Most Diversified Portfolio SICAV · 2019-04-12 · Most Diversified Portfolio SICAV Manager’s...

as at 31/12/18

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Audited annual report

Most Diversified Portfolio SICAV

R.C.S. Luxembourg B 186947

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Additional Information for Investors in the Federal Republic of Germany

For the following Sub-Funds of Most Diversified Portfolio SICAV no notification for distribution in the Federal Republic of Germany was submitted and Shares in these Sub-Funds may NOT be offered to investors within the scope of the German Investment Code. As a consequence, the following Sub-Funds are NOT available to investors in Germany:

- Tobam Anti-Benchmark France Equity Fund - Tobam Anti-Benchmark Global Equity Fund - Tobam Anti-Benchmark Pacific Ex-Japan Markets Equity Fund - Tobam Anti-Benchmark US Credit Fund - Tobal Anti-Benchmark Global High Yield Fund - Tobal Anti-Benchmark World EX USA Equity Fund

Caceis Bank Deutschland, Lilienthalallee 34 – 36, 80939 München, has undertaken the function of Information Agent for the Federal Republic of Germany (the “German Information Agent”). Caceis Bank Luxembourg, 5 Allée Scheffer – 2520 Luxembourg, has undertaken the function of Paying Agent for the Federal Republic of Germany (the “German Paying Agent”). The Fund does not issue printed individual certificates. Applications for the redemption and conversion of shares may be sent to CACEIS Bank Luxembourg (Prime TA). All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through CACEIS Bank Luxembourg.

The articles of incorporation of the SICAV, the prospectus, the key investor information documents, the annual and semi-annual reports; each in hardcopy form; the issue, redemption and conversion prices of the shares and the notices to shareholders are available free of charge at the office of the German Information Agent or the Management Company. Copies of the contracts referred to in the section entitled “12.9 Material contracts of the prospectus” are available for inspection at the office of the German Information Agent or the Management Company.

The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Information Agent available. The issue, redemption and conversion prices of the shares will be published on the following website www.bundesanzeiger.de.

Any notices to shareholders will be published on the following website http://www.tobam.fr

Most Diversified Portfolio SICAV – Prospectus November 2018 140

http://www.bundesanzeiger.de/

http://www.tobam.fr/

http://www.tobam.fr/


Table of Contents

Page 2

Page Management and Administration 3 Board of Directors of the SICAV 3 Manager’s report 4 Audit report 6

Combined 9

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund 12 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund 21 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund 27 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund 34 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund 39 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund 44 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund 49 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund 56 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund 64 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund 70 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund 81 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund 87 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund 92 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund (launched on May 9,2018) 100

Notes to the financial statements - Schedule of derivative instruments 107 Other notes to the financial statements 113 Supplementary information (unaudited) 126 Subscriptions can only be received on the basis of the latest prospectus or relevant Key Investor Information Document (KIID), accompanied by the latest annual report and the latest semi-annual report, if published after the annual report.


Page 3

Management and Administration

REGISTERED OFFICE

5, allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg

MANAGEMENT COMPANY

TOBAM 49-53, Avenue des Champs Elysées F - 75008 Paris France

DEPOSITARY, PAYING, REGISTRAR, ADMINISTRATION, DOMICILIARY AND TRANSFER AGENT

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg

AUDITOR GLOBAL DISTRIBUTOR

PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L - 2182 Luxembourg Grand Duchy of Luxembourg TOBAM 49-53, Avenue des Champs Elysées F - 75008 Paris France

Board of Directors of the SICAV DIRECTORS Mr. Yves CHOUEIFATY, CEO & President, TOBAM

Mr. David BELLAICHE, Chief Operating Officer, TOBAM

Mr. Jean-Pierre MICHALOWSKI, Senior Country Officer, Crédit Agricole Corporate & Investment Bank

Mr. Bertrand GIBEAU, Independent Director


Manager’s report

Page 4

Market commentary Despite a promising start, 2018 eventually proved a bad year for equities: the S&P 500 TR index ended the year at -4.4%, with a peak to trough of 19%, from 9/20/18 to 12/24/18. Small caps were hit the worst with the S&P equal-weighted TR index returning -7.6% and the Russell 2000 TR index returning -11.0% over the year. The fundamentals for the US economy were nonetheless positive, with an unemployment rate at all-time lows (below 4%), a GDP growth expected to be 3%, and core inflation slightly below the 2% target. Worldwide, the Stoxx Europe 600 TR index and the MSCI Emerging Markets TR index were both down with 1Y returns of -10.3% and -14.6%, respectively. Over 2018, equity volatility picked up due to political and economic uncertainty such as elections, trade policy, central banks tightening financial conditions and confused Brexit negotiations. The realized 1Y volatility was more than double 2017’s record lows, reaching 17.3% (vs 6.8% in 2017) for the S&P 500. A bulk of the realized volatility over the year was seen at the beginning and the end of the year. The implied volatility measured using the VIX index, peaked at over 35% in Q1 & Q4. Under new leadership, the Fed increased rates four times over 2018, while the ECB phased out its Debt Purchase program in December. The US 10-year treasury yield was 2.7% at the end of the year vs. 2.4% in 2017. The yield curve flattened as the 10-year to 2-year slope fell from 52 bps to 19 bps over the year. The US inflation expectation implied in the term structure was 2.3% in the short run vs. 1.9% last year. The German 10-year yield ended the year at 0.25%, 20 bps below its previous year level. Credit markets posted negative returns across the board with US Investment Grade returning -2.25% and -1.1% for its European counterpart in local terms. High Yield markets outperformed in risk adjusted terms with returns of -2.3% for US HY and -3.6% for the European HY. Contrary to IG, High Yield benefitted from quieter primary market activity than expected as loans keep attracting the lion’s share of leveraged corporate issuance. However, the oil price drop in Q4 (-29%) weighed on US credit markets and obliterated hopes for US HY positive returns. Anti-Benchmark Strategies Performance over 2018

Gross Return

YTD Delta YTD Delta YTD Delta YTD Delta YTD DeltaAB EM (USD) -11.86% 2.99% 13.94% 37.82% 0.54% 8.26% -1.45% -12.63% 14.43% -9.78% 5.14% 14.79% -0.38% 1.81% 9.25%MSCI Daily TR Net EM -14.85% 16.65% 37.28% 9.78% 11.19% 17.87% -14.92% 16.70% -2.19% 11.62%

AB All Countries World (USD)* -10.60% -0.59% 9.94% 22.09% -1.88% 5.85% 1.04% -6.83% 10.58% -2.95% -0.58% 11.52% 5.20% 1.04% 7.31%MSCI ACWI Daily TR Net -10.01% 12.52% 23.97% 5.90% 7.86% 12.91% -2.36% 13.41% 4.16% 9.20%

AB World (USD) -7.99% 1.36% 10.32% 17.86% -4.54% 6.36% 4.65% -2.86% 11.49% -7.53% -6.66% 12.18% 7.91% 2.97% 8.17%MSCI Daily TR Net World -9.35% 12.70% 22.40% 5.98% 7.51% 12.88% -0.87% 13.61% 4.94% 9.48%

AB US (USD) -9.63% -3.78% 13.46% 15.39% -5.80% 8.12% 4.85% -6.04% 14.27% -10.69% -11.37% 15.14% 14.32% 1.62% 11.77%MSCI Daily TR Net USA -5.86% 16.47% 21.19% 6.91% 10.89% 13.19% 0.69% 15.94% 12.69% 11.86%

AB Canada (CAD) -6.56% 3.01% 9.32% 13.36% 4.26% 7.03% 11.64% -9.44% 10.64% -6.66% 1.66% 12.70% 11.55% 1.00% 9.37%Benchmark** -9.58% 10.45% 9.10% 7.43% 21.08% 12.81% -8.32% 14.90% 10.55% 10.69%

AB Japan (JPY) -14.56% 0.59% 13.53% 17.57% -2.18% 9.34% 8.76% 9.50% 20.96% 13.21% 3.27% 18.06% 9.05% -0.44% 15.04%MSCI Daily TR Net Japan -15.15% 16.70% 19.75% 11.37% -0.74% 27.68% 9.93% 21.20% 9.48% 19.76%

AB Euro (EUR) -3.12% 10.07% 11.29% 10.32% -2.31% 8.45% -1.58% -5.91% 18.88% 9.29% -0.53% 18.51% 9.49% 5.17% 12.07%MSCI Daily TR Net EMU -13.19% 13.47% 12.63% 9.84% 4.33% 20.36% 9.82% 22.02% 4.32% 15.89%

AB Pacific Ex-Japan (USD) -14.88% -4.32% 11.36% 26.33% 0.45% 7.30% 7.78% -0.06% 13.21% -7.23% 1.24% 13.91% 5.45% 5.92% 9.29%MSCI Daily TR Net Pacific Ex Japan -10.56% 13.83% 25.88% 9.52% 7.85% 18.24% -8.47% 18.92% -0.47% 11.51%

AB World ex-US Equity (USD)*** -12.01% 2.71% 10.47%MSCI WORLD ex USA NR -14.73% 12.30%

AB UK (GBP) -12.23% -3.53% 12.70% 4.97% -6.74% 8.19% 9.96% -9.20% 18.17% 3.27% 5.47% 15.78% -1.07% -1.57% 11.17%MSCI Daily TR Net UK -8.71% 13.07% 11.71% 8.62% 19.16% 17.05% -2.21% 17.68% 0.50% 11.54%

AB France (EUR) -7.56% 1.83% 12.33% 19.20% 6.11% 9.58% 3.75% -4.28% 19.22% 6.55% -4.72% 18.52% 9.22% 6.64% 12.17%MSCI Daily TR Net France -9.39% 13.49% 13.09% 10.45% 8.02% 20.12% 11.27% 22.15% 2.58% 15.77%

AB US Credit (USD)**** -3.25% -0.84% 2.91% 6.12% -0.53% 2.84% 7.01% -0.96% 3.29% 0.77% 2.15% 4.23% 2.74% 0.76% 3.12%BofA Merrill Lynch US Corporate & High Yield TR

-2.42% 2.84% 6.65% 2.82% 7.97% 3.48% -1.37% 3.99% 1.98% 2.76%

AB Global High Yield (USD)***** -4.04% -0.59% 3.24% 9.61% 1.58% 2.49%

BofA Merrill Lynch Global High Yield Index TR -3.45% 3.04% 8.03% 2.21%

AB Mutli-Asset (USD)****** -4.04% 1.48% 5.32% 17.82% 2.64% 4.45%50% MSCI ACWI + 50% GBMI Index -5.52% 7.01% 15.18% 3.74%

Performance VolatilityAs of December 28, 2018 Performance Volatility Performance Volatility

2015 2014Performance VolatilityPerformance Volatility

Anti-Benchmark Strategies Update201620172018

Sources: TOBAM, Bloomberg. Warning: Past performance is not an indicator or a guarantee of future performance. The value of your investment and income received from it can go down as well as up and you may not get back the full amount invested. Performance details provided are in the base currency of the Fund and may include reinvested dividends. Performance returns and/or charts illustrating performance provided on this page are gross of management fees, sales charges and other commissions, other taxes and relevant costs to be paid by an investor are not included in the calculations. Performance may also be affected by currency fluctuations. The risk free rate of return is calculated using the one month LIBOR rate in the base currency of the Fund. * AB ACWI launched on December 20, 2013.** AB Canada: Benchmark returns reflect the fund benchmark, the S&P/TSX Composite index, from March 28, 2013 to present. Benchmark returns priorto March 28, 2013 reflect the MSCI Daily TR Net Canada Local Index. Portfolio returns after March 28, 2013 reflect the open-ended Anti-Benchmark Canada Equity fund, launched on March 28,2013. Prior to the Fund launch, returns reflect the Anti-Benchmark Canada Equity strategy, launched on April

29, 2011, which is managed identically as a carve-out of a global equity portfolio. Carve-outs are managed separately and are representative of a stand-alone portfolio managed to the same strategy.*** AB World ex US launched on May 9, 2018.**** AB US Credit launched on May 12, 2014.***** AB Global HY launched on March 13, 2017.


Manager’s report (continued)

Page 5

The performances of all equity and fixed income markets have been dramatically negative during 2018 due the perception of a high level of uncertainty. These performances have been achieved with a medium level of volatility compared to the volatility of previous years. The MSCI ACWI has for example the worst performance in 2018 over the past 5 years. The main drivers of the performance in most markets have been the outperformance of Information Technology and the under performance of the Financial sectors on the one hand, the outperformance of Growth and the Large Cap factor on the other hand. This reflects in fact the higher concentration of the market cap-weighted benchmarks regardless of the geographies of the markets, and its lower diversification. In that adverse context of higher concentration, 8 strategies out of 14 have outperformed their benchmark in 2018, while 12 strategies out of 14 reduced volatility versus their benchmark. Interestingly some strategies like the AB Euro have managed to outperform their benchmark with a magnitude that compensates almost the drop of the market (-3.12% vs -13.19%). We believe that the current environment of high concentration in the benchmarks only emphasis the need and the benefits of holding well diversified portfolios. February 21st, 2019 Frederic Jamet Head of Trading, TOBAM Note: The figures stated in this report are historical and not representative of future performance.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofMost Diversified Portfolio SICAV

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Most Diversified Portfolio SICAV and of each of its sub-funds (the “Fund”) as at 31 December 2018, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the statement of net assets as at 31 December 2018; the securities portfolio as at 31 December 2018; the statement of operations and changes in net assets for the year then ended; and the notes to the financial statements - schedule of derivative instruments and the other notes to the

financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

7

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

-1H

pwc

conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Fund’s ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to draw attention inour audit report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our audit report. However, future events or conditions may cause the Fund to cease tocontinue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 29 March 2019

uel Chataignier

9Page

Most Diversified Portfolio SICAVCombined

The accompanying notes form an integral part of these financial statements

10Page

4,205,513,332.11Assets3,977,749,495.05Securities portfolio at market value 2.1Note4,195,746,839.02Cost price(217,997,343.97)Unrealised loss on the securities portfolio

65,276,979.80Cash at banks and liquidities149,760,787.04Cash collateral reinvestment

4,682,682.56Interest receivable 2.3Note878,598.45Brokers receivable181,536.47Subscriptions receivable507,493.37Unrealised gain on forward foreign exchange contracts 2.7Note232,163.33Unrealised gain on swaps 2.11Note

6,243,596.04Other assets

162,176,315.84Liabilities471,336.11Bank overdrafts34,448.79Redemptions payable

214,491.47Unrealised loss on forward foreign exchange contracts 2.7Note835,981.97Unrealised loss on financial futures 2.6Note123,116.89Unrealised loss on swaps 2.11Note

160,496,940.61Other liabilities

4,043,337,016.27Net asset value


Financial Statements as at 31/12/18

Expressed in EUR

Statement of net assets as at 31/12/18

Combined


11Page

103,889,678.96Income73,551,847.00Net dividends 2.3Note20,753,689.16Net interest on bonds 2.3Note

950,055.92Bank interest on cash account7,448,033.22Securities lending income 2.8, 7Note

840,299.28Interest on swaps 2.3Note345,754.38Other income

54,322,920.67Expenses39,679,300.27Management fees 3Note

470,484.03Taxe d'abonnement 6Note9,922,512.84Administrative expenses 5Note

355,149.21Bank interest on overdrafts1,097.76Legal fees

3,176,376.98Transaction fees 2.10Note657,077.86Interest on swaps 2.3Note60,921.72Other expenses

49,566,758.29Net income from investments

Net realised profit / loss on:97,891,589.71- sales of investment securities 2.5Note

(12,817,254.90)- forward foreign exchange contracts 2.7Note423,598.79- financial futures 2.6Note417,884.38- swaps

(7,593,310.03)- foreign exchange 2.4Note

127,889,266.24Net realised profit

Movement in net unrealised appreciation / depreciation on:(636,880,891.60)- investments

(1,134,882.17)- forward foreign exchange contracts(3,574,692.00)- financial futures

(757,091.76)- swaps

(514,458,291.29)Decrease in net assets as a result of operations

(505,566.18)Dividends paid 8Note1,847,724,365.39Subscription capitalisation shares

8,089.26Subscription distribution shares(1,536,531,547.34)Redemption capitalisation shares

(2,038,785.56)Redemption distribution shares

(205,801,735.72)Decrease in net assets

198,585,054.38Reevaluation of opening consolidated NAV

4,050,553,697.61Net assets at the beginning of the year

4,043,337,016.27Net assets at the end of the year

EUR

Statement of operations and changes in net assets from 01/01/18 to 31/12/18

Most Diversified Portfolio SICAVCombined

Expressed in

12Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Emerging Markets Equity

Fund


13Page

2,646,016,284.05Assets2,442,838,177.49Securities portfolio at market value 2.1Note2,505,504,243.36Cost price

(62,666,065.87)Unrealised loss on the securities portfolio27,531,978.80Cash at banks and liquidities

171,199,051.26Cash collateral reinvestment2,880.00Subscriptions receivable


178,216,805.93Liabilities12,467.76Redemptions payable

202,795.00Unrealised loss on financial futures 2.6Note178,001,543.17Other liabilities

2,467,799,478.12Net asset value


Expressed in USDStatement of net assets as at 31/12/18

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets EquityFund


14Page

Statement of operations and changes in net assets from 01/01/18 to 31/12/18Expressed in USD


58,387,990.51Income50,530,669.89Net dividends 2.3Note

766,407.64Bank interest on cash account7,090,912.98Securities lending income 2.8, 7Note



363,230.46Bank interest on overdrafts744.90Legal fees

1,886,022.23Transaction fees 2.10Note37,674.81Other expenses

23,572,142.65Net income from investmentsNet realised profit / loss on:

29,540,937.30- sales of investment securities 2.5Note395,063.19- forward foreign exchange contracts 2.7Note689,437.28- financial futures 2.6Note

(10,699,955.29)- foreign exchange 2.4Note

43,497,625.13Net realised profitMovement in net unrealised appreciation / depreciation on:

(386,269,964.99)- investments(3,043,237.00)- financial futures

(345,815,576.86)Decrease in net assets as a result of operations(452,186.02)Dividends paid 8Note

1,317,493,174.89Subscription capitalisation shares(977,846,028.46)Redemption capitalisation shares


2,474,420,094.57Net assets at the beginning of the year

2,467,799,478.12Net assets at the end of the year


15Page

BRILLIANCE CHINA AUTO HLDGS9,900,000 7,371,852.82 0.30HKD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 2,442,838,177.49 98.99

Shares 2,442,838,177.49 98.99

Bermuda 41,681,275.88 1.69

CHINA RESOURCES GAS GROUP LTD6,228,000 24,659,439.69 1.01HKDGOME RETAIL RG REGISTERED SHS36,966,759 3,069,005.31 0.12HKDLUYE PHARMA GRP5,733,500 3,991,068.90 0.16HKDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD14,801,000 2,589,909.16 0.10HKD

BANCO DO BRASIL SA1,955,500 23,456,220.95 0.95BRLBrazil 207,712,196.15 8.42

BB SEGURIDADE617,900 4,398,560.53 0.18BRLBRASKEM SA PREF SHS -A-1,296,100 15,844,343.33 0.64BRLB2W CIA GLOBAL SHS823,800 8,931,378.88 0.36BRLCIELO3,719,700 8,531,990.30 0.35BRLCONCESSOES RODOVIARIAS1,489,600 4,304,556.02 0.17BRLEMBRAER4,543,000 25,412,225.02 1.03BRLEQUATORIAL ENERGIA SA231,600 4,455,383.91 0.18BRLFIBRIA CELLULOSE1,643,100 28,658,362.32 1.16BRLLOCALIZA RENT A CAR SA494,200 3,793,415.27 0.15BRLMAGAZINE LUIZA SA243,500 11,375,909.93 0.46BRLPETROLEO BRASILEIRO1,754,800 11,500,110.67 0.47BRLPETROLEO BRASILEIRO -PETROBRAS- PREF.3,579,500 20,946,240.92 0.85BRLRAIA DROGASIL SA265,400 3,913,432.35 0.16BRLSABESP478,000 3,884,893.59 0.16BRLSUZANO PAPEL E CELULOSE SA2,880,900 28,305,172.16 1.15BRL

AAC TECHNOLOGIES HOLDINGS INC807,500 4,687,586.83 0.19HKDCayman Islands 284,260,003.07 11.52

ANTA SPORTS PRODUCTS5,641,000 27,054,464.84 1.10HKDAUTOHOME -A- SPONS ADR REPR 1 SH-A-133,258 10,424,773.34 0.42USDCHINA EVERGRANDE GROUP LTD1,571,000 4,705,350.06 0.19HKDCHINA FIRST CAPITAL GROUP6,734,000 3,827,419.19 0.16HKDCHINA MENGNIU DAIRY8,243,000 25,689,049.33 1.04HKDCN DING YI FENG- SHS3,416,000 9,162,417.21 0.37HKDENN ENERGY HOLDINGS LTD3,200,000 28,385,407.61 1.15HKDFULLSHARE HOLDINGS LTD65,235,000 14,997,748.91 0.61HKDGDS HOLDINGS -A- ADR REP 8 SHS-A-337,800 7,799,802.00 0.32USDKINGDEE INTL SOFTWARE GROUP CO3,223,000 2,848,651.40 0.12HKDSEMICONDUCTOR MANU INTL REG SHS15,171,099 13,273,349.21 0.54HKDSHENZHOU INTERNATIONAL GROUP3,022,000 34,255,927.30 1.38HKDSINO BIOPHARMACEUTICAL18,235,500 12,018,223.71 0.49HKDTAL EDUCAT GR -A- ADR REPR 1/3 SH -A-848,870 22,647,851.60 0.92USDTINGY HOLDING CORP16,950,000 22,645,102.65 0.92HKDWANT WANT CHINA42,083,000 29,455,076.64 1.18HKDYY INC -A- SPONS ADR REPR 20 SHS -A-93,480 5,595,712.80 0.23USD51JOB SPONS ADR REPR 1 SH76,651 4,786,088.44 0.19USD

CHINA UNITED TELECOM -A-4,510,400 3,396,404.38 0.14CNYChina 41,341,416.21 1.68

GREAT WALL MOTOR CO-H-24,398,000 13,991,796.32 0.57HKDGUANGZHOU AUTOMOBILE GROUP CO4,705,600 4,693,955.28 0.19HKDJIANGSU HENGRUI MEDICINE CO LTD -A-300 2,304.93 0.00CNYSAIC MOTOR CO LTD1,105,000 4,292,389.12 0.17CNYSHANDONG WEIGAO GRP -H-18,480,000 14,964,566.18 0.61HKD

SURAMERICANA DE INVERSIONES SA1,171,017 11,582,161.34 0.47COPColombia 11,582,161.34 0.47

KOMERCNI BANKA AS137,568 5,175,426.34 0.21CZKCzech Republic 5,175,426.34 0.21

ALPHA BANK AE9,174,119 11,536,133.55 0.47EURGreece 44,485,914.41 1.80

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS1,189,866 10,330,683.44 0.42EURHELLENIC TELECOMMUNICATIONS ORGANISATION695,337 7,567,205.16 0.31EURJUMBO SA REG.SHS1,035,144 15,051,892.26 0.60EUR

CHINA RESOURCES BEER LTD -RC-4,346,000 15,181,684.41 0.62HKDHong Kong 42,582,280.33 1.73

GUANGDONG INVEST -RC-2,176,000 4,207,825.03 0.17HKD

Securities portfolio as at 31/12/18USDExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value


16Page

SUN ART RETAIL GROUP LTD22,755,000 23,192,770.89 0.94HKD

ASIAN PAINTS LTD303,396 5,966,879.69 0.24INRIndia 472,207,632.07 19.12

AUROBINDO PHARMA2,529,517 26,556,022.59 1.08INRBAJAJ FINANCE LTD188,202 7,130,592.48 0.29INRBHARAT PETROLEUM CORP DEMATERIALISED2,934,258 15,246,030.92 0.62INRBHARTI AIRTEL LTD(DEMATERIALISED)3,290,224 14,727,416.37 0.60INRBHARTI INFRATEL LTD3,156,273 11,709,150.88 0.47INRCIPLA SHS DEMATERIALISED3,057,738 22,752,907.44 0.92INRCONTAINER -REGISTERED SHS893,748 8,803,698.99 0.36INRDR REDDY'S LABORATORIES LTD675,910 25,331,487.25 1.03INRGLENMARK PHARMACEUTICALS999,824 9,925,198.54 0.40INRHCL TECHNOLOGIES DEMATERIALISED2,643,706 36,517,321.85 1.47INRHINDUSTAN PETROLEUM (DEMATERIALISED)1,776,526 6,444,245.84 0.26INRINDIABULLS HOUSING FINANCE LTD1,003,030 12,267,232.12 0.50INRINDIAN OIL CORP LTD DEMATERIALISED7,408,633 14,543,475.36 0.59INRINFOSYS TECHNOLOGIES DEMATERALISED3,688,484 34,813,801.12 1.40INRLUPIN LTD2,037,441 24,639,557.74 1.00INRPOWER GRID INDIA1,504,219 4,280,068.47 0.17INRRELIANCE INDUSTRIES DEMATERAILISED992,263 15,936,037.07 0.65INRSHIRAM TRANSPORT FIN DEMATERIALISED535,477 9,510,340.63 0.39INRSTATE BANK OF INDIA2,792,075 11,833,769.97 0.48INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL4,645,685 28,646,659.94 1.16INRTATA CONSULT.SERVICES SVS DEMATERIALISED1,312,640 35,592,524.85 1.43INRTECH MAHINDRA LTD2,943,705 30,491,146.44 1.24INRUNITED SPIRITS -REGISTERED SHS2,705,711 24,640,698.15 1.00INRVODAFONE IDEA LTD15,141,573 8,187,268.41 0.33INRWIPRO DEMATERIALISED2,858,670 13,547,097.01 0.55INRYES BANK LTD4,672,385 12,167,001.95 0.49INR

BANK DANAMON INDONESIA SERIES -A-12,637,900 6,679,276.75 0.27IDRIndonesia 60,350,619.03 2.45

JASA MARGA -B-19,181,100 5,708,975.91 0.23IDRPERUSAHAAN GAS NEGA -B-98,784,900 14,563,553.55 0.59IDRPT UNILEVER INDONESIA TBK3,067,200 9,683,645.45 0.39IDRTELKOM INDONESIA -B-90,939,800 23,715,167.37 0.97IDR

AIRASIA BHD13,161,500 9,459,116.46 0.38MYRMalaysia 52,676,225.55 2.13

AXIATA GROUP15,795,536 15,021,581.32 0.61MYRMAXIS BHD13,153,000 17,028,144.90 0.69MYRTOP GLOVE CORPORATION BHD8,240,900 11,167,382.87 0.45MYR

BUENAVENTURE SP ADR-SHS-1,363,674 22,118,792.28 0.90USDPeru 22,118,792.28 0.90

ORANGE POLSKA5,863,994 7,476,779.76 0.30PLNPoland 37,169,943.39 1.51

POLSKI KONCERN NAFTOWY ORLEN SA1,031,441 29,693,163.63 1.21PLN

ALROSA CJSC6,376,680 9,065,095.92 0.37RUBRussia 38,155,697.59 1.55

PHOSAGRO GDR REPR SHS REG S1,073,498 13,687,099.50 0.55USDSEVERSTAL JSC CHEREPOVETS METAL FACTORY1,133,290 15,403,502.17 0.63RUB

