# Statement of net assets as of 31 December 2019	17
| ISIN | Securities |  | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities, rights and profit participation certificates |  |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd. ADR | USD | 15,000 | 0 | 40,000 | 215.4700 | 7,721,555.28 | 3.41 |
| 7,721,555.28 | 3.41 |
| Denmark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 225,000 | 0 | 225,000 | 212.5000 | 6,400,002.68 | 2.83 |
| 6,400,002.68 | 2.83 |
| Germany |  |  |  |  |  |  |  |
| DE000LEG1110 | LEG Immobilien AG | EUR | 0 | 0 | 50,000 | 106.5000 | 5,325,000.00 | 2.35 |
| DE000PAH0038 | Porsche Automobil Holding SE -VZ- | EUR | 0 | 0 | 80,000 | 67.2000 | 5,376,000.00 | 2.37 |
| DE0007164600 | SAP SE | EUR | 0 | 35,000 | 25,000 | 121.4000 | 3,035,000.00 | 1.34 |
| DE000A1ML7J1 | Vonovia SE | EUR | 0 | 0 | 103,521 | 48.1800 | 4,987,641.78 | 2.20 |
| DE0007472060 | Wirecard AG | EUR | 55,000 | 0 | 55,000 | 106.3000 | 5,846,500.00 | 2.58 |
| 24,570,141.78 | 10.84 |
| France |  |  |  |  |  |  |  |
| FR0013258662 | Ald S.A. | EUR | 0 | 205,000 | 145,000 | 14.0000 | 2,030,000.00 | 0.90 |
| FR0000120271 | Total S.A. | EUR | 1,314 | 42,539 | 70,000 | 49.2900 | 3,450,300.00 | 1.52 |
| 5,480,300.00 | 2.42 |
| Ireland |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 10,000 | 70,000 | 113.3500 | 7,108,493.10 | 3.14 |
| 7,108,493.10 | 3.14 |
| New Zealand |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 550,000 | 0 | 550,000 | 14.6500 | 5,041,609.31 | 2.23 |
| 5,041,609.31 | 2.23 |
| Switzerland |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 115,000 | 0 | 115,000 | 66.9000 | 7,064,089.62 | 3.12 |
| CH0012032048 | Roche Holding AG | CHF | 0 | 0 | 25,000 | 317.2500 | 7,282,389.13 | 3.21 |
| Genussscheine |  |  |  |  |  |
|  |  |
| 14,346,478.75 | 6.33 |

1)  NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Spain |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil S.A.	EUR | 325,000 | 35,000 | 290,000 | 32.1500 | 9,323,500.00 | 4.12 |
| 9,323,500.00 | 4.12 |
| South Korea |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co. Ltd.	KRW | 0 | 0 | 175,000 | 45,700.0000 | 6,169,753.19 | 2.72 |
| -VZ- |  |  |  |  |  |  |
| 6,169,753.19 | 2.72 |
| United States of America |  |  |  |  |  |  |
| US02079K3059 | Alphabet Inc.	USD | 1,500 | 0 | 6,000 | 1,354.6400 | 7,281,705.79 | 3.21 |
| US0311621009 | Amgen Inc.	USD | 7,500 | 5,000 | 40,000 | 241.5300 | 8,655,438.09 | 3.82 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 40,000 | 0 | 40,000 | 226.1400 | 8,103,924.03 | 3.58 |
| US8085131055 | Charles Schwab Corporation	USD | 160,000 | 0 | 160,000 | 48.3400 | 6,929,224.15 | 3.06 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 50,000 | 120,000 | 47.7700 | 5,135,638.77 | 2.27 |
| US3703341046 | General Mills Inc.	USD | 20,000 | 25,000 | 145,000 | 53.1900 | 6,909,648.81 | 3.05 |
| US4581401001 | Intel Corporation	USD | 15,000 | 0 | 125,000 | 60.0800 | 6,728,184.91 | 2.97 |
| US5007541064 | Kraft Heinz Co., The	USD | 60,000 | 0 | 180,000 | 31.6200 | 5,099,086.19 | 2.25 |
| US5962781010 | Middleby Corporation	USD | 40,000 | 0 | 40,000 | 109.7300 | 3,932,270.20 | 1.74 |
| US7170811035 | Pfizer Inc.	USD | 0 | 35,000 | 150,000 | 39.3200 | 5,283,999.28 | 2.33 |
| US72703H1014 | Planet Fitness Inc.	USD | 130,000 | 0 | 130,000 | 75.4900 | 8,792,062.35 | 3.88 |
| US88579Y1010 | 3M Co.	USD | 5,000 | 5,000 | 35,000 | 177.2600 | 5,558,233.29 | 2.45 |
