# NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 (continued)
- Derivative Contracts (continued)

| COMGEST GROWTH INDIA |
| --- |
|  |  |  |  |  |  | Unrealised |
|  |  |  |  |  |  | gain/(loss) |
| Maturity | Counterparties | Currency purchased | Currency sold |  | in USD |
| 4-Jan-22 | RBC Investor Services Bank S.A. | USD | 6,189 | EUR | (5,469) | (31) |
| 4-Jan-22 | RBC Investor Services Bank S.A. | EUR | 331,039 | USD | (374,923) | 1,563 |
|  |  |  | Total as at 31 December 2021 | 1,532 |
|  |  |  | Total as at 31 December 2020 | - |

Forward foreign exchange contracts entered into by the Company represent a firm commitment to buy or sell an underlying asset, or currency at a specified value and point in time based upon an agreed or contracted quantity. The realised /unrealised gain or loss is equal to the difference between the value of the contract at settlement date/period end date and is included in the Statement of Comprehensive Income.
The global exposure of each Fund is calculated as the total of the absolute values of a Fund’s net position exposures, assessed using the Commitment Approach, and global exposure is covered with either cash or liquid assets.
The Company takes account of netting and hedging arrangements when calculating global exposure, where these arrangements do not disregard obvious and material risks and result in a clear reduction in risk exposure.
The Company applies the Commitment Approach to all FDI, including embedded FDI, whether used as part of a Fund’s general investment policy, for the purposes of risk reduction or for the purposes of efficient portfolio management.

## Limits: The global exposure of a Fund arising from the use of FDIs, including embedded FDI, will, at all times, be limited to 100% of the Net Asset Value of the Fund.
Monitoring: The Company calculates the global exposure of each Fund on at least a daily basis, as the incremental exposure and leverage generated by a Fund through the use of FDI, including embedded FDI, may not exceed the total of the Fund’s NAV.
- Risk Associated with Financial InstrumentsThe Investment Manager maintains investment guidelines that set out its overall business strategies . The investment objectives and policies are set out for each Fund of the Company in the Prospectus. The Company further maintains a risk management process which sets out its general risk management philosophy and processes by which the Investment Manager monitors and controls economic hedging transactions in a timely and accurate manner.


## Investment Guidelines and Investment Processes

## In selecting companies for the Funds’ portfolios, the Investment Manager looks for companies with the following quality growth criteria:

## Business Model
- Transparency.
- Recurring revenues.
- Pricing power.
- Client/supplier concentration.


## Financial criteria
- Proven ability to generate a strong increase in earnings (EPS + dividends >10%).
- Return on equity (>15%), strong cash flow generation.
- Return on capital employed above the cost of capital.
- Sound balance sheet, low gearing.
- Above-average profit margins versus peers.
- Risk Associated with Financial Instruments (continued) Investment Guidelines and Investment Processes (continued)Organic Growth
- Geographic expansion.
- Product expansion.
- Growing market.
- Innovation.


## Barriers to Entry
- Brand/franchise.
- Patents.
- Durable know-how.
- Switching cost.
- Customer loyalty.
- Scale.


## Sustainability
- People and culture.
- Environment.
- Social utility.
- Political/regulatory risk.


## Management
- Industrial vision.
- Integrity.
- Communication.
- Corporate Governance.

Sub-Investment Managers screen the above criteria on a continuous basis through their own evaluation of company information, use of research provided by brokers, contacts with the company and industry consultants and the occasional use of external screening tools.
This research is enriched by the rigorous groundwork of frequent contact with company executives, operational management and visits to manufacturing and distribution sites. Sub-Investment Managers also check on competitors, clients and suppliers of the companies, tapping into any information likely to highlight their strengths and weaknesses.
This intensive work leads to the creation of the Investment Manager’s investment universe, comprising a restricted list of rigorously selected quality growth stocks. A unanimous decision of the investment team must be reached in order to include a company in the investment universe. Subject to significant changes in the business environment, changes in management or wholesale changes in the business strategy of the company, once a company enters the investment universe it tends to stay there for quite some time and stays in a portfolio for typically 3-5 years.
The Sub-Investment Managers are free to select companies from the investment universe for inclusion in the portfolios, weighting the companies within the portfolio based on the relative attractiveness of each company and their personal judgement.
Typically, there are 25-50 stocks held in the portfolios which the Investment Manager believes achieves appropriate diversification and reduction of overall risk of the portfolio. Depending on the risks associated with the target markets of the Funds, the Investment Manager may maintain a more or less diversified portfolio.
The intensive research, in-depth knowledge of the companies and long-term focus of the Funds naturally result in portfolios with relatively high concentrations and a low turnover. The Investment Manager sells companies for which there are concerns or for which the valuation is too high. Cash holdings may increase significantly in periods of market uncertainty and/or in periods of obvious market overvaluation.
- Risk Associated with Financial Instruments (continued) Investment Guidelines and Investment Processes (continued)The Company’s assets and liabilities comprise of financial instruments which include:
- Cash liquid resources and short-term debtors and creditors that arise directly from its investment activities.
- Investments including equities, depository receipts, market access products (such as P-Notes) and FDI (for hedging purposes only). These are held in accordance with the Company’s investment objectives and policies. The objectives of each of the Funds are summarised below.


## The investment objectives of the Funds of the Company are detailed in the Company’s Prospectus and summarised below:
Comgest Growth World: The investment objective of the Comgest Growth World Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are international and diversified growth securities.
Comgest Growth World Compounders: The investment objective of the Comgest World Compounders Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what , in the opinion of the Investment Manager, are international and diversified growth securities.
Comgest Growth World Plus: The investment objective of the Comgest Growth World Plus Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are international and diversified growth securities.
Comgest Growth Global Flex: The investment objective of the Comgest Growth Global Flex Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are international and diversified growth securities.
Comgest Growth World Developed Markets: The investment objective of the Comgest Growth World Developed Markets Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what in the opinion of the Investment Manager, are international and diversified growth securities. This Fund was not launched as of 31 December 2021.
Comgest Growth EAFE: The investment objective of the Comgest Growth EAFE Fund (formerly known as Comgest Growth EAFE Plus Fund) is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are international and diversified growth securities.
Comgest Growth America: The investment objective of the Comgest Growth America Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in the United States of America.
Comgest Growth Japan: The investment objective of the Comgest Growth Japan Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Japan.
Comgest Growth Japan Compounders: The investment objective of the Comgest Growth Japan Compounders Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Japan.
Comgest Growth Emerging Markets: The investment objective of the Comgest Growth Emerging Markets Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets. Emerging Markets are defined as countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe, which have strong economic growth compared to the average for the large, industrialised countries.

## 7. Risk Associated with Financial Instruments (continued) Investment Guidelines and Investment Processes (continued)
Comgest Growth Emerging Markets ex China: The investment objective of the Comgest Growth Emerging Markets ex China Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets ex China. Emerging Markets are defined as countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe, which have strong economic growth compared to the average for the large, developed countries.
Comgest Growth Emerging Markets Flex: The investment objective of the Comgest Growth Emerging Markets Flex Fund is to achieve capital appreciation by creating a professionally managed portfolio primarily consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets. Emerging Markets are defined as countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe, which have strong economic growth when compared to the average of large, developed countries. Comgest Growth Emerging Markets Flex was merged as at 31 May 2021.
Comgest Growth Emerging Markets Plus: The investment objective of the Comgest Growth Emerging Markets Plus Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets. Emerging Markets are defined as countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe, which have strong economic growth compared to the average for the large, developed countries.
Comgest Growth GEM Promising Companies: The investment objective of the Comgest Growth GEM Promising Companies Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are high quality long-term growth promising companies based or operating in Global Emerging Markets. Promising companies are companies that, in the opinion of the Investment Manager, are (i) seeking to rapidly gain market share and accordingly grow in size and (ii) deliver fast earnings growth. Promising companies usually have shorter track records and higher capital requirements than more mature and established companies. As a result, promising companies normally have a higher risk profile.
Comgest Growth Europe: The investment objective of the Comgest Growth Europe Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Europe.
Comgest Growth Europe Compounders: The investment objective of the Comgest Growth Europe Compounders Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Invest ment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Europe.
Comgest Growth Europe Plus: The investment objective of the Comgest Growth Europe Plus Fund is to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Europe.
Comgest Growth Europe S: The investment objective of the Comgest Growth Europe S Fund is to seek to create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in Europe. The Investment Manager intends to invest in Shariah compliant common shares issued by European companies at least two thirds of which will be quoted or traded on Regulated Markets in EU Member States, the UK and in Switzerland.
Comgest Growth Europe Opportunities: The investment objective of the Comgest Growth Europe Opportunities Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are opportunities which have their headquarters or carry out their predominant activities in Europe. Portfolio construction will use a pure bottom-up stock picking approach. The Fund is eligible for the equity savings plan ("plan d'épargne en actions" or "PEA") in France as it invests on a permanent basis at least 75% of its total assets in eligible shares or equity linked securities issued by companies having their registered office in the EEA or in the UK. However, with effect from 1 January 2021, the Investment Manager will cease to observe the foregoing restriction when making investments and the Europe Opportunities Fund will therefore no longer be eligible for the PEA.

## 7. Risk Associated with Financial Instruments (continued) Investment Guidelines and Investment Processes (continued)
Comgest Growth Europe Smaller Companies: The investment objective of the Comgest Growth Europe Smaller Companies Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are high quality long-term growth and mid-cap companies having their headquarters or carrying out their predominant activities in Europe. The Fund is eligible for the equity savings plan ("plan d'épargne en actions" or "PEA") in France as it invests on a permanent basis at least 75% of its total assets in eligible shares or equity linked securities issued by mid-cap companies having their registered office in the EEA or in the UK. However, with effect from 1 January 2021, the Investment Manager will cease to observe the foregoing restriction when making investments and the Europe Smaller Companies Fund will therefore no longer be eligible for the PEA.
Comgest Growth Europe ex Switzerland: The investment objective of the Comgest Growth Europe ex Switzerland Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in any European country with the exception of Switzerland.
Comgest Growth Europe ex UK: The investment objective of the Comgest Growth Europe ex UK Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in any European country with the exception of the United Kingdom.
Comgest Growth Asia: The investment objective of the Comgest Growth Asia Fund is to achieve long-term capital growth by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Asia, notably Hong Kong, Singapore, Malaysia, Thailand, Taiwan, Philippines, Indonesia, Pakistan, India, Japan, South Korea and China.
Comgest Growth Asia ex Japan: The investment objective of the Comgest Growth Asia ex Japan Fund is to achieve long-term capital growth by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Asia excluding Japan but including the Indian sub-continent.
Comgest Growth Asia Pac ex Japan: The investment objective of the Comgest Growth Asia Pac ex Japan Fund is to achieve long-term capital growth by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Asia excluding Japan but including the Indian sub-continent, Australia and New Zealand.
Comgest Growth China: The investment objective of the Comgest Growth China Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant activities in China.
Comgest Growth India: The investment objective of the Comgest Growth India Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are well managed companies with long-term growth potential having their headquarters or carrying out their predominant activities in India.
Comgest Growth Latin America: The investment objective of the Comgest Growth Latin America Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are well managed companies with long-term growth potential having their headquarters or carrying out their predominant activities in Latin America.

## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk
- Price RiskPrice Risk arises mainly from uncertainty about future prices of securities (e.g. equities) and financial instruments held. It represents the potential loss the Company might suffer through holding market positions in the face of price moveme nts.

