# 135
- | See Notes to the Financial Statements.
- | This item essentially comprises audit expenses and fund management fees.


## STATEMENT OF INVESTMENTS AS AT 31 DECEMBER 2018
| ISIN | Securities | Purchases during | Sales during | Holding | Price | Market value | % of net |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | the reporting | the reporting |  |  | EUR | sub-fund |
|  |  | period | period |  |  |  | assets  1 |

EQUITIES, RIGHTS AND PROFIT-PARTICIPATION CERTIFICATES
Listed securities
| Chile |  |
| --- | --- |
| US8336351056 | Sociedad Quimica y Minera de Chile S.A. ADR | USD | 8,100 | 4,000 | 7,400 | 38.9200 | 251,843.30 | 1.92 |  |
|  |  |  |  |  |  |  | 251,843.30 | 1.92 |  |
| China |  |  |  |  |  |  |  |  |  |
| US0567521085 | Baidu Inc. ADR  2 | USD | 2,010 | 710 | 1,300 | 161.5800 | 183,677.86 | 1.40 |  |
| US0917271076 | Bitauto Holdings Ltd. ADR  2 | USD | 10,000 | 22,000 | 4,000 | 20.5200 | 71,773.35 | 0.55 |  |
| US16944W1045 | China Distance Education Holdings Ltd. ADR  2 | USD | 0 | 14,100 | 9,800 | 7.1000 | 60,842.95 | 0.46 |  |
| US60879B1070 | Momo Inc. ADR  2 | USD | 3,600 | 4,400 | 2,200 | 24.3700 | 46,881.78 | 0.36 |  |
| US69354V1089 | PPDAI Group Inc. ADR  2 | USD | 13,000 | 0 | 13,000 | 3.6000 | 40,923.40 | 0.31 | 136 |
| US7477981069 | Qudian Inc. ADR  2 | USD | 17,000 | 23,200 | 35,500 | 4.6000 | 142,794.68 | 1.09 |  |
| CNE100000PP1 | Xinjiang Goldwind Science & Technology Co. Ltd. | HKD | 275,400 | 556,400 | 340,000 | 6.7400 | 255,910.30 | 1.95 |  |
| US98585L1008 | Yirendai Ltd. ADR  2 | USD | 16,500 | 31,200 | 5,900 | 10.3100 | 53,190.80 | 0.41 |  |
| US98426T1060 | YY Inc. ADR  2 | USD | 2,800 | 2,830 | 1,370 | 60.6400 | 72,644.98 | 0.55 |  |
| US31680Q1040 | 58.COM Inc. ADR  2 | USD | 2,100 | 2,800 | 1,200 | 54.0000 | 56,663.17 | 0.43 |  |
|  |  |  |  |  |  |  | 985,303.27 | 7.51 |  |
| Denmark |  |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 1,500 | 0 | 1,500 | 295.1500 | 59,305.18 | 0.45 |  |
| DK0060252690 | Pandora AS | DKK | 5,620 | 4,800 | 3,000 | 262.1000 | 105,328.73 | 0.80 |  |
| DK0010268606 | Vestas Wind Systems AS | DKK | 5,400 | 6,500 | 900 | 496.0000 | 59,797.46 | 0.46 |  |
|  |  |  |  |  |  |  | 224,431.37 | 1.71 |  |
| Germany |  |  |  |  |  |  |  |  |  |
| DE0005403901 | CEWE Stiftung & Co. KGaA | EUR | 0 | 700 | 1,000 | 62.2000 | 62,200.00 | 0.47 |  |
| DE0005936124 | OHB SE | EUR | 0 | 3,000 | 1,600 | 29.8500 | 47,760.00 | 0.36 |  |
| DE000PAT1AG3 | Patrizia Immobilien AG | EUR | 4,000 | 0 | 4,000 | 16.3600 | 65,440.00 | 0.50 |  |
| DE0007164600 | SAP SE | EUR | 1,030 | 2,430 | 1,700 | 87.1600 | 148,172.00 | 1.13 |  |
| DE000A12DM80 | Scout24 AG | EUR | 8,400 | 4,700 | 7,000 | 40.1800 | 281,260.00 | 2.15 |  |
| DE0007231334 | Sixt SE PREF | EUR | 1,900 | 7,900 | 2,600 | 47.4000 | 123,240.00 | 0.94 |  |
| DE0007493991 | Ströer SE & Co. KGaA | EUR | 2,800 | 6,300 | 3,100 | 42.3200 | 131,192.00 | 1.00 |  |
| DE0005089031 | United Internet AG | EUR | 7,700 | 3,700 | 4,000 | 38.4300 | 153,720.00 | 1.17 |  |
| DE0007657231 | Villeroy & Boch AG PREF | EUR | 0 | 11,075 | 3,825 | 12.7800 | 48,883.50 | 0.37 |  |
| DE000A0BL849 | Vita 34 AG | EUR | 0 | 2,000 | 5,000 | 11.0000 | 55,000.00 | 0.42 |  |
| DE0007472060 | Wirecard AG | EUR | 500 | 0 | 500 | 132.1500 | 66,075.00 | 0.50 |  |
| DE000A11QW68 | 7C Solarparken AG | EUR | 0 | 17,000 | 32,000 | 2.5300 | 80,960.00 | 0.62 |  |
|  |  |  |  |  |  |  | 1,263,902.50 | 9.63 |  |