| 78,409,415.86 | 34.61 |
| United Kingdom |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 210,000 | 0 | 210,000 | 26.4200 | 6,507,389.16 | 2.87 |
| GB00B0744B38 | Bunzl Plc.	GBP | 200,000 | 0 | 200,000 | 21.1700 | 4,965,986.39 | 2.19 |
| GB00BRJ9BJ26 | Fevertree Drinks Plc.	GBP | 200,000 | 0 | 200,000 | 21.3300 | 5,003,518.65 | 2.21 |
| GB00B24CGK77 | Reckitt Benckiser Group Plc.	GBP | 80,000 | 15,000 | 65,000 | 62.2400 | 4,745,015.25 | 2.09 |
| GB00B03MLX29 | Royal Dutch Shell Plc.	EUR | 0 | 90,000 | 80,000 | 26.5500 |  |  |
| 23,345,909.45 | 10.30 |
| Securities traded on an exchange |  |  |  |  | 187,917,159.40 | 82.95 |
| Equities, rights and profit participation certificates |  |  |  |  | 187,917,159.40 | 82.95 |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| NOK |  |  |  |  |  |  |
| XS1195588915 | 1.125 % European Investment Bank (EIB) EMTN Reg.S. v.15(2020) | 40,000,000 | 0 | 40,000,000 | 99.8740 | 4,057,362.23 | 1.79 |
| XS1227593933 | 1.500 % European Investment Bank (EIB) EMTN Reg.S. v.15(2022) | 40,000,000 | 0 | 40,000,000 | 99.7370 | 4,051,796.63 | 1.79 |
| XS1489186947 | 1.000 %  Kreditanstalt für Wiederaubau | 35,000,000 | 0 | 35,000,000 | 98.8150 | 3,512,547.99 | 1.55 |
| EMTN v.16(2021) |  |  |  |  |
|  |  |
| USD |  |  |  |  | 11,621,706.85 | 5.13 |
|  |  |
| US912810SK51 | 2.375 % United States of America v.19(2049) | 5,000,000 | 0 | 5,000,000 | 101.2734 | 4,536,527.41 | 2.00 |
| US912810SJ88 | 2.250 % United States of America | 5,000,000 | 0 | 5,000,000 | 98.5938 | 4,416,491.22 | 1.95 |
| v.19(2049) |  |  |  |  |
|  |  |
| 8,953,018.63 | 3.95 |
| Securities traded on an exchange |  |  |  |  | 20,574,725.48 | 9.08 |
| Bonds |  |  |  |  | 20,574,725.48 | 9.08 |

Translation (ENDE, 2019-12-31):
# Vermögensaufstellung zum 31. Dezember 2019	17
| ISIN | Wertpapiere |  | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |
| Cayman Inseln |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd. ADR | USD | 15.000 | 0 | 40.000 | 215,4700 | 7.721.555,28 | 3,41 |
| 7.721.555,28 | 3,41 |
| Dänemark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 225.000 | 0 | 225.000 | 212,5000 | 6.400.002,68 | 2,83 |
| 6.400.002,68 | 2,83 |
| Deutschland |  |  |  |  |  |  |  |
| DE000LEG1110 | LEG Immobilien AG | EUR | 0 | 0 | 50.000 | 106,5000 | 5.325.000,00 | 2,35 |
| DE000PAH0038 | Porsche Automobil Holding SE -VZ- | EUR | 0 | 0 | 80.000 | 67,2000 | 5.376.000,00 | 2,37 |
| DE0007164600 | SAP SE | EUR | 0 | 35.000 | 25.000 | 121,4000 | 3.035.000,00 | 1,34 |
| DE000A1ML7J1 | Vonovia SE | EUR | 0 | 0 | 103.521 | 48,1800 | 4.987.641,78 | 2,20 |
| DE0007472060 | Wirecard AG | EUR | 55.000 | 0 | 55.000 | 106,3000 | 5.846.500,00 | 2,58 |
| 24.570.141,78 | 10,84 |
| Frankreich |  |  |  |  |  |  |  |
| FR0013258662 | Ald S.A. | EUR | 0 | 205.000 | 145.000 | 14,0000 | 2.030.000,00 | 0,90 |
| FR0000120271 | Total S.A. | EUR | 1.314 | 42.539 | 70.000 | 49,2900 | 3.450.300,00 | 1,52 |
| 5.480.300,00 | 2,42 |
| Irland |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 10.000 | 70.000 | 113,3500 | 7.108.493,10 | 3,14 |
| 7.108.493,10 | 3,14 |
| Neuseeland |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 550.000 | 0 | 550.000 | 14,6500 | 5.041.609,31 | 2,23 |
| 5.041.609,31 | 2,23 |
| Schweiz |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 115.000 | 0 | 115.000 | 66,9000 | 7.064.089,62 | 3,12 |
| CH0012032048 | Roche Holding AG | CHF | 0 | 0 | 25.000 | 317,2500 | 7.282.389,13 | 3,21 |