The Company trades in financial instruments, taking positions in traded instruments to create a professionally manag ed portfolio consisting of high-quality long-term growth companies. However, the Company’s equity securities remain susceptible to equity price risk arising from fluctuations in their fair value due to changes in market prices.
The positions in securities held by the Funds at the financial year end are disclosed in the Schedule of Investments along with details of the geographic breakdown of investments indicating which countries the Funds’ portfolios are exposed. However, exposure may not be limited to these countries if, for example, companies in a portfolio have part of their earnings based in other countries.
The tables below provide a risk sensitivity analysis of the impact of equity price movements on each of the Funds of the Company. This information is given only in conformity with the requirements of IFRS 7 Financial Instruments: Disclosures and is not intended to represent any kind of forecasting as to the performance of any Fund of the Company. Neither the Directors nor the Investment Manager, by virtue of providing this information for compliance purposes with IFRS 7 Financial Instruments: Disclosures, should be regarded as in any way forecasting the future performance of any of the Funds.
As at 31 December 2021, a 5% increase or decrease in the market prices of the underlying instruments would have increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the basis that all other variables remained constant.
| Fund Name | 31 December 2021 | 31 December 2020 |
| --- | --- | --- |
| Comgest Growth World | $65,406,305 | $59,149,822 |
| Comgest Growth World Compounders4 | $778,541 | - |
| Comgest Growth World Plus2 | $570,542 | $474,254 |
| Comgest Growth Global Flex | €4,269,353 | €4,028,548 |
| Comgest Growth EAFE | $1,044,073 | $977,638 |
| Comgest Growth America | $22,274,154 | $13,946,550 |
| Comgest Growth Japan | ¥25,019,141,903 | ¥24,655,977,115 |
| Comgest Growth Japan Compounders | ¥24,348,585 | ¥25,033,329 |
| Comgest Growth Emerging Markets | $118,085,310 | $255,903,888 |
| Comgest Growth Emerging Markets ex China | $136,503 | $131,968 |
| Comgest Growth Emerging Markets Flex3 | - | €205,583 |
| Comgest Growth Emerging Markets Plus1 | $20,758,279 | $15,973,459 |
| Comgest Growth GEM Promising Companies | €827,503 | €1,326,453 |
| Comgest Growth Europe | €253,882,272 | €204,650,899 |
| Comgest Growth Europe Compounders | €353,516 | €202,796 |
| Comgest Growth Europe Plus | €23,511,351 | €15,478,529 |
| Comgest Growth Europe S | €3,866,374 | €2,322,223 |
| Comgest Growth Europe Opportunities | €103,998,475 | €73,572,306 |
| Comgest Growth Europe Smaller Companies | €58,580,389 | €39,588,637 |
| Comgest Growth Europe ex Switzerland | CHF 8,348,982 | CHF 7,128,701 |
| Comgest Growth Europe ex UK | £14,838,316 | £8,863,099 |
| Comgest Growth Asia | $15,210,068 | $13,894,756 |
| Comgest Growth Asia ex Japan | $6,408,900 | $4,372,070 |
| Comgest Growth Asia Pac ex Japan | $7,634,035 | $25,982,948 |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Price Risk (continued)

| Fund Name | 31 December 2021 | 31 December 2020 |
| --- | --- | --- |
| Comgest Growth China | €11,124,987 | €15,612,082 |
| Comgest Growth India | $5,944,679 | $5,678,905 |
| Comgest Growth Latin America | €875,642 | €1,015,868 |

1 Comgest Growth Emerging Markets Plus was launched on 29 January 2020.
2 Comgest Growth World Plus was launched on 27 November 2020.
3 Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021 .
4 Comgest Growth World Compounders was launched on 29 November 2021 .
- Currency RiskThe income and capital value of a Fund's investments can be affected by fluctuations in currency exchange rates. Depending on an investor’s currency of reference, currency fluctuations may adversely affect the value of an investment.

Where a Fund has a share class in a currency different to the base currency of the Fund, the value of shares expressed in the class currency are subject to exchange rate risk in relation to the base currency and may be affected favourably or unfavourably by fluctuations in the currency rates.
Where a Fund invests in securities and other investments that are denominated in currencies other than the base currency of the Fund, the value of the Fund’s assets may be affected favourably or unfavourably by fluctuations in currency rates and, therefore, the Fund will be subject to exchange rate risks at the portfolio level.
The Company may employ strategies aimed at hedging against currency risk at the portfolio level or at the share class level; however, there can be no assurance that such hedging transactions will be effective. The Company was not engaged in any currency hedging at the financial year end other than the forward/swap contracts entered into as detailed in Note 6.
The Company may use over-the-counter forward currency exchange contracts to hedge against the share class level exchange rate risk. Forward currency exchange contracts normally have a maturity of 3 months or less. Forward currency exchange contracts oblige a Fund to buy or sell the relevant currency at a specified quantity and on a specified future date. Foreign exchange swaps (“swap contracts”) may be used for the purposes of rolling maturing forward currency exchange contracts. A swap contract is a simultaneous purchase and sale of identical amounts of one currency for another with two different value dates and is composed of a forward currency exchange contract and an FX spot. The fix spot contract which forms part of the swap contract has a settlement date typically not longer than two trading days from the trade date, while forward currency exchange contract has a maturity of 3 months or less. Any increases or decreases in the foreign-currency assets being hedged are then partially offset by gains and losses on the economic hedging instruments. The economic risk of any such share class hedging is borne by the share class in respect of which the hedging is undertaken. For the financial year ended 31 December 2021, Comgest Growth World, Comgest Growth Global Flex, Comgest Growth EAFE, Comgest Growth America, Comgest Growth Japan, Comgest Growth Emerging Markets, Comgest Growth Europe, Comgest Growth Europe Compounders, Comgest Growth Europe S, Comgest Growth Europe Opportunities, Comgest Growth Europe Smaller Companies, Comgest Growth Europe ex Switzerland, Comgest Growth Europe ex UK, Comgest Growth Asia, Comgest Growth Asia ex Japan, Comgest Growth Asia Pac ex Japan, Comgest Growth China and Comgest Growth India had open forward contracts as detailed in Note 6.

## The Company had no currency exposure at portfolio level in respect of Comgest Growth America and Comgest Growth Japan as the currency of the assets and the base currency are the same.
The tables below details investments (excluding derivatives) in non-base currencies and how a percentage impact on these exchange rates would impact the Net Asset Value of the Funds. The impact is evaluated on the basis of a (+/-) 5%, 10%, 20% and 40% price movement.
This information is given only in conformity with the requirements of IFRS 7 Financial Instruments: Disclosures and is not intended to represent any kind of forecasting as to the performance of any Fund of the Company. Neither the Directors nor the Investment Manager, by virtue of providing this information for compliance purposes with IFRS 7 Financial Instruments: Disclosures, should be regarded as in any way forecasting the future performance of any of the Funds.

## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth World: (Base Currency: USD)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 10.82% | 0.54% | 1.08% | 2.16% | 4.33% |
| JPY | 10.35% | 0.52% | 1.03% | 2.07% | 4.14% |
| CNY | 7.52% | 0.38% | 0.75% | 1.50% | 3.01% |
| HKD | 7.18% | 0.36% | 0.72% | 1.44% | 2.87% |
| INR | 4.46% | 0.22% | 0.45% | 0.89% | 1.78% |
| CHF | 4.43% | 0.22% | 0.44% | 0.89% | 1.77% |
| GBP | 2.97% | 0.15% | 0.30% | 0.59% | 1.19% |


## Comgest Growth World Compounders1: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 20.93% | 1.05% | 2.09% | 4.19% | 8.37% |
| JPY | 7.51% | 0.38% | 0.75% | 1.50% | 3.00% |
| CHF | 5.49% | 0.27% | 0.55% | 1.10% | 2.20% |
| GBP | 4.54% | 0.23% | 0.45% | 0.91% | 1.82% |
| DKK | 4.23% | 0.21% | 0.42% | 0.85% | 1.69% |
| HKD | 4.03% | 0.20% | 0.40% | 0.81% | 1.61% |

1 Comgest Growth World Compounders was launched on 29 November 2021 .

## Comgest Growth World Plus: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| JPY | 12.66% | 0.63% | 1.27% | 2.53% | 5.07% |
| EUR | 10.60% | 0.53% | 1.06% | 2.12% | 4.24% |
| HKD | 7.91% | 0.40% | 0.79% | 1.58% | 3.16% |
| GBP | 4.84% | 0.24% | 0.48% | 0.97% | 1.94% |
| INR | 4.77% | 0.24% | 0.48% | 0.95% | 1.91% |
| CNY | 4.71% | 0.24% | 0.47% | 0.94% | 1.88% |
| CHF | 4.48% | 0.22% | 0.45% | 0.90% | 1.79% |


## Comgest Growth Global Flex: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| USD | 52.63% | 2.63% | 5.26% | 10.53% | 21.05% |
| JPY | 10.16% | 0.51% | 1.02% | 2.03% | 4.07% |
| CNY | 7.63% | 0.38% | 0.76% | 1.53% | 3.05% |
| HKD | 7.10% | 0.36% | 0.71% | 1.42% | 2.84% |
| CHF | 4.50% | 0.22% | 0.45% | 0.90% | 1.80% |
| INR | 4.30% | 0.22% | 0.43% | 0.86% | 1.72% |
| GBP | 2.98% | 0.15% | 0.30% | 0.60% | 1.19% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth EAFE: (Base Currency: USD)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 26.89% | 1.34% | 2.69% | 5.38% | 10.76% |
| JPY | 26.80% | 1.34% | 2.68% | 5.36% | 10.72% |
| HKD | 9.34% | 0.47% | 0.93% | 1.87% | 3.74% |
| CNY | 7.89% | 0.39% | 0.79% | 1.58% | 3.16% |
| CHF | 7.45% | 0.37% | 0.74% | 1.49% | 2.98% |
| DKK | 6.19% | 0.31% | 0.62% | 1.24% | 2.48% |
| INR | 5.45% | 0.27% | 0.54% | 1.09% | 2.18% |
| GBP | 5.29% | 0.26% | 0.53% | 1.06% | 2.11% |


## Comgest Growth Emerging Markets: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 22.04% | 1.10% | 2.20% | 4.41% | 8.81% |
| KRW | 15.36% | 0.77% | 1.54% | 3.07% | 6.14% |
| CNY | 12.67% | 0.63% | 1.27% | 2.53% | 5.07% |
| TWD | 10.43% | 0.52% | 1.04% | 2.09% | 4.17% |
| INR | 6.99% | 0.35% | 0.70% | 1.40% | 2.80% |
| ZAR | 6.72% | 0.34% | 0.67% | 1.34% | 2.69% |
| RUB | 3.16% | 0.16% | 0.32% | 0.63% | 1.26% |
| BRL | 3.13% | 0.16% | 0.31% | 0.63% | 1.25% |
| JPY | 2.90% | 0.15% | 0.29% | 0.58% | 1.16% |
| EUR | 2.67% | 0.13% | 0.27% | 0.53% | 1.07% |
| VND | 1.31% | 0.07% | 0.13% | 0.26% | 0.52% |
| CLP | 1.11% | 0.06% | 0.11% | 0.22% | 0.44% |


## Comgest Growth Emerging Markets ex China: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| KRW | 22.82% | 1.14% | 2.28% | 4.56% | 9.13% |
| TWD | 15.61% | 0.78% | 1.56% | 3.12% | 6.24% |
| ZAR | 15.55% | 0.78% | 1.55% | 3.11% | 6.22% |
| VND | 7.34% | 0.37% | 0.73% | 1.47% | 2.94% |
| RUB | 6.64% | 0.33% | 0.66% | 1.33% | 2.66% |
| BRL | 4.66% | 0.23% | 0.47% | 0.93% | 1.87% |
| JPY | 3.52% | 0.18% | 0.35% | 0.70% | 1.41% |
| INR | 2.97% | 0.15% | 0.30% | 0.59% | 1.19% |
| CLP | 1.78% | 0.09% | 0.18% | 0.36% | 0.71% |


## Comgest Growth Emerging Markets Flex1: (Base Currency: EUR)
1 Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021.

## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Emerging Markets Plus: (Base Currency: USD)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| KRW | 17.92% | 0.90% | 1.79% | 3.58% | 7.17% |
| HKD | 15.42% | 0.77% | 1.54% | 3.08% | 6.17% |
| TWD | 11.02% | 0.55% | 1.10% | 2.20% | 4.41% |
| CNY | 9.90% | 0.49% | 0.99% | 1.98% | 3.96% |
| INR | 8.72% | 0.44% | 0.87% | 1.74% | 3.49% |
| BRL | 8.00% | 0.40% | 0.80% | 1.60% | 3.20% |
| ZAR | 4.72% | 0.24% | 0.47% | 0.94% | 1.89% |
| RUB | 4.10% | 0.21% | 0.41% | 0.82% | 1.64% |
| CLP | 1.98% | 0.10% | 0.20% | 0.40% | 0.79% |
| VND | 1.45% | 0.07% | 0.15% | 0.29% | 0.58% |


## Comgest Growth GEM Promising Companies: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| USD | 19.89% | 0.99% | 1.99% | 3.98% | 7.95% |
| HKD | 14.86% | 0.74% | 1.49% | 2.97% | 5.94% |
| INR | 13.92% | 0.70% | 1.39% | 2.78% | 5.57% |
| ZAR | 9.56% | 0.48% | 0.96% | 1.91% | 3.82% |
| KRW | 9.26% | 0.46% | 0.93% | 1.85% | 3.70% |
| BRL | 6.61% | 0.33% | 0.66% | 1.32% | 2.64% |
| CNY | 5.84% | 0.29% | 0.58% | 1.17% | 2.33% |
| VND | 3.70% | 0.19% | 0.37% | 0.74% | 1.48% |
| KES | 2.94% | 0.15% | 0.29% | 0.59% | 1.17% |
| PLN | 2.01% | 0.10% | 0.20% | 0.40% | 0.81% |
| MXN | 1.44% | 0.07% | 0.14% | 0.29% | 0.58% |


## Comgest Growth Europe: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 16.63% | 0.83% | 1.66% | 3.33% | 6.65% |
| USD | 8.70% | 0.43% | 0.87% | 1.74% | 3.48% |
| DKK | 8.51% | 0.43% | 0.85% | 1.70% | 3.41% |
| GBP | 4.79% | 0.24% | 0.48% | 0.96% | 1.92% |
| SEK | 2.28% | 0.11% | 0.23% | 0.46% | 0.91% |


## Comgest Growth Europe Compounders: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 20.06% | 1.00% | 2.01% | 4.01% | 8.02% |
| GBP | 13.42% | 0.67% | 1.34% | 2.68% | 5.37% |
| USD | 9.74% | 0.49% | 0.97% | 1.95% | 3.90% |
| DKK | 8.52% | 0.43% | 0.85% | 1.70% | 3.41% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Europe Plus: (Base Currency: EUR)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 17.29% | 0.86% | 1.73% | 3.46% | 6.92% |
| USD | 8.86% | 0.44% | 0.89% | 1.77% | 3.54% |
| DKK | 8.47% | 0.42% | 0.85% | 1.69% | 3.39% |
| GBP | 4.75% | 0.24% | 0.47% | 0.95% | 1.90% |
| SEK | 2.28% | 0.11% | 0.23% | 0.46% | 0.91% |


## Comgest Growth Europe S: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 26.03% | 1.30% | 2.60% | 5.21% | 10.41% |
| DKK | 12.68% | 0.63% | 1.27% | 2.54% | 5.07% |
| GBP | 2.33% | 0.12% | 0.23% | 0.47% | 0.93% |
| NOK | 2.24% | 0.11% | 0.22% | 0.45% | 0.89% |
| SEK | 1.72% | 0.09% | 0.17% | 0.34% | 0.69% |


## Comgest Growth Europe Opportunities: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| GBP | 13.06% | 0.65% | 1.31% | 2.61% | 5.22% |
| DKK | 13.05% | 0.65% | 1.30% | 2.61% | 5.22% |
| CHF | 11.76% | 0.59% | 1.18% | 2.35% | 4.70% |
| USD | 7.68% | 0.38% | 0.77% | 1.54% | 3.07% |
| NOK | 4.86% | 0.24% | 0.49% | 0.97% | 1.95% |


## Comgest Growth Europe Smaller Companies: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| GBP | 26.63% | 1.33% | 2.66% | 5.33% | 10.65% |
| DKK | 13.44% | 0.67% | 1.34% | 2.69% | 5.37% |
| CHF | 6.14% | 0.31% | 0.61% | 1.23% | 2.46% |
| SEK | 6.05% | 0.30% | 0.60% | 1.21% | 2.42% |
| NOK | 3.81% | 0.19% | 0.38% | 0.76% | 1.52% |


## Comgest Growth Europe ex Switzerland: (Base Currency: CHF)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 65.45% | 3.27% | 6.55% | 13.09% | 26.18% |
| DKK | 10.57% | 0.53% | 1.06% | 2.11% | 4.23% |
| USD | 9.75% | 0.49% | 0.97% | 1.95% | 3.90% |
| GBP | 8.60% | 0.43% | 0.86% | 1.72% | 3.44% |
| NOK | 3.01% | 0.15% | 0.30% | 0.60% | 1.20% |
| SEK | 2.63% | 0.13% | 0.26% | 0.53% | 1.05% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Europe ex UK: (Base Currency: GBP)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 60.08% | 3.00% | 6.01% | 12.02% | 24.03% |
| CHF | 18.14% | 0.91% | 1.81% | 3.63% | 7.26% |
| USD | 9.84% | 0.49% | 0.98% | 1.97% | 3.94% |
| DKK | 9.33% | 0.47% | 0.93% | 1.87% | 3.73% |
| SEK | 2.60% | 0.13% | 0.26% | 0.52% | 1.04% |


## Comgest Growth Asia: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| JPY | 68.48% | 3.42% | 6.85% | 13.70% | 27.39% |
| HKD | 8.89% | 0.44% | 0.89% | 1.78% | 3.56% |
| KRW | 7.63% | 0.38% | 0.76% | 1.53% | 3.05% |
| CNY | 5.51% | 0.28% | 0.55% | 1.10% | 2.20% |
| TWD | 2.90% | 0.15% | 0.29% | 0.58% | 1.16% |
| EUR | 1.51% | 0.08% | 0.15% | 0.30% | 0.61% |
| INR | 1.46% | 0.07% | 0.15% | 0.29% | 0.58% |
| GBP | 1.07% | 0.05% | 0.11% | 0.21% | 0.43% |


## Comgest Growth Asia ex Japan: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 26.73% | 1.34% | 2.67% | 5.35% | 10.69% |
| CNY | 22.90% | 1.15% | 2.29% | 4.58% | 9.16% |
| KRW | 21.09% | 1.05% | 2.11% | 4.22% | 8.43% |
| TWD | 7.80% | 0.39% | 0.78% | 1.56% | 3.12% |
| INR | 5.85% | 0.29% | 0.58% | 1.17% | 2.34% |
| VND | 5.17% | 0.26% | 0.52% | 1.03% | 2.07% |
| JPY | 3.04% | 0.15% | 0.30% | 0.61% | 1.22% |


## Comgest Growth Asia Pac ex Japan: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 26.62% | 1.33% | 2.66% | 5.32% | 10.65% |
| CNY | 22.38% | 1.12% | 2.24% | 4.48% | 8.95% |
| KRW | 20.57% | 1.03% | 2.06% | 4.11% | 8.23% |
| TWD | 7.82% | 0.39% | 0.78% | 1.56% | 3.13% |
| VND | 6.67% | 0.33% | 0.67% | 1.33% | 2.67% |
| INR | 5.52% | 0.28% | 0.55% | 1.10% | 2.21% |
| JPY | 2.96% | 0.15% | 0.30% | 0.59% | 1.18% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth China (Base Currency: EUR)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 47.03% | 2.35% | 4.70% | 9.41% | 18.81% |
| CNY | 44.73% | 2.24% | 4.47% | 8.95% | 17.89% |
| USD | 8.24% | 0.41% | 0.82% | 1.65% | 3.29% |


## Comgest Growth India: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| INR | 89.77% | 4.49% | 8.98% | 17.95% | 35.91% |
| JPY | 2.80% | 0.14% | 0.28% | 0.56% | 1.12% |
| PKR | 0.73% | 0.04% | 0.07% | 0.15% | 0.29% |


## Comgest Growth Latin America: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/21 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| BRL | 55.85% | 2.79% | 5.59% | 11.17% | 22.34% |
| USD | 22.02% | 1.10% | 2.20% | 4.40% | 8.81% |
| MXN | 15.09% | 0.75% | 1.51% | 3.02% | 6.04% |
| CLP | 5.27% | 0.26% | 0.53% | 1.05% | 2.11% |
| COP | 1.77% | 0.09% | 0.18% | 0.35% | 0.71% |


## Comgest Growth World: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| JPY | 16.17% | 0.81% | 1.62% | 3.23% | 6.47% |
| HKD | 15.62% | 0.78% | 1.56% | 3.12% | 6.25% |
| EUR | 11.67% | 0.58% | 1.17% | 2.33% | 4.67% |
| CNY | 5.82% | 0.29% | 0.58% | 1.16% | 2.33% |
| INR | 4.06% | 0.20% | 0.41% | 0.81% | 1.62% |
| CHF | 3.85% | 0.19% | 0.38% | 0.77% | 1.54% |
| GBP | 2.10% | 0.10% | 0.21% | 0.42% | 0.84% |


## Comgest Growth World Plus1: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 16.94% | 0.85% | 1.69% | 3.39% | 6.77% |
| JPY | 16.53% | 0.83% | 1.65% | 3.31% | 6.61% |
| EUR | 9.34% | 0.47% | 0.93% | 1.87% | 3.73% |
| GBP | 5.49% | 0.27% | 0.55% | 1.10% | 2.20% |
| CNY | 5.14% | 0.26% | 0.51% | 1.03% | 2.06% |
| CHF | 4.17% | 0.21% | 0.42% | 0.83% | 1.67% |

1 Comgest Growth World Pluswaslaunched on 27 November 2020.

## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Global Flex: (Base Currency: EUR)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| USD | 40.20% | 2.01% | 4.02% | 8.04% | 16.08% |
| JPY | 16.45% | 0.82% | 1.64% | 3.29% | 6.58% |
| HKD | 15.42% | 0.77% | 1.54% | 3.08% | 6.17% |
| CNY | 5.88% | 0.29% | 0.59% | 1.18% | 2.35% |
| INR | 4.06% | 0.20% | 0.41% | 0.81% | 1.61% |
| CHF | 3.91% | 0.20% | 0.39% | 0.78% | 1.56% |
| GBP | 2.15% | 0.11% | 0.22% | 0.43% | 0.86% |


## Comgest Growth EAFE: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| JPY | 24.38% | 1.22% | 2.44% | 4.88% | 9.75% |
| EUR | 21.48% | 1.07% | 2.15% | 4.30% | 8.59% |
| HKD | 17.56% | 0.88% | 1.76% | 3.51% | 7.03% |
| CNY | 6.99% | 0.35% | 0.70% | 1.40% | 2.80% |
| CHF | 6.93% | 0.35% | 0.69% | 1.39% | 2.77% |
| GBP | 6.00% | 0.30% | 0.60% | 1.20% | 2.40% |
| INR | 4.63% | 0.23% | 0.46% | 0.93% | 1.85% |
| DKK | 3.23% | 0.16% | 0.32% | 0.65% | 1.29% |


## Comgest Growth Emerging Markets: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 26.61% | 1.33% | 2.66% | 5.32% | 10.64% |
| KRW | 13.85% | 0.69% | 1.38% | 2.77% | 5.54% |
| ZAR | 11.24% | 0.56% | 1.12% | 2.25% | 4.49% |
| INR | 8.75% | 0.44% | 0.88% | 1.75% | 3.50% |
| CNY | 7.70% | 0.38% | 0.77% | 1.54% | 3.08% |
| BRL | 7.18% | 0.36% | 0.72% | 1.44% | 2.87% |
| TWD | 5.13% | 0.26% | 0.51% | 1.03% | 2.05% |
| JPY | 2.45% | 0.12% | 0.25% | 0.49% | 0.98% |
| RUB | 2.13% | 0.11% | 0.21% | 0.43% | 0.85% |
| EUR | 1.95% | 0.10% | 0.19% | 0.39% | 0.78% |
| IDR | 1.90% | 0.10% | 0.19% | 0.38% | 0.76% |
| MXN | 1.81% | 0.09% | 0.18% | 0.36% | 0.73% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Emerging Markets ex China: (Base Currency: USD)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| KRW | 19.68% | 0.98% | 1.97% | 3.94% | 7.87% |
| ZAR | 16.46% | 0.82% | 1.65% | 3.29% | 6.59% |
| BRL | 13.95% | 0.70% | 1.39% | 2.79% | 5.58% |
| TWD | 10.08% | 0.50% | 1.01% | 2.02% | 4.03% |
| INR | 7.94% | 0.40% | 0.79% | 1.59% | 3.17% |
| RUB | 4.35% | 0.22% | 0.43% | 0.87% | 1.74% |
| VND | 4.05% | 0.20% | 0.40% | 0.81% | 1.62% |
| JPY | 3.33% | 0.17% | 0.33% | 0.67% | 1.33% |
| MXN | 3.06% | 0.15% | 0.31% | 0.61% | 1.22% |
| IDR | 2.20% | 0.11% | 0.22% | 0.44% | 0.88% |


