# Comgest Growth Global 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
Electronic semiconductor
| Hoya Corp | 34,800 | JPY | 2,228,493 | 2,981,120 | 3.95 |
| --- | --- | --- | --- | --- | --- |
| Keyence Corp | 2,900 | JPY | 803,887 | 915,019 | 1.21 |
| Nidec Corp | 9,800 | JPY | 1,198,074 | 1,205,442 | 1.59 |
|  |  |  | 4,230,454 | 5,101,581 | 6.75 |

News transmission
| Hikari Tsushin Inc | 12,300 | JPY | 1,949,639 | 2,765,763 | 3.66 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 1,949,639 | 2,765,763 | 3.66 |
| Retail |  |  |  |  |  |
|  | Fast Retailing Co Ltd | 3,200 | JPY | 1,407,369 | 1,705,090 | 2.26 |
|  | Pan Pacific International Holdings Corp | 120,700 | JPY | 1,549,538 | 1,791,884 | 2.37 |
|  |  |  |  | 2,956,907 | 3,496,974 | 4.63 |
|  |  |  |  |  |  |  |
| Total Japan |  |  |  | 10,792,121 | 13,272,363 | 17.57 |
| Netherlands |  |  |  |  |  |  |
| Tobacco and spirits |
| Heineken NV | 33,004 | EUR | 2,991,673 | 3,132,740 | 4.15 |
|  |  |  | 2,991,673 | 3,132,740 | 4.15 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 2,991,673 | 3,132,740 | 4.15 |
| Spain |  |  |  |  |  |
| Internet software |
|  | Amadeus IT Group SA - A Shares | 22,261 | EUR | 1,449,054 | 1,620,601 | 2.15 |
|  |  |  |  | 1,449,054 | 1,620,601 | 2.15 |
|  |  |  |  |  |  |  |
| Total Spain |  |  |  | 1,449,054 | 1,620,601 | 2.15 |
| Switzerland |  |  |  |  |  |  |
| Pharmaceuticals and cosmetics |
| Roche Holding AG | 8,355 | CHF | 2,095,794 | 2,413,555 | 3.19 |
|  |  |  | 2,095,794 | 2,413,555 | 3.19 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 2,095,794 | 2,413,555 | 3.19 |

| Comgest Growth Global 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 |
| United States of America |  |  |  |  |  |
| Chemicals Ecolab Inc | 10,100 | USD | 1,354,784 | 1,736,480 | 2.30 |
|  |  |  | 1,354,784 | 1,736,480 | 2.30 |
| Consumer goods Church & Dwight Co Inc | 12,229 | USD | 634,216 | 766,314 | 1.01 |
|  |  |  | 634,216 | 766,314 | 1.01 |
| Internet software Alphabet Inc - A Shares | 1,097 | USD | 1,212,153 | 1,308,963 | 1.73 |
| Intuit Inc | 5,111 | USD | 958,822 | 1,192,627 | 1.58 |
| Microsoft Corp | 19,300 | USD | 1,952,077 | 2,711,457 | 3.59 |
| Oracle Corp | 52,100 | USD | 2,357,937 | 2,459,027 | 3.25 |
|  |  |  | 6,480,989 | 7,672,074 | 10.15 |
| Other services Visa Inc - A Shares | 13,981 | USD | 1,808,078 | 2,340,338 | 3.10 |
|  |  |  | 1,808,078 | 2,340,338 | 3.10 |
| Pharmaceuticals and cosmetics Becton Dickinson and Co | 17,263 | USD | 3,588,452 | 4,182,643 | 5.54 |
| Eli Lilly & Co | 22,238 | USD | 1,935,689 | 2,603,778 | 3.45 |
| Johnson & Johnson | 22,700 | USD | 2,708,152 | 2,949,888 | 3.90 |
|  |  |  | 8,232,293 | 9,736,309 | 12.89 |
| Retail Walmart Inc | 24,900 | USD | 2,262,502 | 2,636,184 | 3.49 |
|  |  |  | 2,262,502 | 2,636,184 | 3.49 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 20,772,862 | 24,887,699 | 32.94 |
|  |  |  |  |  |  |
| Equity securities |  |  | 58,657,139 | 68,398,673 | 90.54 |
| America Depository Receipts |  |  |  |  |  |

Cayman Islands
Other services
| Alibaba Group Holding Ltd | 4,113 | USD | 778,953 | 777,165 | 1.03 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 778,953 | 777,165 | 1.03 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 778,953 | 777,165 | 1.03 |

America Depository Receipts	778,953	777,1651.03

Translation (ENDE, 2019-12-31):
# Comgest Growth Global Flex
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Ping An Insurance Group Co of China Ltd – H-Aktien | 302.990 | 3.070.053 | 5,78 |
| Hoya Corp | 39.800 | 2.530.080 | 4,76 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 670.514 | 2.415.114 | 4,55 |
| Roche Holding AG | 9.277 | 2.320.708 | 4,37 |
| Becton Dickinson and Co | 10.156 | 2.237.039 | 4,21 |
| Heineken NV | 22.741 | 2.156.155 | 4,06 |
| Medtronic PLC | 24.347 | 2.150.646 | 4,05 |
| Unilever PLC | 37.532 | 1.996.351 | 3,76 |
| Shin-Etsu Chemical Co Ltd | 22.800 | 1.948.428 | 3,67 |
| Johnson & Johnson | 15.500 | 1.874.398 | 3,53 |
| AIA Group Ltd | 207.462 | 1.839.138 | 3,46 |
| Autohome Inc | 24.987 | 1.817.021 | 3,42 |
| Oracle Corp | 35.900 | 1.745.508 | 3,29 |
| Microsoft Corp | 14.800 | 1.672.244 | 3,15 |
| Hikari Tsushin Inc | 8.500 | 1.584.489 | 2,98 |
| Walmart Inc | 15.400 | 1.512.814 | 2,85 |
| Pan Pacific International Holdings Corp | 154.300 | 1.501.181 | 2,83 |
| Eli Lilly & Co | 14.122 | 1.448.734 | 2,73 |
| SAP SE | 12.317 | 1.379.988 | 2,60 |
| Alphabet Inc - A Shares | 1.205 | 1.330.604 | 2,50 |
| Visa Inc – A-Aktien | 8.697 | 1.318.434 | 2,48 |
| L'Oreal SA | 5.117 | 1.236.444 | 2,33 |
| Kweichow Moutai Co Ltd – A-Aktien | 10.135 | 1.092.692 | 2,06 |
| Hangzhou Hikvision Digital Technology Co Ltd – A-Aktien | 265.764 | 1.051.572 | 1,98 |
| Fast Retailing Co Ltd | 2.000 | 1.026.178 | 1,93 |
| Ecolab Inc | 5.753 | 931.768 | 1,75 |
| Amadeus IT Group SA – A-Aktien | 13.644 | 930.279 | 1,75 |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.928 | 901.001 | 1,70 |
| Keyence Corp | 3.000 | 858.645 | 1,62 |
| Tencent Holdings Ltd | 20.640 | 780.294 | 1,47 |
| Alibaba Group Holding Ltd | 4.113 | 778.953 | 1,47 |
| Church & Dwight Co Inc | 11.551 | 732.426 | 1,38 |
| Intuit Inc | 3.054 | 706.802 | 1,33 |
| Nidec Corp | 5.600 | 679.201 | 1,28 |