%
8.86%
Énergie
AOC Holdings Inc
Cosmo Oil Co Ltd
INPEX Corp
Nippon Oil Corp
3,200
36,000
45
2,500
1,000
33,000
50,000
15,100
6,960,000
22,212,000
44,865,000
18,375,000
985,000
32,769,000
46,150,000
20,173,600
192,489,600
0.06%
0.18%
0.37%
0.15%
0.01%
0.27%
0.38%
0.17%
1.59%
Finance
77 Bank Ltd/The
Acom Co Ltd
Aichi Bank Ltd/The
Akita Bank Ltd/The
22,000
4,710
1,400
27,000
2,100
11,000
11,000
9,000
2,000
19,954,000
32,546,100
19,768,000
18,117,000
17,136,000
15,620,000
10,208,000
4,374,000
6,420,000
0.17%
0.27%
0.16%
0.15%
0.14%
0.13%
0.08%
0.04%
0.05%
156
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
21,612,000
6,864,000
8,397,000
3,690,000
21,774,000
28,244,000
67,897,000
16,558,000
10,680,000
22,728,000
17,860,000
10,833,000
17,888,000
8,074,000
16,632,000
4,125,000
20,256,000
26,560,000
5,236,000
7,400,000
9,594,000
7,282,000
6,264,000
76,890,000
69,750,000
567,000,000
37,800,000
40,575,000
68,843,000
44,746,000
13,442,000
349,569,000
13,335,000
18,600,000
57,525,000
9,630,000
5,040,000
8,787,400
171,675,000
17,784,000
22,899,000
21,056,000
67,069,500
30,260,000
43,740,000
11,458,000
20,740,000
6,048,000
20,659,000
7,456,400
18,690,000
7,008,000
10,290,000
24,814,000
0.18%
0.06%
0.07%
0.03%
0.18%
0.23%
0.56%
0.14%
0.09%
0.19%
0.15%
0.09%
0.15%
0.07%
0.14%
0.03%
0.17%
0.22%
0.04%
0.06%
0.08%
0.06%
0.05%
0.64%
0.58%
4.69%
0.31%
0.34%
0.57%
0.37%
0.11%
2.89%
0.11%
0.15%
0.48%
0.08%
0.04%
0.07%
1.42%
0.15%
0.19%
0.17%
0.56%
0.25%
0.36%
0.09%
0.17%
0.05%
0.17%
0.06%
0.15%
0.06%
0.08%
0.20%
Actions
Finance (suite)
Chukyo Bank Ltd/The
Credia Co Ltd
Daisan Bank Ltd/The
Daishi Bank Ltd/The
Daito Trust Construction Co Ltd
Fuji Fire & Marine Insurance Co Ltd/The
Gunma Bank Ltd/The
Hachijuni Bank Ltd/The
Higo Bank Ltd/The
Hyakujushi Bank Ltd/The
Iyo Bank Ltd/The
Joyo Bank Ltd/The
Kagawa Bank Ltd/The
Keihanshin Real Estate Co Ltd
Mie Bank Ltd/The
Millea Holdings Inc
Mitsubishi Estate Co Ltd
Mitsubishi UFJ Securities Co
Mitsui Fudosan Co Ltd
Mizuho Trust & Banking Co Ltd
Nanto Bank Ltd/The
Nikko Cordial Corp
Nomura Holdings Inc
Oita Bank Ltd/The
Okasan Holdings Inc
Orient Corp
ORIX Corp
Promise Co Ltd
Resona Holdings Inc
SFCG Co Ltd
Shiga Bank Ltd/The
Shinki Co Ltd
12,000
16,000
4,500
9,000
38,000
4,600
43,000
34,000
12,000
24,000
19,000
4,600
32,000
22,000
21,000
5,000
16,000
32,000
7,000
8,000
9,000
1,100
9,000
33
25,000
315
20,000
15,000
43,000
26,000
22,000
363
35,000
25,000
29,500
15,000
9,000
5,300
65,400
19,000
17,000
47,000
1,830
4,250
108
3,400
17,000
2,400
2,830
280
21,000
1,200
9,800
38,000
157
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Finance (suite)
Shinsei Bank Ltd
Shizuoka Bank Ltd/The
SMBC Friend Securities Co Ltd
Sompo Japan Insurance Inc
Takefuji Corp
Toho Bank Ltd/The
Tomato Bank Ltd
UFJ NICOS Co Ltd
Yamanashi Chuo Bank Ltd/The
50,000
23,000
23,000
18,000
210
8,000
52,000
4,550
24,000
4,900
24,000
18,500
11,000
7,000
10,000
10,000
41,200,000
27,324,000
23,920,000
30,726,000
273,000,000
26,080,000
70,824,000
33,715,500
15,336,000
9,270,800
8,016,000
15,447,500
13,695,000
4,739,000
18,360,000
9,100,000
3,014,524,200
0.34%
0.23%
0.20%
0.25%
2.26%
0.22%
0.59%
0.28%
0.13%
0.08%
0.07%
0.13%
0.11%
0.04%
0.15%
0.08%
24.93%
Industrie
ABILIT Corp
Aida Engineering Ltd
Amada Co Ltd
Asahi Glass Co Ltd
Asunaro Aoki Construction Co Ltd
Central Japan Railway Co
Chudenko Corp
Dai-Dan Co Ltd
Denyo Co Ltd
Ebara Corp
Eizo Nanao Corp
Eneserve Corp
ESPEC Corp
Fanuc Ltd
Fujikura Ltd
Fujitec Co Ltd
Fukuda Corp
Futaba Corp/Chiba
Glory Ltd
Hankyu Holdings Inc
Hazama Corp
Hitachi Cable Ltd
Hitachi Construction Machinery Co Ltd
Hitachi Ltd
Hitachi Powdered Metals Co Ltd
5,800
2,000
14,000
10,700
21,000
11,000
36,000
9,000
15,000
9,000
9,000
39
5,500
13,000
18,000
4,000
78
22,000
1,000
3,600
5,800
3,900
37,000
15,100
19,000
18,000
11,000
6,200
8,900
31,000
18,900
32,000
7,600
108,000
9,000
13,000
10,851,800
1,878,000
11,144,000
20,297,900
26,964,000
12,353,000
63,324,000
9,639,000
19,335,000
6,561,000
6,138,000
45,240,000
11,495,000
11,349,000
22,446,000
6,960,000
68,016,000
16,280,000
4,030,000
7,113,600
11,356,400
44,187,000
23,754,000
59,343,000
25,327,000
13,644,000
6,897,000
18,848,000
22,695,000
21,142,000
6,822,900
21,376,000
23,560,000
89,964,000
7,119,000
16,055,000
0.09%
0.02%
0.09%
0.17%
0.22%
0.10%
0.52%
0.08%
0.16%
0.05%
0.05%
0.37%
0.10%
0.09%
0.19%
0.06%
0.56%
0.13%
0.03%
0.06%
0.09%
0.37%
0.20%
0.49%
0.21%
0.11%
0.06%
0.16%
0.19%
0.17%
0.06%
0.18%
0.20%
0.74%
0.06%
0.13%
158
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
8,892,000
12,880,000
15,627,600
40,375,000
15,293,000
10,044,000
15,025,500
30,360,000
2,990,000
12,300,000
9,075,000
15,876,000
19,460,000
23,474,000
15,300,000
65,105,000
24,705,000
33,044,000
10,692,000
15,528,000
58,352,000
13,107,000
16,215,000
13,950,000
10,787,000
20,720,000
23,958,000
5,316,000
33,912,000
21,951,000
33,966,000
56,560,000
16,808,000
14,620,500
34,271,000
21,312,000
31,426,000
9,345,000
10,438,000
13,872,000
12,762,400
13,082,000
14,640,000
13,888,000
26,720,000
16,410,000
9,860,000
21,648,000
12,768,000
16,728,000
30,198,000
17,352,000
8,364,000
12,780,000
0.07%
0.11%
0.13%
0.33%
0.13%
0.08%
0.12%
0.25%
0.02%
0.10%
0.08%
0.13%
0.16%
0.19%
0.13%
0.54%
0.20%
0.27%
0.09%
0.13%
0.48%
0.11%
0.13%
0.12%
0.09%
0.17%
0.20%
0.04%
0.28%
0.18%
0.28%
0.47%
0.14%
0.12%
0.28%
0.18%
0.26%
0.08%
0.09%
0.12%
0.11%
0.11%
0.12%
0.11%
0.22%
0.14%
0.08%
0.18%
0.11%
0.14%
0.25%
0.14%
0.07%
0.11%
Actions
Industrie (suite)
Hokkan Holdings Ltd
Horiba Ltd
Hosiden Corp
Hoya Corp
JS Group Corp
JSP Corp
Kanaden Corp
Kandenko Co Ltd
Kawasaki Kisen Kaisha Ltd
Kinden Corp
Koa Corp
Komatsu Ltd
Komori Corp
Kumagai Gumi Co Ltd
KUREHA CORP
Kyocera Corp
Kyudenko Corp
Maeda Corp
Maezawa Kasei Industries Co Ltd
Makita Corp
Minebea Co Ltd
Mitsubishi Electric Corp
Mitsumi Electric Co Ltd
Murata Manufacturing Co Ltd
NEC Corp
Nice Corp
Nichias Corp
Nichicon Corp
Nippo Corp
Nippon Express Co Ltd
Nippon Yusen KK
Nissei Plastic Industrial Co Ltd
19,000
3,500
10,800
8,500
41,000
27,000
13,500
12,000
2,500
4,100
11,000
18,000
28,000
22,000
10,200
29,000
9,000
22,000
22,000
24,000
5,600
17,000
23,000
15,000
4,600
14,000
6,600
12,000
24,000
27,000
34,000
101,000
44,000
9,500
4,300
48,000
38,000
21,000
17,000
17,000
8,600
31,000
16,000
16,000
40,000
10,000
29,000
33,000
12,000
12,000
42,000
36,000
6,800
20,000
159
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Industrie (suite)
Nitto Kohki Co Ltd
Noritsu Koki Co Ltd
Oiles Corp
Oizumi Corp
Omron Corp
Onoken Co Ltd
Oyo Corp
PanaHome Corp
Ryobi Ltd
Ryosan Co Ltd
Sanwa Shutter Corp
Seino Holdings Corp
Sharp Corp
Shinko Shoji Co Ltd
Sintokogio Ltd
Taikisha Ltd
Taisei Rotec Corp
Takiron Co Ltd
Toda Corp
Toenec Corp
Toko Inc
Toshiba Corp
Toshiba TEC Corp
Tsurumi Manufacturing Co Ltd
Yamaichi Electronics Co Ltd
Yamato Holdings Co Ltd
Yondenko Corp
Yurtec Corp
1,800
5,200
3,400
7,300
9,100
5,700
7,800
18,000
15,000
5,000
11,000
8,000
26,000
86,000
17,000
32,000
2,000
12,000
5,000
9,000
8,000
26,400
27,000
48,000
16,000
57,000
12,000
43,000
6,000
28,000
5,000
11,000
17,000
8,000
23,000
26,000
97,000
29,000
10,200
21,000
12,000
9,000
40,000
76
5,600
17,000
13,000
13,000
17,000
5,490,000
13,000,000
8,568,000
7,307,300
30,758,000
10,556,400
11,988,600
17,064,000
12,975,000
15,800,000
10,725,000
11,400,000
20,046,000
27,778,000
20,876,000
66,720,000
2,614,000
7,488,000
9,015,000
15,345,000
15,480,000
49,236,000
30,537,000
20,592,000
12,128,000
11,970,000
12,552,000
24,467,000
11,700,000
7,952,000
4,900,000
5,225,000
12,376,000
4,224,000
12,489,000
12,116,000
66,348,000
17,893,000
21,777,000
18,522,000
18,840,000
12,510,000
11,440,000
37,772,000
8,803,200
40,970,000
10,920,000
9,594,000
11,696,000
2,738,182,100
0.05%
0.11%
0.07%
0.06%
0.25%
0.09%
0.10%
0.14%
0.11%
0.13%
0.09%
0.09%
0.17%
0.23%
0.17%
0.55%
0.02%
0.06%
0.08%
0.13%
0.13%
0.41%
0.25%
0.17%
0.10%
0.10%
0.10%
0.20%
0.10%
0.07%
0.04%
0.04%
0.10%
0.03%
0.10%
0.10%
0.55%
0.15%
0.18%
0.15%
0.16%
0.10%
0.09%
0.31%
0.07%
0.34%
0.09%
0.08%
0.10%
22.68%
Technologie
CAC Corp
Canon Finetech Inc
Canon Inc
6,800
5,500
28,700
9,465,600
13,227,500
223,573,000
0.08%
0.11%
1.85%
160
Nombre de
Titres
Juste Valeur
¥
% de
l'Actif Net
Actions
Technologie (suite)
Fujitsu Ltd
Mimasu Semiconductor Industry Co Ltd
NEC Electronics Corp
New Japan Radio Co Ltd
Ricoh Co Ltd
Rohm Co Ltd
Seiko Epson Corp
Shindengen Electric Manufacturing Co Ltd
TDK Corp
Tokyo Electron Ltd
Uchida Yoko Co Ltd
6,900
5,000
6,700
61,000
100
900
13,000
22,000
3,900
8,600
19,000
4,500
1,000
13,000
10,212,000
11,150,000
14,204,000
60,573,000
235,000
4,311,000
10,491,000
50,600,000
48,555,000
27,950,000
13,946,000
39,915,000
8,120,000
10,140,000
556,668,100
0.08%
0.09%
0.12%
0.50%
0.00%
0.04%
0.09%
0.42%
0.40%
0.23%
0.12%
0.33%
0.07%
0.08%
4.61%
Services Publics
Chubu Electric Power Co Inc
Chugoku Electric Power Co Inc/The
Electric Power Development Co
Hokkaido Electric Power Co Inc
Osaka Gas Co Ltd
Tokyo Gas Co Ltd
14,700
12,800
7,200
10,100
26,100
15,100
80,000
2,800
39,500
55,000
43,365,000
31,360,000
26,856,000
25,502,500
68,251,500
40,090,500
34,240,000
7,126,000
115,932,500
28,325,000
421,049,000
0.36%
0.26%
0.22%
0.21%
0.56%
0.33%
0.28%
0.06%
0.96%
0.23%
3.48%
11,926,533,120
98.71%
Cash en banque
99,343,399
0.82%
Autre Actif Net
55,973,308
0.46%
12,081,849,827
100.00%
Actif Total
161
% de l'Actif Total
98.63%
1.37%
100.00%
AXA ROSENBERG UK EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
531,003
123,900
394,223
3,426,000
299,200
201,500
249,600
11,777,647
2,647,743
4,145,255
3,014,880
8,742,624
2,841,150
4,650,048
37,819,347
3.70%
0.83%
1.30%
0.95%
2.74%
0.89%
1.46%
11.87%
134,092
830,900
12,188,000
226,615
496,463
14,686,540
15,409,618
0.07%
0.16%
4.61%
4.84%
British Airways PLC
Carphone Warehouse Group PLC
Center Parcs UK Group PLC
Compass Group PLC
easyJet PLC
First Choice Holidays PLC
George Wimpey PLC
John Menzies PLC
Luminar PLC
Pace Micro Technology PLC
Regent Inns PLC
Taylor Woodrow PLC
Whitbread PLC
Wilson Bowden PLC
Wincanton PLC
753,000
622,000
264,032
1,470,000
326,000
470,000
302,998
2,480
106,000
223,000
520,427
270,000
431,059
23,500
65,000
336,759
2,659,973
1,921,980
210,566
3,355,275
1,144,260
1,011,675
1,695,274
13,194
591,480
1,007,403
333,073
263,250
1,741,478
278,710
1,035,450
1,082,680
18,345,721
0.83%
0.60%
0.07%
1.05%
0.36%
0.32%
0.53%
0.00%
0.19%
0.32%
0.10%
0.08%
0.55%
0.09%
0.33%
0.34%
5.75%
Arla Foods UK PLC
AstraZeneca PLC
Gallaher Group PLC
GlaxoSmithKline PLC
Goldshield Group PLC
Greene King PLC
Group 4 Securicor PLC
Mcbride PLC
SABMiller PLC
Shire PLC
Tribal Group PLC
Unilever PLC
93,798
152,400
19,146
426,000
690,900
73,855
114,767
1,035,000
262,900
490,500
293,000
357,600
126,076
1,475,100
60,969
4,419,600
266,895
3,578,400
10,398,045
214,180
859,605
1,958,738
436,414
5,572,080
1,523,600
3,159,396
242,066
8,688,339
41,378,327
0.02%
1.39%
0.08%
1.12%
3.26%
0.07%
0.27%
0.61%
0.14%
1.75%
0.48%
0.99%
0.08%
2.73%
12.99%
394,000
234,103
1,087,440
922,366
2,009,806
0.34%
0.29%
0.63%
1,384,800
2,960,800
112,967
203,000
666,700
955,200
336,000
170,000
9,963,636
19,570,888
1,077,140
1,504,230
12,480,624
17,206,728
530,880
1,161,100
63,495,226
3.13%
6.14%
0.34%
0.47%
3.92%
5.40%
0.17%
0.36%
19.93%
Actions
Matériaux de base
Anglo American PLC
Antofagasta PLC
BHP Billiton PLC
Corus Group PLC
Rio Tinto PLC
Xstrata PLC
Filtronic PLC
Vodafone Group PLC
Diversifié
Hunting PLC
Énergie
BG Group PLC
BP PLC
Burren Energy PLC
Royal Dutch Shell PLC*
UK Coal PLC
162
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
Finance
3i Group PLC
Amvescap PLC
Atrium Underwriting PLC
Aviva PLC
Barclays PLC
Chaucer Holdings PLC
HBOS PLC
Henderson Group PLC
HSBC Holdings PLC
Investec PLC
Kiln PLC
Old Mutual PLC
Panmure Gordon & Co PLC
Prudential PLC
Resolution PLC
388,200
588,000
34,800
963,900
926,400
122,000
181,981
360,000
1,179,000
1,337,000
1,141,000
30,826
1,620,000
79,800
68,462
3,076,000
81,434
493,000
2,392,192
16,000
1,026,900
112,800
24,000
994,800
3,651,021
3,157,560
68,034
7,706,381
6,239,304
1,406,660
139,670
831,600
2,458,215
12,848,570
978,408
26,510
15,633,000
2,346,918
64,183
4,367,920
958,478
2,713,965
4,814,286
36,000
6,854,558
756,324
33,060
18,632,604
96,723,229
1.15%
0.99%
0.02%
2.42%
1.96%
0.44%
0.04%
0.26%
0.77%
4.04%
0.31%
0.01%
4.91%
0.74%
0.02%
1.37%
0.30%
0.85%
1.51%
0.01%
2.15%
0.24%
0.01%
5.85%
30.37%
Industrie
Abbot Group PLC
Alfred Mcalpine PLC
Amec PLC
Arriva PLC
Autologic Holdings PLC
BAE Systems PLC
Clarkson PLC
Firstgroup PLC
Hanson PLC
Keller Group PLC
MJ Gleeson Group PLC
National Express Group PLC
Oxford Instruments PLC
Pilkington PLC
Senior PLC
TDG PLC
TT electronics PLC
Wagon PLC
464,000
255,000
274,000
173,600
219,164
1,374,000
24,831
346,000
490,000
215,000
38,038
124,200
3,740
1,108,716
604,074
866,129
1,992
511,642
82,141
1,403,600
1,193,400
1,104,220
1,068,508
255,326
5,781,105
214,788
1,469,635
3,694,600
989,000
140,170
1,173,690
7,461
1,796,120
415,301
996,048
4,621
882,582
206,585
22,796,760
0.44%
0.37%
0.35%
0.34%
0.08%
1.82%
0.07%
0.46%
1.16%
0.31%
0.04%
0.37%
0.00%
0.56%
0.13%
0.31%
0.00%
0.28%
0.07%
7.18%
Technologie
Anite Group PLC
Computacenter PLC
LogicaCMG PLC
Psion PLC
Systems Union Group PLC
15,390
496,000
1,728,000
843,000
190,245
117,690
12,389
1,264,800
941,760
1,650,173
340,063
232,732
4,441,917
0.00%
0.40%
0.29%
0.52%
0.11%
0.07%
1.38%
Actions
163
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
835,200
263,000
4,860,862
2,937,710
7,798,572
1.53%
0.92%
2.45%
310,218,523
97.40%
Cash en banque
6,376,895
2.00%
Autre Actif Net
1,943,689
0.61%
318,539,107
100.01%
Actions
Services Publics
Scottish Power PLC
Severn Trent PLC
*Royal Dutch Shell PLC: taux de change utilisé aux Pays-Bas pour la conversion Euro/GBP est de 1.43335
Actif Total
% de l'Actif Total
96.62%
3.38%
100.00%
164
AXA ROSENBERG UK SMALL CAP ALPHA FUND
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
Matériaux de base
Avocet Mining PLC
Metnor Group PLC
125,236
15,000
238,575
33,975
272,550
1.12%
0.16%
1.28%
Creston PLC
Fibernet Group PLC
Filtronic PLC
Huntsworth PLC
Microgen PLC
QXL Ricardo PLC
THUS Group PLC
54,566
80,000
110,951
80,916
405,893
133,000
84
241,200
96,309
52,000
187,507
72,218
242,521
87,780
8,952
390,141
1,137,428
0.45%
0.25%
0.88%
0.34%
1.14%
0.42%
0.04%
1.84%
5.36%
Alpha Airports Group PLC
Ben Bailey PLC
European Motor Holdings PLC
Fayrewood PLC
Gibbs & Dandy PLC
John Menzies PLC
Luminar PLC
Newcastle United PLC
Pace Micro Technology PLC
Raymarine PLC
Regent Inns PLC
Renew Holdings PLC
Sportech PLC
Wincanton PLC
164,511
1,685
50,450
64,202
9,000
72,000
70,000
44,208
44,000
85,000
459,801
3,659
178,690
33,000
669,079
102,388
952,000
128,319
7,203
229,421
67,733
34,650
197,640
372,400
84,216
245,520
37,400
294,273
12,624
174,223
16,005
70,253
329,177
333,200
2,634,257
0.60%
0.03%
1.08%
0.32%
0.16%
0.93%
1.75%
0.40%
1.16%
0.18%
1.39%
0.06%
0.82%
0.07%
0.33%
1.55%
1.57%
12.40%
Arla Foods UK PLC
Babcock International Group
Cape PLC
Carr's Milling Industries
Chime Communications PLC
Christie Group PLC
Communisis PLC
Dawson Holdings PLC
Ferraris Group PLC
Glotel PLC
Goldshield Group PLC
Interior Services Group PLC
Lavendon Group PLC
Maclellan Group PLC
Mallett PLC
Mcbride PLC
Nichols PLC
Nord Anglia Education PLC
61,807
595,708
158,000
92,000
14,000
100,000
43,213
255,000
132,520
76,285
66,000
23,581
21,000
45,000
132,000
24,000
423,000
180,000
160,000
48,000
72,000
172,287
387,210
503,230
144,900
66,990
41,500
55,745
230,138
190,166
67,894
56,100
68,385
63,315
126,000
149,160
57,840
247,455
298,800
196,800
102,720
71,640
0.81%
1.82%
2.37%
0.68%
0.32%
0.20%
0.26%
1.08%
0.90%
0.32%
0.26%
0.32%
0.30%
0.59%
0.70%
0.27%
1.17%
1.41%
0.93%
0.48%
0.34%
Actions
165
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
Tenon Group PLC
Tribal Group PLC
Uniq PLC
Vp PLC
224,000
114,000
196,000
4,509
52,640
218,880
234,220
15,511
3,819,526
0.25%
1.03%
1.10%
0.07%
17.98%
Diversifié
Hunting PLC
L.O.E ALMAR*
Lonrho Africa PLC
146,147
90,943
36,000
260,000
403,366
358,315
57,200
818,881
1.90%
1.69%
0.00%
0.27%
3.86%
Énergie
Alkane Energy
Dana Petroleum
Global Energy Development
UK Coal
Venture Production
160,000
7,609
50,400
20,505
196,000
55,000
30,800
76,699
373,464
57,517
309,680
375,650
1,223,810
0.14%
0.36%
1.76%
0.27%
1.46%
1.77%
5.76%
Finance
Atrium Underwriting PLC
Brewin Dolphin Holdings PLC
Chaucer Holdings PLC
Colliers CRE PLC
DTZ Holdings PLC
Freeport PLC
Kiln PLC
Panther Securities PLC
Rugby Estates PLC
Wellington Underwriting PLC
Windsor PLC
57,000
8,639
37,068
477,000
57,000
46,104
78,000
309,834
73,250
270,835
6,975
6,193
100,000
110,000
111,435
16,155
427,394
366,098
141,645
303,825
319,800
266,457
151,628
253,908
24,064
29,943
108,000
53,625
2,573,977
0.53%
0.08%
2.01%
1.72%
0.67%
1.43%
1.51%
1.25%
0.71%
1.20%
0.11%
0.14%
0.51%
0.25%
12.12%
Industrie
600 Group PLC/The
Abacus Group PLC
Abbot Group PLC
Acal PLC
Alfred Mcalpine PLC
Alumasc Group
Autologic Holdings PLC
Baggeridge Brick PLC
Carclo PLC
Castings PLC
Chemring Group PLC
Clarkson PLC
Cookson Group PLC
Dart Group PLC
Delta PLC
Dialight PLC
FKI PLC
Heywood Williams Group PLC
64,000
21,576
108,027
62,000
70,000
33,000
113,121
69,000
40,630
91,000
88,000
35,000
31,807
54,000
40,539
170,000
68,000
296,000
135,000
36,160
31,825
326,782
220,100
327,600
51,975
131,786
112,815
179,889
64,155
229,240
414,400
275,131
279,180
169,858
210,800
174,590
372,960
138,713
0.17%
0.15%
1.54%
1.04%
1.54%
0.25%
0.62%
0.53%
0.85%
0.30%
1.08%
1.95%
1.30%
1.31%
0.80%
0.99%
0.82%
1.76%
0.65%
Actions
166
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
Industrie (suite)
James Latham PLC
Keller Group PLC
MS International PLC
MTL Instruments Group PLC
Ocean Wilsons Holdings Ltd
Oxford Instruments PLC
Senior PLC
TDG PLC
Thorpe (F.W.) PLC
Trifast PLC
TT electronics PLC
Ultraframe PLC
Vitec Group PLC/The
Wagon PLC
Waterman Group PLC
34,120
67,000
22,474
21,830
7,500
23,858
531,798
11,056
18,516
126,000
177,000
110,000
54,000
96,000
22,000
57,492
308,200
33,823
104,238
35,513
47,597
365,611
25,650
86,562
73,080
305,325
42,625
268,515
241,440
38,720
5,782,350
0.27%
1.45%
0.16%
0.49%
0.17%
0.22%
1.72%
0.12%
0.41%
0.34%
1.44%
0.20%
1.26%
1.14%
0.18%
27.22%
Technologie
Anite Group PLC
Computacenter PLC
Horizon Technology Group PLC
Intechnology PLC
iSOFT Group PLC
Morse PLC
Psion PLC
Systems Union Group PLC
XKO Group PLC
Zetex PLC
420,000
135,767
730,000
104,000
7,519
154,000
216,000
209,774
228,000
87,304
50,000
204,158
338,100
346,206
397,850
77,480
4,737
62,370
316,440
217,113
407,550
172,644
60,000
169,451
2,569,941
1.59%
1.63%
1.87%
0.37%
0.02%
0.30%
1.49%
1.02%
1.92%
0.81%
0.28%
0.80%
12.10%
Actions
Energy Capital Investment Company PLC**
19,470
-
0.00%
20,832,720
98.08%
Cash en banque
87,628
0.41%
Autre Actif Net
319,950
1.51%
21,240,298
100.00%
*Communication d'un avis (suite à l'acquisition par Almar PLC de Time Products PLC) afin de participer au paiement de tout
montant net supérieur à £Stg 4.25m résultant de la vente de Audemars Pigeut dans les 5 ans à venir.
