COMGEST GROWTH plc
(An open ended investment company with variable capital structured as an umbrella fund with segregated liability between Funds
incorporated with limited liability in Ireland)
(Registration Number 323577)
Annual Report and Audited
Financial Statements
for the financial year ended
31 December 2015
COMGEST GROWTH plc
CONTENTS
General Information
4
Directors’ Report
6
Report of the Custodian to the Shareholders
14
Investment Manager’s Report
COMGEST GROWTH WORLD
COMGEST GROWTH EAFE PLUS
COMGEST GROWTH AMERICA
COMGEST GROWTH JAPAN
COMGEST GROWTH EMERGING MARKETS
COMGEST GROWTH EMERGING MARKETS FLEX
COMGEST GROWTH GEM PROMISING COMPANIES
COMGEST GROWTH EUROPE
COMGEST GROWTH EUROPE S
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES
COMGEST GROWTH MID-CAPS EUROPE
COMGEST GROWTH EUROPE EX SWITZERLAND
COMGEST GROWTH EUROPE EX UK
COMGEST GROWTH ASIA
COMGEST GROWTH ASIA PAC EX JAPAN
COMGEST GROWTH GREATER CHINA
COMGEST GROWTH INDIA
COMGEST GROWTH LATIN AMERICA
15
17
19
21
23
25
27
29
31
33
35
37
39
41
43
45
47
49
Independent Auditor’s Report
51
Statement of Financial Position
52
Statement of Comprehensive Income
71
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
91
Statement of Cash Flows
111
Notes to the Financial Statements
131
Schedule of Investments
COMGEST GROWTH WORLD
COMGEST GROWTH EAFE PLUS
COMGEST GROWTH AMERICA
COMGEST GROWTH JAPAN
COMGEST GROWTH EMERGING MARKETS
COMGEST GROWTH EMERGING MARKETS FLEX
COMGEST GROWTH GEM PROMISING COMPANIES
COMGEST GROWTH EUROPE
COMGEST GROWTH EUROPE S
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES
COMGEST GROWTH MID-CAPS EUROPE
COMGEST GROWTH EUROPE EX SWITZERLAND
COMGEST GROWTH EUROPE EX UK
COMGEST GROWTH ASIA
COMGEST GROWTH ASIA PAC EX JAPAN
COMGEST GROWTH GREATER CHINA
COMGEST GROWTH INDIA
COMGEST GROWTH LATIN AMERICA
200
205
210
213
216
222
228
234
239
243
248
252
256
260
265
270
274
276
2
COMGEST GROWTH plc
CONTENTS (continued)
Significant Portfolio Changes
COMGEST GROWTH WORLD
COMGEST GROWTH EAFE PLUS
COMGEST GROWTH AMERICA
COMGEST GROWTH JAPAN
COMGEST GROWTH EMERGING MARKETS
COMGEST GROWTH EMERGING MARKETS FLEX
COMGEST GROWTH GEM PROMISING COMPANIES
COMGEST GROWTH EUROPE
COMGEST GROWTH EUROPE S
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES
COMGEST GROWTH MID-CAPS EUROPE
COMGEST GROWTH EUROPE EX SWITZERLAND
COMGEST GROWTH EUROPE EX UK
COMGEST GROWTH ASIA
COMGEST GROWTH ASIA PAC EX JAPAN
COMGEST GROWTH GREATER CHINA
COMGEST GROWTH INDIA
COMGEST GROWTH LATIN AMERICA
Appendix 1 Additional Provisions for Investors in Switzerland (unaudited)
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
Appendix 2
Total Expense Ratios
299
Turnover Ratios
301
Fund Performance Data
302
Appendix 3 Cybersecurity Risk
304
3
COMGEST GROWTH plc
GENERAL INFORMATION
Registered Office
th
6 Floor
2 Grand Canal Square
Dublin 2
Ireland
Investment Manager
Directors
Jean-Christophe Dousset (French)**
Daniel Morrissey (Irish)
Jan-Peter Dolff (German)
Philippe Lebeau (French)
Arnaud Cosserat (French)
David Raper (New Zealander)
Bronwyn Wright (Irish)*
Comgest Asset Management International Limited
46 St. Stephen’s Green
Dublin 2
Ireland
* Independent Director
** Resigned on 10 November 2014
Sub Investment Manager (for Comgest Growth
Emerging Markets Flex)
Secretary
Quantam S.A.
7 Place d’Iéna
75116 Paris
France
Wilton Secretarial Limited
th
6 Floor
2 Grand Canal Square
Dublin 2
Ireland
Administrator, Registrar and Transfer Agent
Bankers
RBC Investor Services Ireland Limited
th
4 Floor
One George’s Quay Plaza
George’s Quay
Dublin 2
Ireland
Bank of Ireland Global Markets
Colvill House
Talbot Street
Dublin 1
Ireland
Legal Advisors
William Fry
2 Grand Canal Square
Dublin 2
Ireland
Sponsoring Broker
J & E Davy
Davy House
49 Dawson Street
Dublin 2
Ireland
All Directors are non-executive
RBC Investor Services Bank S.A. Dublin Branch
th
4 Floor
One George’s Quay Plaza
George’s Quay
Dublin 2
Ireland
KBC Bank N.V., Dublin Branch
KBC House
4 George’s Dock
Dublin 1
Ireland
Custodian
KBC Bank Ireland, Dublin Branch
Sandwith Street
Dublin 2
Ireland
RBC Investor Services Bank S.A. Dublin Branch
th
4 Floor
One George’s Quay Plaza
George’s Quay
Dublin 2
Ireland
BNP Paribas Dublin Branch
5 George’s Dock
IFSC
Dublin 1
Ireland
Independent Auditors
Broker (for Comgest Growth Emerging Markets Flex)
Deloitte
Deloitte and Touche House
Chartered Accountants and Statutory Audit Firm
29 Earlsfort Terrace
Dublin 2
Newedge UK Financial Limited
10 Bishops Square
London E1 6EG
United Kingdom
4
COMGEST GROWTH plc
GENERAL INFORMATION (continued)
Representative in Switzerland
BNP Paribas Securities Services, Paris
Succursale de Zurich
Selnaustrasse 16
8002 Zurich
Switzerland
Paying Agent in Switzerland
BNP Paribas Securities Services, Paris
Succursale de Zurich
Selnaustrasse 16
8002 Zurich
Switzerland
5
COMGEST GROWTH plc
DIRECTORS’ REPORT
For the financial year ended 31 December 2015
The Directors present their report for the financial year ended 31 December 2015.
Statement of Directors’ Responsibilities in respect of the Financial Statements
The directors’ are responsible for preparing the directors’ report and the financial statements in accordance with the
Companies Act 2014 and the applicable regulations.
Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the
directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union (“relevant financial reporting framework”).
Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true
and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the
profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.
In preparing those financial statements, the directors are required to:
•
select suitable accounting policies and then apply them consistently;
•
make judgements and estimates that are reasonable and prudent;
•
state whether the financial statements have been prepared in accordance with the applicable accounting
standards, identify those standards, and note the effect and the reasons for any material departure from those
standards; and
•
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records
which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial
position and profit or loss of the Company to be determined with reasonable accuracy and that the financial statements
and directors’ report comply with the Companies Act 2014 and with the European Communities (Undertakings for
Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act
2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (the “Central
Bank UCITS Regulations”) and the Listing Rules of the Irish Stock Exchange and enable the financial statements to be
audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
The financial statements are prepared on a going concern basis.
Date of Incorporation
The Company was incorporated on 23 March 2000 and was authorised by the Central Bank of Ireland and commenced
business on 2 May 2000. The Company is organised as an investment company with variable capital and segregated
liability between sub-funds pursuant to the UCITS Regulations.
Principal Activities
The Company’s principal activity is the collective investment of capital raised from the public in transferable securities.
The Company is an umbrella type collective investment vehicle.
As at 31 December 2015 the following share classes in the following respective sub-funds were offered for investment:
Sub-Fund Name
Base Currency
Comgest Growth World
US Dollars
Comgest Growth World Developed
Markets*****
Comgest Growth EAFE Plus
US Dollars
US Dollars
Comgest Growth America
US Dollars
Comgest Growth Japan
Japanese Yen
Share Classes
US Dollar Class / EUR R Acc Class / EUR I Acc Class /
GBP I Acc Class*****
EUR I Acc Class***** / USD I Acc Class*****
USD I Acc Class
US Dollar Class / USD I Acc Class / EUR R Acc Class
/ EUR I H Acc Class*****
Yen Class / Yen I Acc Class / EUR I Acc Class***** /
EUR R Dis Class*****
6
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Principal Activities (continued)
Sub-Fund Name
Base Currency
Comgest Growth Emerging Markets
US Dollars
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising
Companies
Euro
Euro
Comgest Growth Europe
Euro
Comgest Growth Europe S
Comgest Growth Greater Europe
Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Euro
Euro
Euro
Swiss Franc
Comgest Growth Europe ex UK
British Pound
Comgest Growth Asia
Comgest Growth Asia ex Japan*****
US Dollars
US Dollars
Comgest Growth Asia Pac ex Japan
US Dollars
Comgest Growth Greater China
Euro
Comgest Growth India
US Dollars
Comgest Growth Latin America
Euro
Share Classes
US Dollar Class / US Dollar Distributing Class /
Euro Distributing Class / USD I Acc Class / EUR I
Acc Class / EUR I Dis Class / GBP I Acc Class /
EUR R Acc Class / EUR Z Acc Class
EUR I Acc Class / EUR R Acc Class
Euro Class / Euro Distributing Class / USD I Acc
Class / EUR I Acc Class / EUR R Acc Class
Euro Class / Euro Distributing Class / EUR I Acc
Class / EUR I Dis Class / EUR R Acc Class / EUR Z
Acc Class/ USD I Acc Class
Euro Class / US Dollar Class
Euro Class / Euro Distributing Class* / EUR R Acc
Class / EUR I Acc Class
Euro Class / EUR I Acc Class
CHF I Acc Class / CHF Z Acc Class
GBP I H Acc Class / GBP I Acc Class***** / GBP Z
Acc Class*****
Euro I Acc Class** / US Dollar Class***
EUR I Acc Class***** / USD I Acc Class*****
US Dollar Class / US Dollar Distributing Class/ USD
I Acc Class / EUR I Acc Class**** / EUR R Acc
Class***** / Euro Distributing Class***** / GBP I Acc
Class*****
Euro Class / US Dollar Class / EUR I Acc Class /
USD I Acc Class*****
US Dollar Class / EUR I Acc Class / EUR R Acc
Class
Euro Class / US Dollar Class / USD I Acc Class /
EUR R Acc Class
* Launched on 27 October 2015.
** Launched on 8 June 2015.
*** Launched on 4 June 2015 as a result of a merger with Comgest Asia.
**** Launched on 4 August 2015.
***** Not launched as at 31 December 2015.
Results
The financial position and results for the year are set out on pages 52 to 130. Dividends for Fiscal Year 2014 were paid in
April 2015 in respect of Comgest Growth Emerging Markets (US Dollar Distributing Class and Euro Distributing Class),
Comgest Growth Asia Pac ex Japan (US Dollar Distributing Class) and Comgest Growth GEM Promising Companies
(Euro Distributing Class) (see note 12).
Key Performance Indicators
The total Net Asset Value of the Company increased from €5,963,465,631 to €7,068,731,017 during the financial year.
With the exception of Comgest Growth EAFE Plus, Comgest Growth Emerging Markets, Comgest Growth GEM
Promising Companies, Comgest Growth Asia Pac ex Japan, Comgest Growth India and Comgest Growth Latin America
the Net Asset Value per share of all funds and share classes increased during the financial year. The Directors believe
that these are key indicators of the performance of the Company. A detailed review of the business and future
developments is included in the Investment Manager’s Reports from page 15 to 50.
Directors
The names of the persons who were Directors at any time during the financial year are set out on page 4.
Secretary
Wilton Secretarial Limited served as secretary throughout the financial year.
7
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Directors’ and Secretary’s Interests
As at 31 December 2015 and 31 December 2014 (or later date of appointment), directors in office at the financial year
end or persons connected/related to them held the following number of shares in the Company:
31 December 2015 31 December 2014
Jean-Christophe Dousset*
Comgest Growth Japan
Comgest Growth GEM Promising Companies
Comgest Growth Europe
5,100.00
1,500.00
10,395.01
5,100.00
1,500.00
10,395.01
Arnaud Cosserat
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe Opportunities
Comgest Growth Mid-Caps Europe
64,900.00
15,000.00
75,000.00
85,000.00
64,900.00
15,000.00
75,000.00
85,000.00
Jan-Peter Dolff
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth Europe
Comgest Growth Greater Europe Opportunities
Comgest Growth Europe ex UK
Comgest Growth Asia Pac ex Japan
Comgest Growth India
26,000.00
26,470.46
10,305.63
1,000.00
1,189.07
17,489.72
5,000.00
19,244.48
7,601.93
26,000.00
26,470.46
10,305.63
1,000.00
1,189.07
17,489.72
5,000.00
19,244.48
7,601.93
Daniel Morrissey
Comgest Growth Europe
Comgest Growth Greater China
Comgest Growth India
2,319.11
588.35
1,434.31
-
* Resigned on 10 November 2014.
None of the other Directors, the secretary, or their families holds or held any interest in the shares of the Company. Mr.
Daniel Morrissey, Mr. Jan-Peter Dolff, Mr. Philippe Lebeau, Mr. Arnaud Cosserat and Mr. David Raper are Directors of
Comgest Asset Management International Limited, which is the Company’s Investment Manager. Mr. Daniel Morrissey is
also a Partner of William Fry, which is the Company’s legal advisor in respect of Irish Law.
As contemplated by the Corporate Governance Code issued by the Irish Funds Industry Association (see next page),
Letters of Appointment have been entered into between the Company and each of the Directors, all terminable on three
months notice.
Save as disclosed herein, neither the Directors, nor any connected person, the existence of which is known to or could
with reasonable diligence be ascertained by that Director, whether or not through another party, have any further interest
in the Shares of the Company, nor have they been granted any options in respect of the Shares of the Company.
Books of Account
To ensure that adequate accounting records are kept in accordance with Section 281 to 285 of the Companies Act 2014,
the Directors of the Company have employed a service organisation, RBC Investor Services Ireland Limited ("the
Administrator") which is regulated by and under the supervision of the Central Bank of Ireland. The books of account are
located at the offices of the Administrator as stated on page 4.
Significant events during the financial year
Significant events during the financial year are described in note 17 to the financial statements.
8
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Subsequent events after the financial year end
Significant events after the financial year end are described in note 18 to the financial statements.
Review of Development of the Business and Future Developments
A detailed review of the business and potential future development is included in the Investment Manager’s Reports, from
page 15 to page 50.
Risk Management Objectives and Policies
The Company seeks to provide investors with capital appreciation by investing in high quality long term growth
companies. Investment in the Company carries with it a degree of risk including, but not limited to, the risks referred to in
note 7 and appendix 3 of these financial statements. Shareholders should also refer to the Company’s Prospectus.
Independent Auditors
The auditors, Deloitte, Chartered Accountants and Statutory Audit Firm have signified their willingness to continue in
office in accordance with Section 383(2) of the Companies Act 2014.
Corporate Governance Statement
Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes
whose shares are admitted to trading on the Irish Stock Exchange, the Company is subject to corporate governance
practices imposed by:
•
The Irish Companies Act 2014 which is available for inspection at the registered office of the Company and may
also be obtained at www.irishstatutebook.ie.
•
The Articles of Association of the Company which are available for inspection at the registered office of the
th
Company at 6 Floor, 2 Grand Canal Square, Dublin 2, Ireland and at the Companies Registration Office in
Ireland.
•
The Central Bank of Ireland in the Central Bank UCITS Regulations which can be obtained from the Central Bank
of Ireland’s website at http://www.centralbank.ie/regulation/industry-sectors/funds/ucits/Pages/default.aspx and
are available for inspection at the registered office of the Company.
•
A corporate governance code (the IFIA Code) was issued by Irish Funds (formerly known as the Irish Funds
Industry Association) in December 2011 that may be adopted on a voluntary basis by Irish authorised collective
investment schemes effective January 1, 2012 with a twelve month transitional period. The IFIA Code may be
inspected on/obtained from www.irishfunds.ie. In December 2012, the Board adopted the IFIA Code having
regard for certain other key pillars of governance within the collective investment fund governance structure,
including:
•
the unique role of the Promoter of the collective investment fund (which is, or a related company of which is,
normally the investment manager of the collective investment fund), as recognised by the Central Bank of
Ireland, in supporting the corporate governance culture of the Company;
•
the uniqueness of the independent segregation of duties as between the Investment Manager, the
Administrator (with responsibility for the calculation of the net asset value, amongst other duties) and the
independent Custodian (with responsibility for safeguarding the assets of the Company and overseeing how
the Company is managed), such segregation of duties/functions being achieved through delegation of
respective responsibilities to and appointment of suitably qualified and also regulated third party entities who
are subject to regulatory supervision; and
•
the role of the Company’s investors/Shareholders in electing to have their money managed in accordance
with the investment objectives and policies of the Funds of the Company as set out in the relevant Funds
Details of the Prospectus of the Company.
9
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Corporate Governance Statement (continued)
The Company has no employees and the Directors are all non-executive. Consistent with the regulatory framework
applicable to self-managed investment fund companies, the Company operates under the delegated model whereby it
has delegated investment management, administration and distribution functions to third parties without abrogating the
Board’s overall responsibility. The Board has in place mechanisms for monitoring the exercise of such delegated
functions which are always subject to the supervision and direction of the Board. These delegations of functions and the
appointment of regulated third party entities are detailed in the Company’s Prospectus. In summary, they are:
1.
the Company has delegated the performance of the investment management functions in respect of the Company
and of its Funds to the Investment Manager as detailed in the Prospectus and listed in the directory to these
financial statements. The Investment Manager has direct responsibility for the decisions relating to the day to day
running of the Funds and it is accountable to the Board of the Company for the investment performance of the
Funds. The Investment Manager has internal controls and risk management processes in place aimed at ensuring
that applicable risks pertaining to its management of the Funds are identified, monitored and managed and
appropriate reporting is made to the Board on a regular basis. The Investment Manager is regulated by and under
the supervision of the Central Bank of Ireland;
2.
the Company has delegated its responsibility as Administrator, Registrar and Transfer Agent to RBC Investor
Services Ireland Limited (the “Administrator”) which entity has responsibility for the day to day administration of the
Company and the Funds including the calculation of the net asset values. The Administrator is regulated by and
under the supervision of the Central Bank of Ireland;
3.
the Company has delegated the distribution of the Funds of the Company to the Investment Manager.
The Company also has appointed RBC Investor Services Bank S.A. Dublin Branch (the “Custodian”) as independent
Custodian of its assets which entity has responsibility for the safekeeping of such assets in accordance with the UCITS
Regulations and exercising independent oversight over how the Company is managed (amongst other duties). The
Custodian is regulated by and under the supervision of the Central Bank of Ireland.
The Board receives reports on a regular (and at least quarterly) basis from each of its delegate service providers and the
Custodian which enables it to assess the performance of the delegate service providers and the Custodian (as the case
may be).
Financial Reporting Process - description of main features
The Board of Directors (the “Board'') has ultimate responsibility for overseeing the establishment and maintenance of
adequate internal control and risk management systems of the Company in relation to the financial process. The Board
has appointed the Administrator, RBC Investor Services Ireland Limited, to maintain the accounting records of the
Company independent of the Investment Manager and the Custodian. The Administrator is contractually obliged to
maintain proper books and records in compliance with local laws. To that end the Administrator performs regular
reconciliations of its records to those of the Custodian. The Administrator is also contractually obliged to design and
maintain control structures to manage the risks for internal control over financial reporting. These control structures
include appropriate division of responsibilities and specific control activities aimed at detecting or preventing the risk of
significant deficiencies in financial reporting for every significant account in the financial statements and the related notes
in the Company's annual report.
The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and
ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on
financial reporting. The Board’s appointment of the Administrator, is intended to manage rather than eliminate the risk of
failure to achieve the Company's financial reporting objectives and can only provide reasonable and not absolute
assurance against material misstatement or loss.
10
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Corporate Governance Statement (continued)
The Administrator is also contractually obliged to prepare, for review and approval by the Board, the annual and half
yearly financial statements. The annual financial statements are required to be audited by independent auditors who
report annually to the Board their findings. As part of its review procedures, the Board receives presentations from
relevant parties including consideration of International Financial Reporting Standards (IFRSs) and changes in
accounting rules to ensure that these changes are accurately reflected in the Company's financial statements. The Board
also receives presentations and reports on the audit process.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Board also
assesses and evaluates the Administrator's financial accounting and reporting routines and further assesses and
evaluates the external auditors' performance, qualifications and independence.
The annual financial statements of the Company are required to be filed with the Central Bank of Ireland and the Irish
Stock Exchange.
Composition of the Board of Directors
With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association (the
“Articles”) and the Irish Statute comprising the Companies Act 2014 as applicable to investment funds. The Articles
themselves may be amended by special resolution of the Shareholders. The Articles do not provide for retirement of
Directors by rotation. However, the Directors may be removed by the Shareholders by ordinary resolution in accordance
the procedures established under the Irish Companies Act 2014. A Director may also be removed upon notice from the
Company in accordance with the Letter of Appointment between him/her and the Company.
The Board is responsible for managing the business affairs of the Company in accordance with the Articles . There are
currently six Directors (refer to page 4 for details), all of whom are non-executive. Arnaud Cosserat, Jan-Peter Dolff,
Philippe Lebeau and David Raper are full time executives of the Comgest Group and each of them, together with Daniel
Morrissey, are directors of the Investment Manager. Bronwyn Wright is an independent director. All related party
transactions during the financial year are detailed in the notes to these Financial Statements.
The Board meets at least quarterly. There are no permanent sub-committees of the Board.
Capital structure
No person has any special rights of control over the Company's share capital. There are no restrictions on voting rights
on any of the existing share classes.
Under the Articles, the Directors are given authority to effect the issue of Participating Shares and have absolute
discretion to accept or reject in whole or in part any application for Participating Shares without providing a reason for
their decision. The Directors have power to impose such restrictions as they think necessary to ensure that no
Participating Shares are acquired by any person which might result in the legal and beneficial ownership of Participating
Shares by persons who are not qualified holders or expose the Company to adverse tax or regulatory consequences.
Participating Shares are (save as hereinafter specified) freely transferable and may be transferred by instrument in writing
in a form approved by the Directors provided always that the transferee completes an application form to the satisfaction
of the Administrator and furnishes the Administrator with any documents required by the Administrator. In addition, the
Directors may decline to register any transfer of a share where they are aware or believe that such transfer would or
might result in the beneficial ownership of such share by a person who is not a qualified holder or expose the Company or
the Shareholders as a whole to adverse tax or regulatory consequences or where the transfer would result in either the
transferor or transferee holding shares with a value of less than the minimum holding.
11
COMGEST GROWTH plc
DIRECTORS’ REPORT (continued)
For the financial year ended 31 December 2015
Corporate Governance Statement (continued)
Shareholder meetings
The Annual General Meeting of the Company will usually be held in Ireland, normally during the month of June or such
other date as the Directors may determine. Notice convening the Annual General Meeting in each year at which the
audited financial statements of the Company will be presented (together with the Directors' and Auditors' Reports of the
Company) will be sent to Shareholders at their registered addresses not less than 21 clear days before the date fixed for
the meeting. Other extraordinary general meetings may be convened from time to time by the Directors in such manner
as provided by Irish law. All business shall be deemed special that is transacted at an extraordinary general meeting as
also will all business that is transacted at an Annual General Meeting with the exception of the consideration of the
accounts and the Statement of Financial Position and the reports of the Directors and Auditors, the election of Directors
and Auditors in the place of those retiring and the appointment and the fixing of the remuneration of the Auditors.
At any general meeting, a resolution put to vote of the meeting shall be decided on a show of hands unless before, or on
the declaration of the result of the show of hands, a poll is duly demanded. A poll may be demanded by (a) the Chairman
of the meeting (b) by at least five Members present having the right to vote at the meeting or (c) by any Member or
Members present representing not less than one-tenth of the total voting rights of all the Members having the right to vote
at the meeting. Unless a poll is so demanded, a declaration by the Chairman that a resolution has been carried, or carried
unanimously, or by a particular majority, or lost, or not carried by a particular majority and an entry to that effect in the
minutes of the meeting shall be conclusive evidence of the fact without proof of the number or proportion of the votes
recorded in favour of or against such resolution.
Votes of Members may be given either personally or by proxy. Every Member entitled to attend and vote at a general
meeting may appoint a proxy to attend, speak and vote on their behalf. Where there is an equality of votes the Chairman
of the meeting at which the vote takes place shall be entitled to a casting vote in addition to any other vote he/ she may
have.
Connected Parties
In accordance with the Central Bank’s UCITS Regulations, any transaction carried out with the Company by its promoter,
manager, custodian, investment adviser and/or associated or group companies of these entities (“connected parties”)
must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the Shareholders.
In addition to those transactions, there are also transactions carried out by connected parties on behalf of the Company
to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its
delegates that the connected parties carrying out those transactions do carry them out on a similar basis.
Shareholders should have regard to the governance structure of the Company as more particularly described in the
Corporate Governance Statement section of this Directors Report and the roles and responsibilities of the Company’s
respective delegates subject to the overall supervision of the Board.
Further, Shareholders should refer to the Prospectus which identifies many of the connected party transactions and the
general nature of the contractual arrangements with the principal connected parties but it is not exhaustive of all
connected party transactions.
Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest.
Therefore, having regard to confirmations from the Company’s management and its relevant delegates, the Board of
Directors of the Company is satisfied that (i) there are arrangements (as evidenced by written procedures documented by
the Investment Manager) in place to ensure that the obligations described above are applied to all transactions with
connected parties; and (ii) transactions with connected parties entered into during the financial year complied with these
obligations, as attested by the Investment Manager through regular updates to the Directors. The Board of Directors is
not aware of any transactions with connected parties during the financial year ended 31 December 2015, other than
those disclosed through these financial statements.
12
COMGEST GROWTH plc
COMGEST GROWTH WORLD
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH WORLD
MSCI All Country World - Net Return*
COMGEST GROWTH WORLD EUR I ACC
COMGEST GROWTH WORLD EUR R ACC
MSCI All Country World - Net Return*
* used for comparative purposes only
Currency
USD
EUR
Performance
2015
1.40
-2.36
13.54
12.45
8.76
Commentary
The equity markets have proved to be extremely volatile this year. During the first half of the year, the markets were
driven by hopes of a return to growth in Europe, a sharp improvement on the jobs front in the US and abundant liquidity in
Japan and Europe. The summer marked the end of this mild euphoria, featuring a crash on the Chinese market. The
second half of the year thus saw the markets’ advance gradually tail off against a backdrop of a strengthening Dollar that
dampened American corporate results, weaker-than-expected growth indicators, especially in China, interest rate hikes in
the US and a cut in global earnings growth forecasts, down from almost 10% to 1.5%.
The year also featured a very significant performance gap between the various geographic regions. The Japanese
market, up 11.7% in USD, was driven by 13% growth in corporate earnings, an expansion of the Japanese central bank’s
balance sheet as well as a clear change of behaviour on the part of Japanese corporates. Conversely, emerging markets
(-14.9%) were adversely impacted by the decline in raw materials prices, the Dollar’s strength and, above all, a 3.8%
contraction in earnings in China and 8% in Brazil. While European markets had been boosted by the Euro’s weakness
and the prospect of an accommodating ECB monetary policy, corporate results were disappointing, with earnings growth
of only 2.3% in Europe. In the end, European markets fell 2.8% while the American market grew by 0.8% in USD. In local
currency terms, the market was hit by a virtual contraction in earnings (+0.1%), American companies suffering due to
wage increases, the rising cost of bank lending, the Dollar’s strength and the decline in the price of oil affecting the shale
gas sector.
Portfolio positioning / company news
The portfolio’s geographic allocation proved to be positive over the year due to our significant exposure to Japanese
stocks (26% of the portfolio on average). Our selected stocks significantly outperformed the benchmark index in all
regions except Europe.
In the American segment of the portfolio, the fund outperformed the S&P 500, notably thanks to Alphabet (+46.6%) and
MedTronic (+8.6%). Alphabet (parent company Google), benefited from an acceleration in its growth: its revenue
increased by 21% at constant exchange rates during the last quarter, with revenue growth of 19% in the US and 18% in
the UK, despite the supposed maturity of these markets, and 23% in the rest of the world. YouTube now represents
almost 20% of the group’s revenue and, along with mobile, constitutes a genuine growth driver. Medtronic, world leader in
pacemakers, reported organic revenue growth of 6.1% and confirmed that this growth rate should be sustainable in the
second half of the year. Emerging countries, which represent 12% of the group’s revenue, grew by 11% while new
product launches saw the group’s sales of heartbeat management devices (35% of sales) grow by 8%.
Turning to emerging equities, our stock selection also worked in our favour. Two stocks in particular stood out: Infosys
(+8.8%) and Kweichow Moutai (+25.4%). Infosys, a world leader in the outsourcing of IT services, reported 10% growth in
profit thanks to new contracts won that boosted its sales by 6%. But above all, the group managed its cost base much
better by significantly improving its staff utilisation rate to 81.3% while at the same time substantially enhancing its staff
retention compared with the past under the influence of the group’s new management. Kweichow Moutai, a leader in
high-end spirits in China with a market share of 54%, benefited from 9% sales growth in the first half thanks to price
increases and the acquisition of market share in high-end spirits.
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COMGEST GROWTH plc
Lastly, as regards Japanese equities, our stocks managed to outperform the Topix index, mainly thanks to East Japan
Railway (+26.6%) and Keyence (+24.5%). East Japan Railway, Japan’s largest railway operator, enjoyed 14% profit
growth, driven by a new Shinkansen line serving the North East of Japan, a sharp increase in the number of tourists to
Japan as well as the improvement in the economic climate, which boosted rentals of office premises owned by the group
near railway stations. Keyence, world leader in sensors that enable manufacturing companies to increase their
productivity, benefited from the improvement in the health of Japanese industrial companies as well as substantial
international market share gains. Its profits grew by 19% in the last quarter.
Portfolio changes
We added six stocks during the year: Amadeus, world leader in the management of sales of travel services; Becton
Dickinson, world leader in syringes and catheters; Don Quijote, the leading discount distributor in Japan; Kweichow
Moutai; Nidec, world leader in small brushless motors and Obic, the main supplier of management software to SMEs in
Japan.
Several stocks were sold out of the portfolio: Baidu and Iliad for valuation reasons, while Capita, Gail, MediaTek and Tyco
were sold due to their growth prospects having become less visible or weaker than in the past.
Outlook
After global stock markets mounted a strong rally of more than 145% in USD from their low point in 2009, the
environment now appears more complex. Corporate earnings have increased only very marginally (+1% in 2012, +7% in
2013, +8% in 2014 and +1.5% in 2015) and the global stock markets seem to have got ahead of the economic cycle.
Moreover, we are now seeing a contraction of global liquidity due to interest rate hikes in the US as well as the Dollar’s
rise. Lastly, at 26.4x average earnings for the last 10 years, the American market is well above its long-term average and
now stands at a higher valuation level than that of 2007.
Nevertheless, it is important to remember that the initial stages of bear markets have always been characterised by a
decline in corporate earnings, an inversion of the yield curve, an economic recession in the US and widespread euphoria
among investors. Today, none of these signals is showing red.
The bull market that began in 2009 therefore seems to be approaching a mature phase and the trend could be interrupted
in 2016.
We believe that our portfolio is well positioned for this environment. Our companies are of a very high quality with an
average operating margin of 23.5% compared with 11% for the benchmark and a net debt to equity ratio of just 6%
compared with 48% for index companies. They should thus be well protected in the event of any changes in interest rates
or lending conditions. Moreover, our companies managed to grow their earnings by 8% in 2012, 12% in 2013 and 2014,
and 11% in 2015 and we therefore expect them to shine once again in 2016 with strong double-digit growth.
16
COMGEST GROWTH plc
COMGEST GROWTH EAFE PLUS
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EAFE Plus
MSCI EAFE + Emerging Markets - Net Return*
* used for comparative purposes only
Currency
USD
Performance
2015
-0.15
-4.18
Commentary
The equity markets have proved to be extremely volatile this year. During the first half of the year, the markets were
driven by hopes of a return to growth in Europe, a sharp improvement on the jobs front in the US and abundant liquidity in
Japan and Europe. The summer marked the end of this mild euphoria, with a crash on the Chinese market. The second
half of the year thus saw the markets’ advance gradually tail off against a backdrop of a strengthening Dollar that
dampened American corporate results, weaker-than-expected growth indicators, especially in China, interest rate hikes in
the US and a cut in global earnings growth forecasts, down from almost 10% to 1.5%.
The year also featured a very significant performance gap between the various geographic regions. The Japanese
market, up 11.7% in USD, was driven by 13% growth in corporate earnings, an expansion of the Japanese central bank’s
balance sheet, as well as a clear change of behaviour on the part of Japanese corporates. Conversely, emerging markets
(-14.9%) were adversely impacted by the decline in raw materials prices, the Dollar’s strength and, above all, a
contraction in earnings of 3.8% in China and 8% in Brazil. While European markets had been boosted by the Euro’s
weakness and the prospect of an accommodating ECB monetary policy, corporate results were disappointing, with
earnings growth of only 2.3% in Europe. In the end, European markets fell 2.8%.
Portfolio positioning / company news
The portfolio’s geographic allocation proved to be positive over the year due to our significant exposure to Japanese
stocks (37% of the portfolio on average). Our selected stocks significantly outperformed the reference index in all regions
except Europe.
Turning to emerging equities, our stock selection worked in our favour. Two stocks in particular stood out: Infosys (+8.8%)
and Kweichow Moutai (+25.4%). Infosys, a world leader in the outsourcing of IT services, reported 10% growth in profit
thanks to new contracts won that boosted sales by 6%. But above all, the group managed its cost base much better by
significantly improving its staff utilisation rate to 81.3% while at the same time substantially enhancing its staff retention
compared with the past thanks to the influence of the group’s new management. Kweichow Moutai, a leader in high-end
spirits in China with a market share of 54%, benefited from 9% sales growth in the first half thanks to price increases and
the acquisition of market share in high-end spirits.
Our Japanese stocks managed to outperform the Topix index with East Japan Railway (+26.6%) and Keyence (+24.5%)
contributing strongly to fund performance. East Japan Railway, Japan’s largest railway operator, enjoyed 14% profit
growth, driven by a new Shinkansen line serving the North East of Japan, a sharp increase in the number of tourists
visiting Japan, as well as an improvement in the economic climate which boosted rentals of office premises owned by the
group near railway stations. Keyence, world leader in sensors that enable manufacturing companies to increase their
productivity, benefited from the improvement in the health of Japanese industrial companies as well as substantial
international market share gains. Its profits grew by 19% in the last quarter.
Portfolio changes
We added six stocks during the year: Bharti Airtel, India’s largest mobile telephone operator; ARM, a world leader in the
design and patenting of microprocessors; Don Quijote, the leading discount distributor in Japan; Kweichow Moutai; Nidec,
world leader in small brushless motors and Obic, the main supplier of management software to SMEs in Japan.
Several stocks were sold out of the portfolio: Baidu and Iliad for valuation reasons, while Capita, Gail and MediaTek were
sold due to their growth prospects having become less visible or weaker than in the past.
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COMGEST GROWTH plc
Outlook
After global stock markets mounted a strong rally of more than 145% in USD from their low point in 2009, the
environment now appears more complex. Corporate earnings have increased only very marginally (+1% in 2012, +7% in
2013, +8% in 2014 and +1.5% in 2015) and the global stock markets seem to have got ahead of the economic cycle.
Moreover, we are now seeing a contraction of global liquidity due to interest rate hikes in the US as well as the Dollar’s
rise. Lastly, at 26.4x average earnings for the last 10 years, the American market is well above its long-term average and
now stands at a higher valuation level than that of 2007.
Nevertheless, it is important to remember that the initial stages of bear markets have always been characterised by a
decline in corporate earnings, an inversion of the yield curve, an economic recession in the US and widespread euphoria
among investors. Today, none of these signals is showing red.
The bull market that began in 2009 therefore seems to be approaching a mature phase and the trend could be interrupted
in 2016.
We believe that our portfolio is well positioned for this environment. Our companies are of a very high quality with high
average operating margins and low net debt to equity ratios compared to the index. Our selected stocks should thus be
well protected in the event of any changes in interest rates or lending conditions. Moreover, our companies managed to
grow their earnings steadily since fund launch and we therefore expect them to shine once again in 2016 with strong
double-digit growth.
18
COMGEST GROWTH plc
COMGEST GROWTH AMERICA
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH AMERICA Cap USD
COMGEST GROWTH AMERICA USD I ACC
S&P 500 - Net Return*
COMGEST GROWTH AMERICA EUR R ACC
S&P 500 - Net Return*
* used for comparative purposes only
Currency
USD
EUR
Performance
2015
0.69
1.42
0.75
11.63
12.22
Commentary
Despite all the ink spilled about a Fed lift-off, the rise of the Dollar hurting exports, a Chinese slowdown stunting global
growth, the imploding energy sector, the troubled high-yield debt market, and soft industrial data, the US market ended
the year with a small positive return in US Dollar terms. The first half of the year saw the S&P 500 trade in a tight range,
while a late summer swoon over global growth fears led to a more volatile second half. A market rebound and then a very
well telegraphed quarter-point increase in interest rates by the Fed – the first such bump since 2006 – eased the market
into the end of the year within shouting distance of previous highs.
The seeming calm at the market level belied performance divergence at the constituent level. As the year drew to a close,
only about a quarter of S&P 500 companies were within 5% of their 52-week highs, while the market overall was within
400 bps of its 2015 high water mark. The bridge between the performance data at the individual and aggregate level is
that larger capitalisation stocks were the big winners of the year: while the S&P 500 net total return index was up 0.75%
in USD for the year, the same basket of stocks, equal weighted, dropped -2.78%.
An area of strength for the US economy, and for many American companies, has been the improving health of the
consumer. The unemployment rate is now down to 5%, a level last seen in early 2008, and long-term unemployment is at
cycle lows. There are more jobs waiting to be filled now than at any point since the BLS started tracking data in 2000.
Average hourly earnings in the third and fourth quarters grew at their fastest rate since the Great Recession. The
consumer is clearly on the upswing.
Portfolio positioning/company news
2015 was a year of wide performance divergence, and the Comgest Growth America portfolio was no exception. At the
top of the fund’s contributors list was Amazon.com, the second-best performing stock in the S&P 500 with a 118% return
for the year. Investors were cheered by incremental disclosures indicating the profitability of its Amazon Web Services
business, showing it is reaching scale and is no longer a drag on the overall enterprise. Retail giant Costco was a solid
contributor, as comparable sales continue to outpace overall retail spending, indicating that the company continues its
long-term share gain path. Biotech company and long-term holding BioMarin performed very well during the period that
we owned it; we sold when its valuation reached a level we thought unjustified, which was shortly before the big biotech
correction in the late summer. Large-cap tech companies Alphabet (Google) and Microsoft rounded out the top five best
performers of the year, as both had been believed to be “old tech” casualties with business models that were no longer
relevant in a social- and cloud-dominated world. 2015 proved otherwise for these two stalwarts.
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COMGEST GROWTH plc
On the negative side of the ledger, there were several stocks for which we wish we could have do-overs. Kansas City
Southern, the major Mexican and Midwest North-South rail carrier, suffered from a double whammy of poor service and
lousy volumes in some of its key categories, such as coal and industrial products. It was clearly a victim of the on-going
industrial recession driven by the weak oil price and strong Dollar. Energy equipment maker and services provider
National Oilwell Varco swooned along with the rest of the sector, its massive market share no help in staving off the
effects of a dearth of new orders. Wal-Mart, historically the steadiest of steady companies, is trying to adjust to the new
physical and e-commerce retail environment and is finding it difficult to do so. Service levels need to improve, which will
impact margins for a long and difficult-to-forecast period while its smaller formats are promising but too small to have a
meaningful impact. The stock continued to slide after we exited the position. Finally, Qualcomm’s share price sunk as the
company became mired in difficulties collecting royalties in China, had regulators in several countries take it to court over
allegedly abuse pricing practices, and saw key customers drop Qualcomm’s chips due to performance concerns. On the
other hand, there is evidence that Qualcomm’s outlook may be brightening as we shift into 2016.
We made no major shifts in strategy during the year. As is typical for Comgest portfolios, we are slow to get into stocks
since we intend to hold them for the long term, and generally prefer an error of omission due to our lengthy process over
an error of commission due to hasty or sloppy work.
Portfolio changes
The portfolio ended the year with 35 holdings (counting both share classes of Alphabet – Google – as one position)
compared to 32 names to start the year. We initiated nine new positions and sold out of six, leading to name turnover of
around 25%. Among the new names were well known companies like Apple and 3M, as well as off-the-radar companies
like Tyler Technologies. Other additions included Eli Lilly, Equinix, and Intuit. Names no longer in the fund included
spectacular performer BioMarin, which had been in the portfolio since 2009 and was a six-bagger in the time we owned it.
Other sells included disappointers MSC Industrial, Tyco, and Wal-Mart, which proved to have narrower moats, less strong
competitive positions, and worse organic growth outlooks than we had originally believed.
Outlook
This past year was nearly a lost year for US stock performance and US companies’ earnings growth, two facts we think
were related. Particularly relevant for companies in our investment universe, a sharp foreign exchange headwind weighed
heavily on many corporate bottom lines. While that may not reverse and become a tailwind, we believe it likely that
exchange rates have probably seen the largest part of their readjustment, and the impact to US companies going forward
should be more muted. This is good news for multinationals like Johnson & Johnson, Microsoft, and Omnicom, which
should be able to get back to posting good earnings growth in 2016. The disadvantage our portfolio faced on a relative
basis by owning these high quality, but internationally exposed, companies will probably lessen in 2016.
While S&P 500 overall valuation does not appear to be overly cheap, we certainly disagree with those who argue that it is
in bubble territory. That said, given that earnings multiples are in the range of historical averages, banking on a
substantial market revaluation seems unlikely, especially now with the Fed ready to slowly but steadily increase rates in
the months to come, a move that we think the market has spent the past few years already starting to discount. We
expect the most likely course of events as we look forward to the New Year is for stock market appreciation to be roughly
in line with earnings growth, currently forecast to be 7% for the market as a whole and 8% for the Comgest Growth
America portfolio. For that growth premium, as well as what we think is also an advantage in visibility and durability of
competitive advantage, the Comgest Growth America portfolio currently trades at 21x next 12 months’ earnings versus
the market at 16x.
20
COMGEST GROWTH plc
COMGEST GROWTH JAPAN
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH JAPAN
COMGEST GROWTH JAPAN I ACC
TOPIX - Net Return*
* used for comparative purposes only
Currency
JPY
Performance
2015
19.90
20.81
12.06
Commentary
th
The latest (8 December) Cabinet Office release showed Japan GDP up 0.3% on a quarterly basis, with capital
expenditure offsetting continued weakness in private consumption. This reading, though meagre, surpassed expectations
and saved Japan’s economy from a technical recession.
Our own contact with capital expenditure-geared companies – such as our holdings Fanuc, Keyence and Amada –
supports the view that Japanese capital expenditure is in a long-term upswing. This trend can be disguised by the fact
that the government has introduced subsidies, for example for emission-reducing equipment, on firms whose machinery
tool demand has temporarily dipped. Overall though, domestic equipment has not been upgraded comprehensively since
2007, and, with the weak Yen stimulating the repatriation of industry, an upgrade is now underway which may last several
quarters.
Your fund outperformed its reference index in 2015.
2015 has been treated by consensus as fairly disappointing for ‘Abenomics’, as last year’s consumption tax hike
continues to depress domestic consumption. On the other hand, the labour market reform, Trans-Pacific Partnership free
trade agreement, corporate tax reform and the listing of Japan’s largest bank through Japan Post Holdings, should have
long-term effects on the Japanese economy which cannot be measured in a few quarters.
The strong inflows to Japan equity funds which continued this year perhaps attest investors’ relative satisfaction with the
country’s overall direction.
Portfolio positioning / company news
We added Olympus, ABC-Mart, Pigeon, Asahi Intecc and Relo Holdings to the portfolio, amongst others.
Olympus’ global franchise in diagnostic endoscopy seems to be unchallenged by Hoya Pentax and Fujinon, and if
anything, the franchise is growing even stronger and more lucrative since Olympus focused its marketing efforts on longterm lease contracts with guaranteed service elements. Our investment thesis was supported by Olympus’ move to
surgical endoscopy, exemplified by its product offering ‘Thunderbeat’ which has received high praise for its manipulatory
and optical properties. The radical reform of the Board after the firm’s accounting scandal has been analysed by our ESG
team and seems to us an affirmation of Olympus’ refocus on its core strength.
ABC Mart is Japan’s largest shoe retailer, benefiting recently from ‘inbound’ tourism, but even on a longer perspective
significantly ahead of its nearest peer Chiyoda in terms of return on capital, margin, store strategy and inventory control.
Pigeon is Japan’s overwhelmingly leading maker of baby bottles, whose growth is now led by its share gain in China
where it has developed its presence over many years through relations with prestigious hospitals’ maternity units. Just
recently, Pigeon’s China business has come under some pressure from parallel imports from Japan, where pricing is
lower, but having spoken to the company in detail in recent weeks we are persuaded that this problem is not insoluble.
Asahi Intecc is the world’s leading maker of coronary guidewires, especially for Coronary Total Occlusion procedures. Its
recent figures have exceeded its own guidance as adoption of its new products has proceeded quickly.
Relo manages apartment blocks and corporate housing (a more common perk in Japan than in the West because of tax
provisions), and has grown through acquiring smaller operations, turning these around and reaping the recurrent
revenue.
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COMGEST GROWTH plc
We exited Rinnai. Rinnai’s tankless water heater technology was appealing to us, as was its overseas potential especially
in China where gas infrastructure is being developed and where Rinnai remains in an oligopolistic position. The Japan
market had for some time been a problem for Rinnai as weak demand exacerbated pricing pressure which was exerted
by smaller players trying to work off inventory. The Japan situation was beginning to improve but we saw more
opportunities elsewhere.
Portfolio changes
We have not changed our policy of holding 3-4% positions in stocks where our conviction is highest, and have added to,
or reduced, positions in response to market movements, with such weightings in mind. A recent example is medical
services optimiser M3, whose share price performance pushed its weight slightly above our guidelines, so we reduced
our holding in December.
On the other hand, we recently increased our weight in Pigeon when its share price seemed excessively impacted by
changes in its China dealership structure and by one weak quarter which the company had already telegraphed to the
stock market.
Outlook
The end of the zero interest-rate environment in the United States, and the build-up to Japan’s second consumption tax
hike planned for April 2017, are two obvious structural dynamics to watch in the year ahead.
The last consumption tax hike spurred cram demand in consumption and housing, but it is possible that this hike will have
less effect since it is smaller and consumers are more adjusted.
A further crucial dimension of the coming months will be the behaviour of foreign visitors. 18 million tourists visited Japan
in the year through November, compared to 12.2 million through November 2014. ‘Inbound’ tourism demand has
represented a swing factor of 1% or more for the same-store monthly data of some of our companies during 2015. While
demand remains strong, especially from other Asian countries, measures such as the liberalisation of accommodation
rules will be welcome to sustain the positive momentum.
We remain on the watch for megatrends such as the rationalisation of mature domestic industries, the ageing society,
medical spending and the digitisation of the economy. Many of our portfolio holdings benefit from such themes.
Our investment style involves holding large positions in companies whose franchises, barriers to entry, strategy, growth
and valuations are appealing to us. Macroeconomic tendencies, stock market rotation and trends, as well as short-term
developments are not our main focus, instead our long-term performance has been supported by large and long-held
positions in several key stocks. We continue to think that this is the way to invest in Japan.
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COMGEST GROWTH plc
COMGEST GROWTH EMERGING MARKETS
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EMERGING MARKETS Cap USD
COMGEST GROWTH EMERGING MARKETS Dis USD
COMGEST GROWTH EMERGING MARKETS USD I ACC
MSCI Emerging Markets - Net Return*
COMGEST GROWTH EMERGING MARKETS Dis EUR
COMGEST GROWTH EMERGING MARKETS EUR I ACC
COMGEST GROWTH EMERGING MARKETS EUR I DIS
COMGEST GROWTH EMERGING MARKETS EUR R ACC
COMGEST GROWTH EMERGING MARKETS EUR Z ACC
MSCI Emerging Markets - Net Return*
COMGEST GROWTH EMERGING MARKETS GBP I ACC
MSCI Emerging Markets - Net Return*
* used for comparative purposes only
Currency
USD
EUR
GBP
Performance
2015
-10.81
-10.81
-10.36
-14.92
-0.67
-0.18
-0.17
-1.13
-0.29
-5.23
-5.20
-9.99
Commentary
Although the world economy grew modestly in 2015, the divergences between regions have been noticeable. The
inefficiency of central bank policies, a lack of reforms, weak commodities and decelerating global trade are among the
factors to blame. Latin America and EMEA were the hardest hit, while Asia held up better thanks to improving terms of
trade and a relatively dynamic Chinese service sector.
A common point for most markets has been weak earnings growth. Profits of companies in the emerging world have been
affected by very soft economic growth resulting from declining consumer purchasing power (caused by plunging
currencies and falling real wages), as well as negative operating leverage following years of blind capacity expansion.
Asian earnings outperformed other regions’ profits.
2015 was a year of foreign exchange shocks. The de-pegging of the Swiss Franc, devaluation of the Renminbi, drop of
the Euro and big falls in numerous emerging market currencies have all had a meaningful impact on sentiment and
corporate earnings. Still, the carnage may have been even greater if certain local central banks had not decided to hike
interest rates (Colombia, Brazil, South Africa).
Commodities continued their slide as supply remained in excess of demand. The tough conditions partially explain Latin
America’s weak performance. However, the fall in raw material prices is not bad news for everybody, with lower input
costs benefitting Asian economies.
Your fund performed solidly in relative terms. It benefited from high exposure to China, an overweight in India, a zero
weight in materials and a relatively low exposure to energy and financials. The underweight in Korea and overweight in
Brazil were the two largest allocation weaknesses of the year.
Portfolio positioning / company news
Although our 2015 performance was satisfactory, the fund’s earnings growth was negatively impacted by a few
companies suffering from extreme translation effects. Russian firms Magnit (retail), Mail.ru (internet) and Yandex
(internet), as well as Empresas Copec (industry) in Chile, were the main victims on this account. MTN (mobile
communications) in South Africa was hit by a very large and out-of-the-blue regulatory fine. Against a weak economy,
CCR (highways) and Localiza (car rental) suffered from higher rates in Brazil as their business models are somewhat
capital intensive. Although these names negatively contributed to our 2015 earnings growth, we are not particularly
worried about their business models and growth prospects.
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COMGEST GROWTH plc
Bharat Heavy (BHEL), a producer of power generation equipment, is suffering from considerable inertia during the time
lag between order in-take and revenue recognition which tends to be significant. It is also a cyclical business as
infrastructure investments in a country such as India depend on fiscal health, the regulatory environment and foreign
investment. These conditions were only positively realigned when Modi’s election in May 2014 made “electricity for all” a
priority. BHEL is the primary beneficiary of this renewed and clearly positive initiative and although orders are already
coming in, revenues and profits are yet to materialise thus disappointing certain investors in the short term.
Exposure to China is at its highest level ever, reflecting our ability to find good ideas. The quality of Chinese corporates is
improving while growth, although lower than in the past, is still there to drive the topline. Chinese earnings could be in a
sweet spot over the coming years.
NetEase (gaming) has surpassed our most optimistic expectations as the company very successfully moved into the
mobile gaming space where it secured several “blockbusters”. We anticipated some success in this area due to its long
track-record in the industry, but not to such an extent and not so quickly. Its shares rerated meaningfully over the last two
years and we benefited handsomely. Yet, at just 17x 2016F earnings, the stock does not look overvalued.
Kweichow Moutai (spirits) is progressively regaining its shine in the new “corruption free” China. Despite its strong pricing
power and high profitability, Moutai is one of the least expensive consumer brands in the emerging markets and globally,
trading at an undemanding 13x 2016 earnings which reflects neither its quality or growth prospects.
Portfolio changes
In 2015, we initiated three new Chinese A-share investments. SAIC is China’s largest passenger car maker representing
the VW and GM brands. Its scale, technology, market share and brands combined with still low penetration of cars make
the company an attractive long-term investment. We also bought smaller positions in Weifu (auto parts) and Yili (dairy
products), which we will elaborate on in future reports.
MediaTek (wireless chip designer) in Taiwan was sold as the moat of the company was weaker than initially understood.
JBS (meat processing) was sold after good performance. In Brazil, we also reduced WEG (industry, motors) on
valuations but increased CCR (highway operator) to benefit from its stock price weakness.
Outlook
Investors have fallen out of love with emerging markets, as shown by record outflows in 2015 (circa $72bn). Developing
economies are structurally cyclical and prone to boom and bust; today we seem closer to the latter and in this context
markets are rational. However, it is important to bear in mind that these nations, ambitious for higher living standards,
offer a significant long-term growth opportunity which is harder to find in the developed world. After five consecutive years
of economic slowdown, currency devaluations and disappointing equity returns, emerging markets are approaching a
bottom, the exact timing of which is of course unknown. Investors are thus encouraged to hold on to their positions and
for those under- or unexposed, now would be a good moment to gradually initiate an investment.
In the context of an overleveraged world and rising stress in corporate bonds, emerging market debt has been
remarkably (too) resilient. The global hunt for yield is to blame for this dangerous complacency. Emerging banks are also
vulnerable: they typically exhibited aggressive pro-cyclical behaviour during economic booms, which has resulted in
overextended loan-to-deposit ratios and low provisions at the peak. As liquidity dries up, these dynamics reverse. The
current situation is not different and thus a rise in non-performing loans is on the cards.
It is difficult to make any kind of prognosis for the year ahead as far as emerging market returns are concerned.
Valuations may not have bottomed and earnings remain weak but on the other hand investors are underexposed and
pessimistic. In this context, your portfolio is solidly positioned. Its earnings are expected to grow 11% in 2016. Several
large holdings are significantly undervalued in our view, while newcomers should progressively contribute to the fund’s
earnings growth and performance.
24
COMGEST GROWTH plc
COMGEST GROWTH EMERGING MARKETS FLEX
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EMERGING MARKETS FLEX EUR I ACC
COMGEST GROWTH EMERGING MARKETS FLEX RETAIL
MSCI Emerging Markets (60%) + Cash (40%) - Net Return*
* used for comparative purposes only
Currency
EUR
Performance
2015
1.01
0.27
-3.65
Commentary
Although the world economy grew modestly in 2015, the divergences between regions have been noticeable. The
inefficiency of central bank policies, a lack of reforms, weak commodities and decelerating global trade are among the
factors to blame. Latin America and EMEA were the hardest hit, while Asia held up better thanks to improving terms of
trade and a relatively dynamic Chinese service sector.
Profits of companies in the emerging world have been affected by very soft economic growth resulting from declining
consumer purchasing power, as well as negative operating leverage following years of blind capacity expansion. Asian
earnings outperformed other regions’ profits.
2015 was a year of foreign exchange shocks. The de-pegging of the Swiss Franc, devaluation of the Renminbi, drop of
the Euro and big falls in numerous emerging market currencies have all had a meaningful impact on sentiment and
corporate earnings. Still, the carnage may have been even greater if certain local central banks had not decided to hike
interest rates (Colombia, Brazil, South Africa).
Commodities continued their slide as supply remained in excess of demand. The tough conditions partially explain Latin
America’s weak performance. However, the fall in raw material prices is not bad news for everybody, with lower input
costs benefitting Asian economies.
The fund’s hedging programme fulfilled our volatility target during the market corrections witnessed throughout 2015.
Despite being fully exposed to emerging currencies (which are not directly hedged), the volatility of Comgest Growth
Emerging Markets Flex was significantly reduced by its short exposure to index futures. The fund’s hedging level
remained strong throughout the year (60 % on average) and frequently reached 100 % (this was the case during the
entire month of September). In 2015 the fund’s largest drawdown was 16.9% against 31.4% for the MSCI Emerging
Markets index (expressed in Euro).
Portfolio positioning / company news
Although our 2015 performance was satisfactory, the fund’s earnings growth was negatively impacted by a few
companies suffering from extreme translation effects. Russian firms Magnit (retail), Mail.ru (internet) and Yandex
(internet), as well as Empresas Copec (industry) in Chile, were the main victims on this account. MTN (mobile
communications) in South Africa was hit by a very large and out-of-the-blue regulatory fine. Against a weak economy,
CCR (highways) and Localiza (car rental) suffered from higher rates in Brazil as their business models are somewhat
capital intensive. Although these names negatively contributed to our 2015 earnings growth, we are not particularly
worried about their business models and growth prospects.
Bharat Heavy (BHEL), a producer of power generation equipment, is suffering from considerable inertia during the time
lag between order in-take and revenue recognition which tends to be significant. It is also a cyclical business as
infrastructure investments in a country such as India depend on fiscal health, the regulatory environment and foreign
investment. These conditions were only positively realigned when Modi’s election in May 2014 made “electricity for all” a
priority. BHEL is the primary beneficiary of this renewed and clearly positive initiative and although orders are already
coming in, revenues and profits are yet to materialise thus disappointing certain investors in the short term.
25
COMGEST GROWTH plc
Exposure to China is at its highest level ever, reflecting our ability to find good ideas. The quality of Chinese corporates is
improving while growth, although lower than in the past, is still there to drive the topline. Chinese earnings could be in a
sweet spot over the coming years.
NetEase (gaming) has surpassed our most optimistic expectations as the company very successfully moved into the
mobile gaming space where it secured several “blockbusters”. We anticipated some success in this area due to its long
track-record in the industry, but not to such an extent and not so quickly. Its shares rerated meaningfully over the last two
years and we benefited handsomely. Yet, at just 17x 2016F earnings, the stock does not look overvalued.
Kweichow Moutai (spirits) is progressively regaining its shine in the new “corruption free” China. Despite its strong pricing
power and high profitability, Moutai is one of the least expensive consumer brands in the emerging markets and globally,
trading at an undemanding 13x 2016 earnings which reflects neither its quality or growth prospects.
Portfolio changes
In 2015, we initiated three new Chinese A-share investments. SAIC is China’s largest passenger car maker representing
the VW and GM brands. Its scale, technology, market share and brands combined with still low penetration of cars make
the company an attractive long-term investment. We also bought smaller positions in Weifu (auto parts) and Yili (dairy
products), which we will elaborate on in future reports.
MediaTek (wireless chip designer) in Taiwan was sold as the moat of the company was weaker than initially understood.
JBS (meat processing) was sold after good performance. In Brazil, we also reduced WEG (industry, motors) on
valuations but increased CCR (highway operator) to benefit from its stock price weakness.
Outlook
Investors have fallen out of love with emerging markets, as shown by record outflows in 2015. However, it is important to
bear in mind that these nations, ambitious for higher living standards, offer a significant long-term growth opportunity
which is harder to find in the developed world. After five consecutive years of economic slowdown, currency devaluations
and disappointing equity returns, emerging markets are approaching a bottom, the exact timing of which is of course
unknown. Investors are thus encouraged to hold on to their positions and for those under- or unexposed, now would be a
good moment to gradually initiate an investment.
In the context of an overleveraged world and rising stress in corporate bonds, emerging market debt has been
remarkably (too) resilient. The global hunt for yield is to blame for this dangerous complacency. Emerging banks are also
vulnerable: they typically exhibited aggressive pro-cyclical behaviour during economic booms, which has resulted in
overextended loan-to-deposit ratios and low provisions at the peak. As liquidity dries up, these dynamics reverse. The
current situation is not different and thus a rise in non-performing loans is on the cards.
It is difficult to make any kind of prognosis for the year ahead as far as emerging market returns are concerned.
Valuations may not have bottomed and earnings remain weak but on the other hand investors are underexposed and
pessimistic. In this context, your portfolio is solidly positioned. Its earnings are expected to grow 11% in 2016. Several
large holdings are significantly undervalued in our view, while newcomers should progressively contribute to the fund’s
earnings growth and performance.
Market volatility remained high in January 2016 and the fund’s hedging level rapidly reached 100%. We maintain the
same strategy of proportionally hedging the fund according to emerging market volatility.
26
COMGEST GROWTH plc
COMGEST GROWTH GEM PROMISING COMPANIES
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH GEM PROMISING COMPANIES Cap
COMGEST GROWTH GEM PROMISING COMPANIES Dis
COMGEST GROWTH GEM PROMISING COMPANIES EUR I ACC
COMGEST GROWTH GEM PROMISING COMPANIES EUR R ACC
MSCI Emerging Markets - Net Return*
COMGEST GROWTH GEM PROMISING COMPANIES USD I ACC
MSCI Emerging Markets - Net Return*
* used for comparative purposes only
Currency
EUR
USD
Performance
2015
1.66
1.45
2.09
1.09
-5.23
-7.32
-14.92
Commentary
The equity markets were extremely volatile over the twelve months under review. The performance of the emerging
markets was again disappointing, with weak earnings growth being a major concern.
2015 was a year of foreign exchange shocks; the de-pegging of the Swiss Franc, devaluation of the Renminbi, drop of
the Euro and significant declines in numerous emerging market currencies. Commodities continued their slide. In terms of
geographies, Asia held up better than Latin America and EMEA thanks to improving terms of trade and a relatively
dynamic Chinese services sector.
China was one of the most volatile markets in Asia, although share price volatility in 2015 was not reflective of operational
volatility but rather the Chinese retail investor driving the domestic stock markets.
For the third consecutive year, 2015 was one of negative returns in Latin America with the main disappointment coming
from Brazil. The country is paying for past policy mistakes and has seen its economy plagued by inflation and slip into
deep recession. The depreciation of the Real, explained by weaker terms of trade and twin deficits, forced the central
bank to raise rates, adding further pain to an already weakened economy.
Russia’s improved performance in 2015 was mostly driven by better relations with the West at the end of the year.
However, the macro situation in the country remains challenging. South Africa experienced a tough year, as a fragile local
economy, weak currency and heightened political risks have pushed consumer confidence levels to a 10-year low.
Although the MSCI Frontier Emerging Markets index declined 9.0% in Euro terms in 2015, the fund’s frontier exposure –
while limited – helped fund performance with portfolio stocks Vinamilk (Vietnam dairy producer) and Safaricom (Kenyan
telecom firm) contributing positively.
Fund outperformance over the period was driven by good stock selection, our overweight position in Asia and the fund’s
low (or absent) exposure to sectors such as energy, materials and financials.
Portfolio positioning / company news
Asian stocks currently account for approximately 50% of the fund’s portfolio and were the main contributors to fund
performance over the period. Indian firms Bharti Infratel and Max India were among the top contributors. The former, the
largest tower operator in India, continues to expand its tower networks and see an improvement in margins. Data traffic
growth remains the main driver, as penetration of data services in India is still low, at c. 13%. Max India reported results
which exceeded expectations and announced its restructuring plan which will split the group into three listed entities: life
insurance; healthcare (hospitals) and allied businesses. The company expects premium growth of 15% in life insurance
and plans to double its total number of beds in India.
27
COMGEST GROWTH plc
Wuxi Pharma of China was another strong contributor to performance. The company is one of the leading research
outsourcing enterprises with a working relationship with almost all of the largest global pharmaceutical companies. Wuxi
delivered strong results and announced a strategic acquisition of a global leading genomic analysis group. Unexpectedly
however, Wuxi received a privatisation offer led by management and we sold our position at a good premium.
Asian holdings Vinamilk (Vietnam Dairy), Medy-Tox (South Korean Botox producer) and Major Cineplex (Cinema
operator in Thailand) also delivered pleasing earnings growth and were strong contributors to fund performance in 2015.
In EMEA, top performing companies included Luxoft, Mail.ru and Discovery. The latter – which we believe should still be
able to grow its earnings assisted by the strong operational performance experienced in its foreign operations – remains
one of the fund’s principal holdings. Russian offshore software developer Luxoft continues to acquire new clients and add
new services whilst Mail.ru, the leading online portal in Russia, launched three new massively multiplayer online (MMO)
games this year in both local and international markets. The integration of Vkontakte (the largest social network in
Russia) is on track and seeing strong revenue growth.
The performance of the portfolio’s Latin American stocks was hampered by general macro concerns. Brazilian stocks
particularly suffered, with Via Varejo, Brazil’s leading distributor of durable household goods and furniture, registering
declining sales in a context of a credit crunch and rising unemployment. Similarly, despite reporting excellent results
throughout 2015, Smiles suffered from concerns over the solvability of its parent company.
Portfolio changes
We identified several Asian companies at reasonable valuations. Shriram is the leader in the provision of financing to preowned commercial vehicle financing in India. Kerry Logistics, as a large player in Asian logistics, freight-forwarding and
warehousing, is a play on rising consumption in Asia. Yutong is the largest bus manufacturer in China whose growth is
driven by the development of electrical vehicles. Weifu, which has an exclusive partnership with Bosch in China, is a main
beneficiary of tougher emission standards on commercial vehicles. Sales included BIM, Coca-Cola Icecek and Medy-Tox,
all on the back of high valuations. Dufry and Eurocash were liquidated as a result of reduced visibility in future growth as
was Wuxi which was privatised.
Outlook
2016 will be most likely another challenging year for emerging markets. Investor scepticism towards emerging markets is
at a record high, which is generating large outflows from the asset class. It is of course well known that emerging
economies are structurally cyclical and there is a need for reforms. However, longer term, these nations offer better longterm opportunities than their developed counterparts in terms of growth. After five consecutive years of economic
slowdown, currency devaluations and disappointing equity returns, emerging markets are approaching a bottom, the
exact timing of which is of course unknown.
In the context of an overleveraged world and rising stress in corporate bonds, emerging market debt has been
remarkably (too) resilient. The global hunt for yield is to blame for this dangerous complacency. Emerging banks are also
vulnerable: they typically exhibited aggressive pro-cyclical behaviour during economic booms, which has resulted in
overextended loan-to-deposit ratios and low provisions at the peak. As liquidity dries up, these dynamics reverse. The
current situation is not different and thus a rise in non-performing loans is on the cards.
Comgest Growth GEM Promising Companies continues to focus on high growth profile companies with strong franchises,
able to generate free cash flow and internally finance their expansion plans. While it is rather impossible to avoid the
impact of a weak macroeconomic environment, we believe our holdings, which are at an early stage of development and
in some cases operating in niche sectors should perform relatively better than the market. The fund’s earnings are
expected to grow 11.9% in 2016 vs 7.6% for the MSCI Emerging Markets in Euro terms.
28
COMGEST GROWTH plc
COMGEST GROWTH EUROPE
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EUROPE Cap
COMGEST GROWTH EUROPE Dis
COMGEST GROWTH EUROPE EUR I ACC
COMGEST GROWTH EUROPE EUR I DIS
COMGEST GROWTH EUROPE EUR R ACC
COMGEST GROWTH EUROPE EUR Z ACC
MSCI Europe - Net Return*
COMGEST GROWTH EUROPE USD I ACC
MSCI Europe - Net Return*
* used for comparative purposes only
Currency
EUR
USD
Performance
2015
16.23
16.18
16.77
16.86
15.60
16.59
8.22
4.82
-2.84
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context corporate earnings, when released, are likely to show yet another year of low growth of around +2%
(consensus estimates). Adjusted for the weak Euro, we estimate that earnings for the MSCI Europe index have in fact
fallen, weighed down by the Energy and Materials sectors. Despite this, the index rose 8.2% in Euro terms (dividends
included) meaning that for the fourth year running the market rose in the absence of any meaningful growth. Your
portfolio, by contrast, significantly outperformed the index, registering a performance that was underpinned by solid low
double-digit earnings growth over the year. We remain convinced that the best long-term driver of performance is
sustainable, value creative growth, and all the more so in the current low-growth global environment.
Portfolio positioning / company news
In a low-growth European environment, the portfolio posted solid double-digit earnings growth, driven, as in most years,
by solid organic sales growth of close to 7%. This performance, in an environment of nil inflation in Europe, serves to
underscore the superior pricing power of many of the companies in the portfolio.
Top performers included Chr. Hansen, the Danish bioscience company which offers innovative solutions for Food &
Beverage, Novo Nordisk, the world leader in diabetes care, whose latest generation long-acting insulin Tresiba received
US FDA approval in autumn, and Inditex, the fashion retailer, which continued to post remarkably strong same-store
sales, validating its omni-channel approach at a time when many retailers are challenged by the shift to digital. Other
strong contributors include the world leader in 3D design software Dassault Systèmes, premium chocolate producer Lindt
& Sprüngli, Dutch brewer Heineken and Essilor, the world leader in ophthalmic optics, whose organic growth continued to
accelerate as the group enlarges its playing field, adding sunglasses and e-commerce to its historical prescription lens
business.
