# Comgest Growth Europe ex UK
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in GBP)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost GBP	GBP	Assets
| Textile | Hermes International | 2,401 | EUR | 1,240,302 | 1,355,343 | 1.00 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 1,240,302 | 1,355,343 | 1.00 |
|  |  |  |  |  |  |  |
| Total France |  |  |  | 19,450,403 | 21,639,974 | 15.92 |
| Germany |  |  |  |  |  |  |
| Aerospace technology |
| MTU Aero Engines AG | 23,903 | EUR | 4,293,140 | 5,156,597 | 3.79 |
|  |  |  | 4,293,140 | 5,156,597 | 3.79 |
| Internet software SAP SE | 52,281 | EUR | 4,885,466 | 5,330,085 | 3.92 |
|  |  |  | 4,885,466 | 5,330,085 | 3.92 |
| Pharmaceuticals and cosmetics Fresenius SE & Co KGaA | 47,215 | EUR | 2,050,035 | 2,007,535 | 1.48 |
|  |  |  | 2,050,035 | 2,007,535 | 1.48 |
|  |  |  |  |  |  |
| Total Germany |  |  | 11,228,641 | 12,494,217 | 9.19 |
| Ireland |  |  |  |  |  |
| Construction and building material Kingspan Group PLC | 36,200 | EUR | 1,434,555 | 1,670,163 | 1.23 |
|  |  |  | 1,434,555 | 1,670,163 | 1.23 |
| Other services Accenture PLC | 24,395 | USD | 3,452,966 | 3,877,603 | 2.85 |
|  |  |  | 3,452,966 | 3,877,603 | 2.85 |
| Pharmaceuticals and cosmetics ICON PLC | 27,618 | USD | 3,294,753 | 3,590,601 | 2.64 |
|  |  |  | 3,294,753 | 3,590,601 | 2.64 |
| Transportation Ryanair Holdings PLC | 407,368 | EUR | 4,310,460 | 5,049,910 | 3.72 |
|  |  |  | 4,310,460 | 5,049,910 | 3.72 |

Total Ireland		12,492,734	14,188,277	10.44 
| Comgest Growth Europe ex UK |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in GBP) |
| Security | Quantity/ Face value | Currency | Acquisition cost GBP | Fair Value GBP | % Net Assets |
| Italy |  |  |  |  |  |
| Automobile industry Ferrari NV | 10,889 | EUR | 1,203,251 | 1,364,610 | 1.00 |
|  |  |  | 1,203,251 | 1,364,610 | 1.00 |
| Pharmaceuticals and cosmetics Amplifon SpA | 23,881 | EUR | 479,414 | 518,827 | 0.38 |
|  |  |  | 479,414 | 518,827 | 0.38 |
| Tobacco and spirits Davide Campari-Milano SpA | 89,813 | EUR | 660,721 | 619,464 | 0.46 |
|  |  |  | 660,721 | 619,464 | 0.46 |
|  |  |  |  |  |  |
| Total Italy |  |  | 2,343,386 | 2,502,901 | 1.84 |
| Luxembourg |  |  |  |  |  |
| Pharmaceuticals and cosmetics Eurofins Scientific SE | 5,815 | EUR | 2,193,971 | 2,435,033 | 1.79 |
|  |  |  | 2,193,971 | 2,435,033 | 1.79 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 2,193,971 | 2,435,033 | 1.79 |
| Netherlands |  |  |  |  |  |
| Banks and financial institutions Adyen NV | 1,688 | EUR | 956,229 | 1,045,544 | 0.77 |
|  |  |  | 956,229 | 1,045,544 | 0.77 |
| Electronic semiconductor ASML Holding NV | 29,005 | EUR | 5,149,248 | 6,480,902 | 4.77 |
|  |  |  | 5,149,248 | 6,480,902 | 4.77 |
| Tobacco and spirits Heineken NV | 74,532 | EUR | 6,060,502 | 5,994,499 | 4.41 |
|  |  |  | 6,060,502 | 5,994,499 | 4.41 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 12,165,979 | 13,520,945 | 9.95 |

| Comgest Growth Europe ex UK |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in GBP) |