**Energy Capital Investment Company PLC a été liquidée avec une valeur de marché nulle.
Actif Total
167
% de l'Actif Total
97.81%
0.00%
2.19%
100.00%
AXA ROSENBERG GLOBAL EX-UK EQUITY ALPHA FUND
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
880
4,018
7,511
10,277
3,723
10,415
10,433
12,866
8,772
6,565
7,355
6,168
9,638
14,608
17,017
6,328
4,807
6,103
7,408
2,822
29,917
13,984
13,378
17,054
308
1,587
6,942
24,009
5,080
13,340
4,847
34,772
10,997
5,622
2,785
4,328
14,080
31,263
17,753
6,850
113,654
12,112
13,991
75,565
26,970
114,861
14,541
11,770
15,810
14,229
27,349
20,347
9,014
43,735
17,095
13,739
30,082
24,818
2,770
51,441
32,476
13,521
40,597
18,864
30,824
53,460
107,683
22,048
1,050,425
0.01%
0.01%
0.03%
0.08%
0.04%
0.02%
0.28%
0.03%
0.03%
0.19%
0.07%
0.28%
0.04%
0.03%
0.04%
0.04%
0.07%
0.05%
0.02%
0.11%
0.04%
0.03%
0.07%
0.06%
0.01%
0.13%
0.08%
0.03%
0.10%
0.05%
0.08%
0.13%
0.27%
0.06%
2.62%
2,202
84,802
0.21%
1,200
10,200
821
49,562
209,501
54,586
313,649
0.12%
0.52%
0.14%
0.78%
24
1,526
118,696
32,600
151,296
0.29%
0.08%
0.38%
1,492
27,200
1,600
14,968
324,119
34,158
373,245
0.04%
0.80%
0.09%
0.94%
2,000
335
6,000
2,800
2,000
1,200
1,500
3,000
500
1,200
1,800
17,818
14,292
320,857
85,659
62,734
48,306
86,179
120,661
45,104
69,655
65,113
0.04%
0.04%
0.80%
0.21%
0.16%
0.12%
0.21%
0.30%
0.11%
0.17%
0.16%
Actions
Australie
ABB Grain Ltd
Amcor Ltd
Ansell Ltd
Austereo Group Ltd
AWB Ltd
BHP Billiton Ltd
Boral Ltd
DCA Group Ltd
Felix Resources Ltd
Futuris Corp Ltd
Insurance Australia Group Ltd
Lend Lease Corp Ltd
Lion Nathan Ltd
Mayne Pharma Ltd
New Hope Corp Ltd
Pacific Brands Ltd
Promina Group Ltd
Qantas Airways Ltd
Rio Tinto Ltd
Santos Ltd
Suncorp-Metway Ltd
Symbion Health Ltd
Telstra Corp Ltd
Zinifex Ltd
Autriche
OMV AG
Belgique
Delhaize Group
Fortis
Solvay SA
Danemark
Danske Bank A/S
Finlande
Kemira OYJ
Nokia OYJ
Wartsila Oyj
France
Alcatel SA
Atos Origin SA
BNP Paribas
Bouygues
Cap Gemini SA
Christian Dior SA
Cie de Saint-Gobain
Ciments Francais
CNP Assurances
168
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
400
553
3,620
440
2,100
800
2,527
180
3,400
2,000
1,772
1,200
30,837
13,415
10,026
68,394
76,185
19,657
138,396
24,614
294,373
54,697
269,135
28,892
1,964,999
0.08%
0.03%
0.02%
0.17%
0.19%
0.05%
0.34%
0.06%
0.73%
0.14%
0.67%
0.07%
4.87%
1,200
4,400
6,000
800
3,400
1,535
1,800
2,200
600
1,000
10,000
600
886
3,400
4,800
3,500
200
115,349
198,612
138,389
26,456
223,567
15,817
25,982
139,381
58,947
68,790
59,371
32,831
12,350
182,744
79,802
39,558
8,694
1,426,640
0.29%
0.49%
0.34%
0.07%
0.55%
0.04%
0.06%
0.35%
0.15%
0.17%
0.15%
0.08%
0.03%
0.45%
0.20%
0.10%
0.02%
3.54%
233
3,200
2,000
1,364
18,556
57,242
25,674
30,014
131,486
0.05%
0.14%
0.07%
0.07%
0.34%
6,000
12,000
7,600
4,500
13,000
12,000
31,500
86,000
32,000
9,500
35,000
4,500
64,000
4,000
8,000
28,000
2,500
24,000
16,000
1,000
13,000
48,000
23,000
3,076
7,311
15,838
5,216
13,135
73,329
95,367
28,752
26,390
31,973
15,602
20,193
7,608
29,525
10,520
30,684
18,564
26,746
43,388
5,286
27,430
28,886
7,519
0.01%
0.02%
0.04%
0.01%
0.03%
0.18%
0.24%
0.07%
0.06%
0.08%
0.04%
0.05%
0.02%
0.07%
0.03%
0.08%
0.04%
0.07%
0.11%
0.01%
0.07%
0.07%
0.02%
Actions
France (suite)
Eramet
Havas SA
Peugeot SA
Rallye SA
Sanofi-Aventis
Societe Generale
Sodexho Alliance SA
Total SA
Valeo SA
Allemagne
Allianz AG
BASF AG
Bayer AG
DaimlerChrysler AG
Deutsche Bank AG
Deutsche Post AG
E.ON AG
Fresenius AG
Merck KGaA
Mobilcom AG
Siemens AG
ThyssenKrupp AG
TUI AG
Volkswagen AG
Grèce
Bank of Greece
OPAP SA
Hong-Kong
Aluminum Corp of China Ltd
China Mobile Hong Kong Ltd
CLP Holdings Ltd
CNOOC Ltd
Esprit Holdings Ltd
Guoco Group Ltd
Hang Lung Group Ltd
Hang Seng Bank Ltd
Hutchison Whampoa Ltd
PetroChina Co Ltd
TAI Cheung Holdings
169
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
3,456
8,640
8,000
14,500
11,028
6,419
8,262
6,410
604,457
0.03%
0.01%
0.02%
0.02%
1.47%
4,500
1,945
90,418
4,071
94,489
0.22%
0.01%
0.23%
48,000
22,928
21,000
14,000
16,100
1,355
3,600
600
6,000
108,000
165,096
74,302
100,506
24,296
263,737
31,168
49,654
29,306
15,268
181,400
934,733
0.41%
0.19%
0.25%
0.06%
0.65%
0.08%
0.12%
0.07%
0.04%
0.45%
2.33%
2,000
3,000
7,000
1,200
7,000
8,000
1,400
2,000
1,000
3,000
3,600
3,000
400
3,000
4,000
5,200
10,000
1,400
6,000
2,000
6,000
6,000
4,600
2,000
400
25,000
1,000
500
11,000
1,700
4,000
2,000
30,000
2,000
5,000
5,000
18
50
5,500
4,800
4,000
2,000
2,700
25,994
27,807
43,917
22,809
57,119
68,758
30,578
9,704
6,938
18,895
137,028
37,159
9,049
9,997
35,200
28,228
30,148
25,858
16,799
19,936
46,292
18,822
88,332
7,407
4,143
121,299
12,460
4,190
23,864
15,051
18,372
14,698
122,105
13,886
13,657
19,349
87,687
101,144
127,651
59,338
18,079
8,062
34,499
0.06%
0.07%
0.11%
0.06%
0.14%
0.17%
0.08%
0.02%
0.02%
0.05%
0.34%
0.09%
0.02%
0.02%
0.09%
0.07%
0.07%
0.06%
0.04%
0.05%
0.11%
0.05%
0.22%
0.02%
0.01%
0.30%
0.03%
0.01%
0.06%
0.04%
0.05%
0.04%
0.30%
0.03%
0.03%
0.05%
0.22%
0.25%
0.32%
0.15%
0.04%
0.02%
0.09%
Actions
Hong-Kong (suite)
Wheelock & Co Ltd
Irlande
CRH PLC
Dragon Oil PLC
Italie
Banca Intesa SpA
Capitalia SpA
ENI SpA
Fondiaria-Sai SpA
Italcementi SpA
Italmobiliare SpA
Snam Rete Gas SpA
Telecom Italia SpA
Japon
Amada Co Ltd
Asahi Breweries Ltd
Asahi Glass Co Ltd
Astellas Pharma Inc
Canon Inc
Cawachi Ltd
Cosmo Oil Co Ltd
Daiei Inc/The
Daishi Bank Ltd/The
Fujitec Co Ltd
Fujitsu Ltd
Glory Ltd
Haseko Corp
Heiwa Corp
Higo Bank Ltd/The
Hitachi Ltd
INPEX Corp
Japan Tobacco Inc
JFE Holdings Inc
JS Group Corp
Kanaden Corp
170
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
2,000
39,000
7,500
4,000
2,000
3,000
2,000
14,000
2,000
17,000
38,000
11,000
42
11,000
15,000
10,000
21
13,000
2,000
700
11,500
16,000
2,000
62,000
50
17,000
300
15,000
10,000
10,000
11,000
2,000
1,300
400
2,000
600
3,000
20,000
400
2,200
2,200
4,000
5,000
4,600
5,000
4,600
5,700
3,300
28
11,000
1,500
15,000
600
1,400
400
900
9,400
1,000
200
400
36,000
5,000
3,000
4,400
10,427
85,180
55,043
8,209
7,534
10,334
9,088
178,882
15,831
60,305
103,978
33,807
369,394
46,546
117,341
84,091
98,813
28,203
8,082
60,198
55,798
72,159
9,948
138,142
123,376
59,724
2,430
29,903
128,262
18,372
24,079
9,264
9,337
4,222
6,098
9,851
17,883
31,565
6,547
51,383
34,936
24,001
42,901
104,740
21,743
30,028
19,384
30,072
177,856
73,204
27,045
41,703
5,717
50,689
4,554
11,192
134,804
6,846
1,311
4,798
120,317
15,074
31,296
138,239
0.03%
0.21%
0.14%
0.02%
0.02%
0.03%
0.02%
0.44%
0.04%
0.15%
0.26%
0.08%
0.92%
0.12%
0.29%
0.21%
0.24%
0.07%
0.02%
0.15%
0.14%
0.18%
0.02%
0.34%
0.31%
0.15%
0.01%
0.07%
0.32%
0.05%
0.06%
0.02%
0.02%
0.01%
0.01%
0.02%
0.04%
0.08%
0.02%
0.13%
0.09%
0.06%
0.11%
0.26%
0.05%
0.07%
0.05%
0.07%
0.44%
0.18%
0.07%
0.10%
0.01%
0.13%
0.01%
0.03%
0.33%
0.02%
0.00%
0.01%
0.30%
0.04%
0.08%
0.34%
Actions
Japon (suite)
Kinden Corp
Kobe Steel Ltd
Kyudenko Corp
Maeda Corp
Mitani Corp
NEC Corp
Nintendo Co Ltd
Nippon Oil Corp
Nippon Steel Corp
Nippon Yusen KK
Nomura Holdings Inc
Orient Corp
PanaHome Corp
Parco Co Ltd
Riso Kagaku Corp
Sangetsu Co Ltd
Sazaby League Ltd
Seiko Epson Corp
Seino Holdings Corp
Sekisui House Ltd
Shiga Bank Ltd/The
Sojitz Corp
Suzuken Co Ltd
Taikisha Ltd
Takefuji Corp
TKC
Tokyo Style Co Ltd
Topre Corp
Toshiba Corp
Toshiba TEC Corp
Toyota Motor Corp
171
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
Japon (suite)
UNY Co Ltd
Yurtec Corp
300
4,000
28
3,000
2,000
3,980
36,803
67,996
10,642
6,723
5,120,531
0.01%
0.09%
0.17%
0.03%
0.02%
12.68%
Pays-Bas
ABN AMRO Holding NV
Aegon NV
Akzo Nobel NV
Buhrmann NV
ING Groep NV
Koninklijke DSM NV
TNT NV
Unilever NV
VNU NV
1,051
12,600
2,485
2,000
6,000
2,400
4,000
4,800
2,000
18,141
134,232
75,919
20,372
136,464
63,091
79,729
191,886
37,437
757,271
0.04%
0.33%
0.19%
0.05%
0.34%
0.16%
0.20%
0.48%
0.09%
1.88%
7,338
3,938
3,120
12,127
9,436
7,025
28,588
0.03%
0.02%
0.02%
0.07%
Norvège
Norsk Hydro ASA
Statoil ASA
1,800
12,000
143,576
199,235
342,811
0.36%
0.49%
0.85%
Portugal
40,000
90,418
0.22%
Singapour
CapitaLand Ltd
Guocoland Ltd
22,000
4,000
15,000
600
6,000
4,000
3,000
5,000
6,000
5,000
8,000
37,936
23,229
13,574
6,365
38,396
3,107
12,719
24,939
5,665
27,790
3,734
197,454
0.09%
0.06%
0.03%
0.02%
0.10%
0.01%
0.03%
0.06%
0.01%
0.07%
0.01%
0.49%
Espagne
Acciona SA
Endesa SA
Gas Natural SDG SA
Iberdrola SA
Repsol YPF SA
Telefonica SA
800
2,700
39,000
1,800
9,100
1,600
1,200
7,800
9,800
18,900
71,748
32,437
327,868
55,506
169,131
68,204
20,001
144,969
160,262
170,757
1,220,883
0.18%
0.08%
0.81%
0.14%
0.42%
0.17%
0.05%
0.36%
0.40%
0.42%
3.03%
Suède
SKF AB
Boliden AB
Nordea Bank AB
Saab AB
SAS AB
Skanska AB
Tele2 AB
TeliaSonera AB
3,215
691
12,000
2,000
4,000
5,666
6,300
32,000
1,251
30,203
6,108
85,438
28,997
32,252
53,439
42,875
110,545
42,430
432,287
0.07%
0.02%
0.21%
0.07%
0.08%
0.13%
0.11%
0.27%
0.11%
1.07%
Actions
Nouvelle-Zélande
Mainfreight Ltd
172
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
1,016
1,200
4,800
7,800
626
480
3,000
800
120
180
100
500
2,700
1,400
1,100
41,662
41,266
132,348
251,713
28,666
81,950
95,952
68,503
48,095
22,076
39,241
60,218
108,512
88,444
148,616
1,257,262
0.10%
0.10%
0.33%
0.62%
0.07%
0.20%
0.24%
0.17%
0.12%
0.06%
0.10%
0.15%
0.27%
0.22%
0.37%
3.13%
6,930
11,400
3,800
2,240
420
11,260
8,300
380
100
13,212
600
1,500
360
140
6,300
2,822
6,690
1,570
25,970
4,690
6,120
5,930
30,950
700
2,510
5,800
7,510
2,700
23,607
900
8,000
2,770
500
2,396
10,910
12,190
300
4,850
1,580
36,790
32,840
100
4,100
8,600
3,230
600
200
207,794
322,963
109,232
48,492
26,272
338,277
339,072
31,197
2,399
503,405
38,770
87,351
7,636
5,287
227,803
93,939
129,785
29,209
404,848
104,153
76,035
86,768
812,581
25,416
95,072
205,912
93,780
121,306
334,939
22,394
384,330
114,677
12,657
61,083
109,128
407,399
77,398
113,634
39,405
459,623
894,389
2,093
75,261
171,450
110,780
17,341
6,684
0.51%
0.80%
0.27%
0.12%
0.06%
0.84%
0.84%
0.08%
0.01%
1.25%
0.10%
0.22%
0.02%
0.01%
0.56%
0.23%
0.32%
0.07%
1.00%
0.26%
0.19%
0.21%
2.01%
0.06%
0.24%
0.51%
0.23%
0.30%
0.83%
0.06%
0.95%
0.28%
0.03%
0.15%
0.27%
1.01%
0.19%
0.28%
0.10%
1.14%
2.22%
0.01%
0.19%
0.43%
0.27%
0.04%
0.02%
Actions
Suisse
Baloise Holding AG
Credit Suisse Group
Holcim Ltd
Nestle SA
Novartis AG
Roche Holding AG
Serono SA
SIG Holding AG
Sulzer AG
Swiss Life Holding
Swiss Reinsurance
UBS AG
Etats-Unis
ACE Ltd
Aetna Inc
AG Edwards Inc
Allergan Inc
Allstate Corp/The
Altria Group Inc
Amerada Hess Corp
Apache Corp
Apple Computer Inc
AT&T Inc
Autodesk Inc
Autonation Inc
Avnet Inc
BMC Software Inc
Boeing Co
Broadcom Corp
Caterpillar Inc
CBRL Group Inc
Celgene Corp
Cendant Corp
Chevron Corp
Chicago Mercantile Exchange Holdings Inc
Chico's FAS Inc
Cimarex Energy Co
Cisco Systems Inc
Citigroup Inc
Claire's Stores Inc
CNA Financial Corp
Coach Inc
Cognizant Technology Solutions Corp
Comerica Inc
173
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
2,810
4,810
10,200
5,690
12,630
12,512
1,890
100
290
16,540
1,980
90
4,850
3,600
500
1,000
1,600
3,500
27,600
100
2,090
770
3,000
2,700
9,100
1,000
24,540
6,630
8,467
782
1,700
1,140
132
19,180
14,450
1,700
60
400
5,520
4,720
2,179
300
11,980
60
550
400
7,800
1,000
3,610
3,900
7,210
6,240
6,680
160
6,600
4,270
260
9,160
200
10,390
6,800
320
2,500
4,234
86,655
154,043
371,353
142,697
195,943
264,732
58,818
2,364
17,572
284,829
46,836
4,644
112,096
132,332
9,458
29,662
18,698
177,366
968,399
6,511
58,921
27,514
69,424
93,038
145,900
36,886
492,059
193,715
303,720
70,763
382,232
22,872
3,867
363,796
352,388
18,965
1,055
19,018
192,248
83,785
74,394
10,338
287,595
2,248
19,387
8,486
136,299
72,255
125,665
227,540
267,858
41,587
293,342
9,873
205,852
44,631
7,943
181,452
4,218
211,029
308,765
8,924
96,034
35,931
0.21%
0.38%
0.92%
0.35%
0.49%
0.66%
0.15%
0.01%
0.04%
0.71%
0.12%
0.01%
0.28%
0.33%
0.02%
0.07%
0.05%
0.44%
2.40%
0.02%
0.15%
0.07%
0.17%
0.23%
0.36%
0.09%
1.22%
0.48%
0.75%
0.18%
0.95%
0.06%
0.01%
0.90%
0.87%
0.05%
0.00%
0.05%
0.48%
0.21%
0.18%
0.03%
0.71%
0.01%
0.05%
0.02%
0.34%
0.18%
0.31%
0.56%
0.66%
0.10%
0.73%
0.02%
0.51%
0.11%
0.02%
0.45%
0.01%
0.52%
0.77%
0.02%
0.24%
0.09%
Actions
États-Unis (suite)
ConocoPhillips
Corning Inc
Countrywide Financial Corp
Crane Co
Cummins Inc
CVS Corp
DTE Energy Co
Eagle Materials Inc
Expedia Inc
Express Scripts Inc
Exxon Mobil Corp
FedEx Corp
FirstEnergy Corp
FMC Corp
FPL Group Inc
General Electric Co
General Mills Inc
Gilead Sciences Inc
Google Inc
Health Net Inc
Hewlett-Packard Co
Home Depot Inc
Intel Corp
Intermec Inc
JC Penney Co Inc
JLG Industries Inc
Johnson & Johnson
Joy Global Inc
JPMorgan Chase & Co
KB Home
Kennametal Inc
Keycorp
Kraft Foods Inc
Legg Mason Inc
Lennar Corp
Loews Corp
Lowe's Cos Inc
LSI Logic Corp
Marathon Oil Corp
Marvell Technology Group Ltd
Mattel Inc
Maverick Tube Corp
McDonald's Corp
Medimmune Inc
Merck & Co Inc
Metlife Inc
Micron Technology Inc
174
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
2,590
17,300
900
1,470
6,150
7,303
1,649
830
1,590
4,230
800
5,900
1,320
4,580
4,500
240
6,520
490
1,650
6,580
6,830
6,110
3,300
2,800
2,900
3,060
9,480
140
1,900
500
70
4,730
8
10,930
940
2,600
17,900
3,450
5,580
420
510
70
2,395
1,200
3,600
1,900
1,260
300
6,680
30
1,990
1,020
4,200
6,300
700
1,400
200
6,290
4,500
2,220
2,750
3,000
200
3,030
43,467
271,386
41,883
71,824
253,368
264,492
21,780
13,322
16,097
143,809
39,249
133,269
79,746
244,638
182,849
14,202
114,233
6,907
54,973
89,033
98,126
137,026
153,209
97,840
96,335
89,283
250,534
3,698
51,801
27,073
2,274
119,876
7,352
165,914
25,178
126,631
263,358
35,802
67,942
17,344
11,596
1,523
44,833
25,660
106,637
60,498
12,196
8,397
309,247
474
62,400
15,130
108,381
97,630
25,146
75,345
8,090
210,217
144,919
26,212
63,813
103,393
6,475
99,396
0.11%
0.67%
0.10%
0.18%
0.63%
0.66%
0.05%
0.03%
0.04%
0.36%
0.10%
0.33%
0.20%
0.61%
0.45%
0.04%
0.28%
0.02%
0.14%
0.22%
0.24%
0.34%
0.38%
0.24%
0.24%
0.22%
0.62%
0.01%
0.13%
0.07%
0.01%
0.30%
0.02%
0.41%
0.06%
0.31%
0.65%
0.09%
0.17%
0.04%
0.03%
0.00%
0.11%
0.06%
0.26%
0.15%
0.03%
0.02%
0.77%
0.00%
0.15%
0.04%
0.27%
0.24%
0.06%
0.19%
0.02%
0.52%
0.36%
0.06%
0.16%
0.26%
0.02%
0.25%
Actions
États-Unis (suite)
Microsemi Corp
Microsoft Corp
Mohawk Industries Inc
Monsanto Co
Moody's Corp
Morgan Stanley
Motorola Inc
News Corp
NII Holdings Inc
Nike Inc
Nordstrom Inc
Nucor Corp
Paccar Inc
PepsiAmericas Inc
PepsiCo Inc
PerkinElmer Inc
Pfizer Inc
PG&E Corp
Phelps Dodge Corp
Procter & Gamble Co
Qualcomm Inc
Raytheon Co
Rowan Cos Inc
Seaboard Corp
Seagate Technology
Sempra Energy
Staples Inc
Steelcase Inc
Sybase Inc
Teleflex Inc
Telephone & Data Systems Inc
Telephone & Data Systems Inc Spec Shs*
Thomas & Betts Corp
Tidewater Inc
Time Warner Inc
Transocean Inc
Tribune Co
TXU Corp
Union Pacific Corp
UnionBanCal Corp
UnumProvident Corp
URS Corp
Valero Energy Corp
VF Corp
175
Nombre de
Titres
Juste Valeur
£
% de
l'Actif Net
13,141
1,480
80
1,470
390
540
1,900
2,532
9,700
2,940
424,636
40,307
2,946
52,595
15,292
6,049
100,195
109,992
271,329
30,764
23,307,075
1.05%
0.10%
0.01%
0.13%
0.04%
0.02%
0.25%
0.27%
0.67%
0.08%
57.75%
39,884,801
98.87%
Cash en banque
187,692
0.47%
Autre Actif Net
248,504
0.62%
40,320,997
99.95%
Actions
États-Unis (suite)
Wachovia Corp
Wal-Mart Stores Inc
Wells Fargo & Co
Whirlpool Corp
WW Grainger Inc
Wyeth
Xcel Energy Inc
*Telephone & Data Systems Inc Actions Spéciales* 1 action spéciale Telephone & Data Systems Inc pour
toute ancienne action Telephone & Data Systems Inc détenue
Actif Total
% de l'Actif Total
98.14%
1.86%
100.00%
176
BILAN AU 31 MARS 2006
Axa Rosenberg
US Equity
Alpha Fund
US$
31 mars 2006
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du
Créances courtiers
Souscriptions à recevoir
Dividendes à recevoir
Autres actifs
Total de l'actif
Passif
Courtiers
Rachats payables
Dépenses cumulées
Total du passif (à l'exclusion de l'actif net
imputable aux détenteurs de parts rachetables)
Actif net imputable aux détenteurs de parts
rachetables
12,057,342
2,219,392,377
38,596,743
16,830,048
1,694,108
28,735
2,288,599,353
31 mars 2005
12,386,749
1,718,726,985
7,694,527
51,578,813
1,389,394
1,791,776,468
Axa Rosenberg
US Enhanced Index Equity
Alpha Fund
US$
31 mars 2006
31 mars 2005
45,915
78,453,072
435,213
2,492,303
68,134
6,844
81,501,481
42,563
45,136,197
1,879,657
47,477
8,885
47,114,779
(32,573,785)
(6,923,411)
(2,400,841)
(39,031,062)
(7,837,356)
(2,011,926)
(180,106)
(7,236)
(48,878)
(150,127)
(1,700,960)
(34,997)
(41,898,037)
(48,880,344)
(236,220)
(1,886,084)
2,246,701,316
The accompanying notes are an integral part of these financial statements
1,742,896,124
81,265,261
45,228,695
177
BILAN AU 31 MARS 2006 (Suite)
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg US Equity Alpha Fund Class A
Nombre de parts en circulation
Valeur nette d'inventaire par part
38,761,609
$14.12
24,717,132
$12.59
17,491,667
$11.61
Axa Rosenberg US Equity Alpha Fund Class B
49,197,042
$11.17
21,140,988
$10.03
18,267,015
$9.30
Axa Rosenberg US Equity Alpha Fund Class B €
86,900,185
€ 9.24
120,844,635
€ 7.72
98,886,322
€ 7.57
Axa Rosenberg US Equity Alpha Fund Class E €
1,486
€ 9.19
-
138
€ 7.57
Axa Rosenberg US Equity Alpha Fund Class A Hedged
2,087,112
€ 10.34
660,111
€ 9.32
-
Axa Rosenberg US Equity Alpha Fund Class B Hedged
14,873,291
€ 8.45
385
€ 7.71
-
Axa Rosenberg US Equity Alpha Fund Class R £
251
£6.51
-
-
Axa Rosenberg US Equity Alpha Fund Class M
201
$14.17
-
-
Axa Rosenberg US Enhanced Index Equity Alpha Fund Class A
6,223,767
$13.06
Axa Rosenberg US Enhanced Index Equity Alpha Fund Class M
216
$13.08
3,852,180
$11.74
-
5,308,309
$10.93
-
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg US Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg US Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg US Enhanced Index Equity Alpha Fund
Approuvé pour le compte du Gestionnaire par
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
178
COMPTE DE RESULTATS RELATIF A L'EXERCICE CLOTURE AU 31 MARS 2006
Axa Rosenberg
US Equity
Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Alpha Fund
US$
31 mars 2006
31 mars 2005
Recettes
Revenus des dividendes
Revenus des intérêts
Gain net sur les actifs et les passifs financiers
à leur juste valeur en contrepartie du compte de résultats
Revenu total de l'investissement
39,060,108
285,106
26,326,507
32,487
1,471,059
14,193
1,224,940
2,846
218,267,005
257,612,219
96,074,925
122,433,919
7,812,303
9,297,555
3,895,984
5,123,770
Dépenses
Commission de gestion
Frais de dépôt
Redevance de l'administrateur
Frais d'audit
Commission du dépositaire
Honoraires juridiques et professionnels
Autres frais
Charges d'exploitation
(25,496,619)
(148,213)
(1,825,184)
(17,267)
(357,348)
(44,773)
(220,710)
(28,110,114)
(16,856,646)
(190,295)
(1,185,737)
(40,800)
(246,615)
(95,310)
(143,812)
(18,759,215)
Revenu net avant charges financières
229,502,105
103,674,704
Charges financières
Intérêts courus
(6,185)
(6,185)
-
Bénéfice de l'exercice financier
229,495,920
103,674,704
Retenue à la source sur les placements cotés
(11,365,040)
(7,464,399)
Augmentation de l’actif net résultant des opérations
imputables aux détenteurs de parts rachetables
218,130,880
96,210,305
(275,610)
(41,131)
(77,025)
(1,136)
(20,427)
(1,974)
(53,693)
(470,996)
8,826,559
(52)
(52)
8,826,507
(459,478)
8,367,029
(209,017)
(45,444)
(86,479)
(1,928)
(15,173)
(3,639)
(29,720)
(391,400)
4,732,370
4,732,370
(371,072)
4,361,298
Les différents montants résultent uniquement d'activités poursuivies.
