# Statement of investments as of December 31, 2021
| Balance at (in 1'000 resp. piece) | Price at | Valuation | as % of total |
| --- | --- | --- | --- |
| Description	Currency	31. 12. 2021	Purchases	Sales | 31. 12. 2021 | EUR | assets |
| Securities Equities (traded on an exchange) |  | 328 G2U 582 | U7.2G |
| EMS-Chemie NA	CHF	12 007	12 348	341 | 1 021.000 | 11 831 440 | 3.50 |
| Lem NA	CHF	5 244	2 249	134 | 2 540.000 | 12 855 050 | 3.80 |
| Lindt & Spruengli NA	CHF	128	28	17 | 122 200.000 | 15 095 884 | 4.47 |
| Roche GS	CHF	40 428	23 078	951 | 379.100 | 14 791 541 | 4.38 |
| Schweiter Technologies I	CHF	7 449	1 243	1 013 | 1 352.000 | 9 719 G82 | 2.88 |
| VAT Group NA	CHF	32 077	2 5G5	17 283 | 454.400 | 14 0G7 257 | 4.1G |
| Bavarian Nordic	DKK	248 701	280 431	31 730 | 2G8.800 | 8 988 22G | 2.GG |
| GenmaG	DKK	35 781	14 981	7 558 | 2 G30.000 | 12 G52 472 | 3.74 |
| Atoss Software -I-	EUR	35 538	15 088	2 159 | 217.000 | 7 711 74G | 2.28 |
| Basler AG	EUR	18 750	1 414	17 128 | 158.800 | 2 977 500 | 0.88 |
| Cementir Reg.	EUR	341 384	343 258	1 874 | 8.380 | 2 8G0 798 | 0.85 |
| Deutsche Telekom	EUR	7G8 04G	322 055	41 823 | 1G.300 | 12 519 150 | 3.71 |
| EGro Foods	EUR	511 591	511 591 | 1G.880 | 8 G35 G5G | 2.5G |
| Eckert & Ziegler	EUR	93 08G	33 230	99 824 | 94.100 | 8 759 393 | 2.59 |
| Interpump Group	EUR	138 034	11 077	42 373 | G4.300 | 8 875 58G | 2.G3 |
| LPKF Laser & Electronics	EUR	518 349	245 541	37 G55 | 19.540 | 10 128 539 | 3.00 |
| Morphosys I	EUR	27G 125	27G 125 | 33.350 | 9 208 7G9 | 2.73 |
| Neste	EUR	1G8 345	83 534	10G 932 | 43.3G0 | 7 299 439 | 2.1G |
| PVA TePla Inh.	EUR	119 589	141 491	21 902 | 41.900 | 5 010 779 | 1.48 |
| Sanlorenzo Reg.	EUR	13G 945	194 987	58 042 | 37.900 | 5 190 21G | 1.54 |
| Secunet Security Network Inh.	EUR	10 GG5	10 GG5 | 413.500 | 4 409 978 | 1.31 |
| Soitec Bearer and/or Reg.	EUR	41 342	41 342 | 215.200 | 8 89G 798 | 2.G3 |
| Stroeer Inh.	EUR	108 730	74 820	87 047 | G9.300 | 7 534 989 | 2.23 |
| verbio Vereinigte BioEnergie	EUR	211 744	1G8 G88	113 374 | G0.300 | 12 7G8 1G3 | 3.78 |
| A.G.Barr	GBP	1 0G5 037	1 0G5 037 | 5.180 | G 570 859 | 1.94 |
| Advanced Medical Solutions	GBP	1 431 72G	224 984	495 929 | 3.380 | 5 7G3 739 | 1.71 |
| Kainos Group	GBP	357 182	49 041	182 2GG | 19.170 | 8 155 290 | 2.41 |
| Rio Tinto Plc	GBP	233 410	80 G92	17 7G8 | 48.920 | 13 599 835 | 4.03 |
| Victrex	GBP	273 551	273 551 | 24.440 | 7 9G2 82G | 2.3G |
| SalMar	NOK	202 047	203 289	1 242 | G08.000 | 12 249 975 | 3.G3 |