Performance detractors included Swedish radiation therapy equipment maker Elekta, which was sold out of the portfolio
over the course of the year; Gemalto, the digital security company, hurt by the loss of a mobile payment client in the US
but also by a sharp de-rating; and Zodiac, the aerospace equipment supplier, whose profits were considerably hurt by
operational issues in its Seats division. Linde and Richemont also contributed negatively to fund performance, partly
linked to the slowdown in China.
29
COMGEST GROWTH plc
Portfolio changes
In 2015, we added three stocks to the portfolio and exited three. A position was initiated in Assa Abloy, the global leader
of door-opening solutions, whose balanced growth model combines organic development and bolt-on acquisitions. The
fund also initiated a position in Hikma which develops, manufactures and markets generic pharmaceutical products
mainly in the MENA region and in the US. Hikma will soon further strengthen its US footprint through the pending
acquisition of Boehringer Ingelheim’s generics business. Lastly, a position was initiated in Criteo, the fast growing ad tech
company.
During the year, we liquidated our positions in Elekta, Intertek and Core Laboratories. We also tweaked the portfolio in
response to company-specific risk and valuation: while we found opportunities to add to Amadeus, Coloplast, SAP and
ARM Holdings, a number of other positions were trimmed, mainly for valuation reasons.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands (Hermès, Luxottica, L’Oréal), the superiority of their products (Novo
Nordisk, Roche, ARM, Dassault) or the strength of their business model (Inditex). With the help of our ESG team, we
seek companies with top quality management, first-class corporate governance and a highly motivated work force. We
strongly believe that through the cycle it is businesses exhibiting these characteristics, at the right price, that will win the
day.
After four years of share gains despite near nil earnings growth, the European market is looking expensive by historical
standards. Our portfolio premium has held broadly flat over this period, meaning the strong outperformance we have
experienced has been entirely driven by the superior earnings growth of the companies we hold. While remaining vigilant
and highly demanding, we are confident that your portfolio of companies will again be capable of delivering double-digit
earnings growth in 2016, supported by further strong organic growth, bolt-on acquisitions and margin leverage.
30
COMGEST GROWTH plc
COMGEST GROWTH EUROPE S
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EUROPE S EUR
S&P Europe 350 Shariah - Net Return*
COMGEST GROWTH EUROPE S USD
S&P Europe 350 Shariah - Net Return*
* used for comparative purposes only
Currency
EUR
USD
Performance
2015
15.71
9.67
3.86
-1.55
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context, 2015 corporate earnings, when released, are likely to show yet another year of low growth in Euro and a
decline in Dollars (consensus estimates). During the twelve months under review, the portfolio significantly outperformed
the index, registering a performance that was underpinned by solid profit growth. We remain convinced that the best longterm driver of performance is sustainable, value creative growth.
Portfolio positioning / company news
In a low-growth European environment, the portfolio posted solid double-digit earnings growth in Euro in 2015, driven, as
in most years, by solid organic sales growth of around 7%. This performance, in an environment of nil inflation in Europe,
serves to underscore the superior pricing power of many of the companies in the portfolio.
Top performers included Novo Nordisk, the world leader in diabetes care, whose latest generation long-acting insulin
Tresiba received US FDA approval in autumn; Sartorius Stedim, a leading supplier for the biopharmaceutical industry,
which reported another set of excellent figures for the first nine months of the year, benefitting from better market
dynamics and market share gains; and Inditex, the fashion retailer, which continued to post remarkably strong same-store
sales, validating its omni-channel approach at a time when many retailers are challenged by the shift to digital. Strong
contributions also came from Danish bioscience firm Chr. Hansen, which offers innovative solutions for Food & Beverage;
Dassault Systèmes, the world leader in 3D design software; and Essilor, the world leader in ophthalmic optics whose
organic growth continues to accelerate as the group enlarges its playing field, adding sunglasses and e-commerce to its
historical prescription lens business.
Performance detractors included aerospace equipment supplier Zodiac, whose profits were considerably hurt by
operational issues in its Seats division; Edenred, the global market leader for pre-paid employee and public benefits
products and services which was impacted by Brazil’s worsening economic environment; and digital security group
Gemalto which suffered from the loss of a mobile payment client in the US as well as a sharp de-rating. Richemont also
contributed negatively to fund performance, partly linked to the slowdown in China.
Portfolio changes
Over the year we added three stocks to the portfolio and exited four. A position was initiated in Assa Abloy, the global
leader of door-opening solutions, whose balanced growth model combines organic development and bolt-on acquisitions.
The fund also initiated a position in Criteo, the fast growing ad tech company, and added Sanofi in early 2015.
31
COMGEST GROWTH plc
We liquidated our holdings in Elekta, Intertek, Core Laboratories and Virbac. We also tweaked the portfolio in response to
company-specific risk and valuation: while we found opportunities to add to Amadeus, Coloplast, SAP and ARM
Holdings, a number of other positions were trimmed, mainly for valuation reasons.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands (Hermès, Luxottica, L’Oréal), the superiority of their products (Novo
Nordisk, Roche, ARM, Dassault Systèmes) or the strength of their business model (Inditex). With the help of our ESG
team, we seek companies with top quality management, first-class corporate governance and a highly motivated work
force. We strongly believe that through the cycle it is businesses exhibiting these characteristics, at the right price, that
will win the day.
After four years of share gains in local currency despite near almost nil earnings growth, the European market is looking
expensive by historical standards. The portfolio premium has held broadly flat over this period, meaning the experienced
outperformance has been entirely driven by the superior earnings growth of the companies we hold. While remaining
vigilant and highly demanding, we are confident that your portfolio of companies will again be capable of delivering
double-digit earnings growth in 2016, supported by further strong organic growth, bolt-on acquisitions and margin
leverage.
32
COMGEST GROWTH plc
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES EUR I ACC
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES EUR R ACC
MSCI Europe - Net Return*
COMGEST GROWTH GREATER EUROPE OPPORTUNITIES EUR R DIS¹
MSCI Europe - Net Return*
¹inception date 27/10/2015
* used for comparative purposes only
Currency
EUR
EUR
Performance
2015
25.01
25.67
24.38
8.22
3.21
-1.82
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context corporate earnings, when released, are likely to show yet another year of low growth of around +2%
(consensus estimates). Adjusted for the weak Euro, we estimate that earnings for the MSCI Europe index have in fact
fallen, weighed down by the Energy and Materials sectors. Despite this, the index rose 8.2% in Euro terms (dividends
included) meaning that for the fourth year running the market rose in the absence of any meaningful growth. Your
portfolio, by contrast, rose more than 24%, a performance that was underpinned by solid low double-digit earnings growth
over the year. We remain convinced that the best long-term driver of performance is sustainable, value creative growth,
and all the more so in the current low-growth global environment.
Portfolio positioning / company news
In a low-growth European environment, the portfolio posted solid double-digit earnings growth, driven, as in most years,
by solid organic sales growth. This performance, in an environment of little economic growth and nil inflation in Europe,
serves to underscore the dynamic business models and superior pricing power of many of the companies in the portfolio.
The top contributor to the fund’s performance was Sartorius Stedim, a leading supplier for the biopharmaceutical industry,
which reported another set of excellent figures for the first nine months of the year, benefitting from better market
dynamics and market share gains. Orders surged by 24.9% and sales grew 22.7% in constant currency, while earnings
jumped 65%. Management again raised its guidance for the full year: revenue is now expected to grow at around 20%
compared to 15% previously; margin guidance was also raised to 26% from 25.5% previously. Rightmove, the leading
residential UK property portal, also performed extremely well, benefitting from the market’s shift from traditional
advertising channels and from its strong market position. At Eurofins, the world-leading food, pharma and environmental
testing company, consistently strong organic growth and an acceleration in acquisitions should allow the group to achieve
more than EUR 2.2bn in revenues and close to EUR 400m of adjusted EBITDA on a pro-forma basis in 2015, implying
that Eurofins should be able to outperform its 2017 EUR 2bn revenue objective more than one year earlier than planned.
Organic growth at 6.5% for the first nine months of 2015 is above management’s average mid-term target of c.5% p.a.
The strong underlying growth supports Eurofins’ ambition to again double in size, to reach EUR 4bn in revenues by 2020.
Software companies SimCorp and Temenos were also strong contributors to performance, as new customer wins led to
strong growth in licence sales.
33
COMGEST GROWTH plc
Performance detractors included Swedish radiation therapy equipment maker Elekta, whose position was sold over the
course of the year; Gemalto, the digital security company, hurt by the loss of a mobile payment client in the US but also
by a sharp de-rating; and Opera Software, the Norwegian IT company which experienced an unexpected slowdown in its
mobile advertising activity due to stronger competition.
Portfolio changes
Over the year, among others, the fund initiated positions in ASML, the market leader in lithography equipment; Ryanair,
Europe’s leading low-cost airline with ambitious expansion plans; and Genmab, the Danish biopharmaceutical company
with an exciting research pipeline. We sold positions in Dufry, Elekta, Opera Software, Biotest and ElringKlinger. We also
tweaked the portfolio in response to company-specific risk and valuation: while we found opportunities to add to
Temenos, Hikma, ARM and Criteo, positions such as CTS Eventim and Rightmove were trimmed.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands, the superiority of their products or the strength of their business
model. With the help of our ESG team, we seek companies with top quality management, first-class corporate
governance and a highly motivated work force. We strongly believe that through the cycle it is businesses exhibiting
these characteristics, at the right price, that will win the day.
After four years of share price gains despite near nil earnings growth, the European market is no longer attractively
valued by historical standards. Even if current earnings growth expectations materialise, the current valuation is high
compared to this growth. Whilst the stocks held in the portfolio trade at a premium to the general market, this premium is
justified by the visibility of the portfolio companies’ business models and their strong earnings dynamics. Relative to the
expected earnings growth, the fund’s valuation remains very attractive. While remaining vigilant and highly demanding,
we are confident that your portfolio of companies will again be capable of delivering strong double-digit earnings growth in
2016, supported by further strong organic growth, bolt-on acquisitions and margin leverage.
34
COMGEST GROWTH plc
COMGEST GROWTH MID-CAPS EUROPE
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH MID-CAPS EUROPE
COMGEST GROWTH MID-CAPS EUROPE EUR I ACC
MSCI Europe Mid Cap - Net Return*
* used for comparative purposes only
Currency
EUR
Performance
2015
31.04
31.63
15.10
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context corporate earnings, when released, are likely to show yet another year of low growth of around +2%
(consensus estimates). Adjusted for the weak Euro, we estimate that earnings for the MSCI Europe index have in fact
fallen, weighed down by the Energy and Materials sectors. Despite this, the index rose 8.2% in Euro terms (dividends
included) meaning that for the fourth year running the market rose in the absence of any meaningful growth.
Mid-cap stocks, as measured by the MSCI Europe Mid Cap index, gained 15.1% in Euro terms, outperforming their largecap counterparts by 6.9% over the year.
Comgest Growth Mid-Caps Europe strongly outperformed the index, a performance that was underpinned by solid
double-digit earnings growth in the year. We remain convinced that the best long-term driver of performance is
sustainable, value creative growth, and all the more so in the current low-growth global environment.
Portfolio positioning / company news
The top contributor to the fund’s performance was Sartorius Stedim, a leading supplier for the biopharmaceutical industry,
which reported another set of excellent figures for the first nine months of the year, benefitting from better market
dynamics and market share gains. Orders surged by 24.9% and sales grew 22.7% in constant currency, while earnings
jumped 65%. Management again raised its guidance for the full year: revenue is now expected to grow at around 20%
compared to 15% previously; margin guidance was also raised to 26% from 25.5% previously.
Chr. Hansen continued its strong performance having reported 10% organic growth for FY15 compared to its 8-9% target.
Profit for the year rose 23%. The company seems set to continue delivering strong performance in the medium term and
the outlook for FY16 remains good with 8-10% organic growth guidance and EBIT margin above the 27.1% level reached
in FY15.
Eurofins, world leader in food, pharma and environmental testing, maintained strong momentum in terms of organic
growth, delivering 6.5% for the first nine months of 2015 which is above management’s average mid-term target of c.5%
p.a. Given the acceleration in growth in the third quarter, Eurofins raised its FY15 revenue guidance from EUR 1.8bn to
EUR 1.9bn. The strong underlying growth supports Eurofins’ ambition to again double in size, to reach EUR 4bn in
revenue by 2020.
Rightmove, the leading residential UK property portal, also performed extremely well, benefitting from the market’s shift
from traditional advertising channels and from its strong market position.
35
COMGEST GROWTH plc
Performance detractors included aerospace equipment supplier Zodiac, whose profits were considerably hurt by
operational issues in its Seats division, and Edenred, the global market leader for pre-paid employee and public benefits
products and services which was impacted by Brazil’s worsening economic environment.
Portfolio changes
Over the year, among others, the fund initiated positions in B&M, the dynamic UK discount retailer, SimCorp, the Danish
investment management solutions and services provider, Straumann, the Swiss dental implant company, Salvatore
Ferragamo, the Italian luxury goods firm, Just Eat, UK’s leading menu aggregator and Swiss banking software company
Temenos.
We liquidated our holdings in Coloplast, Luxottica, Lindt, Dufry, Iliad, Ipsos, Elekta and Core Laboratories.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands, the superiority of their products or the strength of their business
model. With the help of our ESG team, we seek companies with top quality management, first-class corporate
governance and a highly motivated work force. We strongly believe that through the cycle it is businesses exhibiting
these characteristics, at the right price, that will win the day.
While remaining vigilant and highly demanding, we are confident that your portfolio of companies will again be capable of
delivering double-digit earnings growth in 2016, supported by further strong organic growth, bolt-on acquisitions and
margin leverage.
36
COMGEST GROWTH plc
COMGEST GROWTH EUROPE EX SWITZERLAND
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EUROPE EX SWITZERLAND CHF I ACC
COMGEST GROWTH EUROPE EX SWITZERLAND CHF Z ACC
MSCI Europe Ex-Switzerland 100% hedged to CHF - Net Return*
* used for comparative purposes only
Currency
CHF
Performance
2015
14.84
14.70
3.57
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context corporate earnings, when released, are likely to show yet another year of low growth of around +2%
(consensus estimates) despite a tailwind from currencies. Adjusted for the latter, we estimate earnings for the MSCI
Europe Ex Switzerland index (100% hedged to CHF) have in fact fallen, weighed down by the Energy and Materials
sectors. Despite this, the fund’s reference index rose 3.6% in CHF (dividends included) meaning that for the fourth year
running the market rose in the absence of any meaningful growth. Your portfolio, by contrast, significantly outperformed
the index, registering a performance that was underpinned by solid low double-digit earnings growth over the year. We
remain convinced that the best long-term driver of performance is sustainable, value creative growth, and all the more so
in the current low-growth global environment.
Portfolio positioning / company news
In a low-growth European environment, the portfolio posted solid double-digit earnings growth, driven, as in most years,
by strong high single-digit organic sales growth. This performance, in an environment of nil inflation in Europe, serves to
underscore the superior pricing power of many of the companies in the portfolio.
The top contributor to the fund’s performance was Sartorius Stedim, a leading provider of laboratory and process
technologies and equipment. Rightmove, the leading residential UK property portal, proved its sceptics wrong by further
increasing it market share to above 80% with now 50% more properties advertised on its platform that that of its closest
competitor. Other strong contributors included fashion retailer Inditex, which continued to post remarkably strong samestore sales, validating its omni-channel approach at a time when many retailers are challenged by the shift to digital, and
food and pharma testing laboratory Eurofins, which after having achieved 2017 targets one
year in advance released a new set of five-year targets with a aim to double in size (to EUR 4bn by 2020).
Performance detractors included market research company Ipsos, whose position was sold during the course of the year,
and digital security company Gemalto, which was hurt by the loss of a mobile payment client in the US as well as a sharp
de-rating. Aerospace equipment supplier Zodiac saw its profits were hurt considerably by operational issues in its Seats
division, whilst Linde and L’Occitane also posted negative returns, partly linked to their exposure to emerging markets.
Portfolio changes
In 2015, we added three stocks to the portfolio. A position was initiated in Sartorius, which offers a variety of single-use
technology to meet the rapidly changing requirements of the biopharmaceutical industry. Asos, the fast growing online
fashion retailer, and Criteo the ad tech and re-targeting company that works with internet retailers to serve personalised
online display advertisements to consumers, were also added to the portfolio over the period.
Sales included Elekta, Intertek, Core Laboratories, Ipsos and Jeronimo Martins.
37
COMGEST GROWTH plc
We also tweaked the portfolio in response to company-specific risk and valuation: while we found opportunities to add to
Amadeus, Coloplast, SAP and ARM Holdings, we took profits in a number of other positions such as Luxottica and
Rightmove.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands (Asos, Luxottica, L’Occitane), the superiority of their products
(Novo Nordisk, ARM, Dassault) or the strength of their business model (Inditex, Rightmove). With the help of our ESG
team, we seek companies with top quality management, first-class corporate governance and a highly motivated work
force. We strongly believe that through the cycle it is businesses exhibiting these characteristics, at the right price, that
will win the day.
After four years of share gains despite near nil earnings growth, the European market is looking expensive by historical
standards. As for our portfolio, the strong outperformance that we have experienced has been entirely driven by the
superior earnings growth of the companies we hold. While remaining vigilant and highly demanding, we are confident that
your portfolio of companies will again be capable of delivering double-digit earnings growth in 2016, supported by further
strong organic growth, bolt-on acquisitions and margin leverage.
38
COMGEST GROWTH plc
COMGEST GROWTH EUROPE EX UK
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH EUROPE EX UK GBP I H ACC
MSCI Europe ex-UK 100% hedged to GBP - Net Return*
* used for comparative purposes only
Currency
GBP
Performance
2015
16.72
7.98
Commentary
2015 saw the oil price fall to levels not seen since the financial crisis, the Euro slip to a decade low against the Dollar and
the ECB embark on a major quantitative easing programme. The ingredients were in place for the long-awaited European
recovery and while it advanced, it was not the rebound some were hoping for. European GDP, when it is released, is
expected to have grown 1.9%, an improvement on the +0.9% posted in 2014, but still behind the US. More challenging
conditions in the emerging markets certainly weighed, particularly on export-heavy economies such as Germany.
Europe’s political landscape remains highly fragile. Between the migrant crisis, anti-austerity campaigns and the prospect
of Brexit, Europe’s voter base is polarising. This makes implementing the necessary structural economic reforms difficult
for the mainstream parties who are losing much of their voter base to protest parties.
In this context corporate earnings, when released, are likely to show yet another year of low growth of around +2%
(consensus estimates) despite a tailwind from currencies. Adjusted for the latter, we estimate that earnings for the MSCI
Europe ex UK index (100% to GBP) have in fact fallen, weighed down by the Energy and Materials sectors. Despite this,
the index rose 8.0% in GBP terms (dividends included) meaning that for the fourth year running the market rose in the
absence of any meaningful growth. Your portfolio, by contrast, significantly outperformed the index, registering a
performance that was underpinned by solid low double-digit earnings growth over the year. We remain convinced that the
best long-term driver of performance is sustainable, value creative growth, and all the more so in the current low-growth
global environment.
Portfolio positioning / company news
In a low-growth European environment, the portfolio posted solid double-digit earnings growth, driven, as in most years,
by solid organic sales growth of close to 7%. This performance, in an environment of nil inflation in Europe, serves to
underscore the superior pricing power of many of the companies in the portfolio.
The top contributor to performance was Sartorius Stedim, a leading supplier for the biopharmaceutical industry, which
reported another set of excellent figures for the first nine months of the year, benefitting from better market dynamics and
market share gains. Inditex, the fashion retailer, continued to post remarkably strong same-store sales, validating its
omni-channel approach at a time when many retailers are challenged by the shift to digital. Strong contributions also
came from Novo Nordisk, the world leader in diabetes care, whose latest generation long-acting insulin Tresiba received
US FDA approval in autumn; Chr. Hansen, the Danish bioscience company which offers innovative solutions for Food &
Beverage; and Essilor, the world leader in ophthalmic optics, whose organic growth continued to accelerate as the group
enlarges its playing field, adding sunglasses and e-commerce to its historical prescription lens business.
At Eurofins, the world-leading food, pharma and environmental testing company, consistently strong organic growth and
an acceleration in acquisitions should allow the group to achieve more than EUR 2.2bn in revenues and close to EUR
400m of adjusted EBITDA on a pro-forma basis in 2015, implying that Eurofins should be able to outperform its 2017
EUR 2bn revenue objective more than one year earlier than planned. Organic growth at 6.5% for the first nine months of
2015 is above management’s average mid-term target of c.5% p.a. The strong underlying growth supports Eurofins’
ambition to again double in size, to reach EUR 4bn in revenues by 2020.
Performance detractors included Gemalto, the digital security company, hurt by the loss of a mobile payment client in the
US but also by a sharp de-rating; and Zodiac, the aerospace equipment supplier, whose profits were considerably hurt by
operational issues in its Seats division.
39
COMGEST GROWTH plc
Portfolio changes
A position was initiated in Assa Abloy, the global leader of door-opening solutions, whose balanced growth model
combines organic development and bolt-on acquisitions. Criteo, the fast growing ad tech company, was also added to the
portfolio as was Ryanair Holdings.
We liquidated our positions in Core Laboratories and Linde and tweaked the portfolio in response to company-specific
risk and valuation, adding to our holdings in Amadeus, Coloplast and SAP.
Outlook
Forecasts for 2016 are that the European economy will continue to improve with growth expected to reach 2%. Political
uncertainty is likely to remain as the UK prepares for a referendum on its future in the European Union.
We will continue to focus on businesses, carefully selecting those capable of structurally compounding double-digit
growth per annum thanks to the power of their brands (Hermès, Luxottica, L’Oréal), the superiority of their products (Novo
Nordisk, Roche, ARM, Dassault) or the strength of their business model (Inditex). With the help of our ESG team, we
seek companies with top quality management, first-class corporate governance and a highly motivated work force. We
strongly believe that through the cycle it is businesses exhibiting these characteristics, at the right price, that will win the
day.
After four years of share gains despite near nil earnings growth, the European market is looking expensive by historical
standards. Our portfolio premium has held broadly flat over this period, meaning the strong outperformance we have
experienced has been entirely driven by the superior earnings growth of the companies we hold. While remaining vigilant
and highly demanding, we are confident that your portfolio of companies will again be capable of delivering double-digit
earnings growth in 2016, supported by further strong organic growth, bolt-on acquisitions and margin leverage.
40
COMGEST GROWTH plc
COMGEST GROWTH ASIA
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH ASIA USD
MSCI AC Asia - Net Return*
1
COMGEST GROWTH ASIA EUR I ACC
MSCI AC Asia - Net Return*
* used for comparative purposes only
¹inception date 04/06/2015
2
inception date 08/06/2015
2
Currency
Performance 2015
USD
-7.97
-10.71
EUR
-3.55
-6.70
Commentary
2015 was a volatile year, with Asian stock markets and currencies proving difficult. Investors faced poor stock market
performance across most of the region, but a lot of the real pain came through the currency markets.
In China, share price volatility in 2015 was not reflective of operational volatility but rather the Chinese retail investor
driving the domestic stock markets. Yet investments in this market have borne fruit, with several of the fund’s top
contributors coming from the broader Chinese market.
The eventual movement in US rates led to volatility in the quarters leading up to the decision rather than at the point of
movement, suggesting that the shift in mindset has been gradually influencing mindsets for some time. We acknowledge
the tailwind that this normalisation of investor thinking has had on our portfolio. We cannot rely on growth funded by (or
reliant on) the provision of cheap capital to the market, but it is not until investors start thinking about that cost of capital
rising that the impact is seen.
In Japan, the latest (8th December) Cabinet Office release showed Japan GDP up 0.3% on a quarterly basis, with capital
expenditure offsetting continued weakness in private consumption. This reading, though meagre, surpassed expectations
and saved Japan’s economy from a technical recession. Our own contact with capital expenditure-geared companies –
such as our holdings Fanuc, Keyence and Amada – supports the view that Japanese capital expenditure is in a long-term
upswing. This trend can be disguised by the fact that the government has introduced subsidies, for example for emissionreducing equipment, on firms whose machinery tool demand has temporarily dipped. Overall though, domestic equipment
has not been upgraded comprehensively since 2007, and, with the weak Yen stimulating the repatriation of industry, an
upgrade is now underway which may last several quarters.
Portfolio positioning / company news
The common wisdom is that a slowing economy means Chinese stocks are to be avoided, yet the fund’s Chinese
portfolio companies have been strong contributors to portfolio earnings growth. This is pleasing because we have been
arguing for some time that there are good companies to be found in China for stock pickers. NetEase registered an
excellent performance which was well-supported by strong earnings trends. As a result, both the market and Comgest
were forced to upwardly revise earnings expectations. However, while still cheaper than its sector peers, NetEase’s rising
share price does make the holding less appealing than before and we trimmed our position as a result. We remain very
contented shareholders of the company, but discipline dictated some action on the share price movement.
Japanese stock Pigeon was added to the portfolio in 2015. The company is Japan’s overwhelmingly leading maker of
baby bottles, whose growth is now led by its share gain in China where it has developed its presence over many years
through relations with prestigious hospitals’ maternity units. Just recently, Pigeon’s China business has come under some
pressure from parallel imports from Japan, where pricing is lower, but having spoken to the company in detail in recent
weeks we are persuaded that this problem is not insoluble.
Higher-than-expected volatility was seen from the fund’s chip design companies, namely Mediatek & Novatek. For
Mediatek our visibility on earnings was not high enough to sustain a position.
41
COMGEST GROWTH plc
We accumulated a position in Bharti Airtel, the largest and strongest player in the Indian mobile market, but given we
were increasing exposure to similar underlying trends we trimmed our exposure to subsidiary Bharti Infratel.
NCsoft of Korea – a company we have been visiting and monitoring for many years – was added to the portfolio. NCsoft
is the largest and strongest of the online role-playing gaming companies in Korea, with the iconic Lineage series of
games serving as a role model for how sticky online gaming can be.
Portfolio changes
In 2015, we initiated a position in Daifuku. The company has benefited from structural growth in the e-commerce market
and higher liquid crystal display (LCD) capex. The group was one of the Topix’s top mid/large-cap performers in 2015.
Daifuku's earnings should also be strong within the machinery sector in FY16.
More recently we reduced our positions in NetEase and Inner Mongolia Yili. For NetEase, the primary driver was
valuation, whilst for Yili this was a result of tougher price competition in the second half of the year.
Outlook
The outlook remains hazy for the Asian markets. The banking sector and the global flows into emerging market debt
mean that the credit environment cannot get looser and indeed has only really begun to tighten, which will weigh on much
of the region for some time. Sadly, this suggests that the Asian markets as a whole should struggle to make significant
moves higher in 2016. However, currencies have done a lot of work in 2015 to make some of the least attractive
economies more competitive, the Chinese headline economic slowdown is progressing apace, with reforms continuing in
the background to rebalance that economy, commodity prices have seen some significant downward adjustments which
is adjusting the profit of the most cyclical stocks lower and the developed markets might cease to be such a drag into
2016 which is a clear net positive for trade-sensitive Asia.
In Japan, a crucial dimension of the coming months will be the behaviour of foreign visitors. ‘Inbound’ tourism demand
has represented a swing factor of 1% or more for the same-store monthly data of some of our companies during 2015.
While demand remains strong, especially from other Asian countries, measures such as the liberalisation of
accommodation rules will be welcome to sustain the positive momentum.
Our investment style involves holding large positions in companies whose franchises, barriers to entry, strategy, growth
and valuations are appealing to us. Macroeconomic tendencies, stock market rotation and trends, as well as short-term
developments are not our main focus, instead our long-term performance has been supported by large and long-held
positions in several key stocks. We continue to think that this is the way to invest in Asia.
42
COMGEST GROWTH plc
COMGEST GROWTH ASIA PAC EX JAPAN
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH ASIA PAC EX JAPAN Cap
COMGEST GROWTH ASIA PAC EX JAPAN Dis
COMGEST GROWTH ASIA PAC EX JAPAN USD I ACC
MSCI AC Asia Pacific Ex-Japan - Net Return*
COMGEST GROWTH ASIA PAC EX JAPAN EUR I ACC¹
MSCI AC Asia Pacific Ex-Japan - Net Return*
Currency
USD
EUR
Performance
2015
-0.86
-0.90
-0.40
-9.37
-3.45
-6.54
¹inception date 04/08/2015
* used for comparative purposes only
Commentary
2015 was a volatile year, with Asian stock markets and currencies proving difficult. Investors faced poor stock market
performance across most of the region, but a lot of the real pain came through the currency markets with the 23% decline
in the Malaysian Ringgit which dwarfed the relatively minor 2% decline in the Malaysian stock market. Similarly, the 1%
rise in Australian stocks is far less relevant than the 12% drop in the Australian Dollar.
This is pertinent in explaining the fund’s positioning. Our lack of exposure to certain markets (like Indonesia) is not due to
a macro view, but rather because we do not find compelling opportunities at a company level (growth vs. price). The fact
that many of these markets have declined primarily due to weaker currencies is therefore disappointing, e.g. Ringgit
earnings relative to a Ringgit share price have not been notably de-rated in this process. We found interesting companies
in South-East Asia overvalued at the start of 2015 and continue to find them overvalued today – for the most part.
In China, share price volatility in 2015 was not reflective of operational volatility but rather the Chinese retail investor
driving the domestic stock markets. Yet investments in this market have borne fruit, with many of the fund’s top ten
contributors coming from the broader Chinese market.
The eventual movement in US rates led to volatility in the quarters leading up to the decision rather than at the point of
movement, suggesting that the shift in mindset has been gradually influencing mindsets for some time. We acknowledge
the tailwind that this normalisation of investor thinking has had on our portfolio. We cannot rely on growth funded by (or
reliant on) the provision of cheap capital to the market, but it is not until investors start thinking about that cost of capital
rising that the impact is seen.
Portfolio positioning / company news
The common wisdom is that a slowing economy means Chinese stocks are to be avoided, yet the 35% weighting in
Chinese companies (ignoring Hong Kong) has been a strong contributor to portfolio earnings growth. This is pleasing
because we have been arguing for some time that there are good companies to be found in China for stock pickers.
Many major positions in China remain, although rather than holding P-notes to access the domestic Chinese market the
fund now holds all possible domestic positions though direct stock connect holdings. Although this was a slight short-term
drag on performance in 4Q, it removes excess counterparty risk with the issuing banks.
CSL, currently our sole holding in Australia, was added to the portfolio. CSL is the global leader in blood fractionation,
with barriers to entry in the collection process but more importantly in its ability to extract more products and therefore
more value from each litre of blood collected.
Higher-than-expected volatility was seen from the fund’s chip design companies, namely Mediatek & Novatek. For
Mediatek our visibility on earnings was not high enough to sustain a position, while in the case of Novatek we retain our
holding, but at a reduced position size of 3%.
43
COMGEST GROWTH plc
We accumulated a position in Bharti Airtel, the largest and strongest player in the Indian mobile market, but given we
were increasing exposure to similar underlying trends we trimmed our exposure to subsidiary Bharti Infratel.
Indian gas distribution company GAIL was sold from the portfolio and we re-initiated a position in Shriram Transport
Finance. Shriram is the leading company in commercial vehicle financing in India with an enviable position which allows it
to continue to generate very low non-performing loans while growing well with the underlying trends in investment.
The continued strong performance of NetEase is supported by strong earnings trends. Together with the market we were
forced to revise upwards our earnings expectations. Whilst we remain very contented shareholders of the company,
discipline dictated some trimming of the position on the share price movement.
We accumulated a small position in Taiwanese firm Largan Precision, the leading global manufacturer of lenses for use in
consumer electronics. NCsoft of Korea – a company we have been visiting and monitoring for many years – was also
added. NCsoft is the largest and strongest of the online role-playing gaming companies in Korea, with the iconic Lineage
series of games serving as a role model for how sticky online gaming can be.
Portfolio changes
As touched upon above, we implemented the movement of domestic Chinese A-share exposure from P-notes to direct
holdings through the Hong Kong–Shanghai stock connect. This leaves us with only one Chinese P-note holding, in
Shenzhen.
In addition to positions mentioned above, we began building positions in PICC P&C and Vipshop, new lines to the
portfolio, while we more recently reduced position sizes in Techtronic and Inner Mongolia Yili. For Techtronic, valuation
was the primary driver whilst Yili’s reduction was on the back of tougher price competition in the second half of the year.
Outlook
The outlook remains hazy for the Asian markets. The banking sector and the global flows into emerging market debt
mean that the credit environment cannot get looser and indeed has only really begun to tighten, which will weigh on much
of the region for some time. Sadly, this suggests that the Asia Pacific markets as a whole may struggle to make
significant moves higher in 2016.
However, currencies have done a lot of work in 2015 to make some of the least attractive economies more competitive,
the Chinese headline economic slowdown is progressing apace, with reforms continuing in the background to rebalance
that economy, commodity prices have seen some significant downward adjustments which is adjusting the profit of the
most cyclical stocks lower and the developed markets might cease to be such a drag into 2016 which is a clear net
positive for trade-sensitive Asia.
Putting this together makes for a very mixed outlook, which is somewhat reflected in Asian market valuations, but
probably not fully. The consensus expectations are for 4.8% earnings growth for the index as a whole in 2016, not
unreasonable until one notes that 2015 started with expectations of 7.9% earnings growth for that year, before ending
negative. From a Comgest perspective, we continue to focus on the portfolio stocks where we see consensus
expectations for earnings growth at 10.8% in 2016. Given the higher earnings growth, we are comfortable that 14.8x 2016
earnings makes the portfolio look reasonably priced, relative to its own history but also in absolute terms and on a global
comparison as well.
This last point is important, as the scepticism towards emerging markets including Asia is high and has been building for
some years now. Such scepticism is understandable, but it leaves our Asian portfolios as the absolute cheapest within
the Comgest fun range but still with the same strong, stable earnings growth profile.
44
COMGEST GROWTH plc
COMGEST GROWTH GREATER CHINA
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH GREATER CHINA EUR
COMGEST GROWTH GREATER CHINA EUR I ACC
MSCI Golden Dragon - Net Return*
COMGEST GROWTH GREATER CHINA USD
MSCI Golden Dragon - Net Return*
* used for comparative purposes only
Currency
EUR
EUR
USD
Performance
2015
14.16
14.72
3.12
2.46
-7.43
Commentary
The Chinese onshore and offshore equity markets experienced both boom and bust in 2015, however overall the index
lost value in USD during the year. Most notably, the A-share market retail-fuelled rally was corrected by the authority-led
reduction of OTC financial products which started in late June. The Chinese economy continues on its slowing path to a
“new normal” as GDP quality improves, with weak Fixed Asset Investment offset by steady growth from the consumption
and services sectors.
Where required, Chinese authorities have been accommodative with “pro-growth” fiscal and monetary measures. In
addition to progressively lowering the reserve requirement ratio and lending rate since November last year, a large swap
of debt from local vehicles into to a more sustainable municipal debt structure eased concerns on China’s provincial debt
issue. In the background, the underlying reform agenda has continued across the board. The PBoC’s voluntary Renminbi
devaluation in August sent a shockwave through the market which was echoed globally across the emerging markets,
although structurally this was a move towards a floating exchange rate. Despite being a poorly handled event, the main
objective was clearly to prepare the Renminbi for entry into the IMF’s Special Drawing Right basket – seen as a long-term
positive. Reforms were numerous, from the large scale abolishment of China’s infamous one-child policy to targeted
measures to reduce government influence in the property and auto sectors by lowering the down payment for first-time
home buyers and cutting the tariffs by 50% for small engine passenger cars.
Your fund posted strong relative performance, supported (as always) by the underlying portfolio companies which
generally reported solid and steady earnings growth.
Portfolio positioning / company news
The fund’s overweight position in IT – which produced solid earnings this year despite the tough macro environment –
boosted fund performance in 2015. In addition, falling commodity prices helped our commodity-consuming companies’
earnings, while our investment style traditionally underweights commodity and FAI-related sectors, which also contributed
to fund outperformance.
Our A-share investments were also solid contributors. The portfolio remained largely unaltered throughout the year,
although we used regulatory approval to change the way these positions were held. Rather than holding P-notes
(standard access products, written by banks), the fund now holds all possible domestic positions though direct stock
connect holdings (Hong Kong Exchange stock connection with the Shanghai market).
NetEase registered an excellent performance which was well-supported by strong earnings trends. As a result, both the
market and Comgest were forced to upwardly revise earnings expectations. However, while still cheaper than its sector
peers, NetEase’s rising share price does make the holding less appealing than before and we trimmed our position as a
result. We remain very contented shareholders of the company, but discipline dictated some action on the share price
movement.
A-share holding Zhengzhou Yutong Bus, China’s leading bus manufacturer, registered earnings which exceeded
expectations. The company’s dominance in electric buses continues to benefit from government subsidy plans owing to
environmental concerns. The company remains a core portfolio holding and we believe its market leadership will continue
to benefit from the structural move towards electric buses over the next five years.
45
COMGEST GROWTH plc
On the negative side, Taiwanese pneumatic component maker AirTAC experienced a de-rating, whilst Weifu HighTechnology, the leading diesel truck engine component producer and long-term partner of Bosch, experienced sluggish
growth due to slowing heavy duty truck sales which were the result of reduced infrastructure investment in China. We
retain both positions however, as while we recognise their short-term earnings cycle, we believe in the firms’ competitive
strength in their respective fields and attractive longer-term prospects.
Portfolio changes
As touched upon above, we implemented the movement of domestic Chinese A-share exposure from P-notes to direct
holdings through the Hong Kong–Shanghai stock connect. Weifu High-Technology, Vipshop, PICC P&C, Largan and
AirTAC were added to the portfolio for their long-term growth and relatively attractive valuations.
Tingyi, Shenzhen Expressway, Chow Tai Fook, Hengan, Golden Eagle Retail, MediaTek and WuxiPharma were
liquidated on either rich valuations or increased concerns over their long-term growth. Baidu was recently reduced – its
strategy remains a concern for company margin in the medium-term despite a strong share price recovery in 4Q.
Increased market volatility provided us with opportunities to either take profit or upsize some patiently-awaited
investments.
Outlook
The global macro environment is likely to remain tough. For China, this means external trading partners will likely remain
subdued (or actively weak in the case of certain emerging markets). Domestically, while the reform agenda is progressing
steadily, positive outcomes are not produced overnight, so have to be measured against an overall slowing growth path.
What is pleasing is that market expectations have also adjusted downwards and macro economists are clearly no longer
predicting double-digit growth thus making it harder for the animal spirits of the market to run too far away from reality.
During this period, government policy will likely remain accommodative where required, to help sustain the markets as
China continues to transition.
On a more positive note, the valuation of the MSCI AC Golden Dragon looks quite affordable, trading at 10.7x 2016
earnings for 6% earnings growth, about one standard deviation from its 10-year average. This is particularly noteworthy
on a global basis, where valuations are generally above, not below, their long-term averages. In comparison, our portfolio
trades at 12.0x 2016 earnings for 8% consensus earnings growth expectations.
The fund’s holdings are generally domestic consumption related and commodity consuming, so we see limited impact
from commodity prices, but currency does pose a risk. Given our companies mostly have net cash positions, the risk of
potentially rising interest rates should also have a limited impact on the portfolio. We continue to remain committed to
finding quality companies that are less subject to macro cycles. As China further opens up its domestic markets, we
believe quality franchises can continue to be found and opportunities remain attractive, particularly on a relative basis
compared to other emerging markets and even in the global context.
46
COMGEST GROWTH plc
COMGEST GROWTH INDIA
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH INDIA Cap
MSCI India - Net Return*
COMGEST GROWTH INDIA EUR I ACC
COMGEST GROWTH INDIA EUR R ACC
MSCI India - Net Return*
* used for comparative purposes only
Currency
USD
EUR
Performance
2015
-3.26
-6.12
8.56
7.22
4.57
Commentary
The Modi euphoria continued at the start of 2015, but as the year progressed the macro narrative of 2015 changed to one
of softening inflation and weak growth as the credit cycle remained difficult. Consequently, earnings expectations had to
be consistently cut. In addition, the lack of progress made in passing important bills in parliament was disappointing and
added to this were fears of a depreciation in the Rupee following the depreciation of the Yuan and the imminent rate hike
in the US.
FII’s, who had invested $7.7bn by April, started to sell in the subsequent months and by year-end had withdrawn $4.5bn,
leaving a net investment of $3.2bn, the lowest in four years. However, it was still better than other emerging markets
which suffered from net outflows of foreign funds. Domestic investors diverted $11bn from the overheated real estate and
gold asset classes and also from the highly taxed debt funds into equity, which cushioned the fall in the market. The
Rupee was relatively strong at a time when other emerging market currencies fell at a much more rapid rate. Strong FDI
inflows partially offset the sell-off by FII’s in Indian equities and debt.
Progress was mixed on the reforms front. The important nationwide Goods & Services Tax has been delayed. Investors
should expect the Prime Minister to start engaging more meaningfully with his political opponents in the coming legislative
sessions. It is worth noting that other important bills did pass, such as the raising of the FII limit in the Insurance, Media
and Defence sectors. The RBI cut the repo rate by 125 bps during the year.
The earnings of your portfolio proved far more resilient than those of the index. Consequently, the fund clearly
outperformed the index over the period under review.
Portfolio positioning / company news
Many of the fund’s top positions at the start of the year remained the same throughout 2015. With index earnings growth
being consistently cut, growth is now forecast to only reach 2.3% in FY16, some 6.3 percentage points below that of your
portfolio. The fund remains focused on the capital expenditure and discretionary spending sectors and holdings with
exposure to exports through pharmaceuticals and IT vendors. The fund focuses on industry leaders with strong free cash
flows.
Maruti was the top contributor to portfolio performance as the car industry grew for the first time in three years. Maruti
managed to grow at twice the industry pace with 14% growth and this resulted in its market share rising to 47%. A
combination of lower commodity prices and a weak Yen enabled the company to post the highest margin in its history. Its
new model launch has received strong bookings and its pipeline of launches should support growth.
Bharti Infratel has been a beneficiary of the rapid rollout of 4G services by incumbent telecom operators ahead of
Reliance Jio’s launch. A huge customer base is upgrading rapidly to 4G phones and data will drive telecom services. This
requires an increase in base station density. Bharti Infratel is experiencing an increase in tenancy ratios and this
enhances margins. Additional towers are being built to cater for higher data demand.
47
COMGEST GROWTH plc
Max India had another stellar year. Max is the fourth largest private sector life insurer and has been a core position for
several years. The franchise comes from scale and a strong distribution platform. With low penetration levels of life
insurance, no social security and a trend towards nuclear families, the need for individuals to cover their retirement costs
has become an imperative. The government’s interest is aligned with that of the industry as it requires long-term funding
to invest in infrastructure. New policy growth has compounded at 27% over the last 9 years which had been ignored by
the market. We expect growth to accelerate further post the subdued growth of the last few years. With investment in
distribution complete, the business is experiencing positive cash flows. Only recently has the market begun to appreciate
these business facts. Max is a good example of Comgest’s long-term investment approach.
BHEL and Rural Electrification Corporation were detractors due to concerns on a slowdown in the power sector
investment. Shriram Transport also fell on rising bad debt concerns. We used the weakness to reinforce our position in
the stock.
Portfolio changes
We fully exited our positions in mid-cap stocks Engineers India, Gujarat Pipavav Port, Sobha Developers, FAG Bearings
and Greaves Cotton, whose valuations had become extreme. Conversely, we accumulated a position in Bharti Airtel, the
largest and strongest player in the Indian mobile market, with part of the holding being funded through a reduction of our
position in subsidiary Bharti Infratel.
Larsen & Toubro was introduced to the fund. The company is best positioned to benefit from government infrastructure
expenditure as it has the expertise to bid for road, rail, power and port projects. L&T is a beneficiary of falling interest
rates, which should stimulate a revival in industrial capital expenditure.
Outlook
A tentative economic recovery is underway in India. Lower inflation, interest rates and a more balanced current account
are the underpinnings. The savings from reduced oil and food subsidies are being used for public expenditure on roads
and railways which will provide an increase in construction activity. The military has stepped up equipment orders to local
companies.
Investors should not pin their hopes on a Thatcherite reform programme, India’s federal structure makes this difficult. A
series of incremental reforms seem to be the most likely outcome. The most crucial reform is the passing of the Goods &
Services Tax bill. Passage of this bill is a prerequisite for valuation expansion.
Many challenges remain. The banking system remains hamstrung by bad loans, which have to be written off. Investors
should not expect much in the way of interest rate cuts as global rates grind higher. Rate cuts will only be possible if
inflation falls further. The three upcoming state elections are unlikely to help the government in the upper house, so the
key event will be the February budget. The recommendations of the seventh pay commission for central government
employees when implemented will add 0.5% to the fiscal deficit. This will restrict government plans to increase
expenditure, while meeting its fiscal target of a deficit of 3.5%.
The overall market trades at 15.5x FY17 earnings. Earnings expectations of 15% for FY17 appear to be overly optimistic
given the macro constraints. It is therefore imperative to have a portfolio with companies which have pricing power and
strong cash flow. Your portfolio is populated with such stocks. Currently, we forecast the earnings of your portfolio to
increase by 15.7% in the coming year at a valuation of 15.9x earnings. This slight premium to the market in our opinion is
justified, given the superior growth profile of your portfolio combined with earnings resilience.
48
COMGEST GROWTH plc
COMGEST GROWTH LATIN AMERICA
a fund of Comgest Growth plc
INVESTMENT MANAGER’S REPORT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
Performance Summary
Sub-fund share class
COMGEST GROWTH LATIN AMERICA EUR
COMGEST GROWTH LATIN AMERICA EUR R ACC
MSCI Emerging Markets Latin America - Net Return*
COMGEST GROWTH LATIN AMERICA USD
COMGEST GROWTH LATIN AMERICA USD I ACC
MSCI Emerging Markets Latin America - Net Return*
* used for comparative purposes only
Currency
EUR
USD
Performance
2015
-26.24
-26.83
-23.18
-33.91
-33.58
-31.04
Commentary
For the third year in a row, 2015 saw negative returns in Latin America with most of the disappointment coming from
Brazil. The country is paying for past policy mistakes and has seen its economy plagued by inflation and deep recession.
The depreciation of the Real, explained by weaker terms of trade and twin deficits, forced the central bank to raise rates
to 14.25%, twice their 2013 level, adding further pain to the already weakened economy.
A confidence shock is needed, but the current government is overwhelmed by the largest corruption scandal that Brazil
has ever experienced. This created an unprecedented political crisis, making the more-than-ever needed reforms
impossible to pass. An impeachment process was started to oust Dilma Rousseff from presidency, and although a
political change would be welcomed, the outcome of the impeachment process remains highly uncertain. This will
dominate the political agenda in the coming months, postponing the much needed fiscal adjustment.
The consequence of this dire situation was seen in the Brazilian Real which fell by more than 30% against the USD and
the MSCI Brazil and MSCI EM Latin America indices which slid 34.7% and 23.2% respectively in Euro (-41.4% and 31.0% in USD).
In this context, your fund’s performance was disappointing in 2015. The impact of the country allocation – the result of
stock selection and reflecting the increasing number of opportunities found in Brazil in 2015 - was meaningful to relative
performance. The underweight in Mexico and overweight in Brazil penalised the fund. The dichotomy of the two markets
was spectacular, with Brazil posting a negative return of 35% in Euro compared to Mexico which fell 4.7%. Adjusted for
allocation, the relative performance would have been slightly positive.
Portfolio positioning / company news
We began to find more opportunities in Brazil in 2015 as the markets started to sanction – sometimes irrationally – good
companies on negative sentiment. For the first time ever we invested in a Colombian company, Grupo Sura, a leader in
insurance and pension businesses, following the meltdown of the local stock market. In Chile we increased our position in
Falabella and initiated a position in Vina Concha y Toro.
Less compelling opportunities were found in Mexico, where a sole holding (Coca-Cola Femsa) was added due to
elevated valuations.
In the second quarter, when the economy started to deteriorate in Brazil, we reviewed our exposure to those companies
considered more sensitive to the economic cycle. Following this review, we decided to sell our holding in Mills as the
country’s exceptionally poor economic conditions unveiled structural weaknesses. Leader in machinery rental and
engineering services for the infrastructure and real estate sectors, Mills was severely hit by the decline in the residential
market and then by the Petrobras corruption scandal. This exceptional situation unveiled an element we had not
previously identified: over-capacity in the sector following aggressive investments during the booming years. We decided
to sell our position as there is no hope for an improvement in the foreseeable future.
49
COMGEST GROWTH plc
In the third quarter we liquidated our holding in Marcopolo, Brazil’s leading bus body manufacturer. The company’s
dependence on public contracts proved to be too high in a period of fiscal tightening.
We retained our positions in two companies that were also affected by the economic slowdown: Duratex, the leading
panels manufacturer in Brazil and Via Varejo, the largest electronics and appliances retailer. The former, which we have
followed for a decade, is impacted by the credit tightening and contraction of the furniture market. Still, Duratex’s
franchise remains intact, its margins and returns remain above the industry’s average and it is well positioned for a
recovery. Via Varejo suffered from the very weak consumer environment, further aggravated by negative operating
leverage, thus explaining its position as the weakest contributor to perfomance this year. The group should be able to
gain market share and emerge stronger from this crisis, as some players are starting to show signs of financial distress.
As valuations came close to distressed levels, we decided to maintain our position as we believe there is a lot of value at
these prices.
Portfolio changes
We invested in BB Seguridade, the leading life insurer and pension plan provider in Brazil. A position was also initiated in
Coca-Cola Femsa, a former holding, which is the largest coke bottler in Latin America and the Philippines, with Mexico
and Brazil being its main markets. We sold Walmex on valuation concerns and divested from Dufry, as following a series
of acquisitions, its exposure to Latin America was significantly reduced.
The fund increased its exposure to Hoteles City Express, a hotel chain for business travellers in Mexico, whose valuation
has become more attractive while its growth strategy is being pursued as expected. Qualitas, the leading car insurer in
Mexico, was also strengthened following a weakness in the firm’s stock price.
Outlook
The short-term outlook remains rather uninspiring for Latin America. Lower commodity prices, weaker global growth and
a stronger US Dollar are headwinds both for the region’s economic growth and currencies. In 2015, negative flows were
at a record $5.9bn, close to 20% of the AUM of the asset class, showing the very strong pessimism of investors.
However, we are starting to see some light at the end of the tunnel: Argentina, the first country in the continent to make a
left-wing turn in the 2000s, just elected a market-friendly President on vows to liberalise the economy and put an end to
capital controls.
In December Brazil posted its highest commercial surplus since 1989, providing some relief to the currency and
illustrating that economic adjustment is ongoing. We are also seeing an increasing number of private equity transactions
and trade buyers gobbling up listed assets.
After five years of disappointments, currency depreciation and earnings decline, the market seems to be bottoming out.
We see several strong franchises run by exceptional management teams trading at increasingly attractive valuations,
such as CCR and Kroton. CCR is the leading infrastructure operator in Brazil with an excellent track record of capital
allocation over the past 15 years, whilst Kroton is the largest education company in Brazil and is a key consolidator in this
growing market. Their stock prices are significantly below what we believe their fair values to be.
Although Latin America and Brazil in particular still face serious challenges, in the long term their growth prospects and
the very high quality of companies remain intact. For active investors, this is an opportune time to progressively build
positions, at attractive multiples, offering significant capital gain opportunities.
50
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION (Combined)
As at 31 December 2015
TOTAL
EUR
31 December 2015
TOTAL
EUR
31 December 2014
6,663,904,269
343,874
407,963,053
8,312,578
7,691,292
45,028,591
1,288,699
23,510
5,724,503,646
15,024
247,600,094
8,417,116
-
123,399
137,721
7,134,679,265
6,014,824,965
1,097,261
-
1,593,796
74
4,416,846
14,927,367
4,448,594
779,012
32,547,422
7,931,097
35,504,643
6,826,130
Administration fees payable
225,894
114,571
Custodian fees payable
413,341
249,144
2,871,430
1,517,590
599,541
1,243,829
65,948,248
51,359,334
7,068,731,017
5,963,465,631
Note
Assets
Financial assets at fair value through profit or loss
Derivative financial assets at fair value through profit or loss
Cash at bank
Amount due from broker
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Receivable from Investment Manager
Other assets
7
6, 7
8
8
Total assets
Liabilities
Derivative financial liabilities at fair value through profit or loss
Bank overdrafts
6, 7
8
Amount due to broker
Payable on securities purchased
Payable on redemptions
Investment manager's fees payable
5
Performance fees payable
Expenses payable
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
16
32,916,123
1,229,945
5,296
On behalf of the Board
Director Daniel Morrissey:
Director Bronwyn Wright:
24 March 2016
The accompanying notes form an integral part of the financial statements.
52
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Cash at bank
Subscriptions receivable
Dividends and interest receivable
Receivable from Investment Manager
Other assets
7
8
Total assets
Liabilities
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
COMGEST GROWTH
WORLD
USD
31 December 2015
COMGEST GROWTH
WORLD
USD
31 December 2014
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
58,097,423
3,926,878
600,688
21,605
1,521
29,319,299
242,387
32,494
8,002
2,827
4,758,973
259,559
242,214
1,109
20,852
16
4,357,365
423,889
624
5,898
4,327
62,648,115
29,605,009
5,282,723
4,792,103
67,141
3,461
763
15,284
36,886
1,961
503
11,635
3,970
1,297
213
17,369
3,944
964
176
13,833
86,649
50,985
22,849
18,917
62,561,466
29,554,024
5,259,874
4,773,186
53
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Net asset value per share
EUR
Number of shares in issue EUR I Acc Class*
Net asset value per share EUR I Acc Class*
Number of shares in issue EUR R Acc Class**
Net asset value per share EUR R Acc Class**
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
Number of shares in issue USD I Acc Class***
Net asset value per share USD I Acc Class***
15
15
15
15
COMGEST GROWTH
WORLD
31 December 2015
COMGEST GROWTH
WORLD
31 December 2014
COMGEST GROWTH
EAFE PLUS
31 December 2015
COMGEST GROWTH
EAFE PLUS
31 December 2014
903,234
18.78
67,696
18.61
10,358
16.54
3,426
16.55
-
-
2,105,670
20.31
-
1,461,951
20.03
-
406,381
12.94
368,628
12.96
* Comgest Growth World EUR I Acc Class launched on 18 September 2014.
** Comgest Growth World EUR R Acc Class launched on 17 January 2014.
*** The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus to a USD I Acc Class was approved by the Shareholders of that share class on 15 January 2014.
The accompanying notes form an integral part of the financial statements.
54
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
COMGEST GROWTH
AMERICA
USD
31 December 2015
COMGEST GROWTH
AMERICA
USD
31 December 2014
COMGEST GROWTH
JAPAN
JPY
31 December 2015
COMGEST GROWTH
JAPAN
JPY
31 December 2014
66,758,215
3,258,711
863,354
11,289,877
31,522
189
57,182,283
2,517,472
1,399,409
35,116
4,165
7,373,903,897
431,166,951
2,381,201
8,242,788
10,125,922
14,141
1,905,991,800
29,769,616
50,263,030
2,715,011
4,878
231,391
Total assets
82,201,868
61,138,445
7,825,834,900
1,988,975,726
Liabilities
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
12,112,459
1,230,444
67,005
3,482
1,402
7,386
10,621
70,210
2,379
918
6,790
1,345,580
8,122,139
311,509
152,964
685,960
29,325,786
2,466,938
133,621
31,130
444,598
13,422,178
90,918
10,618,152
32,402,073
68,779,690
61,047,527
7,815,216,748
1,956,573,653
Note
Assets
Financial assets at fair value through profit or loss
Cash at bank
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Receivable from Investment Manager
Other assets
7
8
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
55
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Net asset value per share
EUR
Number of shares in issue Euro R Acc Class
Net asset value per share Euro R Acc Class
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
Number of shares in issue USD I Acc Class
Net asset value per share USD I Acc Class
JPY
Number of shares in issue Yen Class
Net asset value per share Yen Class
Number of shares in issue Yen I Acc Class*
Net asset value per share Yen I Acc Class*
Note
COMGEST GROWTH
AMERICA
31 December 2015
COMGEST GROWTH
AMERICA
31 December 2014
COMGEST GROWTH
JAPAN
31 December 2015
COMGEST GROWTH
JAPAN
31 December 2014
15
453,885
15.93
321,490
14.27
-
-
1,946,818
17.58
1,492,778
17.88
2,411,303
17.46
760,556
17.63
-
-
-
-
5,458,018
922
2,924,820
952
2,519,883
769
25,139
788
15
15
15
15
* Comgest Growth Japan Yen I Acc Class launched on 17 December 2014.
The accompanying notes form an integral part of the financial statements.
56
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Derivative financial assets at fair value through profit or loss
Cash at bank
Amount due from broker
Subscriptions receivable
Dividends and interest receivable
Other assets
7
8
Total assets
Liabilities
Derivative financial liabilities at fair value through profit or loss
Bank overdrafts
Amount due to broker
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
3,512,000,255
280,689,233
11,014,981
363,608
24,352
3,897,225,170
164,090,011
8,843,498
988,937
53,664
130,946,021
308,800
9,305,359
8,312,578
80,963
11,864
1,468
88,357,322
13,817
2,088,183
8,417,116
19,054
24,039
5,361
3,804,092,429
4,071,201,280
148,967,053
98,924,892
2,990,707
11,484,716
4,182,007
109,640
243,701
394,793
20,400,383
4,594,848
67,638
184,061
441,213
507,231
4,416,846
139,711
8,770
152,110
4,450
9,204
26,944
1,411,236
69
4,448,594
2,529
97,844
2,132
5,652
19,602
19,405,564
25,688,143
5,265,266
5,987,658
3,784,686,865
4,045,513,137
143,701,787
92,937,234
57
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
31 December 2014
9,456,613
27.25
16,953,760
28.24
572,475
28.81
469,644
27.06
130,884
27.18
10,024,567
27.56
11,701,738
28.29
29,491
28.86
272,865
27.37
64,426
27.26
11,830,949
11.99
167,424
11.18
-
7,808,436
11.87
35,999
11.15
-
15
70,947,826
30.87
1,399,224
29.41
21,880,626
31.48
73,367,136
34.61
1,389,341
33.10
19,718,535
35.12
-
-
15
919,701
21.35
723,096
22.52
-
-
Note
Net asset value per share
EUR
Number of shares in issue Euro Distributing Class
Net asset value per share Euro Distributing Class
Number of shares in issue EUR I Acc Class
Net asset value per share EUR I Acc Class
Number of shares in issue EUR I Dis Class*
Net asset value per share EUR I Dis Class*
Number of shares in issue EUR R Acc Class
Net asset value per share EUR R Acc Class
Number of shares in issue EUR Z Acc Class
Net asset value per share EUR Z Acc Class
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
Number of shares in issue US Dollar Distributing Class
Net asset value per share US Dollar Distributing Class
Number of shares in issue USD I Acc Class
Net asset value per share USD I Acc Class
GBP
Number of shares in issue GBP I Acc Class
Net asset value per share GBP I Acc Class
15
15
15
15
15
15
15
* Comgest Growth Emerging Markets EUR I Dis Class launched on 16 December 2014.
The accompanying notes form an integral part of the financial statements.
58
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Cash at bank
Subscriptions receivable
Dividends and interest receivable
Other assets
7
8
Total assets
Liabilities
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Performance fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
16
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
COMGEST GROWTH
EUROPE
EUR
31 December 2015*
COMGEST GROWTH
EUROPE
EUR
31 December 2014
254,148,554
7,988,063
655,336
127,848
996
242,434,520
14,879,499
1,113,241
181,969
5,708
2,049,623,688
77,228,686
19,971,055
175,798
78,594
1,510,457,946
51,265,342
19,579,404
15
20,647
262,920,797
258,614,937
2,147,077,821
1,581,323,354
154,777
262,343
10,612
22,141
2,871,430
41,656
167,262
428,086
255,846
6,047
17,569
599,541
507,989
19,486,167
2,306,654
58,609
83,963
549,697
17,116,070
1,682,537
25,766
40,830
172,543
3,362,959
1,982,340
22,485,090
19,037,746
259,557,838
256,632,597
2,124,592,731
1,562,285,608
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe (see note 17).
The accompanying notes form an integral part of the financial statements.
59
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
COMGEST GROWTH
GEM PROMISING
COMPANIES
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
31 December 2014
COMGEST GROWTH
EUROPE
31 December 2015*
COMGEST GROWTH
EUROPE
31 December 2014
15
5,873,468
13.47
1,332,585
12.33
9,331,765
13.21
46,064
13.03
-
6,522,725
13.25
634,792
12.17
9,711,584
12.94
167,900
12.89
-
45,157,625
20.98
17,731,292
20.90
35,124,394
21.38
1,086,070
21.07
1,283,582
20.60
35,446
20.94
36,592,063
18.05
16,887,375
17.99
31,706,581
18.31
577
18.03
997,884
17.82
4,046
17.96
15
2,913,545
14.95
2,713,159
16.13
267,119
23.27
31,276
22.20
Note
Net asset value per share
EUR
Number of shares in issue Euro Class
Net asset value per share Euro Class
Number of shares in issue Euro Distributing Class
Net asset value per share Euro Distributing Class
Number of shares in issue EUR I Acc Class
Net asset value per share EUR I Acc Class
Number of shares in issue EUR I Dis Class**
Net asset value per share EUR I Dis Class**
Number of shares in issue EUR R Acc Class
Net asset value per share EUR R Acc Class
Number of shares in issue EUR Z Acc Class
Net asset value per share EUR Z Acc Class
USD
Number of shares in issue USD I Acc Class***
Net asset value per share USD I Acc Class***
15
15
15
15
15
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe (see note 17).
** Comgest Growth Europe EUR I Dis Class launched on 16 December 2014.
*** Comgest Growth Europe USD I Acc Class launched on 19 May 2014.
The accompanying notes form an integral part of the financial statements.
60
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Cash at bank
Subscriptions receivable
Dividends and interest receivable
Other assets
7
8
Total assets
Liabilities
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
COMGEST GROWTH
EUROPE S
EUR
31 December 2015
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
9,627,028
295,627
14,738
12,416
6,360,676
221,093
6,686
23,610
147,802,499
6,507,768
569,834
203
101,409,425
3,857,964
1,175
1
2,740
9,949,809
6,612,065
154,880,304
105,271,305
15,238
8,408
1,317
328
4,642
34,003
5,543
809
164
3,546
707,342
183,871
5,415
4,211
9,868
88,709
129,944
2,824
2,267
19,800
29,933
44,065
910,707
243,544
9,919,876
6,568,000
153,969,597
105,027,761
61
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
COMGEST GROWTH
EUROPE S
31 December 2015
COMGEST GROWTH
EUROPE S
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
31 December 2014
15
221,534
19.52
-
191,570
16.87
-
4,501,711
26.69
16,936
27.02
1,027,541
26.88
219,556
26.07
4,471,039
21.35
441,753
21.39
8,759
20.96
15
382,563
15.89
264,330
15.30
-
-
Note
Net asset value per share
EUR
Number of shares in issue Euro Class
Net asset value per share Euro Class
Number of shares in issue Euro Distributing Class*
Net asset value per share Euro Distributing Class*
Number of shares in issue EUR I Acc Class**
Net asset value per share EUR I Acc Class**
Number of shares in issue EUR R Acc Class
Net asset value per share EUR R Acc Class
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
15
15
15
* Comgest Growth Greater Europe Opportunities Euro Distributing Class launched on 27 October 2015.
** Comgest Growth Greater Europe Opportunities EUR I Acc Class launched on 13 February 2014.
The accompanying notes form an integral part of the financial statements.
62
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Derivative financial assets at fair value through profit or loss
Cash at bank
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Other assets
7
8
Total assets
Liabilities
Derivative financial liabilities at fair value through profit or loss
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2015
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2014
111,037,492
9,560,453
240,994
40,671
189
57,954,182
3,017,592
4,228
1
4,337
91,692,818
38,139
4,214,197
381,856
7,283
1,216
77,302,216
2,538,711
349
120,879,799
60,980,340
96,335,509
79,841,276
38,709
137,763
3,866
4,013
10,567
457,137
76,239
1,619
1,456
7,818
525,363
762,768
80,654
3,624
3,114
11,440
219,504
66,673
2,013
1,436
11,531
194,918
544,269
1,386,963
301,157
120,684,881
60,436,071
94,948,546
79,540,119
63
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Net asset value per share
EUR
Number of shares in issue Euro Class
Net asset value per share Euro Class
Number of shares in issue EUR I Acc Class*
Net asset value per share EUR I Acc Class*
CHF
Number of shares in issue CHF I Acc Class**
Net asset value per share CHF I Acc Class**
Number of shares in issue CHF Z Acc Class***
Net asset value per share CHF Z Acc Class***
15
15
15
15
COMGEST GROWTH
MID-CAPS EUROPE
31 December 2015
COMGEST GROWTH
MID-CAPS EUROPE
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND
31 December 2014
3,840,949
23.47
1,271,282
24.01
3,300,059
17.91
73,333
18.24
-
-
-
-
7,530,843
12.15
291,675
11.86
7,517,413
10.58
2,500
10.34
* Comgest Growth Mid-Caps Europe EUR I Acc Class launched on 3 March 2014.
** Comgest Growth Europe ex Switzerland CHF I Acc Class launched on 13 February 2014.
*** Comgest Growth Europe ex Switzerland CHF Z Acc Class launched on 9 September 2014.
The accompanying notes form an integral part of the financial statements.
64
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Derivative financial assets at fair value through profit or loss
Cash at bank
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Receivable from Investment Manager
Other assets
7
6, 7
8
Total assets
Liabilities
Derivative financial liabilities at fair value through profit or loss
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
6, 7
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
16
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2015
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2014
COMGEST GROWTH
ASIA
USD
31 December 2015*
4,581,742
190,637
145,381
7
3,180
-
413,110
937
11,853
659,500
301
-
78,700,652
4,077,622
298,643
288
4,920,947
1,085,701
83,077,205
78,778
134,784
3,363
878
180
6,416
317,879
48
119
947
49,309
96,404
3,394
7,672
381,303
224,399
318,993
538,082
4,696,548
766,708
82,539,123
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17).
The accompanying notes form an integral part of the financial statements.
65
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Net asset value per share
EUR
Number of shares in issue EUR I Acc Class***
Net asset value per share EUR I Acc Class***
USD
Number of shares in issue US Dollar Class****
Net asset value per share US Dollar Class****
GBP
Number of shares in issue GBP I H Acc Class**
Net asset value per share GBP I H Acc Class**
Note
COMGEST GROWTH
EUROPE EX UK
31 December 2015
COMGEST GROWTH
EUROPE EX UK
31 December 2014
COMGEST GROWTH
ASIA
31 December 2015*
15
-
-
120,319
38.26
15
-
-
1,870,600
41.45
15
405,114
11.59
77,216
9.93
-
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17).
** Comgest Growth Europe ex UK GBP I H Acc Class launched on 18 December 2014.
*** Comgest Growth Asia EUR I Acc Class launched on 8 June 2015.
**** Comgest Growth Asia US Dollar Class launched on 4 June 2015.
The accompanying notes form an integral part of the financial statements.
66
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Assets
Financial assets at fair value through profit or loss
Cash at bank
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Other assets
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
COMGEST GROWTH
GREATER CHINA
EUR
COMGEST GROWTH
GREATER CHINA
EUR
Note
31 December 2015
31 December 2014*
31 December 2015
31 December 2014
7
8
247,358,773
13,449,540
676,569
107,646
2,680
179,399,133
11,329,085
197,747
64,952
6,743
124,437,396
3,068,868
4,348,121
1,402,892
15,447
570
104,632,006
4,935,055
1,744,725
34,898
4,968
261,595,208
190,997,660
133,273,294
111,351,652
51,730
246,639
8,274
16,775
48,009
242,026
187,667
4,306
8,819
62,800
46,646
130,820
5,499
10,216
15,613
5
206,572
96,747
2,398
3,049
10,281
371,427
505,618
208,794
319,052
261,223,781
190,492,042
133,064,500
111,032,600
Total assets
Liabilities
Bank overdraft
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
16
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
The accompanying notes form an integral part of the financial statements.
