Agressor - Annual Report 31-12-2012

MAZARS

FCP AGRESSOR 53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 31, 2012

9 Mutual Fund - Annual Report- Year ended : 31.12.201274003

AGRESSOR

auditreportPursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our re-

port relative to the financial year closed on 31 December 2012 on :

- the audit of the annual accounts of the AGRESSOR mutual fund, as attached to this report,

- the justification for our assessments,

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

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

opinion on these accounts.

I – Opinion on the annual accounts

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

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

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

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

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

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

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

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

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

this financial year.

II – Justification for our Assessments

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

hereby notify you of the following element:

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

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

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

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

III – Specific Information and Verifications

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

law.

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

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

Written in Courbevoie, 15 April 2013

The Statutory Auditor

Mazars Gilles DUNAND-ROUX


AGRESSOR

annualaccounts

assets


AGRESSOR

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 975 029 621,63 834 513 639,23

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 947 003 259,58 826 765 684,26

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market - -


• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities - -

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS

and general purpose French UCITS28 026 362,05 7 747 954,97

UCITS reserved for certain investors – VCF - Funds investing in

futures and options- -

Listed SPE and investment funds - -

Non-listed SPE and investment funds - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing repurchase agreements - -

Receivables representing securities lendings - -

Borrowed securities - -

Repurchase agreements - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 4 583 326,95 2 823 167,36

Foreign exchange forward contracts - -

Other 4 583 326,95 2 823 167,36

Financial accounts 62 462 897,63 7 307 415,78

Cash and cash equivalents 62 462 897,63 7 307 415,78

Total assets 1 042 075 846,21 844 644 222,37

31.12.2012 30.12.2011

BALANCE SHEET

Currency EUR EUR

Equity

• Capital 1 037 020 165,83 843 171 815,89

• Previous undistributed net capital gains and losses - -

• Retained earnings - -

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

• Adjusted retained earnings - -

• Result -142 799,20 -1 409 746,31

Total equity

(amount representing net assets)1 036 877 366,63 841 762 069,58

Financial instruments - -

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Debts representing repurchase agreements - -

Debts representing securities borrowings - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

Debts 5 198 479,58 2 882 152,79

Foreign exchange forward contracts - -

Other 5 198 479,58 2 882 152,79

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilites 1 042 075 846,21 844 644 222,37


AGRESSOR

30.12.201131.12.2012

liabilitiesBALANCE SHEET

OFF-balance sheet


AGRESSOR

Currency EUR EUR

Hedging

• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions

• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


30.12.201131.12.2012


AGRESSOR

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - -

• Income from equities and similar securities 22 275 199,35 24 418 385,06

• Income from bonds and similar securities - 36 610,02

• Income from debt securities 1 490,99 224 822,51

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 22 276 690,34 24 679 817,59

Expenses on financial transactions

• Expenses on temporary purchases and disposals of securities - -

• Expenses on forward financial instruments - -

• Expenses on financial debt - -

• Other financial expenses - -

Total (II) - -

Profit/loss on financial transactions (I - II) 22 276 690,34 24 679 817,59

Other income (III) - -

Management fees and depreciation expense (IV) -22 735 177,71 -25 188 327,01

Net income for the period (L.214-9) (I - II + III - IV) -458 487,37 -508 509,42

Income adjustments for the period (V) 315 688,17 -901 236,89

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

Income (I - II + III - IV +/- V - VI) : -142 799,20 -1 409 746,31

31.12.2012 30.12.2011

INCOMEstatement

accountingrules and methods


AGRESSOR

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

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

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

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

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

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

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

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

charged).

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

to your UCITS.

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

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

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

regardless of your UCITS fund's distribution option.

Asset valuation and accounting rules :

V-1 - Asset valuation rules

A – Valuation method

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

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

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

at the last known price.

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

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

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

intrinsic characteristics of the issuer.

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

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

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

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

line basis over the term of the negotiable debt security.

- Negotiable debt securities with a maturity of more than 3 months are valued at market rate.

- Units or shares of funds are valued at the last known net asset value.

- Securities coming under temporary purchase or sale agreements are valued in accordance

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

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

company at their probable trading value.

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

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

of an over-the-counter market.

• Contracts :

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

used.

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

contracts.

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

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

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

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

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

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

and their justification when it carries out its audits.


AGRESSOR

appendices

B - Practical methods

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

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

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

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

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

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

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

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

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

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

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

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

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

settlement prices of that day.

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

used for the underlying.

- Asia-Oceania : taken at 12 noon

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

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

- France : taken at 18 noon

V-2 - Accounting method

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

received' method.