ANGLOGOLD ASHANTI LTD-REG.SHS3,003,683 37,950,629.75 1.54ZARSouth Africa 59,384,484.32 2.41

GOLD FIELDS6,249,002 21,433,854.57 0.87ZAR

AMOREG133,870 8,722,305.38 0.35KRWSouth Korea 465,012,051.29 18.83

CELLTRION75,873 15,129,719.81 0.61KRWCELLTRION PHARM.104,908 5,970,297.14 0.24KRWCHEIL WORLDWIDE372,542 7,512,273.20 0.30KRWCJ ENM - REGISTERED SHS33,878 6,130,101.94 0.25KRWCOWAY438,750 29,137,276.23 1.18KRWHANMI PHARM52,283 21,741,629.66 0.88KRWHANMI SCIENCE CO LTD114,054 8,075,161.67 0.33KRWHANON SYSTEMS1,727,333 16,719,120.94 0.68KRWHLB CO LTD197,169 14,118,840.33 0.57KRWHYUNDAI ENGINEERING CONSTRUCTION278,762 13,640,799.59 0.55KRWHYUNDAI FIRE MARINE INSURANCE CO LTD562,306 20,687,094.24 0.84KRW






17Page

HYUNDAI GLOVIS CO LTD174,203 20,139,976.24 0.82KRWHYUNDAI MOBIS137,094 23,344,558.39 0.95KRWHYUNDAI MOTOR CO LTD119,878 12,731,261.92 0.52KRWHYUNDAI MOTOR CO LTD169,194 11,675,871.24 0.47KRWKANGWON LAND337,735 9,685,892.88 0.39KRWKIA MOTORS768,207 23,201,805.13 0.94KRWKOREA AEROSPACE578,194 16,530,191.22 0.67KRWLG HOUSEHOLD AND HEALTHCARE25,022 24,690,105.89 1.00KRWLG UPLUS CORP842,919 13,333,500.05 0.54KRWLOTTE SHOPPING29,876 5,649,610.66 0.23KRWMEDYTOX41,532 21,506,710.87 0.87KRWNCSOFT73,706 30,815,420.94 1.25KRWORION REGISTERED195,629 21,039,145.39 0.85KRWSAMSUNG FIRE AND MARINE INSURANCE30,391 7,326,741.76 0.30KRWSAMSUNG LIFE INSURANCE CO LTD68,480 5,008,036.95 0.20KRWSHINSEGAE CO LTD50,773 11,648,939.89 0.47KRWSILLAJEN INC183,752 12,104,114.62 0.49KRWSK TELEKOM72,648 17,546,724.04 0.71KRWYUHAN CORP51,555 9,448,823.08 0.38KRW

ASUSTEK COMPUTER1,755,000 11,505,108.36 0.47TWDTaiwan 215,659,458.10 8.74

AU OPTRONICS29,531,000 11,817,396.50 0.48TWDECLAT TEXTILE CO LTD1,647,043 18,647,590.51 0.76TWDFAR EASTONE TELECOMMUNICATION CO LTD14,092,000 35,027,128.48 1.42TWDFENG TAY ENTERPRISE2,444,857 13,959,476.29 0.57TWDGLOBALWAFERS CO LTD740,000 6,753,099.17 0.27TWDINNOLUX DISPLAY25,310,000 8,003,813.35 0.32TWDINVENTEC CORPORATION15,652,000 11,228,376.73 0.45TWDMICRO-STAR INTERNATIONAL3,415,000 8,488,336.91 0.34TWDNIEN MADE ENTERPRISE CO LTD1,446,000 11,102,450.31 0.45TWDPHISON ELECTRONICS1,405,000 10,421,967.48 0.42TWDPOWERTECH TECHNOLOGY INC4,112,000 8,842,867.30 0.36TWDPRESIDENT CHAIN STORE CORP1,042,000 10,543,059.32 0.43TWDTAIMED BIOLOGICS INC1,636,000 8,808,862.68 0.36TWDTAIWAN HIGH SPEED RAIL CORP14,204,000 14,117,585.30 0.57TWDTAIWAN MOBILE5,968,000 20,678,401.55 0.84TWDTATUNG CO LTD2,607,000 2,196,743.44 0.09TWDWALSIN TECHNOLOGY CORPORATION702,000 3,517,194.42 0.14TWD

ADVANCED INFO SERVICE -F-6,629,900 35,124,636.91 1.41THBThailand 285,514,988.66 11.57

AIRPORT OF THAILAND PUB CO -F-11,580,200 22,850,986.74 0.93THBBANGKOK DUSIT MEDICAL SERVICES PUBLIC CO35,767,500 27,243,069.16 1.10THBBANGKOK EXPRESS FOR REG49,683,300 14,801,234.34 0.60THBBANGKOK EXPRESSWAY AND METRO PUBLIC CO20,447,900 6,091,667.82 0.25THBBERLI JUCKER PUBLIC CO LTD -FOREIGN REG10,942,900 17,056,277.11 0.69THBBUMRUNGRAD HOSPITAL -F-3,369,600 19,404,184.16 0.79THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG22,495,377 16,995,899.30 0.69THBCP SEVEN ELEVEN ALL FOREIGN REGISTERED11,545,100 24,377,331.75 0.99THBDELTA ELECTRONIC -F- REG4,677,900 9,985,078.98 0.40THBENERGY ABSOLUTE FOREIGN REGISTER12,596,900 16,442,519.97 0.67THBGLOW ENERGY PUBLIC CO LTD -F- REG4,771,600 13,042,769.01 0.53THBINDORAMA VENTURES - FOREIGN REG13,882,300 23,130,069.31 0.94THBPTT GLOBAL CHEM SHS FOREIGN REGISTER2,111,400 4,620,310.39 0.19THBTHAI OIL-FOREIGN REG1,512,500 3,077,492.71 0.12THBTHAI UNION GROUP -F- REG17,736,600 8,824,724.43 0.36THBTMB BANK PUBLIC CO LTD107,323,400 7,251,583.79 0.29THBTRUE CORPORATION FOREIGN REGISTERED95,144,998 15,195,152.78 0.62THB

EREGLI DEMIR VE CELIK5,240,333 7,112,006.80 0.29TRYTurkey 55,767,611.48 2.26

PETKIM PETROKIMYA HOLDING AS6,588,691 6,242,028.64 0.25TRYTAV HAVALIMANLARI HOLDING AS1,916,859 8,618,812.32 0.35TRYTUPRAS TURKIYE PETROL RAFINELERI428,060 9,390,129.54 0.38TRYTURK HAVA YOLLARI AO5,334,344 16,153,723.31 0.66TRYTURKIYE HALK BANKA -SHS-6,252,716 8,250,910.87 0.33TRY






18Page

HANERGY THIN * (FV, refer to note 2.12)30,944,000 0.00 0.00HKD

Other transferable securities 0.00 0.00

Shares 0.00 0.00

Bermuda 0.00 0.00

CHINA HUISHAN DAIRY HOLDINGS CO LTD * (FV, refer to note 2.12)23,713,000 0.00 0.00HKDCayman Islands 0.00 0.00

Total securities portfolio 2,442,838,177.49 98.99






19Page

Changes in number of shares outstanding from 01/01/18 to 31/12/18

Shares issued Shares redeemedShares

outstanding as at31/12/18

Sharesoutstanding as at

01/01/18


Class A - Capitalisation shares 159,158.8142 4,098.1715 82,068.5016 81,188.4841

Class A1 - Capitalisation shares 26,319.4130 4,931.4269 322.1768 30,928.6631

Class A2 - Capitalisation shares 16,426.8750 95.6974 0.0000 16,522.5724

Class A4 - Distribution shares 2,358.4745 0.0000 0.0000 2,358.4745

Class A5 - Capitalisation shares 5,428.6110 13,594.4434 10,302.2982 8,720.7562

Class B1 - Capitalisation shares 7,278.8029 98.8386 1,701.2332 5,676.4083

Class R - Capitalisation shares 13,813.0235 193.7179 3,003.4779 11,003.2635

Class R2 - Capitalisation shares 158,891.7289 164,785.8224 83,072.5169 240,605.0344

Class F - Capitalisation shares 31,000.0000 0.0000 0.0000 31,000.0000

Class Z - Capitalisation shares 0.0000 119,861.8373 490.0000 119,371.8373

Key figures

Total Net Assets 2,467,799,478.12 2,474,420,094.57 1,754,245,365.76

31/12/1631/12/1731/12/18Year ending as at:

USDClass A - Capitalisation shares

9,973.2781,188.4841 159,158.8142

11,481.09141,803.1489

8,477.15Number of sharesNet asset value per share USD

Class A1 - Capitalisation shares

8,845.6130,928.6631 26,319.4130

9,693.6629,807.2272

8,148.41Number of sharesNet asset value per share EUR


11,999.8516,522.5724 16,426.8750

13,005.2318,662.568310,512.72

Number of sharesNet asset value per share GBP


0.000.0000 0.0000

0.0010,860.0718

843.69Number of sharesNet asset value per share USD

Class A4 - Distribution shares

9,127.95164.51

2,358.4745 2,358.474510,162.56

222.03

2,358.47458,749.46

19.88

Number of sharesNet asset value per shareDividend per share

EUR


20Page

Key figures


Total Net Assets 2,467,799,478.12 2,474,420,094.57 1,754,245,365.76

31/12/1631/12/1731/12/18Year ending as at:

USDClass A5 - Capitalisation shares

112.198,720.7562 5,428.6110

128.5057.653394.41

Number of sharesNet asset value per share USD

Class B1 - Capitalisation shares

101.475,676.4083 7,278.8029

112.360.00000.00

Number of sharesNet asset value per share EUR

Class R - Capitalisation shares

138.3211,003.2635 13,813.0235

148.7746,659.9347

119.33Number of sharesNet asset value per share GBP

Class R2 - Capitalisation shares

101.70240,605.0344 158,891.7289

116.19184,545.7169


Class F - Capitalisation shares

0.9531,000.0000 31,000.0000

1.0231,000.0000

0.85Number of sharesNet asset value per share EUR

Class Z - Capitalisation shares

8,713.36119,371.8373 0.0000

0.000.00000.00


21Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Euro Equity Fund


22Page

65,736,737.78Assets65,419,696.29Securities portfolio at market value 2.1Note69,446,050.26Cost price(4,026,353.97)Unrealised loss on the securities portfolio

257,446.92Cash at banks and liquidities59,594.57Other assets

206,078.46Liabilities2,440.00Unrealised loss on financial futures 2.6Note

203,638.46Other liabilities

65,530,659.32Net asset value


Expressed in EUR


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund


23Page

Statement of operations and changes in net assets from 01/01/18 to 31/12/18Expressed in EUR



198.32Bank interest on cash account95,493.38Securities lending income 2.8, 7Note

1,067,603.33Expenses712,288.56Management fees 3Note10,683.24Taxe d'abonnement 6Note

150,292.03Administrative expenses 5Note4,240.54Bank interest on overdrafts

189,915.64Transaction fees 2.10Note183.32Other expenses


3,409,500.31- sales of investment securities 2.5Note24,294.02- forward foreign exchange contracts 2.7Note4,560.00- financial futures 2.6Note

65,682.38- foreign exchange 2.4Note


(7,019,190.00)- investments(2,330.00)- financial futures

(2,281,818.51)Decrease in net assets as a result of operations2,250,297.86Subscription capitalisation shares

(13,085,546.74)Redemption capitalisation shares


78,647,726.71Net assets at the beginning of the year

65,530,659.32Net assets at the end of the year


24Page

ANDRITZ AG55,617 2,231,354.04 3.40EUR

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 65,419,696.29 99.83

Shares 65,419,696.29 99.83

Austria 3,420,425.24 5.22

ERSTE GROUP BANK AG17,999 522,870.95 0.80EUROMV AG17,417 666,200.25 1.02EUR

COLRUYT51,278 3,191,542.72 4.87EURBelgium 6,366,938.82 9.72

TELENET GROUP HOLDING NV46,276 1,878,805.60 2.87EURUCB18,185 1,296,590.50 1.98EUR

ELISA CORPORATION -A-24,995 901,819.60 1.38EURFinland 5,488,830.49 8.38

NESTE24,561 1,654,428.96 2.52EURNOKIA OYJ192,749 969,527.47 1.48EURNOKIAN TYRES PLC12,689 340,318.98 0.52EURORION CORPORATION (NEW) -B-53,591 1,622,735.48 2.48EUR

BIC(SOCIETE) - ACT PORTEUR/NOM22,045 1,965,311.75 2.99EURFrance 18,727,046.27 28.57

BIOMERIEUX SA9,207 529,402.50 0.81EURCARREFOUR SA119,524 1,782,102.84 2.72EUREUTELSAT COMMUNICATIONS SA79,217 1,362,928.49 2.08EURGETLINK ACT252,381 2,960,429.13 4.51EURILIAD SA10,361 1,270,776.65 1.94EURINGENICO GROUP26,703 1,322,866.62 2.02EURPUBLICIS GROUPE7,899 395,581.92 0.60EURSARTORIUS STEDIM BIOTECH1,549 135,305.15 0.21EURSCOR SE47,836 1,884,738.40 2.88EURSEB SA8,198 924,734.40 1.41EURSODEXHO SA18,450 1,651,275.00 2.52EURSUEZ ACT.109,774 1,265,694.22 1.93EURTELEPERFORMANCE SA7,919 1,105,492.40 1.69EURVALEO SA6,680 170,406.80 0.26EUR

DEUTSCHE BOERSE AG REG SHS5,215 547,314.25 0.84EURGermany 7,291,717.63 11.13

DEUTSCHE LUFTHANSA AG REG SHS65,873 1,297,698.10 1.98EURDEUTSCHE WOHNEN AG21,796 871,840.00 1.33EURE.ON AG REG SHS41,949 361,894.02 0.55EURHUGO BOSS AG11,311 609,889.12 0.93EURMETRO WHOLESALE AND FOOD SPECIALIST AG126,412 1,693,288.74 2.58EURPROSIEBENSAT.1 NAMEN-AKT31,128 484,040.40 0.74EURPUMA AG3,339 1,425,753.00 2.18EUR

AIB GRP - REGISTERED388,991 1,431,486.88 2.18EURIreland 6,657,115.85 10.16

KERRY GROUP -A-22,671 1,961,041.50 2.99EURKINGSPAN GROUP4,516 168,808.08 0.26EURPADDY POWER19,133 1,370,879.45 2.09EURRYANAIR HLDGS119,304 1,282,518.00 1.96EURSMURFIT KAPPA PLC19,019 442,381.94 0.68EUR

ATLANTIA SPA93,355 1,686,924.85 2.58EURItaly 2,968,474.65 4.53

MEDIOBANCA SPA146,071 1,077,419.70 1.64EURPOSTE ITALIANE SPA18,905 132,032.52 0.20EURUNICREDIT -REGISTERD SHARE7,287 72,097.58 0.11EUR

AROUNDTOWN SA66,604 480,880.88 0.73EURLuxembourg 3,901,890.46 5.95

RTL GROUP46,051 2,150,581.70 3.28EURSES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)76,028 1,270,427.88 1.94EUR

GALP ENERGIA SA REG SHS -B-4,891 67,471.35 0.10EURPortugal 754,099.05 1.15

JERONIMO MARTINS SGPS SA66,405 686,627.70 1.05EUR

BANCO SABADELL REG.SHS486,766 487,009.38 0.74EURSpain 3,837,204.04 5.86

BANKIA BEARER SHS488,949 1,251,709.44 1.92EURENDESA44,061 886,947.93 1.35EUR

Securities portfolio as at 31/12/18EURExpressed in





25Page

GAMESA CORPORACION TECNOLOGICA SA102,926 1,095,132.64 1.67EURRED ELECTRICA5,971 116,404.65 0.18EUR

ABN AMRO GROUP DEP RECEIPT11,679 239,886.66 0.37EURThe Netherlands 4,476,778.18 6.83

AEGON NV87,294 356,072.23 0.54EURKONINKLIJKE AHOLD NV113,873 2,513,746.48 3.83EURNXP SEMICONDUCTORS21,326 1,367,072.81 2.09USD

COCA COLA EUROPEAN PARTNERS PLC38,126 1,529,175.61 2.33USDUnited Kingdom 1,529,175.61 2.33

Total securities portfolio 65,419,696.29 99.83






26Page





01/01/18


Class A - Capitalisation shares 5,410.2651 166.9197 920.0000 4,657.1848

Class B - Capitalisation shares 200.0000 0.0000 0.0000 200.0000

Class R1 - Capitalisation shares 87,917.3239 981.2579 10,225.0005 78,673.5813

Key figures

Total Net Assets 65,530,659.32 78,647,726.71 75,230,150.88

31/12/1631/12/1731/12/18Year ending as at:

EURClass A - Capitalisation shares

12,435.814,657.1848 5,410.2651

12,910.965,587.568311,844.38


Class B - Capitalisation shares

110.00200.0000 200.0000

115.39200.0000106.97



96.5178,673.5813 87,917.3239

99.7999,019.2455


27Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Global Equity Fund


28Page



121,126.50Liabilities121,126.50Other liabilities



Expressed in EUR


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund


29Page



795,939.44Income433,497.22Net dividends 2.3Note

3,658.37Bank interest on cash account13,657.15Securities lending income 2.8, 7Note

345,126.70Other income

826,842.01Expenses707,811.40Management fees 3Note

2,197.47Taxe d'abonnement 6Note102,639.85Administrative expenses 5Note

1,051.05Bank interest on overdrafts12,919.25Transaction fees 2.10Note

222.99Other expenses

(30,902.57)Net loss from investmentsNet realised profit / loss on:

2,555,219.57- sales of investment securities 2.5Note1,456.91- forward foreign exchange contracts 2.7Note

(2,281.61)- financial futures 2.6Note(585,348.90)- foreign exchange 2.4Note


(6,008,703.45)- investments49.19- forward foreign exchange contracts

(970.19)- financial futures

(4,071,481.05)Decrease in net assets as a result of operations(8.68)Redemption capitalisation shares





30Page

AXALTA COATING SYSTEMS30,333 621,439.76 1.15USD


Shares 26,718,788.53 49.48

Bermuda 1,774,268.07 3.29

BUNGE LTD10,317 482,299.33 0.89USDEVEREST REINSURANCE GROUP3,520 670,528.98 1.25USD

MICHAEL KORS HOLDINGS LTD6,219 206,293.56 0.38USDBritish Virgin Islands 206,293.56 0.38

A.P. MOELLER-MAERSK -B- A/S52 57,027.92 0.11DKKDenmark 868,527.61 1.61

CARLSBERG AS -B-1,168 108,403.65 0.19DKKCOLOPLAST -B-981 79,532.19 0.15DKKDANSKE BANK4,251 73,428.15 0.14DKKGENMAB AS393 56,218.47 0.10DKKH. LUNDBECK1,414 54,078.16 0.10DKKISS A/S2,112 51,523.24 0.10DKKNOVO NORDISK2,084 83,193.00 0.15DKKORSTED1,811 105,736.41 0.20DKKPANDORA921 32,742.77 0.06DKKTRYG A/S4,672 102,612.52 0.19DKKVESTAS WIND SYSTEMS AS971 64,031.13 0.12DKK

JAZZ PHARMACEUTICALS PLC435 47,170.19 0.09USDIreland 47,170.19 0.09

MILLICOM INTERNATIONAL CELLULAR SA-SDR-1,589 88,033.89 0.16SEKLuxembourg 88,033.89 0.16

AKER BP SHS2,514 55,365.78 0.10NOKNorway 514,999.90 0.95

EQUINOR921 17,096.48 0.03NOKGJENSIDIGE FORSIKRING ASA5,378 73,454.28 0.14NOKMOWI ASA4,371 80,675.00 0.15NOKNORSK HYDRO ASA17,519 69,394.62 0.13NOKORKLA ASA14,921 102,560.91 0.18NOKSCHIBSTED -B-1,973 52,321.00 0.10NOKTELENOR ASA3,790 64,131.83 0.12NOK

BOLIDEN -REGISTERED SHS2,658 50,348.58 0.09SEKSweden 578,851.05 1.07

ELECTROLUX -B- FREE2,517 46,465.78 0.09SEKEPIROC- REGISTERED SHS3,513 29,060.67 0.05SEKESSITY REGISTERED -B-4,434 95,198.66 0.18SEKHENNES AND MAURITZ AB3,566 44,340.14 0.08SEKHUSQVARNA -B-11,414 73,991.10 0.14SEKICA GRUPPEN AB3,143 98,243.95 0.18SEKSKANSKA -B- FREE1,414 19,671.83 0.04SEKTELEFON AB L.M.ERICSSON8,719 67,033.50 0.12SEKTELE2 AB4,890 54,496.84 0.10SEK

BARRY CALLEBAUT - NAMEN-AKT66 89,667.23 0.17CHFSwitzerland 690,525.38 1.28

CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH19 102,848.52 0.18CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.1 65,045.70 0.12CHFCLARIANT NAMEN AKT676 10,851.75 0.02CHFCREDIT SUISSE GROUP AG REG SHS3,116 29,863.16 0.06CHFDUFRY GROUP366 30,243.96 0.06CHFKUEHNE + NAGEL INTERNATIONAL AG470 52,697.22 0.10CHFNESTLE SA REG SHS1,115 78,957.32 0.15CHFROCHE HOLDING AG GENUSSSCHEIN591 127,650.55 0.23CHFSONOVA HOLDING NAM-AKT634 90,354.42 0.17CHFTEMENOS AG NAM.AKT118 12,345.55 0.02CHF

NIELSEN HOLDINGS PLC25,653 523,539.77 0.97USDUnited Kingdom 523,539.77 0.97

ADVANCED MICRO DEVICES INC11,630 187,805.45 0.35USDUnited States of America 21,426,579.11 39.68

AGNC INVESTMENT CORP2,788 42,777.87 0.08USDALNYLAM PHARMACEUTICALS INC2,860 182,410.53 0.34USDAMERICAN TOWER CORP580 80,260.86 0.15USD






31Page

ANNALY CAPITAL MANAGEMENT12,804 109,990.19 0.20USDAUTOZONE INC157 115,137.45 0.21USDBAKER HUGHES-A RG REGISTERED SHS -A4,113 77,355.99 0.14USDBRISTOL-MYERS SQUIBB CO7,199 327,344.64 0.61USDCAMPBELL SOUP CO22,092 637,549.82 1.18USDCBOE HOLDINGS INC10,620 908,852.38 1.68USDCHIPOTLE MEXICAN GRILL -A-1,379 520,875.13 0.96USDC.H.ROBINSON WORLWIDE INC1,057 77,752.81 0.14USDCIMAREX ENERGY CO2,070 111,634.96 0.21USDCLOROX CO1,410 190,121.51 0.35USDCOMMSCOPE HOLDINGS INC16,249 232,971.27 0.43USDCONAGRA BRANDS INC1,813 33,876.29 0.06USDCONSOLIDATED EDISON INC20,340 1,360,448.24 2.52USDCONSTELLATION BRANDS INC -A-808 113,670.61 0.21USDCONTINENTAL RESOURCES3,873 136,163.99 0.25USDCOTY INC -A-63,975 367,122.42 0.68USDCROWN CASTLE REIT4,083 387,994.83 0.72USDDENTSPLY SIRONA INC2,858 93,029.07 0.17USDDEXCOM INC1,655 173,440.93 0.32USDDOMINION RESOURCES - REGISTERED636 39,757.30 0.07USDDOMINO PIZZA INC1,436 311,519.61 0.58USDEDISON INTERNATIONAL11,424 567,327.54 1.05USDEQUIFAX INC898 73,158.15 0.14USDEQUINIX313 96,532.63 0.18USDEVERSOURCE EN6,708 381,654.48 0.71USDEXPEDIA GROUP4,025 396,637.58 0.73USDEXTRA SPACE STORAGE INC10,858 859,407.64 1.59USDFIRST DATA -A-6,177 91,373.02 0.17USDFLIR SYSTEMS INC942 35,878.65 0.07USDGENERAL ELECTRIC CO81,129 537,240.55 0.99USDGENERAL MILLS INC6,053 206,188.01 0.38USDGRUBHUB INC1,523 102,332.70 0.19USDH & R BLOCK INC19,258 427,394.01 0.79USDHASBRO INC1,833 130,281.46 0.24USDHERSHEY593 55,598.78 0.10USDHOLLYFRONTIER836 37,384.70 0.07USDHUMANA INC3,374 845,543.91 1.57USDIPG PHOTONICS CORP1,406 139,339.32 0.26USDJ.M. SMUCKER CO SHS/WHEN ISSUED1,773 145,000.89 0.27USDKELLOGG1,476 73,609.55 0.14USDKNIGHT SWIFT TRANSPORTATION HLDG10,028 219,920.36 0.41USDKROGER CO22,599 543,649.13 1.01USDL BRANDS11,598 260,438.84 0.48USDLAMB WESTON HOLDINGS REG WI495 31,852.51 0.06USDLULULEMON ATHLETICA INC SHS1,126 119,785.56 0.22USDMATTEL45,022 393,447.74 0.73USDMIDDLEBY CORP1,971 177,125.34 0.33USDMOLSON COORS BREWING CO -B- NON VOTING549 26,970.95 0.05USDNEKTAR THERAPEUTICS8,783 252,545.34 0.47USDNEWMONT MINING CORP30,128 913,209.29 1.69USDNEXTERA ENERGY1,307 198,733.97 0.37USDNORDSTROM INC813 33,148.69 0.06USDPG AND E CORP13,862 287,995.89 0.53USDPUBLIC SERVICE ENTERPRISE GROUP INC2,703 123,073.22 0.23USDPUBLIC STORAGE INC2,116 374,666.11 0.69USDSEMPRA ENERGY6,541 619,053.31 1.15USDSPRINT SERIES -1-49,812 253,602.62 0.47USDSYMANTEC CORP27,357 452,180.83 0.84USDTESLA MOTORS INC1,361 396,221.67 0.73USDTIFFANY CO3,080 216,918.86 0.40USDTRIPADVISOR INC WHEN ISSUED6,702 316,236.61 0.59USDTWITTER INC10,887 273,710.69 0.51USDULTA BEAUTY RG REGISTERED2,839 608,057.35 1.13USDUNIVERSAL HEALTH SERVICES INC2,980 303,852.34 0.56USDVENTAS INC3,749 192,147.93 0.36USDVERIZON COMMUNICATIONS INC783 38,507.86 0.07USDVIACOM -B-20,454 459,841.49 0.85USD






32Page

WAYFAIR INC388 30,574.33 0.06USDWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP569 34,966.76 0.06USDWMWARE360 43,184.88 0.08USDWW GRAINGER INC2,439 602,437.16 1.12USDWYNN RESORTS LTD4,403 380,965.52 0.71USDZAYO GROUP HOLDINGS INC2,544 50,828.82 0.09USDZILLOW GROUP -C-6,334 174,979.42 0.32USD

