interim report and financial statements - fidelity international · 2019-10-31 · summary of nav...

Interim Reportand Financial Statements

For the six months ended 31 August 2019

Fidelity Investment Funds

Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2019

Contents

Director’s Report* 1

Statement of Authorised Corporate Director’s Responsibilities 2

Director’s Statement 3

Authorised Corporate Director’s Report*, including the financial highlights and financial statements

Market Performance Review 4

Summary of NAV and Units 6

Accounting Policies of Fidelity Investment Funds and its Sub-funds 9

Fidelity American Fund 10

Fidelity American Special Situations Fund 12

Fidelity Asia Fund 14

Fidelity Asia Pacific Opportunities Fund 16

Fidelity Asian Dividend Fund 18

Fidelity Cash Fund 20

Fidelity China Consumer Fund 22

Fidelity Emerging Asia Fund 24

Fidelity Emerging Europe, Middle East and Africa Fund 26

Fidelity Enhanced Income Fund 28

Fidelity European Fund 30

Fidelity European Opportunities Fund 32

Fidelity Extra Income Fund 34

Fidelity Global Dividend Fund 36

Fidelity Global Enhanced Income Fund 38

Fidelity Global Focus Fund 40

Fidelity Global High Yield Fund 42

Fidelity Global Property Fund 44

Fidelity Global Special Situations Fund 46

Fidelity Index Emerging Markets Fund 48

Fidelity Index Europe ex UK Fund 50

Fidelity Index Japan Fund 52

Fidelity Index Pacific ex Japan Fund 54

Fidelity Index UK Fund 56

Fidelity Index US Fund 58

Fidelity Index World Fund 60

Fidelity Japan Fund 62

Fidelity Japan Smaller Companies Fund 64

Fidelity MoneyBuilder Balanced Fund 66

Fidelity MoneyBuilder Dividend Fund 68

Fidelity MoneyBuilder Income Fund 70

Fidelity Short Dated Corporate Bond Fund 72

Fidelity Special Situations Fund 74

Fidelity Sterling Core Plus Reduced Duration Bond Fund 76

Fidelity Strategic Bond Fund 78

Fidelity UK Select Fund 80

Fidelity UK Smaller Companies Fund 82

Fidelity MoneyBuilder Growth Fund** 84

Portfolio Statements* 85

Total Purchases and Sales 287

EU Securities Financing Transaction Regulation Tables 288

Further Information* 291

* These collectively comprise the Authorised Corporate Director’s (ACD) report.

** Fund Manager Reviews are not prepared for funds which are closed.

1


Director’s Report

We are pleased to present the interim report and financial statements for Fidelity Investment Funds (the Company), covering the six month period ended 31 August 2019. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities; but is included for the purpose of illustration only. Investors should also note that the views expressed may no longer be current and may already have been acted upon by Fidelity.

Company and Status

The Company is an open-ended investment company with variable capital incorporated in England and Wales under number IC8 and authorised by the Financial Conduct Authority (FCA) on 7 April 1998.

The Company is structured as an umbrella company comprising various funds, each of which is operated as a distinct fund, with their own portfolio of investments.

The funds in which shares are currently available are:

Fidelity American Fund

Fidelity American Special Situations Fund

Fidelity Asia Fund

Fidelity Asia Pacific Opportunities Fund

Fidelity Asian Dividend Fund

Fidelity Cash Fund

Fidelity China Consumer Fund

Fidelity Emerging Asia Fund

Fidelity Emerging Europe, Middle East and Africa Fund

Fidelity Enhanced Income Fund

Fidelity European Fund

Fidelity European Opportunities Fund

Fidelity Extra Income Fund

Fidelity Global Dividend Fund

Fidelity Global Enhanced Income Fund

Fidelity Global Focus Fund

Fidelity Global High Yield Fund

Fidelity Global Property Fund

Fidelity Global Special Situations Fund

Fidelity Index Emerging Markets Fund

Fidelity Index Europe ex UK Fund

Fidelity Index Japan Fund

Fidelity Index Pacific ex Japan Fund

Fidelity Index UK Fund

Fidelity Index US Fund

Fidelity Index World Fund

Fidelity Japan Fund

Fidelity Japan Smaller Companies Fund

Fidelity MoneyBuilder Balanced Fund

Fidelity MoneyBuilder Dividend Fund

Fidelity MoneyBuilder Income Fund

Fidelity Short Dated Corporate Bond Fund

Fidelity Special Situations Fund

Fidelity Sterling Core Plus Reduced Duration Bond Fund

Fidelity Strategic Bond Fund

Fidelity UK Select Fund

Fidelity UK Smaller Companies Fund

In the future additional funds or new classes of shares within the existing funds may be launched by the Authorised Corporate Director (“ACD”).

Each fund has the investment powers equivalent to those of an undertaking for collective investment in transferable securities (a UCITS) scheme as per the Prospectus.

Shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after they have paid the purchase price of the shares.

The Company is governed by the requirements of the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) (“OEIC Regulations”) and the FCA’s Handbook of rules and guidance, specifically the Collective Investment Schemes Sourcebook (“COLL”). As permitted by the COLL, the Company no longer holds Annual General Meetings.

The Company has segregated liability status between funds. This means that the assets of a fund belong exclusively to that fund and shall not be used to discharge directly or indirectly the liability of, or claims against, any other person or body, including the Company, or any other fund.

Remuneration Disclosure

The Fidelity International Remuneration Committee has established a Global Remuneration Policy to ensure the requirements of the UCITS Directive are met at a global level for all of its UCITS management companies. The Remuneration Committee reviews the remuneration policy at least annually. The Directors of relevant management companies are responsible for the adoption of the Global Remuneration Policy, for reviewing its general principles at least annually, for overseeing its implementation and for ensuring compliance with the relevant local legislation and regulation. The Global Remuneration Policy is consistent with and promotes sound and effective risk management and is designed not to encourage risk-taking which is inconsistent with the risk profile of the funds. The Global Remuneration Policy is in line with the business strategy, objectives, values and interests of the ACD and the funds and includes measures to avoid conflicts of interest.

During 2017 the Global Remuneration Policy was reviewed and changes were made to ensure compliance with the applicable European remuneration requirements. The Global Remuneration Policy applies to all employees, with particular focus on staff whose professional activities have a material impact on the risk profile of the ACD or the funds (the Material Risk Takers). The UCITS Material Risk Takers (“UCITS MRTs”) are individuals whose roles can materially affect the risk of the management company or any UCITS Directive and guidance issued by the European Securities and Markets Authority.

The aggregate total remuneration paid out to UCITS MRTs related to FISL, considering all the existing delegation arrangements, in respect of the performance period started 1 June 2018 and ended 30 June 2019 is EUR 8.88 million (GBP 7.97 million). This figure includes the amounts attributed either to the FISL entity or to the UCITS funds that it manages. For any additional information on the remuneration policy a copy of the summary Remuneration Policy is available via https://www.fil.com.

Holdings In other sub-funds within the same Company

There were no such holdings as at 31 August 2019 (2018: none).

Objectives

The broad aim of the Company is to provide investors with revenue and/or capital growth over the medium to long term.

The aim of the equity funds is to provide investors with either a combination of revenue and long term capital growth or long term capital growth from diversified, actively and passively managed portfolios of securities in a wide range of stock markets. The revenue from those funds with a long term capital growth structure is expected to be low. The equity funds will invest primarily in equities in the markets reflected in the title of each individual fund and in companies established outside those markets but which derive a significant proportion of their earnings from those markets.

The aim of the bond funds is to provide investors with relatively high revenue with the possibility of capital gains.

The investment objective and a review of the investment activities of each fund during the period under review are included within the Fund Manager Reviews.

2


Changes to the prospectus

For the six months ended 31 August 2019 the following significant changes were made to the Prospectus and Instrument of Incorporation:

• MoneyBuilder Growth closed on 21 June 2019 and its assets were merged into the Fidelity UK Opportunities Fund. Consequently, the financial statements have been prepared on a basis other than going concern.

• The Fidelity MoneyBuilder Income Fund launched an I Income and I Accumulation share class on 26 June 2019.

Statement of Authorised Corporate Director’s (ACD) Responsibilities in relation to the Interim Report and Financial Statements of the Company

The Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) and Collective Investment Schemes sourcebook (“COLL”) require the ACD to prepare financial statements for each annual and half-yearly accounting period which give a true and fair view of the financial position of the Company and of its net revenue and net capital gains or losses on the property of the Company for the year. In preparing the financial statements the ACD is required to:

• select suitable accounting policies and then apply them consistently

• comply with the requirements of the UK Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Management Association (“IMA”).) in May 2014, the COLL, the Prospectus and the Instrument of Incorporation

• follow generally accepted accounting principles and applicable accounting standards

• keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements

• prepare the financial statements on the going concern basis unless it is inappropriate to presume the Company will continue in operation

• take reasonable steps for the prevention and detection of fraud or other irregularities.

Director’s Statement

In accordance with the requirements of the COLL as issued and amended by the Financial Conduct Authority, the report and financial statements are approved on behalf of the Directors of FIL Investment Services (UK) Limited, the ACD.

David Weymouth Dr Teresa Robson-CappsDirector Director

FIL Investment Services (UK) Limited31 October 2019

3


Performance overview – 6 months to end of August 2019

Global equities performed positively over the period. An accommodative monetary policy stance adopted by major central banks and healthy corporate results supported investor sentiment. However, concerns about global growth, the US-China trade dispute, uncertainties related to the UK’s exit from the European Union (EU) and geopolitical tensions elevated market volatility. On the monetary policy front, the US Federal Reserve (Fed) implemented an interest rate cut at its July meeting. Both the European Central Bank (ECB) and the Bank of Japan (BoJ) indicated their readiness to introduce additional stimulus measures if needed. China also announced policy measures to support its slowing economy. Meanwhile, the deadline for the UK’s exit from the EU was delayed until 31 October, as UK politicians failed to agree on exit deals. Against this global backdrop, all key markets gained in sterling terms. The US and Europe ex UK equities were among the leading performers. Emerging market equities also rose, but underperformed developed markets.

Returns in sterling terms were supported by its depreciation against the US dollar, euro and yen. From a sector perspective, information technology, consumer staples and utilities saw the strongest performance.

European equities ended a volatile period in positive territory, largely driven by the ECB’s accommodative monetary policy stance. Volatility was driven by weakening economic growth forecasts and corporate earnings downgrades for FY2019. In this risk-off environment, defensives outperformed cyclicals. From a style perspective, quality and growth stocks outperformed value names, while large-cap companies fared better than their smaller peers.

The UK stock market rose, as global central banks indicated further monetary policy easing against a weakening macroeconomic backdrop. However, uncertainties related to the UK’s exit from the EU curbed overall gains. Prime Minister Boris Johnson’s plan to suspend the parliament for a longer time than usual led to increased worries about a no-deal exit, as it will leave less time for MPs to debate any exit deals. Overall, large-cap stocks outperformed their mid and small-cap peers.

US equities advanced over the period. Stocks were supported by robust economic data and strong corporate earnings. However, investor sentiment was dampened by concerns over a trade war between the US and China. The US Fed cut its benchmark interest rate, to now range between 2.00% and 2.25%. Against this backdrop, most sectors generated positive returns.

Japanese equities rose as the risk-off mood seen in global markets in the last quarter of 2018 receded in the early part of the year. However, global trade frictions and concerns over its implications for the Japanese economy weighed on investor sentiment during the latter half of the period. Heightened risk aversion and the limited policy avenues open to the BoJ compared with other central banks contributed to the strength of the yen, which generated additional headwinds for Japanese stocks. Corporate earnings held up relatively well, supported by the non-manufacturing sector, which helped to partially offset the negative impact of weak external demand. At a sector level, information & communication, real estate and electric appliances were the leading gainers, while iron & steel and oil & coal products were the leading decliners.

Pacific ex Japan equities advanced over the period. Uncertainty around US-China trade issues dominated investor sentiment. In China, policymakers committed to implement stronger monetary and fiscal stimulus measures to cushion the impact of the trade war. In Australia, investors favoured high quality businesses with sustainable earnings and attractive dividend yields. Australian equities were further boosted by the surprise re-election of the incumbent Liberal-National coalition in the Federal elections. Conversely, stock markets in Hong Kong declined following the political unrest in the region.

Emerging market equities rose. Renewed optimism about trade negotiations between the US and China, and indications of interest rate cuts by the US Fed boosted sentiment towards risker assets. Chinese equities declined as second quarter GDP growth slowed to a 27-year low. Latin American equities were almost flat. Gains were offset by a fall in Argentinian equities. Investors fled the market after incumbent President Mauricio Macri lost the primary election by a wide margin to populist opposition candidate Alberto Fernandez and his running mate (and former president) Cristina Fernandez de Kirchner. Elsewhere, equities in the emerging Europe, Middle East and Africa (EMEA) region gained. Russian markets advanced as investors looked for attractively valued segments of the market, particularly those that are relatively insulated from the US-China trade war.

Market Performance Review

4

Source: Refinitiv DataStream, Total Returns in GBP rebased to 100, MSCI World and BofA ML Global Broad, 28.02.2019 - 31.08.2019

90

100

110

120

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Aug-

19

MSCI World Global Bonds

4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM

MSCI Pacific ex Japan

MSCI Japan

MSCI Europe ex UK

MSCI World

MSCI USA

Global Bonds

4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM

MSCI Pacific…

MSCI Japan

MSCI…

MSCI World

MSCI USA

Global Bonds

Source: Refinitiv DataStream, Total Returns, GBP, 28.02.2019 - 31.08.2019

90

100

110

120

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Aug-

19


4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM


MSCI Japan

MSCI Europe ex UK

MSCI World

MSCI USA

Global Bonds

4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM

MSCI Pacific…

MSCI Japan

MSCI…

MSCI World

MSCI USA

Global Bonds

90

100

110

120

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Aug-

19


4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM


MSCI Japan

MSCI Europe ex UK

MSCI World

MSCI USA

Global Bonds

4.29

4.38

8.49

10.20

12.65

13.66

15.74

16.69

MSCI UK

MSCI EM

MSCI Pacific…

MSCI Japan

MSCI…

MSCI World

MSCI USA

Global Bonds


5

Fixed income markets posted positive returns over the period. Global government bond yields fell to record lows as central banks across the world adopted a cautious monetary policy stance, reflecting expectations of weaker growth and continued uncertainty over US-China trade negotiations. During the second quarter of 2019, the market witnessed risk-averse selling, following US President Donald Trump’s threats to raise tariffs on $200 billion worth of Chinese goods from 10% to 25%. The Chinese government also retaliated by announcing that it will raise tariffs on US products to up to 25%. Furthermore, the ISM manufacturing Purchasing Managers’ Index (PMI) reached its lowest levels since October 2016 in May. As a result, the US Fed announced an interest rate cut at the end of July, the first rate cut since 2008. Consequently, yields on 30-year US Treasuries dropped below its 2% threshold, and inversion became a prominent feature across the US yield curve. Amid worsening tensions between Italy and its European partners around upcoming budget negotiations, Italy’s 10-year bond yield briefly fell below 1% for the first time ever in August. In the UK, the political crisis deepened in August after Prime Minister Boris Johnson decided to suspend Britain’s parliament for more than a month. The move will limit the time opponents have to prevent a disorderly exit from the EU, but also increases the chance that Johnson could face a vote of no-confidence. Subsequently, 10-year UK government bond (Gilt) yields fell below 0.5%, dipping below its previous August 2016 trough. In credit markets, corporate bond spreads tightened amid global central banks’ rhetoric and investors’ search for yield.

Market Performance Review


6

Summary of NAV and Units

Fund Name ClassNet asset value

per share (p) Units in issue

Fidelity American Fund A Accumulation Shares 46.55 6,438,848.35

W Accumulation Shares 47.54 13,908,105.44

Y Accumulation Shares 3.41 309,791.93

W-VMF Accumulation Shares 1.17 50,156.92

Fidelity American Special Situations Fund A Accumulation Shares 17.26 5,582,869.97



Fidelity Asia Fund A Accumulation Shares 14.19 63,931,323.49


Y Accumulation Shares 2.68 3,578,033.37

Fidelity Asia Pacific Opportunities Fund W Accumulation Shares 2.14 189,510,369.26

Fidelity Asian Dividend Fund A Accumulation Shares 1.96 456,549.26

A Income Shares 1.64 58,585.78


W Income Shares 1.71 8,985,495.13

W-VMF Income Shares 1.13 39,846.38

Fidelity Cash Fund Y Accumulation Shares 1.01 634,675,960.73

Y Income Shares 1.00 132,677,105.33

Fidelity China Consumer Fund A Accumulation Shares 2.63 1,190,492.20



Fidelity Emerging Asia Fund A Accumulation Shares 2.00 1,265,144.16



Fidelity Emerging Europe, Middle East and Africa Fund A Accumulation Shares 1.93 8,470,811.41



Fidelity Enhanced Income Fund A Accumulation Shares 2.01 2,118,495.61

A Income Shares 0.97 12,837,125.49


W Income Shares 0.89 157,951,963.23


Y Income Shares 0.89 2,417,661.80

W Income (monthly) Shares 0.86 86,019,561.27

Fidelity European Fund A Accumulation Shares 25.81 29,417,400.93

A Income Shares 2.17 258,554.75


W Income Shares 19.40 3,131,119.71

I Income Shares 1.31 57,012,408.52



Fidelity European Opportunities Fund A Accumulation Shares 5.15 17,822,746.68



Fidelity Extra Income Fund A Income Shares 0.28 156,658,053.27

A Accumulation Shares 1.97 4,582,205.89


Y Income Shares 1.29 326,805,224.09


7



Fidelity Global Dividend Fund A Accumulation Shares 2.56 8,613,710.33

A Income Shares 2.02 1,027,645.89


W Income Shares 2.00 273,283,947.48


Y Income Shares 2.10 762,425.95


Fidelity Global Enhanced Income Fund A Income Shares 1.42 2,298,428.47


W Income Shares 1.48 75,204,412.81


Fidelity Global Focus Fund A Accumulation Shares 23.52 6,821,327.54



Fidelity Global High Yield Fund A Income Shares 10.67 10,689.39

A Accumulation Shares 14.17 1,254.79

I Accumulation Shares 14.94 8,478,257.93


Y Income Shares 10.67 786,084.00

Fidelity Global Property Fund A Accumulation Shares 2.28 11,238,445.13


W Income Shares 1.72 7,572,178.53


Fidelity Global Special Situations Fund A Accumulation Shares 43.04 15,384,811.75


J Accumulation Shares 3.75 911,295.33



Fidelity Index Emerging Markets Fund F Accumulation Shares 15.60 2,787,106.19

P Accumulation Shares 1.56 146,790,988.30

P Income Shares 1.25 40,946,971.57

Fidelity Index Europe ex UK Fund F Accumulation Shares 15.44 1,068,396.24


P Income Shares 1.39 38,601,020.56

Fidelity Index Japan Fund F Accumulation Shares 16.87 328,512.35


P Income Shares 1.56 56,541,805.41

Fidelity Index Pacific ex Japan Fund F Accumulation Shares 17.05 597,180.96


P Income Shares 1.26 43,225,872.01

Fidelity Index UK Fund A Accumulation Shares 1.1 148,638,009.85

F Accumulating Shares 13.54 454,346.92


P Accumulation Shares 1.35 1,520,014,331.75

P Income Shares 1.14 265,862,783.61





Fidelity Index US Fund A Accumulation Shares 3.09 2,417,122.29

F Accumulation Shares 31.4 1,152,233.27



P Income Shares 2.10 277,355,875.09

P Accumulation Hedged Shares 1.08 63,351,282.99

Fidelity Index World Fund A Accumulation Shares 2.45 2,732,676.64

F Accumulation Shares 24.83 13,086,693.23



P Income Shares 1.74 106,632,801.24

Fidelity Japan Fund A Accumulation Shares 4.00 3,399,410.71



Fidelity Japan Smaller Companies Fund A Accumulation Shares 3.02 10,365,442.31


Fidelity MoneyBuilder Balanced Fund A Income Shares 0.48 96,939,657.72


Y Income Shares 0.57 534,848,058.00

Fidelity MoneyBuilder Dividend Fund A Accumulation Shares 1.27 66,881,837.28

A Income Shares 2.38 20,163,810.98

Y Income Shares 1.22 487,844,575.43

Y Income (monthly) Shares 0.96 8,280,787.43

Fidelity MoneyBuilder Income Fund A Income Shares 0.38 1,168,766,046.44




Y Income Shares 1.27 1,615,493,082.43

I Income Shares 1.02 188,106,118.23

Fidelity Short Dated Corporate Bond Fund Y Accumulation Shares 10.69 7,929,388.30

Y Income Shares 9.57 5,153,395.37

Fidelity Special Situations Fund A Accumulation Shares 38.49 18,449,686.53




Fidelity Sterling Core Plus Reduced Duration Bond Fund Gross paying Accumulation Shares 11.67 6,884,674.23

Fidelity Strategic Bond Fund A Income Shares 0.33 115,259,728.08



Y Income Shares 1.27 567,442,866.63

Fidelity UK Select Fund A Accumulation Shares 3.22 21,747,216.50


I Accumulation Shares 3.41 939,715.25

Fidelity UK Smaller Companies Fund A Accumulation Shares 2.67 11,711,963.20



8



Accounting Policies of Fidelity Investment Funds and its sub-funds

(Unaudited)

1. Basis of preparation

a) Basis of accounting - The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss except as outlined below. The financial statements are also prepared in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in May 2014.

b) MoneyBuilder Growth Fund ceased trading on 22 June 2019. Consequently, the Authorised Corporate Director no longer regards the going concern basis of accounting appropriate for this fund therefore its financial statements have been prepared on a basis other than going concern. No adjustments were required in these financial statements to reduce assets to their realised values, to provide for liabilities arising from the decision to cease trading or to reclassify non-current assets and liabilities as current.

c) All other accounting policies applied in the interim financial statements of the sub-funds have been prepared on the same basis as the audited financial statements for the year ended 28 February 2019.

9


10

Fund Manager’s Review

Investment Objective and PolicyThe fund aims to increase the value of your investment over a period of 5 years or more.

The fund will invest at least 70% in equities (and their related securities) of US companies (those domiciled, incorporated or having significant business in the US and those which are listed in the US). The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the S&P 500 Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management. The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the Investment Management Charge calculation. The performance index does not influence investment decisions materially.

Performance and Portfolio ActivityThe fund generated positive returns, buoyed by stock selection in cyclical sectors such as industrials. Energy holdings also supported performance.

I bought shares in global beverage company Coca Cola as its unrivalled distribution system gives it a significant competitive advantage over its peers. I increased the position in Mellanox, a leading supplier of networking silicon, as it is expanding its portfolio from supercomputers to high-end data-centres. The holding in United Parcel Service was sold to lock-in gains. The exposure to Johnson & Johnson was reduced as its medtech business is focussed on the slower growth orthopaedics and general surgery segments.

OutlookUncertainty over US-China trade tensions are adding to concerns over the slowdown in global growth. Geopolitical headlines and trade policies continue to drive investor sentiment and have an impact on equity market performance. Against this backdrop, investors are exercising cautious optimism.

Sujay KodlikeriFund Manager31 August 2019

Risk and Reward Indicator

SRRI

A Accumulation Shares 5

W Accumulation Shares 5

W-VMF Accumulation Shares 5

Y Accumulation Shares 5

1 3 4 5 6 72

Lower risk Higher risk

Typically lower rewards Typically higher rewards

The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes in the stock market prices, currencies and interest rates which can be affected unpredictably by diverse factors including political and economic events.

• The risk category was calculated using historical performance data.

• The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time.

• The lowest category does not mean a "risk free" investment.

• The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.

• The value of your investment may fall as well as rise and you may get back less than you originally invested.

• The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.

• Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.


11

Statement of Total Return

for the six month period ended 31 August 2019(unaudited) 31/08/19 31/08/18

[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) 129,715 91,739

Revenue 7,478 8,347

Expenses (5,352) (5,222)

Interest payable and similar charges (291) (144)

Net revenue/(expense) before taxation 1,835 2,981

Taxation (791) (965)

Net revenue/(expense) after taxation 1,044 2,016

Total return before distributions 130,759 93,755

Distributions (20) (55)

Change in net assets attributable to shareholders from investment activities 130,739 93,700

Statement of Change in Net Assets Attributable to Shareholders


[BLANK] £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 869,895 891,866

Movement due to sales and repurchases of shares

Amounts receivable on issue of shares 2,515 1,104

Amounts payable on cancellation of shares (41,077) (55,311)

(38,562) (54,207)

Change in net assets attributable to shareholders from investment activities (see above) 130,739 93,700

Closing net assets attributable to shareholders 962,072 931,359

Balance Sheet

as at 31 August 2019(unaudited) 31/08/19 28/02/19

[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 961,229 866,262

Current assets:

Debtors 3,071 5,127

Cash and bank balances 2,853 4,986

Total other assets 5,924 10,113

Total assets 967,153 876,375

Liabilities:

Investment liabilities (1,295) (205)

Creditors

Other creditors (3,786) (6,275)

Total other liabilities (3,786) (6,275)

Total liabilities (5,081) (6,480)

Net assets attributable to shareholders 962,072 869,895


12



The fund will invest at least 70% in equities (and their related securities) of US companies (those domiciled, incorporated or having significant business in the US and those which are listed in the US). The Investment Manager will choose companies it believes are undervalued and whose growth potential is not fully recognised by the market. It is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated positive returns over the period. Qualcomm was the top contributor to performance. Insurance holding Willis Towers Watson also added value. The company successfully completed the acquisition of TRANZACT, which will help it to strengthen its offering in the direct-to-consumer US health care space. During the period, we sold positions in Leidos Holdings and Citigroup. We purchased shares in Morgan Stanley, which has a strong investment banking platform that offers attractive growth and returns. A new holding was purchased in online brokerage and financial services company E Trade Financial.

OutlookUncertainty over US-China trade tensions are adding to concerns over the slowdown in global growth. Although earnings growth in the US remains relatively high, it has started to come down from earlier levels, which were bolstered by corporate tax cuts. Geopolitical headlines and trade policies continue to drive investor sentiment and have an impact on equity market performance. Against this backdrop, investors are exercising cautious optimism.

Angel Agudo & Ashish BhardwajFund Managers31 August 2019


SRRI




1 3 4 5 6 72












13



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 8,580 10,549

Expenses (4,565) (6,021)



Taxation (1,084) (1,412)







[BLANK] £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 911,882 1,156,995




(79,472) (288,145)

Swing price adjustment 6 4



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 7,627 6,823



Total assets 900,938 915,270

Liabilities:Creditors





Fidelity Asia Fund

14



The fund will invest at least 70% in equities (and their related securities) of companies throughout Asia (excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those which are listed in the region). This region includes countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The Investment Manager is not restricted in terms of size, industry, or geographical split. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI All Country Asia ex Japan Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated positive returns amid changing dynamics of the US-China trade dispute. Taiwan Semiconductor Manufacturing Company and Kweichow Moutai advanced amid resilient demand outlook for their products. A higher utilisation rate and easing regulatory pressures attracted investor interest towards New Oriental Education and Technology. Meanwhile, China Petroleum & Chemical slid on weak results.

I bought new positions in Hansoh Pharmaceutical and China Mengniu Dairy given their robust growth prospects. The holding in ASE Technology was sold in light of its subdued outlook due to strong competitive pressures. I also sold Fang Holdings for better opportunities elsewhere.

OutlookAsia’s long-term structural growth drivers remain strong. An emphasis on reforms in key economies and relatively resilient domestic consumption are expected to provide attractive investment opportunities over the medium to long term.

Teera ChanpongsangFund Manager31 August 2019


SRRI




1 3 4 5 6 72











• Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.

• Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well-defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.

Fidelity Asia Fund

15



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) 209,170 (45,742)

Revenue 47,669 45,239

Expenses (17,763) (17,827)


Taxation (3,863) (3,629)


Total return before distributions 235,213 (21,959)

Distributions (78) 338

Change in net assets attributable to shareholders from investment activities 235,135 (21,621)



[BLANK] £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 2,866,400 2,882,224




(78,998) 70,786

Swing price adjustment 53 -

Change in net assets attributable to shareholders from investment activities (see above) 235,135 (21,621)

Closing net assets attributable to shareholders 3,022,590 2,931,389

Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 3,017,242 2,854,431

Current assets:

Debtors 4,127 9,863



Total assets 3,030,870 2,871,841





Net assets attributable to shareholders 3,022,590 2,866,400


16



The fund will invest at least 70% in equities (and their related securities) of companies domiciled, incorporated or having significant business in the Asia Pacific (excluding Japan) region and those which are listed in the region and aims to hold a concentrated portfolio of 25-35 securities. The Investment Manager is not restricted in terms of size, industry, or geographical split which could include investment in countries considered as emerging markets as determined by the Investment Manager at its sole discretion. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI All Country Asia Pacific ex Japan Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated positive returns over the period. Canadian gold royalty company Franco-Nevada Corporation and liquor and beverage maker Kweichow Moutai rose in light of their upbeat earnings. The former also benefited from robust guidance for copper production and energy assets.

The exposure to India-based HDFC Bank was increased for its best-in-class retail deposit franchise, outstanding asset quality and adoption of technology for business operations. I bought a new holding in video surveillance products manufacturer Hangzhou HikVision Digital Technology in light of its healthy long-term growth prospects. I sold positions in China Oilfield Services following strong earlier gains and internet-led business Tencent Holdings amid concerns over its near-term earnings outlook.

OutlookThe outlook for Asia remains cautious given an increase in volatility and elevated global risks. I believe companies with understandable business models, above average growth and efficient capital allocation should do well in the current market environment.

Anthony SromFund Manager31 August 2019


SRRI


1 3 4 5 6 72














17



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 5,708 1,450

Expenses (1,466) (410)

Interest payable and similar charges (1) -



Net revenue/(expense) after taxation 3,738 865


Distributions 825 185




[BLANK] £'000 £'000 £'000 £'000





233,894 28,302




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 17,022 3,954



Total assets 416,406 149,995







18


Investment Objective and PolicyThe fund aims to deliver an income and to increase the value of your investment over a period of 5 years or more.

The fund will invest at least 70% in equities (and their related securities) of companies domiciled, incorporated or having significant business in the Asia Pacific (excluding Japan) region and those which are listed in the region and aims to hold a concentrated portfolio of 30-50 securities. The Investment Manager will choose investments which it believes offer attractive dividend yields in addition to capital growth. It is not restricted in terms of size, industry or geographical split which could include investment in countries considered as emerging markets as determined by the Investment Manager at its sole discretion. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management. The Variable Share Class (WVMF) measures its performance relative to the index for the purposes of the Investment Management Charge calculation. The performance index does not influence investment decisions materially.

Performance and Portfolio ActivityThe fund generated positive returns over the period. The position in Chicony Electronics rose on strong earnings. HKBN advanced on profit expectations stemming from the acquisition of WTT Holding. Conversely, China Petroleum & Chemical slid on weak results.

A new position was initiated in Lendlease, given its long runway for growth supported by a strong urbanisation development pipeline in both its development and investment operations. I also purchased a holding in Embassy Office Parks real estate investment trust (REIT). The company is a potential beneficiary of India’s lucrative commercial real estate market amid an improved regulatory environment. I sold positions in Tripod Technology following strong gains and Wuliangye Yibin given its subdued outlook.

