# NOTES TO THE FINANCIAL STATEMENTS 30 June 2021 (continued)
- Cash at Bank and Broker (continued)

|  | Comgest Growth Europe ex Switzerland | Comgest Growth Europe ex UK | Comgest Growth Asia |
| --- | --- | --- | --- |
|  | 31 December 2020 | 31 December 2020 | 31 December 2020 |
| Cash | CHF7,608,169 | £7,482,487 | $11,704,263 |
| Total Cash at Bank and Amount due from Broker | CHF7,608,169 | £7,482,487 | $11,704,263 |
| Bank Overdraft | - | - | - |
| Total Bank Overdraft and Amount due to Broker | - | - | - |

| Comgest Growth Asia ex Japan | Comgest Growth Asia Pac ex Japan | Comgest Growth China |
| --- | --- | --- |
|  | 31 December 2020 | 31 December 2020 | 31 December 2020 |
| Cash | $3,071,550 | $21,475,660 | €10,815,626 |
| Total Cash at Bank and Amount due from Broker | $3,071,550 | $21,475,660 | €10,815,626 |
| Bank Overdraft | - | $221 | - |
| Total Bank Overdraft and Amount due to Broker | - | $221 | - |

|  | Comgest Growth India | Comgest Growth Latin America | Total |
| --- | --- | --- | --- |
|  | 31 December 2020 | 31 December 2020 | 31 December 2020 |
| Cash | $2,182,351 | €217,344 | €633,354,519 |
| Cash held as collateral |  |  |  |
| SGIL | - | - | €4,343,226 |
| Total Cash at Bank and Amount due from Broker | $2,182,351 | €217,344 | €637,697,745 |
| Bank Overdraft |  | €2,343 | €2,566 |
| Due to Broker |  |  |  |
| SGIL | - | - | €1,951,178 |
| Total Bank Overdraft and Amount due to Broker | - | €2,343 | €1,953,744 |

- Related Party TransactionsThe service providers are entitled to fees as detailed in Note 5. Mr. Daniel Morrissey, Mr. Jan-Peter Dolff, Mr. Philippe Lebeau and Mr. David Raper are Directors of Comgest Asset Management International Limited, which is the Company’s Investment Manager.

Mr. David Raper (resigned and replaced by Gaurish Pinge, also a Comgest employee, as at 4 February 2021), Mr. Jan- Peter Dolff and Mr. Philippe Lebeau are employees of the Comgest Group. As such, these Directors have a business interest in services provided to the Company.
Mr. Daniel Morrissey is also a partner of William Fry, which is the Company’s legal advisor in respect of Irish law and, the Company’s secretary, Wilton Secretarial Limited, is owned by William Fry. During the financial period, secretarial fees of
€97,211 (financial period ended 30 June 2020: €34,889) and legal fees of €103,659 (financial period ended 30 June 2020: €176,541) payable to William Fry were charged to the Company.
Comgest Asset Management International Limited, the Investment Manager, is also considered to be a related party. Investment Management fees are disclosed in Note 5 as well as Statement of Financial Position and Statement of Comprehensive Income.
The unique role of the Promoter of the collective investment fund (which is, or a related company of which is, normally the investment manager of the collective investment fund), as recognised by the Central Bank of Ireland, in supporting the corporate governance culture of the Company. Comgest Asset Management International Limited also acts as promoter for the Company.
Details of cross portfolio investments as at financial period end are presented in Note 16.
As at 30 June 2021 and 31 December 2020 (or later date of appointment), directors in office at the financial period end or persons connected/related to them held the following number of shares in the Company:
|  |  | 30 June 2021 | 31 December 2020 |
| --- | --- | --- | --- |
| Jan-Peter Dolff | Comgest Growth Global Flex | 53,870.00 | 52,000.00 |
|  | Comgest Growth America | 26,000.00 | 26,000.00 |
|  | Comgest Growth Japan | 66,056.26 | 66,056.26 |
|  | Comgest Growth Japan Compounders | 14,912.00 | 14,912.00 |
|  | Comgest Growth Emerging Markets | 93,226.00 | 72,208.00 |
|  | Comgest Growth Emerging Markets Plus | 2,000.00 | 2,000.00 |
|  | Comgest Growth Emerging Markets Flex 1 | - | 1,000.00 |
|  | Comgest Growth Europe | 1,978.00 | 1,962.00 |
|  | Comgest Growth Europe Opportunities | 62,490.00 | 62,490.00 |
|  | Comgest Growth Europe Compounders | 56,738.00 | 56,738.00 |
|  | Comgest Growth Europe Plus | 1,500.00 | 1,500.00 |
|  | Comgest Growth Europe ex UK | 5,000.00 | 5,000.00 |
|  | Comgest Growth Asia Pac ex Japan | 20,766.55 | 20,766.55 |
|  | Comgest Growth India | 7,601.93 | 7,601.93 |
|  | Comgest Growth World | 40,773.20 | 25,773.20 |
|  | Comgest Growth China | 8,868.39 | 8,868.39 |
|  | Comgest Growth World Plus | 1,000.00 | - |
|  | Comgest Growth Emerging Markets ex China | 65,000.00 | 65,000.00 |
| Daniel Morrissey | Comgest Growth America | 1,477.11 | 1,477.11 |
|  | Comgest Growth Japan | 9,970.09 | 9,970.09 |
|  | Comgest Growth Emerging Markets | 1,361.29 | 1,361.29 |
|  | Comgest Growth Europe | 4,650.11 | 4,650.11 |
|  | Comgest Growth Europe Opportunities | 1,916.69 | 1,916.69 |
|  | Comgest Growth China | 1,382.00 | 1,382.00 |
|  | Comgest Growth India | 2,053.12 | 2,053.12 |
| Philippe Lebeau | Comgest Growth Global Flex | 22,371.37 | 22,371.37 |

