# Comgest Growth Emerging Markets Flex
## SCHEDULE OF INVESTMENTS
As at 31 December 2020 (expressed in EUR)
| Quantity/ Security	Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| --- | --- | --- | --- | --- |
| Sponsored America Depository Receipts Cayman Islands Automobile industry Autohome Inc	1,560 | USD | 111,614 | 127,014 | 2.99 |
|  |  | 111,614 | 127,014 | 2.99 |
|  |  |  |  |  |
| Total Cayman Islands |  | 111,614 | 127,014 | 2.99 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 111,614 | 127,014 | 2.99 |

| Transferable securities admitted to an official stock exchange listing | 3,167,389 | 4,020,682 | 94.76 |
| --- | --- | --- | --- |
| Other transferable securities dealt on another regulated market |  |  |  |
| Equity securities |  |  |  |
| Federation Of Russia |  |  |  |
| Holding and finance companies |  |  |  |  |
| Moscow Exchange MICEX-RTS PJSC | 51,600 | RUB | 80,467 | 90,982 | 2.14 |
|  |  |  | 80,467 | 90,982 | 2.14 |
|  |  |  |  |  |  |
| Total Federation Of Russia |  |  | 80,467 | 90,982 | 2.14 |
|  |  |  |  |  |  |
| Equity securities |  |  | 80,467 | 90,982 | 2.14 |
|  |  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  |  | 80,467 | 90,982 | 2.14 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 3,247,856 | 4,111,664 | 96.90 |
| Total financial derivative instrument (Note 6) |  |  |  | (24,262) | (0.57) |
| Cash and other net assets | 	155,831	3.67  |
| Total net assets attributable to holders of redeemable participating shares |  4,243,233	100.00  |
|  | % of Total Assets |
| Transferable securities admitted to an official stock exchange listing | 90.83 |
| Other transferable securities dealt on another regulated market | 2.06 |
| Derivative instrument | 0.03 |

| Comgest Growth Emerging Markets Plus1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2020 (expressed in USD) |
| Security | Quantity/ Face value | Currency | Acquisition cost USD | Fair Value USD | % Net Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |

Transferable securities admitted to an official stock exchange listing Equity securities
Brazil
Automobile industry
| Localiza Rent a Car SA | 394,693 | BRL | 3,615,448 | 5,239,310 | 1.63 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 3,615,448 | 5,239,310 | 1.63 |
| Holding and finance companies B3 SA - Brasil Bolsa Balcao | 668,297 | BRL | 6,934,395 | 7,974,463 | 2.47 |
|  |  |  | 6,934,395 | 7,974,463 | 2.47 |
| Insurance BB Seguridade Participacoes SA | 1,415,188 | BRL | 11,146,222 | 8,072,836 | 2.50 |
|  |  |  | 11,146,222 | 8,072,836 | 2.50 |
| Mechanics and machinery WEG SA | 252,500 | BRL | 2,540,869 | 3,681,858 | 1.14 |
|  |  |  | 2,540,869 | 3,681,858 | 1.14 |
| Transportation CCR SA | 2,319,260 | BRL | 8,494,388 | 6,014,470 | 1.87 |
|  |  |  | 8,494,388 | 6,014,470 | 1.87 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 32,731,322 | 30,982,937 | 9.61 |
| Cayman Islands |  |  |  |  |  |
| Internet software NetEase Inc | 752,345 | HKD | 10,293,571 | 14,321,396 | 4.44 |
| Tencent Holdings Ltd | 74,000 | HKD | 3,687,829 | 5,382,609 | 1.67 |
|  |  |  | 13,981,400 | 19,704,005 | 6.11 |
| Other Services Alibaba Group Holding Ltd | 438,912 | HKD | 11,929,619 | 13,166,463 | 4.08 |
|  |  |  | 11,929,619 | 13,166,463 | 4.08 |
| Total Cayman Islands	25,911,019 | 32,870,468 | 10.19 |

| Comgest Growth Emerging Markets Plus1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2020 (expressed in USD) |
| Security | Quantity/ Face value | Currency | Acquisition cost USD | Fair Value USD | % Net Assets |
| China |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| SAIC Motor Corp Ltd - A Shares | 2,612,866 | CNY | 7,797,377 | 9,764,595 | 3.03 |
|  |  |  | 7,797,377 | 9,764,595 | 3.03 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A |  |  |  |  |  |
| Shares | 1,641,583 | CNY | 6,677,980 | 11,137,511 | 3.45 |

