# Comgest Growth Japan
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in JPY)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost JPY	JPY	Assets
Pharmaceuticals and cosmetics
| Asahi Intecc Co Ltd | 1,898,300 | JPY | 3,705,983,170 | 6,074,560,000 | 2.46 |
| --- | --- | --- | --- | --- | --- |
| Kobayashi Pharmaceutical Co Ltd | 554,800 | JPY | 4,848,915,384 | 5,142,996,000 | 2.08 |
| Kose Corp | 409,000 | JPY | 7,047,249,285 | 6,544,000,000 | 2.65 |
| PeptiDream Inc | 786,500 | JPY | 3,418,040,825 | 4,404,400,000 | 1.78 |
| Sysmex Corp | 1,080,800 | JPY | 7,920,947,871 | 8,050,879,200 | 3.25 |
|  |  |  | 26,941,136,535 | 30,216,835,200 | 12.22 |

Retail
| Fast Retailing Co Ltd | 120,200 | JPY | 5,365,451,374 | 7,813,000,000 | 3.16 |
| --- | --- | --- | --- | --- | --- |
| Nitori Holdings Co Ltd | 404,000 | JPY | 6,316,443,356 | 6,958,900,000 | 2.81 |
| Pan Pacific International Holdings Corp | 3,779,800 | JPY | 5,134,362,674 | 6,845,217,800 | 2.77 |
| Workman Co Ltd | 426,400 | JPY | 2,778,993,767 | 4,345,016,000 | 1.76 |
| ZOZO Inc | 1,994,800 | JPY | 5,396,556,478 | 4,163,147,600 | 1.68 |
|  |  |  | 24,991,807,649 | 30,125,281,400 | 12.18 |

| Total Japan | 194,059,958,146 | 232,497,644,850 | 94.06 |
| --- | --- | --- | --- |
|  |  |  |  |
| Equity securities | 194,059,958,146 | 232,497,644,850 | 94.06 |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 194,059,958,146 | 232,497,644,850 | 94.06 |
|  |  |  |  |
| Financial assets at fair value through profit or loss | 194,059,958,146 | 232,497,644,850 | 94.06 |
| Total financial derivative instrument (Note 6) |  | 213,251,575 | 0.09 |

Cash and other net assets		14,451,712,149	5.85 
Total net assets attributable to holders of redeemable participating shares	 247,162,608,574	100.00 
% of Total Assets
Transferable securities admitted to an official stock exchange listing93.46
Derivative instrument0.10
| Comgest Growth Japan Compounders1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in JPY) |
| Security | Quantity/ Face value | Currency | Acquisition cost JPY | Fair Value JPY | % Net Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |

Transferable securities admitted to an official stock exchange listing Equity securities
Japan
Automobile industry
| Suzuki Motor Corp | 600 | JPY | 2,804,641 | 2,740,200 | 2.83 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,804,641 | 2,740,200 | 2.83 |