OutlookInvestors are likely to focus on Asia’s long-term structural growth drivers and the execution of structural reform agendas in key economies. I like companies with a sustainable dividend stream, supported by strong balance sheets and predictable cash flows.

Jochen BreuerFund Manager31 August 2019


SRRI


A Income Shares 5


W Income Shares 5

W-VMF Income Shares 6

1 3 4 5 6 72














19



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) 1,821 255

Revenue 1,419 243

Expenses (227) (45)


Net revenue/(expense) before taxation 1,169 197

Taxation (101) (17)


Total return before distributions 2,889 435

Distributions 269 (30)

Change in net assets attributable to shareholders from investment activities 3,158 405



[BLANK] £'000 £'000 £'000 £'000




Amounts payable on cancellation of shares (887) (1,879)

38,326 233


Change in net assets attributable to shareholders from investment activities (see above) 3,158 405


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,540 1,330



Total assets 65,263 23,580


Distribution payable (100) (126)





Fidelity Cash Fund

20


Investment Objective and PolicyThe fund aims to maintain the value of your investment and pay you an income.

The fund will invest at least 70% in a diversified range of sterling denominated money market instruments, other short-term investments and transferable securities. The fund is actively managed without reference to a benchmark. The fund may also invest in, but is not limited to, certificates of deposit, commercial paper, medium- term notes, floating rate notes and treasury bills. The fund will not hold derivative positions.

The fund’s performance can be compared to the Morningstar UK Sav 2500+ Gross Index as the index serves as a guide for market deposit rates. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK Investment Managers), to facilitate comparison between funds with broadly similar characteristics. This fund is classified in the IA Short Term Money Market sector. Performance data on funds within this sector may be prepared and published by data providers and will be used when evaluating the performance of this fund. The IA sector most closely reflects the combination of assets in the fund.

Performance and Portfolio ActivityThe fund generated positive returns, primarily supported by yield contribution as credit risk is kept to a minimum. The weighted average maturity (WAM) position was increased to 47 days, while we continue to adhere to the fund’s strict credit quality and liquidity criteria.

We increased the allocation to Aa1 rated securities at the expense of Aa2 and Aa3 securities. Additionally, fresh exposure was added to securities with overnight maturities and maturities between 90 and 180 days. We reduced the position in securities with maturities between 7 and 30 days.

OutlookThe Bank of England has continued to buck the global trend of monetary policy easing that we have seen so far this year. However, should the UK be forced to exit from the European Union without a deal, it could result in a comprehensive package of both monetary and fiscal loosening.

Tim Foster & Christopher EllingerFund Managers31 August 2019


SRRI


Y Income Shares 1

1 3 4 5 6 72









• There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.

• Investment in a Money Market Fund is different from an investment in deposits, in particular, the principal invested in a Money Market Fund may fluctuate and the risk of loss of the principal is to be borne by the investor.

• The fund is not a guaranteed investment. It does not rely on external support for guaranteeing the liquidity of the fund or stabilising the net asset value of shares in the fund.

Fidelity Cash Fund

21



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) (21) -

Revenue 3,007 2,656

Expenses (545) (677)


Taxation - -







[BLANK] £'000 £'000 £'000 £'000





108,219 (97,804)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,205 11,014

Cash and bank balances 57,842 -


Total assets 775,226 684,752



Other creditors (97) (20,028)

Total other liabilities (242) (20,162)

Total liabilities (242) (20,162)



22



The fund will invest at least 70% in equities (and their related securities) of companies domiciled, incorporated or having significant business in the Greater China region and those which are listed in the region related to the development, manufacture or sale of goods or services to Chinese consumers and aims to hold a concentrated portfolio of 30-50 securities. The Investment Manager is not restricted in terms of size or geographical split which could include investment in countries considered as emerging markets as determined by the Investment Manager at its sole discretion. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider a custom Greater China benchmark, designed and maintained by MSCI, that excludes industries including energy, heavy industrials, materials and banks. This is to ensure the Investment Manager selects at least 70% stocks related to the China consumer theme. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated positive returns over the period, amid changing dynamics of the US-China trade war. Li Ning’s business turnaround and China Resources Beer’s partnership with Heineken and improving market share lifted these holdings. A higher utilisation rate and easing regulatory pressures supported New Oriental Education and Technology. Conversely, an earnings disappointment held back gains in China Mobile.

I bought a new holding in Ctrip.com, as it is likely to benefit from long-term structural growth in the Chinese travel sector. I purchased a new position in CITIC Telecom International Holdings given its steady growth in internet services. Meanwhile, China Telecom was sold amid weakening growth prospects. The holding in JD.com was sold for better opportunities elsewhere.

OutlookChinese policymakers remain committed to stimulating domestic demand and loosening financial conditions to cushion short-term headwinds arising out of the US-China trade dispute. I favour companies with a high return profile and growth execution capability.

Hyomi JieFund Manager31 August 2019


SRRI




1 3 4 5 6 72














23



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 1,728 1,395




Net revenue/(expense) after taxation 896 725


Distributions 22 97




[BLANK] £'000 £'000 £'000 £'000





7,852 24,903




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 859 311



Total assets 158,558 136,508


Other creditors (1,396) (389)

Total other liabilities (1,396) (389)

Total liabilities (1,396) (389)



24



The fund will invest at least 80% in equities (and their related securities) of companies domiciled, incorporated or having significant business in less developed countries in Asia* and those which are listed in the region. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI Emerging Markets Asia Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes. *as determined by the MSCI Emerging Markets Asia Index.

Performance and Portfolio ActivityThe fund generated positive returns in a volatile period. Uncertainty around US-China trade issues dominated investor sentiment. Selected Chinese stocks added value. Shares in China Mengniu Dairy advanced amid robust revenue growth across its products. Strong growth in duty free store sales buoyed China International Travel Service’s earnings.

I increased the exposure to Power Grid Corporation of India for its highly regulated returns and attractive dividend yield. The allocation to e-commerce giant Alibaba Group was also raised. Conversely, I sold the position in phone casing manufacturer Catcher Technology due to pricing pressures and the risk of technological change. Elsewhere, profits were taken in Guangzhou Baiyun International Airport.

OutlookInvestors are concerned about three key challenges in Asia – US dollar strength, trade issues between the US and China and a slowdown in the Chinese economy. However, I believe China can undertake measures to support the economy in the long run.

Dhananjay PhadnisFund Manager31 August 2019


SRRI




1 3 4 5 6 72











• The use of derivatives may result in “leverage” by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.




25



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 1,563 1,355


Interest payable and similar charges - 1









[BLANK] £'000 £'000 £'000 £'000





2,545 (2,278)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 848 1,916










26



The fund will invest at least 70% in equities (and their related securities) of companies having their head office or exercising a predominant part of their activity in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa including those that are considered as emerging markets according to the MSCI Emerging Markets Europe, Middle East and Africa Index. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI Emerging Markets Europe, Middle East and Africa capped 5% Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.

Performance and Portfolio ActivityThe fund delivered positive returns as stock selection in Saudi Arabia supported performance. From a sector perspective, financials added value and materials detracted from returns.

We increased the exposure to petrochemical company Sasol as it has profitable downstream operations. A new holding was purchased in Russian company Tatneft in light of its healthy balance sheet. We took some profits and sold positions in Lukoil and Roseneft.

OutlookEquities in the EMEA region may be negatively impacted by US dollar strength, monetary policy in the developed world and geopolitics.

Nick Price & Greg Konstantinidis Fund Managers31 August 2019


SRRI




1 3 4 5 6 72














• In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.


27



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 4,578 3,580










[BLANK] £'000 £'000 £'000 £'000





(7,282) 322




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 483 667

Cash and bank balances 509 198

Total other assets 992 865

Total assets 105,039 103,075


Other creditors (814) (463)

Total other liabilities (814) (463)

Total liabilities (814) (463)



28


Investment Objective and PolicyThe fund aims to deliver an income that is at least 50% more than the income produced by the companies included in the FTSE All Share (Gross Total Return) Index. The fund also has the potential to increase the value of your investment.

The fund will invest at least 50% in equities (and their related securities) of companies domiciled, incorporated or having significant business in the UK and those which are listed in the UK. It is not restricted in terms of size or industry. Derivatives, including covered call options, will be used for investment purposes in order to further enhance the income generated by the underlying investments. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund recorded positive returns over the period, supported by its positioning in the consumer goods and information technology sectors. Technology major Apple was the largest contributor to performance, as the stock started to recover from earlier losses.

We bought high-quality US bank JP Morgan Chase as we believe it has strong dividend growth prospects. We increased the holding in energy company SSE, as its management is focusing on restructuring the business. Conversely, we took some profits and sold the position in Whitbread. The holding in Bellway was also sold. We think it is unwise to remain invested in a business that relies on government funding, given the political uncertainty in the UK.

OutlookThe economic environment in the UK remains uncertain as there is still no clarity on the terms of its exit from the European Union. Weaker growth momentum resulted in attractive stock valuations and presents an opportunity for long-term investors.

David Jehan & Michael ClarkFund Managers31 August 2019


SRRI


A Income Shares 5


W Income (monthly) Shares 5

W Income Shares 5


Y Income Shares 5

1 3 4 5 6 72












• The use of derivatives to enhance income may reduce growth potential in certain market conditions.


29



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) (6,336) 9,314

Revenue 14,057 16,263

Expenses (1,500) (1,871)






Distributions (7,211) (8,830)

Change in net assets attributable to shareholders from investment activities (1,445) 14,118



[BLANK] £'000 £'000 £'000 £'000





(36,801) (88,973)


Change in net assets attributable to shareholders from investment activities (see above) (1,445) 14,118


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 6,167 2,980



Total assets 286,489 330,753

Liabilities:

Investment liabilities (1,747) (2,714)

Creditors

Distribution payable (2,861) (8,057)






30


Investment Objective and PolicyThe fund aims to increase the value of your investment over a period of 5 years or more and provide a growing level of income.

The fund will invest at least 80% in equities (and their related securities) of companies domiciled, incorporated or having significant business in continental Europe and those which are listed in the region. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI Europe ex UK Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management. The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the Investment Management Charge calculation. The performance index does not influence investment decisions materially.

Performance and Portfolio ActivityThe fund generated positive returns over the period, driven by the strong performance of key holdings. In particular, the position in food business Nestle gained on solid growth prospects. A significant proportion of its business is in categories with attractive growth and high emotional engagement, with the scope for premiumisation and pricing power. LVMH also benefited from positive investor sentiment following strong quarterly results. The company has a robust portfolio of market leading brands and is less cyclical than luxury peers.

Among key transactions, I reduced the exposure to companies that performed well, but now look expensive relative to historic ranges. For instance, the holdings in construction chemicals company Sika and elevators company Kone were sold. Meanwhile, I raised the allocation to Swedish Match and Total.

OutlookThe outlook for European markets remains uncertain amid a slowdown in the economy. Against this backdrop, I continue to focus on attractively valued companies that can grow dividends consistently.

Sam MorseFund Manager31 August 2019


SRRI


A Income Shares 5

I Income Shares 5


W Income Shares 5



1 3 4 5 6 72












31



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 63,642 62,467

Expenses (14,722) (14,700)



Taxation (5,992) (5,833)



Distributions (326) (2,702)




[BLANK] £'000 £'000 £'000 £'000





55,133 (170,567)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 2,711,430 2,334,437

Current assets:

Debtors 19,387 21,607

Cash and bank balances 2,835 226


Total assets 2,733,652 2,356,270


Distribution payable (1,186) (703)






32



The fund will invest at least 70% in the shares of continental European companies (those domiciled, incorporated or having significant business in continental Europe and those which are listed in the region).The portfolio will be made up of a blend of larger, medium and smaller sized companies and aims to hold a concentrated portfolio of 30-50 securities. The Investment Manager is not restricted in the choice of company either by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of investment opportunities rather than the outlook for each market. The fund is actively managed without reference to a benchmark. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated strong returns over a volatile period. Selected holdings in information technology (IT) and consumer staples added value. In IT, the large active position in SAP supported returns. Within consumer staples, the exposure to food producer Nestle and personal goods company Beiersdorf advanced in light of their encouraging results. A new position was purchased in information and communications technology solutions provider Ericsson, as better demand-supply dynamics are leading to higher sales growth. I also bought a holding in financial technology company Nexi, which specialises in digital payments. Conversely, the positions in Getinge and Osram Licht were sold.

OutlookThe European Central Bank’s indication of an easing monetary policy should support equities despite concerns over slowing global growth. However, uncertainties related to the UK’s exit from the European Union and ongoing trade concerns between the US and its major trading partners could negatively impact the eurozone’s economy.

Alberto ChiandettiFund Manager31 August 2019


SRRI




1 3 4 5 6 72












33



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 9,036 8,536

Expenses (2,140) (2,389)










[BLANK] £'000 £'000 £'000 £'000



Amounts receivable on issue of shares 363 1,691


(17,983) (17,822)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 940 1,138


Total other assets 974 1,427

Total assets 386,385 368,375







34


Investment Objective and PolicyThe fund aims to deliver an income with the potential to increase the value of your investment.

The fund will be at least 70% exposed to sterling denominated (or hedged back to sterling) investment grade and high yield debt instruments. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider a blend of investment grade and high yield indices - the ICE Bank of America Merrill Lynch Q409 Custom Index which is a custom index of investment grade and high yield indices maintained by Bank of America Merrill Lynch. However, the Investment Manager has a wide degree of freedom relative to the index and may invest in issuers, sectors, countries and security types not included in the index in order to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns over the period, primarily driven by its interest rate strategy as core government bond yields fell to record lows. Credit strategy also contributed marginally to returns. The holding in Tesco added notable value as its ratings were upgraded.

The fund is focussed on implementing relative value trades or ideas around bonds or sectors that may be under pressure due to the political crisis in the UK. For instance, we sold UK utility names. The proceeds were used to increase the exposure to non-UK names such as Aroundtown and Berkshire Hathaway.

OutlookThe political crisis in the UK has deepened as the new Prime Minister Boris Johnson suspended Britain's parliament in the runup to the October 31 deadline for its exit from the European Union. Concerns over a “No Deal” exit peaked in August, though the situation remains fluid. While not the base case given recent events, if we do see a “No Deal” exit, a more comprehensive package of both monetary and fiscal loosening is likely. This would support UK government bonds in the short term.

Sajiv Vaid & Peter KhanFund Managers31 August 2019


SRRI


A Income Shares 3


Y Income Shares 3

1 3 4 5 6 72













• The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.


35



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 13,551 14,199

Expenses (2,540) (2,681)



Taxation - -







[BLANK] £'000 £'000 £'000 £'000





(35,055) 2,409




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 11,281 12,281



Total assets 606,916 611,077

Liabilities:

Investment liabilities (1,082) (298)

Creditors







36


Investment Objective and PolicyThe fund aims to increase the value of your investment with low volatility versus the MSCI All Country World (Net Total Return) Index. It also seeks to deliver an income that is at least 25% more than the income produced by companies included in the index.

The fund will invest at least 70% in equities (and their related securities) of companies globally. The Investment Manager will choose investments which it believes offer attractive dividend yields in addition to price appreciation. It is not restricted in terms of size, industry, or geographical split. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund recorded positive returns over the period. Strong stock selection in the industrials and financials sectors enhanced gains. The robust performance of key positions, including German exchange group Deutsche Boerse and consumer goods major Procter & Gamble added value.

I recycled capital into more attractively valued existing positions by selling small holdings in Novartis and Red Electrica. I increased the exposure to mega-cap pharmaceuticals company Pfizer, which has an innovative business profile. The company is undertaking certain acquisitions to strengthen its pipeline. The allocation to Schneider Electric, a French engineering company with leading positions in energy management and automation, was increased.

OutlookThe current market environment is characterised by a combination of high profit margins, significant corporate debt and a rise in valuations. As such, I remain cautiously optimistic about the fund’s holdings.

Daniel RobertsFund Manager31 August 2019


SRRI


A Income Shares 5



W Income Shares 5


Y Income Shares 5

1 3 4 5 6 72












37



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 27,564 21,106

Expenses (5,643) (4,080)



Taxation (3,026) (2,434)







[BLANK] £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 1,009,039 847,118




138,970 (37,537)



Closing net assets attributable to shareholders 1,309,530 884,980

Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 1,308,941 1,008,759

Current assets:

Debtors 11,688 9,972



Total assets 1,323,251 1,018,843








38


Investment Objective and PolicyThe fund aims to increase the value of your investment and deliver an income that is at least 50% more than the income produced by the companies included in the MSCI All Country World Index.

The fund will invest at least 50% in equities (and their related securities) of companies globally, which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. Derivatives, including covered call options, will be used for investment purposes in order to further enhance the income generated by the underlying investments. The Investment Manager is not restricted in terms of size, industry, or geographical split. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund recorded positive returns over the period. Strong stock selection in the industrials and financials sectors enhanced gains. The robust performance of key positions, including German exchange group Deutsche Boerse and consumer goods major Procter & Gamble added value.

We recycled capital into more attractively valued existing positions by selling small holdings in Novartis and Red Electrica. We increased the exposure to mega-cap pharmaceuticals company Pfizer, which has an innovative business profile. The company is undertaking certain acquisitions to strengthen its pipeline. We also raised the allocation to Schneider Electric, a French engineering company with leading positions in energy management and automation.

OutlookThe current market environment is characterised by a combination of high profit margins, significant corporate debt and a rise in valuations. As such, we remain cautiously optimistic about the fund’s holdings.

Daniel Roberts & David JehanFund Managers31 August 2019


SRRI

A Income Shares 5



W Income Shares 5

1 3 4 5 6 72












• The use of derivatives to enhance income may reduce growth potential in certain market conditions.


39



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 9,161 8,602

Expenses (1,247) (1,186)



Taxation (1,057) (1,034)







[BLANK] £'000 £'000 £'000 £'000





12,259 (39,641)

Swing price adjustment - 109



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,641 14,842



Total assets 290,106 256,282

Liabilities:


Creditors







40



The fund will invest at least 80% in equities (and equity related securities) of companies globally which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The Investment Manager aims to hold a concentrated portfolio of 40-60 stocks. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI All Country World Mid Cap Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund can also invest in other transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated strong positive returns over the period. Relatively defensive positions such as SBA Communications and Booz Allen Hamilton performed well in a volatile market. In contrast, certain information technology names such as Lenovo declined due to trade tariff concerns, while the fall in crude oil prices weighed on Concho Resources.

The fund invested in molecular diagnostics company Qiagen. I also bought a stake in Tableau Software, a leading provider of analytics software, which was subsequently acquired by Salesforce. The position in Genpact was sold as the thesis played out, while the sudden departure of its CEO prompted me to sell the holding in Knorr Bremse.

OutlookIncreasing indications of a deterioration in underlying fundamentals highlights the risks in the economy. In such an environment, investors need to tread cautiously in terms of portfolio construction, with greater emphasis on finding stocks that lose less, rather than gain more.

Amit LodhaFund Manager31 August 2019


SRRI




1 3 4 5 6 72












41



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 3,839 4,108

Expenses (2,695) (2,612)

Interest payable and similar charges - (37)


Taxation (1,003) (348)

Net revenue/(expense) after taxation 141 1,111






[BLANK] £'000 £'000 £'000 £'000





(6,557) (5,782)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 11,188 935



Total assets 494,227 417,755







42


Investment Objective and PolicyThe fund aims to deliver an income and increase the value of your investment.

The fund will be at least 70% exposed to global high yield debt instruments (those with a rating of BB+/Ba1 or less from an internationally recognised rating agency). These exposures will be at least 70% hedged back to the fund’s base currency (sterling). The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the ICE Bank of America Merrill Lynch Q788 Custom Index which is a custom blend of regional high yield indices maintained by Bank of America Merrill Lynch. However, the Investment Manager has a wide degree of freedom relative to the index and may invest in issuers, sectors, countries and security types not included in the index in order to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns, driven by a rally in interest rates and investors’ hunt for yield. Global central bank monetary policies, driven by weaker economic growth, uncertainties related to the UK’s exit from the European Union, and the US-led trade war rhetoric remained at the forefront. From an issuer standpoint, the underweight stance in Thomas Cook was the top contributor to relative returns following liquidity concerns.

Given the ongoing trade-tension between the US and China, we focused on buying quality credits with strong fundamentals. We bought new holdings in Wells Fargo and UBS Group in the financials sector. We reduced the allocation to consumer sectors by selling positions in Bayer AG and BMW Group.

OutlookFears about global growth prospects and concerns over the UK’s exit from the EU provide a strong incentive to minimise the exposure towards lower quality assets. Credit spreads are expected to be impacted by political headlines, which could keep volatility elevated.

Peter Khan, Andrei Gorodilov, Bryan Collins & James DuranceFund Managers31 August 2019


SRRI


A Income Shares 3

I Accumulation Shares 3


Y Income Shares 3

1 3 4 5 6 72
















43



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 5,642 4,859


Interest payable and similar charges (1,711) (1,375)


Taxation 1 -


Total return before distributions 7,644 (681)


Change in net assets attributable to shareholders from investment activities 7,069 (206)



[BLANK] £'000 £'000 £'000 £'000





(41,247) 76,722


Change in net assets attributable to shareholders from investment activities (see above) 7,069 (206)


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 2,995 7,128



Total assets 162,706 202,238

Liabilities:


Creditors

Bank overdrafts (185) -







44


Investment Objective and PolicyThe fund aims to deliver an income and increase the value of your investment over a period of 5 years or more.

The fund will invest at least 70% in equities (and their related securities) of companies in the real estate industry globally as well as other real estate-related investments which could include investment in countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The investment manager aims to hold a concentrated portfolio of 30-50 securities. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund recorded positive returns over the period. Strong security selection in the US supported performance. The holding in real estate operating company VEREIT advanced on robust quarterly results, supported by year-on-year growth in revenues and funds from operations.

I bought a new position in Embassy Office Parks, which is India’s first real estate investment trust. The company has favourable demand-supply dynamics and high upside potential for rental growth. I increased the exposure to Digital Realty Trust as it remains a trusted brand in the digital space, which is witnessing massive growth. Conversely, the position in Klepierre was sold as I remain cautious in the retail sector. I also sold the holding in Simon Property Group.

OutlookThe outlook for the global property market is positive. In the US, the Federal Reserve’s accommodative stance and low mortgage rates are expected to support demand for residential properties. Real estate market conditions remain favourable in the eurozone and Asia.

Dirk PhilippaFund Manager31 August 2019


SRRI



W Income Shares 5


1 3 4 5 6 72













45



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 4,859 3,742

Expenses (1,311) (1,205)










[BLANK] £'000 £'000 £'000 £'000





50,336 (23,111)



Retained distribution on accumulation shares 3,263 1,868


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,854 1,448



Total assets 302,670 213,246








46



The fund will invest at least 70% in equities (and their related securities) of companies globally which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The investment manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by the market. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI All Country World Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes. The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the Investment Management Charge calculation. The performance index does not influence investment decisions materially.

Performance and Portfolio ActivityThe fund generated strong positive returns over the period. Wind farm major Orsted advanced after it won New Jersey’s first offshore wind project. American government services company Leidos Holdings added value on better than expected quarterly results. In contrast, certain energy sector holdings such as Marathon Petroleum and Royal Dutch Shell declined due to a fall in crude oil prices, despite solid business fundamentals.

The period saw some reorganisation in Japanese holdings. We sold positions in Sumco and Nitto Denko and invested the proceeds in TDK. Shares in the company, which has expertise in magnetic materials and structural growth in its batteries division, fell from 2018 highs. We also used the weakness in its price to add to the exposure to French multinational investment bank Societe Generale.

OutlookAn uncertain environment due to trade tensions, geopolitical disruptions and slowing global economic fundamentals could lead to increased risk aversion in markets. The challenging earnings outlook warrants a cautious stance.

Jeremy Podger & Jamie HarveyFund Managers31 August 2019


SRRI


J Accumulation Shares 5




1 3 4 5 6 72













47



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 37,724 36,329

Expenses (14,687) (14,820)



Taxation (3,228) (2,950)







[BLANK] £'000 £'000 £'000 £'000





(82,964) 28,839



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 2,717,242 2,524,932

Current assets:

Debtors 10,739 9,557



Total assets 2,729,155 2,536,907

Liabilities:


Creditors

Bank overdrafts - (4)






48


Investment Objective and PolicyThe fund aims to track the performance of the MSCI Emerging Markets (Net Total Return) Index (before fees and expenses are applied), thereby seeking to increase the value of your investment over a period of 5 years or more. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.

The fund uses an ‘index tracking’ (also known as ‘passive’) investment management approach whereby it aims to replicate the composition of the index. However, for practical reasons and/or to reduce the dealing costs of the fund, it may not invest in every company share in the index or at its weighting within the index. As well as investing directly in company shares, the fund will achieve exposure indirectly through the use of derivatives for efficient portfolio management purposes, for example, at the time of cash inflows to remain fully invested or to reduce transaction costs. In order to manage the cash position, the fund may invest in collective investment schemes (such as liquidity Funds), including those managed by Fidelity, money market instruments, cash and deposits.

Performance and Portfolio ActivityThe fund generated positive returns during the period despite renewed concerns over US-China trade tensions, which led to risk-off sentiment.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference, we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 4.04% against the index return of 4.11% over the period. The difference in performance takes into account factors such as annual ongoing charges (0.20%), taxation and transaction costs.

Please note, the fund’s cash position and investment of cash into a liquidity fund for diversification does not mean that the fund is under exposed to the index. Such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s country and holdings weights more closely match the index.

OutlookEmerging market equities may be negatively impacted by a deteriorating global economic outlook, deepening US-China trade conflicts and easing monetary policy stance globally. Investors will continue to monitor the progress on trade negotiations. From a long-term perspective, emerging market equities continue to offer growth potential, supported by structural drivers such as urbanisation and lifestyle changes. This will drive demand for different goods and services in underpenetrated markets.

Geode Capital ManagementFund Manager31 August 2019


SRRI

F Accumulation Shares 6

P Accumulation Shares 6

P Income Shares 6

1 3 4 5 6 72











• Fidelity International’s partial swing pricing policy can cause differences in the fund’s performance versus the index.

• A fund’s performance tracking may be affected if the times at which a fund and its benchmark index are priced are different. The fund is priced at midday UK time, and the index is priced when the relevant stock markets close. This can cause apparent differences in the fund’s performance versus that of the index than if the fund and the index were priced at the same time.


49



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 6,340 4,313











[BLANK] £'000 £'000 £'000 £'000





59,924 73,959




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 2,403 1,473



Total assets 328,508 256,504

Liabilities:

Investment liabilities (265) -

Creditors




Total other liabilities (4,562) (897)

Total liabilities (4,827) (897)



50


Investment Objective and PolicyThe fund aims to track the performance of the MSCI Europe ex UK (Gross Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. The performance of the fund is unlikely to track the performance of the index precisely because the fund incurs taxes that are not reflected in the index. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund rose strongly over the period, largely driven by the European Central Bank’s (ECB) accommodative monetary policy stance.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference, we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 12.27% against the index return of 12.65% over the period. The difference in performance takes into account the effect of factors such as annual ongoing charges (0.10%), taxation and transaction costs. A substantial part of the difference is due to withholding taxes incurred by the fund, but not by the gross total return index, as evidenced by the 11.81% performance of the net total return index over the period.

Please note, the fund’s cash position, and investment of cash into a liquidity fund for diversification, does not mean that the fund is under exposed to the index, as such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s country and holdings weights more closely match the index.

OutlookLead indicators suggest that global activity is heading for a modest acceleration. In an increasingly volatile environment, where valuations appear full in most markets, European equities look relatively attractive. While economic expansion is expected to be driven by favourable domestic demand and lower borrowing costs, the pace of expansion is likely to be moderate.



SRRI



P Income Shares 5

1 3 4 5 6 72














51



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 6,873 7,462







Distributions (668) (2,176)




[BLANK] £'000 £'000 £'000 £'000





31,145 (59,747)

Swing price adjustment 33 (36)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,238 1,117



Total assets 277,917 217,890


Bank overdrafts (10) (21)







52


Investment Objective and PolicyThe fund aims to track the performance of the MSCI Japan (Net Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund generated positive returns over the review period, despite global trade frictions and a weakening global economic outlook testing investor sentiment. As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 9.99% against the index return of 9.98% over the period. The difference in performance takes into account the effect of factors such as annual ongoing charges (0.10%), taxation and transaction costs. Taxation was a positive source of tracking difference, where the fund’s withholding tax treatment is more favourable versus the net total return index.

Please note, the fund’s cash position does not mean that the fund is under exposed to the index, as such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s country and holdings weights more closely match the index.

OutlookWhile not immune to external headwinds, the Japanese economy remains relatively stable. Confidence among Japanese manufacturers has clearly weakened, but sentiment in the non-manufacturing sector is holding up. Employment conditions remain tight and capital expenditure plans are supported by non-cyclical factors such as investment in labour saving technology. The Bank of Japan remains highly accommodative and extensive counter measures will be deployed to mitigate the effects of the October 2019 consumption tax hike.



SRRI



P Income Shares 5

1 3 4 5 6 72














53



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 2,936 2,433











[BLANK] £'000 £'000 £'000 £'000





122,612 (33,045)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 1,895 1,191



Total assets 341,502 196,286








54


Investment Objective and PolicyThe fund aims to track the performance of the MSCI Pacific ex Japan (Net Total Return Index) (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund generated positive returns over the period. Investors preferred growth-oriented, high-quality names in an uncertain market environment.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference, we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 8.33% against the index return of 8.42% over the period. The difference in performance takes into account the effect of factors such as annual ongoing charges (0.13%), taxation and transaction costs.

Please note, the fund’s cash position does not mean that the fund is under exposed to the index, as such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s country and holdings weights more closely match the index.

OutlookDeveloped Pacific ex Japan equities offer long-term growth potential. In Australia, low-cost resources, modest population growth and high dividend yields should continue to attract investor interest. Overall, stocks in the region trade at attractive valuations relative to their developed market peers.



SRRI



P Income Shares 5

1 3 4 5 6 72














55



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 5,834 3,961




Taxation (104) (67)







[BLANK] £'000 £'000 £'000 £'000





116,985 18,710




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 5,796 2,725



Total assets 318,471 189,869








56


Investment Objective and PolicyThe fund aims to track the performance of the FTSE All-Share Mid-day (Gross Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. The Mid-day (Gross Total Return) index is a customised variant designed and maintained by FTSE, for alignment with this fund’s UK mid-day valuation point. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund rose over the period amid indications of further monetary policy easing by global central banks.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. The P accumulation shares returned 4.79% against the FTSE All Share Midday TR index return of 4.81% over the period. The difference in performance is due to the effect of factors such as annual ongoing charges (0.06% for P shares), taxation and transaction costs.

Please note, the fund’s cash position and investment of cash into a liquidity fund for diversification does not mean that the fund is under exposed to the index, as any cash is typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s sector and holdings weights more closely match the index.

OutlookUncertainty related to the UK’s exit from the European Union (EU) has negatively impacted UK asset prices in recent years. In the short term, these developments may lead to greater than usual volatility in the UK market. However, once clarity emerges on future trading agreements with the EU, we may see a pick-up in investor sentiment and economic activity.



