ECHIQUIER FUND. Echiquier Agressor Fund (formerly Agressor Fund) Echiquier Agenor Mid Cap Europe. Echiquier Arty Fund (formerly Arty Fund)

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1 Société d'investissement à Capital Variable R.C.S. Luxembourg N B Audited Annual Report as at December 31, 2015

2 Echiquier Agressor Fund (formerly Agressor Fund) Echiquier Agenor Mid Cap Europe Echiquier Arty Fund (formerly Arty Fund) Echiquier Global Leaders Echiquier Major European Leaders Echiquier Patrimoine Fund Echiquier Value Fund Echiquier European Bonds Echiquier Low Vol* No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, if published after such Annual Report. * This Sub-Fund was launched on June 12, 2015.

3 Table of Contents Board of Directors 3 Directors' Report 5 Audit report 9 Statistics 11 Combined Statement of Net Assets as at December 31, Combined Statement of Operations and Changes in Net Assets for the year ended December 31, Echiquier Agressor Fund (formerly Agressor Fund) Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 14 Securities Portfolio as at December 31, Echiquier Agenor Mid Cap Europe Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 16 Securities Portfolio as at December 31, Echiquier Arty Fund (formerly Arty Fund) Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 18 Securities Portfolio as at December 31, Echiquier Global Leaders Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 20 Securities Portfolio as at December 31, Echiquier Major European Leaders Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 22 Securities Portfolio as at December 31, Echiquier Patrimoine Fund Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 24 Securities Portfolio as at December 31,

4 Table of Contents Echiquier Value Fund Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 26 Securities Portfolio as at December 31, Echiquier European Bonds Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the year ended December 31, Statement of Changes in Number of Shares 28 Securities Portfolio as at December 31, Echiquier Low Vol* Statement of Net Assets as at December 31, Statement of Operations and Changes in Net Assets for the period ended December 31, Statement of Changes in Number of Shares 30 Securities Portfolio as at December 31, Financial derivative instruments as at December 31, Notes to the Financial Statements 32 Unaudited Information 39 * This Sub-Fund was launched on June 12,

5 Board of Directors REGISTERED OFFICE As from January 1, , avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Until December 31, , rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg MANAGEMENT COMPANY Financière de l'echiquier GP , avenue d'iéna Paris France DIRECTORS OF THE SICAV Marc CRAQUELIN Chairman of the Board of Directors Chief Investment Officer, Financière de l'echiquier 53, avenue d'iéna Paris France Sébastien D'ORNANO Director, Chief Operating Officer, Financière de l'echiquier 53, avenue d'iéna Paris France Bertrand GIBEAU Independent Director Reinhold & Partners, Partner 51, Rue Sainte-Anne Paris France DIRECTORS OF THE MANAGEMENT COMPANY Didier LE MENESTREL Chairman Dominique CARREL - BILLIARD Chief Executive Officer Christian GUEUGNIER Deputy CEO AUDITOR PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P 1443 L-1014 Luxembourg Grand Duchy of Luxembourg 3

6 Board of Directors (continued) DEPOSITARY AND PAYING AGENT BNP Paribas Securities Services - Luxembourg Branch As from January 1, , avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Until December 31, , rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg CENTRAL ADMINISTRATION AND REGISTRAR / TRANSFER AGENT BNP Paribas Securities Services - Luxembourg Branch As from January 1, , avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Until December 31, , rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg DISTRIBUTOR Financière de l'echiquier GP , avenue d'iéna Paris France 4