Il n'existe pas d'autres bénéfices et pertes reconnus que ceux figurant au compte de résultats.
Approuvé pour le compte du Gestionnaire par:
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
179
ETAT DE L’EVOLUTION DE L’ACTIF NET IMPUTABLE AUX DETENTEURS DE PARTS RACHETABLES
RELATIF A L'EXERCICE CLOTURE AU 31 MARS 2006
Axa Rosenberg
US Equity
Alpha Fund
US$
31 mars 2006
31 mars 2005
Bilan en début d'exercice
Augmentation de l'actif net résultant des opérations
Emission de parts rachetables durant l'exercice
Rachat de parts rachetables durant l'exercice
Bilan en fin d'exercice
1,742,896,124
218,130,880
1,843,577,998
(1,557,903,686)
2,246,701,316
1,293,076,192
96,210,305
970,908,037
(617,298,410)
1,742,896,124
Axa Rosenberg
Alpha Fund
US$
31 mars 2006
31 mars 2005
45,228,695
58,024,966
8,367,029
72,287,064
(44,617,527)
4,361,298
18,322,257
(35,479,826)
81,265,261
45,228,695
180
Axa Rosenberg
Global Equity
Alpha Fund
US$
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du compte de résultats
Créances courtiers
Autres actifs
Total de l'actif
Axa Rosenberg
Global Small Cap
Alpha Fund
US$
31 mars 2006
31 mars 2005
31 mars 2006
31 mars 2005
9,732,376
593,966,975
4,968,229
5,858,147
1,483,261
25,877
616,034,865
1,377,435
249,047,539
2,640,888
720,173
682,129
254,468,164
7,801,312
564,708,590
9,824,131
4,460,084
940,459
20,492
587,755,068
2,818,899
194,049,073
936,274
2,040,830
405,515
200,250,591
Passif
Courtiers
Rachats payables
Dépenses cumulées
Total du passif (à l’exclusion de l’actif net imputable
aux détenteurs de parts rachetables)
(10,700,331)
(1,384,636)
(352,235)
(702,047)
(2,265,908)
(275,724)
(7,642,979)
(747,361)
(616,837)
(1,658,580)
(1,338,883)
(258,694)
(12,437,202)
(3,243,679)
(9,007,177)
(3,256,157)
Actif net imputable aux détenteurs de parts rachetables
603,597,663
251,224,485
578,747,891
196,994,434
181
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg Global Equity Alpha Fund Class A
23,101,573
$13.79
11,513,675
$11.64
3,900,176
$10.35
Axa Rosenberg Global Equity Alpha Fund Class B
5,040,662
$12.12
1,900,231
$10.30
1,721,382
$9.22
Axa Rosenberg Global Equity Alpha Fund Class B €
4,526,251
€ 10.02
5,623,450
€ 7.93
2,199,664
€ 7.50
Axa Rosenberg Global Equity Alpha Fund Class E €
30,389
€ 9.82
907
€ 7.90
139
€ 7.50
Axa Rosenberg Global Equity Alpha Fund Class M
213
$13.83
-
-
Axa Rosenberg Global Equity Alpha Fund Class A £
12,235,037
£7.95
3,406,415
£6.16
-
Axa Rosenberg Global Small Cap Alpha Fund Class A
12,116,253
$26.17
5,698,027
$20.42
793,904
$17.32
Axa Rosenberg Global Small Cap Alpha Fund Class B
2,911,574
$22.90
830,323
$17.99
264,714
$15.37
Axa Rosenberg Global Small Cap Alpha Fund Class B €
8,203,034
€ 18.92
3,578,293
€ 13.84
1,146,259
€ 12.51
Axa Rosenberg Global Small Cap Alpha Fund Class E €
313,047
€ 18.73
74,590
€ 13.80
84
€ 12.51
Axa Rosenberg Global Small Cap Alpha Fund Class M
118
$26.28
-
-
Axa Rosenberg Global Small Cap Alpha Fund Class R £
133
£13.20
-
-
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Global Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Global Small Cap Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Global Small Cap Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
182
Axa Rosenberg
Global Equity
Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Global Small Cap
Alpha Fund
US$
31 mars 2006
31 mars 2005
Recettes
Revenu des dividendes
Gain net sur les actifs financiers à leur juste valeur en
contrepartie du compte de résultats
Autres produits
71,679
8,576,256
17,627
3,297,011
93,845
5,985,966
788
1,691,195
65,874,665
42,108
74,564,708
22,290,222
96,979
25,701,839
96,842,011
102,921,822
22,772,148
24,464,131
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
(3,054,067)
(228,499)
(364,269)
(6,119)
(86,742)
(10,806)
(121,710)
(3,872,212)
(1,418,093)
(233,158)
(275,906)
(6,787)
(38,179)
(14,371)
(75,016)
(2,061,510)
(3,822,071)
(407,685)
(343,472)
(5,667)
(82,267)
(10,415)
(170,245)
(4,841,822)
(1,070,777)
(345,580)
(203,793)
(4,925)
(25,688)
(10,341)
(83,990)
(1,745,094)
70,692,496
23,640,329
98,080,000
22,719,037
Intérêts courus
(20,590)
(20,590)
70,671,906
(1,637,175)
69,034,731
23,640,329
(669,906)
22,970,423
(941)
(941)
98,079,059
(1,105,462)
96,973,597
22,719,037
(310,424)
22,408,613
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
183
Axa Rosenberg
Global Equity
Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Global Small Cap
Alpha Fund
US$
31 mars 2006
31 mars 2005
251,224,485
76,536,523
196,994,434
35,434,179
69,034,731
428,261,141
(144,922,694)
22,970,423
186,643,428
(34,925,889)
96,973,597
380,994,737
(96,214,877)
22,408,613
159,972,318
(20,820,676)
603,597,663
251,224,485
578,747,891
196,994,434
184
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du
Créances courtiers
Autres actifs
Total de l'actif
Passif
Courtiers
Rachats payables
Dépenses cumulées
Actif net imputable aux détenteurs
de parts rachetables
Axa Rosenberg
Pacific Ex-Japan
Equity Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Pacific Ex-Japan
Small Cap Alpha Fund
US$
31 mars 2006
31 mars 2005
10,588,221
413,370,289
9,281,290
960,342
2,236,264
20,036
436,456,442
30,376,980
813,701,128
4,372,276
7,143,516
4,785,321
19,381
860,398,602
6,172,399
249,400,627
2,293,956
2,088,236
1,214,862
261,170,080
6,525,291
297,686,721
20,245,678
7,163,557
1,753,345
333,374,592
Axa Rosenberg
All-Country Asia Pacific
Ex-Japan Equity Alpha Fund
US$
31 mars 2006
31 mars 2005
2,328,878
60,721,460
309,164
3
294,584
11,993
63,666,082
767,148
29,084,311
343,248
1,377,023
85,388
12,980
31,670,098
(10,864,602)
(496,185)
(456,820)
(2,018,732)
(864,899)
(348,368)
(2,161,584)
(7,405,362)
(1,169,290)
(13,722,145)
(8,076,465)
(518,013)
(681,639)
(60,534)
(1,841,643)
(49,948)
(11,817,607)
(3,231,999)
(10,736,236)
(22,316,623)
(742,173)
(1,891,591)
849,662,366
311,057,969
424,638,835
257,938,081
62,923,909
29,778,507
185
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class A
8,210,390
$19.06
7,301,128
$16.69
4,511,140
$13.84
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class B
7,520,251
$20.30
2,068,561
$17.89
314,029
$14.93
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class B €
5,260,470
€ 16.78
5,506,459
€ 13.77
5,042,559
€ 12.15
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class M
171,111
$19.13
-
-
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class E €
264,485
€ 16.62
31,989
€ 13.73
86
€ 12.15
-
-
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund Class R £
137
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class A
7,270,666
$37.37
2,491,768
$28.28
416,802
$20.61
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class B
5,297,112
$43.98
2,469,377
$33.52
458,689
$24.59
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class M
82
$37.52
-
-
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class B €
7,005,891
€ 36.34
4,483,243
€ 25.79
769,445
€ 20.01
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class E €
663,799
€ 35.99
226,199
€ 25.73
51
€ 20.01
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class R £ Dist
217,005
£21.26
-
-
Axa Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class A
5,442,853
$11.56
Axa Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class M
257
$11.60
-
-
Axa Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class B €
100
€ 9.90
-
-
3,118,656
$9.55
-
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund
Les titres de la catégorie R £ ont été émis le 12 avril 2005 sur l'Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg All-Country Asia Pacific Ex-Japan Alpha Fund
Les titres de la catégorie B € ont été émis le 28 février 2005 sur l'Axa Rosenberg All-Country Asia Pacific Ex-Japan Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
186
Axa Rosenberg
Pacific Ex-Japan
Equity Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Pacific Ex-Japan
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Ex-Japan Alpha Fund*
US$
31 mars 2006
31 mars 2005
Recettes
Gain net sur les actifs financiers à leur juste valeur en
contrepartie du compte de résultats
Autres produits
136,327
14,891,305
7,650,292
381,227
17,149,040
23,774
5,372,196
19,176
1,549,359
30,609,293
2,466
45,639,391
27,927,964
35,578,256
146,211,556
163,741,823
50,100,430
55,496,400
7,804,645
233
9,373,413
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
(3,322,080)
(236,658)
(321,680)
(3,385)
(78,772)
(6,058)
(126,050)
(4,094,683)
(1,780,705)
(296,344)
(300,052)
(6,925)
(44,212)
(15,843)
(66,445)
(2,510,526)
41,544,708
33,067,730
Intérêts courus
Distribution aux détenteurs de parts rachetables
Bénéfice(/perte) de l'exercice financier
Augmentation de l'actif net résultant des
opérations imputables aux détenteurs de parts
rachetables
(4,494)
(4,494)
41,540,214
(135,885)
41,404,329
(6,969,343)
(707,151)
(521,779)
(8,820)
(115,584)
(14,985)
(265,185)
(8,602,847)
155,138,976
(18,562)
(18,562)
33,049,168
(7,100)
(21,356)
(28,456)
155,110,520
(167,177)
32,881,991
(689,759)
154,420,761
(1,854,874)
(306,966)
(264,026)
(7,069)
(38,477)
(15,922)
(93,120)
(2,580,454)
52,915,946
52,915,946
(463,162)
52,452,784
(298,280)
(162,983)
(39,513)
(1,143)
(10,825)
(1,487)
(11,773)
(526,004)
8,847,409
114,090
(1,427,442)
17,906
(1,295,446)
(17,546)
(18,755)
(3,372)
(60)
(704)
(170)
(1,376)
(41,983)
(1,337,429)
(800)
(800)
8,846,609
(1)
(1)
(1,337,430)
(102,133)
8,744,476
(5,738)
(1,343,168)
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
Axa Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund a été émis le 1er mars 2005.
187
Axa Rosenberg
Pacific Ex-Japan
Equity Alpha Fund
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Pacific Ex-Japan
US$
31 mars 2006
31 mars 2005
Axa Rosenberg
Ex-Japan Alpha Fund
US$
31 mars 2006
31 mars 2005
257,938,081
142,433,797
311,057,969
38,788,139
29,778,507
41,404,329
405,820,884
(280,524,459)
32,881,991
188,021,737
(105,399,444)
154,420,761
934,485,311
(550,301,675)
52,452,784
334,164,512
(114,347,466)
8,744,476
24,400,926
-
(1,343,168)
31,121,675
-
424,638,835
257,938,081
849,662,366
311,057,969
62,923,909
29,778,507
-
188
Axa Rosenberg
Pan-European Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du c
Créances courtiers
Autres actifs
Total de l'actif
Passif
Découvert en numéraire
Courtiers
Rachats payables
Dépenses cumulées
Actif net imputable aux détenteurs de parts
rachetables
11,651,979
1,349,959,153
90,597
8,593,133
5,439,293
44,364
1,375,778,519
6,974,430
528,451,603
278,739
2,556,582
2,270,662
540,532,016
Axa Rosenberg
Pan-European Small Cap
Alpha Fund
EU €
31 mars 2006
31 mars 2005
41,153
715,215,632
3,003,072
15,214,914
1,152,066
12,147
734,638,984
3,928,158
355,966,233
1,728
1,649,842
996,937
362,542,898
Axa Rosenberg
Pan-European Enhanced Index
Equity Alpha Fund
EU €
31 mars 2006
31 mars 2005
2,251,936
159,401,702
607,164
291,050
635,992
17,485
163,205,329
1,037,557
145,164,107
1,424,825
470,747
18,499
148,115,735
(507,330)
(5,867,890)
(1,293,079)
(240,782)
(5,279,670)
(583,649)
(239,006)
(845,494)
(1,470,366)
(774,996)
(891,759)
(368,654)
(967,398)
(154,067)
(76,841)
(477,364)
(79,356)
(7,668,299)
(6,104,101)
(3,329,862)
(1,260,413)
(1,198,306)
(556,720)
1,368,110,220
534,427,915
731,309,122
361,282,485
162,007,023
147,559,015
189
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg Pan-European Equity Alpha Fund Class A
59,534,651
€ 14.10
19,254,382
€ 10.64
10,946,114
€ 9.33
Axa Rosenberg Pan-European Equity Alpha Fund Class B
45,768,994
€ 10.95
37,151,518
€ 8.32
27,787,721
€ 7.35
2,426,422
€ 10.62
2,426,422
€ 8.18
1,545,749
€ 7.35
Axa Rosenberg Pan-European Equity Alpha Fund Class E
167,728
€ 10.85
70,595
€ 8.30
137
€ 7.35
Axa Rosenberg Pan-European Equity Alpha Fund Class M
178
€ 14.15
-
-
Axa Rosenberg Pan-European Equity Alpha Fund Class B Distributing
Axa Rosenberg Pan-European Small Cap Alpha Fund Class A
18,908,157
€ 23.28
14,819,445
€ 16.27
10,091,300
€ 13.68
Axa Rosenberg Pan-European Small Cap Alpha Fund Class B
16,220,682
€ 17.52
9,647,544
€ 12.33
8,236,541
€ 10.44
Axa Rosenberg Pan-European Small Cap Alpha Fund Class E
395,431
€ 17.35
90,880
€ 12.31
97
€ 10.44
Axa Rosenberg Pan-European Small Cap Alpha Fund Class M
114
€ 23.38
-
-
Axa Rosenberg Pan-European Enhanced Index Equity Alpha Fund Class A
9,959,449
€ 16.27
Axa Rosenberg Pan-European Enhanced Index Equity Alpha Fund Class M
153
€ 16.29
11,816,182
€ 12.49
12,806,808
€ 10.99
-
-
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pan-European Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pan-European Small Cap Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Pan-European Enhanced Index Equity Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
190
Axa Rosenberg
Pan-European Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Recettes
105,776
27,518,843
Gain net sur les actifs et les passifs financiers à leur juste valeur
en contrepartie du compte de résultats
236,383,807
Autres produits
11,074
264,019,500
90,154
13,166,738
38,603
7,218,173
11,926
4,922,894
11,097
4,637,947
52,802,367
68,031
66,420,396
189,989,286
203,246,178
49,670,503
56,927,279
33,512,274
38,447,094
15,659,539
20,308,583
(8,921,020)
(180,228)
(801,013)
(14,494)
(165,720)
(32,216)
(186,777)
(10,301,468)
(5,006,429)
(119,869)
(556,712)
(12,410)
(99,654)
(28,056)
(76,901)
(5,900,031)
253,718,032
60,520,365
(3,782)
(310,579)
(314,361)
253,403,671
(4,169,261)
249,234,410
Axa Rosenberg
Equity Alpha Fund
EU €
31 mars 2006
31 mars 2005
35,158
13,514,840
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
Intérêts courus
Distribution aux détenteurs de parts rachetables
Axa Rosenberg
Alpha Fund
EU€
31 mars 2006
31 mars 2005
(188,696)
(188,696)
60,331,669
(2,192,292)
58,139,377
(5,492,346)
(153,842)
(487,358)
(7,092)
(112,108)
(16,904)
(145,741)
(6,415,391)
196,830,787
(6,234)
(6,234)
196,824,553
(2,111,073)
194,713,480
(2,924,449)
(126,394)
(394,130)
(7,979)
(68,268)
(18,915)
(66,078)
(3,606,213)
53,321,066
53,321,066
(1,378,837)
51,942,229
(489,479)
(75,987)
(138,092)
(36,300)
(2,495)
(57,123)
(799,476)
37,647,618
(516,478)
(64,014)
(207,009)
(4,303)
(37,471)
(10,093)
(37,597)
(876,965)
19,431,618
(3,038)
(3,038)
37,644,580
19,431,618
(724,741)
36,919,839
(809,680)
18,621,938
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
191
Axa Rosenberg
Pan-European Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Axa Rosenberg
Alpha Fund
EU €
31 mars 2006
31 mars 2005
534,427,915
317,679,384
361,282,485
224,080,573
147,559,015
140,738,297
249,234,410
1,040,800,400
(456,352,505)
58,139,377
329,653,894
(171,044,740)
194,713,480
596,851,645
(421,538,488)
51,942,229
201,360,653
(116,100,970)
36,919,839
46,761,476
(69,233,307)
18,621,938
24,389,686
(36,190,906)
1,368,110,220
534,427,915
731,309,122
361,282,485
162,007,023
147,559,015
Axa Rosenberg
Equity Alpha Fund
EU €
31 mars 2006
31 mars 2005
192
Axa Rosenberg
Eurobloc Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du comp
Créances courtiers
Autres actifs
Total de l'actif
Passif
Courtiers
Rachats payables
Dépenses cumulées
Actif net imputable aux détenteurs
12,482,211
1,194,454,571
7,712,720
1,159,892
12,044
1,215,821,438
2,675,922
291,882,195
3,208,060
89,363
297,855,540
Axa Rosenberg
Europe Ex-UK Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
2,579,517
265,625,525
105,943
1,053,722
215,327
12,511
269,592,545
3,306,267
154,461,388
9,837
21,048
157,798,540
Axa Rosenberg
Europe Ex-UK Small Cap
Alpha Fund
EU €
31 mars 2006
31 mars 2005
227,358
69,280,712
144,043
680,540
28,162
12,790
70,373,605
184,850
14,236,173
42,902
8,388
14,472,313
(105,150)
(4,581,513)
(1,255,563)
(217,705)
(323,907)
(25,417)
(21)
(215,119)
(1,825,264)
(15,074)
(125,974)
(110,544)
(36,483)
(91,754)
(31,992)
(15,979)
(5,942,226)
(541,612)
(240,557)
(1,966,312)
(238,781)
(47,971)
1,209,879,212
297,313,928
269,351,988
155,832,228
70,134,824
14,424,342
193
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg Eurobloc Equity Alpha Fund Class A
31,559,312
€ 14.47
12,285,769
€ 10.68
4,460,955
€ 9.32
Axa Rosenberg Eurobloc Equity Alpha Fund Class B
74,229,430
€ 10.14
21,992,198
€ 7.53
24,565,519
€ 6.62
Axa Rosenberg Eurobloc Equity Alpha Fund Class E
52,192
€ 10.05
50,340
€ 7.52
148
€ 6.62
Axa Rosenberg Eurobloc Equity Alpha Fund Class M
176
€ 14.52
-
-
Axa Rosenberg Europe Ex-UK Equity Alpha Fund Class A
12,833,991
€ 15.59
11,321,239
€ 11.41
10,537,139
€ 9.95
Axa Rosenberg Europe Ex-UK Equity Alpha Fund Class B
6,519,658
€ 10.56
3,433,665
€ 7.78
3,255,271
€ 6.82
Axa Rosenberg Europe Ex-UK Equity Alpha Fund Class E
31,764
€ 10.38
143
€ 7.71
143
€ 6.82
241
£7.36
-
-
164
€ 15.65
-
-
Axa Rosenberg Europe Ex-UK Equity Alpha Fund Class R £
Axa Rosenberg Europe Ex-UK Equity Alpha Fund Class M
Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund Class A
1,412,910
€ 23.41
633,828
€ 15.78
1,138,782
€ 12.98
Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund Class B
1,889,072
€ 17.37
367,123
€ 11.79
296,296
€ 9.76
Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund Class E
245,838
€ 17.20
8,050
€ 11.76
104
€ 9.76
154
£12.12
-
-
Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund Class R £
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Eurobloc Equity Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Europe Ex-UK Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Europe Ex-UK Equity Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
194
Axa Rosenberg
Eurobloc Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Axa Rosenberg
Europe Ex-UK Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Axa Rosenberg
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Recettes
Autres produits
Gain net sur les actifs financiers à leur juste valeur
93,348
17,464,713
7,285
24,496
5,706,163
-
18,351
5,597,350
3,258
11,498
3,346,061
-
4,964
639,813
3,300
364,639
-
250,243,001
267,808,347
34,026,030
39,756,689
61,293,748
66,912,707
18,027,632
21,385,191
15,453,589
16,098,366
3,807,641
4,175,580
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
Renonciation aux redevances
(8,827,329)
(217,880)
(732,555)
(19,515)
(154,189)
(27,131)
(114,522)
(10,093,121)
(2,785,277)
(86,282)
(349,804)
(6,882)
(59,922)
(16,304)
(51,541)
(3,356,012)
(1,691,573)
(75,249)
(203,638)
(1,645)
(53,179)
(5,246)
(65,230)
(2,095,760)
(1,167,090)
(65,307)
(226,511)
(4,483)
(36,320)
(9,150)
(49,010)
(1,557,871)
257,715,226
36,400,677
64,816,947
19,827,320
Intérêts courus
(23,067)
(23,067)
257,692,159
(3,675,557)
254,016,602
-
(94)
(94)
36,400,677
64,816,853
(1,281,785)
(1,403,666)
35,118,892
63,413,187
19,827,320
(855,246)
18,972,074
(347,140)
(45,772)
(45,678)
(637)
(8,251)
(1,593)
(67,745)
4,666
(512,150)
(169,666)
(46,451)
(67,584)
(778)
(4,962)
(1,939)
(37,897)
2,866
(326,411)
15,586,216
3,849,169
(193)
(193)
-
15,586,023
3,849,169
(149,450)
(86,422)
15,436,573
3,762,747
Les différents montants résultent uniquement d’activités poursuivies. Il n'existe pas d'autres bénéfices et pertes reconnus que ceux figurant au compte de résultats.
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
195
Axa Rosenberg
Eurobloc Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
Axa Rosenberg
Europe Ex-UK Equity
Alpha Fund
EU €
31 mars 2006
31 mars 2005
297,313,928
204,157,685
155,832,228
127,022,300
14,424,342
17,671,749
254,016,602
1,048,796,424
(390,247,742)
35,118,892
145,175,304
(87,137,953)
63,413,187
117,162,816
(67,056,243)
18,972,074
53,717,918
(43,880,064)
15,436,573
66,081,268
(25,807,359)
3,762,747
4,051,003
(11,061,157)
1,209,879,212
297,313,928
269,351,988
155,832,228
70,134,824
14,424,342
Axa Rosenberg
Alpha Fund
EU €
31 mars 2006
31 mars 2005
196
Axa Rosenberg
Japan Equity
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du compte de résultats
Autres actifs
Créances courtiers
Total de l'actif
3,738,280,353
456,490,376,900
4,645,546,248
2,602,393,627
2,671,841
19,625,320,172
487,104,589,141
2,162,412,414
97,441,198,010
5,278,138,502
611,858,689
105,493,607,615
Axa Rosenberg
Japan Small Cap
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
2,165,766,568
316,881,503,100
2,753,226,834
1,814,774,004
2,741,662
3,923,493,419
327,541,505,587
2,304,080,472
60,648,473,368
1,892,746,192
424,723,573
65,270,023,605
Axa Rosenberg
Japan Enhanced Index
Equity Alpha Fund
JPY ¥
31 mars 2006
99,343,399
11,926,533,120
224,773
66,439,257
1,652
12,092,542,201
Passif
Courtiers
Rachats payables
Dépenses cumulées
Total du passif (à l’exclusion de l’actif net
imputable aux détenteurs de parts rachetables)
(23,783,475,326)
(5,766,673,480)
(509,141,238)
(2,030,830,363)
(985,589,840)
(108,797,541)
(5,643,018,803)
(2,920,691,402)
(400,572,938)
(2,147,806,622)
(223,120,126)
(72,641,803)
(5,011,866)
(5,680,508)
(30,059,290,044)
(3,125,217,744)
(8,964,283,143)
(2,443,568,551)
(10,692,374)
457,045,299,097
102,368,389,871
318,577,222,444
62,826,455,054
12,081,849,827
197
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg Japan Equity Alpha Fund Class A
135,039,949
¥1177.32
36,378,525
¥818.33
17,956,000
¥772.31
Axa Rosenberg Japan Equity Alpha Fund Class B
135,297,034
¥1247.7
44,210,990
¥872.76
6,060,467
¥829.06
Axa Rosenberg Japan Equity Alpha Fund Class M
888,240
¥1175.09
-
-
Axa Rosenberg Japan Equity Alpha Fund Class B €
97,978,127
€ 8.74
38,480,948
€ 6.28
26,733,585
€ 6.48
Axa Rosenberg Japan Equity Alpha Fund Class E €
4,818,485
€ 8.66
491,873
€ 6.27
187
€ 6.48
Axa Rosenberg Japan Equity Alpha Fund Class R £
286
£6.11
-
-
Axa Rosenberg Japan Small Cap Alpha Fund Class A
41,911,814
¥2170.73
16,498,310
¥1493.9
10,281,644
¥1259.35
Axa Rosenberg Japan Small Cap Alpha Fund Class B
49,212,018
¥2477.21
9,522,849
¥1716.83
4,329,194
¥1457.45
Axa Rosenberg Japan Small Cap Alpha Fund Class M
165
¥2180.77
-
-
Axa Rosenberg Japan Small Cap Alpha Fund Class B €
40,341,052
€ 17.35
12,543,196
€ 12.35
5,399,598
€ 11.40
Axa Rosenberg Japan Small Cap Alpha Fund Class E €
2,343,116
€ 17.18
172,875
€ 12.32
113
€ 11.40
Axa Rosenberg Japan Small Cap Alpha Fund Class R £
2,719
£12.11
-
-
Axa Rosenberg Japan Enhanced Index Equity Alpha Fund Class A
8,906,423
¥1356.49
-
-
Axa Rosenberg Japan Enhanced Index Equity Alpha Fund Class M
268
¥1358.84
-
-
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Japan Equity Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Japan Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Japan Small Cap Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Japan Small Cap Alpha Fund
Les titres de la catégorie A ont été émis le 26 août 2005 sur l'Axa Rosenberg Japan Enhanced Index Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Japan Enhanced Index Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
198
Axa Rosenberg
Japan Equity
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
Recettes
Gain net sur les actifs financiers à leur juste valeur
341,875
4,530,356,541
2,463,533
940,711,575
16
2,656,966,637
119,934,846,330
124,465,544,746
3,571,388,105
4,514,563,213
66,402,874,911
69,059,841,564
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
(3,304,122,627)
(73,679,457)
(263,756,405)
(5,936,986)
(51,611,627)
(10,707,394)
(108,650,683)
(3,818,465,179)
120,647,079,567
Intérêts courus
(595,297,060)
(25,008,486)
(69,187,868)
(1,757,038)
(12,239,736)
(4,174,636)
(11,191,760)
(718,856,584)
3,795,706,629
(7,658,233)
(7,658,233)
120,639,421,334
Augmentation de l'actif net résultant des opérations imputables aux
détenteurs de parts rachetables
Axa Rosenberg
Japan Small Cap
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
(317,124,958)
120,322,296,376
3,795,706,629
(65,849,775)
3,729,856,854
(2,214,083,487)
(49,579,196)
(158,613,154)
(3,237,538)
(31,111,925)
(7,057,129)
(55,546,060)
(2,519,228,489)
66,540,613,075
(3,516,053)
(3,516,053)
66,537,097,022
(185,987,665)
66,351,109,357
(13,493,357)
676,081,129
5,684,275,526
6,346,863,298
(430,741,447)
(17,259,337)
(53,252,108)
(1,225,202)
(8,864,801)
(2,712,248)
(11,581,062)
(525,636,205)
5,821,227,093
5,821,227,093
(47,325,679)
5,773,901,414
Axa Rosenberg
Equity Alpha Fund*
JPY ¥
31 mars 2006
98,632,826
2,392,219,704
2,490,852,530
(18,915,911)
(6,534,942)
(4,622,850)
(92,871)
(1,376,352)
(272,595)
(1,280,478)
(33,095,999)
2,457,756,531
(50,776)
(50,776)
2,457,705,755
(6,904,298)
2,450,801,457
________________________
Administrateur
Date: Le 21 juin 2006
______________________
Administrateur
Date:
Le 21 juin 2006
*Axa Rosenberg Japan Enhanced Index Equity Alpha Fund a été émis le 26 août 2005.