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

Methods for evaluating off-balance sheet commitments

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

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

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

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

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

multiplied by the nominal amount of the underlying security.

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

the currency of the UCIT).

Operating and management costs

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

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

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

company.

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

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

objectives. They are therefore charged to the Fund;

- transfer fees charged to the Fund;

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


AGRESSOR

appendices

Outperformance commission calculation method :

Variable management fees are charged and accrue to the management company on the

following basis:

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

- The provision for variable management fees is adjusted each time net asset value is

calculated, on the basis of 20% including taxes of the fund's outperformance against the

CAC ALL-TRADABLE index, calculated excluding dividends for GPF units and with

dividends reinvested for I units. If the fund underperforms the benchmark, this provision is

adjusted in the form of a reversal. A provision reversal may not exceed the value of the

provision.

- Outperformance is calculated for the first time as of the dates that the Agressor Gestione

Patrimoniale in Fondi and Agressor I units are launched, on the basis of a benchmark net

asset value established on the same dates.

- Variable management fees charged by the management company are paid annually, on the

last trading day of December. The outperformance commission calculation period will be the

financial year of the fund, with the exception of the first financial year of the units, for which

the reference period will be the period between the unit creation date and the financial year-

end date. Variable management fees are chargeable only if the net asset value at the end of

the year is higher than the initial nominal value for the first year, and on the net asset value

at the start of the year for subsequent years.

- In the event a unit is redeemed and a provision for variable management expenses exists, the

part proportional to the units reimbursed is paid to the fund management company.

Indication of accounting changes subject to special information to unit holders

- Changes occurred : None.

- Changes to occur : None.

Indication and justification of changes in estimates and in application methods

None.

Indication of the type of errors that have been corrected during the period

None.

Indication of the rights and conditions attached to each unit category

Capitalisation of all income.

appendices


AGRESSOR

Currency EUR EUR

Net assets at the beginning of the period 841 762 069,58 1 018 327 011,26

Subscriptions (including the subscription

fee allocated to the UCIT)338 114 039,25 581 744 633,31

Redemptions (with deduction of the redemption

fee allocated to the UCIT)-358 743 152,07 -541 801 963,97

Capital gains on deposits and financial instruments 49 488 566,92 46 105 214,51

Capital losses on deposits and financial instruments -66 496 698,82 -72 680 941,23

Capital gains on forward financial instruments - -

Capital losses on forward financial instruments - -

Transaction fees -4 776 381,63 -5 428 448,04

Foreign exchange differences 2 928 071,52 5 288 786,05

Changes in the estimate difference

in deposits and financial instruments :235 059 339,25 -189 283 712,89

- Estimate difference – period N 123 219 793,48 -111 839 545,77

- Estimate difference – period N-1 -111 839 545,77 77 444 167,12

Changes in the estimate difference

in forward financial instruments : - -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

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

Prior period distribution - -

Net income for the period before adjustment accounts -458 487,37 -508 509,42

Deposit(s) paid(s) during the year

net capital gains and losses- -

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 1 036 877 366,63 841 762 069,58

31.12.2012 30.12.2011

changesnet assets2

appendices


AGRESSOR

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

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

Traded on a regulated

or similar market

Not traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds - -

Variable-rate bonds - -

Zero-coupon bonds - -

Investments - -

Other instruments - -

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument

Traded on a regulated

or similar market

Not traded on a regulated

or similar market

Treasury Bonds - -

Commercial Papers - -

Certificates of deposit - -

MTN - -

Other instruments - -

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase

agreements

Disposals of borrowed

securities

Disposals of acquired

repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additionalinformation3

appendices


AGRESSOR

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

Fixed rate Variable rates Rollover rate Other

Assets

Deposits- - - -

Bonds and similar securities - - - -


Temporary purchases and sales of

securities- - - -

Financial accounts - - - 62 462 897,63

Liabilities


securities

- - - -

Financial accounts - - - -

Off-balance sheet

Hedging- - - -

Other transactions - - - -

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

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

Assets

Deposits- - - - -

Bonds and similar securities - - - - -

Debt securities - - - - -

Temporary purchases and sales

of securities- - - - -

Financial accounts 62 462 897,63 - - - -

Liabilities

Temporary purchases and sales

of securities

- - - - -

Financial accounts - - - - -

Off-balance sheet

Hedging- - - - -

Other transactions - - - - -

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

Rates Equities Foreign Exchange Other

Hedging

Commitments on regulated

or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactions

Commitments on regulated

or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

appendices


AGRESSOR

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

By main currency GBP CHF SEK Other

AssetsDeposits

- - - -

Equities and similar securities 121 913 307,19 83 777 501,66 34 208 809,14 24 033 213,30

Bonds and similar securities - - - -


Collective investment undertakings - - - -


securities- - - -

Receivables - - - -

Financial accounts 360 249,93 - - -

LiabilitiesDisposal operations on financialinstruments

- - - -


securities- - - -

Debts - - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

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

operation (purchase/sale).