7 Directors' Report Introduction The SICAV Echiquier Fund, registered under the laws of the Grand Duchy of Luxembourg and complying with European Directive 2009/65/CE and in particular with Part I of the Law of 17 December 2010 on undertakings for collective investment, was launched on 8 November La Financière de l'echiquier, the Management Company, is one of the leading French independent asset manager and is regulated by the Autorité des Marchés Financiers. La Financière de l'echiquier's strategies are all based on stock picking whether for equity or diversified portfolios. Companies are selected after an in-depth internal analysis, including meetings with the top management. Markets & Outlooks The potential for European equities remains intact. In a universe of low interest rates, unfavourable for credit and sovereign bonds, we remain positive on equities. In a volatile environment, only a selective approach will be able to capture the best investment opportunities Overall, markets should remain volatile over the coming months. This is in part due to the unprecedented configuration of US and European monetary policies. On the one hand, it would appear that the US Federal Reserve (Fed) is ready to initiate a rate-tightening cycle while the European Central Bank (ECB) is continuing its policy of quantitative easing. This divergence has already resulted in the beginning of a decorrelation between US and European 10-year rates. In the United States, a gradual rise in rates after a long period of anticipation is expected at a moderate pace. As the example of 2004 highlights, a significant rise in rates does not necessarily indicate a decline in equities. Despite signs of weakness in the industrial sector, US macroeconomic trends remain solid as demonstrated by the positive trajectory for employment figures. The US accounts for 16% of the world's total GDP. GDP growth trends are reassuring (+3.88% and +2.69% in Q2 and Q3 2015) and momentum is positive for corporate performances, particularly in the service sector. The volume of M&A activity and levels for dividend payments and asset purchases have returned to their historic highs. This recovery has nevertheless been underway for a while: growth for corporate earnings per share is slowing and we note that stock market performances are always lower at the end of a cyclical recovery. In Europe in contrast, equity markets' potential for catching up remains intact, particularly in the euro zone. Gains in earnings per share are lagging the United States, and shares are still reasonably priced: the average adjusted price-to-earnings ratio (PER) for the cycle is 12.2 for the euro zone compared to 22.4 in the US on 30 October The macroeconomic environment is continuing to improve, driven by gains in consumer spending and renewed housing investment. As in 2015, the ECB's quantitative easing policy, low oil prices and a low euro provide solid underpinnings for this trend, especially with markets still expecting double-digit earnings growth. There are opportunities to seize in sectors currently benefiting from the cyclical uptrend such as construction. With respect to emerging economies, continuing caution is recommended. Equity markets have been underperforming in recent years and prices are significantly lower than those of developed countries (PER of 12.4 for emerging MSCI compared to 16.9 for the developed countries' MSCI) though the environment remains uncertain and the recovery is not yet on the horizon. The only encouraging development: reassuring messages from the Chinese government reducing the prospects for a hard landing and indicating a commitment for maintaining a growth rate for the country above 6.5%. If news from China improves, this would be a very positive signal for the global cycle, with major European exporting companies to be the first to benefit. Echiquier Agressor Fund (formerly Agressor Fund): Investment Objective: This sub-fund is a feeder fund of the Echiquier Agressor. It is permanently and fully invested in Agressor units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier Agressor is a dynamic fund seeking long-term performance through exposure to European equity markets. The CAC All Tradable index is a benchmark for the management of Echiquier Agressor, the Master Fund. This index, which is used solely for information purposes, shows changes across all sectors and euro-denominated French equities. It is calculated in euros and dividends are reinvested. Management report The master fund Echiquier Agressor ended the year at 12.5% whereas the sub-fund Echiquier Agressor Fund posted a performance of 12.3% on the period. Echiquier Agressor Fund ended the year up 12.3% vs. 11.7% for the benchmark. The five best performers included 3 IT services companies (Sopra, Altran, Worldline) in addition to Elior and Fresenius. In contrast, CGG, Zodiac and Gemalto registered the sharpest declines. We remained focused on our strongest convictions (8 new stocks were added and 13 sold). In particular, we added to our position in Dassault Aviation, taking advantage of the 17% discount linked to the Airbus' placement of 14% of its capital. We remain convinced in the considerable upside potential of this familyowned company, based on an increase in the float, leverage from margins by reducing R&D and an acceleration in orders for their new Falcon 5X and 8X programmes. We also moved back into the banking sector with Credit Suisse (new management, capital reallocated to more profitable businesses) in addition to taking advantage of opportunities with IPOs like SPIE (a low valuation, an industry consolidator, particularly well-aligned with the interests of its sizable employee shareholder base). 5