199
Axa Rosenberg
Japan Equity
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
Augmentation de l'actif net imputable aux détenteurs
102,368,389,871
41,056,115,079
120,322,296,376
3,729,856,854
546,123,884,505
80,069,525,671
(311,769,271,655) (22,487,107,733)
457,045,299,097
102,368,389,871
Axa Rosenberg
Japan Small Cap
Alpha Fund
JPY ¥
31 mars 2006
31 mars 2005
Axa Rosenberg
Equity Alpha Fund
JPY ¥
31 mars 2006
62,826,455,054
27,127,525,588
-
66,351,109,357
314,386,673,023
(124,987,014,990)
5,773,901,414
61,489,143,027
(31,564,114,975)
2,450,801,457
10,455,211,168
(824,162,798)
318,577,222,444
62,826,455,054
12,081,849,827
200
Axa Rosenberg
UK Equity
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Actif
Valeurs disponibles
Actifs financiers à leur juste valeur en contrepartie du compte
Créances courtiers
Autres actifs
Total de l'actif
Passif
Courtiers
Rachats payables
Dépenses cumulées
6,376,895
310,218,523
886,051
708,256
2,891,853
30,227
321,111,805
1,279,080
192,710,705
4,850,464
1,742,251
200,582,500
Axa Rosenberg
UK Small Cap
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
87,628
20,832,720
327,495
4,951
35,046
10,735
21,298,575
306,065
19,467,225
68,418
44,252
19,885,960
Axa Rosenberg
Global Ex-UK Equity
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
187,692
39,884,801
499,276
60,770
5,312
40,637,851
201,726
29,011,905
59,226
41,015
6,717
29,320,589
(2,175,903)
(87,776)
(309,019)
(334,515)
(26,885)
(200,492)
(18,216)
(17,886)
(22,175)
(18,216)
(43,962)
(14,672)
(290,333)
(26,521)
(81,070)
(30,912)
(2,572,698)
(561,892)
(58,277)
(76,850)
(316,854)
(111,982)
318,539,107
200,020,608
21,240,298
19,809,110
40,320,997
29,208,607
201
ETAT DE L'ACTIF ET DU PASSIF AU 31 MARS 2006 (suite)
FONDS
31 mars 2006
31 mars 2005
31 mars 2004
Axa Rosenberg UK Equity Alpha Fund Class A
15,422,246
£13.70
7,923,206
£10.54
4,862,854
£9.20
Axa Rosenberg UK Equity Alpha Fund Class B
462,962
£12.73
530,932
£9.87
447,273
£8.67
Axa Rosenberg UK Equity Alpha Fund Class M
124
£13.76
-
-
Axa Rosenberg UK Equity Alpha Fund Class R £
133
£12.71
-
-
Axa Rosenberg UK Equity Alpha Fund Class B €
7,952,335
€ 18.26
11,273,033
€ 14.35
9,760,106
€ 12.97
Axa Rosenberg UK Equity Alpha Fund Class E €
3,904
€ 17.97
80
€ 14.23
80
€ 12.97
Axa Rosenberg UK Small Cap Alpha Fund Class A
611,031
£25.58
732,180
£20.46
633,412
£18.88
Axa Rosenberg UK Small Cap Alpha Fund Class B
81,733
£23.16
87,953
£18.65
170,610
£17.33
Axa Rosenberg UK Small Cap Alpha Fund Class B €
152,000
€ 33.19
168,194
€ 27.12
296,469
€ 25.92
Axa Rosenberg UK Small Cap Alpha Fund Class E €
8,734
€ 32.82
2,733
€ 27.03
39
€ 25.92
Axa Rosenberg Global Ex-UK Equity Alpha Fund Class A
3,052,993
£13.21
2,840,666
£10.28
Axa Rosenberg Global Ex-UK Equity Alpha Fund Class M
86
£19.41
-
-
Axa Rosenberg Global Ex-UK Equity Alpha Fund Class R
126
£13.14
-
-
-
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg UK Equity Alpha Fund
Les titres de la catégorie R £ ont été émis le 3 octobre 2005 sur l'Axa Rosenberg UK Equity Alpha Fund
Les titres de la catégorie M ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Global Ex-Uk Equity Alpha Fund
Les titres de la catégorie R ont été émis le 3 octobre 2005 sur l'Axa Rosenberg Global Ex-Uk Equity Alpha Fund
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
202
Axa Rosenberg
UK Equity
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Axa Rosenberg
UK Small Cap
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Axa Rosenberg
Global Ex-UK Equity
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Recettes
55,609
9,819,748
Gain net sur les actifs et les passifs financiers à leur juste valeur en contrepartie du
compte de résultats
65,997,125
Autres produits
5,622
6,478,499
5,537
418,545
5,011
812,062
5,410
747,921
438
116,207
15,869,058
40,693
3,694,150
99
877,320
-
8,268,796
123
734,844
-
75,878,104
22,388,250
4,118,331
1,694,393
9,022,250
851,489
Dépenses
Frais de dépôt
Frais d'audit
Autres frais
Renonciation aux redevances
(2,728,469)
(22,806)
(260,040)
(2,294)
(62,165)
(6,715)
(66,147)
(3,148,636)
(1,685,556)
(25,870)
(238,879)
(4,830)
(38,095)
(10,407)
(39,952)
(2,043,589)
72,729,468
20,344,661
Intérêts courus
(2,454)
(2,454)
72,727,014
(110,665)
72,616,349
(42,417)
(42,417)
20,302,244
(630,416)
19,671,828
(161,315)
(6,305)
(25,951)
(3,832)
(1,130)
(41,557)
3,342
(236,748)
3,881,583
(335)
(335)
3,881,248
(179)
3,881,069
(200,632)
(7,486)
(61,453)
(771)
(4,938)
(1,623)
(24,755)
(301,658)
1,392,735
1,392,735
(79,392)
1,313,343
(235,978)
(65,587)
(32,798)
(845)
(8,566)
(861)
(36,117)
(380,752)
(42,709)
(6,893)
(8,218)
(169)
(1,543)
(291)
(4,734)
(64,557)
8,641,498
786,932
(142)
(142)
-
8,641,356
786,932
(176,537)
(25,296)
8,464,819
761,636
Les différents montants résultent uniquement d’activités poursuivies. Il n'existe pas d'autres bénéfices et pertes reconnus que ceux figurant au compte de résultats.
________________________
Administrateur
Date
Le 21 juin 2006
_______________________
Administrateur
Date
Le 21 juin 2006
203
Axa Rosenberg
UK Equity
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Axa Rosenberg
UK Small Cap
Alpha Fund
£ Stg.
31 mars 2006
31 mars 2005
Axa Rosenberg
Global Ex-UK Equity
Alpha Fund
£ Stg.
31 mars 2006
March 31, 2005
200,020,608
133,270,605
19,809,110
20,052,973
29,208,607
72,616,349
232,192,263
(186,290,113)
19,671,828
82,730,286
(35,652,111)
3,881,069
11,765,083
(14,214,964)
1,313,343
8,866,161
(10,423,367)
8,464,819
2,647,571
-
761,636
28,446,971
-
318,539,107
200,020,608
21,240,298
19,809,110
40,320,997
29,208,607
-
204
Commentaires aux états financiers
1.
Organisation
AXA Rosenberg Equity Alpha Trust (le “Fonds”) a été créé par l'acte de fiducie du 16 septembre 1999 sous la forme d'un
fonds à compartiments multiples à capital variable. Liste des compartiments qui ont été inscrits à la cote officielle au cours
de l'exercice clôturé au 31 mars 2005 :
Les Investisseurs sont priés d'observer que les Fonds AXA Rosenberg Global Ex-UK Equity Alpha Fund, AXA Rosenberg
US Enhanced Index Equity Alpha Fund, AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund, AXA
Rosenberg Japan Enhanced Index Equity Alpha Fund, et AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha
Fund n’ont pas été autorisés par la “Securities and Futures Commission” de Hongkong et ne sont pas disponibles pour les
résidents de Hongkong.
Le Fonds AXA Rosenberg Eurobloc Enhanced Index Equity Alpha Fund a été autorisé le 30 septembre 2004 mais n'a pas
encore débuté ses activités.
2.
Normes comptables
Base de préparation
Les états financiers ont été établis en application des normes comptables généralement acceptées en Irlande et de la
législation irlandaise en la matière, y compris le règlement des Communautés Européennes de 2003 (sur les Organismes de
placement collectif de valeurs mobilières) (amendé). Les normes comptables généralement acceptées en Irlande pour
l'établissement des états financiers permettant de présenter une image fidèle sont celles publiées par l'Association des
Comptables d'Irlande (Institute of Chartered Accountants), et ces normes sont émises par le Comité des Normes
Comptables (Accounting Standards Board).
Les principales règles comptables appliquées lors de la préparation de ces états financiers sont énoncées ci-dessous. Ces
règles ont été appliquées scrupuleusement pour toutes périodes sous revue présentées, sauf indication contraire dans le texte
qui suit.
Les chiffres comparatifs pour 2005 ont été adaptés afin de se conformer à ces changements à l'exception de la norme
comptable 26 : Instruments financiers : mesure.
Le 1er avril 2005, le Fonds a adopté l'ensemble des normes nouvelles et révisées applicables en matière de reporting
financier. Les normes comptables suivantes ont été appliquées aux résultats de l'exercice en cours :
205
Commentaires aux états financiers (suite)
2.
Normes comptables (suite)
Base de présentation (suite)
Norme comptable 21 : Événements postérieurs à la clôture de l'exercice
Norme comptable 23 : Les effets des changements sur les taux de change
Norme comptable 25 : Instruments financiers : Divulgation et reconnaissance
Norme comptable 26 : Instruments financiers : Mesure.
Norme comptable 28 : Montants correspondants
L'adoption des normes ci-dessus a entraîné certains changements dans les règles comptables du Fonds. En résumé :
Norme comptable 21 :
n'a pas eu d'effet tangible sur les règles comptables du Fonds ;
n'a pas eu d'effet tangible sur les règles du Fonds. La devise fonctionnelle de chaque Fonds a été
réévaluée sur base des recommandations de la norme et reste considérée comme appropriée ;
a influencé la présentation des parts rachetables, désormais inscrites au passif financier.
requiert la classification de tous les actifs et passifs financiers à des fins de reconnaissance et de
mesure. Le Fonds a désigné l'ensemble de ses instruments financiers comme actifs et passifs financiers en contrepartie du
compte de résultats. La nouvelle norme requiert également que les titres soient valorisés au moyen de cours acheteur pour
des positions longues et que les revenus des intérêts soient calculés sur la base du rendement effectif.
définit les conditions de la divulgation des montants correspondants pour les éléments présentés
dans les états financiers primaires d'une entité et les commentaires aux états financiers. Sauf lorsqu'une autre norme
comptable l'autorise, les montants correspondants qui ne sont pas directement comparables avec le montant à publier dans
le cadre de l'exercice en cours doivent être adaptés et la base d'adaptation communiquée dans un commentaire aux états
financiers.
Le Fonds a profité de l’exemption accordée aux fonds de placement à capital variable, conformément à la norme comptable
1, pour ne pas établir d’état des flux de trésorerie. Le gestionnaire estime que les informations qui doivent figurer aux
termes de la norme comptable 3 dans un état global des bénéfices et pertes comptabilisés et le Rapprochement des
mouvements des fonds des actionnaires, sont présentées dans le compte de résultat et dans l’état de l’évolution de l’actif net
imputable aux détenteurs de parts rachetables.
Instruments financiers
(i) Classification
La catégorie des actifs et passifs financiers à leur juste valeur en contrepartie du compte de résultats contient :
Les instruments financiers tenus pour la négociation incluent les titres cotés et les contrats à terme
(ii) Reconnaissance
Le Fonds reconnaît les actifs et passifs financiers à la date où ils deviennent partie aux dispositions contractuelles de
l'instrument. Une manière régulière de reconnaître l'achat d'actifs financiers est constatée en utilisant la comptabilisation au
jour de négociation. À partir de cette date, tout bénéfice et toute perte résultant de changements dans la juste valeur des
actifs ou passifs financiers sont enregistrés.
(iii) Mesure
Les instruments financiers sont mesurés à l'origine à leur juste valeur (prix de transaction). Les coûts de transaction sur les
actifs et passifs financiers à leur juste valeur en contrepartie du compte de résultats sont passés en charges immédiatement.
Après leur reconnaissance initiale, tous les instruments classés à leur juste valeur en contrepartie du compte de résultats
sont mesurés à leur juste valeur avec les modifications dans leur juste valeur constatée dans le compte de résultats.
206
2.
(iv) Principes de mesure à la juste valeur
La juste valeur des instruments financiers se base sur le cours du marché à la date de clôture de l'exercice sans déduction
pour les frais de vente futurs estimés. Les actifs financiers sont évalués au cours acheteur actuel.
On note un changement dans les règles comptables depuis l'exercice précédent, vu que les investissements en valeurs
mobilières négociables étaient alors enregistrés aux derniers cours négociés. L'utilisation des cours acheteur dans l'exercice
précédent aurait entraîné l'adoption de différentes valorisations pour les investissements en valeurs mobilières négociables
tenus (le changement tenant dans la différence entre le dernier cours négocié et le cours acheteur du placement), ce qui
aurait également modifié les gains et pertes sur la valorisation constatée au compte de résultats.
Les gains et pertes réalisés sur les ventes de placements sont calculés sur la base FIFO.
Un contrat de change à terme consiste en un engagement entre le Fonds et une contrepartie pour effectuer ou prendre
livraison d'un montant fixé dans une devise spécifiée à une date future prédéterminée et un prix spécifique. À chaque
valorisation, la différence entre le prix contractuel et le cours à terme des contrats de même échéance est utilisé pour
calculer le gain ou la perte non réalisé(e) des contrats de change à terme du Fonds.
Conversion des devises étrangères
(a) Devise fonctionnelle et devise de présentation
La devise fonctionnelle de chaque Fonds est la devise mentionnée dans le prospectus, qui s'applique à la stratégie de
placement déclarée du Fonds. Les éléments mentionnés dans les états financiers du Fonds sont mesurés à l'aide de la devise
de l'environnement économique primaire dans laquelle il opère (‘la devise fonctionnelle’). La devise fonctionnelle de
chaque Fonds apparaît dans le tableau ci-dessous.
Fonds
Devise
fonctionnelle
USD
USD
USD
USD
USD
USD
USD
€
€
€
€
€
€
¥
¥
¥
£
£
£
(b) Transactions et bilans
Les transactions en devises sont traduites dans la devise fonctionnelle en utilisant les taux de change en vigueur à la date
des transactions. Les gains et pertes sur devises résultant du règlement de telles transactions et de la conversion aux taux de
change au terme de l'exercice d'actifs et passifs monétaires libellés en devises étrangères sont constatés au compte de
résultats.
207
2.
Conversion des devises étrangères (suite)
Valeurs disponibles
Les valeurs disponibles incluent les dépôts actuels auprès des banques.
Parts rachetables
Les parts rachetables sont échangeables au gré du détenteur et enregistrées comme passif financier.
La part rachetable peut être remise dans le Fonds à tout moment contre paiement d'un montant égal à une fraction de la
valeur de l'actif net du Fonds. La part rachetable apparaît au montant de rachat payable à la date de clôture de l'exercice si
le détenteur a exercé son droit visant à remettre la part dans le Fonds.
Revenus et charges
Les revenus des dividendes découlant des investissements sont pris en compte sur une "base ex-dividende". Les revenus et
charges d'intérêt sont comptabilisés sur base du rendement effectif. Les intérêts sur les découverts bancaires apparaissent
comme des charges.
Calcul de la valeur nette d’inventaire par action
La valeur nette d’inventaire par action de chaque compartiment est déterminée en divisant la valeur de l’actif net de la
catégorie de parts concernée du compartiment en question par le nombre total de parts en circulation dans la catégorie
concernée du compartiment.
2.
Gain(/perte) net(te) sur les actifs financiers à leur juste valeur en contrepartie du compte de résultats
Axa Rosenberg US Equity
Alpha Fund
USD
31 mars 2006
Gain réalisé sur les investissements
et les devises étrangères
Mouvement en gain non réalisé sur
les investissements et les devises
étrangères
31 mars 2005
31 mars 2006
31 mars 2005
129.726.306
56.562.213
5.310.984
3.433.912
88.540.699
39.512.712
2.501.319
462.072
218.267.005
96.074.925
7.812.303
3.895.984
Axa Rosenberg Global Equity
Alpha Fund
USD
31 mars 2006
Gain réalisé sur les investissements
et les devises étrangères
Mouvement en gain non réalisé sur
les investissements et les devises
étrangères
Axa Rosenberg US Enhanced Index
Equity Alpha Fund
USD
31 mars 2005
Axa Rosenberg Global Small Cap
Alpha Fund
USD
31 mars 2006
31 mars 2005
22.772.942
3.542.133
32.158.356
4.953.441
43.101.723
18.748.089
64.683.655
17.818.707
65.874.665
22.290.222
96.842.011
22.772.148
208
3.
Gain(/perte) net(te) sur les actifs financiers à leur juste valeur en contrepartie du compte de résultats (suite)
Axa Rosenberg
Pacific Ex-Japan
Equity Alpha Fund
USD
31 mars
2006
Gain(/perte) réalisé(e) sur
les investissements et les
devises étrangères
Mouvement en gain(/perte)
non réalisé(e) sur les
investissements et les
Gain réalisé sur les
Mouvement en
gain(/perte) non
réalisé(e) sur les
Axa Rosenberg
Pacific Ex-Japan
USD
31 mars
2005
31 mars
2006
31 mars
2006
31 mars
2005
30.236.219
22.366.970
59.428.775
15.368.366
806.675
(155.440)
373.074
5.560.994
86.782.781
34.732.064
6.997.970
(1.272.002)
30.609.293
27.927.964
146.211.556
50.100.430
7.804.645
(1.427.442)
AXA Rosenberg
Pan-European Equity
Alpha Fund
EU€
AXA Rosenberg
Pan-European Small
Cap Alpha Fund
EU€
AXA Rosenberg
Pan-European Enhanced
Index Equity Alpha Fund
EU€
31 mars
2006
31 mars
2006
31 mars
2006
31 mars
2005
31 mars
2005
31 mars 2005
98.493.768
17.666.251
97.857.024
11.823.414
20.179.725
6.079.091
137.890.038
35.136.116
92.132.262
37.847.089
13.332.549
9.580.448
236.383.807
52.802.367
189.989.286
49.670.503
33.512.274
15.659.539
AXA Rosenberg
Eurobloc Equity
Alpha Fund
EU€
Mouvement en
gain(/perte) non
31 mars
2005
Axa Rosenberg
Ex-Japan Alpha Fund
USD
AXA Rosenberg
Europe Ex-UK Equity
Alpha Fund
EU€
AXA Rosenberg
Europe Ex-UK Small
Cap Alpha Fund
EU€
31 mars
2006
31 mars
2005
31 mars
2006
31 mars
2005
31 mars
2006
31 mars
2005
52.715.995
6.861.383
25.357.202
1.359.547
5.949.865
3.365.988
197.527.006
27.164.647
35.936.546
16.668.085
9.503.724
441.653
250.243.001
34.026.030
61.293.748
18.027.632
15.453.589
3.807.641
209
3.
Gain(/perte) net(te) sur les actifs financiers à leur juste valeur en contrepartie du compte de résultats (suite)
AXA Rosenberg
Japan Equity
Alpha Fund
JAP ¥
31 mars
2005
Mouvement en
gain(/perte) non
AXA Rosenberg
Japan Small Cap
Alpha Fund
JAP ¥
31 mars 2005
31 mars 2006
31 mars 2005
31 mars 2006
34.017.976.714
1.647.958.973
14.696.967.116
3.167.795.741
351.821.274
85.916.869.616
1.923.429.132
51.705.907.795
2.516.479.785
2.040.398.430
119.934.846.330
3.571.388.105
66.402.874.911
5.684.275.526
2.392.219.704
AXA Rosenberg
UK Equity
Alpha Fund
£ Stg.
31 mars
2006
Mouvement en
gain(/perte) non
4.
AXA Rosenberg
Japan Enhanced
Index Alpha Fund
JAP ¥
AXA Rosenberg
UK Small Cap
Alpha Fund
£ Stg.
31 mars
2005
31 mars
2006
31 mars
2005
AXA Rosenberg
Global Ex-UK Equity
Alpha Fund
£ Stg.
31 mars
2006
31 mars
2005
36.517.112
4.643.537
3.309.309
142.421
2.297.183
25.015
29.480.013
11.225.521
384.841
734.899
5.971.613
709.829
65.997.125
15.869.058
3.694.150
877.320
8.268.796
734.844
Gestion
Le Gestionnaire du Fonds est AXA Rosenberg Management Ireland Limited (le "Gestionnaire"). En application du Contrat
de gestion, le Gestionnaire perçoit des honoraires, dont le détail figure dans la Note 4.
Le Gestionnaire a délégué les fonctions de gestion des placements du Fonds au Gestionnaire de placements, AXA
Rosenberg Investment Management Limited.
Les commissions pour le Gestionnaire de placements sont supportées par la société gestionnaire.
210
5.
Frais et débours
Le Gestionnaire a conclu un Contrat de gestion avec AXA Rosenberg Equity Alpha Trust (le Fonds “Equity Alpha Trust”).
Aux termes de ce contrat, le Gestionnaire a droit à une commission calculée et payée mensuellement, exprimée comme un
pourcentage de la moyenne de la valeur nette d’inventaire de chaque catégorie respective, pour les Fonds suivants :
Catégorie de Part
Fonds
Axa Rosenberg US Equity
Alpha Fund
Axa Rosenberg US
Enhanced Index Equity
Alpha Fund
Axa Rosenberg Global
Equity Alpha Fund
Axa Rosenberg Global
Axa Rosenberg Pacific ExJapan Equity Alpha Fund
Axa Rosenberg Pacific ExJapan Small Cap Alpha
Fund
Axa Rosenberg AllCountry Asia Pacific ExJapan Equity Alpha Fund
Axa Rosenberg PanEuropean Equity Alpha
Fund
Axa Rosenberg PanEuropean Small Cap Alpha
Fund
Axa Rosenberg PanEuropean Enhanced Index
Equity Alpha Fund
Axa Rosenberg Eurobloc
Equity Alpha Fund
Axa Rosenberg Europe ExUK Equity Alpha Fund
Axa Rosenberg Europe ExUK Small Cap Alpha Fund
Axa Rosenberg Japan
Equity Alpha Fund
Axa Rosenberg Japan
Axa Rosenberg Japan
Enhanced Index Equity
Alpha Fund
Axa Rosenberg UK Equity
Alpha Fund
Axa Rosenberg UK Small
Cap Alpha Fund
Axa Rosenberg Global ExUK Equity Alpha Fund
A
B
B€
B Dist.
A£
D£
Dist.
E€
A€
Hedge
B€
Hedge
E€
Hedge
M
R£
0,70%
1,35%
1,35%
-
-
-
0,00%
0,75%
1,40%
1,40%
0,00%
1,50%
0,35%
-
-
-
-
-
-
-
-
-
0,00%
-
0,70%
1,35%
1,35%
-
0,70%
-
1,35%
-
-
-
0,00%
-
0,80%
1,50%
1,50%
-
-
-
1,50%
-
-
-
0,00%
1,50%
0,70%
1,35%
1,35%
-
-
-
1,35%
-
-
-
0,00%
1,50%
0,80%
1,50%
1,50%
-
-
-
1,50%
-
-
-
0,00%
1,50%
0,70%
-
1,35%
-
-
-
-
-
-
-
0,00%
-
0,70%
1,35%
-
1,35%
-
-
1,35%
-
-
-
0,00%
-
0,80%
1,50%
-
-
-
-
1,50%
-
-
-
0,00%
-
0,35%
-
-
-
-
-
-
-
-
-
0,00%
-
0,70%
1,35%
-
-
-
-
1,35%
-
-
-
0,00%
-
0,70%
1,35%
-
-
-
-
1,35%
-
-
-
0,00%
1,50%
0,80%
1,50%
-
-
-
-
1,50%
-
-
-
-
1,50%
0,70%
1,35%
1,35%
-
-
-
1,35%
-
-
-
0,00%
1,50%
0,80%
1,50%
1,50%
-
-
-
1,50%
-
-
-
0,00%
1,50%
0,35%
-
-
-
-
-
-
-
-
-
0,00%
-
0,70%
1,35%
1,35%
-
-
-
1,35%
-
-
-
0,00%
1,50%
0,80%
1,50%
1,50%
-
-
-
1,50%
-
-
-
-
-
0,70%
-
-
-
-
-
-
-
-
-
0,00%
1,50%
Le Gestionnaire a perçu 129.085.466 USD (2005 : 52.724.915 USD) pour l'exercice clôturé le 31 mars 2006, dont
15.274.841 USD (2005 : 6.143.161 USD) étaient payables au terme de l'exercice.
211
5.
Frais et débours (suite)
Frais de gestion
L'Administrateur a droit à une commission payée sur les actifs de chaque Fonds concerné. La commission annuelle
suivante sera calculée sur la base de l'actif net moyen du Fonds, et payable mensuellement :
0,135 % de la première tranche de 250 millions USD d'actifs nets moyens quotidiens de chaque Fonds ;
0,100% de la tranche suivante de 250 millions USD d'actifs nets moyens quotidiens de chaque Fonds ;
0,075% de la tranche suivante de 250 millions USD d'actifs nets moyens quotidiens de chaque Fonds ; et
0,055 % des actifs nets moyens quotidiens au-delà de 750 millions USD.
Le 1er juin 2005, la nouvelle grille de commissions suivante est entrée en vigueur :
0,10% de la première tranche de 5 milliards USD d'actifs nets moyens cumulés des Fonds ;
0,085% de la tranche suivante de 5 milliards USD d'actifs nets moyens cumulés des Fonds ; et
0,07% des actifs nets moyens cumulés des Fonds excédant 10 milliards USD.
L’Administrateur comptabilisera une commission annuelle minimale de 70.000 USD par Fonds et par année (5.833 USD
par mois). Si cette commission calculée sur l’ensemble des actifs de tous les Fonds excède un montant équivalent à 70.000
USD par Fonds, aucune commission mensuelle minimale ne sera due.
L'Administrateur a perçu 10.764.134 USD (2005 : 5.841.549 USD) pour l'exercice clôturé le 31 mars 2006, dont 1.205.290
USD (2005 635.842 USD) étaient payables au terme de l'exercice.
Commission du Dépositaire
Le Dépositaire a droit à une commission payée sur les actifs de chaque Fonds concerné. Cette commission est calculée sur
la base de l'actif brut moyen de chaque Fonds à concurrence de :
0,025% de la première tranche de 250 millions USD d'actifs bruts moyens quotidiens de chaque Fonds ;
0,020 % de la tranche suivante de 250 millions USD d'actifs bruts moyens quotidiens de chaque Fonds ; et
0,015 % de tous les actifs bruts moyens quotidiens de chaque Fonds au-delà de 500 millions USD.
