# Comgest Growth Emerging Markets Flex
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost EUR	EUR	Assets
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Hengan International Group Co Ltd | 252,500 | HKD | 1,772,198 | 1,602,249 | 2.99 |
|  |  |  | 1,772,198 | 1,602,249 | 2.99 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 2,348,963 | 2,323,706 | 4.33 |
| China |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| SAIC Motor Corp Ltd - A Shares | 497,994 | CNY | 1,596,207 | 1,519,017 | 2.83 |
|  |  |  | 1,596,207 | 1,519,017 | 2.83 |
| Banks and financial institutions Hangzhou Hikvision Digital Technology Co Ltd - A Shares | 134,829 | CNY | 420,496 | 564,563 | 1.05 |

420,496	564,563	1.05
Business houses
Inner Mongolia Yili Industrial Group Co Ltd -
A Shares	440,722	CNY	1,198,521	1,743,9553.25
1,198,521	1,743,955	3.25
Electronics and electrical equipment
Midea Group Co Ltd - A Shares	54,414	CNY	418,093	405,3750.76
| 418,093 | 405,375 | 0.76 |
| --- | --- | --- |
| Insurance |  |  |  |  |  |
| China Life Insurance Co Ltd - H Shares | 586,000 | HKD | 1,518,014 | 1,450,545 | 2.70 |
| Ping An Insurance Group Co of China Ltd - H Shares | 358,000 | HKD | 2,108,866 | 3,769,800 | 7.02 |
|  |  |  | 3,626,880 | 5,220,345 | 9.72 |
| Office equipment and computers Focus Media Information Technology Co Ltd - A Shares | 772,200 | CNY | 725,986 | 618,236 | 1.15 |
| 725,986 | 618,236 | 1.15 |

Total China	7,986,183	10,071,49118.76
| Comgest Growth Emerging Markets Flex |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
|  | AIA Group Ltd | 168,200 | HKD | 1,069,962 | 1,573,095 | 2.93 |
|  |  |  |  | 1,069,962 | 1,573,095 | 2.93 |
|  |  |  |  |  |  |  |
| Total Hong Kong |  |  |  | 1,069,962 | 1,573,095 | 2.93 |
| India |  |  |  |  |  |  |
| Chemicals |
| Lupin Ltd | 75,952 | INR | 936,804 | 723,722 | 1.35 |
|  |  |  | 936,804 | 723,722 | 1.35 |
| Public services |
|  | Power Grid Corp of India Ltd | 716,003 | INR | 1,396,950 | 1,700,166 | 3.17 |
|  |  |  |  | 1,396,950 | 1,700,166 | 3.17 |
|  |  |  |  |  |  |  |
| Total India |  |  |  | 2,333,754 | 2,423,888 | 4.52 |
| Indonesia |  |  |  |  |  |  |
| News transmission |
|  | Telekomunikasi Indonesia Persero Tbk PT | 5,813,900 | IDR | 1,418,759 | 1,481,103 | 2.76 |
|  |  |  |  | 1,418,759 | 1,481,103 | 2.76 |
|  |  |  |  |  |  |  |
| Total Indonesia |  |  |  | 1,418,759 | 1,481,103 | 2.76 |
| Japan |  |  |  |  |  |  |
| Automobile industry |
| Suzuki Motor Corp | 25,200 | JPY | 941,582 | 943,443 | 1.76 |
|  |  |  | 941,582 | 943,443 | 1.76 |

