# Inventory of fund assets / purchases and sales
| Title | Currency | Position as at 01.01.2019 | Purchase  1) | Sale  1) 2) | Position as at 31.12.2019 | Price | Value in CHF | Shares in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities |  |  |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |  |  |
| Shares traded on a stock exchange |  |  |  |  |  |  |  |  |
| Austria |  |  |  |  |  |  |  |  |
| EUR |
| Akt Andritz AG |  |  | 92,937 |  | 92,937 | 38.40 | 3,873,555 | 3.44 % |
| Total |  |  |  |  |  |  | 3,873,555 | 3.44 % |
| Total Austria |  |  |  |  |  |  | 3,873,555 | 3.44 % |
| Belgium |  |  |  |  |  |  |  |  |
| EUR |
| Akt Agfa-Gevaert NV |  | 1,329,181 |  | 772 | 1,328,409 | 4.62 | 6,658,487 | 5.92 % |
| Akt Bpost SA de Droit Public |  | 489,180 |  |  | 489,180 | 10.30 | 5,468,847 | 4.86 % |
| Total |  |  |  |  |  |  | 12,127,334 | 10.78 % |
| Total Belgium |  |  |  |  |  |  | 12,127,334 | 10.78 % |
| Bermuda |  |  |  |  |  |  |  |  |
| USD |
| Akt Norwegian Cruise Line Holdings Ltd |  | 75,086 |  |  | 75,086 | 58.41 | 4,237,420 | 3.77 % |
| Akt Signet Jewelers Ltd |  | 67,757 |  |  | 67,757 | 21.74 | 1,423,210 | 1.26 % |
| Total |  |  |  |  |  |  | 5,660,630 | 5.03 % |
| Total Bermuda |  |  |  |  |  |  | 5,660,630 | 5.03 % |
| Denmark |  |  |  |  |  |  |  |  |
| DKK |
| Akt Pandora A/S |  | 65,976 |  |  | 65,976 | 289.80 | 2,777,579 | 2.47 % |
| Total |  |  |  |  |  |  | 2,777,579 | 2.47 % |
| Total Denmark |  |  |  |  |  |  | 2,777,579 | 2.47 % |
| France |  |  |  |  |  |  |  |  |
| EUR |
| Akt Television Francaise 1 SA |  | 373,000 |  |  | 373,000 | 7.40 | 2,995,921 | 2.66 % |
| Akt Vivendi SA |  | 138,167 |  |  | 138,167 | 25.82 | 3,872,134 | 3.44 % |
| Akt Sopra Steria Group SA |  | 100 |  | 100 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 6,868,055 | 6.10 % |
| Total France |  |  |  |  |  |  | 6,868,055 | 6.10 % |
| Germany |  |  |  |  |  |  |  |  |
| EUR |
| Akt Bilfinger Berger AG |  | 134,750 |  |  | 134,750 | 34.58 | 5,057,590 | 4.49 % |
| Akt Krones AG |  |  | 2,283 |  | 2,283 | 67.50 | 167,263 | 0.15 % |
| Akt Wacker Chemie AG |  |  | 2,301 |  | 2,301 | 67.64 | 168,931 | 0.15 % |
| Namakt Deutsche Post AG |  | 155,576 |  |  | 155,576 | 34.01 | 5,743,003 | 5.10 % |
| Namakt ProSiebenSat. 1 Media AG |  | 221,000 |  |  | 221,000 | 13.91 | 3,336,639 | 2.97 % |
| Namakt TUI AG |  |  | 291,200 |  | 291,200 | 11.40 | 3,603,181 | 3.20 % |
| Total |  |  |  |  |  |  | 18,076,606 | 16.06 % |
| Total Germany |  |  |  |  |  |  | 18,076,606 | 16.06 % |

| Title | Currency | Position as at 01.01.2019 | Purchase  1) | Sale  1) 2) | Position as at 31.12.2019 | Price | Value in CHF | Shares in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ireland |  |  |  |  |  |  |  |  |
| USD |
| Akt AerCapHoldings N.V. |  | 88,408 |  |  | 88,408 | 61.47 | 5,250,614 | 4.67 % |
| Total |  |  |  |  |  |  | 5,250,614 | 4.67 % |
| Total Ireland |  |  |  |  |  |  | 5,250,614 | 4.67 % |
| Italy |  |  |  |  |  |  |  |  |
| EUR |
| Akt Banca Monte dei Paschi di Siena SPA |  | 1,706,386 |  |  | 1,706,386 | 1.40 | 2,589,252 | 2.30 % |
