# 27
- | Net sub-fund assets. Totals may differ from the actual value due to rounding differences in the individual positions.
- | Head office in Switzerland, registered in Jersey.

Continued – Statement of investments as at 31 December 2018
| ISIN | Securities |  | Purchases during the reporting period | Sales during the reporting period | Holding | Price | Market value EUR | % of net sub-fund assets  1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB0002374006 | Diageo Plc. | GBP | 41,000 | 4,000 | 37,000 | 27.8100 | 1,137,360.45 | 0.94 |
| GB0009252882 | GlaxoSmithKline Plc. | GBP | 15,800 | 8,300 | 71,000 | 14.9720 | 1,174,988.39 | 0.97 |
| GB0005405286 | HSBC Holdings Plc. | GBP | 38,000 | 10,000 | 160,000 | 6.4020 | 1,132,220.63 | 0.94 |
| VGG6564A1057 | Nomad Foods Ltd.  2 | USD | 18,300 | 7,600 | 73,700 | 16.5900 | 1,069,152.68 | 0.88 |
| GB00BH4HKS39 | Vodafone Group Plc. | GBP | 685,000 | 0 | 685,000 | 1.5286 | 1,157,390.30 | 0.96 |
|  |  |  |  |  |  |  | 5,671,112.45 | 4.69 |
| Listed securities |  |  |  |  |  |  | 93,321,220.71 | 77.09 |

Unlisted securities United States of America
US87299ATP92 T-Mobile USA Inc. -Escrow Shares- USD	500,000	0	500,000	0.0000	0.00	0.00
0.00	0.00	
28
Unlisted securities	0.00	0.00
Equities, rights and profit-participation certificates	93,321,220.71	77.09
| BONDS |  |
| --- | --- |
| Listed securities |
| EUR |
| XS1695284114 | 4.250 % | BayWa AG Fix-to-Float Perp. | 0 | 0 | 500,000 | 99.9330 | 499,665.00 | 0.41 |
| DE000A2GSCV5 | 3.250 % | DIC Asset AG v.17(2022) | 0 | 0 | 510,000 | 100.4000 | 512,040.00 | 0.42 |
| DE000A2AAPF1 | 2.750 % | thyssenkrupp AG Reg.S. v.16(2021) | 0 | 0 | 490,000 | 102.5380 | 502,436.20 | 0.41 |
|  |  |  |  |  |  |  | 1,514,141.20 | 1.24 |
| USD |  |  |  |  |  |  |  |  |
| US532716AU19 | 5.625 % | L Brands Inc. v.12(2022) | 0 | 0 | 600,000 | 99.0000 | 519,412.38 | 0.43 |
| US912828UN88 | 2.000 % | United States of America v.13(2023) | 700,000 | 0 | 700,000 | 97.6406 | 597,660.35 | 0.49 |
| US912828J272 | 2.000 % | United States of America v.15(2025) | 800,000 | 0 | 800,000 | 96.1953 | 672,929.78 | 0.56 |
| US9128283W81 | 2.750 % | United States of America v.18(2028) | 400,000 | 0 | 1,900,000 | 99.9219 | 1,660,122.10 | 1.37 |
|  |  |  |  |  |  |  | 3,450,124.61 | 2.85 |
| Listed securities |  |  |  |  |  |  | 4,964,265.81 | 4.09 |

Securities admitted to or included in organised markets
| EUR |  |
| --- | --- |
| DE000A2NBZG9 | 3.500 % | DIC Asset AG v.18(2023) | 550,000 | 0 | 550,000 | 100.9540 | 555,247.00 | 0.46 |
| XS1699848914 | 2.500 % | Dufry One BV Reg.S. v.17(2024) | 0 | 0 | 500,000 | 95.5000 | 477,500.00 | 0.39 |
| XS1821883102 | 3.625 % | Netflix Inc. Reg.S. v.17(2027) | 0 | 0 | 500,000 | 97.1740 | 485,870.00 | 0.40 |
|  |  |  |  |  |  |  | 1,518,617.00 | 1.25 |

