# Statement of investments as of December 31, 2019
|  | Balance at (in 1'000 resp. piece) |  |  | Price at | Valuation | as % of total |
| --- | --- | --- | --- | --- | --- | --- |
| Description | Currency | 31. 12. 201U | Purchases | Sales | 31. 12. 201U | EUR | assets |
| Securities Equities (traded on an exchange) |  |  |  |  |  | 1GU 537 3G0 | U7.22 |
| BACHEM NA -B- | CHF | 38 147 | 17 G89 | G 010 | 154.800 | 5 432 52G | 3.12 |
| Belimo NA | CHF | 1 300 | G45 | 194 | 7 290.000 | 8 718 491 | 5.00 |
| Inficon NA | CHF | 8 88G | 4 0G0 | 1 438 | 7G8.500 | G 282 328 | 3.G0 |
| Lem | CHF | 4 53G | 2 234 | 293 | 1 424.000 | 5 942 285 | 3.41 |
| Lindt & Spruengli NA | CHF | 101 | 59 | 10 | 85 500.000 | 7 944 342 | 4.5G |
| Schweiter Technologies I | CHF | 8 057 | 8 320 | 2G3 | 1 22G.000 | 9 087 288 | 5.21 |
| Accell Group -I- | EUR | 198 2G0 | 198 2G0 |  | 25.800 | 5 115 108 | 2.93 |
| Eckert & Ziegler | EUR | 31 548 | 35 574 | 4 02G | 190.G00 | G 013 049 | 3.45 |
| Eni | EUR | 303 783 | 174 402 | 5 253 | 13.84G | 4 20G 179 | 2.41 |
| Faes Farma -I- | EUR | 770 540 | 809 1GG | 38 G2G | 5.088 | 3 920 122 | 2.25 |
| Galapagos | EUR | 3G 731 | 20 4G0 | 14 187 | 18G.500 | G 850 332 | 3.93 |
| HHLA | EUR | 193 5G8 | 193 5G8 |  | 24.540 | 4 750 159 | 2.72 |
| Interpump Group | EUR | 128 283 | 128 283 |  | 28.140 | 3 G09 884 | 2.07 |
| Isra Vision | EUR | 139 774 | 94 112 | 14 G20 | 38.8G0 | 5 431 G18 | 3.11 |
| OMV AG | EUR | G2 723 | G4 723 | 2 000 | 50.080 | 3 141 1G8 | 1.80 |
| RIB Software | EUR | 183 938 | 141 G22 | 82 G72 | 22.G00 | 4 15G 999 | 2.38 |
| Royal Dutch Shell -A- | EUR | 293 221 | 181 415 | 7 101 | 2G.1G5 | 7 G72 127 | 4.40 |
| SAES Getters NA | EUR | 1G8 G44 | 1G8 G44 |  | 30.350 | 5 118 345 | 2.94 |
| Soitec Bearer and/or Reg. | EUR | 47 137 | 47 137 |  | 93.700 | 4 41G 737 | 2.53 |
| Viscofan | EUR | G8 021 | G8 021 |  | 47.100 | 3 203 789 | 1.84 |
| A.G.Barr | GBP | 727 757 | 45G 844 | 15G 2G9 | 5.800 | 4 981 507 | 2.8G |
| Abcam | GBP | 29G 892 | 175 898 | 12 874 | 13.520 | 4 737 198 | 2.72 |
| Gamma Communications | GBP | 322 4G2 | 105 387 | 30 G41 | 13.300 | 5 0G1 4G8 | 2.90 |
| Gooch & Housego | GBP | 329 314 | 198 932 |  | 13.900 | 5 402 208 | 3.10 |
| Rio Tinto Plc | GBP | 157 379 | 91 129 | 15 9G8 | 45.030 | 8 3G3 G35 | 4.80 |
| Victrex | GBP | 218 337 | 238 020 | 19 G83 | 24.940 | G 42G 435 | 3.G9 |
| Nordic Semiconducto | NOK | 1 212 42G | 814 443 | 177 917 | 55.700 | G 84G 497 | 3.93 |
| SalMar | NOK | 113 004 | 113 004 |  | 449.300 | 5 147 403 | 2.95 |
| Mycronic | SEK | 2G0 928 | 303 40G | 42 478 | 185.100 | 4 59G 39G | 2.G4 |
| Swedish Orphan Biovitrum | SEK | 473 477 | 380 738 | 13 G37 | 154.500 | G 9G1 738 | 3.99 |
| Total securities |  |  |  |  |  | 1GU 537 3G0 | U7.22 |
| Total derivatives (as per separate list) |  |  |  |  |  | 413 G17 | 0.24 |
| Cash and other assets |  |  |  |  |  | 4 43G 839 | 2.54 |
| Total fund assets |  |  |  |  |  | 174 387 81G | 100.00 |
| Bank liabilities |  |  |  |  |  | -22 |  |
| Liabilities |  |  |  |  |  | -34 521 |  |
| Total net assets |  |  |  |  |  | 174 353 273 |  |
| Exchange rates: |  |  |  |  |  |  |  |
| EUR 1.0000 = CHF 1.087 |  |  |  |  |  |  |  |
| EUR 1.0000 = GBP 0.847332 |  |  |  |  |  |  |  |
| EUR 1.0000 = SEK 10.50775 |  |  |  |  |  |  |  |
| EUR 1.0000 = NOK 9.8G375 |  |  |  |  |  |  |  |

Divergences in the totals may be attributed to rounding differences.