67
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Net asset value per share
EUR
Number of shares in issue Euro Class
Net asset value per share Euro Class
Number of shares in issue EUR I Acc Class**
Net asset value per share EUR I Acc Class**
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
Number of shares in issue US Dollar Distributing Class
Net asset value per share US Dollar Distributing Class
Number of shares in issue USD I Acc Class
Net asset value per share USD I Acc Class
COMGEST GROWTH
COMGEST GROWTH
COMGEST GROWTH
ASIA PAC EX JAPAN
ASIA PAC EX JAPAN
GREATER CHINA
GREATER CHINA
Note
31 December 2015
31 December 2014*
31 December 2015
31 December 2014
15
110,402
15.93
-
740,798
51.45
1,696,969
52.38
1,103,964
45.07
1,210,997
45.66
4,227,236
17.36
260,533
7.81
10,627,555
17.30
4,470,972
17.51
441,528
7.89
6,272,265
17.37
119,895
54.98
-
138,704
53.66
-
15
15
15
15
COMGEST GROWTH
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
** Comgest Growth Asia Pac ex Japan EUR I Acc Class launched on 4 August 2015.
The accompanying notes form an integral part of the financial statements.
68
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Assets
Financial assets at fair value through profit or loss
Cash at bank
Amounts receivable on sale of securities
Subscriptions receivable
Dividends and interest receivable
Other assets
7
8
Total assets
Liabilities
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
5
Total liabilities (excluding net assets attributable to holders of redeemable
participating shares)
Total net assets attributable to holders of redeemable participating shares
The accompanying notes form an integral part of the financial statements.
16
COMGEST GROWTH
INDIA
USD
31 December 2015
COMGEST GROWTH
INDIA
USD
31 December 2014
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
164,864,110
3,692,476
2,152,786
101,588
18
866
202,510,838
17,053,488
702,066
6,950
34,940,223
1,796,837
4,554
74,198
201
44,639,695
3,310,701
16,004
63,212
3,446
170,811,844
220,273,342
36,816,013
48,033,058
295,277
282,894
6,789
22,198
35,801
121,275
360,146
4,768
16,166
29,903
9,628
55,113
3,712
5,518
5,678
3,399
67,190
2,448
2,670
20,482
642,959
532,258
79,649
96,189
170,168,885
219,741,084
36,736,364
47,936,869
69
COMGEST GROWTH plc
STATEMENT OF FINANCIAL POSITION
As at 31 December 2015 (continued)
Note
Net asset value per share
EUR
Number of shares in issue Euro Class
Net asset value per share Euro Class
Number of shares in issue EUR I Acc Class*
Net asset value per share EUR I Acc Class*
Number of shares in issue EUR R Acc Class
Net asset value per share EUR R Acc Class
USD
Number of shares in issue US Dollar Class
Net asset value per share US Dollar Class
Number of shares in issue USD I Acc Class
Net asset value per share USD I Acc Class
15
15
15
15
15
COMGEST GROWTH
INDIA
31 December 2015
COMGEST GROWTH
INDIA
31 December 2014
COMGEST GROWTH
LATIN AMERICA
31 December 2015
COMGEST GROWTH
LATIN AMERICA
31 December 2014
214,099
34.88
241,119
33.84
323,806
32.13
141,418
31.56
2,724,297
8.01
98,512
7.80
2,411,864
10.86
12,788
10.66
4,094,474
37.41
-
5,222,076
38.67
-
1,889,053
6.08
628,240
6.19
2,041,538
9.20
801,358
9.32
* Comgest Growth India EUR I Acc Class launched on 8 January 2014.
The accompanying notes form an integral part of the financial statements.
70
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME (Combined)
For the financial year ended 31 December 2015
Note
Income
Dividends
Less: withholding tax
Bank interest
Expense reimbursement from Investment Manager
Other income
Total income
Expenses
Investment manager’s fees
Performance fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
The accompanying notes form an integral part of the financial statements.
5
5
5
5
5
5
5
2
TOTAL
EUR
31 December 2015
TOTAL
EUR
31 December 2014
134,423,027
(15,239,832)
185,218
76,635
4,000,622
123,445,670
103,069,088
(10,822,613)
314,807
4,860
2,826,012
95,392,154
92,409,866
2,871,421
860,939
2,579,865
646,484
358,478
125,973
133,222
89,352
220,188
444,484
133,560
198,170
28,300
6,780,031
737,283
108,617,616
70,041,697
599,330
657,563
2,332,574
629,197
269,676
106,688
119,054
135,920
139,957
295,195
132,206
26,293
33,044
6,634,925
742,098
82,895,417
71
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME (Combined)
For the financial year ended 31 December 2015 (continued)
Note
Net investment income
Net realised gains on sale of investments
Net realised gains on forward foreign exchange contracts
Net realised gains/(losses) on future contracts
Net realised losses on currencies
Net realised losses on capital gain tax
Net change in unrealised (losses)/gains on investments
Net change in unrealised losses on forward foreign exchange contracts
Net change in unrealised gains/(losses) on future contracts
Net change in unrealised gains/(losses) on capital gain tax
(Loss)/Profit attributable to holders of redeemable participating shares
Distributions
(Loss)/Profit attributable to holders of redeemable participating shares after
distributions
12
TOTAL
EUR
31 December 2015
14,828,054
TOTAL
EUR
31 December 2014
12,496,737
244,871,790
4,687,403
782,429
(4,090,190)
(1,094,741)
(350,244,611)
(360,326)
1,198,989
478,961
285,114,504
174,348
(970,891)
(3,379,209)
(1,017,167)
59,335,594
(179,832)
(1,117,161)
(478,961)
(88,942,242)
349,977,962
(1,736,094)
(710,018)
(90,678,336)
349,267,944
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
72
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Expense reimbursement from Investment Manager
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
The accompanying notes form an integral part of the financial statements.
5
5
5
5
5
5
2
COMGEST GROWTH
WORLD
USD
31 December 2015
COMGEST GROWTH
WORLD
USD
31 December 2014
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
703,933
(115,315)
744
19,845
609,207
394,529
(63,315)
250
3,149
334,613
81,767
(10,447)
37
34,769
2,023
108,149
61,454
(8,561)
5,898
31,187
89,978
656,161
12,717
24,155
4,215
3,252
848
898
643
14,987
6,136
926
162
76,833
13,735
815,668
370,255
9,376
14,406
1,895
3,923
522
584
809
7,258
2,229
1,840
13
45,311
15,838
474,259
50,028
5,113
8,035
145
3,516
91
96
119
5,100
262
2
3,301
6,643
14,449
96,900
37,378
6,470
7,449
3,934
77
86
107
70
211
3
4,090
6,797
1,460
68,132
73
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
WORLD
USD
31 December 2015
(206,461)
COMGEST GROWTH
WORLD
USD
31 December 2014
(139,646)
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
11,249
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
21,846
Net realised gains on sale of investments
Net realised gains/(losses) on currencies
Net realised losses on capital gain tax
Net change in unrealised losses on investments
458,866
26,408
(2,777)
(959,959)
1,645,916
(33,468)
(393,721)
97,621
(4,818)
(1,873)
(132,067)
214,449
(8,317)
(250,992)
(Loss)/Profit attributable to holders of redeemable participating shares
(683,923)
1,079,081
(29,888)
(23,014)
-
-
-
-
(683,923)
1,079,081
(29,888)
(23,014)
Note
Net investment (loss)/income
Distributions
(Loss)/Profit attributable to holders of redeemable participating shares after
distributions
12
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
74
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Expense reimbursement from Investment Manager
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Transaction fees
Other charges
Total expenses
The accompanying notes form an integral part of the financial statements.
5
5
5
5
5
5
2
COMGEST GROWTH
AMERICA
USD
31 December 2015
COMGEST GROWTH
AMERICA
USD
31 December 2014
COMGEST GROWTH
JAPAN
JPY
31 December 2015
COMGEST GROWTH
JAPAN
JPY
31 December 2014
1,049,363
(283,218)
1,676
520
768,341
769,736
(199,011)
2,334
70
573,129
48,721,738
(7,283,950)
24,428
41,462,216
21,576,072
(3,239,247)
4,878
1,977
18,343,680
781,186
14,004
12,436
11,588
2,990
1,038
1,098
406
9,025
7,680
2,537
75,718
3,608
923,314
748,460
14,844
13,798
6,791
3,923
1,087
1,213
1,200
3,526
2,993
9,285
55,550
4,889
867,559
57,545,150
1,027,105
3,127,553
1,193,045
397,240
80,877
83,437
30,866
884,452
566,930
55,170
499,238
11,239,728
244,850
76,975,641
22,618,623
756,864
1,382,371
280,009
425,763
42,673
42,955
48,274
304,858
213,252
327,481
123,387
2,996,704
212,288
29,775,502
75
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Net investment loss
Net realised gains on sale of investments
Net realised gains/(losses) on currencies
Net realised gains on capital gain tax
Net change in unrealised (losses)/gains on investments
Profit attributable to holders of redeemable participating shares
Distributions
Profit attributable to holders of redeemable participating shares after distributions
12
COMGEST GROWTH
AMERICA
USD
31 December 2015
(154,973)
COMGEST GROWTH
AMERICA
USD
31 December 2014
(294,430)
COMGEST GROWTH
JAPAN
JPY
31 December 2015
(35,513,425)
COMGEST GROWTH
JAPAN
JPY
31 December 2014
(11,431,822)
5,074,426
9,274
(4,703,734)
4,943,063
(25,442)
2,127,829
-
149,367,200
(16,052)
319,072,137
174,516,797
(12,247)
58,639,868
224,993
6,751,020
432,909,860
221,712,596
-
-
-
-
224,993
6,751,020
432,909,860
221,712,596
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
76
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Other income
Total income
Expenses
Investment manager’s fees
Performance fees*
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
5
2
COMGEST GROWTH
EMERGING MARKETS
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
USD
31 December 2015
83,172,751
(7,758,911)
154,890
171,034
75,739,764
79,461,374
(6,285,960)
236,669
1,191,319
74,603,402
2,160,976
(207,870)
1,978
5,545
1,960,629
1,776,347
(148,072)
4,548
138,415
1,771,238
52,915,463
437,460
1,613,034
145,948
198,922
72,516
76,681
52,159
56,556
214,010
85,120
3,599,975
269,524
59,737,368
51,190,717
408,172
1,778,348
251,638
185,251
76,958
85,943
89,947
77,351
212,190
55,726
880
4,857,529
418,626
59,689,276
1,403,849
15,707
135,654
5,122
5,557
1,999
2,116
1,340
12,217
7,831
2,515
56,912
8,995
203,778
171,502
2,035,094
1,030,876
13,098
136,417
1,720
4,446
1,769
1,974
3,114
3,640
4,872
3,847
14,335
8,995
109,959
57,025
1,396,087
* Performance fees waived (see note 5).
The accompanying notes form an integral part of the financial statements.
77
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2015
16,002,396
Net realised gains on sale of investments
Net realised gains/(losses) on future contracts
Net realised (losses)/gains on currencies
Net realised losses on capital gain tax
Net change in unrealised (losses)/gains on investments
Net change in unrealised gains/(losses) on future contracts
(Loss)/Profit attributable to holders of redeemable participating shares
Note
Net investment income/(loss)
Distributions
(Loss)/Profit attributable to holders of redeemable participating shares after
distributions
12
USD
31 December 2014
14,914,126
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
(74,465)
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
375,151
79,936,976
(2,544,903)
(646,799)
(541,078,242)
-
213,061,432
(2,063,091)
(383,402)
(119,323,859)
-
6,132,670
782,429
36,713
(43,453)
(9,419,752)
1,198,989
7,647,066
(970,891)
(42,845)
(2,648)
6,042,003
(1,117,161)
(448,330,572)
106,205,206
(1,386,869)
11,930,675
(1,911,321)
(939,821)
-
-
(450,241,893)
105,265,385
(1,386,869)
11,930,675
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
78
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Other income
Total income
Expenses
Investment manager’s fees
Performance fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
5
2
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
COMGEST GROWTH
EUROPE
EUR
31 December 2015*
COMGEST GROWTH
EUROPE
EUR
31 December 2014
5,245,568
(317,418)
6,526
33,487
4,968,163
4,408,950
(268,432)
19,619
4,185
4,164,322
32,984,641
(5,678,219)
14,801
3,437,381
30,758,604
24,430,375
(4,516,914)
82,344
1,470,324
21,466,129
3,356,141
2,871,421
42,305
187,564
54,929
14,135
5,085
5,377
3,961
17,708
15,233
7,558
18,654
548,836
39,398
7,188,305
2,655,864
599,330
35,687
242,594
56,633
10,880
4,459
4,977
7,413
7,683
12,281
6,826
892
591,044
39,899
4,276,462
25,043,908
216,470
299,527
185,762
95,635
34,389
36,383
23,290
37,312
149,513
7,098
74,903
1,064,281
111,716
27,380,187
17,430,972
155,660
241,944
219,856
68,161
28,082
31,297
35,825
28,162
77,158
33,785
3,181
1,033,577
167,289
19,554,949
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe.
The accompanying notes form an integral part of the financial statements.
79
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Net investment (loss)/income
Net realised gains on sale of investments
Net realised losses on currencies
Net realised losses on capital gain tax
Net change in unrealised (losses)/gains on investments
Net change in unrealised gains/(losses) on capital gain tax
Profit attributable to holders of redeemable participating shares
Distributions
Profit attributable to holders of redeemable participating shares after distributions
12
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
(2,220,142)
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
(112,140)
COMGEST GROWTH
EUROPE
EUR
31 December 2015*
3,378,417
COMGEST GROWTH
EUROPE
EUR
31 December 2014
1,911,180
33,653,642
(656,131)
(454,221)
(27,098,228)
478,961
13,242,277
(472,555)
(312,797)
15,662,249
(478,961)
55,748,594
(462,696)
205,364,782
-
62,344,230
(568,285)
57,792,829
-
3,703,881
27,528,073
264,029,097
121,479,954
(11,205)
-
-
-
3,692,676
27,528,073
264,029,097
121,479,954
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe.
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
80
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Expense reimbursement from Investment Manager
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
2
COMGEST GROWTH
EUROPE S
EUR
31 December 2015
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
142,241
(25,345)
13,708
130,604
144,271
(27,363)
10
7,619
124,537
1,435,714
(256,906)
2,231
96,259
1,277,298
2,230,300
(377,385)
10,452
32,160
1,895,527
84,581
5,119
21,207
11,014
2,992
152
160
120
581
2,711
7,022
9,984
9,101
33,869
188,613
72,841
4,989
12,731
9,351
3,012
153
170
182
423
419
4,873
10
9,984
7,013
28,040
154,191
1,753,011
20,013
26,296
47,365
6,063
2,186
2,313
1,735
9,539
7,866
5,150
6,300
192,499
8,961
2,089,297
2,151,427
22,437
50,646
31,072
7,300
3,038
3,394
4,436
4,642
8,386
6,248
512
2,995
311,393
17,954
2,625,880
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe.
The accompanying notes form an integral part of the financial statements.
81
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Net investment loss
Net realised gains on sale of investments
Net realised losses on currencies
Net change in unrealised gains/(losses) on investments
Profit attributable to holders of redeemable participating shares
Distributions
Profit attributable to holders of redeemable participating shares after distributions
12
COMGEST GROWTH
EUROPE S
EUR
31 December 2015
(58,009)
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
(29,654)
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
(811,999)
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
(730,353)
467,527
(9,143)
662,753
1,192,867
(5,071)
(406,623)
8,079,285
(35,177)
18,691,198
9,122,750
(218,942)
(4,623,738)
1,063,128
751,519
25,923,307
3,549,717
-
-
-
-
1,063,128
751,519
25,923,307
3,549,717
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
82
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
2
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2015
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2014*
1,202,100
(178,354)
2,271
120,665
1,146,682
981,345
(130,452)
6,423
29,822
887,138
1,534,555
(201,772)
1
12,247
1,345,031
1,090,982
(162,270)
685
24,551
953,948
1,276,579
13,447
23,151
24,605
4,464
1,601
1,695
45
10,702
6,525
4,336
7,249
145,321
9,741
1,529,461
1,069,786
11,545
22,751
31,968
3,604
1,497
1,668
3,268
3,724
4,113
4,316
260
81,671
9,994
1,250,165
925,360
13,920
22,913
847
4,575
1,656
1,752
2,122
264
478
271
24,618
73,063
4,770
1,076,609
599,133
10,621
13,856
352
3,242
1,218
1,375
2,057
1,140
3,420
2,570
4,177
58,002
6,786
707,949
* Comgest Growth Europe ex Switzerland was launched on 13 February 2014, consequently the comparatives relate to the period 13 February 2014 to 31 December 2014.
The accompanying notes form an integral part of the financial statements.
83
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2015
(382,779)
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2014
(363,027)
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
268,422
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2014*
245,999
Net realised gains/(losses) on sale of investments
Net realised gains on forward foreign exchange contracts
Net realised losses on currencies
Net change in unrealised gains/(losses) on investments
Net change in unrealised losses on forward foreign exchange contracts
8,184,069
(33,730)
14,603,965
-
5,540,054
(24,058)
(691,311)
-
(717,271)
4,895,166
(1,027,408)
8,956,499
(267,721)
138,452
211,402
(165,507)
4,185,197
(219,504)
Profit attributable to holders of redeemable participating shares
22,371,525
4,461,658
12,107,687
4,396,039
-
-
-
-
22,371,525
4,461,658
12,107,687
4,396,039
Note
Net investment (loss)/income
Distributions
Profit attributable to holders of redeemable participating shares after distributions
12
* Comgest Growth Europe ex Switzerland was launched on 13 February 2014, consequently the comparatives relate to the period 13 February 2014 to 31 December 2014.
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
84
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Expense reimbursement from Investment Manager
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
2
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2015
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2014*
COMGEST GROWTH
ASIA
USD
31 December 2015**
41,739
(7,451)
324
32,904
269
67,785
1
301
302
799,986
(112,559)
938
15,809
704,174
25,818
3,232
8,037
1,188
2,163
54
57
39
376
56
52
4,119
5,967
312
51,470
48
119
98
84
155
8
512
678,529
7,844
23,405
5,344
2,461
877
930
494
1,721
1,259
885
22
749
102,749
9,173
836,442
* Comgest Growth Europe ex UK was launched on 18 December 2014, consequently the comparatives relate to the period 18 December 2014 to 31 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available.
The accompanying notes form an integral part of the financial statements.
85
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2015
16,315
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2014*
(210)
COMGEST GROWTH
ASIA
USD
31 December 2015**
(132,268)
Net realised losses on sale of investments
Net realised gains on forward foreign exchange contracts
Net realised losses on currencies
Net change in unrealised gains/(losses) on investments
Net change in unrealised (losses)/gains on forward foreign exchange contracts
Net change in unrealised gains on investments
(22,954)
77,039
(12,929)
300,512
(79,715)
-
(939)
937
120
(2,740,287)
(21,970)
(4,872,354)
-
Profit/(Loss) attributable to holders of redeemable participating shares
278,268
(92)
(7,766,879)
-
-
-
278,268
(92)
(7,766,879)
Note
Net investment income/(loss)
Distributions
Profit/(Loss) attributable to holders of redeemable participating shares after
distributions
12
* Comgest Growth Europe ex UK was launched on 18 December 2014, consequently the comparatives relate to the period 18 December 2014 to 31 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available.
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
86
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Other income
Total income
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2015
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2014*
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2015
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2014
4,612,936
(399,045)
6,263
12,082
4,232,236
3,147,842
(164,852)
3,460
264,851
3,251,301
4,385,952
(413,043)
57,062
4,029,971
1,655,589
(89,724)
267
107
1,566,239
2,538,196
31,298
105,205
18,484
10,934
3,966
4,197
2,606
11,122
15,452
6,044
1,430
487,136
24,398
3,260,468
1,644,081
23,795
75,280
13,534
7,019
2,831
3,169
5,495
4,360
7,834
4,470
862
330,959
39,265
2,162,954
1,788,185
22,525
71,454
41,351
7,456
2,669
2,822
2,353
9,295
9,270
4,015
2,178
272,926
9,973
2,246,472
816,090
13,631
31,061
22,686
3,231
1,272
1,417
1,362
4,861
3,492
2,362
1,306
180,603
7,075
1,090,449
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Transaction fees
Other charges
Total expenses
5
5
5
5
5
5
2
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
The accompanying notes form an integral part of the financial statements.
87
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Net investment income
Net realised gains on sale of investments
Net realised (losses)/gains on currencies
Net realised losses on capital gain tax
Net change in unrealised (losses)/gains on investments
(Loss)/Profit attributable to holders of redeemable participating shares
Distributions
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
12
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2015
971,768
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2014*
1,088,347
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2015
1,783,499
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2014
475,790
17,737,901
(45,446)
(9,563)
(21,264,092)
6,880,284
(29,011)
(148,045)
26,459,733
20,570,002
554,374
(4,977,416)
7,921,895
(67,174)
10,862,732
(2,609,432)
34,251,308
17,930,459
19,193,243
(3,182)
(3,223)
-
-
(2,612,614)
34,248,085
17,930,459
19,193,243
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
88
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Income
Dividends
Less: withholding tax
Bank interest
Other income
Total income
Expenses
Investment manager’s fees
Administration fees
Custodian fees
Transfer and domiciliary agency fees
Trustee fees
Audit fees
Directors’ fees
Secretarial and general legal fees
Listing and regulatory fees
Foreign representative fees
Publication expenses
Bank charges
Formation expenses
Transaction fees
Other charges
Total expenses
The accompanying notes form an integral part of the financial statements.
5
5
5
5
5
5
2
COMGEST GROWTH
INDIA
USD
31 December 2015
COMGEST GROWTH
INDIA
USD
31 December 2014
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
2,420,384
8,722
11,334
2,440,440
2,891,873
6,639
1,131
2,899,643
1,363,419
(89,485)
855
14,895
1,289,684
1,091,819
(46,596)
2,841
12
1,048,076
4,045,510
29,975
106,815
92,192
8,825
3,693
3,904
2,750
20,220
15,465
7,431
257
224,793
38,895
4,600,725
3,544,466
27,390
123,731
48,924
8,764
3,628
4,054
4,406
9,174
10,012
12,283
17
252,793
48,569
4,098,211
815,924
15,142
53,626
14,635
3,927
860
909
923
8,513
6,539
2,147
3,530
62,172
8,644
997,491
840,135
17,255
57,556
10,478
3,000
1,035
1,155
1,511
7,110
2,849
2,548
139
7,991
72,483
9,684
1,034,929
89
COMGEST GROWTH plc
STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 31 December 2015 (continued)
Note
Net investment (loss)/income
Net realised gains/(losses) on sale of investments
Net realised (losses)/gains on currencies
Net realised losses on capital gain tax
Net change in unrealised (losses)/gains on investments
(Loss)/Profit attributable to holders of redeemable participating shares
Distributions
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
12
COMGEST GROWTH
INDIA
USD
31 December 2015
(2,160,285)
COMGEST GROWTH
INDIA
USD
31 December 2014
(1,198,568)
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
292,193
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
13,147
30,338,352
(209,006)
(1,689)
(34,131,678)
11,884,706
(159,544)
(257,705)
72,423,406
(2,091,342)
9,152
(11,811,662)
1,044,705
(96,615)
(107,570)
(984,985)
(6,164,306)
82,692,295
(13,601,659)
(131,318)
-
-
-
-
(6,164,306)
82,692,295
(13,601,659)
(131,318)
For financial year ended to 31 December 2015, there are no other gains or losses other than those included in the Statement of Comprehensive Income. All income arises from continuing operations.
The accompanying notes form an integral part of the financial statements.
90
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (Combined)
For the financial year ended 31 December 2015
TOTAL
EUR
31 December 2015
TOTAL
EUR
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
5,963,465,631
4,626,534,859
Subscriptions
2,397,322,597
2,078,797,953
(1,627,531,673)
(1,518,446,521)
426,152,798
(90,678,336)
427,311,396
349,267,944
7,068,731,017
5,963,465,631
Redemptions
Currency translation
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
The accompanying notes form an integral part of the financial statements.
91
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
WORLD
USD
31 December 2015
COMGEST GROWTH
WORLD
USD
31 December 2014
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
29,554,024
18,980,829
4,773,186
3,471,332
Subscriptions
EUR
EUR I Acc Class*
EUR R Acc Class**
USD
US Dollar Class
USD I Acc Class***
40,694,176
21,182,299
1,674,078
17,837,799
-
12,184,475
205,449
127,101
11,851,925
-
761,702
761,702
1,627,836
1,627,836
Redemptions
EUR
EUR I Acc Class*
EUR R Acc Class**
USD
US Dollar Class
USD I Acc Class***
(7,002,811)
(2,495,681)
(305,286)
(4,201,844)
-
(2,690,361)
(61,164)
(2,629,197)
-
(245,126)
(245,126)
(302,968)
(302,968)
(683,923)
1,079,081
(29,888)
(23,014)
62,561,466
29,554,024
5,259,874
4,773,186
Currency translation
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth World EUR I Acc Class launched on 18 September 2014.
** Comgest Growth World EUR R Acc Class launched on 17 January 2014.
*** The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus to a USD I Acc Class was approved by the Shareholders of that share class on 15 January 2014.
The accompanying notes form an integral part of the financial statements.
92
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
AMERICA
USD
31 December 2015
COMGEST GROWTH
AMERICA
USD
31 December 2014
COMGEST GROWTH
JAPAN
JPY
31 December 2015
COMGEST GROWTH
JAPAN
JPY
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
61,047,527
47,911,153
1,956,573,653
1,370,237,244
Subscriptions
EUR
Euro Class
EUR R Acc Class
JPY
Yen Class
Yen I Acc Class*
USD
US Dollar Class
USD I Acc Class
28,290,356
3,593,496
8,549,046
16,147,814
27,777,075
5,866,255
16,885,347
5,025,473
6,979,052,441
4,082,664,782
2,896,387,659
-
681,819,041
662,066,541
19,752,500
-
Redemptions
EUR
EUR R Acc Class
JPY
Yen Class
Yen I Acc Class*
USD
US Dollar Class
USD I Acc Class
(20,783,186)
(1,273,432)
(16,552,156)
(2,957,598)
(21,391,721)
(1,029,965)
(19,975,217)
(386,539)
(1,553,319,206)
(1,292,397,811)
(260,921,395)
-
(317,195,228)
(317,195,228)
-
224,993
6,751,020
432,909,860
221,712,596
68,779,690
61,047,527
7,815,216,748
1,956,573,653
Currency translation
Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth Japan Yen I Acc Class launched on 17 December 2014.
The accompanying notes form an integral part of the financial statements.
93
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
4,045,513,137
3,485,744,442
92,937,234
83,327,773
Subscriptions
EUR
Euro Distributing Class
EUR I Acc Class
EUR I Dis Class*
EUR R Acc Class
EUR Z Acc Class
USD
US Dollar Class
US Dollar Distributing Class
USD I Acc Class
GBP
GBP I Acc Class
839,336,066
76,903,230
357,749,621
18,756,821
13,679,119
4,132,640
164,277,762
9,551,247
184,230,243
10,055,383
1,156,531,638
89,992,617
333,332,390
986,457
6,493,756
2,733,408
343,941,695
5,547,086
358,908,036
14,596,193
54,788,131
52,785,241
2,002,890
-
1,426,864
1,167,600
259,264
-
Redemptions
EUR
Euro Distributing Class
EUR I Acc Class
EUR I Dis Class*
EUR R Acc Class
EUR Z Acc Class
USD
US Dollar Class
US Dollar Distributing Class
USD I Acc Class
GBP
GBP I Acc Class
(649,920,445)
(93,788,333)
(182,122,527)
(970,523)
(7,844,289)
(2,077,246)
(235,289,247)
(8,394,157)
(115,966,625)
(3,467,498)
(702,028,328)
(99,830,266)
(128,738,765)
(1,666,332)
(634,779)
(332,527,000)
(3,290,563)
(133,732,344)
(1,608,279)
(2,636,709)
(2,270,420)
(366,289)
-
(3,748,078)
(3,263,700)
(484,378)
-
Currency translation
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
(450,241,893)
105,265,385
(1,386,869)
11,930,675
Net assets attributable to holders of redeemable participating shares at the end of the financial year
3,784,686,865
4,045,513,137
143,701,787
92,937,234
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
* Comgest Growth Emerging Markets EUR I Dis Class launched on 16 December 2014.
The accompanying notes form an integral part of the financial statements.
94
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
COMGEST GROWTH
EUROPE
EUR
31 December 2015
COMGEST GROWTH
EUROPE
EUR
31 December 2014
256,632,597
196,348,968
1,562,285,608
1,397,668,732
Subscriptions
EUR
Euro Class
Euro Distributing Class
EUR I Acc Class
EUR I Dis Class*
EUR R Acc Class
EUR Z Acc Class
USD
USD I Acc Class**
87,087,935
8,160,568
10,009,171
60,092,442
1,859,928
6,965,826
93,089,595
13,231,220
331,528
72,557,638
2,521,217
4,447,992
891,110,544
432,091,100
101,551,421
304,327,352
24,377,846
20,866,093
1,966,208
5,930,524
743,350,106
214,299,998
154,210,623
360,752,346
10,000
13,337,430
50,000
689,709
Redemptions
EUR
Euro Class
Euro Distributing Class
EUR I Acc Class
EUR I Dis Class*
EUR R Acc Class
EUR Z Acc Class
USD
USD I Acc Class**
(87,855,370)
(17,306,377)
(532,187)
(62,353,171)
(3,327,122)
(4,336,513)
(60,334,039)
(27,691,880)
(324,733)
(27,855,439)
(557,979)
(3,904,008)
(592,832,518)
(257,373,668)
(84,375,365)
(231,427,515)
(2,177,743)
(15,382,600)
(1,238,653)
(856,974)
(700,213,184)
(236,458,362)
(110,350,633)
(349,550,143)
(3,718,541)
(135,505)
3,692,676
27,528,073
264,029,097
121,479,954
259,557,838
256,632,597
2,124,592,731
1,562,285,608
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
Currency translation
Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth Europe EUR I Dis Class launched on 16 December 2014.
** Comgest Growth Europe USD I Acc Class launched on 19 May 2014.
The accompanying notes form an integral part of the financial statements.
95
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE S
EUR
31 December 2015
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
6,568,000
8,613,260
105,027,761
131,443,213
Subscriptions
EUR
Euro Class
Euro Distributing Class**
EUR I Acc Class*
EUR I Dis Class
EUR R Acc Class
USD
US Dollar Class
3,222,623
907,211
2,315,412
1,893,036
930,291
962,745
59,307,139
31,779,020
458,889
20,635,289
6,433,941
-
66,755,500
54,225,698
10,758,540
1,771,262
-
Redemptions
EUR
Euro Class
EUR I Acc Class*
EUR R Acc Class
USD
US Dollar Class
(933,875)
(327,303)
(606,572)
(4,689,815)
(3,940,910)
(748,905)
(36,288,610)
(29,791,552)
(5,399,011)
(1,098,047)
-
(96,720,669)
(93,528,719)
(1,605,770)
(1,586,180)
-
Currency translation
Profit attributable to holders of redeemable participating shares after distributions
1,063,128
751,519
25,923,307
3,549,717
Net assets attributable to holders of redeemable participating shares at the end of the financial year
9,919,876
6,568,000
153,969,597
105,027,761
* Comgest Growth Greater Europe Opportunities EUR I Acc Class launched on 13 February 2014.
** Comgest Growth Greater Europe Opportunities Euro Distributing Class launched on 27 October 2015.
The accompanying notes form an integral part of the financial statements.
96
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2015
COMGEST GROWTH
MID-CAPS EUROPE
EUR
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND**
CHF
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
60,436,071
75,746,797
79,540,119
-
Subscriptions
EUR
Euro Class
EUR I Acc Class*
CHF
CHF I Acc Class***
CHF Z Acc Class****
63,331,006
34,434,157
28,896,849
-
21,354,940
15,896,983
5,457,957
-
3,343,737
164,963
3,178,774
75,144,080
75,119,080
25,000
Redemptions
EUR
Euro Class
EUR I Acc Class*
CHF
CHF Z Acc Class****
(25,453,721)
(22,038,739)
(3,414,982)
-
(41,127,324)
(37,119,474)
(4,007,850)
-
(42,997)
(42,997)
-
22,371,525
4,461,658
12,107,687
4,396,039
120,684,881
60,436,071
94,948,546
79,540,119
Currency translation
Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth Mid-Caps Europe EUR I Acc Class launched on 3 March 2014.
** Comgest Growth Europe ex Switzerland was launched on 13 February 2014, consequently the comparatives relate to the period 13 February 2014 to 31 December 2014.
*** Comgest Growth Europe ex Switzerland CHF I Acc Class launched on 13 February 2014.
**** Comgest Growth Europe ex Switzerland CHF Z Acc Class launched on 9 September 2014.
The accompanying notes form an integral part of the financial statements.
97
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2015
COMGEST GROWTH
EUROPE EX UK
GBP
31 December 2014*
COMGEST GROWTH
ASIA
USD
31 December 2015**
766,708
-
-
Subscriptions
EUR
EUR I Acc Class****
USD
US Dollar Class*****
GBP
GBP I H Acc Class***
3,795,162
3,795,162
766,800
766,800
109,123,962
5,403,509
103,720,453
-
Redemptions
EUR
EUR I Acc Class****
USD
US Dollar Class*****
GBP
GBP I H Acc Class***
(143,590)
(143,590)
-
(18,817,960)
(97,820)
(18,720,140)
-
278,268
(92)
(7,766,879)
4,696,548
766,708
82,539,123
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
Currency translation
Profit/(Loss) attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth Europe ex UK was launched on 18 December 2014, consequently the comparatives relate to the period 18 December 2014 to 31 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17).
*** Comgest Growth Europe ex UK GBP I H Acc Class launched on 18 December 2014.
**** Comgest Growth Asia EUR I Acc Class launched on 8 June 2015.
***** Comgest Growth Asia US Dollar Class launched on 4 June 2015.
The accompanying notes form an integral part of the financial statements.
98
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2015
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2014*
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2015
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2014
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
190,492,042
13,572,450
111,032,600
56,264,583
Subscriptions
EUR
Euro Class
EUR I Acc Class**
USD
US Dollar Class
US Dollar Distributing Class
USD I Acc Class
139,500,970
1,835,493
46,416,587
2,689,828
88,559,062
195,176,558
93,695,592
2,634,970
98,845,996
99,197,370
42,167,509
47,329,894
9,699,967
-
81,025,235
16,283,124
63,345,749
1,396,362
-
Redemptions
EUR
Euro Class
EUR I Acc Class**
USD
US Dollar Class
US Dollar Distributing Class
USD I Acc Class
(66,156,617)
(51,526,201)
(4,106,122)
(10,524,294)
(52,505,051)
(42,282,153)
(192,101)
(10,030,797)
(95,095,929)
(62,360,992)
(22,481,476)
(10,253,461)
-
(45,450,461)
(20,895,536)
(23,994,899)
(560,026)
-
(2,612,614)
34,248,085
17,930,459
19,193,243
261,223,781
190,492,042
133,064,500
111,032,600
Currency translation
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
** Comgest Growth Asia Pac ex Japan launched on EUR I Acc Class launched on 4 August 2015.
The accompanying notes form an integral part of the financial statements.
99
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
INDIA
USD
31 December 2015
COMGEST GROWTH
INDIA
USD
31 December 2014
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
219,741,084
148,990,129
47,936,869
51,107,810
Subscriptions
EUR
Euro Class
EUR I Acc Class*
EUR R Acc Class
USD
US Dollar Class
USD I Acc Class
58,912,169
12,039,175
12,864,493
34,008,501
-
64,326,036
12,275,542
6,307,986
45,742,508
-
14,069,283
9,459,263
1,050,662
683,569
2,875,789
12,051,034
7,415,720
171,849
605,455
3,858,010
Redemptions
EUR
Euro Class
EUR I Acc Class*
EUR R Acc Class
USD
US Dollar Class
USD I Acc Class
(102,320,062)
(15,967,061)
(8,633,424)
(77,719,577)
-
(76,267,376)
(106,527)
(1,539,631)
(74,621,218)
-
(11,668,129)
(5,612,030)
(162,051)
(1,926,662)
(3,967,386)
(15,090,657)
(4,350,464)
(50,737)
(425,987)
(10,263,469)
(6,164,306)
82,692,295
(13,601,659)
(131,318)
170,168,885
219,741,084
36,736,364
47,936,869
Net assets attributable to holders of redeemable participating
shares at the beginning of the financial year
Currency translation
(Loss)/Profit attributable to holders of redeemable participating shares after distributions
Net assets attributable to holders of redeemable participating shares at the end of the financial year
* Comgest Growth India EUR I Acc Class launched on 8 January 2014.
The accompanying notes form an integral part of the financial statements.
100
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
EUR
EUR I Acc Class shares in issue at the beginning of the financial year*
EUR I Acc Class shares issued during the financial year*
EUR I Acc Class shares redeemed during the financial year*
EUR I Acc Class shares in issue at the end of the financial year*
EUR R Acc Class shares in issue at the beginning of the financial year**
EUR R Acc Class shares issued during the financial year**
EUR R Acc Class shares redeemed during the financial year**
EUR R Acc Class shares in issue at the end of the financial year**
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
USD I Acc Class shares in issue at the beginning of the financial year***
USD I Acc Class shares issued during the financial year***
USD I Acc Class shares redeemed during the financial year***
USD I Acc Class shares in issue at the end of the financial year***
COMGEST GROWTH
WORLD
Financial year ended
31 December 2015
COMGEST GROWTH
WORLD
Financial year ended
31 December 2014
COMGEST GROWTH
EAFE PLUS
Financial year ended
31 December 2015
COMGEST GROWTH
EAFE PLUS
Financial year ended
31 December 2014
10,358
1,014,532
(121,656)
903,234
10,358
10,358
-
-
3,426
79,074
(14,804)
67,696
6,547
(3,121)
3,426
-
-
1,461,951
842,762
(199,043)
2,105,670
982,630
613,356
(134,035)
1,461,951
-
-
-
-
368,628
56,829
(19,076)
406,381
268,367
123,441
(23,180)
368,628
* Comgest Growth World EUR I Acc Class launched on 18 September 2014.
** Comgest Growth World EUR R Acc Class launched on 17 January 2014.
*** The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus to a USD I Acc Class was approved by the Shareholders of that share class on 15 January 2014.
The accompanying notes form an integral part of the financial statements.
101
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
AMERICA
Financial year ended
31 December 2015
COMGEST GROWTH
AMERICA
Financial year ended
31 December 2014
COMGEST GROWTH
JAPAN
Financial year ended
31 December 2015
COMGEST GROWTH
JAPAN
Financial year ended
31 December 2014
321,490
206,260
(73,865)
453,885
18,723
364,835
(62,068)
321,490
-
-
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
2,411,303
482,923
(947,408)
1,946,818
2,611,748
1,035,394
(1,235,839)
2,411,303
-
-
USD I Acc Class shares in issue at the beginning of the financial year
USD I Acc Class shares issued during the financial year
USD I Acc Class shares redeemed during the financial year
USD I Acc Class shares in issue at the end of the financial year
760,556
899,177
(166,955)
1,492,778
479,786
303,242
(22,472)
760,556
-
-
JPY
Yen Class shares in issue at the beginning of the financial year
Yen Class shares issued during the financial year
Yen Class shares redeemed during the financial year
Yen Class shares in issue at the end of the financial year
-
-
2,519,883
4,505,363
(1,567,228)
5,458,018
2,032,486
942,228
(454,831)
2,519,883
Yen I Acc Class shares in issue at the beginning of the financial year
Yen I Acc Class shares issued during the financial year
Yen I Acc Class shares redeemed during the financial year
Yen I Acc Class shares in issue at the end of the financial year
-
-
25,139
3,203,135
(303,454)
2,924,820
25,139
25,139
EUR
EUR R Acc Class shares in issue at the beginning of the financial year
EUR R Acc Class shares issued during the financial year
EUR R Acc Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
The accompanying notes form an integral part of the financial statements.
102
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
Financial year ended
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
Financial year ended
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
Financial year ended
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
Financial year ended
31 December 2014
EUR
Euro Distributing Class shares in issue at the beginning of the financial year
Euro Distributing Class shares issued during the financial year
Euro Distributing Class shares redeemed during the financial year
Euro Distributing Class shares in issue at the end of the financial year
10,024,567
2,351,127
(2,919,081)
9,456,613
10,343,025
2,714,338
(3,032,796)
10,024,567
-
-
EUR I Acc Class shares in issue at the beginning of the financial year
EUR I Acc Class shares issued during the financial year
EUR I Acc Class shares redeemed during the financial year
EUR I Acc Class shares in issue at the end of the financial year
11,701,738
10,595,532
(5,343,510)
16,953,760
5,951,967
9,641,988
(3,892,217)
11,701,738
7,808,436
4,205,552
(183,039)
11,830,949
7,998,436
120,000
(310,000)
7,808,436
EUR I Dis Class shares in issue at the beginning of the financial year*
EUR I Dis Class shares issued during the financial year*
EUR I Dis Class shares redeemed during the financial year*
EUR I Dis Class shares in issue at the end of the financial year*
29,491
573,521
(30,537)
572,475
29,491
29,491
-
-
EUR R Acc Class shares in issue at the beginning of the financial year
EUR R Acc Class shares issued during the financial year
EUR R Acc Class shares redeemed during the financial year
EUR R Acc Class shares in issue at the end of the financial year
272,865
432,697
(235,918)
469,644
129,266
194,214
(50,615)
272,865
35,999
163,308
(31,883)
167,424
62,558
24,105
(50,664)
35,999
EUR Z Acc Class shares in issue at the beginning of the financial year
EUR Z Acc Class shares issued during the financial year
EUR Z Acc Class shares redeemed during the financial year
EUR Z Acc Class shares in issue at the end of the financial year
64,426
127,458
(61,000)
130,884
859
82,958
(19,391)
64,426
-
-
* Comgest Growth Emerging Markets EUR I Dis Class launched on 16 December 2014.
The accompanying notes form an integral part of the financial statements.
103
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
Financial year ended
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
Financial year ended
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
Financial year ended
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
Financial year ended
31 December 2014
73,367,136
4,810,407
(7,229,717)
70,947,826
72,790,723
10,210,609
(9,634,196)
73,367,136
-
-
1,389,341
286,270
(276,387)
1,399,224
1,329,629
161,758
(102,046)
1,389,341
-
-
USD I Acc Class shares in issue at the beginning of the financial year
USD I Acc Class shares issued during the financial year
USD I Acc Class shares redeemed during the financial year
USD I Acc Class shares in issue at the end of the financial year
19,718,535
5,447,478
(3,285,387)
21,880,626
13,256,242
10,282,369
(3,820,076)
19,718,535
-
-
GBP
GBP I Acc Class shares in issue at the beginning of the financial year
GBP I Acc Class shares issued during the financial year
GBP I Acc Class shares redeemed during the financial year
GBP I Acc Class shares in issue at the end of the financial year
723,096
292,365
(95,760)
919,701
360,764
407,235
(44,903)
723,096
-
-
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
US Dollar Distributing Class shares in issue at the beginning of the financial
year
US Dollar Distributing Class shares issued during the financial year
US Dollar Distributing Class shares redeemed during the financial year
US Dollar Distributing Class shares in issue at the end of the financial
year
* Comgest Growth Japan Yen I Acc Class launched on 17 December 2014.
The accompanying notes form an integral part of the financial statements.
104
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
GEM PROMISING
COMPANIES
Financial year ended
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
Financial year ended
31 December 2014
COMGEST GROWTH
EUROPE
Financial year ended
31 December 2015*
COMGEST GROWTH
EUROPE
Financial year ended
31 December 2014
6,522,725
563,998
(1,213,255)
5,873,468
7,710,523
1,089,984
(2,277,782)
6,522,725
36,592,063
21,074,124
(12,508,562)
45,157,625
38,158,303
12,539,491
(14,105,731)
36,592,063
634,792
737,909
(40,116)
1,332,585
633,794
29,385
(28,387)
634,792
16,887,375
4,971,922
(4,128,005)
17,731,292
14,187,457
9,155,123
(6,455,205)
16,887,375
9,711,584
4,328,291
(4,708,110)
9,331,765
6,080,382
5,908,670
(2,277,468)
9,711,584
31,706,581
14,536,322
(11,118,509)
35,124,394
31,298,532
20,908,565
(20,500,516)
31,706,581
EUR I Dis Class shares in issue at the beginning of the financial year**
EUR I Dis Class shares issued during the financial year**
EUR I Dis Class shares redeemed during the financial year**
EUR I Dis Class shares in issue at the end of the financial year**
-
-
577
1,189,304
(103,811)
1,086,070
577
577
EUR R Acc Class shares in issue at the beginning of the financial year
EUR R Acc Class shares issued during the financial year
EUR R Acc Class shares redeemed during the financial year
EUR R Acc Class shares in issue at the end of the financial year
167,900
134,050
(255,886)
46,064
9,419
202,517
(44,036)
167,900
997,884
1,046,086
(760,388)
1,283,582
415,940
804,354
(222,410)
997,884
EUR Z Acc Class shares in issue at the beginning of the financial year
EUR Z Acc Class shares issued during the financial year
EUR Z Acc Class shares redeemed during the financial year
EUR Z Acc Class shares in issue at the end of the financial year
-
-
4,046
92,887
(61,487)
35,446
1,231
2,815
4,046
2,713,159
498,635
(298,249)
2,913,545
2,665,260
365,571
(317,672)
2,713,159
31,276
278,455
(42,612)
267,119
38,870
(7,594)
31,276
EUR
Euro Class shares in issue at the beginning of the financial year
Euro Class shares issued during the financial year
Euro Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
Euro Distributing Class shares in issue at the beginning of the financial year
Euro Distributing Class shares issued during the financial year
Euro Distributing Class shares redeemed during the financial year
Euro Distributing Class shares in issue at the end of the financial year
EUR I Acc Class shares in issue at the beginning of the financial year
EUR I Acc Class shares issued during the financial year
EUR I Acc Class shares redeemed during the financial year
EUR I Acc Class shares in issue at the end of the financial year
USD
USD I Acc Class shares in issue at the beginning of the year***
USD I Acc Class shares issued during the year***
USD I Acc Class shares redeemed during the year***
USD I Acc Class shares in issue at the end of the year***
*On 16 June 2015 Comgest Europe merged with Comgest Growth Europe.
** Comgest Growth Europe EUR I Dis Class launched on 16 December 2014.
*** Comgest Growth Europe USD I Acc Class launched on 19 May 2014.
The accompanying notes form an integral part of the financial statements.
105
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE S
Financial year ended
31 December 2015
COMGEST GROWTH
EUROPE S
Financial year ended
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
Financial year ended
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
Financial year ended
31 December 2014
191,570
47,001
(17,037)
221,534
381,631
59,397
(249,458)
191,570
4,471,039
1,250,986
(1,220,314)
4,501,711
6,440,344
2,626,931
(4,596,236)
4,471,039
Euro Distributing Class shares in issue at the beginning of the financial year**
Euro Distributing Class shares issued during the financial year**
Euro Distributing Class shares redeemed during the financial year**
Euro Distributing Class shares in issue at the end of the financial year**
-
-
16,936
16,936
-
EUR I Acc Class shares in issue at the beginning of the financial year*
EUR I Acc Class shares issued during the financial year*
EUR I Acc Class shares redeemed during the financial year*
EUR I Acc Class shares in issue at the end of the financial year*
-
-
441,753
799,510
(213,722)
1,027,541
519,311
(77,558)
441,753
EUR R Acc Class shares in issue at the beginning of the financial year
EUR R Acc Class shares issued during the financial year
EUR R Acc Class shares redeemed during the financial year
EUR R Acc Class shares in issue at the end of the financial year
-
-
8,759
254,767
(43,970)
219,556
6,800
87,068
(85,109)
8,759
264,330
161,300
(43,067)
382,563
245,711
82,018
(63,399)
264,330
-
-
EUR
Euro Class shares in issue at the beginning of the financial year
Euro Class shares issued during the financial year
Euro Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
* Comgest Growth Greater Europe Opportunities EUR I Acc Class launched on 13 February 2014.
** Comgest Growth Greater Europe Opportunities Euro Distributing Class launched on 27 October 2015.
The accompanying notes form an integral part of the financial statements.
106
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
MID-CAPS EUROPE
Financial year ended
31 December 2015
COMGEST GROWTH
MID-CAPS EUROPE
Financial year ended
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
Financial year ended
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND**
Financial year ended
31 December 2014
3,300,059
1,590,146
(1,049,256)
3,840,949
4,553,490
927,343
(2,180,774)
3,300,059
-
-
-
-
-
-
73,333
1,348,015
(150,066)
1,271,282
309,883
(236,550)
73,333
-
-
CHF
CHF I Acc Class shares in issue at the beginning of the financial year**
CHF I Acc Class shares issued during the financial year**
CHF I Acc Class shares redeemed during the financial year**
CHF I Acc Class shares in issue at the end of the financial year**
-
-
7,517,413
13,430
7,530,843
7,517,413
7,517,413
CHF Z Acc Class shares in issue at the beginning of the financial year***
CHF Z Acc Class shares issued during the financial year***
CHF Z Acc Class shares redeemed during the financial year***
CHF Z Acc Class shares in issue at the end of the financial year***
-
-
2,500
292,885
(3,710)
291,675
2,500
2,500
EUR
Euro Class shares in issue at the beginning of the financial year
Euro Class shares issued during the financial year
Euro Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
Euro Distributing Class Shares in issue at the beginning of the year
Euro Distributing Class Shares issued during the year
Euro Distributing Class Shares redeemed during the year
Euro Distributing Class Shares in issue at the end of the year
EUR I Acc Class shares in issue at the beginning of the financial year*
EUR I Acc Class shares issued during the financial year*
EUR I Acc Class shares redeemed during the financial year*
EUR I Acc Class shares in issue at the end of the financial year*
* Comgest Growth Mid-Caps Europe EUR I Acc Class launched on 3 March 2014.
** Comgest Growth Europe ex Switzerland CHF I Acc Class launched on 13 February 2014 and Comgest Growth Europe ex Switzerland Fund launched on 13 February 2014.
*** Comgest Growth Europe ex Switzerland CHF Z Acc Class launched on 9 September 2014.
The accompanying notes form an integral part of the financial statements.
107
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE EX UK
Financial year ended
31 December 2015
COMGEST GROWTH
EUROPE EX UK
Financial year ended
31 December 2014*
COMGEST GROWTH
ASIA
Financial year ended
31 December 2015**
EUR
EUR I Acc Class shares in issue at the beginning of the financial year***
EUR I Acc Class shares issued during the financial year***
EUR I Acc Class shares redeemed during the financial year***
EUR I Acc Class shares in issue at the end of the financial year***
-
-
122,858
(2,539)
120,319
USD
US Dollar Class shares in issue at the beginning of the financial year*****
US Dollar Class shares issued during the financial year****
US Dollar Class shares redeemed during the financial year*****
US Dollar Class shares in issue at the end of the financial year*****
-
-
2,312,047
(441,447)
1,870,600
GBP
GBP I H Acc Class shares in issue at the beginning of the financial year*
GBP I H Acc Class shares issued during the financial year*
GBP I H Acc Class shares redeemed during the financial year*
GBP I H Acc Class shares in issue at the end of the financial year*
77,216
340,872
(12,974)
405,114
77,216
77,216
-
* Comgest Growth Europe ex UK GBP I H Acc Class launched on 18 December 2014 and Comgest Growth Europe ex UK launched on 18 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17).
*** Comgest Growth Asia EUR I Acc Class launched on 8 June 2015.
**** Comgest Growth Asia US Dollar Class launched on 4 June 2015.
The accompanying notes form an integral part of the financial statements.
108
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
\
EUR
Euro Class shares in issue at the beginning of the financial year
Euro Class shares issued during the financial year
Euro Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
EUR I Acc Class shares in issue at the beginning of the financial year**
EUR I Acc Class shares issued during the financial year**
EUR I Acc Class shares redeemed during the financial year**
EUR I Acc Class shares in issue at the end of the financial year**
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
US Dollar Distributing Class shares in issue at the beginning of the year
US Dollar Distributing Class shares issued during the year
US Dollar Distributing Class shares redeemed during the year
US Dollar Distributing Class shares in issue at the end of the year
USD I Acc Class shares in issue at the beginning of the financial year
USD I Acc Class shares issued during the financial year
USD I Acc Class shares redeemed during the financial year
USD I Acc Class shares in issue at the end of the financial year
COMGEST GROWTH
ASIA PAC EX JAPAN
Financial year ended
31 December 2015
COMGEST GROWTH
ASIA PAC EX JAPAN
Financial year ended
31 December 2014*
COMGEST GROWTH
GREATER CHINA
Financial year ended
31 December 2015
COMGEST GROWTH
GREATER CHINA
Financial year ended
31 December 2014
-
-
1,103,964
804,269
(1,167,435)
740,798
1,317,118
393,032
(606,186)
1,103,964
110,402
110,402
-
1,210,997
897,994
(412,022)
1,696,969
237,328
1,672,174
(698,505)
1,210,997
4,470,972
2,608,889
(2,852,625)
4,227,236
890,240
6,315,904
(2,735,172)
4,470,972
138,704
183,280
(202,089)
119,895
117,170
37,499
(15,965)
138,704
441,528
315,889
(496,884)
260,533
111,189
356,485
(26,146)
441,528
-
-
6,272,265
4,962,842
(607,552)
10,627,555
19,244
6,888,256
(635,235)
6,272,265
-
-
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
** Comgest Growth Asia Pac ex Japan launched on EUR I Acc Class launched on 4 August 2015.
The accompanying notes form an integral part of the financial statements.
109
COMGEST GROWTH plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
INDIA
Financial year ended
31 December 2015
COMGEST GROWTH
INDIA
Financial year ended
31 December 2014
COMGEST GROWTH
LATIN AMERICA
Financial year ended
31 December 2015
COMGEST GROWTH
LATIN AMERICA
Financial year ended
31 December 2014
-
-
2,411,864
884,398
(571,965)
2,724,297
2,115,250
668,124
(371,510)
2,411,864
EUR I Acc Class shares in issue at the beginning of the financial year*
EUR I Acc Class shares issued during the financial year*
EUR I Acc Class shares redeemed during the financial year*
EUR I Acc Class shares in issue at the end of the financial year*
323,806
301,208
(410,915)
214,099
326,678
(2,872)
323,806
-
-
EUR R Acc Class shares in issue at the beginning of the financial year
EUR R Acc Class shares issued during the financial year
EUR R Acc Class shares redeemed during the financial year
EUR R Acc Class shares in issue at the end of the financial year
USD
US Dollar Class shares in issue at the beginning of the financial year
US Dollar Class shares issued during the financial year
US Dollar Class shares redeemed during the financial year
US Dollar Class shares in issue at the end of the financial year
141,418
325,305
(225,604)
241,119
4,902
181,466
(44,950)
141,418
12,788
102,243
(16,519)
98,512
1,707
15,469
(4,388)
12,788
5,222,076
850,558
(1,978,160)
4,094,474
6,211,272
1,356,666
(2,345,862)
5,222,076
2,041,538
107,251
(259,736)
1,889,053
2,013,506
80,035
(52,003)
2,041,538
-
-
801,358
364,313
(537,431)
628,240
1,671,862
467,755
(1,338,259)
801,358
EUR
Euro Class shares in issue at the beginning of the financial year
Euro Class shares issued during the financial year
Euro Class shares redeemed during the financial year
Euro Class shares in issue at the end of the financial year
USD I Acc Class shares in issue at the beginning of the financial year
USD I Acc Class shares issued during the financial year
USD I Acc Class shares redeemed during the financial year
USD I Acc Class shares in issue at the end of the financial year
* Comgest Growth India EUR I Acc Class launched on 8 January 2014.
The accompanying notes form an integral part of the financial statements.
110
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS (Combined)
For the financial year ended 31 December 2015
TOTAL
EUR
31 December 2015
TOTAL
EUR
31 December 2014
(90,678,336)
349,267,944
(185,218)
(119,183,195)
(210,046,749)
(314,807)
(92,246,475)
256,706,662
Changes in operating assets and liabilities
(Increase) in Financial assets at fair value through profit or loss
(Increase)/Decrease in Derivative Financial Assets and liabilities at fair value through profit or loss
Decrease/(Increase) in due from broker
(Increase)/Decrease in amounts receivable on sale of securities
(Increase) in Receivable from investment manager
Decrease/(Increase) in other assets
(Decrease)/Increase in amount due to broker
Increase/(Decrease) in payable on securities purchased
Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in performance fees
Increase in expenses payable
Cash used in operating activities
(939,400,623)
(825,385)
104,538
(7,691,292)
(18,214)
14,322
(31,748)
14,148,355
1,104,967
111,323
164,197
2,271,889
273,761
(1,139,820,659)
(1,337,616,057)
1,298,514
(6,625,007)
2,724,772
(5,296)
(71,463)
3,630,163
(12,176,670)
1,505,535
(45,041)
(85,780)
(1,143,828)
402,952
(1,091,500,544)
Interest received
Dividend received
Net cash used in operating activities
183,250
119,126,409
(1,020,511,000)
321,099
91,732,358
(999,447,087)
Cash flows From Operating activities
(Decrease)/Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash (used in)/provided by operating activities
Interest income
Dividend income
Operating (loss)/profit before working capital changes
The accompanying notes form an integral part of the financial statements.
111
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS (Combined)
For the financial year ended 31 December 2015 (continued)
TOTAL
EUR
31 December 2015
TOTAL
EUR
31 December 2014
2,385,210,129
(1,630,488,894)
754,721,235
2,130,303,251
(1,530,020,570)
600,282,681
(265,789,764)
(399,164,406)
Net Cash at the Start of the Financial Year
Currency translation
247,600,020
426,152,798
219,453,030
427,311,396
Net Cash at the End of the Financial Year
407,963,053
247,600,020
Analysis of Cash
Cash at the start of the financial year
Overdraft at the start of the financial year
Net Cash at the Start of the Financial Year
247,600,094
(74)
247,600,020
219,453,030
219,453,030
Cash at the end of the financial year
Overdraft at the end of the financial year
Net Cash at the End of the Financial Year
407,963,053
407,963,053
247,600,094
(74)
247,600,020
Cash flows from financing activities
Proceeds from issue of subscriber shares*
Payment on redemptions of subscriber shares
Net cash provided by financing activities
Net decrease in cash
* Proceeds from the issue of the subscriber shares include non-cash amounts resulting from the share transactions as result of the mergers.
The accompanying notes form an integral part of the financial statements.
112
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
WORLD
USD
31 December 2015
COMGEST GROWTH
WORLD
USD
31 December 2014
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
(683,923)
1,079,081
(29,888)
(23,014)
(744)
(588,618)
(1,273,285)
(250)
(331,214)
747,617
(37)
(71,320)
(101,245)
(52,893)
(75,907)
Changes in operating assets and liabilities
(Increase)/Decrease in Financial assets at fair value through profit or loss
Increase in Receivable from investment manager
Decrease/(Increase) in other assets
Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase in Custodian fees payable
Increase/(Decrease) in expenses payable
Cash used in operating activities
(28,778,124)
1,306
30,255
1,500
260
3,649
(30,014,439)
(10,421,903)
(575)
13,827
(26)
91
(3,103)
(9,664,072)
(401,608)
(14,954)
4,311
26
333
37
3,536
(509,564)
(1,024,072)
(5,898)
(3,959)
1,047
(590)
45
2,787
(1,106,547)
Interest received
Dividend received
Net Cash used in operating activities
696
575,063
(29,438,680)
250
326,425
(9,337,397)
30
70,842
(438,692)
53,537
(1,053,010)
40,125,982
(7,002,811)
33,123,171
12,174,389
(2,906,046)
9,268,343
519,488
(245,126)
274,362
1,627,836
(302,968)
1,324,868
Cash flows From Operating activities
(Decrease)/Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash (used in)/provided by operating activities
Interest income
Dividend income
Operating (loss)/profit before working capital changes
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash provided by financing activities
The accompanying notes form an integral part of the financial statements.
113
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
Net increase/(decrease) in cash
Net Cash at the Start of the Financial Year
Net Cash at the End of the Financial Year
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
Cash at the end of the financial year
Net Cash at the End of the Financial Year
The accompanying notes form an integral part of the financial statements.
COMGEST GROWTH
WORLD
USD
31 December 2015
COMGEST GROWTH
WORLD
USD
31 December 2014
COMGEST GROWTH
EAFE PLUS
USD
31 December 2015
COMGEST GROWTH
EAFE PLUS
USD
31 December 2014
3,684,491
(69,054)
(164,330)
271,858
242,387
311,441
423,889
152,031
3,926,878
242,387
259,559
423,889
242,387
242,387
311,441
311,441
423,889
423,889
152,031
152,031
3,926,878
3,926,878
242,387
242,387
259,559
259,559
423,889
423,889
114
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
AMERICA
USD
31 December 2015
COMGEST GROWTH
AMERICA
USD
31 December 2014
COMGEST GROWTH
JAPAN
JPY
31 December 2015
COMGEST GROWTH
JAPAN
JPY
31 December 2014
224,993
6,751,020
432,909,860
221,712,596
(1,676)
(766,145)
(542,828)
(2,334)
(570,725)
6,177,961
(41,437,788)
391,472,072
(18,336,825)
203,375,771
(9,575,932)
(863,354)
3,976
12,112,459
(3,205)
1,103
484
596
1,133,299
(12,732,075)
(2,177)
14,237
(1,420)
(181)
(1,005)
(6,544,660)
(5,467,912,097)
(2,381,201)
4,878
217,250
(29,325,786)
5,655,201
177,888
121,834
241,362
(5,101,728,599)
(603,541,200)
(4,878)
(48,175)
29,325,786
789,754
(52,844)
(947)
6,933
(370,149,800)
Interest received
Dividend received
Net cash provided by/(used in) operating activities
1,641
769,774
1,904,714
2,334
566,220
(5,976,106)
34,026,877
(5,067,701,722)
16,720,855
(353,428,945)
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash (used in)/provided by financing activities
18,399,888
(19,563,363)
(1,163,475)
26,723,676
(21,384,839)
5,338,837
7,021,072,683
(1,551,973,626)
5,469,099,057
655,114,636
(318,545,228)
336,569,408
Cash flows From Operating activities
Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash provided by/(used in)operating activities
Interest income
Dividend income
Operating (loss)/profit before working capital changes
Changes in operating assets and liabilities
Increase in Financial assets at fair value through profit or loss
Increase in amounts receivable on sale of securities
Decrease/(Increase) in Receivable from Investment Manager
Decrease/(Increase) in other assets
Increase/(Decrease) in payable on securities purchased
(Decrease)/Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in expenses payable
Cash provided by/(used in) operating activities
The accompanying notes form an integral part of the financial statements.
115
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
AMERICA
USD
31 December 2015
COMGEST GROWTH
AMERICA
USD
31 December 2014
COMGEST GROWTH
JAPAN
JPY
31 December 2015
COMGEST GROWTH
JAPAN
JPY
31 December 2014
741,239
(637,269)
401,397,335
(16,859,537)
Net Cash at the Start of the Financial Year
2,517,472
3,154,741
29,769,616
46,629,153
Net Cash at the End of the Financial Year
3,258,711
2,517,472
431,166,951
29,769,616
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
2,517,472
2,517,472
3,154,741
3,154,741
29,769,616
29,769,616
46,629,153
46,629,153
Cash at the end of the financial year
Net Cash at the End of the Financial Year
3,258,711
3,258,711
2,517,472
2,517,472
431,166,951
431,166,951
29,769,616
29,769,616
Net increase/(decrease) in cash
The accompanying notes form an integral part of the financial statements.
116
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
(450,241,893)
105,265,385
(1,386,869)
11,930,675
Interest income
Dividend income
Operating (loss)/profit before working capital changes
(154,890)
(75,413,840)
(525,810,623)
(236,669)
(73,175,414)
31,853,302
(1,978)
(1,953,106)
(3,341,953)
(4,548)
(1,628,275)
10,297,852
Changes in operating assets and liabilities
Decrease/(Increase) in Financial assets at fair value through profit or loss
(Increase)/Decrease in Derivative Financial Assets and liabilities at fair value through profit or loss
Decrease/(Increase) in due from broker
Decrease in amounts receivable on sale of securities
Decrease/(Increase) in other assets
(Decrease)/Increase in amounts due to broker
Increase/(Decrease) in payable on securities purchased
(Decrease)/Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
(Decrease)/Increase in expenses payable
Cash (used in)/provided by operating activities
385,224,915
29,312
2,990,707
(412,841)
42,002
59,640
(46,420)
(137,923,308)
(627,109,165)
3,121,002
(48,836)
(16,128,260)
613,045
(38,433)
(105,442)
(136,239)
(607,979,026)
(42,588,699)
(1,198,988)
104,538
3,893
(31,748)
139,711
54,266
2,318
3,552
7,342
(46,845,768)
(8,466,129)
1,117,161
(6,625,007)
228,715
(2,857)
3,630,163
(78,497)
13,112
(1,347)
(4,725)
5,328
113,769
Interest received
Dividend received
Net Cash (used in)/provided by operating activities
152,929
76,041,130
(61,729,249)
244,560
72,375,972
(535,358,494)
2,041
1,965,218
(44,878,509)
4,496
1,608,818
1,727,083
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash provided by/(used in) financing activities
837,164,583
(658,836,112)
178,328,471
1,248,331,148
(731,719,490)
516,611,658
54,726,222
(2,630,468)
52,095,754
1,408,360
(3,745,549)
(2,337,189)
Cash flows From Operating activities
(Decrease)/Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash (used in)/provided by operating activities
The accompanying notes form an integral part of the financial statements.
117
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
USD
31 December 2014
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2015
COMGEST GROWTH
EMERGING MARKETS
FLEX
EUR
31 December 2014
Net increase/(decrease) in cash
116,599,222
(18,746,836)
7,217,245
(610,106)
Net Cash at the Start of the Financial Year
164,090,011
182,836,847
2,088,114
2,698,220
Net Cash at the End of the Financial Year
280,689,233
164,090,011
9,305,359
2,088,114
Analysis of Cash
Cash at the start of the financial year
Overdraft at the start of the financial year
Net Cash at the Start of the Financial Year
164,090,011
164,090,011
182,836,847
182,836,847
2,088,183
(69)
2,088,114
2,698,220
2,698,220
Cash at the end of the financial year
Overdraft at the end of the financial year
Net Cash at the End of the Financial Year
280,689,233
280,689,233
164,090,011
164,090,011
9,305,359
9,305,359
2,088,183
(69)
2,088,114
The accompanying notes form an integral part of the financial statements.
118
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
COMGEST GROWTH
EUROPE
EUR
31 December 2015*
COMGEST GROWTH
EUROPE
EUR
31 December 2014
3,692,676
27,528,073
264,029,097
121,479,954
(6,526)
(4,928,150)
(1,242,000)
(19,619)
(4,140,518)
23,367,936
(14,801)
(27,306,422)
236,707,874
(82,344)
(19,913,461)
101,484,149
(11,714,034)
4,712
(167,262)
6,497
4,565
4,572
2,271,889
(466,333)
(11,297,394)
(50,355,780)
(3,281)
35,472
48,629
(2,646)
(6,399)
(1,143,828)
468,555
(27,591,342)
(539,165,742)
(57,947)
624,117
32,843
43,133
377,154
(301,438,568)
(168,767,711)
(19,200)
206,979
(16,110)
(14,872)
(24,756)
(67,151,521)
6,530
4,982,267
(6,308,597)
19,651
4,140,781
(23,430,910)
14,816
27,130,624
(274,293,128)
82,467
20,180,942
(46,888,112)
87,545,840
(88,128,679)
(582,839)
92,787,877
(60,468,057)
32,319,820
890,718,893
(590,462,421)
300,256,472
728,915,074
(686,384,570)
42,530,504
Cash flows From Operating activities
Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash used in operating activities
Interest income
Dividend income
Operating (loss)/profit before working capital changes
Changes in operating assets and liabilities
Increase in Financial assets at fair value through profit or loss
Decrease/(Increase) in other assets
(Decrease)/Increase in payable on securities purchased
Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in performance fees
(Decrease)/Increase in expenses payable
Cash used in operating activities
Interest received
Dividend received
Net cash used in operating activities
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash (used in)/provided by financing activities
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe. Non cash subscriptions from Fund mergers amounted to EUR 93,146,277.
The accompanying notes form an integral part of the financial statements.
119
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2015
COMGEST GROWTH
GEM PROMISING
COMPANIES
EUR
31 December 2014
COMGEST GROWTH
EUROPE
EUR
31 December 2015*
COMGEST GROWTH
EUROPE
EUR
31 December 2014
Net (decrease)/increase in cash
(6,891,436)
8,888,910
25,963,344
(4,357,608)
Net Cash at the Start of the Financial Year
14,879,499
5,990,589
51,265,342
55,622,950
Net Cash at the End of the Financial Year
7,988,063
14,879,499
77,228,686
51,265,342
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
14,879,499
14,879,499
5,990,589
5,990,589
51,265,342
51,265,342
55,622,950
55,622,950
Cash at the end of the financial year
Net Cash at the End of the Financial Year
7,988,063
7,988,063
14,879,499
14,879,499
77,228,686
77,228,686
51,265,342
51,265,342
* On 16 June 2015 Comgest Europe merged with Comgest Growth Europe. Non cash subscriptions from Fund mergers amounted to EUR 93,146,277.