| Akt Unipol Gruppo Finanziario SpA post raggruppamento |  | 1,496,170 |  | 379,084 | 1,117,086 | 5.11 | 6,198,224 | 5.51 % |
| Total |  |  |  |  |  |  | 8,787,476 | 7.81 % |
| Total Italy |  |  |  |  |  |  | 8,787,476 | 7.81 % |
| Jersey |  |  |  |  |  |  |  |  |
| GBP |
| Akt IWG PLC |  | 1,014,013 |  | 1,014,013 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Jersey |  |  |  |  |  |  | 0 | 0.00 % |
| Netherlands |  |  |  |  |  |  |  |  |
| EUR |
| Akt Randstad Holding NV |  | 103,037 |  | 10,300 | 92,737 | 54.44 | 5,479,753 | 4.87 % |
| Total |  |  |  |  |  |  | 5,479,753 | 4.87 % |
| Total Netherlands |  |  |  |  |  |  | 5,479,753 | 4.87 % |
| Sweden |  |  |  |  |  |  |  |  |
| SEK |
| Akt Getinge AB -B- |  | 350,390 |  | 350,390 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Sweden |  |  |  |  |  |  | 0 | 0.00 % |
| Switzerland |  |  |  |  |  |  |  |  |
| CHF |
| Akt Adecco SA |  | 87,955 |  |  | 87,955 | 61.22 | 5,384,605 | 4.78 % |
| Namakt Credit Suisse Group |  | 545,000 |  | 90,944 | 454,056 | 13.11 | 5,950,404 | 5.29 % |
| Namakt EFG International |  | 1,054,334 |  | 107,876 | 946,458 | 6.39 | 6,047,867 | 5.37 % |
| Total |  |  |  |  |  |  | 17,382,876 | 15.45 % |
| Total Switzerland |  |  |  |  |  |  | 17,382,876 | 15.45 % |
| United Kingdom |  |  |  |  |  |  |  |  |
| GBP |
| Akt Aggreko PLC |  | 362,993 | 11,534 | 13,000 | 361,527 | 8.33 | 3,840,072 | 3.41 % |
| Akt Kingfisher Plc |  | 1,594,370 | 78,688 |  | 1,673,058 | 2.17 | 4,631,620 | 4.12 % |
| Akt Millenium & Copthorne Hotels Plc |  | 1,134,133 |  | 1,134,133 | 0 |  |  |  |
| Total |  |  |  |  | 8,471,691 | 7.53 % |
| Total United Kingdom |  |  |  |  | 8,471,691 | 7.53 % |
| United States of America |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| Akt Fossil Group Inc |  | 416,619 |  |  | 416,619 | 7.88 | 3,171,908 | 2.82 % |
| Akt Goodyear T & Rubber Co |  | 196,159 |  |  | 196,159 | 15.55 | 2,948,042 | 2.62 % |

| Title | Currency | Position as at 01.01.2019 | Purchase  1) | Sale  1) 2) | Position as at 31.12.2019 | Price | Value in CHF | Shares in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Akt Pitney Bowes Inc |  | 632,000 |  |  | 632,000 | 4.03 | 2,460,807 | 2.19 % |
| Total |  |  |  |  |  |  | 8,580,756 | 7.63 % |
| Total United States of America |  |  |  |  |  |  | 8,580,756 | 7.63 % |
| Total Shares traded on a stock exchange |  |  |  |  |  |  | 103,336,925 | 91.83 % |
| Total Shares |  |  |  |  |  |  | 103,336,925 | 91.83 % |
| Total Transferable securities |  |  |  |  |  |  | 103,336,925 | 91.83 % |
| Other securities and book-entry securities |  |  |  |  |  |  |  |  |
| Unlisted Other securities and book-entry securities |
| Netherlands |  |  |  |  |  |  |  |  |
| EUR |
| Cert Morgan Stanley B.V. 2019-16.04.2020 Underlying Tracker TF1 |  | 28,562 |  | 28,562 | 7.75 | 240,197 | 0.21 % |
| Cert Morgan Stanley Structured Note 2018-17.04.2019 TF1 | 28,562 |  | 28,562 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 240,197 | 0.21 % |
| Total Netherlands |  |  |  |  |  |  | 240,197 | 0.21 % |