Continued – Statement of investments as at 31 December 2018
| ISIN | Securities | Purchases during the reporting period | Sales during the reporting period | Holding | Price | Market value EUR | % of net sub-fund assets  1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD |  |  |  |  |  |  |  |
| US717081EM19 | 3.000 % Pfizer Inc. DL-Notes 2018(18/21) | 800,000 | 0 | 800,000 | 100.1610 | 700,671.56 | 0.58 |
| US87264AAJ43 | 6.500 % T-Mobile USA Inc. | 0 | 0 | 500,000 | 102.6135 | 448,642.44 | 0.37 |
|  | v.13(2024) |  |  |  |  |  |  |
|  | 1,149,314.00 | 0.95 |  |  |
| Securities admitted to or included in organised markets | 2,667,931.00 | 2.20 |  |  |
| Bonds | 7,632,196.81 | 6.29 |  |  |
| Securities | 100,953,417.52 | 83.38 |  |  |
| Cash at banks – current account  2 | 19,714,012.23 | 16.28 |  |  |
| Balance from other receivables and payables | 419,819.91 | 0.34 |  |  |
| Sub-fund’s net assets in EUR | 121,087,249.66 | 100.00 |  |  |
|  |  |  |  | 29 |


## PURCHASES AND SALES FROM 1 JULY 2018 TO 31 DECEMBER 2018
Purchases and sales of securities, promissory note loans and derivatives carried out during the reporting period, including changes without inflows/outflows, if they are not included in the statement of investments.
| ISIN | Securities | Purchases during | Sales during |
| --- | --- | --- | --- |
|  |  | the reporting period | the reporting period |


## EQUITIES, RIGHTS AND PROFIT-PARTICIPATION CERTIFICATES
Listed securities
| China |  |
| --- | --- |
| CNE100000PP1 Germany | Xinjiang Goldwind Science & Technology Co. Ltd. | HKD | 480,000 | 1,200,000 |  |  |
| DE000BAY0017 | Bayer AG | EUR | 2,806 | 14,000 |  |  |
| DE000A0CAYB2 | Diebold Nixdorf AG | EUR | 0 | 11,500 |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 3,800 | 12,600 |  |  |
| DE0005664809 | Evotec AG | EUR | 0 | 69,000 |  |  |
| DE0005785802 | Fresenius Medical Care AG & Co. KGaA | EUR | 6,100 | 17,600 |  |  |
| DE000KSAG888 | K+S AG | EUR | 14,000 | 61,000 |  | 30 |
| DE000A2E4L75 | Linde AG –shares submitted for exchange– | EUR | 900 | 6,100 |  |  |
| DE000WAF3001 | Siltronic AG | EUR | 1,400 | 9,200 |  |  |
| DE000UNSE018 Finland | Uniper SE | EUR | 16,000 | 56,000 |  |  |
| FI4000297767 France | Nordea Bank Abp | SEK | 125,000 | 125,000 |  |  |
| FR0000120859 Ireland | Imerys S.A. | EUR | 3,600 | 16,600 |  |  |
| IE00B6330302 Italy | Ingersoll-Rand Plc. | USD | 2,300 | 16,300 |  |  |
| IT0001347308 Japan | Buzzi Unicem S.p.A. | EUR | 21,000 | 65,000 |  |  |
| JP3166000004 | Ebara Corporation | JPY | 13,800 | 43,800 |  |  |
| JP3402600005 | Sumitomo Metal Mining Co. Ltd. | JPY | 11,000 | 37,000 |  |  |
| JP3545240008 Netherlands | TechnoPro Holdings Inc. | JPY | 0 | 21,000 |  |  |
| NL0010273215 | ASML Holding NV | EUR | 1,200 | 7,500 |  |  |
| NL0000009827 | Koninklijke DSM NV | EUR | 0 | 12,000 |  |  |
| GB00B03MLX29 Austria | Royal Dutch Shell Plc. -A- 1 | EUR | 6,500 | 45,500 |  |  |
| AT0000746409 | Verbund AG | EUR | 0 | 45,000 |  |  |
| AT0000937503 Russia | voestalpine AG | EUR | 0 | 21,000 |  |  |
| US55315J1025 | PJSC MMC Norilsk Nickel ADR | USD | 16,500 | 77,500 |  |  |

