# Comgest Growth Emerging Markets ex China
#### SCHEDULE OF INVESTMENTS
As at 31 December 2019 (expressed in USD)
Quantity/	Acquisition	Fair Value	% Net
Security	Face value	Currency	cost USD	USD	Assets
| Internet software |  |
| --- | --- |
| MultiChoice Group Ltd | 4,897 | ZAR | 42,523 | 40,798 | 1.69 |
|  |  |  | 42,523 | 40,798 | 1.69 |
| News transmission |  |  |  |  |  |
| MTN Group Ltd | 11,001 | ZAR | 71,163 | 64,896 | 2.69 |
|  |  |  | 71,163 | 64,896 | 2.69 |
|  |  |  |  |  |  |
| Total South Africa |  |  | 443,681 | 438,353 | 18.16 |
| South Korea |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 2,017 | KRW | 72,805 | 97,355 | 4.03 |
|  |  |  | 72,805 | 97,355 | 4.03 |
| Insurance |  |  |  |  |  |
| Samsung Life Insurance Co Ltd | 606 | KRW | 44,141 | 39,052 | 1.62 |
|  |  |  | 44,141 | 39,052 | 1.62 |
| Internet software |  |  |  |  |  |
| NAVER Corp | 523 | KRW | 58,293 | 84,373 | 3.50 |
| NCSoft Corp | 160 | KRW | 67,303 | 74,874 | 3.10 |
|  |  |  | 125,596 | 159,247 | 6.60 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 71 | KRW | 72,952 | 77,444 | 3.21 |
|  |  |  | 72,952 | 77,444 | 3.21 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 315,494 | 373,098 | 15.46 |
| Taiwan |  |  |  |  |  |
| Electronic semiconductor Taiwan Semiconductor Manufacturing Co |  |  |  |  |  |
| Ltd | 12,000 | TWD | 88,400 | 132,502 | 5.49 |
|  |  |  | 88,400 | 132,502 | 5.49 |
| Electronics and electrical equipment |  |  |  |  |  |
| Catcher Technology Co Ltd | 11,000 | TWD | 79,287 | 83,297 | 3.45 |
| 79,287 | 83,297 | 3.45 |

Total Taiwan	167,687	215,7998.94
| Comgest Growth Emerging Markets ex China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in USD) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost USD | Fair Value USD | % Net Assets |
| Turkey |  |  |  |  |  |
| Food and distilleries BIM Birlesik Magazalar AS | 5,976 | TRY | 46,725 | 46,856 | 1.94 |
| Coca-Cola Icecek AS | 7,378 | TRY | 45,346 | 47,980 | 1.99 |
|  |  |  | 92,071 | 94,836 | 3.93 |
|  |  |  |  |  |  |
| Total Turkey |  |  | 92,071 | 94,836 | 3.93 |
| United States of America |  |  |  |  |  |
| Internet software Cognizant Technology Solutions Corp | 2,000 | USD | 130,786 | 124,040 | 5.14 |
|  |  |  | 130,786 | 124,040 | 5.14 |
| Total United States of America |  |  | 130,786 | 124,040 | 5.14 |
| Equity securities | 1,657,149 | 1,853,325 | 76.78 |

America Depository Receipts India
Banks and financial institutions
HDFC Bank Ltd	600	USD	32,453	38,0221.58
32,453	38,022	1.58
| Fomento Economico Mexicano SAB de |  |
| --- | --- |
| CV | 1,000 | USD | 86,171 | 94,510 | 3.92 |
|  |  |  | 86,171 | 94,510 | 3.92 |

Tobacco and spirits
Total India	118,624	132,5325.50
America Depository Receipts	118,624	132,5325.50
| Comgest Growth Emerging Markets ex China |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in USD) |
| Security | Quantity/ Face value | Currency | Acquisition cost USD | Fair Value USD | % Net Assets |
| Global Depository Receipts |  |  |  |  |  |
| Virgin Islands (UK) |  |  |  |  |  |
| Internet software Mail.Ru Group Ltd | 1,834 | USD | 46,055 | 40,898 | 1.69 |
|  |  |  | 46,055 | 40,898 | 1.69 |

Total Virgin Islands (UK)	46,055	40,8981.69
Global Depository Receipts	46,055	40,8981.69
Sponsored America Depository Receipts India
Internet software
| Infosys Ltd | 7,300 | USD | 69,362 | 75,336 | 3.12 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 69,362 | 75,336 | 3.12 |

| Total India | 69,362 | 75,336 | 3.12 |
| --- | --- | --- | --- |
|  |  |  |  |
| Sponsored America Depository Receipts | 69,362 | 75,336 | 3.12 |
|  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 1,891,190 | 2,102,091 | 87.09 |
| Other transferable securities dealt on another regulated market |  |  |  |
| Equity securities |  |  |  |
| Federation Of Russia |  |  |  |
| Holding and finance companies Moscow Exchange MICEX-RTS PJSC | 46,420 | RUB | 62,016 | 80,528 | 3.34 |
|  |  |  | 62,016 | 80,528 | 3.34 |