SRRI





P Income Shares 5

1 3 4 5 6 72













57



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 66,044 56,842











[BLANK] £'000 £'000 £'000 £'000





177,929 (218,492)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 2,515,952 2,253,389

Current assets:

Debtors 33,000 18,357



Total assets 2,557,967 2,273,009

Liabilities:


Creditors







58


Investment Objective and PolicyThe fund aims to track the performance of the S&P 500 (NUK) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. NUK means Net Total Return (WHT 15%). NUK is a customised index variant, designed and maintained by S&P, which aligns more closely with this fund’s withholding tax treatment. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund delivered positive returns over the period. US equities were supported by robust economic data and strong corporate earnings.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference, we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 15.70% against the index return of 15.76% over the period. The difference in performance takes into account the effect of factors such as ongoing charges (0.06%, reduced from 0.07% effective 1 April 2018), taxation and transaction costs.

Please note, the fund’s cash position and investment of cash into a liquidity fund for diversification does not mean that the fund is under exposed to the index, as such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s holdings weights more closely match the index.

OutlookUncertainty over US-China trade tensions are adding to concerns over the slowdown in global growth. Although earnings growth in the US remains relatively high, it has started to come down from earlier levels, which were bolstered by corporate tax cuts. Geopolitical headlines and trade policies continue to drive investor sentiment and have an impact on equity market performance. Against this backdrop, investors are exercising cautious optimism.



SRRI




P Accumulation hedged Shares 5


P Income Shares 5

1 3 4 5 6 72














59



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 16,080 12,060




Taxation (2,209) (1,646)







[BLANK] £'000 £'000 £'000 £'000





287,535 54,227




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 1,739,846 1,269,007

Current assets:

Debtors 65,325 7,870



Total assets 1,811,030 1,280,236

Liabilities:


Creditors







60


Investment Objective and PolicyThe fund aims to track the performance of the MSCI World (Net Total Return) Index (before fees and expenses are applied) thereby seeking to increase the value of your investment over a period of 5 years or more. The performance of the fund is unlikely to track the performance of the index precisely. Examples of tracking difference are explained in the Prospectus Notes below and the KIID.


Performance and Portfolio ActivityThe fund delivered positive returns over the period. The period was marked with heightened volatility, with many macroeconomic and geopolitical uncertainties testing investor sentiment.

As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference we have revalued the primary P accumulation shares using company share prices that make up the index at market close. The revalued P accumulation shares returned 13.42% against the index return of 13.28% over the period. The difference in performance takes into account the effect of factors such as annual ongoing charges (0.12%), taxation and transaction costs. Taxation was a positive source of tracking difference, where the fund’s withholding tax treatment is more favourable versus the net total return index.

Please note, the fund’s cash position and investment of cash into a liquidity fund for diversification does not mean that the fund is under exposed to the index, as such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s holdings weights more closely match the index.

OutlookTrade frictions, uncertainty over the UK’s exit from the European Union and slowing economic activity constitute major challenges to developed world equities. Nevertheless, the US Federal Reserve’s cautious tone supports the outlook, while the volatile environment can create attractive investment opportunities.



SRRI





P Income Shares 5

1 3 4 5 6 72














61



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 17,265 11,612




Taxation (1,766) (1,134)







[BLANK] £'000 £'000 £'000 £'000





240,473 206,398



Closing net assets attributable to shareholders 1,348,917 902,948

Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 1,337,734 957,531

Current assets:

Debtors 9,283 5,080



Total assets 1,354,695 964,220

Liabilities:


Creditors

Bank overdrafts (3,029) -





Net assets attributable to shareholders 1,348,917 962,778

Fidelity Japan Fund

62



The fund will invest at least 70% in equities (and their related securities) of Japanese companies (those domiciled, incorporated or having significant business in Japan and those which are listed in Japan) and is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, other collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated positive returns over the period, supported by selected stocks in the wholesale trade and information & communication sectors. Notably, industrial electronics conglomerate Hitachi’s subsidiary Hitachi High-Technologies advanced on reports that listed group companies are to be reorganised based on their synergies with the parent’s core businesses.

I look for companies that operate in a stable competitive environment, with high and sustainable returns on invested capital, and good earnings visibility. I bought a new position in Tokyo Electron, a leading semiconductor production equipment maker. Its shares are at a cyclical trough and it is well positioned to benefit from a recovery in memory-related investment going into 2020. A new holding was purchased in automobile company Subaru, which occupies an attractive niche in the US market. I sold retailer Ryohin Keikaku and Yamaha Motor.

OutlookWhile not immune to external headwinds, the Japanese economy remains relatively stable. Confidence among Japanese manufacturers has weakened, but sentiment in the non-manufacturing sector is holding up. The Bank of Japan remains highly accommodative and extensive counter measures will be deployed to mitigate the effects of the October 2019 consumption tax hike.

Takuya FurutaFund Manager31 August 2019


SRRI




1 3 4 5 6 72











Fidelity Japan Fund

63



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 480 466


Net revenue/(expense) before taxation 208 184

Taxation (48) (47)







[BLANK] £'000 £'000 £'000 £'000



Amounts receivable on issue of shares 2,010 711


(444) (2,327)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 148 347










64



The fund will invest at least 70% in equities (and their related securities) of medium and smaller sized* Japanese companies (those domiciled, incorporated or having significant business in Japan and those which are listed in Japan). The investment manager is not restricted in their choice of company by either size or industry. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the Russell/Nomura Mid Small Cap Japan Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management. *as defined by the market cap range of the index.

Performance and Portfolio ActivityThe fund generated positive absolute returns, supported by strong selection in the pharmaceutical, precision instruments and wholesale trade sectors. Within pharmaceuticals, the holding in Nippon Shinyaku rose as investors increasingly focused on safe-haven stocks in an uncertain environment.

I focus on well-run mid-to-small-cap companies with strong earnings drivers and solid balance sheets. I bought a new position in Tokyo Electron, a leading semiconductor production equipment maker. Its shares are at a cyclical trough and it is well positioned to benefit from a recovery in memory-related investment going into 2020. I also purchased a new holding in Olympus, a leading manufacturer of optical and digital precision technology. It has implemented business and management/governance transformation plans that are likely to drive future growth. Conversely, the positions in chemicals company Kose and Suzuki Motor were sold.

OutlookThe economic outlook remains weak, with the downtrend in exports particularly pronounced. Meanwhile, the continuing low inflation rate has increased the pressure on the Bank of Japan to ramp up stimulus measures sooner rather than later. Earnings expectations have also moderated, but stock valuations are supportive. This, combined with a benign policy backdrop and progress in structural reforms, indicates that the risk/reward balance for Japanese stocks is favourable.

Jun TanoFund Manager31 August 2019


SRRI



1 3 4 5 6 72













65



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 946 1,290




Taxation (95) (129)







[BLANK] £'000 £'000 £'000 £'000





(10,416) (7,849)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 414 612










66


Investment Objective and PolicyThe fund aims to achieve an income and to increase value of your investment over a period of 5 years or more.

The fund will invest at least 80% in a blend of equities (and their related securities) of UK companies (those domiciled, incorporated or having significant business in UK and those which are listed in the UK) and sterling denominated (or hedged back to sterling) investment grade debt instruments e.g. bonds, which could include government and corporate bonds. The Investment Manager is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. Asset allocation of the fund will be actively managed and is typically allocated as follows: 65% shares and 35% debt instruments. However, the fund’s allocation between shares and debt instruments can be tactically adjusted within the following ranges in order to preserve capital or take advantage of market opportunities: 60-70% shares and 30-40% debt instruments. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.

Performance and Portfolio ActivityThe fund recorded positive returns over the period, supported by its positioning in the consumer goods and information technology sectors. Consumer goods major Unilever was the largest contributor to returns. The holding is supported by an attractive category exposure and a diverse product range.

We bought high-quality US bank JP Morgan Chase as we believe it has strong dividend growth prospects. The exposure to utilities company SSE was increased, as its management is focusing on restructuring the business. Conversely, we took some profits and sold the position in Whitbread. The holding in Bellway was also sold. We think it is unwise to remain invested in a business that relies on government funding, given the political uncertainty in the UK.

OutlookThe economic environment in the UK remains uncertain. Weaker growth momentum resulted in attractive stock valuations and presents an opportunity for long-term investors. The fund has an overall short duration position through an underweight stance in sterling duration.

Michael Clark & Sajiv VaidFund Managers31 August 2019


SRRI

A Income Shares 4


Y Income Shares 4

1 3 4 5 6 72















67



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 11,136 11,682

Expenses (1,558) (1,862)



Taxation (9) (107)







[BLANK] £'000 £'000 £'000 £'000





(33,222) (56,388)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 5,637 5,937



Total assets 412,524 436,559

Liabilities:

Investment liabilities (146) (22)

Creditors

Distribution payable (925) (4,686)






68


Investment Objective and PolicyThe fund aims to increase value of your investment over a period of 5 years or more and deliver an income that is at least 10% more than the income produced by companies in the FTSE All Share Index.

The fund will invest at least 70% in equities (and their related securities) of UK companies (those domiciled, incorporated or having significant business in UK and those which are listed in the UK). The Investment Manager is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund recorded positive returns over the period, supported by its positioning in the consumer goods and information technology sectors. Consumer goods major Unilever was the largest contributor to returns. The holding is supported by an attractive category exposure and a diverse product range.

I bought high-quality US bank JP Morgan Chase as I believe it has strong dividend growth prospects. The holding in energy company SSE was increased, as its management is focusing on restructuring the business. Conversely, I took some profits and sold the position in Whitbread. The holding in Bellway was also sold. I think it is unwise to remain invested in a business that relies on government funding, given the political uncertainty in the UK.

OutlookThe economic environment in the UK remains uncertain as there is still no clarity on the terms of its exit from the European Union. Weaker growth momentum resulted in attractive stock valuations and presents an opportunity for long-term investors.

Michael ClarkFund Manager31 August 2019


SRRI


A Income Shares 5

Y Income (monthly) Shares 5

Y Income Shares 5

1 3 4 5 6 72












69



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 25,818 27,412

Expenses (2,796) (3,676)



Taxation (37) (287)







[BLANK] £'000 £'000 £'000 £'000





2,137 (166,055)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 35,752 5,757



Total assets 744,014 741,652








70



The fund will be at least 70% exposed to sterling-denominated (or hedged back to sterling) investment grade debt instruments. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the ICE Bank of America Merrill Lynch Euro-Sterling Index. However, the Investment Manager has a wide degree of freedom relative to the index and may invest in issuers, sectors, countries and security types not included in the index in order to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns over the period, primarily driven by its interest rate strategy as core government bond yields fell to record lows. Credit strategy also contributed marginally to returns. The holding in Tesco added notable value as its ratings were upgraded.

The fund is focussed on implementing relative value trades or ideas around bonds or sectors that may be under pressure due to the political crisis in the UK. For instance, we sold UK utility names. The proceeds were used to increase the exposure to non-UK names such as Aroundtown and Berkshire Hathaway.


Sajiv Vaid & Kristian AtkinsonFund Managers31 August 2019


SRRI


A Income Shares 3


I Income Shares 3


Y Income Shares 3

1 3 4 5 6 72















71



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 55,026 64,835

Expenses (10,473) (12,032)

Interest payable and similar charges (302) (3,034)


Taxation - -







[BLANK] £'000 £'000 £'000 £'000





(170,999) (229,476)



Retained distribution on accumulation shares 9,747 10,451


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 3,328,717 3,290,211

Current assets:

Debtors 54,030 70,276



Total assets 3,406,204 3,375,539

Liabilities:


Creditors








72



The fund will be at least 70% exposed to sterling-denominated (or hedged back to sterling) investment grade debt instruments, with an effective maturity of less than or equal to 5 years. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the ICE Bank of America Merrill Lynch 1-5 Year Euro-Sterling Index. However, the Investment Manager has a wide degree of freedom relative to the index and may invest in issuers, sectors, countries and security types not included in the index in order to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns over the period, primarily driven by its interest rate strategy as core government bond yields fell to record lows. Central banks across the world adopted a cautious monetary policy stance, reflecting expectations of weaker growth and continued uncertainty over US-China trade negotiations. Credit strategy also contributed marginally to returns as spreads tightened.

The fund is focussed on implementing relative value trades or ideas around bonds or sectors that may be under pressure due to the political crisis in the UK. For instance, we sold UK utility names and participated in attractive news issues of Occidental Petroleum and Prudential.


Sajiv Vaid & Kristian AtkinsonFund Managers31 August 2019


SRRI


Y Income Shares 2

1 3 4 5 6 72














73



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) 2,306 (215)

Revenue 1,555 998


Interest payable and similar charges - (7)


Taxation - (15)


Total return before distributions 3,614 599


Change in net assets attributable to shareholders from investment activities 2,702 373



[BLANK] £'000 £'000 £'000 £'000





11,796 59,951


Change in net assets attributable to shareholders from investment activities (see above) 2,702 373


Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 2,559 2,223

Cash and bank balances 967 1,930


Total assets 134,821 121,817

Liabilities:

Investment liabilities (3) (3)

Creditors







74



The fund will invest at least 70% in equities (and their related securities) of UK companies (those domiciled, incorporated or having significant business in UK and those which are listed in the UK). The Investment Manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by the market. It is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. The fund may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes. The Variable Share Class (W-VMF) measures its performance relative to the index for the purposes of the Investment Management Charge calculation. The performance index does not influence investment decisions materially.

Performance and Portfolio ActivityThe fund recorded positive returns over the period as the accommodative monetary policy stance from global central banks and expectations of an improvement in US-China trade frictions supported investor sentiment. Strong stock selection in the industrials sector added some value. At a stock level, defence engineering group Ultra Electronics was the biggest contributor to returns. It reported strong profit growth in the first six months of the year and increased its interim dividend.

Although I see a broad spread of value across the market, worsening fundamentals mean that I am increasingly finding value in defensive stocks. I increased the exposure to tobacco group Imperial Brands and utility company ContourGlobal. However, the holdings in Vitec and Royal Mail in the industrials sector were sold, owing to their weakening outlook.

OutlookThe good news for contrarian investors is that the negative sentiment towards the UK is creating an unforgiving environment, where investors’ behavioural biases cause them to avoid companies in uncertain or complex situations. This results in valuation discounts for certain stocks. My process is designed to identify the most attractive of these and build portfolios that are driven by positive change in companies and industries.

Alex WrightFund Manager31 August 2019


SRRI





1 3 4 5 6 72













75



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 93,163 73,821

Expenses (16,514) (18,708)

Interest payable and similar charges (92) (2,137)


Taxation (2,128) (434)







[BLANK] £'000 £'000 £'000 £'000





(118,738) (157,895)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 2,827,031 2,860,348

Current assets:

Debtors 26,747 11,414



Total assets 2,904,849 2,992,252

Liabilities:


Creditors






76



The fund will be at least 85% invested in the Fidelity Institutional Sterling Core Plus Bond Fund, but it is the intention through the use of derivatives to adjust interest rate risk to a target of 5 years, such that the returns achieved may be substantially different to those of the Fidelity Institutional Sterling Core Plus Bond Fund. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the 50% ICE Bank of America Merrill Lynch 15+ Year UK Gilt Index and 50% ICE Bank of America Merrill Lynch 15+ Year Sterling Non-Gilt Index. However, the Investment Manager has a limited degree of freedom relative to the custom blend and may invest in issuers, sectors, countries and security types not included in the custom blend in order to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for hedging and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns over the period, primarily driven by its interest rate strategy as core government bond yields fell to record lows. Credit strategy also contributed marginally to returns as spreads tightened.

The fund is focussed on implementing relative value trades or ideas around bonds or sectors that may be under pressure due to the political crisis in the UK. For instance, we sold UK utility and banking names. The proceeds were used to increase the exposure to non-UK names such as Aroundtown and Berkshire Hathaway.


Ian Fishwick, Ario Emami Nejad, Kristian Atkinson & Sajiv VaidFund Managers31 August 2019


SRRI

Gross paying Accumulation Shares 4

1 3 4 5 6 72














77



[BLANK] £'000 £'000 £'000 £'000

Income

Net capital gains/(losses) 1,740 526

Revenue 989 986

Expenses (14) (13)



Taxation - -



Distributions 7 (2)




[BLANK] £'000 £'000 £'000 £'000




Amounts payable on cancellation of shares - (930)

1,364 (661)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 96 148




Liabilities:


Creditors






78



The fund will be at least 70% exposed to sterling-denominated (or hedged back to sterling) global debt instruments, which may include (but are not limited to) government bonds, inflation-linked bonds, investment grade and high yield corporate bonds, which could include investment in countries considered as emerging markets as determined by the Investment Manager at its sole discretion. The fund is actively managed without reference to a benchmark. The fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to benefit from falling asset prices.

Performance and Portfolio ActivityThe fund posted positive returns over the period, primarily driven by its interest rate strategy as core government bond yields fell to record lows. Credit strategy also contributed marginally to returns as spreads tightened.

Even as credit fundamentals are deteriorating and many issues such as the UK’s exit from the European Union (EU) remain unresolved, we believe that central bank driven rallies tend to be more pronounced than expected. Therefore, we have a positive credit beta position given the supportive monetary backdrop. However, we are cautious on credit selection as markets could turn volatile quickly. Over the period, we participated in attractive new issues of Occidental Petroleum and UBS.

OutlookThe political crisis in the UK has deepened as the new prime minister suspended Britain's parliament in the runup to the October 31 deadline for its exit from the EU. Concerns over a “No Deal” exit peaked in August, though the situation remains fluid. While not the base case, if we do see a “No Deal” exit, a more comprehensive package of both monetary and fiscal loosening is likely. This would support UK government bonds in the short term.

Claudio Ferrarese & Tim FosterFund Managers31 August 2019


SRRI


A Income Shares 3


Y Income Shares 3

1 3 4 5 6 72















79



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 25,492 31,732

Expenses (4,619) (6,094)



Taxation (6) -







[BLANK] £'000 £'000 £'000 £'000





(187,111) (87,267)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments 1,277,243 1,372,594

Current assets:

Debtors 20,734 46,094



Total assets 1,319,092 1,433,166

Liabilities:


Creditors







80



The fund will invest at least 70% in equities (and their related securities) of UK companies (those domiciled, incorporated or having significant business in the UK). The fund may also invest a proportion of its assets in global companies listed in the UK. It aims to hold a concentrated portfolio of less than 50 securities. The Investment Manager will focus on companies which it believes have sustainable long-term earnings potential. The Investment Manager is not restricted in terms of size or industry. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.

Performance and Portfolio ActivityThe fund generated strong returns over the period, mainly driven by the strong performance of key holdings. In particular, London Stock Exchange gained as it reported strong earnings, benefiting from the solid performance of LCH, its clearing house business. Holdings in Unilever and Diageo performed well, given their strong growth outlook. Ultra Electronics and Compass were the other key contributors to returns.

Among key transactions, I bought holdings in Royal Bank of Scotland and Persimmon as their risk-reward ratio appears attractive. Meanwhile, the positions in Rathbone Brothers and Auto Trader were sold.

OutlookThe economic environment in the UK remains uncertain as it heads towards its exit from the European Union in October 2019. Against this backdrop, bottom-up stock picking will drive security selection, while I continue to monitor and manage any macroeconomic biases that build up in the portfolio.

Aruna KarunathilakeFund Manager31 August 2019


SRRI




1 3 4 5 6 72












81



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 11,618 10,839

Expenses (2,482) (2,844)



Taxation (234) (98)







[BLANK] £'000 £'000 £'000 £'000





2,898 (68,840)




Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 20,006 1,922



Total assets 501,151 454,811







82



The fund will invest at least 60% in equities (and their related securities) of smaller sized (companies which form the smallest 10% of UK listed companies by market capitalisation) UK companies (those domiciled, incorporated or having significant business in the UK). The fund may also invest a proportion of its assets in global companies listed in the UK. The Investment Manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by the market but is not restricted in terms of industry. The fund is actively managed without reference to a benchmark. The fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.

Performance and Portfolio ActivityThe fund recorded positive returns over the period as the accommodative monetary policy stance from global central banks and expectations of an improvement in US-China trade frictions supported investor sentiment. Holdings in the industrials sector added notable value, while strong selection in materials and consumer goods also provided support.

I look to buy unloved stocks if I see a balance sheet that can withstand a period of economic weakness, and valuation that gives us downside protection. During the period, I bought a new position in specialist wine retailer Naked Wine (earlier known as Majestic Wine), which is undergoing a strategy shift in its business model. I also purchased a holding in Smart Metering Systems, as it is a potential beneficiary of the planned rollout of smart meters in the UK. Conversely, the positions in Vitec and Royal Mail in the industrials sector were sold, owing to their weakening outlook.

OutlookThere are still a number of companies that trade at attractive valuations in the small-cap segment that do not reflect the positive changes occurring at the industry or company level. Therefore, the positions are based on fundamental prospects and valuations. I am better able to add value for clients with this approach, rather than forecasting political or macroeconomic outcomes.

Jonathan WintonFund Manager31 August 2019


SRRI




1 3 4 5 6 72














83



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 6,837 7,059

Expenses (1,808) (2,085)



Taxation - -







[BLANK] £'000 £'000 £'000 £'000





(30,131) (22,368)



Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets


Current assets:

Debtors 9,208 1,417



Total assets 346,127 362,064

Liabilities:


Creditors





84



[BLANK] £'000 £'000 £'000 £'000

Income


Revenue 6,822 10,543

Expenses (1,019) (2,297)



Taxation (78) (3)







[BLANK] £'000 £'000 £'000 £'000





In specie cancellation of shares (424,003) -

(437,989) (107,415)



Closing net assets attributable to shareholders - 463,824

Balance Sheet


[BLANK] £'000 £'000 £'000 £'000

Assets

Investments - 432,467

Current assets:

Debtors 82 2,180


Total other assets 642 2,224

Total assets 642 434,691


Distribution payable - (5,310)




Net assets attributable to shareholders - 428,721

Fidelity MoneyBuilder Growth Fund

Portfolio Statement


85

as at 31 August 2019

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Financials - (23.34%) 5,511 Fidelity Institutional Liquidity Fund - USD A Acc 81,211 8.44

274,113 Berkshire Hathaway 46,020 4.78

1,319,014 Bank of America 29,802 3.10

247,853 American Express 24,733 2.57

76,790 Willis Towers Watson 12,404 1.29

97,155 The Travelers Companies 11,794 1.23

86,750 Arthur J. Gallaghar 6,365 0.66

29,904 CME Group (A) 5,328 0.55

8,038 BlackRock 2,804 0.29

220,461 22.92

Information Technology - (23.62%) 268,587 Microsoft 30,655 3.19

290,195 Mellanox Technologies 25,853 2.69

519,794 Oracle 22,402 2.33

1,002,665 Cypress Semiconductor 19,017 1.98

92,663 Apple 16,012 1.66

310,908 Cisco Systems 12,143 1.26

152,306 Paychex 10,302 1.07

89,095 Fidelity National Information Services 10,112 1.05

48,106 Motorola Solutions 7,200 0.75

206,166 Genpact 6,970 0.72

126,153 Amdocs 6,713 0.70

895,135 Ericsson (B) (ADR) 5,755 0.60

79,157 Leidos Holdings 5,704 0.59

139,511 Intel 5,403 0.56

564,360 Infosys (ADR) 5,274 0.55

16,640 Adobe 3,940 0.41

73,237 Cognizant Technology Solutions (A) 3,716 0.39

56,606 Qualcomm 3,575 0.37

39,065 FLIR Systems 1,591 0.17

202,337 21.03

Communication Services - (11.08%) 1,399,028 Zayo Group Holdings 38,928 4.05

33,398 Alphabet (A) 32,962 3.43

202,319 Walt Disney 23,043 2.40

245,559 Verizon Communications 11,756 1.22

355,948 Fox (A) 9,631 1.00

138,897 T-Mobile US 8,952 0.93

161,610 Activision Blizzard 6,803 0.71

41,204 Facebook (A) 6,319 0.66

95,069 Comcast (A) 3,469 0.36

141,863 14.75

Health Care - (18.33%) 317,639 Celgene 25,486 2.65

112,381 Allergan 14,823 1.54

210,498 Abbott Laboratories 14,753 1.53

189,948 Merck 13,613 1.41

123,802 Medtronic 11,028 1.15

66,797 Zimmer Biomet 7,628 0.79

Portfolio Statement


86



63,645 Danaher 7,452 0.77

42,449 Amgen 7,258 0.75

73,580 Alexion Pharmaceuticals 6,820 0.71

192,230 Boston Scientific 6,806 0.71

30,891 Anthem 6,631 0.69

45,906 McKesson 5,229 0.54

50,771 Novartis (ADR) 3,710 0.39

18,139 Laboratory Corporation of America Holdings 2,515 0.26

53,651 Dentsply Sirona 2,306 0.24

8,835 Johnson & Johnson 936 0.10

136,994 14.24

Industrials - (3.86%) 287,852 IHS Markit 15,608 1.62

93,692 Raytheon 14,142 1.47

98,105 Equifax 11,838 1.23

144,217 Jacobs Engineering Group 10,463 1.09

40,438 Deere 5,230 0.54

120,691 OSRAM Licht 4,012 0.42

171,600 Farmers Business Network 0% Preferred Perpetual 3,284 0.34

20,725 Parker-Hannifin 2,811 0.29

67,388 7.00

Consumer Staples - (5.62%) 268,458 Walmart 25,301 2.63

209,330 Colgate-Palmolive 12,834 1.33

280,666 Coca-Cola 12,764 1.33

45,816 Tyson Foods (A) 3,472 0.36

54,371 5.65

Consumer Discretionary - (4.61%) 127,348 Dollar Tree 10,273 1.07

228,104 eBay 7,638 0.79

81,433 Lowes 7,574 0.79

178,320 D.R. Horton 7,259 0.75

31,745 Home Depot 5,962 0.62

34,614 Dollar General 4,466 0.46

7,696 Advance Auto Parts 878 0.09

44,050 4.58

Energy - (3.67%) 289,760 Chevron 28,132 2.92

100,975 Valero Energy 6,276 0.65

243,432 Royal Dutch Shell (B) 5,555 0.58

39,963 4.15

Materials - (3.45%) 96,583 Linde 14,974 1.56

325,896 Barrick Gold 5,195 0.54

91,624 DuPont de Nemours 4,979 0.52

45,851 LyondellBasell Industries 2,854 0.30

28,002 2.91

Portfolio Statement


87



Utilities - (1.83%) 259,288 CMS Energy 13,504 1.40

13,504 1.40

Real Estate - (0.00%) 13,098 Equinix 6,035 0.63

114,990 CBRE Group (A) 4,906 0.51

10,941 1.14

Futures - (0.16%) 13,450 E-Mini S&P 500 Index Future 20/09/2019 456 0.05

456 0.05

Contracts for Difference - ((0.01)%) 165,539 Unilever (CFD) 899 0.09

29,498 Fairfax Financial Holdings (CFD) (1,295) (0.13)

(396) (0.04)

Portfolio of investments 959,934 99.78

Cash and other net assets/(liabilities) 2,138 0.22

Net assets 962,072 100.00

The figures in brackets represent the sector distributions at 28 February 2019. Where securities are reclassified in the current period comparative percentages have been restated.The percentage of net assets disclosed above is subject to rounding.Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

Portfolio Statement


88



Financials - (24.96%) 305,004 Berkshire Hathaway 51,206 5.77


753,937 Wells Fargo 28,779 3.24

74,062 Fairfax Financial Holdings 27,206 3.07

638,769 Bank of New York Mellon 22,024 2.48


1,007 Fidelity Institutional Liquidity Fund - USD A Acc 14,831 1.67

180,373 Northern Trust 13,007 1.47

284,035 Morgan Stanley 9,694 1.09

238,251 E Trade Financial 8,157 0.92

124,626 Loews 4,952 0.56

242,972 27.38

Information Technology - (21.42%) 1,110,430 Oracle 47,857 5.39

327,272 Qualcomm 20,671 2.33

990,931 Sabre 19,286 2.17

194,082 Check Point Software Technologies 17,236 1.94

410,747 Cisco Systems 16,042 1.81

297,398 Amdocs 15,825 1.78

716,799 Juniper Networks 13,725 1.55

810,250 Nuance Communications 11,310 1.27

1,186,959 Ericsson (B) 7,632 0.86

169,584 19.11

Health Care - (15.08%) 284,818 AmerisourceBergen 19,275 2.17


313,363 CVS Health 15,574 1.76

140,255 Jazz Pharmaceuticals 14,811 1.67

63,062 Anthem 13,536 1.53

159,506 Quest Diagnostics 13,488 1.52


689,791 Mylan 11,338 1.28

209,588 Gilead Sciences 11,039 1.24

273,621 Bristol-Myers Squibb 10,913 1.23

140,831 15.87

Communication Services - (7.09%) 451,278 T-Mobile US 29,086 3.28


682,068 Liberty Global (C) 14,515 1.64

297,159 TripAdvisor (A) 9,305 1.05


77,725 8.76

Portfolio Statement


89



Consumer Discretionary - (6.73%) 441,046 eBay 14,769 1.66

181,803 Dollar Tree 14,665 1.65

258,297 Grubhub 12,547 1.41

651,564 Tapestry 10,909 1.23

3,314 NVR 9,925 1.12

79,183 Advance Auto Parts 9,037 1.02

71,852 8.10

Energy - (5.11%) 291,913 Chevron 28,341 3.19

1,123,825 SBM Offshore 15,564 1.75

300,976 Marathon Petroleum 12,081 1.36

55,986 6.31

Consumer Staples - (7.22%) 365,597 Colgate-Palmolive 22,415 2.53

443,403 Archer Daniels Midland 13,822 1.56

220,560 Bunge 9,588 1.08

391,658 Kroger 7,661 0.86

53,486 6.03

Materials - (5.01%) 1,101,881 Valvoline 20,261 2.28

494,730 Mosaic 7,511 0.85

47,547 Linde 7,371 0.83

35,143 3.96

Utilities - (2.69%) 553,252 Exelon 21,370 2.41

21,370 2.41

Industrials - (4.05%) 134,065 General Dynamics 20,983 2.36

20,983 2.36


Cash and other net assets/(liabilities) (2,602) (0.29)