| Security | Quantity/ Face value | Currency | Acquisition cost GBP | Fair Value GBP | % Net Assets |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
|  | Jeronimo Martins SGPS SA | 301,969 | EUR | 3,883,076 | 3,752,294 | 2.76 |
|  |  |  |  | 3,883,076 | 3,752,294 | 2.76 |
|  |  |  |  |  |  |  |
| Total Portugal |  |  |  | 3,883,076 | 3,752,294 | 2.76 |
| Spain |  |  |  |  |  |  |
| Internet software |
| Amadeus IT Group SA - A Shares | 81,549 | EUR | 4,680,287 | 5,030,399 | 3.70 |
|  |  |  | 4,680,287 | 5,030,399 | 3.70 |
| Retail | Industria de Diseno Textil SA | 224,092 | EUR | 5,323,072 | 5,971,720 | 4.39 |
|  |  |  |  | 5,323,072 | 5,971,720 | 4.39 |
|  |  |  |  |  |  |  |
| Total Spain |  |  |  | 10,003,359 | 11,002,119 | 8.09 |
| Sweden |  |  |  |  |  |  |
| Mechanics and machinery |
|  | Assa Abloy AB | 275,801 | SEK | 4,595,665 | 4,870,606 | 3.58 |
|  |  |  |  | 4,595,665 | 4,870,606 | 3.58 |
|  |  |  |  |  |  |  |
| Total Sweden |  |  |  | 4,595,665 | 4,870,606 | 3.58 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Lonza Group AG | 17,248 | CHF | 4,230,955 | 4,748,899 | 3.49 |
| Sika AG | 24,479 | CHF | 2,814,415 | 3,470,088 | 2.55 |
|  |  |  | 7,045,370 | 8,218,987 | 6.04 |
| Food and distilleries |
| Chocoladefabriken Lindt & Spruengli AG | 743 | CHF | 4,084,009 | 4,352,626 | 3.20 |
|  |  |  | 4,084,009 | 4,352,626 | 3.20 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe ex UK
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Prozentualer Anteil |
| Wertpapier | Stück | Betrag (GBP) | Käufe |
| EssilorLuxottica SA | 51.711 | 5.592.382 | 5,50 |
| Novo Nordisk A/S – B-Aktien | 126.875 | 5.174.796 | 5,09 |
| Heineken NV | 59.911 | 4.971.980 | 4,89 |
| Roche Holding AG | 20.163 | 4.489.434 | 4,41 |
| ASML Holding NV | 23.498 | 4.333.465 | 4,26 |
| Straumann Holding AG | 6.346 | 4.203.344 | 4,13 |
| Amadeus IT Group SA – A-Aktien | 68.258 | 4.017.560 | 3,95 |
| Industria de Diseno Textil SA | 164.447 | 3.943.426 | 3,88 |
| SAP SE | 39.951 | 3.943.304 | 3,88 |
| MTU Aero Engines AG | 19.126 | 3.812.285 | 3,75 |
| Dassault Systèmes SE | 32.523 | 3.777.261 | 3,71 |
| Assa Abloy AB | 223.213 | 3.747.449 | 3,68 |
| Chocoladefabriken Lindt & Spruengli AG | 619 | 3.562.132 | 3,50 |
| Ryanair Holdings PLC | 328.872 | 3.324.274 | 3,27 |
| Lonza Group AG | 12.658 | 3.302.364 | 3,25 |
| ICON PLC | 27.618 | 3.294.753 | 3,24 |
| Accenture PLC | 22.623 | 3.236.465 | 3,18 |
| Sika AG | 25.386 | 3.081.357 | 3,03 |
| Coloplast A/S – B-Aktien | 34.340 | 3.052.502 | 3,00 |
| Jeronimo Martins SGPS SA | 223.839 | 2.862.046 | 2,81 |
| L'Oreal SA | 13.483 | 2.849.430 | 2,80 |
| SimCorp A/S | 36.930 | 2.587.859 | 2,54 |
| Chr Hansen Holding A.S | 37.130 | 2.350.097 | 2,31 |
| Sartorius Stedim Biotech | 21.351 | 2.216.309 | 2,18 |
| Orpea | 21.836 | 2.050.990 | 2,02 |
| Eurofins Scientific SE | 4.964 | 1.831.589 | 1,80 |
| Fresenius SE & Co KGaA | 42.971 | 1.667.032 | 1,64 |
| Ferrari NV | 12.487 | 1.357.452 | 1,33 |
| Ambu A/S | 86.738 | 1.157.318 | 1,14 |
| Kingspan Group PLC | 27.310 | 1.110.525 | 1,09 |