# Comgest Growth Europe Compounders1
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in EUR)
| Quantity/ Security	Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| --- | --- | --- | --- | --- |
| Great Britain Graphic art and publishing RELX PLC	3,773 | GBP | 84,830 | 84,848 | 3.71 |
|  |  | 84,830 | 84,848 | 3.71 |
|  |  |  |  |  |
| Total Great Britain |  | 84,830 | 84,848 | 3.71 |

Ireland
Holding and finance companies
|  | Linde PLC | 422 | EUR | 80,575 | 80,518 | 3.53 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 80,575 | 80,518 | 3.53 |
| Accenture PLC | 483 | USD | 91,646 | 90,606 | 3.97 |
|  |  |  | 91,646 | 90,606 | 3.97 |
| Medtronic PLC | 1,165 | USD | 119,218 | 117,745 | 5.15 |
|  |  |  | 119,218 | 117,745 | 5.15 |
|  |  |  |  |  |  |
| Total Ireland |  |  |  | 291,439 | 288,869 | 12.65 |
| Jersey |  |  |  |  |  |  |
| Holding and finance companies |
|  | Experian PLC | 2,443 | GBP | 73,168 | 73,579 | 3.22 |
|  |  |  |  | 73,168 | 73,579 | 3.22 |
|  |  |  |  |  |  |  |
| Total Jersey |  |  |  | 73,168 | 73,579 | 3.22 |
| Netherlands |  |  |  |  |  |  |
| Electronic semiconductor |
| ASML Holding NV | 344 | EUR | 91,407 | 90,713 | 3.97 |
|  |  |  | 91,407 | 90,713 | 3.97 |
| Wolters Kluwer NV | 1,054 | EUR | 68,838 | 68,531 | 3.00 |
|  |  |  | 68,838 | 68,531 | 3.00 |

1 Comgest Growth Europe Compounders was launched on 23 December 2019.
| Comgest Growth Europe Compounders1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Heineken NV | 1,122 | EUR | 108,095 | 106,500 | 4.66 |
|  |  |  | 108,095 | 106,500 | 4.66 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 268,340 | 265,744 | 11.63 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
|  | Amadeus IT Group SA - A Shares | 1,265 | EUR | 92,113 | 92,092 | 4.03 |
|  |  |  |  | 92,113 | 92,092 | 4.03 |
|  | Industria de Diseno Textil SA | 3,059 | EUR | 96,937 | 96,206 | 4.21 |
|  |  |  |  | 96,937 | 96,206 | 4.21 |
|  |  |  |  |  |  |  |
| Total Spain |  |  |  | 189,050 | 188,298 | 8.24 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Givaudan SA | 22 | CHF | 61,465 | 61,346 | 2.69 |
|  |  |  | 61,465 | 61,346 | 2.69 |
| Nestle SA | 1,245 | CHF | 121,535 | 120,013 | 5.25 |
|  |  |  | 121,535 | 120,013 | 5.25 |
| SGS SA | 19 | CHF | 46,338 | 46,339 | 2.03 |
|  |  |  | 46,338 | 46,339 | 2.03 |
| Roche Holding AG | 413 | CHF | 119,645 | 119,306 | 5.22 |
|  |  |  | 119,645 | 119,306 | 5.22 |
|  |  |  |  |  |  |
| Total Switzerland |  |  | 348,983 | 347,004 | 15.19 |
|  |  |  |  |  |  |
| Equity securities |  |  | 2,070,565 | 2,055,512 | 89.98 |

1 Comgest Growth Europe Compounders was launched on 23 December 2019.
| Comgest Growth Europe Compounders1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
|  | Acquisition cost EUR | Fair Value EUR | % Net Assets |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 2,070,565 | 2,055,512 | 89.98 |
|  |  |  |  |
| Financial assets at fair value through profit or loss | 2,070,565 | 2,055,512 | 89.98 |