Net assets 887,330 100.00


Portfolio Statement

Fidelity Asia Fund

90



China - (38.00%) 5,937,800 Tencent Holdings 201,809 6.68

1,363,706 Alibaba Group Holding (ADR) 193,492 6.40

116,913,020 Industrial & Commercial Bank of China (H) 60,472 2.00

6,441,835 Wuxi Biologics (Cayman) 55,646 1.84

77,917,300 China Construction Bank (H) 47,400 1.57

503,837 New Oriental Education & Technology Group (ADR) 46,954 1.55

350,191 Kweichow Moutai (A) (CN) 19/02/2020 (ELN) 45,959 1.52

12,452,000 China Mengniu Dairy 40,483 1.34

4,861,610 Zhejiang Supor Cookware (A) 02/03/2020 (ELN) 40,378 1.34

306,100 Kweichow Moutai (A) 40,173 1.33

3,436,000 Sunny Optical Technology Group 39,107 1.29

3,463,000 Shenzhou International Group Holdings 38,544 1.28

16,290,000 China Life Insurance (H) 31,247 1.03

25,510,000 CNOOC Group 31,198 1.03

11,530,000 China Overseas Land & Investment 29,879 0.99

9,049,200 China Pacific Insurance Group (H) 29,704 0.98

3,951,000 China Mobile 26,848 0.89

4,415,907 Midea Group (A) 26,780 0.89

50,928,000 China Petroleum & Chemical (H) 24,476 0.81

3,323,571 Gree Electric Appliances of Zhuhai (A) 21,195 0.70

13,898,000 Weichai Power (H) 17,462 0.58

391,382 Yum China Holdings 14,652 0.48

4,226,535 Angel Yeast (A) (CN) 07/04/2020 (ELN) 13,853 0.46

215,062 ByteDance (Unlisted) 8,704 0.29

28,175,000 Sensetime Group C Preference (Unlisted) 7,288 0.24

6,876,000 Tong Ren Tang Technologies (H) 6,120 0.20

7,936,800 China State Construction International Holdings 5,867 0.19

21,041,000 Sinotrans (H) 5,574 0.18

546,054 Zhejiang Supor Cookware (A) (CN) 02/12/2019 (ELN) 4,535 0.15

2,096,834 Weifu High-Technology (B) 2,801 0.09

402,045 Midea Group (A) (CN) 2,438 0.08

133,132 Zhejiang Supor Cookware (A) 1,106 0.04

1,162,144 38.45

India - (12.33%) 4,176,441 HDFC Bank 107,079 3.54

2,743,588 Housing Development Finance 68,203 2.26

1,932,861 Tata Consultancy Services 50,149 1.66

4,325,537 Axis Bank 33,024 1.09

10,569,474 Power Grid Corporation of India 24,427 0.81

3,313,358 HDFC Life 21,156 0.70

289,998 Maruti Suzuki India 20,357 0.67

1,182,919 Kotak Mahindra Bank 19,506 0.65

6,873,746 ITC 19,389 0.64

346,399 UltraTech Cement 16,087 0.53

3,980,806 Bharti Airtel 15,881 0.53

50,524 Eicher Motors 9,441 0.31

1,292,492 Mahindra & Mahindra 7,868 0.26

412,567 13.65

Portfolio Statement

Fidelity Asia Fund

91



Korea - (13.32%) 4,540,345 Samsung Electronics 135,281 4.48

1,667,127 Shinhan Financial Group 45,943 1.52

771,235 SK Hynix 40,469 1.34

380,573 Hyundai Motor 33,025 1.09

228,105 NAVER 22,578 0.75

26,551 LG Household & Healthcare 21,168 0.70

131,671 Samsung Fire & Marine Insurance 20,442 0.68

181,194 SK Innovation 20,268 0.67

562,700 Samsung Electronics Preferred 14,057 0.47

33,041 Korea Zinc 9,733 0.32

53,450 Samsung SDI 9,023 0.30

84,498 AmorePacific 7,418 0.25

379,405 12.55

Hong Kong - (12.19%) 22,976,600 AIA Group 183,199 6.06

10,658,800 Sands China 39,675 1.31

1,107,100 Hong Kong Exchanges and Clearing 27,797 0.92

7,649,000 Bank of China (Hong Kong) 21,143 0.70

2,757,500 CK Asset Holdings 15,360 0.51

986,000 Sun Hung Kai Properties 11,460 0.38

1,190,400 ASM Pacific Technology 11,193 0.37

3,663,000 Innovent Biologics 9,703 0.32

4,581,900 Samsonite International 7,100 0.23

2,306,800 Dah Sing Financial Holdings 6,956 0.23

5,061,600 Dah Sing Banking Group 5,681 0.19

339,267 11.22

Taiwan - (8.96%) 28,296,128 Taiwan Semiconductor Manufacturing 192,203 6.36

75,284,911 E.SUN Financial Holding Company 49,852 1.65

2,634,450 Advantech 18,448 0.61

1,257,000 MediaTek 12,122 0.40

272,625 9.02

Thailand - (4.38%) 22,727,800 Airports of Thailand (F) 43,952 1.45

27,618,900 PTT (F) 32,640 1.08

4,764,600 Kasikornbank (F) 20,476 0.68

8,908,500 CP All Public (F) 20,039 0.66

3,383,400 Carabao Group (F) 6,952 0.23

1,275,200 Bumrungrad Hospital (F) 4,744 0.16

33,800 Kasikornbank (NVDR) 145 0.00

128,948 4.27

Indonesia - (3.93%) 38,881,800 Bank Central Asia 68,481 2.27

132,142,600 Bank Rakyat Indonesia 32,587 1.08

3,158,600 Gudang Garam PT Perusahaan 12,680 0.42

10,828,300 First Resources 9,419 0.31

10,953,500 Matahari Department Store 1,915 0.06

125,082 4.14

Portfolio Statement

Fidelity Asia Fund

92



Singapore - (2.67%) 3,970,168 United Overseas Bank 58,638 1.94

725,500 Jardine Cycle & Carriage 13,223 0.44

71,861 2.38

United States - (1.57%) 2,429 Fidelity Institutional Liquidity Fund - USD A Acc 35,797 1.18


64,695 2.14

Cayman Islands - (0.00%) 628,711 Ctrip.com International (ADR) 16,548 0.55

5,746,000 Hansoh Pharmacetical Group 15,973 0.53

32,521 1.08

Philippines - (1.30%) 8,252,820 Robinsons Retail Holdings 10,089 0.33

593,658 GT Capital Holdings 8,503 0.28

31,316,700 Alliance Global Group 6,274 0.21

24,866 0.82

Vietnam - (0.10%) 2,688,507 Vincom Retail Joint Stock Company 19/02/2020 (ELN) 3,261 0.11

3,261 0.11

Portfolio of investments 3,017,242 99.83


Net assets 3,022,590 100.00


Portfolio Statement


93



China - (39.26%) 46,764,000 China Petroleum & Chemical (H) 22,474 5.53

2,791,400 BOC Aviation 19,815 4.88

105,059 Kweichow Moutai (A) (CN) 13,788 3.40

3,396,633 Angel Yeast (A) (CN) 11,133 2.74

2,992,644 Hans Laser Technology Industry Group (A) (CN) 10,658 2.62

7,771,268 Zhejiang Sanhua (A) (CN) 10,521 2.59


2,418,377 Hangzhou Hikvision Digital Technology (A) (CN) 8,593 2.12

2,333,000 Hangzhou Hikvision Digital Technology (A) 8,290 2.04

1,239,739 Midea Group (A) (CN) 7,518 1.85

9,304,000 Dongfeng Motor Group (H) 7,082 1.74

16,238,000 China ZhengTong Auto Services Holdings 4,795 1.18

1,302,000 Hans Laser Technology Industry Group (A) 4,637 1.14

2,073,310 Zhejiang Sanhua (A) 2,807 0.69

316,415 Angel Yeast (A) 1,037 0.26

714,754 Zhejiang Sanhua (A) (CN) 12/05/2022 (ELN) 968 0.24


124,040 Midea Group (A) 752 0.19


144,934 35.69


1,538,500 Sun Hung Kai Properties 17,881 4.40

10,674,000 Shangri-La Asia 9,131 2.25

64,930 15.99

India - (6.65%) 1,133,432 HDFC Bank 29,060 7.16

924,635 Shriram Transport Finance 10,254 2.52

39,314 9.68

Canada - (5.10%) 344,529 Franco-Nevada (US) 27,692 6.82

27,692 6.82


26,162 6.44


8,100,000 TSRC 5,066 1.25

22,197 5.47

Australia - (6.12%) 7,785,062 Nine Entertainment Company Holdings 8,558 2.11

984,451 Charter Hall Group 6,869 1.69

3,361,168 Domain Holdings Australia 5,886 1.45

390,509 Ariadne Australia 134 0.03

21,447 5.28

Portfolio Statement


94



Korea - (3.34%) 117,147 SK Innovation 13,104 3.23

13,104 3.23

Indonesia - (2.32%) 51,238,900 Bank Rakyat Indonesia 12,636 3.11

12,636 3.11

Netherlands - (1.91%) 58,298 ASML Holding 10,659 2.62

10,659 2.62

New Zealand - (3.02%) 1,094,012 Restaurant Brands NZ 5,746 1.41

5,746 1.41

Philippines - (0.31%) 1,743,000 Pepsi-Cola Products Philippines 52 0.01

52 0.01



Net assets 406,122 100.00


Portfolio Statement


95



Hong Kong - (22.94%) 1,805,000 HKBN 2,653 4.16

1,985,000 Swire Pacific (B) 2,490 3.90

330,500 CK Infrastructure Holdings 1,829 2.86

201,200 AIA Group 1,604 2.51

940,000 Wynn Macau 1,543 2.42


260,300 Hongkong Land Holdings 1,167 1.83

634,500 Samsonite International 983 1.54

13,768 21.57

China - (11.59%) 336,000 China Mobile 2,283 3.58


489,400 China Pacific Insurance Group (H) 1,606 2.52

746,000 Guangdong Investment 1,289 2.02

4,363,000 Sinotrans (H) 1,156 1.81

8,565 13.42

Taiwan - (14.15%) 340,000 Taiwan Semiconductor Manufacturing 2,309 3.62

718,000 Chicony Electronics 1,664 2.61

307,000 Delta Electronics 1,178 1.85

560,000 Uni-President Enterprises 1,124 1.76

655,000 Quanta Computer 969 1.52

7,244 11.35

Australia - (10.84%) 138,986 Caltex Australia 1,840 2.88

281,539 Collins Foods 1,342 2.10

1,086,293 Nine Entertainment Company Holdings 1,194 1.87

121,294 Lendlease Group 1,142 1.79

520,646 CSR 1,122 1.76

6,640 10.40

India - (5.80%) 889,313 Power Grid Corporation of India 2,055 3.22

436,800 Embassy Office Parks (REIT) 1,958 3.07

154,054 Infosys 1,442 2.26

41,611 Housing Development Finance 1,034 1.62

6,489 10.16

Thailand - (9.02%) 2,041,400 PTT (F) 2,413 3.78

2,942,300 Thai Beverage 1,559 2.44

257,200 Bangkok Bank (NVDR) 1,182 1.85

363,300 Tisco Financial Group (F) 991 1.55

6,145 9.62

Singapore - (7.22%) 1,020,700 Singapore Telecommunications 1,909 2.99

107,000 DBS Group Holdings 1,548 2.42

897,800 ComfortDelGro 1,302 2.04

4,759 7.45

Portfolio Statement


96



Korea - (7.32%) 90,183 Samsung Electronics Preferred 2,253 3.53

8,687 Samsung Fire & Marine Insurance Preferred 939 1.47

33,263 KB Financial Group 894 1.40

4,086 6.40


1,310 2.05

Contracts for Difference - (1.24%) 10,000 Kweichow Moutai (A) (CN) (CFD) 421 0.66

457,708 Huayu Automotive Systems (A) (CN) (CFD) 134 0.21

51,800 Huayu Automotive Systems (A) (CFD) 44 0.07

599 0.94



Net assets 63,842 100.00


Portfolio Statement

Fidelity Cash Fund

97



Commercial Paper - (40.28%) 24,000,000 DZ Bank CP 0.77% 04/10/2019 23,983 3.09

20,000,000 Barclays Bank 0.95% VRN 09/03/2020 144A 20,004 2.58

20,000,000 Dexia Credit CP 0.80% 20/02/2020 19,923 2.57

15,000,000 Honda Finance Europe CP 0.77% 08/10/2019 14,988 1.93

15,000,000 Dekabank Deutsche Girozentale CP 0.81% 21/02/2020 14,941 1.93

13,000,000 Caisse des Depots et Consignations CP 0.75% 08/11/2019 12,986 1.68

13,000,000 SEB CP 0.76% 13/11/2019 12,981 1.68

13,000,000 Nordea Bank CP 0.755% 28/11/2019 12,975 1.67

13,000,000 Allianz CP 0.79% 20/02/2020 12,948 1.67

12,200,000 HSBC Bank CP 0.78% 09/10/2019 12,190 1.57

12,000,000 Pohjola Bank CP 0.77% 24/10/2019 12,009 1.55

12,000,000 233048 CP 0.77% 19/09/2019 11,995 1.55

12,000,000 DBS Bank CP 0.78% 30/09/2019 11,993 1.55

12,000,000 Sumitomo Mitsui Banking Brussels CP 0.79% 01/10/2019 11,992 1.55

12,000,000 Dexia Credit CP 0.77% 31/10/2019 11,983 1.55

12,000,000 Rabobank Nederland CP 0.80% 06/12/2019 11,976 1.55

10,000,000 Swedbank CP 0.90% 03/09/2019 9,999 1.29

10,000,000 Toyota Kreditbank CP 0.77% 02/09/2019 9,999 1.29

10,000,000 Swedbank CP 0.91% 09/09/2019 9,998 1.29

10,000,000 Swedbank CP 0.91% 09/09/2019 9,998 1.29

5,000,000 HSBC Bank CP 0.92% 06/09/2019 4,999 0.65

5,000,000 Nordea Bank CP 0.90% 20/09/2019 4,998 0.64

3,000,000 HSBC Bank CP 0.77% 25/09/2019 2,998 0.39

500,000 HSBC Bank CP 0.76% 11/09/2019 500 0.06

283,356 36.56

Certificate of Deposit - (40.09%) 22,000,000 Abbey National Treasury Services CD 0.80% 23/08/2019 21,999 2.84

15,000,000 Citibank CD 0.75% 11/10/2019 15,001 1.94

15,000,000 Toronto Dominion Bank London 0.8513% VRN 18/09/2019 15,000 1.94

15,000,000 HSBC Bank 0.908% VRN 01/11/2019 15,000 1.94

15,000,000 Bank of Tokyo Mitsubishi CD 0.80% 06/12/2019 14,999 1.94

15,000,000 Bank of Tokyo Mitsubishi CD 0.00% 08/11/2019 14,977 1.93

14,000,000 Svenska Handelsbanken CD 0.79% 17/02/2020 13,997 1.81

13,000,000 TD Bank CD 0.00% 30/09/2019 12,992 1.68

12,500,000 Bank of Nova Scotia CD 0.76% 15/10/2019 12,501 1.61

12,500,000 Bank of Nova Scotia CD 0.76% 15/10/2019 12,501 1.61

12,000,000 Credit Agricole Corporate & Investment Bank CD 0.81% 03/09/2019 12,000 1.55

12,000,000 Citibank CD 0.78% 09/09/2019 12,000 1.55

12,000,000 Standard Chartered Bank CD 0.78% 12/09/2019 12,000 1.55

12,000,000 Abbey National Treasury Services CD 0.75% 01/11/2019 11,999 1.55

12,000,000 ABN AMRO Bank CD 0.00% 03/10/2019 11,992 1.55

12,000,000 Sumitomo Mitsui Banking Brussels CD 0.00% 07/10/2019 11,990 1.55

12,000,000 ABN AMRO Bank CD 0.00% 04/11/2019 11,983 1.55



10,000,000 Sumitomo Mitsui Banking Brussels CD 0.00% 05/11/2019 9,986 1.29

9,000,000 Skandinaviska Enskilda Banken CD 0.80% 16/12/2019 9,002 1.16

271,917 35.09

Portfolio Statement

Fidelity Cash Fund

98



Time Deposit - (11.99%) 60,067,625 Bred Banque Populaire TD 0.72% 02/09/2019 60,068 7.75

50,000,000 DZ Bank TD 0.69% 02/09/2019 50,000 6.45

110,068 14.20

Corporate Bonds - (9.03%) 13,000,000 Westpac Banking FRN 06/04/2020 EMTN 12,996 1.68

10,000,000 Rabobank FRN 06/03/2020 Reg S 9,999 1.29

5,000,000 Westpac Banking Sydney FRN 19/11/2019 EMTN Reg S 5,000 0.65

5,000,000 Commonwealth Bank of Australia FRN 29/10/2019 Reg S 5,000 0.65

32,995 4.26

Treasury Bill - (0.00%) 12,000,000 UK T-Bill 0.00% 13/01/2020 11,966 1.54

5,892,500 UK T-Bill 0.00% 06/01/2020 5,877 0.76

17,843 2.30



Net assets 774,984 100.00


Portfolio Statement


99



Consumer Discretionary - (26.66%) 106,802 Alibaba Group Holding (ADR) 15,154 9.64

70,875 New Oriental Education & Technology Group (ADR) 6,605 4.20

2,145,000 Li Ning 5,188 3.30

1,322,800 Sands China 4,924 3.13

186,591 Ctrip.com International (ADR) 4,911 3.12

413,000 Shenzhou International Group Holdings 4,597 2.93

682,000 Galaxy Entertainment Group 3,510 2.23

4,254,000 Dongfeng Motor Group (H) 3,238 2.06

3,504,000 China Meidong Auto Holdings 2,385 1.52

201,001 China International Travel Services (A) (CN) 2,205 1.40

1,177,500 JNBY Design 1,383 0.88

125,756 Secoo Holding (A) (ADR) 791 0.50

66,307 China International Travel Services (A) 727 0.46

16,836 Yum China Holdings 630 0.40

56,248 35.79

Communication Services - (24.84%) 353,100 Tencent Holdings 12,001 7.64

1,057,000 China Mobile 7,183 4.57

32,974 NetEase (ADR) 6,869 4.37

5,649,000 CITIC Telecom International Holdings 1,810 1.15

20,689 Baidu (A) (ADR) 1,780 1.13

529,200 Wise Talent Information Technology 1,016 0.65

24,950 So-Young International (ADR) 226 0.14

30,885 19.65

Financials - (19.17%) 1,420,600 AIA Group 11,327 7.21

4,472,000 China Life Insurance (H) 8,578 5.46

579,000 Ping An Insurance (Group) Company of China 5,450 3.47

52,645 Noah Holdings (ADR) 1,245 0.79

26,600 16.93

Consumer Staples - (12.30%) 1,048,000 China Resources Beer (Holdings) 4,883 3.11

3,785,000 Sun Art Retail Group 3,016 1.92

374,000 President Chain Store 2,865 1.82

18,870 Kweichow Moutai (A) (CN) 2,477 1.58

156,855 Foshan Haitian Flavouring (A) (HK) 2,067 1.32

188,523 Treasury Wine Estates 1,950 1.24


137,346 TCI 1,112 0.71

8,298 Kweichow Moutai (A) (CN) 20/03/2020 (ELN) 1,089 0.69

290,000 China Mengniu Dairy 943 0.60

12,027 Cosmax 581 0.37

35,900 Foshan Haitian Flavouring (A) (CN) 473 0.30

101,400 Inner Mongolia Yili Industrial Group (A) 334 0.21

23,525 14.97

Portfolio Statement


100



Information Technology - (5.58%) 427,337 Hangzhou Hikvision Digital Technology (A) (CN) 1,518 0.97

1,884,000 Kingdee International Software Group 1,401 0.89

1,514,800 Xiaomi (B) 1,351 0.86

24,346 ByteDance (Unlisted) 985 0.63

112,500 Hangzhou Hikvision Digital Technology (A) 400 0.25

1,114,000 Sensetime Group C Preference (Unlisted) 288 0.18

1,100,000 Sensetime Group C Prime Preference (Unlisted) 285 0.18

67,798 Hangzhou Hikvision Digital Technology (A) 13/11/2020 (ELN) 241 0.15

6,469 4.11

Materials - (2.27%) 193,361 Lock&Lock 1,566 1.00

582,304 Shenzhen Yuto Packaging Technology (A) (CN) 1,296 0.82

2,908,000 Fufeng Group 1,136 0.72

3,998 2.54

Health Care - (2.46%) 503,200 Sinopharm Group (H) 1,491 0.95

89,500 Wuxi Biologics (Cayman) 773 0.49

116,000 China Animal Healthcare (Unlisted) 0 0.00

2,264 1.44



Net assets 157,162 100.00


Portfolio Statement


101



China - (40.23%) 191,000 Tencent Holdings 6,491 6.99

41,486 Alibaba Group Holding (ADR) 5,886 6.33


579,800 China Pacific Insurance Group (H) 1,903 2.05

510,000 China Mengniu Dairy 1,658 1.78


514,000 China Overseas Land & Investment 1,332 1.43

118,998 China International Travel Services (A) 1,306 1.41

99,700 Sunny Optical Technology Group 1,135 1.22

216,000 China Resources Beer (Holdings) 1,006 1.08

1,218,000 China Unicom Hong Kong 995 1.07

319,200 Sinopharm Group (H) 946 1.02


880,000 Guangzhou Automobile Group (H) 726 0.78

7,504 New Oriental Education & Technology Group (ADR) 699 0.75

828,000 China State Construction International Holdings 612 0.66

69,796 Zhejiang Supor Cookware (A) 580 0.62

68,790 Zhejiang Supor Cookware (A) (CN) 571 0.61

4,173 Kweichow Moutai (A) (CN) 25/10/2019 (ELN) 548 0.59

153,000 AAC Technologies Holdings 543 0.58

1,809,000 Sinotrans (H) 479 0.52

588,000 Kingdee International Software Group 437 0.47

44,138 Zhejiang Supor Cookware (A) 02/03/2020 (ELN) 367 0.39

2,100 Kweichow Moutai (A) (CN) 276 0.30

942,000 Best Pacific International Holdings 259 0.28

1,500 Kweichow Moutai (A) 197 0.21

33,806 36.38

India - (12.76%) 160,362 Reliance Industries 2,309 2.48

994,786 Power Grid Corporation of India 2,299 2.47

244,106 Infosys 2,286 2.46


85,298 HDFC Bank 2,187 2.35

236,916 Axis Bank 1,809 1.95

208,886 Container Corporation of India 1,222 1.31

241,243 Bharti Airtel 962 1.04

141,284 HDFC Life 902 0.97

164,163 Biocon 444 0.48

16,656 17.92

Korea - (13.81%) 197,464 Samsung Electronics 5,884 6.33

34,463 SK Hynix 1,808 1.95

47,361 Shinhan Financial Group 1,305 1.40

9,165 SK Innovation 1,025 1.10

5,286 Hyundai Mobis 889 0.96

5,140 POSCO 734 0.79

3,751 Samsung Fire & Marine Insurance 582 0.63

4,363 CJ Logistics 421 0.45

833 NAVER 82 0.09

12,730 13.70

Portfolio Statement


102



Taiwan - (8.90%) 885,000 Taiwan Semiconductor Manufacturing 6,011 6.47

76,000 MediaTek 733 0.79

1,081,785 E.SUN Financial Holding Company 716 0.77

83,796 Advantech 587 0.63

8,047 8.66


832,000 Bank Central Asia 1,465 1.58

1,356,100 Semen Indonesia Persero 1,038 1.12

3,994 4.30

Thailand - (3.65%) 963,500 PTT (F) 1,139 1.23

2,029,800 Thai Beverage 1,075 1.16

245,300 Kasikornbank (F) 1,054 1.13

24,500 Kasikornbank (NVDR) 105 0.11

3,373 3.63

Hong Kong - (4.62%) 166,000 AIA Group 1,324 1.42

158,000 Galaxy Entertainment Group 813 0.87

133,500 Techtronic Industries 757 0.81

160,500 Innovent Biologics 425 0.46

3,319 3.57

Cayman Islands - (0.00%) 35,750 Ctrip.com International (ADR) 941 1.01

222,000 Hansoh Pharmacetical Group 617 0.66

1,558 1.68

Philippines - (2.18%) 961,590 Metropolitan Bank & Trust 1,075 1.16

726,740 Pilipinas Shell Petroleum 360 0.39

1,435 1.54

Malaysia - (1.65%) 755,932 CIMB Group Holdings Berhad 744 0.80

149,100 Public Bank 590 0.63

1,334 1.44

Vietnam - (1.49%) 175,066 Vietnam Dairy Products 763 0.82

447,699 Vincom Retail Joint Stock Company 545 0.59

1,308 1.41

United States - (0.72%) 12,179 Cognizant Technology Solutions (A) 618 0.66

618 0.66

Portfolio Statement


103



Sri Lanka - (0.61%) 727,765 John Keells Holdings 510 0.55

510 0.55

Singapore - (0.41%) 400,100 Delfi 260 0.28

260 0.28



Net assets 92,933 100.00


Portfolio Statement


104



Russia - (34.97%) 2,898,160 Sberbank Russia (USD) 8,035 7.71

661,628 Gazprom (ADR) 3,784 3.63

55,632 PJSC LUKOIL (USD) 3,699 3.55

438,128 Tatneft Preferred 3,421 3.28

1,037,127 Sberbank of Russia Preferred 2,503 2.40

857,435 Gazprom O A O (USD) 2,467 2.37

371,666 Magnitogorsk Iron & Steel Works PJSC (GDR) 2,463 2.36

223,731 PhosAgro (GDR) 2,348 2.25

111,699 Mail.Ru Group (GDR) 2,044 1.96

4,569,844 Surgutneftegas Preferred 1,805 1.73

53,864 X5 Retail Group (GDR) 1,503 1.44

2,171,849 PAO TMK (USD) 1,471 1.41

21,197,797 Inter Rao (USD) 1,136 1.09

60,048 Novolipetsk Steel (GDR) 1,092 1.05

741,153 Detsky Mir (USD) 826 0.79

34,860 Severstal PAO (USD) 427 0.41

39,024 37.44

South Africa - (33.96%) 47,688 Naspers (N) 8,934 8.57

590,716 Absa Group 4,850 4.65

224,974 Sasol 3,447 3.31

2,354,575 Pepkor Holdings 2,146 2.06

205,502 African Rainbow Minerals 1,806 1.73

218,531 Foschini Group 1,777 1.70

1,156,644 Clover Industries 1,389 1.33

177,803 Discovery 1,098 1.05

872,776 Spur 1,036 0.99

3,019,221 Pretoria Portland Cem 663 0.64

73,806 JSE 516 0.50

1,352,112 DRDGOLD 503 0.48

117,497 Famous Brands 500 0.48

94,658 City Lodge Hotels 439 0.42

189,827 SUN International 397 0.38

29,501 28.31

Warrants - (3.71%) 1,966,433 Emirates NBD 03/01/2022 (ELN) 5,055 4.85

5,055 4.85

Turkey - (0.69%) 2,707,337 Turkiye Garanti Bankasi 3,395 3.26

186,049 Mavi Jeans (B) 967 0.93

4,362 4.19

Saudi Arabia - (0.00%) 176,556 BUPA Aarabia for Co-operative Insurance 10/10/2019 (ELN) 3,997 3.83

12,354 Saudi Dairy & Foodstuffs 10/05/2021 (ELN) 338 0.32

4,335 4.16

Cyprus - (1.91%) 188,696 TCS Group Holding (A) (GDR) 2,885 2.77

90,377 Headhunter Group (ADR) 1,373 1.32

Portfolio Statement


105



4,258 4.09

Nigeria - (4.10%) 43,024,130 Zenith Bank 1,729 1.66

251,816 Guaranty Trust Bank (GDR) 728 0.70

11,656,873 Guaranty Trust Bank 715 0.69

21,309,387 United Bank for Africa 287 0.28

3,459 3.32

United Kingdom - (3.39%) 43,312 Wizz Air Holdings 1,560 1.50

379,686 Glencore (ZA) 892 0.86

403,706 Vivo Energy 477 0.46

2,929 2.81

Kenya - (1.38%) 3,673,200 Equity Group Holdings 1,135 1.09

4,967,300 Safaricom 1,102 1.06

2,237 2.15

United Arab Emirates - (5.88%) 1,059,007 Abu Dhabi Commercial Bank 2,015 1.93

2,015 1.93

Slovenia - (1.68%) 185,047 Nova Ljubljanska Banka (GDR) 1,842 1.77

1,842 1.77

Romania - (1.32%) 3,661,205 Banca Transilvania 1,650 1.58

1,650 1.58

Greece - (1.65%) 104,104 Jumbo 1,601 1.54

1,601 1.54

Canada - (0.98%) 429,533 Semafo 1,319 1.27

1,319 1.27

United States - (3.80%) 31 Fidelity Institutional Liquidity Fund - USD A Acc 460 0.44

460 0.44


Cash and other net assets/(liabilities) 178 0.15

Net assets 104,225 100.00


Portfolio Statement


106



Financials - (25.19%) 4,267,306 Royal Bank of Scotland Group 7,922 2.82

14,637,691 Lloyds Banking Group 7,345 2.61

463,661 Prudential 6,355 2.26

295 Fidelity Institutional Liquidity Fund - Sterling A Acc 6,172 2.20

65,989 JPMorgan Chase 5,956 2.12

968,057 HSBC Holdings 5,765 2.05

861,123 Phoenix Group Holdings 5,541 1.97

922,524 British Land 4,701 1.67

182,639 Admiral Group 3,894 1.39

2,265,288 Greencoat UK Wind 3,149 1.12

1,306,541 Legal & General Group 2,893 1.03

1,478,236 Primary Health Properties 2,022 0.72

622,924 Direct Line Insurance Group 1,780 0.63

112,924 Close Brothers Group 1,460 0.52

1,001,635 Redde 1,062 0.38

161,205 Chesnara 453 0.16

66,470 23.66

Consumer Goods - (19.89%) 247,087 Unilever 12,893 4.59

363,074 Diageo 12,818 4.56

126,238 Reckitt Benckiser Group 8,089 2.88

171,713 Coca-Cola 7,809 2.78

253,009 British American Tobacco 7,316 2.60

84,185 Berkeley Group Holdings 3,290 1.17

137,781 Imperial Brands 2,911 1.04

20,899 Nichols 356 0.13

55,482 19.75

Health Care - (11.04%) 263,891 AstraZeneca 19,412 6.91

891,695 GlaxoSmithKline 15,319 5.45

34,731 12.37

Oil & Gas - (9.95%) 2,592,583 BP 13,049 4.65

546,660 Royal Dutch Shell (A) 12,521 4.46


28,509 10.15

Utilities - (8.89%) 733,257 SSE 8,433 3.00

673,654 National Grid 5,806 2.07

603,532 Pennon Group 4,605 1.64

524,185 United Utilities Group 4,287 1.53

184,809 Severn Trent 3,853 1.37

26,984 9.61

Portfolio Statement


107



Consumer Services - (9.14%) 1,870,276 International Consolidated Airlines Group 7,954 2.83

332,363 WPP 3,217 1.15

291,610 easyJet 2,805 1.00

104,224 Go-Ahead Group 2,157 0.77

58,867 Greggs 1,235 0.44

914,900 Stagecoach Group 1,135 0.40

85,599 Dignity 408 0.15

52,921 Rightmove 286 0.10

52,791 Auto Trader Group 281 0.10

19,478 6.93

Telecommunications - (5.88%) 5,271,894 Vodafone Group 8,206 2.92

3,288,609 BT Group 5,459 1.94

13,665 4.87

Basic Materials - (4.39%) 208,055 Rio Tinto 8,608 3.06

168,193 BHP 2,960 1.05

109,841 Mondi Group 1,749 0.62

13,317 4.74

Industrials - (3.13%) 213,027 PayPoint 1,902 0.68

1,158,251 Hays 1,616 0.58

532,420 Forterra 1,400 0.50

647,326 Ibstock 1,387 0.49

324,011 PageGroup 1,371 0.49

7,676 2.73

Technology - (1.65%) 34,290 Apple 5,925 2.11

5,925 2.11

Contracts for Difference - ((0.12)%) 289,295 Inchcape (CFD) 3 0.00

200,427 Tate & Lyle (CFD) 0 0.00

45,223 Cranswick (CFD) (128) (0.05)