8 Director's Report (continued) Echiquier Agenor Mid Cap Europe: Investment Objective: This sub-fund is a feeder fund of the Echiquier Agenor. It is permanently and fully invested in Echiquier Agenor units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier Agenor is a dynamic fund seeking long-term performance through exposure to European equity markets. The MSCI Europe Small Cap Index is a representative indicator of the management objective of Echiquier Agenor. This index, which is used solely for information purposes, shows changes in all euro-denominated equities of European small and medium capitalisation companies. It is calculated in euros, dividends reinvested. Management report The master fund Echiquier Agenor ended the year at 25.4% whereas the sub-fund Echiquier Agenor Mid Cap Europe posted a performance of 25.2% on the period. Echiquier Agenor Mid Cap Europe increased by 25.2% for the year, outperforming its benchmark (23.5%). Mid-caps were bolstered by improving European economic conditions, providing relative protection from the considerable volatility of markets in the second half. Key contributors to its performance were Sartorius (+92%), De Longhi (+85%), Elior (+57%), SEB (+54%) and Hellermantyton (+50%, a takeover target). The portfolio was largely renewed in 2015 as the majority of stocks exposed to the economic cycle were divested: Vicat, Flsmith, Zumtobel, Piaggio or Cargotec. In parallel, the fund was diversified by adding new positions in the banking (Virgin Money, Hoist Finance), real estate (Hispania and Green REIT) and healthcare sectors (Diasorin, Dechra). In 2016, Echiquier Agenor will continue to focus on growth stocks picked for the quality of their management and a capacity to grow not tied to the market environment. Our cash position will allow us to intervene opportunistically, in order to take advantage of market corrections and add new positions. Echiquier Arty Fund (formerly Arty Fund) Investment Objective: This sub-fund is a feeder fund of the Echiquier ARTY. It is invested permanently and fully in Echiquier ARTY units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier ARTY is a fund seeking medium-term performance through discretionary and opportunistic management on the interest rate and equity markets. The composite index, comprised of 25% EONIA capitalised + 25% MSCI OPE + 50% IBOXX O CORPORATE 3-5, may act as a benchmark for the management of Echiquier ARTY, the Master Fund. It is used solely for information purposes and is calculated in euros, with dividends reinvested. Management report The master fund Echiquier ARTY ended the year at 2.3% whereas the sub-fund Echiquier ARTY Fund posted a performance of 2.2% on the period. Echiquier ARTY ended the year with an equity exposure comparable to the previous period at 31%. This exposure at a given point of time however does not reflect the sustained mobility over the period with a rate fluctuating between 36.5% in the first quarter to 25% in the fall. 14 positions were sold (including Santander, Daimler or Fuchs Petrolub) and 11 added (including Credit Suisse, Nestle or SPIE). At the beginning of the year we remain tactically overweighted relative to the benchmark. With respect to bonds, 2016 is expected to be challenging, following the remarkable performances of the prior years, driven by the decline in risk-free rates and tightening risk premiums. Developments in the second half of increased volatility with rates at the lowest levels, deteriorating liquidity in the secondary market as a result of regulatory constraints, the cycle of rate hikes finally launched by the Fed and the increase in idiosyncratic risks - mark the end of an idyllic period and are expected to persist for bond investors over Echiquier ARTY turned a 2.27% 2015 performance. Echiquier Global Leaders Investment Objective: This sub-fund is a feeder fund of the Echiquier Global. It is permanently and fully invested in Echiquier Global units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier Global is a dynamic fund seeking long-term performance through exposure to growth stocks on international markets. The MSCI All Country World Index may be used as an indicator for an a posteriori performance comparison. This index, which is used solely for information purposes, is calculated in dollars and dividends reinvested by MSCI and converted into euros. It covers 45 countries from all geographic areas. Management report The master fund Echiquier Global ended the year at 17.3 % whereas the sub-fund Echiquier Global Leaders posted a performance of 17.1% on the period. In 2015, Echiquier Global took advantage of the US monetary policy's divergence with the rest of the world, driving gains for the year of 17.3% compared to 8.7% for its benchmark. With these trends expected to continue in 2016, no changes in our investment strategy are expected. Echiquier Global will be invested in clearly established leaders in strong growth sectors best able to adapt to turbulent market conditions. The fund's largest holdings are Alphabet and Facebook (at 5.8% each). Our conviction in Alphabet, a historic holding, remains intact. This global giant will benefit from the continuing transition to mobile platforms and online media. Facebook, the other major leader in this oligopolistic market captures 6

