# Comgest Growth Europe Plus1
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost EUR	EUR	Assets
| Holding and finance companies Temenos AG | 45 | CHF | 6,368 | 6,342 | 0.51 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 6,368 | 6,342 | 0.51 |
| Pharmaceuticals and cosmetics Roche Holding AG | 211 | CHF | 61,151 | 60,952 | 4.92 |
| Straumann Holding AG | 53 | CHF | 46,455 | 46,341 | 3.74 |
|  |  |  | 107,606 | 107,293 | 8.66 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 234,529 | 233,577 | 18.85 |
|  |  |  |  |  |  |
| Equity securities |  |  | 1,188,123 | 1,177,729 | 95.04 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  |  | 1,188,123 | 1,177,729 | 95.04 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 1,188,123 | 1,177,729 | 95.04 |

Cash and other net assets	61,478	4.96  
Total net assets attributable to holders of redeemable participating shares	1,239,207	100.00
% of Total Assets
Transferable securities admitted to an official stock exchange listing94.63
1 Comgest Growth Europe Plus was launched on 23 December 2019.
| Comgest Growth Europe S |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % 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 | 8,591 | DKK | 567,736 | 608,644 | 1.81 |
| --- | --- | --- | --- | --- | --- |
| Genmab A/S | 928 | DKK | 163,330 | 183,986 | 0.55 |
|  |  |  | 731,066 | 792,630 | 2.36 |
| Internet software SimCorp A/S | 8,613 | DKK | 477,553 | 873,118 | 2.60 |
|  |  |  | 477,553 | 873,118 | 2.60 |
| Pharmaceuticals and cosmetics Ambu A/S | 20,882 | DKK | 370,187 | 312,148 | 0.93 |
| Coloplast A/S - B Shares | 7,586 | DKK | 527,617 | 838,955 | 2.49 |
| Novo Nordisk A/S - B Shares | 32,493 | DKK | 1,457,922 | 1,681,293 | 5.00 |
|  |  |  | 2,355,726 | 2,832,396 | 8.42 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 3,564,345 | 4,498,144 | 13.38 |
| France |  |  |  |  |  |
| Internet software Dassault Systèmes SE | 8,185 | EUR | 855,169 | 1,199,512 | 3.57 |
|  |  |  | 855,169 | 1,199,512 | 3.57 |
| Pharmaceuticals and cosmetics EssilorLuxottica SA | 13,949 | EUR | 1,509,425 | 1,894,274 | 5.63 |
| L'Oreal SA | 5,000 | EUR | 861,653 | 1,320,000 | 3.92 |
| Sartorius Stedim Biotech | 6,068 | EUR | 507,038 | 896,244 | 2.66 |
|  |  |  | 2,878,116 | 4,110,518 | 12.21 |

Textile
Hermes International	1,330	EUR	627,501	886,0462.63
627,501	886,046	2.63
Total France	4,360,786	6,196,076	18.41
| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Germany |  |  |  |  |  |
| Internet software SAP SE | 9,325 | EUR | 807,024 | 1,121,984 | 3.34 |
|  |  |  | 807,024 | 1,121,984 | 3.34 |
| Retail Fielmann AG | 3,470 | EUR | 205,308 | 249,840 | 0.74 |
|  |  |  | 205,308 | 249,840 | 0.74 |
|  |  |  |  |  |  |
| Total Germany |  |  | 1,012,332 | 1,371,824 | 4.08 |
| Great Britain |  |  |  |  |  |
| Consumer goods Reckitt Benckiser Group PLC | 4,460 | GBP | 301,044 | 322,606 | 0.96 |
|  |  |  | 301,044 | 322,606 | 0.96 |
| Electronic semiconductor Halma PLC | 18,480 | GBP | 260,258 | 461,493 | 1.37 |
|  |  |  | 260,258 | 461,493 | 1.37 |
| Food and distilleries Associated British Foods PLC | 16,913 | GBP | 542,939 | 518,570 | 1.54 |
|  |  |  | 542,939 | 518,570 | 1.54 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 1,104,241 | 1,302,669 | 3.87 |
| Ireland |  |  |  |  |  |
| Other services Accenture PLC | 6,503 | USD | 947,172 | 1,219,899 | 3.63 |
|  |  |  | 947,172 | 1,219,899 | 3.63 |
| Pharmaceuticals and cosmetics ICON PLC | 4,379 | USD | 540,510 | 671,889 | 2.00 |
|  |  |  | 540,510 | 671,889 | 2.00 |
| Transportation Ryanair Holdings PLC | 49,350 | EUR | 664,888 | 721,991 | 2.14 |
|  |  |  | 664,888 | 721,991 | 2.14 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 2,152,570 | 2,613,779 | 7.77 |