(125) (0.04)

Options - ((0.64)%) (9,000) Call JPMorgan Chase CBOE 20/09/2019 0 0.00

(160,000) Call Prudential ICE 20/09/2019 0 0.00

9,441 Call BHP ICE 20/09/2019 0 0.00

(1,000) Call Apple CBOE 20/09/2019 (1) 0.00

(500,000) Call RBS Group 18/10/2019 (1) 0.00

(1,000) Call JPMorgan Chase CBOE 20/12/2019 (1) 0.00

(100,000) Call Royal Dutch Shell (A) ICE 20/09/2019 (1) 0.00

(20,000) Call Reckitt Benckiser Group ICE 20/09/2019 (2) 0.00

(35,000) Call British American Tobacco ICE 20/09/2019 (2) 0.00

(36,995) Call Rio Tinto ICE 18/10/2019 (2) 0.00



Portfolio Statement


108





(85,000) Call Prudential ICE 15/11/2019 (4) 0.00

(2,500) Call Coca-Cola CBOE 15/11/2019 (4) 0.00

(1,000) Call Apple CBOE 15/11/2019 (4) 0.00

(25,000) Call National Grid ICE 18/10/2019 (4) 0.00

(20,000) Call AstraZeneca ICE 20/09/2019 (4) 0.00

(5,000) Call Diageo ICE 15/11/2019 (5) 0.00

(50,000) Call Mondi Group ICE 15/11/2019 (5) 0.00

(150,000) Call United Utilities Group ICE 20/09/2019 (5) 0.00

(130,000) Call Prudential ICE 18/10/2019 (5) 0.00

(50,000) Call BHP ICE 18/10/2019 (5) 0.00





(60,000) Call BHP ICE 20/09/2019 (6) 0.00

(400,000) Call HSBC Holdings ICE 20/09/2019 (7) 0.00


(50,000) Call Severn Trent ICE 18/10/2019 (7) 0.00

(100,000) Call WPP ICE 18/10/2019 (7) 0.00





(3,000) Call Apple CBOE 15/11/2019 (9) 0.00



(8,000) Call Apple CBOE 20/09/2019 (12) 0.00


(250,000) Call BP ICE 20/09/2019 (13) 0.00

(750,000) Call Vodafone Group 18/10/2019 (13) 0.00

(250,000) Call BP ICE 20/09/2019 (13) 0.00

(250,000) Call BP ICE 20/09/2019 (13) 0.00


(300,000) Call BP ICE 18/10/2019 (15) (0.01)

(150,000) Call United Utilities Group ICE 18/10/2019 (17) (0.01)

(60,000) Call Diageo ICE 20/09/2019 (17) (0.01)

(50,000) Call Severn Trent ICE 15/11/2019 (17) (0.01)

(20,000) Call Reckitt Benckiser Group ICE 15/11/2019 (18) (0.01)

(30,000) Call Diageo ICE 18/10/2019 (19) (0.01)

(75,000) Call National Grid ICE 20/09/2019 (19) (0.01)

(400,000) Call Legal & General Group 18/10/2019 (20) (0.01)

(9,000) Call Apple CBOE 18/10/2019 (21) (0.01)

(425,000) Call Legal & General Group 20/09/2019 (21) (0.01)

(50,000) Call Severn Trent ICE 20/09/2019 (21) (0.01)

(750,000) Call Vodafone Group 15/11/2019 (24) (0.01)

(100,000) Call WPP ICE 15/11/2019 (25) (0.01)

(500,000) Call HSBC Holdings ICE 18/10/2019 (25) (0.01)

(10,000) Call Coca-Cola CBOE 20/09/2019 (25) (0.01)

(150,000) Call United Utilities Group ICE 15/11/2019 (26) (0.01)

(20,000) Call Reckitt Benckiser Group ICE 15/11/2019 (28) (0.01)

Portfolio Statement


109



(100,000) Call GlaxoSmithKline ICE 18/10/2019 (31) (0.01)

(150,000) Call SSE ICE 15/11/2019 (41) (0.01)

(25,000) Call Unilever ICE 15/11/2019 (44) (0.02)

(50,000) Call AstraZeneca ICE 15/11/2019 (47) (0.02)



(95,000) Call Diageo ICE 15/11/2019 (58) (0.02)




(70,000) Call Diageo ICE 18/10/2019 (84) (0.03)


(35,000) Call AstraZeneca ICE 18/10/2019 (228) (0.08)

(1,619) (0.58)



Net assets 280,880 100.00


Portfolio Statement


110



France - (26.65%) 338,656 LVMH Moet Hennessy 111,997 4.11

2,596,691 Total 107,100 3.93

1,271,462 Sanofi 90,530 3.32

385,347 LOreal 87,626 3.22

691,680 EssilorLuxottica 84,286 3.10

1,289,633 Legrand 75,161 2.76

370,210 Dassault Systemes 43,300 1.59

76,749 Hermes International 43,297 1.59

982,023 Edenred 39,640 1.46

651,376 Societe Des Bains de Mer Monaco 32,600 1.20

293,557 Sodexo 27,494 1.01

249,631 Iliad Group 21,208 0.78

764,239 28.06

Switzerland - (17.14%) 2,354,647 Nestle 217,735 8.00

656,422 Roche Holdings 147,472 5.42

260,694 Schindler Holding 48,473 1.78

294,770 Sika 34,843 1.28

558,126 DKSH Holding 22,460 0.82

470,983 17.30

Germany - (15.59%) 1,179,346 SAP 116,916 4.29

653,195 Deutsche Boerse 80,218 2.95

415,118 Linde (DE) 64,304 2.36

741,719 Symrise 56,988 2.09

976,099 Fresenius Medical Care 54,038 1.98

201,873 MTU Aero Engines 45,905 1.69

394,318 Fielmann 23,328 0.86

441,697 16.22

United Kingdom - (5.63%) 5,906,574 3i Group 65,120 2.39

2,596,549 Royal Dutch Shell (A) (NL) 59,468 2.18

393,415 Intertek Group 21,559 0.79

146,147 5.37


3,115,021 ABN AMRO Group 46,022 1.69

143,980 5.29

Norway - (4.74%) 5,042,057 DNB ASA 66,876 2.46

3,652,026 Telenor 61,819 2.27

128,695 4.73

Spain - (4.88%) 764,768 Amadeus IT Group (A) 46,790 1.72

2,358,995 Grifols CL B Preferred 41,323 1.52

1,964,996 Red Electrica 32,238 1.18

120,351 4.42

Portfolio Statement


111



Finland - (4.21%) 2,217,102 Sampo 72,709 2.67

694,275 Kone 33,212 1.22

105,921 3.89

Denmark - (3.84%) 1,858,143 Novo Nordisk (B) 79,638 2.92

361,353 Chr. Hansen 24,924 0.92

104,562 3.84

Italy - (3.95%) 38,072,065 Intesa Sanpaolo 69,659 2.56

1,507,785 Atlantia 30,951 1.14

100,610 3.69

Belgium - (2.83%) 815,127 KBC Groep 38,919 1.43

941,469 Umicore 24,703 0.91

63,622 2.34

Sweden - (1.88%) 1,836,112 Swedish Match 59,263 2.18

59,263 2.18

Ireland - (0.98%) 2,775 Fidelity Institutional Liquidity Fund - Euro A Acc 34,873 1.28

34,873 1.28

Austria - (1.76%) 897,778 ANDRITZ 25,966 0.95

25,966 0.95

Futures - (0.05%) 8,280 EURO STOXX 50 Commodity Future 20/09/2019 521 0.02

521 0.02

Greece - (0.00%) 3,773,155 AirSea Lines International (Unlisted) 0 0.00

0 0.00



Net assets 2,723,194 100.00


Portfolio Statement


112



Germany - (26.51%)

231,406 SAP 22,941 5.95

594,145 QIAGEN 16,980 4.40

156,577 Beiersdorf 16,255 4.22

251,421 Bayer 15,430 4.00

211,606 Fresenius Medical Care 11,715 3.04

220,808 Hugo Boss 10,198 2.65

114,555 Puma 7,255 1.88

34,620 Munich RE Group 6,849 1.78

65,927 Continental 6,615 1.72

80,795 HeidelbergCement 4,643 1.20

118,881 30.84

France - (18.76%)

1,018,177 Engie 12,813 3.32

163,221 Sanofi 11,622 3.01

125,446 Ingenico Group 10,236 2.66

63,789 Pernod Ricard 10,023 2.60

473,490 AXA 9,048 2.35

216,004 Publicis Groupe 8,543 2.22

188,324 BNP Paribas 7,052 1.83

93,026 Atos 5,798 1.50

379,073 Altran Technologies 4,987 1.29

1,306,275 Technicolor 932 0.24

81,054 21.03

Switzerland - (17.54%)

287,316 Nestle 26,568 6.89

360,875 Julius Baer Group 11,778 3.06

36,794 Lonza Group 10,699 2.78

32,622 Bucher Industries 7,939 2.06

37,962 Sonova Holding 7,238 1.88

20,909 Tecan Group 4,100 1.06

84,548 LafargeHolcim 3,333 0.86

71,655 18.59

Italy - (6.07%)

498,264 Prysmian 9,044 2.35

2,182,570 Saipem 8,683 2.25

784,373 Nexi 7,096 1.84

235,257 Atlantia 4,829 1.25

895,814 Guala Closures 4,792 1.24

34,444 8.94

Spain - (3.87%)

149,713 Amadeus IT Group (A) 9,160 2.38

505,658 Grifols Preferred B (ADR) 8,877 2.30

2,393,187 Banco Santander 7,563 1.96

25,600 6.64

Sweden - (4.71%)

295,832 Swedish Match 9,548 2.48

1,354,113 Ericsson (B) 8,707 2.26

329,273 SKF 4,359 1.13

22,614 5.87

Portfolio Statement


113



United Kingdom - (3.35%)

62,452 Livanova 3,969 1.03

133,609 Johnson Matthey 3,879 1.01

7,848 2.04

South Africa - (0.00%)

37,641 Naspers (N) 7,053 1.83

7,053 1.83

Ireland - (7.54%)

544 Fidelity Institutional Liquidity Fund - Euro A Acc 6,838 1.77

6,838 1.77

Netherlands - (3.98%)

407,724 ABN AMRO Group 6,024 1.56

6,024 1.56

Canada - (0.81%)

1,491,986 Ivanhoe Mine (A) 3,338 0.87

265,093 WG (Unlisted) 0 0.00

3,338 0.87

Warrants - (0.01%)

335,129 Guala Closures (Warrants 21/12/2022) 62 0.02

62 0.02



Net assets 385,493 100.00


Portfolio Statement


114



Corporate Bonds - (79.59%) 5,000,000 HSBC Bank Funding Sterling 1 5.844% VRN (Perpetual) 6,605 1.09

6,500,000 Orano 3.375% 23/04/2026 EMTN Reg S 6,424 1.06

6,000,000 Virgin Money Holdings UK 8.75% VRN (Perpetual) Reg S 6,148 1.02

5,900,000 EDF 6.00% 22/01/2114 144A 6,127 1.01

5,850,000 Blackstone Property Partners EUR Holdings 2.20% 24/07/2025 EMTN Reg S 5,718 0.95

6,500,000 General Electric 2.125% 17/05/2037 5,670 0.94

4,000,000 RWE Finance 4.75% 31/01/2034 EMTN Reg S 5,243 0.87

4,600,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 5,214 0.86

2,700,000 EDF 6.00% 23/01/2114 EMTN Reg S 4,573 0.76

4,050,000 CPUK Finance 3.69% 28/02/2047 Reg S 4,459 0.74

3,800,000 Prudential 5.70% VRN 19/12/2063 EMTN Reg S 4,447 0.74

3,650,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 4,323 0.72

4,897,000 Intu SGS Finance 3.875% 17/03/2023 Reg S 4,321 0.72

4,172,000 Enterprise Inns 6.375% 26/09/2031 4,238 0.70

3,000,000 British Land 5.264% 24/09/2035 4,200 0.70

3,950,000 Quadgas Finance 3.375% 17/09/2029 EMTN Reg S 4,159 0.69

4,090,000 GKN Holdings 6.75% 28/10/2019 Reg S 4,125 0.68

3,967,000 Quilter 4.478% VRN 28/02/2028 Reg S 4,053 0.67

3,720,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 3,945 0.65

3,786,000 Pension Insurance 5.625% 20/09/2030 Reg S 3,930 0.65

3,886,000 Provident Financial 7.00% 04/06/2023 EMTN Reg S 3,918 0.65

3,750,000 Virgin Media Secured Finance 5.125% 15/01/2025 Reg S 3,881 0.64

3,972,000 Virgin Money Holdings UK 3.375% VRN 24/04/2026 GMTN Reg S 3,876 0.64

3,525,000 Atlantia 6.25% 09/06/2022 EMTN 3,858 0.64

2,200,000 Lloyds Bank 13.00% VRN (Perpetual) 3,804 0.63

3,200,000 Orbit Capital 3.375% 14/06/2048 Reg S 3,801 0.63

3,550,000 Western Power Distribution 3.625% 06/11/2023 Reg S 3,799 0.63

2,501,000 Peel Holdings 8.375% STEP 30/04/2040 3,744 0.62

4,000,000 Nemean Bondco 7.375% 01/02/2024 Reg S 3,680 0.61

2,350,000 Western Power Distribution (South Wales) PLC 5.75% 23/03 /2040 3,675 0.61

3,000,000 Daily Mail & General Trust 6.375% 21/06/2027 3,563 0.59

3,500,000 Enterprise Inns 6.00% 06/10/2023 Reg S 3,557 0.59

3,500,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 3,555 0.59

3,225,000 APT Pipelines 3.125% 18/07/2031 Reg S 3,535 0.59

3,000,000 Investec Bank 9.625% 17/02/2022 EMTN Reg S 3,502 0.58

3,250,000 CYBG 7.875% VRN 14/12/2028 GMTN Reg S 3,420 0.57

3,750,000 Sigma Holdco 5.75% 15/05/2026 Reg S 3,350 0.55

3,500,000 Roadster Finance Designated Activity 2.375% 08/12/2032 EMTN Reg S 3,312 0.55

3,000,000 Goldman Sachs Group 3.125% 25/07/2029 EMTN Reg S 3,288 0.54

3,000,000 Digital Stout Holding 3.30% 19/07/2029 Reg S 3,277 0.54

3,500,000 Intrum 3.125% 15/07/2024 Reg S 3,273 0.54

3,770,000 Diamondback Energy 5.375% 31/05/2025 3,261 0.54

3,000,000 JT International Financial Services 2.75% 28/09/2033 EMTN Reg S 3,241 0.54

3,000,000 Cadent Finance 2.75% 22/09/2046 EMTN Reg S 3,205 0.53

3,855,000 AA Bond 5.50% 31/07/2043 Reg S 3,158 0.52

3,428,000 CPI Property Group 4.875% VRN (Perpetual) Reg S 3,123 0.52

3,000,000 EDF 5.00% VRN (Perpetual) EMTN Reg S 3,099 0.51

3,100,000 ADLER Real Estate 3.00% 27/04/2026 Reg S 3,018 0.50

2,000,000 Thames Water Utilities Cayman Finance 5.50% 11/02/2041 EMTN 2,976 0.49

2,350,000 Arqiva Financing 5.34% 30/06/2030 Reg S 2,927 0.48

Portfolio Statement


115



1,763,000 THFC Funding No 2 6.35% 08/07/2041 EMTN 2,907 0.48

2,800,000 HBOS 4.50% VRN 18/03/2030 EMTN 2,882 0.48

3,000,000 Holcim Finance Luxembourg 3.00% VRN (Perpetual) Reg S 2,859 0.47

3,400,000 Gems Menasa Cayman Limited 7.125% 31/07/2026 Reg S 2,834 0.47

2,174,000 London Merchant Securities 6.50% 16/03/2026 2,808 0.47

3,000,000 Cable Communications Systems 5.00% 15/10/2023 Reg S 2,803 0.46

3,000,000 CPI Property Group 4.375% VRN (Perpetual) 2,721 0.45

2,764,000 RAC Bond 4.87% 06/05/2046 EMTN Reg S 2,720 0.45

2,650,000 Westfield Stratford City Finance No 2 1.642% 04/08/2031 Reg S 2,715 0.45

2,600,000 Annington Funding 2.646% 12/07/2025 EMTN Reg S 2,704 0.45

1,750,000 HBOS Sterling Finance Jersey 7.881% VRN (Perpetual) 2,651 0.44

2,500,000 Vodafone Group 3.375% 08/08/2049 EMTN Reg S 2,640 0.44

2,500,000 Barclays Bank 7.125% VRN (Perpetual) Reg S 2,629 0.44

2,500,000 Virgin Media Secured Finance 5.00% 15/04/2027 2,617 0.43

2,462,000 Motability Operations Group 2.375% 03/07/2039 EMTN Reg S 2,611 0.43

2,500,000 BUPA Finance 6.125% VRN (Perpetual) 2,595 0.43

2,875,000 Intu Metrocentre Finance 4.125% 06/12/2028 2,586 0.43

2,000,000 Lloyds Bank 7.625% 22/04/2025 EMTN Reg S 2,560 0.42

2,250,000 APT Pipelines 4.25% 26/11/2024 EMTN Reg S 2,551 0.42

2,925,000 Eurofins Scientific SE 3.25% VRN (Perpetual) Reg S 2,551 0.42

3,000,000 Danske Bank 7.00% VRN (Perpetual) Reg S 2,550 0.42

2,200,000 Orange 3.25% 15/01/2032 EMTN Reg S 2,517 0.42

1,500,000 E.ON International Finance 6.75% 27/01/2039 EMTN 2,511 0.42

3,025,000 Global Partners LP 7.00% 15/06/2023 2,509 0.42

2,100,000 AT&T 4.25% 01/06/2043 2,491 0.41

2,360,000 Phoenix Life 7.25% VRN (Perpetual) 2,434 0.40

2,500,000 Petroleos Mexicanos 5.125% 15/03/2023 Reg S 2,425 0.40

2,200,000 National Westminster Bank 6.50% 07/09/2021 2,414 0.40

2,400,000 Rabobank 4.625% VRN (Perpetual) 2,395 0.40

2,450,000 Akelius Residential 3.875% VRN 05/10/2078 Reg S 2,390 0.40

2,000,000 AT&T 4.375% 14/09/2029 2,388 0.40

2,600,000 Telecom Italia Capital 7.20% 18/07/2036 2,361 0.39

2,000,000 Direct Line Insurance Group 9.25% VRN 27/04/2042 2,359 0.39

2,225,000 Aroundtown 3.625% 10/04/2031 EMTN Reg S 2,341 0.39

2,250,000 AA Bond 6.269% 02/07/2043 EMTN Reg S 2,314 0.38

2,750,000 ESAL 6.25% 05/02/2023 Reg S 2,303 0.38

2,500,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 2,293 0.38

1,800,000 SPD Finance UK 5.875% 17/07/2026 Reg S 2,290 0.38

2,000,000 Standard Chartered Bank 7.75% VRN (Perpetual) EMTN 2,282 0.38

2,500,000 Suzano Austria 6.00% 15/01/2029 2,280 0.38

1,500,000 GE Capital UK Funding 8.00% 14/01/2039 EMTN Reg S 2,274 0.38

1,750,000 EDP Finance Amsterdam 8.625% 04/01/2024 EMTN Reg S 2,270 0.38

2,000,000 Royal London Finance Bonds 6.125% VRN 30/11/2043 Reg S 2,255 0.37

3,000,000 Denbury Resources 9.00% 15/05/2021 144A 2,254 0.37

1,950,000 Thames Water Utilities Caymen Finance 3.50% 25/02/2028 Reg S 2,185 0.36

2,250,000 AMC Entertainment Holdings 6.375% 15/11/2024 2,185 0.36

2,500,000 Phoenix Group Holdings 5.75% VRN (Perpetual) Reg S 2,184 0.36

2,000,000 Liberty Living Finance 3.375% 28/11/2029 Reg S 2,183 0.36

2,000,000 UniCredit 6.95% 31/10/2022 EMTN Reg S 2,154 0.36

2,000,000 Aviva 6.125% VRN (Perpetual) 2,151 0.36

1,750,000 CPUK Finance 7.239% 28/02/2024 EMTN Reg S 2,141 0.35

Portfolio Statement


116



2,300,000 Volvo Car 2.00% 24/01/2025 EMTN Reg S 2,141 0.35

2,000,000 Westfield America Management 2.625% 30/03/2029 Reg S 2,140 0.35

2,000,000 Abertis Infraestructure 3.375% 27/11/2026 EMTN Reg S 2,129 0.35

2,500,000 Parsley Finance 5.625% 15/10/2027 144A 2,114 0.35

2,250,000 Time Warner Cable 5.875% 15/11/2040 2,102 0.35

2,250,000 Titan Global Finance 2.375% 16/11/2024 Reg S 2,098 0.35


1,850,000 NN Group 4.625% VRN 13/01/2048 Reg S 1,994 0.33

1,250,000 AT&T 7.00% 30/04/2040 EMTN 1,991 0.33

2,000,000 Smurfit Kappa Acquisitions 2.375% 01/02/2024 Reg S 1,973 0.33

2,000,000 Bank of Ireland Group 3.125% VRN 19/09/2027 EMTN Reg S 1,970 0.33

1,450,000 Manchester Airport Group Funding 4.75% 31/03/2034 EMTN Reg S 1,935 0.32

1,650,000 Prudential 6.25% VRN 20/10/2068 Reg S 1,918 0.32

2,000,000 Galaxy Bidco 6.50% 31/07/2026 Reg S 1,915 0.32

2,050,000 Anglian Water (Osprey) Financing 4.00% 08/03/2026 EMTN Reg S 1,913 0.32

2,000,000 Commerzbank 8.125% 19/09/2023 Reg S 1,906 0.32

2,261,000 Aker BP 4.75% 15/06/2024 144A 1,898 0.31


1,894,000 Hastings Insurance Group Finance 3.00% 24/05/2025 Reg S 1,880 0.31

2,450,000 Hilcorp Energy / Finance 5.75% 01/10/2025 144A 1,876 0.31


1,350,000 South Eastern Power Networks 5.625% 30/09/2030 EMTN 1,872 0.31

1,825,000 BAT Capital 2.125% 15/08/2025 EMTN Reg S 1,848 0.31

1,800,000 Thames Water Utilities Caymen Finance 2.875% 03/05/2027 EMTN Reg S 1,832 0.30

1,650,000 Home Group 3.125% 27/03/2043 Reg S 1,814 0.30

2,000,000 Barclays Bank 7.625% 21/11/2022 1,811 0.30

1,700,000 London & Quadrant Housing Trust 2.625% 28/02/2028 Reg S 1,807 0.30

850,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 1,802 0.30

2,000,000 Autostrade Per Litalia 1.875% 26/09/2029 EMTN Reg S 1,799 0.30

1,500,000 Rothesay Life 8.00% 30/10/2025 Reg S 1,760 0.29

1,612,000 Berkshire Hathaway Finance 2.375% 19/06/2039 1,755 0.29

2,250,000 Tronox Finance 5.75% 01/10/2025 144A 1,704 0.28

1,900,000 Altice Luxembourg 10.50% 15/05/2027 144A 1,693 0.28

1,500,000 Co-Operative Group 7.50% STEP 08/07/2026 1,684 0.28

1,507,000 Town Centre Securities 5.375% 20/11/2031 1,675 0.28

2,000,000 Marb Bondco 6.875% 19/01/2025 Reg S 1,675 0.28


1,600,000 Fiserv 2.25% 01/07/2025 1,656 0.27

1,800,000 RAC Bond 5.00% 06/05/2046 Reg S 1,629 0.27

1,400,000 Libra Longhurst Group Treasury No 2 3.25% 15/05/2043 Reg S 1,616 0.27

1,500,000 Assicurazioni Generali 6.269% VRN (Perpetual) 1,604 0.27

1,700,000 Verisure Midholding 5.75% 01/12/2023 Reg S 1,595 0.26

1,703,000 Cabot Financial Luxembourg II FRN 14/06/2024 Reg S 1,594 0.26

2,000,000 First Quantum Minerals 7.25% 15/05/2022 144A 1,593 0.26

1,414,000 BNP Paribas 3.375% 23/01/2026 EMTN Reg S 1,548 0.26

1,567,000 Trivium Packaging Finance 3.75% 15/08/2026 Reg S 1,516 0.25

1,000,000 Peabody Capital 5.25% 17/03/2043 EMTN Reg S 1,506 0.25

1,000,000 Heathrow Funding 6.45% VRN 10/12/2031 Reg S 1,501 0.25


2,000,000 Petra Diamonds US Treasury 7.25% 01/05/2022 Reg S 1,470 0.24

2,000,000 FXI Holdings 7.875% 01/11/2024 144A 1,458 0.24

Portfolio Statement


117



1,500,000 UniCredit 6.75% VRN (Perpetual) Reg S 1,433 0.24

1,400,000 Yorkshire Building Society 3.00% VRN 18/04/2025 EMTN Reg S 1,432 0.24

1,725,000 SPCM 4.875% 15/09/2025 144A 1,422 0.24

1,250,000 BUPA Finance 5.00% 08/12/2026 Reg S 1,411 0.23

1,500,000 Bracken Midco1 8.875% VRN 15/10/2023 Reg S 1,403 0.23

1,000,000 Dwr Cymru (Financing) 6.015% 31/03/2028 1,390 0.23

2,000,000 Teva Pharmaceutical Finance Netherlands III BV 6.75% 01/03/2028 1,384 0.23


1,286,000 Arqiva Broadcast Finance 6.75% 30/09/2023 Reg S 1,371 0.23

1,450,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 1,362 0.23

1,600,000 Commerzbank 7.00% VRN (Perpetual) 1,355 0.22

900,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 1,352 0.22

1,400,000 Energizer Gamma Acquistion B.V. 4.625% 15/07/2026 Reg S 1,330 0.22

850,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 1,328 0.22

1,000,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 1,321 0.22

1,500,000 CEMEX 6.125% 05/05/2025 Reg S 1,278 0.21

1,500,000 Samvardhana Motherson Automotive Systems Group B.V 1.80% 06/07/2024 Reg S 1,248 0.21

1,235,000 Aroundtown 4.75% VRN (Perpetual) Reg S 1,244 0.21

1,100,000 Heathrow Finance 5.75% 03/03/2025 Reg S 1,206 0.20

1,150,000 National Express Group 2.50% 11/11/2023 EMTN Reg S 1,188 0.20

2,000,000 Samarco Mineracao 5.75% 24/10/2023 Reg S 1,174 0.19


1,000,000 Woolwich Building Society 9.50% 07/08/2021 1,146 0.19


980,720 THFC Social Housing Finance 8.75% 18/12/2021 1,127 0.19

1,000,000 Monks Investment Trust 6.375% 01/03/2023 1,116 0.18

1,250,000 C&W Senior Financing Designated Activity Company 7.50% 15/10/2026 144A 1,112 0.18

1,000,000 Dresdner Funding Trust I 8.151% 30/06/2031 144A 1,110 0.18

1,000,000 Telecom Italia 5.875% 19/05/2023 EMTN 1,107 0.18

959,000 Fidelity National Information Services 3.36% 21/05/2031 1,076 0.18

1,000,000 Caixa Geral de Depositos 10.75% VRN (Perpetual) Reg S 1,043 0.17

1,000,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 1,032 0.17

1,000,000 Rabobank 6.625% VRN (Perpetual) Reg S 995 0.16

1,000,000 Eurofins Scientific SE 4.875% VRN (Perpetual) Reg S 962 0.16

1,600,000 Sanchez Energy 7.25% 15/02/2023 144A (Defaulted) 920 0.15

870,000 Fidelity National Information Services 2.602% 21/05/2025 919 0.15

1,000,000 Teva Pharmaceutical Finance Netherlands II 4.50% 01/03/2025 800 0.13

765,000 Prudential 3.875% VRN 20/07/2049 Reg S 779 0.13

870,000 Global Partners LP 7.00% 01/08/2027 144A 727 0.12

700,000 SSE 3.875% VRN (Perpetual) Reg S 707 0.12

1,275,000 AES Argentina Generacion 7.75% 02/02/2024 Reg S 701 0.12

628,000 Tesco Personal Finance Group 3.50% 25/07/2025 Reg S 636 0.11

633,637 JPIMedia 3.4323% VRN 17/11/2023 634 0.11

700,000 Hema Bondco I FRN 15/07/2022 Reg S 575 0.10

649,000 Trivium Packaging Finance 8.50% 15/08/2027 144A 573 0.09

523,000 AA Bond 4.2487% 31/07/2043 Reg S 529 0.09

505,000 Aker BP 5.875% 31/03/2025 144A 435 0.07

400,000 Telecom Italia Capital 6.00% 30/09/2034 336 0.06

1,250,000 Thomas Cook Group 6.25% 15/06/2022 Reg S 212 0.04

193,814 JPIMedia 3.4323% VRN 17/11/2020 194 0.03

200,000 Cattles 7.125% 05/07/2017 (Defaulted) 1 0.00

Portfolio Statement


118



700,000 Thomson 0.00% VRN (Perpetual) 0 0.00

2,081,000 Cattles 6.875% VRN 17/01/2014 EMTN (Defaulted) 0 0.00

4,000,000 TXU Europe Funding 7.00% 31/12/2049 (Defaulted) 0 0.00

674,083 Hellas Telecommun Finance 8.011% VRN 15/07/2015 Reg S (Defaulted) 0 0.00

471,160 78.05

Mortgage Related Bonds - (13.55%) 4,816,036 Aspire Defence Finance 4.674% 31/03/2040 6,459 1.07

4,734,270 Premiertel 6.175% 08/05/2032 5,766 0.96

4,638,000 Unique Pub Finance 7.395% 28/03/2024 5,265 0.87

3,950,000 Channel Link Enterprises Finance 3.043% VRN 30/06/2050 Reg S 4,213 0.70

2,902,216 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 3,831 0.63

3,101,728 Highbury Finance 7.017% 20/03/2023 3,546 0.59

3,500,000 Spirit Issuer FRN 28/12/2031 Reg S 3,388 0.56

3,640,000 Marstons Issuer 5.158% VRN 15/10/2027 3,283 0.54

2,370,845 UPP Bond 1 Issuer 4.9023% 28/02/2040 EMTN Reg S 3,117 0.52

2,241,528 RMPA Services 5.337% 30/09/2038 3,056 0.51

1,934,397 White City Property Finance 5.1202% 17/04/2035 2,563 0.42


2,054,028 Arsenal Securities 5.1418% 01/09/2029 2,351 0.39

2,229,500 Income Contingent Student Loans 1 2002-2006 2.50% 24/07/2056 Reg S 2,291 0.38

1,667,207 Channel Link Enterprises Finance 5.892% 30/06/2041 2,255 0.37


1,690,462 Tesco Property Finance 2 6.0517% 13/10/2039 2,240 0.37

1,652,807 Juturna European Loan Conduit No 16 5.0636% 10/08/2033 EMTN Reg S 2,130 0.35