| Total Unlisted Other securities and book-entry securities |  |  |  |  |  | 240,197 | 0.21 % |
| Total Other securities and book-entry securities |  |  |  |  |  | 240,197 | 0.21 % |
| Derivative financial instruments |  |  |  |  |  |  |  |  |
| Options |  |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| PUT FTSE Italia MIB Index 01/2019 18'000 |  | 220 |  | 220 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Options |  |  |  |  |  |  | 0 | 0.00 % |
| Total Derivative financial instruments |  |  |  |  |  |  | 0 | 0.00 % |
| Bank deposits |  |  |  |  |  |  |  |  |
| Bank sight deposits |  |  |  |  |  |  | 9,381,874 | 8.34 % |
| Total Bank deposits |  |  |  |  |  |  | 9,381,874 | 8.34 % |
| Other assets |  |  |  |  |  |  | 0 | 0.00 % |
| Total assets 31.12.2019 |  |  |  |  |  |  | 112,958,996 | 100.38 % |
| Liabilities |  |  |  |  |  |  | -425,994 | -0.38 % |
| Net assets as at 31.12.2019 |  |  |  |  |  |  | 112,533,002 | 100.00 % |
| Number of shares outstanding Class CHF |  |  |  | 669,418.592000 |  |  |  |
| Number of shares outstanding Class EUR |  |  |  |  | 5,008.729000 |  |  |  |
| Net asset value per unit Class CHF |  |  |  |  |  | CHF | 166.15 |  |
| Net asset value per unit Class EUR |  |  |  |  |  | EUR | 238.91 |  |
| Value of the lent securities (in million CHF) |  |  |  |  |  |  | 0.00 |  |

- incl. split, bonus shares and allocation of rights
- incl. exercise of subscription rights, parity of treatmentAny possible differences in value and in percentage weightings are attributable to rounding off.

Translation (ENDE, 2019-12-31):
# Vermögensinventar / Käufe und Verkäufe
| Titel | Währung | Bestand per 01.01.2019 | Kauf  1) | Verkauf  1) 2) | Bestand per 31.12.2019 | Kurs | Wert in CHF | Anteil in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wertpapiere |  |  |  |  |  |  |  |  |
| Aktien |  |  |  |  |  |  |  |  |
| Aktien, die an einer Börse gehandelt werden |
| Belgien |  |  |  |  |  |  |  |  |
| EUR |
| Akt Agfa-Gevaert NV |  | 1'329'181 |  | 772 | 1'328'409 | 4.62 | 6'658'487 | 5.92 % |
| Akt Bpost SA de Droit Public |  | 489'180 |  |  | 489'180 | 10.30 | 5'468'847 | 4.86 % |
| Total |  |  |  |  |  |  | 12'127'334 | 10.78 % |
| Total Belgien |  |  |  |  |  |  | 12'127'334 | 10.78 % |
| Bermuda |  |  |  |  |  |  |  |  |
| USD |
| Akt Norwegian Cruise Line Holdings Ltd |  | 75'086 |  |  | 75'086 | 58.41 | 4'237'420 | 3.77 % |
| Akt Signet Jewelers Ltd |  | 67'757 |  |  | 67'757 | 21.74 | 1'423'210 | 1.26 % |
| Total |  |  |  |  |  |  | 5'660'630 | 5.03 % |
| Total Bermuda |  |  |  |  |  |  | 5'660'630 | 5.03 % |
| Dänemark |  |  |  |  |  |  |  |  |
| DKK |
| Akt Pandora A/S |  | 65'976 |  |  | 65'976 | 289.80 | 2'777'579 | 2.47 % |
| Total |  |  |  |  |  |  | 2'777'579 | 2.47 % |
| Total Dänemark |  |  |  |  |  |  | 2'777'579 | 2.47 % |
| Deutschland |  |  |  |  |  |  |  |  |
| EUR |
| Akt Bilfinger Berger AG |  | 134'750 |  |  | 134'750 | 34.58 | 5'057'590 | 4.49 % |
| Akt Krones AG |  |  | 2'283 |  | 2'283 | 67.50 | 167'263 | 0.15 % |
| Akt Wacker Chemie AG |  |  | 2'301 |  | 2'301 | 67.64 | 168'931 | 0.15 % |