Banks and financial institutions
| ORIX Corp	1,600 | JPY | 2,899,269 | 2,897,600 | 3.00 |
| --- | --- | --- | --- | --- |
|  |  |  | 2,899,269 | 2,897,600 | 3.00 |
| Consumer goods Unicharm Corp | 800 | JPY | 2,973,691 | 2,960,000 | 3.06 |
|  |  |  | 2,973,691 | 2,960,000 | 3.06 |
| Electronic semiconductor Hoya Corp | 400 | JPY | 4,089,226 | 4,180,000 | 4.32 |
| Keyence Corp | 100 | JPY | 3,856,156 | 3,849,000 | 3.98 |
| Nidec Corp | 300 | JPY | 4,532,859 | 4,501,500 | 4.65 |
| Nintendo Co Ltd | 100 | JPY | 4,327,297 | 4,397,000 | 4.55 |
| Rohm Co Ltd | 400 | JPY | 3,481,044 | 3,512,000 | 3.63 |
|  |  |  | 20,286,582 | 20,439,500 | 21.13 |
| Graphic art and publishing Recruit Holdings Co Ltd | 1,000 | JPY | 4,135,240 | 4,099,000 | 4.24 |
|  |  |  | 4,135,240 | 4,099,000 | 4.24 |
| Insurance Dai-ichi Life Holdings Inc | 1,600 | JPY | 2,938,481 | 2,906,400 | 3.00 |
|  |  |  | 2,938,481 | 2,906,400 | 3.00 |
| Internet software CyberAgent Inc | 800 | JPY | 3,044,913 | 3,052,000 | 3.16 |
| SoftBank Group Corp | 600 | JPY | 2,808,842 | 2,853,600 | 2.95 |
| Z Holdings Corp | 6,500 | JPY | 2,906,371 | 2,996,500 | 3.10 |
|  |  |  | 8,760,126 | 8,902,100 | 9.21 |
| Leisure Oriental Land Co Ltd | 200 | JPY | 2,990,897 | 2,976,000 | 3.08 |
|  |  |  | 2,990,897 | 2,976,000 | 3.08 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Japan
#### WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (JPY) | Käufe |
| Recruit Holdings Co Ltd | 1.822.700 | 6.231.215.408 | 8,43 |
| Hoya Corp | 709.100 | 5.100.998.037 | 6,90 |
| Kobayashi Pharmaceutical Co Ltd | 554.800 | 4.848.915.384 | 6,56 |
| Disco Corp | 242.400 | 4.771.062.511 | 6,45 |
| Yakult Honsha Co Ltd | 599.100 | 4.061.985.282 | 5,49 |
| Sushiro Global Holdings Ltd | 546.600 | 4.027.690.856 | 5,45 |
| LINE Corp | 915.500 | 3.730.134.653 | 5,04 |
| Murata Manufacturing Co Ltd | 1.100.100 | 3.601.903.707 | 4,87 |
| Kose Corp | 184.500 | 3.430.574.286 | 4,64 |
| Workman Co Ltd | 426.400 | 2.778.993.767 | 3,76 |
| Pigeon Corp | 648.300 | 2.708.782.551 | 3,66 |
| Nitori Holdings Co Ltd | 165.400 | 2.409.916.712 | 3,26 |
| Sysmex Corp | 334.700 | 2.401.864.935 | 3,25 |
| Amada Holdings Co Ltd | 1.993.600 | 2.326.211.697 | 3,15 |
| Shin-Etsu Chemical Co Ltd | 217.500 | 2.155.858.828 | 2,92 |
| Oriental Land Co Ltd | 107.600 | 1.661.822.158 | 2,25 |
| FANUC Corp | 76.000 | 1.465.094.511 | 1,98 |
| Keyence Corp | 125.680 | 1.382.708.980 | 1,87 |
| M3 Inc | 726.700 | 1.310.882.440 | 1,77 |
| Daifuku Co Ltd | 224.900 | 1.230.485.657 | 1,66 |
| Suzuki Motor Corp | 239.800 | 1.136.383.582 | 1,54 |
| Asahi Intecc Co Ltd | 1.159.200 | 1.011.656.082 | 1,37 |
| Hamamatsu Photonics KK | 224.700 | 1.000.149.180 | 1,35 |
| GMO Payment Gateway Inc | 129.300 | 944.532.169 | 1,28 |
| SoftBank Group Corp | 664.000 | 938.252.387 | 1,27 |
| ZOZO Inc | 451.600 | 918.539.469 | 1,24 |
| Makita Corp | 240.300 | 878.241.868 | 1,19 |
| Nihon M&A Center Inc | 281.900 | 745.458.267 | 1,01 |

| Verkäufe 1 |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (JPY) | Verkäufe |
| Seven & i Holdings Co Ltd | 1.042.300 | 4.395.997.724 | 17,27 |
| Pola Orbis Holdings Inc | 1.580.500 | 4.157.229.304 | 16,32 |
| Komatsu Ltd | 1.186.200 | 2.927.713.354 | 11,49 |
| Nissan Chemical Corp | 618.400 | 2.904.773.101 | 11,40 |
| Hoshizaki Corp | 379.100 | 2.703.394.216 | 10,61 |
| Ain Holdings Inc | 408.000 | 2.570.471.014 | 10,09 |
| SanBio Co Ltd | 545.000 | 2.045.384.315 | 8,03 |
| Makita Corp | 518.100 | 1.637.751.108 | 6,43 |
| Obic Co Ltd | 102.900 | 1.265.715.283 | 4,97 |
| GMO Payment Gateway Inc | 109.500 | 862.415.551 | 3,39 |

1 Steht für die gesamten Verkäufe im Geschäftsjahr.