Le Dépositaire percevra une commission mensuelle minimale de 500 USD pour les Fonds suivants : Axa Rosenberg
Europe Ex-UK Equity Alpha Fund, Axa Rosenberg Japan Small Cap Alpha Fund, Axa Rosenberg Pacific Ex-Japan Equity
Alpha Fund, Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund et Axa Rosenberg UK Small Cap Alpha Fund. La
commission de gestion pour tous les autres Fonds est sujette à un montant mensuel minimum de 1 000 USD. Le
Dépositaire a également droit à une commission de transaction et au remboursement de toutes les commissions et charges
du Dépositaire délégué et des agents.
Le Dépositaire a perçu 2.272.506 USD (2005 : 1.087.755 USD) pour l'exercice clôturé le 31 mars 2006, dont 258.954 USD
(121.565 USD) étaient payables au terme de l'exercice.
6. Distributions
Le Gestionnaire est habilité à déclarer les dividendes pour toute Catégorie de Parts de tout Fonds. Il est généralement
prévu que les Catégories seront des Catégories de capitalisation et en conséquence, il n’est pas prévu de distribuer des
dividendes aux Détenteurs de parts de ces Catégories. En l’absence d’une telle déclaration, le revenu net de ces Catégories
sera capitalisé et réinvesti au nom des Détenteurs de Parts.
Toutefois, le Gestionnaire peut créer des Catégories composées de Parts de distribution. S’agissant de ces Parts, les
dividendes seront versés sur les recettes nettes d’un Fonds (c'est-à-dire sur tous les intérêts, dividendes et autres recettes,
déduction faite des charges constatées du Fonds). Toute Catégorie de Parts de distribution créée portera la désignation
“Distribution”.
Tout dividende n’ayant pas été réclamé dans un délai de six ans au moins à compter de la date de sa déclaration sera, à la
discrétion de la Société de gestion, confisqué et reviendra dans ce cas au Fonds correspondant.
212
6. Distributions
Les Administrateurs ont décidé que les parts de la Catégorie B (distribution) seraient des parts de distribution et que, en ce
qui concerne les parts de la Catégorie B (distribution) uniquement, les distributions devraient être payées à partir des
intérêts et dividendes générés par le Fonds Axa Rosenberg Pan-European Equity Alpha Fund, attribuables aux parts de la
Catégorie B (distribution).
Les distributions versées par le Fonds Axa Rosenberg Pan-European Equity Alpha Fund pour l'exercice totalisent €310.579
(2005 : €188.696) dont €53.642 étaient payables au terme de l'exercice (2005 : €21.914).
Les Administrateurs ont également décidé que les parts de la Catégorie R (distribution) seraient des parts de distribution et
que, en ce qui concerne les parts de la Catégorie R (distribution) uniquement, les distributions devraient être payées à partir
des intérêts et dividendes générés par le Fonds Axa RosenbergPacific Ex-Japan Small Cap Alpha Fund, attribuables aux
parts de la Catégorie R (distribution).
Les distributions versées par le Fonds Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund pour l'exercice totalisent
US$21,356 (2005 : 0) dont 0 était payable au terme de l'exercice (2005 : 0).
Il est prévu que les dividendes seront déclarés tous les trimestres (à la fin de chaque trimestre civil) et qu’ils seront payés
dans les 10 jours ouvrables.
7.
Frais de courtage
Le Gestionnaire de placements délégué AXA Rosenberg Investment Management LLC, pour les seules valeurs US, a
conclu un accord avec des courtiers, aux termes duquel les courtiers ont utilisé certains biens et services pour contribuer au
processus décisionnel relatif aux placements. Aucun paiement direct n'a été effectué pour ces services. Les courtiers
effectuent un nombre convenu de transactions au nom du Fonds et des commissions sont payées sur ces transactions. Les
biens et services utilisés par le Fonds comprennent le matériel informatique (hardware), les logiciels (software), ainsi que
l'exploitation des informations.
Le Gestionnaire de placements a tout mis en œuvre pour s'assurer que ces accords répondent au mieux aux besoins du
Fonds et qu'ils seront exécutés dans le cadre d'une gestion optimale du Fonds.
Tous les montants sont exprimés en USD
Du 1er avril 2005 au 31 mars 2006
Volume
négocié total
pour la
période
Total des
commissions
payées
Total des frais
de courtage
payés
31 mars 2006
Total des
frais de
courtage
payés
31 mars 2005
261.578.724
148.172
105.423
69.892
127.675.096
85.412
24.047
4.413
986.388.595
709.159
60.654
18.051
4.914.636.167
3.495.020
1.252.659
815.707
171.648.754
171.648.754
99.681
19.848
6.461.927.336
176.086.518
1.542.464
927.911
2,72%
0,02%
(Valeurs US uniquement)
AXA Rosenberg US Enhanced Index Equity
Alpha Fund (Valeurs US uniquement)
Total
% du volume négocié total pour la période
213
8.
Taux de change
Les taux de change suivants ont été utilisés pour convertir l'actif et le passif en USD au 31 mars 2006.
Devise
Dollar australien
Livre sterling
Dollar canadien
Yuan chinois
Couronne danoise
Euro
Dollar de Hong-Kong
Rupiah indonésien
Yen japonais
Taux
1,40243
0,57652
1,16660
8,01720
6,16655
0,82634
7,75985
9.087,0000
117,9900
Devise
Ringgit malaysien
Dollar de Nouvelle-Zélande
Couronne norvégienne
Peso philippin
Dollar de Singapour
Won sud-coréen
Couronne suédoise
Franc suisse
Baht thaïlandais
Dollar taïwanais
Taux
3,68310
1,63613
6,56285
51,16000
1,61815
971,65000
7,79370
1,30685
38,89500
32,45400
Les taux de change suivants ont été utilisés pour convertir l'actif et le passif en euros au 31 mars 2006.
Devise
Taux
Devise
Taux
Franc suisse
1,5815
Livre sterling
0,6977
Couronne danoise
7,4625
7,9420
Dollar américain
1,2102
Couronne suédoise
9,4315
Les taux de change suivants ont été utilisés pour convertir l'actif et le passif en GBP au 31 mars 2006.
Devise
Taux
Devise
Taux
Dollar australien
2,4326
Dollar de Nouvelle-Zélande
2,8380
Dollar canadien
2,0235
Couronne suédoise
13,5185
Franc suisse
2,2668
Dollar de Singapour
2,8068
Couronne danoise
10,6962
Dollar américain
1,7346
Euro
1,4334
Yen japonais
204,6596
Dollar de Hong-Kong
13,4599
11,3836
Les taux de change suivants ont été utilisés pour convertir l'actif et le passif en yens japonais au 31 mars 2006.
Devise
Taux
Devise
Taux
Dollar américain
117,9900
Livre sterling
204,6596
Euro
142,7856
9.
Imposition
Le Fonds relève de la catégorie des Entreprises de placement telle que définie par la Section 739 B de la loi de finance
irlandaise "Taxes Consolidation Act" de 1997, dans sa version amendée. Le Fonds n'est pas imposable au titre de l'impôt
irlandais sur les revenus et les bénéfices.
Toutefois un "événement imposable" au terme de la fiscalité irlandaise est susceptible de se produire. Il s'agit notamment
de tout paiement de distribution à un porteur de parts ou de toute conversion en liquidité, rachat ou transfert de parts.
Le Fonds n’est redevable d’aucun impôt irlandais relativement aux faits générateurs d’impôts, si cela concerne :
(i)
un détenteur ne résidant pas en Irlande ou qui n’a pas sa résidence fiscale habituelle en Irlande au moment du fait
générateur d’impôts, dans la mesure où le Fonds détient les déclarations légales signées requises, et :
(ii)
certains détenteurs de parts exemptés résidant en Irlande qui ont dûment transmis au Fonds les déclarations
exemptés obligatoires signées nécessaires.
Les dividendes, intérêts, les éventuels capitaux perçus sur des placements faits par le Fonds peuvent être soumis à des
retenues à la source imposées par le pays d'origine de ces revenus. Ces taxes ne sont pas récupérables par le Fonds ou les
détenteurs de parts.
214
10.
Accès aux informations
Les listes de portefeuilles, pour une date donnée, sont disponibles pour tous les détenteurs 30 jours après cette date.
11.
Événements postérieurs à la clôture de l’exercice
PFPC International Ltd a démissionné de sa fonction d'Agent administratif, de registres et de transfert du Fonds le 30 avril
2006 et a été remplacé par State Street Fund Services (Ireland) Limited.
PFPC Trustee and Custodial Services Ltd a démissionné le 30 avril 2006 et a été remplacé par State Street Custodial
Services (Ireland) Ltd.
12.
Transactions avec des personnes apparentées/liées
a) Aucune opération de placement avec une personne apparentée n'a eu lieu au cours de l'année.
b) Le Gestionnaire a perçu 129.117.976 USD (2005 : 52.724.915 USD) pour l'exercice clôturé le 31 mars 2006, dont
8.592.804 USD (2005 : 6.143.161 USD) étaient payables au terme de l'exercice.
c) Les participations détenues par des sociétés liées au Gestionnaire en date du 31 mars 2006 étaient les suivantes :
Axa Rosenberg Equity Alpha Trust
Fonds
Axa Assicurazioni Spa
Axa Bank Ag Koln
Axa Bank Belgium
Axa Belgium S.A.
Axa Interlife Spa
Axa Middle East Sal
Axa Rosenberg Investment Management Ltd
Axa Sim S.P.A. Gpf
BNP Madrid / Axa Ibercapital
BNP Paribas S.S/ Axa Sim
BPSS / Axa
BPSS / Axa Re
Cat. A
Cat. B
Cat. B
Euro
Cat. E
Cat. R
GBP
Cat. M
2.880.424
251.441
353.151
162
100
-
42.728
535
39.252
11.856
493
339.792
69.938
33.936
78.176.848
-
115
-
251
-
201
-
1.290
814.767
1.134
100
-
11.836
75.940
115
49.516
-
139
15.948
-
-
213
-
715
-
1487
769
100
-
99
52.262
50.931
84
-
133
-
118
-
Axa Bank AG Koln
Axa Bank Belgium
Axa Belgium S.A.
Axa Middle East Sal
F/S Fbo Degroof-Axa PM Bruxelles
F/S Fbo Degroof-Axa PM Bruxelles
Axa Middle East Sal
Axa Isle Of Man Limited
Axa Bank Belgium
Axa Bank Ag Koln
215
12.
Transactions avec des personnes apparentées/liées (suite)
Cat. B
Cat. B
Euro
Cat. E
Cat. R
GBP
Cat. M
Cat. A
Axa Rosenberg Global Small Cap Alpha Fund (suite)
Axa Aurora Vida
-
-
33.063
15.081
83.551
285.526
-
-
Axa Bank Ag Koln
Axa Bank Belgium
Axa Belgium S.A.
Axa Interlife Spa
Axa Interlife Spa - Aflo
Axa Middle East Sal
Axa Re Asia Pacific Pte Ltd
287.191
BPSS / Axa
709.846
100
226.593
78
-
100
11.651
160.997
1.388
27.010
1.976
31.175
2.774.253
86
24.282
-
137
-
148
-
100
373
1.100
-
82
76.348
133.981
345.476
2.110
51
411
425.801
-
59.547
-
82
-
100
-
-
257
-
137
-
178
Fonds
Axa Portfolio Service Ltd
1.298
Axa Aurora Vida
52.752
Axa Bank Belgium
165.508
BPSS / Axa
-
BPSS / Axa
43.225
Axa Bank Belgium
Axa Bank Ag Koln
Axa Sim S.P.A. Gpf
Axa Interlife Spa
Axa Interlife Spa – Aflo
-
216
6.575.740
37.259
49.945
145.621
4.022
77.340
100
12.
Cat. B
Cat. B
Euro
Cat. E
Cat. R
GBP
Cat. M
Cat. A
Axa Bank Belgium
Axa Bank Ag Koln
-
58.111
73.991
203
-
97
-
114
BPSS / Axa
3.061.706
Axa Bank Belgium
Axa Bank Ag Koln
Axa Interlife Spa
-
100
32.847
57.126.268
104.563
11.923
3.793
23.583
-
148
10.825
-
-
176
-
-
-
3.045
6.342
52.995
1.591
100
14.938
16.435
143
5.074
1.540
241
-
164
-
Axa Bank Belgium
Axa Bank Ag Koln
-
-
100
27.727
17.333
11.850
24.172
452
104
200.018
-
154
-
-
2.071
921.972
36.937
100
-
17.825
256.174
650.102
1.939
147
1.685.132
187
82.997
-
286
-
304
-
Fonds
Axa Bank Ag Koln
Axa Bank Belgium
Axa Bank Ag Koln
Axa Bank Belgium
Axa Belgium S.A.
Axa Isle Of Man Administrationa Limited
Axa Middle East Sal
694.041
1.448.978
-
217
12.
Fonds
Cat. A
Cat. B
Euro
Cat. B
Axa Rosenberg Japan Equity Alpha Fund (suite)
BPSS / Axa 745514y
1.367.621
BPSS/ Axa Re
9.828.517
Cat. E
Cat. R
GBP
Cat. M
-
38.613.704
-
-
-
-
3.850
49.833
148.947
33.290
12.387
51.433
48.168
169.854
3.346
3.022
120
4.515
-
113
11.993
-
574
145
-
165
-
-
-
-
-
268
2.317.500
973
50
-
1.166
4.541
1.075
67
5.962.317
80
2.192
-
133
-
124
-
Axa Aurora Vida
Axa Bank Ag Koln
Axa Bank Belgium
-
50
-
4.165
1.502
8.502
57
7.046
1.220
39
7.234
-
-
-
-
-
-
-
126
86
Axa Aurora Vida
Axa Bank Ag Koln
Axa Bank Belgium
Axa Interlife Spa
Axa Middle East Sal
Axa Portfolio Service Ltd
Axa Sim S.P.A. Gpf
BPSS / Axa
KBL Clearstream Fbo Dexia
-
Axa Bank Ag Koln
Axa Bank Belgium
BPSS / Axa
Le Fonds Pan-European Enhanced Index Equity Alpha Fund détient 10.690 parts dans Axa SA, la société mère du
Gestionnaire.
218
12.
Les participations détenues par des sociétés liées au Gestionnaire en date du 31 mars 2005 étaient les suivantes :
Fund
Axa Rosenberg US Equity Alpha Fund
Axa Rosenberg Investment Managers
BPSS / Axa
Axa SIM Spa GPF
Axa Interlife Spa
Axa Interlife Spa - AFLO
Axa Beligum S.A.
FS/SAL Oppenheim AXA Cologne
Axa Middle East Sal
Axa Isle of Man Ltd
Axa Bank Beligum
KBL Clearstream FBO AXA Invesment Manager
Bnp Madrid / Axa Ibercapital
BNP Paribas S.S/ AXA Sim
Axa Rosenberg Global Equity Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
KBL Clearstream FBO AXA Invesment Manager
Axa Middle East Sal
KBL Cearstream FBO CDC IXIS (Axa IM)
BNP Paribas SS/ Axa Sim
Axa Beligum Sa
Axa Rosenberg Global Small Cap Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
Axa Middle East Sal
Axa Aurora Vida
BNP Paribas SS/ Axa Sim
Clas s A
Class B
Class B Euro
251,441
-
100
362,879
76
16,794
8,312
-
108
171,303
24,970
97,630
39,769
2,567,000
17,166
33,579
75,530
10,701
-
129,574
-
100
35,360
455
813,611
115
23,168
2,525
1,890,000
95,819
83,840
2,511
-
139
768
-
100
171
-
99
11,853
15,116
5,383
292,500
7,405
45,916
84
74,506
-
219
Class E
12.
AXA ROSENBERG EQUITY ALPHA TRUS T
Fund
Clas s A
Axa Ros enberg Pacific Ex-Japan Equity Alpha Fund
Axa Ros enberg Inves tment Managers
Axa Beligum Sa
Axa As s icurazioni Spa
Axa Interlife Spa
Axa Interlife Spa - A FLO
Axa Bank Belgium
KBL Cears tream FBO CDC IXIS (A xa IM)
Axa Middle Eas t Sal
BNP Paribas SS/ A xa Sim
BNP Madrid / A xa Ibercapital
Axa Bank AG Koln
FS/SAL Oppenheim A XA Cologne
86,700
-
Axa Ros enberg Pacific Ex-Japan Small Cap Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
Axa SIM Spa GPF
Axa Aurora Vida
Axa Ros enberg Pan-European Equity Alpha Fund
Axa SIM Spa GPF
Axa Bank Belgium
Axa Bank AG Koln
Axa Interlife Spa
Axa Interlife Spa - A FLO
-
594,991
-
Clas s B
Clas s B Euro
Clas s E
100
207,352
52
-
100
4,754
3,253
14,164
42,816
13,906
8,622
291,500
86
9,471
-
82
53,980
21,518
27,604
1,454
18,062
39,707
232,589
-
51
96,790
100
58,648
39,644
18,366
1,785,515
3,145
42,313
77,340
-
137
75,665
-
Axa Ros enberg Pan-European Small Cap Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
-
203
26,334
1,097,334
24,349
177,310
-
97
104,867
Axa Ros enberg Eurobloc Equity Alpha Fund
Axa Bank Belgium
Axa Interlife Spa
Axa Bank AG Koln
-
100
59,512
56,079
3,472
31,066
5,696
-
148
52,197
-
220
12.
Fund
Axa Ros enberg Europe Ex-UK Equity Alpha Fund
Axa Cologne
Axa Bank Belgium
Clas s A
Axa Ros enberg Japan S mall Cap Alpha Fund
KBL Cears tream FBO A xa Multimanager
Axa Bank Belgium
Axa Bank AG Koln
Axa SIM Spa GPF
Axa Aurora Vida
Axa Re As ia Pacific Pte Ltd
Clas s B Euro
Clas s E
-
100
12,991
1,329,671
39,999
-
143
-
-
100
4,990
7,349
5,399
-
104
6,231
4,710,127
-
248
95,519
1,972,510
15,566
1,575,597
28,949
144,404
7,505
1,502
14,541
361,173
-
187
-
820,335
-
220
126,672
46,727
22,373
23,858
2,355
13,977
1,949
50,222
225,459
-
113
130,898
-
Axa Ros enberg Europe Ex-UK S mall Cap Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
Axa Ros enberg Japan Equity Alpha Fund
Axa Bank Belgium
Axa Bank AG Koln
BPSS / A xa Re
Axa Beligum Sa
Axa SIM Spa GPF
Axa Interlife Spa
Axa Re As ia Pacific Pte Ltd
Clas s B
221
12.
Fund
Clas s A
Clas s B
Clas s B Euro
Clas s E
Axa Ros enberg UK Equity Alpha Fund
Axa Bank Belgium
Axa Cologne
Axa Is le of Man Limited
-
117
1,249
6,006
1,030,000
481
973
-
80
-
Axa Ros enberg UK Small Cap Alpha Fund
Axa Bank Belgium
Axa Cologne
Axa Aurora Vida
-
107
645
554
9,437
2,419
2,105
-
39
1,436
-
13.
Transactions sur parts
Les transactions relatives aux parts suivantes ont eu lieu au cours de l’exercice clôturé au 31 mars 2006 :
AXA ROSENBERG FUND
Axa Rosenberg US Equity Alpha Fund – Class A
Axa Rosenberg US Equity Alpha Fund – Class B
Axa Rosenberg US Equity Alpha Fund - Class A Hedged
Axa Rosenberg US Equity Alpha Fund - Class B Hedged
Axa Rosenberg US Equity Alpha Fund – Class B €
Axa Rosenberg US Equity Alpha Fund – Class E €
Axa Rosenberg US Equity Alpha Fund – Class M
Axa Rosenberg US Equity Alpha Fund – Class R €
31 mars
2005
Parts
rachetées
31 mars
2006
24.717.132
21.140.988
660.111
385
120.844.635
-
20.715.749
56.994.715
2.434.512
29.698.040
61.050.816
1.486
201
251
6.671.272
28.938.660
1.007.511
14.825.133
94.995.266
-
38.761.609
49.197.042
2.087.112
14.873.291
86.900.185
1.486
201
251
3.852.180
5.942.569
3.570.983
6.223.767
-
216
-
216
11.513.675
1.900.231
5.623.450
3.406.415
907
-
17.349.477
4.732.788
3.819.327
8.829.495
51.465
213
Axa Rosenberg US Enhanced Index Equity Alpha Fund Class A
Axa Rosenberg US Enhanced Index Equity Alpha Fund
- Class M
Axa Rosenberg Global Equity Alpha Fund – Class A
Axa Rosenberg Global Equity Alpha Fund – Class B
Axa Rosenberg Global Equity Alpha Fund – Class B €
Axa Rosenberg Global Equity Alpha Fund - Class A £
Axa Rosenberg Global Equity Alpha Fund – Class E €
Axa Rosenberg Global Equity Alpha Fund – Class M
Parts
émises
222
5.761.579 23.101.573
1.592.357
5.040.662
4.916.526
4.526.251
873 12.235.037
21.984
30.389
213
13.
Transactions sur parts (suite)
AXA ROSENBERG FUND
31 mars
2005
Axa Rosenberg Global Small Cap Alpha Fund – Class A
Axa Rosenberg Global Small Cap Alpha Fund – Class B
€
Axa Rosenberg Global Small Cap Alpha Fund – Class E
€
Axa Rosenberg Global Small Cap Alpha Fund – Class M
Axa Rosenberg Global Small Cap Alpha Fund – Class R
Axa Rosenberg Pacific Ex-Japan Equity Alpha Fund –
Class A
Class B
Class B €
Class E €
Class M
Class R
Axa Rosenberg Pacific Ex-Japan Small Cap Alpha Fund
- Class A
- Class B
- Class B €
- Class E €
- Class M
- Class R £
Axa Rosenberg All-Country Asia Pacific Ex-Japan
Equity Alpha Fund - Class A
Equity Alpha Fund - Class M
Equity Alpha Fund - Class B €
Axa Rosenberg Pan-European Equity Alpha Fund –
Class A
Class B
223
Parts
émises
Parts
rachetées
31 mars
2006
5.698.027
830.323
7.510.638
3.120.875
1.092.412
1.039.624
12.116.253
2.911.574
3.578.293
7.110.242
2.485.501
8.203.034
74.590
-
292.794
118
133
54.337
-
313.047
118
133
7.301.128
11.274.294
10.365.032
8.210.390
2.068.561
6.348.974
897.284
7.520.251
5.506.459
3.775.924
4.021.913
5.260.470
31.989
302.028
69.533
264.485
-
171.111
-
171.111
-
137
-
137
2.491.768
6.197.715
1.418.817
7.270.666
2.469.377
11.371.396
8.543.661
5.297.112
4.483.243
6.207.313
3.684.665
7.005.891
226.199
832.990
395.390
663.799
-
82
-
82
-
261.863
44.858
217.005
3.118.656
2.324.197
-
5.442.853
-
100
-
100
-
100
-
100
19.254.382
56.535.062
16.254.793
59.534.651
37.151.518
33.816.535
25.199.059
45.768.994
13.
AXA ROSENBERG FUND
31 mars
2005
Class B Distributing
Class E
Class M
Axa Rosenberg Pan-European Small Cap Alpha Fund –
Class A
Class B
Class E
Class M
Axa Rosenberg Pan European Enhanced Index Equity
Alpha Fund – Class A
Alpha Fund - Class M
Axa Rosenberg Eurobloc Equity Alpha Fund – Class A
Axa Rosenberg Eurobloc Equity Alpha Fund – Class B
Axa Rosenberg Eurobloc Equity Alpha Fund – Class E
Axa Rosenberg Eurobloc Equity Alpha Fund – Class M
Axa Rosenberg Europe Ex-UK Equity Alpha Fund –
Class A
Class B
Class E
Class M
Class R £
Axa Rosenberg Europe Ex-UK Small Cap Alpha Fund –
Class A
Class B
Class E
Class R £
224
Parts
émises
Parts
rachetées
31 mars
2006
2.426.422
-
-
2.426.422
70.595
150.445
53.312
167.728
-
178
-
178
14.819.445
19.605.869
15.517.157
18.908.157
9.647.544
14.089.907
7.516.769
16.220.682
90.880
444.223
139.672
395.431
-
114
-
114
11.816.182
3.219.753
5.076.487
9.959.449
-
153
-
153
12.285.769
21.992.198
50.340
-
27.811.608
83.462.617
56.919
176
8.538.065
31.225.385
55.067
-
31.559.312
74.229.430
52.192
176
11.321.239
5.862.162
4.349.410
12.833.991
3.433.665
4.119.450
1.033.457
6.519.658
143
58.638
27.018
31.764
-
164
-
164
-
241
-
241
633.828
1.692.661
913.580
1.412.910
367.123
1.899.363
377.414
1.889.072
8.050
277.331
39.543
245.838
-
154
-
154
13.
AXA ROSENBERG FUND
31 mars
2005
Axa Rosenberg Japan Equity Alpha Fund – Class A
Axa Rosenberg Japan Equity Alpha Fund – Class B
Axa Rosenberg Japan Equity Alpha Fund – Class B €
Axa Rosenberg Japan Equity Alpha Fund – Class E €
Axa Rosenberg Japan Equity Alpha Fund – Class M
Axa Rosenberg Japan Equity Alpha Fund – Class R £
36.378.525 192.653.052
93.991.627 135.039.949
44.210.990 223.062.644 131.976.600 135.297.034
38.480.948 123.536.094
64.038.915
97.978.127
491.873
7.045.392
2.718.780
4.818.485
888.240
888.240
286
286
Axa Rosenberg Japan Small Cap Alpha Fund – Class A
Axa Rosenberg Japan Small Cap Alpha Fund – Class B
€
Axa Rosenberg Japan Small Cap Alpha Fund – Class E €
Axa Rosenberg Japan Small Cap Alpha Fund – Class M
Axa Rosenberg Japan Small Cap Alpha Fund – Class R
£
16.498.310
9.522.849
47.839.549
59.502.310
22.426.046
19.813.141
41.911.814
49.212.018
12.543.196
172.875
-
45.283.145
2.821.389
165
17.485.289
651.148
-
40.341.052
2.343.116
165
-
2.729
10
2.719
-
9.564.401
657.978
8.906.423
-
268
-
268
7.923.206
530.932
11.273.033
80
-
2.611.949
6.328.845
5.954
124
133
3.741.934
2.679.920
9.649.543
2.130
-
15.422.246
462.962
7.952.335
3.904
124
133
732.180
87.953
168.194
2.733
411.314
29.025
98.985
9.656
532.463
35.244
115.180
3.655
611.031
81.733
152.000
8.734
2.840.666
212.327
-
3.052.993
-
86
-
86
-
126
-
126
Axa Rosenberg Japan Enhanced Index Equity Alpha
Fund – Class A
Axa Rosenberg Japan Enhanced Index Equity Alpha
Fund – Class M
Axa Rosenberg UK Equity Alpha Fund – Class A
Axa Rosenberg UK Equity Alpha Fund – Class B
Axa Rosenberg UK Equity Alpha Fund – Class B €
Axa Rosenberg UK Equity Alpha Fund – Class E €
Axa Rosenberg UK Equity Alpha Fund – Class M
Axa Rosenberg UK Equity Alpha Fund – Class R £
Axa Rosenberg UK Small Cap Alpha Fund – Class A
Axa Rosenberg UK Small Cap Alpha Fund – Class B
Axa Rosenberg UK Small Cap Alpha Fund – Class B €
Axa Rosenberg UK Small Cap Alpha Fund – Class E €
Axa Rosenberg Global Ex-UK Equity Alpha Fund –
Class A
Class M
Class R
225
Parts
émises
Parts
rachetées
31 mars
2006
13.