1 | Head office in the Netherlands, registered in the UK.
| ISIN | Securities |  | Purchases during the reporting period | Sales during the reporting period |
| --- | --- | --- | --- | --- |
| Sweden |  |  |  |  |
| SE0005999778 | Com Hem Holding AB (publ) | SEK | 0 | 70,000 |
| SE0000427361 | Nordea Bank Abp  1 | SEK | 0 | 125,000 |
| SE0000163594 | Securitas AB -B- | SEK | 0 | 72,000 |
| SE0005190238 Switzerland | Tele2 AB | SEK | 72,618 | 72,618 |
| CH0023405456 | Dufry AG | CHF | 2,300 | 11,000 |
| CH0002497458 Taiwan | SGS S.A. | CHF | 0 | 500 |
| TW0002330008 | Taiwan Semiconductor Manufacturing Co. Ltd. | TWD | 0 | 180,000 |
| United States of America |
| US0028241000 | Abbott Laboratories | USD | 0 | 23,000 |
| US1912161007 | Coca-Cola Co. | USD | 29,500 | 29,500 |
| US20825C1045 | ConocoPhillips | USD | 0 | 21,000 |
| US2810201077 | Edison International | USD | 0 | 19,000 |
| US2855121099 | Electronic Arts Inc. | USD | 2,500 | 12,500 |
| US3994731079 | Groupon Inc. | USD | 40,000 | 290,000 |
| US6311031081 | Nasdaq Inc. | USD | 13,000 | 13,000 |
| US6541061031 | NIKE Inc. | USD | 0 | 19,000 |
| US6936561009 | PVH Corporation | USD | 17,200 | 17,200 |
| US6936561009 United Kingdom | PVH Corporation | USD | 0 | 8,600 |
| GB0000536739 | Ashtead Group Plc. | GBP | 63,000 | 63,000 |
| GG00B4L84979 | Burford Capital Ltd. | GBP | 0 | 56,800 |
| GB00B1CRLC47 | Mondi Plc. | GBP | 16,000 | 64,000 |
| GB0007188757 | Rio Tinto Plc. | GBP | 0 | 24,200 |
| GB0004082847 | Standard Chartered Plc. | GBP | 37,000 | 160,000 |

Continued – Purchases and sales between 1 July 2018 and 31 December 2018

Translation (ENDE, 2018-12-31):
# 27
1 | NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2 | Hauptverwaltung in der Schweiz, registriert auf Jersey.
| Börsengehandelte Wertpapiere |  |  |  |  | 93.321.220,71 | 77,09 |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nicht notierte Wertpapiere |  |  |  |  |  |  |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |
| US87299ATP92 T-Mobile USA Inc. -Escrow Shares- USD | 500.000 | 0 | 500.000 | 0,0000 | 0,00 | 0,00 |
|  |  |  |  |  | 0,00 | 0,00 |  |
| Nicht notierte Wertpapiere |  |  |  |  | 0,00 | 0,00 | 28 |
| Aktien, Anrechte und Genussscheine |  |  |  |  | 93.321.220,71 | 77,09 |  |
| ANLEIHEN |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| XS1695284114 | 4,250 % | BayWa AG Fix-to-Float Perp. | 0 | 0 | 500.000 | 99,9330 | 499.665,00 | 0,41 |  |
| DE000A2GSCV5 | 3,250 % | DIC Asset AG v.17(2022) | 0 | 0 | 510.000 | 100,4000 | 512.040,00 | 0,42 |  |
| DE000A2AAPF1 | 2,750 % | thyssenkrupp AG Reg.S. v.16(2021) | 0 | 0 | 490.000 | 102,5380 | 502.436,20 | 0,41 |  |
|  |  |  |  |  |  |  | 1.514.141,20 | 1,24 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US532716AU19 | 5,625 % | L Brands Inc. v.12(2022) | 0 | 0 | 600.000 | 99,0000 | 519.412,38 | 0,43 |  |
| US912828UN88 | 2,000 % | Vereinigte Staaten von Amerika v.13(2023) | 700.000 | 0 | 700.000 | 97,6406 | 597.660,35 | 0,49 |  |
| US912828J272 | 2,000 % | Vereinigte Staaten von Amerika v.15(2025) | 800.000 | 0 | 800.000 | 96,1953 | 672.929,78 | 0,56 |  |
| US9128283W81 | 2,750 % | Vereinigte Staaten von Amerika v.18(2028) | 400.000 | 0 | 1.900.000 | 99,9219 | 1.660.122,10 | 1,37 |  |
|  |  |  |  |  |  |  | 3.450.124,61 | 2,85 |  |