## Comgest Growth Emerging Markets Flex: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 26.96% | 1.35% | 2.70% | 5.39% | 10.79% |
| KRW | 14.04% | 0.70% | 1.40% | 2.81% | 5.62% |
| ZAR | 11.67% | 0.58% | 1.17% | 2.33% | 4.67% |
| USD | 8.93% | 0.45% | 0.89% | 1.79% | 3.57% |
| INR | 8.87% | 0.44% | 0.89% | 1.77% | 3.55% |
| CNY | 8.01% | 0.40% | 0.80% | 1.60% | 3.21% |
| BRL | 7.57% | 0.38% | 0.76% | 1.51% | 3.03% |
| TWD | 5.40% | 0.27% | 0.54% | 1.08% | 2.16% |
| JPY | 2.48% | 0.12% | 0.25% | 0.50% | 0.99% |
| RUB | 2.23% | 0.11% | 0.22% | 0.45% | 0.89% |
| IDR | 1.98% | 0.10% | 0.20% | 0.40% | 0.79% |
| MXN | 1.86% | 0.09% | 0.19% | 0.37% | 0.74% |


## Comgest Growth Emerging Market Plus1: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 20.89% | 1.04% | 2.09% | 4.18% | 8.35% |
| KRW | 16.68% | 0.83% | 1.67% | 3.34% | 6.67% |
| INR | 11.88% | 0.59% | 1.19% | 2.38% | 4.75% |
| ZAR | 9.82% | 0.49% | 0.98% | 1.96% | 3.93% |
| BRL | 9.70% | 0.48% | 0.97% | 1.94% | 3.88% |
| CNY | 9.43% | 0.47% | 0.94% | 1.89% | 3.77% |
| TWD | 6.52% | 0.33% | 0.65% | 1.30% | 2.61% |
| RUB | 2.22% | 0.11% | 0.22% | 0.44% | 0.89% |
| IDR | 1.75% | 0.09% | 0.18% | 0.35% | 0.70% |
| EUR | 0.61% | 0.03% | 0.06% | 0.12% | 0.24% |

1 Comgest Growth Emerging Markets Pluswaslaunched on 29 January 2020.

## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth GEM Promising Companies: (Base Currency: EUR)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| USD | 24.54% | 1.23% | 2.45% | 4.91% | 9.82% |
| HKD | 13.07% | 0.65% | 1.31% | 2.61% | 5.23% |
| INR | 10.94% | 0.55% | 1.09% | 2.19% | 4.38% |
| BRL | 10.46% | 0.52% | 1.05% | 2.09% | 4.18% |
| ZAR | 8.09% | 0.40% | 0.81% | 1.62% | 3.24% |
| KRW | 7.78% | 0.39% | 0.78% | 1.56% | 3.11% |
| CNY | 3.62% | 0.18% | 0.36% | 0.72% | 1.45% |
| VND | 3.19% | 0.16% | 0.32% | 0.64% | 1.28% |
| EGP | 2.24% | 0.11% | 0.22% | 0.45% | 0.89% |
| TWD | 2.06% | 0.10% | 0.21% | 0.41% | 0.82% |
| KES | 1.97% | 0.10% | 0.20% | 0.39% | 0.79% |
| GBP | 1.89% | 0.09% | 0.19% | 0.38% | 0.76% |
| COP | 1.87% | 0.09% | 0.19% | 0.37% | 0.75% |
| MXN | 1.04% | 0.05% | 0.10% | 0.21% | 0.42% |
| PLN | 0.98% | 0.05% | 0.10% | 0.20% | 0.39% |


## Comgest Growth Europe: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 19.42% | 0.97% | 1.94% | 3.88% | 7.77% |
| DKK | 8.51% | 0.43% | 0.85% | 1.70% | 3.40% |
| USD | 5.53% | 0.28% | 0.55% | 1.11% | 2.21% |
| GBP | 3.44% | 0.17% | 0.34% | 0.69% | 1.38% |
| SEK | 2.29% | 0.11% | 0.23% | 0.46% | 0.92% |


## Comgest Growth Europe Compounders: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 16.45% | 0.82% | 1.64% | 3.29% | 6.58% |
| GBP | 13.44% | 0.67% | 1.34% | 2.69% | 5.38% |
| USD | 9.86% | 0.49% | 0.99% | 1.97% | 3.95% |
| DKK | 6.98% | 0.35% | 0.70% | 1.40% | 2.79% |


## Comgest Growth Europe Plus: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 20.35% | 1.02% | 2.03% | 4.07% | 8.14% |
| DKK | 8.79% | 0.44% | 0.88% | 1.76% | 3.52% |
| USD | 5.75% | 0.29% | 0.57% | 1.15% | 2.30% |
| GBP | 3.60% | 0.18% | 0.36% | 0.72% | 1.44% |
| SEK | 2.37% | 0.12% | 0.24% | 0.47% | 0.95% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Europe S: (Base Currency: EUR)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| CHF | 27.99% | 1.40% | 2.80% | 5.60% | 11.20% |
| DKK | 11.19% | 0.56% | 1.12% | 2.24% | 4.47% |
| USD | 7.00% | 0.35% | 0.70% | 1.40% | 2.80% |
| GBP | 5.55% | 0.28% | 0.55% | 1.11% | 2.22% |
| SEK | 2.25% | 0.11% | 0.23% | 0.45% | 0.90% |


## Comgest Growth Europe Opportunities: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| DKK | 16.24% | 0.81% | 1.62% | 3.25% | 6.49% |
| GBP | 13.27% | 0.66% | 1.33% | 2.65% | 5.31% |
| CHF | 12.13% | 0.61% | 1.21% | 2.43% | 4.85% |
| USD | 4.28% | 0.21% | 0.43% | 0.86% | 1.71% |
| NOK | 3.82% | 0.19% | 0.38% | 0.76% | 1.53% |


## Comgest Growth Europe Smaller Companies: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| GBP | 21.49% | 1.07% | 2.15% | 4.30% | 8.60% |
| DKK | 18.79% | 0.94% | 1.88% | 3.76% | 7.52% |
| USD | 5.63% | 0.28% | 0.56% | 1.13% | 2.25% |
| CHF | 5.43% | 0.27% | 0.54% | 1.09% | 2.17% |
| NOK | 4.14% | 0.21% | 0.41% | 0.83% | 1.66% |
| SEK | 2.84% | 0.14% | 0.28% | 0.57% | 1.13% |


## Comgest Growth Europe ex Switzerland: (Base Currency: CHF)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 68.67% | 3.43% | 6.87% | 13.73% | 27.47% |
| DKK | 10.41% | 0.52% | 1.04% | 2.08% | 4.17% |
| GBP | 8.45% | 0.42% | 0.85% | 1.69% | 3.38% |
| USD | 7.03% | 0.35% | 0.70% | 1.41% | 2.81% |
| NOK | 2.78% | 0.14% | 0.28% | 0.56% | 1.11% |
| SEK | 2.65% | 0.13% | 0.27% | 0.53% | 1.06% |


## Comgest Growth Europe ex UK: (Base Currency: GBP)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| EUR | 61.61% | 3.08% | 6.16% | 12.32% | 24.65% |
| CHF | 20.39% | 1.02% | 2.04% | 4.08% | 8.16% |
| DKK | 9.61% | 0.48% | 0.96% | 1.92% | 3.85% |
| USD | 5.84% | 0.29% | 0.58% | 1.17% | 2.34% |
| SEK | 2.54% | 0.13% | 0.25% | 0.51% | 1.02% |


## 7.	Risk Associated with Financial Instruments (continued)

## 1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Asia: (Base Currency: USD)

|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| JPY | 66.81% | 3.34% | 6.68% | 13.36% | 26.72% |
| HKD | 14.95% | 0.75% | 1.49% | 2.99% | 5.98% |
| KRW | 9.67% | 0.48% | 0.97% | 1.93% | 3.87% |
| TWD | 3.49% | 0.17% | 0.35% | 0.70% | 1.39% |
| CNY | 1.42% | 0.07% | 0.14% | 0.28% | 0.57% |
| EUR | 0.85% | 0.04% | 0.09% | 0.17% | 0.34% |


## Comgest Growth Asia ex Japan: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 36.89% | 1.84% | 3.69% | 7.38% | 14.76% |
| KRW | 20.32% | 1.02% | 2.03% | 4.06% | 8.13% |
| CNY | 12.30% | 0.62% | 1.23% | 2.46% | 4.92% |
| INR | 7.79% | 0.39% | 0.78% | 1.56% | 3.12% |
| ZAR | 4.76% | 0.24% | 0.48% | 0.95% | 1.90% |
| TWD | 3.65% | 0.18% | 0.36% | 0.73% | 1.46% |
| JPY | 3.23% | 0.16% | 0.32% | 0.65% | 1.29% |
| VND | 2.74% | 0.14% | 0.27% | 0.55% | 1.09% |
| IDR | 1.87% | 0.09% | 0.19% | 0.37% | 0.75% |


## Comgest Growth Asia Pac ex Japan: (Base Currency: USD)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 36.87% | 1.84% | 3.69% | 7.37% | 14.75% |
| KRW | 20.33% | 1.02% | 2.03% | 4.07% | 8.13% |
| CNY | 11.90% | 0.60% | 1.19% | 2.38% | 4.76% |
| INR | 7.89% | 0.39% | 0.79% | 1.58% | 3.16% |
| ZAR | 4.72% | 0.24% | 0.47% | 0.94% | 1.89% |
| TWD | 3.66% | 0.18% | 0.37% | 0.73% | 1.46% |
| JPY | 3.14% | 0.16% | 0.31% | 0.63% | 1.26% |
| VND | 2.99% | 0.15% | 0.30% | 0.60% | 1.19% |
| IDR | 1.87% | 0.09% | 0.19% | 0.37% | 0.75% |


## Comgest Growth China (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| HKD | 59.72% | 2.99% | 5.97% | 11.94% | 23.89% |
| CNY | 17.63% | 0.88% | 1.76% | 3.53% | 7.05% |
| USD | 12.90% | 0.64% | 1.29% | 2.58% | 5.16% |
| ZAR | 6.40% | 0.32% | 0.64% | 1.28% | 2.56% |
| TWD | 3.35% | 0.17% | 0.34% | 0.67% | 1.34% |

- Risk Associated with Financial Instruments (continued)
	- Market Risk (continued)
		- Currency Risk (continued)Comgest Growth India: (Base Currency: USD)



|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| INR | 88.76% | 4.44% | 8.88% | 17.75% | 35.51% |
| JPY | 3.52% | 0.18% | 0.35% | 0.70% | 1.41% |
| PKR | 1.16% | 0.06% | 0.12% | 0.23% | 0.46% |


## Comgest Growth Latin America: (Base Currency: EUR)
|  | Weight in Portfolio as |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | of 31/12/20 | % of currency variation |  |
|  |  | 5% | 10% | 20% | 40% |
| BRL | 56.10% | 2.81% | 5.61% | 11.22% | 22.44% |
| USD | 17.17% | 0.86% | 1.72% | 3.43% | 6.87% |
| MXN | 15.32% | 0.77% | 1.53% | 3.06% | 6.13% |
| CLP | 9.16% | 0.46% | 0.92% | 1.83% | 3.66% |
| COP | 2.26% | 0.11% | 0.23% | 0.45% | 0.90% |

- Interest Rate RiskThe Company’s Funds hold cash and may occasionally hold bonds or money market instruments. Global macro- economic conditions may subject the Company’s cash held with institutions to negative interest rates. These interest rates may vary based on jurisdiction and currency. Cash as a percentage of NAV on average is very low and, therefore, the interest rate risk in relation to cash holdings is not regarded as a material risk.
- Liquidity RiskLiquidity risk is the risk that an entity will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with financial instruments. Generally, the Company’s assets are composed of actively traded, listed and liquid securities and are considered to be readily realisable as they are actively traded on major stock exchanges. The Company’s Prospectus provides for the daily creation and cancellation of shares and the Company is, therefore, exposed to the liquidity risk of meeting Shareholder redemptions at any time. The liquidity risks associated with the need to satisfy Shareholders’ requests for redemptions are also mitigated by maintaining a level of cash to satisfy the usual level of demand. Additionally, the Funds have the ability to borrow in the short term to meet these obligations if necessary. All redemption requests during the financial years ended 31 December 2021 and 31 December 2020 were met in accordance with the time limits set out in the Prospectus.