1 Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021.
- Connected PersonsIn accordance with the Central Bank’s UCITS Regulations, any transaction carried out with the Company by its manager, depositary, investment adviser, sub-investment manager and/or associated or group companies of these entities (“connected persons”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the Shareholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis.

Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of the Directors’ Report included in these Financial Statements and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board.
Further, Shareholders should refer to the Prospectus which identifies many of the connected party transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected party transactions.
Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest.
Therefore, having regard to confirmations from the Company’s management and its relevant delegates, the Board of Directors of the Company is satisfied that (i) there are arrangements (as evidenced by written procedures documented by the Investment Manager) in place to ensure that the obligations described above are applied to all transactions with connected persons; and (ii) transactions with connected persons entered into during the financial period complied with these obligations, as attested by the Investment Manager through regular updates to the Directors. The Board of Directors is not aware of any transactions with connected persons during the financial period ended 30 June 2021, other than those disclosed in/though these financial statements.
- Soft CommissionsThere were no soft commission arrangements in place for financial period ended 30 June 2021 nor for the financial year ended 31 December 2020.
- Efficient Portfolio ManagementAs further detailed in Notes 6 and 7, in seeking to hedge part of the equity market risk exposure in the Core Portfolio for Comgest Growth Emerging Markets Flex and Comgest Growth Global Flex, exchange-traded equity index futures were utilised and exchange-traded volatility futures were also utilised for Comgest Growth Global Flex. For Comgest Growth Global Flex, Comgest Growth America, Comgest Growth Japan, Comgest Growth Europe, Comgest Growth Europe Opportunities, Comgest Growth Europe ex Switzerland, Comgest Growth Europe ex UK and Comgest Growth Asia Pacific ex Japan, forward currency exchange contracts were utilised to reduce currency risk exposure at share class level. With the exception of these index futures and forward currency exchange contracts, techniques and instruments for the purpose of efficient portfolio management were not utilised during the financial period.
- DistributionsThe Directors approved the payment of dividends 16 April 2021. Dividends were declared with ex-date 01 April 2021 as follows:

| Fund | 31 March 2021 | 31 March 2020 |
| --- | --- | --- |
| Comgest Growth World EUR Fixed Dis Class | EUR 18,027 | - |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 87,151 | EUR 14,847 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 129,445 | EUR 43,443 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 590 | EUR 172 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 107 | EUR 77 |

- Distributions (continued)The Directors resolved that the dividends were to be paid on 16 April 2021 to Shareholders appearing on the register of Shareholders of the Distributing Classes at close of business on 31 March 2021. On the basis of the number of shares in the Distributing Classes in issue at close of business on 01 April 2021, this represented a dividend per share of:

|  | Dividend per share | Dividend per share |
| --- | --- | --- |
| Fund | 31 March 2021 | 31 March 2020 |
| Comgest Growth World EUR Fixed Dis Class | EUR 0.107042 | - |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 0.318404 | EUR 0.252333 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 0.320598 | EUR 0.252804 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 0.350479 | EUR 0.263395 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 0.387217 | EUR 0.289567 |