1 | Net sub-fund assets. Totals may differ from the actual value due to rounding differences in the individual positions.
2 | Head office in China, registered in the Cayman Islands.
| ISIN | Securities |  | Purchases during the reporting period | Sales during the reporting period | Holding | Price | Market value EUR | % of net sub-fund assets  1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Finland |  |  |  |  |  |  |  |  |
| FI4000106299 | Ferratum Oyj | EUR | 3,256 | 31,000 | 9,000 | 8.0000 | 72,000.00 | 0.55 |
| FI4000157235 | Kotipizza Group Oyj | EUR | 3,600 | 9,900 | 2,400 | 22.8000 | 54,720.00 | 0.42 |
|  |  |  |  |  |  |  | 126,720.00 | 0.97 |
| France |  |  |  |  |  |  |  |  |
| FR0000035164 | Beneteau S.A. | EUR | 23,800 | 46,320 | 11,500 | 10.9800 | 126,270.00 | 0.96 |
| FR0000120644 | Danone S.A. | EUR | 0 | 1,050 | 1,100 | 60.7600 | 66,836.00 | 0.51 |
| FR0000038259 | Eurofins Scientific SE  2 | EUR | 300 | 0 | 300 | 320.0000 | 96,000.00 | 0.73 |
| FR0000121014 | LVMH Moet Hennessy Louis Vuitton SE | EUR | 550 | 0 | 550 | 252.0500 | 138,627.50 | 1.06 |
|  |  |  |  |  |  |  | 427,733.50 | 3.26 |
| Hong Kong |  |  |  |  |  |  |  |  |
| BMG210901242 | China Water Affairs Group Ltd.  3 | HKD | 448,000 | 298,000 | 150,000 | 8.2400 | 138,028.07 | 1.05 |
|  |  |  |  |  |  |  | 138,028.07 | 1.05 |
| India |  |  |  |  |  |  |  |  |
| US40415F1012 | HDFC Bank Ltd. ADR | USD | 1,400 | 600 | 800 | 102.2600 | 71,535.50 | 0.55 |
|  |  |  |  |  |  |  | 71,535.50 | 0.55 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00B6330302 | Ingersoll-Rand Plc. | USD | 800 | 0 | 800 | 91.2300 | 63,819.52 | 0.49 |
| IE00BTN1Y115 | Medtronic Plc. | USD | 840 | 0 | 840 | 89.6500 | 65,849.95 | 0.50 |
| IE00BYTBXV33 | Ryanair Holdings Plc. | EUR | 5,800 | 10,500 | 4,800 | 10.2200 | 49,056.00 | 0.37 |
|  |  |  |  |  |  |  | 178,725.47 | 1.36 |
| Isle of Man |  |  |  |  |  |  |  |  |
| IM00B5VQMV65 | GVC HOLDINGS Plc. | GBP | 5,500 | 10,900 | 7,600 | 6.6550 | 55,905.83 | 0.43 |
|  |  |  |  |  |  |  | 55,905.83 | 0.43 |
| Italy |  |  |  |  |  |  |  |  |
| IT0004195308 | Gruppo MutuiOnline S.p.A. | EUR | 3,500 | 33,620 | 14,080 | 15.6600 | 220,492.80 | 1.68 |
| IT0003874101 | Prada S.p.A. | HKD | 20,000 | 0 | 20,000 | 24.7500 | 55,278.23 | 0.42 |
|  |  |  |  |  |  |  | 275,771.03 | 2.10 |
| Japan |  |  |  |  |  |  |  |  |
| JP3866800000 | Panasonic Corporation | JPY | 30,200 | 102,900 | 33,000 | 990.6000 | 258,847.10 | 1.98 |
| JP3967200001 | Rakuten Inc. | JPY | 167,000 | 135,000 | 55,000 | 736.0000 | 320,532.11 | 2.45 |
|  |  |  |  |  |  |  | 579,379.21 | 4.43 |
| Luxembourg |  |  |  |  |  |  |  |  |
| LU0501835309 | L’Occitane International SA | HKD | 33,000 | 73,000 | 33,000 | 14.8800 | 54,836.01 | 0.42 |
|  |  |  |  |  |  |  | 54,836.01 | 0.42 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0000009355 | Unilever NV | EUR | 0 | 0 | 3,200 | 46.9000 | 150,080.00 | 1.15 |
|  |  |  |  |  |  |  | 150,080.00 | 1.15 |
| Norway |  |  |  |  |  |  |  |  |
| NO0003054108 | Marine Harvest ASA | NOK | 0 | 3,300 | 3,900 | 183.4000 | 71,515.99 | 0.55 |
|  |  |  |  |  |  |  | 71,515.99 | 0.55 |

Continued – Statement of investments as at 31 December 2018

Translation (ENDE, 2018-12-31):
# 135
- | Siehe Erläuterungen zum Bericht.
- | Diese Position setzt sich im Wesentlichen zusammen aus Prüfungskosten und Fondsmanagementvergütung.