1,583,723 Bishopsgate Asset Finance 4.808% 14/08/2044 1,963 0.33

1,593,410 Telereal Securitisation 5.4252% 10/12/2031 1,961 0.32

1,300,000 Dali Capital 4.7992% 21/12/2037 1,824 0.30

1,786,318 Capital & Counties Debenture 5.562% 31/12/2027 1,708 0.28

1,198,923 Trafford Centre Finance 6.50% 28/07/2033 1,662 0.28

1,943,000 Dignity Finance 4.6956% 31/12/2049 Reg S 1,652 0.27


1,217,538 Greene King Finance 4.0643% 15/03/2035 Reg S 1,360 0.23

1,105,820 Nats En Route 5.25% 31/03/2026 Reg S 1,273 0.21

1,200,000 Intesa Sanpaolo 7.75% VRN (Perpetual) Reg S 1,263 0.21

1,100,000 Penarian Housing Finance 3.212% 07/06/2052 Reg S 1,238 0.21

850,000 Peel South East 10.00% 30/04/2026 1,203 0.20

1,316,813 Sprint Spectrum 3.36% 20/03/2023 144A 1,085 0.18

841,831 Delamare Finance 5.5457% 19/02/2029 987 0.16

745,369 Telereal Securitisation 5.5534% 10/12/2033 919 0.15

251,467 Blue Ocean Resources 4.00% STEP 31/12/2021 Reg S 62 0.01

39,795 Marstons Issuer 1.9543% VRN 15/07/2020 39 0.01

350,722 Johnston Press Bond 8.625% 01/06/2019 Reg S 0 0.00

82,238 13.62

Gilt Edged Securities - (4.41%) 15,350,000 UK Gilt 1.50% 22/07/2026 Reg S 16,641 2.76

13,000,000 UK Gilt 4.00% 07/03/2022 14,195 2.35

2,750,000 UK Gilt 4.25% 07/12/2049 5,124 0.85

1,050,000 UK Gilt 1.50% 22/07/2047 Reg S 1,186 0.20

37,146 6.15

Portfolio Statement


119



Forward Foreign Exchange Contracts - (0.65%) (110,080,000) Bought GBP sold EUR @ 1.082852 for settlement 14/11/2019 1,587 0.26

(968,000) Bought GBP sold EUR @ 1.097008 for settlement 14/11/2019 2 0.00


(1,054,000) Bought GBP sold USD @ 1.224820 for settlement 14/11/2019 (2) 0.00

(826,000) Bought GBP sold USD @ 1.230294 for settlement 14/11/2019 (5) 0.00

885,000 Bought USD sold GBP @ 0.825016 for settlement 14/11/2019 (6) 0.00

1,507,000 Bought USD sold GBP @ 0.824029 for settlement 14/11/2019 (8) 0.00


533,000 Bought EUR sold GBP @ 0.928814 for settlement 14/11/2019 (11) 0.00

1,261,000 Bought EUR sold GBP @ 0.929521 for settlement 14/11/2019 (26) 0.00

2,217,000 Bought EUR sold GBP @ 0.924503 for settlement 14/11/2019 (34) (0.01)


(81,717,000) Bought GBP sold USD @ 1.222785 for settlement 14/11/2019 (76) (0.01)

1,356 0.22

Energy - (0.05%) 55,078 Fara Holdco (Unlisted) 275 0.05

275 0.05

Financials - (0.06%) 16,400 JPIMedia (Unlisted) 209 0.03

0 Fidelity Institutional Liquidity Fund - Sterling A Acc 3 0.00

212 0.04

Convertible Bonds - (0.00%) 286,000 Azion Bao 0.00% 31/12/2022 Reg S 2 0.00

2 0.00

Futures - ((0.01)%) (57,700,000) US 10 Year Treasury Note (CBT) Commodity Future 19/12/2019 110 0.02

(6,600,000) US Ultra Bond Commodity Future 19/12/2019 39 0.01

(800,000) US 5 Year Treasury Note (CBT) Commodity Future 31/12/2019 1 0.00

(200,000) Euro-Buxl 30 Year Commodity Future 06/09/2019 (48) (0.01)

(4,000,000) Long Gilt Commodity Future 27/12/2019 (53) (0.01)

6,100,000 US 20 Year Long Bond (CBT) Commodity Future 19/12/2019 (67) (0.01)

(6,000,000) Euro-Bobl Commodity Future 06/09/2019 (125) (0.02)

26,900,000 US 10 Year Ultra Bond Commodity Future 19/12/2019 (143) (0.02)

(5,700,000) Euro-Bund Commodity Future 06/09/2019 (413) (0.07)

(699) (0.12)



Net assets 603,676 100.00


Portfolio Statement


120




1,073,377 US Bancorp 46,464 3.55

428,303 Procter & Gamble 42,889 3.28

936,000 Oracle 40,339 3.08


923,907 Cisco Systems 36,084 2.76

78,711 BlackRock 27,453 2.10

503,232 Maxim Integrated Products 22,432 1.71

209,806 Johnson & Johnson 22,228 1.70

177,490 Kimberly-Clark 20,798 1.59

164,427 KLA 19,885 1.52

657,221 Pfizer 19,189 1.47

468,646 Fastenal 11,824 0.90

75,218 Microsoft 8,585 0.66

130,672 Edison International 7,798 0.60

428,348 32.71

United Kingdom - (18.68%) 905,492 Unilever 47,249 3.61

4,795,456 Informa 41,941 3.20

1,984,730 RELX (NL) 39,391 3.01

1,715,774 Royal Dutch Shell (A) (NL) 39,296 3.00

617,615 Diageo 21,805 1.67

2,212,568 National Grid 19,068 1.46

3,027,799 RSA Insurance Group 15,866 1.21

726,841 Admiral Group 15,496 1.18


253,993 19.40

Japan - (7.92%) 850,600 Bridgestone 26,724 2.04

644,400 Nippon Telegraph & Telephone 25,462 1.94

1,715,800 Astellas Pharma 19,577 1.49

666,200 KDDI 14,644 1.12

796,300 Japan Tobacco 13,892 1.06

100,299 7.66

Germany - (6.79%) 454,294 Deutsche Boerse 55,792 4.26

194,341 Munich RE Group 38,448 2.94

94,240 7.20

France - (5.43%) 478,735 Schneider Electric 33,153 2.53

326,597 Vinci SA 29,529 2.25

381,598 Sanofi 27,170 2.07

89,852 6.86

Switzerland - (8.04%) 211,737 Roche Holdings 47,569 3.63

135,657 Zurich Insurance Group 39,761 3.04

87,330 6.67

Portfolio Statement


121



Spain - (4.52%) 4,344,323 Iberdrola 37,073 2.83

917,543 Ferrovial 21,605 1.65

855,972 Endesa 18,261 1.39

76,939 5.88

Netherlands - (5.78%) 647,668 Wolters Kluwer 38,522 2.94

354,374 Akzo Nobel 26,022 1.99

64,544 4.93


41,550 3.17

China - (1.83%) 3,041,500 China Mobile 20,668 1.58

20,668 1.58

Australia - (1.51%) 2,224,774 Suncorp Group 16,973 1.30

16,973 1.30

Sweden - (1.54%) 584,149 Atlas Copco (A) 14,324 1.09

14,324 1.09

Italy - (0.00%) 1,832,495 Enel 11,074 0.85

11,074 0.85

Finland - (1.19%) 268,536 Sampo 8,807 0.67

8,807 0.67



Net assets 1,309,530 100.00


Portfolio Statement


122



United States - (28.58%) 912 Fidelity Institutional Liquidity Fund - USD A Acc 13,444 4.74

232,554 US Bancorp 10,067 3.55

92,795 Procter & Gamble 9,292 3.28

201,575 Cisco Systems 7,873 2.78


17,122 BlackRock 5,972 2.11

129,577 Oracle 5,584 1.97


45,456 Johnson & Johnson 4,816 1.70

38,724 Kimberly-Clark 4,538 1.60

35,360 KLA 4,276 1.51

142,867 Pfizer 4,171 1.47

102,184 Fastenal 2,578 0.91


2,842 Microsoft 324 0.11

87,208 30.77

United Kingdom - (18.53%) 197,468 Unilever 10,304 3.64

1,034,099 Informa 9,044 3.19

432,219 RELX (NL) 8,578 3.03

371,733 Royal Dutch Shell (A) (NL) 8,514 3.00

133,810 Diageo 4,724 1.67

476,123 National Grid 4,103 1.45

656,108 RSA Insurance Group 3,438 1.21

152,830 Admiral Group 3,258 1.15


54,913 19.37

Japan - (7.85%) 185,500 Bridgestone 5,828 2.06


368,900 Astellas Pharma 4,209 1.48

143,300 KDDI 3,150 1.11

168,300 Japan Tobacco 2,936 1.04

21,524 7.59


42,531 Munich RE Group 8,414 2.97

20,680 7.30

France - (5.35%) 105,815 Schneider Electric 7,328 2.59

71,007 Vinci SA 6,420 2.27

81,908 Sanofi 5,832 2.06

19,580 6.91

Switzerland - (7.96%) 46,005 Roche Holdings 10,335 3.65


18,987 6.70

Portfolio Statement


123



Spain - (4.49%) 941,225 Iberdrola 8,032 2.83

196,335 Ferrovial 4,623 1.63

183,360 Endesa 3,912 1.38

16,567 5.85

Netherlands - (5.73%) 141,545 Wolters Kluwer 8,419 2.97

78,058 Akzo Nobel 5,732 2.02

14,151 4.99


9,041 3.19

China - (1.81%) 667,500 China Mobile 4,536 1.60

4,536 1.60

Australia - (1.49%) 466,269 Suncorp Group 3,557 1.25

3,557 1.25

Sweden - (1.54%) 125,246 Atlas Copco (A) 3,071 1.08

3,071 1.08

Italy - (0.00%) 399,558 Enel 2,415 0.85

2,415 0.85

Finland - (1.17%) 56,413 Sampo 1,850 0.65

1,850 0.65

Contracts for Difference - (0.17%) 71,284 Oracle (CFD) 450 0.16

450 0.16

Options - ((0.83)%) (19,400) Call Pfizer CBOE 20/09/2019 0 0.00

(17,000) Call US Bancorp CBOE 20/09/2019 0 0.00

(7,600) Call Johnson & Johnson CBOE 20/09/2019 0 0.00


(19,600) Call Pfizer CBOE 20/09/2019 0 0.00

(29,000) Call Cisco Systems CBOE 20/09/2019 0 0.00


(12,240) Call Sampo ICE 20/09/2019 0 0.00

(200) Call BlackRock CBOE 18/10/2019 0 0.00

(21,800) Call Oracle CBOE 20/09/2019 0 0.00


(17,000) Call Nippon Telegraph & Telephone 13/09/2019 0 0.00


(2,000) Call Oracle CBOE 18/10/2019 0 0.00


(6,000) Call Maxim Integrated Products CBOE 20/09/2019 0 0.00

Portfolio Statement


124




(3,000) Call Maxim Integrated Products CBOE 20/09/2019 0 0.00


(500) Call Johnson & Johnson CBOE 15/11/2019 0 0.00


(2,000) Call Oracle CBOE 18/10/2019 0 0.00



(2,400) Call US Bancorp CBOE 20/12/2019 (1) 0.00

(1,400) Call Fastenal CBOE 15/11/2019 (1) 0.00

(2,300) Call Fastenal CBOE 18/10/2019 (1) 0.00

(7,920) Call Akzo Nobel ICE 18/10/2019 (1) 0.00

(2,600) Call Colgate-Palmolive CBOE 20/09/2019 (1) 0.00


(400) Call Kla CBOE 20/09/2019 (1) 0.00

(900) Call Procter & Gamble CBOE 20/09/2019 (1) 0.00


(35,500) Call Oracle CBOE 18/10/2019 (1) 0.00

(37,200) Call Cisco Systems CBOE 18/10/2019 (1) 0.00


(17,000) Call Nippon Telegraph & Telephone 13/09/2019 (1) 0.00

(9,000) Call Maxim Integrated Products CBOE 15/11/2019 (1) 0.00

(7,500) Call Roche Holdings ICE 20/09/2019 (1) 0.00

(2,000) Call BlackRock CBOE 18/10/2019 (1) 0.00

(38,500) Call Pfizer CBOE 20/09/2019 (1) 0.00

(90,000) Call Royal Dutch Shell (A) (NL) ICE 20/09/2019 (1) 0.00

(5,400) Call Oracle CBOE 20/09/2019 (1) 0.00


(27,900) Call Oracle CBOE 20/09/2019 (1) 0.00

(400) Call KLA CBOE 20/09/2019 (1) 0.00



(8,000) Call Sanofi ICE 20/09/2019 (2) 0.00

(10,000) Call Schneider Electric ICE 18/10/2019 (2) 0.00

(1,900) Call Procter & Gamble CBOE 15/11/2019 (2) 0.00

(1,200) Call Kimberly-Clark CBOE 15/11/2019 (3) 0.00

(1,200) Call Kimberly-Clark CBOE 18/10/2019 (3) 0.00

(800) Call Kla CBOE 20/12/2019 (3) 0.00

(6,000) Call Oracle CBOE 15/11/2019 (3) 0.00

(3,000) Call Diageo ICE 15/11/2019 (3) 0.00

(3,600) Call Wolters Kluwer ICE 15/11/2019 (3) 0.00

(400) Call KLA CBOE 20/09/2019 (3) 0.00

(29,500) Call Atlas Copco (A) ICE 20/09/2019 (3) 0.00

(12,000) Call Munich RE Group ICE 20/09/2019 (3) 0.00

(6,500) Call Sanofi ICE 20/09/2019 (3) 0.00



(130,000) Call Taiwan Semiconductor Manufacturing 18/09/2019 (4) 0.00





Portfolio Statement


125






(7,500) Call Sanofi ICE 20/09/2019 (5) 0.00

(90,000) Call RSA Insurance Group ICE 20/09/2019 (5) 0.00


(20,000) Call Diageo ICE 20/09/2019 (6) 0.00


(3,200) Call Kla CBOE 18/10/2019 (6) 0.00


(90,000) Call RSA Insurance Group ICE 18/10/2019 (6) 0.00

(20,000) Call GlaxoSmithKline ICE 18/10/2019 (6) 0.00





(52,500) Call RELX (NL) 20/09/2019 (8) 0.00

(400) Call KLA CBOE 20/09/2019 (8) 0.00



(1,600) Call KLA CBOE 20/09/2019 (8) 0.00

(27,000) Call Endesa 20/09/2019 (9) 0.00


(8,500) Call Sanofi ICE 18/10/2019 (9) 0.00


(7,500) Call Sanofi ICE 18/10/2019 (9) 0.00


(2,000) Call Kla CBOE 20/12/2019 (9) 0.00

(2,900) Call Kla CBOE 18/10/2019 (9) 0.00


(4,000) Call Zurich Insurance Group ICE 15/11/2019 (10) 0.00



(15,000) Call Diageo ICE 18/10/2019 (10) 0.00


(52,500) Call RELX (NL) 20/09/2019 (10) 0.00

(7,400) Call Procter & Gamble CBOE 18/10/2019 (11) 0.00

(32,000) Call RELX (NL) 15/11/2019 (11) 0.00

(8,200) Call Sanofi ICE 15/11/2019 (11) 0.00


(12,000) Call Munich RE Group ICE 18/10/2019 (12) 0.00



(4,300) Call Zurich Insurance Group ICE 18/10/2019 (14) 0.00


(5,000) Call Deutsche Boerse ICE 15/11/2019 (15) (0.01)

(8,200) Call Sanofi ICE 15/11/2019 (16) (0.01)


(33,000) Call Diageo ICE 15/11/2019 (20) (0.01)

(130,000) Call Taiwan Semiconductor Manufacturing 20/11/2019 (20) (0.01)

(3,900) Call Zurich Insurance Group ICE 18/10/2019 (20) (0.01)

(8,000) Call Vinci ICE 18/10/2019 (20) (0.01)

Portfolio Statement


126



(8,000) Call Vinci ICE 20/09/2019 (22) (0.01)

(2,200) Call Procter & Gamble CBOE 20/09/2019 (22) (0.01)

(27,000) Call Endesa 18/10/2019 (24) (0.01)

(7,000) Call Vinci ICE 18/10/2019 (26) (0.01)

(2,400) Call KLA CBOE 20/09/2019 (28) (0.01)

(90,000) Call RELX (NL) 18/10/2019 (28) (0.01)

(11,500) Call Munich RE Group ICE 15/11/2019 (28) (0.01)

(63,000) Call RELX (NL) 15/11/2019 (28) (0.01)

(37,000) Call Wolters Kluwer ICE 18/10/2019 (30) (0.01)







(30,000) Call Diageo ICE 18/10/2019 (36) (0.01)


(11,000) Call Roche Holdings ICE 15/11/2019 (38) (0.01)

(8,000) Call Vinci ICE 20/09/2019 (39) (0.01)




(43,000) Call Ferrovial 15/11/2019 (44) (0.02)

(43,000) Call Ferrovial 18/10/2019 (46) (0.02)

(115,000) Call Iberdrola 20/09/2019 (48) (0.02)

(16,000) Call Vinci ICE 15/11/2019 (52) (0.02)





(4,100) Call KLA CBOE 20/09/2019 (62) (0.02)

(150,000) Call Iberdrola 18/10/2019 (68) (0.02)

(185,000) Call Iberdrola 15/11/2019 (85) (0.03)

(44,000) Call Ferrovial 20/09/2019 (86) (0.03)


(2,149) (0.76)



Net assets 283,436 100.00


Portfolio Statement


127




165,910 American Water Works 17,398 3.57

65,013 SBA Communications (A) 14,104 2.90

220,546 Booz Allen Hamilton Holding (A) 13,713 2.82


104,175 KLA 12,599 2.59

288,704 Voya Financial 11,810 2.43

976,711 Huntington Bancshares 10,671 2.19

279,946 TripAdvisor (A) 8,766 1.80

195,529 Bunge 8,499 1.75

156,492 Hess 8,045 1.65

89,931 Copa Holdings (A) 7,587 1.56

65,968 Royal Gold 7,231 1.49

209,370 E Trade Financial 7,168 1.47

282,804 Corteva 6,941 1.43

60,588 Advance Auto Parts 6,915 1.42

167,409 Dril-Quip 6,530 1.34

12,132 Texas Pacific Land Trust 6,497 1.33

135,053 Monster Beverage 6,430 1.32

182,687 Flowserve 6,359 1.31

172,463 CBS (B) 6,036 1.24

76,580 Concho Resources 4,598 0.94

27,746 Salesforce.com 3,575 0.73

28,226 Dynatrace 547 0.11

215,966 44.35

United Kingdom - (8.31%) 2,538,639 Beazley 14,445 2.97

673,581 Ocado Group 8,841 1.82

1,119,233 Rolls-Royce Holdings 8,627 1.77

363,601 Bunzl 7,334 1.51

160,026 Renishaw 5,623 1.15

44,870 9.21

Germany - (6.99%) 201,761 Puma 12,778 2.62


340,910 QIAGEN 9,743 2.00

223,187 Deutsche Wohnen 6,720 1.38

40,593 8.34

India - (8.54%) 659,485 Dr Lal PathLabs 9,360 1.92

595,926 ICICI Lombard General Insurance 8,542 1.75

444,030 Kotak Mahindra Bank 7,322 1.50

1,315,742 ICICI Prudential Life Insurance 6,413 1.32

31,637 6.50

Canada - (4.85%) 130,453 Franco-Nevada 10,417 2.14

160,027 Agnico Eagle Mines 8,121 1.67

758,205 Fairfax India Holdings 6,917 1.42

25,455 5.23

Portfolio Statement


128



Japan - (5.16%) 174,200 Sysmex 9,152 1.88

735,800 ORIX 8,949 1.84

270,200 Recruit Holdings 6,742 1.38

24,843 5.10

China - (4.02%) 6,257,000 Li Ning 15,134 3.11

16,032,000 Lenovo Group 8,645 1.78

23,779 4.88

Sweden - (5.03%) 82,570 Spotify Technology 9,299 1.91

533,415 Assa Abloy 9,139 1.88

310,728 Elekta 3,282 0.67

21,720 4.46

Switzerland - (4.94%) 73,378 Sonova Holding 13,991 2.87

222,749 Julius Baer Group 7,270 1.49

21,261 4.37

Spain - (1.27%) 715,226 Grifols Preferred B (ADR) 12,557 2.58

12,557 2.58

Denmark - (2.29%) 321,817 Novozymes 11,400 2.34

11,400 2.34

Finland - (0.00%) 187,000 Elisa (A) 7,718 1.59

7,718 1.59

Ireland - (0.00%) 0 Fidelity Institutional Liquidity Fund - Euro A Acc 5 0.00

5 0.00



Net assets 486,924 100.00


Portfolio Statement


129



Corporate Bonds - (78.68%) 2,600,000 Orano 3.375% 23/04/2026 EMTN Reg S 2,569 1.60

2,800,000 CCO Holdings 5.375% 01/06/2029 144A 2,469 1.54

2,550,000 XPO Logistics 6.75% 15/08/2024 144A 2,267 1.41

2,300,000 Paprec Holding 4.00% 31/03/2025 Reg S 2,076 1.29

17,700,000 China Development Bank 3.65% 21/05/2029 2,061 1.28

2,368,000 Boyd Gaming 6.00% 15/08/2026 2,054 1.28


2,000,000 James Hardie International Finance 3.625% 01/10/2026 Reg S 1,935 1.21


2,165,000 Global Ship Lease 9.875% 15/11/2022 144A 1,796 1.12

2,100,000 IHS Netherlands Holdco 9.50% 27/10/2021 Reg S 1,764 1.10

2,225,000 CIFI Holdings (Group) 6.55% 28/03/2024 Reg S 1,756 1.09

1,900,000 Netflix 5.875% 15/11/2028 1,747 1.09

2,000,000 Zenith Bank 7.375% 30/05/2022 Reg S 1,724 1.07

1,800,000 Energizer Gamma Acquistion B.V. 4.625% 15/07/2026 Reg S 1,710 1.07

2,000,000 Ronshine China Holdings 10.50% 01/03/2022 Reg S 1,704 1.06

2,000,000 Renew Power Synthetic 6.67% 12/03/2024 Reg S 1,678 1.05

2,050,000 Global Aircraft Leasing 6.50% VRN 15/09/2024 144A 1,671 1.04

2,100,000 Easy Tactic 8.125% 27/02/2023 Reg S 1,660 1.03

2,000,000 Sally Holdings / Cap 5.625% 01/12/2025 1,647 1.03

2,133,000 First Quantum Minerals 7.25% 01/04/2023 144A 1,642 1.02

2,000,000 Olin 5.00% 01/02/2030 1,633 1.02

2,000,000 Banco Mercantil 5.75% VRN 04/10/2031 Reg S 1,607 1.00

1,585,000 ContourGlobal Power Holdings S A 4.125% 01/08/2025 Reg S 1,529 0.95


1,650,000 EG Global Finance 3.625% 07/02/2024 Reg S 1,451 0.90

1,970,000 FXI Holdings 7.875% 01/11/2024 144A 1,436 0.89

1,700,000 CommScope Finance 5.50% 01/03/2024 144A 1,417 0.88

1,675,000 IHO Verwaltungs 6.00% VRN 15/05/2027 144A 1,382 0.86

1,600,000 Export Credit Bank Turkey 8.25% 24/01/2024 Reg S 1,341 0.84

1,600,000 Parsley Energy / Parsley Finance 5.375% 15/01/2025 144A 1,337 0.83

1,400,000 Lincoln Financing SARL 3.625% 01/04/2024 Reg S 1,316 0.82

1,450,000 Altice Luxembourg 10.50% 15/05/2027 144A 1,292 0.80

1,700,000 Hilcorp Energy Finance 6.25% 01/11/2028 144A 1,284 0.80

1,500,000 Grupo Cementos de Chihuahua 5.25% 23/06/2024 Reg S 1,272 0.79

1,500,000 Yuzhou Properties 7.90% 11/05/2021 Reg S 1,250 0.78

1,420,000 Bausch Health Cos 5.75% 15/08/2027 144A 1,248 0.78

1,455,000 Gmr Hyderabad International Airport 5.375% 10/04/2024 Reg S 1,222 0.76

1,060,000 Ally Financial 8.00% 01/11/2031 1,221 0.76

1,550,000 PAR Pharmaceuticals Cos 7.50% 01/04/2027 144A 1,187 0.74

1,325,000 Ashton Woods USA Llc/Fin 9.875% 01/04/2027 144A 1,186 0.74

1,251,000 Intrum 3.50% 15/07/2026 Reg S 1,185 0.74

1,600,000 L Brands 6.875% 01/11/2035 1,110 0.69

1,425,000 Mongolian Mining Corporation 9.25% 15/04/2024 Reg S 1,105 0.69

1,302,000 CDK Global 5.25% 15/05/2029 144A 1,103 0.69

1,300,000 Fortune Star (BVI) 6.75% 02/07/2023 Reg S 1,091 0.68

1,115,000 Iqvia 2.25% 15/01/2028 Reg S 1,051 0.65

1,200,000 Navient 6.75% 15/06/2026 1,049 0.65

1,000,000 Caixa Geral de Depositos 10.75% VRN (Perpetual) Reg S 1,043 0.65

1,175,000 United Rentals North America 5.25% 15/01/2030 1,032 0.64

Portfolio Statement


130



1,250,000 Arrow Bidco 9.50% 15/03/2024 144A 1,024 0.64

1,101,000 Progroup 3.00% 31/03/2026 Reg S 1,023 0.64

1,175,000 Studio City Finance 7.25% 11/02/2024 Reg S 1,009 0.63



1,125,000 C&W Senior Financing Designated Activity Company 7.50% 15/10/2026 144A 1,001 0.62

1,200,000 Hema Bondco I FRN 15/07/2022 Reg S 985 0.61

1,000,000 SoftBank Group 4.00% 19/09/2029 Reg S 984 0.61

2,100,000 Frontier Communications 9.25% 01/07/2021 957 0.60

1,025,000 Albertsons 7.5% 15/03/2026 934 0.58

1,108,000 Aker BP 4.75% 15/06/2024 144A 930 0.58

918,000 Provident Financial 7.00% 04/06/2023 EMTN Reg S 926 0.58

1,000,000 MGM Growth Properties Operating Partnership 5.75% 01/02/2027 144A 907 0.57

1,000,000 Pilgrims Pride 5.875% 30/09/2027 144A 883 0.55

1,034,000 Select Medical 6.25% 15/08/2026 144A 881 0.55

1,000,000 C&W Senior Financing Designated Activity Company 6.875% 15/09/2027 144A 872 0.54

1,155,000 AMC Entertainment Holdings 5.875% 15/11/2026 871 0.54

1,250,000 JC Penney 5.875% 01/07/2023 144A 862 0.54

1,043,000 Methanex 5.65% 01/12/2044 859 0.54

1,000,000 China Aoyuan Property Group 8.50% 23/01/2022 Reg S 854 0.53

1,000,000 Commerzbank 7.00% VRN (Perpetual) 847 0.53

1,000,000 UPCB Finance IV 5.375% 15/01/2025 144A 845 0.53

1,000,000 New Albertsons 8.00% 01/05/2031 833 0.52

950,000 Asahi Mutual Life Insurance 7.25% VRN (Perpetual) Reg S 828 0.52

1,018,000 Intelsat Jackson Holdings 8.50% 15/10/2024 144A 827 0.52

850,000 Petroleos Mexicanos 5.125% 15/03/2023 Reg S 824 0.51

980,000 Telecom Italia Capital 6.00% 30/09/2034 823 0.51

1,025,000 Bombardier 7.875% 15/04/2027 144A 814 0.51

950,000 Lee Enterprises 9.50% 15/03/2022 144A 778 0.48

950,000 Jinke Properties Group 8.375% 20/06/2021 Reg S 776 0.48

850,000 Valeant Pharmaceuticals International 8.50% 31/01/2027 144A 773 0.48

1,000,000 Global A&T Electronics 8.50% 12/01/2023 767 0.48

935,000 Mexico City Airport Trust 5.50% 31/07/2047 Reg S 766 0.48

1,333,000 Csvc Acquisition 7.75% 15/06/2025 144A 759 0.47

800,000 Bracken Midco1 8.875% VRN 15/10/2023 Reg S 748 0.47

850,000 AES Andres / Dominican Power Partners 7.95% 11/05/2026 Reg S 743 0.46

950,000 Tuspark Forward 6.95% 18/06/2022 Reg S 735 0.46

800,000 HCA 5.375% 01/09/2026 730 0.45

950,000 Prime Bloom Holdings 7.50% 19/12/2019 Reg S 714 0.44

848,000 Global Partners LP 7.00% 01/08/2027 144A 709 0.44

728,000 Trivium Packaging Finance 3.75% 15/08/2026 Reg S 704 0.44

1,200,000 Dr Peng Holding Hongkong 5.05% 01/06/2020 Reg S 680 0.42

745,000 Sprint 7.125% 15/06/2024 674 0.42

800,000 Western Gas Partners 4.75% 15/08/2028 665 0.41

900,000 Fage USA Dairy Industry 5.625% 15/08/2026 144A 645 0.40

871,000 Petra Diamonds US Treasury 7.25% 01/05/2022 Reg S 640 0.40

700,000 Vivion Investments SARL 3.00% 08/08/2024 Reg S 632 0.39

600,000 UniCredit 9.25% VRN (Perpetual) Reg S 629 0.39

750,000 Pacific Gas & Electric 3.75% 15/02/2024 (Defaulted) 613 0.38

1,000,000 Yestar Healthcare Holding 6.90% 15/09/2021 Reg S 598 0.37

800,000 Intelsat Connect Finance 9.50% 15/02/2023 144A 585 0.36

Portfolio Statement


131



1,000,000 Sanchez Energy 7.25% 15/02/2023 144A (Defaulted) 575 0.36

680,000 Credito Real 2.875% 09/02/2022 Reg S 570 0.36

700,000 Tronox 6.50% 15/04/2026 144A 545 0.34

599,000 Post Holdings 5.50% 15/12/2029 144A 518 0.32

600,000 Citgo Petroleum 6.25% 15/08/2022 144A 495 0.31

561,000 Trivium Packaging Finance 5.50% 15/08/2026 144A 488 0.30

500,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 470 0.29

625,000 Xerox 4.80% 01/03/2035 445 0.28

650,000 EnLink Midstream Partners 5.05% 01/04/2045 440 0.27

750,000 YPF 8.50% 27/06/2029 Reg S 406 0.25

450,000 NRG Energy 5.75% 15/01/2028 398 0.25

564,000 EnLink Midstream Partners 5.45% 01/06/2047 391 0.24

500,000 AMC Entertainment 5.75% 15/06/2025 390 0.24

950,000 JC Penney 8.625% 15/03/2025 144A 388 0.24

700,000 YPF 8.50% 28/07/2025 Reg S 376 0.23

439,000 AA Bond 5.50% 31/07/2043 Reg S 360 0.22

350,000 Sprint Capital 8.75% 15/03/2032 356 0.22

400,000 Transocean 9.00% 15/07/2023 144A 339 0.21

400,000 LBC Tank Terminals Holding Netherlands 6.875% 15/05/2023 144A 332 0.21

475,000 Lodha Developers International Mauritius 12.00% 13/03/2020 Reg S 312 0.19