Total Japan	941,582	943,4431.76
| Comgest Growth Emerging Markets Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Mexico |  |  |  |  |  |
| Public services |  |  |  |  |  |
|  | Infraestructura Energetica Nova SAB de CV | 206,200 | MXN | 728,504 | 863,623 | 1.61 |
|  |  |  |  | 728,504 | 863,623 | 1.61 |
|  |  |  |  |  |  |  |
| Total Mexico |  |  |  | 728,504 | 863,623 | 1.61 |
| Netherlands |  |  |  |  |  |  |
| Consumer goods |
|  | Unilever NV | 5,438 | EUR | 258,269 | 278,589 | 0.52 |
|  |  |  |  | 258,269 | 278,589 | 0.52 |
|  |  |  |  |  |  |  |
| Total Netherlands |  |  |  | 258,269 | 278,589 | 0.52 |
| South Africa |  |  |  |  |  |  |
| Graphic art and publishing Naspers Ltd | 7,664 | ZAR | 781,216 | 1,118,509 | 2.08 |
|  |  |  | 781,216 | 1,118,509 | 2.08 |
| Holding and finance companies Discovery Ltd | 135,735 | ZAR | 1,042,608 | 1,043,148 | 1.94 |
|  |  |  | 1,042,608 | 1,043,148 | 1.94 |
| Insurance Sanlam Ltd | 413,162 | ZAR | 1,710,339 | 2,082,071 | 3.88 |
|  |  |  | 1,710,339 | 2,082,071 | 3.88 |
| Internet software MultiChoice Group Ltd | 69,956 | ZAR | 529,555 | 519,218 | 0.97 |
|  |  |  | 529,555 | 519,218 | 0.97 |
| News transmission MTN Group Ltd | 189,639 | ZAR | 1,666,176 | 996,615 | 1.86 |
|  |  |  | 1,666,176 | 996,615 | 1.86 |
| Electronic semiconductor Samsung Electronics Co Ltd | 51,814 | KRW | 1,812,605 | 2,227,979 | 4.15 |
|  |  |  | 1,812,605 | 2,227,979 | 4.15 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Emerging Markets Flex
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Samsung Electronics Co Ltd | 30.700 | 1.031.101 | 5,56 |
| Autohome Inc | 13.586 | 971.853 | 5,24 |
| Infraestructura Energética Nova SAB de CV | 263.400 | 949.067 | 5,12 |
| Ping An Insurance Group Co of China Ltd – H-Aktien | 100.500 | 903.867 | 4,88 |
| Hengan International Group Co Ltd | 118.500 | 856.175 | 4,62 |
| MultiChoice Group Ltd | 112.435 | 847.796 | 4,57 |
| NetEase Inc | 3.500 | 802.923 | 4,33 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 234.900 | 734.243 | 3,96 |
| BIM Birlesik Magazalar AS | 93.227 | 667.561 | 3,60 |
| Suzuki Motor Corp | 16.700 | 648.106 | 3,50 |
| BB Seguridade Participações SA | 97.400 | 632.957 | 3,42 |
| Cognizant Technology Solutions Corp | 9.600 | 541.637 | 2,92 |
| NCSoft Corp | 1.355 | 535.099 | 2,89 |
| Hangzhou Hikvision Digital Technology Co Ltd – A-Aktien | 127.500 | 487.288 | 2,63 |
| Taiwan Semiconductor Manufacturing Co Ltd | 67.000 | 462.711 | 2,50 |
| Midea Group Co Ltd – A-Aktien | 54.414 | 418.093 | 2,26 |
| Prosus NV | 8.411 | 417.706 | 2,25 |
| SAIC Motor Corp Ltd – A-Aktien | 126.447 | 405.881 | 2,19 |
| Discovery Ltd | 54.537 | 404.423 | 2,18 |
| Telekomunikasi Indonesia Persero Tbk PT | 1.621.900 | 397.742 | 2,15 |
| Alibaba Group Holding Ltd | 2.389 | 394.505 | 2,13 |
| Sanlam Ltd | 73.441 | 336.288 | 1,81 |
| AIA Group Ltd | 37.400 | 318.159 | 1,72 |
| Infosys Ltd | 34.000 | 299.910 | 1,62 |
| Power Grid Corp of India Ltd | 118.687 | 295.578 | 1,59 |
| China Life Insurance Co Ltd – H-Aktien | 124.000 | 268.574 | 1,45 |
| Naspers Ltd | 1.281 | 239.432 | 1,29 |
| Fomento Economico Mexicano SAB de CV | 2.600 | 216.923 | 1,17 |
| Lupin Ltd | 21.320 | 213.664 | 1,15 |
| Unilever NV | 3.920 | 200.364 | 1,08 |
| Moscow Exchange MICEX-RTS PJSC | 159.090 | 200.123 | 1,08 |
| CCR SA | 66.000 | 198.990 | 1,07 |
| Samsung Life Insurance Co Ltd | 3.260 | 197.363 | 1,06 |
| B3 SA – Brasil Bolsa Balcao | 24.100 | 187.595 | 1,01 |
| MTN Group Ltd | 31.225 | 184.874 | 1,00 |
| Mail.Ru Group Ltd | 8.696 | 184.622 | 1,00 |