# Comgest Growth Europe Smaller 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 |
| --- | --- | --- | --- | --- |
| Pharmaceuticals and cosmetics Sartorius Stedim Biotech	86,357 | EUR | 5,923,166 | 12,754,929 | 2.80 |
|  |  | 5,923,166 | 12,754,929 | 2.80 |
| Tobacco and spirits TFF Group	130,362 | EUR | 5,248,255 | 4,784,285 | 1.05 |
|  |  | 5,248,255 | 4,784,285 | 1.05 |
|  |  |  |  |  |
| Total France |  | 60,355,635 | 68,824,497 | 15.12 |

Germany
Aerospace technology
| MTU Aero Engines AG | 39,807 | EUR | 6,413,101 | 10,134,862 | 2.23 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 6,413,101 | 10,134,862 | 2.23 |
| Graphic art and publishing CTS Eventim AG & Co KGaA | 250,478 | EUR | 8,703,500 | 14,039,292 | 3.08 |
|  |  |  | 8,703,500 | 14,039,292 | 3.08 |
| Internet software GRENKE AG | 187,862 | EUR | 16,219,318 | 17,330,270 | 3.81 |
|  |  |  | 16,219,318 | 17,330,270 | 3.81 |
| Mechanics and machinery STRATEC SE | 152,032 | EUR | 8,128,819 | 9,273,952 | 2.04 |
|  |  |  | 8,128,819 | 9,273,952 | 2.04 |
|  |  |  |  |  |  |
| Total Germany |  |  | 39,464,738 | 50,778,376 | 11.16 |
| Great Britain |  |  |  |  |  |
| Agriculture and fishing Genus PLC | 182,834 | GBP | 4,394,518 | 6,853,067 | 1.51 |
|  |  |  | 4,394,518 | 6,853,067 | 1.51 |
| Electronic semiconductor Halma PLC | 454,734 | GBP | 6,786,404 | 11,355,875 | 2.49 |
| 6,786,404 | 11,355,875 | 2.49 |

Total Great Britain	11,180,922	18,208,9424.00
| Comgest Growth Europe Smaller 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 |
| Ireland |  |  |  |  |  |
| Construction and building material Kingspan Group PLC | 170,150 | EUR | 6,428,283 | 9,264,668 | 2.04 |
|  |  |  | 6,428,283 | 9,264,668 | 2.04 |
| Pharmaceuticals and cosmetics ICON PLC | 150,720 | USD | 18,819,019 | 23,125,617 | 5.08 |
|  |  |  | 18,819,019 | 23,125,617 | 5.08 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 25,247,302 | 32,390,285 | 7.12 |
| Italy |  |  |  |  |  |
| Consumer goods Technogym SpA | 511,668 | EUR | 5,206,855 | 5,930,232 | 1.30 |
|  |  |  | 5,206,855 | 5,930,232 | 1.30 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA	389,644 | EUR | 6,482,720 | 9,990,472 | 2.20 |
|  |  |  |  | 6,482,720 | 9,990,472 | 2.20 |
| Textile | Brunello Cucinelli SpA | 150,898 | EUR | 4,322,704 | 4,762,341 | 1.05 |
|  | Moncler SpA | 197,975 | EUR | 6,994,415 | 7,932,858 | 1.74 |
|  |  |  |  | 11,317,119 | 12,695,199 | 2.79 |
| Tobacco | and spirits Davide Campari-Milano SpA | 1,224,385 | EUR | 10,149,410 | 9,966,494 | 2.19 |
|  |  |  |  | 10,149,410 | 9,966,494 | 2.19 |
|  |  |  |  |  |  |  |
| Total Italy |  |  |  | 33,156,104 | 38,582,397 | 8.48 |
| Jersey |  |  |  |  |  |  |
| Internet software |
| boohoo Group PLC | 3,330,467 | GBP | 8,832,440 | 11,709,090 | 2.57 |
|  |  |  | 8,832,440 | 11,709,090 | 2.57 |

Total Jersey	8,832,440	11,709,0902.57
| Comgest Growth Europe Smaller 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 |
| Luxembourg |  |  |  |  |  |
| Holding and finance companies B&M European Value Retail SA | 3,316,876 | GBP | 13,854,735 | 16,033,809 | 3.52 |
|  |  |  | 13,854,735 | 16,033,809 | 3.52 |
| Internet software Solutions 30 SE | 1,781,006 | EUR | 18,160,504 | 17,738,820 | 3.90 |
|  |  |  | 18,160,504 | 17,738,820 | 3.90 |
| Pharmaceuticals and cosmetics Eurofins Scientific SE | 18,219 | EUR | 7,416,025 | 9,003,830 | 1.98 |
|  |  |  | 7,416,025 | 9,003,830 | 1.98 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 39,431,264 | 42,776,459 | 9.40 |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
|  | Jeronimo Martins SGPS SA | 997,642 | EUR | 13,550,801 | 14,630,420 | 3.21 |
|  |  |  |  | 13,550,801 | 14,630,420 | 3.21 |
|  |  |  |  |  |  |  |
| Total Portugal |  |  |  | 13,550,801 | 14,630,420 | 3.21 |
| Switzerland |  |  |  |  |  |  |
| Electronic semiconductor |
| dormakaba Holding AG | 7,223 | CHF | 4,532,454 | 4,601,702 | 1.01 |
|  |  |  | 4,532,454 | 4,601,702 | 1.01 |
| Holding and finance companies Temenos AG | 136,363 | CHF | 16,040,808 | 19,219,248 | 4.22 |
|  |  |  | 16,040,808 | 19,219,248 | 4.22 |
| Pharmaceuticals and cosmetics Straumann Holding AG | 30,408 | CHF | 15,470,863 | 26,587,370 | 5.84 |
|  |  |  | 15,470,863 | 26,587,370 | 5.84 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 36,044,125 | 50,408,320 | 11.07 |
|  |  |  |  |  |  |
| Equity securities |  |  | 329,147,746 | 405,335,374 | 89.05 |