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk
If total requests for redemption on any Dealing Day for any Fund exceed 10% of the total number of shares in that Fund outstanding, each redemption request in respect of shares in such Fund may, if in their sole discretion the Directors acting in good faith believe it shall be necessary or desirable in order not to prejudice the interests of the Shareholders not requesting redemption or on grounds of liquidity or other like reason, be reduced ‘‘pro rata’’ so that the total number of shares of each Fund for redemption on that Dealing Day shall not exceed 10% of the shares in issue in the Fund. Any redemption request so reduced shall be effected in priority to subsequent redemption requests on the following Dealing Day, subject always to the foregoing provisions.

## Certain Funds make use of Market Access Products.
Market Access Products such as Participatory Notes (“P-Notes”) are financial instruments that may be used by a Fund to obtain exposure to an equity investment in a local market where direct ownership is not allowed, is restricted or is more costly. Investment in Market Access Products may involve an over-the-counter transaction with a third party. Market Access Products generally are issued by banks or broker dealers and are designed to replicate the performance of a particular underlying equity security. Consequently, although the underlying equity may be actively traded, the Market Access Products themselves may have terms restricting their transferability resulting in a limited secondary market, if any. Market Access Products are generally sold back to the bank or broker dealer issuer of the Market Access Product. As the Investment Manager only contracts with a diversified group of highly rated or recognised banks or dealers in their sectors and as the underlying equity security to a Market Access Product is listed and actively traded, the Investment Manager regards this liquidity risk as low.
The Company avoids entering into derivative contractual arrangements that produce an exposure not covered by sufficient liquid assets or a total investment exposure in excess of Shareholders’ funds. The risk management process adopted by the Company requires coverage to be composed of cash reserves or liquid securities.
There is a limited use of FDI in Comgest Growth Global Flex, Comgest Growth America, Comgest Growth Asia Pac ex Japan, Comgest Growth Japan, Comgest Growth Emerging Markets Flex (until merger on 31 May 2021), Comgest Growth Europe, Comgest Growth Europe Opportunities, Comgest Growth Europe ex Switzerland, and Comgest Growth Europe ex UK Comgest, and, consequently, there is no material liquidity risk arising in the Funds from their use of these FDI. Forward currency exchange contracts and foreign exchange swap contracts are used to hedge currency risk for Comgest Growth Global Flex, Comgest Growth America, Comgest Growth Asia Pac ex Japan, Comgest Growth Japan, Comgest Growth Europe, Comgest Growth Europe Opportunities, Comgest Growth Europe ex Switzerland, and Comgest Growth Europe ex UK. The settlement date of forward currency exchange contracts is either 1 month or 3 months from the trade date which limits counterparty credit risk as well as the mark to market impact of changing interest rate differentials on the forward rate. Due to the currencies involved and the relatively low portion sizes of these contracts, the level of liquidity risk is low in relation to this type of derivative. The FX spot contract which forms part of the foreign exchange swap contract, has a settlement date typically not longer than two trading days from the trade date, while the foreign currency exchange contract has a settlement date either 1 month or 3 months from the trade date. Comgest Growth Global Flex sought/seeks to hedge part of its equity market risk exposure through the use of exchange-traded equity index futures. Comgest Growth Global Flex is also permitted to utilise exchange-traded volatility index futures. The settlement date of these futures contracts is a maximum of 3 months which limits the counterparty credit risk. Due to the nature of the future contracts held, the level of liquidity risk is low. With the exception of Comgest Growth Global Flex, Comgest Growth America, Comgest Growth Asia Pac ex Japan, Comgest Growth Japan, Comgest Growth Europe, Comgest Growth Europe Opportunities, Comgest Growth Europe ex Switzerland, and Comgest Growth Europe ex UK, there were no other Funds invested in FDIs as at 31 December 2021 and 31 December 2020.

## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
The following tables analyse for each Fund the liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining financial year at the Statement of Financial Position date to the contractual maturity date, based on normal market conditions.

## The following tables provide this data as at 31 December 2021.
| Comgest Growth World |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 2,092 | - | - | 2,092 |
| Bank overdrafts | - | 24 | - | - | 24 |
| Payable on redemptions | - | 1,314,742 | - | - | 1,314,742 |
| Investment Manager’s fees payable | - | 1,292,990 | - | - | 1,292,990 |
| Administration fees payable | - | 44,527 | - | - | 44,527 |
| Depositary fees payable | - | 90,704 | - | - | 90,704 |
| Expenses payable | - | 89,187 | - | - | 89,187 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 1,330,797,934 | - | - | - | 1,330,797,934 |
| TOTAL LIABILITIES | 1,330,797,934 | 2,834,266 | - | - | 1,333,632,200 |

| Comgest Growth World Compounders1 |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 3,392 | - | - | 3,392 |
| Depositary fees payable | - | 416 | - | - | 416 |
| Expenses payable | - | 1,472 | - | - | 1,472 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 16,256,982 | - | - | - | 16,256,982 |
| TOTAL LIABILITIES | 16,256,982 | 5,280 | - | - | 16,262,262 |

1 Comgest Growth World Compounderswaslaunched on 29 November 2021.
| Comgest Growth World Plus |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 1 | - | - | 1 |
| Investment Manager’s fees payable | - | 8,355 | - | - | 8,355 |
| Administration fees payable | - | 11,065 | - | - | 11,065 |
| Depositary fees payable | - | 3,134 | - | - | 3,134 |
| Expenses payable | - | 19,136 | - | - | 19,136 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 11,683,971 | - | - | - | 11,683,971 |
| TOTAL LIABILITIES | 11,683,971 | 41,691 | - | - | 11,725,662 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Global Flex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 52,256 | 407,535 | - | 459,791 |
| Amounts due to broker | - | 2,172,491 | - | - | 2,172,491 |
| Payable on redemptions | - | 41,049 | - | - | 41,049 |
| Investment Manager’s fees payable | - | 90,519 | - | - | 90,519 |
| Administration fees payable | - | 11,904 | - | - | 11,904 |
| Depositary fees payable | - | 18,614 | - | - | 18,614 |
| Expenses payable | - | 56,673 | - | - | 56,673 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 88,839,190 | - | - | - | 88,839,190 |
| TOTAL LIABILITIES | 88,839,190 | 2,443,506 | 407,535 | - | 91,690,231 |

| Comgest Growth EAFE |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Investment Manager’s fees payable | - | 15,591 | - | - | 15,591 |
| Administration fees payable | - | 11,248 | - | - | 11,248 |
| Depositary fees payable | - | 4,021 | - | - | 4,021 |
| Expenses payable | - | 18,135 | - | - | 18,135 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 21,733,064 | - | - | - | 21,733,064 |
| TOTAL LIABILITIES | 21,733,064 | 48,995 | - | - | 21,782,059 |

| Comgest Growth America |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 1,356 | 9,681 | - | 11,037 |
| Payable on securities purchased | - | 2,612,856 | - | - | 2,612,856 |
| Payable on redemptions | - | 333,603 | - | - | 333,603 |
| Investment Manager’s fees payable | - | 462,040 | - | - | 462,040 |
| Administration fees payable | - | 22,658 | - | - | 22,658 |
| Depositary fees payable | - | 24,614 | - | - | 24,614 |
| Expenses payable | - | 18,769 | - | - | 18,769 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 447,337,781 | - | - | - | 447,337,781 |
| TOTAL LIABILITIES | 447,337,781 | 3,475,896 | 9,681 | - | 450,823,358 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | JPY | JPY | JPY | JPY | JPY |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 12,288,041 | 52,709,086 | - | 64,997,127 |
| Bank overdrafts | - | 3 | - | - | 3 |
| Amounts due to broker | - | 580,000,000 | - | - | 580,000,000 |
| Payable on redemptions | - | 622,053,778 | - | - | 622,053,778 |
| Investment Manager’s fees payable | - | 387,266,201 | - | - | 387,266,201 |
| Administration fees payable | - | 13,119,861 | - | - | 13,119,861 |
| Depositary fees payable | - | 40,649,630 | - | - | 40,649,630 |
| Expenses payable | - | 32,108,429 | - | - | 32,108,429 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 515,297,582,996 | - | - | - | 515,297,582,996 |
| TOTAL LIABILITIES | 515,297,582,996 | 1,687,485,943 | 52,709,086 | - | 517,037,778,025 |

| Comgest Growth Japan Compounders |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | JPY | JPY | JPY | JPY | JPY |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 1,217,249 | - | - | 1,217,249 |
| Depositary fees payable | - | 324,612 | - | - | 324,612 |
| Expenses payable | - | 679,258 | - | - | 679,258 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 506,931,079 | - | - | - | 506,931,079 |
| TOTAL LIABILITIES | 506,931,079 | 2,221,119 | - | - | 509,152,198 |

| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 2,675 | - | - | 2,675 |
| Bank overdrafts | - | 1,112 | - | - | 1,112 |
| Payable on redemptions | - | 7,192,114 | - | - | 7,192,114 |
| Investment Manager’s fees payable | - | 2,419,726 | - | - | 2,419,726 |
| Administration fees payable | - | 97,147 | - | - | 97,147 |
| Depositary fees payable | - | 572,487 | - | - | 572,487 |
| Expenses payable | - | 801,111 | - | - | 801,111 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 2,510,169,128 | - | - | - | 2,510,169,128 |
| TOTAL LIABILITIES | 2,510,169,128 | 11,086,372 | - | - | 2,521,255,500 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Emerging Markets ex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| China | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 11,244 | - | - | 11,244 |
| Depositary fees payable | - | 7,509 | - | - | 7,509 |
| Expenses payable | - | 8,391 | - | - | 8,391 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 2,802,557 | - | - | - | 2,802,557 |
| TOTAL LIABILITIES | 2,802,557 | 27,144 | - | - | 2,829,701 |

| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Flex1 | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| TOTAL LIABILITIES | - | - | - | - | - |

1 Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021 .
| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Plus | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 249 | - | - | 249 |
| Investment manager’s fees | - | 84,808 | - | - | 84,808 |
| Administration fees payable | - | 21,776 |  |  | 21,776 |
| Depositary fees payable | - | 60,811 |  |  | 60,811 |
| Expenses payable | - | 20,249 | - | - | 20,249 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 431,871,813 | - | - | - | 431,871,813 |
| TOTAL LIABILITIES | 431,871,813 | 187,893 | - | - | 432,059,706 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth GEM Promising |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Companies | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 707,153 | - | - | 707,153 |
| Investment Manager’s fees payable | - | 20,537 | - | - | 20,537 |
| Administration fees payable | - | 14,023 | - | - | 14,023 |
| Depositary fees payable | - | 7,267 | - | - | 7,267 |
| Expenses payable | - | 16,279 | - | - | 16,279 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 16,801,540 | - | - | - | 16,801,540 |
| TOTAL LIABILITIES | 16,801,540 | 765,259 | - | - | 17,566,799 |

| Comgest Growth Europe |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 691 | 308,006 | - | 308,697 |
| Payable on redemptions | - | 8,738,578 | - | - | 8,738,578 |
| Investment manager’s fees | - | 5,275,390 | - | - | 5,275,390 |
| Administration fees payable | - | 104,425 | - | - | 104,425 |
| Depositary fees payable | - | 358,556 | - | - | 358,556 |
| Expenses payable | - | 362,731 | - | - | 362,731 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 5,351,272,637 | - | - | - | 5,351,272,637 |
| TOTAL LIABILITIES | 5,351,272,637 | 14,840,371 | 308,006 | - | 5,366,421,014 |