Les transactions suivantes ont eu lieu au cours de l’exercice clôturé au 31 mars 2005 :
AXA ROSENBERG FUND
31 mars
2004
Parts
émises
Parts
rachetées
31 mars
2005
17.491.667
18.267.015
12.029.297
8.735.938
4.803.832
5.861.965
24.717.132
21.140.988
-
878.586
218.475
660.111
98.886.322
138
385
74.262.751
-
52.304.438
138
385
120.844.635
-
Axa Rosenberg US Enhanced Index Equity Alpha Fund
- Class A
5.308.309
1.655.911
3.112.040
3.852.180
Axa Rosenberg Global Equity Alpha Fund – Class A
Axa Rosenberg Global Equity Alpha Fund – Class B
Axa Rosenberg Global Equity Alpha Fund – Class B €
Axa Rosenberg Global Equity Alpha Fund - Class A £
Axa Rosenberg Global Equity Alpha Fund – Class E €
3.900.176
1.721.382
2.199.664
139
8.107.281
1.435.936
5.154.503
3.406.415
4.180
493.782
1.257.087
1.730.717
3.412
11.513.675
1.900.231
5.623.450
3.406.415
907
793.904
264.714
5.327.185
734.400
423.062
168.791
5.698.027
830.323
1.146.259
3.065.653
633.619
3.578.293
84
76.704
2.198
74.590
4.511.140
5.234.012
2.444.024
7.301.128
314.029
1.905.852
151.320
2.068.561
5.042.559
4.626.442
4.162.542
5.506.459
86
32.988
1.085
31.989
416.802
3.759.504
1.684.538
2.491.768
458.689
3.311.152
1.300.464
2.469.377
769.445
4.693.078
979.280
4.483.243
51
279.522
53.374
226.199
Axa Rosenberg US Equity Alpha Fund – Class A
Axa Rosenberg US Equity Alpha Fund – Class B
Axa Rosenberg US Equity Alpha Fund - Class A
Hedged
Axa Rosenberg US Equity Alpha Fund - Class B
Hedged
Axa Rosenberg US Equity Alpha Fund – Class B €
Axa Rosenberg US Equity Alpha Fund – Class E €
Axa Rosenberg Global Small Cap Alpha Fund – Class
A
€
Axa Rosenberg Global Small Cap Alpha Fund – Class E
€
Class A
Class B
Class B €
Class E €
- Class A
- Class B
- Class B €
- Class E €
226
13.
AXA ROSENBERG FUND
31 mars
2004
Equity Alpha Fund - Class A
Parts
émises
Parts
rachetées
31 mars
2005
-
3.118.656
-
3.118.656
10.946.114
12.251.877
3.943.609
19.254.382
27.787.721
26.016.174
16.652.377
37.151.518
1.545.749
1.259.748
379.075
2.426.422
137
84.316
13.858
70.595
10.091.300
9.387.095
4.658.950
14.819.445
8.236.541
5.988.400
4.577.397
9.647.544
97
94.965
4.182
90.880
Alpha Fund - Class A
12.806.808
2.079.218
3.069.844
11.816.182
Axa Rosenberg Eurobloc Equity Alpha Fund – Class A
Axa Rosenberg Eurobloc Equity Alpha Fund – Class B
Axa Rosenberg Eurobloc Equity Alpha Fund – Class E
4.460.955
24.565.519
148
10.207.550
6.597.870
50.192
2.382.736
9.171.191
-
12.285.769
21.992.198
50.340
10.537.139
3.535.832
2.751.732
11.321.239
3.255.271
2.391.396
2.213.002
3.433.665
143
643
643
143
1.138.782
1.760
506.714
633.828
296.296
349.681
278.854
367.123
104
9.109
1.163
8.050
17.956.000
6.060.467
26.733.585
187
25.082.676
43.426.331
27.438.572
507.414
6.660.151
5.275.808
15.691.209
15.728
36.378.525
44.210.990
38.480.948
491.873
Class A
Class B
Class B Distributing
Class E
Class A
Class B
Class E
Class A
Class B
Class E
Class A
Class B
Class E
Axa Rosenberg Japan Equity Alpha Fund – Class A
Axa Rosenberg Japan Equity Alpha Fund – Class B
Axa Rosenberg Japan Equity Alpha Fund – Class B €
Axa Rosenberg Japan Equity Alpha Fund – Class E €
227
13.
AXA ROSENBERG FUND
Axa Rosenberg Japan Small Cap Alpha Fund – Class A
€
Axa Rosenberg Japan Small Cap Alpha Fund – Class E
€
Axa Rosenberg UK Equity Alpha Fund – Class A
Axa Rosenberg UK Equity Alpha Fund – Class B
Axa Rosenberg UK Equity Alpha Fund – Class B €
Axa Rosenberg UK Equity Alpha Fund – Class E €
31 mars
2004
Parts
émises
Parts
rachetées
31 mars
2005
10.281.644
4.329.194
13.974.646
12.379.865
7.757.980
7.186.210
16.498.310
9.522.849
5.399.598
14.648.416
7.504.818
12.543.196
113
206.920
34.158
172.875
4.862.854
447.273
9.760.106
80
3.482.729
183.687
4.965.445
-
422.377
100.028
3.452.518
-
7.923.206
530.932
11.273.033
80
633.412
170.610
296.469
39
289.869
25.117
177.584
3.129
191.101
107.774
305.859
435
732.180
87.953
168.194
2.733
-
2.840.666
-
2.840.666
Axa Rosenberg UK Small Cap Alpha Fund – Class A
Axa Rosenberg UK Small Cap Alpha Fund – Class B
Axa Rosenberg UK Small Cap Alpha Fund – Class B €
Axa Rosenberg UK Small Cap Alpha Fund – Class E €
Axa Rosenberg Global EX UK Equity Alpha Fund –
Class A
Toutes les Parts du Fonds sont assorties de droits de vote égaux ; toutefois, dans les domaines n’affectant qu’un Fonds
donné ou, selon le cas, qu’une catégorie au sein d’un Fonds, seuls les Détenteurs de Parts dudit Fonds ou, selon le cas, de
ladite catégorie au sein d’un Fonds, seront habilités à voter.
14.
Risques économiques
Investir dans un Fonds implique un certain nombre de risques, dont les suivants. Rien ne permet d'assurer que les objectifs
des placements d'un Fonds seront atteints.
a)
Risque de marché
Les placements de chaque Fonds sont tributaires des fluctuations des marchés et des risques inhérents aux instruments
financiers. Rien ne permet de garantir que la valeur des placements s'appréciera.
b)
Risque de liquidité
Chaque Fonds est exposé à des rachats en espèces quotidiens des parts rachetables. Il investit dès lors la majorité de ses
actifs dans des placements négociés sur un marché actif et peut être aisément liquidé.
Les titres cotés de chaque Fonds sont considérés comme aisément réalisables puisqu'ils sont cotés sur une Bourse de
valeurs réglementée.
c)
Risque de crédit
Les Fonds sont exposés au risque de crédit avec les parties avec lesquelles ils contractent. Les Fonds supportent également
le risque de défaillance. Les Fonds réduisent au maximum la concentration des risques de contrepartie en concluant des
transactions avec des contreparties jouissant d'une bonne réputation.
228
14.
Risques économiques (suite)
d)
Autre risque
Les actifs de tout Fonds peuvent être exposés aux engagements d'autres Fonds du Fonds.
e)
Risque de change
Les valeurs pouvant être libellées dans des devises autres que la devise de référence du Fonds, les fluctuations de ces
devises par rapport à la devise de référence peuvent influencer significativement la valeur des investissements et les
bénéfices du Fonds. La valeur des actifs peut également être affectée par des restrictions sur les taux de change imposées
par les gouvernements, par des mesures d'expropriation, d'imposition ou par toute autre mesure politique, sociale ou
économique susceptible d'affecter le marché et/ou le risque de change des placements.
AXA Rosenberg US Equity Alpha Fund entre dans des contrats de change à terme pour le compte des investisseurs des
catégories Class A Hedged et Class B Hedged afin de gérer le risque de change au niveau de la catégorie.
Au 31 mars 2006, les Fonds suivants ne détenaient pas de placements ou actifs exposés à une devise autre que la devise de
référence. Ces mêmes Fonds ne détenaient pas non plus de placements ou d'actifs au 31 mars 2005 exposés à une devise
autre que la devise de référence :
Fonds
AXA Rosenberg Japan Enhanced Index Fund
Devise de référence
USD
USD
EUR
GBP
YEN
YEN
YEN
AXA Rosenberg UK Equity Alpha Fund présente une exposition immatérielle à l'euro à travers son investissement dans
Royal Dutch Shell Plc.
Risque de change des autres Fonds au 31 mars 2005 et 2006 :
31 mars 2006
Autres
actifs
nets
Total
31 mars 2005
%
actifs nets
Actifs en
portefeuille
Autres
actifs
nets
Devise
Actifs en
portefeuille
Total
%
actifs nets
Dollar australien
Livre sterling
Dollar canadien
Couronne danoise
Euro
Dollar de HongKong
Yen japonais
Dollar de NouvelleZélande
Couronne
norvégienne
Dollar de Singapour
Couronne suédoise
Franc suisse
Sous-total
$13.632.858
$58.333.597
$20.604.322
$1.878.528
$94.783.768
$(143.663)
$(54.616)
$29.675
$208.477
$298.980
$13.489.195
$58.278.981
$20.633.997
$2.087.005
$95.082.748
2,23%
9,66%
3,42%
0,35%
15,75%
$5.447.515
$28.721.350
$7.734.718
$461.603
$38.058.975
$60.247
$465.883
$35.754
$7.012
$79.511
$5.507.762
$29.187.233
$7.770.472
$468.615
$38.138.485
2,19%
11,62%
3,09%
0,19%
15,18%
$4.259.569
$69.865.200
$256.042
$830.522
$4.515.611
$70.695.722
0,75%
11,71%
$1.916.011
$23.740.769
$33.069
$433.477
$1.949.080
$24.174.246
0,78%
9,62%
$190.956
$15.168
$206.124
0,03%
$251.417
$15.545
$266.962
0,11%
$4.150.469
$2.479.306
$5.205.514
$19.816.316
$295.200.403
$51.912
$123.328
$87.365
$1.703.189
$4.202.381
$2.602.634
$5.292.879
$19.816.316
$296.903.592
0,70%
0,43%
0,88%
3,28%
49,19%
$632.713
$1.095.806
$2.473.237
$8.314.959
$118.849.073
$3.093
$52.109
$15.724
$203.306
$1.404.730
$635.806
$1.147.915
$2.488.961
$8.518.266
$120.253.803
0,25%
0,46%
0,99%
3,39%
47,87%
Valeurs en dollars
US
$298.766.572
$7.927.499
$306.694.071
50,81%
$130.198.466
$772.216
$130.970.682
52,13%
Total
$593.966.975
$9.630.688
$603.597.663
100,00%
$249.047.539
$2.176.946
$251.224.485
100,00%
229
14.
e)
Risque de change (suite)
31 mars 2006
Autres
actifs
nets
31 mars 2005
Total
%
actifs nets
Autres
actifs
nets
Devise
Actifs en
portefeuille
Actifs en
portefeuille
Total
%of
actifs nets
Dollar australien
Livre sterling
Dollar canadien
Couronne danoise
Euro
Dollar de HongKong
Yen japonais
Couronne
norvégienne
Dollar de Singapour
Couronne suédoise
Franc suisse
Corée du Sud
Sous-total
$10.128.664
$50.678.002
$18.422.965
$1.988.234
$93.780.081
$169.161
$219.406
$85.997
$313.844
$358.862
$10.297.825
$50.897.408
$18.508.962
$2.302.078
$94.138.943
1,78%
8,79%
3,20%
0,40%
16,26%
$4.350.336
$20.110.236
$4.895.156
$1.629.871
$27.984.384
$79.496
$199.451
$15.934
$402
$59.502
$4.429.832
$20.309.687
$4.911.090
$1.630.273
$28.043.886
2,25%
10,31%
2,49%
0,83%
14,23%
$5.098.295
$66.747.635
$23.630
$924.441
$5.121.925
$67.672.076
0,89%
11,69%
$1.734.608
$19.438.425
$68.901
$335.090
$1.803.509
$19.773.515
0,92%
10,04%
$757.966
$28.663
$786.629
0,14%
$191.769
$626
$192.395
0,10%
$1.182.765
$2.116.567
$7.265.546
$19.336.834
$10.605.573
$288.109.127
$204.798
$4.215
$66.274
$355.688
$12.886
$2.767.867
$1.387.563
$2.120.782
$7.331.820
$19.692.522
$10.618.459
$290.876.994
0,24%
0,37%
1,27%
3,40%
1,83%
50,26%
$892.653
$2.216.551
$7.304.462
$2.818.202
$93.566.653
$733
$33.764
$13.234
$28.372
$(39.836)
$795.669
$733
$926.417
$2.229.785
$7.332.834
$2.778.366
$94.362.322
0,00%
0,47%
1,13%
3,72%
1,41%
47,90%
Valeurs en dollars
US
$276.599.463
$11.271.434
$287.870.897
49,74%
$100.482.420
$2.149.692
$102.632.112
52,10%
Total
$564.708.590
$14.039.301
$578.747.891
100,00%
$194.049.073
$2.945.361
$196.994.434
100,00%
31 mars 2006
31 mars 2005
Devise
Actifs en
portefeuille
Autres
actifs
nets
Total
Dollar australien
Dollar de Hong-Kong
Dollar de Singapour
Sous-total
$274.385.971
$90.508.133
$(1.521.964)
$4.025.852
$272.864.007
$94.533.985
64,26%
22,26%
$162.161.630
$52.155.194
$3.139.056
$1.956.292
$165.300.686
$54.111.486
64,09%
20,98%
$2.060.962
$46.415.223
$413.370.289
$616.436
$6.665.011
$9.785.336
$2.677.398
$53.080.234
$423.155.625
0,63%
12,50%
99,65%
$5.703.153
$29.380.650
$249.400.627
$382.373
$367.068
$5.844.789
$6.085.526
$29.747.718
$255.245.416
2,36%
11,53%
98,96%
Valeurs en dollars US
Total
%
actifs nets
Autres
actifs
nets
Actifs en
portefeuille
Total
%
actifs nets
-
$1.483.210
$1.483.210
0,35%
-
$2.692.665
$2.692.665
1,04%
$413.370.289
$11.268.546
$424.638.835
100,00%
$249.400.627
$8.537.454
$257.938.081
100,00%
230
14.
e)
31 mars 2006
31 mars 2005
Devise
Actifs en
portefeuille
Autres
actifs
nets
Total
Dollar australien
Dollar de Hong-Kong
Dollar de Singapour
Won sud-coréen
Sous-total
$285.661.497
$142.681.918
$15.075.768
$5.100.550
$300.737.265
$147.782.468
35,40%
17,39%
$125.286.647
$55.971.018
$3.082.929
$1.842.855
$128.369.576
$57.813.873
41,27%
18,59%
$16.409.517
$61.422.086
$307.526.110
$813.701.128
$408.809
$6.669.952
$3.045.356
$30.300.436
$16.818.326
$68.092.038
$310.571.466
$844.001.564
1,98%
8,01%
36,55%
99,33%
$4.463.437
$22.758.694
$89.206.925
$297.686.721
$437.001
$1.618.761
$5.379.862
$12.361.408
$4.900.438
$24.377.455
$94.586.787
$310.048.129
1,57%
7,84%
30,41%
99,68%
Total
%
actifs nets
Autres
actifs
nets
Actifs en
portefeuille
Total
%
actifs nets
-
$5.660.802
$5.660.802
0,67%
-
$1.009.840
$1.009.840
0,32%
$813.701.128
$35.961.238
$849.662.366
100,00%
$297.686.721
$13.371.248
$311.057.969
100,00%
31 mars 2006
31 mars 2005
Devise
Actifs en
portefeuille
Autres
actifs
nets
Dollar australien
Dollar de Hong-Kong
Dollar de Singapour
Baht thaïlandais
Dollar taïwanais
Rupiah indonésien
Ringgit malaysien
Peso philippin
Won sud-coréen
Sous-total
$19.166.823
$12.418.650
$231.771
$290.045
$19.398.594
$12.708.695
30,83%
20,20%
$9.284.809
$5.660.166
$147.592
$77.266
$9.432.401
$5.737.432
31,67%
19,26%
$214.216
$2.676.841
$1.113.418
$7.060.708
$3.562.687
$1.798.248
$214.050
$12.495.819
$60.721.460
$6.170
$(45.520)
$29.271
$45.627
$(62.389)
$(129.622)
$30.616
$128.255
$524.223
$220.386
$2.631.321
$1.142.689
$7.106.335
$3.500.298
$1.668.626
$244.666
$12.624.074
$61.245.683
0,35%
4,18%
1,82%
11,29%
5,56%
2,65%
0,39%
20,06%
97,33%
$389.753
$1.952.174
$841.720
$3.794.057
$483.865
$564.383
$252.162
$4.721.733
$27.944.822
$49.971
$55.215
$74.426
$34.156
$(199.370)
$(51.048)
$(1.733)
$(309.719)
$(119.778)
$439.724
$2.007.389
$916.146
$3.828.213
$284.495
$513.335
$253.895
$4.412.014
$27.825.044
1,48%
6,74%
3,08%
12,86%
0,96%
1,72%
0,85%
14,82%
93,44%
Total
Total
%
actifs nets
Actifs en
portefeuille
Autres
actifs
nets
Total
%
actifs nets
-
$1.678.226
$1.678.226
2,67%
$1.139.489
$(813.974)
$1.953.463
6,56%
$60.721.460
$2.202.449
$62.923.909
100,00%
$29.084.311
$(694.196)
$29.778.507
100,00%
231
14.
e)
31 mars 2006
31 mars 2005
Autres
actifs
nets
Devise
Actifs en
portefeuille
Livre sterling
Couronne danoise
Couronne
norvégienne
Couronne suédoise
Franc suisse
Dollar américain
Sous-total
€416.641.348
€15.483.947
€4.463.912
€13.844
€421.105.262
€15.497.791
€22.258.323
€53.512.299
€142.995.284
€650.891.201
€3.158.327
€2.367.003
€1.776.833
€830
€11.780.749
€25.416.650
€55.879.302
€144.772.115
€830
€662.671.950
Valeurs en euros
Total
Total
Actifs en
portefeuille
Autres
actifs
nets
Total
30,78%
1,13%
€200.823.043
€1.030.893
€2.313.038
€90
€203.136.081
€1.030.983
38,01%
0,19%
1,86%
4,09%
10,58%
0,00%
48,44%
€3.492.402
€19.602.136
€65.836.791
€290.785.265
€105
€152.107
€287.345
€2.752.685
€3.492.507
€19.754.243
€66.124.136
€293.537.950
0,66%
3,70%
12,37%
0,00%
54,93%
%
actifs nets
%
actifs nets
€699.067.952
€6.370.318
€705.438.270
51,56%
€237.666.338
€3.223.627
€240.889.965
45,07%
€1.349.959.153
€18.151.067
€1.368.110.220
100,00%
€528.451.603
€5.976.312
€534.427.915
100,00%
31 mars 2006
31 mars 2005
Autres
actifs
nets
Total
€200.483.947
€9.832.554
€3.208.419
€1.547
€203.692.366
€9.834.101
€2.227.763
€33.480.293
€76.683.157
€322.707.714
€14.823
€11.879
€178.570
€3.415.239
€2.242.586
€33.492.172
€76.861.727
€326.122.953
Devise
Actifs en
portefeuille
Livre sterling
Couronne danoise
Couronne
norvégienne
Couronne suédoise
Franc suisse
Sous-total
Actifs en
portefeuille
Autres
actifs
nets
Total
27,85%
1,34%
€123.888.896
€8.580.672
€1.308.279
€511.347
€125.197.175
€9.092.019
34,65%
2,52%
0,31%
4,58%
10,51%
44,59%
€10.627.872
€44.409.713
€187.507.153
€577
€123.725
€8
€1.943.936
€577
€10.751.597
€44.409.721
€189.451.089
0,00%
2,98%
12,29%
52,44%
%
actifs nets
%
actifs nets
Valeurs en euros
€392.507.918
€12.678.251
€405.186.169
55,41%
€168.459.080
€3.372.316
€171.831.396
47,56%
Total
€715.215.632
€16.093.490
€731.309.122
100,00%
€355.966.233
€5.316.252
€361.282.485
100,00%
31 mars 2006
31 mars 2005
Devise
Actifs en
portefeuille
Autres
actifs
nets
Livre sterling
Couronne danoise
Couronne
norvégienne
Couronne suédoise
Franc suisse
Dollar américain
€ 51.196.246
€ 1.590.148
€ 660.438
€ 12.315
€ 51.856.684
€ 1.602.463
€ 1.888.088
€ 5.199.191
€ 16.516.464
€0
€ 35.090
€ 125.451
€ 1.068.014
€ 2.643
€ 1.923.178
€ 5.324.642
€ 17.584.478
€ 2.643
Total
Actifs en
portefeuille
Autres
actifs
nets
32,01%
0,99%
€51.262.005
€1.516.607
€606.176
€325.874
€51.868.181
€1.842.481
35,15%
1,25%
1,19%
3,29%
10,85%
0,00%
€1.471.744
€4.911.015
€13.924.011
-
€32.640
€4.724
€229.048
-
€1.504.384
€4.915.739
€14.153.059
-
1,02%
3,33%
9,59%
0,00%
%
actifs nets
232
Total
%
actifs nets
Sous-total
€ 76.390.137
€ 1.903.951
€ 78.294.088
48,33%
€73.085.382
€1.198.462
€74.283.844
50,34%
Valeurs en euros
€ 83.011.565
€ 701.370
€ 83.712.935
51,67%
€72.078.725
€1.196.446
49,66%
€ 159.401.702
€ 2.605.321
€ 162.007.023
100,00%
€145.164.107
€2.394.908
€73.275.171
€147.559.01
5
Total
100,00%
14.
e)
31 mars 2006
Devise
Couronne danoise
Couronne
norvégienne
Livre sterling
Couronne suédoise
Franc suisse
Dollar américain
Sous-total
Actifs en
portefeuille
Autres
actifs
nets
31 mars 2005
Total
%
actifs nets
Autres
actifs
nets
Actifs en
portefeuille
Total
%
actifs nets
€3.716.922
€5.814
€3.722.736
1,38%
€1.421.801
€29
€1.421.830
0,91%
€6.074.844
€13.261.809
€40.281.074
€63.334.649
€129.471
€53.572
€61.172
€150.822
€8.699
€409.550
€6.204.315
€53.572
€13.322.981
€40.431.896
€8.699
€63.744.199
2,30%
0,02%
4,96%
15,01%
0,00%
23,67%
€2.506.598
€6.186.721
€26.458.328
€36.573.448
€11
€(28.961)
€300.959
€272.038
€2.506.609
€6.157.760
€26.759.287
€36.845.486
1,61%
0,00%
3,95%
17,17%
0,00%
23,64%
Valeurs en euros
€202.290.876
€3.316.913
€205.607.789
76,33%
€117.887.940
€1.098.802
€118.986.742
76,36%
Total
€265.625.525
€3.726.463
€269.351.988
100,00%
€154.461.388
€1.370.840
€155.832.228
100,00%
31 mars 2006
Devise
Couronne danoise
Couronne
norvégienne
Couronne suédoise
Franc suisse
Dollar américain
Sous-total
Actifs en
portefeuille
Autres
actifs
nets
31 mars 2005
Total
%
actifs nets
Actifs en
portefeuille
Autres
actifs
nets
Total
%
actifs nets
€1.181.592
€17.139
€1.198.731
1,71%
€311.268
€54.039
€365.307
2,53%
€692.883
€3.604.257
€10.722.044
€16.200.776
€54.335
€46.558
€(11.677)
€462
€106.817
€747.218
€3.650.815
€10.710.367
€462
€16.307.593
1,06%
5,21%
15,27%
0,00%
23,25%
€182.538
€609.063
€2.460.374
€3.563.243
€9.283
€33.435
€40.219
€136.976
€191.821
€642.498
€2.500.593
€3.700.219
1,33%
4,45%
17,34%
25,65%
Valeurs en euros
€53.079.936
€747.295
€53.827.231
76,75%
€10.672.930
€51.193
€10.724.123
74,35%
Total
€69.280.712
€854.112
€70.134.824
100,00%
€14.236.173
€188.169
€14.424.342
100,00%
233
14.
31 mars 2006
Devise
Dollar australien
Yuan chinois
Couronne danoise
Euro
Dollar de Hong-Kong
Yen japonais
Couronne
norvégienne
Dollar de Singapour
Couronne suédoise
Dollar américain
Franc suisse
Sous-total
Valeurs en livres
sterling
Total
15.
Autres
actifs
nets
Actifs en
Portefeuille
31 mars 2005
Total
%
actifs nets
Actifs en
portefeuille
Autres
actifs
nets
Total
%
actifs nets
£1.050.425
£151.296
£7.392.615
£604.457
£5.120.531
£4.621
£13.178
£(4.038)
£26.698
£53.337
£1.055.046
£164.474
£7.388.577
£631.155
£5.173.868
2,62%
0,00%
0,41%
18,32%
1,57%
12,83%
£746.863
£18.443
£42.201
£5.112.800
£358.658
£3.029.228
£15.185
£22.944
£8.394
£18.861
£33.787
£762.048
£18.443
£65.145
£5.121.194
£377.519
£3.063.015
2,61%
0,06%
0,23%
17,54%
1,29%
10,49%
£28.588
£3.750
£32.338
0,08%
£31.659
£1.667
£33.326
0,11%
£342.811
£197.454
£432.287
£23.307.075
£1.257.262
£39.884.801
£8.624
£15.723
£25.975
£299.363
£25.725
£472.957
£351.435
£213.177
£458.262
£23.606.438
£1.282.987
£40.357.758
0,87%
0,53%
1,14%
58,55%
3,18%
100,09%
£187.518
£157.437
£335.482
£18.053.104
£938.512
£29.011.905
£76
£2.717
£39.065
£71.676
£5.841
£220.213
£187.594
£160.154
£374.547
£18.124.780
£944.353
£29.232.118
0,64%
0,55%
1,28%
62,05%
3,23%
100,08%
-
£(36.761)
£(36.761)
(0,09)%
-
£(23.511)
£(23.511)
(0,08)%
£39.884.801
£436.196
£40.320.997
100,00%
£29.011.905
£196.702
£29.208.607
100,00%
Gestion efficace du portefeuille
AXA Rosenberg US Equity Alpha Fund entre dans des contrats de change à terme pour le compte des investisseurs des
catégories Class A Hedged et Class B Hedged afin de gérer le risque de change.
16.
Directive européenne sur la fiscalité de l’épargne
Au 1er juillet 2005, la directive européenne sur la fiscalité de l’épargne (la “Directive”) est entrée en vigueur.
Conformément à la volonté du législateur, cette directive (Directive 2003/48/CEE du 3 juin 2003) vise à obtenir l’assurance
que les individus résidant dans un État membre de l’Union européenne, qui reçoivent un revenu d’épargne d’un autre État
membre, sont imposés dans le pays de leur résidence fiscale.
D’une manière générale, la directive s’applique lorsqu’un “agent payeur” établi dans un État membre ou un territoire
dépendant de l’Union européenne, paie des revenus de l’épargne sous forme de paiement d’intérêts à des bénéficiaires
effectifs (en qualité professionnelle ou non), résidant dans un autre État membre.
L'agent payeur se doit d’obtenir et de communiquer les données personnelles du bénéficiaire et les informations concernant
les paiements d’intérêts à l’autorité compétente de l’État membre dans lequel il est établi. Les agents payeurs établis en
Autriche, en Belgique, au Luxembourg et en Suisse prélèvent une retenue à la source calculée à l’aide du calcul TIS
(Taxable Income per Share).
L’agent payeur est le dernier opérateur économique (personne agissant dans le cadre de son activité ou profession) d’une
chaîne de paiement des intérêts qui paie ou obtient le paiement d’intérêts pour le bénéfice immédiat du bénéficiaire ; il ne
peut y avoir qu’un agent payeur par bénéficiaire. La définition d’agent payeur est suffisamment large pour inclure les
paiements effectués par les banques, les établissements de dépôt, les sociétés de Bourse, les Dépositaires, les fonds de
placement les fonds d’actions privés et les fonds de couverture.