Fortsetzung – Vermögensaufstellung zum 31. Dezember 2018
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV  1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Vereinigtes Königreich |
| GB0002374006 | Diageo Plc. | GBP | 41.000 | 4.000 | 37.000 | 27,8100 | 1.137.360,45 | 0,94 |
| GB0009252882 | GlaxoSmithKline Plc. | GBP | 15.800 | 8.300 | 71.000 | 14,9720 | 1.174.988,39 | 0,97 |
| GB0005405286 | HSBC Holdings Plc. | GBP | 38.000 | 10.000 | 160.000 | 6,4020 | 1.132.220,63 | 0,94 |
| VGG6564A1057 | Nomad Foods Ltd.  2 | USD | 18.300 | 7.600 | 73.700 | 16,5900 | 1.069.152,68 | 0,88 |
| GB00BH4HKS39 | Vodafone Group Plc. | GBP | 685.000 | 0 | 685.000 | 1,5286 | 1.157.390,30 | 0,96 |
|  |  |  |  |  |  |  | 5.671.112,45 | 4,69 |

Börsengehandelte Wertpapiere	4.964.265,81	4,09
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere
| EUR |  |
| --- | --- |
| DE000A2NBZG9 | 3,500 % | DIC Asset AG v.18(2023) | 550.000 | 0 | 550.000 | 100,9540 | 555.247,00 | 0,46 |
| XS1699848914 | 2,500 % | Dufry One BV Reg.S. v.17(2024) | 0 | 0 | 500.000 | 95,5000 | 477.500,00 | 0,39 |
| XS1821883102 | 3,625 % | Netflix Inc. Reg.S. v.17(2027) | 0 | 0 | 500.000 | 97,1740 | 485.870,00 | 0,40 |
|  |  |  |  |  |  |  | 1.518.617,00 | 1,25 |

Fortsetzung – Vermögensaufstellung zum 31. Dezember 2018
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV  1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD |  |  |  |  |  |  |  |
| US717081EM19 | 3,000 % Pfizer Inc. DL-Notes 2018(18/21) | 800.000 | 0 | 800.000 | 100,1610 | 700.671,56 | 0,58 |
| US87264AAJ43 | 6,500 % T-Mobile USA Inc. | 0 | 0 | 500.000 | 102,6135 | 448.642,44 | 0,37 |
|  | v.13(2024) |  |  |  |  |  |  |
|  | 1.149.314,00 | 0,95 |  |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 2.667.931,00 | 2,20 |  |  |
| Anleihen | 7.632.196,81 | 6,29 |  |  |
| Wertpapiervermögen | 100.953.417,52 | 83,38 |  |  |
| Bankguthaben – Kontokorrent  2 | 19.714.012,23 | 16,28 |  |  |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | 419.819,91 | 0,34 |  |  |
| Netto-Teilfondsvermögen in EUR | 121.087.249,66 | 100,00 |  |  |
|  |  |  |  | 29 |


## ZU- UND ABGÄNGE VOM 1. JULI 2018 BIS 31. DEZEMBER 2018
Während des Berichtszeitraumes getätigte Käufe und Verkäufe in Wertpapieren, Schuldscheindarlehen und Derivaten, einschließlich Änderungen ohne Geldbewegungen, soweit sie nicht in der Vermögensaufstellung genannt sind.
| ISIN | Wertpapiere | Zugänge | Abgänge |
| --- | --- | --- | --- |
|  |  | im Berichtszeitraum | im Berichtszeitraum |


## AKTIEN, ANRECHTE UND GENUSSSCHEINE
Börsengehandelte Wertpapiere
| China |  |
| --- | --- |
| CNE100000PP1 Deutschland | Xinjiang Goldwind Science & Technology Co. Ltd. | HKD | 480.000 | 1.200.000 |  |  |
| DE000BAY0017 | Bayer AG | EUR | 2.806 | 14.000 |  |  |
| DE000A0CAYB2 | Diebold Nixdorf AG | EUR | 0 | 11.500 |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 3.800 | 12.600 |  |  |
| DE0005664809 | Evotec AG | EUR | 0 | 69.000 |  |  |
| DE0005785802 | Fresenius Medical Care AG & Co. KGaA | EUR | 6.100 | 17.600 |  |  |
| DE000KSAG888 | K+S AG | EUR | 14.000 | 61.000 |  | 30 |
| DE000A2E4L75 | Linde AG – Zum Umtausch eingereichte Aktien – | EUR | 900 | 6.100 |  |  |
| DE000WAF3001 | Siltronic AG | EUR | 1.400 | 9.200 |  |  |
| DE000UNSE018 Finnland | Uniper SE | EUR | 16.000 | 56.000 |  |  |
| FI4000297767 Frankreich | Nordea Bank Abp | SEK | 125.000 | 125.000 |  |  |
| FR0000120859 Irland | Imerys S.A. | EUR | 3.600 | 16.600 |  |  |
| IE00B6330302 Italien | Ingersoll-Rand Plc. | USD | 2.300 | 16.300 |  |  |
| IT0001347308 Japan | Buzzi Unicem S.p.A. | EUR | 21.000 | 65.000 |  |  |
| JP3166000004 | Ebara Corporation | JPY | 13.800 | 43.800 |  |  |
| JP3402600005 | Sumitomo Metal Mining Co. Ltd. | JPY | 11.000 | 37.000 |  |  |
| JP3545240008 Niederlande | TechnoPro Holdings Inc. | JPY | 0 | 21.000 |  |  |
| NL0010273215 | ASML Holding NV | EUR | 1.200 | 7.500 |  |  |
| NL0000009827 | Koninklijke DSM NV | EUR | 0 | 12.000 |  |  |
| GB00B03MLX29 Österreich | Royal Dutch Shell Plc. -A- 1 | EUR | 6.500 | 45.500 |  |  |
| AT0000746409 | Verbund AG | EUR | 0 | 45.000 |  |  |
| AT0000937503 Russland | voestalpine AG | EUR | 0 | 21.000 |  |  |
| US55315J1025 | PJSC MMC Norilsk Nickel ADR | USD | 16.500 | 77.500 |  |  |