Cash and other net assets	228,813	10.02  
Total net assets attributable to holders of redeemable participating shares	2,284,325	100.00
% of Total Assets
Transferable securities admitted to an official stock exchange listing75.11
1 Comgest Growth Europe Compounders was launched on 23 December 2019.
| Comgest Growth Europe Plus1 |  |
| --- | --- |
| 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 | 335 | DKK | 24,058 | 23,734 | 1.92 |
| --- | --- | --- | --- | --- | --- |
| Genmab A/S | 36 | DKK | 7,059 | 7,137 | 0.58 |
|  |  |  | 31,117 | 30,871 | 2.50 |
| Pharmaceuticals and cosmetics Ambu A/S | 814 | DKK | 12,342 | 12,168 | 0.98 |
| Coloplast A/S - B Shares | 281 | DKK | 31,519 | 31,077 | 2.51 |
| Novo Nordisk A/S - B Shares | 1,125 | DKK | 58,877 | 58,211 | 4.70 |
|  |  |  | 102,738 | 101,456 | 8.19 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 133,855 | 132,327 | 10.69 |
| France |  |  |  |  |  |
| Healthcare education and social services Orpea | 164 | EUR | 18,693 | 18,745 | 1.51 |
|  |  |  | 18,693 | 18,745 | 1.51 |
| Internet software Dassault Systèmes SE | 303 | EUR | 44,995 | 44,405 | 3.58 |
|  |  |  | 44,995 | 44,405 | 3.58 |
| Pharmaceuticals and cosmetics EssilorLuxottica SA | 453 | EUR | 62,792 | 61,517 | 4.97 |
| L'Oreal SA | 156 | EUR | 41,526 | 41,184 | 3.32 |
|  |  |  | 104,318 | 102,701 | 8.29 |
| Textile Hermes International | 28 | EUR | 19,008 | 18,654 | 1.51 |
| LVMH Moët Hennessy Louis Vuitton SE | 123 | EUR | 51,068 | 50,947 | 4.11 |
|  |  |  | 70,076 | 69,601 | 5.62 |
|  |  |  |  |  |  |
| Total France |  |  | 238,082 | 235,452 | 19.00 |

1 Comgest Growth Europe Plus was launched on 23 December 2019.
| Comgest Growth Europe Plus1 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| 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 | 403 | EUR | 48,681 | 48,489 | 3.91 |
|  |  |  | 48,681 | 48,489 | 3.91 |
| Pharmaceuticals and cosmetics Fresenius Medical Care AG & Co KGaA | 295 | EUR | 19,287 | 19,458 | 1.57 |
|  |  |  | 19,287 | 19,458 | 1.57 |
|  |  |  |  |  |  |
| Total Germany |  |  | 67,968 | 67,947 | 5.48 |
| Great Britain |  |  |  |  |  |
| Electronic semiconductor Halma PLC | 532 | GBP | 13,368 | 13,285 | 1.07 |
|  |  |  | 13,368 | 13,285 | 1.07 |
| Food and distilleries Associated British Foods PLC | 320 | GBP | 9,795 | 9,812 | 0.79 |
|  |  |  | 9,795 | 9,812 | 0.79 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 23,163 | 23,097 | 1.86 |
| Ireland |  |  |  |  |  |
| Construction and building material Kingspan Group PLC | 463 | EUR | 25,284 | 25,210 | 2.03 |
|  |  |  | 25,284 | 25,210 | 2.03 |
| Other services Accenture PLC | 199 | USD | 37,851 | 37,330 | 3.01 |
|  |  |  | 37,851 | 37,330 | 3.01 |
| Pharmaceuticals and cosmetics ICON PLC | 179 | USD | 27,602 | 27,465 | 2.22 |
|  |  |  | 27,602 | 27,465 | 2.22 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 90,737 | 90,005 | 7.26 |

1 Comgest Growth Europe Plus was launched on 23 December 2019.
| Comgest Growth Europe Plus1 |  |
| --- | --- |
| 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 | 88 | EUR | 13,389 | 13,015 | 1.05 |
|  |  |  | 13,389 | 13,015 | 1.05 |
| Pharmaceuticals and cosmetics Amplifon SpA | 197 | EUR | 5,097 | 5,051 | 0.41 |
|  |  |  | 5,097 | 5,051 | 0.41 |
| Tobacco and spirits Davide Campari-Milano SpA | 722 | EUR | 5,997 | 5,877 | 0.47 |
|  |  |  | 5,997 | 5,877 | 0.47 |
|  |  |  |  |  |  |
| Total Italy |  |  | 24,483 | 23,943 | 1.93 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
|  | Experian PLC | 1,224 | GBP | 36,611 | 36,865 | 2.97 |
|  |  |  |  | 36,611 | 36,865 | 2.97 |
|  |  |  |  |  |  |  |
| Total Jersey |  |  |  | 36,611 | 36,865 | 2.97 |
| Netherlands |  |  |  |  |  |  |
| Banks and financial institutions |
| Adyen NV | 12 | EUR | 8,746 | 8,772 | 0.71 |
|  |  |  | 8,746 | 8,772 | 0.71 |
| Consumer goods Unilever NV | 844 | EUR | 43,749 | 43,238 | 3.49 |
|  |  |  | 43,749 | 43,238 | 3.49 |
| Electronic semiconductor ASML Holding NV | 238 | EUR | 63,422 | 62,760 | 5.07 |
|  |  |  | 63,422 | 62,760 | 5.07 |
| Tobacco and spirits Heineken NV | 554 | EUR | 53,455 | 52,586 | 4.24 |
|  |  |  | 53,455 | 52,586 | 4.24 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 169,372 | 167,356 | 13.51 |