| Namakt Deutsche Post AG |  | 155'576 |  |  | 155'576 | 34.01 | 5'743'003 | 5.10 % |
| Namakt ProSiebenSat. 1 Media AG |  | 221'000 |  |  | 221'000 | 13.91 | 3'336'639 | 2.97 % |
| Namakt TUI AG |  |  | 291'200 |  | 291'200 | 11.40 | 3'603'181 | 3.20 % |
| Total |  |  |  |  |  |  | 18'076'606 | 16.06 % |
| Total Deutschland |  |  |  |  |  |  | 18'076'606 | 16.06 % |
| Frankreich |  |  |  |  |  |  |  |  |
| EUR |
| Akt Television Francaise 1 SA |  | 373'000 |  |  | 373'000 | 7.40 | 2'995'921 | 2.66 % |
| Akt Vivendi SA |  | 138'167 |  |  | 138'167 | 25.82 | 3'872'134 | 3.44 % |
| Akt Sopra Steria Group SA |  | 100 |  | 100 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 6'868'055 | 6.10 % |
| Total Frankreich |  |  |  |  |  |  | 6'868'055 | 6.10 % |
| Grossbritannien |  |  |  |  |  |  |  |  |
| GBP |
| Akt Aggreko PLC |  | 362'993 | 11'534 | 13'000 | 361'527 | 8.33 | 3'840'072 | 3.41 % |
| Akt Kingfisher Plc |  | 1'594'370 | 78'688 |  | 1'673'058 | 2.17 | 4'631'620 | 4.12 % |
| Akt Millenium & Copthorne Hotels Plc |  | 1'134'133 |  | 1'134'133 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 8'471'691 | 7.53 % |

| Titel | Währung | Bestand per 01.01.2019 | Kauf  1) | Verkauf  1) 2) | Bestand per 31.12.2019 | Kurs | Wert in CHF | Anteil in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total Grossbritannien |  |  |  |  |  |  | 8'471'691 | 7.53 % |
| Irland |  |  |  |  |  |  |  |  |
| USD |
| Akt AerCapHoldings N.V. |  | 88'408 |  |  | 88'408 | 61.47 | 5'250'614 | 4.67 % |
| Total |  |  |  |  |  |  | 5'250'614 | 4.67 % |
| Total Irland |  |  |  |  |  |  | 5'250'614 | 4.67 % |
| Italien |  |  |  |  |  |  |  |  |
| EUR |
| Akt Banca Monte dei Paschi di Siena SPA |  | 1'706'386 |  |  | 1'706'386 | 1.40 | 2'589'252 | 2.30 % |
| Akt Unipol Gruppo Finanziario SpA post raggruppamento |  | 1'496'170 |  | 379'084 | 1'117'086 | 5.11 | 6'198'224 | 5.51 % |
| Total |  |  |  |  |  |  | 8'787'476 | 7.81 % |
| Total Italien |  |  |  |  |  |  | 8'787'476 | 7.81 % |
| Jersey |  |  |  |  |  |  |  |  |
| GBP |
| Akt IWG PLC |  | 1'014'013 |  | 1'014'013 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Jersey |  |  |  |  |  |  | 0 | 0.00 % |
| Niederlande |  |  |  |  |  |  |  |  |
| EUR |
| Akt Randstad Holding NV |  | 103'037 |  | 10'300 | 92'737 | 54.44 | 5'479'753 | 4.87 % |
| Total |  |  |  |  |  |  | 5'479'753 | 4.87 % |
| Total Niederlande |  |  |  |  |  |  | 5'479'753 | 4.87 % |
| Österreich |  |  |  |  |  |  |  |  |
| EUR |
| Akt Andritz AG |  |  | 92'937 |  | 92'937 | 38.40 | 3'873'555 | 3.44 % |
| Total |  |  |  |  |  |  | 3'873'555 | 3.44 % |
| Total Österreich |  |  |  |  |  |  | 3'873'555 | 3.44 % |
| Schweden |  |  |  |  |  |  |  |  |
| SEK |
| Akt Getinge AB -B- |  | 350'390 |  | 350'390 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Schweden |  |  |  |  |  |  | 0 | 0.00 % |
| Schweiz |  |  |  |  |  |  |  |  |
| CHF |
| Akt Adecco SA |  | 87'955 |  |  | 87'955 | 61.22 | 5'384'605 | 4.78 % |
| Namakt Credit Suisse Group |  | 545'000 |  | 90'944 | 454'056 | 13.11 | 5'950'404 | 5.29 % |