The accompanying notes form an integral part of the financial statements.
120
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE S
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
EUR
31 December 2015
1,063,128
751,519
25,923,307
3,549,717
(116,896)
946,232
(10)
(116,908)
634,601
(2,231)
(1,178,808)
24,742,268
(10,452)
(1,852,915)
1,686,350
Changes in operating assets and liabilities
(Increase)/Decrease in Financial assets at fair value through profit or loss
Decrease/(Increase) in other assets
Decrease in payable on securities purchased
Increase/(Decrease) in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in expenses payable
Cash (used in)/provided by operating activities
(3,266,352)
11,194
2,865
508
164
1,096
(2,304,293)
1,947,830
9,180
(45,126)
(1,793)
(528)
(190)
(7,675)
2,536,299
(46,393,074)
2,537
53,927
2,591
1,944
(9,932)
(21,599,739)
25,299,175
(225)
(33,122)
(1,561)
(2,842)
6,481
26,954,256
Interest received
Dividend received
Net Cash (used in)/provided by operating activities
116,896
(2,187,397)
10
116,908
2,653,217
2,232
1,178,808
(20,418,699)
10,466
1,867,177
28,831,899
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash provided by/(used in) financing activities
3,214,571
(952,640)
2,261,931
1,930,997
(4,655,812)
(2,724,815)
58,738,480
(35,669,977)
23,068,503
66,853,302
(96,803,521)
(29,950,219)
Cash flows From Operating activities
Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile profit attributable to holders of redeemable
participating shares to cash (used in)/provided by operating activities
Interest income
Dividend income
Operating profit before working capital changes
The accompanying notes form an integral part of the financial statements.
121
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE S
EUR
31 December 2015
COMGEST GROWTH
EUROPE S
EUR
31 December 2014
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2015
COMGEST GROWTH
GREATER EUROPE
OPPORTUNITIES
EUR
31 December 2014
74,534
(71,598)
2,649,804
(1,118,320)
Net Cash at the Start of the Financial Year
221,093
292,691
3,857,964
4,976,284
Net Cash at the End of the Financial Year
295,627
221,093
6,507,768
3,857,964
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
221,093
221,093
292,691
292,691
3,857,964
3,857,964
4,976,284
4,976,284
Cash at the end of the financial year
Net Cash at the End of the Financial Year
295,627
295,627
221,093
221,093
6,507,768
6,507,768
3,857,964
3,857,964
Net increase/(decrease) in cash
The accompanying notes form an integral part of the financial statements.
122
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
MID CAPS EUROPE
EUR
31 December 2015
COMGEST GROWTH
MID CAPS EUROPE
EUR
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2014
22,371,525
4,461,658
12,107,687
4,396,039
(2,271)
(1,023,746)
21,345,508
(6,423)
(850,893)
3,604,342
(1)
(1,332,783)
10,774,903
(685)
(928,712)
3,466,642
Changes in operating assets and liabilities
(Increase)/Decrease in Financial assets at fair value through profit or loss
Decrease in Derivative Financial Assets and liabilities at fair value through profit or loss
Increase in amounts receivable on sale of securities
Decrease/(Increase) in other assets
(Decrease)/Increase in payable on securities purchased
Increase/(Decrease) in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in expenses payable
Cash (used in)/provided by operating activities
(53,083,310)
4,148
61,524
2,247
2,557
2,749
(31,664,577)
15,265,206
(1,432)
(746,692)
(19,662)
(1,651)
(1,607)
(3,226)
18,095,278
(14,390,602)
267,720
(381,856)
(867)
762,768
13,981
1,611
1,678
(91)
(2,950,755)
(77,302,216)
219,504
(349)
66,673
2,013
1,436
11,531
(73,534,766)
Interest received
Dividend received
Net cash (used in)/provided by operating activities
2,272
983,075
(30,679,230)
6,429
856,903
18,958,610
1
1,325,500
(1,625,254)
685
928,712
(72,605,369)
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash provided by/(used in) financing activities
63,094,240
(25,872,149)
37,222,091
21,416,355
(40,748,771)
(19,332,416)
3,343,737
(42,997)
3,300,740
75,144,080
75,144,080
Cash flows From Operating activities
Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile profit attributable to holders of redeemable
participating shares to cash (used in)/provided by operating activities
Interest income
Dividend income
Operating profit before working capital changes
The accompanying notes form an integral part of the financial statements.
123
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
MID CAPS EUROPE
EUR
31 December 2015
COMGEST GROWTH
MID CAPS EUROPE
EUR
31 December 2014
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2015
COMGEST GROWTH
EUROPE EX
SWITZERLAND
CHF
31 December 2014
Net increase/(decrease) in cash
6,542,861
(373,806)
1,675,486
2,538,711
Net Cash at the Start of the Financial Year
3,017,592
3,391,398
2,538,711
-
Net Cash at the End of the Financial Year
9,560,453
3,017,592
4,214,197
2,538,711
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
3,017,592
3,017,592
3,391,398
3,391,398
2,538,711
2,538,711
-
Cash at the end of the financial year
Net Cash at the End of the Financial Year
9,560,453
9,560,453
3,017,592
3,017,592
4,214,197
4,214,197
2,538,711
2,538,711
The accompanying notes form an integral part of the financial statements.
124
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE EX
UK
GBP
31 December 2015
COMGEST GROWTH
EUROPE EX
UK
GBP
31 December 2014*
COMGEST GROWTH
ASIA
USD
31 December 2015**
278,268
(92)
(7,766,879)
(324)
(34,288)
243,656
(1)
(93)
(938)
(687,427)
(8,455,244)
Changes in operating assets and liabilities
Increase in Financial assets at fair value through profit or loss
Decrease/(Increase) in Derivative Financial Assets and liabilities at fair value through profit or loss
Increase in amounts receivable on sale of securities
Increase in Receivable from investment manager
Increase in other assets
(Decrease)/Increase in payable on securities purchased
Increase in investment manager's fees
Increase in administration fees payable
Increase in custodian fees payable
Increase in expenses payable
Cash used in operating activities
(4,168,632)
79,715
(145,381)
(2,879)
(183,095)
3,315
759
180
5,469
(4,166,893)
(413,110)
(937)
(301)
317,879
48
119
947
(95,448)
(78,700,652)
(288)
96,404
3,394
7,672
381,303
(86,667,411)
Interest received
Dividend received
Net Cash used in operating activities
317
34,288
(4,132,288)
1
(95,447)
863
388,859
(86,277,689)
Cash flows From Operating activities
Increase/(Decrease) in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile profit/(loss) attributable to holders of redeemable
participating shares to cash used in operating activities
Interest income
Dividend income
Operating profit/(loss) before working capital changes
Cash flows from financing activities
Proceeds from issue of subscriber shares
4,454,662
107,300
109,123,962
Payment on redemptions of subscriber shares
(143,590)
(18,768,651)
Net cash provided by financing activities
4,311,072
107,300
90,355,311
* Comgest Growth Europe ex UK was launched on 18 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17). Non cash subscriptions from Fund mergers amounted to
USD 89,747,832.
The accompanying notes form an integral part of the financial statements.
125
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
EUROPE EX
UK
GBP
31 December 2015
COMGEST GROWTH
EUROPE EX
UK
GBP
31 December 2014*
COMGEST GROWTH
ASIA
USD
31 December 2015**
178,784
11,853
4,077,622
Net Cash at the Start of the Financial Year
11,853
-
-
Net Cash at the End of the Financial Year
190,637
11,853
4,077,622
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
11,853
11,853
-
-
Cash at the end of the financial year
Net Cash at the End of the Financial Year
190,637
190,637
11,853
11,853
4,077,622
4,077,622
Net increase in cash
* Comgest Growth Europe ex UK was launched on 18 December 2014.
** Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available (see note 17). Non cash subscriptions from Fund mergers amounted to
USD 89,747,832.
The accompanying notes form an integral part of the financial statements.
126
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2015
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2014*
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2015
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2014
(2,612,614)
34,248,085
17,930,459
19,193,243
(6,263)
(4,213,891)
(6,832,768)
(3,460)
(2,982,990)
31,261,635
(3,972,909)
13,957,550
(267)
(1,565,865)
17,627,111
Changes in operating assets and liabilities
Increase in Financial assets at fair value through profit or loss
Increase in amounts receivable on sale of securities
Decrease/(Increase) in other assets
Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
(Decrease)/Increase in expenses payable
Cash used in operating activities
(67,959,640)
4,063
58,972
3,968
7,956
(14,791)
(74,732,240)
(166,798,728)
(1,715)
181,953
2,221
7,437
33,180
(135,314,017)
(19,805,390)
(4,348,121)
4,398
34,073
3,101
7,167
5,332
(10,141,890)
(51,306,384)
(4,202)
28,184
(783)
(3,033)
(7,215)
(33,666,322)
Interest received
Dividend received
Net cash used in operating activities
6,187
4,171,273
(70,554,780)
3,460
2,918,038
(132,392,519)
3,992,360
(6,149,530)
270
1,556,425
(32,109,627)
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash provided by financing activities
139,022,148
(66,346,913)
72,675,235
199,981,495
(57,265,709)
142,715,786
99,539,203
(95,255,855)
4,283,348
80,398,172
(46,060,964)
34,337,208
Cash flows From Operating activities
(Decrease)/Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash used in operating activities
Interest income
Dividend income
Operating (loss)/profit before working capital changes
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
The accompanying notes form an integral part of the financial statements.
127
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2015
COMGEST GROWTH
ASIA PAC EX JAPAN
USD
31 December 2014*
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2015
COMGEST GROWTH
GREATER CHINA
EUR
31 December 2014
2,120,455
10,323,267
(1,866,182)
2,227,581
Net Cash at the Start of the Financial Year
11,329,085
1,005,818
4,935,050
2,707,469
Net Cash at the End of the Financial Year
13,449,540
11,329,085
3,068,868
4,935,050
Analysis of Cash
Cash at the start of the financial year
Overdraft at the start of the financial year
Net Cash at the Start of the Financial Year
11,329,085
11,329,085
1,005,818
2,707,469
1,005,818
4,935,055
(5)
4,935,050
Cash at the end of the financial year
Overdraft at the end of the financial year
Net Cash at the End of the Financial Year
13,449,540
13,449,540
11,329,085
3,068,868
3,068,868
Net increase/(decrease) in cash
2,707,469
4,935,055
(5)
4,935,050
* On 10 January 2014, Comgest Panda merged with Comgest Growth Asia Pac ex Japan. Comgest Panda transferred all of its assets and liabilities to Comgest Growth Asia Pac ex Japan, and Shareholders in Comgest
Panda were issued with new shares in Comgest Growth Asia Pac ex Japan.
The accompanying notes form an integral part of the financial statements.
128
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
INDIA
USD
31 December 2015
COMGEST GROWTH
INDIA
USD
31 December 2014
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
(6,164,306)
82,692,295
(13,601,659)
(131,318)
Interest income
Dividend income
Operating (loss)/profit before working capital changes
(8,722)
(2,420,384)
(8,593,412)
(6,639)
(2,891,873)
79,793,783
(855)
(1,273,934)
(14,876,448)
(2,841)
(1,045,223)
(1,179,382)
Changes in operating assets and liabilities
Decrease/(Increase) in Financial assets at fair value through profit or loss
(Increase)/Decrease in amounts receivable on sale of securities
Decrease/(Increase) in other assets
Decrease in payable on securities purchased
(Decrease)/Increase in investment manager's fees
Increase/(Decrease) in administration fees payable
Increase/(Decrease) in custodian fees payable
Increase/(Decrease) in expenses payable
Cash provided by/(used in) operating activities
37,646,728
(2,152,786)
6,084
(77,252)
2,021
6,032
5,898
26,843,313
(57,728,804)
(1,310)
108,933
(1,011)
(2,214)
(25,867)
22,143,510
9,699,472
3,245
(12,077)
1,264
2,848
(14,804)
(5,196,500)
4,396,578
231,097
1,603
(249,045)
(3,881)
(1,644)
(1,747)
6,671
3,200,250
Interest received
Dividend received
Net cash provided by/(used in) operating activities
8,704
2,420,384
29,272,401
6,639
2,891,873
25,042,022
856
1,262,947
(3,932,697)
3,281
1,027,222
4,230,753
Cash flows from financing activities
Proceeds from issue of subscriber shares
Payment on redemptions of subscriber shares
Net cash (used in)/provided by financing activities
59,512,647
(102,146,060)
(42,633,413)
63,628,646
(78,694,023)
(15,065,377)
14,080,733
(11,661,900)
2,418,833
12,070,911
(15,248,793)
(3,177,882)
Cash flows From Operating activities
(Decrease)/Increase in net assets attributable to holders of
redeemable participating shares from operations
Adjustments to reconcile (loss)/profit attributable to holders of redeemable
participating shares to cash provided by/(used in) operating activities
The accompanying notes form an integral part of the financial statements.
129
COMGEST GROWTH plc
STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2015 (continued)
COMGEST GROWTH
INDIA
USD
31 December 2015
COMGEST GROWTH
INDIA
USD
31 December 2014
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2015
COMGEST GROWTH
LATIN AMERICA
EUR
31 December 2014
(13,361,012)
9,976,645
(1,513,864)
1,052,871
Net Cash at the Start of the Financial Year
17,053,488
7,076,843
3,310,701
2,257,830
Net Cash at the End of the Financial Year
3,692,476
17,053,488
1,796,837
3,310,701
Analysis of Cash
Cash at the start of the financial year
Net Cash at the Start of the Financial Year
17,053,488
17,053,488
7,076,843
7,076,843
3,310,701
3,310,701
2,257,830
2,257,830
3,692,476
3,692,476
17,053,488
17,053,488
1,796,837
1,796,837
3,310,701
3,310,701
Net (decrease)/increase in cash
Cash at the end of the financial year
Net Cash at the End of the Financial Year
The accompanying notes form an integral part of the financial statements.
130
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015
1.
Establishment and Organisation
Comgest Growth plc (the ‘‘Company’’) is an open-ended umbrella type investment company with variable capital and
limited liability organised under the laws of Ireland. The Company has been authorised by the Central Bank of Ireland
pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations,
2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment
in Transferable Securities) Regulations, 2015. The Company was incorporated on 23 March 2000. The Company is
structured as an umbrella fund with segregated liability between its sub-funds.
The Company is an umbrella type investment vehicle comprised of eighteen distinct sub-funds launched as at 31
December 2015 and two sub-fund which were not launched. The assets of a sub-fund are invested separately in
accordance with the investment objectives and policies of that sub-fund which are set out in the Prospectus. As at 31
December 2015, the sub-funds were as follows:
Sub-Fund Name
Base Currency
Comgest Growth World
Comgest Growth World Developed
Markets*****
Comgest Growth EAFE Plus
US Dollars
Comgest Growth America
US Dollars
Comgest Growth Japan
Japanese Yen
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising
Companies
US Dollars
Euro
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe
Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Euro
Euro
Euro
Euro
Swiss Franc
Comgest Growth Europe ex UK
Comgest Growth Asia
Comgest Growth Asia ex Japan*****
British Pound
US Dollars
US Dollars
Comgest Growth Asia Pac ex Japan
US Dollars
Comgest Growth Greater China
Comgest Growth India
Euro
US Dollars
Comgest Growth Latin America
Euro
US Dollars
US Dollars
Euro
Share Classes
US Dollar Class / EUR R Acc Class / EUR I Acc Class /
GBP I Acc Class*****
EUR I Acc Class / USD I Acc Class
USD I Acc Class
US Dollar Class / USD I Acc Class / EUR R Acc Class
/ EUR I H Acc Class*****
Yen Class / Yen I Acc Class / EUR I Acc Class / EUR
R Dis Class*****
US Dollar Class / US Dollar Distributing Class / Euro
Distributing Class / USD I Acc Class / EUR I Acc Class
/ EUR I Dis Class / GBP I Acc Class / EUR R Acc
Class / EUR Z Acc Class
EUR I Acc Class / EUR R Acc Class
Euro Class / Euro Distributing Class / USD I Acc Class
/ EUR I Acc Class / EUR R Acc Class
Euro Class / Euro Distributing Class / EUR I Acc Class
/ EUR I Dis Class / EUR R Acc Class / EUR Z Acc
Class/ USD I Acc Class
Euro Class / US Dollar Class
Euro Class / Euro Distributing Class* / EUR R Acc
Class / EUR I Acc Class
Euro Class / EUR I Acc Class
CHF I Acc Class / CHF Z Acc Class
GBP I H Acc Class / GBP I Acc Class *****/ GBP Z Acc
Class*****
Euro I Acc Class** / US Dollar Class***
USD I Acc Class / EUR I Acc Class
US Dollar Class / US Dollar Distributing Class/ USD I
Acc Class / EUR I Acc Class**** / EUR R Acc
Class***** / Euro Distributing Class***** / GBP I Acc
Class*****
Euro Class / US Dollar Class / EUR I Acc Class / USD
I Acc Class *****
US Dollar Class / EUR I Acc Class / EUR R Acc Class
Euro Class / US Dollar Class / USD I Acc Class / EUR
R Acc Class
* Launched on 27 October 2015.
** Launched on 8 June 2015.
*** Launched on 4 June 2015 as a result of a merger with Comgest Asia.
**** Launched on 4 August 2015.
***** Not launched as of 31 December 2015.
131
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
1.
Establishment and Organisation (continued)
The Shares of the following share classes have been admitted to the official list of the Irish Stock Exchange:
Sub-Fund Name
Comgest Growth World
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth GEM Promising Companies
Comgest Growth Europe
Comgest Growth Mid-Caps Europe
Comgest Growth Asia Pac ex Japan
Comgest Growth Greater China
Comgest Growth India
Comgest Growth Latin America
Share Classes
US Dollar Class
Yen Class
US Dollar Class / US Dollar Distributing Class / Euro
Distributing Class
Euro Class / Euro Distributing Class
Euro Class / Euro Distributing Class
Euro Class
US Dollar Class / US Dollar Distributing Class
Euro Class
US Dollar Class
Euro Class / US Dollar Class
As at 31 December 2015 the Company was registered for distribution in below countries:
Sub-Fund Name
Comgest Growth World
Comgest Growth EAFE Plus
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising Companies
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Comgest Growth Europe ex UK
Comgest Growth Asia*
Comgest Growth Asia Pac ex Japan
Foreign Registration as at 31 December 2015
Austria, Bahrain (Expert Investors only), Belgium, Finland, France, Germany, Italy
(institutional investors only except for EUR R Acc Class), Luxembourg,
Netherlands, Sweden, Switzerland, United Kingdom
Finland, France, Germany
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Sweden, Switzerland, United
Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Dis Class), Luxembourg, Netherlands, Singapore (Accredited and
Institutional Investors only), Sweden, Switzerland, United Kingdom
Austria, Bahrain (Expert Investors only), Belgium, Finland, France, Germany, Italy
(institutional investors only except for EUR R Acc Class), Luxembourg,
Netherlands, Singapore (Accredited and Institutional Investors only), Spain,
Sweden, Switzerland, United Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Sweden, Switzerland, United
Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Sweden, Switzerland, United
Kingdom
Austria (except for EUR R Acc and EUR Z Acc Class), Bahrain (Expert Investors
only), Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Singapore (Accredited and
Institutional Investors only), Spain, Sweden, Switzerland, United Kingdom
Austria, Bahrain (Expert Investors only), United Kingdom, Finland, France,
Germany, Switzerland
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Sweden, Switzerland, United
Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for Euro Class), Luxembourg, Netherlands, Sweden, Switzerland, United Kingdom
Switzerland
United Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only),
Luxembourg, Netherlands, Sweden, Switzerland, United Kingdom
Austria, Bahrain (Expert Investors only), Belgium, Finland, France, Germany, Italy
(institutional investors only except for EUR R Acc and USD Class), Luxembourg,
Netherlands, Sweden, Switzerland, United Kingdom
*Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
132
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
1.
Establishment and Organisation (continued)
Sub-Fund Name
Comgest Growth Greater China
Comgest Growth India
Comgest Growth Latin America
2.
Foreign Registration as at 31 December 2015
Austria, Bahrain (Expert Investors only), Belgium, Finland, France, Germany, Italy
(institutional investors only except for Euro Class), Luxembourg, Netherlands,
Singapore (Accredited and Institutional Investors only), Sweden, Switzerland,
United Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Singapore (Accredited and
Institutional Investors only), Sweden, Switzerland, United Kingdom
Austria, Belgium, Finland, France, Germany, Italy (institutional investors only except
for EUR R Acc Class), Luxembourg, Netherlands, Spain, Sweden, Switzerland,
United Kingdom
Principal Accounting Policies
Basis of Accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as
adopted by the International Accounting Standards Board (“IASB”) and interpretations issued by the International
Financial Reporting Interpretations Committee of the IASB and adopted by the European Union.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates
and assumptions which affect the application of policies and the reported amounts of assets and liabilities, income and
expense. The estimates and associated assumptions are based on historical experience and various other factors which
are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities which are not readily apparent from other sources. Actual results may differ
from these estimates. The accounting policies have been applied consistently by the Company and are consistent with
those used in the previous financial year.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial
assets and financial liabilities at fair value through profit or loss.
Net Asset Value
The Net Asset Value of a sub-fund and the Net Asset Value per Share of each class in each sub-fund are calculated on
each Dealing Day by ascertaining the value of the assets of the sub-fund attributed to the class on such Dealing Day and
deducting from such value the liabilities of the sub-fund attributed to the class on such Dealing Day.
Redeemable Participating Shares
All redeemable shares issued by the Company provide the investors with the right to require redemption for cash at the
value proportionate to the investors share in the Company’s net assets at the redemption date. In accordance with IAS 32
such instruments give rise to a financial liability for the present value of the redemption amount.
Investment Income
Income received arising on fixed income securities and liquidity investments is recognised as a component of the net
gains on financial assets and liabilities designated at fair value through profit or loss. Dividends are recorded on the exdividend date. Income is shown gross of withholding tax.
Other Income
Other income includes interest income received on cash balances and on short-term highly liquid investments. Other
income is recognised daily on an accruals basis, in line with the contractual terms of the relevant cash and cash
equivalent.
133
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
2.
Principal Accounting Policies (continued)
Operating Expenses
The Company pays out of the assets of each sub-fund all normal operating expenses including custodian fees,
administration fees, Investment Manager fees, Directors’ fees, NAV publication and circulation fees, audit and other
professional fees and stamp duties and charges incurred on the acquisition and realisation of investments. Performance
fees are being paid out of the assets of designated sub-funds. Such costs are expensed in the year to which they relate.
All expenses, including management fees, are recognised in the Statement of Comprehensive Income on an accrual
basis.
Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is
a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the
asset and settle the liability simultaneously.
Transaction fees
Transaction fees include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory
agencies and security exchanges, and transfer taxes and duties. Transaction fees do not include debt premiums or
discounts, financing costs or internal administrative or holding costs. Transaction fees relate to the purchase and sale of
investments.
Functional and Presentation Currency
The functional currencies of the sub-funds noted below are representative of the primary economic environment in which
these sub-funds operate. The functional currencies of the sub-funds are as follows:
Sub-Fund Name
Comgest Growth World
Comgest Growth World Developed Markets*
Comgest Growth EAFE Plus
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising Companies
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Comgest Growth Europe ex UK
Comgest Growth Asia
Comgest Growth Asia ex Japan*
Comgest Growth Asia Pac ex Japan
Comgest Growth Greater China
Comgest Growth India
Comgest Growth Latin America
Functional Currency
US Dollar
US Dollar
US Dollar
US Dollar
Japanese Yen
US Dollar
Euro
Euro
Euro
Euro
Euro
Euro
Swiss Franc
Great British Pound
US Dollar
US Dollar
US Dollar
Euro
US Dollar
Euro
*These sub-funds had not commenced trading as at 31 December 2015.
134
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
2.
Principal Accounting Policies (continued)
The Company has adopted the Euro as its presentation currency, as the Company’s main investors are based in the
European Union. The Company’s results and financial position are translated from its functional currency to its
presentation currency, as follows;
(i)
Assets and liabilities, including Net Assets Attributable to the Holders of Redeemable Participating Shares, are
translated at the closing rate of exchange at each Statement of Financial Position date;
(ii)
Proceeds from subscriptions and amounts paid on the redemption of Redeemable Participating Shares are
translated at the exchange rates prevailing at the date of the transaction. Translation differences on non-monetary
items, such as equities, held at fair value through profit or loss are reported as part of the fair value gain or loss;
(iii)
Income and expenses are translated at the rates of exchange prevailing on the dates of the transactions.
Foreign Currency Translation
Assets and liabilities denominated in currencies other than the various sub-funds’ functional currencies as stated above
are translated into the functional currencies at the closing rates of exchange at each year end. Transactions during the
financial year, including purchases and sales of securities, income and expenses are translated at the rate of exchange
prevailing on the date of the transaction. Foreign currency gains and losses on investment transactions and retranslation
of closing investments are included in realised gains and losses on investments and net change in fair value of
investments. In respect of the Comgest Growth World, Comgest Growth EAFE Plus, Comgest Growth America, Comgest
Growth Japan, Comgest Growth Emerging Markets, Comgest Growth Europe ex Switzerland, Comgest Growth Europe
ex UK, Comgest Growth Asia, Comgest Growth Asia Pac ex Japan and Comgest Growth India sub-funds, these balances
are then translated into the presentation currency of the Company (Euro) at 31 December 2015. Foreign exchange
differences arising on the translation of the various sub-funds’ functional currencies into the presentation currency of the
Company are recognised separately through the Statement of Changes in Net Assets Attributable to Holders of
Redeemable Participating Shares.
The rates of exchange as at 31 December 2015 for the equivalent of 1 EUR were (source: Reuters):
AUD
BRL
CAD
CHF
CLP
CNY
COP
1.495381 DKK
4.328168 GBP
1.517666 HKD
1.081003 IDR
774.450744 INR
7.095733 JPY
3,469.047619 KES
7.462508 KRW
0.737273 MXN
8.469092 MYR
15,057.875155 NOK
72.334017 PEN
131.561680 PHP
111.893303 SEK
1,285.588235 SGD
18.997410 THB
4.691726 TWD
9.622666 USD
3.720380
51.261904
9.189182
1.542744
39.436645
35.876096
1.092750
The rates of exchange as at 31 December 2014 for the equivalent of 1 EUR were (source: Reuters):
AUD
BRL
CAD
CHF
CLP
DKK
GBP
1.478646 HKD
3.216558 IDR
1.401541 INR
1.202366 JPY
734.253641 KRW
7.446324 MXN
0.776046 MYR
9.383724 NOK
14,986.995294 PHP
76.382401 PKR
145.078969 PLN
1,329.725275 SEK
17.835770 SGD
4.230944 THB
9.072404 TRY
54.128830 TWD
121.637515 USD
4.298090 ZAR
9.472609
1.603437
39.810824
2.828793
38.239477
1.210050
13.998727
135
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
2.
Principal Accounting Policies (continued)
Foreign Currency Translation (continued)
Financial assets and liabilities at fair value through profit or loss
(i) Classification
The Company classified its investment securities as financial assets and liabilities at fair value through profit or loss: held
for trading, in accordance with IFRS 13 - Financial Instruments: Recognition and Measurement (“IFRS 13”). Financial
assets and liabilities held for trading include equities, investment funds and exchange traded funds, forwards and futures
which are acquired principally for the purpose of generating a profit from short term fluctuations in price.
(ii) Initial Measurement
Purchases and sales of financial instruments are accounted for at trade date. Realised gains and losses on disposals of
financial instruments are calculated using the average cost method.
Financial instruments categorised at fair value through profit or loss are measured initially at fair value with transaction
costs for such instruments being recognised directly in the Statement of Comprehensive Income.
(iii) Subsequent Measurement
After initial measurement, the Company measures financial instruments, which are classified as at fair value through
profit or loss: held for trading, at their fair values. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of
financial instruments traded in active markets is based on their quoted market prices on a recognised exchange or
sourced from a reputable broker/counterparty in the case of non-exchange traded instruments, at the financial year end,
without any deduction for estimated future selling costs. The Company has moved from measuring fair value of its
financial assets at bid and financial liabilities at ask, to using last trade prices for financial assets and liabilities. As each
methodology represents the best estimate exit price, the change does not impact previously reported Net Asset Values.
Fair Value of Investee Funds is based on the Net Asset Values as supplied by the administrators of the underlying fund.
If a quoted market price is not available on a recognised stock exchange or from a broker/counterparty, the fair value of
the financial instruments may be estimated by a competent person using valuation techniques, including the use of recent
arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same,
discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate
of prices obtained in actual market transactions. There were no such competent person estimations or valuations during
the financial year ended 31 December 2015.
Forward Foreign Exchange Contracts
The fair value of open foreign exchange contracts is calculated as the difference between the contracted rate and the
current forward rate that would close out the contract on the valuation date. For each relevant sub-fund, gains or losses
on open forward foreign exchange contracts are included in unrealised gain/(loss) on forward foreign exchange contracts
in the Statement of Financial Position and are shown in the Schedule of Investments of each relevant sub-fund.
Futures Contracts
A futures contract is an agreement between two parties to buy or sell a financial instrument for a set price on a future
date. Initial margin deposits are made in cash upon entering into futures contracts. During the financial year the futures
contract is open, changes in the value of the contracts are recognised as unrealised gains or losses by "marking tomarket" on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin
payments are made or received, depending on whether unrealised losses or gains are incurred. When the contract is
closed or expires, the Company records a realised gain or loss equal to the difference between the proceeds from (or
cost of) the closing transaction and the Company’s basis in the contract.
136
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
2.
Principal Accounting Policies (continued)
Financial assets and liabilities at fair value through profit or loss (continued)
New Standards, amendments and interpretations issued but not effective and not yet adopted
A number of new standards, amendments to standards and interpretations in issue are not yet effective, and have not
been applied in preparing these financial statements. None of these are currently expected to have a material effect on
the financial statements of the Company except the following set out below:
IFRS 9, ‘Financial instruments’, effective for annual reporting periods beginning on or after 1 January 2018, specifies how
an entity should classify and measure financial assets and liabilities, including some hybrid contracts. The standard
improves and simplifies the approach for classification and measurement of financial assets compared with the
requirements of IFRS 13. Most of the requirements in IFRS 13 for classification and measurement of financial liabilities
were carried forward unchanged. The standard applies a consistent approach to classifying financial assets and replaces
the numerous categories of financial assets in IFRS 13, each of which had its own classification criteria. IFRS 9 is not
expected to have a significant impact on the Company’s measurement basis, financial position or performance, as it is
expected that the Company will continue to classify its financial assets and financial liabilities as being at fair value
through profit or loss.
3.
Taxation
Under current law and practice the Company qualifies as an investment undertaking as defined under Section 739B of
the Taxes Consolidations Act, 1997, as amended. On that basis it is not chargeable to Irish tax on its income or gains.
However, Irish tax may arise on the happening of a ‘‘chargeable event’’. A chargeable event includes any distribution
payments to Shareholders or any encashment, redemption, cancellation or transfer of shares.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
a) A Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the
chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes
Consolidation Act, 1997, as amended, are held by the Company; and
b) Certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed
statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to
withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not
be recoverable by the Company or its Shareholders.
4.
Share Capital
On incorporation the authorised share capital of the Company was €40,000 divided into 40,000 Subscriber Shares of a
par value of €1.00 each and 500,000,000,000 shares of no par value initially designated as unclassified shares. The
unclassified shares are available for issue as Redeemable Participating Shares. Save as set out in the Prospectus, all
shares shall rank pari passu.
a) Subscriber Shares
In order to provide for the minimum share capital on incorporation required under Irish law, Comgest Far East
Limited subscribed for 39,993 Subscriber Shares for cash at par paid up in full and a further seven Subscriber
Shares have been issued fully paid up in cash at par to nominees. No further Subscriber Shares will be
issued. The Subscriber Shares held by Comgest Far East Limited were subsequently repurchased by the
Company at the repurchase price of €1.00 per Subscriber Share.
The Company’s Subscriber Shares are classified as equity in accordance with the Company’s Articles. These
shares do not participate in the profits of the Company.
137
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
4.
Share Capital (continued)
b) Redeemable Participating Shares
The holders of Redeemable Participating Shares shall be entitled to:
(i) One Vote per Redeemable Participating Share,
(ii) Such dividends that the Directors may from time to time declare, and
(iii) In the event of a winding up or dissolution of the Company, in priority to the holders of the Subscriber
Shares, firstly an amount equal to the Net Asset Value of the Participating Shares of each class or series
held at the date of winding up and, after payment to the holders of the Subscriber Shares of the nominal
amount paid up thereon, to participate in surplus assets of the Company (if any).
5.
Fees
Investment Manager’s Fees
The Investment Manager’s fees are accrued daily and payable fortnightly in arrears out of the assets of each of the subfunds as presented in following table.
The table below presents figures for sub-funds and share classes which were launched as at 31 December 2015.
Sub-Fund Name
Comgest Growth World
Comgest Growth EAFE Plus
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising
Companies
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe
Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Comgest Growth Europe ex UK
Comgest Growth Asia*
Comgest Growth Asia Pac ex Japan
Comgest Growth Greater China
Investment Manager’s Fee (per annum)
1.5% of Net Asset Value for the US Dollar Class, 1% for the EUR I Acc
Class, 2% for EUR R Acc Class
1% of Net Asset Value
1.5% of Net Asset Value for the US Dollar Class, 0.75% for USD I Acc Class
and 2% for EUR R Acc Class
1.5% of Net Asset Value for the Yen Class, 0.85% for Yen I Acc Class
1.5% of Net Asset Value for the US Dollar Class, the US Dollar Distributing
Class and the Euro Distributing Class; 1% for EUR I Acc Class, EUR I Dis
Class, USD I Acc Class and GBP I Acc Class, 2% for EUR R Acc Class,
1.1% for EUR Z Acc Class
1.25% of Net Asset Value for the EUR I Acc Class, 2.0% for the EUR R Acc
Class (voluntary reduced rate)
1.5% of Net Asset Value for the Euro Class and the Euro Distributing Class,
1% for the USD I Acc Class and EUR I Acc Class, 2% for the EUR R Acc
Class
1.5% of Net Asset Value for the Euro Class and the Euro Distributing Class,
1% for EUR I Acc Class, EUR I Dis Class and USD I Acc Class, 2% for EUR
R Acc Class and 1.1% for EUR Z Acc Class
1% of Net Asset Value for the Euro Class and US Dollar Class (voluntary
reduced rate)
1.5% of Net Asset Value for the Euro Class and Euro Distributing Class, 2%
of Net Asset Value for the EUR R Acc Class, 1% of Net Asset Value for
EUR I Acc Class
1.5% of Net Asset Value for the Euro Class and 1% for EUR I Acc Class
1% of Net Asset Value for the CHF I Acc Class and 1.1% for the CHF Z Acc
Class
0.85% of Net Asset Value for the GBP I H Acc Class
1.5% of Net Asset Value for the US Dollar Class, 1% of Net Asset Value for
the EUR I Acc Class
1.5% of Net Asset Value for the US Dollar Class, 1% of Net Asset Value for
the USD I Acc Class, 1.5% for the US Dollar Distributing Class and 1% for
the EUR I Acc Class
1.5% of Net Asset Value for the Euro Class and US Dollar Class, 1% for
EUR I Acc Class
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
138
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
5.
Fees (continued)
Investment Manager’s Fees (continued)
Sub-Fund Name
Comgest Growth India
Comgest Growth Latin America
Investment Manager’s Fee (per annum)
2% of Net Asset Value for the US Dollar Class, 2.5% for the EUR R Acc
Class, 1.25% for the EUR I Acc Class
1.75% of Net Asset Value for the Euro Class and the US Dollar Class, 2.5%
for the EUR R Acc Class, 1.25% of Net Asset Value for the USD I Acc Class
There is no management fee charged on assets of the sub-funds invested in other Collective Investment Schemes and
Undertakings for Collective Investment in Transferable Securities managed by the Investment Manager or an associated
company.
The Investment Manager shall also be entitled to be reimbursed for all reasonable and properly vouched out of pocket
expenses incurred by the Investment Manager in the performance of its duties and responsibilities under the Investment
Management Agreement.
The Investment Manager is responsible for the fees of any advisers it utilises.
The amount of Investment Manager’s fees payable and charged for each sub-fund during the years ended 31 December
2015 and 2014 have been noted on the Statement of Financial Position and the Statement of Comprehensive Income
respectively.
Performance Fees
In addition to the base investment management fee, the Investment Manager is or may be entitled to a performance fee
(a ‘‘Performance Fee’’) for Comgest Growth GEM Promising Companies and Comgest Growth Emerging Markets Flex
calculated by the Administrator and verified by the Custodian, in respect of the performance of each share class provided
that there is an Outperformance (as defined below) during the Performance Year.
In the event of a redemption by a Shareholder of Comgest Growth GEM Promising Companies or Comgest Growth
Emerging Markets Flex during the Performance Year, the pro-rata portion of the Performance Fee accrual in the
respective Fund, if any, is payable at the date of redemption.
Outperformance (‘‘Outperformance’’) is defined as the Share Value of a class of Shares less the value of the Reference
Asset (provided that the resulting number is positive). Performance year is defined as the period beginning on 1 January
in each year and ending on 31 December in each year.
Reference Asset (‘‘Reference Asset’’) is defined as notional pool of assets which replicates the performance of the
Reference Index (as defined below) and which is increased by subscriptions, reduced by redemptions and reduced by
dividends (if any) paid by the relevant share class.
The reference index (‘‘Reference Index’’) used for the purposes of the calculation of the Performance Fee is the MSCI
Emerging Markets Net Index (EUR) in respect of the share classes of Comgest Growth GEM Promising Companies and
in respect of Comgest Growth Emerging Markets Flex, the MSCI Emerging Markets (EM) Net 60% + CASH (EUR) 40%
Index, as disclosed in the Prospectus. If a share class is denominated in a currency other than Euro, the Reference Index
will be converted to the currency in which that share class is denominated.
Entitlement to a Performance Fee is calculated by reference to the Outperformance of a share class to the last Business
Day of a Performance Year if the share class performance is positive for the Performance Year (i.e. the Share Value on
the last Business Day of the Performance Year is greater than the Net Asset Value on the first Business Day of the
Performance Year). The Performance Fee is equal to Outperformance multiplied by 15%.
If the Shares are redeemed during the Performance Year, the pro-rata portion of the Performance Fee accrual (if any) at
that point is due to the Investment Manager at the time of redemption. Any amount of Performance Fee calculated with
respect to redeemed Shares of a class during a Performance Year is calculated according to the Share Value of the
redeemed Shares, and the Reference Asset as at the date of redemption (as opposed to as at the end of the
Performance Year in which the redemption takes place). It is therefore possible that, although the Net Asset Value per
Share is not in Outperformance for a full Performance Year, a Performance Fee may be earned by the Investment
Manager in respect of Shares redeemed where the Net Asset Value at redemption was higher than the Reference
Assets.
139
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
5.
Fees (continued)
Performance Fees (continued)
In event of Outperformance on the last Business Day of a Performance Year, the value of the Reference Asset for the
next Performance Year will be reset on 1 January to the Net Asset Value of the relevant share class on the last Business
Day of the preceding Performance Year. If there is no Outperformance on the last Business Day of the Performance
Year, the value of the Reference Asset is not reset for the next Performance Year and the underperformance of the share
class in the preceding Performance Year by reference to the Reference Asset is clawed back (i.e. cleared) before a
Performance Fee becomes due in a subsequent Performance Year.
The Performance Fee is calculated and accrued daily by the Administrator and verified by the Custodian. Once a
Performance Fee becomes due and payable in relation to a Performance Year, that Performance Fee is not affected by
any subsequent losses experienced by the Fund.
The Performance Fee is based on the net realised and net unrealised gains and losses as at the end of each
Performance Year and, as a result, the Performance Fee may be paid on unrealised gains which may subsequently
never be realised.
Performance Fees charged in relation to Comgest Growth GEM Promising Companies for the financial year amounted to
€2,871,421 (2014: €599,330). Performance fee accrued in relation to Comgest Growth GEM Promising Companies is
disclosed on page 59 in Statement of Financial Position.
No Performance Fee was charged in relation to Comgest Growth Emerging Markets Flex. Performance Fees in relation
to Comgest Growth Emerging Markets Flex have been waived by the Investment Manager until 1 January 2016. As at 31
December 2015, the Investment Manager has extended the waiver until 1 January 2017. This waiver was in place for
financial year ended 31 December 2015 and 31 December 2014.
There are no Performance Fee provisions in relation to any other sub-fund (2014: Nil).
Sub-Investment Manager Fees
The fees and expenses of the Sub-Investment Manager will be paid by the Investment Manager out of its investment
management fee.
Administrator’s Fees
The Administrator shall be entitled to receive an annual fee from the Company, accrued daily and payable monthly in
arrears, not exceeding 0.05% of the Net Asset Value of the Company, subject to such minimum fee as agreed between
the Company and the Administrator.
The minimum fee includes €2,500 per sub-fund for the production of Annual Financial Statements and €1,750 per subfund for the production of Semi-Annual Financial Statements.
From 1 January 2015 for Fund Accounting, the Administrator is entitled to a minimum annual fee of €29,000 per sub-fund
which includes two share classes. For each additional share class in excess of two per sub-fund, a fee of €3,000 per
annum will be incurred and charged to the relevant sub-fund. The fee will increase by €29,000 for each additional subfund. The annual fee will be charged pro rata in the event of a sub-fund commencing or ceasing during a year.
From 1 January 2015 the Administrator is also entitled to basis point fee of up to 0.30 basis points of the aggregate Net
Asset Value of the Company.
The Administrator is also entitled to a domiciliary and corporate agent services fee of €3,000 per annum for the Company
as a whole and to be reimbursed for all agreed maintenance fees, Shareholder servicing fees, systems connection and
programming fees, registered certificate fees and transaction fees (which shall all be at normal commercial rates and as
set out in the Administration Agreement) and all reasonable out of pocket expenses properly incurred by it in the
performance of its duties and responsibilities under the Administration Agreement, all of which will also be applied to the
minimum fee.
The Administrator is also entitled to a fee for services provided to the Company in relation to the Foreign Account Tax
Compliance Act (FATCA). As at 31 December 2015, there were no FATCA fees charged (2014: Nil) or fees payable
(2014: Nil).
The amount of Administrator’s fees payable and charged for each sub-fund during the years ended 31 December 2015
and 2014 have been noted on the Statement of Financial Position and the Statement of Comprehensive Income
respectively.
140
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
5.
Fees (continued)
Custodian and Trustee Fees
The Custodian is entitled to receive an annual fee from the Company not exceeding 0.03% of the Net Asset Value of the
Company calculated as of each Dealing Day and payable monthly in arrears out of the assets of each of the sub-funds.
The Custodian is also entitled to reimbursement of all agreed transaction charges, out of pocket expenses properly
incurred for the benefit of the Company and fees of any sub-custodian which shall be at rates which have been
negotiated at arm’s length and at normal commercial rates either by the Custodian or its global sub-custodian. The
minimum Custodian fee is €25,000 per annum for the Company. This fee may be waived at the Custodian’s discretion.
The Company will also pay to the Trustee minimum fee of €3,000 per annum, per sub-fund.
The amount of Custodian fees payable and charged for each sub-fund during the years ended 31 December 2015 and
2014 have been noted on the Statement of Financial Position and the Statement of Comprehensive Income respectively.
The amount of Trustee fees charged for each sub-fund during the years ended 31 December 2015 and 2014 have been
noted on the Statement of Comprehensive Income.
Publication Fees
The amount of Publication fees charged for each sub-fund during the years ended 31 December 2015 and 2014 have
been noted on the Statement of Comprehensive Income.
Directors’ Fees
Directors’ fees and expenses are charged to the sub-funds pro rata to their Net Asset Values. Fees of €132,222 were
charged to the sub-funds during the financial year in respect of remuneration for Mr Daniel Morrissey and Ms Bronwyn
Wright. Fees of €119,054 were charged to the sub-funds for directors services during the financial year ended 31
December 2014.
The amount of Directors’ fees charged for each sub-fund during the years ended 31 December 2015 and 2014 have been
noted on the Statement of Comprehensive Income.
Auditors’ Remuneration
Auditors’ Remuneration (excluding VAT)
Statutory Audit Fee
Other Assurance Services
Tax Advisory services
Other non-audit services
Total
6.
2015
EUR
105,917
105,917
2014
EUR
102,250
13,000
115,250
Derivative Contracts
Typically, derivative contracts (“FDI”) serve as components of the Company’s investment strategy and are utilised
primarily to structure and economically hedge investments to enhance performance and reduce risk to the Company (the
Company does not designate any derivatives as hedges for hedge accounting purposes as described under IFRS 13).
The derivative contracts that the Company may normally hold are forward currency exchange contracts, warrants,
convertible bonds and futures.
The Company records its FDI activities on a mark-to-market basis. Fair values are determined by using quoted market
prices.
141
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
6.
Derivative Contracts (continued)
Comgest Growth Emerging Markets Flex will seek to hedge part of the equity market risk exposure in the Core Portfolio
through the use of exchange traded equity index futures. While the objective in using such futures is to hedge the market
risk arising from the equity positions in the Core Portfolio, there can be no guarantee that this objective will always be
met. As at 31 December 2015 Comgest Growth Emerging Markets Flex had entered into the following outstanding futures
contracts:
COMGEST GROWTH EMERGING MARKETS FLEX
Number of contracts
(continued)
(Sold)
Description
(21)
EURO STOXX 50 PR 18/03/2016
(16)
UKX FTSE 100 INDEX 18/03/2016
(65)
HONG KONG HANG SENG INDICES 28/01/2016
(3)
HONG KONG HANG SENG INDICES 28/01/2016
(1)
HONG KONG HANG SENG INDICES 28/01/2016
(1)
HONG KONG HANG SENG INDICES 28/01/2016
(1)
HONG KONG HANG SENG INDICES 28/01/2016
(1)
HONG KONG HANG SENG INDICES 28/01/2016
(1)
KOREA KOSPI 200 INDEX 10/03/2016
(1)
KOREA KOSPI 200 INDEX 10/03/2016
(1)
KOREA KOSPI 200 INDEX 10/03/2016
(1)
KOREA KOSPI 200 INDEX 10/03/2016
(2)
KOREA KOSPI 200 INDEX 10/03/2016
(2)
KOREA KOSPI 200 INDEX 10/03/2016
(27)
MEXICO BOLSA INDEX 18/03/2016
(20)
MEXICO BOLSA INDEX 18/03/2016
(50)
MEXICO BOLSA INDEX 18/03/2016
(4)
MEXICO BOLSA INDEX 18/03/2016
(6)
MEXICO BOLSA INDEX 18/03/2016
(19)
MEXICO BOLSA INDEX 18/03/2016
(5)
MEXICO BOLSA INDEX 18/03/2016
(49)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
(49)
MEXICO BOLSA INDEX 18/03/2016
(50)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
(4)
MEXICO BOLSA INDEX 18/03/2016
(5)
MEXICO BOLSA INDEX 18/03/2016
(2)
MEXICO BOLSA INDEX 18/03/2016
(3)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
(4)
MEXICO BOLSA INDEX 18/03/2016
(10)
MEXICO BOLSA INDEX 18/03/2016
(2)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
(5)
MEXICO BOLSA INDEX 18/03/2016
(2)
MEXICO BOLSA INDEX 18/03/2016
(5)
MEXICO BOLSA INDEX 18/03/2016
(5)
MEXICO BOLSA INDEX 18/03/2016
(8)
MEXICO BOLSA INDEX 18/03/2016
(4)
MEXICO BOLSA INDEX 18/03/2016
(2)
MEXICO BOLSA INDEX 18/03/2016
(4)
MEXICO BOLSA INDEX 18/03/2016
(1)
MEXICO BOLSA INDEX 18/03/2016
Currency
EUR
GBP
HKD
HKD
HKD
HKD
HKD
HKD
KRW
KRW
KRW
KRW
KRW
KRW
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
Commitments
(689,220)
(991,680)
(71,207,500)
(3,286,500)
(1,095,500)
(1,095,500)
(1,095,500)
(1,095,500)
(120,000,000)
(118,181,760)
(120,000,000)
(122,608,800)
(240,500,000)
(240,500,000)
(11,647,530)
(8,627,800)
(21,569,500)
(1,725,560)
(2,588,340)
(8,196,410)
(2,156,950)
(21,138,110)
(431,390)
(21,138,110)
(21,569,500)
(431,390)
(1,725,560)
(2,156,950)
(862,780)
(1,294,170)
(431,390)
(1,725,560)
(4,313,900)
(862,780)
(431,390)
(431,390)
(2,156,950)
(862,780)
(2,156,950)
(2,156,950)
(3,451,120)
(1,725,560)
(862,780)
(1,725,560)
(431,390)
Unrealised
gain/(loss)
in EUR
(10,080)
(51,016)
137,428
(748)
(249)
(249)
(249)
(249)
(825)
(1,276)
(1,256)
(923)
(3,573)
(3,219)
(6,231)
(4,722)
(11,834)
(953)
(1,436)
(3,939)
(1,063)
(10,656)
(217)
(10,812)
(11,300)
190
759
1,055
395
593
352
109
165
33
17
17
83
28
43
43
175
34
12
23
6
142
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
6.
Derivative Contracts (continued)
COMGEST GROWTH EMERGING MARKETS FLEX
Number of contracts
(continued)
(Sold)
Description
Currency
(1)
MEXICO BOLSA INDEX 18/03/2016
MXN
(1)
MEXICO BOLSA INDEX 18/03/2016
MXN
(1)
MEXICO BOLSA INDEX 18/03/2016
MXN
(1)
MEXICO BOLSA INDEX 18/03/2016
MXN
(1)
MEXICO BOLSA INDEX 18/03/2016
MXN
(313)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(39)
S&P 500 EMINI INDEX 18/03/2016
USD
(348)
NSE S&P CNX NIFTY INDEX 28/01/2016
USD
(134)
TAMSCI MSCI TAIWAN IDX FUT 28/01/2016
USD
(206)
XIN9I FTSE CHINA A50 INDEX 28/01/2016
USD
(2)
XIN9I FTSE CHINA A50 INDEX 28/01/2016
USD
(25)
XIN9I FTSE CHINA A50 INDEX 28/01/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(3)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(4)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
S&P 500 EMINI INDEX 18/03/2016
USD
(1)
S&P 500 EMINI INDEX 18/03/2016
USD
(3)
S&P 500 EMINI INDEX 18/03/2016
USD
(2)
S&P 500 EMINI INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(4)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(3)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(3)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(1)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(2)
MSEMI - MSCI EMER MKTS INDEX 18/03/2016
USD
(74)
FTSE/JSE AFRICA INDEX TOP40 17/03/2016
ZAR
(1)
FTSE/JSE AFRICA INDEX TOP40 17/03/2016
ZAR
Total as at 31 December 2015
Total as at 31 December 2014
Commitments
(431,390)
(431,390)
(431,390)
(431,390)
(431,390)
(12,324,400)
(3,969,250)
(5,531,808)
(4,079,000)
(2,156,820)
(20,940)
(261,750)
(39,400)
(39,400)
(39,400)
(118,150)
(39,400)
(78,750)
(39,400)
(39,400)
(39,400)
(78,750)
(157,500)
(39,400)
(39,400)
(101,800)
(101,800)
(305,350)
(203,550)
(78,750)
(39,400)
(39,400)
(78,750)
(157,500)
(78,750)
(78,750)
(39,400)
(118,150)
(39,400)
(39,400)
(118,150)
(39,400)
(39,400)
(39,400)
(39,400)
(39,400)
(78,750)
(34,241,280)
(462,720)
Unrealised
gain/(loss)
in EUR
6
6
6
6
6
(236,271)
(46,224)
29,152
51,809
78,224
110
1,380
69
69
69
207
69
138
69
69
69
138
276
69
69
357
357
1,070
713
156
78
78
156
313
166
166
83
248
83
83
248
83
83
83
83
83
166
(87,661)
219
(198,431)
(1,397,419)
143
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
6.
Derivative Contracts (continued)
As at 31 December 2015, the sub-funds had entered into the following outstanding forward contracts:
COMGEST GROWTH EUROPE EX SWITZERLAND
Maturity
29-Jan-2016
29-Jan-2016
29-Jan-2016
29-Jan-2016
29-Jan-2016
29-Jan-2016
Currency purchased
CHF 8,362,855
CHF 51,548,396
CHF 3,203,179
CHF 14,410,584
CHF 2,193,181
CHF 679,014
Currency sold
DKK 57,820,297
EUR 47,787,873
HKD 25,029,333
GBP 9,752,855
SEK 18,861,410
USD 684,450
Total as at 31 December 2015
Total as at 31 December 2014
Unrealised
gain/(loss)
in CHF
(57,922)
(389,808)
(26,805)
38,139
(45,513)
(5,315)
(487,224)
(219,504)
COMGEST GROWTH EUROPE EX UK
Maturity
15-Mar-2016
15-Mar-2016
15-Mar-2016
15-Mar-2016
15-Mar-2016
Currency purchased
GBP 616,910
GBP 38,893
GBP 458,363
GBP 239,006
GBP 2,628,327
Currency sold
DKK 6,351,092
USD 58,964
CHF 683,894
SEK 3,067,853
EUR 3,629,404
Total as at 31 December 2015
Total as at 31 December 2014
Unrealised
gain/(loss)
in GBP
(11,519)
(1,107)
(6,597)
(8,373)
(51,182)
(78,778)
937
Forward contracts entered into by the Company represent a firm commitment to buy or sell an underlying asset, or
currency at a specified value and point in time based upon an agreed or contracted quantity. The realised /unrealised
gain or loss is equal to the difference between the value of the contract at settlement date/year end date and is included
in the Statement of Comprehensive Income.
The global exposure of each Fund is calculated as the total of the absolute values of a Fund’s net position exposures,
assessed using the Commitment Approach, and global exposure is covered with either cash or liquid assets.
The Company takes account of netting and hedging arrangements when calculating global exposure, where these
arrangements do not disregard obvious and material risks and result in a clear reduction in risk exposure.
The Company applies the Commitment Approach to all FDI, including embedded FDI, whether used as part of a Fund’s
general investment policy, for the purposes of risk reduction or for the purposes of efficient portfolio management.
Limits: The global exposure of a Fund arising from the use of FDIs, including embedded FDI, will, at all times, be limited
to 100% of the Net Asset Value of the Fund.
Monitoring: The Company calculates the global exposure of each Fund on at least a daily basis, as the incremental
exposure and leverage generated by a Fund through the use of FDI, including embedded FDI, may not exceed the total
of the Fund’s NAV.
144
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
6.
Derivative Contracts (continued)
The Investment Manager maintains investment guidelines that set out its overall business strategies and investment
objectives and policies are set out for each sub-fund of the Company in the Prospectus. The Company further maintains
a risk management process which sets out its general risk management philosophy and processes by which the
Investment Manager monitors and controls economic hedging transactions in a timely and accurate manner.
Investment Guidelines and Investment Processes
In selecting companies for the sub-funds’ portfolios, the Investment Manager looks for companies with the following
criteria:
Financial criteria
• Proven ability to generate a strong increase in earnings
• Above-average profit margins versus their peers
• Return on equity
• Return on capital employed above the cost of capital
• Sound Statement of Financial Position, low gearing
• Strong cash flow generation
Qualitative criteria
• Strong business franchise (brand, unique product / service / know-how)
• High barriers to entry
• Long-term competitive advantage
• Pricing power
• Growing market supported by secular long-term trends
• Recurring revenue / repeat business
• Earnings visibility
• Shareholder-friendly management
Investment advisors screen the above criteria on a continuous basis through their own evaluation of company
information, use of research provided by brokers, contacts with the Company’s and industry consultants and the
occasional use of external screening tools.
This research is enriched by the rigorous groundwork of frequent contact with company executives, operational
management and visits to manufacturing and distribution sites. Investment advisors also check on competitors, clients
and suppliers of the companies, tapping into any information likely to highlight their strengths and weaknesses.
This intensive work leads to the creation of the Investment Manager’s investment universe, comprising a restricted list of
rigorously selected quality growth stocks. A unanimous decision of the investment team must be reached in order to
include a company in the investment universe. Subject to significant changes in the business environment, changes in
management or wholesale changes in the business strategy of the company, once a company enters the investment
universe it tends to stay there for quite some time and (subject to valuations) stays in a portfolio for typically 3-5 years.
The investment advisors are free to select companies from the investment universe for inclusion in the portfolios,
weighting the companies within the portfolio based on the relative attractiveness of each company and their personal
judgement.
There are 25-50 stocks typically held in the portfolios which the Investment Manager believes achieves appropriate
diversification and reduction of overall risk of the portfolio. Depending on the risks associated with the target markets of
the sub-funds, the Investment Manager may maintain a more or less diversified portfolio. For example, Comgest Growth
Emerging Markets, Comgest Growth GEM Promising Companies and Comgest Growth World typically hold 45-50 stocks
each, while the other sub-funds typically hold between 25-35 stocks each.
145
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments
Investment Guidelines and Investment Processes (continued)
The intensive research, in-depth knowledge of the companies and long-term focus of the sub-funds naturally result in
portfolios with relatively high concentrations and a low turnover. The Investment Manager sells companies for which there
are concerns or for which the valuation is too high. Cash holdings may increase significantly in years of market
uncertainty and/or in years of obvious market overvaluation.
The Company’s assets and liabilities comprise of financial instruments which include:
●
●
Cash liquid resources and short term debtors and creditors that arise directly from its investment activities.
Investments including equity shares and warrants. These are held in accordance with the Company’s investment
objectives and policies. The objectives of each of the sub-funds are summarised below.
The investment objectives of the sub-funds of the Company are detailed in the Company’s Prospectus and summarised
below:
Comgest Growth World: The investment objective of the Comgest Growth World Fund is to achieve capital appreciation
by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are
international and diversified growth securities.
Comgest Growth World Developed Markets: The investment objective of the World DM Fund is to achieve capital
appreciation by creating a professionally managed portfolio consisting of what in the opinion of the Investment Manager,
are international and diversified growth securities. This Fund was not launched as of 31 December 2015.
Comgest Growth EAFE Plus: The investment objective of the Comgest Growth EAFE Plus Fund is to achieve capital
appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager,
are international and diversified growth securities.
Comgest Growth America: The investment objective of the Comgest Growth America Fund is to create a professionally
managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth
companies having their headquarters or carrying out their predominant activities in America.
Comgest Growth Japan: The investment objective of the Comgest Growth Japan Fund is to create a professionally
managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth
companies having their headquarters or carrying out their predominant activities in Japan.
Comgest Growth Emerging Markets: The investment objective of the Emerging Markets Fund is to achieve capital
appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager,
are high quality long-term growth companies based or operating in Emerging Markets. Emerging Markets are defined as
countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern Europe, which have strong
economic growth compared to the average for the large industrialised countries.
Comgest Growth Emerging Markets Flex: The investment objective of the Comgest Growth Markets Flex Fund is to
achieve capital appreciation by creating a professionally managed portfolio primarily consisting of what, in the opinion of
the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets.
Emerging Markets are defined as countries, predominantly located in Africa, Asia, Latin America, Eastern and Southern
Europe, which have strong economic growth when compared to the average of large developed countries.
Comgest Growth GEM Promising Companies: The investment objective of the Comgest Growth GEM Promising
Companies Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting primarily of
what, in the opinion of the Investment Manager, are high quality long-term growth promising companies based or
operating in Global Emerging Markets. Promising companies are companies that, in the opinion of the Investment
Manager, are (i) seeking to rapidly gain market share and accordingly grow in size and (ii) deliver fast earnings growth.
Promising companies usually have shorter track records and higher capital requirements than more mature and
established companies. As a result, promising companies normally have a higher risk profile.
146
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
Investment Guidelines and Investment Processes (continued)
Comgest Growth Europe: The investment objective of the Comgest Growth Europe Fund is to create a professionally
managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth
companies having their headquarters or carrying out their predominant activities in Europe.
Comgest Growth Europe S: The investment objective of the Comgest Growth Europe S Fund is to seek to create a
professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term
growth companies having their headquarters or carrying out their predominant activities in Europe. The Investment
Manager intends to invest in Shariah compliant common shares issued by European companies at least two thirds of
which will be quoted or traded on Regulated Markets in EU Member States and in Switzerland.
Comgest Growth Greater Europe Opportunities: The investment objective of the Comgest Growth Greater Europe
Opportunities Fund is to create a professionally managed portfolio consisting primarily of what, in the opinion of the
Investment Manager, are opportunities which have their headquarters or carry out their predominant activities in Greater
Europe. Portfolio construction will use a pure bottom-up stock picking approach. The Fund is eligible for the equity
savings plan ("plan d'épargne en actions" or "PEA") in France as it invests on a permanent basis at least 75% of its total
assets in eligible shares or equity linked securities issued by companies having their registered office in the EEA.
Comgest Growth Mid-Caps Europe: The investment objective of the Comgest Growth Mid-Caps Europe Fund is to
create a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality
long-term growth mid-cap companies having their headquarters or carrying out their predominant activities in Europe. .
The Fund is eligible for the equity savings plan ("plan d'épargne en actions" or "PEA") in France as it invests on a
permanent basis at least 75% of its total assets in eligible shares or equity linked securities issued by companies having
their registered office in the EEA.
Comgest Growth Europe ex Switzerland: The investment objective of the Comgest Growth Europe ex Switzerland
Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in opinion of the
Investment Manager, are high quality long-term growth companies having their headquarters or carrying out their
predominant activities in any European country with the exception of Switzerland.
Comgest Growth Europe ex UK: The investment objective of the Comgest Growth Europe ex UK Fund is to achieve
capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment
Manager, are high quality long-term growth companies having their headquarters or carrying out their predominant
activities in any European country with the exception of the United Kingdom.
Comgest Growth Asia: The investment objective of the Comgest Growth Asia Fund is to achieve long-term capital
growth by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are
high quality long-term growth companies based or operating in Asia, notably Hong Kong, Singapore, Malaysia, Thailand,
Taiwan, Philippines, Indonesia, Pakistan, India, Japan, South Korea and China.
Comgest Growth Asia ex Japan: The investment objective of the Asia ex Japan Fund is to achieve long-term capital
growth by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are
high quality long-term growth companies based or operating in Asia excluding Japan but including the Indian subcontinent. This Fund was not launched as of 31 December 2015.
Comgest Growth Asia Pac ex Japan: The investment objective of the Comgest Growth Asia Pac ex Japan Fund is to
achieve long-term capital growth by creating a professionally managed portfolio consisting of what, in the opinion of the
Investment Manager, are high quality long-term growth companies based or operating in Asia excluding Japan but
including the Indian sub-continent, Australia and New Zealand.
Comgest Growth Greater China: The investment objective of the Comgest Growth Greater China Fund is to create a
professionally managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are high quality
long-term growth companies having their headquarters or carrying out their predominant activities in Greater China.
Comgest Growth India: The investment objective of the Comgest Growth India Fund is to create a professionally
managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are well managed companies
with long-term growth potential having their headquarters or carrying out their predominant activities in India.
147
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
Investment Guidelines and Investment Processes (continued)
Comgest Growth Latin America: The investment objective of the Latin America Fund is to create a professionally
managed portfolio consisting primarily of what, in the opinion of the Investment Manager, are well managed companies
with long-term growth potential having their headquarters or carrying out their predominant activities in Latin America.
1. Market Risk
● Equity Price Risk
Price Risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss
the Company might suffer through holding market positions in the face of price movements.
The Company trades in financial instruments, taking positions in traded instruments to create a professionally managed
portfolio consisting of high quality long-term growth companies. However, the Company’s equity securities remain
susceptible to equity price risk arising from fluctuations in their fair value due to changes in market prices.
The positions in securities held by the sub-funds at the financial year end are disclosed in the Schedule of Investments.
Also the Schedule of Investments details the geographic breakdown of investments indicating to which countries the subfunds’ portfolios are exposed. However, exposure may not be limited to these countries if, for example, companies in a
portfolio have part of their earnings based in other countries.
The tables below provide a risk sensitivity analysis of the impact of equity price movements on each of the sub-funds of
the Company. This information is given only in conformity with the requirements of IFRS 7 Financial Instruments:
Disclosures and is not intended to represent any kind of forecasting as to the performance of any sub-fund of the
Company. Neither the Directors nor the Investment Manager, by virtue of providing this information for compliance
purposes with IFRS 7 Financial Instruments: Disclosures, should be regarded as in any way forecasting the future
performance of any of the sub-funds.
As at 31 December 2015, a 5% increase or decrease in the market prices of the underlying instruments would have
increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the
basis that all other variables remained constant. The Investment Manager considers this movement to be a reasonable
size of movement to use as an indicator of the size of market price move a sub-fund might experience.
Sub-Fund Name
Comgest Growth World
Comgest Growth EAFE Plus
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth GEM Promising Companies
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe Opportunities
Comgest Growth Mid-Caps Europe
Comgest Growth Europe ex Switzerland
Comgest Growth Europe ex UK
Comgest Growth Asia*
Comgest Growth Asia Pac ex Japan
Comgest Growth Greater China
Comgest Growth India
Comgest Growth Latin America
31 December 2015
31 December 2014
$2,904,871
$237,949
$3,337,911
¥368,695,195
$175,600,013
€6,547,301
€12,707,428
€102,481,184
€481,351
€7,390,125
€5,551,875
CHF4,584,641
£229,087
$3,935,033
$12,367,939
€6,221,870
$8,243,206
€1,747,011
$1,465,965
$217,868
$2,859,114
¥95,299,590
$194,861,259
€4,417,866
€12,121,726
€75,522,897
€318,034
€5,070,471
€2,897,709
CHF3,865,111
£20,656
$8,969,957
€5,231,600
$10,125,542
€2,231,985
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
148
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
Investment Guidelines and Investment Processes (continued)
1. Market Risk (continued)
● Currency Risk
The income and capital value of a sub-fund’s investments can be affected by currency movements.
Depending on an investor’s currency of reference, currency fluctuations may adversely affect the value of an investment.
Where a sub-fund has a share class in a currency different to the base currency of the sub-fund, the value of shares
expressed in the class currency are subject to exchange rate risk in relation to the base currency and may be affected
favourably or unfavourably by fluctuations in the currency rates.
Where a sub-fund invests in securities and other investments that are denominated in currencies other than the base
currency of the sub-fund, the value of the sub-fund’s assets may be affected favourably or unfavourably by fluctuations in
currency rates and, therefore, the sub-fund will be subject to exchange rate risks at the portfolio level.
The Company may employ strategies aimed at hedging against currency risk at the portfolio level or at the share class
level, however, there can be no assurance that such hedging transactions will be effective. The Company was not
engaged in any currency hedging at the financial year end other than the forward contracts entered into as detailed in
note 6.
The Company may use over-the-counter forward currency exchange contracts ("forward contracts") to hedge against the
share class level exchange rate risk. The forward contracts normally have a maturity of 3 months or less. Forward
contracts oblige a sub-fund to buy or sell the relevant currency at a specified quantity and on a specified future date. Any
increases or decreases in the foreign-currency assets being hedged are then partially offset by gains and losses on the
economic hedging instruments. The economic risk of any such share class hedging is borne by the share class in respect
of which the hedging is undertaken. The sub-fund is not leveraged as a result of the forward contracts. For the financial
year ended 31 December 2015, Comgest Growth Europe ex Switzerland and Comgest Growth Europe ex UK had open
forward contracts as detailed in note 6.
The Company had no currency exposure at portfolio level in respect of Comgest Growth America USD share class and
Comgest Growth Japan as the currency of the assets and the base currency are the same.
The tables below detail the material non-base currencies and how a percentage impact on these exchange rates would
impact the Net Asset Value of the sub-funds.
This information is given only in conformity with the requirements of IFRS 7 Financial Instruments: Disclosures and is not
intended to represent any kind of forecasting as to the performance of any sub-fund of the Company. Neither the
Directors nor the Investment Manager, by virtue of providing this information for compliance purposes with IFRS 7
Financial Instruments: Disclosures, should be regarded as in any way forecasting the future performance of any of the
sub-funds. The impact is evaluated on the basis of a (+/-) 5%, 10%, 20% and 40% price movement.