| AddLife -B- Reg.	SEK	309 G04	311 350	1 74G | 381.400 | 11 4G8 820 | 3.39 |
| Beijer Alma -B-	SEK	577 799	339 353	71 148 | 274.500 | 15 404 G0G | 4.5G |
| HMS Networks Reg.	SEK	114 903	115 G15	712 | 558.000 | G 227 2G1 | 1.84 |
| Sectra -B- Reg.	SEK	54G 9G8	54G 9G8 | 200.200 | 10 G35 489 | 3.15 |
| Swedish Orphan Biovitrum	SEK	433 9G9	585 190	151 221 | 185.100 | 7 801 832 | 2.31 |
| Total securities |  | 328 G2U 582 | U7.2G |
| Total derivatives (as per separate list) |  | 2 1G3 427 | 0.G4 |
| Cash and other assets |  | 7 078 294 | 2.09 |
| Total fund assets |  | 337 871 303 | 100.00 |
| Bank liabilities |  | -1 203 |  |
| LiaGilities |  | -54 048 |  |
| Total net assets |  | 337 81G 052 |  |
| Exchange rates: |  |  |  |
| EUR 1.0000 = CHF 1.03G15	EUR 1.0000 = GBP 0.839G	EUR 1.0000 = SEK 10.29G |  |  |  |
| EUR 1.0000 = NOK 10.028149	EUR 1.0000 = DKK 7.437G	EUR 1.0000 = USD 1.137189 |  |  |  |

Divergences in the totals may be attributed to rounding differences.

Translation (ENDE, 2021-12-31):
# Aufstellung der Vermögenswerte per 31. Dezember 2021
|  | Bestand (in 1‘000 resp. Stück) |  |  | Kurs per | Verkehrswert | % des Gesamtfonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Titel | Währung | per 31. 12. 2021 | Käufe | Verkäufe | 31. 12. 2021 | EUR | vermögens |
| Effekten Aktien (an einer Börse gehandelt) |  |  |  |  |  | 328 G2U 582 | U7.2G |
| EMS-Chemie NA | CHF | 12 007 | 12 348 | 341 | 1 021.000 | 11 831 440 | 3.50 |
| Lem NA | CHF | 5 244 | 2 249 | 134 | 2 540.000 | 12 855 050 | 3.80 |
| Lindt & Spruengli NA | CHF | 128 | 28 | 17 | 122 200.000 | 15 095 884 | 4.47 |
| Roche GS | CHF | 40 428 | 23 078 | 951 | 379.100 | 14 791 541 | 4.38 |
| Schweiter Technologies I | CHF | 7 449 | 1 243 | 1 013 | 1 352.000 | 9 719 G82 | 2.88 |
| VAT Group NA | CHF | 32 077 | 2 5G5 | 17 283 | 454.400 | 14 0G7 257 | 4.1G |
| Bavarian Nordic | DKK | 248 701 | 280 431 | 31 730 | 2G8.800 | 8 988 22G | 2.GG |
| Genmab | DKK | 35 781 | 14 981 | 7 558 | 2 G30.000 | 12 G52 472 | 3.74 |
| Atoss Software -I- | EUR | 35 538 | 15 088 | 2 159 | 217.000 | 7 711 74G | 2.28 |
| Basler AG | EUR | 18 750 | 1 414 | 17 128 | 158.800 | 2 977 500 | 0.88 |
| Cementir Reg. | EUR | 341 384 | 343 258 | 1 874 | 8.380 | 2 8G0 798 | 0.85 |
| Deutsche Telekom | EUR | 7G8 04G | 322 055 | 41 823 | 1G.300 | 12 519 150 | 3.71 |
| Ebro Foods | EUR | 511 591 | 511 591 |  | 1G.880 | 8 G35 G5G | 2.5G |
| Eckert & Ziegler | EUR | 93 08G | 33 230 | 99 824 | 94.100 | 8 759 393 | 2.59 |