1 | Hauptverwaltung in den Niederlanden, registriert im Vereinigten Königreich.
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum |
| --- | --- | --- | --- | --- |
| Schweden |  |  |  |  |
| SE0005999778 | Com Hem Holding AB (publ) | SEK | 0 | 70.000 |
| SE0000427361 | Nordea Bank Abp  1 | SEK | 0 | 125.000 |
| SE0000163594 | Securitas AB -B- | SEK | 0 | 72.000 |
| SE0005190238 | Tele2 AB | SEK | 72.618 | 72.618 |
| Schweiz |  |  |  |  |
| CH0023405456 | Dufry AG | CHF | 2.300 | 11.000 |
| CH0002497458 | SGS S.A. | CHF | 0 | 500 |
| Taiwan |  |  |  |  |
| TW0002330008 | Taiwan Semiconductor Manufacturing Co. Ltd. | TWD | 0 | 180.000 |
| Vereinigte Staaten von Amerika |
| US0028241000 | Abbott Laboratories | USD | 0 | 23.000 |
| US1912161007 | Coca-Cola Co. | USD | 29.500 | 29.500 |
| US20825C1045 | ConocoPhillips | USD | 0 | 21.000 |
| US2810201077 | Edison International | USD | 0 | 19.000 |
| US2855121099 | Electronic Arts Inc. | USD | 2.500 | 12.500 |
| US3994731079 | Groupon Inc. | USD | 40.000 | 290.000 |
| US6311031081 | Nasdaq Inc. | USD | 13.000 | 13.000 |
| US6541061031 | NIKE Inc. | USD | 0 | 19.000 |
| US6936561009 | PVH Corporation | USD | 17.200 | 17.200 |
| US6936561009 | PVH Corporation | USD | 0 | 8.600 |
| Vereinigtes Königreich |
| GB0000536739 | Ashtead Group Plc. | GBP | 63.000 | 63.000 |
| GG00B4L84979 | Burford Capital Ltd. | GBP | 0 | 56.800 |
| GB00B1CRLC47 | Mondi Plc. | GBP | 16.000 | 64.000 |
| GB0007188757 | Rio Tinto Plc. | GBP | 0 | 24.200 |
| GB0004082847 | Standard Chartered Plc. | GBP | 37.000 | 160.000 |
| Nicht notierte Wertpapiere |  |  |  |
| Deutschland |  |  |  |
| DE000A2LQ7R9 Dte. Wohnen SE BZR 09.07.18 | EUR | 0 | 27.500 |
| ANLEIHEN Börsengehandelte Wertpapiere |  |  |  |
| EUR |  |  |  |  |
| DE000A1RE1Q3 | 5,625 % | Allianz SE FRN v.12(2042) | 0 | 400.000 |
| DE000A11QR65 | 3,000 % | Bayer AG Reg.S. EMTN Fix-to-Float v.14(2075) | 0 | 500.000 |
| XS0997941355 | 4,125 % | K+S AG Reg.S. v.13(2021) | 0 | 500.000 |

Fortsetzung – Zu- und Abgänge vom 1. Juli 2018 bis 31. Dezember 2018