| Comgest Growth Europe Compounders |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 2 | - | - | 2 |
| Payable on redemptions | - | 142,300 | - | - | 142,300 |
| Administration fees payable | - | 9,529 | - | - | 9,529 |
| Depositary fees payable | - | 2,582 | - | - | 2,582 |
| Expenses payable | - | 5,600 | - | - | 5,600 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 7,379,754 | - | - | - | 7,379,754 |
| TOTAL LIABILITIES | 7,379,754 | 160,013 | - | - | 7,539,767 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Europe Plus |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 4 | - | - | 4 |
| Payable on redemptions | - | 5,155 | - | - | 5,155 |
| Investment Manager’s fees payable | - | 417,205 | - | - | 417,205 |
| Administration fees payable | - | 18,152 | - | - | 18,152 |
| Depositary fees payable | - | 33,960 | - | - | 33,960 |
| Expenses payable | - | 26,955 | - | - | 26,955 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 495,139,572 | - | - | - | 495,139,572 |
| TOTAL LIABILITIES | 495,139,572 | 501,431 | - | - | 495,641,003 |

| Comgest Growth Europe S |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 174 | - | - | 174 |
| Payable on redemptions | - | 117,696 | - | - | 117,696 |
| Investment Manager’s fees payable | - | 135,518 | - | - | 135,518 |
| Administration fees payable | - | 10,623 | - | - | 10,623 |
| Depositary fees payable | - | 7,617 | - | - | 7,617 |
| Expenses payable | - | 29,405 | - | - | 29,405 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 83,951,300 | - | - | - | 83,951,300 |
| TOTAL LIABILITIES | 83,951,300 | 301,033 | - | - | 84,252,333 |

| Comgest Growth Europe Opportunities |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 162 | 700,528 | - | 700,690 |
| Amounts due to broker | - | 30,000 | - | - | 30,000 |
| Payable on securities purchased | - | 1,325,119 | - | - | 1,325,119 |
| Payable on redemptions | - | 4,335,905 | - | - | 4,335,905 |
| Investment Manager’s fees payable | - | 2,144,752 | - | - | 2,144,752 |
| Administration fees payable | - | 50,397 | - | - | 50,397 |
| Depositary fees payable | - | 170,252 | - | - | 170,252 |
| Expenses payable | - | 88,379 | - | - | 88,379 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 2,128,126,429 | - | - | - | 2,128,126,429 |
| TOTAL LIABILITIES | 2,128,126,429 | 8,144,966 | 700,528 | - | 2,136,971,923 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Europe Smaller |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Companies | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 2,297,812 | - | - | 2,297,812 |
| Investment Manager’s fees payable | - | 1,095,175 | - | - | 1,095,175 |
| Administration fees payable | - | 35,855 | - | - | 35,855 |
| Depositary fees payable | - | 103,282 | - | - | 103,282 |
| Expenses payable | - | 44,400 | - | - | 44,400 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 1,260,487,414 | - | - | - | 1,260,487,414 |
| TOTAL LIABILITIES | 1,260,487,414 | 3,576,524 | - | - | 1,264,063,938 |

| Comgest Growth Europe ex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Switzerland | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | CHF | CHF | CHF | CHF | CHF |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - |  | 165,877 | - | 165,877 |
| Amounts due to broker | - | 640,000 | - | - | 640,000 |
| Payable on redemptions | - | 16,142 | - | - | 16,142 |
| Investment Manager’s fees payable | - | 145,491 | - | - | 145,491 |
| Administration fees payable | - | 13,119 | - | - | 13,119 |
| Depositary fees payable | - | 14,764 | - | - | 14,764 |
| Expenses payable | - | 28,213 | - | - | 28,213 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 175,501,528 | - | - | - | 175,501,528 |
| TOTAL LIABILITIES | 175,501,528 | 857,729 | 165,877 | - | 176,525,134 |

| Comgest Growth Europe ex UK |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | GBP | GBP | GBP | GBP | GBP |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 15 | 39,343 | - | 39,358 |
| Amounts due to broker | - | 330,000 | - | - | 330,000 |
| Payable on redemptions | - | 848,953 | - | - | 848,953 |
| Investment Manager’s fees payable | - | 221,920 | - | - | 221,920 |
| Administration fees payable | - | 17,684 | - | - | 17,684 |
| Depositary fees payable | - | 24,692 | - | - | 24,692 |
| Expenses payable | - | 21,797 | - | - | 21,797 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 323,059,450 | - | - | - | 323,059,450 |
| TOTAL LIABILITIES | 323,059,450 | 1,465,061 | 39,343 | - | 324,563,854 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Asia |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 3 | - | - | 3 |
| Bank overdrafts | - | 8 | - | - | 8 |
| Payable on redemptions | - | 93,253 | - | - | 93,253 |
| Investment Manager’s fees payable | - | 341,222 | - | - | 341,222 |
| Administration fees payable | - | 17,733 | - | - | 17,733 |
| Depositary fees payable | - | 30,420 | - | - | 30,420 |
| Expenses payable | - | 22,518 | - | - | 22,518 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 308,419,162 | - | - | - | 308,419,162 |
| TOTAL LIABILITIES | 308,419,162 | 505,157 | - | - | 308,924,319 |

| Comgest Growth Asia ex Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 503 | - | - | 503 |
| Investment Manager’s fees payable | - | 109,386 | - | - | 109,386 |
| Administration fees payable | - | 10,759 | - | - | 10,759 |
| Depositary fees payable | - | 20,644 | - | - | 20,644 |
| Expenses payable | - | 30,090 | - | - | 30,090 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 131,626,663 | - | - | - | 131,626,663 |
| TOTAL LIABILITIES | 131,626,663 | 171,382 | - | - | 131,798,045 |

| Comgest Growth Asia Pac ex Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 9 | 89 | - | 98 |
| Bank overdrafts | - | 315 | - | - | 315 |
| Payable on redemptions | - | 328,827 | - | - | 328,827 |
| Investment Manager’s fees payable | - | 153,352 | - | - | 153,352 |
| Administration fees payable | - | 24,140 | - | - | 24,140 |
| Depositary fees payable | - | 40,696 | - | - | 40,696 |
| Expenses payable | - | 20,839 | - | - | 20,839 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 153,905,062 | - | - | - | 153,905,062 |
| TOTAL LIABILITIES | 153,905,062 | 568,178 | 89 | - | 154,473,329 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth China |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 59 | - | - | 59 |
| Payable on redemptions | - | 32,810,374 | - | - | 32,810,374 |
| Investment Manager’s fees payable | - | 259,345 | - | - | 259,345 |
| Administration fees payable | - | 20,152 | - | - | 20,152 |
| Depositary fees payable | - | 23,835 | - | - | 23,835 |
| Expenses payable | - | 23,903 | - | - | 23,903 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 225,914,097 | - | - | - | 225,914,097 |
| TOTAL LIABILITIES | 225,914,097 | 33,137,668 | - | - | 259,051,765 |

| Comgest Growth India |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 31 | - | - | 31 |
| Payable on redemptions | - | 392,899 | - | - | 392,899 |
| Investment Manager’s fees payable | - | 154,074 | - | - | 154,074 |
| Administration fees payable | - | 15,619 | - | - | 15,619 |
| Depositary fees payable | - | 19,460 | - | - | 19,460 |
| Expenses payable | - | 34,967 | - | - | 34,967 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 120,109,206 | - | - | - | 120,109,206 |
| TOTAL LIABILITIES | 120,109,206 | 617,050 | - | - | 120,726,256 |

| Comgest Growth Latin America |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 313,884 | - | - | 313,884 |
| Investment Manager’s fees payable | - | 19,311 | - | - | 19,311 |
| Administration fees payable | - | 14,019 | - | - | 14,019 |
| Depositary fees payable | - | 7,475 | - | - | 7,475 |
| Expenses payable | - | 6,863 | - | - | 6,863 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 18,252,930 | - | - | - | 18,252,930 |
| TOTAL LIABILITIES | 18,252,930 | 361,552 | - | - | 18,614,482 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)

## The following tables provide this data as at 31 December 2020.
| Comgest Growth World |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 18 | - | - | 18 |
| Payable on securities purchased | - | 25,494,653 | - | - | 25,494,653 |
| Payable on redemptions | - | 1,072,438 | - | - | 1,072,438 |
| Investment Manager’s fees payable | - | 2,075,192 | - | - | 2,075,192 |
| Administration fees payable | - | 19,598 | - | - | 19,598 |
| Depositary fees payable | - | 31,446 | - | - | 31,446 |
| Expenses payable | - | 93,913 | - | - | 93,913 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 1,229,766,980 | - | - | - | 1,229,766,980 |
| TOTAL LIABILITIES | 1,229,766,980 | 28,787,258 | - | - | 1,258,554,238 |

| Comgest Growth World Plus1 |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Investment Manager’s fees payable | - | 7,199 | - | - | 7,199 |
| Administration fees payable | - | 533 | - | - | 533 |
| Depositary fees payable | - | 567 | - | - | 567 |
| Expenses payable | - | 5,809 | - | - | 5,809 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 9,803,692 | - | - | - | 9,803,692 |
| TOTAL LIABILITIES | 9,803,692 | 14,108 | - | - | 9,817,800 |

1 Comgest Growth World Pluswaslaunched on 27 November 2020.
| Comgest Growth Global Flex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 208,732 | 344,598 | - | 553,330 |
| Amount due to broker | - | 1,865,301 | - | - | 1,865,301 |
| Payable on securities purchased | - | 1,472,960 | - | - | 1,472,960 |
| Payable on redemptions | - | 69,247 | - | - | 69,247 |
| Investment Manager’s fees payable | - | 156,494 | - | - | 156,494 |
| Administration fees payable | - | 1,879 | - | - | 1,879 |
| Depositary fees payable | - | 3,569 | - | - | 3,569 |
| Expenses payable | - | 42,027 | - | - | 42,027 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 84,102,871 | - | - | - | 84,102,871 |
| TOTAL LIABILITIES | 84,102,871 | 3,820,209 | 344,598 | - | 88,267,678 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth EAFE |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Investment Manager’s fees payable | - | 26,616 | - | - | 26,616 |
| Administration fees payable | - | 1,550 | - | - | 1,550 |
| Depositary fees payable | - | 1,377 | - | - | 1,377 |
| Expenses payable | - | 10,758 | - | - | 10,758 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 20,171,410 | - | - | - | 20,171,410 |
| TOTAL LIABILITIES | 20,171,410 | 40,301 | - | - | 20,211,711 |

| Comgest Growth America |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 161,694 | - | - | 161,694 |
| Investment Manager’s fees payable | - | 480,905 | - | - | 480,905 |
| Administration fees payable | - | 6,077 | - | - | 6,077 |
| Depositary fees payable | - | 9,336 | - | - | 9,336 |
| Expenses payable | - | 11,589 | - | - | 11,589 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 281,233,174 | - | - | - | 281,233,174 |
| TOTAL LIABILITIES | 281,233,174 | 669,601 | - | - | 281,902,775 |

| Comgest Growth Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | JPY | JPY | JPY | JPY | JPY |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | - | 6,257,138 | - | 6,257,138 |
| Payable on securities purchased | - | 668,437,820 | - | - | 668,437,820 |
| Payable on redemptions | - | 503,967,161 | - | - | 503,967,161 |
| Investment Manager’s fees payable | - | 717,956,809 | - | - | 717,956,809 |
| Administration fees payable | - | 6,826,533 | - | - | 6,826,533 |
| Depositary fees payable | - | 17,853,731 | - | - | 17,853,731 |
| Expenses payable | - | 35,754,175 | - | - | 35,754,175 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 515,559,383,572 | - | - | - | 515,559,383,572 |
| TOTAL LIABILITIES | 515,559,383,572 | 1,950,796,229 | 6,257,138 | - | 517,516,436,939 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Japan Compounders |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | JPY | JPY | JPY | JPY | JPY |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 137,938 | - | - | 137,938 |
| Depositary fees payable | - | 139,488 | - | - | 139,488 |
| Expenses payable | - | 360,291 | - | - | 360,291 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 511,236,043 | - | - | - | 511,236,043 |
| TOTAL LIABILITIES | 511,236,043 | 637,717 | - | - | 511,873,760 |

| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 20,291,933 | - | - | 20,291,933 |
| Payable on redemptions | - | 10,608,776 | - | - | 10,608,776 |
| Investment Manager’s fees payable | - | 9,441,449 | - | - | 9,441,449 |
| Administration fees payable | - | 83,287 | - | - | 83,287 |
| Depositary fees payable | - | 229,365 | - | - | 229,365 |
| Expenses payable | - | 745,003 | - | - | 745,003 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 5,200,325,182 | - | - | - | 5,200,325,182 |
| TOTAL LIABILITIES | 5,200,325,182 | 41,399,813 | - | - | 5,241,724,995 |