Comgest Growth World: (Base Currency: USD)
Weight in Portfolio as
of 31/12/15
5%
JPY
EUR
HKD
INR
30.92%
14.65%
9.45%
1.42%
1.55%
0.73%
0.47%
0.07%
% of currency variation
10%
20%
3.09%
1.47%
0.95%
0.14%
6.18%
2.93%
1.89%
0.28%
40%
12.37%
5.86%
3.78%
0.57%
149
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth EAFE Plus: (Base Currency: USD):
Weight in Portfolio as
of 31/12/15
5%
JPY
EUR
HKD
CHF
INR
GBP
TWD
DKK
42.04%
20.34%
12.38%
4.90%
4.12%
2.82%
2.29%
1.71%
2.10%
1.02%
0.62%
0.24%
0.21%
0.14%
0.11%
0.09%
% of currency variation
10%
20%
4.20%
2.03%
1.24%
0.49%
0.41%
0.28%
0.23%
0.17%
40%
8.41%
4.07%
2.48%
0.98%
0.82%
0.56%
0.46%
0.34%
16.81%
8.14%
4.95%
1.96%
1.65%
1.13%
0.91%
0.69%
% of currency variation
10%
20%
40%
Comgest Growth Emerging Markets: (Base Currency: USD)
Weight in Portfolio as
of 31/12/15
5%
HKD
INR
BRL
ZAR
TWD
CNY
EUR
KRW
GBP
MYR
CLP
MXN
22.43%
11.68%
9.96%
7.78%
7.00%
6.57%
3.80%
3.43%
2.02%
1.64%
1.55%
0.76%
1.12%
0.58%
0.50%
0.39%
0.35%
0.33%
0.19%
0.17%
0.10%
0.08%
0.08%
0.04%
2.24%
1.17%
1.00%
0.78%
0.70%
0.66%
0.38%
0.34%
0.20%
0.16%
0.15%
0.08%
4.49%
2.34%
1.99%
1.56%
1.40%
1.31%
0.76%
0.69%
0.40%
0.33%
0.31%
0.15%
8.97%
4.67%
3.98%
3.11%
2.80%
2.63%
1.52%
1.37%
0.81%
0.66%
0.62%
0.30%
% of currency variation
10%
20%
40%
Comgest Growth Emerging Markets Flex: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
HKD
USD
INR
BRL
ZAR
TWD
CNY
KRW
GBP
MYR
CLP
MXN
23.15%
20.70%
12.03%
10.12%
8.12%
7.24%
6.83%
3.49%
1.95%
1.64%
1.58%
0.75%
1.16%
1.03%
0.60%
0.51%
0.41%
0.36%
0.34%
0.17%
0.10%
0.08%
0.08%
0.04%
2.31%
2.07%
1.20%
1.01%
0.81%
0.72%
0.68%
0.35%
0.19%
0.16%
0.16%
0.07%
4.63%
4.14%
2.41%
2.02%
1.62%
1.45%
1.37%
0.70%
0.39%
0.33%
0.32%
0.15%
9.26%
8.28%
4.81%
4.05%
3.25%
2.90%
2.73%
1.40%
0.78%
0.65%
0.63%
0.30%
150
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk
Comgest Growth GEM Promising Companies: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
USD
INR
HKD
BRL
GBP
MXN
CNY
ZAR
TWD
VND
MYR
THB
KES
KRW
18.87%
15.67%
11.66%
7.80%
7.66%
5.49%
5.10%
4.50%
4.03%
3.34%
3.27%
3.08%
2.50%
2.07%
0.94%
0.78%
0.58%
0.39%
0.38%
0.27%
0.25%
0.23%
0.20%
0.17%
0.16%
0.15%
0.12%
0.10%
% of currency variation
10%
20%
1.89%
1.57%
1.17%
0.78%
0.77%
0.55%
0.51%
0.45%
0.40%
0.33%
0.33%
0.31%
0.25%
0.21%
40%
3.77%
3.13%
2.33%
1.56%
1.53%
1.10%
1.02%
0.90%
0.81%
0.67%
0.65%
0.62%
0.50%
0.41%
7.55%
6.27%
4.66%
3.12%
3.06%
2.19%
2.04%
1.80%
1.61%
1.34%
1.31%
1.23%
1.00%
0.83%
% of currency variation
10%
20%
40%
Comgest Growth Europe: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
CHF
DKK
GBP
SEK
USD
15.13%
11.31%
9.95%
3.97%
1.09%
0.76%
0.57%
0.50%
0.20%
0.05%
1.51%
1.13%
0.99%
0.40%
0.11%
3.03%
2.26%
1.99%
0.79%
0.22%
6.05%
4.52%
3.98%
1.59%
0.44%
% of currency variation
10%
20%
40%
Comgest Growth Europe S: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
CHF
DKK
GBP
SEK
USD
21.72%
12.53%
8.81%
4.40%
1.03%
1.09%
0.63%
0.44%
0.22%
0.05%
2.17%
1.25%
0.88%
0.44%
0.10%
4.34%
2.51%
1.76%
0.88%
0.21%
8.69%
5.01%
3.52%
1.76%
0.41%
151
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Greater Europe Opportunities: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
GBP
CHF
DKK
USD
SEK
HKD
NOK
23.41%
10.13%
6.22%
5.04%
3.46%
2.94%
1.26%
1.17%
0.51%
0.31%
0.25%
0.17%
0.15%
0.06%
% of currency variation
10%
20%
2.34%
1.01%
0.62%
0.50%
0.35%
0.29%
0.13%
40%
4.68%
2.03%
1.24%
1.01%
0.69%
0.59%
0.25%
9.36%
4.05%
2.49%
2.02%
1.38%
1.18%
0.50%
% of currency variation
10%
20%
40%
Comgest Growth Mid-Caps Europe: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
GBP
DKK
CHF
HKD
USD
30.65%
11.31%
8.31%
3.76%
1.63%
1.53%
0.57%
0.42%
0.19%
0.08%
3.06%
1.13%
0.83%
0.38%
0.16%
6.13%
2.26%
1.66%
0.75%
0.33%
12.26%
4.53%
3.32%
1.50%
0.65%
% of currency variation
10%
20%
40%
Comgest Growth Europe ex Switzerland: (Base Currency: CHF)
Weight in Portfolio as
of 31/12/15
5%
EUR
GBP
DKK
HKD
SEK
USD
63.47%
18.40%
10.63%
3.92%
2.74%
0.84%
3.17%
0.92%
0.53%
0.20%
0.14%
0.04%
6.35%
1.84%
1.06%
0.39%
0.27%
0.08%
12.69%
3.68%
2.13%
0.78%
0.55%
0.17%
25.39%
7.36%
4.25%
1.57%
1.09%
0.34%
% of currency variation
10%
20%
40%
Comgest Growth Europe ex UK: (Base Currency: GBP)
Weight in Portfolio as
of 31/12/15
5%
EUR
DKK
CHF
SEK
USD
63.99%
15.61%
13.36%
5.99%
1.06%
3.20%
0.78%
0.67%
0.30%
0.05%
6.40%
1.56%
1.34%
0.60%
0.11%
12.80%
3.12%
2.67%
1.20%
0.21%
25.60%
6.24%
5.34%
2.40%
0.42%
152
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Asia: (Base Currency: USD)*
Weight in Portfolio as
of 31/12/15
5%
JPY
HKD
TWD
INR
KRW
CNY
MYR
EUR
54.98%
13.13%
7.97%
7.88%
4.17%
2.31%
2.14%
1.33%
2.75%
0.66%
0.40%
0.39%
0.21%
0.12%
0.11%
0.07%
% of currency variation
10%
20%
5.50%
1.31%
0.80%
0.79%
0.42%
0.23%
0.21%
0.13%
40%
11.00%
2.63%
1.59%
1.58%
0.83%
0.46%
0.43%
0.27%
21.99%
5.25%
3.19%
3.15%
1.67%
0.93%
0.86%
0.53%
% of currency variation
10%
20%
40%
*Launched on 4 June 2015 as a result of a merger with Comgest Asia.
Comgest Growth Asia Pac ex Japan: (Base Currency: USD)
Weight in Portfolio as
of 31/12/15
5%
HKD
INR
TWD
CNY
KRW
MYR
AUD
THB
33.05%
13.96%
12.49%
10.61%
6.29%
3.39%
3.33%
2.47%
1.65%
0.70%
0.62%
0.53%
0.31%
0.17%
0.17%
0.12%
3.30%
1.40%
1.25%
1.06%
0.63%
0.34%
0.33%
0.25%
6.61%
2.79%
2.50%
2.12%
1.26%
0.68%
0.67%
0.49%
13.22%
5.58%
4.99%
4.24%
2.52%
1.36%
1.33%
0.99%
% of currency variation
10%
20%
40%
Comgest Growth Greater China (Base Currency: EUR):
Weight in Portfolio as
of 31/12/15
5%
HKD
TWD
CNY
USD
43.31%
26.66%
16.68%
13.35%
2.17%
1.33%
0.83%
0.67%
4.33%
2.67%
1.67%
1.34%
8.66%
5.33%
3.34%
2.67%
17.32%
10.66%
6.67%
5.34%
% of currency variation
10%
20%
40%
Comgest Growth India: (Base Currency: USD)
Weight in Portfolio as
of 31/12/15
5%
INR
SGD
96.92%
3.08%
4.85%
0.15%
9.69%
0.31%
19.38%
0.62%
38.77%
1.23%
153
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Latin America: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/15
5%
BRL
MXN
CLP
USD
COP
61.48%
19.43%
13.25%
3.14%
2.69%
3.07%
0.97%
0.66%
0.16%
0.13%
% of currency variation
10%
20%
6.15%
1.94%
1.33%
0.31%
0.27%
40%
12.30%
3.89%
2.65%
0.63%
0.54%
24.59%
7.77%
5.30%
1.26%
1.08%
% of currency variation
10%
20%
40%
Comgest Growth World: (Base Currency: USD)
Weight in Portfolio as
of 31/12/14
5%
JPY
EUR
HKD
INR
TWD
GBP
26.23%
12.87%
11.22%
4.34%
3.19%
0.75%
1.31%
0.64%
0.56%
0.22%
0.16%
0.04%
2.62%
1.29%
1.12%
0.43%
0.32%
0.08%
5.25%
2.57%
2.24%
0.87%
0.64%
0.15%
10.49%
5.15%
4.49%
1.74%
1.28%
0.30%
% of currency variation
10%
20%
40%
Comgest Growth EAFE Plus: (Base Currency: USD)
Weight in Portfolio as
of 31/12/14
5%
JPY
EUR
HKD
TWD
INR
CHF
DKK
GBP
37.66%
21.99%
13.23%
6.86%
3.57%
3.46%
2.17%
1.64%
1.88%
1.10%
0.66%
0.34%
0.18%
0.17%
0.11%
0.08%
3.77%
2.20%
1.32%
0.69%
0.36%
0.35%
0.22%
0.16%
7.53%
4.40%
2.65%
1.37%
0.71%
0.69%
0.43%
0.33%
15.06%
8.80%
5.29%
2.74%
1.43%
1.39%
0.87%
0.66%
154
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Emerging Markets: (Base Currency: USD)
Weight in Portfolio as
of 31/12/14
5%
HKD
BRL
TWD
INR
ZAR
EUR
KRW
CLP
GBP
MYR
TRY
20.56%
13.66%
10.64%
9.76%
9.35%
3.90%
2.93%
2.11%
1.92%
1.79%
0.78%
1.03%
0.68%
0.53%
0.49%
0.47%
0.19%
0.15%
0.11%
0.10%
0.09%
0.04%
% of currency variation
10%
20%
2.06%
1.37%
1.06%
0.98%
0.94%
0.39%
0.29%
0.21%
0.19%
0.18%
0.08%
40%
4.11%
2.73%
2.13%
1.95%
1.87%
0.78%
0.59%
0.42%
0.38%
0.36%
0.16%
8.22%
5.46%
4.25%
3.90%
3.74%
1.56%
1.17%
0.84%
0.77%
0.72%
0.31%
% of currency variation
10%
20%
40%
Comgest Growth Emerging Markets Flex: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
USD
HKD
BRL
TWD
ZAR
INR
KRW
CLP
GBP
MYR
TRY
MXN
21.98%
20.69%
14.28%
10.87%
9.69%
9.20%
3.13%
2.27%
1.95%
1.94%
0.85%
(0.14)%
1.10%
1.03%
0.71%
0.54%
0.48%
0.46%
0.16%
0.11%
0.10%
0.10%
0.04%
(0.01)%
2.20%
2.07%
1.43%
1.09%
0.97%
0.92%
0.31%
0.23%
0.19%
0.19%
0.09%
(0.01)%
4.40%
4.14%
2.86%
2.17%
1.94%
1.84%
0.63%
0.45%
0.39%
0.39%
0.17%
(0.03)%
8.79%
8.28%
5.71%
4.35%
3.88%
3.68%
1.25%
0.91%
0.78%
0.77%
0.34%
(0.06)%
155
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth GEM Promising Companies: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
BRL
INR
USD
HKD
GBP
MXN
KRW
ZAR
THB
MYR
KES
TRY
CHF
EGP
PHP
PEN
VND
PLN
15.66%
15.24%
12.72%
11.87%
5.41%
5.16%
4.89%
4.38%
3.86%
3.23%
3.13%
2.91%
2.74%
2.04%
1.92%
1.54%
1.36%
0.99%
0.78%
0.76%
0.64%
0.59%
0.27%
0.26%
0.24%
0.22%
0.19%
0.16%
0.16%
0.15%
0.14%
0.10%
0.10%
0.08%
0.07%
0.05%
% of currency variation
10%
20%
1.57%
1.52%
1.27%
1.19%
0.54%
0.52%
0.49%
0.44%
0.39%
0.32%
0.31%
0.29%
0.27%
0.20%
0.19%
0.15%
0.14%
0.10%
40%
3.13%
3.05%
2.54%
2.37%
1.08%
1.03%
0.98%
0.88%
0.77%
0.65%
0.63%
0.58%
0.55%
0.41%
0.38%
0.31%
0.27%
0.20%
6.26%
6.10%
5.09%
4.75%
2.17%
2.06%
1.95%
1.75%
1.54%
1.29%
1.25%
1.17%
1.10%
0.82%
0.77%
0.61%
0.54%
0.39%
% of currency variation
10%
20%
40%
Comgest Growth Europe: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
CHF
DKK
GBP
SEK
USD
14.49%
11.02%
8.63%
5.08%
1.30%
0.72%
0.55%
0.43%
0.25%
0.06%
0.72%
0.55%
0.43%
0.25%
0.06%
0.72%
0.55%
0.43%
0.25%
0.06%
0.72%
0.55%
0.43%
0.25%
0.06%
% of currency variation
10%
20%
40%
Comgest Growth Europe S: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
CHF
DKK
GBP
SEK
USD
19.39%
10.62%
8.85%
5.58%
1.25%
0.97%
0.53%
0.44%
0.28%
0.06%
1.94%
1.06%
0.88%
0.56%
0.12%
3.88%
2.12%
1.77%
1.12%
0.25%
7.75%
4.25%
3.54%
2.23%
0.50%
156
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Greater Europe Opportunities: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
GBP
CHF
SEK
USD
HKD
NOK
DKK
TRY
18.51%
8.89%
8.26%
4.50%
3.54%
3.16%
1.71%
1.14%
0.93%
0.44%
0.41%
0.22%
0.18%
0.16%
0.09%
0.06%
% of currency variation
10%
20%
1.85%
0.89%
0.83%
0.45%
0.35%
0.32%
0.17%
0.11%
40%
3.70%
1.78%
1.65%
0.90%
0.71%
0.63%
0.34%
0.23%
7.41%
3.56%
3.30%
1.80%
1.42%
1.26%
0.68%
0.46%
% of currency variation
10%
20%
40%
Comgest Growth Mid-Caps Europe: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
GBP
DKK
CHF
HKD
USD
SEK
22.57%
9.59%
6.17%
4.76%
1.97%
1.25%
1.13%
0.48%
0.31%
0.24%
0.10%
0.06%
2.26%
0.96%
0.62%
0.48%
0.20%
0.12%
4.51%
1.92%
1.23%
0.95%
0.39%
0.25%
9.03%
3.83%
2.47%
1.90%
0.79%
0.50%
% of currency variation
10%
20%
40%
Comgest Growth Europe ex Switzerland: (Base Currency: CHF)
Weight in Portfolio as
of 31/12/14
5%
EUR
GBP
DKK
SEK
HKD
USD
65.66%
18.05%
8.63%
3.65%
2.90%
1.11%
3.28%
0.90%
0.43%
0.18%
0.14%
0.06%
6.57%
1.80%
0.86%
0.37%
0.29%
0.11%
13.13%
3.61%
1.73%
0.73%
0.58%
0.22%
26.27%
7.22%
3.45%
1.46%
1.16%
0.45%
% of currency variation
10%
20%
40%
Comgest Growth Europe ex UK: (Base Currency: GBP)
Weight in Portfolio as
of 31/12/14
5%
EUR
CHF
DKK
USD
SEK
90.73%
3.41%
2.69%
2.16%
1.00%
4.54%
0.17%
0.13%
0.11%
0.05%
9.07%
0.34%
0.27%
0.22%
0.10%
18.15%
0.68%
0.54%
0.43%
0.20%
36.29%
1.36%
1.08%
0.87%
0.40%
157
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Currency Risk (continued)
Comgest Growth Asia Pac ex Japan: (Base Currency: USD)
Weight in Portfolio as
of 31/12/14
5%
HKD
TWD
INR
KRW
MYR
30.66%
16.78%
14.94%
4.63%
3.75%
1.53%
0.84%
0.75%
0.23%
0.19%
% of currency variation
10%
20%
3.07%
1.68%
1.49%
0.46%
0.38%
40%
6.13%
3.36%
2.99%
0.93%
0.75%
12.26%
6.71%
5.98%
1.85%
1.50%
% of currency variation
10%
20%
40%
Comgest Growth Greater China (Base Currency: EUR):
Weight in Portfolio as
of 31/12/14
5%
HKD
USD
TWD
46.18%
29.68%
24.15%
2.31%
1.48%
1.21%
4.62%
2.97%
2.41%
9.24%
5.94%
4.83%
18.47%
11.87%
9.66%
% of currency variation
10%
20%
40%
Comgest Growth India: (Base Currency: USD)
Weight in Portfolio as
of 31/12/14
5%
INR
SGD
98.29%
1.71%
4.91%
0.09%
9.83%
0.17%
19.66%
0.34%
39.32%
0.68%
% of currency variation
10%
20%
40%
Comgest Growth Latin America: (Base Currency: EUR)
Weight in Portfolio as
of 31/12/14
5%
BRL
MXN
CLP
USD
CHF
64.47%
17.30%
9.08%
6.81%
2.34%
3.22%
0.86%
0.45%
0.34%
0.12%
6.45%
1.73%
0.91%
0.68%
0.23%
6.45%
1.73%
0.91%
0.68%
0.23%
6.45%
1.73%
0.91%
0.68%
0.23%
158
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
● Interest Rate Risk
The Company’s sub-funds hold cash and may occasionally hold bonds or money market instruments. Cash as a
percentage of NAV on average is very low and, therefore, the interest rate risk in relation to cash holdings is not regarded
as a material risk.
2. Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in realising assets or otherwise raising funds to meet
commitments associated with financial instruments. Generally, the Company’s assets are composed of actively traded,
listed and liquid securities and are considered to be readily realisable as they are actively traded on major stock
exchanges. The Company’s Prospectus provides for the daily creation and cancellation of shares and the Company is,
therefore, exposed to the liquidity risk of meeting Shareholder redemptions at any time. The liquidity risks associated with
the need to satisfy Shareholders’ requests for redemptions are also mitigated by maintaining a level of cash to satisfy the
usual level of demand. Additionally, the sub-funds have the ability to borrow in the short term to meet these obligations if
necessary. All redemption requests during the financial year ended 31 December 2015 were met in accordance with the
time limits set out in the Prospectus (financial year ended 31 December 2014: all).
If total requests for redemption on any Dealing Day for any sub-fund exceed 10% of the total number of shares in that
sub-fund outstanding, each redemption request in respect of shares in such sub-fund may, if in their sole discretion the
Directors acting in good faith believe it shall be necessary or desirable in order not to prejudice the interests of the
Shareholders not requesting redemption or on grounds of liquidity or other like reason, be reduced ‘‘pro rata’’ so that the
total number of shares of each sub-fund for redemption on that Dealing Day shall not exceed 10% of the shares in issue
in the sub-fund. Any redemption request so reduced shall be effected in priority to subsequent redemption requests on
the following Dealing Day, subject always to the foregoing provisions.
Certain sub-funds make use of Market Access Products.
Market Access Products are financial instruments that may be used by a Fund to obtain exposure to an equity investment
in a local market where direct ownership is not allowed, is restricted or is more costly. Investment in Market Access
Products may involve an over-the-counter transaction with a third party. Market Access Products generally are issued by
banks or broker dealers and are designed to replicate the performance of a particular underlying equity security.
Consequently, although the underlying equity may be actively traded, the Market Access Products themselves may have
terms restricting their transferability resulting in a limited secondary market, if any. Market Access Products are generally
sold back to the bank or broker dealer issuer of the Market Access Product. As the Investment Manager only contracts
with a diversified group of highly rated or recognised banks or dealers in their sectors and as the underlying equity
security to a Market Access Product is listed and actively traded, the Investment Manager regards this liquidity risk as
low.
The Company avoids entering into derivative contractual arrangements that produce an exposure not covered by
sufficient liquid assets or a total investment exposure in excess of Shareholders’ funds. The risk management process
adopted by the Company requires coverage to be composed of cash reserves or liquid securities.
With the exception of Comgest Growth Emerging Markets Flex, Comgest Growth Europe ex Switzerland and Comgest
Growth Europe ex UK, there is a modest use of financial derivative instruments and, consequently, there is no material
liquidity risk arising in the sub-funds from their use of these financial derivative instruments. The settlement date of
forward currency exchange contracts is either 1 month or 3 months from the trade date which limits counterparty credit
risk as well as the mark to market impact of changing interest rate differentials on the forward rate. Due to the currencies
involved and the relatively low portion sizes of these contracts, the level of liquidity risk is low in relation to this type of
derivative. With the exception of Comgest Growth Emerging Markets Flex, Comgest Growth Europe ex Switzerland and
Comgest Growth Europe ex UK, there was no FDIs held as at 31 December 2015 and 31 December 2014.
159
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
As noted on page 142, Comgest Growth Emerging Markets Flex seeks to hedge part of its equity market risk exposure
through the use of exchange traded equity index futures. The settlement date of these futures contracts is 3 months
which limits the counterparty credit risk. Due to the nature of the future contracts held, the level of liquidity risk is low.
The tables below and on the next pages analyse for each sub-fund the liabilities and net settled derivative financial
liabilities into relevant maturity groupings based on the remaining financial year at the Statement of Financial Position
date to the contractual Maturity date, based on normal market conditions.
The following tables provide this data as at 31 December 2015.
Comgest Growth World
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
LIABILITIES
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
67,141
3,461
763
15,284
-
-
67,141
3,461
763
15,284
62,561,466
-
-
-
62,561,466
TOTAL LIABILITIES
62,561,466
86,649
-
-
62,648,115
Comgest Growth EAFE Plus
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
3,970
1,297
213
17,369
-
-
3,970
1,297
213
17,369
5,259,874
-
-
-
5,259,874
TOTAL LIABILITIES
5,259,874
22,849
-
-
5,282,723
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
Comgest Growth America
LIABILITIES
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
12,112,459
1,230,444
67,005
3,482
1,402
7,386
-
-
12,112,459
1,230,444
67,005
3,482
1,402
7,386
68,779,690
-
-
-
68,779,690
TOTAL LIABILITIES
68,779,690
13,422,178
-
-
82,201,868
160
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Japan
Due on
demand
JPY
Due within
1 month
JPY
Due within
3 months
JPY
Due between
3 & 12
months
JPY
Total
JPY
1,345,580
8,122,139
311,509
152,964
685,960
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
1,345,580
8,122,139
311,509
152,964
685,960
-
-
7,815,216,748
-
-
- 7,815,216,748
TOTAL LIABILITIES
7,815,216,748
10,618,152
-
- 7,825,834,900
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
2,990,707
11,484,716
4,182,007
109,640
243,701
394,793
Comgest Growth Emerging Markets
LIABILITIES
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
2,990,707
11,484,716
4,182,007
109,640
243,701
394,793
-
-
3,784,686,865
-
-
- 3,784,686,865
TOTAL LIABILITIES
3,784,686,865
19,405,564
-
- 3,804,092,429
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Emerging Markets
Flex
LIABILITIES
Derivative financial liabilities at fair value
through profit or loss
Amounts due to broker
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
1,744
4,416,846
139,711
8,770
152,110
4,450
9,204
26,944
505,487
-
-
507,231
4,416,846
139,711
8,770
152,110
4,450
9,204
26,944
143,701,787
-
-
-
143,701,787
TOTAL LIABILITIES
143,701,787
4,759,779
505,487
-
148,967,053
161
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth GEM Promising
Companies
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Performance fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
154,777
262,343
10,612
22,141
2,871,430
41,656
-
-
154,777
262,343
10,612
22,141
2,871,430
41,656
259,557,838
-
-
-
259,557,838
TOTAL LIABILITIES
259,557,838
3,362,959
-
-
262,920,797
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
19,486,167
2,306,654
58,609
83,963
549,697
Comgest Growth Europe
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
19,486,167
2,306,654
58,609
83,963
549,697
-
-
2,124,592,731
-
-
- 2,124,592,731
TOTAL LIABILITIES
2,124,592,731
22,485,090
-
- 2,147,077,821
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
Comgest Growth Europe S
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
15,238
8,408
1,317
328
4,642
-
-
15,238
8,408
1,317
328
4,642
9,919,876
-
-
-
9,919,876
TOTAL LIABILITIES
9,919,876
29,933
-
-
9,949,809
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
Comgest Growth Greater Europe
Opportunities
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
707,342
183,871
5,415
4,211
9,868
-
-
707,342
183,871
5,415
4,211
9,868
153,969,597
-
-
-
153,969,597
TOTAL LIABILITIES
153,969,597
910,707
-
-
154,880,304
162
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Mid-Caps Europe
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
38,709
137,763
3,866
4,013
10,567
-
-
38,709
137,763
3,866
4,013
10,567
120,684,881
-
-
-
120,684,881
TOTAL LIABILITIES
120,684,881
194,918
-
-
120,879,799
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Europe ex
Switzerland
LIABILITIES
Derivative financial liabilities at fair value
through profit or loss
Payable on securities purchased
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
525,363
762,768
80,654
3,624
3,114
11,440
-
-
525,363
762,768
80,654
3,624
3,114
11,440
94,948,546
-
-
-
94,948,546
TOTAL LIABILITIES
94,948,546
1,386,963
-
-
96,335,509
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Europe ex UK
LIABILITIES
Derivative financial liabilities at fair value
through profit or loss
Payable on securities purchased
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
134,784
3,363
878
180
6,416
78,778
-
-
78,778
134,784
3,363
878
180
6,416
4,696,548
-
-
-
4,696,548
TOTAL LIABILITIES
4,696,548
145,621
78,778
-
4,920,947
163
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Asia Pac ex Japan
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
51,730
246,639
8,274
16,775
48,009
-
-
51,730
246,639
8,274
16,775
48,009
261,223,781
-
-
-
261,223,781
TOTAL LIABILITIES
261,223,781
371,427
-
-
261,595,208
Due on
demand
CHF
Due within
1 month
CHF
Due within
3 months
CHF
Due between
3 & 12
months
CHF
Total
CHF
Comgest Growth Greater China
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
46,646
130,820
5,499
10,216
15,613
-
-
46,646
130,820
5,499
10,216
15,613
133,064,500
-
-
-
133,064,500
TOTAL LIABILITIES
133,064,500
208,794
-
-
133,273,294
Comgest Growth India
Due on
demand
GBP
Due within
1 month
GBP
Due within
3 months
GBP
Due between
3 & 12
months
GBP
Total
GBP
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
295,277
282,894
6,789
22,198
35,801
-
-
295,277
282,894
6,789
22,198
35,801
170,168,885
-
-
-
170,168,885
TOTAL LIABILITIES
170,168,885
642,959
-
-
170,811,844
Comgest Growth Asia*
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
49,309
96,404
3,394
7,672
381,303
-
-
49,309
96,404
3,394
7,672
381,303
82,539,123
-
-
-
82,539,123
TOTAL LIABILITIES
82,539,123
538,082
-
-
83,077,205
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
164
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Latin America
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Administration fees payable
Custodian fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
9,628
55,113
3,712
5,518
5,678
-
-
9,628
55,113
3,712
5,518
5,678
36,736,364
-
-
-
36,736,364
TOTAL LIABILITIES
36,736,364
79,649
-
-
36,816,013
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
The following tables provide this data as at 31 December 2014.
Comgest Growth World
LIABILITIES
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
36,886
14,099
-
-
36,886
14,099
29,554,024
-
-
-
29,554,024
TOTAL LIABILITIES
29,554,024
50,985
-
-
29,605,009
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
Comgest Growth EAFE Plus
LIABILITIES
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
3,944
14,973
-
-
3,944
14,973
4,773,186
-
-
-
4,773,186
TOTAL LIABILITIES
4,773,186
18,917
-
-
4,792,103
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
Comgest Growth America
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
10,621
70,210
10,087
-
-
10,621
70,210
10,087
61,047,527
-
-
-
61,047,527
TOTAL LIABILITIES
61,047,527
90,918
-
-
61,138,445
165
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Japan
Due on
demand
JPY
Due within
1 month
JPY
Due within
3 months
JPY
Due between
3 & 12
months
JPY
Total
JPY
29,325,786
2,466,938
609,349
LIABILITIES
Payable on securities purchased
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
29,325,786
2,466,938
609,349
-
-
1,956,573,653
-
-
- 1,956,573,653
TOTAL LIABILITIES
1,956,573,653
32,402,073
-
- 1,988,975,726
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
20,400,383
4,594,848
692,912
Comgest Growth Emerging Markets
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
20,400,383
4,594,848
692,912
-
-
4,045,513,137
-
-
- 4,045,513,137
TOTAL LIABILITIES
4,045,513,137
25,688,143
-
- 4,071,201,280
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Emerging Markets
Flex
LIABILITIES
Derivative financial liabilities at fair value
through profit or loss
Bank overdrafts
Amount due to broker
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
335,938
69
4,448,594
2,529
97,844
27,386
1,075,298
-
-
1,411,236
69
4,448,594
2,529
97,844
27,386
92,937,234
-
-
-
92,937,234
TOTAL LIABILITIES
92,937,234
4,912,360
1,075,298
-
98,924,892
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth GEM Promising
Companies
LIABILITIES
Payable on securities purchased
Payable on redemptions
Investment manager’s fees payable
Performance fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
167,262
428,086
255,846
599,541
531,605
-
-
167,262
428,086
255,846
599,541
531,605
256,632,597
-
-
-
256,632,597
TOTAL LIABILITIES
256,632,597
1,982,340
-
-
258,614,937
166
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Europe
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
17,116,070
1,682,537
239,139
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
17,116,070
1,682,537
239,139
-
-
1,562,285,608
-
-
- 1,562,285,608
TOTAL LIABILITIES
1,562,285,608
19,037,746
-
- 1,581,323,354
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Europe S
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
34,003
5,543
4,519
-
-
34,003
5,543
4,519
6,568,000
-
-
-
6,568,000
TOTAL LIABILITIES
6,568,000
44,065
-
-
6,612,065
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Greater Europe
Opportunities
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
88,709
129,944
24,891
-
-
88,709
129,944
24,891
105,027,761
-
-
-
105,027,761
TOTAL LIABILITIES
105,027,761
243,544
-
-
105,271,305
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Mid-Caps Europe
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
457,137
76,239
10,893
-
-
457,137
76,239
10,893
60,436,071
-
-
-
60,436,071
TOTAL LIABILITIES
60,436,071
544,269
-
-
60,980,340
167
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth Europe ex
Switzerland
Due on
demand
CHF
Due within
1 month
CHF
Due within
3 months
CHF
Due between
3 & 12
months
CHF
Total
CHF
LIABILITIES
Derivative financial liabilities at fair value
through profit or loss
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
66,673
14,980
219,504
-
-
219,504
66,673
14,980
79,540,119
-
-
-
79,540,119
TOTAL LIABILITIES
79,540,119
81,653
219,504
-
79,841,276
Comgest Growth Europe ex UK
Due on
demand
GBP
Due within
1 month
GBP
Due
3 months
GBP
Due
3 & 12
months
GBP
Total
GBP
LIABILITIES
Payable on securities purchased
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
317,879
48
1,066
-
-
317,879
48
1,066
766,708
-
-
-
766,708
TOTAL LIABILITIES
766,708
318,993
-
-
1,085,701
Comgest Growth Asia Pac ex Japan
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
242,026
187,667
75,925
-
-
242,026
187,667
75,925
190,492,042
-
-
-
190,492,042
TOTAL LIABILITIES
190,492,042
505,618
-
-
190,997,660
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Greater China
LIABILITIES
Bank overdrafts
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
5
206,572
96,747
15,728
-
-
5
206,572
96,747
15,728
111,032,600
-
-
-
111,032,600
TOTAL LIABILITIES
111,032,600
319,052
-
-
111,351,652
168
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
2. Liquidity Risk (continued)
Comgest Growth India
Due on
demand
USD
Due within
1 month
USD
Due within
3 months
USD
Due between
3 & 12
months
USD
Total
USD
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
121,275
360,146
50,837
-
-
121,275
360,146
50,837
219,741,084
-
-
-
219,741,084
TOTAL LIABILITIES
219,741,084
532,258
-
-
220,273,342
Due on
demand
EUR
Due within
1 month
EUR
Due within
3 months
EUR
Due between
3 & 12
months
EUR
Total
EUR
Comgest Growth Latin America
LIABILITIES
Payable on redemptions
Investment manager’s fees payable
Expenses payable
Total net assets attributable to holders
of redeemable participating Shareholders
-
3,399
67,190
25,600
-
-
3,399
67,190
25,600
47,936,869
-
-
-
47,936,869
TOTAL LIABILITIES
47,936,869
96,189
-
-
48,033,058
3. Credit Risk
Credit risk is the risk that an issuer or counterparty will be unable to meet a commitment that it has entered into with the
sub-fund. The Investment Manager enters into transactions pertaining to financial instruments with a diversity of
creditworthy counterparties. Therefore, the Company does not expect to incur material credit losses on its financial
instruments.
The sub-funds are exposed to credit risk in relation to Market Access Products and financial derivative instruments where
these are held. These are indicated in the Schedule of Investments.
With regard to cash held by the Custodian this constitutes a deposit. In choosing and appointing a sub-custodian as a
safe keeping agent the Custodian exercises care and diligence to ensure that the sub-custodian has and maintains the
expertise, competence and standing appropriate to discharge the responsibilities concerned. These criteria are monitored
by the Custodian on an ongoing basis.
In order to manage the credit risk with regard to cash balances additional deposit accounts have been opened with
appropriate institutions to diversify risk and the Investment Manager continues to look at additional institutions.
The sub-funds’ maximum exposure to credit risk (not taking into account the value of any collateral or other security held)
in the event that counterparties fail to perform their obligations as of 31 December 2015 in relation to each class of
recognised financial assets, other than derivatives, is the carrying amount of those assets as indicated in the Statement
of Financial Position.
169
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
3. Credit Risk (continued)
Certain sub-funds are exposed to credit risk via their investment in Market Access Products.
Market Access Products are financial instruments that may be used by a Fund to obtain exposure to an equity investment
in a local market where direct ownership is not allowed, is restricted or is more costly. Investment in Market Access
Products may involve an over-the-counter transaction with a third party. Consequently, investing in Market Access
Products may expose a Fund not only to movements in the value of the underlying equity but also to the risk of
counterparty default, which may in the event of counterparty default, result in the loss of the full market value of the
economic interest in the underlying equity. Market Access Products generally are issued by banks or broker dealers and
are designed to replicate the performance of a particular underlying equity security. The return on a Market Access
Product that is linked to a particular underlying security generally is increased to the extent of any dividends paid in
connection with the underlying security. However, typically the holder of a Market Access Product does not receive voting
rights as it would if it directly owned the underlying security.
With respect to financial derivative instruments (FDIs), credit risk arises from the potential failure of counterparties to
meet their obligations under the contract or arrangement.
It is the Company’s intention at this time to limit the use of FDIs to forward currency exchange contracts, warrants
(corporate action), convertible bonds and index futures. A sub-fund may from time to time hold a small number of
valueless warrants normally granted by the issuer through corporate actions as a result of the sub-fund holding shares of
the issuer. Sub-funds may also invest in convertible bonds but they have not invested in any convertible bonds as at 31
December 2015 (2014: Nil). The Company maintains a risk management process to monitor and manage the risks
associated with the use of FDIs.
The Company did not use any complex FDIs, such as credit default swaps during the years ended 31 December 2015
and 31 December 2014.
A sub-fund’s maximum credit risk exposure for forward currency exchange contracts is the full amount of the foreign
currency the sub-fund will be required to pay or purchase when settling the forward currency exchange contracts, should
the counterparties not pay the currency they are committed to deliver to the sub-fund.
As noted on page 142, Comgest Growth Emerging Markets Flex seeks to hedge part of its equity market risk exposure
through the use of exchange traded equity index futures. All futures are traded with Societe Generale Newedge UK
Financial Limited (“Newedge”).
Cash held with Newedge is monitored on a daily basis to assess if funding is required to meet a margin call or a prefunding requirement. Furthermore, cash balances are monitored daily to assess if excess cash at Newedge can be called
back to the Custodian. “Cash held as collateral” at Newedge includes margin excess of €4,772,709 (2014: €4,786,280)
and initial margin requirements of €3,217,552 (2014: €3,630,836), “Due to broker” includes margin deficit of €4,294,821
(2014: €4,435,998). As margin excess deficit was greater than margin excess deficit as at 31 December 2015 there was
no excess cash of €477,888 held on deposit at Newedge.
Newedge does not have a credit rating. It is authorised and regulated by the Financial Conduct Authority (“FCA”) in the
UK as an investment firm and is categorised as a Limited Activity Firm, a status which prohibits proprietary activity (other
than for facilitation of client orders). Newedge is subject to the FCA’s Client Assets regime. Newedge is a wholly owned
UK subsidiary of Societe Generale SA since 29 October 2015. As at 31 December 2015 its parent company, Société
Générale had a credit rating of A2, A and A with Moody’s, Standard & Poor’s and Fitch respectively.
The Investment Manager’s approved counterparties for trading are limited to highly rated or recognised dealers in their
sectors. The Investment Manager contracts with multiple counterparties with the aim of risk spreading. The Investment
Manager’s risk manager performs ongoing monitoring of the counterparties. In particular, all over-the-counter
counterparties must meet the following criteria as set out in the UCITS Regulations, namely:
(i)
a credit institution in accordance with the UCITS Notices; or
(ii)
have a minimum credit rating of A-2 or equivalent or, in the opinion of the Investment Manager, an implied
minimum credit rating of A-2 or equivalent.
Exposures to individual counterparties are limited to 10% of net asset value in the case of (i) above and 5% of net asset
value in the case of (ii) above.
170
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
3. Credit Risk (continued)
Comgest Growth Europe ex UK is subject to Master Netting Agreements. As at 31 December 2015 forward contracts
were held on Comgest Growth Europe ex UK with RBC Investor Services Bank S.A.(counterparty 1) and UBS AG
London (counterparty 2).
The disclosures set out in the table below include financial assets and financial liabilities that are subject to an
enforceable master netting arrangement.
31 Dec 2015
Financial assets
Forward contracts
Financial liabilities
Forward contracts
Counterparty 1
Counterparty 2
Gross
amounts of
recognised
financial
assets
/liabilities
GBP
Gross
amounts of
recognised
financial
assets/liabili
ties offset in
the
statement of
financial
position
GBP
-
-
(27,596)
(51,182)
Related amounts not set off
in Statement of Financial
Net amounts
Position
of financial
assets
presented in
Financial
the instruments
statement of
Cash
(including
financial
collateral
non-cash
position
collateral)
received Net amount
GBP
GBP
GBP
GBP
-
-
-
(27,596)
(51,182)
-
(27,596)
(51,182)
As at 31 December 2014 forward contracts were held on Comgest Growth Europe ex UK with RBC Investor Services
Bank S.A.(counterparty 1).
The disclosures set out in the table below include financial assets and financial liabilities that are subject to an
enforceable master netting arrangement.
31 Dec 2015
Financial assets
Forward contracts
Counterparty 1
Counterparty 2
Financial liabilities
Forward contracts
Counterparty 1
Counterparty 2
Gross
amounts of
recognised
financial
assets
/liabilities
GBP
Gross
amounts of
recognised
financial
assets/liabili
ties offset in
the
statement of
financial
position
GBP
Related amounts not set off
in Statement of Financial
Net amounts
Position
of financial
assets
presented in
Financial
the instruments
statement of
Cash
(including
financial
non-cash
collateral
position
collateral)
received Net amount
GBP
GBP
GBP
GBP
939
-
-
939
-
(2)
-
-
937
-
(2)
-
-
(2)
-
(2)
-
-
-
171
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
3. Credit Risk (continued)
Comgest Growth Europe ex Switzerland is subject to Master Netting Agreements. As at 31 December 2015 forward
contracts were held on Comgest Growth Europe ex Switzerland with RBC Investor Services Bank S.A.
The disclosures set out in the table below include financial assets and financial liabilities that are subject to an
enforceable master netting arrangement.
31 Dec 2015
Financial assets
Forward contracts
Financial liabilities
Forward contracts
Gross
amounts of
recognised
financial
assets
/liabilities
CHF
Gross
amounts of
recognised
financial
assets/liabili
ties offset in
the
statement of
financial
position
CHF
Related amounts not set off
in Statement of Financial
Net amounts
Position
of financial
assets
presented in
Financial
the instruments
statement of
Cash
(including
financial
collateral
non-cash
position
received
collateral)
CHF
CHF
CHF
38,139
-
38,139
38,139
-
-
(525,363)
-
(525,363)
38,139
-
(487,224)
Net amount
CHF
As at 31 December 2014 forward contracts were held on Comgest Growth Europe ex Switzerland with RBC Investor
Services Bank S.A.
The disclosures set out in the table below include financial assets and financial liabilities that are subject to an
enforceable master netting arrangement.
31 Dec 2015
Financial assets
Forward contracts
Financial liabilities
Forward contracts
Gross
amounts of
recognised
financial
assets
/liabilities
CHF
Gross
amounts of
recognised
financial
assets/liabili
ties offset in
the
statement of
financial
position
CHF
Related amounts not set off
in Statement of Financial
Net amounts
Position
of financial
assets
presented in
Financial
the instruments
statement of
Cash
(including
financial
collateral
non-cash
position
received
collateral)
CHF
CHF
CHF
117,094
-
117,094
117,094
-
-
(336,598)
-
(336,598)
117,094
-
(219,504)
Net amount
CHF
172
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7.
Risk Associated with Financial Instruments (continued)
4. Custody and Title Risk
The Custodian is under a duty to take into custody and to hold the property of each sub-fund of the Company on behalf of
its Shareholders. The Central Bank of Ireland legally requires the Custodian to hold separately the non-cash assets of
each sub-fund and to maintain sufficient records to clearly identify the nature and amount of all assets that it holds, the
ownership of each asset and where the documents of title to such assets are physically located. When the Custodian
employs a sub-custodian the Custodian retains responsibility for the assets of the sub-fund.
However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody
of assets and the recognition of the interests of a beneficial owner such as a sub-fund. Therefore, in such jurisdictions,
there is a risk that if a sub-custodian becomes bankrupt or insolvent, the sub-fund’s beneficial ownership of the assets
held by such sub-custodian may not be recognised and, consequently, the creditors of the sub-custodian may seek to
have recourse to the assets of the sub-fund. In those jurisdictions where the sub-fund’s beneficial ownership of its assets
is ultimately recognised, the sub-fund may suffer delay and cost in recovering those assets. Sub-funds may invest in
markets where custodial and/or settlement systems are not fully developed, such as Russia and Argentina. The assets of
a sub-fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where
the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby the Custodian will have
no liability.
Certain of the Company’s bank accounts are with the Custodian and are not protected from the bankruptcy or insolvency
of the Custodian. Therefore, the Company and its sub-funds have counterparty risk to the Custodian. Subject to any
regulatory or government guarantee or insurance arrangement, the Company would become an unsecured creditor of
such institution upon its insolvency and would be required to prove its debt with all the other unsecured creditors.
5. Fair Value Hierarchy
IFRS 7, Financial Instruments: Disclosures establishes a fair value hierarchy classifying Fair Value measurements that
reflect the significance of the inputs used in making the measurement. The fair value hierarchy is categorised into three
levels based on the inputs as follows:
Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities (level 1);
Level 2 - Valuations based on quoted prices in markets that are not active or other than quoted prices included within
level 1 that are observable, either directly (as prices) or indirectly (derived from prices) (level 2); and
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants
use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility
statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair
value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data
obtained from sources independent of the Company’s management. Unobservable inputs reflect the Company’s
management’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or
liability based on the best information available in the circumstances. However, the determination of what constitutes
‘‘observable’’ requires significant judgment by the Company’s management. Company’s management considers
observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable,
not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation
of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not
necessarily correspond to the Company’s management’s perceived risk of that instrument.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entityspecific measure. Therefore, even when market assumptions are not readily available, the Company’s management’s
own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the
measurement date. Company management uses prices and inputs that are current as of the measurement date,
including in periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be
reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value
hierarchy. The sub-funds classify their investment in investee funds based on the ability to redeem at the NAV supplied
by the administrator and considerations for any restrictions on liquidity imposed by the investee funds.
173
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
The following table presents information about the inputs used to value the Company’s assets and liabilities measured at
fair value as of 31 December 2015:
Balance at 31
December 2015
USD
Quoted prices in
active markets
(Level 1)
USD
Significant other
observable inputs
(Level 2)
USD
Significant
unobservable inputs
(Level 3)
USD
54,481,157
1,869,085
1,747,181
58,097,423
54,481,157
54,481,157
1,869,085
1,747,181
3,616,266
-
USD
USD
USD
USD
4,561,492
197,481
4,758,973
4,561,492
4,561,492
197,481
197,481
-
USD
USD
USD
USD
66,758,215
66,758,215
66,758,215
66,758,215
-
-
Balance at 31
December 2015
JPY
Quoted prices in
active markets
(Level 1)
JPY
Significant other
observable inputs
(Level 2)
JPY
Significant
unobservable inputs
(Level 3)
JPY
7,373,903,897
7,373,903,897
7,373,903,897
7,373,903,897
-
-
Comgest Growth World
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
Comgest Growth EAFE Plus
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Total
Comgest Growth America
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Japan
Financial assets at fair value
through profit or loss
Equity securities
Total
174
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Comgest Growth Emerging
Markets
Balance at 31
December 2015
Quoted prices in
active markets
(Level 1)
USD
Significant other
observable inputs
(Level 2)
USD
Significant
unobservable inputs
(Level 3)
USD
3,354,804,239
99,796,338
57,399,678
3,512,000,255
3,354,804,239
3,354,804,239
99,796,338
57,399,678
157,196,016
-
EUR
EUR
EUR
EUR
128,654,239
2,291,782
308,800
131,254,821
128,654,239
308,800
128,963,039
2,291,782
2,291,782
-
507,231
507,231
507,231
507,231
-
-
EUR
EUR
EUR
EUR
240,603,228
2,505,970
11,039,356
254,148,554
240,603,228
240,603,228
2,505,970
11,039,356
13,545,326
-
EUR
EUR
EUR
EUR
1,999,306,118
50,317,570
2,049,623,688
1,999,306,118
1,999,306,118
50,317,570
50,317,570
-
USD
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
Comgest Growth Emerging
Markets Flex
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Futures
Total
Financial liabilities at fair value
through profit or loss
Futures
Total
Comgest Growth GEM Promising
Companies
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
Comgest Growth Europe
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Total
175
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Comgest Growth Europe S
Financial assets at fair value
through profit or loss
Equity securities
Total
Balance at 31
December 2015
EUR
Quoted prices in
active markets
(Level 1)
EUR
Significant other
observable inputs
(Level 2)
EUR
Significant
unobservable inputs
(Level 3)
EUR
9,627,028
9,627,028
9,627,028
9,627,028
-
-
EUR
EUR
EUR
EUR
147,802,499
147,802,499
147,802,499
147,802,499
-
-
EUR
EUR
EUR
EUR
111,037,492
111,037,492
111,037,492
111,037,492
-
-
CHF
CHF
CHF
CHF
91,692,818
38,139
91,730,957
91,692,818
91,692,818
38,139
38,139
-
525,363
525,363
-
525,363
525,363
-
GBP
GBP
GBP
GBP
4,581,742
4,581,742
4,581,742
4,581,742
-
-
Comgest Growth Greater Europe
Opportunities
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Mid-Caps
Europe
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Europe ex
Switzerland
Financial assets at fair value
through profit or loss
Equity securities
Forwards
Total
Financial liabilities at fair value
through profit or loss
Forwards
Total
Comgest Growth Europe ex UK
Financial assets at fair value
through profit or loss
Equity securities
Total
176
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Comgest Growth Asia*
Balance at 31
December 2015
USD
Financial assets at fair value
through profit or loss
Equity securities
Futures
Total
74,000,491
4,700,161
78,700,652
Quoted prices in
Significant other
Significant
active markets observable inputs unobservable inputs
(Level 1)
(Level 2)
(Level 3)
USD
USD
USD
74,000,491
74,000,491
4,700,161
4,700,161
-
*Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
Comgest Growth Asia Pac ex
Japan
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
USD
USD
USD
USD
239,815,320
2,815,772
4,727,681
247,358,773
239,815,320
239,815,320
2,815,772
4,727,681
7,543,453
-
EUR
EUR
EUR
EUR
120,318,288
4,119,108
124,437,396
120,318,288
120,318,288
4,119,108
4,119,108
-
USD
USD
USD
USD
164,864,110
164,864,110
164,864,110
164,864,110
-
-
USD
USD
USD
USD
34,940,223
34,940,223
34,940,223
34,940,223
-
-
Comgest Growth Greater China
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Total
Comgest Growth India
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Latin America
Financial assets at fair value
through profit or loss
Equity securities
Total
177
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
The following table presents information about the inputs used to value the Company’s assets and liabilities measured at
fair value as of 31 December 2014:
Comgest Growth World
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Total
Balance at 31
December 2014
USD
Quoted prices in
active markets
(Level 1)
USD
Significant other
observable inputs
(Level 2)
USD
Significant
unobservable inputs
(Level 3)
USD
28,291,219
1,028,080
29,319,299
28,291,219
28,291,219
1,028,080
1,028,080
-
USD
USD
USD
USD
4,357,365
4,357,365
4,357,365
4,357,365
-
-
USD
USD
USD
USD
57,182,283
57,182,283
57,182,283
57,182,283
-
-
JPY
JPY
JPY
JPY
1,905,991,800
1,905,991,800
1,905,991,800
1,905,991,800
-
-
USD
USD
USD
USD
3,714,280,082
90,356,983
92,588,105
3,897,225,170
3,714,280,082
3,714,280,082
90,356,983
92,588,105
182,945,088
-
Comgest Growth EAFE Plus
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth America
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Japan
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Emerging
Markets
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Investments funds
Total
178
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Comgest Growth Emerging
Markets Flex
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Futures
Total
Balance at 31
December 2014
EUR
Quoted prices in
active markets
(Level 1)
EUR
Significant other
observable inputs
(Level 2)
EUR
Significant
unobservable inputs
(Level 3)
EUR
86,215,018
2,142,304
13,817
88,371,139
86,215,018
13,817
86,228,835
2,142,304
2,142,304
-
EUR
EUR
EUR
EUR
232,712,519
2,340,900
7,381,101
242,434,520
232,712,519
232,712,519
2,340,900
7,381,101
9,722,001
-
EUR
EUR
EUR
EUR
1,470,717,774
39,740,172
1,510,457,946
1,470,717,774
1,470,717,774
39,740,172
39,740,172
-
EUR
EUR
EUR
EUR
6,360,676
6,360,676
6,360,676
6,360,676
-
-
EUR
EUR
EUR
EUR
101,409,425
101,409,425
101,409,425
101,409,425
-
-
Comgest Growth GEM
Promising Companies
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
Comgest Growth Europe
Financial assets at fair value
through profit or loss
Equity securities
Investments Funds
Total
Comgest Growth Europe S
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Greater Europe
Opportunities
Financial assets at fair value
through profit or loss
Equity securities
Total
179
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Comgest Growth Europe ex
Switzerland
Financial assets at fair value
through profit or loss
Equity securities
Total
Financial liabilities at fair value
through profit or loss
Forwards
Total
Balance at 31
December 2014
CHF
Quoted prices in
active markets
(Level 1)
CHF
Significant other
observable inputs
(Level 2)
CHF
Significant
unobservable inputs
(Level 3)
CHF
77,302,216
77,302,216
77,302,216
77,302,216
-
-
219,504
219,504
-
219,504
219,504
-
GBP
GBP
GBP
GBP
413,110
937
414,047
413,110
413,110
937
937
-
USD
USD
USD
USD
148,789,376
4,857,418
25,752,339
179,399,133
148,789,376
148,789,376
4,857,418
25,752,339
30,609,757
-
EUR
EUR
EUR
EUR
84,583,383
20,048,623
104,632,006
84,583,383
84,583,383
20,048,623
20,048,623
Comgest Growth Europe ex UK
Financial assets at fair value
through profit or loss
Equity securities
Forwards
Total
Comgest Growth Asia Pac ex
Japan
Financial assets at fair value
through profit or loss
Equity securities
Investments funds
Warrants
Total
Comgest Growth Greater China
Financial assets at fair value
through profit or loss
Equity securities
Warrants
Total
-
180
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
7. Risk Associated with Financial Instruments (continued)
5. Fair Value Hierarchy (continued)
Balance at 31
December 2014
USD
Quoted prices in
active markets
(Level 1)
USD
Significant other
observable inputs
(Level 2)
USD
Significant
unobservable inputs
(Level 3)
USD
202,510,838
202,510,838
202,510,838
202,510,838
-
-
EUR
EUR
EUR
EUR
44,639,695
44,639,695
44,639,695
44,639,695
-
-
Comgest Growth India
Financial assets at fair value
through profit or loss
Equity securities
Total
Comgest Growth Latin America
Financial assets at fair value
through profit or loss
Equity securities
Total
Valuation Techniques
When fair values of listed equity and debt securities at the reporting date are based on quoted market prices or binding
dealer price quotations, without any deduction for transaction costs, the instruments are included within level 1 of the
hierarchy. When the Company has assets and liabilities with offsetting market risks, it uses mid-market prices as a basis
for establishing fair values for the off-setting risk positions and applies the bid or offer price to the net open position as
appropriate.
As at 31 December 2015 and 31 December 2014 the Company did not hold any investments classified as level 3.
Assets and liabilities not carried at Fair Value
Cash at Bank is classified as Level 1 and all other assets and liabilities not carried at fair value are classified as Level 2
for all the sub-funds of the Company.
8.
Cash at Bank and Broker
During the financial year cash was held on deposit with RBC Investor Services Bank S.A. Dublin Branch, Bank of Ireland
Global Markets, BNP Paribas Dublin Branch, KBC Bank Ireland Dublin Branch and KBC Bank N.V. Dublin Branch. Of the
total cash balance of €407,963,053 as at 31 December 2015, €126,468,680 was held with RBC Investor Services Bank
S.A. Dublin Branch, €94,403,411 was held with Bank of Ireland Global Markets, €92,626,170 was held with BNP Paribas
Dublin Branch and €94,464,792 was held with KBC Bank N.V. Dublin Branch and an amount of €8,312,578 was held with
Newedge UK Financial Limited.
As at 31 December 2015, the following are the cash held at bank and cash held as collateral:
Comgest Growth
World
31 December 2015
Comgest Growth
EAFE Plus
31 December 2015
Comgest
Growth America
31 December 2015
Cash
$3,926,878
$259,559
$3,258,711
Total Cash at Bank and
Amount due from Broker
$3,926,878
$259,559
$3,258,711
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
-
-
181
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
8.
Cash at Bank and Broker (continued)
Comgest Growth
Japan
Comgest Growth
Emerging Markets
31 December 2015
31 December 2015
Comgest Growth
Emerging Markets
Flex
31 December 2015
¥431,166,951
$280,689,233
€9,305,359
-
-
€8,312,578*
¥431,166,951
$280,689,233
€17,617,937
Bank Overdraft
-
-
-
Due to Broker
Newedge UK Financial Limited
-
-
€4,416,846*
Total Bank Overdraft and
Amount due to Broker
-
-
€4,416,846
Cash
Cash held as collateral
Newedge UK Financial Limited
Total Cash at Bank and
Amount due from Broker
* “Cash held as collateral” at Newedge includes margin excess and initial margin requirements, “Due to broker” includes margin deficit (see note 7.3).
Comgest Growth
GEM Promising
Companies
31 December 2015
Comgest Growth
Europe
31 December 2015
Comgest Growth
Europe S
31 December 2015
Cash
€7,988,063
€77,228,686
€295,627
Total Cash at Bank and
Amount due from Broker
€7,988,063
€77,228,686
€295,627
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
-
-
Comgest Growth
Greater Europe
Opportunities
31 December 2015
Comgest Growth
Mid-Caps Europe
31 December 2015
Comgest Growth
Europe ex
Switzerland
31 December 2015
Cash
€6,507,768
€9,560,453
CHF4,214,197
Total Cash at Bank and
Amount due from Broker
€6,507,768
€9,560,453
CHF4,214,197
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
-
-
182
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
8.
Cash at Bank and Broker (continued)
Comgest Growth
Europe ex UK
31 December 2015
Comgest Growth
Asia*
31 December 2015
Comgest Growth Asia
Pac ex Japan
31 December 2015
Cash
£190,637
$4,077,622
$13,449,540
Total Cash at Bank and
Amount due from Broker
£190,637
$4,077,622
$13,449,540
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
-
-
Comgest Growth
Greater China
31 December 2015
Comgest Growth
India
Comgest Growth
Latin America
Cash
€3,068,868
$3,692,476
€1,796,837
Total Cash at Bank and
Amount due from Broker
€3,068,868
$3,692,476
€1,796,837
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
$3,692,476
€1,796,837
*Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
Total 31 December
2015
Cash
Cash held as collateral
Newedge UK Financial Limited
Total Cash at Bank and
Amount due from Broker
Bank Overdraft
Due to Broker
Newedge UK Financial Limited
Total Bank Overdraft and
Amount due to Broker
€407,963,053
€8,312,578*
€416,275,631
€4,416,846*
€4,416,846
* “Cash held as collateral” at Newedge includes margin excess and initial margin requirements, “Due to broker” includes margin deficit (see note 7.3).
183
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
8.
Cash at Bank and Broker (continued)
As at 31 December 2014 the following are the cash held at bank and cash held as collateral:
Comgest Growth
World
31 December 2014
Comgest Growth
EAFE Plus
31 December 2014
Comgest Growth
America
31 December 2014
Cash
$242,387
$423,889
$2,517,472
Total Cash at Bank and
Amount due from Broker
$242,387
$423,889
$2,517,472
Bank Overdraft
-
-
-
Total Bank Overdraft and
Amount due to Broker
-
-
-
Comgest Growth
Japan
31 December 2014
Comgest Growth
Emerging Markets
31 December 2014
Comgest Growth
Emerging Markets
Flex
31 December 2014
¥29,769,616
$164,090,011
€2,088,183
-
-
€8,417,116*
¥29,769,616
$164,090,011
€10,505,299
Bank Overdraft
-
-
€69
Due to Broker
Newedge UK Financial Limited
-
-
€4,448,594*
Total Bank Overdraft and
Amount due to Broker
-
-
€4,448,663
Cash
Cash held as collateral
Newedge UK Financial Limited
Total Cash at Bank and
Amount due from Broker
* “Cash held as collateral” at Newedge includes margin excess and initial margin requirements, “Due to broker” includes margin deficit (see note 7.3).
Comgest Growth
GEM Promising
Companies
31 December 2014
Comgest Growth
Europe
31 December 2014
Comgest Growth
Europe S
31 December 2014
Cash
€14,879,499
€ 51,265,342
€221,093
Total Cash at Bank and
Amount due from Broker
€14,879,499
€ 51,265,342
€221,093
-
-
-
-
-
-
Bank Overdraft
Total Bank Overdraft and
Amount due to Broker
184
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
8.
Cash at Bank and Broker (continued)
Comgest Growth
Greater Europe
Opportunities
31 December 2014
Comgest Growth
Mid-Caps Europe
31 December 2014
Comgest Growth
Europe ex
Switzerland*
31 December 2014
Cash
€3,857,964
€ 3,017,592
CHF 2,538,711
Total Cash at Bank and
Amount due from Broker
€3,857,964
€ 3,017,592
CHF 2,538,711
-
-
-
-
-
-
Bank Overdraft
Total Bank Overdraft and
Amount due to Broker
*Launched on 13 February 2014.
Comgest Growth
Europe ex UK*
31 December 2014
Comgest Growth
Asia Pac ex Japan
31 December 2014
Comgest Growth
Greater China
31 December 2014
Cash
£11,853
$11,329,085
€4,935,055
Total Cash at Bank and
Amount due from Broker
£11,853
$11,329,085
€4,935,055
-
-
€5
-
-
€5
Comgest Growth
India
31 December 2014
Comgest Growth
Latin America
31 December 2014
Total
31 December 2014
$17,053,488
€3,310,701
€ 247,600,094
-
-
€ 8,417,116*
$17,053,488
€3,310,701
256,017,210
Bank Overdraft
-
-
€74
Due to Broker
Newedge UK Financial Limited
-
-
€4,448,594*
Total Bank Overdraft and
Amount due to Broker
-
-
€ 4,448,668
Bank Overdraft
Total Bank Overdraft and
Amount due to Broker
* Launched on 18 December 2014.
Cash
Cash held as collateral
Newedge UK Financial Limited
Total Cash at Bank and
Amount due from Broker
* “Cash held as collateral” at Newedge includes margin excess and initial margin requirements, “Due to broker” includes margin deficit (see note 7.3).
185
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
9.
Related Party Transactions
The service providers are entitled to fees as detailed in note 5. Mr. Daniel Morrissey, Mr. Jan-Peter Dolff, Mr. Philippe
Lebeau, Mr. Arnaud Cosserat and Mr. David Raper are Directors of Comgest Asset Management International Limited,
which is the Company’s Investment Manager. Mr. Daniel Morrissey is also a partner of William Fry, which is the
Company’s legal advisor in respect of Irish law and, the Company’s secretary, Wilton Secretarial Limited, is owned by
William Fry. As such, these six Directors have a business interest in services provided to the Company. During the
financial year, secretarial fees of €34,144 (year ended December 2014: €30,602) and legal fees of €116,571 (year ended
December 2014: €164,507) payable to William Fry were charged to the Company. Investment Management fees are
disclosed in note 5 as well as Statement of Financial Position and Statement of Comprehensive Income.
Comgest Asset Management International Limited, the Investment Manager, is also considered to be a related party, the
fees of which are disclosed in the Statement of Comprehensive Income.
Comgest Asset Management International Limited also acts as Promoter for the Company.
Details of cross portfolio investments as at financial year end are presented in note 16.
As at 31 December 2015 and 31 December 2014 (or later date of appointment), directors in office at the financial year
end or persons connected/related to them held the following number of shares in the Company:
31 December 2015 31 December 2014
Jean-Christophe Dousset*
Comgest Growth Japan
Comgest Growth GEM Promising Companies
Comgest Growth Europe
5,100.00
1,500.00
10,395.01
5,100.00
1,500.00
10,395.01
Arnaud Cosserat
Comgest Growth Europe
Comgest Growth Europe S
Comgest Growth Greater Europe Opportunities
Comgest Growth Mid-Caps Europe
64,900.00
15,000.00
75,000.00
85,000.00
64,900.00
15,000.00
75,000.00
85,000.00
Jan-Peter Dolff
Comgest Growth America
Comgest Growth Japan
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
Comgest Growth Europe
Comgest Growth Greater Europe Opportunities
Comgest Growth Europe ex UK
Comgest Growth Asia Pac ex Japan
Comgest Growth India
26,000.00
26,470.46
10,305.63
1,000.00
1,189.07
17,489.72
5,000.00
19,244.48
7,601.93
26,000.00
26,470.46
10,305.63
1,000.00
1,189.07
17,489.72
5,000.00
19,244.48
7,601.93
Daniel Morrissey
Comgest Growth Europe
Comgest Growth Greater China
Comgest Growth India
2,319.11
588.35
1,434.31
-
* Resigned on 10 November 2014.
10. Soft Commissions
There were no soft commission arrangements in place for financial year ended 31 December 2015 nor for the financial
year ended 31 December 2014.
186
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
11. Efficient Portfolio Management
As further detailed in notes 6 and 7, in seeking to hedge part of the equity market risk exposure in the core portfolio
for Comgest Growth Emerging Markets Flex, exchange traded equity index futures were utilised and for Comgest
Growth Europe ex Switzerland and Comgest Growth Europe ex UK, forward contracts were utilised to reduce
currency risk exposure. With the exception of these index futures and forward contracts, techniques and instruments
for the purpose of efficient portfolio management were not utilised during the financial year.
12. Distributions
The Directors at a Board Meeting held on 27 March 2015, declared dividends (with ex-date 9 April 2015) as follows:
●
●
●
●
Comgest Growth Emerging Markets US Dollar Distributing Class: USD 196,166 (2014: USD 125,563)
Comgest Growth Emerging Markets Euro Distributing Class: EUR 1,591,643 (2014: USD 814,258)
Comgest Growth GEM Promising Companies Euro Distributing Class: EUR 11,205 (2014: EUR Nil)
Comgest Growth Asia Pac ex Japan US Dollar Distributing Class: USD 3,182 (2014: USD 3,223)
The Directors resolved that the dividends were to be paid on 16 April 2015 to Shareholders appearing on the register of
Shareholders of the Distributing Classes at close of business on 8 April 2015. On the basis of the number of shares in the
Distributing Classes in issue at close of business on 8 April 2015, this represented a dividend per share of:
●
●
●
●
Comgest Growth Emerging Markets US Dollar Distributing Class: USD 0.135430 (2014: USD 0.096553)
Comgest Growth Emerging Markets Euro Distributing Class: EUR 0.152730 (2014: EUR 0.058218)
Comgest Growth GEM Promising Companies Euro Distributing Class: EUR 0.018560 (2014: EUR Nil)
Comgest Growth Asia Pac ex Japan US Dollar Distributing Class: USD 0.009760 (2014: USD 0.024741)
13. Representative and Paying Agent in Switzerland
The Company has appointed BNP Paribas Securities Services, Paris (the ‘‘Representative’’) as official representative for
the offer and distribution of Shares in or from Switzerland by virtue of a representation agreement between the Company
and the Representative (the ‘‘Representative Agreement’’).
The Company has appointed BNP Paribas Securities Services, Paris to fulfil the function of paying agent (the ‘‘Paying
Agent’’) on the Company’s account in or from Switzerland by virtue of a paying agency agreement (the ‘‘Paying Agency
Agreement’’).
The Representative and Paying Agency Agreements may be terminated at not less than six months written notice given
by any party to the other parties although in certain circumstances (e.g. unremedied breach after notice) the Agreements
may be terminated with immediate effect.
The Representative and Paying Agency Agreements contain provisions regarding the Representative’s legal
responsibilities and indemnities in favour of the Representative except in circumstances where any loss arises or is
contributed to by the fraud, bad faith, wilful default or negligence of the Representative.
In consideration of the services provided under the Representative and Paying Agency Agreements, the Representative
and Paying Agent shall be entitled to receive, out of the assets of the Company, such flat fee as may be agreed in writing
from time to time between the parties. Currently a flat fee of CHF55,200 applies until 2017.
14. Statement of Net Assets for Prior Years
Comgest Growth World
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share US Dollar Class
Net Asset Value per share EUR I Acc Class*
Net Asset Value per share EUR R Acc Class**
31 December 2015
$62,561,466
$20.31
€18.78
€18.61
31 December 2014
$29,562,201
$20.03
€16.54
€16.55
31 December 2013
$18,995,379
$19.33
-
* Launched on 18 September 2014.
** Launched on 17 January 2014.
187
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
14. Statement of Net Assets for Prior Years (continued)
Comgest Growth EAFE Plus
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share USD I Acc Class*
31 December 2015
31 December 2014
31 December 2013
$5,259,874
$4,776,399
$3,474,873
$12.94
$12.96
$12.95
* The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus Fund to a USD I Acc Class was approved by the
Shareholders of that share class on 15 January 2014.