1 Comgest Growth Europe Plus was launched on 23 December 2019.
| Comgest Growth Europe Plus1 |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in EUR) |
| Security | Quantity/ Face value | Currency | Acquisition cost EUR | Fair Value EUR | % Net Assets |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
|  | Jeronimo Martins SGPS SA | 1,544 | EUR | 23,167 | 22,643 | 1.83 |
|  |  |  |  | 23,167 | 22,643 | 1.83 |
|  |  |  |  |  |  |  |
| Total Portugal |  |  |  | 23,167 | 22,643 | 1.83 |
| Spain |  |  |  |  |  |  |
| Internet software |
| Amadeus IT Group SA - A Shares | 660 | EUR | 48,036 | 48,048 | 3.88 |
|  |  |  | 48,036 | 48,048 | 3.88 |
| Retail | Industria de Diseno Textil SA | 1,793 | EUR | 56,783 | 56,390 | 4.55 |
|  |  |  |  | 56,783 | 56,390 | 4.55 |
|  |  |  |  |  |  |  |
| Total Spain |  |  |  | 104,819 | 104,438 | 8.43 |
| Sweden |  |  |  |  |  |  |
| Mechanics and machinery |
|  | Assa Abloy AB | 1,923 | SEK | 41,337 | 40,079 | 3.23 |
|  |  |  |  | 41,337 | 40,079 | 3.23 |
|  |  |  |  |  |  |  |
| Total Sweden |  |  |  | 41,337 | 40,079 | 3.23 |
| Switzerland |  |  |  |  |  |  |
| Chemicals |
| Lonza Group AG | 139 | CHF | 45,391 | 45,167 | 3.64 |
| Sika AG | 199 | CHF | 33,607 | 33,293 | 2.69 |
|  |  |  | 78,998 | 78,460 | 6.33 |
| Food and distilleries |
| Chocoladefabriken Lindt & Spruengli AG | 6 | CHF | 41,557 | 41,482 | 3.35 |
|  |  |  | 41,557 | 41,482 | 3.35 |

1 Comgest Growth Europe Plus was launched on 23 December 2019.

Translation (ENDE, 2019-12-31):
# Comgest Growth Europe Compounders1
#### WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe 2 |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Novo Nordisk A/S – B-Aktien | 2.553 | 133.299 | 6,44 |
| Nestle SA | 1.245 | 121.535 | 5,87 |
| SAP SE | 995 | 120.097 | 5,80 |
| LVMH Moët Hennessy Louis Vuitton SE | 289 | 120.039 | 5,80 |
| Roche Holding AG | 413 | 119.645 | 5,78 |
| Medtronic PLC | 1.165 | 119.218 | 5,76 |
| EssilorLuxottica SA | 864 | 119.148 | 5,75 |
| Heineken NV | 1.122 | 108.095 | 5,22 |
| Pernod Ricard SA | 612 | 98.998 | 4,78 |
| Industria de Diseno Textil SA | 3.059 | 96.937 | 4,68 |
| L'Oreal SA | 364 | 96.726 | 4,67 |
| Amadeus IT Group SA – A-Aktien | 1.265 | 92.113 | 4,45 |
| Accenture PLC | 483 | 91.646 | 4,43 |
| ASML Holding NV | 344 | 91.407 | 4,41 |
| RELX PLC | 3.773 | 84.830 | 4,10 |
| Linde PLC | 422 | 80.575 | 3,89 |
| Experian PLC | 2.443 | 73.168 | 3,53 |
| Wolters Kluwer NV | 1.054 | 68.838 | 3,32 |
| Hermes International | 95 | 64.378 | 3,11 |
| Coloplast A/S – B-Aktien | 555 | 62.070 | 3,00 |
| Givaudan SA | 22 | 61.465 | 2,97 |
| SGS SA | 19 | 46.338 | 2,24 |

| Verkäufe 3 |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |

1 Comgest Growth Europe Compounders wurde am 23. Dezember 2019 aufgelegt.
2 Steht für die gesamten Käufe im Geschäftsjahr.
3 Im Geschäftsjahr erfolgten keine Verkäufe.