500,000 Samarco Mineracao 5.75% 24/10/2023 Reg S 294 0.18

360,000 International Personal Finance 5.75% 07/04/2021 EMTN Reg S 285 0.18

299,000

Albertsons Cos / WM Morrison Supermarkets / New Albertsons / Albertsons 5.875%

15/02/2028 144A 259 0.16

266,000 Walnut Bidco 6.75% 01/08/2024 Reg S 251 0.16

300,000 ESR Cayman 7.875% 04/04/2022 EMTN Reg S 246 0.15

257,000 HCA 5.875% 01/02/2029 242 0.15

732,000

Neiman Marcus Group / Neiman Marcus Group / Mariposa Borrower / Nmg 8.00%

25/10/2024 Reg S 201 0.13

202,000 Fiat Chrysler Automobiles 5.25% 15/04/2023 177 0.11

59,000 Altice S.A. 7.75% 15/05/2022 Reg S 50 0.03

9,102 SeaDrill New Finance 12.00% VRN 15/07/2025 Reg S 7 0.00

128,771 80.23

Mortgage Related Bonds - (7.59%) 2,600,000 Transocean Sentry 5.375% 15/05/2023 144A 2,114 1.32


1,836,098 Autopistas SOL Sa/Costa Rica 7.375% 30/12/2030 Reg S 1,521 0.95



1,043,372 Odebrecht Drill NR Viii/Ix 6.35% 01/12/2021 Reg S 848 0.53

1,422,501 Stoneway Capital 10% 01/03/2027 Reg S 709 0.44

766,400 Star Energy Geothermal Wayang 6.75% 24/04/2033 Reg S 646 0.40

575,000 Mong Duong Finance Holdings B.V 5.125% 07/05/2029 Reg S 477 0.30

479,000 Dignity Finance 4.6956% 31/12/2049 Reg S 407 0.25

464,130 Autopistas SOL Sa/Costa Rica 7.375% 30/12/2030 144A 384 0.24

11,188 6.97

Financials - (6.23%) 439 Fidelity Institutional Liquidity Fund - Sterling A Acc 9,168 5.71

23 Banca Monte dei Paschi di Siena 0 0.00

9,168 5.71

Portfolio Statement


132



Treasury Bill - (0.00%) 2,600,000 US T-Bill 0.00% 26/03/2020 2,115 1.32

195,000,000 Ngomob 0.00% 05/12/2019 427 0.27

2,542 1.58

Convertible Bonds - (0.64%) 1,000,000 Tesla 2.00% 15/05/2024 789 0.49

800,000 Dish Network 3.375% 15/08/2026 605 0.38

172,000 Twitter 0.25% 15/06/2024 153 0.10

1,547 0.96

Government Bonds - (1.76%) 900,000 Ecuador 10.75% 28/03/2022 Reg S 801 0.50

250,000 El Salvador 7.1246% 20/01/2050 Reg S 207 0.13

1,008 0.63

Forward Foreign Exchange Contracts - (2.01%) (32,329,000) Bought GBP sold EUR @ 1.081693 for settlement 14/11/2019 497 0.31

(143,371,000) Bought GBP sold USD @ 1.220717 for settlement 14/11/2019 65 0.04

(18,000,000) Bought GBP sold CNY @ 8.664941 for settlement 14/11/2019 20 0.01

(217,000) Bought GBP sold CHF @ 1.182384 for settlement 14/11/2019 3 0.00


968,000 Bought EUR sold GBP @ 0.907991 for settlement 14/11/2019 1 0.00

1,744,000 Bought USD sold GBP @ 0.818296 for settlement 14/11/2019 1 0.00

194,000 Bought USD sold GBP @ 0.816113 for settlement 14/11/2019 1 0.00






604,000 Bought EUR sold GBP @ 0.919220 for settlement 14/11/2019 (6) 0.00

371,358,000 Bought JPY sold GBP @ 0.007762 for settlement 14/11/2019 (11) (0.01)

1,588,000 Bought USD sold GBP @ 0.825337 for settlement 14/11/2019 (11) (0.01)

687,000 Bought EUR sold GBP @ 0.929521 for settlement 14/11/2019 (14) (0.01)

532 0.33

Industrials - (0.06%) 8,734 XPO Logistics 504 0.31

504 0.31

Communication Services - (0.12%) 38,199 AMC Entertainment Holdings (A) 356 0.22

356 0.22

Energy - (0.09%) 1,189 Diamondback Energy 97 0.06

800 Concho Resources 48 0.03

2,231 SeaDrill 5 0.00

150 0.09

Consumer Discretionary - (0.00%) 149,139 Myt Holding Preferred 06/2029 113 0.07

113 0.07

Portfolio Statement


133



Health Care - (0.00%) 381 21st Century Oncology (Unlisted) 97 0.06

97 0.06

Materials - (0.06%) 1,800 Albemarle 90 0.06

90 0.06

Total Return Swaps - (0.00%)

5,000,000

Bought Total Return on Markit IBoxx USD Liquid Leveraged Loan Total Return Index

20/12/2019 (1) 0.00

2,000,000

Bought Total Return on Markit IBoxx USD Liquid Leveraged Loan Total Return Index

20/09/2019 (3) 0.00

(4) 0.00

Interest Rate Swaps - ((0.04)%) 17,000,000 Receive fixed 2.67% pay float China Fixing Repo Rates 7 Day 14/08/2024 (21) (0.01)

(21) (0.01)

Futures - ((0.02)%) 1,900,000 Long Gilt Commodity Future 27/12/2019 25 0.02

(2,200,000) US 20 Year Long Bond (CBT) Commodity Future 19/12/2019 23 0.01

(900,000) US 10 Year Ultra Bond Commodity Future 19/12/2019 5 0.00

(1,100,000) US 10 Year Treasury Note (CBT) Commodity Future 19/12/2019 2 0.00

(200,000) US Ultra Bond Commodity Future 19/12/2019 1 0.00

2,300,000 Australian 10 Year Bond Commodity Future 16/09/2019 1 0.00

2,600,000 US 5 Year Treasury Note (CBT) Commodity Future 31/12/2019 (3) 0.00

(100,000) Euro-Bund Commodity Future 06/09/2019 (7) 0.00


(2,400,000) Euro-BTP Commodity Future 06/09/2019 (377) (0.23)

(431) (0.27)

Credit Default Swaps - (0.05%) 1,250,000 Bought Protection on Valeo 3.25% 20/06/2024 5 0.00

600,000 Bought Protection on CNH Industrial Finance EUR 2.875% 20/06/2024 (107) (0.07)

1,200,000 Bought Protection on CNH Industrial Finance EUR 2.875% 20/06/2024 (214) (0.13)

1,200,000 Bought Protection on CNH Industrial Finance EUR 2.875% 20/06/2024 (214) (0.13)

(530) (0.33)

Index Credit Default Swaps - ((0.49)%) 500,000 Bought Protection on ITRAXX XOver S31 20/06/2024 (50) (0.03)

9,400,000 Bought Protection on CDX NA HY Series 32 5yr 20/06/2024 (516) (0.32)

(566) (0.35)



Net assets 160,502 100.00


Portfolio Statement


134



United States - (55.14%) 305,128 Prologis 21,111 7.00


155,767 Digital Realty Trust 15,912 5.28

461,999 HCP 13,268 4.40

1,623,026 VEREIT 12,944 4.29

310,850 American Campus Communities 11,953 3.96

543,235 American Homes 4 Rent (A) 11,475 3.81

49,113 Public Storage 10,640 3.53

444,316 Invitation Homes 10,619 3.52

107,195 Camden Property Trust 9,595 3.18

80,480 Equity LifeStyle Properties 8,997 2.98

168,743 Vornado Realty Trust 8,401 2.79

316,975 Pebblebrook Hotel Trust 7,041 2.34

93,097 Equity Residential 6,484 2.15

41,749 Sun Communities 5,097 1.69

196,382 Corporate Office Properties Trust 4,684 1.55

47,763 Welltower 3,539 1.17

179,680 59.60

Hong Kong - (12.30%) 1,004,518 Sun Hung Kai Properties 11,675 3.87

2,108,627 Hysan Development 7,010 2.33

150,610,000 CSI Properties 4,337 1.44


25,081 8.32

Japan - (7.68%) 736,400 Mitsui Fudosan 14,526 4.82

622,700 Mitsubishi Estate 9,818 3.26

24,344 8.07

Germany - (8.80%) 333,326 Vonovia SE 13,660 4.53

348,443 Deutsche Wohnen 10,492 3.48

24,152 8.01

Spain - (5.31%) 1,008,829 Inmobiliaria Colonial SOCIMI 9,595 3.18

684,006 Merlin Properties SOCIMI 7,541 2.50

17,136 5.68

Singapore - (3.11%) 6,859,600 CapitaLand Commercial Trust 8,646 2.87

8,646 2.87

France - (3.57%) 103,480 ICADE 7,496 2.49

7,496 2.49

India - (0.00%) 1,468,800 Embassy Office Parks (REIT) 6,584 2.18

6,584 2.18

Portfolio Statement


135



United Kingdom - (3.09%) 714,558 Great Portland Estates 4,973 1.65

538,679 Hammerson 1,227 0.41

6,200 2.06

Contracts for Difference - (0.03%) 53,121 Blackstone Group (CFD) 668 0.22

668 0.22



Net assets 301,479 100.00


Portfolio Statement


136




84,000 Alphabet (A) 82,902 3.06

670,000 JPMorgan Chase 60,468 2.24

170,000 Charter Communications (A) 57,202 2.11

320,100 Apple 55,312 2.04

670,000 T-Mobile US 43,183 1.60

560,000 Intercontinental Exchange 42,942 1.59

1,100,000 Exelon 42,489 1.57

280,000 Visa (A) 41,908 1.55

1,200,000 eBay 40,184 1.49

420,000 Lowes 39,065 1.44

170,000 S&P Global 36,619 1.35

430,000 Celgene 34,502 1.28

420,000 Diamondback Energy 34,210 1.26

340,000 HCA Healthcare 33,926 1.25

420,000 Dollar Tree 33,880 1.25

20,000 Booking Holdings 32,331 1.20


440,000 Merck 31,533 1.17


265,000 Walt Disney 30,183 1.12

120,000 Adobe 28,413 1.05

225,000 Cigna 28,353 1.05


1,350,000 Marvell Technology Group 26,999 1.00

275,000 Paypal Holdings 24,822 0.92

567,850 Teradyne 24,703 0.91

460,000 Citigroup 24,292 0.90

170,000 Global Payments 23,246 0.86

85,000 Cooper Companies 23,093 0.85


660,000 Ciena 22,499 0.83

850,000 Corteva 20,863 0.77

140,000 Norfolk Southern 20,186 0.75

350,000 Autoliv 19,657 0.73


210,000 Copa Holdings (A) 17,716 0.65

500,000 CBS (B) 17,499 0.65

420,000 Norwegian Cruise Line Holdings 17,428 0.64

135,000 Salesforce.com 17,394 0.64

2,400,000 General Electric 16,065 0.59

580,000 Ally Financial 15,060 0.56

310,000 Molson Coors Brewing (B) 13,076 0.48

1,100,000 Extended Stay America 12,736 0.47

300,000 Brunswick 11,439 0.42

600,000 Baker Hughes (A) 10,844 0.40


210,000 CVS Health 10,437 0.39


540,000 Mylan 8,876 0.33

Portfolio Statement


137



175,000 Heron Therapeutics 2,710 0.10


1,496,116 55.30

United Kingdom - (6.35%) 3,000,000 Royal Dutch Shell (B) 68,460 2.53

1,100,000 CRH (GB) 30,536 1.13

380,000 AstraZeneca 27,953 1.03

1,600,000 Prudential 21,928 0.81

3,000,000 Meggitt 18,438 0.68

6,167,287 Vivo Energy 7,290 0.27


174,927 6.47

Japan - (7.61%) 2,000,000 ORIX 24,324 0.90

350,000 TDK 22,932 0.85

600,000 SoftBank Group 22,443 0.83

600,000 Sompo Holdings 19,740 0.73

1,200,000 Santen Pharmaceutical 17,278 0.64

1,300,000 Kubota 15,367 0.57

7,000,000 Yahoo! Japan 14,383 0.53

750,000 THK 14,341 0.53

220,000 Sysmex 11,559 0.43

800,000 Yamaha Motor 10,775 0.40

173,142 6.40

France - (4.66%) 560,000 Airbus 63,975 2.36

550,000 Vinci SA 49,728 1.84

1,160,000 Societe Generale France (A) 24,458 0.90

290,000 Atos 18,074 0.67

210,000 Renault 9,969 0.37

166,204 6.14


830,000 Vonovia SE 34,015 1.26

3,100,000 E.ON SE 23,753 0.88

580,000 RWE 13,636 0.50

300,000 Commerzbank 1,414 0.05

113,345 4.19

Netherlands - (4.49%) 800,000 Koninklijke Philips 31,077 1.15

145,000 ASML Holding 26,511 0.98

920,000 NN Group 25,425 0.94

700,000 Ahold Delhai (Koninklijke) 13,582 0.50

96,595 3.57

Denmark - (2.32%) 470,000 Orsted 37,264 1.38

520,000 GN Great Nordic 17,971 0.66

100,000 Genmab 16,915 0.63

72,150 2.67

Portfolio Statement


138




2,350,000 Sun Hung Kai Properties 27,312 1.01

2,723,410 Great Eagle Holdings 8,170 0.30

64,983 2.40


650,000 KB Financial Group 17,472 0.65

115,000 NAVER 11,383 0.42

47,924 1.77

Spain - (0.71%) 1,220,000 Grifols Preferred B (ADR) 21,419 0.79

540,000 Cellnex Telecom SAU 17,905 0.66

39,324 1.45

Sweden - (0.68%) 1,900,000 Tele2 22,063 0.82

2,600,000 Ericsson (B) 16,718 0.62

38,781 1.43


550,000 Absa Group 4,516 0.17

33,557 1.24

Contracts for Difference - (0.58%) 690,000 Microsoft (CFD) 29,964 1.11

140,000 Fidelity National Information Services (CFD) 6,263 0.23

(7,000,000) Li & Fung (CFD) 2,404 0.09

(140,000) Colruyt (CFD) 1,985 0.07

(6,000,000) Li & Fung (CFD) 1,319 0.05

(460,000) Latam Airls Group (ADR) (CFD) 1,010 0.04

(75,000) Xilinx (CFD) 372 0.01

(30,000) AbbVie (CFD) 363 0.01

360,000 Centene (CFD) (37) 0.00

(140,000) Worldline (CFD) (58) 0.00

(60,000) Omron (CFD) (113) 0.00

(200,029) Siderurgica Nacional Cia (CFD) (178) (0.01)

(30,000) Boeing (CFD) (583) (0.02)

(50,000) NVIDIA (CFD) (611) (0.02)

(250,000) Nippon Paint Holdings (CFD) (1,899) (0.07)

(90,000) OSI Systems (CFD) (2,040) (0.08)

830,000 Bridgestone (CFD) (2,658) (0.10)

(360,000) Advantest (CFD) (4,699) (0.17)

710,000 Morgan Stanley (CFD) (5,980) (0.22)