MDP - TOBAM ANTI-BENCHMARK CANADA EQUITY FUND - A (note 2.2)220 1,859,011.98 3.44CAD

Shares/Units of UCITS/UCIS 27,281,459.55 50.52

Shares/Units in investment funds 27,281,459.55 50.52

Luxembourg 27,281,459.55 50.52

MDP - TOBAM ANTI-BENCHMARK EURO EQUITY FUND - A (note 2.2)452 5,623,847.60 10.41EURMDP - TOBAM ANTI-BENCHMARK FRANCE EQUITY FUND - A (note 2.2)29 430,105.38 0.80EURMDP - TOBAM ANTI-BENCHMARK JAPAN EQUITY FUND - A (note 2.2)553 4,737,668.69 8.77JPYMDP - TOBAM ANTI-BENCHMARK PACIFIC EX-JAPAN MARKETS EQUITY FUND- A (note 2.2)

212 2,363,812.52 4.38USD

MDP - TOBAM ANTI-BENCHMARK UK EQUITY FUND - A (note 2.2)219 3,286,734.82 6.09GBPMDP - TOBAM ANTI-BENCHMARK US EQUITY FUND - A (note 2.2)704 8,980,278.56 16.63USD







33Page





01/01/18



Key figures

Total Net Assets 54,004,411.71 58,075,901.44 56,632,928.94

31/12/1631/12/1731/12/18Year ending as at:


13,639.033,959.5500 3,959.5506

14,667.303,970.200614,264.50


34Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Japan Equity Fund


35Page

11,783,594,378Assets11,629,675,238Securities portfolio at market value 2.1Note12,688,622,099Cost price(1,058,946,861)Unrealised loss on the securities portfolio

5,972,903Cash at banks and liquidities110,193,956Brokers receivable37,752,281Other assets

112,420,105Liabilities54,959,111Bank overdrafts17,317,808Unrealised loss on forward foreign exchange contracts 2.7Note

135,000Unrealised loss on financial futures 2.6Note40,008,186Other liabilities

11,671,174,273Net asset value


Expressed in JPY


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund


36Page

Statement of operations and changes in net assets from 01/01/18 to 31/12/18Expressed in JPY


271,823,520Income242,576,743Net dividends 2.3Note

1,398Bank interest on cash account29,245,379Securities lending income 2.8, 7Note

176,776,230Expenses139,195,733Management fees 3Note

1,767,872Taxe d'abonnement 6Note28,572,337Administrative expenses 5Note

160,990Bank interest on overdrafts7,027,368Transaction fees 2.10Note

51,930Other expenses

95,047,290Net income from investmentsNet realised profit / loss on:

(99,275,661)- sales of investment securities 2.5Note(105,392,511)- forward foreign exchange contracts 2.7Note(27,465,630)- financial futures 2.6Note

47,961,722- foreign exchange 2.4Note

(89,124,790)Net realised lossMovement in net unrealised appreciation / depreciation on:

(2,198,312,413)- investments(16,364,903)- forward foreign exchange contracts

480,000- financial futures

(2,303,322,106)Decrease in net assets as a result of operations(13,796,043)Dividends paid 8Note

2,965,634,064Subscription capitalisation shares1,014,556Subscription distribution shares

(3,685,485,472)Redemption capitalisation shares(255,704,806)Redemption distribution shares

(3,291,659,807)Decrease in net assets

14,962,834,080Net assets at the beginning of the year

11,671,174,273Net assets at the end of the year


37Page

ABC MART INC. TOKYO80,400 488,832,000 4.19JPY

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 11,629,675,238 99.64

Shares 11,217,679,238 96.11

Japan 11,217,679,238 96.11

ALPS ALPINE CO LTD6,800 14,518,000 0.12JPYASAHI INTECC CO LTD34,000 157,760,000 1.35JPYBANDAI NAMCO HOLDINGS INC14,800 72,890,000 0.62JPYCALBEE66,100 227,384,000 1.95JPYCOCA-COLA WEST SHS36,200 118,917,000 1.02JPYCONCORDIA FIN GRP118,200 49,880,400 0.43JPYDAITO TRUST CONSTRUCTION CO LTD27,100 406,906,500 3.49JPYDENA CO LTD52,900 97,018,600 0.83JPYDENTSU31,200 153,036,000 1.31JPYDON QUIJOTE HLD47,500 323,950,000 2.78JPYEISAI2,800 23,805,600 0.20JPYFAMILYMART UNY HOLDINGS6,000 83,460,000 0.72JPYHOSHIZAKI15,300 102,204,000 0.88JPYIDEMITSU KOSAN26,500 95,665,000 0.82JPYINPEX128,000 125,657,600 1.08JPYJAPAN AIRLINES CO LTD88,200 343,186,200 2.94JPYJAPAN POST HOLDINGS CO70,700 89,435,500 0.77JPYJAPAN RETAIL FUND INVESTMENT CORP1,046 229,597,000 1.97JPYJP REAL ESTATE INVESTMENT949 584,584,000 5.00JPYKOBE STEEL269,200 205,668,800 1.76JPYLAWSON INC79,399 551,823,050 4.73JPYLION CORP89,300 202,711,000 1.74JPYMC DONALD'S CO (JAPAN)120,800 562,928,000 4.81JPYMITSUBISHI MOTORS CORP285,100 171,630,200 1.47JPYMONOTARO CO LTD15,900 43,216,200 0.37JPYNEC CORP37,200 121,458,000 1.04JPYNEXON CO LTD153,800 217,319,400 1.86JPYNINTENDO CO LTD9,200 269,422,000 2.31JPYNIPPON BUILDING FD858 592,878,000 5.07JPYNITORI19,100 262,243,000 2.25JPYNOMURA REAL ESTATE MASTER FUND2,801 404,464,400 3.47JPYONO PHARMACEUTICAL CO LTD23,900 53,655,500 0.46JPYPARK24 CO136,800 330,098,400 2.83JPYRAKUTEN199,800 147,052,800 1.26JPYRESONA HOLDINGS INC326,700 172,726,290 1.48JPYRICOH CO LTD319,000 343,563,000 2.94JPYSEGA SAMMY HOLDINGS INC109,900 168,806,400 1.45JPYSEVEN BANK132,000 41,448,000 0.36JPYSHARP CORP45,699 50,360,298 0.43JPYSHIMAMURA CORP42,200 354,480,000 3.04JPYSHOWA DENKO KK13,500 44,145,000 0.38JPYSHOWA SHELL SEKIYU KK59,300 91,381,300 0.78JPYSUBARU CORPORATION22,000 51,920,000 0.44JPYSUMCO CORP128,500 157,669,500 1.35JPYSUMI DAI PHARMA35,900 125,470,500 1.08JPYSUZUKI MOTOR CORP73,100 406,947,700 3.49JPYSYSMEX23,300 122,930,800 1.05JPYYAHOO JAPAN CORP1,079,100 295,673,400 2.53JPYYAMADA DENKI CO LTD936,500 493,535,500 4.23JPYYAMATO HOLDINGS CO LTD24,100 72,878,400 0.62JPYYAMAZAKI BAKING CO91,000 209,846,000 1.80JPYZOZO INC44,100 88,641,000 0.76JPY

JAPAN PRIME REALTY INVESTMENT CORP988 411,996,000 3.53JPY

Shares/Units in investment funds 411,996,000 3.53

Japan 411,996,000 3.53

Total securities portfolio 11,629,675,238 99.64

Securities portfolio as at 31/12/18JPYExpressed in





38Page





01/01/18


Class A - Capitalisation shares 7,761.6314 212.0000 3,177.8210 4,795.8104

Class A1 - Capitalisation shares 0.0000 300.0000 0.0000 300.0000

Class A2 - Capitalisation shares 1,773.3027 1,133.2593 0.0000 2,906.5620

Class B - Capitalisation shares 3,776.8495 2,451.8251 883.3271 5,345.3475

Class R - Capitalisation shares 76.1542 0.0000 1.0000 75.1542

Class RD1 - Distribution shares 62,288.9700 69.0000 18,122.3700 44,235.6000

Key figures

Total Net Assets 11,671,174,273 14,962,834,080 6,412,400,046

31/12/1631/12/1731/12/18Year ending as at:

JPYClass A - Capitalisation shares

1,074,434.244,795.8104 7,761.6314

1,272,699.093,021.3342

1,095,533.73Number of sharesNet asset value per share JPY


10,496.17300.0000 0.0000

0.00224.056811,586.23



13,445.072,906.5620 1,773.3027

14,603.771,085.191413,292.38



105.045,345.3475 3,776.8495

116.572,240.2058



108.2975.1542 76.1542

117.1476.1542106.19


Class RD1 - Distribution shares

106.551.74

44,235.6000 62,288.9700127.850.90

49,321.0000110.800.00


EUR

39Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Pacific Ex-Japan Markets

Equity Fund


40Page



207,096.47Liabilities5,709.84Redemptions payable

519.18Unrealised loss on financial futures 2.6Note200,867.45Other liabilities




Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan MarketsEquity Fund


41Page








253.13Other expenses


(1,956,880.92)- sales of investment securities 2.5Note15,060.82- forward foreign exchange contracts 2.7Note


(621,109.06)Net realised lossMovement in net unrealised appreciation / depreciation on:


(12,429,214.82)Decrease in net assets as a result of operations(7.07)Dividends paid 8Note

2,494,216.34Subscription capitalisation shares(4,337,960.19)Redemption capitalisation shares





42Page

ALUMINA418,822 678,153.50 1.03AUD


Shares 65,436,031.63 99.51

Australia 20,445,547.14 31.09

AMCOR LTD278,372 2,596,642.20 3.95AUDAMP LIMITED780,934 1,346,948.84 2.05AUDAPA GROUP STAPLED SECURITY244,028 1,460,256.91 2.22AUDBRAMBLES108,456 774,979.67 1.18AUDCALTEX AUSTRALIA LTD113,212 2,030,778.56 3.09AUDCIMIC GROUP16,902 516,533.59 0.79AUDDOMINO S PIZZA ENTERPRISES LTD38,309 1,096,306.65 1.67AUDFLIGHT CENTRE LIMITED45,389 1,371,453.26 2.09AUDFORTESCUE METALS GROUP LTD316,795 934,464.97 1.42AUDGOODMAN GROUP - STAPLED SECURITY30,123 225,425.05 0.34AUDHARVEY NORMAN HOLDINGS553,926 1,232,280.33 1.87AUDMIRVAC GROUP STAPLED SECURITIES204,789 322,942.59 0.49AUDNEWCREST MINING LTD136,308 2,091,936.62 3.18AUDRAMSAY HEALTH CARE LTD4,897 199,022.58 0.30AUDSANTOS LTD325,685 1,256,460.96 1.91AUDTABCORP HOLDINGS LTD150,466 454,429.33 0.69AUDTELSTRA CORP925,309 1,856,531.53 2.82AUD

CK INFRASTRUCTURE HOLDINGS LTD82,500 624,858.31 0.95HKDBermuda 16,189,193.33 24.62

DAIRY FARM INTERNATIONAL HOLDING252,900 2,288,745.00 3.48USDHONG KONG LAND HOLDINGS LTD484,200 3,050,460.00 4.64USDJARDINE MATHESON HLD40,600 2,824,948.00 4.30USDJARDINE STRATEGIC HOLDINGS60,700 2,228,297.00 3.39USDKERRY PROPERTIES469,500 1,604,103.14 2.44HKDNWS HOLDINGS LTD981,686 2,013,682.73 3.06HKDSHANGRI - LA ASIA LTD102,000 151,123.17 0.23HKDYUE YUEN INDUSTRIAL HOLDINGS438,500 1,402,975.98 2.13HKD

ASM PACIFIC TECHNOLOGY27,000 260,193.18 0.40HKDCayman Islands 7,166,194.48 10.90

BEIGENE LTD ADS5,793 812,526.18 1.24USDHKT LTD - STAPLED SECURITY2,274,000 3,276,215.54 4.98HKDMELCO PBL ENTERTAINMENT (MACAU) LTD53,527 943,145.74 1.43USDMINTH GROUP LTD178,000 574,056.04 0.87HKDWH GROUP 144A/REGS1,688,000 1,300,057.80 1.98HKD

HONG KONG CHINA GAS81,000 167,599.59 0.25HKDHong Kong 8,627,365.56 13.12

HYSAN DEVELOPMENT436,000 2,074,367.37 3.15HKDPCCW LTD4,823,000 2,778,220.49 4.24HKDPOWER ASSETS HOLDINGS267,500 1,862,057.96 2.83HKDSWIRE PROPERTIES LTD240,200 843,681.65 1.28HKDTHE LINK REIT UNITS89,000 901,438.50 1.37HKD

JAMES HARDIES IND/CHESS UNITS OF FOR SEC36,059 383,827.56 0.58AUDIreland 383,827.56 0.58

GOLDEN AGRI-RESOURCES9,104,600 1,636,518.47 2.49SGDMauritius 1,636,518.47 2.49

FLETCHER BUILDING LTD505,391 1,653,777.62 2.51NZDNew Zealand 4,012,856.85 6.10

MERIDIAN ENERGY LTD166,832 380,913.40 0.58NZDSPARK NEW ZEALAND481,456 1,339,783.07 2.04NZDTHE A2 MILK CO LTD85,384 638,382.76 0.97NZD

COMFORTDELGRO CORP1,198,400 1,890,315.16 2.87SGDSingapore 6,974,528.24 10.61

SATS358,900 1,227,024.77 1.87SGDSINGAPORE AIRLINES LTD31,100 214,934.06 0.33SGDSINGAPORE TELECOM - SH BOARD LOT 1000249,300 535,900.12 0.81SGDS'PORE PRESS HOLDINGS LTD907,500 1,564,618.47 2.38SGDVENTURE CORPORATION LIMITED85,300 873,005.93 1.33SGDYANGZIJIANG SHIPBUILDING (HOLDINGS) LTD729,200 668,729.73 1.02SGD







43Page





01/01/18




Class A2 - Capitalisation shares 1,440.2780 1,195.3541 1,789.9018 845.7303


Class RD1 - Distribution shares 1.0000 0.0000 0.0000 1.0000

Key figures

Total Net Assets 65,755,530.50 80,028,496.24 63,636,189.43

31/12/1631/12/1731/12/18Year ending as at:


12,746.201,235.5326 1,418.0765

15,118.991,412.608812,112.39



12,038.443,255.9828 3,211.9783

13,444.043,191.655411,791.50



99.90845.7303 1,440.2780

118.4972.886394.93



0.000.0000 10.0000

135.47110.3780118.33


Class RD1 - Distribution shares

123.785.31

1.0000 1.0000142.450.29

1.0000123.930.00


GBP

44Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark UK Equity Fund


45Page







Expressed in GBP


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund


46Page

Statement of operations and changes in net assets from 01/01/18 to 31/12/18Expressed in GBP



231.42Bank interest on cash account5,455.37Securities lending income 2.8, 7Note



10.29Bank interest on overdrafts52,204.26Transaction fees 2.10Note

48.23Other expenses

273,236.00Net income from investmentsNet realised profit / loss on:

(751,921.08)- sales of investment securities 2.5Note(125.33)- forward foreign exchange contracts 2.7Note2,885.00- financial futures 2.6Note

627.91- foreign exchange 2.4Note









47Page

GVC HOLDINGS PLC42,276 284,940.24 2.31GBP


Shares 11,763,126.68 95.33

Isle of Man 284,940.24 2.31

WPP 2012 PLC26,698 226,025.27 1.83GBPJersey Island 226,025.27 1.83

ADMIRAL GROUP PLC5,606 114,754.82 0.93GBPUnited Kingdom 11,252,161.17 91.19

ANGLO AMERICAN PLC17,437 304,763.89 2.47GBPANTOFAGASTA PLC23,514 184,161.65 1.49GBPASSOCIATED BRITISH FOODS PLC14,049 287,021.07 2.33GBPASTRAZENECA PLC7,154 420,154.42 3.41GBPAUTO TRADER GROUP PLC83,322 378,948.46 3.07GBPBARCLAYS PLC108,543 163,378.92 1.32GBPBT GROUP PLC140,265 333,970.97 2.71GBPBUNZL PLC6,488 153,700.72 1.25GBPBURBERRY GROUP PLC18,656 323,774.88 2.62GBPCENTRICA PLC NEW260,369 351,237.78 2.85GBPCOMPASS GROUP30,771 507,721.50 4.11GBPCONVATEC GROUP REGD132,369 183,926.73 1.49GBPDIAGEO PLC14,386 402,088.70 3.26GBPDIRECT LINE INS GR PLC NI160,253 510,726.31 4.13GBPEASYJET PLC23,874 263,807.70 2.14GBPFRESNILLO PLC30,815 265,009.00 2.15GBPGROUP 4 SECURICOR83,216 163,893.91 1.33GBPHAMMERSON PLC84,264 277,565.62 2.25GBPINFORMA PLC20,807 131,125.71 1.06GBPINTERTEK GROUP PLC3,829 183,792.00 1.49GBPJ SAINSBURY PLC32,166 85,239.90 0.69GBPJOHN WOOD GROUP43,181 218,582.22 1.77GBPJOHNSON MATTHEY567 15,870.33 0.13GBPKINGFISHER PLC142,802 296,314.15 2.40GBPLAND SEC R.E.I.T7,564 60,844.82 0.49GBPLLOYDS BANKING GROUP PLC666,586 345,624.84 2.80GBPLSE GROUP3,147 127,831.14 1.04GBPMARKS AND SPENCER GROUP PLC43,821 108,325.51 0.88GBPMICRO FOCUS INTL PLC12,566 173,787.78 1.41GBPNATIONAL GRID PLC6,508 49,734.14 0.40GBPNEXT PLC6,732 268,674.12 2.18GBPPEARSON PLC38,183 358,309.27 2.90GBPRECKITT BENCKISER GROUP PLC6,658 400,345.54 3.24GBPRELX PLC848 13,707.92 0.11GBPROYAL BANK OF SCOTLAND139,723 302,779.74 2.45GBPROYAL MAIL92,396 251,409.52 2.04GBPRSA INSURANCE GROUP PLC13,416 68,904.58 0.56GBPSAGE GROUP19,336 116,286.70 0.94GBPSEVERN TRENT PLC11,212 203,553.86 1.65GBPSSE PLC7,705 83,329.58 0.68GBPTESCO PLC213,295 405,473.80 3.29GBPTHE BERKELEY GR10,941 380,637.39 3.08GBPUNILEVER PLC12,401 509,495.09 4.13GBPUNITED UTILITIES GROUP PLC57,243 421,422.97 3.42GBPWEIR GROUP PLC6,175 80,151.50 0.65GBP


Securities portfolio as at 31/12/18GBPExpressed in





48Page





01/01/18


Class A - Capitalisation shares 906.0030 82.0000 72.0000 916.0030

Class R1 - Capitalisation shares 1.0000 0.0000 0.0000 1.0000

Key figures

Total Net Assets 12,338,992.92 14,067,864.15 15,067,535.25

31/12/1631/12/1731/12/18Year ending as at:

GBPClass A - Capitalisation shares

13,470.36916.0030 906.0030

15,527.27869.003014,970.97



98.291.0000 1.0000

112.281.0000107.41



0.000.0000 0.0000

0.0028,000.0000


49Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark US Equity Fund


50Page


8,893,714.56Cash at banks and liquidities288,807.13Unrealised gain on forward foreign exchange contracts 2.7Note


1,946,199.23Liabilities291,892.50Unrealised loss on financial futures 2.6Note




Expressed in USD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund


51Page








2,675.54Other expenses


30,232,238.56- sales of investment securities 2.5Note(4,224,381.96)- forward foreign exchange contracts 2.7Note

(505,712.34)- financial futures 2.6Note365,875.01- foreign exchange 2.4Note


(128,317,552.14)- investments59,146.02- forward foreign exchange contracts

(292,380.00)- financial futures

(98,574,591.78)Decrease in net assets as a result of operations428,314,333.77Subscription capitalisation shares(56,863,074.26)Redemption capitalisation shares

272,876,667.73Increase in net assets




52Page

AXALTA COATING SYSTEMS845,777 19,808,097.34 2.61USD


Shares 750,498,627.14 98.91

Bermuda 55,947,879.74 7.37

BUNGE LTD283,844 15,168,623.36 2.00USDEVEREST REINSURANCE GROUP96,304 20,971,159.04 2.76USD

MICHAEL KORS HOLDINGS LTD169,907 6,442,873.44 0.85USDBritish Virgin Islands 6,442,873.44 0.85

JAZZ PHARMACEUTICALS PLC11,793 1,461,860.28 0.19USDIreland 1,461,860.28 0.19

NIELSEN HOLDINGS PLC701,641 16,369,284.53 2.16USDUnited Kingdom 16,369,284.53 2.16

ADVANCED MICRO DEVICES INC317,497 5,860,994.62 0.77USDUnited States of America 670,276,729.15 88.34

AGNC INVESTMENT CORP75,350 1,321,639.00 0.17USDALNYLAM PHARMACEUTICALS INC81,961 5,975,776.51 0.79USDAMERICAN TOWER CORP15,370 2,431,380.30 0.32USDANNALY CAPITAL MANAGEMENT332,508 3,265,228.56 0.43USDAUTOZONE INC4,279 3,587,256.86 0.47USDBAKER HUGHES-A RG REGISTERED SHS -A111,865 2,405,097.50 0.32USDBRISTOL-MYERS SQUIBB CO196,758 10,227,480.84 1.35USDCAMPBELL SOUP CO610,423 20,137,854.77 2.65USDCBOE HOLDINGS INC290,938 28,462,464.54 3.75USDCHIPOTLE MEXICAN GRILL -A-37,155 16,043,157.45 2.11USDC.H.ROBINSON WORLWIDE INC28,746 2,417,251.14 0.32USDCIMAREX ENERGY CO60,090 3,704,548.50 0.49USDCLOROX CO39,123 6,030,419.22 0.79USDCOMMSCOPE HOLDINGS INC421,744 6,912,384.16 0.91USDCONAGRA BRANDS INC49,081 1,048,370.16 0.14USDCONSOLIDATED EDISON INC556,726 42,567,269.96 5.62USDCONSTELLATION BRANDS INC -A-20,473 3,292,467.86 0.43USDCONTINENTAL RESOURCES105,357 4,234,297.83 0.56USDCOTY INC -A-1,748,878 11,472,639.68 1.51USDCROWN CASTLE REIT111,641 12,127,561.83 1.60USDDENTSPLY SIRONA INC76,625 2,851,216.25 0.38USDDEXCOM INC45,134 5,407,053.20 0.71USDDOMINION RESOURCES - REGISTERED17,176 1,227,396.96 0.16USDDOMINO PIZZA INC39,751 9,857,850.49 1.30USDEDISON INTERNATIONAL312,518 17,741,646.86 2.34USDEQUIFAX INC23,949 2,230,370.37 0.29USDEQUINIX8,524 3,005,221.44 0.40USDEVERSOURCE EN183,450 11,931,588.00 1.57USDEXPEDIA GROUP110,072 12,399,610.80 1.63USDEXTRA SPACE STORAGE INC297,170 26,887,941.60 3.54USDFIRST DATA -A-168,236 2,844,870.76 0.37USDFLIR SYSTEMS INC34,536 1,503,697.44 0.20USDGENERAL ELECTRIC CO2,222,437 16,823,848.09 2.22USDGENERAL MILLS INC165,249 6,434,796.06 0.85USDGRUBHUB INC41,495 3,187,230.95 0.42USDH & R BLOCK INC527,075 13,371,892.75 1.76USDHASBRO INC49,996 4,062,175.00 0.54USDHERSHEY14,068 1,507,808.24 0.20USDHOLLYFRONTIER33,003 1,687,113.36 0.22USDHUMANA INC92,341 26,453,849.68 3.49USDIPG PHOTONICS CORP40,775 4,619,399.75 0.61USDJ.M. SMUCKER CO SHS/WHEN ISSUED48,384 4,523,420.16 0.60USDKELLOGG40,133 2,287,982.33 0.30USDKNIGHT SWIFT TRANSPORTATION HLDG274,108 6,871,887.56 0.91USDKROGER CO626,409 17,226,247.50 2.27USDL BRANDS322,171 8,270,129.57 1.09USDLAMB WESTON HOLDINGS REG WI13,329 980,481.24 0.13USDLULULEMON ATHLETICA INC SHS30,694 3,732,697.34 0.49USDMATTEL1,229,164 12,279,348.36 1.62USDMIDDLEBY CORP55,987 5,751,544.51 0.76USDMOLSON COORS BREWING CO -B- NON VOTING14,765 829,202.40 0.11USD






53Page

NEKTAR THERAPEUTICS234,638 7,712,551.06 1.02USDNEWMONT MINING CORP823,112 28,520,830.80 3.76USDNEXTERA ENERGY35,708 6,206,764.56 0.82USDNORDSTROM INC21,935 1,022,390.35 0.13USDPG AND E CORP378,679 8,993,626.25 1.19USDPUBLIC SERVICE ENTERPRISE GROUP INC73,698 3,835,980.90 0.51USDPUBLIC STORAGE INC57,871 11,713,669.11 1.54USDSEMPRA ENERGY178,982 19,364,062.58 2.55USDSPRINT SERIES -1-1,361,378 7,923,219.96 1.04USDSYMANTEC CORP748,408 14,141,169.16 1.86USDTESLA MOTORS INC37,224 12,388,147.20 1.63USDTIFFANY CO79,634 6,411,333.34 0.84USDTRIPADVISOR INC WHEN ISSUED185,646 10,013,745.24 1.32USDTWITTER INC297,482 8,549,632.68 1.13USDULTA BEAUTY RG REGISTERED77,672 19,017,212.48 2.51USDUNIVERSAL HEALTH SERVICES INC81,479 9,497,192.24 1.25USDVENTAS INC102,383 5,998,619.97 0.79USDVERIZON COMMUNICATIONS INC21,157 1,189,446.54 0.16USDVIACOM -B-560,132 14,395,392.40 1.90USDWAYFAIR INC10,473 943,407.84 0.12USDWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP15,248 1,071,172.00 0.14USDWMWARE9,741 1,335,783.33 0.18USDWW GRAINGER INC66,476 18,770,163.36 2.47USDWYNN RESORTS LTD120,417 11,910,445.47 1.57USDZAYO GROUP HOLDINGS INC68,988 1,575,685.92 0.21USDZILLOW GROUP -C-172,895 5,460,024.10 0.72USD







54Page





01/01/18


Class A - Capitalisation shares 18,113.4785 7,010.2129 434.7640 24,688.9274

Class A1 - Capitalisation shares 7,763.0100 459.0000 2,610.0000 5,612.0100







Key figures

Total Net Assets 758,762,177.75 485,885,510.02 520,129,286.05

31/12/1631/12/1731/12/18Year ending as at:


14,582.1124,688.9274 18,113.4785

16,235.5517,004.236714,239.95



12,755.845,612.0100 7,763.0100

13,520.2412,860.778813,500.28



0.000.0000 0.0000

0.000.0002



0.000.0000 1.0000

10,234.420.00000.00



8,737.724,121.0000 4,121.0000

9,963.535,410.00008,842.64



188.8815.4697 1.0000

201.471.0000202.63



134.24384.5140 671.9636

140.071,072.1727

133.94Number of sharesNet asset value per share GBP


55Page

Key figures


Total Net Assets 758,762,177.75 485,885,510.02 520,129,286.05

31/12/1631/12/1731/12/18Year ending as at:

USDClass R2 - Capitalisation shares

94.4887,824.5294 155,839.2986

104.75483,381.8517



8,760.1430,522.7000 0.0000

0.000.00000.00


56Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark World Equity Fund


57Page


3,839,821.04Cash at banks and liquidities204,643.43Subscriptions receivable291,333.94Unrealised gain on forward foreign exchange contracts 2.7Note874,541.09Other assets

