# Comgest Growth Europe Opportunities
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost EUR	EUR	Assets
| Transportation |
| --- |
|  | Wizz Air Holdings Plc | 552,102 | GBP | 19,586,908 | 25,378,988 | 2.80 |
|  |  |  |  | 19,586,908 | 25,378,988 | 2.80 |
|  |  |  |  |  |  |  |
| Total Jersey |  |  |  | 26,341,243 | 36,267,140 | 4.00 |
| Luxembourg |  |  |  |  |  |  |
| Holding and finance companies |
| B&M European Value Retail SA | 3,792,260 | GBP | 16,669,628 | 18,331,819 | 2.02 |
|  |  |  | 16,669,628 | 18,331,819 | 2.02 |
| Internet software Solutions 30 SE | 2,073,043 | EUR | 20,173,255 | 20,647,508 | 2.27 |
|  |  |  | 20,173,255 | 20,647,508 | 2.27 |
| Pharmaceuticals and cosmetics Eurofins Scientific SE | 48,697 | EUR | 21,792,039 | 24,066,057 | 2.65 |
|  |  |  | 21,792,039 | 24,066,057 | 2.65 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 58,634,922 | 63,045,384 | 6.94 |
| Netherlands |  |  |  |  |  |
| Banks and financial institutions |
| Adyen NV | 22,227 | EUR | 14,583,785 | 16,247,937 | 1.79 |
|  |  |  | 14,583,785 | 16,247,937 | 1.79 |
| Electronic semiconductor ASML Holding NV | 238,656 | EUR | 36,747,257 | 62,933,587 | 6.93 |
|  |  |  | 36,747,257 | 62,933,587 | 6.93 |
| Internet software Prosus NV | 147,505 | EUR | 9,312,610 | 9,813,508 | 1.08 |
|  | 9,312,610 | 9,813,508 | 1.08 |
|  |  |  |  |
| Total Netherlands | 60,643,652 | 88,995,032 | 9.80 |

| Comgest Growth Europe Opportunities |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Switzerland |  |  |  |  |  |
| Chemicals Lonza Group AG | 120,485 | CHF | 26,262,785 | 39,150,271 | 4.31 |
| Sika AG | 257,020 | CHF | 27,508,350 | 42,999,294 | 4.73 |
|  |  |  | 53,771,135 | 82,149,565 | 9.04 |
| Holding and finance companies Temenos AG | 286,477 | CHF | 36,253,203 | 40,376,589 | 4.45 |
| VAT Group AG | 33,203 | CHF | 3,268,349 | 4,995,845 | 0.55 |
|  |  |  | 39,521,552 | 45,372,434 | 5.00 |

| Total Switzerland | 93,292,687 | 127,521,999 | 14.04 |
| --- | --- | --- | --- |
|  |  |  |  |
| Equity securities | 728,073,476 | 848,342,281 | 93.43 |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 728,073,476 | 848,342,281 | 93.43 |
| Other transferable securities |  |  |  |
| Equity securities |  |  |  |
| Italy |  |  |  |
| Pharmaceuticals and cosmetics Amplifon SpA - Interim B | 668,975 | EUR | 10,358,476 | 17,152,518 | 1.89 |
|  |  |  | 10,358,476 | 17,152,518 | 1.89 |
|  |  |  |  |  |  |
| Total Italy |  |  | 10,358,476 | 17,152,518 | 1.89 |
|  |  |  |  |  |  |
| Equity securities |  |  | 10,358,476 | 17,152,518 | 1.89 |
|  |  |  |  |  |  |
| Other transferable securities |  |  | 10,358,476 | 17,152,518 | 1.89 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 738,431,952 | 865,494,799 | 95.32 |