Comgest Growth America
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share EUR R Acc Class
Net Asset Value per share US Dollar Class
Net Asset Value per share USD I Acc Class
31 December 2015
$68,779,690
€15.93
$17.58
$17.88
31 December 2014
$61,055,427
€14.27
$17.46
$17.63
31 December 2013
$47,919,598
€11.11
$15.40
$15.47
Comgest Growth Japan
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share Yen Class
Net Asset Value per share Yen I Acc Class*
31 December 2015
31 December 2014
31 December 2013
¥7,815,216,748
¥922
¥952
¥1,957,463,500
¥769
¥788
¥1,372,122,741
¥675
-
* Launched on 17 December 2014.
Comgest Growth Emerging Markets
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share Euro Distributing Class
Net Asset Value per share EUR I Acc Class
Net Asset Value per share EUR I Dis Class*
Net Asset Value per share EUR R Acc Class
Net Asset Value per share EUR Z Acc Class
Net Asset Value per share US Dollar Class
Net Asset Value per share US Dollar Distributing Class
Net Asset Value per share USD I Acc Class
Net Asset Value per share GBP I Acc Class
31 December 2015
$3,784,686,865
€27.25
€28.24
€28.81
€27.06
€27.18
$30.87
$29.41
$31.48
£21.35
31 December 2014
$4,050,543,898
€27.56
€28.29
€28.86
€27.37
€27.26
$34.61
$33.10
$35.12
£22.52
31 December 2013
$3,490,800,253
€23.57
€24.01
€23.47
€23.17
$33.64
$32.26
$33.96
£20.50
* Launched on 16 December 2014.
Comgest Growth Emerging Markets Flex
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€143,701,787
€93,052,815
€83,441,321
Net Asset Value per share EUR I Acc Class
€11.99
€11.87
€10.36
Net Asset Value per share EUR R Acc Class
€11.18
€11.15
€9.80
Comgest Growth GEM Promising Companies
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€259,557,838
€258,169,729
€198,238,419
Net Asset Value per share Euro Class
€13.47
€13.25
€11.75
Net Asset Value per share Euro Distributing Class
€12.33
€12.17
€10.79
Net Asset Value per share EUR I Acc Class
€13.21
€12.94
€11.42
Net Asset Value per share EUR R Acc Class
€13.03
€12.89
€11.48
Net Asset Value per share USD I Acc Class
$14.95
$16.13
$16.16
188
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
14. Statement of Net Assets for Prior Years (continued)
Comgest Growth Europe
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€2,124,592,731
€1,563,188,542
€1,398,987,731
Net Asset Value per share Euro Class
€20.98
€18.05
€16.60
Net Asset Value per share Euro Distributing Class
€20.90
€17.99
€16.53
Net Asset Value per share EUR I Acc Class
€21.38
€18.31
€16.75
Net Asset Value per share EUR I Dis Class*
€21.07
€18.03
-
Net Asset Value per share EUR R Acc Class
€20.60
€17.82
€16.46
Net Asset Value per share EUR Z Acc Class
€20.94
€17.96
€16.44
Net Asset Value per share USD I Acc Class**
$23.27
$22.20
-
* Launched on 16 December 2014.
**Launched on 19 May 2014.
Comgest Growth Europe S
31 December 2015
31 December 2014
31 December 2013
€9,919,876
€6,573,080
€8,624,948
Net Asset Value per share Euro Class
€19.52
€16.87
€15.25
Net Asset Value per share US Dollar Class
$15.89
$15.30
$15.74
Net Assets for Shareholder dealing/prospectus
Comgest Growth Greater Europe Opportunities
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€ 153,969,597
€105,103,955
€131,775,670
Net Asset Value per share Euro Class
€26.69
€21.35
€20.44
Net Asset Value per share Euro Distributing Class**
€27.02
-
-
Net Asset Value per share Euro R Acc Class
€26.07
€20.96
€20.16
Net Asset Value per share EUR I Acc Class*
€26.88
€21.39
-
*Launched on 13 February 2014.
** Launched on 27 October 2015.
Comgest Growth Mid-Caps Europe
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share Euro Class
Net Asset Value per share EUR I Acc Class*
31 December 2015
€120,684,881
€23.47
€24.01
31 December 2014
€60,455,247
€17.91
€18.24
31 December 2013
€75,974,694
€16.68
-
*Launched on 3 March 2014.
Comgest Growth Europe ex Switzerland*
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
CHF94,948,546
CHF79,584,005
-
Net Asset Value per share CHF I Acc Class*
CHF12.15
CHF10.58
-
Net Asset Value per share CHF Z Acc Class**
CHF11.86
CHF10.34
-
* Launched on 13 February 2014.
** Launched on 9 September 2014.
189
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
14. Statement of Net Assets for Prior Years (continued)
Comgest Growth Europe ex UK*
31 December 2015
31 December 2014
31 December 2013
Net Assets for Shareholder dealing/prospectus
£4,695,548
£767,165
-
Net Asset Value per share GBP I H Acc Class*
£11.59
£9.93
-
* Launched on 18 December 2014.
Comgest Growth Asia**
31 December 2015
31 December 2014
31 December 2013
$82,539,123
-
-
Net Asset Value per Euro I Acc Class*
€38.26
-
-
Net Asset Value per US Dollar Class**
$41.45
-
-
Net Assets for Shareholder dealing/prospectus
* Launched on 8 June 2015.
** Launched on 4 June 2015 as a result of a merger with Comgest Asia.
Comgest Growth Asia Pac ex Japan*
Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$261,223,781
$190,683,532
$13,592,272
Net asset value per share Euro I Acc Class*
€15.93
-
-
Net Asset Value per US Dollar Class
$17.36
$17.51
$14.17
Net Asset Value per USD Distributing Class
$7.81
$7.89
$6.40
Net asset value per share USD I Acc Class
$17.30
$17.37
$13.99
* Launched on 4 August 2015
Comgest Growth Greater China
Net Assets for Shareholder dealing/prospectus
Net Asset Value per share Euro Class
Net Asset Value per share EUR I Acc Class
Net Asset Value per share US Dollar Class
31 December 2015
€133,064,500
€51.45
€52.38
$54.98
31 December 2014
€111,195,751
€45.07
€45.66
$53.66
31 December 2013
€56,372,884
€33.72
€33.99
$45.72
Comgest Growth India
31 December 2015
31 December 2014
31 December 2013
$170,168,885
$219,948,565
$149,325,849
Net Asset Value per share EUR R Acc Class
€33.84
€31.56
€17.30
Net Asset Value per share EUR I Acc Class*
€34.88
€32.13
-
Net Asset Value per share US Dollar Class
$37.41
$38.67
$24.02
Net Assets for Shareholder dealing/prospectus
*Launched on 8 January 2014.
190
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
14. Statement of Net Assets for Prior Years (continued)
Comgest Growth Latin America
31 December 2015
31 December 2014
31 December 2013
€36,736,364
€48,011,053
€51,307,460
Net Asset Value per share Euro Class
€8.01
€10.86
€10.91
Net Asset Value per share EUR R Acc Class
€7.80
€10.66
€10.79
Net Asset Value per share US Dollar Class
$6.08
$9.20
$10.51
Net Asset Value per share USD I Acc Class
$6.19
$9.32
$10.60
Net Assets for Shareholder dealing/prospectus
15. Net Asset Values
A reconciliation of the valuation of the financial assets at fair value through profit or loss under IFRS 13 versus the
methodology as per the Company prospectus is depicted in the table below. The IFRS 13 Valuation Adjustment is a
result of financial assets at fair value through profit or loss being shown at their bid market values, which is their fair value
under financial reporting standards. This is different to the valuation used in the dealing or published Net Asset Values
which use last traded price (i.e. close of business values) as per Prospectus of the Company.
As at 31 December 2015, the Company has disclosed its financial assets and liabilities at fair value through profit or loss
using last traded prices which is deemed to be representative of exit price in accordance with IFRS 13. This change is
also consistent with the Company's valuation policy as stated in the prospectus. There is no difference between between
the Net Asset Values as computed for the purposes of the financial statements and as computed in accordance with the
prospectus at 31 December 2015.
Comgest Growth World
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$62,561,466
$29,554,024
$18,980,829
-
$8,177
$14,550
$62,561,466
$29,562,201
$18,995,379
Comgest Growth EAFE Plus
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$5,259,874
$4,773,186
$3,471,332
-
$3,213
$3,541
$5,259,874
$4,776,399
$3,474,873
Comgest Growth America
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$68,779,690
$61,047,527
$47,911,153
-
$7,900
$8,445
$68,779,690
$61,055,427
$47,919,598
Comgest Growth Japan
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
¥7,815,216,748
¥1,956,573,653
¥1,370,237,244
-
¥889,847
¥1,885,497
¥7,815,216,748
¥1,957,463,500
¥1,372,122,741
191
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
15. Net Asset Values (continued)
Comgest Growth Emerging Markets
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$3,784,686,865
$4,045,513,137
$3,485,744,442
-
$5,030,761
$5,055,811
$3,784,686,865
$4,050,543,898
$3,490,800,253
Comgest Growth Emerging Markets Flex
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$143,701,787
€92,937,234
€83,327,773
-
€115,581
€113,548
$143,701,787
€93,052,815
€83,441,321
Comgest Growth GEM Promising Companies
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€259,557,838
€256,632,597
€196,348,968
-
€1,537,132
€1,889,451
€259,557,838
€258,169,729
€198,238,419
Comgest Growth Europe
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€2,124,592,731
€1,562,285,608
€1,397,668,732
-
€902,934
€1,318,999
€2,124,592,731
€1,563,188,542
€1,398,987,731
Comgest Growth Europe S
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€9,919,876
€6,568,000
€8,613,260
-
€5,080
€11,688
€9,919,876
€6,573,080
€8,624,948
Comgest Growth Greater Europe Opportunities
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€153,969,597
€105,027,761
€131,443,213
-
€76,194
€332,457
€153,969,597
€105,103,955
€131,775,670
Comgest Growth Mid-Caps Europe
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€120,684,881
€60,436,071
€75,746,797
-
€19,176
€227,897
€120,684,881
€60,455,247
€75,974,694
192
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
15. Net Asset Values (continued)
Comgest Growth Europe ex Switzerland*
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
CHF94,948,546
CHF79,540,119
-
-
CHF43,886
-
CHF94,948,546
CHF79,584,005
-
* Launched on 13 February 2014.
Comgest Growth Europe ex UK*
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
£4,696,548
£766,708
-
-
£457
-
£4,696,548
£767,165
-
* Launched on 18 December 2014.
Comgest Growth Asia*
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$82,539,123
-
-
-
-
-
$82,539,123
-
-
* Launched on 4 June 2015 as a result of a merger with Comgest Asia.
Comgest Growth Asia Pac ex Japan
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
$261,223,781
$190,492,042
$13,572,450
-
$191,490
$19,822
$261,223,781
$190,683,532
$13,592,272
Comgest Growth Greater China
Total Net Assets for financial statement purposes
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
31 December 2015
31 December 2014
31 December 2013
€133,064,500
€111,032,600
€56,264,583
-
€163,151
€108,301
€133,064,500
€111,195,751
€56,372,884
193
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
15. Net Asset Values (continued)
Comgest Growth India
Total Net Assets for financial statement purposes
31 December 2015
31 December 2014
31 December 2013
$170,168,885
$219,741,084
$148,990,129
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
-
$207,481
$335,720
$170,168,885
$219,948,565
$149,325,849
Comgest Growth Greater Latin America
Total Net Assets for financial statement purposes
31 December 2015
31 December 2014
31 December 2013
€36,736,364
€47,936,869
€51,107,810
IFRS 13 Valuation Adjustment
Total Net Assets for Shareholder dealing/prospectus
-
€74,184
€199,650
€36,736,364
€48,011,053
€51,307,460
16. Cross Portfolio Investment
When a sub-fund holds an investment in another sub-fund within the Company, this must be eliminated from the
combined Company totals. This does not effect the NAV per share of any of the individual sub-funds. As at 31 December
2015 various sub-funds of the Comgest Growth plc had invested in other sub-funds, as outlined below. The fair value as
at 31 December 2015 was €149,861,062.
Comgest Growth World had invested 2.45% of its assets in Comgest Growth America US Dollar Class and 0.54% in
Comgest Growth EAFE Plus USD I Acc Class. Comgest Growth Emerging Markets had invested 0.27% of its assets in
Comgest Growth GEM Promising Companies Euro Class, 0.27% of its assets in Comgest Growth GEM Promising
Companies Euro Distributing Class, 0.21% of its assets in Comgest Growth Latin America US Dollar Class, 1.11% of its
assets in Comgest Growth India US Dollar Class and 0.79% of its assets in Comgest Growth Greater China EUR I Acc
Class. As at 31 December 2015, Comgest Growth Europe had invested 1.01% of its assets in Comgest Growth Mid-Caps
Europe Euro Class and 1.36% in Comgest Growth Greater Europe Opportunities Euro Class. Growth Asia had invested
1.97% of its assets in Comgest Growth India US Dollar Class and 2.46% in Comgest Growth Japan Yen Class. Comgest
Growth Asia Pac ex Japan had invested 1.08% of its assets in Comgest Growth India US Dollar Class. Comgest
There is no management fee charged on assets of the sub-funds invested in other Collective Investment Schemes and
Undertakings for Collective Investment in Transferable Securities managed by the Investment Manager or an associated
company.
17. Significant Events during the Financial Year
th
(i) With effect from 7 April 2015, the Registered office was changed to 6 Floor, 2 Grand Canal Square, Dublin 2, Ireland.
(ii) With effect from 15 April 2015, the Promoter for the Company was changed from Comgest Far East to Comgest Asset
Management International Limited. This change has been notified to and approved by the Central Bank of Ireland.
(iii) Comgest Growth Asia commenced trading on 4 June 2015 as a result of a merger with Comgest Asia (see below).
(iv) The following share classes were launched during the financial year:
Comgest Growth Asia US Dollar Class launched on 4 June 2015.
Comgest Growth Asia EUR I Acc Class launched on 8 June 2015.
Comgest Growth Asia ex Japan EUR I Acc Class launched on 4 August 2015.
Comgest Growth Greater Europe Opportunities Euro Distributing Class launched on 28 October 2015.
(v) On 16 June 2015 Comgest Europe merged with Comgest Growth Europe (see below).
(vi) The Company may impose a cap on expenditure such that the TER of a Share Class does not exceed thresholds
agreed between the Investment Manager and the Company. In the event of expenditure exceeding an agreed cap,
the Investment Manager shall reimburse affected share classes. The interim and annual report of the Company will
provide full disclosure of the cap (if any) imposed on the TER of a Share Class, along with information as to the
amount (if any) reimbursed to the Share Class by the Investment Manager to ensure that the cap was not exceeded.
Reimbursed expenditures are set out in the following table.
194
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
17. Significant Events during the Financial Year (continued)
Reimbursed Expenditures:
Sub-Fund
Comgest Growth EAFE Plus
Comgest Growth Europe ex UK
Financial year ending 31 December
2015
$34,769
£32,904
Financial year ending 31
December 2014
-
(vii) Two mergers were completed during the financial year. With effective date of 4 June 2015 Comgest Asia, a
Luxembourg domiciled and authorised fund, merged with Comgest Growth Asia. The merger formed part of a
rationalisation of the range of funds offered by the Comgest group. On the date of the merger, Comgest Asia, on being
dissolved without going into liquidation, transferred all of its assets and liabilities to Comgest Growth Asia, and
Shareholders in Comgest Asia were issued with new shares in Comgest Growth Asia. Non cash subscriptions from Fund
mergers amounted to USD 89,747,832.
With effective date of 16 June 2015 Comgest Europe, a Luxembourg domiciled and authorised fund merged with
Comgest Growth Europe. The merger formed part of a rationalisation of the range of funds offered by the Comgest group.
On the date of the merger, Comgest Europe, on being dissolved without going into liquidation, transferred all of its assets
and liabilities to Comgest Growth Europe, and Shareholders in Comgest Europe were issued with new shares in
Comgest Growth Europe. Non cash subscriptions from Fund mergers amounted to EUR 93,146,727.
(viii) On 4 December 2015 Central Bank of Ireland noted the Prospectus of the Company, dated 4 December 2015.
Further details are disclosed in note 19.
18. Events after the Financial Year End
For the year from 1 January 2016 to 22 March 2016 the following subscriptions and redemptions were recorded for each
of the sub-funds:
Shares subscribed
Value of the subscribed
shares
4,703,385.755
USD 90,619,258
37,786.000
USD 458,138
644,341.660
USD 11,145,081
Comgest Growth Japan
5,465,323.722
JPY 4,616,269,852
Comgest Growth Emerging Markets
3,787,578.118
USD 108,938,541
Comgest Growth Emerging Markets Flex
468,848.934
EUR 5,303,065
Comgest Growth GEM Promising Companies
851,221.579
EUR 10,542,633
11,008,390.359
EUR 215,059,711
Sub-Fund Name
Comgest Growth World
Comgest Growth EAFE Plus
Comgest Growth America
Comgest Growth Europe
Comgest Growth Europe S
48,944.740
EUR 774,199
Comgest Growth Greater Europe Opportunities
199,848.844
EUR 4,787,170
Comgest Growth Mid-Caps Europe
317,246.004
EUR 6,756,423
Comgest Growth Europe ex Switzerland
26,337.879
CHF 280,963
Comgest Growth Europe ex UK
15,640.511
GBP 171,000
Comgest Growth Asia*
Comgest Growth Asia ex Japan**
Comgest Growth Asia Pac ex Japan
Comgest Growth Greater China
Comgest Growth India
Comgest Growth Latin America
81,525.816
USD 3,231,782
1,720,802.000
USD 18,739,534
547,599.166
USD 8,789,704
85,770.119
EUR 3,858,705
138,978.944
USD 4,615,041
60,497.964
EUR 391,681
*Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
**Comgest Growth Asia ex Japan was launched on 2 February 2016.
195
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
18. Events after the Financial Year End (continued)
Sub-Fund Name
Comgest Growth World
Comgest Growth EAFE Plus
Shares redeemed
Value of the redeemed
shares
458,162.243
USD 8,917,258
10,677.113
USD 128,565
Comgest Growth America
215,761.737
USD 3,616,770
Comgest Growth Japan
346,176.169
JPY 303,957,884
3,896,089.832
USD 109,895,666
Comgest Growth Emerging Markets
Comgest Growth Emerging Markets Flex
96,173.936
EUR 1,088,234
429,049.267
EUR 5,205,220
7,401,826.561
EUR 143,295,270
9,404.048
EUR 137,548
Comgest Growth Greater Europe Opportunities
601,313.990
ERU 14,544,483
Comgest Growth Mid-Caps Europe
Comgest Growth GEM Promising Companies
Comgest Growth Europe
Comgest Growth Europe S
161,741.081
EUR 3,420,113
Comgest Growth Europe ex Switzerland
12,500.000
CHF 140,200
Comgest Growth Europe ex UK
10,033.023
GBP 109,010
Comgest Growth Asia*
60,039.013
USD 2,314,398
-
-
Comgest Growth Asia ex Japan**
Comgest Growth Asia Pac ex Japan
1,145,042.485
USD 18,553,559
Comgest Growth Greater China
206,270.684
EUR 9,477,721
Comgest Growth India
449,163.617
USD 15,040,119
Comgest Growth Latin America
164,518.166
EUR 1,187,362
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia.
**Comgest Growth Asia ex Japan was launched on 2 February 2016.
Comgest Growth Asia ex Japan was launched on 2 February 2016.
19. Material Changes to the Prospectus
On 4 December 2015 Central Bank of Ireland (the “CBI”) noted the new Prospectus of the Company, dated 4 December
2015. A number of material amendments were made to the Prospectus as follows:
1. New Funds.
The Company launched two new Funds:
a) Comgest Growth Asia ex Japan; and
b) Comgest Growth World Developed Markets.
2. New Share Classes
The Company introduced additional Share Classes in certain existing Funds of the Company.
3. Closure of Initial Offer Periods
The Initial Offer Period of various Share Classes of certain existing Funds of the Company closed.
4. Reduction of Investment Management Fees
The Investment Management Fees of Comgest Growth World and Comgest Growth EAFE Plus were reduced.
5. Real Estate Investment Trusts (REITs)
The investment objective and policies section in the Fund Details of the following Funds of the Company were
updated to clarify that they may invest in REITs:
• Comgest Growth America;
• Comgest Growth Asia;
196
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
19. Material Changes to the Prospectus (continued)
•
•
•
•
•
•
•
•
Comgest Growth Asia ex Japan;
Comgest Growth Asia Pac ex Japan;
Comgest Growth Emerging Markets;
Comgest Growth Emerging Markets Flex;
Comgest Growth GEM Promising Companies;
Comgest Growth Greater China;
Comgest Growth India; and
Comgest Growth Latin America.
6. Market Access Products
A new definition of “Market Access Product” was added to the Prospectus as follows:
“financial instruments being participatory notes, low exercise call or price warrants or similar instruments that
provide access to an equity investment in a local market, designed to replicate the performance of a particular
underlying equity security, where direct ownership is not allowed, is restricted or is more costly.”
Accordingly, the investment objective and policies section in the Fund Details of the following Funds of the
Company were updated to refer to their use of Market Access Products that have China A-Shares as their
underlying asset rather than participation notes that have China A-Shares as their underlying asset, as was
previously stated:
•
•
•
•
•
•
•
•
•
Comgest Growth Asia;
Comgest Growth Asia ex Japan;
Comgest Growth Asia Pac ex Japan;
Comgest Growth EAFE Plus;
Comgest Growth Emerging Markets;
Comgest Growth Emerging Markets Flex;
Comgest Growth GEM Promising Companies;
Comgest Growth Greater China; and
Comgest Growth World.
In addition, the text under the headings “Credit Risk” and “Liquidity Risk” was amended by the inclusion of
references to the use by the Company of Market Access Products. The Liquidity Risk factor was also amended to
include additional wording regarding the potential liquidity risks arising from Shareholder redemptions.
7. Clarification of Investment Policies of Comgest Growth India (the “India Fund”)
The investment objective of the India Fund is to create a professionally managed portfolio consisting primarily of
what, in the opinion of the Investment Manager, are well managed companies with long-term growth potential
having their headquarters or carrying out their predominant activities in India. As part of its investment policy, the
India Fund will invest at least two thirds of its assets in shares or equity linked securities including preferred
stock, convertible bonds and debentures which are convertible into equity securities issued by companies having
their headquarters or carrying out their predominant activities in India which are listed or traded on Indian or world
stock-markets all of which will be Regulated Markets.
The investment objective and policies section in the Fund Details was amended to clarify that the India Fund may
also gain indirect exposure to such companies by investing in Market Access Products that have shares in such
companies as their underlying asset.
197
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
19. Material Changes to the Prospectus (continued)
8. Currency Hedging – Comgest Growth America (the “America Fund”)
Due to the introduction of a hedged share class in the America Fund, the Fund Details were amended to state
that: (a) the America Fund may enter into transactions for the purposes of hedging the currency exposure of the
underlying securities to the Base Currency; and (b) a Share Class designated in a currency other than the Base
Currency may be hedged against exchange rate fluctuation risks between the designated currency of the Share
Class and the Base Currency.
9. Central Bank UCITS Regulations
The Prospectus was updated to take account of the provisions of the Central Bank (Supervision and
Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferrable Securities)
Regulations (the “CB UCITS Regulations”) 2015 as follows:
(a) “Central Bank Requirements” Definition – this term is now defined as:
“the requirements of the Central Bank pursuant to the UCITS Regulations and the Central Bank (Supervision and
Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities)
Regulations 2015 as same may be amended or replaced from time to time.”
(b) Conflicts of Interest Section – this section has been updated to reflect the requirements of Regulation 40 of the
Central Bank UCITS Regulations which require transactions with “Connected Parties” to be conducted on an
arm’s length basis.
(c) Management of Collateral for OTC FDIs and Efficient Portfolio Management Techniques Section – the first
paragraph of this section was replaced as follows:
“The Company may accept cash as collateral under OTC FDIs and efficient portfolio management techniques.
The provisions below reflect the relevant Central Bank Requirements.”
10. Additional Amendments to the Prospectus
A number of additional amendments were made to the Prospectus as follows:
(a) Cyber Security Risk Factor – a cyber security risk factor was inserted to address the potential risks which may
arise due to cyber attacks on the Company’s service providers or on companies invested in by the Funds of the
Company;
(b) Investment in China A-Shares Risk Factor – a risk factor setting out the risks arising from the market in China
A-Shares was included to reflect recent turmoil in that market;
(c) Stock Connect Risk Factor – a Stock Connect specific risk factor was inserted on foot of the concerns raised by
the Central Bank and the conditions that it has imposed on investment in China A-Shares through Stock Connect;
(d) Warrants Risk Factor – this risk factor has been updated to include the following text in substitution for the
existing text:
“Warrants (acquired as a result of corporate actions)
The Company may from time to time hold a small number of warrants as a result of corporate actions. The
acquisition of these types of warrants may create leverage on the relevant Fund due to unforeseen
circumstances.
Such warrants are similar to options in that they give the holder the right but not the obligation to buy or sell stock
at a set price in the future. A warrant guarantees the holder the right to buy (or sell) a specific number of shares
at a specific price (the strike price) for a defined period of time. Callable warrants give you the right to buy the
underlying securities. Putable warrants give you the right to sell the underlying securities. Unlike options on
equity securities that are listed and traded on exchanges, warrants are usually issued by corporations through
private transactions and typically trade over-the-counter. These types of warrants are often used as
enhancement features to other securities.”
198
COMGEST GROWTH plc
NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (continued)
19. Material Changes to the Prospectus (continued)
(e) OTC Derivatives - to future proof the Prospectus the following wording was included:
“notwithstanding the foregoing, OTC Derivatives contracts may, alternatively be valued in accordance with the
requirements of relevant regulations and/or the Central Bank Requirements”;
(f) Promoter Details – Comgest Asset Management Limited has been approved by the Central Bank to act as
Promoter of the Company in place of Comgest Far East Limited.
(g) Expenditure Cap – the Prospectus was amended to permit the imposition of a cap on expenditure (referred to as
a total expense ratio or “TER”) such that the expenditure of a Share Class does not exceed thresholds that may
be agreed between the Investment Manager and the Company from time to time.
The term “TER” was defined as:
“the total fees, costs and expenses paid out of the assets attributable to a Share Class (and its due proportion of
any costs and expenses of the Company allocated to it) excluding transaction costs and the management fee
and performance fee (if applicable) payable to the Investment Manager”;
(h) Minimum Holding Amount – minimum holding amounts no longer apply in respect of any Share Classes of any
Funds of the Company and the Fund Details were amended to reflect this.
(i) Information for Investors in Hong Kong – the following information was included in the Prospectus and should
be reviewed by investors in Hong Kong:
“Hong Kong
The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are
advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this
document, you should obtain independent professional advice.
Shares may not be offered or sold in Hong Kong by means of this Prospectus or any other document other than
to “professional investors” (as defined in the Hong Kong Securities and Futures Ordinance and rules made
thereunder) or in other circumstances which do not constitute an offer to the public for the purposes of the Hong
Kong Securities and Futures Ordinance or any other applicable legislation in Hong Kong. This Prospectus is
distributed on a confidential basis and may not be reproduced in any form or transmitted to any person other than
the person to whom it has been sent.”
20. Securities Lending
During the financial year ended 31 December 2015, the Company did not enter into securities lending transactions
(financial year ended 31 December 2014: none).
21. Reclassification of prior year figures
The 2014 figures contained in the financial statements have been reclassified to conform to current year presentation.
These reclassifications do not have any effect on previously reported Net Asset Values.
22. Approval of the Financial Statements
The Board of Directors authorised the Financial Statements on 24 March 2016 for issue.
199
COMGEST GROWTH plc
Comgest Growth World
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Currency
780,350
HKD
Acquisition
Cost USD
Fair Value
USD
% net
assets
2,766,909
2,766,909
2,522,248
2,522,248
4.03
4.03
2,766,909
2,522,248
4.03
1,845,847
2,507,700
4,353,547
1,824,685
2,063,370
3,888,055
2.92
3.30
6.22
4,353,547
3,888,055
6.22
2,586,387
1,210,348
3,796,735
2,344,037
936,443
3,280,480
3.75
1.50
5.25
3,796,735
3,280,480
5.25
2,499,482
2,499,482
2,379,281
2,379,281
3.79
3.79
2,499,482
2,379,281
3.79
1,457,157
1,457,157
825,215
825,215
1.32
1.32
1,457,157
825,215
1.32
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
China
Insurance
China Life Insurance Co Ltd
Total China
France
Pharmaceuticals and cosmetics
L'Oreal SA
Sanofi
10,816
24,166
EUR
EUR
Total France
Germany
Chemicals
Bayer AG
Linde AG
18,634
6,438
EUR
EUR
Total Germany
Hong Kong
News transmission
China Mobile Ltd
210,740
HKD
Total Hong Kong
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
Total India
322,744
INR
200
COMGEST GROWTH plc
Comgest Growth World
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Currency
38,520
USD
Acquisition
Cost USD
Fair Value
USD
% net
assets
2,514,394
2,514,394
2,962,958
2,962,958
4.74
4.74
2,514,394
2,962,958
4.74
Ireland
Pharmaceuticals and cosmetics
Medtronic Plc
Total Ireland
Japan
Banks and financial institutions
Seven Bank Ltd
322,500
JPY
1,381,617
1,381,617
1,428,925
1,428,925
2.28
2.28
Construction, building material
Sekisui Chemical Co Ltd
86,900
JPY
954,669
954,669
1,149,324
1,149,324
1.84
1.84
Electronic semiconductor
Keyence Corp
Nidec Corp
3,850
16,400
JPY
JPY
1,682,024
1,334,940
3,016,964
2,146,873
1,204,762
3,351,635
3.43
1.93
5.36
Electronics and electrical equipment
FANUC Corp
Makita Corp
3,500
35,600
JPY
JPY
624,785
1,861,726
2,486,511
613,326
2,080,453
2,693,779
0.98
3.33
4.31
Holding and finance companies
Don Quijote Holdings Co Ltd
32,100
JPY
1,330,326
1,330,326
1,140,758
1,140,758
1.82
1.82
Internet software
Obic Co Ltd
32,300
JPY
1,447,717
1,447,717
1,729,183
1,729,183
2.76
2.76
Mechanics, machinery
Daikin Industries Ltd
28,200
JPY
1,810,065
1,810,065
2,086,606
2,086,606
3.34
3.34
News transmission
Hikari Tsushin Inc
27,400
JPY
1,944,747
1,944,747
1,879,131
1,879,131
3.00
3.00
Transportation
East Japan Railway Co
26,300
JPY
2,184,872
2,184,872
2,503,305
2,503,305
4.00
4.00
201
COMGEST GROWTH plc
Comgest Growth World
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Face value
Security
Currency
Total Japan
Acquisition
Cost USD
Fair Value
USD
% net
assets
16,557,488
17,962,646
28.71
531,724
531,724
588,954
588,954
0.94
0.94
531,724
588,954
0.94
1,249,294
1,249,294
1,343,606
1,343,606
2.15
2.15
1,249,294
1,343,606
2.15
Luxembourg
Textile
Samsonite International SA
195,900
HKD
Total Luxembourg
Spain
Internet software
Amadeus IT Holding SA
30,401
EUR
Total Spain
United States of America
Electronic semiconductor
Cavium Inc
8,173
USD
421,173
421,173
537,048
537,048
0.86
0.86
Graphic art, publishing
Comcast Corp
47,811
USD
2,734,104
2,734,104
2,697,975
2,697,975
4.30
4.30
Holding and finance companies
Cinemark Holdings Inc
30,800
USD
1,075,889
1,075,889
1,029,644
1,029,644
1.65
1.65
Internet software
Alphabet Inc - C Shares
Alphabet Inc - A Shares
Microsoft Corp
1,696
1,967
35,309
USD
USD
USD
832,464
1,055,391
1,533,852
3,421,707
1,287,060
1,530,346
1,958,943
4,776,349
2.06
2.45
3.13
7.64
Other services
Visa Inc
27,000
USD
1,861,691
1,861,691
2,093,850
2,093,850
3.35
3.35
202
COMGEST GROWTH plc
Comgest Growth World
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Pharmaceuticals and cosmetics
Becton Dickinson and Co
Johnson & Johnson
Quantity/
Face value
Currency
18,900
17,600
USD
USD
Total United States of America
Equity securities
Acquisition
Cost USD
Fair Value
USD
% net
assets
2,631,844
1,568,473
4,200,317
2,912,301
1,807,872
4,720,173
4.66
2.89
7.55
13,714,881
15,855,039
25.35
49,441,611
51,608,482
82.50
1,983,607
1,983,607
2,046,850
2,046,850
3.26
3.26
1,983,607
2,046,850
3.26
645,107
645,107
825,825
825,825
1.32
1.32
645,107
825,825
1.32
2,628,714
2,872,675
4.58
1,590,018
1,590,018
1,747,181
1,747,181
2.79
2.79
1,590,018
1,747,181
2.79
1,590,018
1,747,181
2.79
Sponsored America Depository Receipts
India
Internet software
Infosys Ltd
122,200
USD
Total India
Taiwan
Electronic semiconductor
Taiwan Semiconductor Manufacturing Co Ltd
36,300
USD
Total Taiwan
Sponsored America Depository Receipts
Warrants
Great Britain
Banks and financial institutions
Kweichow Moutai Co Ltd
Total Great Britain
Warrants
52,040
USD
203
COMGEST GROWTH plc
Comgest Growth World
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Fair Value
Currency
Acquisition
Cost USD
USD
% net
assets
86,292
USD
1,173,591
1,531,683
2.45
26,014
USD
299,542
1,473,133
337,402
1,869,085
0.54
2.99
1,473,133
1,869,085
2.99
1,473,133
1,869,085
2.99
Total transferable securities dealt on regulated markets
55,133,476
58,097,423
92.86
Financial assets at fair value through profit or loss
55,133,476
58,097,423
92.86
4,464,043
7.14
62,561,466
100.00
Security
Quantity/
Face value
Investment Funds
Ireland
Investment funds
Comgest Growth America US Dollar Class
Comgest Growth EAFE Plus USD I Acc
Class
Total Ireland
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
204
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Currency
80,000
HKD
Acquisition
cost USD
Fair Value
USD
% net
assets
235,713
235,713
258,576
258,576
4.92
4.92
235,713
258,576
4.92
66,229
66,229
81,612
81,612
1.55
1.55
66,229
81,612
1.55
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
China
Insurance
China Life Insurance Co Ltd
Total China
Denmark
Pharmaceuticals and cosmetics
Novo Nordisk A/S
1,402
DKK
Total Denmark
France
Holding and finance companies
Sodexo SA
1,053
EUR
92,238
92,238
103,109
103,109
1.96
1.96
Pharmaceuticals and cosmetics
L'Oreal SA
Sanofi
1,162
2,497
EUR
EUR
172,297
258,089
430,386
196,032
213,202
409,234
3.73
4.05
7.78
522,624
512,343
9.74
246,334
143,209
389,543
230,957
114,764
345,721
4.39
2.18
6.57
389,543
345,721
6.57
Total France
Germany
Chemicals
Bayer AG
Linde AG
Total Germany
1,836
789
EUR
EUR
205
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Currency
8,767
GBP
Acquisition
cost USD
Fair Value
USD
% net
assets
152,113
152,113
134,256
134,256
2.55
2.55
152,113
134,256
2.55
232,299
232,299
230,319
230,319
4.38
4.38
232,299
230,319
4.38
Great Britain
Electronic semiconductor
ARM Holdings Plc
Total Great Britain
Hong Kong
News transmission
China Mobile Ltd
20,400
HKD
Total Hong Kong
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
27,514
INR
112,900
112,900
70,350
70,350
1.34
1.34
News transmission
Bharti Airtel Ltd
24,410
INR
162,176
162,176
125,601
125,601
2.39
2.39
275,076
195,951
3.73
Total India
Japan
Banks and financial institutions
Seven Bank Ltd
35,200
JPY
137,243
137,243
155,963
155,963
2.97
2.97
Construction, building material
Sekisui Chemical Co Ltd
7,500
JPY
76,620
76,620
99,194
99,194
1.89
1.89
Electronic semiconductor
Keyence Corp
Nidec Corp
470
1,600
JPY
JPY
182,785
130,736
313,521
262,086
117,538
379,624
4.98
2.23
7.21
206
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Acquisition
cost USD
Fair Value
USD
% net
assets
JPY
JPY
JPY
61,796
106,573
165,173
333,542
63,085
135,845
192,851
391,781
1.20
2.58
3.67
7.45
4,200
JPY
166,694
166,694
149,258
149,258
2.84
2.84
Internet software
Obic Co Ltd
3,800
JPY
155,531
155,531
203,433
203,433
3.87
3.87
Mechanics, machinery
Daikin Industries Ltd
2,400
JPY
145,460
145,460
177,584
177,584
3.38
3.38
News transmission
Hikari Tsushin Inc
3,000
JPY
217,864
217,864
205,744
205,744
3.91
3.91
Transportation
East Japan Railway Co
2,500
JPY
188,714
188,714
237,958
237,958
4.52
4.52
1,735,189
2,000,539
38.04
83,352
83,352
100,113
100,113
1.90
1.90
83,352
100,113
1.90
81,909
81,909
109,872
109,872
2.09
2.09
81,909
109,872
2.09
Quantity/
Face value
Currency
Electronics and electrical equipment
FANUC Corp
Hamamatsu Photonics KK
Makita Corp
360
4,900
3,300
Holding and finance companies
Don Quijote Holdings Co Ltd
Security
Total Japan
Luxembourg
Textile
Samsonite International SA
33,300
HKD
Total Luxembourg
Spain
Internet software
Amadeus IT Holding SA
Total Spain
2,486
EUR
207
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Currency
3,130
CHF
Acquisition
cost USD
Fair Value
USD
% net
assets
224,208
224,208
233,108
233,108
4.43
4.43
224,208
233,108
4.43
88,684
88,684
108,837
108,837
2.07
2.07
88,684
108,837
2.07
4,086,939
4,311,247
81.97
227,141
227,141
250,245
250,245
4.76
4.76
227,141
250,245
4.76
227,141
250,245
4.76
162,354
162,354
197,481
197,481
3.75
3.75
162,354
197,481
3.75
162,354
197,481
3.75
4,476,434
4,758,973
90.48
Switzerland
Food and distilleries
Nestle SA
Total Switzerland
Taiwan
Electronic semiconductor
Taiwan Semiconductor Manufacturing Co Ltd
25,000
TWD
Total Taiwan
Equity securities
Sponsored America Depository Receipts
India
Internet software
Infosys Ltd
14,940
USD
Total India
Sponsored America Depository Receipts
Warrants
Great Britain
Banks and financial institutions
Kweichow Moutai Co Ltd
Total Great Britain
Warrants
Total transferable securities dealt on regulated markets
5,882
USD
208
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Security
Quantity/
Face value
Financial assets at fair value through profit or loss
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
Currency
Acquisition
cost USD
Fair Value
USD
% net
assets
4,476,434
4,758,973
90.48
500,901
9.52
5,259,874
100.00
209
COMGEST GROWTH plc
Comgest Growth America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
65,000
USD
2,706,087
2,706,087
3,029,000
3,029,000
4.40
4.40
2,706,087
3,029,000
4.40
2,571,608
2,571,608
3,692,160
3,692,160
5.37
5.37
2,571,608
3,692,160
5.37
1,126,903
1,126,903
1,209,000
1,209,000
1.76
1.76
1,126,903
1,209,000
1.76
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Great Britain
Other services
Nielsen Holdings Plc
Total Great Britain
Ireland
Pharmaceuticals and cosmetics
Medtronic Plc
48,000
USD
Total Ireland
Netherlands
Healthcare education and social services
Wright Medical Group NV
50,000
USD
Total Netherlands
United States of America
Aerospace technology
United Technologies Corp
17,000
USD
1,754,966
1,754,966
1,633,190
1,633,190
2.37
2.37
Chemicals
Ecolab Inc
Praxair Inc
20,000
9,000
USD
USD
1,822,425
1,025,713
2,848,138
2,287,600
921,600
3,209,200
3.33
1.34
4.67
Consumer goods
3M Co
13,796
USD
1,989,298
1,989,298
2,078,229
2,078,229
3.02
3.02
210
COMGEST GROWTH plc
Comgest Growth America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
Electronic semiconductor
Cavium Inc
Microchip Technology Inc
17,500
39,108
USD
USD
810,683
1,520,814
2,331,497
1,149,925
1,820,086
2,970,011
1.67
2.65
4.32
Environmental services and recycling
Stericycle Inc
18,000
USD
2,124,484
2,124,484
2,170,800
2,170,800
3.16
3.16
Graphic art, publishing
Comcast Corp
Omnicom Group Inc
44,000
34,000
USD
USD
1,907,155
1,853,390
3,760,545
2,482,920
2,572,440
5,055,360
3.61
3.74
7.35
Holding and finance companies
Aramark
Cinemark Holdings Inc
54,000
42,000
USD
USD
1,678,548
1,186,423
2,864,971
1,741,500
1,404,060
3,145,560
2.53
2.04
4.57
Internet software
Alphabet Inc - C Shares
Alphabet Inc - A Shares
Intuit Inc
Microsoft Corp
Oracle Corp
Paychex Inc
Tyler Technologies Inc
Verisk Analytics Inc
900
3,200
12,000
56,000
29,000
36,000
6,500
33,250
USD
USD
USD
USD
USD
USD
USD
USD
266,632
1,522,666
1,126,794
1,907,293
1,086,404
1,344,599
1,069,024
2,147,572
10,470,984
682,992
2,489,632
1,158,000
3,106,880
1,059,370
1,904,040
1,133,080
2,556,260
14,090,254
0.99
3.62
1.68
4.52
1.54
2.77
1.65
3.72
20.49
Mechanics, machinery
Flowserve Corp
24,100
USD
1,049,584
1,049,584
1,014,128
1,014,128
1.47
1.47
News transmission
QUALCOMM Inc
38,000
USD
2,270,182
2,270,182
1,899,430
1,899,430
2.76
2.76
Office equipment, computers
Apple Inc
12,500
USD
1,427,315
1,427,315
1,315,750
1,315,750
1.91
1.91
Other services
Visa Inc
22,200
USD
835,561
835,561
1,721,610
1,721,610
2.50
2.50
211
COMGEST GROWTH plc
Comgest Growth America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
National Oilwell Varco Inc
37,000
USD
2,227,993
2,227,993
1,239,130
1,239,130
1.80
1.80
Pharmaceuticals and cosmetics
Becton Dickinson and Co
Eli Lilly & Co
Johnson & Johnson
24,000
30,000
15,000
USD
USD
USD
2,861,829
2,499,773
1,230,926
6,592,528
3,698,160
2,527,800
1,540,800
7,766,760
5.38
3.68
2.24
11.30
3,910
USD
978,138
978,138
1,182,384
1,182,384
1.72
1.72
3,021
16,000
20,000
USD
USD
USD
927,363
1,925,374
781,546
3,634,283
2,041,864
2,584,000
670,000
5,295,864
2.97
3.76
0.97
7.70
19,052
22,000
USD
USD
1,416,872
1,859,255
3,276,127
1,397,655
1,642,740
3,040,395
2.03
2.39
4.42
50,436,594
58,828,055
85.53
56,841,192
66,758,215
97.06
Total transferable securities dealt on regulated markets
56,841,192
66,758,215
97.06
Financial assets at fair value through profit or loss
56,841,192
66,758,215
97.06
2,021,475
2.94
68,779,690
100.00
Petrol
Real estate companies
Equinix Inc
Retail
Amazon.com Inc
Costco Wholesale Corp
Whole Foods Market Inc
Transportation
JB Hunt Transport Services Inc
Kansas City Southern
Total United States of America
Equity securities
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
212
COMGEST GROWTH plc
Comgest Growth Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in JPY)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost JPY
JPY
assets
Automobile industry
Gulliver International Co Ltd
Shimano Inc
157,700
11,700
JPY
JPY
150,202,814
178,006,428
328,209,242
191,290,100
218,322,000
409,612,100
2.45
2.79
5.24
Banks and financial institutions
Seven Bank Ltd
198,800
JPY
95,312,041
95,312,041
105,960,400
105,960,400
1.36
1.36
Construction, building material
MonotaRO Co Ltd
Sekisui Chemical Co Ltd
75,100
70,400
JPY
JPY
192,180,177
93,943,351
286,123,528
253,462,499
112,006,400
365,468,899
3.24
1.43
4.67
Consumer goods
Pigeon Corp
Unicharm Corp
55,100
56,000
JPY
JPY
184,751,278
136,329,172
321,080,450
163,371,500
138,712,000
302,083,500
2.09
1.77
3.86
Electronic semiconductor
Keyence Corp
Murata Manufacturing Co Ltd
Nidec Corp
Rohm Co Ltd
FANUC Corp
4,240
11,600
19,000
19,600
6,600
JPY
JPY
JPY
JPY
JPY
242,730,679
177,060,926
170,920,012
139,647,404
136,890,095
867,249,116
284,419,200
203,812,000
167,903,000
121,128,000
139,128,000
916,390,200
3.64
2.61
2.15
1.55
1.78
11.73
Electronics and electrical equipment
Hamamatsu Photonics KK
Makita Corp
69,600
27,700
JPY
JPY
203,843,482
173,932,083
377,775,565
232,116,000
194,731,000
426,847,000
2.97
2.49
5.46
Food and distilleries
Calbee Inc
43,400
JPY
191,383,302
191,383,302
223,076,000
223,076,000
2.85
2.85
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Japan
213
COMGEST GROWTH plc
Comgest Growth Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in JPY)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost JPY
JPY
assets
Holding and finance companies
Don Quijote Holdings Co Ltd
Fast Retailing Co Ltd
Relo Holdings Inc
Sugi Holdings Co Ltd
39,400
6,000
7,900
31,100
JPY
JPY
JPY
JPY
184,569,600
265,178,859
96,488,434
169,196,518
715,433,411
168,435,000
255,840,000
116,051,000
208,370,000
748,696,000
2.16
3.27
1.48
2.67
9.58
Internet software
Information Development Co
Kakaku.com Inc
M3 Inc
Obic Co Ltd
5,900
81,700
101,500
27,600
JPY
JPY
JPY
JPY
4,988,066
163,378,756
223,201,287
143,337,030
534,905,139
5,428,000
195,589,800
255,983,000
177,744,000
634,744,800
0.07
2.50
3.28
2.27
8.12
Mechanics, machinery
Amada Co Ltd
Daifuku Co Ltd
Daikin Industries Ltd
Hoshizaki Electric Co Ltd
OSG Corp
150,500
105,800
23,300
26,400
75,200
JPY
JPY
JPY
JPY
JPY
173,959,044
179,906,007
178,287,104
193,333,988
174,245,044
899,731,187
175,182,000
219,535,000
207,393,300
199,584,000
172,884,800
974,579,100
2.24
2.81
2.65
2.55
2.21
12.46
News transmission
Hikari Tsushin Inc
27,400
JPY
215,796,056
215,796,056
226,049,999
226,049,999
2.90
2.90
Other services
Nihon M&A Center Inc
Park24 Co Ltd
34,600
59,300
JPY
JPY
152,113,585
131,574,303
283,687,888
202,756,000
173,689,700
376,445,700
2.59
2.22
4.81
Pharmaceuticals and cosmetics
Asahi Intecc Co Ltd
Pola Orbis Holdings Inc
Sysmex Corp
21,400
33,900
38,300
JPY
JPY
JPY
103,728,471
205,718,968
222,697,171
532,144,610
119,626,000
271,877,999
299,889,000
691,392,999
1.53
3.48
3.84
8.85
Photography and optics
Olympus Corp
30,400
JPY
134,450,045
134,450,045
145,920,000
145,920,000
1.87
1.87
128,400
30,500
39,400
JPY
JPY
JPY
213,131,156
155,005,587
130,942,097
499,078,840
180,145,200
169,275,000
154,842,000
504,262,200
2.31
2.17
1.98
6.46
Retail
Rakuten Inc
Seven & i Holdings Co Ltd
Start Today Co Ltd
214
COMGEST GROWTH plc
Comgest Growth Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in JPY)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost JPY
JPY
assets
ABC-Mart Inc
24,200
JPY
168,296,542
168,296,542
160,930,000
160,930,000
2.06
2.06
Transportation
East Japan Railway Co
14,100
JPY
140,203,313
140,203,313
161,445,000
161,445,000
2.07
2.07
6,590,860,275
7,373,903,897
94.35
6,590,860,275
7,373,903,897
94.35
Total transferable securities dealt on regulated markets
6,590,860,275
7,373,903,897
94.35
Financial assets at fair value through profit or loss
6,590,860,275
7,373,903,897
94.35
441,312,851
5.65
7,815,216,748
100.00
Textile
Total Japan
Equity securities
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
215
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost USD
USD
assets
Agriculture and fishing
BRF - Brasil Foods SA
3,083,100
BRL
50,359,923
50,359,923
43,173,207
43,173,207
1.14
1.14
Automobile industry
Localiza Rent a Car SA
3,100,000
BRL
48,437,428
48,437,428
19,448,245
19,448,245
0.51
0.51
Banks and financial institutions
Cielo SA
6,202,320
BRL
73,803,030
73,803,030
52,660,031
52,660,031
1.39
1.39
Insurance
BB Seguridade Participacoes SA
1,836,300
BRL
12,335,046
12,335,046
11,292,827
11,292,827
0.30
0.30
15,385,240
BRL
54,482,025
54,482,025
58,138,310
58,138,310
1.54
1.54
5,950,800
BRL
126,193,361
126,193,361
35,332,577
35,332,577
0.93
0.93
3,623,300
BRL
60,547,458
60,547,458
38,337,206
38,337,206
1.01
1.01
28,792,185
BRL
145,803,113
145,803,113
91,334,591
91,334,591
2.41
2.41
571,961,384
349,716,994
9.23
118,876,590
118,876,590
140,186,273
140,186,273
3.70
3.70
118,876,590
140,186,273
3.70
Security
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Brazil
Mechanics, machinery
WEG SA
Pharmaceuticals and cosmetics
Natura Cosmeticos SA
Retail
Cia Brasileira de Distribuicao
Transportation
CCR SA
Total Brazil
Cayman Islands
Holding and finance companies
CK Hutchison Holdings Ltd
Total Cayman Islands
10,386,832
HKD
216
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
6,397,874
CLP
93,233,140
93,233,140
54,435,223
54,435,223
1.44
1.44
93,233,140
54,435,223
1.44
Chile
Petrol
Empresas COPEC SA
Total Chile
China
Automobile industry
SAIC Motor Corp Ltd
25,487,840
CNY
82,096,728
82,096,728
83,368,622
83,368,622
2.20
2.20
Banks and financial institutions
Kweichow Moutai Co Ltd
3,830,630
CNY
130,250,402
130,250,402
128,612,038
128,612,038
3.40
3.40
Business houses
Inner Mongolia Yili Industrial Group Co Ltd
7,355,289
CNY
18,003,832
18,003,832
18,598,931
18,598,931
0.49
0.49
Insurance
China Life Insurance Co Ltd
Ping An Insurance Group Co of China Ltd
78,429,000
26,584,000
HKD
HKD
247,561,372
115,783,688
363,345,060
253,498,331
147,495,741
400,994,072
6.70
3.90
10.60
593,696,022
631,573,663
16.69
Total China
Hong Kong
Insurance
AIA Group Ltd
News transmission
China Mobile Ltd
6,900,000
HKD
38,877,213
38,877,213
41,488,306
41,488,306
1.10
1.10
18,176,000
HKD
188,506,938
188,506,938
205,209,312
205,209,312
5.42
5.42
227,384,151
246,697,618
6.52
159,257,360
159,257,360
81,312,576
81,312,576
2.15
2.15
Total Hong Kong
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
31,801,590
INR
217
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
News transmission
Bharti Airtel Ltd
Bharti Infratel Ltd
17,787,236
12,172,140
INR
INR
114,310,368
52,833,742
167,144,110
91,523,981
78,767,861
170,291,842
2.42
2.08
4.50
Public services
Power Grid Corp of India Ltd
74,281,497
INR
139,797,214
139,797,214
158,488,740
158,488,740
4.19
4.19
466,198,684
410,093,158
10.84
91,108,632
91,108,632
57,513,168
57,513,168
1.52
1.52
91,108,632
57,513,168
1.52
27,679,475
27,679,475
26,557,533
26,557,533
0.70
0.70
27,679,475
26,557,533
0.70
Total India
Malaysia
Leisure
Genting Berhad
33,642,100
MYR
Total Malaysia
Mexico
Food and distilleries
Coca-Cola Femsa SAB de CV
3,720,027
MXN
Total Mexico
Netherlands
Internet software
Yandex NV
Tobacco and spirits
Heineken NV
2,773,724
USD
71,233,881
71,233,881
43,602,941
43,602,941
1.15
1.15
973,240
EUR
53,446,313
53,446,313
83,278,056
83,278,056
2.20
2.20
124,680,194
126,880,997
3.35
19,174,453
19,174,453
55,349,006
55,349,006
1.46
1.46
Total Netherlands
South Africa
Graphic art, publishing
Naspers Ltd
404,556
ZAR
218
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Insurance
Sanlam Ltd
MTN Group Ltd
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
26,089,206
13,515,233
ZAR
ZAR
123,203,639
226,680,042
349,883,681
101,929,195
115,907,397
217,836,592
2.69
3.06
5.75
369,058,134
273,185,598
7.21
111,948,884
111,948,884
120,484,945
120,484,945
3.18
3.18
111,948,884
120,484,945
3.18
76,793,713
76,793,713
71,065,984
71,065,984
1.88
1.88
76,793,713
71,065,984
1.88
149,018,985
149,018,985
245,972,298
245,972,298
6.50
6.50
149,018,985
245,972,298
6.50
3,021,637,988
2,754,363,452
72.76
40,803,743
71,624,318
112,428,061
65,653,592
160,187,162
225,840,754
1.74
4.23
5.97
Total South Africa
South Korea
Insurance
Samsung Life Insurance Co Ltd
1,284,077
KRW
Total South Korea
Switzerland
Food and distilleries
Coca-Cola HBC AG
3,329,854
GBP
Total Switzerland
Taiwan
Electronic semiconductor
Taiwan Semiconductor Manufacturing Co
Ltd
56,500,000
TWD
Total Taiwan
Equity securities
America Depository Receipts
Cayman Islands
Internet software
Baidu Inc
NetEase Inc
347,300
883,840
USD
USD
219
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Tobacco and spirits
Fomento Economico Mexicano SAB de CV
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
974,400
USD
90,877,657
90,877,657
89,985,840
89,985,840
2.38
2.38
203,305,718
315,826,594
8.35
203,305,718
315,826,594
8.35
Total Cayman Islands
America Depository Receipts
Global Depository Receipts
Federation of Russia
Food and distilleries
Magnit OJSC
1,199,891
USD
37,346,341
37,346,341
48,259,616
48,259,616
1.28
1.28
2,896,540
USD
82,537,044
82,537,044
65,316,977
65,316,977
1.73
1.73
119,883,385
113,576,593
3.01
119,883,385
113,576,593
3.01
150,601,226
150,601,226
171,037,600
171,037,600
4.52
4.52
150,601,226
171,037,600
4.52
150,601,226
171,037,600
4.52
59,249,789
59,249,789
40,975,831
40,975,831
1.08
1.08
Virgin Islands (UK)
Internet software
Mail.Ru Group Ltd
Total Virgin Islands (UK)
Global Depository Receipts
Sponsored America Depository Receipts
India
Internet software
Infosys Ltd
10,211,200
USD
Total India
Sponsored America Depository Receipts
Warrants
Great Britain
Banks and financial institutions
Weifu High-Technology Group Co Ltd
10,747,759
USD
220
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Face value
Currency
Total Great Britain
Acquisition
Fair Value
% net
cost USD
USD
assets
59,249,789
40,975,831
1.08
21,690,073
21,690,073
16,423,847
16,423,847
0.43
0.43
21,690,073
16,423,847
0.43
80,939,862
57,399,678
1.51
Netherlands
Holding and finance companies
Weifu High-Technology Group Co Ltd
4,318,667
USD
Total Netherlands
Warrants
Investment Funds
Ireland
Investment funds
Comgest Growth Gem Promising
Companies Euro Class
699,711
EUR
9,675,372
10,139,676
0.27
769,190
EUR
11,623,968
10,202,328
0.27
529,000
1,119,960
EUR
USD
29,355,333
30,561,296
30,002,617
41,539,317
0.79
1.11
1,310,000
USD
14,733,750
95,949,719
7,912,400
99,796,338
0.21
2.65
95,949,719
99,796,338
2.65
95,949,719
99,796,338
2.65
Total transferable securities dealt on regulated markets
3,672,317,898
3,512,000,255
92.80
Financial assets at fair value through profit or loss
3,672,317,898
3,512,000,255
92.80
272,686,610
7.20
3,784,686,865
100.00
Comgest Growth Gem Promising
Companies Euro Distributing Class
Comgest Growth Greater China EUR I Acc
Class
Comgest Growth India US Dollar Class
Comgest Growth Latin America US Dollar
Class
Total Ireland
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating
shares
221
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Agriculture and fishing
BRF - Brasil Foods SA
124,000
BRL
1,674,547
1,674,547
1,598,448
1,598,448
1.11
1.11
Automobile industry
Localiza Rent a Car SA
162,700
BRL
1,622,705
1,622,705
939,629
939,629
0.65
0.65
Banks and financial institutions
Cielo SA
254,000
BRL
2,318,756
2,318,756
1,985,230
1,985,230
1.38
1.38
Insurance
BB Seguridade Participacoes SA
100,000
BRL
631,846
631,846
566,121
566,121
0.39
0.39
Mechanics, machinery
WEG SA
593,400
BRL
1,998,228
1,998,228
2,064,220
2,064,220
1.44
1.44
Pharmaceuticals and cosmetics
Natura Cosmeticos SA
227,000
BRL
3,327,654
3,327,654
1,240,726
1,240,726
0.86
0.86
146,800
BRL
2,127,219
2,127,219
1,429,856
1,429,856
1.00
1.00
1,165,792
BRL
4,951,685
4,951,685
3,404,333
3,404,333
2.37
2.37
18,652,640
13,228,563
9.20
4,542,699
4,542,699
5,439,665
5,439,665
3.79
3.79
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Brazil
Retail
Cia Brasileira de Distribuicao
Transportation
CCR SA
Total Brazil
Cayman Islands
Holding and finance companies
CK Hutchison Holdings Ltd
437,824
HKD
222
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Face value
Currency
Total Cayman Islands
Acquisition
Fair Value
% net
cost EUR
EUR
assets
4,542,699
5,439,665
3.79
2,737,727
2,737,727
2,063,836
2,063,836
1.44
1.44
2,737,727
2,063,836
1.44
Chile
Petrol
Empresas COPEC SA
263,500
CLP
Total Chile
China
Automobile industry
SAIC Motor Corp Ltd
Banks and financial institutions
Kweichow Moutai Co Ltd
1,054,550
CNY
3,147,864
3,147,864
3,175,316
3,175,316
2.21
2.21
161,889
CNY
5,055,520
5,055,520
5,003,558
5,003,558
3.48
3.48
324,960
CNY
739,225
739,225
756,429
756,429
0.53
0.53
3,248,000
HKD
9,145,333
9,664,172
6.74
1,097,000
HKD
4,430,076
13,575,409
5,602,940
15,267,112
3.90
10.64
22,518,018
24,202,415
16.86
Business houses
Inner Mongolia Yili Industrial Group Co Ltd
Insurance
China Life Insurance Co Ltd
Ping An Insurance Group Co of China Ltd
Total China
Hong Kong
Insurance
AIA Group Ltd
297,200
HKD
1,521,934
1,521,934
1,645,037
1,645,037
1.14
1.14
News transmission
China Mobile Ltd
748,000
HKD
7,233,274
7,233,274
7,774,108
7,774,108
5.41
5.41
8,755,208
9,419,145
6.55
Total Hong Kong
223
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
1,306,266
INR
3,999,522
3,999,522
3,074,615
3,074,615
2.14
2.14
725,355
526,754
INR
INR
4,029,102
2,127,355
6,156,457
3,435,795
3,137,908
6,573,703
2.39
2.18
4.57
3,097,000
INR
5,744,382
5,744,382
6,082,879
6,082,879
4.23
4.23
15,900,361
15,731,197
10.94
2,780,822
2,780,822
2,139,113
2,139,113
1.49
1.49
2,780,822
2,139,113
1.49
1,072,642
1,072,642
1,037,127
1,037,127
0.72
0.72
1,072,642
1,037,127
0.72
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
News transmission
Bharti Airtel Ltd
Bharti Infratel Ltd
Public services
Power Grid Corp of India Ltd
Total India
Malaysia
Leisure
Genting Berhad
1,359,250
MYR
Total Malaysia
Mexico
Food and distilleries
Coca-Cola Femsa SAB de CV
157,812
MXN
Total Mexico
Netherlands
Internet software
Yandex NV
Tobacco and spirits
Heineken NV
Total Netherlands
118,662
USD
2,205,510
2,205,510
1,717,174
1,717,174
1.19
1.19
40,090
EUR
2,103,416
2,103,416
3,157,889
3,157,889
2.20
2.20
4,308,926
4,875,063
3.39
224
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
16,456
ZAR
1,363,189
1,363,189
2,072,553
2,072,553
1.44
1.44
1,123,651
ZAR
4,382,883
4,382,883
4,041,284
4,041,284
2.81
2.81
581,090
ZAR
7,322,086
7,322,086
4,587,555
4,587,555
3.19
3.19
13,068,158
10,701,392
7.44
4,021,129
4,021,129
4,577,916
4,577,916
3.19
3.19
4,021,129
4,577,916
3.19
2,706,927
2,706,927
2,599,969
2,599,969
1.81
1.81
2,706,927
2,599,969
1.81
7,249,484
7,249,484
9,470,038
9,470,038
6.59
6.59
7,249,484
9,470,038
6.59
108,314,741
105,485,439
73.41
South Africa
Graphic art, publishing
Naspers Ltd
Insurance
Sanlam Ltd
News transmission
MTN Group Ltd
Total South Africa
South Korea
Insurance
Samsung Life Insurance Co Ltd
53,000
KRW
Total South Korea
Switzerland
Food and distilleries
Coca-Cola HBC AG
132,337
GBP
Total Switzerland
Taiwan