2,201,330.35Liabilities21,202.54Redemptions payable69,848.76Unrealised loss on financial futures 2.6Note




Expressed in USD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund


58Page







16,557.75Bank interest on overdrafts581,299.47Transaction fees 2.10Note13,282.57Other expenses


61,898,261.72- sales of investment securities 2.5Note(10,680,958.01)- forward foreign exchange contracts 2.7Note

(795,360.22)- financial futures 2.6Note3,044,796.21- foreign exchange 2.4Note


(114,289,845.85)- investments(1,148,281.68)- forward foreign exchange contracts

(64,231.53)- financial futures







59Page

DOMINO S PIZZA ENTERPRISES LTD173,450 4,963,700.14 0.87AUD


Shares 566,961,384.25 99.47

Australia 6,781,761.70 1.19

FORTESCUE METALS GROUP LTD616,345 1,818,061.56 0.32AUD

TELENET GROUP HOLDING NV83,488 3,874,835.87 0.68EURBelgium 3,874,835.87 0.68

AXALTA COATING SYSTEMS268,875 6,297,052.50 1.10USDBermuda 26,327,650.06 4.62

BUNGE LTD107,765 5,758,961.60 1.01USDEVEREST REINSURANCE GROUP35,264 7,679,088.64 1.35USDYUE YUEN INDUSTRIAL HOLDINGS2,060,500 6,592,547.32 1.16HKD

MICHAEL KORS HOLDINGS LTD123,335 4,676,863.20 0.82USDBritish Virgin Islands 4,676,863.20 0.82

AGNICO EAGLE MINES185,989 7,503,358.89 1.32CADCanada 79,083,907.39 13.88

ALTAGAS371,500 3,780,858.98 0.66CADAURORA CANNABIS420,300 2,086,440.21 0.37CADBOMBARDIER INC B2,068,300 3,074,159.74 0.54CADCAMECO CORP304,800 3,454,639.86 0.61CADCANADIAN UTILITIES -A- NON VOTING269,900 6,189,299.50 1.09CADCANOPY GROWTH CORP79,800 2,139,042.83 0.38CADCCL INDUSTRIES INC -B- NON-VOTING152,300 5,582,228.50 0.98CADDOLLARAMA INC78,700 1,871,000.41 0.33CADEMPIRE -A- NON VOTING417,700 8,817,104.31 1.55CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG18,950 8,338,464.70 1.46CADFRANCO-NEVADA CORP127,600 8,943,666.46 1.56CADKINROSS GOLD CORP2,000,569 6,445,002.24 1.13CADSEVEN GENERATIONS ENERGY LTD280,200 2,285,441.89 0.40CADTHOMSON REUTERS --- REGISTERED SHS177,600 8,573,198.87 1.50CAD

ASM PACIFIC TECHNOLOGY433,600 4,178,509.79 0.73HKDCayman Islands 9,546,254.36 1.67

WH GROUP 144A/REGS6,969,500 5,367,744.57 0.94HKD

H. LUNDBECK128,667 5,625,264.27 0.99DKKDenmark 16,532,193.04 2.90

ISS A/S25,059 698,837.51 0.12DKKPANDORA92,868 3,774,201.90 0.66DKKVESTAS WIND SYSTEMS AS85,349 6,433,889.36 1.13DKK

NESTE78,729 6,062,336.44 1.06EURFinland 6,062,336.44 1.06

BIC(SOCIETE) - ACT PORTEUR/NOM9,058 923,117.29 0.16EURFrance 11,588,496.89 2.03

CARREFOUR SA196,614 3,351,161.08 0.59EUREUTELSAT COMMUNICATIONS SA300,123 5,902,787.88 1.03EURINGENICO GROUP24,923 1,411,430.64 0.25EUR

PUMA AG9,818 4,792,411.74 0.84EURGermany 4,792,411.74 0.84

AIB GRP - REGISTERED1,490,784 6,271,418.20 1.10EURIreland 6,970,552.60 1.22

JAZZ PHARMACEUTICALS PLC5,640 699,134.40 0.12USD

GVC HOLDINGS PLC200,879 1,724,403.93 0.30GBPIsle of Man 1,724,403.93 0.30

CHECK POINT SOFTWARE TECHNOLOGIES34,017 3,491,845.05 0.61USDIsrael 4,205,773.25 0.74

NICE SYSTEMS LTD (IL273011)6,633 713,928.20 0.13ILS

UNICREDIT -REGISTERD SHARE488,639 5,526,666.44 0.97EURItaly 5,526,666.44 0.97

ABC MART INC. TOKYO20,000 1,108,326.13 0.19JPYJapan 75,223,373.70 13.20

DON QUIJOTE HLD114,400 7,111,224.62 1.25JPYFAMILYMART UNY HOLDINGS44,200 5,603,809.94 0.98JPYJAPAN AIRLINES CO LTD54,500 1,932,821.42 0.34JPYJP REAL ESTATE INVESTMENT1,619 9,089,951.34 1.59JPY






60Page

JSR CORP276,600 4,172,383.04 0.73JPYLAWSON INC26,665 1,689,119.56 0.30JPYMC DONALD'S CO (JAPAN)199,300 8,465,004.88 1.49JPYNIPPON TELEGRAPH AND TELEPHONE CORP19,300 788,430.03 0.14JPYNITORI33,300 4,167,242.45 0.73JPYNTT DOCOMO INC104,400 2,352,722.99 0.41JPYONO PHARMACEUTICAL CO LTD232,900 4,765,624.63 0.84JPYPARK24 CO261,800 5,757,858.15 1.01JPYRICOH CO LTD640,100 6,283,440.81 1.10JPYYAKULT HONSHA CO LTD88,000 6,192,043.09 1.09JPYYAMADA DENKI CO LTD1,195,700 5,743,370.62 1.01JPY

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)275,732 5,267,042.73 0.92EURLuxembourg 5,267,042.73 0.92

SPARK NEW ZEALAND514,210 1,430,930.03 0.25NZDNew Zealand 1,430,930.03 0.25

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD2,082,800 1,910,079.92 0.34SGDSingapore 1,910,079.92 0.34

BANCO SABADELL REG.SHS1,738,386 1,988,229.57 0.35EURSpain 1,988,229.57 0.35

HENNES AND MAURITZ AB47,571 676,178.29 0.12SEKSweden 7,237,652.29 1.27

ICA GRUPPEN AB71,060 2,539,158.69 0.45SEKTELEFON AB L.M.ERICSSON457,665 4,022,315.31 0.70SEK

CENTRICA PLC NEW1,274,306 2,189,425.87 0.38GBPUnited Kingdom 23,521,545.33 4.13

COMPASS GROUP47,828 1,005,103.38 0.18GBPCONVATEC GROUP REGD431,678 763,946.66 0.13GBPMICRO FOCUS INTL PLC235,185 4,142,632.12 0.73GBPNEXT PLC110,010 5,591,887.97 0.99GBPNIELSEN HOLDINGS PLC220,512 5,144,544.96 0.90USDPEARSON PLC238,901 2,855,292.05 0.50GBPROYAL MAIL527,682 1,828,712.32 0.32GBP

ALNYLAM PHARMACEUTICALS INC42,087 3,068,563.17 0.54USDUnited States of America 262,688,423.77 46.09

AUTOZONE INC1,703 1,427,693.02 0.25USDBRISTOL-MYERS SQUIBB CO82,736 4,300,617.28 0.75USDCAMPBELL SOUP CO207,694 6,851,825.06 1.20USDCBOE HOLDINGS INC87,859 8,595,245.97 1.52USDCHIPOTLE MEXICAN GRILL -A-11,834 5,109,802.86 0.90USDC.H.ROBINSON WORLWIDE INC40,196 3,380,081.64 0.59USDCHURCH AND DWIGHT CO31,349 2,061,510.24 0.36USDCIMAREX ENERGY CO28,003 1,726,384.95 0.30USDCLOROX CO43,354 6,682,585.56 1.17USDCME GROUP -A-22,559 4,243,799.08 0.74USDCMS ENERGY CORP85,224 4,231,371.60 0.74USDCOMMSCOPE HOLDINGS INC73,838 1,210,204.82 0.21USDCONSOLIDATED EDISON INC111,113 8,495,699.98 1.49USDCONSTELLATION BRANDS INC -A-7,631 1,227,217.42 0.22USDCOTY INC -A-345,844 2,268,736.64 0.40USDDARDEN RESTAURANTS INC60,292 6,020,759.12 1.06USDDEXCOM INC8,758 1,049,208.40 0.18USDEDISON INTERNATIONAL111,122 6,308,395.94 1.11USDEQUINIX2,410 849,669.60 0.15USDEVERGY150,297 8,532,360.69 1.50USDEVERSOURCE EN52,242 3,397,819.68 0.60USDEXELON CORP122,448 5,522,404.80 0.97USDEXTRA SPACE STORAGE INC59,907 5,420,385.36 0.95USDFIRST DATA -A-93,314 1,577,939.74 0.28USDGAP INC198,049 5,101,742.24 0.90USDGENERAL ELECTRIC CO771,218 5,838,120.26 1.02USDGENERAL MILLS INC102,857 4,005,251.58 0.70USDH & R BLOCK INC195,446 4,958,465.02 0.87USDHERSHEY61,924 6,637,014.32 1.16USDHOLLYFRONTIER21,719 1,110,275.28 0.19USDHUMANA INC24,901 7,133,638.48 1.25USDINCYTE CORP36,825 2,341,701.75 0.41USD






61Page

J.M. SMUCKER CO SHS/WHEN ISSUED13,440 1,256,505.60 0.22USDKELLOGG30,765 1,753,912.65 0.31USDKNIGHT SWIFT TRANSPORTATION HLDG196,354 4,922,594.78 0.86USDKROGER CO201,971 5,554,202.50 0.97USDL BRANDS139,401 3,578,423.67 0.63USDLULULEMON ATHLETICA INC SHS30,189 3,671,284.29 0.64USDMACYS104,161 3,101,914.58 0.54USDMATTEL391,203 3,908,117.97 0.69USDMCDONALD'S CORP30,501 5,416,062.57 0.95USDNEKTAR THERAPEUTICS72,633 2,387,446.71 0.42USDNEWMONT MINING CORP72,397 2,508,556.05 0.44USDNEXTERA ENERGY49,904 8,674,313.28 1.53USDNISOURCE121,396 3,077,388.60 0.54USDNORDSTROM INC24,719 1,152,152.59 0.20USDPG AND E CORP125,175 2,972,906.25 0.52USDPUBLIC SERVICE ENTERPRISE GROUP INC52,234 2,718,779.70 0.48USDPUBLIC STORAGE INC42,317 8,565,383.97 1.51USDSEMPRA ENERGY71,145 7,697,177.55 1.35USDSPRINT SERIES -1-414,395 2,411,778.90 0.42USDSYMANTEC CORP241,325 4,559,835.88 0.80USDTESLA MOTORS INC11,344 3,775,283.20 0.66USDTIFFANY CO42,673 3,435,603.23 0.60USDTRIPADVISOR INC WHEN ISSUED70,617 3,809,080.98 0.67USDTWITTER INC124,736 3,584,912.64 0.63USDULTA BEAUTY RG REGISTERED25,855 6,330,338.20 1.11USDUNIVERSAL HEALTH SERVICES INC45,188 5,267,113.28 0.92USDVENTAS INC25,218 1,477,522.62 0.26USDVIACOM -B-176,630 4,539,391.00 0.80USDWW GRAINGER INC22,107 6,242,132.52 1.10USDZILLOW GROUP -C-115,637 3,651,816.46 0.64USD







62Page





01/01/18




Class A2 - Capitalisation shares 25,990.6687 348.8308 10,006.1877 16,333.3118

Class A4 - Capitalisation shares 1,137.3001 0.0000 1,137.3001 0.0000

Class B1 - Capitalisation shares 323.6661 0.0000 0.0000 323.6661

Class C - Capitalisation shares 10,843.1718 155.4339 1,215.6145 9,782.9912


Class R2 - Capitalisation shares 64,898.8802 26,281.3249 0.0000 91,180.2051

Class R3 - Capitalisation shares 6,725.6478 0.0000 6,725.6478 0.0000


Class Z - Capitalisation shares 0.0000 565.0000 555.0000 10.0000

Key figures

Total Net Assets 569,970,393.40 824,802,959.75 795,574,200.76

31/12/1631/12/1731/12/18Year ending as at:


13,990.5012,568.2573 13,260.9377

15,309.4513,801.477713,172.67



12,238.10370.0000 430.0000

12,749.06759.580012,487.81



10,457.2416,333.3118 25,990.6687

10,773.4822,224.690310,148.55



0.000.0000 1,137.3001

13,397.771,374.080712,212.36


Class B1 - Capitalisation shares

113.51323.6661 323.6661

119.24323.6661117.79



63Page

Key figures


Total Net Assets 569,970,393.40 824,802,959.75 795,574,200.76

31/12/1631/12/1731/12/18Year ending as at:

USDClass C - Capitalisation shares

14,496.049,782.9912 10,843.1718

15,942.4918,893.539014,315.87



141.73150.0000 870.5856

145.09870.5856135.84



100.2891,180.2051 64,898.8802

109.06179,378.8768



0.000.0000 6,725.6478

112.636,725.6478



0.000.0000 100.0462

104.7813,180.0516



9,160.3110.0000 0.0000

0.000.00000.00


64Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Canada Equity Fund


65Page

12,968,692.03Assets12,874,585.23Securities portfolio at market value 2.1Note13,166,360.36Cost price

(291,775.13)Unrealised loss on the securities portfolio71,232.41Cash at banks and liquidities22,874.39Other assets

39,482.73Liabilities39,482.73Other liabilities



Expressed in CAD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund


66Page

Statement of operations and changes in net assets from 01/01/18 to 31/12/18Expressed in CAD




980.00Other income


1,357.19Taxe d'abonnement 6Note27,029.30Administrative expenses 5Note4,054.81Transaction fees 2.10Note

47.29Other expenses


545,963.67- sales of investment securities 2.5Note(31,840.00)- financial futures 2.6Note


586,640.06Net realised profitMovement in net unrealised appreciation / depreciation on:

(1,495,794.30)- investments(696.00)- financial futures

(909,850.24)Decrease in net assets as a result of operations711,315.34Subscription capitalisation shares

(467,873.12)Redemption capitalisation shares

(666,408.02)Decrease in net assets




67Page

AGNICO EAGLE MINES1,200 66,120.00 0.51CAD


Shares 12,874,585.23 99.58

Canada 12,874,585.23 99.58

ALGONQUIN POWER & UTILITIES55,200 757,896.00 5.85CADALIMENTATION COUCHE - TARD INC SUB VTG B2,200 149,402.00 1.16CADALTAGAS26,700 371,130.00 2.87CADAPHRIA INC13,200 103,620.00 0.80CADATCO CLASS 1 NON VOTING4,700 181,467.00 1.40CADAURORA CANNABIS2,400 16,272.00 0.13CADBOMBARDIER INC B84,100 170,723.00 1.32CADBRP SUBORD.VOTING WHEN ISSUED3,300 116,622.00 0.90CADB2GOLD CORP50,500 201,495.00 1.56CADCAMECO CORP15,500 239,940.00 1.86CADCANADA GOSE HLD REGISTERED SHS SUB300 17,904.00 0.14CADCANADIAN TIRE CORP -A- NON VOTING1,600 228,384.00 1.77CADCANADIAN UTILITIES -A- NON VOTING14,300 447,876.00 3.46CADCANOPY GROWTH CORP2,900 106,169.00 0.82CADCCL INDUSTRIES INC -B- NON-VOTING4,500 225,270.00 1.74CADCINEPLEX INC10,702 272,258.88 2.11CADCOTT CORP (QUEBEC)18,600 353,586.00 2.73CADDETOUR GOLD22,400 258,272.00 2.00CADELEMNT FLEET MNGMNT SHS31,800 219,738.00 1.70CADEMPIRE -A- NON VOTING14,680 423,224.40 3.27CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG800 480,784.00 3.72CADFIRST CAP REALTY2,300 43,355.00 0.34CADFIRSTSERVICE CORP SUB VOTING3,600 337,284.00 2.61CADFORTIS INC1,800 81,918.00 0.63CADFRANCO-NEVADA CORP1,170 112,004.10 0.87CADGILDAN ACTIVEWEAR4,000 165,760.00 1.28CADGREAT CANADIAN GAMING5,800 277,646.00 2.15CADGREAT WEST LIFECO INC14,600 411,428.00 3.18CADHYDRO ONE LTD35,000 708,750.00 5.48CADINTACT FINANCIAL CORP3,815 378,409.85 2.93CADKINROSS GOLD CORP81,500 358,600.00 2.77CADLINAMAR CORP1,900 86,070.00 0.67CADLUNDIN MINING CORP7,700 43,428.00 0.34CADMANULIFE FINANCIAL REGISTERED900 17,433.00 0.13CADMAPLE LEAF FOODS INC7,800 213,174.00 1.65CADMETRO -A- SUB VTG300 14,202.00 0.11CADNFI GROUP - REGISTERED SHS10,700 364,228.00 2.82CADNORTHLAND POWER INC2,000 43,400.00 0.34CADOCEANAGOLD CORP58,700 292,326.00 2.26CADONEX CORP SUB.VOTING4,500 334,575.00 2.59CADOPEN TEXT2,300 102,350.00 0.79CADPARKLAND FUEL2,500 88,350.00 0.68CADPRAIRIESKY ROYALTY LTD4,500 79,515.00 0.62CADPREMIUM BRANDS1,400 104,804.00 0.81CADQUEBECOR -B- SUBORD.VOTING10,300 296,022.00 2.29CADRIOCAN REIT (UNITS)4,200 99,960.00 0.77CADRITCHIE BROTHERS AUCTIONEERS10,300 459,998.00 3.56CADROGERS COMMUNICATIONS -B- NON VOTING900 62,964.00 0.49CADSEVEN GENERATIONS ENERGY LTD8,500 94,690.00 0.73CADSHAW COMMUNICATIONS -B- NON.VOTING9,600 237,216.00 1.83CADSTANTEC INC6,400 191,424.00 1.48CADTFI INTERNATIONAL INC REGISTERED2,700 95,310.00 0.74CADTHE STARS GROUP2,000 45,080.00 0.35CADTHOMSON REUTERS --- REGISTERED SHS6,900 454,917.00 3.52CADTMX GR LTD3,300 233,409.00 1.81CADTOROMONT INDUSTRIES LTD3,100 168,206.00 1.30CADTOURMALINE OIL CORP2,300 39,054.00 0.30CADTURQUOISE HILL7,600 17,100.00 0.13CADWEST FRASER TIMBER CO2,000 134,880.00 1.04CADYAMANA GOLD55,200 177,192.00 1.37CAD

Securities portfolio as at 31/12/18CADExpressed in





68Page


Securities portfolio as at 31/12/18CADExpressed in





69Page





01/01/18



Key figures

Total Net Assets 12,929,209.30 13,595,617.32 12,579,954.71

31/12/1631/12/1731/12/18Year ending as at:

CADClass A - Capitalisation shares

13,193.07980.0000 962.0020

14,132.63997.002012,617.78

Number of sharesNet asset value per share CAD

70Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark All Countries World Equity

Fund


71Page


1,869,532.46Cash at banks and liquidities136,039.98Other assets






Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World EquityFund


72Page







1,754.93Bank interest on overdrafts510.00Legal fees

125,409.80Transaction fees 2.10Note12,737.26Other expenses


4,294,794.63- sales of investment securities 2.5Note(15,195.25)- forward foreign exchange contracts 2.7Note(29,186.85)- financial futures 2.6Note










73Page

APA GROUP STAPLED SECURITY63,322 378,917.12 0.36AUD


Shares 102,325,099.66 98.26

Australia 1,374,350.14 1.32

DOMINO S PIZZA ENTERPRISES LTD4,896 140,111.13 0.13AUDFLIGHT CENTRE LIMITED4,264 128,839.07 0.12AUDFORTESCUE METALS GROUP LTD38,968 114,945.72 0.11AUDNEWCREST MINING LTD39,847 611,537.10 0.60AUD

TELENET GROUP HOLDING NV3,873 179,753.25 0.17EURBelgium 179,753.25 0.17

ARCH CAPITAL GROUP LTD2,863 76,499.36 0.07USDBermuda 3,784,771.85 3.63

AXALTA COATING SYSTEMS5,007 117,263.94 0.11USDBUNGE LTD10,559 564,272.96 0.54USDCHINA GAS HOLDINGS LTD60,600 215,948.27 0.21HKDCHINA RESOURCES GAS GROUP LTD24,000 95,026.74 0.09HKDDAIRY FARM INTERNATIONAL HOLDING21,200 191,860.00 0.18USDEVEREST REINSURANCE GROUP2,521 548,972.96 0.53USDHENGTEN NETWORK1,632,000 49,610.09 0.05HKDJARDINE MATHESON HLD16,100 1,120,238.00 1.07USDJARDINE STRATEGIC HOLDINGS8,300 304,693.00 0.29USDRENAISSANCERE HOLDINGS LTD1,991 266,196.70 0.26USDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD223,000 39,020.99 0.04HKDYUE YUEN INDUSTRIAL HOLDINGS61,000 195,168.84 0.19HKD

BANCO DO BRASIL SA37,300 447,413.47 0.43BRLBrazil 3,003,958.81 2.88

BRF FOODS38,400 217,275.39 0.21BRLB2W CIA GLOBAL SHS12,900 139,857.72 0.13BRLCIELO93,800 215,151.95 0.21BRLCONCESSOES RODOVIARIAS58,100 167,893.87 0.16BRLEMBRAER48,700 272,413.68 0.26BRLFIBRIA CELLULOSE19,300 336,623.69 0.32BRLKROTON EDUCACIONAL SA50,700 116,030.52 0.11BRLLOCALIZA RENT A CAR SA11,800 90,575.27 0.09BRLMAGAZINE LUIZA SA5,500 256,950.74 0.25BRLNATURA COSMETICO SA13,800 160,225.74 0.15BRLPETROLEO BRASILEIRO -PETROBRAS- PREF.42,300 247,527.86 0.24BRLSUZANO PAPEL E CELULOSE SA34,200 336,018.91 0.32BRL

MICHAEL KORS HOLDINGS LTD11,601 439,909.92 0.42USDBritish Virgin Islands 439,909.92 0.42

AGNICO EAGLE MINES16,860 680,183.40 0.65CADCanada 7,282,139.34 7.00

ALTAGAS19,500 198,456.93 0.19CADAURORA CANNABIS53,300 264,590.21 0.25CADBOMBARDIER INC B116,200 172,710.61 0.17CADCAMECO CORP18,500 209,681.23 0.20CADCANADIAN UTILITIES -A- NON VOTING9,900 227,025.07 0.22CADCANOPY GROWTH CORP14,800 396,714.71 0.38CADCCL INDUSTRIES INC -B- NON-VOTING7,100 260,235.21 0.25CADDOLLARAMA INC5,800 137,888.21 0.13CADEMPIRE -A- NON VOTING13,400 282,856.59 0.27CADENCANA CORP18,900 109,044.78 0.10CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG2,100 924,051.50 0.89CADFRANCO-NEVADA CORP13,500 946,234.30 0.92CADGILDAN ACTIVEWEAR7,500 227,561.02 0.22CADHYDRO ONE LTD7,700 114,164.90 0.11CADINTACT FINANCIAL CORP4,100 297,761.54 0.29CADKINROSS GOLD CORP92,300 297,352.26 0.29CADONEX CORP SUB.VOTING2,900 157,868.63 0.15CADPRAIRIESKY ROYALTY LTD16,500 213,470.25 0.20CADSAPUTO3,500 100,429.24 0.10CADSEVEN GENERATIONS ENERGY LTD17,600 143,553.81 0.14CADTHOMSON REUTERS --- REGISTERED SHS8,700 419,970.89 0.40CADTOURMALINE OIL CORP12,000 149,188.65 0.14CAD






74Page

WEST FRASER TIMBER CO1,500 74,067.16 0.07CADWHEATON PRECIOUS METAL - REGISTERED14,200 277,078.24 0.27CAD

AAC TECHNOLOGIES HOLDINGS INC38,000 220,592.32 0.21HKDCayman Islands 4,210,587.87 4.04

ANTA SPORTS PRODUCTS84,000 402,867.41 0.39HKDASM PACIFIC TECHNOLOGY6,500 62,639.10 0.06HKDCHINA FIRST CAPITAL GROUP248,000 140,956.33 0.14HKDCHINA MEDICAL SYSTEM HOLDINGS LTD69,000 64,158.38 0.06HKDCN DING YI FENG- SHS72,000 193,118.86 0.19HKDDALI FOODS GRP UNITARY 144A/REGS155,500 114,995.77 0.11HKDENN ENERGY HOLDINGS LTD56,000 496,744.63 0.48HKDFULLSHARE HOLDINGS LTD562,500 129,320.67 0.12HKDHKT LTD - STAPLED SECURITY297,000 427,896.23 0.41HKDHUTCHISON CHINA ADR 1/2 SHS1,986 45,856.74 0.04USDJIAYUAN INTERNATIONAL58,000 107,267.82 0.10HKDKINGDEE INTL SOFTWARE GROUP CO156,000 137,880.74 0.13HKDMINTH GROUP LTD50,000 161,251.70 0.15HKDSSY GROUP LTD60,000 44,447.99 0.04HKDTAL EDUCAT GR -A- ADR REPR 1/3 SH -A-11,457 305,672.76 0.29USDTINGY HOLDING CORP148,000 197,727.15 0.19HKDUNI-PRESIDENT CHINA101,000 87,720.92 0.08HKDWANT WANT CHINA243,000 170,082.54 0.16HKDWH GROUP 144A/REGS657,500 506,391.00 0.50HKDYIHAI INTL UNITARY 144A/REGS32,000 78,228.47 0.08HKD3SBIO UNITARY 144A/REG S89,500 114,770.34 0.11HKD

CHINA COMMUNICATION SERCICES CORP -H-142,000 117,526.62 0.11HKDChina 1,085,393.54 1.04

CHINA TELECOM CORP LTD -H-428,000 218,663.69 0.20HKDGUANGZHOU AUTOMOBILE GROUP CO132,800 132,471.37 0.13HKDPICC PROPERTY AND CASUALTY -H-108,000 110,491.58 0.11HKDSINOPHARM GROUP CO LTD -H-31,600 132,787.10 0.13HKDTSINGTAO BREWERY -H-24,000 96,865.97 0.09HKDZHAOJIN MINING INDUSTRY COMPANY LTD -H-77,500 78,694.02 0.08HKDZHUZHOU CRRC -H-35,700 197,893.19 0.19HKD

H. LUNDBECK5,320 232,588.04 0.22DKKDenmark 1,737,917.29 1.67

ORSTED1,981 132,218.99 0.13DKKPANDORA8,271 336,137.57 0.32DKKVESTAS WIND SYSTEMS AS13,756 1,036,972.69 1.00DKK

NESTE7,183 553,109.56 0.53EURFinland 553,109.56 0.53


CARREFOUR SA4,911 83,704.88 0.08EUREUTELSAT COMMUNICATIONS SA12,155 239,063.28 0.23EURINGENICO GROUP2,709 153,415.14 0.15EURSCOR SE4,048 182,322.37 0.18EURSODEXHO SA4,364 446,489.24 0.42EUR