AXA Rosenberg Equity Alpha Trust (“le Fonds”) est considéré comme étant hors du champ d’application de la Directive,
étant donné que le Fonds remplit les conditions fixées par la règle des 15% et 40% des actifs.
234
16.
Directive européenne sur la fiscalité de l’épargne (suite)
Lorsqu’un fonds de placement a investi plus de 40% de ses actifs, que ce soit de manière directe ou indirecte dans des titres
productifs d’intérêts, le revenu total sera considéré comme un paiement d’intérêts aux termes de la Directive et, par
conséquent, devra être déclaré en vertu de la législation.
Tout OPCVM établi en Irlande ayant investi plus de 15% de ses actifs dans des titres productifs d’intérêts, devrait
considérer le paiement ou la distribution d’intérêts périodique, en faveur des investisseurs, comme un paiement d’intérêts
aux termes de la directive."
17.
Modifications apportées au Prospectus
Le 31 décembre 2005, le Fonds a été converti dans le régime des OPCVM III. Un supplément au prospectus original a été
publié à cette date.
18.
Informations relatives à l'historique de la VNI
Fonds
AXA Rosenberg US Enhanced Index Equity Alpha
Fund
AXA Rosenberg Pacific Ex-Japan Equity Alpha
Fund
AXA Rosenberg Pacific Ex-Japan Small Cap
Alpha Fund
AXA Rosenberg All-Country Asia Pacific ExJapan Equity Alpha Fund
AXA Rosenberg Pan-European Small Cap Alpha
Fund
AXA Rosenberg Pan-European Enhanced Index
Equity Alpha Fund
AXA Rosenberg Europe Ex-UK Equity Alpha
Fund
AXA Rosenberg Europe Ex-UK Small Cap Alpha
Fund
AXA Rosenberg Japan Enhanced Index Equity
Alpha Fund
AXA Rosenberg Global Ex-UK Equity Alpha
Fund
31 mars 2004
$1.293.076.192
31 mars 2005
$1.742.896.124
31 mars 2006
$2.246.701.316
$58.024.966
$76.536.523
$35.434.179
$45.228.695
$251.224.485
$196.994.434
$81.265.261
$603.597.663
$578.747.891
$142.433.797
$257.938.081
$424.638.835
$38.788.139
$311.057.969
$849.662.366
€ 317.679.834
$29.778.507
€ 534.449.829
$62.923.909
€ 1.368.110.220
€ 224.080.573
€ 361.282.485
€ 731.309.123
€ 140.738.297
€ 204.157.685
€ 147.559.015
€ 297.313.928
€ 162.007.024
€ 1.209.879.212
€ 127.022.300
€ 155.832.228
€ 269.351.988
€ 17.671.749
¥ 41.056.115.079
¥ 27.127.525.588
€ 14.424.342
¥ 102.368.389.871
¥ 62.826.455.054
€ 70.134.824
¥ 457.042.894.441
¥ 318.577.222.444
£133.270.605
£20.052.973
£200.020.608
£19.809.110
¥12.081.849.827
£318.539.107
£21.240.298
-
£29.208.607
£40.320.997
235
19.
Événements ultérieurs
Après le 31 mars 2006, PFPC International Limited a démissionné de sa fonction d'Agent administratif, de registres et de
transfert et a été remplacé par State Street Fund Services (Ireland) Limited avec effet au 30 avril 2006,
Après le 31 mars 2006, PFPC Trustee & Custodial Services Limited a démissionné de sa fonction de Dépositaire et a été
remplacé par State Street Custodial Services (Ireland) Ltd avec effet au 30 avril 2006,
Après le 31 mars 2006, les Fonds suivants ont été autorisés avec effet au 1er mai 2006 :
-
AXA Rosenberg All Country World Equity Alpha Fund
AXA Rosenberg Global Emerging Markets Equity Alpha Fund
AXA Rosenberg Emerging Markets Europe Equity Alpha Fund
AXA Rosenberg Emerging Markets Asia Equity Alpha Fund
AXA Rosenberg Emerging Markets Latin America Equity Alpha Fund
Il n'y a pas eu d'autres événements ultérieurs significatifs.
20.
Approbation des états financiers
Les états financiers ont été approuvés par le Gestionnaire le 21 juin 2006.
236
Etat des évolutions principales du portefeuille au 31 mars 2006 (non audité)
Principales acquisitions
Wachovia Corp
Lowe's Cos Inc
Allstate Corp/The
JPMorgan Chase & Co
Hewlett-Packard Co
AT&T Inc
Apple Computer Inc
Genzyme Corp
General Electric Co
Google Inc
CVS Corp
Home Depot Inc
Gilead Sciences Inc
Abbott Laboratories
Wells Fargo & Co
Amgen Inc
Principales ventes
Johnson & Johnson
Wells Fargo & Co
Procter & Gamble Co
Dell Inc
Genzyme Corp
Prudential Financial, Inc.
TXU Corp
Motorola Inc
Citigroup Inc
General Electric Co
Time Warner Inc
US Bancorp
Dow Chemical Co/The
PepsiCo Inc
Genentech Inc
Allstate Corp/The
Wachovia Corp
Amgen Inc
Centex Corp
Abbott Laboratories
Parts
Coût
US$
1,420,934
1,059,816
1,051,223
784,470
1,390,148
1,816,041
706,142
2,029,807
1,332,416
1,706,021
679,449
517,712
920,500
518,992
977,580
80,531
946,577
662,690
491,606
559,000
432,900
327,821
74,250,717
69,663,085
57,284,213
52,871,829
49,633,966
46,385,778
45,780,332
45,056,619
43,317,757
43,092,150
38,486,097
33,773,522
31,867,668
30,178,285
30,114,837
28,677,933
28,198,118
27,779,545
27,540,180
27,467,666
26,496,559
26,188,153
Parts
A recevoir
US$
852,021
748,674
774,654
601,750
746,220
1,215,932
517,712
461,900
458,353
1,172,610
1,316,178
596,943
806,197
1,529,180
867,816
858,806
605,532
443,574
294,210
442,423
466,072
327,821
366,580
559,000
50,822,124
50,129,583
48,606,015
44,776,831
40,885,323
37,636,722
35,870,172
34,830,034
31,754,317
31,431,005
28,817,728
27,835,326
27,426,252
27,039,954
26,580,646
26,236,880
26,081,299
25,043,578
24,964,016
24,583,266
24,125,970
24,080,328
23,638,201
23,637,683
237
Parts
Coût
USD
Exxon Mobil Corp
General Electric Co
Citigroup Inc
Wachovia Corp
JPMorgan Chase & Co
Wells Fargo & Co
Amgen Inc
Microsoft Corp
Home Depot Inc
AT&T Inc
Morgan Stanley
Hewlett-Packard Co
Johnson & Johnson
PepsiCo Inc
Pfizer Inc
Time Warner Inc
Chevron Corp
40,500
63,500
43,463
31,400
42,800
30,256
21,690
15,692
44,808
28,780
16,900
45,272
19,400
40,810
15,500
16,600
35,441
48,700
14,140
20,890
2,350,969
2,297,748
2,002,450
1,634,486
1,599,782
1,390,639
1,305,759
1,169,553
1,164,615
1,146,717
1,130,564
1,129,112
1,056,938
1,054,525
1,015,346
953,619
953,114
843,349
779,471
772,911
Principales ventes
Parts
A recevoir
USD
General Electric Co
Exxon Mobil Corp
Citigroup Inc
Wachovia Corp
Wells Fargo & Co
Hewlett-Packard Co
Chevron Corp
Amgen Inc
Johnson & Johnson
Microsoft Corp
Dell Inc
JPMorgan Chase & Co
US Bancorp
PepsiCo Inc
WellPoint Inc
Home Depot Inc
Time Warner Inc
Caterpillar Inc
45,200
25,200
32,763
23,600
18,490
35,690
17,980
13,685
15,600
30,850
22,800
22,780
26,510
13,400
10,000
16,210
17,380
40,500
11,700
1,557,301
1,495,974
1,493,641
1,191,958
1,108,739
1,063,696
1,043,644
1,031,709
962,782
807,819
804,443
797,788
792,614
785,633
750,531
726,721
725,139
719,685
700,557
238
Exxon Mobil Corp
JPMorgan Chase & Co
Wachovia Corp
Lowe's Cos Inc
Allstate Corp/The
Amgen Inc
General Electric Co
Hewlett-Packard Co
Unilever NV
Citigroup Inc
Chevron Corp
Telefonica SA
Marathon Oil Corp
Genzyme Corp
Nokia OYJ
AT&T Inc
Gilead Sciences Inc
Principales ventes
Wells Fargo & Co
Amgen Inc
Johnson & Johnson
Genzyme Corp
Citigroup Inc
UBS AG
Dell Inc
ING Groep NV
Barclays PLC
US Bancorp
Unilever NV
Time Warner Inc
#N/A Sec
Genentech Inc
Wachovia Corp
JPMorgan Chase & Co
Motorola Inc
Vivendi SA
Parts
Coût
US$
141,040
196,611
138,939
108,193
99,555
140,520
113,451
73,800
155,556
192,390
72,800
101,800
82,070
282,800
59,446
63,733
73,318
248,782
162,168
69,137
8,368,045
7,701,848
7,448,213
7,340,544
6,508,034
6,422,497
6,149,948
6,076,827
5,407,783
5,115,254
5,058,861
4,905,220
4,872,020
4,483,207
4,477,191
4,343,851
4,291,480
4,286,063
4,168,813
4,167,879
Parts
A recevoir
US$
100,700
73,800
71,107
63,733
84,110
45,800
34,200
102,700
102,000
303,335
90,040
79,650
39,800
147,533
34,800
30,700
46,760
63,011
103,321
71,500
6,296,614
5,433,797
4,429,460
4,381,643
3,860,843
3,414,895
3,302,669
3,246,982
3,202,399
3,143,309
2,779,584
2,754,285
2,674,007
2,668,263
2,626,942
2,605,201
2,500,263
2,360,565
2,282,019
2,271,383
239
VF Corp
Rowan Cos Inc
Xstrata PLC
Intersil Corp
Pepco Holdings Inc
Hanson PLC
UnionBanCal Corp
Cummins Inc
Michelin
BMC Software Inc
Expedia Inc
Alliant Energy Corp
Tidewater Inc
Principales ventes
Xstrata PLC
UnionBanCal Corp
Hanson PLC
Checkfree Corp
TNT NV
Monster Worldwide Inc
Bausch & Lomb Inc
Christian Dior SA
Capitalia SpA
Tesoro Corp
Autonation Inc
Liz Claiborne Inc
Mitchells & Butlers PLC
Con-way Inc
Persimmon PLC
Bank of Hawaii Corp
SL Green Realty Corp
Parts
Coût
US$
135,072
64,140
157,360
88,800
132,826
130,338
130,270
270,100
68,950
40,800
32,030
65,270
68,600
44,778
131,090
120,500
90,727
50,350
75,700
80,170
4,197,060
3,461,158
3,291,581
3,288,927
3,116,173
3,077,121
2,997,613
2,904,114
2,793,281
2,768,600
2,756,262
2,729,154
2,696,205
2,647,003
2,645,341
2,628,135
2,625,829
2,621,313
2,609,915
2,593,527
Parts
A recevoir
US$
169,326
83,300
49,800
259,349
84,068
87,712
54,950
79,742
54,100
33,500
27,615
309,000
34,800
93,890
56,900
293,999
37,100
79,200
34,100
21,160
4,117,917
3,631,087
3,424,730
3,064,150
2,717,781
2,618,137
2,580,887
2,577,205
2,351,343
2,296,696
2,231,655
2,218,492
2,165,124
2,055,573
2,048,222
1,960,640
1,882,649
1,878,496
1,830,889
1,802,536
240
BHP Billiton Ltd
Rio Tinto Ltd
CLP Holdings Ltd
Telstra Corp Ltd
Suncorp-Metway Ltd
Macquarie Bank Ltd
Lend Lease Corp Ltd
Swire Pacific Ltd
Amcor Ltd
Boral Ltd
Esprit Holdings Ltd
CapitaLand Ltd
Qantas Airways Ltd
Promina Group Ltd
Coles Myer Ltd
Santos Ltd
Oil Search Ltd
Coca-Cola Amatil Ltd
Principales ventes
BHP Billiton Ltd
Swire Pacific Ltd
Macquarie Bank Ltd
Suncorp-Metway Ltd
Coles Myer Ltd
Rio Tinto Ltd
Coca-Cola Amatil Ltd
CLP Holdings Ltd
Oversea-Chinese Banking Corp
Esprit Holdings Ltd
Oil Search Ltd
Downer EDI Ltd
Parts
Coût
US$
2,039,372
2,369,183
3,173,000
3,081,000
1,529,501
13,533,000
677,536
1,112,759
398,800
1,806,000
2,623,080
3,757,270
896,291
288,185
1,051,485
2,439,639
950,703
1,100,000
1,771,610
1,487,113
1,083,000
4,058,000
2,460,767
1,841,247
1,554,000
422,577
616,000
893,135
785,712
2,316,687
822,000
1,025,573
49,599,148
38,896,574
31,735,488
28,371,938
26,245,727
21,528,053
20,039,079
18,989,687
18,407,176
16,202,541
14,980,460
14,385,938
13,625,208
13,050,794
11,954,525
10,856,411
10,147,735
9,582,423
9,452,004
9,275,787
8,702,460
7,955,260
7,250,165
7,117,974
7,076,252
6,567,768
6,506,598
6,481,913
6,344,283
6,283,062
6,273,977
5,922,332
Parts
A recevoir
US$
1,953,235
1,579,632
2,531,000
1,642,217
12,197,000
1,565,000
1,659,000
1,553,000
3,384,441
288,185
658,280
1,461,731
209,778
274,414
1,489,303
443,304
1,341,000
1,558,000
1,100,265
784,500
416,843
1,884,384
2,510,500
2,752,000
817,837
48,671,561
25,133,772
24,373,216
22,209,548
18,789,149
15,579,411
15,060,455
13,905,525
13,536,485
13,126,230
10,311,632
10,109,651
9,159,694
8,449,273
7,949,447
7,915,141
7,753,067
6,362,134
5,570,661
5,356,202
5,014,680
4,874,991
4,641,820
4,600,501
4,558,957
241
Daewoo Securities Co Ltd
DCA Group Ltd
Symbion Health Ltd
Downer EDI Ltd
Tong Yang Investment Bank
Pacific Brands Ltd
Hyundai Steel Co
David Jones Ltd
Symbion Health Ltd
Futuris Corp Ltd
LS Cable Ltd
Lend Lease Corp Ltd
Promina Group Ltd
Principales ventes
Tong Yang Investment Bank
LG International Corp
Hyundai Mipo Dockyard
Oil Search Ltd
David Jones Ltd
Doosan Infracore Co Ltd
APN News & Media Ltd
MacArthur Coal Ltd
Pusan Bank
Burns Philp & Co Ltd
Daegu Bank
Roc Oil Co Ltd
Sims Group Ltd
Orient Overseas International Ltd
OneSteel Ltd
Parts
Coût
US$
825,730
1,721,680
404,330
5,896,637
6,454,755
2,875,021
1,717,270
7,333,630
559,330
4,132,000
187,800
656,700
7,047,926
2,981,678
2,019,752
7,470,921
372,630
625,190
1,057,717
2,547,090
23,211,265
22,227,908
19,191,288
16,572,818
15,506,543
14,642,937
14,262,721
14,216,373
13,649,461
13,093,971
12,999,450
12,833,427
12,590,157
12,059,133
11,858,584
11,354,676
10,976,155
10,811,286
10,290,917
9,811,210
Parts
A recevoir
US$
1,721,680
2,091,690
617,200
416,950
347,260
150,540
957,290
3,866,469
5,193,627
787,870
2,166,046
2,693,000
1,667,438
728,870
8,061,229
742,400
3,430,169
570,942
1,593,330
2,773,871
25,354,985
17,987,854
13,667,706
11,273,040
10,134,152
10,075,998
9,787,155
9,782,426
9,365,769
8,242,245
7,862,517
7,751,269
7,195,951
7,118,930
6,766,837
6,622,065
6,595,259
6,504,945
6,431,761
6,255,095
242
CapitaLand Ltd
Samsung Electronics Co Ltd
Telstra Corp Ltd
Rio Tinto Ltd
CLP Holdings Ltd
BHP Billiton Ltd
CNOOC Ltd
Genting Bhd
Kookmin Bank
Amcor Ltd
Esprit Holdings Ltd
Qantas Airways Ltd
Principales ventes
CapitaLand Ltd
PetroChina Co Ltd
CLP Holdings Ltd
Kookmin Bank
Samsung Fire & Marine Insurance Co Ltd
Suncorp-Metway Ltd
LG.Philips LCD Co Ltd
Rio Tinto Ltd
SK Corp
PTT Explorer & Production Public Company Ltd
Swire Pacific Ltd
Shinsegae Co Ltd
Genting Bhd
Coles Myer Ltd
Parts
Coût
US$
201,385
134,349
50,270
652,000
2,700
376,929
2,916,000
32,135
184,382
69,429
37,228
226,500
1,483,500
112,000
92,661
165,000
91,000
14,430
106,000
61,150
161,381
54,900
95,500
282,068
3,358,356
3,211,565
1,928,579
1,473,338
1,448,214
1,427,981
1,420,063
1,338,922
1,079,186
1,078,017
1,058,251
1,055,017
1,043,465
1,031,209
999,653
987,357
979,903
902,673
883,181
850,442
840,279
824,233
807,952
806,748
Parts
A recevoir
US$
158,729
39,980
50,030
584,000
112,000
1,022,000
156,882
14,430
8,190
54,900
192,700
27,686
49,923
17,580
149,500
14,471
12,720
47,000
68,500
400,000
1,200
53,000
91,000
80,354
2,462,549
1,367,143
1,210,186
1,208,065
1,042,464
928,436
920,838
913,837
824,916
823,365
808,348
786,405
769,764
767,578
700,717
664,763
643,757
632,003
612,489
609,184
588,456
571,927
554,168
540,040
243
Telefonica SA
Nokia OYJ
Barclays PLC
Credit Suisse Group
Rio Tinto PLC
The Royal Bank of Scotland Group PLC
GlaxoSmithKline PLC
BP PLC
Anglo American PLC
E.ON AG
Allianz AG
ENI SpA
Unilever NV
Novartis AG
Telecom Italia SpA
BHP Billiton PLC
Akzo Nobel NV
Société Générale
Peugeot SA
ING Groep NV
AstraZeneca PLC
DaimlerChrysler AG
Roche Holding AG
Aegon NV
Deutsche Bank AG
Principales ventes
Barclays PLC
ING Groep NV
DaimlerChrysler AG
Deutsche Bank AG
Peugeot SA
UBS AG
Anglo American PLC
BP PLC
BHP Billiton PLC
Roche Holding AG
BT Group PLC
Arcelor
O2 PLC
GlaxoSmithKline PLC
Shell Transport & Trading Co PLC
Unilever NV
Nordea Bank AB
Novartis AG
Vivendi SA
Wolseley PLC
Belgacom SA
Enel SpA
Syngenta AG
Bouygues
BASF AG
Legal & General Group plc
Altadis SA
Parts
Coût
€
2,383,200
1,177,600
1,772,800
2,783,700
523,800
595,600
898,700
1,047,786
2,348,300
732,887
266,100
1,798,000
153,900
806,500
300,800
420,756
7,022,000
1,361,184
400,800
168,900
1,872
299,975
595,033
549,638
377,400
307,871
115,573
936,900
147,200
31,062,084
30,472,574
24,369,501
22,757,772
22,602,002
22,414,789
22,354,381
21,769,804
20,920,526
20,887,376
20,565,779
19,356,781
18,399,436
17,982,936
17,802,710
17,568,389
16,879,991
16,051,864
15,969,925
15,002,069
14,900,637
14,842,843
14,834,028
14,771,409
14,428,344
14,320,090
12,785,673
12,557,197
12,291,003
Parts
A recevoir
€
3,878,700
1,008,333
505,544
197,500
367,052
181,600
518,117
1,523,700
1,032,770
136,873
4,011,000
725,285
791,300
470,307
3,600,000
496,986
2,968,000
174,400
1,099,449
225,456
328,200
420,000
300,300
1,062,000
72,861
157,200
113,105
3,925,000
174,000
33,622,088
26,444,881
22,349,495
18,109,754
17,931,465
15,810,796
14,059,956
13,501,844
13,187,425
13,018,910
12,997,449
12,379,789
11,675,048
10,766,455
10,487,219
10,248,970
9,728,539
9,581,692
8,889,237
8,812,930
8,467,393
8,454,703
8,077,743
7,395,820
7,156,682
7,055,024
6,974,101
6,371,041
6,296,610
244
TNT NV
Hanson PLC
Atos Origin SA
WPP Group plc
Firstgroup Plc
Technip SA
Delhaize Group
Compass Group PLC
British Airways PLC
Xstrata PLC
Enterprise Inns Plc
Peugeot SA
Antofagasta PLC
Principales ventes
Xstrata PLC
TNT NV
Capitalia SpA
Hanson PLC
ERG SpA
Koninklijke DSM NV
Ladbrokes PLC
Christian Dior SA
Persimmon PLC
Mitchells & Butlers PLC
Severn Trent PLC
TDC A/S
Degussa AG
ABB Ltd
OMV AG
Enterprise Inns Plc
Imperial Chemical Industries PLC
Peugeot SA
Altadis SA
Gallaher Group PLC
George Wimpey PLC
Paladin Resources Plc
Parts
Coût
€
293,934
437,700
1,136,200
1,242,351
2,271,628
145,969
1,031,200
1,645,574
153,000
147,600
958,000
2,289,881
161,205
1,354,000
345,724
502,000
126,900
111,000
130,500
213,900
14,439,185
11,832,307
10,248,900
9,023,333
8,958,456
8,834,512
8,543,770
8,461,221
7,840,129
7,582,674
7,574,491
7,531,643
7,039,927
6,888,115
6,846,175
6,809,185
6,664,583
6,580,560
6,528,233
6,452,225
Parts
A recevoir
€
617,724
1,673,351
437,700
2,157,405
1,210,564
556,300
279,400
2,098,630
129,600
406,700
1,456,827
528,467
156,406
172,200
76,200
1,263,000
164,700
502,000
43,145
1,643,398
130,500
179,625
511,800
117,534
773,000
1,152,000
1,470,000
12,485,024
12,315,064
12,151,605
11,734,264
11,639,847
10,753,666
10,547,863
9,684,857
8,557,770
8,173,853
7,858,651
7,770,873
7,463,427
7,329,525
7,206,950
7,143,890
7,041,355
6,635,466
6,592,001
6,467,871
6,405,430
6,316,782
6,259,085
6,192,368
6,117,928
5,982,414
5,928,207
245
Total SA
Nokia OYJ
ING Groep NV
Unilever NV
ENI SpA
E.ON AG
France Telecom SA
Telecom Italia SpA
Allianz AG
Aegon NV
BNP Paribas
Deutsche Post AG
Telefonica SA
Deutsche Bank AG
BASF AG
Sanofi-Aventis
Allied Irish Banks Plc
Fortis
RWE AG
Vivendi SA
Lafarge SA
ThyssenKrupp AG
Bayer AG
Altadis SA
TNT NV
Sanpaolo IMI SpA
Cie de Saint-Gobain
Principales ventes
France Telecom SA
DaimlerChrysler AG
Total SA
Vivendi SA
Deutsche Telekom AG
Allied Irish Banks Plc
ING Groep NV
Altadis SA
Heineken NV
Commerzbank AG
Assurances Generales de France
Sanofi-Aventis
Royal Dutch Petroleum Co
Belgacom SA
Unilever NV
ACS Actividades Cons y Serv
Banche Popolari Unite Scpa
Telefonica SA
Siemens AG
Arcelor
Suez SA
Union Fenosa SA
ThyssenKrupp AG
ABN AMRO Holding NV
Sacyr Vallehermoso SA
Aegon NV
Degussa AG
Sanpaolo IMI SpA
Fortum Oyj
Rodamco Europe NV
Parts
Coût
€
228,150
2,423,500
1,242,000
555,000
2,936,000
1,248,120
379,400
1,262,900
1,028,500
9,289,000
236,500
1,959,600
368,000
1,052,800
1,473,865
254,800
315,727
249,200
915,000
180,700
660,500
235,200
532,500
175,400
722,239
430,600
366,000
464,000
995,000
229,500
45,107,227
35,971,394
33,720,461
31,720,104
29,199,813
28,483,278
28,096,699
27,698,259
24,316,410
23,069,545
22,761,109
22,465,841
21,961,279
20,735,203
19,397,384
18,136,165
17,944,699
17,894,345
16,861,119
16,386,128
15,593,723
13,954,519
13,651,773
12,864,499
12,635,309
12,512,931
12,452,510
12,434,373
11,582,776
11,057,088
Parts
A recevoir
€
1,141,700
1,028,500
544,200
110,904
844,500
1,161,400
929,000
537,800
366,000
372,100
425,400
105,000
122,693
159,600
311,200
143,200
300,500
412,200
517,796
105,831
284,606
290,500
181,000
376,700
286,697
234,000
534,000
123,900
425,000
274,000
66,200
28,833,457
24,615,572
23,516,034
21,865,672
21,769,989
17,179,692
17,019,467
13,368,127
12,806,510
11,781,770
9,209,112
9,125,839
9,089,067
8,464,891
8,276,196
7,901,240
7,764,704
7,065,842
7,054,016
6,556,827
6,497,511
6,056,018
5,871,728
5,598,555
5,403,596
5,398,783
5,316,856
5,273,747
4,796,002
4,686,859
4,609,774
246
Unilever NV
Nokia OYJ
Nestle SA
Sanofi-Aventis
Allianz AG
Credit Suisse Group
Telefonica SA
Siemens AG
ING Groep NV
UBS AG
Deutsche Bank AG
E.ON AG
Akzo Nobel NV
Nordea Bank AB
Arcelor
Bayerische Motoren Werke AG
DaimlerChrysler AG
BNP Paribas
Bayer AG
Aegon NV
France Telecom SA
Iberdrola SA
Telecom Italia SpA
TNT NV
SKF AB
CRH PLC
Principales ventes
Nestle SA
UBS AG
DaimlerChrysler AG
Unilever NV
Arcelor
Allianz AG
ING Groep NV
Siemens AG
Deutsche Telekom AG
Credit Suisse Group
Vivendi SA
Roche Holding AG
Nokia OYJ
Royal Dutch Petroleum Co
France Telecom SA
Syngenta AG
Nordea Bank AB
SKF AB
Altadis SA
Bayer AG
Sanpaolo IMI SpA
TDC A/S
Deutsche Bank AG
Suez SA
Telefonica SA
Parts
Coût
€
192,600
607,476
36,760
85,800
58,000
139,500
461,283
84,800
168,883
77,600
69,700
55,700
497
96,819
375,150
174,033
66,900
57,000
41,000
82,900
231,000
862,000
233,000
161,880
104,400
108,000
911,000
86,500
220,000
96,300
11,009,621
8,349,877
8,076,558
6,309,198
6,295,211
6,017,332
6,010,263
5,483,925
5,135,722
5,010,858
4,674,501
4,002,666
3,860,581
3,819,476
3,589,150
3,503,200
2,986,118
2,809,790
2,726,851
2,709,665
2,700,501
2,554,221
2,448,931
2,438,056
2,380,963
2,365,785
2,353,593
2,286,670
2,217,132
2,041,839
Parts
A recevoir
€
34,020
84,200
150,853
111,800
218,953
37,900
190,683
78,600
305,600
116,703
140,000
36,600
199,300
54,000
161,880
104,400
25,584
295,150
72,993
63,000
179,814
57,357
59,100
170,000
38,500
28,300
87,000
622,000
114,748
8,014,096
7,359,698
6,460,621