| Genussscheine |  |  |  |  |  |
|  |  |
| 14.346.478,75 | 6,33 |

1)  NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Spanien |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil S.A.	EUR | 325.000 | 35.000 | 290.000 | 32,1500 | 9.323.500,00 | 4,12 |
| 9.323.500,00 | 4,12 |
| Südkorea |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co. Ltd.	KRW | 0 | 0 | 175.000 | 45.700,0000 | 6.169.753,19 | 2,72 |
| -VZ- |  |  |  |  |  |  |
| 6.169.753,19 | 2,72 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |
| US02079K3059 | Alphabet Inc.	USD | 1.500 | 0 | 6.000 | 1.354,6400 | 7.281.705,79 | 3,21 |
| US0311621009 | Amgen Inc.	USD | 7.500 | 5.000 | 40.000 | 241,5300 | 8.655.438,09 | 3,82 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 40.000 | 0 | 40.000 | 226,1400 | 8.103.924,03 | 3,58 |
| US8085131055 | Charles Schwab Corporation	USD | 160.000 | 0 | 160.000 | 48,3400 | 6.929.224,15 | 3,06 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 50.000 | 120.000 | 47,7700 | 5.135.638,77 | 2,27 |
| US3703341046 | General Mills Inc.	USD | 20.000 | 25.000 | 145.000 | 53,1900 | 6.909.648,81 | 3,05 |
| US4581401001 | Intel Corporation	USD | 15.000 | 0 | 125.000 | 60,0800 | 6.728.184,91 | 2,97 |
| US5007541064 | Kraft Heinz Co., The	USD | 60.000 | 0 | 180.000 | 31,6200 | 5.099.086,19 | 2,25 |
| US5962781010 | Middleby Corporation	USD | 40.000 | 0 | 40.000 | 109,7300 | 3.932.270,20 | 1,74 |
| US7170811035 | Pfizer Inc.	USD | 0 | 35.000 | 150.000 | 39,3200 | 5.283.999,28 | 2,33 |
| US72703H1014 | Planet Fitness Inc.	USD | 130.000 | 0 | 130.000 | 75,4900 | 8.792.062,35 | 3,88 |
| US88579Y1010 | 3M Co.	USD | 5.000 | 5.000 | 35.000 | 177,2600 | 5.558.233,29 | 2,45 |
| 78.409.415,86 | 34,61 |
| Vereinigtes Königreich |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 210.000 | 0 | 210.000 | 26,4200 | 6.507.389,16 | 2,87 |
| GB00B0744B38 | Bunzl Plc.	GBP | 200.000 | 0 | 200.000 | 21,1700 | 4.965.986,39 | 2,19 |
| GB00BRJ9BJ26 | Fevertree Drinks Plc.	GBP | 200.000 | 0 | 200.000 | 21,3300 | 5.003.518,65 | 2,21 |
| GB00B24CGK77 | Reckitt Benckiser Group Plc.	GBP | 80.000 | 15.000 | 65.000 | 62,2400 | 4.745.015,25 | 2,09 |
| GB00B03MLX29 | Royal Dutch Shell Plc.	EUR | 0 | 90.000 | 80.000 | 26,5500 |  |  |
| 23.345.909,45 | 10,30 |
| Börsengehandelte Wertpapiere |  |  |  |  | 187.917.159,40 | 82,95 |
| Aktien, Anrechte und Genussscheine |  |  |  |  | 187.917.159,40 | 82,95 |
| Anleihen |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |
| NOK |  |  |  |  |  |  |
| XS1195588915 | 1,125%	European Investment Bank (EIB) EMTN Reg.S. v.15(2020) | 40.000.000 | 0 | 40.000.000 | 99,8740 | 4.057.362,23 | 1,79 |
| XS1227593933 | 1,500%	European Investment Bank (EIB) EMTN Reg.S. v.15(2022) | 40.000.000 | 0 | 40.000.000 | 99,7370 | 4.051.796,63 | 1,79 |
| XS1489186947 | 1,000%	Kreditanstalt für Wiederaubau | 35.000.000 | 0 | 35.000.000 | 98,8150 | 3.512.547,99 | 1,55 |
| EMTN v.16(2021) |  |  |  |  |
|  |  |
| USD |  |  |  |  | 11.621.706,85 | 5,13 |
|  |  |
| US912810SK51 | 2,375%	Vereinigte Staaten von Amerika v.19(2049) | 5.000.000 | 0 | 5.000.000 | 101,2734 | 4.536.527,41 | 2,00 |
| US912810SJ88 | 2,250%	Vereinigte Staaten von | 5.000.000 | 0 | 5.000.000 | 98,5938 | 4.416.491,22 | 1,95 |
| Amerika v.19(2049) |  |  |  |  |
|  |  |
| 8.953.018,63 | 3,95 |
| Börsengehandelte Wertpapiere |  |  |  |  | 20.574.725,48 | 9,08 |
| Anleihen |  |  |  |  | 20.574.725,48 | 9,08 |