The Directors approved the payment of dividends on 05 May 2021 (31 March 2020). Dividends were declared with ex- date 21 April 2021 (16 April 2020) as follow:
| Fund | 31 March 2021 | 31 March 2020 |
| --- | --- | --- |
| Comgest Growth Japan EUR I Dis Class | - | EUR 5,944 |
| Comgest Growth Emerging Markets USD Dis Class | USD 311,680 | USD 461,088 |
| Comgest Growth Emerging Markets USD Z Dis Class | USD 18,951 | USD 36,374 |
| Comgest Growth Emerging Markets EUR Dis Class | EUR 1,372,624 | EUR 2,540,186 |
| Comgest Growth Emerging Markets EUR I Dis Class | EUR 1,839,110 | EUR 1,957,865 |
| Comgest Growth Emerging Markets EUR Z Dis Class | EUR 42,926 | EUR 28,808 |
| Comgest Growth Emerging Markets Plus GBP X Dis Class | GBP 1,756,977 |  |
| Comgest Growth Europe EUR I Dis Class | - | EUR 113,978 |
| Comgest Growth Asia Pac ex Japan USD Dis Class | USD 8,259 | USD 40,274 |
| Comgest Growth Asia Pac ex Japan EUR Dis Class | EUR 1,397 | EUR 15,746 |

The Directors resolved that the dividends were to be paid on 05 May 2021 to Shareholders appearing on the register of Shareholders of the Distributing Classes at close of business on 20 April 2021. On the basis of the number of shares in the Distributing Classes in issue at close of business on 21 April 2021, this represented a dividend per share of:
|  | Dividend per share | Dividend per share |
| --- | --- | --- |
| Fund | 31 March 2021 | 31 March 2020 |
| Comgest Growth Japan EUR I Dis Class | - | EUR 0.002015 |
| Comgest Growth Emerging Markets USD Dis Class | USD 0.376892 | USD 0.351659 |
| Comgest Growth Emerging Markets USD Z Dis Class | USD 1.748964 | USD 0.609364 |
| Comgest Growth Emerging Markets EUR Dis Class | EUR 0.393573 | EUR 0.325573 |
| Comgest Growth Emerging Markets EUR I Dis Class | EUR 0.446274 | EUR 0.401879 |
| Comgest Growth Emerging Markets EUR Z Dis Class | EUR 0.722326 | EUR 0.261806 |
| Comgest Growth Emerging Markets Plus GBP X Dis Class | GBP 0.175698 | - |
| Comgest Growth Europe EUR I Dis Class | - | EUR 0.011237 |
| Comgest Growth Asia Pac ex Japan USD Dis Class | USD 0.014175 | USD 0.104854 |
| Comgest Growth Asia Pac ex Japan EUR Dis Class | EUR 0.007190 | EUR 0.076782 |

- Representative and Paying Agent in SwitzerlandThe Company has appointed BNP Paribas Securities Services, Paris (the ‘‘Representative’’) as official representative for the offer and distribution of Shares in or from Switzerland by virtue of a representation agreement between the Company and the Representative (the ‘‘Representative Agreement’’).

The Company has appointed BNP Paribas Securities Services, Paris to fulfil the function of paying agent (the ‘‘Paying Agent’’) on the Company’s account in or from Switzerland by virtue of a paying agency agreement (the ‘‘Paying Agency Agreement’’).
The Representative and Paying Agency Agreements may be terminated at not less than six months written notice given by any party to the other parties although in certain circumstances (e.g. unremedied breach after notice) the Agreements may be terminated with immediate effect.