9 Director's Report (continued) more than 20% of time spent on a smartphone. With strong sales growth, operational leverage and visionary managers, these stocks exemplify the qualities we seek. For that reason we believe that they are well positioned for the years ahead while the sensitivity of their operating performances to external shocks is in our opinion low. Echiquier Global turned in a 17.25% 2015 performance. Echiquier Major European Leaders: Investment Objective: This sub-fund is a feeder fund of the Echiquier Major. It is permanently and fully invested in Echiquier Major units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier Major is a dynamic fund seeking long-term performance through exposure to European equity markets. The MSCI Europe index is a benchmark for the management of Echiquier Major, the Master Fund. This index, used solely for illustrative purposes, is representative of the trend in the equity markets of the most developed countries in Europe. It is calculated in euros, dividends reinvested. Management report In early 2015 we indicated our intention to focus on robust growth models not tied to macroeconomic trends and Echiquier Major gained 7.54%, close to the benchmark (+8.23%). Conversely, the fund was adversely affected by business models linked to the global economic cycle (Linde, Bureau Veritas), particularly in the H2 as well as a few unsuccessful stock picks: we notably underestimated the scope of the downturn of Gemalto's Sim card business (-18%), the largest holding at the year's start, and time required for Zodiac Aerospace's industrial operations to get back on track (-20.4%). Against the backdrop of continuing economic volatility and uncertainty, our focus is on independent business models: Smith&Nephew, Grifols, Capita and Reckitt are thus the fund's top five holdings. Our latest additions are also companies with solid economic models led by exceptional management teams. Dassault Systemes, Assa Abloy or Unilever. We will continue our work on enhancing the value of these excellent companies and cautiously deploy cash (8% of the fund). Echiquier Patrimoine Fund Investment Objective: This sub-fund is a feeder fund of the Echiquier Patrimoine. It is permanently and fully invested in Echiquier Patrimoine units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: Echiquier Patrimoine is a fund whose objective is to offer the most regular capital growth possible, by seeking exposure to trends within the interest rate and equity markets. As the master fund is neither an index fund, nor does it have a benchmark index, EONIA is used only as an indicator for an a posteriori performance comparison. EONIA, which is used solely for information purposes, is calculated by the European Central Bank and represents the reference daily rate for the eurozone interbank market. Management report The master fund Echiquier Patrimoine ended the year at 0.5% whereas the sub-fund Echiquier Patrimoine Fund posted a performance of 0.46% on the period. An unremarkable year for Echiquier Patrimoine, reflecting the priority of capital preservation. Your fund thus gained 0.48% vs. a decline by its benchmark, Capitalized EONIA, of 0.11%. It was noted at last year's start that achieving returns on your capital in 2015 would require taking risks. Borrowing rates for French government debt are negative for maturities of up to 4 years. In consequence, the equity component accounts for virtually all the fund's gains. The challenge is the same this year; gains will continue to be driven by equities. To achieve this, we increased positions in our main convictions and added 9 new positions including in particular Vivendi and Dassault Aviation. Balance sheets with capital resources and the existence of a lead shareholder for these two stocks provide reassurance that its cash will be properly used and may provide us with protection in the event of market downturn. These purchases were accompanied by the disposal of 17 stocks including Canal+, in connection with the takeover bid by Vivendi. Echiquier Patrimoine turned in a 0.48% 2015 performance. Echiquier Value Fund Investment Objective: This sub-fund is a feeder fund of the Echiquier Value. It is permanently and fully invested in Echiquier Value units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: The master fund ECHIQUIER VALUE is a dynamic fund seeking long-term performance through exposure to value stocks of the euro zone and referring to the MSCI EMU MID VALUE index. The MSCI EMU MID VALUE index is a benchmark for the management of Echiquier Value, the Master Fund. This index, used solely for illustrative purposes, is representative of the trend in the equity markets of the midcaps with value characteristics stocks. It is calculated in euros, dividends reinvested. Management report The master fund Echiquier VALUE ended the year at 13.9% and the sub-fund Echiquier Value Fund posted an annual performance of 12.73%. Echiquier Value Fund underperformed its benchmark by 1.5% in 2015 which can be explained by the disappointing performance of oil services 7