| Interpump Group | EUR | 138 034 | 11 077 | 42 373 | G4.300 | 8 875 58G | 2.G3 |
| LPKF Laser & Electronics | EUR | 518 349 | 245 541 | 37 G55 | 19.540 | 10 128 539 | 3.00 |
| Morphosys I | EUR | 27G 125 | 27G 125 |  | 33.350 | 9 208 7G9 | 2.73 |
| Neste | EUR | 1G8 345 | 83 534 | 10G 932 | 43.3G0 | 7 299 439 | 2.1G |
| PVA TePla Inh. | EUR | 119 589 | 141 491 | 21 902 | 41.900 | 5 010 779 | 1.48 |
| Sanlorenzo Reg. | EUR | 13G 945 | 194 987 | 58 042 | 37.900 | 5 190 21G | 1.54 |
| Secunet Security Network Inh. | EUR | 10 GG5 | 10 GG5 |  | 413.500 | 4 409 978 | 1.31 |
| Soitec Bearer and/or Reg. | EUR | 41 342 | 41 342 |  | 215.200 | 8 89G 798 | 2.G3 |
| Stroeer Inh. | EUR | 108 730 | 74 820 | 87 047 | G9.300 | 7 534 989 | 2.23 |
| verbio Vereinigte BioEnergie | EUR | 211 744 | 1G8 G88 | 113 374 | G0.300 | 12 7G8 1G3 | 3.78 |
| A.G.Barr | GBP | 1 0G5 037 | 1 0G5 037 |  | 5.180 | G 570 859 | 1.94 |
| Advanced Medical Solutions | GBP | 1 431 72G | 224 984 | 495 929 | 3.380 | 5 7G3 739 | 1.71 |
| Kainos Group | GBP | 357 182 | 49 041 | 182 2GG | 19.170 | 8 155 290 | 2.41 |
| Rio Tinto Plc | GBP | 233 410 | 80 G92 | 17 7G8 | 48.920 | 13 599 835 | 4.03 |
| Victrex | GBP | 273 551 | 273 551 |  | 24.440 | 7 9G2 82G | 2.3G |
| SalMar | NOK | 202 047 | 203 289 | 1 242 | G08.000 | 12 249 975 | 3.G3 |
| AddLife -B- Reg. | SEK | 309 G04 | 311 350 | 1 74G | 381.400 | 11 4G8 820 | 3.39 |
| Beijer Alma -B- | SEK | 577 799 | 339 353 | 71 148 | 274.500 | 15 404 G0G | 4.5G |
| HMS Networks Reg. | SEK | 114 903 | 115 G15 | 712 | 558.000 | G 227 2G1 | 1.84 |
| Sectra -B- Reg. | SEK | 54G 9G8 | 54G 9G8 |  | 200.200 | 10 G35 489 | 3.15 |
| Swedish Orphan Biovitrum | SEK | 433 9G9 | 585 190 | 151 221 | 185.100 | 7 801 832 | 2.31 |
| Total Effekten |  |  |  |  |  | 328 G2U 582 | U7.2G |
| Total Derivate (gemäss separater Aufstellung) |  |  |  |  |  | 2 1G3 427 | 0.G4 |
| Flüssige Mittel und übrige Aktiven |  |  |  |  |  | 7 078 294 | 2.09 |
| Gesamtfondsvermögen |  |  |  |  |  | 337 871 303 | 100.00 |
| Bankverbindlichkeiten |  |  |  |  |  | -1 203 |  |
| Verbindlichkeiten |  |  |  |  |  | -54 048 |  |
| Total Nettofondsvermögen |  |  |  |  |  | 337 81G 052 |  |
| Umrechnungskurse: |  |  |  |  |  |  |  |

EUR 1.0000 = CHF 1.03G15	EUR 1.0000 = GBP 0.839G	EUR 1.0000 = SEK 10.29G EUR 1.0000 = NOK 10.028149	EUR 1.0000 = DKK 7.437G	EUR 1.0000 = USD 1.137189
Allfällige Differenzen bei den prozentualen Gewichtungen sind auf Rundungen zurückzuführen.