Translation (ENFR, 2021-06-30):
# NOTES AUX ÉTATS FINANCIERS au 30 juin 2021 (suite)
1.	Constitution et organisation (suite)
| Nom du Compartiment | Devise de base | Catégories d’actions |
| --- | --- | --- |
| Comgest Growth Japan Compounders | Yen japonais | Catégorie d’actions JPY X de capitalisation* / Catégorie d’actions JPY SI de capitalisation |
| Comgest Growth Emerging Markets | Dollar US | Catégorie d’actions USD de capitalisation / Catégorie d’actions USD de distribution / Catégorie d’actions EUR de distribution / Catégorie d’actions USD I de capitalisation / Catégorie d’actions EUR I de capitalisation / Catégorie d’actions EUR I de distribution / Catégorie d’actions GBP U de capitalisation / Catégorie d’actions EUR R de capitalisation / Catégorie d’actions EUR Z de capitalisation / Catégorie d’actions EUR Z de distribution / Catégorie d’actions GBP Z de capitalisation / Catégorie d’actions USD R de capitalisation / Catégorie d’actions USD X de capitalisation / Catégorie d’actions USD Z de distribution / Catégorie d’actions USD Z de capitalisation / Catégorie d’actions EUR de distribution fixe / Catégorie d’actions EUR I de distribution fixe / Catégorie d’actions EUR Y de capitalisation 9  / Catégorie d’actions GBP U de distribution* |
| Comgest Growth Emerging Markets ex China | Dollar US | Catégorie USD I de capitalisation |
| Comgest Growth Emerging Markets Flex 31 | Euro | Catégorie d’actions EUR I de capitalisation 32  / Catégorie d’actions EUR R de capitalisation 32  / Catégorie d’actions EUR de distribution* / Catégorie d’actions EUR Z de capitalisation 32 |
| Comgest Growth Emerging Markets Plus 5 | Dollar US | Catégorie d’actions EUR I de capitalisation 10  / Catégorie d’actions GBP U de capitalisation 6  / Catégorie d’actions GBP U de distribution 16  / Catégorie d’actions EUR de capitalisation 10  / Catégorie d’actions EUR Z de capitalisation 13  / Catégorie d’actions GBP X de distribution 6  / Catégorie d’actions USD I de capitalisation* / Catégorie d’actions EUR R de capitalisation* |
| Comgest Growth GEM Promising Companies | Euro | Catégorie d’actions EUR de capitalisation / Catégorie d’actions EUR de distribution / Catégorie d’actions USD I de capitalisation / Catégorie d’actions EUR I de capitalisation / Catégorie d’actions EUR R de capitalisation / Catégorie d’actions GBP U de capitalisation* / Catégorie d’actions EUR Z de capitalisation* |
| Comgest Growth Europe | Euro | Catégorie d’actions EUR de capitalisation / Catégorie d’actions EUR de distribution / Catégorie d’actions EUR I de capitalisation / Catégorie d’actions EUR I de distribution / Catégorie d’actions EUR R de capitalisation / Catégorie d’actions EUR Z de capitalisation / Catégorie d’actions EUR Z de distribution / Catégorie d’actions USD I de capitalisation / Catégorie d’actions USD I H de capitalisation / Catégorie d’actions EUR X de capitalisation* / Catégorie d’actions EUR I de distribution fixe / Catégorie d’actions EUR de distribution fixe / Catégorie d’actions GBP U de capitalisation* / Catégorie d’actions USD de capitalisation* / Catégorie d’actions USD Z de capitalisation 29 |
| Comgest Growth Europe Compounders | Euro | Catégorie d’actions EUR X de capitalisation* / Catégorie d’actions EUR SI de capitalisation |
| Comgest Growth Europe Plus | Euro | Catégorie d’actions EUR I de capitalisation / Catégorie d’actions GBP U de capitalisation* / Catégorie d’actions GBP U de distribution* / Catégorie d’actions EUR de capitalisation 9  / Catégorie d’actions EUR Z de capitalisation 2  / Catégorie d’actions EUR R de capitalisation* |
| Comgest Growth Europe S | Euro | Catégorie d’actions EUR de capitalisation / Catégorie d’actions USD de capitalisation / Catégorie d’actions EUR Z de capitalisation* / Catégorie d’actions USD Z de capitalisation* |
| Comgest Growth Europe Opportunities | Euro | Catégorie d’actions EUR de capitalisation / Catégorie d’actions EUR de distribution / Catégorie d’actions EUR R de capitalisation / Catégorie d’actions EUR I de capitalisation / Catégorie d’actions EUR X de capitalisation 22  / Catégorie d’actions EUR Z de capitalisation / Catégorie d’actions GBP U de capitalisation 24  / Catégorie d’actions GBP U H de capitalisation* / Catégorie d’actions GBP U de distribution* / Catégorie d’actions USD I de capitalisation* / Catégorie d’actions USD I H de capitalisation 12 |
| Comgest Growth Europe Smaller Companies | Euro | Catégorie d’actions EUR de capitalisation / Catégorie d’actions EUR I de capitalisation / Catégorie d’actions EUR de distribution* / Catégorie d’actions EUR X de capitalisation / Catégorie d’actions EUR Z de capitalisation / Catégorie d’actions GBP U de capitalisation 11  / Catégorie d’actions GBP U H de capitalisation* / Catégorie d’actions EUR I de distribution 3  / Catégorie d’actions EUR R de capitalisation 20 |