Cash and other net assets	 42,472,001	4.68 
Total net assets attributable to holders of redeemable participating shares	 907,966,800	100.00 
% of Total Assets
Transferable securities admitted to an official stock exchange listing93.02
Other transferable securities1.88
| Comgest Growth Europe Smaller Companies |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (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
Internet software
| Netcompany Group A/S | 300,703 | DKK | 10,060,145 | 12,756,533 | 2.80 |
| --- | --- | --- | --- | --- | --- |
| SimCorp A/S | 239,376 | DKK | 15,336,274 | 24,266,038 | 5.33 |
|  |  |  | 25,396,419 | 37,022,571 | 8.13 |
| News transmission GN Store Nord A/S | 594,209 | DKK | 22,032,216 | 24,913,529 | 5.47 |
|  |  |  | 22,032,216 | 24,913,529 | 5.47 |
| Pharmaceuticals and cosmetics Ambu A/S | 1,009,519 | DKK | 14,455,780 | 15,090,488 | 3.32 |
|  |  |  | 14,455,780 | 15,090,488 | 3.32 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 61,884,415 | 77,026,588 | 16.92 |
| France |  |  |  |  |  |
| Healthcare education and social services Orpea | 113,414 | EUR | 11,465,366 | 12,963,220 | 2.85 |
|  |  |  | 11,465,366 | 12,963,220 | 2.85 |
| Holding and finance companies Edenred | 314,931 | EUR | 9,532,645 | 14,518,319 | 3.19 |
| SMCP SA | 608,657 | EUR | 13,055,815 | 5,751,809 | 1.27 |
|  |  |  | 22,588,460 | 20,270,128 | 4.46 |
| Internet software Pharmagest Inter@ctive | 78,345 | EUR | 4,215,431 | 4,747,707 | 1.04 |
|  |  |  | 4,215,431 | 4,747,707 | 1.04 |
| News transmission Teleperformance | 61,197 | EUR | 10,914,957 | 13,304,228 | 2.92 |
|  |  |  | 10,914,957 | 13,304,228 | 2.92 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe Opportunities
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Verkäufe |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |
| Wirecard AG | 322.187 | 34.745.940 | 9,06 |
| Fresenius SE & Co KGaA | 686.235 | 33.658.336 | 8,77 |
| ASML Holding NV | 127.211 | 26.773.804 | 6,98 |
| B&M European Value Retail SA | 5.973.767 | 26.736.993 | 6,97 |
| Atlas Copco AB | 756.808 | 20.227.739 | 5,27 |
| ASOS PLC | 573.707 | 20.077.156 | 5,23 |
| Temenos AG | 131.834 | 19.877.962 | 5,18 |
| Sika AG | 124.241 | 17.739.461 | 4,62 |
| Lonza Group AG | 62.884 | 17.400.832 | 4,54 |
| Just Eat PLC | 1.899.023 | 15.658.773 | 4,08 |
| Amplifon SpA | 647.139 | 14.777.003 | 3,85 |
| Rightmove PLC | 2.403.393 | 13.816.317 | 3,60 |
| Valeo SA | 460.950 | 13.205.086 | 3,44 |
| Ryanair Holdings PLC | 1.179.837 | 12.689.537 | 3,31 |
| Ferrari NV | 75.095 | 10.982.198 | 2,86 |
| Kingspan Group PLC | 219.040 | 10.080.312 | 2,63 |
| VAT Group AG | 83.814 | 9.673.122 | 2,52 |
| Epiroc AB | 969.361 | 9.560.631 | 2,49 |
| Eurofins Scientific SE | 25.726 | 9.552.214 | 2,49 |
| Sophos Group PLC | 2.281.373 | 8.720.582 | 2,27 |
| Sartorius Stedim Biotech | 55.975 | 7.539.087 | 1,97 |
| Edenred | 160.069 | 6.060.627 | 1,58 |
| SimCorp A/S | 64.494 | 5.830.550 | 1,52 |
| DSV PANALPINA A/S | 52.603 | 5.066.766 | 1,32 |
| Moncler SpA | 102.291 | 4.138.775 | 1,08 |