Electronic semiconductor
Taiwan Semiconductor Manufacturing Co Ltd
Total Taiwan
Equity securities
2,363,000
TWD
225
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
15,000
36,491
USD
USD
1,728,561
3,048,047
4,776,608
2,610,329
6,088,216
8,698,545
1.82
4.24
6.06
4,776,608
8,698,545
6.06
3,058,219
3,058,219
3,443,042
3,443,042
2.40
2.40
3,058,219
3,443,042
2.40
7,834,827
12,141,587
8.46
1,806,515
1,806,515
1,891,892
1,891,892
1.32
1.32
1,806,515
1,891,892
1.32
2,468,708
2,468,708
2,477,262
2,477,262
1.72
1.72
2,468,708
2,477,262
1.72
4,275,223
4,369,154
3.04
America Depository Receipts
Cayman Islands
Internet software
Baidu Inc
NetEase Inc
Total Cayman Islands
Mexico
Tobacco and spirits
Fomento Economico Mexicano SAB de CV
40,500
USD
Total Mexico
America Depository Receipts
Global Depository Receipts
Federation of Russia
Food and distilleries
Magnit OJSC
51,098
USD
Total Federation of Russia
Virgin Islands (UK)
Internet software
Mail.Ru Group Ltd
Total Virgin Islands (UK)
Global Depository Receipts
119,337
USD
226
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
431,800
USD
5,499,260
5,499,260
6,658,059
6,658,059
4.63
4.63
5,499,260
6,658,059
4.63
5,499,260
6,658,059
4.63
2,892,446
2,892,446
2,291,782
2,291,782
1.59
1.59
2,892,446
2,291,782
1.59
2,892,446
2,291,782
1.59
Total transferable securities dealt on regulated markets
128,816,497
130,946,021
91.13
Financial assets at fair value through profit or loss
128,816,497
130,946,021
91.13
(198,431)
(0.14)
12,954,197
9.01
143,701,787
100.00
Sponsored America Depository Receipts
India
Internet software
Infosys Ltd
Total India
Sponsored America Depository Receipts
Warrants
Great Britain
Banks and financial institutions
Weifu High-Technology Group Co Ltd
653,000
Total Great Britain
Warrants
Total financial derivatives instrument (Note 6)
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
USD
227
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Electronics and electrical equipment
CSL Ltd
2,298,000
HKD
6,282,257
6,282,257
7,246,953
7,246,953
2.79
2.79
Transportation
Kerry Logistics Network Ltd
7,082,000
HKD
10,048,244
10,048,244
9,505,507
9,505,507
3.67
3.67
16,330,501
16,752,460
6.46
Financial assets at fair value through profit and loss
Transferable securities dealt on regulated markets
Equity securities
Bermuda Islands
Total Bermuda Islands
Brazil
Automobile industry
Localiza Rent a Car SA
586,300
BRL
6,939,007
6,939,007
3,386,015
3,386,015
1.30
1.30
Holding and finance companies
Smiles SA
676,500
BRL
9,455,200
9,455,200
5,477,901
5,477,901
2.11
2.11
2,198,000
BRL
6,421,564
6,421,564
4,833,110
4,833,110
1.86
1.86
667,400
BRL
8,134,691
8,134,691
4,818,758
4,818,758
1.86
1.86
1,732,600
BRL
10,197,080
10,197,080
1,318,297
1,318,297
0.51
0.51
41,147,542
19,834,081
7.64
6,981,553
6,981,553
8,864,312
8,864,312
3.42
3.42
Insurance
Odontoprev SA
Internet software
TOTVS SA
Retail
Via Varejo SA
Total Brazil
Cayman Islands
Automobile industry
Minth Group Ltd
4,846,000
HKD
228
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Face value
Currency
Total Cayman Islands
Acquisition
Fair Value
% net
cost EUR
EUR
assets
6,981,553
8,864,312
3.42
China
Automobile industry
Zhengzhou Yutong Bus Co Ltd
1,868,259
CNY
6,162,507
6,162,507
5,956,511
5,956,511
2.30
2.30
Business houses
Inner Mongolia Yili Industrial Group Co Ltd
3,004,957
CNY
6,845,463
6,845,463
6,994,823
6,994,823
2.69
2.69
13,007,970
12,951,334
4.99
Total China
Great Britain
Healthcare education and social services
Al Noor Hospitals Group Plc
509,768
GBP
5,639,311
5,639,311
7,663,563
7,663,563
2.96
2.96
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
377,719
GBP
5,273,944
5,273,944
11,792,445
11,792,445
4.54
4.54
10,913,255
19,456,008
7.50
9,517,875
9,517,875
10,128,158
10,128,158
3.90
3.90
9,517,875
10,128,158
3.90
Total Great Britain
Greece
Consumer goods
JUMBO SA
1,044,140
EUR
Total Greece
India
Banks and financial institutions
Petronet LNG Ltd
Holding and finance companies
Shriram Transport Finance Co Ltd
2,568,824
INR
5,692,377
5,692,377
9,149,062
9,149,062
3.52
3.52
944,759
INR
11,407,769
11,407,769
11,288,847
11,288,847
4.35
4.35
229
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
News transmission
Bharti Infratel Ltd
Pharmaceuticals and cosmetics
Max India Ltd
Transportation
The Ramco Cements Ltd
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
890,126
INR
2,440,319
2,440,319
5,302,538
5,302,538
2.04
2.04
1,290,434
INR
5,655,624
5,655,624
9,120,131
9,120,131
3.52
3.52
272,360
INR
2,663,892
2,663,892
4,976,169
4,976,169
1.92
1.92
27,859,981
39,836,747
15.35
2,256,905
2,256,905
6,347,383
6,347,383
2.45
2.45
2,256,905
6,347,383
2.45
2,863,697
2,863,697
4,022,647
4,022,647
1.55
1.55
2,863,697
4,022,647
1.55
8,953,392
8,953,392
8,309,544
8,309,544
3.20
3.20
8,953,392
8,309,544
3.20
Total India
Kenya
Other services
Safaricom Ltd
43,275,300
KES
Total Kenya
Luxembourg
Textile
Samsonite International SA
1,453,500
HKD
Total Luxembourg
Malaysia
Leisure
Genting Malaysia Bhd
8,848,400
MYR
Total Malaysia
Mexico
Holding and finance companies
Bolsa Mexicana de Valores SAB de CV
6,234,600
MXN
9,269,609
9,269,609
7,606,470
7,606,470
2.93
2.93
5,156,800
MXN
7,496,266
7,496,266
6,335,487
6,335,487
2.44
2.44
Leisure
Hoteles City Express SAB de CV
230
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Face value
Currency
Total Mexico
Acquisition
Fair Value
% net
cost EUR
EUR
assets
16,765,875
13,941,957
5.37
2,880,577
2,880,577
2,441,962
2,441,962
0.94
0.94
2,880,577
2,441,962
0.94
10,660,094
10,660,094
11,443,024
11,443,024
4.41
4.41
10,660,094
11,443,024
4.41
5,579,792
5,579,792
5,249,462
5,249,462
2.02
2.02
5,579,792
5,249,462
2.02
12,061,251
12,061,251
10,245,698
10,245,698
3.95
3.95
12,061,251
10,245,698
3.95
3,677,162
3,677,162
7,822,070
7,822,070
3.01
3.01
3,677,162
7,822,070
3.01
6,856,707
6,856,707
8,489,486
8,489,486
3.27
3.27
Netherlands
Internet software
Yandex NV
168,747
USD
Total Netherlands
South Africa
Holding and finance companies
Discovery Ltd
1,448,795
ZAR
Total South Africa
South Korea
Internet software
NCSoft Corp
31,386
KRW
Total South Korea
Taiwan
Electronics and electrical equipment
Novatek Microelectronics Corp
2,834,000
TWD
Total Taiwan
Thailand
Leisure
Major Cineplex Group PCL
8,674,400
THB
Total Thailand
Vietnam
Consumer goods
Vietnam Dairy Products JSC
1,620,000
VND
231
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Face value
Currency
Total Vietnam
Acquisition
Fair Value
% net
cost EUR
EUR
assets
6,856,707
8,489,486
3.27
5,231,272
5,231,272
8,257,589
8,257,589
3.18
3.18
5,231,272
8,257,589
3.18
203,545,401 214,393,922
82.61
Virgin Islands (UK)
Internet software
Luxoft Holding Inc
116,300
USD
Total Virgin Islands (UK)
Equity securities
Global Depository Receipts
Cyprus
Holding and finance companies
MD Medical Group Investments Plc
764,600
USD
Total Cyprus
5,846,763
5,846,763
3,695,250
3,695,250
1.42
1.42
5,846,763
3,695,250
1.42
7,676,642
10,220,510
17,897,152
8,227,439
8,226,692
16,454,131
3.17
3.17
6.34
17,897,152
16,454,131
6.34
23,743,915
20,149,381
7.76
5,686,443
5,686,443
6,059,925
6,059,925
2.33
2.33
5,686,443
6,059,925
2.33
5,686,443
6,059,925
2.33
Virgin Islands (UK)
Internet software
Mail.Ru Group Ltd
Lenta Ltd
396,340
1,323,949
USD
USD
Total Virgin Islands (UK)
Global Depository Receipts
Sponsored America Depository Receipts
Cayman Islands
Retail
Vipshop Holdings Ltd
Total Cayman Islands
Sponsored America Depository Receipts
431,100
USD
232
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost EUR
EUR
assets
1,248,646
1,360,109
USD
USD
2,355,695
7,071,998
9,427,693
2,908,335
4,773,465
7,681,800
1.12
1.84
2.96
9,427,693
7,681,800
2.96
4,447,582
4,447,582
3,357,556
3,357,556
1.29
1.29
4,447,582
3,357,556
1.29
13,875,275
11,039,356
4.25
2,170,240
2,170,240
2,505,970
2,505,970
0.97
0.97
2,170,240
2,505,970
0.97
2,170,240
2,505,970
0.97
Total transferable securities dealt on regulated markets
249,021,274 254,148,554
97.92
Financial assets at fair value through profit or loss
249,021,274 254,148,554
97.92
5,409,284
2.08
259,557,838
100.00
Security
Warrants
Great Britain
Banks and financial institutions
Inner Mongolia Yili Industrial Group Co Ltd
Weifu High-Technology Group Co Ltd
Total Great Britain
Netherlands
Banks and financial institutions
Morgan Stanley BV 0% 25/11/2016
318,087
USD
Total Netherlands
Warrants
Investment Funds
France
Investment funds
Societe de Gestion Prevoir - Prevoir
Renaissance Vietnam
17,000
Total France
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
EUR
233
COMGEST GROWTH plc
Comgest Growth Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
DKK
27,861,914
27,861,914
52,069,959
52,069,959
2.45
2.45
DKK
DKK
60,370,142
55,628,535
115,998,677
92,293,529
87,408,424
179,701,953
4.34
4.11
8.45
143,860,591
231,771,912
10.90
Quantity/
Face value
Currency
Biotechnology
Chr Hansen Holding A/S
900,115
Pharmaceuticals and cosmetics
Coloplast A/S
Novo Nordisk A/S
1,236,542
1,631,153
Security
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Total Denmark
France
Aerospace technology
Zodiac Aerospace
1,397,967
EUR
33,883,613
33,883,613
30,720,325
30,720,325
1.45
1.45
Holding and finance companies
Sodexo SA
789,859
EUR
54,557,298
54,557,298
71,197,890
71,197,890
3.35
3.35
Internet software
Dassault Systèmes
Iliad SA
902,250
109,460
EUR
EUR
41,522,632
15,324,453
56,847,085
66,558,983
24,081,200
90,640,183
3.13
1.13
4.26
Pharmaceuticals and cosmetics
Essilor International SA
L'Oreal SA
Sanofi
914,410
570,357
584,324
EUR
EUR
EUR
69,220,176
66,990,210
47,211,369
183,421,755
105,202,871
88,576,442
45,927,866
239,707,179
4.95
4.17
2.16
11.28
106,068
EUR
30,046,287
30,046,287
33,066,699
33,066,699
1.56
1.56
358,756,038
465,332,276
21.90
Textile
Hermes International
Total France
234
COMGEST GROWTH plc
Comgest Growth Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
EUR
24,594,153
24,594,153
31,588,339
31,588,339
1.49
1.49
624,513
189,170
EUR
EUR
66,242,749
25,709,805
91,952,554
72,318,605
25,329,863
97,648,468
3.40
1.19
4.59
1,165,778
1,778,453
EUR
EUR
70,499,043
44,983,935
115,482,978
85,544,790
82,698,065
168,242,855
4.03
3.89
7.92
232,029,685
297,479,662
14.00
Quantity/
Face value
Currency
Aerospace technology
MTU Aero Engines AG
350,592
Chemicals
Bayer AG
Linde AG
Security
Germany
Internet software
SAP SE
Wirecard AG
Total Germany
Great Britain
Electronic semiconductor
ARM Holdings Plc
5,875,220
GBP
65,779,297
65,779,297
82,824,358
82,824,358
3.90
3.90
Internet software
Capita Group Plc
4,029,976
GBP
44,002,268
44,002,268
66,052,277
66,052,277
3.11
3.11
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
1,022,037
GBP
30,126,198
30,126,198
31,908,151
31,908,151
1.50
1.50
139,907,763
180,784,786
8.51
27,373,690
27,373,690
37,769,872
37,769,872
1.78
1.78
27,373,690
37,769,872
1.78
Total Great Britain
Italy
Photography and optics
Luxottica Group SpA
Total Italy
625,329
EUR
235
COMGEST GROWTH plc
Comgest Growth Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Security
Quantity/
Face value
Currency
1,420,516
GBP
Acquisition
cost EUR
Fair Value
EUR
% net
assets
17,631,042
17,631,042
23,147,683
23,147,683
1.09
1.09
17,631,042
23,147,683
1.09
Jersey
Holding and finance companies
Experian Plc
Total Jersey
Netherlands
Electronic semiconductor
Gemalto NV
792,210
EUR
48,580,361
48,580,361
43,785,447
43,785,447
2.06
2.06
Tobacco and spirits
Heineken NV
531,970
EUR
26,640,448
26,640,448
41,903,277
41,903,277
1.97
1.97
75,220,809
85,688,724
4.03
Total Netherlands
Spain
Internet software
Amadeus IT Holding SA
2,606,567
EUR
75,392,298
75,392,298
106,048,178
106,048,178
5.00
5.00
4,965,702
EUR
98,819,811
98,819,811
157,363,096
157,363,096
7.41
7.41
174,212,109
263,411,274
12.41
Retail
Industria de Diseno Textil SA
Total Spain
Sweden
Mechanics, machinery
Assa Abloy AB
1,224,208
SEK
20,446,195
20,446,195
23,794,068
23,794,068
1.12
1.12
1,748,423
SEK
52,859,140
52,859,140
57,675,415
57,675,415
2.71
2.71
73,305,335
81,469,483
3.83
Retail
Hennes & Mauritz AB
Total Sweden
236
COMGEST GROWTH plc
Comgest Growth Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
CHF
37,909,166
37,909,166
59,980,325
59,980,325
2.82
2.82
11,243
919,702
CHF
CHF
32,483,473
49,008,294
81,491,767
64,673,396
63,053,750
127,727,146
3.04
2.97
6.01
Holding and finance companies
Cie Financiere Richemont SA
564,378
CHF
39,736,037
39,736,037
37,421,524
37,421,524
1.77
1.77
Pharmaceuticals and cosmetics
Roche Holding AG
334,187
CHF
63,884,798
63,884,798
84,946,157
84,946,157
4.00
4.00
223,021,768
310,075,152
14.60
1,465,318,830
1,976,930,824
93.05
22,885,490
22,885,490
22,375,294
22,375,294
1.05
1.05
22,885,490
22,375,294
1.05
22,885,490
22,375,294
1.05
Quantity/
Face value
Currency
Construction, building material
Geberit AG
191,716
Food and distilleries
Chocoladefabriken Lindt & Spruengli AG
Nestle SA
Security
Switzerland
Total Switzerland
Equity securities
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
613,795
USD
Total France
Sponsored America Depository Receipts
Investment Funds
Ireland
Investment funds
Comgest Growth Greater Europe
Opportunities Euro Class
Comgest Growth Mid-Caps Europe Euro
Class
1,077,557
EUR
18,271,799
28,835,425
1.36
912,193
EUR
12,983,924
31,255,723
21,482,145
50,317,570
1.01
2.37
237
COMGEST GROWTH plc
Comgest Growth Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
31,255,723
50,317,570
2.37
31,255,723
50,317,570
2.37
Total transferable securities dealt on regulated markets
1,519,460,043
2,049,623,688
96.47
Financial assets at fair value through profit or loss
1,519,460,043
2,049,623,688
96.47
74,969,043
3.53
2,124,592,731
100.00
Quantity/
Face value
Security
Total Ireland
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
Currency
238
COMGEST GROWTH plc
Comgest Growth Europe S
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Biotechnology
Chr Hansen Holding A/S
4,288
DKK
145,457
145,457
248,053
248,053
2.50
2.50
Pharmaceuticals and cosmetics
Coloplast A/S
Novo Nordisk A/S
5,980
9,558
DKK
DKK
302,923
340,698
643,621
446,338
512,184
958,522
4.50
5.16
9.66
789,078
1,206,575
12.16
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Total Denmark
France
Aerospace technology
Zodiac Aerospace
6,736
EUR
174,606
174,606
148,024
148,024
1.49
1.49
1,410
EUR
130,499
130,499
146,147
146,147
1.47
1.47
Holding and finance companies
Edenred
7,917
EUR
170,612
170,612
138,152
138,152
1.39
1.39
Internet software
Dassault Systèmes
Iliad SA
3,993
719
EUR
EUR
195,517
158,843
354,360
294,563
158,180
452,743
2.97
1.60
4.57
Pharmaceuticals and cosmetics
Essilor International SA
L'Oreal SA
Sanofi
Sartorius Stedim Biotech
5,581
2,722
2,777
721
EUR
EUR
EUR
EUR
455,731
339,980
240,214
101,697
1,137,622
642,094
422,726
218,272
254,801
1,537,893
6.47
4.26
2.20
2.57
15.50
Chemicals
Air Liquide SA
239
COMGEST GROWTH plc
Comgest Growth Europe S
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
774
EUR
208,112
208,112
241,295
241,295
2.43
2.43
2,175,811
2,664,254
26.85
Textile
Hermes International
Total France
Germany
Chemicals
Bayer AG
Internet software
SAP SE
3,353
EUR
364,410
364,410
388,277
388,277
3.91
3.91
5,477
EUR
333,193
333,193
401,902
401,902
4.05
4.05
697,603
790,179
7.96
Total Germany
Great Britain
Electronic semiconductor
ARM Holdings Plc
28,395
GBP
294,705
294,705
400,291
400,291
4.04
4.04
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
10,774
GBP
184,962
184,962
336,366
336,366
3.39
3.39
2,375
GBP
96,373
96,373
111,206
111,206
1.12
1.12
576,040
847,863
8.55
111,276
111,276
142,182
142,182
1.43
1.43
111,276
142,182
1.43
Retail
ASOS Plc
Total Great Britain
Italy
Photography and optics
Luxottica Group SpA
Total Italy
2,354
EUR
240
COMGEST GROWTH plc
Comgest Growth Europe S
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
3,722
EUR
227,582
227,582
205,715
205,715
2.08
2.08
227,582
205,715
2.08
Netherlands
Electronic semiconductor
Gemalto NV
Total Netherlands
Spain
Internet software
Amadeus IT Holding SA
11,621
EUR
392,409
392,409
472,800
472,800
4.77
4.77
21,571
EUR
465,883
465,883
683,585
683,585
6.89
6.89
858,292
1,156,385
11.66
Retail
Industria de Diseno Textil SA
Total Spain
Sweden
Mechanics, machinery
Assa Abloy AB
7,699
SEK
143,974
143,974
149,640
149,640
1.51
1.51
8,309
SEK
257,314
257,314
274,090
274,090
2.76
2.76
401,288
423,730
4.27
Retail
Hennes & Mauritz AB
Total Sweden
Switzerland
Construction, building material
Geberit AG
Food and distilleries
Chocoladefabriken Lindt & Spruengli AG
Nestle SA
769
CHF
220,692
220,692
240,590
240,590
2.43
2.43
70
7,784
CHF
CHF
236,091
451,251
687,342
402,663
533,661
936,324
4.06
5.39
9.45
241
COMGEST GROWTH plc
Comgest Growth Europe S
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
3,639
CHF
234,000
234,000
241,287
241,287
2.43
2.43
100
CHF
157,983
157,983
175,743
175,743
1.77
1.77
1,954
CHF
388,280
388,280
496,682
496,682
5.01
5.01
1,688,297
2,090,626
21.09
7,525,267
9,527,509
96.05
102,900
102,900
99,519
99,519
1.00
1.00
102,900
99,519
1.00
102,900
99,519
1.00
Total transferable securities dealt on regulated markets
7,628,167
9,627,028
97.05
Financial assets at fair value through profit or loss
7,628,167
9,627,028
97.05
292,848
2.95
9,919,876
100.00
Holding and finance companies
Cie Financiere Richemont SA
Other services
SGS SA
Pharmaceuticals and cosmetics
Roche Holding AG
Total Switzerland
Equity securities
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
2,730
Total France
Sponsored America Depository Receipts
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
USD
242
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Biotechnology
Genmab A/S
24,428
DKK
2,104,875
2,104,875
3,003,317
3,003,317
1.95
1.95
Internet software
SimCorp A/S
57,172
DKK
1,472,563
1,472,563
2,972,503
2,972,503
1.93
1.93
Pharmaceuticals and cosmetics
Ambu A/S
Coloplast A/S
60,529
20,245
DKK
DKK
1,578,230
1,202,776
2,781,006
1,699,240
1,511,055
3,210,295
1.10
0.98
2.08
6,358,444
9,186,115
5.96
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Total Denmark
France
Electronic semiconductor
Ingenico Group SA
45,746
EUR
4,042,926
4,042,926
5,329,410
5,329,410
3.46
3.46
Healthcare education and social services
Orpea
59,576
EUR
2,744,320
2,744,320
4,395,517
4,395,517
2.85
2.85
Pharmaceuticals and cosmetics
Sartorius Stedim Biotech
19,412
EUR
2,339,188
2,339,188
6,860,201
6,860,201
4.46
4.46
10,729
EUR
1,358,911
1,358,911
1,681,771
1,681,771
1.09
1.09
10,485,345
18,266,899
11.86
Textile
Christian Dior SA
Total France
243
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost EUR
EUR
assets
Chemicals
Bayer AG
65,068
EUR
6,086,913
6,086,913
7,534,873
7,534,873
4.89
4.89
Graphic art, publishing
CTS Eventim AG & Co KGaA
96,970
EUR
1,881,714
1,881,714
3,562,678
3,562,678
2.31
2.31
83,022
82,148
166,068
6,529
EUR
EUR
EUR
EUR
816,050
3,247,594
5,023,628
1,114,588
10,201,860
938,149
4,182,155
7,722,162
1,114,500
13,956,966
0.61
2.72
5.02
0.72
9.07
Mechanics, machinery
STRATEC Biomedical AG
32,626
EUR
1,209,177
1,209,177
1,990,186
1,990,186
1.29
1.29
Pharmaceuticals and cosmetics
Fresenius SE & Co KGaA
56,692
EUR
2,307,157
2,307,157
3,739,971
3,739,971
2.43
2.43
21,686,821
30,784,674
19.99
Security
Germany
Internet software
RIB Software AG
United Internet AG
Wirecard AG
XING AG
Total Germany
Great Britain
Banks and financial institutions
Optimal Payments Plc
425,529
GBP
1,816,550
1,816,550
2,146,340
2,146,340
1.39
1.39
Chemicals
Essentra Plc
419,482
GBP
4,152,740
4,152,740
4,712,615
4,712,615
3.06
3.06
Electronic semiconductor
ARM Holdings Plc
505,408
GBP
5,995,692
5,995,692
7,124,855
7,124,855
4.63
4.63
Food and distilleries
Just Eat Plc
515,095
GBP
3,151,857
3,151,857
3,450,395
3,450,395
2.24
2.24
244
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Internet software
Rightmove Plc
Sophos Group Plc
News transmission
Telit Communications Plc
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
55,479
423,038
GBP
GBP
1,658,184
1,559,932
3,218,116
3,105,067
1,503,831
4,608,898
2.02
0.98
3.00
1,113,421
GBP
3,802,120
3,802,120
3,225,341
3,225,341
2.09
2.09
193,110
GBP
4,212,819
4,212,819
6,028,924
6,028,924
3.92
3.92
70,548
GBP
2,705,705
2,705,705
3,303,300
3,303,300
2.15
2.15
29,055,599
34,600,668
22.48
1,884,669
1,884,669
2,277,832
2,277,832
1.48
1.48
1,884,669
2,277,832
1.48
5,008,988
5,008,988
6,167,309
6,167,309
4.01
4.01
5,008,988
6,167,309
4.01
2,759,895
4,390,820
7,150,715
4,983,525
4,349,106
9,332,631
3.24
2.82
6.06
7,150,715
9,332,631
6.06
Retail
ASOS Plc
Total Great Britain
Greece
Consumer goods
JUMBO SA
234,828
EUR
Total Greece
Ireland
Transportation
Ryanair Holdings Plc
410,880
EUR
Total Ireland
Luxembourg
Pharmaceuticals and cosmetics
Eurofins Scientific SE
L'Occitane International SA
Total Luxembourg
15,484
2,441,000
EUR
HKD
245
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
39,774
81,604
EUR
EUR
3,526,284
4,881,064
8,407,348
3,283,344
4,510,254
7,793,598
2.13
2.93
5.06
8,407,348
7,793,598
5.06
1,810,390
1,810,390
1,854,962
1,854,962
1.20
1.20
1,810,390
1,854,962
1.20
Netherlands
Electronic semiconductor
ASML Holding NV
Gemalto NV
Total Netherlands
Norway
Graphic art, publishing
Schibsted ASA
61,040
NOK
Total Norway
Sweden
Mechanics, machinery
Atlas Copco AB
Pharmaceuticals and cosmetics
BioGaia AB
132,357
SEK
2,847,014
2,847,014
3,011,883
3,011,883
1.96
1.96
68,381
SEK
1,642,298
1,642,298
2,101,877
2,101,877
1.37
1.37
4,489,312
5,113,760
3.33
Total Sweden
Switzerland
Chemicals
Sika AG
Holding and finance companies
Cie Financiere Richemont SA
Internet software
Temenos Group AG
445
CHF
945,614
945,614
1,481,442
1,481,442
0.96
0.96
37,730
CHF
2,684,910
2,684,910
2,501,717
2,501,717
1.62
1.62
131,941
CHF
3,530,648
3,530,648
6,303,495
6,303,495
4.09
4.09
246
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost EUR
EUR
assets
19,640
18,486
CHF
CHF
2,620,211
2,307,638
4,927,849
2,521,408
2,164,151
4,685,559
1.64
1.41
3.05
12,089,021
14,972,213
9.72
108,426,652
140,350,661
91.15
3,598,854
3,598,854
3,182,343
3,182,343
2.07
2.07
3,598,854
3,182,343
2.07
3,598,854
3,182,343
2.07
3,864,818
3,864,818
4,269,495
4,269,495
2.77
2.77
3,864,818
4,269,495
2.77
3,864,818
4,269,495
2.77
Total transferable securities dealt on regulated markets
115,890,324
147,802,499
95.99
Financial assets at fair value through profit or loss
115,890,324
147,802,499
95.99
6,167,098
4.01
153,969,597
100.00
Security
Pharmaceuticals and cosmetics
Actelion Ltd
Sonova Holding AG
Total Switzerland
Equity securities
Global Depository Receipts
Virgin Island (UK)
Retail
Lenta Ltd
512,145
USD
Total Virgin Island (UK)
Global Depository Receipts
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
117,120
Total France
Sponsored America Depository Receipts
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
USD
247
COMGEST GROWTH plc
Comgest Growth Mid-Caps Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
DKK
3,357,953
3,357,953
5,908,375
5,908,375
4.90
4.90
93,312
DKK
3,301,733
3,301,733
4,851,504
4,851,504
4.02
4.02
64,214
DKK
1,710,884
1,710,884
1,802,690
1,802,690
1.49
1.49
8,370,570
12,562,569
10.41
Quantity/
Face value
Currency
102,136
Internet software
SimCorp A/S
Pharmaceuticals and cosmetics
Ambu A/S
Security
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Biotechnology
Chr Hansen Holding A/S
Total Denmark
France
Aerospace technology
Zodiac Aerospace
84,893
EUR
2,180,979
2,180,979
1,865,524
1,865,524
1.55
1.55
Electronic semiconductor
Ingenico Group SA
23,712
EUR
2,723,682
2,723,682
2,762,448
2,762,448
2.30
2.30
130,830
EUR
2,768,750
2,768,750
2,282,984
2,282,984
1.89
1.89
29,226
9,194
EUR
EUR
4,665,321
1,515,019
6,180,340
10,328,468
2,020,841
12,349,309
8.56
1.67
10.23
13,853,751
19,260,265
15.97
3,733,742
3,733,742
5,311,979
5,311,979
4.40
4.40
Holding and finance companies
Edenred
Pharmaceuticals and cosmetics
Sartorius Stedim Biotech
Virbac SA
Total France
Germany
Graphic art, publishing
CTS Eventim AG & Co KGaA
144,583
EUR
248
COMGEST GROWTH plc
Comgest Growth Mid-Caps Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
EUR
4,025,208
4,025,208
6,880,419
6,880,419
5.70
5.70
98,383
EUR
4,153,400
4,153,400
6,001,363
6,001,363
4.97
4.97
33,454
EUR
1,695,127
1,695,127
2,415,044
2,415,044
2.00
2.00
13,607,477
20,608,805
17.07
Quantity/
Face value
Currency
147,966
Mechanics, machinery
STRATEC Biomedical AG
Package and container industry
Gerresheimer AG
Security
Internet software
Wirecard AG
Total Germany
Great Britain
Agriculture and fishing
Genus Plc
111,790
GBP
1,940,722
1,940,722
2,357,069
2,357,069
1.95
1.95
445,287
GBP
3,964,040
3,964,040
5,002,519
5,002,519
4.15
4.15
Electronic semiconductor
Halma Plc
300,362
GBP
3,341,819
3,341,819
3,525,165
3,525,165
2.92
2.92
Food and distilleries
Just Eat Plc
376,866
GBP
2,307,823
2,307,823
2,524,460
2,524,460
2.09
2.09
78,248
76,264
GBP
GBP
1,937,154
2,842,685
4,779,839
1,717,790
4,268,369
5,986,159
1.42
3.54
4.96
200,128
GBP
3,315,033
3,315,033
6,248,027
6,248,027
5.18
5.18
92,445
GBP
3,462,998
3,462,998
4,328,593
4,328,593
3.59
3.59
23,112,274
29,971,992
24.84
Chemicals
Essentra Plc
Internet software
AVEVA Group Plc
Rightmove Plc
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
Retail
ASOS Plc
Total Great Britain
249
COMGEST GROWTH plc
Comgest Growth Mid-Caps Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Security
Quantity/
Face value
Currency
97,412
EUR
Acquisition
cost EUR
Fair Value
EUR
% net
assets
2,587,605
2,587,605
2,118,711
2,118,711
1.76
1.76
2,587,605
2,118,711
1.76
Italy
Textile
Salvatore Ferragamo SpA
Total Italy
Luxembourg
Holding and finance companies
B&M European Value Retail SA
1,050,913
GBP
4,432,223
4,432,223
4,059,501
4,059,501
3.36
3.36
Pharmaceuticals and cosmetics
Eurofins Scientific SE
L'Occitane International SA
15,335
2,340,250
EUR
HKD
3,177,547
4,695,195
7,872,742
4,935,570
4,169,600
9,105,170
4.09
3.45
7.54
12,304,965
13,164,671
10.90
2,679,464
2,679,464
2,320,180
2,320,180
1.92
1.92
2,679,464
2,320,180
1.92
Total Luxembourg
Netherlands
Electronic semiconductor
Gemalto NV
41,979
EUR
Total Netherlands
Switzerland
Internet software
Temenos Group AG
Pharmaceuticals and cosmetics
Straumann Holding AG
Total Switzerland
Equity securities
118,565
CHF
3,797,390
3,797,390
5,664,456
5,664,456
4.69
4.69
12,684
CHF
3,236,955
3,236,955
3,557,724
3,557,724
2.95
2.95
7,034,345
9,222,180
7.64
83,550,451
109,229,373
90.51
250
COMGEST GROWTH plc
Comgest Growth Mid-Caps Europe
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
cost EUR
Fair Value
EUR
% net
assets
2,160,363
2,160,363
1,808,119
1,808,119
1.50
1.50
2,160,363
1,808,119
1.50
2,160,363
1,808,119
1.50
Total transferable securities dealt on regulated markets
85,710,814
111,037,492
92.01
Financial assets at fair value through profit or loss
85,710,814
111,037,492
92.01
9,647,389
7.99
120,684,881
100.00
Security
Quantity/
Face value
Currency
49,600
USD
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
Total France
Sponsored America Depository Receipts
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
251
COMGEST GROWTH plc
Comgest Growth Europe ex Switzerland
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in CHF)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost CHF
CHF
assets
Biotechnology
Chr Hansen Holding A/S
31,285
DKK
1,260,109
1,260,109
1,967,928
1,967,928
2.07
2.07
Pharmaceuticals and cosmetics
Coloplast A/S
Novo Nordisk A/S
48,458
66,027
DKK
DKK
3,318,032
2,766,436
6,084,468
3,932,889
3,847,371
7,780,260
4.14
4.05
8.19
7,344,577
9,748,188
10.26
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Total Denmark
France
Aerospace technology
Zodiac Aerospace
38,475
EUR
1,231,826
1,231,826
919,372
919,372
0.97
0.97
Holding and finance companies
Sodexo SA
16,550
EUR
1,527,964
1,527,964
1,622,181
1,622,181
1.71
1.71
4,514
EUR
980,146
980,146
1,079,861
1,079,861
1.14
1.14
33,120
16,929
24,763
10,320
EUR
EUR
EUR
EUR
3,206,393
2,572,402
2,225,983
2,201,172
10,205,950
4,143,437
2,858,818
2,116,457
3,965,792
13,084,504
4.36
3.01
2.23
4.18
13.78
11,800
EUR
1,898,445
1,898,445
1,859,234
1,859,234
1.96
1.96
37,160
EUR
2,190,025
2,190,025
2,980,844
2,980,844
3.14
3.14
Internet software
Iliad SA
Pharmaceuticals and cosmetics
Essilor International SA
L'Oreal SA
Sanofi
Sartorius Stedim Biotech
Textile
LVMH Moët Hennessy Louis Vuitton SA
Internet software
Dassault Systèmes
252
COMGEST GROWTH plc
Comgest Growth Europe ex Switzerland
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in CHF)
Quantity/
Security
Face value
Currency
Total France
Acquisition
Fair Value
% net
cost CHF
CHF
assets
18,034,356
21,545,996
22.70
Germany
Chemicals
Bayer AG
Linde AG
26,111
12,919
EUR
EUR
3,250,077
2,317,102
5,567,179
3,287,879
1,881,019
5,168,898
3.46
1.98
5.44
Graphic art, publishing
CTS Eventim AG & Co KGaA
47,213
EUR
1,221,018
1,221,018
1,886,186
1,886,186
1.99
1.99
Internet software
SAP SE
Wirecard AG
47,434
94,510
EUR
EUR
3,490,943
3,617,053
7,107,996
3,784,872
4,778,752
8,563,624
3.99
5.03
9.02
13,896,193
15,618,708
16.45
Total Germany
Great Britain
Chemicals
Essentra Plc
124,043
GBP
1,586,509
1,586,509
1,515,321
1,515,321
1.60
1.60
Electronic semiconductor
ARM Holdings Plc
255,746
GBP
3,619,214
3,619,214
3,920,365
3,920,365
4.13
4.13
Internet software
Capita Group Plc
Rightmove Plc
174,754
38,242
GBP
GBP
2,743,652
1,427,580
4,171,232
3,114,556
2,327,377
5,441,933
3.28
2.45
5.73
Pharmaceuticals and cosmetics
Hikma Pharmaceuticals Plc
102,237
GBP
2,461,893
2,461,893
3,470,778
3,470,778
3.66
3.66
29,255
GBP
1,316,481
1,316,481
1,489,523
1,489,523
1.57
1.57
13,155,329
15,837,920
16.69
Retail
ASOS Plc
Total Great Britain
253
COMGEST GROWTH plc
Comgest Growth Europe ex Switzerland
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in CHF)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost CHF
CHF
assets
28,944
EUR
1,455,583
1,455,583
1,900,987
1,900,987
2.00
2.00
1,455,583
1,900,987
2.00
930,313
930,313
1,031,402
1,031,402
1.09
1.09
930,313
1,031,402
1.09
2,550,679
4,179,805
6,730,484
3,534,049
3,596,756
7,130,805
3.72
3.79
7.51
6,730,484
7,130,805
7.51
Italy
Photography and optics
Luxottica Group SpA
Total Italy
Jersey
Holding and finance companies
Experian Plc
58,208
GBP
Total Jersey
Luxembourg
Pharmaceuticals and cosmetics
Eurofins Scientific SE
L'Occitane International SA
10,098
1,856,500
EUR
HKD
Total Luxembourg
Netherlands
Consumer goods
Unilever NV
53,573
EUR
1,876,533
1,876,533
2,336,298
2,336,298
2.46
2.46
Electronic semiconductor
Gemalto NV
31,458
EUR
2,489,079
2,489,079
1,890,622
1,890,622
1.98
1.98
Tobacco and spirits
Heineken NV
14,917
EUR
869,279
869,279
1,277,692
1,277,692
1.35
1.35
5,234,891
5,504,612
5.79
Total Netherlands
254
COMGEST GROWTH plc
Comgest Growth Europe ex Switzerland
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in CHF)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost CHF
CHF
assets
86,194
EUR
3,211,832
3,211,832
3,813,248
3,813,248
4.02
4.02
182,236
EUR
4,908,907
4,908,907
6,279,718
6,279,718
6.61
6.61
8,120,739
10,092,966
10.63
2,732,917
2,732,917
2,508,262
2,508,262
2.64
2.64
2,732,917
2,508,262
2.64
77,635,382
90,919,846
95.76
1,003,325
1,003,325
772,972
772,972
0.81
0.81
1,003,325
772,972
0.81
1,003,325
772,972
0.81
Total transferable securities dealt on regulated markets
78,638,707
91,692,818
96.57
Financial assets at fair value through profit or loss
78,638,707
91,692,818
96.57
Total financial derivatives instrument (note 6)
(487,224)
(0.51)
Cash and other net assets
3,742,952
3.94
94,948,546
100.00
Security
Spain
Internet software
Amadeus IT Holding SA
Retail
Industria de Diseno Textil SA
Total Spain
Sweden
Retail
Hennes & Mauritz AB
69,927
SEK
Total Sweden
Equity securities
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
19,500
Total France
Sponsored America Depository Receipts
Total net assets attributable to holders of redeemable participating shares
USD
255
COMGEST GROWTH plc
Comgest Growth Europe ex UK
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in GBP)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost GBP
GBP
assets
Biotechnology
Chr Hansen Holding A/S
2,700
DKK
84,360
84,360
115,116
115,116
2.45
2.45
Chemicals
Novozymes A/S
4,034
DKK
126,005
126,005
131,713
131,713
2.80
2.80
Pharmaceuticals and cosmetics
Coloplast A/S
Novo Nordisk A/S
4,397
5,734
DKK
DKK
212,936
198,742
411,678
241,880
226,463
468,343
5.15
4.82
9.97
622,043
715,172
15.22
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Denmark
Total Denmark
France
Aerospace technology
Zodiac Aerospace
2,799
EUR
62,235
62,235
45,333
45,333
0.97
0.97
Holding and finance companies
Sodexo SA
1,745
EUR
113,179
113,179
115,930
115,930
2.47
2.47
Internet software
Dassault Systèmes
Iliad SA
3,546
290
EUR
EUR
162,588
45,538
208,126
192,797
47,022
239,819
4.11
1.00
5.11
Pharmaceuticals and cosmetics
Essilor International SA
L'Oreal SA
Sanofi
Sartorius Stedim Biotech
2,590
1,337
1,719
808
EUR
EUR
EUR
EUR
200,960
160,548
112,706
124,139
598,353
219,618
153,033
99,582
210,456
682,689
4.68
3.26
2.12
4.48
14.54
256
COMGEST GROWTH plc
Comgest Growth Europe ex UK
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in GBP)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost GBP
GBP
assets
495
EUR
121,320
121,320
113,735
113,735
2.42
2.42
1,103,213
1,197,506
25.51
Textile
Hermes International
Total France
Germany
Aerospace technology
MTU Aero Engines AG
2,071
EUR
129,348
129,348
137,527
137,527
2.93
2.93
Chemicals
Bayer AG
1,631
EUR
157,802
157,802
139,202
139,202
2.96
2.96
Internet software
SAP SE
Wirecard AG
2,585
6,965
EUR
EUR
136,564
201,602
338,166
139,804
238,702
378,506
2.98
5.08
8.06
625,316
655,235
13.95
89,899
89,899
96,810
96,810
2.06
2.06
89,899
96,810
2.06
79,305
79,305
84,447
84,447
1.80
1.80
79,305
84,447
1.80
144,681
144,681
168,894
168,894
3.59
3.59
Total Germany
Ireland
Transportation
Ryanair Holdings Plc
8,751
EUR
Total Ireland
Italy
Photography and optics
Luxottica Group SpA
1,897
EUR
Total Italy
Luxembourg
Pharmaceuticals and cosmetics
Eurofins Scientific SE
712
EUR
257
COMGEST GROWTH plc
Comgest Growth Europe ex UK
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in GBP)
Quantity/
Security
Face value
Currency
Total Luxembourg
Acquisition
Fair Value
% net
cost GBP
GBP
assets
144,681
168,894
3.59
165,281
165,281
141,636
141,636
3.01
3.01
165,281
141,636
3.01
Netherlands
Electronic semiconductor
Gemalto NV
3,477
EUR
Total Netherlands
Spain
Internet software
Amadeus IT Holding SA
9,691
EUR
265,514
265,514
290,593
290,593
6.19
6.19
12,703
EUR
272,487
272,487
296,695
296,695
6.32
6.32
538,001
587,288
12.51
Retail
Industria de Diseno Textil SA
Total Spain
Sweden
Mechanics, machinery
Assa Abloy AB
10,233
SEK
132,576
132,576
146,588
146,588
3.12
3.12
5,259
SEK
141,538
141,538
127,858
127,858
2.72
2.72
274,114
274,446
5.84
Retail
Hennes & Mauritz AB
Total Sweden
Switzerland
Construction, building material
Geberit AG
Food and distilleries
Chocoladefabriken Lindt & Spruengli AG
Nestle SA
569
CHF
132,126
132,126
131,203
131,203
2.79
2.79
28
2,552
CHF
CHF
98,285
127,060
225,345
118,709
128,951
247,660
2.53
2.75
5.28
258
COMGEST GROWTH plc
Comgest Growth Europe ex UK
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in GBP)
Acquisition
Fair Value
% net
Face value
Quantity/
Currency
cost GBP
GBP
assets
Holding and finance companies
Cie Financiere Richemont SA
959
CHF
53,090
53,090
46,865
46,865
1.00
1.00
Pharmaceuticals and cosmetics
Roche Holding AG
994
CHF
186,131
186,131
186,219
186,219
3.97
3.97
596,692
611,947
13.04
4,238,545
4,533,381
96.53
47,923
47,923
48,361
48,361
1.03
1.03
47,923
48,361
1.03
Total transferable securities dealt on regulated markets
4,286,468
4,581,742
97.56
Financial assets at fair value through profit or loss
4,286,468
4,581,742
97.56
Total financial derivative instruments (note 6)
(78,778)
(1.68)
Cash and other net assets
193,584
4.12
4,696,548
100.00
Security
Total Switzerland
Equity securities
Sponsored America Depository Receipts
France
Office equipment, computers
Criteo SA
1,800
Sponsored America Depository Receipts
Total net assets attributable to holders of redeemable participating shares
USD
259
COMGEST GROWTH plc
Comgest Growth Asia
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
Automobile industry
Minth Group Ltd
947,800
HKD
2,261,769
2,261,769
1,883,337
1,883,337
2.28
2.28
Holding and finance companies
CK Hutchison Holdings Ltd
225,296
HKD
3,304,396
3,304,396
3,040,716
3,040,716
3.68
3.68
5,566,165
4,924,053
5.96
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Cayman Islands
Total Cayman Islands
China
Business houses
Inner Mongolia Yili Industrial Group Co Ltd
719,990
CNY
1,669,129
1,669,129
1,820,601
1,820,601
2.21
2.21
Insurance
China Life Insurance Co Ltd
719,000
HKD
3,298,532
3,298,532
2,323,953
2,323,953
2.82
2.82
4,967,661
4,144,554
5.03
3,588,391
3,588,391
3,087,849
3,087,849
3.74
3.74
3,588,391
3,087,849
3.74
1,890,548
1,890,548
1,231,678
1,231,678
1.49
1.49
Total China
Hong Kong
News transmission
China Mobile Ltd
273,500
HKD
Total Hong Kong
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
481,713
INR
260
COMGEST GROWTH plc
Comgest Growth Asia
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
News transmission
Bharti Airtel Ltd
Bharti Infratel Ltd
292,935
267,598
INR
INR
1,913,993
1,905,349
3,819,342
1,507,293
1,731,669
3,238,962
1.83
2.10
3.93
Public services
Power Grid Corp of India Ltd
812,021
INR
1,881,895
1,881,895
1,732,547
1,732,547
2.10
2.10
7,591,785
6,203,187
7.52
Total India
Japan
Automobile industry
Shimano Inc
17,300
JPY
2,397,044
2,397,044
2,683,554
2,683,554
3.25
3.25
Banks and financial institutions
Seven Bank Ltd
288,000
JPY
1,356,118
1,356,118
1,276,063
1,276,063
1.55
1.55
Construction, building material
MonotaRO Co Ltd
53,700
JPY
1,256,634
1,256,634
1,506,609
1,506,609
1.83
1.83
Consumer goods
Pigeon Corp
Unicharm Corp
43,300
40,400
JPY
JPY
1,356,454
933,085
2,289,539
1,067,248
831,879
1,899,127
1.29
1.01
2.30
Electronics and electrical equipment
FANUC Corp
Hamamatsu Photonics KK
Keyence Corp
Makita Corp
Murata Manufacturing Co Ltd
4,800
93,200
6,300
37,700
12,200
JPY
JPY
JPY
JPY
JPY
1,044,617
2,844,368
3,423,723
2,140,846
2,000,746
11,454,300
841,133
2,583,832
3,513,065
2,203,176
1,781,904
10,923,110
1.02
3.13
4.26
2.67
2.16
13.24
Food and distilleries
Calbee Inc
46,700
JPY
1,858,874
1,858,874
1,995,412
1,995,412
2.42
2.42
7,500
JPY
3,087,838
3,087,838
2,658,465
2,658,465
3.22
3.22
Holding and finance companies
Fast Retailing Co Ltd
261
COMGEST GROWTH plc
Comgest Growth Asia
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
Internet software
M3 Inc
128,100
JPY
2,449,281
2,449,281
2,685,633
2,685,633
3.25
3.25
Mechanics, machinery
Amada Co Ltd
Daifuku Co Ltd
Daikin Industries Ltd
Hoshizaki Electric Co Ltd
OSG Corp
186,600
149,500
28,800
12,400
124,700
JPY
JPY
JPY
JPY
JPY
1,977,139
2,359,345
2,188,786
884,730
2,622,992
10,032,992
1,805,582
2,578,766
2,131,002
779,285
2,383,186
9,677,821
2.19
3.12
2.58
0.94
2.89
11.72
News transmission
Hikari Tsushin Inc
21,200
JPY
1,477,036
1,477,036
1,453,926
1,453,926
1.76
1.76
Pharmaceuticals and cosmetics
Sysmex Corp
45,500
JPY
2,612,960
2,612,960
2,961,595
2,961,595
3.59
3.59
130,500
JPY
2,052,696
2,052,696
1,522,021
1,522,021
1.84
1.84
42,325,312
41,243,336
49.97
1,855,344
1,855,344
1,683,445
1,683,445
2.04
2.04
1,855,344
1,683,445
2.04
Retail
Rakuten Inc
Total Japan
Malaysia
Leisure
Genting Malaysia Bhd
1,650,200
MYR
Total Malaysia
South Korea
Internet software
NCSoft Corp
Insurance
Samsung Life Insurance Co Ltd
Total South Korea
8,807
KRW
1,631,006
1,631,006
1,600,135
1,600,135
1.94
1.94
17,940
KRW
1,681,242
1,681,242
1,683,310
1,683,310
2.03
2.03
3,312,248
3,283,445
3.97
262
COMGEST GROWTH plc
Comgest Growth Asia
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
504,000
987,000
TWD
TWD
2,329,874
4,430,094
6,759,968
1,979,347
4,296,897
6,276,244
2.40
5.21
7.61
6,759,968
6,276,244
7.61
75,966,874
70,846,113
85.84
1,305,764
1,305,764
1,641,853
1,641,853
1.99
1.99
1,305,764
1,641,853
1.99
1,305,764
1,641,853
1.99
1,580,459
1,580,459
1,512,525
1,512,525
1.83
1.83
1,580,459
1,512,525
1.83
1,580,459
1,512,525
1.83
1,080,331
1,080,331
1,047,260
1,047,260
1.26
1.26
1,080,331
1,047,260
1.26
Taiwan
Electronics and electrical equipment
Novatek Microelectronics Corp
Taiwan Semiconductor Manufacturing Co Ltd
Total Taiwan
Equity securities
America Depository Receipts
Cayman Islands
Internet software
NetEase Inc
9,059
USD
Total Cayman Islands
America Depository Receipts
Sponsored America Depository Receipts
India
Internet software
Infosys Ltd
90,300
USD
Total India
Sponsored America Depository Receipts
Investment Funds
France
Investment funds
Societe de Gestion Prevoir - Prevoir Renaissance
Vietnam
Total France
6,540
EUR
263
COMGEST GROWTH plc
Comgest Growth Asia
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
43,840
264,450
USD
JPY
1,714,499
1,989,652
3,704,151
1,626,026
2,026,875
3,652,901
1.97
2.46
4.43
3,704,151
3,652,901
4.43
4,784,482
4,700,161
5.69
Total transferable securities dealt on regulated markets
83,637,579
78,700,652
95.35
Financial assets at fair value through profit or loss
83,637,579
78,700,652
95.35
3,838,471
4.65
82,539,123
100.00
Ireland
Investment funds
Comgest Growth India US Dollar Class
Comgest Growth Japan Yen Class
Total Ireland
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
264
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
107,658
AUD
7,511,357
7,511,357
8,248,572
8,248,572
3.16
3.16
7,511,357
8,248,572
3.16
Financial assets at fair value through profit and loss
Transferable securities dealt on regulated markets
Equity securities
Australia
Biotechnology
CSL Ltd
Total Australia
Bermuda Islands
Electronics and electrical equipment
CSL Ltd
1,554,125
HKD
5,503,247
5,503,247
5,324,038
5,324,038
2.04
2.04
Transportation
Kerry Logistics Network Ltd
5,029,500
HKD
7,820,574
7,820,574
7,333,207
7,333,207
2.81
2.81
13,323,821
12,657,245
4.85
Total Bermuda Islands
Cayman Islands
Automobile industry
Minth Group Ltd
Holding and finance companies
CK Hutchison Holdings Ltd
2,879,492
HKD
5,786,288
5,786,288
5,721,729
5,721,729
2.20
2.20
871,925
HKD
11,300,916
11,300,916
11,767,969
11,767,969
4.50
4.50
17,087,204
17,489,698
6.70
3,820,481
5,286,672
9,107,153
3,912,292
5,318,451
9,230,743
1.50
2.03
3.53
Total Cayman Islands
China
Automobile industry
SAIC Motor Corp Ltd
Zhengzhou Yutong Bus Co Ltd
1,196,084
1,535,609
CNY
CNY
265
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
Banks and financial institutions
Kweichow Moutai Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
303,342
2,702,024
CNY
CNY
10,294,616
6,228,590
16,523,206
10,184,600
6,832,465
17,017,065
3.90
2.62
6.52
Insurance
China Life Insurance Co Ltd
PICC Property & Casualty Co Ltd
Ping An Insurance Group Co of China Ltd
4,540,000
2,284,000
2,013,500
HKD
HKD
HKD
14,805,205
4,770,224
10,819,898
30,395,327
14,674,195
4,544,344
11,171,482
30,390,021
5.62
1.73
4.28
11.63
56,025,686
56,637,829
21.68
Total China
Hong Kong
Electronics and electrical equipment
Techtronic Industries Co Ltd
Insurance
AIA Group Ltd
News transmission
China Mobile Ltd
1,215,100
HKD
3,306,159
3,306,159
4,954,386
4,954,386
1.90
1.90
445,400
HKD
2,735,181
2,735,181
2,678,100
2,678,100
1.02
1.02
1,202,810
HKD
13,440,806
13,440,806
13,579,875
13,579,875
5.20
5.20
19,482,146
21,212,361
8.12
Total Hong Kong
India
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
Holding and finance companies
Shriram Transport Finance Co Ltd
News transmission
Bharti Airtel Ltd
Bharti Infratel Ltd
2,026,095
INR
6,942,755
6,942,755
5,180,464
5,180,464
1.98
1.98
561,322
INR
7,814,466
7,814,466
7,286,021
7,286,021
2.79
2.79
1,659,353
739,225
INR
INR
10,577,284
2,374,807
12,952,091
8,538,178
4,783,643
13,321,821
3.27
1.83
5.10
266
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Public services
Power Grid Corp of India Ltd
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
4,092,763
INR
7,790,916
7,790,916
8,732,415
8,732,415
3.34
3.34
35,500,228
34,520,721
13.21
9,488,849
9,488,849
8,388,149
8,388,149
3.21
3.21
9,488,849
8,388,149
3.21
Total India
Malaysia
Leisure
Genting Malaysia Bhd
8,222,500
MYR
Total Malaysia
South Korea
Insurance
Samsung Life Insurance Co Ltd
83,705
KRW
7,906,868
7,906,868
7,854,040
7,854,040
3.00
3.00
Internet software
NCSoft Corp
42,398
KRW
7,563,047
7,563,047
7,703,250
7,703,250
2.95
2.95
15,469,915
15,557,290
5.95
Total South Korea
Taiwan
Electronic semiconductor
Taiwan Semiconductor Manufacturing Co
Ltd
Novatek Microelectronics Corp
Photography and optics
Largan Precision Co Ltd
4,359,566
1,940,000
TWD
TWD
16,906,500
9,417,264
26,323,764
18,979,337
7,618,915
26,598,252
7.27
2.91
10.18
62,000
TWD
4,974,427
4,974,427
4,284,689
4,284,689
1.64
1.64
31,298,191
30,882,941
11.82
6,501,714
6,501,714
6,106,569
6,106,569
2.34
2.34
Total Taiwan
Thailand
Investment funds
TRUE Telecommunication Growth
Infrastructure Fund
17,721,590
THB
267
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Face value
Currency
Total Thailand
Equity securities
Acquisition
Fair Value
% net
cost USD
USD
assets
6,501,714
6,106,569
2.34
211,689,111
211,701,375
81.04
2,195,565
5,294,043
7,489,608
2,476,424
10,244,047
12,720,471
0.95
3.92
4.87
7,489,608
12,720,471
4.87
7,489,608
12,720,471
4.87
America Depository Receipts
Cayman Islands
Internet software
Baidu Inc
NetEase Inc
13,100
56,522
USD
USD
Total Cayman Islands
America Depository Receipts
Sponsored America Depository Receipts
Cayman Islands
Internet software
Infosys Ltd
712,800
USD
11,095,823
11,095,823
11,939,400
11,939,400
4.57
4.57
226,200
USD
3,173,924
3,173,924
3,454,074
3,454,074
1.32
1.32
14,269,747
15,393,474
5.89
14,269,747
15,393,474
5.89
5,687,912
5,687,912
4,727,681
4,727,681
1.81
1.81
5,687,912
4,727,681
1.81
5,687,912
4,727,681
1.81
Retail
Vipshop Holdings Ltd
Total Cayman Islands
Sponsored America Depository Receipts
Warrants
Curacao
Holding and finance companies
Weifu High-Technology Group Co Ltd
Total Curacao
Warrants
1,247,475
USD
268
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost USD
USD
assets
75,917
USD
1,796,962
1,796,962
2,815,772
2,815,772
1.08
1.08
1,796,962
2,815,772
1.08
1,796,962
2,815,772
1.08
Total transferable securities dealt on regulated markets
240,933,340
247,358,773
94.69
Financial assets at fair value through profit or loss
240,933,340
247,358,773
94.69
13,865,008
5.31
261,223,781
100.00
Investment Funds
Ireland
Investment funds
Comgest Growth India US Dollar Class
Total Ireland
Investment Funds
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
269
COMGEST GROWTH plc
Comgest Growth Greater China
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
867,000
HKD
2,686,647
2,686,647
2,734,164
2,734,164
2.05
2.05
2,981,000
HKD
3,921,987
3,921,987
4,001,118
4,001,118
3.01
3.01
6,608,634
6,735,282
5.06
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Bermuda Islands
Electronics and electrical equipment
CSL Ltd
Transportation
Kerry Logistics Network Ltd
Total Bermuda Islands
Cayman Islands
Automobile industry
Minth Group Ltd
2,696,797
HKD
3,727,893
3,727,893
4,932,986
4,932,986
3.71
3.71
Holding and finance companies
CK Hutchison Holdings Ltd
495,216
HKD
4,572,653
4,572,653
6,152,722
6,152,722
4.62
4.62
Mechanics, machinery
Airtac International Group
659,250
TWD
4,153,998
4,153,998
2,808,314
2,808,314
2.11
2.11
383,000
HKD
905,954
905,954
2,026,690
2,026,690
1.52
1.52
13,360,498
15,920,712
11.96
5,796,783
4,438,742
10,235,525
6,048,430
4,428,746
10,477,176
4.55
3.33
7.88
Textile
Shenzhou International Group Holdings Ltd
Total Cayman Islands
China
Automobile industry
SAIC Motor Corp Ltd
Zhengzhou Yutong Bus Co Ltd
2,008,736
1,389,076
CNY
CNY
270
COMGEST GROWTH plc
Comgest Growth Greater China
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Banks and financial institutions
Kweichow Moutai Co Ltd
Weifu High-Technology Group Co Ltd
172,323
1,551,163
CNY
HKD
5,404,367
5,726,783
11,131,150
5,326,046
3,675,710
9,001,756
4.00
2.76
6.76
Business houses
Inner Mongolia Yili Industrial Group Co Ltd
2,129,820
CNY
4,760,476
4,760,476
4,957,713
4,957,713
3.73
3.73
Electronics and electrical equipment
TravelSky Technology Ltd
2,047,000
HKD
1,765,824
1,765,824
3,102,483
3,102,483
2.33
2.33
Insurance
China Life Insurance Co Ltd
PICC Property & Casualty Co Ltd
Ping An Insurance Group Co of China Ltd
2,782,000
1,652,000
1,223,000
HKD
HKD
HKD
8,148,394
3,173,831
4,953,712
16,275,937
8,277,625
3,025,766
6,246,487
17,549,878
6.22
2.27
4.69
13.18
44,168,912
45,089,006
33.88
Total China
Hong Kong
Electronics and electrical equipment
Techtronic Industries Co Ltd
291,500
HKD
685,100
685,100
1,094,124
1,094,124
0.82
0.82
News transmission
China Mobile Ltd
829,500
HKD
7,688,679
7,688,679
8,621,153
8,621,153
6.48
6.48
8,373,779
9,715,277
7.30
Total Hong Kong
Taiwan
Electronic semiconductor
Hon Hai Precision Industry Co Ltd
Taiwan Semiconductor Manufacturing Co
Ltd
Electronics and electrical equipment
Delta Electronics Inc
Novatek Microelectronics Corp
1,662,204
TWD
2,980,654
3,763,983
2.83
2,727,650
TWD
8,312,015
11,292,669
10,931,421
14,695,404
8.22
11.05
612,816
1,816,000
TWD
TWD
2,581,181
7,738,631
10,319,812
2,670,622
6,565,344
9,235,966
2.01
4.93
6.94
271
COMGEST GROWTH plc
Comgest Growth Greater China
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Insurance
China Life Insurance Co Ltd
Photography and optics
Largan Precision Co Ltd
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
4,411,765
TWD
2,507,264
2,507,264
3,121,948
3,121,948
2.35
2.35
52,000
TWD
3,859,767
3,859,767
3,308,119
3,308,119
2.49
2.49
27,979,512
30,361,437
22.83
100,491,335
107,821,714
81.03
2,578,881
2,936,667
5,515,548
2,940,970
6,728,721
9,669,691
2.21
5.06
7.27
5,515,548
9,669,691
7.27
5,515,548
9,669,691
7.27
2,711,709
2,711,709
2,826,883
2,826,883
2.12
2.12
2,711,709
2,826,883
2.12
2,711,709
2,826,883
2.12
4,416,977
4,416,977
3,586,125
3,586,125
2.70
2.70
Total Taiwan
Equity securities
America Depository Receipts
Cayman Islands
Internet software
Baidu Inc
NetEase Inc
16,900
40,330
USD
USD
Total Cayman Islands
America Depository Receipts
Sponsored America Depository Receipts
Cayman Islands
Retail
Vipshop Holdings Ltd
201,103
USD
Total Cayman Islands
Sponsored America Depository Receipts
Warrants
Great Britain
Banks and financial institutions
Gree Electric Appliances Inc of Zhuhai
1,132,115
USD
272
COMGEST GROWTH plc
Comgest Growth Greater China
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
Fair Value
% net
cost EUR
EUR
assets
4,416,977
3,586,125
2.70
391,887
391,887
532,983
532,983
0.40
0.40
391,887
532,983
0.40
4,808,864
4,119,108
3.10
Total transferable securities dealt on regulated markets
113,527,456
124,437,396
93.52
Financial assets at fair value through profit or loss
113,527,456
124,437,396
93.52
8,627,104
6.48
133,064,500
100.00
Quantity/
Security
Face value
Currency
Total Great Britain
United States of America
Holding and finance companies
Gree Electric Appliances Inc of Zhuhai
168,308
Total United States of America
Warrants
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
USD
273
COMGEST GROWTH plc
Comgest Growth India
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Acquisition
cost USD
Fair Value
USD
% net
assets
INR
INR
INR
1,957,141
2,068,448
2,583,123
6,608,712
5,086,568
5,896,639
3,737,805
14,721,012
2.99
3.47
2.20
8.66
340,000
1,300,000
INR
INR
5,409,629
3,700,220
9,109,849
6,494,967
5,029,622
11,524,589
3.82
2.96
6.78
Business houses
Jagran Prakashan Ltd
Motherson Sumi Systems Ltd
2,874,328
964,686
INR
INR
7,168,321
1,115,007
8,283,328
6,936,528
4,274,770
11,211,298
4.08
2.51
6.59
Construction, building material
Adani Ports & Special Economic Zone Ltd
Larsen & Toubro Ltd
The Ramco Cements Ltd
1,520,000
76,000
1,000,000
INR
INR
INR
6,832,339
1,792,743
2,880,527
11,505,609
5,994,522
1,465,257
5,881,636
13,341,415
3.52
0.86
3.46
7.84
Electronics and electrical equipment
Bharat Heavy Electricals Ltd
NTPC Ltd
1,661,780
3,471,000
INR
INR
9,418,241
11,283,687
20,701,928
4,248,958
7,673,392
11,922,350
2.50
4.51
7.01
Holding and finance companies
Colgate-Palmolive India Ltd
Shriram Transport Finance Co Ltd
300,000
546,000
INR
INR
2,148,858
7,086,031
9,234,889
4,411,680
7,087,140
11,498,820
2.59
4.16
6.75
Internet software
Infosys Technologies Ltd
660,744
INR
9,867,908
9,867,908
11,040,520
11,040,520
6.49
6.49
400,000
1,785,101
INR
INR
2,006,473
4,245,153
6,251,626
6,229,606
2,209,956
8,439,562
3.66
1.30
4.96
Quantity/
Face value
Currency
18,045
84,400
854,587
Banks and financial institutions
Housing Development Finance Corp Ltd
Petronet LNG Ltd
Security
Financial assets at fair value through profit and loss
Transferable securities dealt on regulated markets
Equity securities
India
Automobile industry
Bosch Ltd
Maruti Suzuki India Ltd
Tata Motors Ltd
Mechanics, machinery
Cummins India Ltd
Gujarat Industries Power Co Ltd
274
COMGEST GROWTH plc
Comgest Growth India
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in USD)
Acquisition
cost USD
Fair Value
USD
% net
assets
INR
INR
9,168,824
2,484,740
11,653,564
7,512,410
5,708,922
13,221,332
4.41
3.35
7.76
584,000
401,627
1,088,000
INR
INR
INR
1,861,526
2,210,799
4,344,768
8,417,093
2,891,528
3,944,628
8,353,029
15,189,185
1.70
2.32
4.91
8.93
535,000
5,389,541
1,854,274
INR
INR
INR
3,799,732
11,709,741
9,166,439
24,675,912
3,033,456
11,499,251
6,350,017
20,882,724
1.78
6.76
3.73
12.27
326,000
INR
1,552,584
1,552,584
4,205,152
4,205,152
2.47
2.47
1,492,000
INR
5,201,124
5,201,124
7,392,897
7,392,897
4.34
4.34
261,900
INR
3,741,872
3,741,872
5,198,010
5,198,010
3.05
3.05
136,805,998
159,788,866
93.90
4,842,903
4,842,903
5,075,244
5,075,244
2.98
2.98
4,842,903
5,075,244
2.98
141,648,901
164,864,110
96.88
Total transferable securities dealt on regulated markets
141,648,901
164,864,110
96.88
Financial assets at fair value through profit or loss
141,648,901
164,864,110
96.88
5,304,775
3.12
170,168,885
100.00
Quantity/
Face value
Currency
News transmission
Bharti Airtel Ltd
Bharti Infratel Ltd
1,460,000
882,210
Pharmaceuticals and cosmetics
Cadila Healthcare Ltd
Cipla Ltd
Max India Ltd
Public services
GAIL India Ltd
Power Grid Corp of India Ltd
Rural Electrification Corp Ltd
Security
Real estate companies
Info Edge India Ltd
Tobacco and spirits
ITC Ltd
Transportation
The Ramco Cements Ltd
Total India
Singapore
Healthcare education and social services
Religare Health Trust
7,200,000
Total Singapore
Equity securities
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
SGD
275
COMGEST GROWTH plc
Comgest Growth Latin America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
Agriculture and fishing
BRF - Brasil Foods SA
97,200
BRL
1,206,244
1,206,244
1,252,977
1,252,977
3.41
3.41
Automobile industry
Localiza Rent a Car SA
202,750
BRL
2,023,538
2,023,538
1,170,927
1,170,927
3.19
3.19
Banks and financial institutions
Cielo SA
180,080
BRL
1,167,766
1,167,766
1,407,481
1,407,481
3.83
3.83
Chemicals
Ultrapar Participacoes SA
70,800
BRL
1,150,104
1,150,104
995,856
995,856
2.71
2.71
Construction, building material
Duratex SA
530,200
BRL
1,819,640
1,819,640
727,879
727,879
1.98
1.98
Food and distilleries
JBS SA
546,100
BRL
1,683,550
1,683,550
1,569,301
1,569,301
4.27
4.27
Holding and finance companies
BM&FBovespa SA
Smiles SA
315,000
105,800
BRL
BRL
1,168,654
1,378,165
2,546,819
798,189
856,707
1,654,896
2.17
2.33
4.50
Insurance
BB Seguridade Participacoes SA
Odontoprev SA
197,900
871,000
BRL
BRL
1,797,097
3,079,200
4,876,297
1,120,353
1,915,213
3,035,566
3.05
5.21
8.26
Internet software
TOTVS SA
145,400
BRL
1,825,706
1,825,706
1,049,816
1,049,816
2.86
2.86
Financial assets at fair value through profit or loss
Transferable securities dealt on regulated markets
Equity securities
Brazil
276
COMGEST GROWTH plc
Comgest Growth Latin America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
466,900
BRL
1,537,140
1,537,140
1,624,173
1,624,173
4.42
4.42
42,800
BRL
372,231
372,231
356,030
356,030
0.97
0.97
Other services
Kroton Educacional SA
415,360
BRL
1,448,270
1,448,270
921,053
921,053
2.51
2.51
Pharmaceuticals and cosmetics
Natura Cosmeticos SA
126,500
BRL
1,820,458
1,820,458
691,418
691,418
1.88
1.88
Public services
Tractebel Energia SA
130,000
BRL
1,539,664
1,539,664
1,013,038
1,013,038
2.76
2.76
69,100
BRL
1,077,730
1,077,730
610,983
610,983
1.66
1.66
Cia Brasileira de Distribuicao
Via Varejo SA
67,700
507,100
BRL
BRL
1,255,497
2,158,734
3,414,231
659,409
385,841
1,045,250
1.80
1.05
2.85
Alpargatas SA
518,100
BRL
1,533,461
1,533,461
858,343
858,343
2.34
2.34
512,950
BRL
2,560,494
2,560,494
1,497,911
1,497,911
4.08
4.08
33,603,343
21,482,898
58.48
1,872,164
1,872,164
1,415,964
1,415,964
3.85
3.85
Mechanics, machinery
WEG SA
News transmission
Telefonica Brasil SA
Real estate companies
Multiplan Empreendimentos Imobiliarios
SA
Retail
Textile
Transportation
CCR SA
Total Brazil
Chile
Petrol
Empresas COPEC SA
180,783
CLP
277
COMGEST GROWTH plc
Comgest Growth Latin America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Quantity/
Security
Acquisition
Fair Value
% net
Face value
Currency
cost EUR
EUR
assets
298,870
CLP
2,108,482
2,108,482
1,754,680
1,754,680
4.79
4.79
12,937,123
CLP
811,656
811,656
753,663
753,663
2.05
2.05
510,605
CLP
868,497
868,497
705,674
705,674
1.92
1.92
5,660,799
4,629,981
12.61
1,104,241
1,104,241
939,361
939,361
2.56
2.56
1,104,241
939,361
2.56
Retail
SACI Falabella
Holding and finance companies
Sociedad Matriz SAAM SA
Tobacco and spirits
Vina Concha y Toro SA
Total Chile
Columbia
Insurance
Grupo de Inversiones Suramericana SA
90,741
COP
Total Columbia
Mexico
Holding and finance companies
Bolsa Mexicana de Valores SAB de CV
1,100,100
MXN
1,540,118
1,540,118
1,342,169
1,342,169
3.65
3.65
Food and distilleries
Coca-Cola Femsa SAB de CV
165,100
MXN
1,263,007
1,263,007
1,085,023
1,085,023
2.95
2.95
Tobacco and spirits
Fomento Economico Mexicano SAB de
CV
224,300
MXN
1,365,892
1,365,892
1,922,162
1,922,162
5.23
5.23
1,140,530
MXN
1,591,009
1,591,009
1,401,220
1,401,220
3.81
3.81
886,700
