# Comgest Growth Europe
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
| Quantity/ Security	Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| --- | --- | --- | --- | --- |
| Italy Automobile industry Ferrari NV	234,238 | EUR | 24,707,776 | 34,643,800 | 1.00 |
|  |  | 24,707,776 | 34,643,800 | 1.00 |
| Pharmaceuticals and cosmetics Amplifon SpA	520,813 | EUR | 11,995,169 | 13,353,645 | 0.39 |
|  |  | 11,995,169 | 13,353,645 | 0.39 |
| Tobacco and spirits Davide Campari-Milano SpA	1,920,285 | EUR | 15,922,044 | 15,631,120 | 0.45 |
|  |  | 15,922,044 | 15,631,120 | 0.45 |
|  |  |  |  |  |
| Total Italy |  | 52,624,989 | 63,628,565 | 1.84 |
| Jersey |  |  |  |  |  |
| Holding and finance companies Experian PLC | 3,224,640 | GBP | 58,054,206 | 97,120,167 | 2.80 |
|  |  |  | 58,054,206 | 97,120,167 | 2.80 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 58,054,206 | 97,120,167 | 2.80 |
| Netherlands |  |  |  |  |  |
| Banks and financial institutions Adyen NV | 30,328 | EUR | 19,274,547 | 22,169,768 | 0.64 |
|  |  |  | 19,274,547 | 22,169,768 | 0.64 |
| Consumer goods Unilever NV | 2,238,605 | EUR | 113,161,705 | 114,683,734 | 3.31 |
| Electronic semiconductor |  |  | 113,161,705 | 114,683,734 | 3.31 |
| ASML Holding NV	632,746 | EUR | 107,679,831 | 166,855,120 | 4.82 |
|  |  |  | 107,679,831 | 166,855,120 | 4.82 |
| Tobacco and spirits Heineken NV | 1,468,760 | EUR | 113,050,326 | 139,414,699 | 4.03 |
|  |  |  | 113,050,326 | 139,414,699 | 4.03 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 353,166,409 | 443,123,321 | 12.80 |

| Comgest Growth Europe |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
|  | Jeronimo Martins SGPS SA | 4,062,653 | EUR | 60,598,836 | 59,578,806 | 1.72 |
|  |  |  |  | 60,598,836 | 59,578,806 | 1.72 |
|  |  |  |  |  |  |  |
| Total Portugal |  |  |  | 60,598,836 | 59,578,806 | 1.72 |
| Spain |  |  |  |  |  |  |
| Internet software |
|  | Amadeus IT Group SA - A Shares | 1,752,207 | EUR | 69,549,223 | 127,560,670 | 3.68 |
|  |  |  |  | 69,549,223 | 127,560,670 | 3.68 |
| Retail | Industria de Diseno Textil SA | 4,761,749 | EUR | 125,502,512 | 149,757,006 | 4.33 |
|  |  |  |  | 125,502,512 | 149,757,006 | 4.33 |
|  |  |  |  |  |  |  |
| Total Spain |  |  |  | 195,051,735 | 277,317,676 | 8.01 |
| Sweden |  |  |  |  |  |  |
| Mechanics and machinery |
|  | Assa Abloy AB | 5,062,153 | SEK | 90,780,785 | 105,504,262 | 3.05 |
|  |  |  |  | 90,780,785 | 105,504,262 | 3.05 |
|  |  |  |  |  |  |  |
| Total Sweden |  |  |  | 90,780,785 | 105,504,262 | 3.05 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Lonza Group AG | 371,049 | CHF | 86,578,944 | 120,568,278 | 3.48 |
| Sika AG | 530,011 | CHF | 56,679,273 | 88,670,527 | 2.56 |
|  |  |  | 143,258,217 | 209,238,805 | 6.04 |
| Food and distilleries Chocoladefabriken Lindt & Spruengli AG | 15,837 | CHF | 72,047,117 | 109,492,154 | 3.16 |
|  |  |  | 72,047,117 | 109,492,154 | 3.16 |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG	122,599 | CHF | 16,930,987 | 17,279,326 | 0.50 |
|  |  | 16,930,987 | 17,279,326 | 0.50 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Novo Nordisk A/S – B-Aktien | 1.819.449 | 84.312.607 | 8,00 |
| Roche Holding AG | 297.547 | 73.078.187 | 6,93 |
| ICON PLC | 494.593 | 66.834.673 | 6,34 |
| Dassault Systèmes SE | 448.442 | 57.314.004 | 5,44 |
| Accenture PLC | 369.703 | 56.024.748 | 5,31 |
| Orpea | 457.339 | 49.049.375 | 4,65 |
| EssilorLuxottica SA | 351.434 | 41.081.718 | 3,90 |
| ASML Holding NV | 207.979 | 37.610.859 | 3,57 |
| Chr Hansen Holding A.S | 503.891 | 37.491.353 | 3,56 |
| Chocoladefabriken Lindt & Spruengli AG | 5.084 | 33.383.270 | 3,17 |
| Unilever NV | 571.992 | 30.090.462 | 2,85 |
| Heineken NV | 292.503 | 28.735.985 | 2,73 |
| Ambu A/S | 1.775.847 | 26.371.528 | 2,50 |
| Amadeus IT Group SA – A-Aktien | 387.903 | 26.060.226 | 2,47 |
| Industria de Diseno Textil SA | 948.550 | 25.103.629 | 2,38 |
| SAP SE | 210.928 | 24.616.769 | 2,33 |
| LVMH Moët Hennessy Louis Vuitton SE | 66.876 | 24.550.410 | 2,33 |
| MTU Aero Engines AG | 116.794 | 23.665.429 | 2,24 |
| Experian PLC | 876.114 | 22.507.101 | 2,13 |
| Lonza Group AG | 73.871 | 22.136.095 | 2,10 |
| Assa Abloy AB | 1.113.008 | 22.123.990 | 2,10 |
| Straumann Holding AG | 28.014 | 21.201.793 | 2,01 |
| Unilever NV | 370.427 | 20.111.487 | 1,91 |
| Ferrari NV | 177.816 | 20.062.543 | 1,90 |
| Adyen NV | 30.328 | 19.274.547 | 1,83 |
| Ryanair Holdings PLC | 1.946.035 | 18.917.425 | 1,79 |
| Temenos AG | 127.605 | 17.622.318 | 1,67 |
| Davide Campari-Milano SpA | 1.998.699 | 16.572.214 | 1,57 |
| Coloplast A/S – B-Aktien | 157.648 | 16.292.596 | 1,55 |
| Sika AG | 91.468 | 12.587.450 | 1,19 |
| L'Oreal SA | 50.701 | 12.527.459 | 1,19 |
| Amplifon SpA | 520.813 | 11.995.169 | 1,14 |
| Jeronimo Martins SGPS SA | 818.280 | 11.688.626 | 1,11 |
| Fresenius SE & Co KGaA | 243.601 | 11.446.713 | 1,09 |