# Comgest Growth Europe Plus
## SCHEDULE OF INVESTMENTS
As at 31 December 2020 (expressed in EUR)
Security
Quantity/
Face value	Currency
Acquisition cost EUR
Fair Value
EUR
% Net Assets
Holding and finance companies
| Temenos AG | 60,446 | CHF | 6,799,718 | 6,910,546 | 2.21 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 6,799,718 | 6,910,546 | 2.21 |
| Pharmaceuticals and cosmetics Roche Holding AG | 61,262 | CHF | 19,306,384 | 17,502,510 | 5.60 |
| Straumann Holding AG | 9,262 | CHF | 7,155,933 | 8,833,335 | 2.82 |
|  |  |  | 26,462,317 | 26,335,845 | 8.42 |

| Total Switzerland | 58,842,795 | 62,994,152 | 20.15 |
| --- | --- | --- | --- |
|  |  |  |  |
| Equity securities | 277,587,867 | 309,570,586 | 99.00 |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 277,587,867 | 309,570,586 | 99.00 |
|  |  |  |  |
| Financial assets at fair value through profit or loss | 277,587,867 | 309,570,586 | 99.00 |

Cash and other net assets		3,123,096	1.00 
Total net assets attributable to holders of redeemable participating shares	 312,693,682	100.00 
% of Total Assets
Transferable securities admitted to an official stock exchange listing	98.82
| Comgest Growth Europe S |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2020 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |

Transferable securities admitted to an official stock exchange listing Equity securities
Denmark
Biotechnology
| Chr Hansen Holding A/S | 5,755 | DKK | 397,225 | 484,308 | 1.00 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 397,225 | 484,308 | 1.00 |
| Internet software SimCorp A/S | 9,023 | DKK | 676,094 | 1,097,651 | 2.26 |
|  |  |  | 676,094 | 1,097,651 | 2.26 |
| Pharmaceuticals and cosmetics Ambu A/S | 21,881 | DKK | 442,682 | 773,709 | 1.60 |
| Coloplast A/S - B Shares | 3,393 | DKK | 283,726 | 423,745 | 0.87 |
| Novo Nordisk A/S - B Shares | 42,143 | DKK | 2,027,400 | 2,415,582 | 4.99 |
|  |  |  | 2,753,808 | 3,613,036 | 7.46 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 3,827,127 | 5,194,995 | 10.72 |
| France |  |  |  |  |  |
| Internet software Dassault Systèmes SE | 9,601 | EUR | 1,126,219 | 1,595,206 | 3.29 |
|  |  |  | 1,126,219 | 1,595,206 | 3.29 |
| News Transmission Teleperformance | 4,194 | EUR | 1,159,438 | 1,137,832 | 2.35 |
|  |  |  | 1,159,438 | 1,137,832 | 2.35 |
| Pharmaceuticals and cosmetics EssilorLuxottica SA | 18,092 | EUR | 2,024,011 | 2,307,634 | 4.76 |
| L’Oreal SA | 5,565 | EUR | 1,093,687 | 1,729,602 | 3.57 |
| Sartorius Stedim Biotech | 2,028 | EUR | 265,685 | 590,554 | 1.22 |
|  |  |  | 3,383,383 | 4,627,790 | 9.55 |
| Textile Hermes International | 1,314 | EUR | 730,761 | 1,155,795 | 2.39 |
|  |  |  | 730,761 | 1,155,795 | 2.39 |

Total France	6,399,801	8,516,623	17.58
| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2020 (expressed in EUR) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 6,454 | EUR | 1,150,194 | 1,377,284 | 2.84 |
|  |  |  | 1,150,194 | 1,377,284 | 2.84 |
| Internet software |  |  |  |  |  |
| SAP SE | 10,901 | EUR | 1,024,840 | 1,168,805 | 2.41 |
|  |  |  | 1,024,840 | 1,168,805 | 2.41 |
| Retail |  |  |  |  |  |
| Fielmann AG | 4,507 | EUR | 272,616 | 299,490 | 0.62 |
|  |  |  | 272,616 | 299,490 | 0.62 |
|  |  |  |  |  |  |
| Total Germany |  |  | 2,447,650 | 2,845,579 | 5.87 |
| Great Britain |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Reckitt Benckiser Group PLC | 7,376 | GBP | 541,766 | 539,091 | 1.11 |
|  |  |  | 541,766 | 539,091 | 1.11 |
| Electronic semiconductor |  |  |  |  |  |
| Halma PLC	23,968 | GBP | 411,583 | 655,770 | 1.36 |
|  | 411,583 | 655,770 | 1.36 |
|  |  |  |  |
| Total Great Britain | 953,349 | 1,194,861 | 2.47 |
| Ireland |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 2,250 | EUR | 471,765 | 479,250 | 0.99 |
|  |  |  | 471,765 | 479,250 | 0.99 |
| Other Services |  |  |  |  |  |
| Accenture PLC | 9,710 | USD | 1,551,678 | 2,072,943 | 4.28 |
|  |  |  | 1,551,678 | 2,072,943 | 4.28 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 7,379 | USD | 1,023,234 | 1,175,887 | 2.42 |
|  |  |  | 1,023,234 | 1,175,887 | 2.42 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 3,046,677 | 3,728,080 | 7.69 |