10 Director's Report (continued) companies (CGG, BOURBON) and of the emerging markets theme (RALLYE, THYSSENKRUPP). On the contrary, some of our French small caps outperformed: GROUPE OPEN, MGI COUTIER. During 2015, we continued building a balanced portfolio between small and large caps. We sold 13 stocks following a portfolio management decision (VOLKSWAGEN, RWE) or because the upside target was hit (OENEO, ARKEMA). As a result, we grew our exposure to the construction sector (new positions in SAINT-GOBAIN and in WIENERBERGER) and hold onto our exposure to the leisure sector (MELIA HOTELS, TUI AG and PIERRE&VACANCES). Echiquier Value Fund enters 2016 with a more concentrated, more European portfolio and will benefit from a larger investment universe, offering numerous opportunities including in sector poorly represented in France. Our investment strategy will remain focused on investing in stocks that may benefit from various drivers, very attractive valuations and interesting upside potential. Echiquier European Bonds Investment Objective: This sub-fund is a feeder fund of the Echiquier OBLIG. It is invested permanently and fully in Echiquier OBLIG units from its Master Fund and, on an ancillary basis, cash. Investment Objective and Benchmark index of the master fund: The objective of the master fund ECHIQUIER OBLIG is to generate similar performance to or to outperform the IBOXX O CORPORATE 3-5 YEARs index. The IBOXX O CORPORATE 3-5 YEARS index is used as a benchmark for the master fund ECHIQUIER OBLIG. As the master fund is not index-based, it in no ways intends to replicate the composition of this index. This index is representative of the performance of corporate bonds in. It is calculated in, with dividends reinvested. Management report The master fund Echiquier Oblig ended the year at -1.5% whereas the sub-fund Echiquier European Bonds Fund posted a performance of -1.57%. Echiquier Oblig discretionarily invest on European corporate bonds, through a rigorous bond picking process was a year of turmoil on the European fixed income. Corporate bonds performances were negatively impacted by both an increase in risk-free rates and the widening of credit spreads. The latter had been so strong that the high yield market gave up in December nearly all of its 2015 performance. Whereas two of the strategic positioning of Echiquier Oblig - short duration and overexposure to financials - gave positive results, the poor performances of bonds from a number of issuers (CGG, ANGLO AMERICAN or AREVA) overall impacted the performance of the fund. In 2015 fixed income investors experienced: higher markets volatility, lower interest rates, a deteriorating liquidity because of increased regulatory constraints, FED finally starting to raise US interest rates and growing idiosyncratic risks. We anticipate that the investment strategy of the fund will optimize its risk/reward ratio keeping in mind as a main challenge the preservation of capital. Echiquier Low Vol Fund Investment Objective: This sub-fund is a feeder fund of the Echiquier Agressor. The sub-fund invests at least 85% of its assets in Echiquier Agressor I units of the master fund Echiquier Agressor and, on an ancillary basis, cash. The sub-fund uses financial derivative instruments to reduce its volatility. Investment Objective and Benchmark index of the master fund: Echiquier Agressor is a dynamic fund seeking long-term performance through exposure to European equity markets. The CAC All Tradable index is a benchmark for the management of Echiquier Agressor, the Master Fund. This index, which is used solely for information purposes, shows changes across all sectors and euro-denominated French equities. It is calculated in euros and dividends are reinvested. Main events on the year One new compartment was created on June 12, 2015: Echiquier Low Vol. One share classes were launched during 2015: the D share class of Echiquier Arty Fund on April 13, The Board of Directors Luxembourg, April 27, 2016 Note: The figures stated in this report are historical and not necessarily indicative of future results. 8

11 Audit report To the Shareholders of ECHIQUIER FUND We have audited the accompanying financial statements of ECHIQUIER FUND and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at December 31, 2015 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of ECHIQUIER FUND and of each of its sub-funds as of December 31, 2015, 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 of the financial statements. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

12 } p,we Ahermatters Supplementary infonnation included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures canied out in accordance with the standards desdibed above. Consequently, we express no opinion on such information. However, we have no observation to make conceming such information in the context of the financial statemenb taken as a whole. PricewaterhouseCoopen, Sci6t6 mp6rative Luxembourg, Ap nl 28,