MXN
1,507,619
1,507,619
1,038,803
1,038,803
2.83
2.83
Leisure
Hoteles City Express SAB de CV
Insurance
Qualitas Controladora SAB de CV
278
COMGEST GROWTH plc
Comgest Growth Latin America
SCHEDULE OF INVESTMENTS
As at 31 December 2015
(expressed in EUR)
Acquisition
Fair Value
% net
cost EUR
EUR
assets
7,267,645
6,789,377
18.47
47,636,028
33,841,617
92.12
900,550
900,550
1,098,606
1,098,606
2.99
2.99
900,550
1,098,606
2.99
900,550
1,098,606
2.99
Total transferable securities dealt on regulated markets
48,536,578
34,940,223
95.11
Financial assets at fair value through profit or loss
48,536,578
34,940,223
95.11
1,796,141
4.89
36,736,364
100.00
Quantity/
Security
Face value
Currency
Total Mexico
Equity securities
Brazil
Aerospace technology
Embraer SA
40,400
Total Brazil
Sponsored America Depository Receipts
Cash and other net assets
Total net assets attributable to holders of redeemable participating shares
USD
279
COMGEST GROWTH plc
Comgest Growth World
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
16/09/2015
10/11/2015
23/10/2015
27/07/2015
23/07/2015
22/07/2015
23/07/2015
30/11/2015
22/07/2015
23/07/2015
22/07/2015
22/07/2015
27/11/2015
22/07/2015
23/07/2015
10/02/2015
30/01/2015
22/07/2015
23/07/2015
26/02/2015
Security
Becton Dickinson and Co
Daikin Industries Ltd
Becton Dickinson and Co
Nidec Corp
China Life Insurance Co Ltd
Comcast Corp
China Mobile Ltd
Nidec Corp
Medtronic Plc
East Japan Railway Co
Bayer AG
Sanofi
Microsoft Corp
Oracle Corp
Daikin Industries Ltd
Kweichow Moutai Co Ltd
Amadeus IT Holding SA
L'Oreal SA
Keyence Corp
China Life Insurance Co Ltd
Quantity
6,375
9,400
4,600
6,500
127,000
7,312
35,000
5,800
5,700
4,300
2,695
3,540
6,949
9,104
5,100
11,534
8,403
1,777
600
76,000
Settlement (USD)
883,599
649,879
642,125
568,356
521,471
473,795
451,977
449,093
438,198
423,199
392,757
378,198
375,461
359,257
343,098
340,200
338,027
330,895
329,021
320,152
Sales
Date
25/05/2015
27/11/2015
10/12/2015
14/09/2015
14/01/2015
31/07/2015
11/03/2015
27/03/2015
02/10/2015
27/07/2015
15/06/2015
16/09/2015
13/10/2015
03/08/2015
05/08/2015
11/09/2015
05/10/2015
26/06/2015
07/08/2015
22/09/2015
Security
MediaTek Inc
Oracle Corp
Oracle Corp
FANUC Corp
Iliad SA
Daikin Industries Ltd
Baidu Inc
Microsoft Corp
Tyco International Plc
Daikin Industries Ltd
FANUC Corp
Cavium Inc
FANUC Corp
Sekisui Chemical Co Ltd
Tyco International Plc
Oracle Corp
Zodiac Aerospace
Daikin Industries Ltd
GAIL India Ltd
Oracle Corp
Quantity
67,000
16,265
15,601
3,400
1,868
6,300
1,900
9,187
9,400
4,700
1,400
4,108
1,700
25,000
7,100
6,821
9,926
3,400
45,300
6,467
Settlement (USD)
879,080
637,313
598,694
543,434
438,540
407,375
392,206
375,723
316,989
310,828
295,409
289,926
286,264
274,842
271,723
256,829
248,439
245,390
241,964
233,792
280
COMGEST GROWTH plc
Comgest Growth EAFE Plus
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
22/05/2015
16/03/2015
08/01/2015
24/07/2015
27/07/2015
20/01/2015
08/12/2015
25/05/2015
12/06/2015
10/11/2015
16/03/2015
01/09/2015
11/03/2015
16/01/2015
20/01/2015
20/01/2015
13/05/2015
22/09/2015
06/08/2015
06/01/2015
Security
ARM Holdings Plc
Obic Co Ltd
Bharat Heavy Electricals Ltd
Bharti Airtel Ltd
Nidec Corp
Zodiac Aerospace
Samsonite International SA
Don Quijote Holdings Co Ltd
ARM Holdings Plc
Daikin Industries Ltd
Kweichow Moutai Co Ltd
Keyence Corp
Zodiac Aerospace
Kweichow Moutai Co Ltd
L'Oreal SA
Linde AG
Don Quijote Holdings Co Ltd
Nestle SA
Bharti Airtel Ltd
China Mobile Ltd
Quantity
6,194
2,500
23,005
11,532
800
2,048
16,800
600
2,747
700
1,569
100
1,265
1,512
246
218
500
523
5,517
3,000
Settlement (USD)
109,116
98,403
95,017
78,235
69,951
67,928
49,919
48,622
48,558
48,395
48,130
46,993
46,715
45,605
41,674
40,918
39,222
38,977
36,463
34,494
Security
Baidu Inc
MediaTek Inc
Hoya Corp
Iliad SA
GAIL India Ltd
Amadeus IT Holding SA
FANUC Corp
Capita Group Plc
Gemalto NV
Hamamatsu Photonics KK
Keyence Corp
Daikin Industries Ltd
Zodiac Aerospace
Daikin Industries Ltd
Makita Corp
GAIL India Ltd
Taiwan Semiconductor Manufacturing Co Ltd
FANUC Corp
Sekisui Chemical Co Ltd
ARM Holdings Plc
Quantity
900
11,000
2,950
403
13,653
2,428
500
4,245
875
2,300
100
800
1,754
600
800
6,401
8,000
200
3,000
2,227
Settlement (USD)
185,782
144,327
118,677
95,650
95,039
93,007
79,917
70,071
67,543
56,432
54,466
52,907
43,901
38,798
34,996
34,190
33,986
33,678
32,981
32,673
Sales
Date
11/03/2015
25/05/2015
13/05/2015
09/01/2015
20/01/2015
09/06/2015
14/09/2015
20/01/2015
14/01/2015
01/09/2015
15/06/2015
27/07/2015
05/10/2015
31/07/2015
13/01/2015
07/08/2015
27/07/2015
13/10/2015
03/08/2015
05/08/2015
281
COMGEST GROWTH plc
Comgest Growth America
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
15/09/2015
01/07/2015
27/04/2015
16/09/2015
17/11/2015
23/09/2015
31/12/2015
31/12/2015
30/03/2015
15/10/2015
21/05/2015
31/12/2015
31/12/2015
15/09/2015
01/07/2015
31/12/2015
31/12/2015
24/08/2015
31/12/2015
03/09/2015
Security
Apple Inc
Costco Wholesale Corp
Oracle Corp
Eli Lilly & Co
Aramark
3M Co
Becton Dickinson and Co
Medtronic Plc
Equinix Inc
Intuit Inc
Nielsen Holdings NV
Microsoft Corp
Nielsen Holdings Plc
Akamai Technologies Inc
United Technologies Corp
Alphabet Inc
Verisk Analytics Inc
Ecolab Inc
Omnicom Group Inc
Flowserve Corp
Quantity
10,000
8,000
20,000
10,000
28,000
6,000
5,000
10,000
3,000
7,000
14,000
11,000
13,000
8,000
5,000
700
7,000
5,000
7,000
12,100
Settlement (USD)
1,162,783
1,090,083
877,320
841,674
837,285
827,764
774,455
773,049
703,009
643,410
642,000
614,270
608,126
602,555
552,937
549,402
541,345
535,025
530,633
526,367
Security
Wal-Mart Stores Inc
Zoetis Inc
Tyco International Plc
Costco Wholesale Corp
Visa Inc
MSC Industrial Direct Co Inc
Akamai Technologies Inc
Praxair Inc
Comcast Corp
BioMarin Pharmaceutical Inc
Tyco International Plc
Johnson & Johnson
Johnson & Johnson
Oracle Corp
Ecolab Inc
United Technologies Corp
Visa Inc
Tyco International Plc
BioMarin Pharmaceutical Inc
Costco Wholesale Corp
Quantity
25,000
24,000
26,000
5,000
9,000
9,000
13,000
6,000
11,000
5,000
15,000
6,000
6,000
15,000
5,000
6,000
2,200
15,000
4,000
3,000
Settlement (USD)
1,609,254
1,187,915
928,816
745,322
701,248
674,246
672,734
655,019
624,977
604,188
580,062
568,339
566,415
559,342
555,613
555,342
548,570
543,741
500,755
499,753
Sales
Date
16/09/2015
29/05/2015
19/11/2015
05/02/2015
31/12/2015
04/02/2015
11/12/2015
15/10/2015
15/09/2015
17/04/2015
01/07/2015
07/10/2015
08/10/2015
14/12/2015
23/02/2015
15/09/2015
28/01/2015
03/09/2015
18/03/2015
07/12/2015
282
COMGEST GROWTH plc
Comgest Growth Japan
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
13/05/2015
10/06/2015
13/05/2015
16/09/2015
10/06/2015
08/05/2015
19/03/2015
10/06/2015
10/06/2015
09/07/2015
10/06/2015
13/02/2015
10/06/2015
04/08/2015
22/01/2015
22/01/2015
10/06/2015
17/12/2015
10/06/2015
10/06/2015
Security
ABC-Mart Inc
Hoshizaki Electric Co Ltd
Sanden Holdings Corp
Asahi Intecc Co Ltd
ABC-Mart Inc
Pigeon Corp
MonotaRO Co Ltd
Fast Retailing Co Ltd
Sysmex Corp
Pigeon Corp
Sanden Holdings Corp
Don Quijote Holdings Co Ltd
Hamamatsu Photonics KK
Fast Retailing Co Ltd
Hoshizaki Electric Co Ltd
Olympus Corp
Hikari Tsushin Inc
Rakuten Inc
M3 Inc
Sekisui Chemical Co Ltd
Quantity
8,600
6,800
66,000
9,100
5,500
12,100
8,900
700
5,100
10,000
54,000
3,800
8,900
500
5,200
7,400
3,500
20,400
12,500
18,000
Settlement (JPY)
59,307,479
48,935,482
39,714,689
39,690,524
39,237,744
38,945,472
38,116,722
35,785,598
35,781,592
35,547,823
34,228,356
31,979,820
31,609,842
30,504,853
30,482,550
30,256,497
30,013,666
29,042,104
28,379,104
28,089,609
Security
Mitsui Fudosan Co Ltd
SoftBank Corp
Rinnai Corp
Shin-Etsu Chemical Co Ltd
KDDI Corp
Hoya Corp
Mitsui Fudosan Co Ltd
United Arrows Ltd
ORIX Corp
Fast Retailing Co Ltd
Sekisui Chemical Co Ltd
Sekisui Chemical Co Ltd
Sysmex Corp
J Front Retailing Co Ltd
Nomura Research Institute Ltd
FANUC Corp
Seven Bank Ltd
Sanden Holdings Corp
Obic Co Ltd
M3 Inc
Quantity
24,000
10,800
8,700
8,500
7,900
8,100
11,000
9,700
22,800
500
21,000
21,000
3,700
17,900
5,500
1,000
42,400
61,000
4,500
8,000
Settlement (JPY)
80,189,075
78,532,552
78,163,248
62,208,009
60,986,857
38,811,407
35,623,946
34,883,442
31,686,485
30,672,586
30,525,045
27,334,734
27,104,376
25,001,491
24,231,838
23,582,261
23,539,623
23,326,257
23,117,645
21,531,197
Sales
Date
23/10/2015
13/05/2015
16/09/2015
13/05/2015
13/02/2015
13/05/2015
22/10/2015
19/03/2015
22/01/2015
30/07/2015
19/11/2015
19/10/2015
25/08/2015
22/01/2015
01/04/2015
09/07/2015
09/07/2015
16/12/2015
25/08/2015
17/12/2015
283
COMGEST GROWTH plc
Comgest Growth Emerging Markets
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
03/06/2015
10/11/2015
11/11/2015
29/06/2015
05/06/2015
16/11/2015
01/07/2015
22/04/2015
10/11/2015
11/11/2015
06/01/2015
08/04/2015
06/02/2015
10/09/2015
20/11/2015
05/02/2015
13/11/2015
21/10/2015
20/07/2015
09/07/2015
Security
Cheung Kong Property Holdings Ltd
SAIC Motor Corp Ltd
SAIC Motor Corp Ltd
SAIC Motor Corp Ltd
CK Hutchison Holdings Ltd
Kweichow Moutai Co Ltd
Weifu High-Technology Group Co Ltd
Weifu High-Technology Group Co Ltd
Kweichow Moutai Co Ltd
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
SAIC Motor Corp Ltd
Kweichow Moutai Co Ltd
Power Grid Corp of India Ltd
Weifu High-Technology Group Co Ltd
China Life Insurance Co Ltd
Quantity
7,984,332
11,999,973
11,030,192
7,732,226
1,649,500
699,990
4,318,667
3,657,061
599,969
599,952
5,222,515
597,691
5,350,800
7,355,308
7,355,289
4,724,685
463,986
7,500,000
3,123,576
3,606,000
Settlement (USD)
52,843,159
38,985,507
35,416,197
26,293,435
24,551,503
23,605,543
21,690,073
21,617,816
21,058,930
20,820,873
20,765,764
19,869,698
18,920,964
18,052,526
18,003,832
16,834,525
15,807,069
15,768,209
14,372,751
13,474,753
Security
SAIC Motor Corp Ltd
SAIC Motor Corp Ltd
Ping An Insurance Group Co of China Ltd
MediaTek Inc
Kweichow Moutai Co Ltd
China Life Insurance Co Ltd
Kweichow Moutai Co Ltd
China Life Insurance Co Ltd
Kweichow Moutai Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Cheung Kong Property Holdings Ltd
Tata Motors Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Cheung Kong Property Holdings Ltd
Kweichow Moutai Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Cheung Kong Property Holdings Ltd
Ping An Insurance Group Co of China Ltd
Tata Motors Ltd
Heineken NV
Quantity
12,000,000
11,030,226
3,250,000
3,358,000
700,000
5,170,000
600,000
5,081,000
600,000
4,857,000
2,323,000
2,336,985
7,355,308
2,089,500
464,257
2,818,000
1,655,832
1,023,500
1,267,793
129,578
Settlement (USD)
38,570,400
34,997,804
33,631,358
23,881,156
23,348,642
20,983,564
20,787,250
20,622,338
20,581,717
19,756,336
19,475,237
18,222,366
17,806,500
16,411,599
15,613,542
12,097,950
10,960,293
10,956,319
10,547,956
10,103,520
Sales
Date
10/11/2015
11/11/2015
07/01/2015
25/08/2015
16/11/2015
28/01/2015
10/11/2015
28/01/2015
11/11/2015
06/10/2015
22/06/2015
07/01/2015
20/11/2015
10/08/2015
13/11/2015
23/10/2015
24/08/2015
12/02/2015
14/01/2015
03/06/2015
284
COMGEST GROWTH plc
Comgest Growth Emerging Markets Flex
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
30/11/2015
11/11/2015
03/06/2015
27/04/2015
28/10/2015
28/10/2015
25/11/2015
28/10/2015
27/10/2015
14/12/2015
29/06/2015
28/10/2015
08/06/2015
10/09/2015
28/10/2015
05/10/2015
28/10/2015
21/08/2015
28/10/2015
27/11/2015
Security
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
Cheung Kong Property Holdings Ltd
Weifu High-Technology Group Co Ltd
China Life Insurance Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
China Mobile Ltd
Infosys Ltd
MTN Group Ltd
SAIC Motor Corp Ltd
Ping An Insurance Group Co of China Ltd
CK Hutchison Holdings Ltd
Inner Mongolia Yili Industrial Group Co Ltd
CK Hutchison Holdings Ltd
CCR SA
MTN Group Ltd
AIA Group Ltd
Kweichow Moutai Co Ltd
China Life Insurance Co Ltd
Quantity
139,979
874,550
229,824
200,000
315,000
275,000
449,960
78,000
45,000
90,000
200,000
115,000
45,000
250,000
43,000
200,000
51,000
106,200
17,000
150,000
Settlement (EUR)
4,359,387
2,617,366
1,170,373
1,132,094
1,116,007
1,056,700
1,023,578
863,432
752,015
689,381
609,928
593,312
588,389
546,748
542,028
536,222
533,724
531,407
513,771
506,882
Security
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
China Life Insurance Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Ping An Insurance Group Co of China Ltd
China Life Insurance Co Ltd
Cheung Kong Property Holdings Ltd
NetEase Inc
MediaTek Inc
Heineken NV
SABMiller Plc
NetEase Inc
MediaTek Inc
Tata Motors Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Tata Motors Ltd
Cheung Kong Property Holdings Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Tenaris SA
Tenaris SA
Quantity
131,639
666,321
250,000
312,000
70,000
150,000
74,500
3,500
75,000
8,000
11,250
3,000
45,000
13,000
125,000
12,000
65,000
115,000
15,000
15,000
Settlement (EUR)
4,048,132
1,970,611
869,300
701,623
640,125
607,037
548,048
544,857
537,456
513,421
495,124
490,282
488,625
486,388
475,693
453,601
448,535
447,502
437,478
430,249
Sales
Date
30/11/2015
11/11/2015
29/01/2015
25/11/2015
09/01/2015
24/06/2015
22/06/2015
11/12/2015
08/10/2015
10/02/2015
20/01/2015
22/12/2015
08/05/2015
13/01/2015
14/12/2015
08/01/2015
13/08/2015
23/10/2015
17/04/2015
21/04/2015
285
COMGEST GROWTH plc
Comgest Growth GEM Promising Companies
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
16/11/2015
10/11/2015
17/02/2015
25/02/2015
17/04/2015
13/11/2015
26/11/2015
30/06/2015
17/04/2015
06/02/2015
26/06/2015
25/02/2015
27/04/2015
07/12/2015
27/11/2015
27/11/2015
24/02/2015
26/06/2015
25/06/2015
09/07/2015
Security
Inner Mongolia Yili Industrial Group Co Ltd
Zhengzhou Yutong Bus Co Ltd
Weifu High-Technology Group Co Ltd
Zhengzhou Yutong Bus Co Ltd
Novatek Microelectronics Corp
Vipshop Holdings Ltd
Shriram Transport Finance Co Ltd
Bharti Airtel Ltd
Weifu High-Technology Group Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Shriram Transport Finance Co Ltd
Luxoft Holding Inc
Weifu High-Technology Group Co Ltd
NCSoft Corp
NCSoft Corp
Vietnam Dairy Products JSC
Luxoft Holding Inc
Zhengzhou Yutong Bus Co Ltd
Shriram Transport Finance Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Quantity
2,999,957
1,868,259
1,350,000
1,449,925
992,000
281,100
274,284
555,091
600,000
785,294
240,000
65,000
502,718
16,386
15,000
500,000
60,000
911,194
200,000
982,229
Settlement (EUR)
6,833,673
6,162,507
5,718,462
5,651,356
4,610,422
3,547,441
3,301,320
3,295,696
3,131,852
3,008,269
3,004,465
2,964,331
2,845,619
2,840,747
2,739,045
2,734,052
2,647,018
2,541,823
2,460,520
2,396,904
Security
Inner Mongolia Yili Industrial Group Co Ltd
Zhengzhou Yutong Bus Co Ltd
Weifu High-Technology Group Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
WuXi PharmaTech Cayman Inc
Zhengzhou Yutong Bus Co Ltd
Bharti Airtel Ltd
Kolao Holdings
Dufry AG
Bharti Infratel Ltd
Max India Ltd
Chow Tai Fook Jewellery Group Ltd
Kolao Holdings
Petronet LNG Ltd
Medy-Tox Inc
Bharti Infratel Ltd
BIM Birlesik Magazalar AS
Discovery Ltd
WuXi PharmaTech Cayman Inc
Medy-Tox Inc
Quantity
3,000,000
1,868,327
1,350,000
1,885,719
102,300
1,514,169
555,091
170,026
22,345
457,594
434,224
2,714,400
123,000
672,760
7,507
407,671
121,421
200,752
50,000
4,170
Settlement (EUR)
6,767,286
6,088,508
4,627,060
4,266,885
3,948,467
3,856,175
3,408,136
3,074,693
3,030,641
2,886,672
2,630,253
2,535,070
2,214,466
2,188,736
2,179,748
2,053,017
2,014,956
1,983,361
1,833,987
1,812,695
Sales
Date
16/11/2015
10/11/2015
18/12/2015
26/11/2015
20/08/2015
29/09/2015
02/07/2015
26/06/2015
27/04/2015
30/06/2015
27/04/2015
26/03/2015
23/06/2015
26/11/2015
16/02/2015
11/09/2015
14/05/2015
25/11/2015
10/04/2015
29/06/2015
286
COMGEST GROWTH plc
Comgest Growth Europe
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
21/12/2015
18/12/2015
18/12/2015
27/01/2015
27/03/2015
30/10/2015
01/04/2015
27/01/2015
21/01/2015
16/06/2015
27/01/2015
22/07/2015
21/07/2015
16/06/2015
29/10/2015
03/11/2015
02/11/2015
18/12/2015
16/06/2015
22/06/2015
Security
Roche Holding AG
Amadeus IT Holding SA
SAP SE
Bayer AG
Novo Nordisk A/S
SAP SE
Novo Nordisk A/S
Amadeus IT Holding SA
ARM Holdings Plc
Industria de Diseno Textil SA
Hennes & Mauritz AB
ARM Holdings Plc
ARM Holdings Plc
L'Oreal SA
Industria de Diseno Textil SA
SAP SE
SAP SE
Gemalto NV
Essilor International SA
Coloplast A/S
Quantity
82,793
334,449
161,200
80,332
207,628
131,553
147,371
210,701
529,277
224,035
169,414
427,629
377,324
31,299
149,166
67,125
67,093
89,026
41,591
73,345
Settlement (EUR)
20,722,267
13,253,797
11,676,423
10,459,340
10,362,274
9,380,839
7,443,554
7,350,040
7,267,617
6,518,298
6,216,452
6,200,632
5,598,339
5,162,770
5,098,090
4,886,326
4,852,725
4,704,503
4,423,203
4,414,099
Quantity
180,904
136,299
1,736,031
267,647
81,746
56,551
74,613
224,747
95,423
65,900
63,551
168,186
222,963
37,700
39,910
34,767
27,755
307,162
131,103
26,353
Settlement (EUR)
16,095,171
16,027,583
10,821,141
10,763,639
10,626,801
9,497,610
7,924,556
7,741,415
7,420,558
7,389,537
7,197,288
6,753,500
6,753,340
6,338,351
5,893,285
5,146,831
4,761,844
4,684,596
4,559,212
4,522,597
Sales
Date
29/10/2015
18/12/2015
13/05/2015
27/01/2015
21/12/2015
19/11/2015
22/04/2015
23/11/2015
21/12/2015
16/04/2015
23/04/2015
28/01/2015
29/01/2015
18/11/2015
06/10/2015
05/10/2015
01/04/2015
02/04/2015
20/11/2015
31/03/2015
Security
Sanofi
Bayer AG
Elekta AB
Novo Nordisk A/S
Linde AG
L'Oreal SA
Core Laboratories NV
Hennes & Mauritz AB
Heineken NV
Core Laboratories NV
Essilor International SA
Novo Nordisk A/S
Intertek Group Plc
L'Oreal SA
Linde AG
Linde AG
L'Oreal SA
Experian Plc
Hennes & Mauritz AB
L'Oreal SA
287
COMGEST GROWTH plc
Comgest Growth Europe S
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
11/02/2015
29/10/2015
21/12/2015
18/12/2015
30/10/2015
08/12/2015
30/03/2015
22/04/2015
11/06/2015
13/01/2015
13/01/2015
26/06/2015
18/12/2015
02/10/2015
22/04/2015
13/05/2015
13/05/2015
27/01/2015
02/10/2015
22/04/2015
Security
Sanofi
Assa Abloy AB
Roche Holding AG
SAP SE
SAP SE
Assa Abloy AB
Novo Nordisk A/S
Nestle SA
Coloplast A/S
Nestle SA
ARM Holdings Plc
Edenred
Amadeus IT Holding SA
Industria de Diseno Textil SA
Roche Holding AG
SGS SA
Iliad SA
Amadeus IT Holding SA
Essilor International SA
Novo Nordisk A/S
Quantity
2,559
5,287
203
688
646
2,191
819
535
564
599
2,844
1,552
882
1,151
127
19
153
942
298
603
Settlement (EUR)
216,919
96,216
50,809
49,835
46,065
43,398
40,945
38,372
37,877
37,092
36,230
35,644
34,953
34,784
34,290
33,569
33,418
32,860
32,207
31,586
Sales
Date
29/07/2015
18/12/2015
13/01/2015
13/01/2015
29/10/2015
13/05/2015
01/04/2015
26/06/2015
08/12/2015
11/02/2015
13/01/2015
11/12/2015
23/04/2015
26/06/2015
18/12/2015
23/11/2015
18/12/2015
22/04/2015
19/11/2015
11/02/2015
Security
Air Liquide SA
Bayer AG
Novo Nordisk A/S
Essilor International SA
Sanofi
Elekta AB
L'Oreal SA
Luxottica Group SpA
Iliad SA
Industria de Diseno Textil SA
SGS SA
Zodiac Aerospace
Essilor International SA
Dassault Systèmes
Dassault Systèmes
Hennes & Mauritz AB
Air Liquide SA
Industria de Diseno Textil SA
L'Oreal SA
Virbac SA
Quantity
816
651
1,987
674
673
9,529
328
886
250
1,865
28
1,990
407
671
623
1,281
420
1,477
247
168
Settlement (EUR)
94,292
76,552
74,478
63,681
59,877
59,397
56,274
55,287
53,719
48,349
47,115
47,063
46,094
45,936
45,586
44,124
44,100
43,027
41,483
38,583
288
COMGEST GROWTH plc
Comgest Growth Greater Europe Opportunities
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
09/07/2015
10/07/2015
10/12/2015
17/07/2015
02/12/2015
23/06/2015
19/10/2015
09/09/2015
10/12/2015
27/03/2015
13/04/2015
16/09/2015
20/03/2015
23/06/2015
16/03/2015
13/01/2015
24/09/2015
22/09/2015
02/04/2015
30/01/2015
Security
Coloplast A/S
ASML Holding NV
Gemalto NV
Actelion Ltd
Sophos Group Plc
Hikma Pharmaceuticals Plc
Telit Communications Plc
Gemalto NV
Ryanair Holdings Plc
ARM Holdings Plc
Sonova Holding AG
Genmab A/S
Ryanair Holdings Plc
Lenta Ltd
Fresenius SE & Co KGaA
Temenos Group AG
Schibsted ASA
Ingenico Group SA
Ryanair Holdings Plc
Sonova Holding AG
Quantity
39,066
24,365
33,465
12,923
423,038
50,764
337,106
20,990
84,250
83,341
8,998
13,542
106,666
151,302
20,231
45,028
38,989
10,239
100,936
9,488
Settlement (EUR)
2,320,951
2,271,796
1,846,798
1,814,962
1,559,932
1,398,256
1,364,633
1,280,614
1,241,614
1,240,947
1,194,667
1,166,922
1,156,087
1,151,693
1,142,868
1,135,831
1,134,838
1,117,628
1,115,659
1,112,971
Security
Gemalto NV
Rightmove Plc
Dufry AG
Coloplast A/S
Wirecard AG
Syngenta AG
Core Laboratories NV
Opera Software ASA
Gerresheimer AG
Ingenico Group SA
Elekta AB
BIM Birlesik Magazalar AS
Svenska Cellulosa AB SCA
Optimal Payments Plc
Iliad SA
Wirecard AG
Hikma Pharmaceuticals Plc
Core Laboratories NV
Opera Software ASA
ElringKlinger AG
Quantity
27,366
39,551
12,308
18,821
29,959
4,276
15,300
145,908
23,430
12,460
183,891
65,615
51,777
153,175
6,033
29,228
34,519
12,500
128,188
34,855
Settlement (EUR)
1,813,699
1,621,382
1,490,148
1,354,021
1,285,177
1,272,286
1,209,400
1,192,008
1,161,087
1,148,333
1,146,241
1,143,865
1,137,818
1,081,648
1,066,422
1,041,437
1,007,937
1,006,885
1,006,647
992,058
Sales
Date
13/01/2015
10/03/2015
10/03/2015
10/12/2015
07/10/2015
21/10/2015
29/01/2015
20/05/2015
17/02/2015
30/01/2015
13/05/2015
20/05/2015
27/02/2015
02/04/2015
19/10/2015
06/01/2015
23/03/2015
30/01/2015
28/05/2015
20/04/2015
289
COMGEST GROWTH plc
Comgest Growth Mid-Caps Europe
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
21/12/2015
16/07/2015
13/11/2015
06/07/2015
04/12/2015
05/10/2015
05/10/2015
20/10/2015
09/12/2015
18/03/2015
05/10/2015
05/10/2015
27/01/2015
07/01/2015
13/02/2015
05/10/2015
05/10/2015
13/11/2015
14/01/2015
05/10/2015
Security
Ingenico Group SA
Salvatore Ferragamo SpA
Just Eat Plc
Criteo SA
Halma Plc
Wirecard AG
Chr Hansen Holding A/S
Halma Plc
Gemalto NV
SimCorp A/S
SimCorp A/S
Essentra Plc
Temenos Group AG
Zodiac Aerospace
B&M European Value Retail SA
Eurofins Scientific SE
Temenos Group AG
Ambu A/S
Temenos Group AG
Rightmove Plc
Quantity
23,712
69,186
277,715
29,600
97,532
26,029
20,527
100,022
15,551
25,000
16,115
61,565
25,320
23,672
162,516
2,316
16,421
23,900
22,931
12,081
Settlement (EUR)
2,723,682
1,867,304
1,687,665
1,349,480
1,160,080
1,158,043
1,039,365
1,009,996
875,767
785,598
739,026
700,247
678,804
672,345
668,543
663,925
627,431
621,901
620,491
615,366
Security
AVEVA Group Plc
Chocoladefabriken Lindt & Spruengli AG
Coloplast A/S
Chr Hansen Holding A/S
Wirecard AG
Zodiac Aerospace
Gerresheimer AG
Virbac SA
Luxottica Group SpA
Eurofins Scientific SE
Rightmove Plc
Chr Hansen Holding A/S
Chocoladefabriken Lindt & Spruengli AG
Essentra Plc
Dufry AG
Virbac SA
Edenred
Gerresheimer AG
Dufry AG
Chr Hansen Holding A/S
Quantity
47,800
272
21,116
21,028
26,766
45,601
15,000
4,600
14,959
3,349
17,931
15,151
149
56,930
6,130
3,105
43,869
10,921
4,860
13,642
Settlement (EUR)
1,535,286
1,524,754
1,437,903
1,203,818
1,148,204
1,005,463
955,864
928,495
882,866
878,606
871,165
857,340
822,172
794,731
753,837
715,292
712,871
693,058
678,233
654,552
Sales
Date
21/07/2015
13/11/2015
09/02/2015
09/12/2015
07/10/2015
21/12/2015
11/09/2015
25/06/2015
06/07/2015
23/06/2015
16/07/2015
06/11/2015
22/12/2015
21/04/2015
28/07/2015
17/04/2015
11/09/2015
14/09/2015
30/03/2015
22/09/2015
290
COMGEST GROWTH plc
Comgest Growth Europe ex Switzerland
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
23/06/2015
16/07/2015
19/10/2015
29/12/2015
18/02/2015
27/01/2015
10/03/2015
27/01/2015
30/10/2015
08/01/2015
03/06/2015
27/01/2015
29/12/2015
27/01/2015
03/02/2015
09/01/2015
13/04/2015
05/06/2015
19/10/2015
29/10/2015
Security
Hikma Pharmaceuticals Plc
Criteo SA
ASOS Plc
Gemalto NV
Dassault Systèmes
Hennes & Mauritz AB
Eurofins Scientific SE
Bayer AG
SAP SE
ARM Holdings Plc
LVMH Moët Hennessy Louis Vuitton SA
Amadeus IT Holding SA
Novo Nordisk A/S
Luxottica Group SpA
Industria de Diseno Textil SA
L'Occitane International SA
Hennes & Mauritz AB
L'Occitane International SA
Chr Hansen Holding A/S
L'Occitane International SA
Quantity
41,501
19,500
21,261
14,672
13,667
22,618
2,878
5,628
8,554
35,427
2,937
14,181
8,767
9,430
17,708
191,750
12,454
176,500
8,533
226,250
Settlement (CHF)
1,194,757
1,003,325
921,976
886,527
860,346
854,065
775,632
754,072
664,204
540,024
513,571
509,065
508,424
507,357
493,821
491,565
489,189
487,027
457,720
457,607
Security
Bayer AG
Rightmove Plc
Luxottica Group SpA
Sanofi
Jeronimo Martins SGPS SA
Sodexo SA
Intertek Group Plc
Linde AG
Gemalto NV
Novo Nordisk A/S
CTS Eventim AG & Co KGaA
Elekta AB
Luxottica Group SpA
Capita Group Plc
Industria de Diseno Textil SA
Industria de Diseno Textil SA
LVMH Moët Hennessy Louis Vuitton SA
Hikma Pharmaceuticals Plc
Rightmove Plc
Essilor International SA
Quantity
9,678
26,124
16,317
9,318
64,233
8,858
22,372
3,751
6,963
13,841
16,246
85,523
8,230
35,603
16,459
17,054
2,768
15,813
9,600
4,158
Settlement (CHF)
1,229,832
1,143,610
987,506
901,252
743,638
729,612
705,753
678,898
604,915
572,806
572,583
555,290
553,027
534,113
525,001
512,584
492,763
487,836
485,665
458,287
Sales
Date
29/12/2015
19/03/2015
13/05/2015
29/10/2015
10/03/2015
05/10/2015
29/01/2015
08/01/2015
16/07/2015
27/01/2015
16/07/2015
13/05/2015
16/07/2015
27/01/2015
13/04/2015
25/02/2015
13/04/2015
23/03/2015
16/07/2015
25/02/2015
291
COMGEST GROWTH plc
Comgest Growth Europe ex UK
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
04/11/2015
02/10/2015
02/12/2015
11/12/2015
23/06/2015
10/12/2015
02/12/2015
10/04/2015
23/06/2015
14/09/2015
23/06/2015
30/12/2015
23/06/2015
23/06/2015
28/10/2015
23/06/2015
10/04/2015
30/12/2015
04/11/2015
30/12/2015
Security
SAP SE
Assa Abloy AB
Amadeus IT Holding SA
Industria de Diseno Textil SA
Coloplast A/S
Gemalto NV
Assa Abloy AB
Iliad SA
Industria de Diseno Textil SA
Dassault Systèmes
L'Oreal SA
SAP SE
Novo Nordisk A/S
Essilor International SA
Ryanair Holdings Plc
Bayer AG
Hermes International
Geberit AG
Ryanair Holdings Plc
Roche Holding AG
Quantity
1,719
6,390
2,596
3,002
1,450
1,536
3,843
343
2,330
1,101
415
866
1,283
580
4,564
472
178
190
4,187
230
Settlement (GBP)
89,479
77,450
71,599
70,197
62,753
61,139
55,126
54,106
51,575
50,378
50,311
47,086
46,381
46,361
45,709
45,254
44,814
44,314
44,190
43,693
Security
BIM Birlesik Magazalar AS
L'Oreal SA
Sodexo SA
Cie Financiere Richemont SA
Zodiac Aerospace
Bayer AG
Iliad SA
Chr Hansen Holding A/S
Industria de Diseno Textil SA
Linde AG
Iliad SA
Chocoladefabriken Lindt & Spruengli AG
Luxottica Group SpA
Zodiac Aerospace
Dassault Systèmes
SAP SE
Hennes & Mauritz AB
Essilor International SA
Sartorius Stedim Biotech
Core Laboratories NV
Quantity
6,350
515
771
995
2,507
478
295
891
1,473
354
204
7
545
1,156
391
345
452
114
54
116
Settlement (GBP)
76,265
60,613
51,773
50,031
43,345
41,203
40,620
35,919
34,310
34,282
32,880
27,977
24,142
19,275
18,701
14,424
10,925
9,204
8,945
7,907
Sales
Date
02/10/2015
04/11/2015
30/12/2015
02/12/2015
11/12/2015
30/12/2015
04/11/2015
06/11/2015
06/11/2015
10/12/2015
30/12/2015
06/11/2015
26/06/2015
30/12/2015
17/06/2015
22/01/2015
23/11/2015
24/04/2015
16/06/2015
13/01/2015
292
COMGEST GROWTH plc
Comgest Growth Asia
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
04/06/2015
09/06/2015
04/06/2015
04/06/2015
04/06/2015
04/06/2015
04/06/2015
04/06/2015
09/06/2015
04/06/2015
04/06/2015
04/06/2015
04/06/2015
30/11/2015
01/07/2015
04/06/2015
04/06/2015
10/06/2015
04/06/2015
04/06/2015
Security
iShares MSCI Taiwan UCITS ETF
Taiwan Semiconductor Manufacturing Co Ltd
China Mobile Ltd
China Life Insurance Co Ltd
Comgest Growth India EUR I Acc Class
FANUC Corp
Keyence Corp
Fast Retailing Co Ltd
Samsung Life Insurance Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Hamamatsu Photonics KK
OSG Corp
Sysmex Corp
Inner Mongolia Yili Industrial Group Co Ltd
Weifu High-Technology Group Co Ltd
M3 Inc
NetEase Inc
Bharat Heavy Electricals Ltd
Shimano Inc
Daifuku Co Ltd
Quantity
180,026
1,301,000
328,500
845,000
92,500
16,200
6,000
8,000
32,646
842,242
88,400
118,200
43,100
1,029,690
473,417
121,500
16,000
584,224
16,400
141,700
Settlement (USD)
7,188,157
5,828,150
4,355,586
3,961,679
3,692,204
3,586,463
3,263,554
3,261,304
3,056,694
2,713,514
2,706,002
2,480,513
2,465,518
2,386,020
2,377,690
2,306,699
2,306,240
2,292,718
2,274,236
2,240,505
Security
iShares MSCI Taiwan UCITS ETF
Comgest Growth India EUR I Acc Class
Inner Mongolia Yili Industrial Group Co Ltd
Weifu High-Technology Group Co Ltd
Hoya Corp
NetEase Inc
Samsung Life Insurance Co Ltd
Mitsui Fudosan Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
FANUC Corp
Taiwan Semiconductor Manufacturing Co Ltd
FANUC Corp
FANUC Corp
China Mobile Ltd
Cheung Kong Property Holdings Ltd
Cheung Kong Property Holdings Ltd
China Life Insurance Co Ltd
Mitsui Fudosan Co Ltd
Unicharm Corp
Quantity
180,026
92,500
1,029,348
473,417
34,500
6,416
11,952
38,000
314,700
205,000
4,100
180,000
3,600
4,400
52,500
74,796
75,000
167,000
19,000
21,800
Settlement (USD)
6,845,431
3,578,000
2,477,023
1,841,166
1,173,041
1,149,893
1,067,033
1,022,050
877,476
820,259
796,927
771,740
762,875
714,261
684,349
654,210
632,486
558,577
520,386
492,356
Sales
Date
09/06/2015
09/06/2015
23/11/2015
23/12/2015
18/09/2015
22/12/2015
14/10/2015
22/10/2015
23/12/2015
18/09/2015
09/07/2015
28/07/2015
12/06/2015
14/10/2015
12/06/2015
12/06/2015
10/06/2015
01/09/2015
01/09/2015
22/06/2015
293
COMGEST GROWTH plc
Comgest Growth Asia Pac ex Japan
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
28/04/2015
13/11/2015
07/01/2015
02/02/2015
16/11/2015
14/12/2015
03/06/2015
02/11/2015
30/11/2015
08/12/2015
28/01/2015
29/05/2015
09/07/2015
14/12/2015
13/02/2015
17/11/2015
13/04/2015
26/08/2015
23/10/2015
13/08/2015
Security
Kweichow Moutai Co Ltd
Kweichow Moutai Co Ltd
Ping An Insurance Group Co of China Ltd
Kweichow Moutai Co Ltd
Zhengzhou Yutong Bus Co Ltd
SAIC Motor Corp Ltd
Cheung Kong Property Holdings Ltd
Largan Precision Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
PICC Property & Casualty Co Ltd
Zhengzhou Yutong Bus Co Ltd
Bharti Airtel Ltd
China Life Insurance Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Weifu High-Technology Group Co Ltd
Vipshop Holdings Ltd
Novatek Microelectronics Corp
Inner Mongolia Yili Industrial Group Co Ltd
NCSoft Corp
AIA Group Ltd
Quantity
238,100
251,592
771,000
212,300
1,535,609
1,196,084
503,424
45,000
1,497,686
1,644,000
703,800
431,528
764,000
1,200,338
569,687
196,500
523,000
1,128,254
14,177
357,600
Settlement (USD)
9,510,419
8,571,233
8,034,126
5,928,894
5,286,672
3,820,481
3,753,184
3,639,513
3,470,470
3,435,710
3,055,196
2,863,610
2,854,884
2,747,986
2,715,128
2,656,139
2,612,910
2,469,748
2,372,633
2,212,314
Security
Kweichow Moutai Co Ltd
Kweichow Moutai Co Ltd
Ping An Insurance Group Co of China Ltd
Kweichow Moutai Co Ltd
Zhengzhou Yutong Bus Co Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Cheung Kong Property Holdings Ltd
Ping An Insurance Group Co of China Ltd
SAIC Motor Corp Ltd
Inner Mongolia Yili Industrial Group Co Ltd
MediaTek Inc
WuXi PharmaTech Cayman Inc
Taiwan Semiconductor Manufacturing Co Ltd
Comgest Growth India US Dollar Class
NetEase Inc
Novatek Microelectronics Corp
Tata Motors Ltd
NetEase Inc
MediaTek Inc
Bharti Infratel Ltd
Quantity
238,100
251,588
599,921
212,300
1,535,650
1,893,300
503,424
319,994
1,175,998
1,200,347
357,000
56,800
518,000
51,708
11,109
403,000
179,630
11,681
120,000
228,580
Settlement (USD)
9,510,419
8,436,242
7,065,260
5,928,894
5,235,338
4,457,018
4,261,995
3,765,433
3,679,580
2,699,340
2,528,007
2,455,054
2,198,312
2,157,775
1,987,555
1,797,421
1,755,215
1,737,610
1,645,160
1,609,749
Sales
Date
28/04/2015
13/11/2015
07/01/2015
02/02/2015
16/11/2015
30/11/2015
19/06/2015
07/01/2015
14/12/2015
14/12/2015
26/08/2015
20/08/2015
19/10/2015
16/04/2015
18/12/2015
09/07/2015
27/01/2015
11/06/2015
16/03/2015
09/07/2015
294
COMGEST GROWTH plc
Comgest Growth Greater China
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
30/12/2015
28/04/2015
10/11/2015
03/06/2015
18/12/2015
28/04/2015
13/11/2015
13/11/2015
02/02/2015
30/11/2015
14/12/2015
08/12/2015
20/10/2015
02/11/2015
17/02/2015
11/06/2015
02/02/2015
09/07/2015
15/01/2015
19/11/2015
Security
Zhengzhou Yutong Bus Co Ltd
Gree Electric Appliances Inc of Zhuhai
Inner Mongolia Yili Industrial Group Co Ltd
Cheung Kong Property Holdings Ltd
Kweichow Moutai Co Ltd
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
Kweichow Moutai Co Ltd
Gree Electric Appliances Inc of Zhuhai
SAIC Motor Corp Ltd
Inner Mongolia Yili Industrial Group Co Ltd
PICC Property & Casualty Co Ltd
CSL Ltd
Largan Precision Co Ltd
Baidu Inc
Taiwan Semiconductor Manufacturing Co Ltd
Kweichow Moutai Co Ltd
China Life Insurance Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Vipshop Holdings Ltd
Quantity
1,389,076
460,000
1,385,979
495,216
90,026
74,800
917,840
82,297
460,000
856,102
1,128,341
1,190,000
691,000
28,000
10,400
451,000
74,800
437,000
390,000
98,800
Settlement (EUR)
4,438,742
3,806,094
3,276,705
2,867,596
2,791,784
2,720,697
2,695,357
2,612,583
2,560,120
2,411,080
2,342,472
2,287,663
2,127,049
2,052,277
1,926,586
1,845,250
1,841,528
1,478,397
1,404,407
1,354,429
Security
Zhengzhou Yutong Bus Co Ltd
Gree Electric Appliances Inc of Zhuhai
Inner Mongolia Yili Industrial Group Co Ltd
Kweichow Moutai Co Ltd
Kweichow Moutai Co Ltd
SAIC Motor Corp Ltd
WuXi PharmaTech Cayman Inc
Kweichow Moutai Co Ltd
Gree Electric Appliances Inc of Zhuhai
SAIC Motor Corp Ltd
Inner Mongolia Yili Industrial Group Co Ltd
Golden Eagle Retail Group Ltd
TravelSky Technology Ltd
Hengan International Group Co Ltd
Cheung Kong Property Holdings Ltd
Kweichow Moutai Co Ltd
Gree Electric Appliances Inc of Zhuhai
Tingyi Cayman Islands Holding Corp
Cheung Kong Property Holdings Ltd
Baidu Inc
Quantity
1,389,102
460,000
1,393,729
90,128
74,800
917,672
67,600
82,280
460,000
856,200
1,128,397
1,492,000
1,129,000
170,000
283,716
74,800
522,387
732,000
211,500
7,600
Settlement (EUR)
4,328,001
3,806,094
3,248,528
2,760,870
2,720,697
2,666,777
2,609,153
2,570,946
2,560,120
2,380,968
2,301,101
1,988,149
1,931,658
1,917,075
1,887,193
1,841,528
1,705,754
1,591,376
1,542,203
1,477,462
Sales
Date
30/12/2015
28/04/2015
10/11/2015
18/12/2015
28/04/2015
13/11/2015
20/08/2015
13/11/2015
02/02/2015
30/11/2015
14/12/2015
08/04/2015
04/05/2015
04/05/2015
05/10/2015
02/02/2015
22/12/2015
09/02/2015
13/07/2015
23/11/2015
295
COMGEST GROWTH plc
Comgest Growth India
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
30/01/2015
24/03/2015
10/03/2015
24/03/2015
10/03/2015
06/07/2015
08/09/2015
29/05/2015
11/03/2015
12/06/2015
12/06/2015
29/05/2015
25/03/2015
12/06/2015
10/03/2015
26/03/2015
11/03/2015
24/03/2015
24/03/2015
25/03/2015
Security
Bharti Airtel Ltd
Rural Electrification Corp Ltd
Rural Electrification Corp Ltd
NTPC Ltd
Infosys Technologies Ltd
Bharti Airtel Ltd
Larsen & Toubro Ltd
Religare Health Trust
Power Grid Corp of India Ltd
Shriram Transport Finance Co Ltd
ITC Ltd
Religare Health Trust
Bharti Airtel Ltd
Rural Electrification Corp Ltd
Power Grid Corp of India Ltd
Bharti Airtel Ltd
Power Grid Corp of India Ltd
Bharti Airtel Ltd
Bharti Airtel Ltd
Bharti Airtel Ltd
Purchases
Date
10/03/2015
01/04/2015
24/03/2015
01/06/2015
13/05/2015
05/02/2015
26/10/2015
04/12/2015
19/08/2015
16/06/2015
30/12/2015
25/08/2015
26/08/2015
25/06/2015
10/03/2015
06/02/2015
05/02/2015
26/06/2015
07/04/2015
31/08/2015
Security
Bosch Ltd
Gujarat Pipavav Port Ltd
Bosch Ltd
The Ramco Cements Ltd
Power Grid Corp of India Ltd
FAG Bearings India Ltd
Maruti Suzuki India Ltd
Maruti Suzuki India Ltd
FAG Bearings India Ltd
Bharti Infratel Ltd
Maruti Suzuki India Ltd
Gujarat Pipavav Port Ltd
Gujarat Pipavav Port Ltd
Bharti Infratel Ltd
Cipla Ltd
Cadila Healthcare Ltd
Cadila Healthcare Ltd
Motherson Sumi Systems Ltd
Gujarat Pipavav Port Ltd
Bharti Infratel Ltd
Quantity
800,000
402,000
386,274
871,000
60,372
300,000
76,000
1,600,000
449,541
81,000
192,000
1,000,000
121,514
166,000
270,233
76,469
159,767
40,504
40,504
40,504
Settlement (USD)
4,823,590
2,174,972
2,151,160
2,128,790
2,127,106
2,053,879
1,792,743
1,249,071
1,108,893
1,023,359
897,016
780,670
772,851
709,747
668,780
489,023
394,059
257,601
257,601
257,252
Quantity
5,905
597,700
5,561
75,000
900,000
33,000
26,600
25,000
21,000
194,000
20,000
500,000
446,888
163,062
98,373
47,000
45,000
130,000
257,300
164,336
Settlement (USD)
2,481,959
2,435,506
2,368,733
2,112,909
2,054,262
2,024,995
1,788,599
1,715,598
1,507,310
1,394,701
1,378,291
1,370,268
1,265,120
1,191,187
1,151,541
1,118,239
1,072,962
1,048,426
1,020,653
997,433
296
COMGEST GROWTH plc
Comgest Growth Latin America
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2015
Purchases
Date
17/03/2015
16/06/2015
13/03/2015
02/02/2015
22/05/2015
24/09/2015
10/02/2015
11/05/2015
10/02/2015
10/02/2015
10/02/2015
14/12/2015
10/04/2015
22/05/2015
03/02/2015
10/02/2015
03/02/2015
03/02/2015
10/02/2015
09/02/2015
Security
Coca-Cola Femsa SAB de CV
Cia Brasileira de Distribuicao
Coca-Cola Femsa SAB de CV
BB Seguridade Participacoes SA
BB Seguridade Participacoes SA
JBS SA
SACI Falabella
Grupo de Inversiones Suramericana SA
Natura Cosmeticos SA
Kroton Educacional SA
BB Seguridade Participacoes SA
Telefonica Brasil SA
TOTVS SA
CCR SA
Odontoprev SA
CCR SA
BM&FBovespa SA
SACI Falabella
Marcopolo SA
Grupo de Inversiones Suramericana SA
Quantity
76,500
23,000
62,700
49,100
46,700
122,700
67,931
30,463
43,900
121,100
39,700
42,800
32,600
80,000
103,300
65,300
104,500
53,178
409,600
22,949
Settlement (EUR)
585,208
541,616
486,181
483,545
472,844
434,882
418,439
414,439
413,302
399,661
373,323
372,231
363,588
360,880
351,445
321,811
318,174
317,211
308,461
305,373
Purchases
Date
23/03/2015
13/03/2015
27/02/2015
04/11/2015
17/03/2015
13/03/2015
15/06/2015
09/10/2015
18/06/2015
09/10/2015
14/12/2015
24/09/2015
10/04/2015
09/10/2015
08/04/2015
11/09/2015
15/06/2015
10/04/2015
16/03/2015
10/04/2015
Security
Wal-Mart de Mexico SAB de CV
Dufry AG
Natura Cosmeticos SA
Fomento Economico Mexicano SAB de CV
Tenaris SA
Tenaris SA
TOTVS SA
SACI Falabella
Mills Estruturas e Servicos de Engenharia SA
Embraer SA
Fomento Economico Mexicano SAB de CV
Empresas COPEC SA
JBS SA
Bolsa Mexicana de Valores SAB de CV
JBS SA
BM&FBovespa SA
Cielo SA
CCR SA
Tenaris SA
BM&FBovespa SA
Quantity
540,000
8,444
110,600
91,500
21,600
20,100
36,700
67,239
180,800
14,600
42,200
42,899
63,900
220,700
63,400
124,700
25,000
58,500
11,400
77,800
Settlement (EUR)
1,230,994
1,057,966
989,097
856,038
544,481
510,093
398,582
393,499
366,435
358,467
344,134
341,624
317,766
311,500
306,674
306,103
297,530
296,108
287,567
284,709
297
COMGEST GROWTH plc
Appendix 1
Additional Provisions for Investors in Switzerland
Terms for Distribution of the Company within and from Switzerland
For the distribution of the Company within or from Switzerland the following shall apply in addition to the terms and
conditions of the Prospectus:
Paying Agent in Switzerland
BNP Paribas Securities Services, Paris
Succursale de Zurich
Selnaustrasse 16
8002 Zurich
Switzerland
Representative in Switzerland
BNP Paribas Securities Services, Paris
Succursale de Zurich
Selnaustrasse 16
8002 Zurich
Switzerland
Place of Performance and Place of Jurisdiction
For shares of the Company distributed in Switzerland, the place of performance and the place of jurisdiction shall be at
the seat of the Representative in Zürich.
Order of the Company’s Publications
The Prospectus, KIID, Memorandum and Articles of Association, annual report and audited financial statements and
semi-annual report and financial statements as well as list of purchases and sales are available free of charge at the
registered office of the Swiss Representative in Switzerland.
Publications
The publications of the Company in Switzerland shall be made in one of the Swiss official languages on the Fundinfo
website (www.fundinfo.com).
Publications of the Net Asset Value per Share in Switzerland
The publication of the Net Asset Value per Share in Switzerland shall take place daily each time the Net Asset Value per
Share is calculated (other than bank holidays) on the Fundinfo website (www. fundinfo.com).
298
COMGEST GROWTH plc
Appendix 2
Total Expense Ratios
The annualised total expense ratios for the financial year are calculated by the Administrator and are set out in the table
below.
The total expense ratio calculation includes all annual operating costs and excludes bank interest, foreign exchange,
transaction and dealing costs, and withdrawn taxes on dividends and interest in compliance with the guidelines set out by
the Swiss Funds and Asset Management Association (SFAMA) and with the Guidance 1/05 UCITS Regulations.
Sub-Fund
Total Expense Ratio
Financial Year Ended
31 December 2015
Total Expense Ratio
Financial Year Ended
31 December 2014
%
%
Comgest Growth World US Dollar Class
1.63
1.67
Comgest Growth World EUR I Acc Class
1.11
1.2012
Comgest Growth World EUR R Acc Class
2.13
2.123
Comgest Growth EAFE Plus USD I Acc Class
1.10
1.106
Comgest Growth America US Dollar Class
1.61
1.62
Comgest Growth America EUR R Acc Class
2.10
2.11
Comgest Growth America USD I Acc Class
0.86
1.10
Comgest Growth Japan Yen Class
1.68
1.76
Comgest Growth Japan Yen I Acc Class
1.00
1.1010
Comgest Growth Emerging Markets US Dollar Class
1.54
1.57
Comgest Growth Emerging Markets US Dollar Distributing Class
1.54
1.57
Comgest Growth Emerging Markets Euro Distributing Class
1.52
1.55
Comgest Growth Emerging Markets EUR I Acc Class
1.04
1.05
Comgest Growth Emerging Markets EUR I Dis Class
1.05
1.1611
Comgest Growth Emerging Markets EUR R Acc Class
2.01
2.02
Comgest Growth Emerging Markets USD I Acc Class
1.05
1.08
Comgest Growth Emerging Markets GBP I Acc Class
1.05
1.07
Comgest Growth Emerging Markets EUR Z Acc Class
1.14
1.14
Comgest Growth Emerging Markets Flex EUR I Acc Class
1.45
1.42
Comgest Growth Emerging Markets Flex EUR R Acc Class
2.19
2.14
Comgest Growth GEM Promising Companies Euro Class
2.76
1.95
Comgest Growth GEM Promising Companies Euro Distributing Class
3.46
1.94
Comgest Growth GEM Promising Companies EUR R Acc Class
2.50
2.87
Comgest Growth GEM Promising Companies USD I Acc Class
1.15
1.22
Comgest Growth GEM Promising Companies EUR I Acc Class
2.29
1.59
Comgest Growth Europe Euro Class
1.54
1.53
Comgest Growth Europe Euro Distributing Class
1.54
1.53
Comgest Growth Europe EUR I Acc Class
1.04
1.05
Comgest Growth Europe EUR I Dis Class
1.04
1.109
Comgest Growth Europe EUR R Acc Class
2.03
2.01
Comgest Growth Europe EUR Z Acc Class
1.15
1.14
Comgest Growth Europe USD I Acc Class
1.04
1.051
Comgest Growth Europe S Euro Class
2.12
1.97
Comgest Growth Europe S US Dollar Class
2.13
2.08
Comgest Growth Greater Europe Opportunities Euro Class
1.61
1.61
Comgest Growth Greater Europe Opportunities EUR I Acc Class
1.11
1.115
Comgest Growth Greater Europe Opportunities EUR R Acc Class
2.12
2.11
299
COMGEST GROWTH plc
Appendix 2 (continued)
Total Expense Ratios (continued)
Sub-Fund
Comgest Growth Greater Europe Opportunities Euro Distributing Class
16
Total Expense Ratio
Total Expense Ratio
Financial Year Ended
Financial Year Ended
31 December 2015
31 December 2014
%
%
1.65
-
Comgest Growth Mid-Caps Europe Euro Class
1.61
1.63
Comgest Growth Mid-Caps Europe EUR I Acc Class
1.12
1.132
Comgest Growth Europe ex Switzerland CHF I Acc Class
1.06
1.087
Comgest Growth Europe ex Switzerland CHF Z Acc Class
1.16
1.1713
Comgest Growth Europe ex UK GBP I H Acc Class
1.00
1.008
Comgest Growth Asia US Dollar Class
1.53
-
Comgest Growth Asia EUR I Acc Class
1.06
-
Comgest Growth Asia Pac ex Japan US Dollar Class
1.58
1.57
Comgest Growth Asia Pac ex Japan US Dollar Distributing Class
1.58
1.58
Comgest Growth Asia Pac ex Japan USD I Acc Class
1.09
1.09
Comgest Growth Asia Pac ex Japan EUR I Acc Class17
1.09
-
Comgest Growth Greater China Euro Class
1.62
1.65
Comgest Growth Greater China US Dollar Class
1.62
1.65
Comgest Growth Greater China EUR I Acc Class
1.12
1.14
Comgest Growth India US Dollar Class
2.16
2.16
Comgest Growth India EUR I Acc Class
1.40
1.394
Comgest Growth India EUR R Acc Class
2.65
2.60
Comgest Growth Latin America Euro Class
1.96
1.99
Comgest Growth Latin America US Dollar Class
1.97
1.99
Comgest Growth Latin America EUR R Acc Class
2.73
2.75
Comgest Growth Latin America USD I Acc Class
1.46
1.50
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Annualised expense ratio for the period from 19 May 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 3 March 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 17 January 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 8 January 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 13 February 2014 to financial year end (31 December 2014)
The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus Fund to a USD I Acc Class was approved by the
Shareholders of that share class on 15 January 2014
Annualised expense ratio for the period from 13 February 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 18 December 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 16 December 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 17 December 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 16 December 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 18 September 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 9 September 2014 to financial year end (31 December 2014)
Annualised expense ratio for the period from 4 June 2015 to financial year end (31 December 2015)
Annualised expense ratio for the period from 8 June 2015 to financial year end (31 December 2015)
Annualised expense ratio for the period from 27 October 2015 to financial year end (31 December 2015)
Annualised expense ratio for the period from 4 August 2015 to financial year end (31 December 2015)
300
COMGEST GROWTH plc
Appendix 2 (continued)
Turnover Ratios
The annualised turnover ratio is listed below.
The turnover is the purchases and sales of investments net of share dealings expressed as a percentage of monthly
average NAV of the sub-fund. Negative figures in the annualised turnover ratio are the result of a mathematical formula
and relate to the situation where the total of purchases and sales for the year is lower than the share dealings.
Sub-Fund
Turnover Ratio
Turnover Ratio
Financial Year Ended
Financial Year Ended
31 December 2015
31 December 2014
%
%
Comgest Growth World
22.12
Comgest Growth EAFE Plus
62.49
70.89
Comgest Growth America
12.56
(12.64)
(23.62)
65.43
Comgest Growth Japan
64.28
Comgest Growth Emerging Markets
18.80
21.72
Comgest Growth Emerging Markets Flex
56.83
78.38
Comgest Growth GEM Promising Companies
Comgest Growth Europe
42.47
57.35
(30.80)
(41.17)
Comgest Growth Europe S
31.25
32.69
Comgest Growth Greater Europe Opportunities
28.65
50.23
Comgest Growth Mid-Caps Europe
12.50
(5.37)
Comgest Growth Europe ex Switzerland
56.07
19.80
Comgest Growth Europe ex UK
44.91
(177.46)
Comgest Growth Asia*
31.86
-
Comgest Growth Asia Pac ex Japan
61.72
(36.55)
Comgest Growth Greater China
(0.93)
19.77
(36.35)
(27.07)
7.90
17.48
Comgest Growth India
Comgest Growth Latin America
* Comgest Growth Asia was launched on 4 June 2015 as a result of a merger with Comgest Asia and therefore comparatives are not available.
301
COMGEST GROWTH plc
Appendix 2 (continued)
Fund Performance Data
The percentage total return of one share, of each share class from inception is calculated in accordance with the Swiss
Funds and Asset Management Association (SFAMA) guidelines and is detailed below:
Launch
Comgest Growth World US Dollar Class
Comgest Growth World EUR I Acc Class
Comgest Growth World EUR R Acc Class
Comgest Growth EAFE Plus USD I Acc Class1
Comgest Growth America US Dollar Class
Comgest Growth America EUR R Acc Class
Comgest Growth America USD I Acc Class
Comgest Growth Japan Yen Class
Comgest Growth Japan Yen I Acc Class
Comgest Growth Emerging Markets US Dollar Class
Comgest Growth Emerging Markets US Dollar
Distributing Class
Comgest Growth Emerging Markets Euro Distributing
Class
Comgest Growth Emerging Markets EUR A Dis
Class2
Comgest Growth Emerging Markets GBP I Acc
Class
Comgest Growth Emerging Markets EUR I Acc
Class
Comgest Growth Emerging Markets EUR I Dis
Class
Comgest Growth Emerging Markets USD I Acc
Class
Comgest Growth Emerging Markets EUR R Acc
Class
Comgest Growth Emerging Markets EUR Z Acc
Class
Comgest Growth Emerging Markets Flex EUR I Acc
Class
Comgest Growth Emerging Markets Flex EUR R Acc
Class
Comgest Growth GEM Promising Companies Euro
Class
Comgest Growth GEM Promising Companies Euro
Distributing Class
Comgest Growth GEM Promising Companies EUR R Acc
Class
Comgest Growth GEM Promising Companies USD I Acc
Class
Comgest Growth GEM Promising Companies EUR I Acc
Class
Comgest Growth Europe Euro Class
Comgest Growth Europe Euro Distributing Class
Comgest Growth Europe EUR I Acc Class
Comgest Growth Europe Euro I Dis Class
Comgest Growth Europe EUR R Acc Class
Comgest Growth Europe EUR Z Acc Class
Comgest Growth Europe USD I Acc Class
Comgest Growth Europe S Euro Class
Launch
12 Month 12 Month 12 Month Inception
Period
Period
Period
Price
To 31 Dec To 31 Dec To 31 Dec To 31 Dec
2015
2014
2013
2015
%
%
%
%
$10.00
1.40
3.62
26.17
103.10
€15.45
13.54
21.55
€14.20
12.45
31.06
$10.00
(0.15)
0.08
20.92
29.40
$10.00
0.69
13.38
35.44
75.80
€8.27
11.63
28.44
29.04
92.62
$12.18
1.42
13.96
46.80
¥1,000.00
19.90
13.93
59.95
(7.80)
¥761.00
20.81
25.10
$10.00
(10.81)
2.88
7.44
208.70
CCY
Date
USD
EUR
EUR
USD
USD
EUR
USD
JPY
JPY
USD
06/11/2003
18/09/2014
17/01/2014
13/04/2012
25/04/2000
14/06/2012
07/02/2013
25/04/2000
17/12/2014
06/11/2003
USD
30/03/2006
$19.72
(11.00)
1.93
7.17
49.14
EUR
03/10/2007
€22.36
(0.78)
16.83
2.20
21.87
EUR
22/10/2007
€22.21
-
-
(95.93)
-
GBP
12/01/2012
£18.38
(5.20)
9.85
5.94
16.16
EUR
18/01/2012
€22.12
(0.18)
17.83
3.27
27.67
EUR
16/12/2014
€26.52
(0.17)
-
-
8.63
USD
19/01/2012
$29.24
(10.36)
3.42
7.95
7.66
EUR
14/06/2012
€21.06
(1.13)
16.62
2.31
28.49
EUR
18/11/2013
€22.60
(0.29)
17.65
-
20.27
EUR
10/07/2012
€10.00
1.01
14.58
(0.10)
19.90
EUR
24/09/2012
€10.00
0.27
13.78
(1.31)
11.80
EUR
04/04/2007
€10.00
1.66
12.77
3.25
34.70
EUR
04/04/2007
€10.00
1.47
11.44
2.39
23.30
EUR
01/11/2012
€11.26
1.09
12.28
2.59
15.72
USD
05/06/2012
$12.32
(7.32)
(0.19)
7.59
21.35
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
11/10/2013
25/04/2000
17/01/2006
03/01/2012
16/12/2014
30/03/2012
18/11/2013
19/05/2014
08/12/2010
€11.34
€10.00
€9.34
€11.36
€ 17.34
€12.63
€23.36
$ 23.47
€10.00
2.09
16.23
16.18
16.77
16.86
15.60
16.59
4.82
15.71
13.31
8.73
8.82
9.31
8.26
9.25
10.62
15.20
15.12
15.68
14.62
15.88
16.49
109.80
123.77
88.20
21.51
63.10
(10.36)
(0.85)
95.20
302
COMGEST GROWTH plc
Appendix 2 (continued)
Fund Performance Data (continued)
Comgest Growth Europe S US Dollar Class
Comgest Growth Greater Europe Opportunities Euro
Class
Comgest Growth Greater Europe Opportunities EUR R
Acc Class
Comgest Growth Greater Europe Opportunities EUR I
Acc Class
Comgest Growth Greater Europe Opportunities Euro
Distributing Class3
Comgest Growth Mid-Caps Europe Euro Class
Comgest Growth Mid-Caps Europe EUR I Acc Class
Comgest Growth Europe ex Switzerland CHF I Acc
Class4
Comgest Growth Europe ex Switzerland CHF Z Acc
Class5
Comgest Growth Europe ex UK GBP I H Acc Class6
Comgest Growth Asia US Dollar Class7
Comgest Growth Asia EUR I Acc Class8
Comgest Growth Asia Pac ex Japan US Dollar Class
Comgest Growth Asia Pac ex Japan US Dollar
Distributing Class
Comgest Growth Asia Pac ex Japan USD I Acc Class
Comgest Growth Asia Pac ex Japan EUR I Acc Class9
Comgest Growth Greater China Euro Class
Comgest Growth Greater China US Dollar Class
Comgest Growth Greater China EUR I Acc Class
Comgest Growth India US Dollar Class
Comgest Growth India EUR I Acc Class
Comgest Growth India EUR R Acc Class
Comgest Growth Latin America Euro Class
Comgest Growth Latin America US Dollar Class
Comgest Growth Latin America Euro R Acc Class
Comgest Growth Latin America USD I Acc Class
Launch
Launch
12 Month 12 Month 12 Month Inception
Period
Period
Period
To 31 Dec To 31 Dec To 31 Dec To 31 Dec
2015
2014
2013
2015
%
%
%
%
3.86
(2.80)
21.08
58.90
CCY
Date
Price
USD
08/12/2010
$10.00
EUR
07/08/2009
€10.00
25.01
4.45
27.91
166.90
EUR
15/11/2013
€19.60
24.38
3.97
-
33.01
EUR
13/02/2014
€20.42
25.67
-
-
31.64
EUR
EUR
EUR
27/10/2015
25/04/2000
03/03/2014
€26.18
€10.00
€17.52
31.04
31.63
7.37
-
23.46
-
3.21
134.70
37.04
CHF
13/02/2014
CHF10.00
14.84
-
-
21.50
CHF
GBP
USD
EUR
USD
09/09/2014
18/12/2014
04/06/2015
08/06/2015
14/07/2006
CHF10.00
£10.00
$45.05
€39.67
$10.00
14.70
16.72
(0.86)
23.57
8.00
18.60
15.90
(7.99)
(3.55)
73.60
USD
USD
EUR
EUR
USD
EUR
USD
EUR
EUR
EUR
USD
EUR
USD
07/07/2006
09/12/2013
04/08/2015
10/04/2001
13/07/2006
05/11/2013
04/01/2005
08/01/2014
13/06/2012
31/12/2009
31/12/2009
14/06/2012
25/10/2012
$10.00
$14.03
€16.50
€10.00
$26.26
€34.11
$10.00
€17.37
€19.32
€10.00
$10.00
€10.54
$10.68
(1.20)
(0.40)
14.16
2.46
14.72
(3.26)
8.56
7.22
(26.24)
(33.91)
(26.83)
(33.58)
23.67
24.16
33.66
17.37
34.33
82.43
60.99
(0.46)
(12.46)
(1.20)
(12.08)
(50.76)
2.03
6.65
(14.73)
(18.82)
(8.40)
(4.28)
(9.10)
(3.72)
(21.90)
23.31
(3.45)
414.50
109.37
53.56
274.10
100.81
75.16
(19.90)
(39.20)
(26.00)
(42.04)
1.
The Board of Directors’ proposition to convert the USD Acc Class of Comgest Growth EAFE Plus Fund to a USD I Acc Class was approved by the
Shareholders of that share class on 15 January 2014.
Closed on 16 August 2013.
3.
Launched on 27 October 2015.
4.
Launched on 13 February 2014.
5.
Launched on 9 September 2014.
6.
Launched on 18 December 2014.
7.
Launched on 4 June 2015 as a result of a merger with Comgest Asia.
8.
Launched on 8 June 2015.
9.
Launched on 4 August 2015.
2.
Note: Past performance is no indication of current or future performance. The performance data above does not take into
account commissions and costs incurred on the redemption of units. The performance data is based upon the published
dealing Net Asset Values per unit, in the currency that is attributable to that class.
Comgest Asset Management International Limited (the "Investment Manager") does not use benchmarks when analysing
portfolio returns on a sub-fund. The Investment Manager’s investment policy in the portfolio construction is meant to be
flexible and the choice of stocks is independent of any benchmark. A strong bias towards absolute performance has
priority. Securities are purchased based on their intrinsic quality and merit, with the largest positions reflecting the best
combination of growth, risk and valuation.
303
COMGEST GROWTH plc
Appendix 3
Cybersecurity Risk
With the increased use of technologies such as the Internet and the dependence on computer systems to perform
business and operational functions, investment companies (such as the Company) and their service providers (including
the Investment Manager, Administrator and Custodian) may be prone to operational and information security risks
resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional
events may have similar effects.
Cyber-attacks include, among others, gaining unauthorised access to digital systems for the purposes of misappropriating
assets or sensitive information, stealing or corrupting data maintained online or digitally, preventing legitimate users from
accessing information or services on a website, releasing confidential information without authorisation and causing
operational disruption or various other forms of cyber security breaches. Successful cyber-attacks against, or security
breakdowns of, the Company or the Company’s third party service providers including, but not limited to the Investment
Manager, a Sub-Investment Manager, the Custodian, the Administrator or other affiliated or third-party service providers
(each a “Service Provider” and collectively the “Service Providers”), may adversely affect the Company or its
Shareholders.
For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Company’s ability to
calculate the Net Asset Value of one or more Funds, cause the release of private Shareholder information or confidential
information relating to the Company or any one or more Funds, impede trading, cause reputational damage, cause
disruptions and impact business operations, potentially resulting in financial losses, cause violations of applicable data
protection and other laws, and subject the Company to regulatory fines, penalties or financial losses, reimbursement or
other compensation costs, and additional compliance costs. Cyber-attacks may render records of assets and transactions
of a Fund, Shareholder ownership of Shares, and other data integral to the functioning of the Company inaccessible,
inaccurate or incomplete.
The Company may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in
the future. While each Service Provider has established business continuity plans and systems designed to minimise the
risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans
and systems, including the possibility that certain risks have not been identified given the evolving nature of the threat of
cyber-attacks.
The Company relies on its third-party Service Providers for many of its day-to-day operations, and will be subject to the
risk that the protections and protocols implemented by those Service Providers will be ineffective to protect the Company
from cyber-attack. Similar types of cyber security risks also are present for issuers of securities in which each Fund
invests and for the markets and exchanges on which those securities may be listed or traded which could result in
material adverse consequences for such issuers, markets and exchanges and which may cause a Fund’s investment in
such securities to lose value. The Company cannot control the cyber security plans and systems put in place by issuers
in which a Fund invests or by such markets and exchanges.
304