## VERMÖGENSAUFSTELLUNG ZUM 31. DEZEMBER 2018
| ISIN | Wertpapiere | Zugänge im | Abgänge im | Bestand | Kurs | Kurswert | %-Anteil |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Berichtszeitraum | Berichtszeitraum |  |  | EUR | vom NTFV  1 |

AKTIEN, ANRECHTE UND GENUSSSCHEINE
| Chile |  |
| --- | --- |
| US8336351056 | Sociedad Quimica y Minera de Chile S.A. ADR | USD | 8.100 | 4.000 | 7.400 | 38,9200 | 251.843,30 | 1,92 |
|  |  |  |  |  |  |  | 251.843,30 | 1,92 |
| China |  |  |  |  |  |  |  |  |
| US0567521085 | Baidu Inc. ADR  2 | USD | 2.010 | 710 | 1.300 | 161,5800 | 183.677,86 | 1,40 |
| US0917271076 | Bitauto Holdings Ltd. ADR  2 | USD | 10.000 | 22.000 | 4.000 | 20,5200 | 71.773,35 | 0,55 |
| US16944W1045 | China Distance Education Holdings Ltd. ADR  2 | USD | 0 | 14.100 | 9.800 | 7,1000 | 60.842,95 | 0,46 |
| US60879B1070 | Momo Inc. ADR  2 | USD | 3.600 | 4.400 | 2.200 | 24,3700 | 46.881,78 | 0,36 |
| US69354V1089 | PPDAI Group Inc. ADR  2 | USD | 13.000 | 0 | 13.000 | 3,6000 | 40.923,40 | 0,31 |
| US7477981069 | Qudian Inc. ADR  2 | USD | 17.000 | 23.200 | 35.500 | 4,6000 | 142.794,68 | 1,09 |
| CNE100000PP1 | Xinjiang Goldwind Science & Technology Co. Ltd. | HKD | 275.400 | 556.400 | 340.000 | 6,7400 | 255.910,30 | 1,95 |
| US98585L1008 | Yirendai Ltd. ADR  2 | USD | 16.500 | 31.200 | 5.900 | 10,3100 | 53.190,80 | 0,41 |
| US98426T1060 | YY Inc. ADR  2 | USD | 2.800 | 2.830 | 1.370 | 60,6400 | 72.644,98 | 0,55 |
| US31680Q1040 | 58.COM Inc. ADR  2 | USD | 2.100 | 2.800 | 1.200 | 54,0000 | 56.663,17 | 0,43 |
|  |  |  |  |  |  |  | 985.303,27 | 7,51 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 1.500 | 0 | 1.500 | 295,1500 | 59.305,18 | 0,45 |
| DK0060252690 | Pandora AS | DKK | 5.620 | 4.800 | 3.000 | 262,1000 | 105.328,73 | 0,80 |
| DK0010268606 | Vestas Wind Systems AS | DKK | 5.400 | 6.500 | 900 | 496,0000 | 59.797,46 | 0,46 |
|  |  |  |  |  |  |  | 224.431,37 | 1,71 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0005403901 | CEWE Stiftung & Co. KGaA | EUR | 0 | 700 | 1.000 | 62,2000 | 62.200,00 | 0,47 |
| DE0005936124 | OHB SE | EUR | 0 | 3.000 | 1.600 | 29,8500 | 47.760,00 | 0,36 |
| DE000PAT1AG3 | Patrizia Immobilien AG | EUR | 4.000 | 0 | 4.000 | 16,3600 | 65.440,00 | 0,50 |
| DE0007164600 | SAP SE | EUR | 1.030 | 2.430 | 1.700 | 87,1600 | 148.172,00 | 1,13 |
| DE000A12DM80 | Scout24 AG | EUR | 8.400 | 4.700 | 7.000 | 40,1800 | 281.260,00 | 2,15 |
| DE0007231334 | Sixt SE -VZ- | EUR | 1.900 | 7.900 | 2.600 | 47,4000 | 123.240,00 | 0,94 |
| DE0007493991 | Ströer SE & Co. KGaA | EUR | 2.800 | 6.300 | 3.100 | 42,3200 | 131.192,00 | 1,00 |
| DE0005089031 | United Internet AG | EUR | 7.700 | 3.700 | 4.000 | 38,4300 | 153.720,00 | 1,17 |
| DE0007657231 | Villeroy & Boch AG -VZ- | EUR | 0 | 11.075 | 3.825 | 12,7800 | 48.883,50 | 0,37 |
| DE000A0BL849 | Vita 34 AG | EUR | 0 | 2.000 | 5.000 | 11,0000 | 55.000,00 | 0,42 |
| DE0007472060 | Wirecard AG | EUR | 500 | 0 | 500 | 132,1500 | 66.075,00 | 0,50 |
| DE000A11QW68 | 7C Solarparken AG | EUR | 0 | 17.000 | 32.000 | 2,5300 | 80.960,00 | 0,62 |
|  |  |  |  |  |  |  | 1.263.902,50 | 9,63 |

Börsengehandelte Wertpapiere