13 Statistics December 31, 2015 December 31, 2014 December 31, 2013 Echiquier Agressor Fund (formerly Agressor Fund) Net Asset Value Net asset value per share 7,156, ,820, ,227, Class A () Class G () 1, , Class I () 1, Class A () 41, , , Class G () Class I () 2, , Echiquier Agenor Mid Cap Europe Net Asset Value Net asset value per share 118, , , Class A () Class G () 1, Class A () Class G () Echiquier Arty Fund (formerly Arty Fund) Net Asset Value Net asset value per share 24,450, ,501, ,012, Class A () Class D () Class I () 1, , Class A () 167, , , Class D () 38, Class I () 2, , Echiquier Global Leaders Net Asset Value Net asset value per share 7, , , Class A () Class G () 1, , Class A () Class G () Echiquier Major European Leaders Net Asset Value Net asset value per share 51,250, ,600, ,750, Class A () Class G () 1, , The accompanying notes are an integral part of these financial statements. 11

14 Statistics December 31, 2015 December 31, 2014 December 31, 2013 Class A () 449, , , Class G () Echiquier Patrimoine Fund Net Asset Value Net asset value per share 5,628, ,313, ,012, Class A () Class A () 54, , , Echiquier Value Fund Net Asset Value Net asset value per share 260, , Class A () Class A () 2, , Echiquier European Bonds Net Asset Value Net asset value per share , Class A () Class A () Echiquier Low Vol* Net Asset Value Net asset value per share * This Sub-Fund was launched on June 12, ,790, Class I () Class I () 8, The accompanying notes are an integral part of these financial statements. 12

15 Combined Statements Statement of Net Assets as at December 31, 2015 Statement of Operations and Changes in Net Assets for the year ended December 31, 2015 Assets Investment in securities at cost 93,573, Unrealised appreciation / (depreciation) on securities 2,731, Investment in securities at market value 2.2, 9 96,305, Cash at bank 134, Receivable for investment sold 4,768, Receivable on subscriptions 14, Other Receivables Net unrealised appreciation on swaps 2.4, , Prepaid expenses and other assets 483, Total assets 101,851, Liabilities Notes Bank overdraft 171, Other payables 477, Payable on redemptions 4,538, Total liabilities 5,187, Net assets at the end of the year 96,663, Income Other income 3 1,624, Total income 1,624, Expenses Management fees 3 1,590, Bank interest and charges Printing & Publication fees 2, Total expenses 1,593, Net investment income / (loss) 31, Net realised gain / (loss) on: Investments 598, Options and swaps (187,830.03) Net realised gain / (loss) for the year 442, Net change in unrealised appreciation / (depreciation) on: Investments 763, Options and swaps 145, Increase / (Decrease) in net assets as a result of operations Notes 1,352, Proceeds received on subscription of shares 51,872, Net amount paid on redemption of shares (14,947,905.64) Net assets at the beginning of the year 58,386, Net assets at the end of the year 96,663, The accompanying notes are an integral part of these financial statements. 13

16 Echiquier Agressor Fund (formerly Agressor Fund) (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 6,444, Unrealised appreciation / (depreciation) on securities 664, Investment in securities at market value 2.2, 9 7,108, Receivable for investment sold 211, Prepaid expenses and other assets 45, Total assets 7,365, Liabilities Bank overdraft 171, Other payables 37, Total liabilities 208, Net assets at the end of the year 7,156, Income Other income 3 182, Total income 182, Expenses Management fees 3 143, Bank interest and charges 0.10 Printing & Publication fees Total expenses 9 143, Net investment income / (loss) 38, Net realised gain / (loss) on: Investments 377, Net realised gain / (loss) for the year 416, Net change in unrealised appreciation / (depreciation) on: Investments 531, Increase / (Decrease) in net assets as a result of operations 947, Proceeds received on subscription of shares 1,099, Net amount paid on redemption of shares (2,711,750.55) Net assets at the beginning of the year 7,820, Net assets at the end of the year 7,156, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () 55, , (23,010.94) 41, Class G () Class I () 2, , The accompanying notes are an integral part of these financial statements. 14

17 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Agressor Fund (formerly Agressor Fund) (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds 3, AGRESSOR FCP 3DEC CAP 7,108, ,108, ,108, Total securities portfolio 7,108, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 7,108, (171,573.46) (2.40) 219, ,156, The accompanying notes are an integral part of these financial statements. 15

