# Comgest Growth GEM Promising Companies
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
| Quantity/ Security	Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| --- | --- | --- | --- | --- |
| South Korea Pharmaceuticals and cosmetics NCSoft Corp	7,020 | KRW | 1,507,418 | 2,926,605 | 3.37 |
|  |  | 1,507,418 | 2,926,605 | 3.37 |
| Medy-Tox Inc	7,822 | KRW | 2,452,974 | 1,813,718 | 2.09 |
|  |  | 2,452,974 | 1,813,718 | 2.09 |
|  |  |  |  |  |
| Total South Korea |  | 3,960,392 | 4,740,323 | 5.46 |

Taiwan
Electronics and electrical equipment
|  | Catcher Technology Co Ltd | 241,112 | TWD | 2,340,238 | 1,626,565 | 1.87 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 2,340,238 | 1,626,565 | 1.87 |
|  |  |  |  |  |  |
| Total Taiwan |  |  |  | 2,340,238 | 1,626,565 | 1.87 |
| Turkey |  |  |  |  |  |  |
| Food and distilleries |
| BIM Birlesik Magazalar AS | 160,558 | TRY | 863,468 | 1,121,503 | 1.29 |
|  |  |  | 863,468 | 1,121,503 | 1.29 |

Total Turkey	863,468	1,121,5031.29
Equity securities	69,823,328	64,776,579	74.60
America Depository Receipts Cayman Islands
| Noah Holdings Ltd | 66,839 | USD | 2,551,835 | 2,106,098 | 2.43 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,551,835 | 2,106,098 | 2.43 |

Holding and finance companies
Total Cayman Islands	2,551,835	2,106,0982.43
America Depository Receipts	2,551,835	2,106,0982.43
| Comgest Growth GEM Promising Companies |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Global Depository Receipts |  |  |  |  |  |
| Virgin Islands (UK) |  |  |  |  |  |
| Internet software Mail.Ru Group Ltd | 102,617 | USD | 1,815,596 | 2,038,627 | 2.35 |
|  |  |  | 1,815,596 | 2,038,627 | 2.35 |

Total Virgin Islands (UK)	1,815,596	2,038,6272.35
Global Depository Receipts	1,815,596	2,038,6272.35
Sponsored America Depository Receipts Cayman Islands
Automobile industry
| Autohome Inc | 42,976 | USD | 2,207,538 | 3,063,260 | 3.53 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,207,538 | 3,063,260 | 3.53 |

Other services
| 58.com Inc | 54,606 | USD | 3,100,041 | 3,148,904 | 3.63 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 3,100,041 | 3,148,904 | 3.63 |

| Total Cayman Islands | 5,307,579 | 6,212,164 | 7.16 |
| --- | --- | --- | --- |
|  |  |  |  |
| Sponsored America Depository Receipts | 5,307,579 | 6,212,164 | 7.16 |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 79,498,338 | 75,133,468 | 86.54 |
| Other transferable securities dealt on another regulated market |  |  |  |
| Equity securities |  |  |  |
| Kenya |  |  |  |
| News transmission Safaricom PLC | 4,655,193 | KES | 1,011,315 | 1,293,075 | 1.49 |
|  |  |  | 1,011,315 | 1,293,075 | 1.49 |

Total Kenya	1,011,315	1,293,0751.49
| Comgest Growth GEM Promising Companies |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |
| As at 31 December 2019 |
| (expressed in EUR) |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost EUR | EUR | Assets |
| Nigeria |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
|  | Nigerian Breweries PLC | 16,181,382 | NGN | 5,873,447 | 2,343,165 | 2.70 |
|  |  |  |  | 5,873,447 | 2,343,165 | 2.70 |
|  |  |  |  |  |  |  |
| Total Nigeria |  |  |  | 5,873,447 | 2,343,165 | 2.70 |
| Vietnam |  |  |  |  |  |  |
| Consumer goods |
| Vietnam Dairy Products JSC | 560,018 | VND | 1,687,681 | 2,508,261 | 2.89 |
|  |  |  | 1,687,681 | 2,508,261 | 2.89 |
|  |  |  |  |  |  |
| Total Vietnam |  |  | 1,687,681 | 2,508,261 | 2.89 |
|  |  |  |  |  |  |
| Equity securities |  |  | 8,572,443 | 6,144,501 | 7.08 |
|  |  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  |  | 8,572,443 | 6,144,501 | 7.08 |
| Other transferable securities |  |  |  |  |  |
| Investment Funds |  |  |  |  |  |
| France |  |  |  |  |  |
| Investment funds |
| Societe de Gestion Prevoir - Prevoir |  |  |  |  |  |
| Renaissance Vietnam | 14,974 | EUR | 1,988,501 | 3,235,581 | 3.73 |
|  |  |  | 1,988,501 | 3,235,581 | 3.73 |
|  |  |  |  |  |  |
| Total France |  |  | 1,988,501 | 3,235,581 | 3.73 |
|  |  |  |  |  |  |
| Investment Funds |  |  | 1,988,501 | 3,235,581 | 3.73 |
|  |  |  |  |  |  |
| Other transferable securities |  |  | 1,988,501 | 3,235,581 | 3.73 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 90,059,282 | 84,513,550 | 97.35 |

Cash and other net assets	2,301,751	2.65  
Total net assets attributable to holders of redeemable participating shares	86,815,301	100.00

Translation (ENDE, 2019-12-31):
# Comgest Growth GEM Promising Companies
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Arezzo Industria e Comercio SA | 433.054 | 4.856.531 | 13,89 |
| Noah Holdings Ltd | 89.800 | 3.428.460 | 9,81 |
| Medy-Tox Inc | 10.421 | 3.292.379 | 9,42 |
| Shandong Weigao Group Medical Polymer Co Ltd – H-Aktien | 3.844.000 | 3.242.103 | 9,27 |
| Minth Group Ltd | 1.024.498 | 3.082.704 | 8,82 |
| JUMBO SA | 188.012 | 2.710.381 | 7,75 |
| Yandex NV – A-Aktien | 76.300 | 2.406.760 | 6,88 |
| International Container Terminal Services Inc | 1.318.580 | 2.390.806 | 6,84 |
| Safaricom PLC | 5.873.300 | 1.275.942 | 3,65 |
| BIM Birlesik Magazalar AS | 192.418 | 1.034.808 | 2,96 |
| Grupo Aeroportuario del Sureste SAB de CV – A-Aktien | 56.190 | 879.944 | 2,52 |
| Discovery Ltd | 135.000 | 835.902 | 2,39 |
| Commercial International Bank Egypt SAE | 509.806 | 745.585 | 2,13 |
| 3SBio Inc | 531.437 | 688.239 | 1,97 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 216.200 | 681.328 | 1,95 |
| Linx SA | 91.105 | 625.364 | 1,79 |
| 58.com Inc | 11.822 | 614.796 | 1,76 |
| Autohome Inc | 7.756 | 508.741 | 1,46 |
| Pagseguro Digital Ltd | 15.500 | 472.452 | 1,35 |
| Odontoprev SA | 71.452 | 241.204 | 0,69 |