METRO WHOLESALE AND FOOD SPECIALIST AG13,465 206,182.74 0.20EURGermany 620,094.03 0.60

PUMA AG612 298,732.53 0.29EURZALANDO SE4,490 115,178.76 0.11EUR

MOTOR OIL HELLAS CORINTH REFIN.REG SHS4,363 104,738.83 0.10EURGreece 104,738.83 0.10

CHINA EVERBRIGHT INTERNATIONAL165,000 147,942.84 0.14HKDHong Kong 983,262.39 0.94

CHINA RESOURCES BEER LTD -RC-84,000 293,433.38 0.28HKDCHINA UNICO HK164,000 175,114.87 0.17HKDGUANGDONG INVEST -RC-60,000 116,024.59 0.11HKDPCCW LTD146,000 84,101.22 0.08HKDSUN ART RETAIL GROUP LTD163,500 166,645.49 0.16HKD

ASHOK LEYLAND -DEMATERIALISED-89,745 131,760.49 0.13INRIndia 7,551,246.88 7.26

AUROBINDO PHARMA20,074 210,746.00 0.20INRBAJAJ FINANCE LTD6,544 247,938.90 0.24INR






75Page

BHARAT FORGE LTD DEMATERIALISED16,549 120,582.58 0.12INRBHARAT PETROLEUM CORP DEMATERIALISED23,572 122,477.11 0.12INRBHARTI AIRTEL LTD(DEMATERIALISED)94,902 424,792.13 0.40INRBHARTI INFRATEL LTD25,704 95,356.77 0.09INRCIPLA SHS DEMATERIALISED27,516 204,749.07 0.20INRCONTAINER -REGISTERED SHS13,148 129,511.94 0.12INRDABUR INDIA LTD DEMATERIALISED38,613 238,182.07 0.23INRDIVI'S LABORATORIES LTD5,799 123,152.39 0.12INRDR REDDY'S LABORATORIES LTD3,270 122,551.76 0.12INREICHER MOTORS - DEMARTERIALISED959 318,109.98 0.31INRGAIL (INDIA) SHS DEMATERIALISED59,438 306,746.44 0.29INRGODREJ CONSUMER DEMATERIALISED18,440 214,114.16 0.21INRHCL TECHNOLOGIES DEMATERIALISED21,538 297,502.85 0.29INRHINDUSTAN PETROLEUM (DEMATERIALISED)45,872 166,398.04 0.16INRICICI BANK17,386 89,687.97 0.09INRINDIABULLS HOUSING FINANCE LTD21,602 264,196.23 0.25INRINDIAN OIL CORP LTD DEMATERIALISED115,268 226,276.20 0.22INRINTERGLOBE AVIATION LTD7,420 123,822.49 0.12INRLUPIN LTD14,426 174,459.17 0.17INRMARUTI SUZUKI1,473 157,511.67 0.15INRPETRONET LNG46,888 150,539.87 0.14INRPIDILITE INDUSTRIES LTD (DEMATERIALISED)8,562 135,864.90 0.13INRREC LTD46,911 82,076.58 0.08INRSHIRAM TRANSPORT FIN DEMATERIALISED11,159 198,189.45 0.19INRSTATE BANK OF INDIA59,553 252,406.01 0.24INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL63,866 393,816.54 0.38INRTATA CONSULT.SERVICES SVS DEMATERIALISED23,632 640,786.92 0.61INRTECH MAHINDRA LTD36,739 380,545.68 0.37INRTITAN INDUSTRIES LTD21,103 281,413.52 0.27INRUNITED SPIRITS -REGISTERED SHS24,360 221,844.61 0.21INRVODAFONE IDEA LTD110,644 59,826.82 0.06INRYES BANK LTD93,436 243,309.57 0.23INR

BANK CENTRAL ASIA DEP67,600 122,225.26 0.12IDRIndonesia 380,421.26 0.37

INDOFOOD CBP SUKSES MAKMUT178,800 129,934.58 0.13IDRPERUSAHAAN GAS NEGA -B-870,000 128,261.42 0.12IDR

AIB GRP - REGISTERED57,799 243,148.37 0.23EURIreland 770,338.95 0.74

BANK OF IRELAND - REGISTERED68,184 378,810.46 0.37EURJAZZ PHARMACEUTICALS PLC1,197 148,380.12 0.14USD

CHECK POINT SOFTWARE TECHNOLOGIES4,372 448,785.80 0.43USDIsrael 448,785.80 0.43

MEDIOBANCA SPA14,906 125,685.52 0.12EURItaly 563,214.18 0.54

UNICREDIT -REGISTERD SHARE38,684 437,528.66 0.42EUR

ABC MART INC. TOKYO2,400 132,999.14 0.13JPYJapan 11,820,584.84 11.36

ASICS CORP KOBE11,800 151,109.70 0.15JPYBANDAI NAMCO HOLDINGS INC9,000 404,001.28 0.39JPYBENESSE HOLDINGS INC2,900 73,957.07 0.07JPYCALBEE1,800 56,437.13 0.05JPYCOCA-COLA WEST SHS10,100 302,406.24 0.29JPYDAITO TRUST CONSTRUCTION CO LTD900 123,169.12 0.12JPYDON QUIJOTE HLD8,700 540,801.17 0.52JPYEISAI800 61,993.35 0.06JPYFAMILYMART UNY HOLDINGS4,800 608,558.55 0.58JPYHAMATSU PHOTONICS3,600 121,241.40 0.12JPYHOSHIZAKI3,700 225,274.58 0.22JPYJAPAN AIRLINES CO LTD5,000 177,323.07 0.17JPYJAPAN RETAIL FUND INVESTMENT CORP192 384,122.50 0.37JPYJP REAL ESTATE INVESTMENT97 544,611.04 0.52JPYKDDI CORP7,600 181,765.49 0.17JPYLAWSON INC3,753 237,737.32 0.23JPYLION CORP12,000 248,279.64 0.24JPYMC DONALD'S CO (JAPAN)5,300 225,110.52 0.22JPY






76Page

MITSUBISHI MOTORS CORP12,800 70,232.88 0.07JPYNH FOODS LTD4,900 184,673.93 0.18JPYNIPPON BUILDING FD101 636,111.75 0.61JPYNIPPON TELEGRAPH AND TELEPHONE CORP6,900 281,873.95 0.27JPYNITORI5,400 675,769.05 0.65JPYNOMURA REAL ESTATE MASTER FUND294 386,944.36 0.37JPYNTT DOCOMO INC18,600 419,163.29 0.40JPYONO PHARMACEUTICAL CO LTD27,400 560,661.72 0.54JPYPARK24 CO8,200 180,345.44 0.17JPYPERSOL HOLDINGS CO LTD3,500 52,189.76 0.05JPYPROLOGIS REIT44 93,000.96 0.09JPYRICOH CO LTD51,900 509,468.17 0.49JPYSANKYO CO LTD3,600 137,155.36 0.13JPYSEGA SAMMY HOLDINGS INC6,900 96,599.37 0.09JPYSHIMAMURA CORP1,700 130,155.40 0.12JPYSONY FINANCIAL HOLDINGS10,100 189,176.50 0.18JPYSUNTORY2,700 122,061.71 0.12JPYSUZUKI MOTOR CORP5,700 289,221.17 0.28JPYTOHO GAS3,900 164,758.69 0.16JPYTOKYO GAS CO LTD7,800 198,030.35 0.19JPYUNITED URBAN INVESTMENT CORP98 152,026.62 0.15JPYYAKULT HONSHA CO LTD8,700 612,167.90 0.59JPYYAMADA DENKI CO LTD46,200 221,914.96 0.21JPYYAMATO HOLDINGS CO LTD23,800 655,983.24 0.63JPY

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)25,733 491,552.71 0.47EURLuxembourg 491,552.71 0.47

FRASER & NEAVE HOLDINGS BHD10,100 81,875.68 0.08MYRMalaysia 795,890.89 0.76

GAMUDA BHD124,400 70,440.91 0.07MYRNESTLE (M) BHD4,600 164,075.62 0.16MYRPRESS MTL ALUMI - REGISTERED101,500 118,632.02 0.11MYRPUBLIC BANK BHD25,000 149,788.81 0.14MYRSP SETIA BHD117,200 66,080.34 0.06MYRTOP GLOVE CORPORATION BHD107,000 144,997.51 0.14MYR

FLETCHER BUILDING LTD67,747 221,686.72 0.21NZDNew Zealand 681,220.48 0.65

SPARK NEW ZEALAND107,937 300,364.24 0.29NZDTHE A2 MILK CO LTD21,289 159,169.52 0.15NZD

MOWI ASA4,956 104,566.53 0.10NOKNorway 194,307.61 0.19

ORKLA ASA11,421 89,741.08 0.09NOK

ALLIANCE GLOBAL GROUP283,700 64,201.43 0.06PHPPhilippines 614,371.74 0.59

BANK OF THE PHILIPPINE ISLANDS61,780 110,436.90 0.11PHPGLOBE TELECOM1,655 59,798.46 0.06PHPMEGAWORLD - SHS833,000 75,244.90 0.07PHPPLDT6,185 132,321.57 0.13PHPUNIVERSAL ROBINA CORP71,370 172,368.48 0.16PHP

MAGNIT GDR14,197 180,727.81 0.17USDRussia 337,158.57 0.32

POLYUS GOLD CO ZAO2,010 156,430.76 0.15RUB

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD172,000 157,736.58 0.15SGDSingapore 157,736.58 0.15

ANGLOGOLD ASHANTI LTD-REG.SHS29,580 373,734.39 0.36ZARSouth Africa 555,697.43 0.53

GOLD FIELDS53,051 181,963.04 0.17ZAR

AMOREG1,522 99,165.97 0.10KRWSouth Korea 2,117,467.86 2.03

BGF RETAIL - REGISTERED550 100,555.65 0.10KRWCOWAY2,555 169,676.90 0.16KRWDB INSURANCE RG REGISTERED SHS2,328 146,882.23 0.14KRWFILA KOREA CO LTD1,763 84,531.72 0.08KRWGS RETAIL CO LTD2,036 73,900.34 0.07KRWHANKOOK TIRE CO LTD2,234 80,386.35 0.08KRWHLB CO LTD2,415 172,932.86 0.17KRW






77Page

HYUNDAI ENGINEERING CONSTRUCTION2,450 119,887.07 0.12KRWHYUNDAI FIRE MARINE INSURANCE CO LTD2,372 87,265.27 0.08KRWHYUNDAI MOBIS2,168 369,170.08 0.34KRWKOREA AEROSPACE5,345 152,810.08 0.15KRWLOTTE SHOPPING686 129,723.96 0.12KRWORION REGISTERED1,279 137,551.52 0.13KRWSHINSEGAE CO LTD351 80,530.56 0.08KRWS1 CORP1,249 112,497.30 0.11KRW

HENNES AND MAURITZ AB5,964 84,772.81 0.08SEKSweden 839,972.45 0.81

ICA GRUPPEN AB4,729 168,979.47 0.16SEKTELEFON AB L.M.ERICSSON66,701 586,220.17 0.57SEK

NIEN MADE ENTERPRISE CO LTD13,000 99,814.56 0.10TWDTaiwan 375,337.56 0.36

TAIMED BIOLOGICS INC14,000 75,381.47 0.07TWDTAIWAN HIGH SPEED RAIL CORP131,000 130,203.02 0.12TWDTATUNG CO LTD83,000 69,938.51 0.07TWD

BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO301,900 229,948.49 0.21THBThailand 1,056,212.47 1.01

BUMRUNGRAD HOSPITAL PUBLIC28,200 162,392.57 0.16THBCENTRAL PATTANA70,100 160,932.95 0.15THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG182,700 138,035.06 0.13THBDELTA ELECTRONIC37,600 80,258.02 0.08THBENERGY ABSOLUTE FOREIGN REGISTER92,100 120,216.57 0.12THBHOME PRODUCT CENTER PUBLIC FOREIGN REG.169,300 79,034.43 0.08THBTRUE CORPORATION FOREIGN REGISTERED534,700 85,394.38 0.08THB

BIM BIRLESIK MAGAZALAR15,789 258,208.16 0.26TRYTurkey 664,380.51 0.64

PETKIM PETROKIMYA HOLDING AS58,234 55,170.03 0.05TRYTAV HAVALIMANLARI HOLDING AS12,222 54,954.03 0.05TRYTUPRAS TURKIYE PETROL RAFINELERI9,138 200,455.55 0.19TRYTURK HAVA YOLLARI AO31,567 95,592.74 0.09TRY

CENTRICA PLC NEW118,836 204,175.93 0.20GBPUnited Kingdom 3,087,322.33 2.96

CONVATEC GROUP REGD99,422 175,948.52 0.17GBPDIRECT LINE INS GR PLC NI33,674 136,685.15 0.13GBPHAMMERSON PLC31,916 133,898.78 0.13GBPMICRO FOCUS INTL PLC30,414 535,723.00 0.51GBPNEXT PLC9,671 491,583.93 0.47GBPNIELSEN HOLDINGS PLC26,406 616,051.98 0.59USDPEARSON PLC52,366 625,866.87 0.60GBPROYAL MAIL31,450 108,991.78 0.10GBPTESCO PLC24,119 58,396.39 0.06GBP

ADVANCE AUTO PARTS3,418 538,198.28 0.52USDUnited States of America 42,181,608.50 40.52

AGNC INVESTMENT CORP8,325 146,020.50 0.14USDALNYLAM PHARMACEUTICALS INC6,389 465,821.99 0.45USDAMERCIAN WATER WORKS CO INC979 88,863.83 0.09USDAMERCO264 86,621.04 0.08USDANNALY CAPITAL MANAGEMENT13,758 135,103.56 0.13USDASSURANT INC2,172 194,263.68 0.19USDAUTOZONE INC404 338,689.36 0.33USDBRISTOL-MYERS SQUIBB CO15,218 791,031.64 0.76USDBURLINGTON STORES INC860 139,896.20 0.13USDCAMPBELL SOUP CO13,951 460,243.49 0.44USDCBOE HOLDINGS INC8,320 813,945.60 0.78USDCHIPOTLE MEXICAN GRILL -A-1,917 827,741.43 0.79USDC.H.ROBINSON WORLWIDE INC4,801 403,716.09 0.39USDCHURCH AND DWIGHT CO9,462 622,221.12 0.60USDCIGNA --- REGISTERED SHS4,414 838,306.88 0.81USDCIMAREX ENERGY CO3,559 219,412.35 0.21USDCLOROX CO8,196 1,263,331.44 1.22USDCME GROUP -A-8,251 1,552,178.12 1.50USDCMS ENERGY CORP17,864 886,947.60 0.85USDCOMMSCOPE HOLDINGS INC6,626 108,600.14 0.10USD






78Page

CONCHO RES640 65,785.60 0.06USDCONSOLIDATED EDISON INC20,927 1,600,078.42 1.55USDCOTY INC -A-33,916 222,488.96 0.21USDCROWN CASTLE REIT1,931 209,764.53 0.20USDDARDEN RESTAURANTS INC8,246 823,445.56 0.79USDDAVITA2,927 150,623.42 0.14USDDEXCOM INC4,190 501,962.00 0.48USDDOLLAR GENERAL2,313 249,989.04 0.24USDDOMINION RESOURCES - REGISTERED13,548 968,140.08 0.93USDEDISON INTERNATIONAL15,213 863,642.01 0.83USDELI LILLY & CO913 105,652.36 0.10USDEVERGY13,730 779,452.10 0.75USDEVERSOURCE EN8,623 560,839.92 0.54USDEXELON CORP12,207 550,535.70 0.53USDEXTRA SPACE STORAGE INC7,482 676,971.36 0.65USDFIRST REPUBLIC BANK770 66,913.00 0.06USDGAP INC16,806 432,922.56 0.42USDGENERAL ELECTRIC CO93,673 709,104.61 0.68USDGENERAL MILLS INC6,065 236,171.10 0.23USDH & R BLOCK INC14,925 378,647.25 0.36USDHASBRO INC1,213 98,556.25 0.09USDHCP5,477 152,972.61 0.15USDHELMERICH PAINE2,049 98,229.06 0.09USDHERSHEY10,019 1,073,836.42 1.03USDHOLLYFRONTIER2,529 129,282.48 0.12USDHUMANA INC4,637 1,328,407.76 1.29USDINCYTE CORP2,885 183,457.15 0.18USDJ.M. SMUCKER CO SHS/WHEN ISSUED1,030 96,294.70 0.09USDKELLOGG9,383 534,924.83 0.51USDKNIGHT SWIFT TRANSPORTATION HLDG10,073 252,530.11 0.24USDKROGER CO42,599 1,171,472.50 1.12USDL BRANDS17,295 443,962.65 0.43USDLULULEMON ATHLETICA INC SHS6,266 762,008.26 0.73USDMACYS12,361 368,110.58 0.35USDMATTEL26,684 266,573.16 0.26USDMCDONALD'S CORP1,442 256,055.94 0.25USDMOHAWK INDUSTRIES INC862 100,819.52 0.10USDNEKTAR THERAPEUTICS13,070 429,610.90 0.41USDNEWELL BRANDS5,970 110,982.30 0.11USDNEXTERA ENERGY4,151 721,526.82 0.69USDNISOURCE21,239 538,408.65 0.52USDNORDSTROM INC1,104 51,457.44 0.05USDOMNICOM GROUP INC2,109 154,463.16 0.15USDPG AND E CORP31,222 741,522.50 0.71USDPINNACLE WEST CAPITAL CORP2,074 176,704.80 0.17USDPUBLIC SERVICE ENTERPRISE GROUP INC7,553 393,133.65 0.38USDPUBLIC STORAGE INC7,018 1,420,513.38 1.37USDQORVO INC2,401 145,812.73 0.14USDSEMPRA ENERGY3,465 374,878.35 0.36USDSIGNATURE BANK789 81,117.09 0.08USDSPRINT SERIES -1-32,445 188,829.90 0.18USDSYMANTEC CORP45,921 867,677.30 0.83USDTESLA MOTORS INC1,557 518,169.60 0.50USDTRIPADVISOR INC WHEN ISSUED7,639 412,047.66 0.40USDTWITTER INC25,151 722,839.74 0.69USDTYSON FOODS INC -A-12,117 647,047.80 0.62USDULTA BEAUTY RG REGISTERED4,144 1,014,616.96 0.97USDUNITED THERAPEUTICS CORP1,932 210,394.80 0.20USDUNIVERSAL HEALTH SERVICES INC5,574 649,705.44 0.62USDVENTAS INC7,313 428,468.67 0.41USDVIACOM -B-26,250 674,625.00 0.65USDWAYFAIR INC4,337 390,676.96 0.38USDWELLCARE HEALTH PLANS INC992 234,201.28 0.22USDWW GRAINGER INC3,479 982,330.44 0.94USDZAYO GROUP HOLDINGS INC3,361 76,765.24 0.07USDZILLOW GROUP -C-8,704 274,872.32 0.26USD






79Page

ZOHL'S CORP2,358 156,429.72 0.15USD

JAPAN PRIME REALTY INVESTMENT CORP65 247,049.18 0.24JPY

Shares/Units in investment funds 247,049.18 0.24

Japan 247,049.18 0.24

HANERGY THIN * (FV, refer to note 2.12)2,224,000 0.00 0.00HKD

Other transferable securities 0.00 0.00

Shares 0.00 0.00

Bermuda 0.00 0.00

CHINA HUISHAN DAIRY HOLDINGS CO LTD * (FV, refer to note 2.12)394,000 0.00 0.00HKDCayman Islands 0.00 0.00







80Page





01/01/18






Key figures

Total Net Assets 104,133,877.86 120,899,812.60 124,384,834.20

31/12/1631/12/1731/12/18Year ending as at:


10,714.878,693.8302 8,646.0955

12,098.4010,987.514510,060.84



97.0611.4072 55.4929

110.410.00000.00



99.34109,622.2982 146,155.5152

111.46150,278.8900



9,004.9510.0000 0.0000

0.000.00000.00


81Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark US Credit Fund


82Page


7,027,812.83Cash at banks and liquidities682,968.19Interest receivable 2.3Note

9,207.49Other assets

430,264.47Liabilities217,179.68Unrealised loss on financial futures 2.6Note140,741.08Unrealised loss on swaps 2.11Note72,343.71Other liabilities



Expressed in USD




83Page



11,211,839.91Income11,048,026.91Net interest on bonds 2.3Note

93,549.64Bank interest on cash account20,207.80Securities lending income 2.8, 7Note50,055.56Interest on swaps 2.3Note


522,236.01Administrative expenses 5Note267.09Bank interest on overdrafts

22,799.61Transaction fees 2.10Note552,722.44Interest on swaps 2.3Note

1,048.53Other expenses


(11,632,160.97)- sales of investment securities 2.5Note1,329,752.70- financial futures 2.6Note(227,848.29)- swaps




684,363.88- swaps







84Page

AIRCASTLE LTD 4.125 17-24 01/05S1,830,000 1,721,892.75 2.39USD


Bonds 64,756,289.56 89.88

Bermuda 2,206,777.75 3.06

INTELSAT JACKSO 8.5000 18-24 15/10S500,000 484,885.00 0.67USD

NEW GOLD INC 6.375 17-25 15/05S1,000,000 764,015.00 1.06USDCanada 1,025,264.00 1.42

VRX ESCROW 144A 6.125 15-25 15/04S300,000 261,249.00 0.36USD

ALIBABA GROUP 3.60 15-24 28/11S1,000,000 982,390.00 1.36USDCayman Islands 2,863,260.00 3.97

ALIBABA GRP 4.20 17-47 06/12S1,000,000 896,230.00 1.24USDBAIDU 4.375 18-28 29/03S1,000,000 984,640.00 1.37USD

NOKIA 3.375 17-22 12/06S500,000 474,285.00 0.66USDFinland 474,285.00 0.66

AERCAP IRELAND 4.1250 18-23 03/07S1,500,000 1,472,025.00 2.04USDIreland 1,472,025.00 2.04

ABBVIE INC 4.45 16-46 14/05S2,000,000 1,761,540.00 2.44USDUnited States of America 56,714,677.81 78.73

AK STEEL CORP 7.625 14-21 01/10S1,000,000 908,060.00 1.26USDALEXANDRIA REAL EST 3.45 17-25 30/04S1,000,000 964,130.00 1.34USDAMAZON 4.05 18-47 22/08S1,000,000 982,160.00 1.36USDAMAZON.COM 4.80 14-34 05/12S1,000,000 1,086,970.00 1.51USDAMC NETWORKS INC 4.75 17-25 01/08S750,000 695,272.50 0.97USDAMERICAN AXLE 6.5 17-27 01/04S1,000,000 905,390.00 1.26USDAMERICAN WOODMARK 4.875 18-26 15/03S900,000 802,476.00 1.11USDANHEUSER-BUSCH 4.7 18-36 01/02S500,000 465,965.00 0.65USDANTHEM INC 2.95 17-22 01/12S1,000,000 977,240.00 1.36USDAPPLE 2.40 13-23 03/05S1,000,000 968,150.00 1.34USDAPPLE 2.45 16-26 04/08S1,000,000 925,840.00 1.29USDAT&T 4.30 13-42 15/12S750,000 643,747.50 0.89USDBECTON DICKINSON CO 2.894 17-22 06/06S1,000,000 970,640.00 1.35USDBECTON DICKINSON CO 3.70 17-37 06/06S1,250,000 1,186,287.50 1.65USDBECTON DICKINSON CO 4.669 17-47 06/06S500,000 474,760.00 0.66USDBRISTOW GROUP 8.75 18-23 01/03S500,000 359,410.00 0.50USDCHARLES SCHWAB 2.65 17-23 25/01S1,875,000 1,831,181.25 2.53USDCHARTER COM OPERATING 4.464 16-22 27/03S1,500,000 1,518,555.00 2.10USDCLOROX CO 3.9 18-28 15/05S1,000,000 1,007,680.00 1.40USDCOMMONWEALTH EDISON 3.7000 18-28 15/08S1,000,000 1,013,090.00 1.41USDCONSTELLATION BRANDS 3.20 18-23 15/02S1,000,000 972,150.00 1.35USDCONSTELLATION BRANDS 4.10 18-48 15/02S500,000 424,625.00 0.59USDCONTINENTAL RESOURCES 4.90 14-44 01/06S500,000 444,912.50 0.62USDCOTY INC 6.5 18-26 05/04S250,000 215,077.50 0.30USDCROWN CASTLE INTL 3.650 17-27 01/09S500,000 467,780.00 0.65USDCVS HEALTH CORP 5.05 18-48 25/03S500,000 489,175.00 0.68USDDELTA AIR LINES 4.3750 18-28 19/04S1,800,000 1,722,978.00 2.38USDDENBURRY RESOURCES 9.00 16-21 15/05S1,000,000 937,830.00 1.30USDEP ENERGY 9.375 12-20 01/05S1,000,000 744,180.00 1.03USDEPR PROPERTIES 4.9500 18-28 15/04S1,225,000 1,215,739.00 1.69USDEXELON GENERATI 5.6000 12-42 15/06S500,000 488,110.00 0.68USDFORD MOTOR 5.291 16-46 08/12S500,000 413,695.00 0.57USDGILEAD SCIENCES 3.70 14-24 01/04S1,000,000 1,002,230.00 1.39USDHUBBELL 3.15 17-27 15/08S1,500,000 1,374,480.00 1.91USDJC PENNEY 5.65 10-20 01/06S34,000 27,241.48 0.04USDJOHN DEERE CAP CORP 2.875 18-21 12/03S500,000 499,115.00 0.69USDJOHN DEERE CAP CORP 3.45 18-25 13/03S1,000,000 999,330.00 1.39USDKROGER CO 4.45 17-47 01/02S500,000 441,090.00 0.61USDLADDER CAP FIN LLL 5.250 17-25 01/10S500,000 447,545.00 0.62USDLOWE'S COS INC 4.05 17-47 03/05S1,000,000 863,260.00 1.20USDMAPLE ESCROW 4.597 18-28 25/05S1,000,000 998,030.00 1.39USDMAPLE ESCROW 5.085 18-48 25/05S500,000 483,740.00 0.67USDMARATHON OIL CORP 5.20 15-45 06/01S500,000 466,610.00 0.65USDMCDONALD S 4.875 15-45 09/12S750,000 760,147.50 1.06USDMURPHY OIL CORP 5.75 17-25 15/08S1,000,000 958,150.00 1.33USDNAVISTAR INTL 6.625 17-25 01/11S1,000,000 972,830.00 1.35USD