18 Echiquier Agenor Mid Cap Europe (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 107, Unrealised appreciation / (depreciation) on securities 9, Investment in securities at market value 2.2, 9 117, Cash at bank 1, Prepaid expenses and other assets Total assets 119, Liabilities Other payables Total liabilities Net assets at the end of the year 118, Income Other income 3 1, Total income 1, Expenses Management fees 3 1, Printing & Publication fees 0.25 Total expenses 9 1, Net investment income / (loss) (5.07) Net realised gain / (loss) for the year (5.07) Net change in unrealised appreciation / (depreciation) on: Investments 9, Increase / (Decrease) in net assets as a result of operations 9, Proceeds received on subscription of shares 103, Net amount paid on redemption of shares - Net assets at the beginning of the year 5, Net assets at the end of the year 118, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () Class G () The accompanying notes are an integral part of these financial statements. 16

19 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Agenor Mid Cap Europe (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds ECHIQUIER AGENOR 117, , , Total securities portfolio 117, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 117, , (8.96) - 118, The accompanying notes are an integral part of these financial statements. 17

20 Echiquier Arty Fund (formerly Arty Fund) (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 24,555, Unrealised appreciation / (depreciation) on securities (140,133.42) Investment in securities at market value 2.2, 9 24,415, Cash at bank 16, Receivable for investment sold 2,195, Prepaid expenses and other assets 102, Total assets 26,729, Liabilities Other payables 98, Payable on redemptions 2,180, Total liabilities 2,279, Net assets at the end of the year 24,450, Income Other income 3 322, Total income 322, Expenses Management fees 3 309, Bank interest and charges 0.37 Printing & Publication fees Total expenses 9 310, Net investment income / (loss) 12, Net realised gain / (loss) on: Investments 161, Net realised gain / (loss) for the year 173, Net change in unrealised appreciation / (depreciation) on: Investments (279,649.23) Increase / (Decrease) in net assets as a result of operations (106,046.62) Proceeds received on subscription of shares 16,229, Net amount paid on redemption of shares (6,175,388.70) Net assets at the beginning of the year 14,501, Net assets at the end of the year 24,450, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () 108, , (52,104.18) 167, Class D () - 40, (2,170.00) 38, Class I () 3, (326.00) 2, The accompanying notes are an integral part of these financial statements. 18

21 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Arty Fund (formerly Arty Fund) (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds 16, ARTY 24,415, ,415, ,415, Total securities portfolio 24,415, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 24,415, , , ,450, The accompanying notes are an integral part of these financial statements. 19

22 Echiquier Global Leaders (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 5, Unrealised appreciation / (depreciation) on securities 1, Investment in securities at market value 2.2, 9 7, Cash at bank Prepaid expenses and other assets Total assets 7, Liabilities Other payables Total liabilities Net assets at the end of the year 7, Income Other income Total income Expenses Management fees Printing & Publication fees 0.29 Total expenses Net investment income / (loss) Net realised gain / (loss) for the year Net change in unrealised appreciation / (depreciation) on: Investments 1, Increase / (Decrease) in net assets as a result of operations 1, Proceeds received on subscription of shares - Net amount paid on redemption of shares - Net assets at the beginning of the year 6, Net assets at the end of the year 7, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () Class G () The accompanying notes are an integral part of these financial statements. 20

23 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Global Leaders (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds ECHIQUIER GLOBAL-C 7, , , Total securities portfolio 7, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 7, , The accompanying notes are an integral part of these financial statements. 21

24 Echiquier Major European Leaders (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 48,767, Unrealised appreciation / (depreciation) on securities 2,459, Investment in securities at market value 2.2, 9 51,226, Cash at bank 23, Receivable for investment sold 169, Receivable on subscriptions 14, Prepaid expenses and other assets 307, Total assets 51,741, Liabilities Other payables 308, Payable on redemptions 183, Total liabilities 491, Net assets at the end of the year 51,250, Income Other income 3 1,031, Total income 1,031, Expenses Management fees 3 1,035, Bank interest and charges Printing & Publication fees 1, Total expenses 9 1,036, Net investment income / (loss) (5,106.20) Net realised gain / (loss) on: Investments 59, Net realised gain / (loss) for the year 54, Net change in unrealised appreciation / (depreciation) on: Investments 807, Increase / (Decrease) in net assets as a result of operations 862, Proceeds received on subscription of shares 24,036, Net amount paid on redemption of shares (3,249,186.70) Net assets at the beginning of the year 29,600, Net assets at the end of the year 51,250, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () 278, , (28,018.01) 449, Class G () The accompanying notes are an integral part of these financial statements. 22