6,677,980	11,137,511	3.45
Electronics and electrical equipment
| Midea Group Co Ltd - A Shares	613,488 | CNY | 4,339,326 | 9,234,504 | 2.86 |
| --- | --- | --- | --- | --- |
|  |  |  | 4,339,326 | 9,234,504 | 2.86 |
| Insurance |  |  |  |  |  |
| China Life Insurance Co Ltd - H Shares | 1,222,000 | HKD | 3,102,980 | 2,694,941 | 0.84 |
| Ping An Insurance Group Co of China Ltd - H Shares | 1,661,500 | HKD | 19,769,582 | 20,356,632 | 6.31 |
|  |  |  | 22,872,562 | 23,051,573 | 7.15 |
|  |  |  |  |  |  |
| Total China |  |  | 41,687,245 | 53,188,183 | 16.49 |
| Great Britain |  |  |  |  |  |
| Food and distilleries |  |  |  |  |  |
| Unilever PLC | 32,178 | EUR | 1,837,891 | 1,951,443 | 0.61 |
|  |  |  | 1,837,891 | 1,951,443 | 0.61 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 1,837,891 | 1,951,443 | 0.61 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 882,000 | HKD | 9,093,043 | 10,806,229 | 3.35 |
|  |  |  | 9,093,043 | 10,806,229 | 3.35 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 9,093,043 | 10,806,229 | 3.35 |
| India |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 466,435 | INR | 11,647,190 | 16,333,473 | 5.07 |
|  |  |  | 11,647,190 | 16,333,473 | 5.07 |

Translation (ENFR, 2020-12-31):
# Comgest Growth Emerging Markets Flex
MOUVEMENTS SIGNIFICATIFS DU PORTEFEUILLE pour l’exercice clos le 31 décembre 2020
| Ventes |  |  |  |
| --- | --- | --- | --- |
| Valeur | Quantité | Montant de règlement (EUR) | % du Total Ventes |
| Ping An Insurance Group Co of China Ltd - Actions H | 353 500 | 3 336 664 | 5,67 |
| Taiwan Semiconductor Manufacturing Co Ltd | 237 000 | 2 878 596 | 4,89 |
| Samsung Electronics Co Ltd | 62 418 | 2 707 137 | 4,60 |
| NetEase Inc | 9 442 | 2 399 715 | 4,08 |
| BB Seguridade Participacoes SA | 514 055 | 2 210 341 | 3,75 |
| NCSoft Corp | 3 745 | 2 097 836 | 3,56 |
| Cognizant Technology Solutions Corp | 34 537 | 2 016 935 | 3,43 |
| NAVER Corp | 10 503 | 1 977 859 | 3,36 |
| Inner Mongolia Yili Industrial Group Co Ltd - Actions A | 449 450 | 1 893 214 | 3,22 |
| Alibaba Group Holding Ltd | 8 117 | 1 842 932 | 3,13 |
| Hengan International Group Co Ltd | 249 500 | 1 663 686 | 2,83 |
| Naspers Ltd | 10 564 | 1 658 224 | 2,82 |
| CCR SA | 801 370 | 1 658 057 | 2,82 |
| AIA Group Ltd | 184 200 | 1 606 679 | 2,73 |
| Housing Development Finance Corp Ltd | 71 212 | 1 560 802 | 2,65 |
| Power Grid Corp of India Ltd | 733 157 | 1 516 057 | 2,58 |
| Sanlam Ltd | 465 517 | 1 402 336 | 2,38 |
| SAIC Motor Corp Ltd - A Shares | 497 200 | 1 333 320 | 2,27 |
| Autohome Inc | 16 102 | 1 278 156 | 2,17 |
| Suzuki Motor Corp | 35 500 | 1 261 706 | 2,14 |
| B3 SA - Brasil Bolsa Balcao | 156 821 | 1 230 193 | 2,09 |
| Localiza Rent a Car SA | 181 200 | 1 195 844 | 2,03 |
| China Life Insurance Co Ltd - Actions H | 589 000 | 1 163 247 | 1,98 |
| Moscow Exchange MICEX-RTS PJSC | 701 200 | 1 103 931 | 1,88 |
| Infosys Ltd | 110 013 | 1 033 995 | 1,76 |
| Telkom Indonesia Persero Tbk PT | 5 647 800 | 1 020 353 | 1,73 |
| Fomento Economico Mexicano SAB de CV | 17 511 | 1 007 776 | 1,71 |
| Discovery Ltd | 154 801 | 971 609 | 1,65 |
| Tencent Holdings Ltd | 17 000 | 964 086 | 1,64 |
| Samsung Life Insurance Co Ltd | 23 722 | 917 139 | 1,56 |
| Mail.Ru Group Ltd | 36 659 | 838 410 | 1,42 |
| LG Household & Health Care Ltd | 754 | 831 987 | 1,41 |
| Cogna Educacao | 786 600 | 813 317 | 1,38 |
| BIM Birlesik Magazalar AS | 104 195 | 813 265 | 1,38 |
| Midea Group Co Ltd - Actions A | 86 600 | 783 682 | 1,33 |
| Lupin Ltd | 76 979 | 752 130 | 1,28 |
| China Resources Gas Group Ltd | 180 000 | 719 052 | 1,22 |
| Infraestructura Energetica Nova SAB de CV | 244 300 | 714 860 | 1,21 |
| Hangzhou Hikvision Digital Technology Co Ltd - Actions A | 134 829 | 621 804 | 1,06 |
| MTN Group | 199 214 | 584 648 | 0,99 |