85Page

ORACLE CORP 4.00 17-47 15/11S1,000,000 935,960.00 1.30USDPARTY CITY HOLD 6.6250 18-26 01/08S250,000 228,042.50 0.32USDPEPSICO 4.00 17-47 02/04S1,000,000 980,610.00 1.36USDPOST HOLDINGS 144A 5.75 17-27 01/03S750,000 707,092.50 0.98USDPPL ELECTRIC UT 4.1500 18-48 15/06S1,000,000 1,000,395.00 1.39USDPUBLIC STORAGE 2.37 17-22 15/09S500,000 483,030.00 0.67USDPUBLIC STORAGE 3.094 17-27 15/09S1,000,000 939,410.00 1.30USDRITE AID 144A 6.125 15-23 01/04S500,000 396,512.50 0.55USDSALESFORCE.COM 3.7000 18-28 11/04S500,000 504,140.00 0.70USDSEMPRA ENERGY 2.875 12-22 01/10S500,000 484,227.50 0.67USDSHERWIN-WILLIAMS C 2.75 17-22 01/06S1,500,000 1,452,150.00 2.01USDSPIRIT AEROSYSTEMS 4.6 18-28 15/06S1,000,000 956,750.00 1.33USDSPRINT CORP 7.625 18-26 01/03S250,000 251,727.50 0.35USDSTARBUCKS 3.5 18-28 28/02S500,000 479,200.00 0.67USDSTARBUCKS 3.1 18-23 28/02 S1,000,000 984,820.00 1.37USDTHE PRICELINE GROUP 2.75 17-23 15/03S750,000 725,340.00 1.01USDTIME WARNER INC 3.80 16-27 15/02S1,000,000 941,330.00 1.31USDTRAVELERS COS INC 4.00 17-47 30/05S500,000 483,570.00 0.67USDTYSON FOODS 4.55 17-47 02/06S1,000,000 892,760.00 1.24USDUNITED CONTINENTAL 4.25 17-22 01/10S400,000 387,900.00 0.54USDUNITED CONTINENTAL 5.00 17-24 01/02S143,000 140,077.08 0.19USDVFH PARENT LLC 144A 6.75 17-22 15/06S1,000,000 972,485.00 1.35USDVIACOM INC 4.375 13-43 15/03S500,000 397,147.50 0.55USDWELLTOWER INC 4.2500 18-28 15/04S500,000 495,400.00 0.69USDWELLTOWER INC 4.9500 18-48 01/09S250,000 246,865.00 0.34USD3M COMPANY 2.25 17-23 15/03S1,000,000 969,140.00 1.35USD







86Page





01/01/18


Class A - Capitalisation shares 30,172.6516 430.1235 24,492.8316 6,109.9435


Key figures

Total Net Assets 72,046,013.60 351,274,256.90 322,537,332.49

31/12/1631/12/1731/12/18Year ending as at:


11,234.326,109.9435 30,172.6516

11,642.1429,312.490211,003.41



9,840.97346.0000 0.0000

0.000.00000.00


87Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark France Equity Fund


88Page

2,488,559.70Assets2,429,070.25Securities portfolio at market value 2.1Note2,661,288.56Cost price(232,218.31)Unrealised loss on the securities portfolio

58,954.22Cash at banks and liquidities535.23Other assets

8,721.43Liabilities720.00Unrealised loss on financial futures 2.6Note




Expressed in EUR


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund


89Page




8.34Bank interest on cash account629.01Securities lending income 2.8, 7Note


284.39Taxe d'abonnement 6Note5,498.06Administrative expenses 5Note

282.88Bank interest on overdrafts7,167.00Transaction fees 2.10Note

9.59Other expenses


203,673.46- sales of investment securities 2.5Note(4,305.00)- financial futures 2.6Note

42.36- foreign exchange 2.4Note

230,054.91Net realised profitMovement in net unrealised appreciation / depreciation on:

(433,376.81)- investments240.00- financial futures

(203,081.90)Decrease in net assets as a result of operations(156,700.40)Redemption capitalisation shares

(359,782.30)Decrease in net assets




90Page

ACCOR SA581 21,560.91 0.87EUR


Shares 2,429,070.25 97.95

France 2,354,977.04 94.96

AEROPORTS DE PARIS-ADP-546 90,363.00 3.64EURALSTOM SA960 33,859.20 1.37EURATOS548 39,171.04 1.58EURAXA SA1,698 32,020.88 1.29EURBIC(SOCIETE) - ACT PORTEUR/NOM850 75,777.50 3.06EURBIOMERIEUX SA1,211 69,632.50 2.81EURCARREFOUR SA4,670 69,629.70 2.81EURCASINO GUICHARD PERRACHON SA1,558 56,617.72 2.28EURCOVIVIO SA545 45,889.00 1.85EURCREDIT AGRICOLE SA8,333 78,580.19 3.17EURDASSAULT AVIATION SA16 19,360.00 0.78EURDASSAULT SYSTEMES SA308 31,939.60 1.29EUREDENRED SA1,874 60,174.14 2.43EUREDF SA4,439 61,258.20 2.47EURESSILORLUXOTTICA SA553 61,078.85 2.46EUREUROFINS SCIENTIFIC173 56,398.00 2.27EUREUTELSAT COMMUNICATIONS SA3,048 52,440.84 2.11EURGECINA SA REG SHS747 84,411.00 3.40EURGETLINK ACT9,484 111,247.32 4.49EURHERMES INTERNATIONAL SA180 87,264.00 3.52EURILIAD SA410 50,286.50 2.03EURINGENICO GROUP1,008 49,936.32 2.01EURIPSEN642 72,449.70 2.92EURJC DECAUX SA1,207 29,595.64 1.19EURKLEPIERRE SA767 20,678.32 0.83EURMICHELIN SA REG SHS418 36,240.60 1.46EURPERNOD RICARD SA423 60,615.90 2.44EURPEUGEOT SA3,150 58,731.75 2.37EURPUBLICIS GROUPE1,575 78,876.00 3.18EURREMY COINTREAU186 18,404.70 0.74EURREXEL SA1,246 11,587.80 0.47EURSANOFI1,537 116,289.42 4.69EURSARTORIUS STEDIM BIOTECH250 21,837.50 0.88EURSCOR SE2,309 90,974.60 3.67EURSEB SA589 66,439.20 2.68EURSOCIETE GENERALE SA1,968 54,749.76 2.21EURSODEXHO SA865 77,417.50 3.12EURSUEZ ACT.6,221 71,728.13 2.89EURTELEPERFORMANCE SA461 64,355.60 2.60EURTOTAL SA332 15,331.76 0.62EURVALEO SA1,738 44,336.38 1.79EURVEOLIA ENVIRONNEMENT SA303 5,440.37 0.22EUR


STMICROELECTRONICS NV2,440 30,463.40 1.23EURThe Netherlands 30,463.40 1.23







91Page





01/01/18





Key figures

Total Net Assets 2,479,838.27 2,839,620.57 2,402,650.15

31/12/1631/12/1731/12/18Year ending as at:


14,831.22165.0000 175.0000

16,023.33175.000013,604.10



117.09200.0000 200.0000

127.83200.0000109.66



92.68100.0000 100.0000

99.720.00000.00


92Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Global High Yield Fund


93Page


23,594,326.95Cash at banks and liquidities4,670,040.62Interest receivable 2.3Note

265,397.52Unrealised gain on swaps 2.11Note8,125.42Other assets

430,094.29Liabilities37,879.57Bank overdrafts87,351.66Unrealised loss on forward foreign exchange contracts 2.7Note

115,445.31Unrealised loss on financial futures 2.6Note189,417.75Other liabilities



Expressed in USD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund


94Page



13,780,374.47Income12,676,553.90Net interest on bonds 2.3Note


910,532.60Interest on swaps 2.3Note


467,164.09Administrative expenses 5Note13,414.64Bank interest on overdrafts15,342.50Transaction fees 2.10Note

198,416.15Interest on swaps 2.3Note832.77Other expenses


(4,617,721.22)- sales of investment securities 2.5Note777,557.46- forward foreign exchange contracts 2.7Note307,071.56- financial futures 2.6Note705,552.84- swaps

(149,557.71)- foreign exchange 2.4Note


(19,721,811.89)- investments(59,102.23)- forward foreign exchange contracts

(129,431.72)- financial futures(1,549,833.36)- swaps







95Page

INTELSAT JACKSO 8.5000 18-24 15/10S2,500,000 2,424,425.00 0.91USD


Bonds 214,526,249.73 80.18

Bermuda 2,424,425.00 0.91

AIR CANADA 144A 7.75 14-21 15/04S5,000,000 5,296,125.00 1.97USDCanada 21,586,406.54 8.06

BOMBARDIER 144A 7.50 17-24 01/12S1,000,000 950,410.00 0.36USDKINROSS 4.5 18-27 15/07S6,000,000 5,198,580.00 1.94USDNEW GOLD INC 6.375 17-25 15/05S6,000,000 4,584,090.00 1.71USDRITCHIE BROS AUCTI 5.375 16-25 15/01S4,000,000 3,920,880.00 1.47USDVALEANT PHARMACEUTICA 5.50 17-25 01/11S50,000 46,917.50 0.02USDVRX ESCROW 4.50 15-23 15/05S500,000 544,408.04 0.20EURVRX ESCROW 144A 6.125 15-25 15/04S1,200,000 1,044,996.00 0.39USD

NOKIA 3.375 17-22 12/06S2,500,000 2,371,425.00 0.89USDFinland 4,244,825.00 1.59

NOKIA 4.375 17-22 12/06S2,000,000 1,873,400.00 0.70USD

ALTICE FRANCE S 8.1250 18-27 01/02S1,400,000 1,326,290.00 0.50USDFrance 5,427,240.27 2.03

CASINO GUICHARD PERR 1.865 17-22 13/0500,000 506,152.52 0.19EURCROWN EURO HOLDINGS 3.375 15-25 15/05S500,000 576,610.57 0.22EUREUROPCAR REGS 4.125 17-24 15/11S450,000 490,121.56 0.18EURFAURECIA 2.625 18-25 15/06S500,000 542,624.73 0.20EURGROUPE FNAC SA 3.25 16-23 30/09S750,000 843,087.41 0.32EURNUMERICABLE-ALTICE 7.375 16-26 01/05S1,000,000 921,330.00 0.34USDSPIE SA 3.125 17-24 22/03A200,000 221,023.48 0.08EUR

ADLER REAL ESTATE 1.875 18-23 27/04A400,000 429,920.43 0.16EURGermany 4,102,549.57 1.53

ADLER REAL ESTATE AG 3.0 18-26 27/04A400,000 422,188.16 0.16EURDEMIRE REAL ESTATE 2.875 17-22 15/07S950,000 1,059,950.40 0.39EURHAPAG-LLOYD AG 6.75 17-22 01/02S500,000 589,653.91 0.22EURHEIDELBERGER REG S 8.00 15-22 15/05S511,196 586,056.70 0.22EURKME AG 6.75 18-23 01/02S500,000 495,338.33 0.19EURNORDEX SE 6.50 18-23 01/02S500,000 519,441.64 0.19EUR

ARDAGH PKG FIN/HLD 2.75 17-24 15/03S550,000 617,641.66 0.23EURIreland 617,641.66 0.23

INTESA SAN PAOLO 8.375 09-XX 14/10A500,000 595,432.54 0.22EURItaly 1,603,074.10 0.60

TELECOM ITALIA SPA 5.875 07-23 19/05A450,000 599,029.45 0.23GBPWIND TRE SPA 3.125 17-25 20/01S400,000 408,612.11 0.15EUR

SOFTBANK 5.5 18-23 20-04S1,250,000 1,240,037.50 0.46USDJapan 3,675,430.31 1.37

SOFTBANK 6.125 18-25 20/04S2,000,000 1,977,200.00 0.74USDSOFTBANK GROUP 4.5000 18-25 20/04S400,000 458,192.81 0.17EUR

AA BOND CO LTD 5.50 15-22 31/07S300,000 308,587.45 0.12GBPJersey Island 770,745.85 0.29

ADIENT GLOBAL HOLD 3.50 16-24 15/08S500,000 462,158.40 0.17EUR

ALTICE FINCO 8.125 13-24 15/01S3,000,000 2,807,250.00 1.06USDLuxembourg 11,948,313.41 4.47

ALTICE FINCO SA 4.75 17-28 15/01S400,000 367,861.10 0.14EURALTICO FINCO REGS 9.00 13-23 15/06S800,000 947,122.64 0.35EURCABOT FINANCIAL LU 7.50 16-23 01/10S650,000 756,508.54 0.28GBPCODERE FIN LUX 6.75 16-21 01/11S250,000 248,872.33 0.09EURCODERE FINANCE 2 7.625 16-21 01/11S1,745,000 1,497,087.85 0.56USDCORESTATE CAPITAL HLD 3.6 18-23 15/04S400,000 444,831.67 0.17EUROLIVETTI FINANCE EMTN 7.75 03-33 24/01A300,000 430,152.48 0.16EURROSSINI SARL 6.75 18-25 30/10S1,000,000 1,137,491.41 0.43EURSCHMOLZ + BICKENBA 5.625 17-22 15/07S500,000 546,711.49 0.20EURTELENET INT FIN 144A 5.50 17-28 01/03S2,000,000 1,828,200.00 0.68USDTELENET IV 4.875 15-27 15/07S765,000 936,223.90 0.35EUR

NEMAK SAB DE CV 3.25 17-24 15/03S500,000 562,464.09 0.21EURMexico 562,464.09 0.21

CELLNEX TELECOM SA 2.875 17-25 18/04A500,000 582,823.59 0.22EURSpain 1,788,470.42 0.67

GESTAMP AUTOMOCION 3.25 18-26 30/04S500,000 519,024.40 0.19EUR






96Page

NH HOTEL GROUP SA 3.75 16-23 01/10S449,603 529,387.86 0.20EUROBRASCON HUARTE LAIN 4.75 14-22 15/03S250,000 157,234.57 0.06EUR

INTRUM JUSTITIA AB 2.75 17-22 15/07S250,000 263,916.19 0.10EURSweden 922,977.03 0.34

INTRUM JUSTITIA AB 3.125 17-24 15/07S650,000 659,060.84 0.24EUR

ALTICE REGS 7.25 14-22 15/05S750,000 802,517.03 0.30EURThe Netherlands 9,492,738.25 3.55

AXALTA COATING 3.75 16-25 15/01S750,000 828,357.93 0.31EURFIAT CHRYSLER A 3.75 16-24 29/03A400,000 480,936.92 0.18EURINTERXION HOLDING 4.7500 18-27 15/06S1,200,000 1,408,008.71 0.53EURKONGSBERG ACTUATION 5 18-25 15/07750,000 808,047.01 0.30EUROCI NV 5.0000 18-23 15/04S800,000 937,346.42 0.35EURSAMVARDHANA MOTHER 1.80 17-24 06/07A600,000 542,854.50 0.20EURTEVA PHARMA. 6.0 18-24 14/03S2,000,000 1,920,600.00 0.72USDUPC HOLDING BV 3.875 17-29 15/06S800,000 852,149.73 0.32EURUPC HOLDING BV 5.50 17-28 15/01S1,000,000 911,920.00 0.34USD

TEVA PHARM FIN II 1.125 16-24 15/10A500,000 482,466.45 0.18EURThe Netherlands Antilles 1,468,016.65 0.55

TEVA PHARMA 3.25 18-22 14/03S250,000 288,425.32 0.11EURTEVA PHARMA 4.5 18-25 01/03U600,000 697,124.88 0.26EUR

EC FINANCE PLC 2.375 17-22 15/11S250,000 279,605.91 0.10EURUnited Kingdom 4,161,562.77 1.56

ENSCO PLC 8.75 18-26 01/02S1,500,000 1,109,655.00 0.42USDHELLENIC TELECOM 3.50 14-20 09/07A500,000 590,762.77 0.22EURLADBROKES GROUP FI 5.125 16-23 08/09S500,000 648,196.81 0.25GBPOCADO GROUP 4.00 17-24 15/06S350,000 431,743.39 0.16GBPOTE PLC 2.375 18-22 18/07A100,000 116,803.63 0.04EURSAGA PLC 3.375 17-24 12/05S300,000 329,969.22 0.12GBPTITAN GLOBAL FINANCE 2.375 17-24 16/11S600,000 654,826.04 0.25EUR

ADV MICRO DEV 7.00 14-24 01/07S4,000,000 4,154,320.00 1.55USDUnited States of America 139,729,368.81 52.22

AK STEEL CORP 7.625 14-21 01/10S4,000,000 3,632,240.00 1.36USDALLEGIANT TRAVEL CO 5.50 14-19 15/07S5,650,000 5,654,407.00 2.11USDALLIANCE DATA SYSTEMS 4.50 17-22 15/03S400,000 457,314.87 0.17EURAMC ENTERT HLDG 6.125 17-27 15/05S3,000,000 2,574,000.00 0.96USDAMC NETWORKS 5.00 16-24 01/04S2,000,000 1,910,800.00 0.71USDAMERICAN AXLE 6.5 17-27 01/04S3,000,000 2,716,170.00 1.02USDAMERICAN WOODMARK 4.875 18-26 15/03S5,000,000 4,458,200.00 1.67USDARAMARK SERVICES INC 5.00 18-28 01/02S500,000 470,620.00 0.18USDB&G FOODS INC 5.25 17-25 01/04S3,000,000 2,805,960.00 1.05USDBRISTOW GROUP 8.75 18-23 01/03S1,000,000 718,820.00 0.27USDCATALENT PHARMA 4.75 16-24 15/12S1,148,000 1,320,052.74 0.49EURCEDAR FAIR LP 5.375 18-27 15/04S3,000,000 2,850,495.00 1.07USDCEDAR FAIR LP/CANA 5.375 15-24 01/06S2,000,000 1,969,380.00 0.74USDCHESAPEAKE EN 7.0 18-24 27/09S1,250,000 1,082,875.00 0.40USDCOTY INC 6.5 18-26 05/04S1,250,000 1,075,387.50 0.40USDCOVANTA HOLDING CO 5.875 17-25 01/07S2,595,000 2,391,733.65 0.89USDCSC HOLDINGS 5.375 18-28 01/02S250,000 230,460.00 0.09USDCSC HOLDINGS LLC 5.5 16-27 15/04S1,500,000 1,404,577.50 0.52USDDEAN FOODS 144A 6.50 15-23 15/03S1,135,000 917,528.33 0.34USDDENBURRY RESOURCES 9.00 16-21 15/05S1,000,000 937,830.00 0.35USDELDORADO RESORTS 6.00 17-25 01/04S4,332,000 4,187,831.04 1.57USDENERGIZER GAMMA ACQ 6.375 18-26 15/07S125,000 114,952.50 0.04USDEP ENERGY 9.375 12-20 01/05S3,000,000 2,232,540.00 0.83USDEQUINIX 2.875 17-26 01/02S300,000 326,233.29 0.12EUREQUINIX INC 2.875 17-22 01/10S900,000 990,850.41 0.37EURFEDERAL MOGUL REGS 5.00 17-24 15/07S250,000 293,352.30 0.11EURFEDERAL-MOGUL HOLD 4.875 17-22 15/04Q600,000 700,074.21 0.26EURFINANCIAL & RIS 6.2500 18-26 15/05S1,500,000 1,447,860.00 0.54USDFINANCIAL & RIS 8.2500 18-26 15/11S500,000 457,532.50 0.17USDFIRST DATA CORP 5.00 15-24 15/01S5,000,000 4,841,800.00 1.81USDFRONTIER COMMUNICATIONS 8.5 18-26 01/04S700,000 614,642.00 0.23USDGENESIS ENERGY LP 6.25 17-26 15/05S2,000,000 1,727,840.00 0.65USDGENWORTH 7.2 10-21 22/11S1,320,000 1,303,500.00 0.49USDGRAY ESCROW 7.00 18-27 15/05S500,000 492,275.00 0.18USDHD SUPPLY INC 5.3750 18-26 15/10S1,000,000 973,080.00 0.36USD






97Page

IRON MOUNTAIN 3.00 17-25 15/01S400,000 426,349.22 0.16EURJC PENNEY 5.65 10-20 01/06S27,000 21,632.94 0.01USDJC PENNEY 8.125 14-19 01/10S173,000 165,441.63 0.06USDL BRANDS 6.875 16-35 01/11S500,000 419,460.00 0.16USDLADDER CAP FIN LLL 5.250 17-25 01/10S5,000,000 4,475,450.00 1.67USDMATCH GROUP INC 5.00 17-27 15/12S5,250,000 4,823,621.25 1.80USDMATTEL 6.75 17-25 31/12S1,000,000 897,210.00 0.34USDMEDNAX INC 6.25 18-27 13/11S250,000 241,575.00 0.09USDMGM GROWTH/FIN 4.50 17-26 01/09S4,500,000 4,108,005.00 1.54USDMPT OPER PARTNERSHIP 3.325 17-25 24/03A900,000 1,028,752.69 0.38EURNAVISTAR INTL 6.625 17-25 01/11S1,750,000 1,702,452.50 0.64USDPARTY CITY HOLD 6.6250 18-26 01/08S3,000,000 2,736,510.00 1.02USDPOST HOLDINGS INC 5.625 17-28 15/01S2,000,000 1,867,840.00 0.70USDPSPC ESCROW REGS 6.00 15-23 01/02S750,000 881,471.53 0.33EURPULTEGROUP 5.00 16-27 15/01S4,000,000 3,658,560.00 1.37USDPVR CORP 3.125 17-27 15/12S1,000,000 1,069,839.79 0.40EURRITE AID 144A 6.125 15-23 01/04S1,925,000 1,526,573.12 0.57USDSBA COMMUNICATIONS 4.875 15-22 15/07S2,000,000 1,988,880.00 0.74USDSBA COMMUNICATIONS 4.875 17-24 01/09S5,506,000 5,263,130.34 1.97USDSIX FLAGS ENTERTAIN 4.875 16-24 31/07S4,000,000 3,805,420.00 1.42USDSOUTHWESTERN ENERG 6.70 15-25 23/01S1,000,000 901,510.00 0.34USDSPRINT CORP 7.625 18-26 01/03S2,500,000 2,517,275.00 0.94USDSPRINT CORP 7.125 14-24 15/06S668,000 663,918.52 0.25USDSTARWOOD PROP TRUST 4.75 18-25 15/03S4,140,000 3,741,690.60 1.40USDSUNOCO LP 5.875 18-28 15/03S1,125,000 1,055,593.12 0.39USDSUNOCO LP/FINAN 4.8750 18-23 15/01S1,000,000 978,820.00 0.37USDSUNOCO LP/FINAN 5.5000 18-26 15/02S1,375,000 1,303,816.25 0.49USDTENET HEALTHCARE 7 18-23 01/08S750,000 694,320.00 0.26USDTENET HEALTHCARE 4.625 17-24 15/07S4,500,000 4,217,175.00 1.58USDTESLA INC 5.30 17-25 15/08S1,100,000 958,298.00 0.36USDTRONOX 144A 6.50 18-26 15/04S3,000,000 2,529,810.00 0.95USDTUTOR PERINI CORP 6.875 17-25 01/05S500,000 467,765.00 0.17USDUGI INTERNATION 3.2500 18-25 01/11S500,000 574,301.41 0.21EURUNITED CONTINENTAL 4.25 17-22 01/10S1,600,000 1,551,600.00 0.58USDUNITED CONTINENTAL 5.00 17-24 01/02S3,857,000 3,778,162.92 1.41USDVFH PARENT LLC 144A 6.75 17-22 15/06S4,957,000 4,820,608.14 1.80USDWAND MERGER CORP 9.125 18-26 15/07S3,000,000 2,936,880.00 1.10USDWAND MERGER CORP 8.125 18-23 15/07S500,000 492,115.00 0.18USD

RWE AG FL.R 12-XX 20/03A600,000 769,911.62 0.29GBP

Floating rate bonds 9,787,586.81 3.66

Germany 769,911.62 0.29

ARD FINANCE PIK FL.R 17-23 15/09S750,000 820,410.18 0.31EURLuxembourg 3,325,954.92 1.24

CPI PROPERY 4.375 18-23 09/05A800,000 854,134.25 0.32EURSES SA FL.R 16-49 29/11A900,000 1,055,595.00 0.39EURUNICREDIT FINANCE FL.R 09-XX 10/12A500,000 595,815.49 0.22EUR

GAS NAT FENOSA REGS FL.R 14-XX 30/11A400,000 468,353.13 0.18EURThe Netherlands 1,452,015.41 0.54

TELEFONICA EUROPA SUB FL.R 13-XX 18/09A400,000 522,053.74 0.19EURTELEFONICA EUROPA SUB 3.75 16-XX 15/09A400,000 461,608.54 0.17EUR

BARCLAYS BANK RCI SUB FL.R 08-XX 29/11A600,000 800,264.86 0.30GBPUnited Kingdom 800,264.86 0.30

VIACOM SUB FL.R 17-57 28/02S2,250,000 2,053,507.50 0.77USDUnited States of America 3,439,440.00 1.29

VIACOM SUB FL.R 17-57 28/02S1,500,000 1,385,932.50 0.52USD

PLAYTECH 3.75 18-23 12/10S500,000 558,263.02 0.21EUR

Other transferable securities 15,125,303.61 5.65

Bonds 15,125,303.61 5.65

Isle of Man 558,263.02 0.21

CONTOURGLOBAL 3.375 18-23 26/07S500,000 541,955.98 0.20EURLuxembourg 3,104,058.62 1.16

CONTOURGLOBAL 4.125 18-25 26/07S750,000 803,194.33 0.30EUREDREAMS ODIGEO 5.5 18-23 01/09S750,000 805,054.81 0.30EURFINANCIAL AND RISK 6.875 18-26 15/11S900,000 953,853.50 0.36EUR






98Page

ALTICE FRANCE S 5.8750 18-27 01/02S900,000 1,020,079.61 0.39EURThe Netherlands 2,555,502.67 0.96

INTERTRUST GROUP BV 3.375 18-25 15/11S500,000 564,881.85 0.21EURSAIPEM FIN INTL BV 2.625 17-25 07/01A900,000 970,541.21 0.36EUR

EI GROUP PLC 7.5 18-24 15/03S200,000 255,152.15 0.10GBPUnited Kingdom 1,217,022.15 0.45

INTER GAME 6.25 18-27 26/09S1,000,000 961,870.00 0.35USD

AXALTA COATING SYS 4.875 16-24 15/08S1,000,000 946,700.00 0.35USDUnited States of America 7,690,457.15 2.87

ENOVA INTERNATIONAL 8.5 18-25 15/09S2,500,000 2,040,900.00 0.76USDLIONS GATE CAP HLD 5.875 17-24 01/11S1,250,000 1,229,800.00 0.46USDLITHIA MOTORS 5.25 17-25 01/08S3,267,000 3,034,879.65 1.14USDW&T OFFSHORE INC 9.75 18-23 01/11S500,000 438,177.50 0.16USD







99Page





01/01/18


Class A - Capitalisation shares 18,028.6719 3,713.6101 14,705.2700 7,037.0120


Key figures

Total Net Assets 267,546,936.37 196,298,880.59

31/12/1731/12/18Year ending as at:


10,364.757,037.0120 18,028.6719



9,566.4920,342.8786 0.0000


100Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark World ex USA Equity Fund


101Page



25,931.52Liabilities903.09Unrealised loss on financial futures 2.6Note




Expressed in USD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund


102Page





187,896.66Expenses3,584.11Taxe d'abonnement 6Note

62,421.13Administrative expenses 5Note631.33Bank interest on overdrafts

121,166.84Transaction fees 2.10Note93.25Other expenses


(1,443,308.77)- sales of investment securities 2.5Note12,137.39- forward foreign exchange contracts 2.7Note


(1,667,014.90)Net realised lossMovement in net unrealised appreciation / depreciation on:

(4,299,528.70)- investments(903.09)- financial futures

(5,967,446.69)Decrease in net assets as a result of operations52,964,246.86Subscription capitalisation shares(1,911,154.17)Redemption capitalisation shares