| Comgest Growth Europe S |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2020 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
|  | Experian PLC | 44,533 | GBP | 1,068,388 | 1,381,620 | 2.85 |
|  |  |  |  | 1,068,388 | 1,381,620 | 2.85 |
|  |  |  |  |  |  |  |
| Total Jersey |  |  |  | 1,068,388 | 1,381,620 | 2.85 |
| Netherlands |  |  |  |  |  |  |
| Automobile industry |
| Ferrari NV | 5,374 | EUR | 682,600 | 1,013,805 | 2.09 |
|  |  |  | 682,600 | 1,013,805 | 2.09 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 492 | EUR | 454,770 | 937,260 | 1.94 |
|  |  |  | 454,770 | 937,260 | 1.94 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 8,088 | EUR | 1,883,660 | 3,215,384 | 6.64 |
|  |  |  | 1,883,660 | 3,215,384 | 6.64 |
| Internet software |  |  |  |  |  |
| Prosus NV	15,535 | EUR | 1,336,497 | 1,372,673 | 2.83 |
|  | 1,336,497 | 1,372,673 | 2.83 |
|  |  |  |  |
| Total Netherlands | 4,357,527 | 6,539,122 | 13.50 |
| Spain |  |  |  |
| Internet software |
| Amadeus IT Group SA - A Shares | 19,143 | EUR | 974,419 | 1,140,157 | 2.35 |
|  |  |  | 974,419 | 1,140,157 | 2.35 |

Retail
Industria de Diseno Textil SA	71,215	EUR	1,961,060	1,854,439	3.83
1,961,060	1,854,439	3.83
Total Spain	2,935,479	2,994,596	6.18
| Comgest Growth Europe S |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2020 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Sweden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
|  | Assa Abloy AB | 51,949 | SEK | 975,354 | 1,046,895 | 2.16 |
|  |  |  |  | 975,354 | 1,046,895 | 2.16 |
|  |  |  |  |  |  |  |
| Total Sweden |  |  |  | 975,354 | 1,046,895 | 2.16 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Lonza Group AG | 2,589 | CHF | 864,617 | 1,361,577 | 2.81 |
| Sika AG | 5,518 | CHF | 724,292 | 1,233,641 | 2.55 |
|  |  |  | 1,588,909 | 2,595,218 | 5.36 |
| Construction and building material |  |  |  |  |  |
| Geberit AG | 2,012 | CHF | 853,194 | 1,030,968 | 2.13 |
|  |  |  | 853,194 | 1,030,968 | 2.13 |
| Food and distilleries |  |  |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 206 | CHF | 1,211,495 | 1,643,724 | 3.39 |
| Nestle SA | 27,595 | CHF | 2,182,398 | 2,660,105 | 5.49 |
|  |  |  | 3,393,893 | 4,303,829 | 8.88 |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG | 8,996 | CHF | 985,225 | 1,028,476 | 2.12 |
|  |  |  | 985,225 | 1,028,476 | 2.12 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 10,508 | CHF | 2,699,938 | 3,002,128 | 6.20 |
| Straumann Holding AG | 1,092 | CHF | 690,538 | 1,041,460 | 2.15 |
|  |  |  | 3,390,476 | 4,043,588 | 8.35 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 10,211,697 | 13,002,079 | 26.84 |
|  |  |  |  |  |  |
| Equity securities |  |  | 36,223,049 | 46,444,450 | 95.86 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  |  | 36,223,049 | 46,444,450 | 95.86 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 36,223,049 | 46,444,450 | 95.86 |

Cash and other net assets	 2,006,496	4.14 
Total net assets attributable to holders of redeemable participating shares	 48,450,946	100.00