ReceivablesForeign exchange forward contracts :

4 583 326,95

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables :

Ventes reglements differes 2 492 506,35

- 1 730 570,67

To receive coupons 360 249,93

- -

- -

Other transactions -

DebtsForeign exchange forward contracts :

5 198 479,58

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts :

Achats reglements differes 2 724 237,82

Accrued expenses 1 811 879,93

Redemption to pay 662 361,83

- -

- -

Other transactions -

appendices


AGRESSOR

3.6. Equity

Subscriptions Redemptions

Number of units issued / redeemed

during the period:Number of units Amount Number of units Amount

AGRESSOR / FR0010321802 266 557,18 322 532 974,76 286 699,186 343 009 818,69

AGRESSOR I / FR0011188150 13 934,365 15 577 982,59 14 528,657 15 731 251,48

AGRESSOR GPF / FR0010581702 3 3 081,90 2 2 081,90

Subscription / redemption fee: Amount Amount

AGRESSOR / FR0010321802 29 047,82 191,23

AGRESSOR I / FR0011188150 - -

AGRESSOR GPF / FR0010581702 - -

Retrocessions: Amount Amount

AGRESSOR / FR0010321802 29 047,82 191,23

AGRESSOR I / FR0011188150 - -


Commissions allocated to the UCIT:Amount Amount

AGRESSOR / FR0010321802 - -

AGRESSOR I / FR0011188150 - -


3.7. Management fees

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

Unit class:

AGRESSOR / FR0010321802 2,39

AGRESSOR I / FR0011188150 1,20

AGRESSOR GPF / FR0010581702 1,00

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

Unit class:

AGRESSOR / FR0010321802 -

AGRESSOR I / FR0011188150 785 870,96

AGRESSOR GPF / FR0010581702 1,97

Retrocession of management fees :

- Amount of fees retroceded to the UCIT -

- Breakdown by "target" UCIT :

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

appendices


AGRESSOR

3.8. Commitments received and granted

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

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

3.9. Other information

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

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

3.9.2. Current value of financial instruments comprising guarantee deposits :

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

- equities -

- bonds -

- debt securities -

- other financial instruments -

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

- equities -

- bonds -

- debt securities -


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

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

- UCITS 24 830 029,95


appendices


AGRESSOR

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

Interim payments in terms of the period

Date Unit Class Total amount Unit amount Total tax credit Unit tax credit

- - - - - -

- - - - - -

- - - - - -

- - - - - -

Total interim

payments- - - -

appendices


AGRESSOR

Income allocation EUR EUR

Sums remaining to be allocated

Retained earnings - -

Adjusted retained earnings - -

Result -142 799,20 -1 409 746,31

Total -142 799,20 -1 409 746,31

31.12.2012 30.12.2011

AGRESSOR / FR0010321802 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 302 778,82 -1 629 251,61

Total 302 778,82 -1 629 251,61

Information concerning the units conferring distribution

rights

Number of units - -

Unit distribution - -

Tax credits - -

AGRESSOR GPF / FR0010581702 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation -445 589,56 219 505,30

Total -445 589,56 219 505,30


rights

Number of units - -


Tax credits - -

appendices


AGRESSOR

AGRESSOR I / FR0011188150 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation 11,54 -

Total 11,54 -


rights

Number of units - -


Tax credits - -

appendices


AGRESSOR

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses

(in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

DateTotal

amountUnit

amount

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

Total interim payments - -

appendices


AGRESSOR

Allocation of net capital gains and losses EUR EUR

Amounts remaining to be allocated

Previous undistributed net capital gains and losses - -

Net capital gains and losses for the financial year - -

Payments on net capital gains and losses for the financial year - -

Total - -

31.12.2012 30.12.2011

AGRESSOR / FR0010321802 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -

Undistributed net capital gains and losses - -

Capitalisation - -

Total - -

Information concerning units conferring distribution rights

Number of units - -


AGRESSOR GPF / FR0010581702 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


AGRESSOR

AGRESSOR I / FR0011188150 31.12.2012 30.12.2011

Currency EUR EUR

Allocation

Distribution - -


Capitalisation - -

Total - -


Number of units - -


appendices


AGRESSOR

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

UCIT creation date : 29, 1991

Currency

EUR 31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Net assets 1 036 877 366,63 841 762 069,58 1 018 327 011,26 727 914 458,61 516 166 509,36

AGRESSOR GPF / FR0010581702 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Number of

outstanding units1 29 354,549 35 971,63 36 967,41 31 650,181

Net asset value 1 122,2 960,4 1158,08 947,95 667,04

Unit distribution net ca-

pital gains and losses

(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -

Unit tax credit transfer-

red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation 11,54 7,47 -58,79 -33,09 15,62

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped

by dividing the total amount of the tax credits amongst the outstanding units on that date.