Translation (ENDE, 2019-12-31):
# Aufstellung der Vermögenswerte per 31. Dezember 2019
|  | Bestand (in 1‘000 resp. Stück) |  |  | Kurs per | Verkehrswert | % des Gesamtfonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Titel | Währung | per 31. 12. 201U | Käufe | Verkäufe | 31. 12. 201U | EUR | vermögens |
| Effekten Aktien (an einer Börse gehandelt) |  |  |  |  |  | 1GU 537 3G0 | U7.22 |
| BACHEM NA -B- | CHF | 38 147 | 17 G89 | G 010 | 154.800 | 5 432 52G | 3.12 |
| Belimo NA | CHF | 1 300 | G45 | 194 | 7 290.000 | 8 718 491 | 5.00 |
| Inficon NA | CHF | 8 88G | 4 0G0 | 1 438 | 7G8.500 | G 282 328 | 3.G0 |
| Lem | CHF | 4 53G | 2 234 | 293 | 1 424.000 | 5 942 285 | 3.41 |
| Lindt & Spruengli NA | CHF | 101 | 59 | 10 | 85 500.000 | 7 944 342 | 4.5G |
| Schweiter Technologies I | CHF | 8 057 | 8 320 | 2G3 | 1 22G.000 | 9 087 288 | 5.21 |
| Accell Group -I- | EUR | 198 2G0 | 198 2G0 |  | 25.800 | 5 115 108 | 2.93 |
| Eckert & Ziegler | EUR | 31 548 | 35 574 | 4 02G | 190.G00 | G 013 049 | 3.45 |
| Eni | EUR | 303 783 | 174 402 | 5 253 | 13.84G | 4 20G 179 | 2.41 |
| Faes Farma -I- | EUR | 770 540 | 809 1GG | 38 G2G | 5.088 | 3 920 122 | 2.25 |
| Galapagos | EUR | 3G 731 | 20 4G0 | 14 187 | 18G.500 | G 850 332 | 3.93 |
| HHLA | EUR | 193 5G8 | 193 5G8 |  | 24.540 | 4 750 159 | 2.72 |
| Interpump Group | EUR | 128 283 | 128 283 |  | 28.140 | 3 G09 884 | 2.07 |
| Isra Vision | EUR | 139 774 | 94 112 | 14 G20 | 38.8G0 | 5 431 G18 | 3.11 |
| OMV AG | EUR | G2 723 | G4 723 | 2 000 | 50.080 | 3 141 1G8 | 1.80 |
| RIB Software | EUR | 183 938 | 141 G22 | 82 G72 | 22.G00 | 4 15G 999 | 2.38 |
| Royal Dutch Shell -A- | EUR | 293 221 | 181 415 | 7 101 | 2G.1G5 | 7 G72 127 | 4.40 |
| SAES Getters NA | EUR | 1G8 G44 | 1G8 G44 |  | 30.350 | 5 118 345 | 2.94 |
| Soitec Bearer and/or Reg. | EUR | 47 137 | 47 137 |  | 93.700 | 4 41G 737 | 2.53 |
| Viscofan | EUR | G8 021 | G8 021 |  | 47.100 | 3 203 789 | 1.84 |
| A.G.Barr | GBP | 727 757 | 45G 844 | 15G 2G9 | 5.800 | 4 981 507 | 2.8G |
| AGcam | GBP | 29G 892 | 175 898 | 12 874 | 13.520 | 4 737 198 | 2.72 |
| Gamma Communications | GBP | 322 4G2 | 105 387 | 30 G41 | 13.300 | 5 0G1 4G8 | 2.90 |
| Gooch & Housego | GBP | 329 314 | 198 932 |  | 13.900 | 5 402 208 | 3.10 |
| Rio Tinto Plc | GBP | 157 379 | 91 129 | 15 9G8 | 45.030 | 8 3G3 G35 | 4.80 |
| Victrex | GBP | 218 337 | 238 020 | 19 G83 | 24.940 | G 42G 435 | 3.G9 |
| Nordic Semiconducto | NOK | 1 212 42G | 814 443 | 177 917 | 55.700 | G 84G 497 | 3.93 |
| SalMar | NOK | 113 004 | 113 004 |  | 449.300 | 5 147 403 | 2.95 |
| Mycronic | SEK | 2G0 928 | 303 40G | 42 478 | 185.100 | 4 59G 39G | 2.G4 |
| Swedish Orphan Biovitrum | SEK | 473 477 | 380 738 | 13 G37 | 154.500 | G 9G1 738 | 3.99 |
| Total Effekten |  |  |  |  |  | 1GU 537 3G0 | U7.22 |
| Total Derivate (gemäss separater Aufstellung) |  |  |  |  |  | 413 G17 | 0.24 |
| Flüssige Mittel und übrige Aktiven |  |  |  |  |  | 4 43G 839 | 2.54 |
| Gesamtfondsvermögen |  |  |  |  |  | 174 387 81G | 100.00 |
| Bankverbindlichkeiten |  |  |  |  |  | -22 |  |
| Verbindlichkeiten |  |  |  |  |  | -34 521 |  |
| Total Nettofondsvermögen |  |  |  |  |  | 174 353 273 |  |
| Umrechnungskurse: |  |  |  |  |  |  |  |
| EUR 1.0000 = CHF 1.087 |  |  |  |  |  |  |  |
| EUR 1.0000 = GBP 0.847332 |  |  |  |  |  |  |  |
| EUR 1.0000 = SEK 10.50775 |  |  |  |  |  |  |  |
| EUR 1.0000 = NOK 9.8G375 |  |  |  |  |  |  |  |

Allfällige Differenzen bei den prozentualen Gewichtungen sind auf Rundungen zurückzuführen.