Total Federation Of Russia	62,016	80,5283.34
Equity securities	62,016	80,5283.34
Other transferable securities dealt on another regulated market	62,016	80,5283.34
| Comgest Growth Emerging Markets ex China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS As at 31 December 2019 (expressed in USD) |  |  |  |  |  |
| Security | Quantity/ Face value | Currency | Acquisition cost USD | Fair Value USD | % Net Assets |
| Other transferable securities |  |  |  |  |  |
| Warrants |  |  |  |  |  |
| Singapore |  |  |  |  |  |
| Holding and finance companies CLSA Global Markets Pte Ltd 04/12/2019 | 43,091 | USD | 116,926 | 114,855 | 4.76 |
| CLSA Global Markets Pte Ltd 20/02/2020 | 5,813 | USD | 67,111 | 62,175 | 2.58 |
|  |  |  | 184,037 | 177,030 | 7.34 |
|  |  |  |  |  |  |
| Total Singapore |  |  | 184,037 | 177,030 | 7.34 |
|  |  |  |  |  |  |
| Warrants |  |  | 184,037 | 177,030 | 7.34 |
|  |  |  |  |  |  |
| Other transferable securities |  |  | 184,037 | 177,030 | 7.34 |
|  |  |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  | 2,137,243 | 2,359,649 | 97.77 |

Cash and other net assets	53,836	2.23 
Total net assets attributable to holders of redeemable participating shares	2,413,485	100.00
% of Total Assets
Transferable securities admitted to an official stock exchange listing86.96
Other transferable securities dealt on another regulated market3.33
Other transferable securities7.32
| Comgest Growth Emerging Markets Flex |  |
| --- | --- |
| 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
Brazil
Automobile industry
| Localiza Rent a Car SA | 56,183 | BRL | 238,945 | 589,889 | 1.10 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 238,945 | 589,889 | 1.10 |
| Chemicals Ultrapar Participacoes SA | 67,540 | BRL | 597,665 | 381,115 | 0.71 |
|  |  |  | 597,665 | 381,115 | 0.71 |
| Healthcare education and social services Cogna Educacao | 465,800 | BRL | 1,676,866 | 1,179,075 | 2.20 |
|  |  |  | 1,676,866 | 1,179,075 | 2.20 |
| Holding and finance companies B3 SA - Brasil Bolsa Balcao | 91,600 | BRL | 492,513 | 871,679 | 1.62 |
|  |  |  | 492,513 | 871,679 | 1.62 |
| Insurance BB Seguridade Participacoes SA | 281,287 | BRL | 2,101,676 | 2,348,478 | 4.37 |
|  |  |  | 2,101,676 | 2,348,478 | 4.37 |
| Mechanics and machinery WEG SA | 73,237 | BRL | 217,691 | 562,153 | 1.05 |
|  |  |  | 217,691 | 562,153 | 1.05 |
| Transportation CCR SA | 390,792 | BRL | 1,433,135 | 1,642,621 | 3.06 |
|  |  |  | 1,433,135 | 1,642,621 | 3.06 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 6,758,491 | 7,575,010 | 14.11 |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies Tencent Holdings Ltd | 16,800 | HKD | 576,765 | 721,457 | 1.34 |
|  |  |  | 576,765 | 721,457 | 1.34 |

Translation (ENDE, 2019-12-31):
# Comgest Growth Emerging Markets ex China
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Verkäufe 1 |  |  |  |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Verkäufe |
| Coca-Cola HBC AG | 1.200 | 39.316 | 13,24 |
| Unilever NV | 671 | 38.980 | 13,14 |
| Unilever NV | 644 | 37.573 | 12,66 |
| Genting Malaysia Bhd | 46.700 | 34.886 | 11,76 |
| Infosys Ltd | 2.700 | 28.651 | 9,65 |
| WEG SA | 3.872 | 27.675 | 9,33 |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.000 | 22.328 | 7,52 |
| Fomento Economico Mexicano SAB de CV | 200 | 19.452 | 6,55 |
| BB Seguridade Participações SA | 2.400 | 19.393 | 6,54 |
| Samsung Electronics Co Ltd | 373 | 13.966 | 4,71 |
| Cognizant Technology Solutions Corp | 100 | 7.301 | 2,46 |
| B3 SA – Brasil Bolsa Balcao | 700 | 7.234 | 2,44 |
| 1 Steht für die gesamten Verkäufe im Geschäftsjahr. |  |  |  |