AGRESSOR / FR0010321802 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Number of

outstanding units766 712,673 786 854,679 776 181,011 705 654,336 747 807,564

Net asset value 1 307,45 1033,95 1258,3 981,88 662,00



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation 0,39 -2,07 -5,14 2,13 8,87



appendices


AGRESSOR

AGRESSOR I / FR0011188150 UCIT currency : EUR

31.12.2012 30.12.2011 31.12.2010 31.12.2009 31.12.2008

Number of

outstanding units28 760,257 - - - -

Net asset value 1 197,3 - - - -



(including

interim payments)

- - - - -

Unit distribution

(including interim

payments)

- - - - -


red to unit holders

(individuals) (1)

- - - - -

Unit capitalisation -15,49 - - - -



appendices


AGRESSOR

UCITinventory4Code valeur

Libellé valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

AGRESSOR

Securities

Sha

re

FR0000032302

MANUTAN INTERNATIO

NAL

PROPRE

103 199.00

3 455 102.52

EUR

0.33

US20440T2015

COMPANHIA BRASILEIRA DIST -ADR

PROPRE

100 000.00

3 364 408.06

USD

0.32

NL0010157558

DE M

ASTER BLENDERS 1753 NV W

/IPROPRE

1 000 000.00

8 719 000.00

EUR

0.84

GB0006731235

ASSOCIATED BRITISH FOODS

PROPRE

1 440 000.00

27 596 618.06

GBP

2.66

FR0004548873

BOURBON

PROPRE

980 000.00

20 388 900.00

EUR

1.97

FR0000121709

SEB

PROPRE

570 000.00

31 754 700.00

EUR

3.06

FR0000120966

BIC

PROPRE

342 000.00

30 889 440.00

EUR

2.98

FR0000073272

SAFRAN

PROPRE

1 180 000.00

38 462 100.00

EUR

3.71

FR0000072910

GROUPE STERIA SCA

PROPRE

1 250 000.00

17 750 000.00

EUR

1.71

FR0000052516

VILMORIN & CIE

PROPRE

150 000.00

14 040 000.00

EUR

1.35

FR0000034639

ALTRAN TECHNOLOGIES

PROPRE

5 500 000.00

31 625 000.00

EUR

3.05

DK0060336014

NOVOZYMES AS-B

PROPRE

595 000.00

12 695 885.27

DKK

1.22

CH0012142631

CLARIANT (NAMEN)