| Comgest Growth Europe S |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Italy |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
|  | Ferrari NV | 3,111 | EUR | 333,901 | 460,117 | 1.37 |
|  |  |  |  | 333,901 | 460,117 | 1.37 |
|  |  |  |  |  |  |  |
| Total Italy |  |  |  | 333,901 | 460,117 | 1.37 |
| Jersey |  |  |  |  |  |  |
| Holding | and finance companies Experian PLC | 34,198 | GBP | 737,718 | 1,029,980 | 3.06 |
|  |  |  |  | 737,718 | 1,029,980 | 3.06 |
|  |  |  |  |  |  |  |
| Total Jersey |  |  |  | 737,718 | 1,029,980 | 3.06 |
| Netherlands |  |  |  |  |  |  |
| Banks and financial institutions |
| Adyen NV | 262 | EUR | 167,161 | 191,522 | 0.57 |
|  |  |  | 167,161 | 191,522 | 0.57 |
| Electronic semiconductor ASML Holding NV | 6,187 | EUR | 1,054,966 | 1,631,512 | 4.85 |
|  | 1,054,966 | 1,631,512 | 4.85 |
|  |  |  |  |
| Total Netherlands | 1,222,127 | 1,823,034 | 5.42 |
| Spain |  |  |  |
| Internet software |
| Amadeus IT Group SA - A Shares | 16,980 | EUR | 860,515 | 1,236,144 | 3.68 |
|  |  |  | 860,515 | 1,236,144 | 3.68 |

Retail
Industria de Diseno Textil SA	47,071	EUR	1,357,169	1,480,3834.40
1,357,169	1,480,383	4.40
Total Spain	2,217,684	2,716,5278.08
| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Sweden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
|  | Assa Abloy AB | 48,414 | SEK | 892,804 | 1,009,034 | 3.00 |
|  |  |  |  | 892,804 | 1,009,034 | 3.00 |
|  |  |  |  |  |  |  |
| Total Sweden |  |  |  | 892,804 | 1,009,034 | 3.00 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Lonza Group AG | 2,668 | CHF | 743,484 | 866,937 | 2.58 |
| Sika AG | 5,114 | CHF | 541,294 | 855,569 | 2.54 |
|  |  |  | 1,284,778 | 1,722,506 | 5.12 |
| Food and distilleries Chocoladefabriken Lindt & Spruengli AG | 159 | CHF | 852,889 | 1,099,277 | 3.27 |
| Nestle SA | 20,248 | CHF | 1,450,437 | 1,951,828 | 5.80 |
|  |  |  | 2,303,326 | 3,051,105 | 9.07 |
| Holding and finance companies |
| Temenos AG	1,183 | CHF | 163,439 | 166,734 | 0.50 |
|  |  |  | 163,439 | 166,734 | 0.50 |
| Other services SGS SA | 417 | CHF | 861,064 | 1,017,014 | 3.02 |
|  |  |  | 861,064 | 1,017,014 | 3.02 |
| Pharmaceuticals and cosmetics Roche Holding AG | 6,648 | CHF | 1,502,318 | 1,920,444 | 5.71 |
| Straumann Holding AG | 1,349 | CHF | 728,583 | 1,179,504 | 3.51 |
|  |  |  | 2,230,901 | 3,099,948 | 9.22 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 6,843,508 | 9,057,307 | 26.93 |
|  |  |  |  |  |  |
| Equity securities |  |  | 24,442,016 | 32,078,491 | 95.37 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe Plus1
#### WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| ASML Holding NV | 238 | 63.422 | 5,34 |
| EssilorLuxottica SA | 453 | 62.792 | 5,28 |
| Roche Holding AG | 211 | 61.151 | 5,15 |
| Novo Nordisk A/S – B-Aktien | 1.125 | 58.877 | 4,96 |
| Industria de Diseno Textil SA | 1.793 | 56.783 | 4,78 |
| Heineken NV | 554 | 53.455 | 4,50 |
| LVMH Moët Hennessy Louis Vuitton SE | 123 | 51.068 | 4,30 |
| SAP SE | 403 | 48.681 | 4,10 |
| Amadeus IT Group SA – A-Aktien | 660 | 48.036 | 4,04 |
| Straumann Holding AG | 53 | 46.455 | 3,91 |
| Lonza Group AG | 139 | 45.391 | 3,82 |
| Dassault Systèmes SE | 303 | 44.995 | 3,79 |
| Unilever NV | 844 | 43.749 | 3,68 |
| Chocoladefabriken Lindt & Spruengli AG | 6 | 41.557 | 3,50 |
| L'Oreal SA | 156 | 41.526 | 3,50 |
| Assa Abloy AB | 1.923 | 41.337 | 3,48 |
| Accenture PLC | 199 | 37.851 | 3,19 |
| Experian PLC | 1.224 | 36.611 | 3,08 |
| Sika AG | 199 | 33.607 | 2,83 |
| Coloplast A/S – B-Aktien | 281 | 31.519 | 2,65 |
| ICON PLC | 179 | 27.602 | 2,32 |
| Kingspan Group PLC | 463 | 25.284 | 2,13 |
| Chr Hansen Holding A.S | 335 | 24.058 | 2,02 |
| Jeronimo Martins SGPS SA | 1.544 | 23.167 | 1,95 |
| Fresenius Medical Care AG & Co KGaA | 295 | 19.287 | 1,62 |
| Hermes International | 28 | 19.008 | 1,60 |
| Orpea | 164 | 18.693 | 1,57 |
| Ferrari NV | 88 | 13.389 | 1,13 |
| Halma PLC | 532 | 13.368 | 1,13 |
| Ambu A/S | 814 | 12.342 | 1,04 |

| Verkäufe 2 |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |

1 Comgest Growth Europe Plus wurde am 23. Dezember 2019 aufgelegt.
2 Im Geschäftsjahr erfolgten keine Verkäufe.