| Namakt EFG International |  | 1'054'334 |  | 107'876 | 946'458 | 6.39 | 6'047'867 | 5.37 % |
| Total |  |  |  |  | 17'382'876 | 15.45 % |
| Total Schweiz |  |  |  |  | 17'382'876 | 15.45 % |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| Akt Fossil Group Inc |  | 416'619 |  |  | 416'619 | 7.88 | 3'171'908 | 2.82 % |
| Akt Goodyear T & Rubber Co |  | 196'159 |  |  | 196'159 | 15.55 | 2'948'042 | 2.62 % |
| Akt Pitney Bowes Inc |  | 632'000 |  |  | 632'000 | 4.03 | 2'460'807 | 2.19 % |

| Titel | Währung | Bestand per 01.01.2019 | Kauf  1) | Verkauf  1) 2) | Bestand per 31.12.2019 | Kurs | Wert in CHF | Anteil in % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total |  |  |  |  |  |  | 8'580'756 | 7.63 % |
| Total Vereinigte Staaten von Amerika |  |  |  |  |  |  | 8'580'756 | 7.63 % |
| Total Aktien, die an einer Börse gehandelt werden |  |  |  |  |  | 103'336'925 | 91.83 % |
| Total Aktien |  |  |  |  |  |  | 103'336'925 | 91.83 % |
| Total Wertpapiere |  |  |  |  |  |  | 103'336'925 | 91.83 % |
| Andere Wertpapiere und Wertrechte |  |  |  |  |  |  |  |  |
| Andere Wertpapiere und Wertrechte, nicht kotiert |
| Niederlande |  |  |  |  |  |  |  |  |
| EUR |
| Cert Morgan Stanley B.V. 2019-16.04.2020 Underlying Tracker TF1 |  | 28'562 |  | 28'562 | 7.75 | 240'197 | 0.21 % |
| Cert Morgan Stanley Structured Note 2018-17.04.2019 TF1 | 28'562 |  | 28'562 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 240'197 | 0.21 % |
| Total Niederlande |  |  |  |  |  |  | 240'197 | 0.21 % |
| Total Andere Wertpapiere und Wertrechte, nicht kotiert |  |  |  |  |  | 240'197 | 0.21 % |
| Total Andere Wertpapiere und Wertrechte |  |  |  |  |  |  | 240'197 | 0.21 % |
| Derivate Finanzinstrumente |  |  |  |  |  |  |  |  |
| Optionen |  |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| PUT FTSE Italia MIB Index 01/2019 18'000 |  | 220 |  | 220 | 0 |  |  |  |
| Total |  |  |  |  |  |  | 0 | 0.00 % |
| Total Optionen |  |  |  |  |  |  | 0 | 0.00 % |
| Total Derivate Finanzinstrumente |  |  |  |  |  |  | 0 | 0.00 % |
| Bankguthaben |  |  |  |  |  |  |  |  |
| Bankguthaben auf Sicht |  |  |  |  |  |  | 9'381'874 | 8.34 % |
| Total Bankguthaben |  |  |  |  |  |  | 9'381'874 | 8.34 % |
| Sonstige Vermögenswerte |  |  |  |  |  |  | 0 | 0.00 % |
| Gesamtvermögen per 31.12.2019 |  |  |  |  |  |  | 112'958'996 | 100.38 % |
| Verbindlichkeiten |  |  |  |  |  |  | -425'994 | -0.38 % |
| Nettovermögen per 31.12.2019 |  |  |  |  |  |  | 112'533'002 | 100.00 % |
| Anzahl der Anteile im Umlauf Klasse CHF |  |  |  | 669'418.592000 |  |  |
| Anzahl der Anteile im Umlauf Klasse EUR |  |  |  |  | 5'008.729000 |  |  |
| Nettoinventarwert pro Anteil Klasse CHF |  |  |  |  |  | CHF | 166.15 |  |
| Nettoinventarwert pro Anteil Klasse EUR |  |  |  |  |  | EUR | 238.91 |  |
| Wert der ausgeliehenen Wertpapiere (in Mio. CHF) |  |  |  |  |  | 0.00 |  |

- inkl. Split, Gratisaktien und Zuteilung von Anrechten
- inkl. Ausübung von Bezugsrechten, GleichstellungAllfällige Differenzen bei den Werten und bei den prozentualen Gewichtungen sind auf Rundungen zurückzuführen.