PROPRE

1 900 000.00

19 437 541.42

CHF

1.88

SE0000103699

HEXAGON B

PROPRE

1 800 000.00

34 208 809.14

SEK

3.30

GB00B24CGK77

RECKITT BENCKISER G

ROUP PLC

PROPRE

470 000.00

22 339 541.72

GBP

2.16

GB0007973794

SERCO G

ROUP

PROPRE

3 850 000.00

25 238 941.31

GBP

2.43

GB0002335270

CRODA INTERNATIO

NAL PLC

PROPRE

1 230 000.00

35 810 317.36

GBP

3.45

FR0010411983

SCOR SE ACT PROV

PROPRE

1 550 000.00

31 635 500.00

EUR

3.05

FR0006174348

BUREAU VERITAS

PROPRE

250 000.00

21 162 500.00

EUR

2.04

FR0000125684

ZODIAC AEROSPACE

PROPRE

470 000.00

39 212 100.00

EUR

3.78

FR0000121972

SCHNEIDER ELECTRIC SA

PROPRE

275 000.00

15 078 250.00

EUR

1.45

FR0000121485

PPR

PROPRE

285 000.00

40 142 250.00

EUR

3.87

FR0000121261

MICHELIN (CGDE)-SA

PROPRE

450 000.00

32 215 500.00

EUR

3.11

FR0000121220

SODEXO

PROPRE

500 000.00

31 860 000.00

EUR

3.07

FR0000121147

FAURECIA

PROPRE

2 050 000.00

24 026 000.00

EUR

2.32

FR0000060618

RALLYE

PROPRE

900 000.00

22 873 500.00

EUR

2.21

CH0045039655

CIE FIN RICHEMONT

PROPRE

584 000.00

34 540 755.47

CHF

3.33

CH0012255151

THE SWATCH G

ROUP

PROPRE

78 000.00

29 799 204.77

CHF

2.87

DE0005785604

FRESENIUS SE & CO KGAA

PROPRE

350 000.00

30 485 000.00

EUR

2.94

DE0005439004

CONTINENTAL AG

PROPRE

430 000.00

37 663 700.00

EUR

3.63

NGNB00000005

NIG

ERIAN BREWERIES

PROPRE

11 200 000.00

7 972 919.97

NGN

0.77

IT0003073266

PIAGGIO

& C

PROPRE

9 000 000.00

18 270 000.00

EUR

1.76

FR0000120644

DANONE

PROPRE

400 000.00

19 962 000.00

EUR

1.93

BMG5361W1047

LANCASHIRE HOLDINGS

PROPRE

1 150 000.00

10 927 888.74

GBP

1.05

FR0000064164

EXACOMPTA CLAIREFONTAINE

PROPRE

62 700.00

2 896 740.00

EUR

0.28


AGRESSOR

Code valeur

Libellé

valeur

Statut Valeur

Quantité

Valeur boursière

Devise de cotation

% Actif net

FR0000054231

HIG

H CO

PROPRE

587 750.00

2 879 975.00

EUR

0.28

FR0000052870

NORBERT DENTRESSANGLE (GROUPE)

PROPRE

439 545.00

25 691 405.25

EUR

2.48

FR0000065484

LECTRA

PROPRE

1 786 732.00

8 451 242.36

EUR

0.82

FR0000051831

GROUPE G

UILLIN

PROPRE

32 670.00

2 183 989.50

EUR

0.21

FR0000120495

SOMFY

PROPRE

775.00

101 137.50

EUR

0.01

FR0004527638

EXEL INDUSTRIES

PROPRE

359 262.00

13 580 103.60

EUR

1.31

FR0000053506

CEGEDIM

PROPRE

428 000.00

7 960 800.00

EUR

0.77

FR0000050049

VIEL & CIE

PROPRE

3 804 500.00

9 815 610.00

EUR

0.95

FR0000039299

BOLLORE SA

PROPRE

158 000.00

40 700 800.00

EUR

3.93

FR0000032526

GUERBET

PROPRE

74 108.00

7 138 082.56

EUR

0.69

Tota

l S

hare

947 003 259.58

91.33

O.P.C.V.M

.

FR0011023910

PHILEAS L/S EUROPE I

PROPRE

29 981.54

3 196 332.10

EUR

0.31

FR0011274984

GEMEQUITY PART I

PROPRE

42 000.00

4 533 060.00

EUR

0.44

FR0010839282

ECHIQ

UIER CT 3D PARTS DE CAPITALISATIO

N 3 DECIM

ALES

PROPRE

201 000.00

20 296 969.95

EUR

1.96

Total O.P.C.V.M

.28 026 362.05

2.70

Tota

l S

ecurities

975 029 621.63

94.04

Cash

BA

NK

OR

WA

ITIN

G

Banque EUR BPP

PROPRE

62 462 897.63

EUR

6.03

Vte diff titres EUR

PROPRE

2 492 506.35

EUR

0.24

Sous recev EUR BPP

PROPRE

1 730 570.67

EUR

0.17

Ach diff op de capi

PROPRE

-662 361.83

EUR

-0.06

Ach diff titres EUR

PROPRE

-2 724 237.82

EUR

-0.26

Tota

l B

AN

K O

R W

AIT

ING

63 299 375.00

6.11

MA

NA

GE

ME

NT

FE

ES

PrC

omGestFin

PROPRE

-1 109 811.12

EUR

-0.11

PrC

omGestFin

PROPRE

-0.51

EUR

PrC

omGestFin

PROPRE

-19 212.59

EUR

0.00

PrC

omVariable

PROPRE

-1.97

EUR

PrC

omVariable

PROPRE

-572 097.86

EUR

-0.06

PrC

omVariableAcqu

PROPRE

-110 755.88

EUR

-0.01

Tota

l M

AN

AG

EM

EN

T F

EE

S

-1 811 879.93

-0.18

To

tal C

ash

61 487 495.07

5.93

Coupons

Sh

are

GB0006731235

A.B FOODS

ACHLIG

1 470 000.00

360 249.93

GBP

0.04

Tota

l S

hare

360 249.93

0.04

Total Coupons

360 249.93

0.04

Total AGRESSOR

1 036 877 366.63

100.00

Agressor - Annual Report 31-12-2012

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Transcript of Agressor - Annual Report 31-12-2012