25 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Major European Leaders (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds 235, ECHIQUIER MAJOR 51,226, ,226, ,226, Total securities portfolio 51,226, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 51,226, , (220.81) (0.01) 51,250, The accompanying notes are an integral part of these financial statements. 23

26 Echiquier Patrimoine Fund (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 5,507, Unrealised appreciation / (depreciation) on securities 32, Investment in securities at market value 2.2, 9 5,539, Cash at bank 70, Receivable for investment sold 2,193, Prepaid expenses and other assets 23, Total assets 7,826, Liabilities Other payables 23, Payable on redemptions 2,174, Total liabilities 2,198, Net assets at the end of the year 5,628, Income Other income 3 82, Total income 82, Expenses Management fees 3 83, Printing & Publication fees Total expenses 9 84, Net investment income / (loss) (1,142.43) Net realised gain / (loss) on: Investments 14, Net realised gain / (loss) for the year 13, Net change in unrealised appreciation / (depreciation) on: Investments (23,986.44) Increase / (Decrease) in net assets as a result of operations (10,299.15) Proceeds received on subscription of shares 2,000, Net amount paid on redemption of shares (2,674,915.40) Net assets at the beginning of the year 6,313, Net assets at the end of the year 5,628, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () 61, , (26,116.00) 54, The accompanying notes are an integral part of these financial statements. 24

27 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Patrimoine Fund (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds 6, ECHIQUIER PATRIMOINE 5,539, ,539, ,539, Total securities portfolio 5,539, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 5,539, , , ,628, The accompanying notes are an integral part of these financial statements. 25

28 Echiquier Value Fund (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 251, Unrealised appreciation / (depreciation) on securities 6, Investment in securities at market value 2.2, 9 258, Cash at bank 2, Prepaid expenses and other assets 2, Total assets 263, Liabilities Other payables 2, Total liabilities 2, Net assets at the end of the year 260, Income Other income 3 4, Total income 4, Expenses Management fees 3 4, Printing & Publication fees 6.42 Total expenses 9 4, Net investment income / (loss) (56.47) Net realised gain / (loss) for the year (56.47) Net change in unrealised appreciation / (depreciation) on: Investments 19, Increase / (Decrease) in net assets as a result of operations 19, Proceeds received on subscription of shares 103, Net amount paid on redemption of shares - Net assets at the beginning of the year 137, Net assets at the end of the year 260, Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () 1, , , The accompanying notes are an integral part of these financial statements. 26

29 Securities Portfolio as at December 31, 2015 ECHIQUIER FUND Echiquier Value Fund (in ) Quantity/ Nominal Name Currency Market value % in NAV Transferable securities admitted to an official exchange listing Undertakings for collective investment Open-ended Funds 1, ECHIQUIER VALUE 258, , , Total securities portfolio 258, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 258, , (21.39) (0.01) 260, The accompanying notes are an integral part of these financial statements. 27

30 Echiquier European Bonds (in ) Statement of Operations Net Assets and as at Changes December in Net 31, Assets 2015 for the Statement of Operations and Changes in Net Assets for year ended December 31, 2015 the year ended December 31, 2015 Notes Notes Assets Investment in securities at cost 1, Unrealised appreciation / (depreciation) on securities (29.48) Investment in securities at market value 2.2, Cash at bank 7.43 Prepaid expenses and other assets 5.35 Total assets Liabilities Other payables 5.26 Total liabilities 5.26 Net assets at the end of the year Income Other income Total income 9.60 Expenses Management fees Printing & Publication fees 0.04 Total expenses Net investment income / (loss) (0.35) Net realised gain / (loss) on: Investments Net realised gain / (loss) for the year Net change in unrealised appreciation / (depreciation) on: Investments (34.43) Increase / (Decrease) in net assets as a result of operations (15.77) Proceeds received on subscription of shares - Net amount paid on redemption of shares - Net assets at the beginning of the year 1, Net assets at the end of the year Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () The accompanying notes are an integral part of these financial statements. 28