| Comgest Growth Emerging Markets ex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| China | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 1,303 | - | - | 1,303 |
| Depositary fees payable | - | 1,327 | - | - | 1,327 |
| Expenses payable | - | 4,025 | - | - | 4,025 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 2,733,626 | - | - | - | 2,733,626 |
| TOTAL LIABILITIES | 2,733,626 | 6,655 | - | - | 2,740,281 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Flex | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | 12,471 | 13,276 | - | 25,747 |
| Bank overdrafts | - | 28 | - | - | 28 |
| Amount due to broker | - | 85,877 | - | - | 85,877 |
| Payable on securities purchased | - | 13,968 | - | - | 13,968 |
| Payable on redemptions | - | 33,215 | - | - | 33,215 |
| Investment Manager’s fees payable | - | 17,349 | - | - | 17,349 |
| Administration fees payable | - | 1,269 | - | - | 1,269 |
| Depositary fees payable | - | 1,197 | - | - | 1,197 |
| Expenses payable | - | 4,922 | - | - | 4,922 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 4,243,233 | - | - | - | 4,243,233 |
| TOTAL LIABILITIES | 4,243,233 | 170,296 | 13,276 | - | 4,426,805 |

| Comgest Growth Emerging Markets |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Plus1 | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 80,261 | - | - | 80,261 |
| Investment Manager’s fees payable | - | 250,911 | - | - | 250,911 |
| Administration fees payable | - | 5,790 | - | - | 5,790 |
| Depositary fees payable | - | 14,153 | - | - | 14,153 |
| Expenses payable | - | 18,148 | - | - | 18,148 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 322,473,246 | - | - | - | 322,473,246 |
| TOTAL LIABILITIES | 322,473,246 | 369,263 | - | - | 322,842,509 |

1 Comgest Growth Emerging Markets Pluswaslaunched on 29 January 2020.
| Comgest Growth GEM Promising |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Companies | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 7,648 | - | - | 7,648 |
| Payable on redemptions | - | 102,184 | - | - | 102,184 |
| Investment Manager’s fees payable | - | 61,437 | - | - | 61,437 |
| Administration fees payable | - | 3,749 | - | - | 3,749 |
| Depositary fees payable | - | 3,436 | - | - | 3,436 |
| Expenses payable | - | 19,933 | - | - | 19,933 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 27,201,774 | - | - | - | 27,201,774 |
| TOTAL LIABILITIES | 27,201,774 | 198,387 | - | - | 27,400,161 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Europe |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | - | 44,199 | - | 44,199 |
| Payable on redemptions | - | 4,156,564 | - | - | 4,156,564 |
| Investment Manager’s fees payable | - | 8,061,909 | - | - | 8,061,909 |
| Administration fees payable | - | 68,185 | - | - | 68,185 |
| Depositary fees payable | - | 130,811 | - | - | 130,811 |
| Expenses payable | - | 293,761 | - | - | 293,761 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 4,222,256,084 | - | - | - | 4,222,256,084 |
| TOTAL LIABILITIES | 4,222,256,084 | 12,711,230 | 44,199 | - | 4,235,011,513 |

| Comgest Growth Europe Compounders |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Administration fees payable | - | 1,124 | - | - | 1,124 |
| Depositary fees payable | - | 1,172 | - | - | 1,172 |
| Expenses payable | - | 3,183 | - | - | 3,183 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 4,239,544 | - | - | - | 4,239,544 |
| TOTAL LIABILITIES | 4,239,544 | 5,479 | - | - | 4,245,023 |

| Comgest Growth Europe Plus |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Investment Manager’s fees payable | - | 531,186 | - | - | 531,186 |
| Administration fees payable | - | 5,712 | - | - | 5,712 |
| Depositary fees payable | - | 13,595 | - | - | 13,595 |
| Expenses payable | - | 20,707 | - | - | 20,707 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 312,693,682 | - | - | - | 312,693,682 |
| TOTAL LIABILITIES | 312,693,682 | 571,200 | - | - | 313,264,882 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Europe S |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 901,708 | - | - | 901,708 |
| Payable on redemptions | - | 9,705 | - | - | 9,705 |
| Investment Manager’s fees payable | - | 140,556 | - | - | 140,556 |
| Administration fees payable | - | 1,691 | - | - | 1,691 |
| Depositary fees payable | - | 1,665 | - | - | 1,665 |
| Expenses payable | - | 22,349 | - | - | 22,349 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 48,450,946 | - | - | - | 48,450,946 |
| TOTAL LIABILITIES | 48,450,946 | 1,077,674 | - | - | 49,528,620 |

| Comgest Growth Europe Opportunities |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | - | 16,873 | - | 16,873 |
| Payable on redemptions | - | 3,424,222 | - | - | 3,424,222 |
| Investment Manager’s fees payable | - | 2,860,076 | - | - | 2,860,076 |
| Administration fees payable | - | 22,958 | - | - | 22,958 |
| Depositary fees payable | - | 55,920 | - | - | 55,920 |
| Expenses payable | - | 87,394 | - | - | 87,394 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 1,546,928,343 | - | - | - | 1,546,928,343 |
| TOTAL LIABILITIES | 1,546,928,343 | 6,450,570 | 16,873 | - | 1,553,395,786 |

| Comgest Growth Europe Smaller |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Companies | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 241,518 | - | - | 241,518 |
| Payable on redemptions | - | 1,920,817 | - | - | 1,920,817 |
| Investment Manager’s fees payable | - | 1,538,542 | - | - | 1,538,542 |
| Administration fees payable | - | 13,636 | - | - | 13,636 |
| Depositary fees payable | - | 34,853 | - | - | 34,853 |
| Expenses payable | - | 37,462 | - | - | 37,462 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 885,435,770 | - | - | - | 885,435,770 |
| TOTAL LIABILITIES | 885,435,770 | 3,786,828 | - | - | 889,222,598 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Europe ex |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
| Switzerland | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | CHF | CHF | CHF | CHF | CHF |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | - | 766,600 | - | 766,600 |
| Investment Manager’s fees payable | - | 240,823 | - | - | 240,823 |
| Administration fees payable | - | 3,353 | - | - | 3,353 |
| Depositary fees payable | - | 5,004 | - | - | 5,004 |
| Expenses payable | - | 21,122 | - | - | 21,122 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 149,318,457 | - | - | - | 149,318,457 |
| TOTAL LIABILITIES | 149,318,457 | 270,302 | 766,600 | - | 150,355,359 |

| Comgest Growth Europe ex UK |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | GBP | GBP | GBP | GBP | GBP |
| LIABILITIES |  |  |  |  |  |
| Derivative financial liabilities at fair value |  |  |  |  |  |
| through profit or loss | - | - | 4,126 | - | 4,126 |
| Payable on redemptions | - | 101,269 | - | - | 101,269 |
| Investment Manager’s fees payable | - | 257,493 | - | - | 257,493 |
| Administration fees payable | - | 3,682 | - | - | 3,682 |
| Depositary fees payable | - | 6,095 | - | - | 6,095 |
| Expenses payable | - | 22,816 | - | - | 22,816 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 186,297,667 | - | - | - | 186,297,667 |
| TOTAL LIABILITIES | 186,297,667 | 391,355 | 4,126 | - | 186,693,148 |

| Comgest Growth Asia |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 19,464 | - | - | 19,464 |
| Investment Manager’s fees payable | - | 536,763 | - | - | 536,763 |
| Administration fees payable | - | 4,925 | - | - | 4,925 |
| Depositary fees payable | - | 4,697 | - | - | 4,697 |
| Expenses payable | - | 10,962 | - | - | 10,962 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 290,912,412 | - | - | - | 290,912,412 |
| TOTAL LIABILITIES | 290,912,412 | 576,811 | - | - | 291,489,223 |


## 7.	Risk Associated with Financial Instruments (continued)

## 2. Liquidity Risk (continued)
| Comgest Growth Asia ex Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 442,587 | - | - | 442,587 |
| Investment Manager’s fees payable | - | 136,776 | - | - | 136,776 |
| Administration fees payable | - | 1,227 | - | - | 1,227 |
| Depositary fees payable | - | 3,511 | - | - | 3,511 |
| Expenses payable | - | 24,535 | - | - | 24,535 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 90,340,049 | - | - | - | 90,340,049 |
| TOTAL LIABILITIES | 90,340,049 | 608,636 | - | - | 90,948,685 |

| Comgest Growth Asia Pac ex Japan |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 221 | - | - | 221 |
| Payable on securities purchased | - | 4,116,485 | - | - | 4,116,485 |
| Payable on redemptions | - | 2,118,773 | - | - | 2,118,773 |
| Investment Manager’s fees payable | - | 947,156 | - | - | 947,156 |
| Administration fees payable | - | 10,147 | - | - | 10,147 |
| Depositary fees payable | - | 23,166 | - | - | 23,166 |
| Expenses payable | - | 33,022 | - | - | 33,022 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 537,934,449 | - | - | - | 537,934,449 |
| TOTAL LIABILITIES | 537,934,449 | 7,248,970 | - | - | 545,183,419 |

| Comgest Growth China |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Payable on securities purchased | - | 1,422,705 | - | - | 1,422,705 |
| Payable on redemptions | - | 357,409 | - | - | 357,409 |
| Investment Manager’s fees payable | - | 621,233 | - | - | 621,233 |
| Administration fees payable | - | 6,662 | - | - | 6,662 |
| Depositary fees payable | - | 7,499 | - | - | 7,499 |
| Expenses payable | - | 17,540 | - | - | 17,540 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 321,880,293 | - | - | - | 321,880,293 |
| TOTAL LIABILITIES | 321,880,293 | 2,433,048 | - | - | 324,313,341 |

- Risk Associated with Financial Instruments (continued)
	- Liquidity Risk (continued)


| Comgest Growth India |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | USD | USD | USD | USD | USD |
| LIABILITIES |  |  |  |  |  |
| Payable on redemptions | - | 49,026 | - | - | 49,026 |
| Investment Manager’s fees payable | - | 292,094 | - | - | 292,094 |
| Administration fees payable | - | 4,030 | - | - | 4,030 |
| Depositary fees payable | - | 2,561 | - | - | 2,561 |
| Expenses payable | - | 22,309 | - | - | 22,309 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 115,463,294 | - | - | - | 115,463,294 |
| TOTAL LIABILITIES | 115,463,294 | 370,020 | - | - | 115,833,314 |

| Comgest Growth Latin America |  | Due between | Due between |  |
| --- | --- | --- | --- | --- |
|  | Due on | Due within | 1 & 3 | 3 & 12 |  |
|  | demand | 1 month | months | months | Total |
|  | EUR | EUR | EUR | EUR | EUR |
| LIABILITIES |  |  |  |  |  |
| Bank overdrafts | - | 2,343 | - | - | 2,343 |
| Payable on redemptions | - | 6,244 | - | - | 6,244 |
| Investment Manager’s fees payable | - | 42,637 | - | - | 42,637 |
| Administration fees payable | - | 2,862 | - | - | 2,862 |
| Depositary fees payable | - | 4,833 | - | - | 4,833 |
| Expenses payable | - | 3,963 | - | - | 3,963 |
| Total net assets attributable to holders |  |  |  |  |  |
| of redeemable participating shareholders | 20,579,801 | - | - | - | 20,579,801 |
| TOTAL LIABILITIES | 20,579,801 | 62,882 | - | - | 20,642,683 |

- Credit RiskCredit risk is the risk that an issuer or counterparty will be unable to meet a commitment that it has entered into with the Fund. The Investment Manager enters into transactions pertaining to financial instruments with a diversity of creditworthy counterparties. Therefore, the Company does not expect to incur material credit losses on its financial instruments.