6,220,191
4,990,977
4,975,383
4,840,112
4,774,216
4,683,787
3,793,034
3,707,245
3,210,419
2,974,722
2,864,061
2,613,715
2,497,117
2,381,626
2,377,015
2,275,374
2,207,490
2,137,034
2,029,296
1,983,962
1,983,650
1,969,929
1,865,347
1,815,610
1,735,045
1,553,140
247
AXA ROSENBERG EUROPE EX-UK EQUITY CAP ALPHA FUND
TNT NV
ThyssenKrupp AG
Peugeot SA
Delhaize Group
Technip SA
Serono SA
Syngenta AG
Koninklijke DSM NV
Fondiaria-Sai SpA
Capgemini SA
CNP Assurances
Bouygues
Boliden AB
Fresenius AG
Sodexho Alliance SA
Principales ventes
Koninklijke DSM NV
Syngenta AG
Peugeot SA
Capitalia SpA
Bouygues
TNT NV
SKF AB
Christian Dior SA
Degussa AG
ERG SpA
Wartsila Oyj
Titan Cement Co SA
Hagemeyer NV
Rodamco Europe NV
Securitas AB
Swatch Group AG
Rautaruukki OYJ
ABB Ltd
OMV AG
NCC AB
Vedior NV
DCC Plc
Kemira OYJ
Linde AG
Axfood AB
HeidelbergCement AG
Holcim Ltd
Parts
Coût
€
34,549
53,600
66,600
145,000
19,400
21,900
20,400
21,300
1,740
7,498
10,200
25,800
68,800
30,500
21,461
27,200
13,600
23,600
74,000
6,530
22,000
1,686,443
1,458,789
1,271,719
1,148,558
1,118,159
1,102,743
1,081,278
1,080,412
1,007,170
991,849
964,076
959,700
953,005
929,442
888,697
842,621
831,301
822,921
787,080
761,197
742,582
Parts
A recevoir
€
38,100
10,200
21,900
9,600
148,000
23,600
30,489
69,014
10,793
15,000
11,149
27,300
17,200
13,500
120,000
6,800
2,750
27,000
3,800
14,708
75,000
8,890
21,100
25,000
20,000
26,800
6,000
17,200
3,008
5,800
87,000
6,300
1,460,134
1,219,386
1,094,803
905,915
904,423
879,768
838,654
793,064
709,279
638,714
546,767
533,964
527,002
524,514
468,788
440,439
439,741
432,838
430,561
416,357
410,849
410,289
410,259
393,130
384,245
380,670
364,468
356,750
354,219
348,000
341,773
341,385
248
Barclays PLC
Telefonica SA
BP PLC
HSBC Holdings PLC
Rio Tinto PLC
Allianz AG
UBS AG
Deutsche Bank AG
Banca Intesa SpA
Anglo American PLC
Nokia OYJ
BHP Billiton PLC
Unilever PLC
HBOS PLC
Nestle SA
ING Groep NV
Credit Suisse Group
Principales ventes
BP PLC
Vodafone Group PLC
Total SA
Barclays PLC
Deutsche Bank AG
UBS AG
Telefonica SA
Anglo American PLC
Rio Tinto PLC
Allianz AG
ING Groep NV
Nestle SA
HSBC Holdings PLC
Vivendi SA
BHP Billiton PLC
Unilever PLC
Credit Suisse Group
Parts
Coût
€
368,600
112,800
213,200
241,200
149,100
63,381
17,000
26,200
21,700
357,000
37,587
55,602
94,800
115,200
12,700
155,445
105,100
5,060
38,900
33,200
3,105,295
2,871,229
2,815,373
2,130,185
2,072,645
1,956,922
1,912,199
1,834,822
1,559,931
1,532,127
1,434,720
1,424,066
1,409,968
1,296,405
1,283,892
1,274,937
1,247,848
1,244,178
1,195,782
1,152,916
Parts
A recevoir
€
415,800
1,464,000
13,510
287,600
31,000
30,800
158,192
83,100
82,802
65,181
15,800
50,187
68,000
6,390
104,400
52,486
120,700
160,745
36,000
132,000
3,591,070
3,093,117
2,738,790
2,345,870
2,337,390
2,299,890
2,097,961
2,069,899
1,945,779
1,935,815
1,881,006
1,841,385
1,573,650
1,486,618
1,368,134
1,357,827
1,336,766
1,329,022
1,235,017
1,234,669
249
Canon Inc
Toyota Motor Corp
Nomura Holdings Inc
Hitachi Ltd
INPEX Corp
JFE Holdings Inc
Honda Motor Co Ltd
Asahi Glass Co Ltd
Inpex Holdings Inc
Nintendo Co Ltd
Hoya Corp
NEC Corp
Japan Tobacco Inc
Principales ventes
Nintendo Co Ltd
Honda Motor Co Ltd
KDDI Corp
NEC Corp
Mitsubishi Electric Corp
Hoya Corp
Bridgestone Corp
Taisei Corp
Daiichi Sankyo Co Ltd
Toppan Printing Co Ltd
Sekisui House Ltd
Sony Corp
Sumitomo Corp
Hankyu Holdings Inc
Shimizu Corp
Yamaha Motor Co Ltd
Sankyo Co Ltd
Parts
Coût
JPY¥
1,902,800
2,059,600
8,899
10,269
3,450,000
11,375
4,389,000
16,288
3,396,700
7,869,000
6,355
1,523,900
822,300
1,872,000
3,922,000
5,413
1,221,700
339,400
857,300
6,172,000
2,124
11,265,913,424
10,858,512,623
10,479,290,211
9,658,617,498
9,322,800,798
8,776,379,286
8,496,081,245
8,491,631,338
7,088,968,278
5,482,661,364
5,365,537,272
5,103,482,026
4,763,222,903
4,671,136,999
4,665,329,937
4,587,695,744
4,477,869,927
4,199,593,675
3,803,221,639
3,710,979,454
3,434,712,997
Parts
A recevoir
JPY¥
429,200
1,013,200
6,511
5,452,000
4,472,000
710,900
1,174,000
1,127,000
3,150
3,670,000
866,700
1,292,000
992,000
1,041,800
398,200
5,559,000
1,243,000
640,500
1,029,000
2,128,000
1,637,000
558,000
482,300
463,200
154,900
161,700
2,969,000
428,000
6,893,832,403
6,409,426,986
4,080,144,332
3,885,064,044
3,620,147,484
3,226,975,630
2,777,567,325
2,766,452,535
2,041,394,085
2,027,769,567
1,919,401,219
1,794,705,019
1,782,933,084
1,770,653,359
1,704,637,475
1,683,492,276
1,540,928,628
1,500,253,422
1,477,461,939
1,431,475,892
1,431,296,115
1,370,960,952
1,286,990,863
1,159,978,017
1,119,964,470
1,101,563,040
1,082,911,709
1,072,394,916
250
UFJ NICOS Co Ltd
Daiei Inc/The
Sojitz Corp
AOC Holdings Inc
Aichi Bank Ltd/The
Orient Corp
Haseko Corp
Komori Corp
Maeda Corp
Sanwa Shutter Corp
TOTO Ltd
Principales ventes
Sumitomo Forestry Co Ltd
Rakuten Inc
Teikoku Oil Co Ltd
Hanshin Electric Railway Co Ltd
Tosoh Corp
JGC Corp
CKD Corp
Takashimaya Co Ltd
Sumitomo Rubber Industries Inc
UFJ NICOS Co Ltd
Taisei Corp
Penta-Ocean Construction Co Ltd
Yokohama Rubber Co Ltd/The
Daifuku Co Ltd
Kirin Beverage Corp
Daiwabo Co Ltd
Capcom Co Ltd
Meidensha Corp
Jafco Co Ltd
Nitto Boseki Co Ltd
COMSYS Holdings Corp
Furukawa Electric Co Ltd
Taito Corp
Parts
Coût
JPY¥
4,504,000
932,750
4,466,500
1,314,600
8,358,000
7,685,000
192,000
5,436,000
6,926,500
1,889,000
1,158,000
3,052,000
1,235,300
684,400
1,907,000
8,315,000
3,136,000
3,014,000
2,272,000
1,458,200
4,826,646,094
3,312,459,143
2,843,171,506
2,742,259,198
2,718,094,833
2,646,504,241
2,475,442,696
2,388,402,634
2,372,996,263
2,285,545,457
2,259,007,167
2,215,283,064
2,206,499,073
2,182,020,340
2,154,268,473
2,142,039,101
2,133,595,766
2,125,590,291
2,082,305,226
2,060,523,685
Parts
A recevoir
JPY¥
1,351,000
15,125
950,000
1,360,000
1,156,000
1,625,000
431,000
555,000
510,000
585,500
1,040,000
536,600
1,355,000
2,848,000
1,092,000
238,000
317,500
930,000
852,000
229,100
1,398,000
434,300
1,442,000
924,000
70,300
1,741,000
329,000
758,000
2,932
1,489,631,855
1,472,765,076
1,437,191,842
1,085,744,940
1,006,830,216
981,319,595
951,237,761
910,297,895
897,258,584
882,929,501
881,569,400
799,308,363
748,870,351
694,615,418
663,292,237
633,923,063
633,016,913
627,812,068
625,540,502
615,706,080
611,651,216
578,033,141
577,299,850
574,855,795
570,872,884
562,739,334
542,545,175
540,788,652
530,751,352
251
AXA ROSENBERG JAPAN ENHANCED INDEX
Parts
Coût
JPY¥
76,600
316
363
210
1,057
28,700
298
72,000
21,800
65,400
19,300
39,500
25,200
658
22,100
74,300
108,000
199,000
14,900
26,100
382,822,671
377,018,941
257,178,887
212,492,919
198,464,912
177,959,913
159,102,613
151,015,348
137,885,280
123,187,701
120,320,340
110,069,604
96,873,796
92,454,272
90,749,663
88,762,017
79,274,979
77,983,511
63,966,736
63,033,214
Principales ventes
Parts
A recevoir
JPY¥
Hoya Corp
Yahoo! Japan Corp
Nippon Electric Glass Co Ltd
NTT Data Corp
Toppan Printing Co Ltd
TonenGeneral Sekiyu KK
Aiful Corp
Keyence Corp
Nidec Corp
Taisei Corp
Tokyo Electron Ltd
Secom Co Ltd
Toyota Motor Corp
Shimizu Corp
Obayashi Corp
Yamada Denki Co Ltd
Bank of Yokohama Ltd/The
16,700
13,100
332
15,400
11,000
13,000
60
18,000
23,000
27,000
2,950
800
2,600
43,000
3,500
4,000
3,700
28,000
26,000
27,000
1,700
24,000
70,104,168
58,827,050
44,026,981
39,162,752
30,756,002
30,506,034
30,433,866
27,410,055
26,735,084
26,349,904
24,853,102
24,606,555
24,147,674
23,664,891
23,631,601
23,481,200
23,263,976
23,022,777
22,967,612
22,630,832
21,926,930
21,070,050
Toyota Motor Corp
NTT DoCoMo Inc
Canon Inc
Nomura Holdings Inc
Honda Motor Co Ltd
Hoya Corp
Yahoo! Japan Corp
Sony Corp
Nissan Motor Co Ltd
Hitachi Ltd
Nippon Steel Corp
Astellas Pharma Inc
252
BHP Billiton PLC
Rio Tinto PLC
Barclays PLC
Unilever PLC
GlaxoSmithKline PLC
HSBC Holdings PLC
BP PLC
BG Group PLC
Severn Trent PLC
Gallaher Group PLC
Prudential PLC
WPP Group PLC
National Grid PLC
3i Group PLC
Vodafone Group PLC
Associated British Foods PLC
Enterprise Inns Plc
BAE Systems PLC
Hanson PLC
Wolseley Plc
Principales ventes
Rio Tinto PLC
BHP Billiton PLC
Barclays PLC
GlaxoSmithKline PLC
BP PLC
Unilever PLC
BT Group PLC
Severn Trent PLC
Ladbrokes PLC
BAA PLC
BG Group PLC
National Grid PLC
Wolseley PLC
Land Securities Group PLC
Associated British Foods PLC
HSBC Holdings PLC
Enterprise Inns Plc
WPP Group PLC
Cable & Wireless PLC
British Land Co PLC
Intercontinental Hotels Group PLC
Persimmon PLC
Hammerson Plc
Hanson PLC
Slough Estates Plc
Centrica PLC
Parts
Coût
GBP £
2,098,995
797,300
2,899,520
1,731,100
629,318
957,639
1,030,600
1,217,417
1,474,626
426,600
663,043
1,195,000
732,600
1,146,000
979,800
1,003,000
723,000
3,588,000
921,000
522,412
3,807,136
480,681
1,428,000
361,500
636,900
321,000
18,842,353
17,757,252
16,377,939
9,605,269
8,855,387
8,666,448
8,190,894
7,629,480
7,348,658
7,099,955
6,978,085
6,442,589
6,052,183
5,724,781
5,624,594
5,307,684
5,156,163
4,787,424
4,462,765
4,371,294
4,280,392
4,115,105
3,985,723
3,945,180
3,917,087
3,831,306
Parts
A recevoir
GBP £
802,600
1,877,324
2,830,120
863,354
468,818
995,617
1,160,000
2,748,000
569,243
1,793,096
876,600
1,082,826
1,067,000
880,184
321,000
237,200
522,412
449,439
480,681
702,000
654,000
2,815,000
200,400
194,518
374,491
422,394
239,600
3,647,000
362,400
520,900
2,877,969
581,000
1,254,000
16,864,790
16,723,585
16,364,646
11,601,012
6,679,650
6,491,528
6,446,288
6,004,137
5,762,292
5,699,431
5,362,511
5,211,931
5,191,928
4,706,900
4,397,602
4,394,822
4,264,487
4,106,719
4,037,948
3,763,976
3,747,321
3,682,204
3,642,700
3,600,835
3,534,237
3,505,670
3,314,047
3,253,627
3,213,935
3,195,559
3,154,715
2,947,382
2,942,629
253
Morgan Crucible Co
Chemring Group Plc
THUS Group PLC
Cookson Group PLC
FKI PLC
Anite Group Plc
Premier Oil PLC
Psion Plc
John Menzies Plc
WH Smith PLC
iSOFT Group PLC
Babcock International Group
Arla Foods UK PLC
Computacenter PLC
Hardys & Hansons Plc
Warner Estate Holdings Plc
Kier Group Plc
Morgan Sindall PLC
Freeport Plc
Wincanton Plc
Uniq PLC
Paragon Group of Cos PLC
Morse Plc
Chaucer Holdings Plc
Brit Insurance Holdings PLC
Filtronic PLC
TT electronics PLC
Great Portland Estates Plc
Fenner Plc
Davis Service Group PLC
Communisis Plc
McCarthy & Stone PLC
N Brown Group PLC
Keller Group PLC
Parts
Coût
GBP £
285,000
84,000
3,478,000
142,000
466,431
681,000
59,918
228,000
915,695
70,000
97,000
216,000
76,946
158,000
595,708
135,767
53,169
62,100
40,800
176,147
44,178
78,000
952,000
110,388
253,786
39,935
78,000
321,011
477,000
357,000
110,951
177,000
80,000
177,000
63,000
255,000
49,046
168,000
245,000
71,000
629,368
614,479
543,037
537,971
524,951
462,431
449,487
410,387
402,936
402,430
397,113
382,878
381,544
379,264
377,891
374,363
372,388
368,995
367,769
362,725
356,191
355,030
352,231
345,848
329,135
327,496
312,361
308,532
297,765
294,455
290,775
276,283
275,934
275,767
274,638
274,409
273,839
273,754
271,520
270,010
254
(suite)
Principales ventes
WH Smith PLC
McCarthy & Stone PLC
Shanks Group Plc
Morgan Crucible Co
Premier Oil PLC
Paladin Resources Plc
Elementis Plc
Whatman Plc
Wincanton Plc
Mowlem PLC
Kier Group Plc
Fenner Plc
Dana Petroleum Plc
Body Shop International Plc
Benfield Group Ltd
WSP Group PLC
Paragon Group of Cos PLC
De Vere Group PLC
Freeport Plc
Warner Estate Holdings Plc
Charter Plc
Morgan Sindall PLC
TDG Plc
Hardys & Hansons Plc
Uniq PLC
Mcbride Plc
Sygen International PLC
Low & Bonar Plc
Redrow PLC
Brit Insurance Holdings Plc
Carillion PLC
Abbot Group PLC
Cookson Group PLC
Davis Service Group PLC
Parts
A recevoir
GBP £
227,000
129,146
543,398
285,000
79,718
321,000
276,536
1,008,422
225,000
1,430,695
214,465
247,000
40,800
330,076
62,391
90,596
225,000
133,742
166,000
78,000
64,233
103,524
122,000
62,100
130,316
44,178
165,604
53,169
273,786
238,000
690,142
263,461
245,000
80,967
357,000
110,000
129,191
88,000
63,000
862,901
820,621
799,151
632,365
625,801
618,046
609,898
591,519
544,863
531,564
521,960
515,463
513,992
509,442
495,082
456,976
445,436
440,691
432,532
428,963
417,450
406,338
392,826
384,432
375,357
373,730
369,760
367,000
362,542
358,358
355,751
347,698
342,194
336,652
331,960
299,584
290,492
289,562
284,339
255
Parts
Coût
GBP £
Chevron Corp
Allstate Corp/The
Cisco Systems Inc
Gilead Sciences Inc
Wachovia Corp
Lowe's Cos Inc
Genzyme Corp
Amgen Inc
Unilever NV
Hewlett-Packard Co
JPMorgan Chase & Co
Staples Inc
Procter & Gamble Co
Marathon Oil Corp
Wyeth
Abbott Laboratories
Centex Corp
15,582
14,400
14,710
37,890
13,197
14,249
10,860
10,853
8,400
8,600
24,830
15,454
7,760
20,880
9,900
23,707
6,680
9,700
10,400
6,480
603,181
479,298
455,887
455,194
401,664
394,294
394,258
388,309
373,814
325,225
318,589
313,218
308,099
303,072
301,016
297,779
284,031
275,240
270,261
261,727
Principales ventes
Parts
A recevoir
GBP £
Procter & Gamble Co
Johnson & Johnson
Genzyme Corp
Wells Fargo & Co
Prudential Financial Inc
Motorola Inc
Amgen Inc
US Bancorp
TXU Corp
Caterpillar Inc
UBS AG
Avon Products Inc
Dell Inc
Time Warner Inc
Genentech Inc
Bank of New York Co Inc/The
22,200
16,021
10,853
11,020
9,900
8,800
29,951
8,400
20,610
8,930
8,050
5,200
9,600
13,500
16,100
16,200
26,440
16,700
5,470
14,000
675,608
554,628
426,190
395,495
393,723
377,864
375,325
356,458
353,733
349,000
325,573
311,441
307,069
289,672
275,687
268,936
268,472
264,615
264,564
263,404
256
Autres informations (non auditées)
Agents payeurs, agents d’information, représentants et agents du service des finances.
Autriche
Agent payeur :
Erste Bank der Oesterreichischen Sparkassen AG
Habsburgergasse 2, Mezzanin,
1010 Wien
Austria
Belgique
Agent payeur :
AXA Bank Belgium S.A.
Grotesteenweg 216
B-2600 Antwerpen
Belgique
Chili
Agent de placement :
Columbus Affiliates Limited
P.O Box 3099
Road Town
Tortola
British Virgin Islands
France
Agent payeur :
BNP Paribas Securities Services
Rue d'Antin
75002 Paris
France
Allemagne
Agent payeur :
Marcard, Stein & Co
Ballindamm 36,
20095 Hamburg
Germany
Le règlement de gestion, le prospectus, le prospectus simplifié, les rapports semestriels non
audités, les rapports annuels audités, ainsi qu’un document reprenant tous les changements
apportés au portefeuille au cours de la période sous revue peuvent être obtenus gratuitement
auprès de l'agent payeur pour l'Allemagne.
Hong-Kong
Sous-administrateur et représentant à Hong-Kong :
HSBC Institutional Trust Services (Asia) Limited
1 Queen’s Road Central,
Hong-Kong
257
Autres informations (non auditées) suite
Italie
Agent payeur :
BNP Paribas Securities Services
Via Ansperto 5
20123 Milano
Italy
Pays-Bas
Représentant légal :
Fastnet Netherlands N.V.
De Ruyterkade 6,
1013 AA Amsterdam
Netherlands
Espagne
Agent payeur :
BNP Paribas Securities Services Madrid
C/ Ribera del Loira 28, 3rd Floor
28042 Madrid
Spain
Représentant :
AXA Ibercapital A.V., S.A.
Paseo de la Castellana no. 79
Madrid
Spain
Suisse
Agent payeur pour la Suisse :
Credit Suisse Financial Services
Uetlibergstrasse 231, P.O. Box 500
CH-8070 Zurich
Suisse
Représentant pour la Suisse :
First Independent Fund Services
Stockerstrasse 38,
CH-8002 Zurich
Suisse
Le règlement de gestion, le prospectus, le prospectus simplifié, les rapports semestriels non
audités, les rapports annuels audités, ainsi qu’un document reprenant tous les changements
apportés au portefeuille au cours de la période sous revue peuvent être obtenus gratuitement
auprès du Représentant pour la Suisse.
258
Rendement des valeurs disponibles
Les valeurs disponibles confiées au Dépositaire ont été rémunérées sur la base des revenus du marché.
Les taux d’intérêts appliqués aux comptes de liquidités au 31 mars 2006 sont les suivants :
Dépositaire
Statestreet
Devise
du compte
Taux d'intérêt sur le
solde débiteur
AUD
CAD
EUR
JPY
CHF
GBP
USD
DKK
HKD
NZD
NOK
SGD
8,00
6,15
4,50
2,10
3,00
6,25
6,75
5,75
7,50
10,50
5,75
6,50
259
Taux d'intérêt sur le
solde créditeur
3,75
1,85
1,25
0,00
0,00
2,45
2,10
0,55
0,80
2,25
0,75
0,00
Ratios de dépenses totaux du 1er avril au 30 septembre 2006 (non audités)
Large Cap Funds
Cat. institutionnelle
Cat. Retail
Cat. A (USD) : 0,83%
Cat. A Hedged (€): 0,88%
Cat. M (USD) :0,13%
Cat. B (USD): 1,48%
Cat. B (€): 1,48%
Cat. B Hedged (€): 1,53%
Cat. R (Dist) (£): 1,63%
Cat. E hedge (€): 1,63%
AXA Rosenberg US Enhanced Index Alpha Fund
Cat. A (USD) : 0,60%
Cat. M (USD) 0,25%
Cat. A (USD) : 0,88%
Cat. A (GPB) : 0,88%
Cat. M (USD) :0,18%
Cat. B (USD): 1,53%
Cat. B (€): 1,53%
Cat. E (€): 2,28%
AXA Rosenberg Global Ex UK Equity Alpha Fund
Cat. A (GPB) : 1,06%
Cat. M (£) 0,51%
Cat. R (Dist) (£): 1,87%
Cat. A (USD) : 0,94%
Cat. M (USD) :0,24%
Cat. B (USD): 1,59%
Cat. B (€): 1,59%
Cat. E (€): 2,34%
AXA Rosenberg All-Country Asia Pacific Ex-Japan
Equity Alpha Fund
Cat. A (USD) : 1,04%
Cat. M (USD) 0,34%
Cat. B (€): 1,68%
Cat. A (EUR) : 0,89%
Cat. M (€) :0,19%
Cat. B (€): 1,54%
Cat. B (Dist) (€): 1,54%
Cat. E (€): 2,29%
AXA Rosenberg Pan European Enhanced Index
Equity Alpha Fund
Cat. A (EUR) : 0,57%
Cat. M (€) :0,22%
Cat. A (EUR) : 0,85%
Cat. M (€):0,15%
Cat. B (€): 1,50%
Cat. E (€): 2,26%
Cat. A (EUR) : 0,85%
Cat. M (€) 0,15%
Cat. B (€): 1,50%
Cat. E (€): 2,26%
Cat. A (¥) 0,85%
Cat. M (¥): 0,15%
Cat. B (¥): 1,50%
Cat. B (€): 1,50%
Cat. R (Dist) (£): 1,72%
Cat. E (€): 2,25%
AXA Rosenberg Japan Enhanced Index Alpha Fund
Cat. A (¥) 0,57%
Cat. M (¥): 0,22%
Cat. A (GPB) : 0,88%
Cat. M (£) 0,18%
260
Cat. B (£): 1,53%
Cat. B (€): 1,53%
Cat. R (Dist) (£): 1,68%
Cat. E (€): 2,28%
Small Cap Funds
Cat. Retail
AXA Rosenberg Global Small Cap Equity Alpha
Fund
Cat. A (USD) : 1,01%
Cat. M (USD) 0,21%
AXA Rosenberg Pacific Ex-Japan Small Cap Equity
Alpha Fund
Cat. A (USD) : 1,03%
Cat. M (USD) 0,21%
AXA Rosenberg Japan Small Cap Equity Alpha Fund
Cat. A (¥) 0,96%
Cat. M (¥): 0,16%
AXA Rosenberg Europe Ex-UK Small Cap Equity
Alpha Fund
Cat. A (EUR) : 1,35%
AXA Rosenberg Pan European Small Cap Equity
Alpha Fund
Cat. A (EUR) : 0,97%
Cat. M (€) 0,17%
Cat. B (USD): 1,71%
Cat. B (€): 1,71%
Cat. R (Dist) (£): 1,71%
Cat. E (€): 2,46%
Cat. B (USD): 1,73%
Cat. B (€): 1,73%
Cat. R (Dist) (£): 1,73%
Cat. E (€): 2,48%
Cat. B (¥): 1,66%
Cat. B (€): 1,66%
Cat. R (Dist) (£): 1,66%
Cat. E (€): 2,41%
Cat. B (€): 2,05%
Cat. R (Dist) (£): 2,05%
Cat. E (€): 2,80%
Cat. B (€): 1,67%
Cat. E (€): 2,42%
AXA Rosenberg UK Small Cap Equity Alpha Fund
Cat. A (GPB) : 1,53%
Cat. B (£): 2,23%
Cat. B (€): 2,23%
Cat. E (€): 2,96%
Le ratio de charges totales ci-dessus inclut les charges annuelles suivantes :
1. Frais de gestion
Large caps
Cat. A (hors compartiments Enhanced
Funds*):
Cat. A Hedge (€)** :
Cat. A (uniquement pour les
compartiments Enhanced Funds*):
Cat. M (excepté deux Fonds small cap)
AMF
0,70%
Cat. Retail
Cat. B, B (€), E (€) : 1,35 %
AMF
1,35%
0,75%
0,35%
Cat. B Hedge (€)** :
Cat. R (Dist) (£)
1,40%
1,50%
Cat. Retail
Cat. B, B (€), R(Dist) (£), E (€):
AMF
1,50%
Aucun
Small caps
Cat. A:
Cat. M (excepté deux Fonds small cap)
AMF
0,80%
Aucun
* Fonds Enhanced : AXA Rosenberg US, Pan-European and Japan Enhanced Funds
** Les catégories Hedge (€) ne sont disponibles que pour le Fonds AXA Rosenberg US Equity Alpha Fund
*** La catégorie M n'est disponible qu’aux entités du Groupe AXA Rosenberg, y compris les sociétés de
gestion, les sociétés affiliées et les gestionnaires de portefeuille, qui souscrivent uniquement, à leur entière
discrétion, dans le cadre de leurs activités individuelles de gestion de portefeuille pour le compte de clients
institutionnels.
261
2. Redevance de distribution
Cat. Retail
Cat. E (€) :
AMF
0,75%
Remarques :
Le ratio de charges totales (TER) est égal au coût d’exploitation total de l'AXA Rosenberg Equity Alpha Trust
par rapport à la moyenne de la valeur nette d’inventaire. Les coûts d’exploitation totaux représentent toutes les
charges déduites des actifs et sont habituellement présentés dans le compte de résultat pour l'exercice concerné.
La valeur brute des charges doit s’entendre sur une base “toutes taxes comprises”. La valeur nette d’inventaire
moyenne est calculée en utilisant la valeur de l’actif net à chaque point de valorisation.
262

axa rosenberg equity alpha trust

Transcription

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