0.00Net assets at the beginning of the period

45,085,646.00Net assets at the end of the period


103Page

APA GROUP STAPLED SECURITY63,713 381,256.86 0.85AUD


Shares 44,279,065.60 98.21

Australia 1,244,534.40 2.76

DOMINO S PIZZA ENTERPRISES LTD13,631 390,084.73 0.86AUDFLIGHT CENTRE LIMITED8,323 251,483.96 0.56AUDFORTESCUE METALS GROUP LTD75,162 221,708.85 0.49AUD

ERSTE GROUP BANK AG2,614 86,807.04 0.19EURAustria 86,807.04 0.19

COLRUYT9,119 648,813.71 1.44EURBelgium 1,352,635.73 3.00

TELENET GROUP HOLDING NV12,044 558,984.80 1.24EURUCB1,777 144,837.22 0.32EUR

DAIRY FARM INTERNATIONAL HOLDING76,300 690,515.00 1.53USDBermuda 3,434,986.78 7.62

JARDINE MATHESON HLD10,400 723,632.00 1.60USDJARDINE STRATEGIC HOLDINGS19,100 701,161.00 1.56USDKERRY PROPERTIES163,500 558,617.39 1.24HKDNWS HOLDINGS LTD116,000 237,944.92 0.53HKDYUE YUEN INDUSTRIAL HOLDINGS163,500 523,116.47 1.16HKD

AGNICO EAGLE MINES6,400 258,195.36 0.57CADCanada 5,923,780.88 13.14

ALTAGAS49,500 503,775.29 1.12CADATCO CLASS 1 NON VOTING6,800 192,231.95 0.43CADAURORA CANNABIS28,700 142,471.65 0.32CADBOMBARDIER INC B158,900 236,176.56 0.52CADCAMECO CORP35,500 402,361.27 0.89CADCANADIAN UTILITIES -A- NON VOTING11,900 272,888.71 0.61CADCANOPY GROWTH CORP6,200 166,191.30 0.37CADCCL INDUSTRIES INC -B- NON-VOTING5,400 197,925.37 0.44CADDOLLARAMA INC5,700 135,510.83 0.30CADEMPIRE -A- NON VOTING32,400 683,921.90 1.51CADENCANA CORP14,000 80,773.91 0.18CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG200 88,004.90 0.20CADFRANCO-NEVADA CORP1,200 84,109.72 0.19CADGILDAN ACTIVEWEAR18,800 570,419.62 1.26CADHYDRO ONE LTD5,400 80,063.70 0.18CADKINROSS GOLD CORP93,700 301,862.47 0.67CADONEX CORP SUB.VOTING5,800 315,737.25 0.70CADPRAIRIESKY ROYALTY LTD16,200 209,588.97 0.46CADSEVEN GENERATIONS ENERGY LTD32,800 267,532.10 0.59CADTHOMSON REUTERS --- REGISTERED SHS6,000 289,635.10 0.64CADWEST FRASER TIMBER CO9,000 444,402.95 0.99CAD

ASM PACIFIC TECHNOLOGY23,500 226,464.44 0.50HKDCayman Islands 1,396,753.26 3.10

HKT LTD - STAPLED SECURITY457,000 658,412.71 1.47HKDMINTH GROUP LTD30,000 96,751.02 0.21HKDWH GROUP 144A/REGS539,000 415,125.09 0.92HKD

COLOPLAST -B-1,567 145,226.60 0.32DKKDenmark 1,387,300.69 3.08

H. LUNDBECK9,574 418,571.04 0.93DKKPANDORA8,288 336,828.46 0.75DKKVESTAS WIND SYSTEMS AS6,456 486,674.59 1.08DKK

NESTE6,679 514,300.26 1.14EURFinland 773,736.55 1.72

ORION CORPORATION (NEW) -B-7,495 259,436.29 0.58EUR


CARREFOUR SA12,757 217,434.98 0.48EUREUTELSAT COMMUNICATIONS SA8,546 168,081.84 0.37EURGETLINK ACT12,313 165,106.86 0.37EURINGENICO GROUP7,233 409,616.73 0.91EURSCOR SE12,643 569,442.11 1.26EURSODEXHO SA3,138 321,054.82 0.71EUR






104Page

SUEZ ACT.15,189 200,198.91 0.44EURTELEPERFORMANCE SA2,303 367,521.35 0.82EUR

ADIDAS NAMEN AKT500 104,255.28 0.23EURGermany 1,598,983.74 3.55

DEUTSCHE LUFTHANSA AG REG SHS9,214 207,499.79 0.46EURMETRO WHOLESALE AND FOOD SPECIALIST AG39,877 610,616.34 1.36EUROSRAM LICHT1,199 51,974.55 0.12EURPUMA AG953 465,183.17 1.03EURZALANDO SE6,216 159,454.61 0.35EUR

HYSAN DEVELOPMENT25,000 118,943.08 0.27HKDHong Kong 205,924.48 0.46

PCCW LTD151,000 86,981.40 0.19HKD

AIB GRP - REGISTERED125,139 526,433.74 1.18EURIreland 2,195,099.39 4.87

BANK OF IRELAND - REGISTERED88,655 492,541.38 1.09EURKERRY GROUP -A-3,795 375,258.99 0.83EURPADDY POWER3,434 281,267.60 0.62EURRYANAIR HLDGS42,282 519,597.68 1.15EUR

AZRIELI GROUP1,602 76,524.98 0.17ILSIsrael 1,082,558.87 2.40

BEZEQ THE ISRAEL TELECOMMUNICATION145,780 142,394.52 0.32ILSCHECK POINT SOFTWARE TECHNOLOGIES6,303 647,002.95 1.43USDNICE SYSTEMS ADR REPR.SHS2,002 216,636.42 0.48USD

ATLANTIA SPA12,509 258,394.92 0.57EURItaly 460,231.69 1.02

POSTE ITALIANE SPA9,529 76,077.25 0.17EURUNICREDIT -REGISTERD SHARE11,119 125,759.52 0.28EUR

ABC MART INC. TOKYO12,400 687,162.20 1.53JPYJapan 9,219,984.14 20.45

ASICS CORP KOBE23,300 298,377.62 0.66JPYBANDAI NAMCO HOLDINGS INC14,400 646,402.05 1.43JPYCOCA-COLA WEST SHS2,600 77,847.15 0.17JPYDAITO TRUST CONSTRUCTION CO LTD1,000 136,854.58 0.30JPYDON QUIJOTE HLD8,200 509,720.65 1.13JPYFAMILYMART UNY HOLDINGS3,500 443,740.61 0.98JPYHOSHIZAKI2,000 121,770.04 0.27JPYIDEMITSU KOSAN4,600 151,355.79 0.34JPYJAPAN RETAIL FUND INVESTMENT CORP190 380,121.23 0.84JPYJP REAL ESTATE INVESTMENT79 443,549.20 0.98JPYKANSAI ELECTRIC POWER21,900 329,353.33 0.73JPYKDDI CORP12,800 306,131.34 0.68JPYLAWSON INC11,100 703,139.96 1.57JPYMC DONALD'S CO (JAPAN)16,000 679,578.92 1.52JPYNIPPON BUILDING FD30 188,944.08 0.42JPYNIPPON TELEGRAPH AND TELEPHONE CORP6,700 273,703.69 0.61JPYNITORI2,600 325,370.28 0.72JPYNOMURA REAL ESTATE MASTER FUND62 81,600.51 0.18JPYNTT DOCOMO INC13,700 308,738.55 0.68JPYONO PHARMACEUTICAL CO LTD11,700 239,406.65 0.53JPYPARK24 CO22,600 497,049.63 1.10JPYSANKYO CO LTD17,800 678,157.05 1.50JPYSEGA SAMMY HOLDINGS INC9,400 131,599.14 0.29JPYSONY FINANCIAL HOLDINGS3,500 65,556.21 0.15JPYSUMI DAI PHARMA2,600 82,823.68 0.18JPYSUZUKI MOTOR CORP5,100 258,776.83 0.57JPYTOHO GAS2,100 88,716.22 0.20JPYYAKULT HONSHA CO LTD1,200 84,436.95 0.19JPY


GOLDEN AGRI-RESOURCES1,408,100 253,100.81 0.56SGDMauritius 253,100.81 0.56

FLETCHER BUILDING LTD113,528 371,494.68 0.82NZDNew Zealand 714,235.00 1.58

SPARK NEW ZEALAND123,165 342,740.32 0.76NZD






105Page

MOWI ASA28,603 603,494.06 1.33NOKNorway 1,395,375.13 3.09

NORSK HYDRO ASA110,321 499,548.77 1.11NOKORKLA ASA37,204 292,332.30 0.65NOK

COMFORTDELGRO CORP78,100 123,192.27 0.27SGDSingapore 234,433.24 0.52

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD121,300 111,240.97 0.25SGD

HENNES AND MAURITZ AB18,138 257,815.09 0.57SEKSweden 1,631,729.40 3.62

HUSQVARNA -B-56,085 415,615.33 0.92SEKICA GRUPPEN AB12,231 437,045.45 0.97SEKTELEFON AB L.M.ERICSSON59,309 521,253.53 1.16SEK

CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH9 55,691.66 0.12CHFSwitzerland 478,665.88 1.06

ROCHE HOLDING AG GENUSSSCHEIN660 162,960.50 0.36CHFSONOVA HOLDING NAM-AKT1,596 260,013.72 0.58CHF

AEGON NV13,274 61,895.46 0.14EURThe Netherlands 745,159.30 1.65

KONINKLIJKE AHOLD NV27,076 683,263.84 1.51EUR

ASTRAZENECA PLC1,298 97,091.06 0.22GBPUnited Kingdom 4,978,587.23 11.04

AUTO TRADER GROUP PLC10,463 60,606.78 0.13GBPCARNIVAL PLC9,564 458,372.29 1.02GBPCENTRICA PLC NEW333,559 573,098.38 1.27GBPCOMPASS GROUP5,149 108,206.02 0.24GBPCONVATEC GROUP REGD187,246 331,371.90 0.73GBPDIRECT LINE INS GR PLC NI42,460 172,348.15 0.38GBPFRESNILLO PLC16,006 175,317.73 0.39GBPHAMMERSON PLC95,958 402,577.36 0.89GBPKINGFISHER PLC205,026 541,840.68 1.20GBPMICRO FOCUS INTL PLC18,186 320,334.66 0.71GBPNEXT PLC8,811 447,869.51 0.99GBPPEARSON PLC50,811 607,281.86 1.35GBPROYAL MAIL126,546 438,552.45 0.97GBPTESCO PLC41,920 101,495.77 0.23GBPUNITED UTILITIES GROUP PLC15,168 142,222.63 0.32GBP

JAPAN PRIME REALTY INVESTMENT CORP180 684,136.18 1.52JPY

Shares/Units in investment funds 684,136.18 1.52

Japan 684,136.18 1.52







106Page





09/05/18



Key figures

Total Net Assets 45,085,646.00

31/12/18Period ending as at:

USDClass Z - Capitalisation shares

8,839.465,100.5000Number of shares

Net asset value per share USD

107Page

Notes to the financial statements - Schedule of derivativeinstruments



Page 108

SWAPS

As at 31/12/18, the following Credit Default Swaps contracts were outstanding:


Counterparty Nominal Currency Maturity

Date Buy/Sell Underlying

Unrealised profit/(loss)

in USD

SG Americas Securities LLC

7,000,000 USD 20/12/2023 Buy CDX NA HY SERIE 31 V1 (140,741.08)

(140,741.08)


Counterparty Nominal Currency Maturity

Date Buy/Sell Underlying

Unrealised profit/(loss)

in USD SG Americas Securities LLC

13,200,000 USD 20/12/2023 Sell CDX NA HY SERIE 31 V1 265,397.52

265,397.52

109Page

EUR 6,166,547.00 JPY 793,000,678.00 08/01/19 (19,600,054) * State Street Bank


Currencypurchased

Maturitydate

Unrealised(in JPY) Counterparty

Quantitypurchased

Currencysale

Quantitysale

JPY 36,881,537.00 EUR 288,441.00 08/01/19 711,636 * State Street BankJPY 144,596,249.00 EUR 1,140,456.00 08/01/19 1,570,610 * State Street Bank

(17,317,808)

EUR 39,892,404.00 USD 45,319,486.32 07/01/19 312,490.85 * State Street Bank


Currencypurchased

Maturitydate

Unrealised(in USD) Counterparty

Quantitypurchased

Currencysale

Quantitysale

USD 2,717,769.97 EUR 2,393,033.00 07/01/19 (19,661.16) * State Street BankUSD 1,192,892.55 EUR 1,044,057.00 07/01/19 (1,203.73) * State Street BankUSD 2,068,507.51 EUR 1,811,006.00 07/01/19 (2,818.83) * State Street Bank

288,807.13

EUR 1,916,598.00 AUD 3,033,127.50 08/01/19 56,948.33 * State Street Bank


Currencypurchased

Maturitydate


Quantitypurchased

Currencysale

Quantitysale

EUR 20,263,862.00 CAD 30,754,645.73 08/01/19 658,652.01 * State Street BankEUR 20,014,253.00 JPY 2,569,265,683.00 09/01/19 (540,271.16) * State Street BankEUR 1,947,632.00 SEK 20,011,478.64 08/01/19 (30,701.20) * State Street BankEUR 4,351,003.00 DKK 32,474,950.93 08/01/19 (1,092.26) * State Street BankEUR 3,872,077.00 HKD 34,544,936.30 08/01/19 16,919.31 * State Street BankEUR 5,590,259.00 GBP 4,998,340.02 08/01/19 26,258.34 * State Street BankEUR 80,968,969.00 USD 92,510,609.72 08/01/19 116,757.25 * State Street BankUSD 4,926,688.69 EUR 4,327,841.00 08/01/19 (24,426.95) * State Street BankUSD 1,947,211.58 EUR 1,704,119.00 08/01/19 (1,950.26) * State Street BankJPY 195,603,193.00 EUR 1,542,719.00 09/01/19 19,396.70 * State Street Bank

USD 4,085,085.76 EUR 3,575,871.00 08/01/19 (5,156.17) * State Street Bank291,333.94

USD 1,228,324.05 GBP 960,750.29 03/01/19 4,476.55 State Street Bank


Currencypurchased

Maturitydate


Quantitypurchased

Currencysale

Quantitysale

USD 9,126,548.35 EUR 8,037,074.66 03/01/19 (63,508.31) State Street BankCAD 1,348,293.47 USD 1,015,574.12 03/01/19 (28,298.70) State Street BankUSD 1,363,263.92 GBP 1,068,910.54 04/02/19 (250.28) State Street BankUSD 989,998.00 CAD 1,352,057.10 03/01/19 135.92 State Street BankUSD 9,437,882.98 EUR 8,233,078.91 04/02/19 1,238.24 State Street BankGBP 998,869.95 USD 1,271,961.00 03/01/19 233.52 State Street BankCAD 1,367,161.02 USD 1,002,052.99 04/02/19 (137.58) State Street BankEUR 8,273,401.56 USD 9,458,980.00 03/01/19 (1,241.02) State Street Bank

(87,351.66)

The contracts that followed by * relate specifically to foreign exchange risk hedging of shares.

As at December 31, 2018, there is no collateral for the forward foreign exchange contracts disclosed here above.


As at 31/12/18, the following forward foreign exchange contracts were outstanding :

FORWARD FOREIGN EXCHANGE CONTRACTS

110Page

MINI MSCI EMG MKT 03/19 (202,795.00)517 USD 24,962,479.03 CACEIS Bank, ParisFutures on index

(202,795.00)

(purchase/(sale)) DenominationQuantity

Currency(in USD)

Broker(in absolute value)

Commitment

(in USD)Unrealised

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund

As at December 31, 2018, the total margin deposit for financial futures contracts amount to USD 1,456,520.00.

DJ EURO STOXX 50 03/19 (2,440.00)4 EUR 118,960.00 CACEIS Bank, ParisFutures on index

(2,440.00)


Currency(in EUR)


Commitment

(in EUR)Unrealised


As at December 31, 2018, the total margin deposit for financial futures contracts amount to EUR 10,824.60.

TOPIX INDEX (OSE) 03/19 (135,000)3 JPY 44,805,000 CACEIS Bank, ParisFutures on index

(135,000)


Currency(in JPY)


Commitment

(in JPY)Unrealised


As at December 31, 2018, the total margin deposit for financial futures contracts amount to JPY 2,025,000.

MSCI.SING INDEX 01/19 44.022 SGD 50,317.23 CACEIS Bank, ParisFutures on index


Currency(in USD)


Commitment

(in USD)Unrealised

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund

SPI 200 INDEX (SFE) 03/19 (563.20)2 AUD 198,752.38 CACEIS Bank, Paris(519.18)

As at December 31, 2018, the total margin deposit for financial futures contracts amount to USD 9,844.40.

FTSE 100 INDEX 03/19 (2,300.00)9 GBP 605,531.70 CACEIS Bank, ParisFutures on index

(2,300.00)


Currency(in GBP)


Commitment

(in GBP)Unrealised


As at December 31, 2018, the total margin deposit for financial futures contracts amount to GBP 29,165.00.

As at 31/12/18, the following financial future contracts were outstanding :

Most Diversified Portfolio SICAVFUTURES

111Page

S&P 500 EMINI INDEX 03/19 (291,892.50)65 USD 8,147,262.50 CACEIS Bank, ParisFutures on index

(291,892.50)


Currency(in USD)


Commitment

(in USD)Unrealised





Currency(in USD)


Commitment

(in USD)Unrealised


FTSE 100 INDEX 03/19 (3,184.08)5 GBP 428,458.68 CACEIS Bank, ParisS&P 500 EMINI INDEX 03/19 (44,302.50)17 USD 2,130,822.50 CACEIS Bank, ParisTOPIX INDEX (OSE) 03/19 (12,942.62)2 JPY 272,250.83 CACEIS Bank, Paris

(69,848.76)




Currency(in USD)


Commitment

(in USD)Unrealised

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund

FTSE 100 INDEX 03/19 (1,451.94)2 GBP 171,383.47 CACEIS Bank, ParisMINI MSCI EMG MKT 03/19 (1,515.00)5 USD 241,416.63 CACEIS Bank, ParisS&P 500 EMINI INDEX 03/19 (35,070.00)7 USD 877,397.50 CACEIS Bank, ParisTOPIX INDEX (OSE) 03/19 (6,744.75)1 JPY 136,125.42 CACEIS Bank, Paris

(49,297.13)


US TREASURY BOND 03/19 (107,625.00)(16) USD 1,974,625.00 CACEIS Bank, ParisFutures on bonds


Currency(in USD)


Commitment

(in USD)Unrealised


US 10 YEARS NOTE 03/19 43,359.3815 USD 1,538,906.25 CACEIS Bank, ParisUS 10YR ULTRA (CBOT) 03/19 (174,953.13)(43) USD 4,368,531.25 CACEIS Bank, ParisUS 2 YEARS NOTE- CBT 03/19 79,921.8855 USD 11,002,148.44 CACEIS Bank, ParisUS 5 YEARS NOTE-CBT 03/19 (57,882.81)(31) USD 3,134,148.44 CACEIS Bank, Paris

(217,179.68)



112Page

CAC40 10 EURO 01/19 (720.00)1 EUR 47,306.90 CACEIS Bank, ParisFutures on index

(720.00)


Currency(in EUR)


Commitment

(in EUR)Unrealised


As at December 31, 2018, the total margin deposit for financial futures contracts amount to EUR 4,455.00.

US TREASURY BOND 03/19 201,562.5030 USD 3,702,421.88 CACEIS Bank, ParisFutures on bonds


Currency(in USD)


Commitment

(in USD)Unrealised


US 10 YEARS NOTE 03/19 (898,515.63)(310) USD 31,804,062.50 CACEIS Bank, ParisUS 10YR ULTRA (CBOT) 03/19 121,484.3830 USD 3,047,812.50 CACEIS Bank, ParisUS 2 YEARS NOTE- CBT 03/19 239,765.63165 USD 33,006,445.31 CACEIS Bank, ParisUS 5 YEARS NOTE-CBT 03/19 220,257.81120 USD 12,132,187.50 CACEIS Bank, Paris

(115,445.31)


DJ EURO STOXX 50 03/19 (903.09)1 EUR 33,997.28 CACEIS Bank, ParisFutures on index

(903.09)


Currency(in USD)


Commitment

(in USD)Unrealised




113Page

Most Diversified Portfolio SICAVOther notes to the financial statements


Other notes to the financial statements as at 31 December, 2018

Page 114

NOTE 1 - GENERAL INFORMATION Most Diversified Portfolio SICAV (the "Company") is an open-ended collective investment company ("société d'investissement à capital variable") established under the laws of the Grand Duchy of Luxembourg. The Company is registered in the Grand Duchy of Luxembourg pursuant the Part I of the Luxembourg law of December 17, 2010 concerning undertakings for collective investment, as amended (the "Law"). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The Company was incorporated on April 30, 2014 for an unlimited period and registered with the “Registre de Commerce et des Sociétés” of Luxembourg, under number B 186947. The articles of incorporation were published in the “Mémorial” on May 19, 2014. The Company has appointed TOBAM to act as its designated Management Company, in accordance with the chapter 15 of the Law and pursuant to a Management Company Agreement dated April 30, 2014. The Management Company was incorporated as a French Simplified Limited Company (“société par actions simplifiée”) under the laws of France on June 13, 2006 and is registered with the “Registre de Commerce et des Sociétés de Paris” under number 490 505 989. The Management Company is authorised and supervised by the “Autorité des Marchés Financiers” since June 14, 2006 under the number GP06 0000 19. The Company is an umbrella structure which offers to investors, within the same investment vehicle, a choice between several sub-funds which are distinguished mainly by their specific investment policy and/or by the currency in which they are denominated. As at December 31, 2018 the Company has the following active sub-funds: Sub-funds Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund (launched on May 9, 2018) The Board of Directors may decide to issue one or more share classes in each sub-fund, subject to different fee structures, currency, type of investors or other specific features. At year-end, the Company issues share classes in accumulation form and two share classes in distribution form, which may be denominated in different currencies and are detailed as follows:

- Classes A, C and Z, reserved to institutional investors;

- Classes B, R and RD, available to all investors;

- Class F, reserved to the Management Company.



Page 115

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements are prepared in accordance with generally accepted accounting principles in Luxembourg applicable to investment funds. The principal accounting policies applied in the preparation of these financial statements are set out below: 1. Valuation of investments Transferable securities or financial instruments admitted to official listing on any stock exchange or dealt on any regulated market are valued on the basis of the last available closing prices in the relevant market prior to the time of valuation. In the event that the latest available price is not representative, the valuation of transferable securities or financial instruments is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors or their delegate. Transferable securities or financial instruments not listed or traded on any stock exchange or on any regulated market are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate. Commercial papers are valued at their nominal value increased by any accrued interest. Commercial papers with remaining maturity of more than 90 days can be valued at their yield adjusted price if an arrangement between the Company and the Bank, with which the commercial paper is invested has been concluded including that the commercial papers are terminable at any time and the yield adjusted price corresponds to the realisation value. Investments in open-ended UCIs are valued on the basis of their last determined and available net asset value. Any other assets are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate. 2. Combined financial statements The accounts of the Company are expressed in EUR, the reference currency of the Company and the accounts of the sub-funds are kept in the reference currency of each sub-fund. The combined statement of net assets and the combined statement of operations and changes in net assets are the sum of the statement of net assets, statement of operations and changes in net assets of each sub-fund converted into EUR using exchange rates prevailing at year-end. As at December 31, 2018, the total of cross-Sub-Funds’ investments amounts to EUR 27,281,459.55 and therefore total combined Net Asset Value at year-end without cross-investments would amount to EUR 4,016,055,556.72. 3. Dividend and interest income Dividends are disclosed net of withholding tax deducted at source and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis.



Page 116

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4. Foreign Currency translation The market value of the investments and other assets and liabilities expressed in currencies other than the reference currency of the related sub-fund, have been converted at the rates of exchange prevailing at the date of these financial statements. Transactions occurring during the year in currencies other than the reference currency of the related sub-fund have been converted at the rates of exchange prevailing at the date of purchase. Exchange profits and losses resulting from the sale of investments are recognised in the statement of operations and changes in net assets in the account “Net realised profit/loss on foreign exchange”. The principal exchange rates used at year-end are:

1 EUR = 1.5613 CAD 1 EUR = 0.89755 GBP 1 EUR = 125.4207 JPY 1 EUR = 1.14315 USD 1 EUR = 1.1269 CHF

1 EUR = 7.46245 DKK 1 EUR = 9.89875 NOK 1 EUR = 10.135 SEK

5. Realised gains and losses on sales of investment securities Realised gains and losses on sales of investments securities are determined on the basis of the average cost of investments sold. 6. Financial futures Financial futures are valued at their last available price on the valuation date or on the closing date. The unrealised appreciation or depreciation on financial futures is disclosed in the statement of net assets under the heading “Unrealised gain on financial futures” and “Unrealised loss on financial futures”. 7. Forward foreign exchange contracts Forward foreign exchange contracts are over-the-counter contracts for delivery of currency in which the Company agrees to receive or deliver a fixed quantity of foreign currency for an agreed price upon an agreed upon date. Open forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the relevant valuation date. The movement in unrealised appreciation or depreciation is disclosed in the statement of operations and changes in net assets. The unrealised appreciation or depreciation is disclosed in the statement of net assets in "Unrealised gain on forward foreign exchange contracts" and "Unrealised loss on forward foreign exchange contracts" respectively.



Page 117

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 8. Securities lending Each portfolio may lend securities included in its portfolio to a borrower. To guarantee this transaction, the Company receives collateral. Securities on loan are delivered to a third counterparty broker, the assets of which continue to be valued as part of the portfolio of the relevant sub-fund. Upon termination of a loan, the relevant sub-fund is required to return to the borrower the posted collateral. Loans are subject to termination by the relevant sub-fund or the borrower at any time. Securities lending income is recognized on a cash basis and recorded in the statement of operations and changes in net assets under the heading "Securities lending income". 9. Formation expenses The costs and expenses incurred in connection with the formation of the Company are amortised on a straight-line basis over a period of five years. 10. Transaction fees Transaction fees include mainly brokerage fees and custodian fees linked to transactions (buy or sell) on portfolio securities and other derivative instruments. Such fees are disclosed separately in the statement of operations and changes in net assets under the heading "Transaction fees". 11. Swaps A Credit Default Swap (CDS) is a bilateral agreement in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event on any reference issuers. When the difference between the loss due to a credit event and the periodic fee is positive, the protection buyer usually receives a cash settlement corresponding to such difference. When such difference is negative, the cash settlement is usually received by the protection seller. The unrealised appreciation or depreciation on Credit Default Swaps is disclosed in the statement of net assets under the heading “Unrealised gain on swaps” and “Unrealised loss on swaps”. 12. Fair value securities The investment securities followed by an asterisk in the securities portfolio correspond to the fair valued securities based on decision of the Board of Directors of the Company.