Translation (ENFR, 2020-12-31):
# Comgest Growth Europe Plus
#### MOUVEMENTS SIGNIFICATIFS DU PORTEFEUILLE pour l’exercice clos le 31 décembre 2020
| Achats |  |  |  |
| --- | --- | --- | --- |
| Valeur | Quantité | Montant de règlement (EUR) | % du Total Achats |
| Roche Holding AG | 66 653 | 21 018 305 | 6,48 |
| ASML Holding NV | 58 799 | 17 473 651 | 5,39 |
| Novo Nordisk A/S - Actions B | 279 067 | 16 434 633 | 5,07 |
| EssilorLuxottica SA | 126 691 | 14 186 805 | 4,37 |
| Heineken NV | 160 059 | 12 556 141 | 3,87 |
| Industria de Diseno Textil SA | 515 373 | 12 181 117 | 3,76 |
| SAP SE | 100 096 | 12 089 643 | 3,73 |
| LVMH Moët Hennessy Louis Vuitton SE | 30 801 | 11 616 129 | 3,58 |
| Lonza Group AG | 25 758 | 11 527 497 | 3,55 |
| Chocoladefabriken Lindt & Spruengli AG | 1 550 | 11 427 157 | 3,52 |
| L’Oreal SA | 38 666 | 10 315 265 | 3,18 |
| Dassault Systèmes SE | 69 327 | 10 140 399 | 3,13 |
| Prosus NV | 107 113 | 9 422 487 | 2,90 |
| Amadeus IT Group SA - A Shares | 199 829 | 9 027 434 | 2,78 |
| Assa Abloy AB | 477 045 | 8 963 863 | 2,76 |
| Accenture PLC | 49 406 | 8 868 259 | 2,73 |
| Straumann Holding AG | 11 541 | 8 837 942 | 2,72 |
| Jeronimo Martins SGPS SA | 565 080 | 8 488 550 | 2,62 |
| ICON PLC | 54 291 | 8 237 109 | 2,54 |
| Experian PLC | 273 847 | 8 150 929 | 2,51 |
| Orpea SA | 81 195 | 8 149 313 | 2,51 |
| Teleperformance | 31 005 | 7 909 333 | 2,44 |
| Unilever NV | 165 819 | 7 846 877 | 2,42 |
| Temenos AG | 64 047 | 7 216 915 | 2,22 |
| Sika AG | 40 099 | 6 979 467 | 2,15 |
| Kingspan Group PLC | 114 972 | 6 635 555 | 2,05 |
| Ferrari NV | 38 339 | 5 832 173 | 1,80 |
| Hermes International | 6 984 | 4 928 349 | 1,52 |
| Chr Hansen Holding A/S | 55 534 | 4 798 610 | 1,48 |
| Amplifon SpA | 177 185 | 4 336 929 | 1,34 |
| Ambu A/S | 146 742 | 4 165 559 | 1,28 |
| Halma PLC | 132 361 | 3 289 985 | 1,01 |

Comgest Growth Europe Plus
MOUVEMENTS SIGNIFICATIFS DU PORTEFEUILLE pour l’exercice clos le 31 décembre 2020
| Ventes |  |  |  |
| --- | --- | --- | --- |
| Valeur | Quantité | Montant de règlement (EUR) | % du Total Ventes |
| Amadeus IT Group SA - A Shares | 72 874 | 4 181 207 | 8,01 |
| SAP SE | 39 733 | 4 065 595 | 7,79 |
| Lonza Group AG | 6 655 | 3 496 576 | 6,70 |
| LVMH Moët Hennessy Louis Vuitton SE | 5 738 | 2 686 716 | 5,15 |
| L’Oreal SA | 8 232 | 2 471 482 | 4,74 |
| Associated British Foods PLC | 114 215 | 2 413 115 | 4,62 |
| Assa Abloy AB | 114 516 | 2 299 208 | 4,41 |
| Unilever NV | 43 756 | 2 241 174 | 4,30 |
| ASML Holding NV | 6 305 | 2 098 668 | 4,02 |
| Straumann Holding AG | 2 332 | 2 040 013 | 3,91 |
| Adyen NV | 1 265 | 2 006 088 | 3,84 |
| Hermes International | 2 360 | 1 955 577 | 3,75 |
| Fresenius SE & Co KGaA | 44 113 | 1 892 322 | 3,63 |
| Roche Holding AG | 5 602 | 1 625 220 | 3,11 |
| Chr Hansen Holding A/S | 17 611 | 1 572 089 | 3,01 |
| Novo Nordisk A/S - Actions B | 23 280 | 1 317 040 | 2,52 |
| EssilorLuxottica SA | 10 029 | 1 158 815 | 2,22 |
| Heineken NV | 13 345 | 1 130 621 | 2,17 |
| Industria de Diseno Textil SA | 40 331 | 1 030 015 | 1,97 |
| Chocoladefabriken Lindt & Spruengli AG | 130 | 941 678 | 1,80 |
| Dassault Systèmes SE | 5 817 | 901 702 | 1,73 |
| Accenture PLC | 4 122 | 842 417 | 1,61 |
| Experian PLC | 23 016 | 752 812 | 1,44 |
| Kingspan Group PLC | 9 591 | 725 250 | 1,39 |
| Jeronimo Martins SGPS SA | 50 661 | 708 659 | 1,36 |
| Sika AG | 3 397 | 706 620 | 1,35 |
| Orpea SA | 6 273 | 650 460 | 1,25 |
| ICON PLC | 3 711 | 584 727 | 1,12 |
| Ferrari NV | 3 107 | 527 337 | 1,01 |