## The Funds are exposed to credit risk in relation to Market Access Products and FDI where these are held.
With regard to cash held by the Depositary this constitutes a deposit. In choosing and appointing a sub-custodian as a safe keeping agent the Depositary exercises care and diligence to ensure that the sub-custodian has and maintains the expertise, competence and standing appropriate to discharge the responsibilities concerned. These criteria are monitored by the Depositary on an ongoing basis.
In order to manage the credit risk with regard to cash balances additional deposit accounts have been opened with appropriate institutions to diversify risk and the Credit Risk Manager of the Investment Manager continues to look at additional institutions.
The Funds’ maximum exposure to credit risk (not taking into account the value of any collateral or other security held) in the event that counterparties fail to perform their obligations as of 31 December 2021 in relation to each class of recognised financial assets, other than derivatives, is the carrying amount of those assets as indicated in the Statement of Financial Position.
- Risk Associated with Financial Instruments (continued)3. Credit Risk (continued)Market Access Products are financial instruments that may be used by a Fund to obtain exposure to an equity investment in a local market where direct ownership is not allowed, is restricted or is more costly. Investment in Market Access Products may involve an over-the-counter transaction with a third party. Consequently, investing in Market Access Products may expose a Fund not only to movements in the value of the underlying equity but also to the risk of counterparty default, which may in the event of counterparty default, result in the loss of the full market value of the economic interest in the underlying equity. Market Access Products generally are issued by banks or broker dealers and are designed to replicate the performance of a particular underlying equity security. The return on a Market Access Product that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, typically the holder of a Market Access Product does not receive voting rights as it would if it directly owned the underlying security.


## With respect to FDIs, credit risk arises from the potential failure of counterparties to meet their obligations under the contract or arrangement.
It is the Company’s intention at this time to limit the use of FDIs to forward currency exchange contracts, foreign exchange swap contacts, warrants (corporate action), convertible bonds, exchange-traded equity index futures and exchange-traded volatility index futures. A Fund may from time to time hold a small number of valueless warrants normally granted by the issuer through corporate actions as a result of the Fund holding shares of the issuer. Funds may also invest in convertible bonds but they have not invested in any convertible bonds as at 31 December 2021 (2020: Nil). The Company maintains a risk management process to monitor and manage the risks associated with the use of FDIs.

## Other than the FDIs noted above, the Company did not use any complex FDIs, such as credit default swaps during the periods ended 31 December 2021 and 31 December 2020.
A Fund’s maximum credit risk exposure for forward currency exchange contracts and foreign exchange swap contracts is the full amount of the foreign currency the Fund will be required to pay or purchase when settling the forward currency exchange contracts and the foreign exchange swap contracts, should the counterparties not pay the currency they are committed to deliver to the Fund. Credit risk may be reduced by the receipt of collateral from the counterparty.
As noted on page 216, Comgest Growth Global Flex seeks to hedge part of its equity market risk exposure through the use of exchange-traded equity index futures. Comgest Growth Global Flex is also permitted to utilise exchange-traded volatility index futures. All futures are cleared by Société Générale International Limited (“SGIL”).
Cash held with SGIL is monitored on a daily basis to assess if funding is required to meet a margin call or a pre-funding requirement. Furthermore, cash balances are monitored daily to assess if excess cash at SGIL can be called back to the Depositary. “Cash held as collateral” at SGIL includes margin excess of €1,912,491 in Comgest Growth Global Flex (2020: €1,865,301) and €Nil in Comgest Growth Emerging Markets Flex (2020: €85,877) and initial margin requirements of €1,912,491 in Comgest Growth Global Flex (2020: €1,865,301) and €Nil in Comgest Growth Emerging Markets Flex (2020: €85,877), “Due to broker” includes margin deficit of €1,912,491 in Comgest Growth Global Flex (2020:
€1,865,301) and €Nil in Comgest Growth Emerging Markets Flex (2020: €85,877). As margin excess was greater than margin deficit as at 31 December 2021 there was excess cash of €Nil in Comgest Growth Global Flex (2020: €Nil) and

## €Nil in Comgest Growth Emerging Markets Flex (2020: €Nil) held on deposit at SGIL.
SGIL does not have a credit rating. It is authorised and regulated by the Financial Conduct Authority (“FCA”) in the UK as an investment firm and is categorised as a Limited Activity Firm, a status which prohibits proprietary activity (other than for facilitation of client orders). SGIL is subject to the FCA’s Client Assets regime. SGIL is a wholly owned UK subsidiary of Société Générale SA since 29 October 2015. As at 31 December 2021 its parent company, Société Générale SA had a credit rating of A1, A- and A with Moody’s, Fitch and S&P respectively.
The Investment Manager’s approved counterparties for trading are limited to highly rated or recognised dealers in their sectors. The Investment Manager contracts with multiple counterparties with the aim of risk spreading. The Investment Manager’s risk manager performs ongoing monitoring of the counterparties. In particular, all over -the-counter counterparties must meet the following criteria as set out in the UCITS Regulations, namely:
- a credit institution in accordance with the UCITS Regulations; or
- have a minimum credit rating of A-2 or equivalent or, in the opinion of the Investment Manager, an implied minimum credit rating of A-2 or equivalent.

Translation (ENDE, 2021-12-31):
# ERLÄUTERUNGEN ZUM ABSCHLUSS zum 31. Dezember 2021 (Fortsetzung)
### 1.	Gründung und Struktur (Fortsetzung)
| Fondsname | Basiswährung | Anteilsklassen |
| --- | --- | --- |
| Comgest Growth Europe | Euro | Klasse EUR Acc / Klasse EUR Dis / Klasse EUR I Acc / Klasse EUR I Dis / Klasse EUR R Acc / Klasse EUR Z Acc / Klasse EUR Z Dis / Klasse USD I Acc / Klasse USD I H Acc / Klasse EUR X Acc* / Klasse EUR I Fixed Dis / Klasse EUR Fixed Dis / Klasse GBP U Acc 35  / Klasse USD Acc 42  / Klasse USD Z Acc 28 |
| Comgest Growth Europe Compounders | Euro | Klasse EUR X Acc* / Klasse EUR SI Acc / Klasse EUR I Acc * |
| Comgest Growth Europe Plus | Euro | Klasse EUR I Acc / Klasse GBP U Acc* / Klasse GBP U Dis*/ Klasse EUR Acc 9  / Klasse EUR Z Acc 2  / Klasse EUR R Acc* / Klasse USD I Acc* |
| Comgest Growth Europe S | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse EUR Z Acc* / Klasse USD Z Acc 38 |
| Comgest Growth Europe Opportunities | Euro | EUR Acc / Klasse EUR Dis / Klasse EUR R Acc / Klasse EUR I Acc / Klasse EUR X Acc 23  / Klasse EUR Z Acc / Klasse GBP U Acc 36  / Klasse GBP U H Acc 37  / Klasse GBP U Dis* / Klasse USD I Acc* / Klasse USD I H Acc 14 |
| Comgest Growth Europe Smaller Companies | Euro | Klasse EUR Acc / Klasse EUR I Acc / Klasse EUR Dis* / Klasse EUR X Acc / Klasse EUR Z Acc/ Klasse GBP U Acc 13  / Klasse GBP UH Acc* / Klasse EUR I Dis 3  / Klasse EUR R Acc 21 |
| Comgest Growth Europe ex Switzerland | Schweizer Franken | Klasse CHF I Acc / Klasse CHF Z Acc |
| Comgest Growth Europe ex UK | Britisches Pfund | Klasse GBP SU Acc / Klasse GBP SU H Acc / Klasse GBP U Acc / Klasse EUR SI Acc / Klasse EUR X Acc* / Klasse EUR SI Dis 1  / Klasse GBP Y Acc 22  / Klasse GBP SU Dis 8  / Klasse GBP Y Dis 27 |
| Comgest Growth Asia | US-Dollar | Klasse EUR I Acc / Klasse USD Acc / Klasse EUR I Dis* / Klasse EUR Z Acc / Klasse EUR Acc 29  / Klasse EUR R Acc* |
| Comgest Growth Asia ex Japan | US-Dollar | Klasse USD I Acc / Klasse EUR I Acc / Klasse GBP U Acc* |
| Comgest Growth Asia Pac ex Japan | US-Dollar | Klasse USD Acc / Klasse USD Dis / Klasse USD I Acc / Klasse EUR I Acc / Klasse EUR R Acc / Klasse EUR Dis / Klasse GBP U Acc / Klasse EUR Z Acc / Klasse USD X Acc* / Klasse EUR H Acc 26  / Klasse EUR SI Acc* / Klasse GBP SU Acc* / Klasse GBP U Dis* / Klasse USD SI Acc* |
| Comgest Growth China | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse EUR I Acc / Klasse EUR SI Acc / Klasse USD I Acc 11  / Klasse EUR X Acc* / Klasse EUR Z Acc / Klasse GBP U Acc / Klasse EUR R Acc 34 |
| Comgest Growth India | US-Dollar | Klasse USD Acc / Klasse EUR I Acc / Klasse EUR R Acc / Klasse EUR Z Acc* / Klasse USD I Acc* / Klasse USD X Acc / Klasse GBP U Acc* |
| Comgest Growth Latin America | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse USD I Acc / Klasse EUR R Acc / Klasse EUR I Acc / Klasse EUR Z Acc / Klasse GBP U Acc* |

* Zum 31. Dezember 2021 noch nicht aufgelegt.
1 Comgest Growth Europe ex UK Klasse EUR SI Dis wurde am 7. Januar 2020 aufgelegt.
2 Comgest Growth Europe Plus Klasse EUR Z Acc wurde am 8. Januar 2020 aufgelegt.
3 Comgest Growth Europe Smaller Companies Klasse EUR I Dis wurde am 14. Januar 2020 aufgelegt.
4 Comgest Growth Japan Klasse JPY I Dis wurde am 24. Januar 2020 aufgelegt.
5 Comgest Growth Emerging Markets Plus Klasse GBP U Acc und Klasse GBP X Dis wurden am 29. Januar 2020 aufgelegt.
6 Comgest Growth Emerging Markets Plus wurde am 29. Januar 2020 aufgelegt.
7 Comgest Growth World Klasse GBP U Dis wurde am 3. Februar 2020 aufgelegt.
8 Comgest Growth Europe ex UK Klasse GBP SU Dis wurde am 20. Februar 2020 aufgelegt.
9 Comgest Growth Emerging Markets Klasse EUR Y Acc und Comgest Growth Europe Plus Klasse EUR Acc wurden am 16. April 2020 aufgelegt.
10 Comgest Growth Emerging Markets Plus Klasse EUR Acc und Klasse EUR I Acc wurden am 16. April 2020 aufgelegt.
11 Comgest Growth China Klasse USD I Acc wurde am 11. September 2017 aufgelegt, am 11. März 2020 komplett zurückgenommen und am 17. April 2020 erneut aufgelegt.
12 Comgest Growth America Klasse EUR I H Acc wurde am 24. November 2016 aufgelegt, am 4. Mai 2017 komplett zurückgenommen, am 22. August 2017 erneut aufgelegt, am 30. Dezember 2019 komplett zurückgenommen, am 14. Februar 2020 erneut aufgelegt, am 11. März 2020 komplett zurückgenommen und am 17. April 2020 erneut aufgelegt.
13 Comgest Growth Europe Smaller Companies Klasse GBP U Acc wurde am 12. Mai 2020 aufgelegt.
14 Comgest Growth Europe Opportunities Klasse USD I H Acc wurde am 16. Juni 2020 aufgelegt.
15 Comgest Growth Emerging Markets Plus Klasse EUR Z Acc wurde am 17. Juni 2020 aufgelegt.
16 Comgest Growth Japan Klasse EUR R H Acc wurde am 29. Juli 2020 aufgelegt.
17 Comgest Growth Emerging Markets Plus Klasse GBP U Dis wurde am 19. Oktober 2020 aufgelegt.
18 Comgest Growth World Klasse EUR Fixed Dis wurde am 22. Oktober 2020 aufgelegt.
19 Comgest Growth World Plus wurde am 27. November 2020 aufgelegt.
20 Comgest Growth World Plus Klasse EUR I Acc wurde am 27. November 2020 aufgelegt.
21 Comgest Growth Europe Smaller Companies Klasse EUR R Acc wurde am 4. Dezember 2020 aufgelegt.
22 Comgest Growth Europe ex UK Klasse GBP Y Acc wurde am 8. Dezember 2020 aufgelegt.
23 Comgest Growth Europe Opportunities Klasse EUR X Acc wurde am 10. Dezember 2020 aufgelegt.