Page 118

NOTE 3 - MANAGEMENT FEES The Company has appointed TOBAM to serve as its designated Management Company pursuant to a Management Company Agreement dated April 30, 2014. The Management Company is entitled to receive from each sub-fund, payable out of the assets attributable to the relevant shares classes, the following management fees, payable quarterly and calculated as of each valuation day on the basis of the Net Asset Value of the assets attributable to the relevant shares classes:

Sub-funds Shares Classes Currency Management fee

(annual rates) Class A USD 1.50% Class A1 EUR 1.50% Class A2 GBP 1.50% Class A3 USD 0.70% Class A4 EUR 1.50% Class A5 USD 1.00% Class B USD 2.50% Class B1 EUR 2.50% Class R GBP 0.70% Class R1 EUR 0.70% Class R2 USD 0.70% Class F EUR None


Class Z USD None Class A EUR 1.00% Class B EUR 2.00% Class R1 EUR 0.55%


Class Z EUR None Class A EUR 1.20%* Class A1 USD 1.20%* Class B EUR 2.00%** Class B1 USD 2.00%**


Class Z EUR None Class A JPY 1.00% Class A1 EUR 1.00% Class A2 GBP 1.00% Class B EUR 2.00% Class R GBP 0.55% Class RD1 EUR 0.55% Class RD2 JPY 0.55%


Class Z JPY None



Page 119

NOTE 3 - MANAGEMENT FEES (continued)


(annual rates) Class A USD 1.00% Class A1 GBP 1.00% Class A2 USD 1.00% Class B USD 2.00% Class R GBP 0.40% Class RD1 GBP 0.40%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund

Class Z USD None Class A GBP 1.00% Class A1 EUR 1.00% Class B GBP 2.00% Class R1 GBP 0.55% Class R2 EUR 0.55%


Class Z GBP None Class A USD 1.00% Class A1 EUR 1.00% Class A2 USD Up to 1.00%*** Class A4 EUR 0.50% Class A6 GBP 1.00% Class B EUR 2.00% Class R1 GBP 0.55% Class R2 USD 0.55%


Class Z USD None Class A USD 1.20% Class A1 EUR 1.20% Class A2 GBP 1.20% Class A4 GBP 0.30% Class B USD 2.00% Class B1 EUR 2.00% Class C EUR 1.20% Class R GBP 0.55% Class R2 USD 0.55% Class R3 EUR 0.55% Class R4 EUR 0.55%


Class Z USD None Class A CAD 1.00% Class B CAD 2.00% Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark

Canada Equity Fund Class Z CAD None



Page 120

NOTE 3 - MANAGEMENT FEES (continued)

* maximum 0.20% for investments in other sub-funds of the Company. ** maximum 1.00% for investments in other sub-funds of the Company. *** the effective rate for the year is 1.00%. **** the effective rate for the year is 0.10%. ***** the effective rate for the period is 0.25%.

NOTE 4 - PERFORMANCE FEES For specific share classes (as detailed below), in addition to management fees, the Management Company is entitled to receive a performance fee calculated and paid as follows: The performance fee is calculated in respect of each performance period, the first period started on the initial subscription date of the concerned Class of Shares and ended on December 31, 2015. Subsequent performance periods will start on January 1st and end on December 31 of each year. The performance fee will be paid if the difference between the performance of the Net Asset Value per share over the performance period and the performance of each sub-fund’s reference index is positive. At the end of a performance period, the last Net Asset Value per share (performance fee included) of the period and the reference index at the end of the performance period will be considered as the references values for the new performance period.


(annual rates) Class A USD 1.30% Class B USD 2.00% Class R1 USD 0.63%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund

Class Z USD None Class A USD Up to 0.55%**** Class B USD 1.10% Class R USD 0.45%


Class Z USD None Class A EUR 1.00% Class B EUR 2.00% Class R EUR 0.55%


Class Z EUR None Class A USD Up to 0.65%*****Class A1 USD Up to 0.65%*****Class R USD 0.55%


Class Z USD None Class A USD 1.20% Class A1 EUR 1.20% Class B USD 2.00% Class R GBP 0.55%


Class Z USD None



Page 121

NOTE 4 - PERFORMANCE FEES (continued)

Sub-funds Share Classes Performance fee

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund Class A4

25% per annum of the relative outperformance above the MSCI World 100% Hedged to GBP Net Total Return Index

The performance fee is calculated on the basis of the Net Asset Value per share after deducting all expenses, fees (but not the performance fee) and adjusting for subscriptions, redemptions and distributions during the relevant performance period so that these will not affect the performance fee payable. In the event that an investor redeems shares prior to the end of the financial year, any accrued but unpaid performance fee relating to those shares shall be paid to the Management Company at the last valuation day of the relevant quarter.

NOTE 5 - ADMINISTRATIVE EXPENSES The Administration Fee is a fee expressed as a percentage of the Net Asset Value of the sub-funds and share classes, including all the administrative expenses of the Company. The Administration Fee is payable quarterly in arrears to the Management Company and is calculated each day for each sub-fund and each share classes. The Administration Fee is mainly composed of:

- the remuneration of the Administrative Agent, Domiciliary Agent, Transfer Agent and Registrar, including transaction fees for the issue/redemption/conversion of shares in accordance with the provisions of the Services Agreement;

- the remuneration of the Depositary and the fees due to the correspondent banks; - all expenses connected with publications and the supply of information to Shareholders, in particular the cost of

printing global certificates and proxy forms for general meetings for the Shareholders, the cost of publishing the issue and redemption prices, and also the cost of printing, the distribution of the annual and semi-annual reports, the Prospectus as well as the KIID, including translation costs;

- all expenses involved in registering and maintaining the registration of the Company with all governmental agencies and stock exchanges;

- all fees due to any sub-paying agent, to representatives in foreign countries and any other agents; - the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the

Shareholders’ interests; - all fees due to the Auditor; - all fees due to the legal advisors or similar administrative charges, incurred by the Company, the Management

Company and the Depositary for acting on behalf of the Shareholders.

From such fee, the Management Company will pay the fees of the Depositary (as detailed in the paragraph below), the Administrative Agent (as detailed in the paragraph below), the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Company. CACEIS Bank, Luxembourg Branch has been appointed as Depositary of all of the Company's assets, comprising securities, money market instruments, cash and other assets. CACEIS Bank, Luxembourg Branch has also been appointed administration agent (the “Administration Agent”) for the Company. The Administration Agent carries out all administrative duties related to the administration of the Company, including the NAV calculation of the existing shares classes and sub-funds and the provision of accounting services to the Company.



Page 122

NOTE 5 - ADMINISTRATIVE EXPENSES (continued) An annual Administration Fee for which the annual fee rate is of 0.20% is charged to each sub-fund, except for:

- the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund for which the annual fee is 0.25%. - the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund for which the annual fee is 0.22%. This fee is calculated on the sub-fund’s average net assets and is payable quarterly in arrears. For the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund, there is no Administration Fee applied for investments in other sub-funds of the Company. From the Administrative Fee charged by each sub-fund, the Depositary is entitled to receive for the general supervisory function, an annual fee of 0.007% and for the calculation of a daily NAV, the Administration Agent is entitled to receive an annual variable fee of 0.017%. These fees are calculated on the average net assets of the relevant sub-fund and payable monthly in arrears. The Management Company will absorb any difference between the actual operating costs and the applicable fixed fees due to the Management Company (i.e. meaning the Management Company Fees and the Administration Fees) the amount of which is applicable for each sub-fund (the “Fixed Fees”). To the extent that the actual operating costs are lower that the Fixed Fees, the excess will be retained to the Management Company. To the extent that the actual operating costs exceed the Fixed Fees, the difference will be supported by the Management Company.

NOTE 6 - TAXATION The Company is liable in Luxembourg to a subscription tax (“taxe d’abonnement”) of 0.05% is for classes B, R and RD (“all investors share classes”), such tax being payable quarterly and calculated on the Net Asset Value of the respective Class at the end of the relevant quarter. The taxe d’abonnement is levied at a rate of 0.01% per annum on Classes reserved to Institutional Investors (Class A, C and Z shares) as well as to certain sub-funds investing exclusively in money market instruments. No such tax is payable in respect of the portion of the assets of the Company invested in other Luxembourg collective investment undertakings which are subject to this tax. Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Company liable to any Luxembourg withholding tax.



Page 123

NOTE 7 - SECURITIES LENDING As at December 31, 2018, the Company had entered into fully collateralised securities lending agreements with first-class financial institutions, as follows:

Sub-funds Currency Market value of securities

lent

% of investments Collateral Collateral

type

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund USD 501,474,865.84 20.53 534,220,574.22 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund EUR 6,969,840.19 10.65 7,235,509.64 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund EUR 8,666,632.08 16.05 9,058,791.13 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund JPY 1,288,054,479 11.08

1,341,832,524 146,366

Securities Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Ex Japan Markets Equity Fund USD 8,239,846.53 12.59 8,665,854.04 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund GBP 2,127,247.17 18.08 2,229,951.44 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund USD 205,855,962.78 27.43

99,975,051.22 115,172,136.16

Securities

Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund USD 150,525,171.19 26.55

71,506,757.05 85,815,981.28

Securities

Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund CAD 294,555.32 2.29 306,090.30 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund USD 22,511,873.02 21.95

9,038,994.17 15,672,697.39

Securities Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund USD 1,422,249.55 2.20 1,499,908.10 Securities

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund EUR 268,727.76 11.06 278,143.75 Cash

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund USD 10,863,604.74 4.54 11,620,953.32 Securities

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund USD 8,372,529.03 18.62

1,991,214.63 6,752,429.30

Securities

Cash The counterparty of the securities lending agreements is CACEIS Bank, Luxembourg Branch, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund for which the counterparties are as follows:

- Crédit Suisse Europe Ltd; - UBS Bank of Switzerland London; - Citigroup Global Markets Limited; - Merrill Lynch International Bank Limited; - Morgan Stanley International; - Goldman Sachs International; - Macquarie Bank Limited;



Page 124

NOTE 7 - SECURITIES LENDING (continued) For the year-ended December 31, 2018, the Securities lending income generated by the Company is as follows:

Sub-funds Currency

Total gross amount of Securities

lending income

Direct-indirect costs and fees deducted from gross Securities lending income

Total net amount of Securities lending income*

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund USD 8,342,250.56 1,251,337.58 7,090,912.98

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund EUR 112,345.15 16,851.77 95,493.38

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund EUR 16,067.24 2,410.09 13,657.15

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund JPY 34,406,328 5,160,949 29,245,379

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund USD 52,249.45 7,837.42 44,412.03

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund GBP 6,418.08 962.71 5,455.37

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund USD 359,926.74 53,989.01 305,937.73

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund USD 531,147.42 79,672.11 451,475.31

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund CAD 10,654.27 1,598.14 9,056.13

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund USD 75,986.55 11,397.98 64,588.57

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund USD 23,773.88 3,566.08 20,207.80

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund EUR 740.01 111.00 629.01

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund USD 101,182.71 15,177.41 86,005.30

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund USD 52,997.20 7,949.58 45,047.62

* This income received by the different sub-funds is recorded as “Securities lending income” in the Statement of operations and changes in net assets.



Page 125

NOTE 8 - DIVIDENDS PAID Following the Minutes of the Annual General Meeting of Shareholders Held dated 12 April 2018, it has been decided to pay dividends with an ex-dividend date on 25 May 2018 and a payment date on 4 June 2018. The amounts are as follows:

NOTE 9 - STATEMENT OF CHANGES IN PORTFOLIO

The details of the changes in portfolio composition are held at the registered office of the Company and are available upon request and free of charge to the shareholders.

NOTE 10 - SUBSEQUENT EVENT As at December 5, 2018, the board decided to launch the new Sub-Fund named “Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Multi-Asset Fund” (the Sub-Fund) which effective date is February 28, 2019.

Most Diversified Portfolio SICAV Share Class Currency Unitary

dividend Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund Class A4 EUR 164.51

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund Class RD1 EUR 1.74

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund Class RD1 GBP 5.31


Supplementary information (unaudited)

Page 126

GLOBAL EXPOSURE CALCULATION METHOD

The commitment approach The following sub-funds use the commitment approach in order to monitor and measure the global exposure: - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund

TOTAL EXPENSE RATIO

The Total Expenses Ratio (TER) is calculated by dividing the expenses, excluding transaction costs and performance fees, by the average net assets of the Sub-Funds. The TERs are calculated for the period from January 1, 2018 to December 31, 2018 for the Company.

The TERs, excluding performance fees and accrued transaction costs, are as follows:

The above TERs have been calculated on the basis of annualised expenses as these classes of shares were not active entirely during the last 12 months.


Class Currency TER in % Class A USD 1.76 Class A1 EUR 1.76 Class A2 GBP 1.76 Class A4 EUR 1.76 Class A5 USD 1.26 Class B1 EUR 2.79 Class R GBP 1.00 Class R2 USD 1.01 Class F EUR 0.26 Class Z USD 0.26(1)


Class Currency TER in % Class A EUR 1.21 Class B EUR 2.25 Class R1 EUR 0.80



Page 127

TOTAL EXPENSE RATIO (continued) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund

Class Currency TER in % Class A EUR 0.79 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund

Class Currency TER in % Class A JPY 1.21 Class A1 EUR 1.21(1) Class A2 GBP 1.21 Class B EUR 2.25 Class R GBP 0.80 Class RD1 EUR 0.80 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund

Class Currency TER in % Class A USD 1.21 Class A1 GBP 1.21 Class A2 USD 1.21 Class RD1 GBP 0.10 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund

Class Currency TER in % Class A GBP 1.21 Class R1 GBP 0.26 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund

Class Currency TER in % Class A USD 1.21 Class A1 EUR 1.20 Class A4 EUR 0.71 Class B EUR 2.22 Class R1 GBP 0.75 Class R2 USD 0.79 Class Z USD 0.21(1)



Page 128

TOTAL EXPENSE RATIO (continued) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Class Currency TER in % Class A USD 1.41 Class A1 EUR 1.41 Class A2 GBP 1.41 Class B1 EUR 2.25 Class C EUR 1.41 Class R GBP 0.79 Class R2 USD 0.80 Class Z USD 0.21(1) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund

Class Currency TER in % Class A CAD 1.21 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund

Class Currency TER in % Class A USD 1.54 Class B USD 2.29 Class R1 USD 0.91 Class Z USD 0.24(1) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund

Class Currency TER in % Class A USD 0.31 Class Z USD 0.21(1) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund

Class Currency TER in % Class A EUR 1.21 Class B EUR 2.25 Class R EUR 0.80 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund

Class Currency TER in % Class A USD 0.82 Class Z USD 0.21(1) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund

Class Currency TER in % Class Z USD 0.21(1) (1)The TER disclosed is annualised and not representative due to the fact that the activity period of the share class is less than 12 months.



Page 129

REMUNERATION POLICY European Directive 2014/91/EU amending Directive 2009/65/EC on undertakings for collective investment in transferable securities, which is applicable to the Fund, came into force on 18 March 2016. It is implemented in national law under the Luxembourg Act of 10 May 2016 implementing Directive 2014/91/EU. Due to these new regulations, the Fund is required to publish information relating to the remuneration of identified employees within the meaning of the Act in the annual report. TOBAM’s Remuneration Policy represents a set of rules in order to be consistent with and promote effective risk management and never encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the funds managed by TOBAM. The Remuneration Policy is available on TOBAM’s website. The Executive Committee members, the Head of Human Resources and an external HR Consultant form the Remuneration Committee. Its role is to issue a recommendation on the correct application of the remuneration policy. The Remuneration Policy shall apply to all employees of TOBAM. The Identified Persons shall be performing professional activities that have a material impact on the risk profiles of the UCITS Funds managed by TOBAM: • Executive Committee, • Heads of support functions (including but not limited to Head of Marketing, Head of HR, Chief Financial Officer, Head of Legal, Head of IT, Head of Client Service and Head of Business Development), • Members of the Portfolio Management and trading team, • Members of the Compliance team, • Members of the Risk team, • Head of Sales or any other employee having a significant impact on the risk profile of the UCITS funds managed directly by TOBAM. The functions of management of portfolio and/or risk profile are not delegated to any other party. The remuneration is composed of a fixed remuneration and a variable remuneration. The Executive Committee and the relevant manager will re-examine the fixed remuneration of the employees on an annual basis. The variable remuneration depends on the performance of each employee. It will vary taking into account the achievement of each employee’s predetermined objectives. The objectives are composed of quantitative and qualitative objectives together with an appreciation of the way the employee handles its position. Sales’ bonus is calculated according to a formula and includes a discretionary part linked to compliance with TOBAM’s procedures and Code of Ethics and with TOBAM’s values. For Identified Persons: Variable remuneration paid in cash and in financial instruments: If the variable remuneration is above 100,000 EUR, the company will pay at least 50% of the variable remuneration in financial instruments. Part of differed variable remuneration: When variable remuneration is higher than 100,000 EUR, specific rules apply: A maximum of 60% shall be paid immediately, At least 40% will be deferred over a period of three years and paid evenly each year.



Page 130

REMUNERATION POLICY (continued) If during the deferred period, an employee is convicted of fraud, intentional misconduct, or if the Executive Committee considers the remuneration variable is not sustainable according to the financial situation of the Management Company as a whole and justified according to the performance of the business unit, the UCITS or the individual concerned, the Executive Committee may decide to waive or apply certain conditions to all or part of this deferred remuneration. Total amount of remuneration paid by TOBAM to its staff during the year ending December 31, 2018 is as follows: Total remuneration of all staff Fixed remuneration: 3,580,900 Euros Variable remuneration: 1,042,000 Total: 43 beneficiaries Total remuneration of Identified persons Fixed remuneration: 2,546,400 Euros Variable remuneration: 669,000 Total: 27 beneficiaries

THE ENERGY TRANSITION LAW FOR GREEN GROWTH (Article 173 of law n°2015-992) TOBAM has committed to incorporating ESG issues in its investment process by:

- Developing an exclusion policy excluding all issuers considered non-compliant with sustainability requirements and therefore exposed to specific risks (future regulatory penalties, reputational damages, etc.), which could have a negative impact on the funds;

- Conducting various ESG research projects to better understand how best to implement responsible investment approaches into its own proprietary quantitative management process;

- Acting as a responsible shareholder by properly documenting the exercise of its voting rights over the majority of securities held in the portfolios, as well as acting in accordance with its own proprietary voting principles on a number of key corporate governance items;

- Promoting responsible asset management practices vis-à-vis the media, our clients and peers, to help contribute to the implementation of more stringent ESG-related requirements for investments; as well as the development of a more responsible financial system overall.

The methods used by TOBAM to take into account, in its investment policy, criteria relating to the respect of social, environmental and governance objectives (ESG), are available on its website: http://www.tobam.fr/sustainable-way/.

SECURITIES FINANCIAL TRANSACTIONS REGULATIONS (SFTR) The Regulation on Transparency of Securities Financing Transactions and of Reuse (the « SFTR ») entered into force on January 12, 2016 aiming to improve transparency in securities lending, repurchase transactions, margin loans and certain collateral arrangements. The disclosure requirements of the SFTR here below include the following details on Securities Lending transactions:



Page 131

SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark Emerging Markets Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity

Fund


Benchmark Global Equity Fund

Assets used In USD In EUR In EUR In absolute terms 501,474,865.84 6,969,840.19 8,666,632.08

As a % of lendable assets 20.53% 10.65% 16.05% As a % of total net asset value 20.32% 10.64% 16.05%

Transactions classified according to residual maturities

In USD In EUR In EUR

Less than 1 day - - - From 1 day to 1 week - - -

From 1 week to 1 month - - - From 1 month to 3 months - - -

From 3 months to 1 year - - - Above 1 year - - -

Open maturity 501,474,865.84 6,969,840.19 8,666,632.08

Collateral received In USD In EUR In EUR Type: Cash Bond

534,220,574.22

0.00 534,220,574.22

7,235,509.64

0.00 7,235,509.64

9,058,791.13

0.00 9,058,791.13

Quality (Bond collateral issuers rating): - - -

Currency*:

EUR

534,220,574.22

7,235,509.64

9,058,791.13

Classification according to residual maturities:




Open maturity 534,220,574.22 7,235,509.64 9,058,791.13

The 10 largest issuers of collateral received

In USD In EUR In EUR

First name - - - Amount - - -

Second name - - - Amount - - -

Revenue and expenditure components In USD In EUR In EUR Revenue component of the fund:

In absolute amount 7,090,912.98 95,493.38 13,657.15 In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00 In % of gross revenue 0% 0% 0%

Revenue component of third parties In absolute amount 1,251,337.58 16,851.77 2,410.09

In % of gross revenue 15% 15% 15%



Page 132


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity

Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity

Fund

Assets used In JPY In USD In GBP In absolute terms 1,288,054,479 8,239,846.53 2,127,247.17



In JPY In USD In GBP

Less than 1 day - - - From 1 day to 1 week 1,093,649,439 - -



Open maturity 194,405,040 8,239,846.53 2,127,247.17

Collateral received In JPY In USD In GBP Type: Cash Bond

146,366

1,341,832,524 1,341,978,890

8,665,854.04

0.00 8,665,854.04

2,229,951.44

0.00 2,229,951.44

Quality (Bond collateral issuers rating): AAA AAA AAA

Currency*:

EUR

1,341,978,890

8,665,854.04

2,229,951.44




From 3 months to 1 year - - - Above 1 year 1,341,832,524 - -

Open maturity 146,366 8,665,854.04 2,229,951.44


In JPY In USD In GBP

First name Netherlands State - - Amount 733,851,414 - -

Second name German State - - Amount 607,981,110 - -

Revenue and expenditure components In JPY In USD In GBP Revenue component of the fund:

In absolute amount 29,245,379 44,412.03 5,455.37 In % of gross revenue 85% 85% 85%



Revenue component of third parties In absolute amount 5,160,949 7,837.42 962.71




Page 133


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity

Fund


Benchmark World Equity Fund


Benchmark Canada Equity Fund

Assets used In USD In USD In CAD In absolute terms 205,855,962.78 150,525,171.19 294,555.32



In USD In USD In CAD

Less than 1 day - - - From 1 day to 1 week - 9,084,134.09 -



Open maturity 205,855,962.78 141,441,037.10 294,555.32

Collateral received In USD In USD In CAD Type: Cash Bond

115,172,136.16 99,975,051.22

215,147,187.38

85,815,981.28 71,506,757.05

157,322,738.33

306,090.30

0.00 306,090.30

Quality (Bond collateral issuers rating): AAA AAA -

Currency*:

EUR

215,147,187.38

157,322,738.33

306,090.30




From 3 months to 1 year - - - Above 1 year 99,975,051.22 71,506,757.05 -

Open maturity 115,172,136.16 85,815,981.28 306,090.30


In USD In USD In CAD

First name German State German State - Amount 99,975,051.22 71,506,757.05 -


Revenue and expenditure components In USD In USD In CAD

Revenue component of the fund: In absolute amount 305,937.73 451,475.31 9,056.13

In % of gross revenue 85% 85% 85% Revenue component of the Management

Company


Revenue component of third parties In absolute amount 53,989.01 79,672.11 1,598.14




Page 134


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries

World Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit

Fund


Benchmark France Equity Fund

Assets used In USD In USD In EUR In absolute terms 22,511,873.02 1,422,249.55 268,727.76



In USD In USD In EUR

Less than 1 day - - - From 1 day to 1 week 1,069,769.42 - -

From 1 week to 1 month - 787,712.00 - From 1 month to 3 months - - -


Open maturity 21,442,103.60 634,537.55 268,727.76

Collateral received In USD In USD In EUR Type: Cash Bond

15,672,697.39 9,038,994.17

24,711,691.56

0.00

1,499,908.10 1,499,908.10

278,143.75

0.00 278,143.75

Quality (Bond collateral issuers rating): AAA AAA -

Currency*: EUR

24,711,691.56

1,499,908.10

278,143.75




From 3 months to 1 year - - - Above 1 year 9,038,994.17 1,499,908.10 -

Open maturity 15,672,697.39 - 278,143.75


In USD In USD In EUR

First name Netherlands State Netherlands State - Amount 9,038,994.17 1,499,908.10 -


Revenue and expenditure components In USD In USD In EUR Revenue component of the fund:

In absolute amount 64,588.57 20,207.80 629.01 In % of gross revenue 85% 85% 85%



Revenue component of third parties In absolute amount 11,397.98 3,566.08 111.00




Page 135


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High

Yield Fund


Benchmark World ex USA Equity Fund

Assets used In USD In USD In absolute terms 10,863,604.74 8,372,529.03

As a % of lendable assets 4.54% 18.62% As a % of total net asset value 4.06% 18.57%


In USD In USD

Less than 1 day - - From 1 day to 1 week - 1,482,789.07

From 1 week to 1 month 3,019,693.87 - From 1 month to 3 months - -

From 3 months to 1 year - - Above 1 year - -

Open maturity 7,843,910.86 6,889,739.96

Collateral received In USD In USD Type: Cash Bond

0.00

11,620,953.32 11,620,953.32

6,752,429.30 1,991,214.63 8,743,643.93

Quality (Bond collateral issuers rating): AAA AAA

Currency*: EUR

11,620,953.32

8,743,643.93


Less than 1 day - - From 1 day to 1 week - -

From 1 week to 1 month - - From 1 month to 3 months - -

From 3 months to 1 year - - Above 1 year 11,620,953.32 1,991,214.63

Open maturity - 6,752,429.30


In USD In USD

First name Netherlands State Netherlands State Amount 11,620,953.32 1,991,214.63

Second name - - Amount - -

Revenue and expenditure components In USD In USD Revenue component of the fund:

In absolute amount 86,005.30 45,047.62 In % of gross revenue 85% 85%


In absolute amount 0.00 0.00 In % of gross revenue 0% 0%

Revenue component of third parties In absolute amount 15,177.41 7,949.58

In % of gross revenue 15% 15%

*Collateral received in original currency



Page 136

Each sub-fund has CACEIS Bank, Luxembourg Branch as the sole counterparty for securities lending positions, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund which the counterparties are Crédit Suisse Europe Ltd, UBS Bank of Switzerland London, Citigroup Global Markets Limited, Merrill Lynch International Bank Limited, Morgan Stanley International, Goldman Sachs International and Macquarie Bank Limited.

Each sub-fund has CACEIS Bank, Luxembourg Branch as custodian for collateral received. All transactions are bilateral transactions. There is no reuse of collateral cash for all sub-funds, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund for which an amount of USD 171,199,051.26 (represents 32.05% of total collateral cash received) has been reinvested in the following security SSGA EUR LIQ INSTITUT STABLE NAV EUR. The SSGA EUR LIQ INSTITUT STABLE NAV EUR security (the cash collateral reinvestment) did not generate any returns during the year.


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging

Markets Equity Fund The 10 largest counterparties In USD

First name Goldman Sachs International Gross volumes for open trades 335,124,935.16

Country of domicile United Kingdom

Second name Crédit Suisse Europe Ltd Gross volumes for open trades 35,892,202.91


Third name Morgan Stanley International Gross volumes for open trades 22,856,478.66


Fourth name Citigroup Global Markets Limited Gross volumes for open trades 31,654,369.85


Fifth name Merrill Lynch International Bank Limited Gross volumes for open trades 22,485,696.56

Country of domicile Ireland

Sixth name UBS Bank of Switzerland London Gross volumes for open trades 17,651,264.91

Country of domicile

United Kingdom

Seventh name Macquarie Bank Limited Gross volumes for open trades 35,809,917.79

Country of domicile

Australia

Date post:	03-Aug-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Most Diversified Portfolio SICAV · 2019-04-12 · Most Diversified Portfolio SICAV Manager’s...

Documents