Transferable securities admitted to an official stock exchange listing	329,147,746	405,335,374	89.05
| Comgest Growth Europe Smaller 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 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics Amplifon SpA - Interim B | 345,422 | EUR | 5,555,549 | 8,856,620 | 1.95 |
|  |  |  | 5,555,549 | 8,856,620 | 1.95 |
|  |  |  |  |  |  |
| Total Italy |  |  | 5,555,549 | 8,856,620 | 1.95 |
|  |  |  |  |  |  |
| Equity securities |  |  | 5,555,549 | 8,856,620 | 1.95 |
|  |  |  |  |  |  |
| Other transferable securities |  |  | 5,555,549 | 8,856,620 | 1.95 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 334,703,295 | 414,191,994 | 91.00 |

Cash and other net assets	 40,977,540	9.00 
Total net assets attributable to holders of redeemable participating shares	455,169,534	100.00
% of Total Assets
Transferable securities admitted to an official stock exchange listing88.75
Other transferable securities1.94
| Comgest Growth Europe ex Switzerland |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in CHF) |
| Security | Quantity/ Face value | Currency | Acquisition cost CHF | Fair Value CHF | % Net Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |

Transferable securities admitted to an official stock exchange listing Equity securities
Denmark
Biotechnology
| Chr Hansen Holding A/S | 30,947 | DKK | 2,175,617 | 2,383,181 | 1.81 |
| --- | --- | --- | --- | --- | --- |
| Genmab A/S | 8,842 | DKK | 1,661,522 | 1,905,490 | 1.45 |
|  |  |  | 3,837,139 | 4,288,671 | 3.26 |
| Pharmaceuticals and cosmetics Ambu A/S | 137,228 | DKK | 2,013,123 | 2,229,721 | 1.69 |
| Coloplast A/S - B Shares | 30,603 | DKK | 2,296,836 | 3,678,823 | 2.80 |
| Novo Nordisk A/S - B Shares | 121,723 | DKK | 5,933,504 | 6,846,131 | 5.20 |
|  |  |  | 10,243,463 | 12,754,675 | 9.69 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 14,080,602 | 17,043,346 | 12.95 |
| France |  |  |  |  |  |
| Healthcare education and social services Orpea | 16,163 | EUR | 1,807,352 | 2,008,108 | 1.53 |
|  |  |  | 1,807,352 | 2,008,108 | 1.53 |
| Holding and finance companies Edenred | 40,500 | EUR | 1,424,812 | 2,029,433 | 1.54 |
|  |  |  | 1,424,812 | 2,029,433 | 1.54 |
| Internet software Dassault Systèmes SE | 35,094 | EUR | 3,768,186 | 5,590,330 | 4.25 |
|  |  |  | 3,768,186 | 5,590,330 | 4.25 |
| Pharmaceuticals and cosmetics EssilorLuxottica SA | 47,791 | EUR | 5,216,426 | 7,054,474 | 5.36 |
| L'Oreal SA | 17,160 | EUR | 2,964,878 | 4,924,249 | 3.75 |
| Sartorius Stedim Biotech | 19,743 | EUR | 1,090,554 | 3,169,658 | 2.41 |
|  |  |  | 9,271,858 | 15,148,381 | 11.52 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe Smaller Companies
#### WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Verkäufe 1 |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |
| MTU Aero Engines AG | 59.486 | 14.587.472 | 12,62 |
| Just Eat PLC | 1.426.909 | 11.221.000 | 9,71 |
| B&M European Value Retail SA | 2.501.058 | 11.161.382 | 9,66 |
| ASOS PLC | 313.892 | 11.144.583 | 9,65 |
| Rightmove PLC | 1.735.993 | 9.944.368 | 8,61 |
| Halma PLC | 352.327 | 8.097.967 | 7,01 |
| Edenred | 208.880 | 7.870.673 | 6,81 |
| Straumann Holding AG | 5.746 | 4.746.893 | 4,11 |
| Genus PLC | 139.516 | 4.619.910 | 4,00 |
| Sartorius Stedim Biotech | 30.396 | 4.369.350 | 3,78 |
| CTS Eventim AG & Co KGaA | 77.565 | 4.295.858 | 3,72 |
| SimCorp A/S | 49.710 | 4.189.867 | 3,63 |
| Domino's Pizza Group PLC | 1.303.108 | 3.891.308 | 3,37 |
| dormakaba Holding AG | 5.425 | 3.438.013 | 2,98 |
| Eurofins Scientific SE | 9.900 | 3.088.624 | 2,67 |
| Kingspan Group PLC | 63.050 | 3.044.911 | 2,64 |
| Amplifon SpA | 119.856 | 2.686.214 | 2,33 |
| boohoo Group PLC | 719.470 | 1.785.159 | 1,55 |
| Temenos AG | 8.397 | 1.327.505 | 1,15 |

1 Steht für die gesamten Verkäufe im Geschäftsjahr.