24,824 0.92


24,661 0.91

Portfolio Statement


139



Israel - (1.18%) 260,000 Check Point Software Technologies 23,090 0.85

23,090 0.85

Thailand - (1.43%) 2,850,000 Bangkok Bank (F) 13,090 0.48

1,800,000 Kasikornbank (F) 7,735 0.29

20,825 0.77

China - (1.20%) 1,800,000 Ping An Insurance (Group) Company of China 16,943 0.63


18,828 0.70

Taiwan - (0.71%) 540,000 Taiwan Semiconductor Manufacturing (ADR) 18,743 0.69

18,743 0.69

Singapore - (0.45%) 10,263,544 Mapletree Industrial Trust (REIT) 13,969 0.52

13,969 0.52

India - (0.46%) 6,000,000 Power Grid Corporation of India 13,866 0.51

13,866 0.51

Peru - (0.58%) 80,000 Credicorp 13,443 0.50

13,443 0.50

Russia - (0.30%) 800,000 Sberbank Russia (ADR) 9,033 0.33

9,033 0.33

Ireland - (0.00%) 4 Fidelity Institutional Liquidity Fund - Euro A Acc 56 0.00

56 0.00



Net assets 2,705,425 100.00


Portfolio Statement


140



China - (30.27%) 102,806 Alibaba Group Holding (ADR) 14,587 4.51

413,100 Tencent Holdings 14,040 4.34

6,940,000 China Construction Bank (H) 4,222 1.30

406,000 Ping An Insurance (Group) Company of China 3,822 1.18

445,500 China Mobile 3,027 0.94


5,789,000 Bank of China (H) 1,806 0.56

20,173 Baidu (A) (ADR) 1,736 0.54

1,305,000 CNOOC Group 1,596 0.49

52,871 JD.com (ADR) 1,335 0.41

5,059 NetEase (ADR) 1,054 0.33

264,500 China Merchants Bank (H) 987 0.30

505,000 China Life Insurance (H) 969 0.30

25,895 Yum China Holdings 969 0.30

10,282 New Oriental Education & Technology Group (ADR) 958 0.30

1,854,000 China Petroleum & Chemical (H) 891 0.28

28,084 TAL Education Group (A) (ADR) 826 0.26

276,000 China Overseas Land & Investment 715 0.22

2,162,000 Agricultural Bank of China (H) 681 0.21

199,909 China Resources Land 667 0.21

198,000 China Mengniu Dairy 644 0.20

192,600 China Pacific Insurance Group (H) 632 0.20

1,496,000 PetroChina (H) 609 0.19

500,000 Sino Biopharmaceutical 607 0.19

54,100 Shenzhou International Group Holdings 602 0.19

51,600 Sunny Optical Technology Group 587 0.18

175,000 Sunac China Holdings 574 0.18

3,024,000 China Tower (H) 564 0.17

72,000 Meituan-Dianping (B) 560 0.17

547,541 Country Garden Holdings 559 0.17

338,000 CSPC Pharmaceutical Group 555 0.17

4,100 Kweichow Moutai (A) (CN) 538 0.17

56,800 ENN Energy Holdings 531 0.16

77,000 ANTA Sports Products 523 0.16

577,800 Xiaomi (B) 515 0.16

104,813 China Resources Beer (Holdings) 488 0.15

498,050 PICC Property & Casualty (H) 467 0.14

357,000 Geely Automobile Holdings 452 0.14

128,000 China Gas Holdings 434 0.13

91,000 Anhui Conch Cement (H) 420 0.13

256,000 China Shenhua Energy (H) 410 0.13

418,000 CITIC 407 0.13

23,085 ZTO Express Cayman (ADR) 387 0.12

128,500 Longfor Group Holdings 376 0.12

212,000 Guangdong Investment 366 0.11

1,000,000 China Telecom (H) 366 0.11

442,000 China Unicom Hong Kong 361 0.11

655,000 Bank of Communications (H) 351 0.11

143,000 Li Ning 346 0.11


Portfolio Statement


141



34,000 Ping AN Insurance Group China (A) (CN) 341 0.11

11,081 Momo (ADR) 326 0.10

118,000 China Conch Venture Holdings 322 0.10

6,773 58.com (A) (ADR) 302 0.09

106,200 China Vanke (H) 301 0.09

4,217 Autohome (ADR) 299 0.09

524,600 China Minsheng Banking (H) 283 0.09

574,000 Postal Savings Bank of China (H) 283 0.09

518,000 Lenovo Group 279 0.09

51,500 Hengan International Group 278 0.09

645,000 China CITIC Bank (H) 277 0.09

9,476 China Lodging Group (ADR) 261 0.08

64,000 China Resource Gas Group 258 0.08

86,400 Sinopharm Group (H) 256 0.08

61,900 China Merchants Bank (A) (CN) 244 0.08

361,000 Want Want China Holdings 231 0.07

133,000 China Evergrande Group 226 0.07

31,553 Vipshop Holdings (ADR) 217 0.07

117,681 China Taiping Insurance Holdings 217 0.07

13,000 Wuliangye Yibin (A) (CN) 211 0.07

141,000 CITIC Securities (H) 207 0.06

87,000 Country Garden Services Holdings 206 0.06

256,000 Alibaba Health Information Technology 199 0.06

188,500 Fosun International 199 0.06

284,000 China National Building Material (H) 199 0.06

218,800 Semiconductor Manufacturing International 197 0.06

92,000 Haier Electronics Group 197 0.06

84,000 Shimao Property Holdings 195 0.06

4,236 YY (A) (ADR) 194 0.06

597,000 Peoples Insurance Company Group of China (H) 191 0.06

220,000 Brilliance China Automotive Holdings 191 0.06

53,000 AAC Technologies Holdings 188 0.06

43,500 Byd (H) 185 0.06

288,000 China Communications Construction (H) 183 0.06

324,850 CRRC (H) 183 0.06

55,500 New China Life Insurance (H) 180 0.06

143,000 Weichai Power (H) 180 0.06

213,600 Guangzhou Automobile Group (H) 176 0.05

380,000 China Jinmao Holdings Group 174 0.05

269,925 China Everbright International 174 0.05

400,000 Beijing Enterprises Water Group 173 0.05

34,000 Yihai International Holding 167 0.05

232,000 Kunlun Energy Company 166 0.05

762,000 CGN Power (H) 164 0.05

144,000 Tingyi Cayman Islands Holding 163 0.05

4,665 SINA 158 0.05

74,100 China Yangtze Power (A) (CN) 158 0.05

200,000 Dongfeng Motor Group (H) 152 0.05

281,000 China Railway Group (H) 151 0.05

192,400 Haitong Securities (H) 151 0.05

16,340 WuXi AppTec Group (H) 150 0.05

138,155 China Resources Power Holdings 150 0.05

Portfolio Statement


142



16,140 Jiangsu Hengrui Medicine (A) (CN) 148 0.05

26,000 Tsingtao Brewery (H) 144 0.04

36,500 Beijing Enterprises Holdings 143 0.04

72,600 Industrial Bank (A) (CN) 143 0.04

314,000 Huaneng Power International (H) 142 0.04

174,914 Sun Art Retail Group 139 0.04

1,020,000 Alibaba Pictures Group 138 0.04

3,954 Weibo (ADR) 135 0.04

103,400 Shanghai Pudong Development Bank (A) (CN) 134 0.04

110,400 Huatai Securities (H) 132 0.04

180,000 China Resources Cement Holdings 131 0.04

146,500 China Railway Construction (H) 130 0.04

39,800 Zhuzhou CRRC Times Electric (H) 130 0.04

100,123 China Merchants Port Holdings 128 0.04

88,800 China International Capital (H) 126 0.04

148,000 Shandong Weigao Medical Polymer (H) 125 0.04

167,000 Kingdee International Software Group 124 0.04

120,000 China Oilfield Services (H) 122 0.04

398,000 Zijin Mining Group (H) 122 0.04

66,000 Genscript Biotech 121 0.04

33,500 Hangzhou Hikvision Digital Technology (A) (CN) 119 0.04

226,500 Great Wall Motor (H) 118 0.04

76,072 Shenzhen International Holdings 118 0.04

92,500 3SBio 117 0.04

159,000 Far East Horizon 117 0.04

100,000 Logan Property Holdings 116 0.04

222,589 Xinyi Solar Holdings 115 0.04

68,000 TravelSky Technology (H) 112 0.03

29,000 Haidilao International Holding 111 0.03

37,300 China Vanke (A) (CN) 111 0.03

645,000 China Cinda Asset Management (H) 110 0.03

148,000 China State Construction International Holdings 110 0.03

52,760 ZTE (H) 108 0.03

102,000 Agile Group Holdings 107 0.03

41,500 Zhongsheng Group Holdings 107 0.03

232,000 China Longyuan Power Group (H) 105 0.03

64,300 Ping AN Bank (A) (CN) 105 0.03

7,900 Foshan Haitian Flavouring (A) (HK) 104 0.03

40,300 CITIC Securities (A) (CN) 103 0.03

162,600 China State Construction Engineering (A) (CN) 102 0.03

255,500 China Galaxy Securities (H) 100 0.03

14,100 BOC Aviation 100 0.03

75,600 Guangzhou R F Properties (H) 100 0.03

1,801 51job (ADR) 100 0.03

140,000 Air China (H) 99 0.03

288,000 China Everbright Bank (H) 99 0.03

116,000 China Resources Pharmaceutical Group 98 0.03

138,000 Yanzhou Coal Mining (H) 98 0.03

29,100 China Life Insurance (A) (CN) 96 0.03

744,000 China Huarong Asset Management (H) 95 0.03

128,699 COSCO Shipping Ports 93 0.03

48,000 Kingboard Holdings 92 0.03

Portfolio Statement


143



209,260 CIFI Holdings (Group) 92 0.03

90,000 China Medical System Holdings 92 0.03

21,000 China Pacific Insurance Group (A) (CN) 91 0.03

60,000 Kingsoft 91 0.03

512,000 Yuexiu Property Company 90 0.03

82,000 Jiangsu Expressway (H) 89 0.03

56,600 Shanghai Pharmaceuticals Holding (H) 88 0.03

95,000 Uni-President China Holdings 87 0.03

93,923 Shanghai Lujiazui Finance Trust (B) 86 0.03

36,800 Fuyao Glass Industry Group (H) 86 0.03

35,000 Shanghai Fosun Pharmaceutical (Group) Co (H) 85 0.03

88,000 China Aoyuan Property Group 85 0.03

17,900 Guangdong Wens Foodstuffs Group (A) (CN) 85 0.03

100,000 GF Securities (H) 84 0.03

151,500 Dali Foods Group 83 0.03

128,000 Future Land Development Holding 83 0.03

77,500 Zhaojin Mining Industry (H) 83 0.03

28,600 SAIC Motor (A) (CN) 82 0.03

210,300 Agricultural Bank of China (A) (CN) 82 0.03

356,000 Huaneng Renewables (H) (Unlisted) 81 0.03

112,000 SSY Group 81 0.03

7,300 China International Travel Services (A) (CN) 80 0.02

174,000 China Communications Services (H) 80 0.02

13,000 Midea Group (A) (CN) 79 0.02

118,100 China Minsheng Banking (A) (CN) 79 0.02

85,000 Jiangxi Copper (H) 78 0.02

112,000 Beijing Capital International Airport (H) 77 0.02

122,000 Nine Dragons Paper Holdings 76 0.02

48,000 Haitian International Holdings 74 0.02

110,100 China United Network Communication (A) (CN) 74 0.02

22,600 Inner Mongolia Yili Industrial Group (A) (CN) 74 0.02

118,400 Bank of Communications (A) (CN) 74 0.02

5,700 Jiangsu Yan Joint Stock (A) (CN) 73 0.02

106,000 Zhejiang Expressway (H) 73 0.02

165,000 AviChina Industry & Technology (H) 71 0.02

15,600 Anhui Conch Cement (A) (CN) 71 0.02

84,800 CRRC (A) (CN) 71 0.02

72,526 Xinjiang Goldwind Science & Technology (H) 70 0.02

250,000 Bosideng International Holding 70 0.02

45,500 Poly Real Estate Group (A) 70 0.02

10,700 Gree Electric Appliances of Zhuhai (A) (CN) 68 0.02

58,000 Guotai Junan Securities (H) 68 0.02

95,000 KWG Group Holdings 68 0.02

227,977 Sino-Ocean Group Holding 67 0.02

89,343 Inner Mongolia Yitai Coal (B) 65 0.02

37,100 Legend Holdings (H) 65 0.02

50,500 Sinotruk Hong Kong 64 0.02

159,000 Chongqing Rural Commercial Bank (H) 63 0.02

27,800 China Merchants Shekou Industrial Zone (A) (CN) 63 0.02

60,626 Bank of Shanghai (A) (CN) 63 0.02

264,000 Aluminum China (H) 63 0.02

198,000 China First Capital Group 62 0.02

Portfolio Statement


144



12,100 Wanhua Chemical Group (A) (CN) 62 0.02

23,300 Bank of Ningbo (A) (CN) 61 0.02

114,000 China Hongqiao Group 61 0.02

5,300 Luzhou Laojiao (A) (CN) 59 0.02

250,000 Sinopec Shanghai Petrochemical (H) 59 0.02

190,000 Shenzhen Investment 59 0.02

150,000 China Traditional Chinese Medicine 58 0.02

62,000 China Everbright 58 0.02

20,678 Luxshare Precision Industry (A) (CN) 58 0.02

29,700 Guotai Junan Securities (A) (CN) 58 0.02

94,700 Bank of Beijing (A) (CN) 57 0.02

81,900 China Shipbuilding Industry Company (A) (CN) 57 0.02

134,900 Boe Technology Group (A) (CN) 57 0.02

6,040 Muyuan Foodstuff (A) (CN) 56 0.02

100,100 Shenwan Hongyuan Group (A) (CN) 55 0.02

74,000 Greentown Service Group 55 0.02

243,000 China Molybdenum (H) 54 0.02

33,000 Shanghai Industrial Holdings 53 0.02

202,000 Shanghai Electric Group (H) 52 0.02

28,500 Haier Smart Home (A) (CN) 52 0.02

58,100 Daqin Railway (A) (CN) 52 0.02

77,100 Baoshan Iron & Steel (A) (CN) 51 0.02

110,000 BAIC Motor (H) 51 0.02

378,000 China Reinsurance Group (H) 51 0.02

173,000 China SHIPPING Holdings (H) 51 0.02

288,000 China Power International Development 51 0.02

15,400 ZTE (A) (CN) 51 0.02

48,500 China Railway Construction (A) (CN) 51 0.02

70,600 PetroChina (A) (CN) 50 0.02

73,100 China Railway Group (A) (CN) 50 0.02

32,500 Sany Heavy Industry (A) (CN) 50 0.02

58,800 Hua Xia Bank (A) (CN) 49 0.02

91,500 Sinopec Engineering Group (H) 49 0.02

106,000 China Southern Airlines (H) 49 0.02

12,460 Aier Eye Hospital Group (A) (CN) 48 0.01

110,300 China Everbright Bank (A) (CN) 48 0.01

31,100 GF Securities (A) (CN) 47 0.01

82,100 China Petroleum & Chemical (A) (CN) 47 0.01

37,800 Suning Commerce Group (A) (CN) 47 0.01

96,000 China Railway Signal & Communication (H) 47 0.01

643,704 GOME Retail Holdings 47 0.01

5,200 Yunnan Baiyao Group (A) (CN) 46 0.01

40,500 Yonghui Superstores (A) (CN) 46 0.01

27,500 East Money Information (A) (CN) 46 0.01

25,100 China Merchants Securities (A) (CN) 46 0.01

72,500 Luye Pharma Group 46 0.01

158,000 Kaisa Group Holdings 45 0.01

9,720 Shandong Gold-Mining (A) (CN) 45 0.01

69,000 Kingboard Laminates Holdings 45 0.01

118,000 China Eastern Airlines (H) 45 0.01

71,400 Industrial & Commercial Bank China (A) (CN) 44 0.01

45,000 BYD Electronics International 44 0.01

Portfolio Statement


145



55,500 China Construction Bank (A) (CN) 44 0.01

26,900 Haitong Securities (A) (CN) 42 0.01

7,500 New China Life Insurance (A) (CN) 42 0.01

128,000 China Coal Energy (H) 42 0.01

16,800 China Literature 42 0.01

13,270 Longi Green Energy Technology (A) (CN) 42 0.01

18,400 Huatai Securities (A) (CN) 40 0.01

171,000 BBMG (H) 40 0.01

29,000 Hua Hong Semiconductor 40 0.01

233,000 Shui On Land 40 0.01

122,000 Huadian Power International (H) 39 0.01

4,000 Shanghai International Airport (A) (CN) 39 0.01

113,711 Yuzhou Properties 39 0.01

12,700 China Fortune Land Develop (A) (CN) 39 0.01

1,800 Shenzhen Mindray Bio-Medical Electronics (A) (CN) 39 0.01

61,280 Focus Media Information Technology (A) (CN) 38 0.01

62,100 China National Nuclear Power (A) (CN) 38 0.01

87,000 Lee & Man Paper Manufacturing 38 0.01

12,800 Huayu Automotive Systems (A) (CN) 37 0.01

58,000 Nexteer Auto Group 37 0.01

32,200 Orient Securities Ltd/China (A) (CN) 37 0.01

3,200 Zhangzhou Pientzehng PH (A) (CN) 37 0.01

20,100 Zhongan Online P&C Insurance (H) 37 0.01

48,300 Bank of Jiangsu (A) (CN) 37 0.01

120,000 Maanshan Iron & Steel (H) 37 0.01

66,028 Towngas China 37 0.01

155,000 China Agri-Industries Holding 36 0.01

78,000 COSCO Shipping Energy Transportation (H) 36 0.01

35,300 Shaanxi Coal Industry (A) (CN) 36 0.01

67,100 Power Construction of China (A) (CN) 36 0.01

40,600 Bank of Nanjing (A) (CN) 36 0.01

9,600 Iflytek (A) (CN) 36 0.01

6,400 BYD (A) (CN) 36 0.01

9,500 Yonyou Network Techlgy (A) (CN) 35 0.01

22,100 Hengli Petrochemical (A) (CN) 35 0.01

17,600 Nari Technology Development (A) (CN) 35 0.01

242,000 Sihuan Pharmaceuticals Holding Group 35 0.01

194,000 Datang International Power Generation (H) 35 0.01

130,000 Sinotrans (H) 34 0.01

101,600 China Zhongwang Holdings 34 0.01

29,600 China Communications Construction (A) (CN) 34 0.01

43,900 Greenland Holdings (A) (CN) 33 0.01

40,500 Shenzhen Overseas CH TW (A) (CN) 32 0.01

7,400 Guangzhou Baiyunshan Pharmaceutical Holdings A (A) (CN) 31 0.01

35,000 Tong Ren Tang Technologies (H) 31 0.01

128,500 SOHO China 31 0.01

11,700 Zhejiang Chint Electric (A) (CN) 30 0.01

7,200 Yunda Holding (A) (CN) 30 0.01

137,500 Meitu 28 0.01

150,000 Metallurgical China (H) 27 0.01

3,200 Contemporary Amperex Technology (A) (CN) 27 0.01

64,800 China Molybdenum (A) (CN) 27 0.01

Portfolio Statement


146



8,400 Shanghai Fosun Pharmaceutical Group (A) (CN) 27 0.01

91,000 Angang Steel (H) 26 0.01

156,000 MMG 26 0.01

60,700 Zijin Mining Group (A) (CN) 25 0.01

4,100 Tsingtao Brewery (A) (CN) 25 0.01

32,800 China Southern Airlines (A) (CN) 25 0.01

74,000 China Oriental Group 24 0.01

19,600 Rongsheng Petro Chemical (A) (CN) 24 0.01

56,200 BBMG (A) (CN) 22 0.01

50,000 Aluminum China (A) (CN) 21 0.01

9,500 China Shenhua Energy (A) (CN) 20 0.01

1,436,000 Hengten Networks Group 19 0.01

61,200 Metallurgical China (A) (CN) 19 0.01

8,100 Sichuan New Hope Agribus (A) (CN) 18 0.01

39,100 Ningbo Zhoushan Port (A) (CN) 17 0.01

3,100 Chongqing Zhifei Biological Products (A) (CN) 17 0.01

7,800 Shanghai Pharmaceuticals Holding (A) (CN) 17 0.01

38,400 Huadian Power International (A) (CN) 17 0.01

12,100 Weichai Power (A) (CN) 16 0.00

90,100 Inner Mongolia Baotou Steel Union (A) (CN) 15 0.00

1,700 Shanxi Xing Hua Cun Fen Wine (A) (CN) 15 0.00

13,900 SDIC Power Holdings (A) (CN) 15 0.00

1,590 Hundsun Technologies (A) (CN) 14 0.00

27,300 COSCO Shipping Holdings (A) (CN) 14 0.00

1,500 Shenzhen Kangtai Biological Products (A) (CN) 13 0.00

22,500 Shanghai Electric Group (A) (CN) 13 0.00

4,700 Aecc Aviation Power (A) (CN) 13 0.00

7,700 Foxconn Industrial Internet (A) (CN) 13 0.00

7,100 Shanghai Zhangjiang High (A) (CN) 13 0.00

16,500 Founder Securities (A) (CN) 13 0.00

5,300 Fuyao Glass Ind Group (A) (CN) 13 0.00

4,800 Henan Shuanghui Investment & Development (A) (CN) 12 0.00

7,400 Tongwei (A) (CN) 12 0.00

8,100 Guosen Securities (A) (CN) 12 0.00

4,200 Seazen Holdings (A) (CN) 12 0.00

7,500 Jiangxi Copper (A) (CN) 12 0.00

3,240 Huadong Medicine (A) (CN) 11 0.00

3,600 Walvax Biotechnology (A) (CN) 11 0.00

5,700 Avic Aircraft (A) (CN) 11 0.00

7,000 SDIC Capital (A) (CN) 11 0.00

5,900 Zhejiang Dahua Technology (A) (CN) 11 0.00

2,400 SF Holding (A) (CN) 11 0.00

4,000 Aisino (A) (CN) 10 0.00

6,200 Zhejiang Longsheng Group (A) (CN) 10 0.00

7,900 Sanan Optoelectronics (A) (CN) 10 0.00

6,300 GoerTek (A) (CN) 10 0.00

36,700 GD Power Development (A) (CN) 10 0.00

26,800 TCL (A) (CN) 10 0.00

8,200 Everbright Securities (A) (CN) 10 0.00

3,400 China Shipbuilding Industry Group Power (A) (CN) 10 0.00

1,900 Spring Airlines (A) (CN) 10 0.00

7,900 Gemdale (A) (CN) 10 0.00

Portfolio Statement


147



7,300 China Northern Rare Earth Group High-Tech (A) (CN) 10 0.00

8,600 Sichuan Chuantou Energy (A) (CN) 10 0.00

15,000 Shanghai International Port Group (A) (CN) 10 0.00

13,700 Industrial Securities (A) (CN) 10 0.00

3,300 Lepu Medical Technology (Beijing) Company (A) (CN) 10 0.00

1,000 Hithink Flush Information Network (A) (CN) 10 0.00

17,300 China Eastern Airlines (A) (CN) 10 0.00

14,400 China CITIC Bank (A) (CN) 9 0.00

2,900 Songcheng Performance Development (A) (CN) 9 0.00

6,200 Xinjiang Goldwind Science & Technology (A) (CN) 9 0.00

17,100 Avic Capital (A) (CN) 9 0.00

2,800 Sichuan Kelun Pharmaceutical (A) (CN) 9 0.00

11,300 Changjiang Securities (A) (CN) 9 0.00

6,408 Meinian Onehealth Healthcare Holdings (A) (CN) 9 0.00

9,800 Bank of Hangzhou (A) (CN) 9 0.00

7,600 Zhongjin Gold (A) (CN) 9 0.00

2,900 Beijing Tongrentang (A) (CN) 9 0.00

2,000 Beijing Shiji Information Technology (A) (CN) 8 0.00

17,100 China Grand Automotive Services Group (A) (CN) 8 0.00

3,200 Shenzhen Inovance Technology (A) (CN) 8 0.00

4,100 Tonghua Dongbao Parmaceutical (A) (CN) 8 0.00

12,800 China National Chemical Engineering (A) (CN) 8 0.00

6,600 Guangzhou Haige Communications Group (A) (CN) 8 0.00

3,500 Chaozhou Three-Circle Group (A) (CN) 8 0.00

1,200 Hangzhou Tigermed Cons (A) (CN) 8 0.00

3,000 SJEC (A) (CN) 8 0.00

600 Oppein Home Group (A) (CN) 8 0.00

4,840 Hengtong Optic Electric (A) (CN) 8 0.00

4,500 Wuhu Sanqi Interactive Entertainment (A) (CN) 8 0.00

7,300 Caitong Securities (CN) 8 0.00

5,600 Guangzhou Automobil Group (A) (CN) 8 0.00

1,500 Mango Excellent Media (A) (CN) 8 0.00

7,500 Bank of Chengdu (A) (CN) 7 0.00

5,400 Hengyi Petrochemical (A) (CN) 7 0.00

3,000 Suzhou Dongshan Precision Manufacturing (A) (CN) 7 0.00

1,900 Avic Shenyang Heibao (A) (CN) 7 0.00

8,000 Chongqing Changan Automobile (A) (CN) 7 0.00

7,300 Heilan Home (A) (CN) 7 0.00

6,200 Suzhou Gold Mantis Construction Decoration (A) (CN) 7 0.00

14,100 XCMG Construction Machinery (A) (CN) 7 0.00

22,200 Hesteel (A) (CN) 7 0.00

11,600 Zoomlion Heavy Industry Science and Technology (A) (CN) 7 0.00

5,900 Dongxing Securities (A) (CN) 7 0.00

2,000 China Resource Sanjiu Medical & Pharmaceutical (A) (CN) 7 0.00

10,800 China Gezhouba Group (A) (CN) 7 0.00

6,770 Shanghaioriental Pearl Media (A) (CN) 7 0.00

8,600 Hubei Biocause Pharmaceutical (A) (CN) 7 0.00

7,100 Guoyuan Securities (A) (CN) 7 0.00

7,500 Risesun Real Estate Development (A) (CN) 7 0.00

8,800 Jinke Properties Group (A) (CN) 7 0.00

7,300 Western Securities (A) (CN) 7 0.00

4,300 Zhengzhou Yutong Bus A (A) (CN) 7 0.00

Portfolio Statement


148



2,400 China Dongfang Spacesat (A) (CN) 6 0.00

11,100 Anxin Trust (A) (CN) 6 0.00

6,600 Xiamen C & D (A) (CN) 6 0.00

3,100 Giant Network Group (A) (CN) 6 0.00

13,700 Shanghai Construction Group Company (A) (CN) 6 0.00

6,400 Sinolink Securities (A) (CN) 6 0.00

4,800 Wangsu Science &Technology (A) (CN) 6 0.00

2,000 Hangzhou Robam Appliances (A) (CN) 6 0.00

16,500 Guangshen Railway (A) (CN) 6 0.00

4,917 Fangda Carbon New Material (A) (CN) 6 0.00

6,100 Soochow Securities (A) (CN) 6 0.00

5,700 Huaxi Securities (A) (CN) 6 0.00

6,020 Bank of Guiyang (A) (CN) 6 0.00

1,900 Perfect World Ltd (A) (CN) 6 0.00

8,300 Shanghai Tunnel Engineering (A) (CN) 6 0.00

7,900 Huaan Securities (A) (CN) 6 0.00

21,800 Tongling Nonferrous Metals Group (A) (CN) 6 0.00

2,184 Zhejiang Huayou Cobalt (A) (CN) 6 0.00

3,900 Tianma Microelectronics (A) (CN) 6 0.00

3,060 Tasly Pharmaceutical Group (A) (CN) 6 0.00

7,300 DHC Software (A) (CN) 6 0.00

2,000 Zhuhai Wanlida Electric (A) (CN) 6 0.00

2,300 Jiangxi Ganfeng Lithium (A) (CN) 6 0.00

2,200 Sichuan Tianqi Lithium Industries (A) (CN) 6 0.00

6,200 Air China (A) (CN) 6 0.00

4,200 Zhejiang Semir Garment (A) (CN) 6 0.00

2,600 Shandong Linglong Tyre (A) (CN) 6 0.00

1,600 Wuxi Lead Intelligent Equipment (A) (CN) 6 0.00

6,400 Lens Technology (A) (CN) 6 0.00

3,600 Liaoning Chengda (A) (CN) 6 0.00

12,610 Angang Steel (A) (CN) 5 0.00

11,300 Sinopec Shanghai Petrochemical (A) (CN) 5 0.00

6,300 Transfar Zhilian (A) (CN) 5 0.00

15,800 Inner Mongolia Jun Energy & Chemical (A) (CN) 5 0.00

6,200 Shanxi Securities (A) (CN) 5 0.00

7,000 Jinduicheng Molybdenum (A) (CN) 5 0.00

5,200 Ofilm Group A (A) (CN) 5 0.00

1,900 Shenzhen Salubris Pharmaceutical (A) (CN) 5 0.00

2,418 Shandong Buchang Pharmaceuticals (A) (CN) 5 0.00

8,100 Beijing Dabeinong Technology (A) (CN) 5 0.00

2,900 China Avionics Systems (A) (CN) 5 0.00

3,100 China Film (A) (CN) 5 0.00

12,363 Shanghai 2345 Network Holding Group (A) (CN) 5 0.00

1,392 Tsinghua Unisplendour (A) (CN) 5 0.00

7,600 First Capital Securities (A) (CN) 5 0.00

3,800 China South Publishing & Media (A) (CN) 5 0.00

8,300 Offshore Oil Enginering (A) (CN) 5 0.00

1,400 DONG E-E-Jiao (A) (CN) 5 0.00

15,200 Xinhu Zhongbao (A) (CN) 5 0.00

10,400 Tunghsu Optoelectronic Technology (A) (CN) 5 0.00

7,800 Shenzhen Zhongjin Ling (A) (CN) 4 0.00

5,800 Tebian Electric Apparatus Stock Ltd (A) (CN) 4 0.00

Portfolio Statement


149



5,200 Shanxi Luan Environmental Energy (A) (CN) 4 0.00

1,900 Weifu High-Technology (A) (CN) 4 0.00

5,500 Shanxi Xishan Coal & Electricity (A) (CN) 4 0.00

9,300 Zhejiang China Com City GR (A) (CN) 4 0.00

11,600 Guanghui Energy (A) (CN) 4 0.00

2,800 Chinese Universe Pub & Media (A) (CN) 4 0.00

5,800 Wan Xiang Qian Chao (A) (CN) 4 0.00

14,700 COSCO Shipping Development (A) (CN) 4 0.00

3,600 Dongfang Electric (A) (CN) 4 0.00

8,700 Bank of China (A) (CN) 4 0.00

2,520 China International Marine Containers Group (A) (CN) 3 0.00

6,000 Oceanwide Construction Group (A) (CN) 3 0.00

7,200 Kangmei Pharmaceutical (A) (CN) 3 0.00

4,600 Shenergy (A) (CN) 3 0.00

3,000 Tus Environmental Science & Technology Development Com (A) (CN) 3 0.00

4,100 Finance Street Holding (A) (CN) 3 0.00

7,600 CITIC Guoan Information Industry (A) (CN) 3 0.00

7,300 Maanshan Iron & Steel (A) (CN) 2 0.00

4,100 Hubei Energy Group (A) (CN) 2 0.00

4,600 Southwest Securities (A) (CN) 2 0.00

1,000 Jointown Pharmaceutical Group (A) (CN) 2 0.00

768 Zhejiang Century Huatong Group (A) (CN) 1 0.00

1,900 Shenzhen Energy Group (A) (CN) 1 0.00

400 Hans Laser Technology Industry Group (A) (CN) 1 0.00

3,000 Dongfang Electric (H) 1 0.00

111,000 China Huishan Dairy Holdings (Unlisted) 0 0.00

41 Jiayuan International Group 0 0.00

99,190 30.64


39,689 SK Hynix 2,083 0.64

56,621 Samsung Electronics Preferred 1,415 0.44

10,067 NAVER 996 0.31

10,790 Hyundai Motor 936 0.29

32,411 Shinhan Financial Group 893 0.28

5,885 POSCO 840 0.26

4,904 Hyundai Mobis 825 0.25

28,604 KB Financial Group 769 0.24

3,318 LG Chemical 742 0.23

6,651 Celltrion 706 0.22

3,959 Samsung SDI 668 0.21

8,401 KT & G 578 0.18

18,944 Kia Motors 561 0.17

670 LG Household & Healthcare 534 0.16

21,655 Hana Financial Group 477 0.15

3,995 SK Innovation 447 0.14

1,177 NCSoft 428 0.13

6,165 Samsung C&T 361 0.11

2,215 Samsung Fire & Marine Insurance 344 0.11

2,536 SK Holdings 343 0.11

2,499 Samsung SDS 331 0.10

Portfolio Statement


150



6,850 LG 330 0.10

3,595 Kakao 327 0.10

18,587 Korea Electric Power 321 0.10

7,680 LG Electronics 319 0.10

34,351 Woori Financial Group 276 0.09

4,066 Samsung Electro-Mechanics 246 0.08

1,445 SK Telecom 234 0.07

5,004 Samsung Life Insurance 231 0.07

1,196 Samsung Biologics 218 0.07

3,258 S-Oil 213 0.07

3,741 Woongjin Coway 213 0.07

2,399 AmorePacific 211 0.07

2,822 Hyundai Heavy Industries 210 0.06

1,245 Lotte Chemical 189 0.06

611 Korea Zinc 180 0.06

1,392 Helixmith 173 0.05

32,086 Samsung Heavy Industries 168 0.05

8,416 Kangwon Land 161 0.05

16,888 LG Display 160 0.05

711 Hyundai Robotics 160 0.05

2,717 Hyundai Motor 2nd Preferred 159 0.05

5,663 Hyundai Sino-Thai Engineering & Construction 159 0.05

18,325 Industrial Bank of Korea 153 0.05

3,015 Korea Investment Holdings 148 0.05

5,854 Hyundai Steel 148 0.05

1,360 Hyundai Glovis 147 0.05

28,405 Mirae Asset Daewoo 143 0.04

5,310 Korea Aerospace Industries 141 0.04

3,508 Fila Korea 136 0.04

2,010 Daelim Industrial 133 0.04

2,286 Hotel Shilla 122 0.04

1,540 E-MART 121 0.04

11,423 Samsung Engineering 120 0.04

3,628 GS Holdings 118 0.04

1,844 Netmarble 118 0.04

3,594 DB Insurance 117 0.04

3,650 Celltrion Healthcare 110 0.03

5,395 Hankook Tire 107 0.03

1,745 Orion Corporation 106 0.03

13,597 Hanon Systems 106 0.03

4,232 Samsung Securities 101 0.03

653 Yuhan 101 0.03

4,386 GS Engineering & Construction 96 0.03

20,699 Bank Financial Group 94 0.03

604 CJ Cheiljedang 93 0.03

7,776 Hanwha Chemical 91 0.03

465 Hanmi Pharmaceuticals 88 0.03

1,653 Hyundai Department Store 87 0.03

1,259 S1 (Korea) 86 0.03

542 Shinsegae 85 0.03

785 CJ Enm 85 0.03

2,138 Amorepacific Group 85 0.03

Portfolio Statement


151



4,553 Cheil Worldwide 81 0.03

3,332 Doosan Bobcat 81 0.03

9,492 NH Investment & Securities 79 0.02

160 LG Household & Health Preferred 79 0.02

852 Lotte Shopping 78 0.02

569 BGF Retail 78 0.02

1,492 Hyundai Motor Preferred 77 0.02

320 Medy-Tox 76 0.02

4,563 Hyundai Marine & Fire Insurance 74 0.02

5,780 POSCO International 72 0.02

1,056 LG InnoTek 71 0.02

2,428 HLB 69 0.02

429 KCC 65 0.02

7,276 LG Uplus 65 0.02

20,247 Meritz Securities 65 0.02

526 LG Chemical Preferred 64 0.02

1,353 Kumho Petro Chemical 64 0.02

1,392 OCI Company 63 0.02

466 Pearlabyss 61 0.02

609 CJ Logistics 59 0.02

17,733 Pan Ocean 58 0.02

1,567 POSCO Chemtech 56 0.02

2,092 Korea Gas 55 0.02

981 CJ 54 0.02

3,485 Korean Air Lines 52 0.02

2,833 Hanwha 47 0.01

2,452 Daewoo Shipbuilding & Marine Engineering 45 0.01

1,725 GS Retail 45 0.01

1,748 HDC Hyundai Development Engineering & Construction 42 0.01

1,872 Samsung Card 42 0.01

1,823 Lotte 41 0.01

2,129 Orange Life Insurance 39 0.01

21,234 Hanwha Life Insurance 36 0.01

12,650 Daewoo Engineering & Construction 36 0.01

80 Ottogi 31 0.01

4,346 Sillajen 31 0.01

521 Amorepacific Preferred 25 0.01

1,003 Celltrion Pharmaceuticals 23 0.01

845 Hanmi Science 23 0.01

1,245 KT 23 0.01

137 CJ Preferred 8 0.00

36,042 11.14


898,837 Hon Hai Precision Industry 1,750 0.54

109,000 MediaTek 1,051 0.32

320,000 Formosa Plastics 790 0.24

272,000 Chunghwa Telecom 775 0.24

7,000 Largan Precision 715 0.22

1,335,548 CTBC Financial Holding 712 0.22

347,068 Uni-President Enterprises 697 0.22

370,000 Nan Ya Plastics 668 0.21

Portfolio Statement


152



781,340 Mega Financial Holding 587 0.18

253,000 Formosa Chemicals & Fibre 585 0.18

543,300 Cathay Financial Holding 572 0.18

479,000 Fubon Financial Holding 549 0.17

140,575 Delta Electronics 539 0.17

844,940 China Steel 513 0.16

749,910 E.SUN Financial Holding Company 497 0.15

248,748 ASE Technology Holding 466 0.14

714,157 First Financial Holding 403 0.12

352,707 Taiwan Cement 356 0.11

646,910 Taiwan Cooperative Holdings 339 0.10

114,000 Taiwan Mobile 334 0.10

698,100 Yuanta Financial Holding 331 0.10

41,000 President Chain Store 314 0.10

851,000 United Microelectronics 300 0.09

565,489 Hua Nan Financial Holdings 296 0.09

221,000 Shanghai Commercial & Savings Bank 294 0.09

194,000 Quanta Computer 287 0.09

86,007 Chailease Holding 280 0.09

48,000 Catcher Technology 277 0.09

51,000 Asustek Computer 273 0.08

22,000 Hotai Motor 254 0.08

688,123 Taishin Financial Holdings 241 0.07

772,343 SinoPac Holdings 239 0.07

89,000 Formosa Petrochemical 227 0.07

929,000 China Development Finance Holding 222 0.07

114,000 Far EasTone Telecommunications 219 0.07

394,574 Chang Hwa Commercial Bank 209 0.06

42,000 Novatek Microelectronics 205 0.06

150,425 Lite-On Technology 197 0.06

35,000 Realtek Semiconductor 197 0.06

142,000 Pegatron 195 0.06

758,428 Shin Kong Financial Holding 183 0.06

25,117 Advantech 176 0.05

156,340 Asia Cement 176 0.05

232,550 Far Eastern Textile 174 0.05

25,000 Win Semiconductors 171 0.05

90,000 Nanya Technology 166 0.05

142,000 Cheng Shin Rubber Industry 164 0.05

159,000 Pou Chen 163 0.05

14,211 Eclat Textile 143 0.04

142,000 Taiwan High Speed Rail 141 0.04

295,000 Compal Electronics 139 0.04

634,000 AU Optronics 136 0.04

207,309 Wistron 135 0.04

23,907 Feng TAY Enterprise 128 0.04

42,000 Zhen Ding Technology Holding 127 0.04

22,000 Giant Manufacturing 126 0.04

191,700 China Life Insurance 124 0.04

16,000 Globalwafers 121 0.04

17,599 Hiwin Technologies 117 0.04

69,657 Foxconn Technology 116 0.04

Portfolio Statement


153



627,306 Innolux 116 0.04

19,377 Yageo 116 0.04

109,840 WPG Holding 114 0.04

48,350 Chicony Electronics 112 0.03

65,000 Vanguard International Semiconductor 109 0.03

49,000 Micro-Star International 108 0.03

53,000 Powertech Technology 104 0.03

181,000 Inventec 102 0.03

24,000 Walsin Technology 100 0.03

217,752 Acer 98 0.03

219,000 Winbond Electronics 98 0.03

289,077 Taiwan Business Bank 93 0.03

88,300 SYNNEX Technology International 86 0.03

11,000 Nien Made Enterprise 79 0.02

9,000 AirTAC International Group 77 0.02

10,000 Phison Electronics 76 0.02

52,650 Highwealth Construction 68 0.02

138,000 Tatung 61 0.02

145,235 EVA Airways 54 0.02

149,947 Evergreen Marine Corp(Tai) 50 0.02

55,000 Formosa Taffeta 49 0.02

28,172 Standard Foods 46 0.01

12,000 TaiMed Biologics 46 0.01

23,200 Ruentex Industries 42 0.01

165,000 China Airlines 40 0.01

36,165 Ruentex Development 40 0.01

35,069 10.83

India - (8.04%) 206,292 Reliance Industries 2,970 0.92


216,106 Infosys 2,023 0.62

64,664 Tata Consultancy Services 1,678 0.52

140,036 Axis Bank 1,069 0.33

46,616 Hindustan Unilever 1,008 0.31

171,281 ICICI Bank 810 0.25

246,287 ITC 695 0.21

149,292 Bharti Airtel 596 0.18

7,604 Maruti Suzuki India 534 0.16

34,288 Larsen & Toubro 523 0.16

38,820 HCL Technologies 491 0.15

12,453 Bajaj Finance 477 0.15

128,669 State Bank of India 404 0.12

20,696 Asian Paints India 385 0.12

53,818 Mahindra & Mahindra 328 0.10

6,911 UltraTech Cement 321 0.10

60,800 Sun Pharmaceutical Industries 316 0.10

33,301 Infosys (ADR) 311 0.10

131,470 Power Grid Corporation of India 304 0.09

22,155 Titan 281 0.09

33,715 Tech Mahindra 270 0.08

180,273 Oil & Natural Gas 251 0.08

Portfolio Statement


154



85,803 Wipro 251 0.08

1,658 Nestle India 246 0.08

38,029 UPL 246 0.08

37,642 HDFC Life 240 0.07

170,405 NTPC 239 0.07

2,722 Bajaj Finserv 223 0.07

7,440 Hero MotoCorp 219 0.07

134,657 Vedanta 217 0.07

38,168 Dabur India 197 0.06

46,964 Bharat Petroleum 192 0.06

6,008 Bajaj Auto 192 0.06

135,558 Indian Oil 190 0.06

44,872 Adani Ports & Special Eco Zone 188 0.06

88,003 Coal India 187 0.06

25,833 Godrej Consumer Products 181 0.06

85,521 Hindalco Industries 181 0.06

965 Eicher Motors 180 0.06

21,507 Grasim Industries 176 0.05

5,963 Dr Reddys Laboratories 175 0.05

114,290 GAIL India 171 0.05

38,284 Zee Entertainment Enterprises 165 0.05

7,027 Piramal Enterprises 165 0.05

9,067 Avenue Supermarts 164 0.05

61,735 JSW Steel 155 0.05

21,236 United Spirits 154 0.05

115,278 Tata Motors 154 0.05

32,362 Marico 146 0.05

12,967 Shriram Transport Finance 144 0.04

9,745 ICICI Lombard General Insurance 140 0.04

17,916 Havells India 140 0.04

8,754 Pidilite Industries 139 0.04

16,154 Lupin 138 0.04

25,137 Cipla 137 0.04

19,109 Aurobindo Pharmaceuticals 132 0.04

43,100 Petronet LNG 132 0.04

44,038 Hindustan Petroleum 131 0.04

4,143 Britannia Industries 129 0.04

6,660 Interglobe Aviation 129 0.04

599 Shree Cement 128 0.04

5,678 Divis Laboratories 107 0.03

20,184 Indiabulls Housing Finance 105 0.03

21,480 LIC Housing Finance 105 0.03

25,641 Tata Steel 102 0.03

43,657 Ambuja Cem 101 0.03

585 Bosch 97 0.03

124,326 Yes Bank 86 0.03

398 Page Industries 85 0.03

22,458 Mahindra & Mahindra Financial Services 82 0.03

13,983 Container Corporation of India 82 0.03

69,326 Motherson Sumi Systems 78 0.02

46,206 Rural Electrification 77 0.02

24,219 Bharti Infratel 70 0.02

Portfolio Statement


155



87,105 Ashok Leyland 65 0.02

2,268 Dr Reddys Laboratories (ADR) 65 0.02

13,940 Bharat Forge 62 0.02

73,519 Tata Power 48 0.01

9,121 Glenmark Pharmaceuticals 41 0.01

529,661 Vodafone Idea 33 0.01

27,295 8.43

Brazil - (7.36%) 353,854 Itau Unibanco Holding 2,376 0.73

231,142 Vale 2,053 0.63

289,905 Banco Bradesco 1,853 0.57

306,500 Petroleo Brasileiro-Petrobras (Preference) 1,536 0.47

147,818 B3 S.A. - Brasil 1,289 0.40

339,229 Ambev 1,239 0.38

214,900 Petroleo Brasileiro-Petrobras 1,190 0.37

317,177 Itausa Investimentos Itau 766 0.24

56,979 Lojas Renner 561 0.17

61,700 Banco do Brasil 547 0.17

86,554 Banco Bradesco 496 0.15

78,600 JBS 456 0.14

41,605 Localiza Rent A CAR 378 0.12

78,700 Rumo 348 0.11

16,800 IRB Brasil Resseguros 344 0.11

32,100 Telefonica Brasil 330 0.10

50,200 BB Seguridade Participacoes 325 0.10

44,000 Magazine Luiza 322 0.10

41,000 BRF 314 0.10

16,700 Raia Drogasil 303 0.09

50,300 Petrobras Distribuidora 285 0.09

87,600 CCR 283 0.09

25,600 Notre Dame Intermedica Participacoes 271 0.08

60,762 WEG 268 0.08

29,700 Banco Santander Brasil 249 0.08

24,600 Saneamento Basico de SP (Cia) 248 0.08

12,200 Equatorial Energia 225 0.07

39,304 Suzano 224 0.07

106,872 Kroton Educacional 214 0.07

11,600 Companhia Brasileira de Distribuicao 199 0.06

79,100 Gerdau 195 0.06

66,295 Energetica de Minas Gerais Cia 188 0.06

14,000 Natura Cosmeticos 184 0.06

51,100 Embraer S A 181 0.06

50,320 Lojas Americanas 178 0.05

52,400 Ultrapar Participacoes 174 0.05

27,400 Hypera 173 0.05

15,600 Banco BTG Pactual 173 0.05

16,724 Sul America 158 0.05

57,180 BR Malls Participacoes 155 0.05

51,100 Klabin 150 0.05

16,500 Centrais Eletricas Brasile 150 0.05

61,700 Tim Participacoes 148 0.05

Portfolio Statement


156



16,200 Centrais Eletricas Brasile 145 0.04

88,896 Cielo 131 0.04

28,500 Atacadao 126 0.04

44,900 Siderurgica Nacional Cia 126 0.04

14,450 Engie Brasil 125 0.04

13,300 B2W Cia Digital 120 0.04

11,800 Cosan Industria E Comercio 115 0.04

20,757 Multiplan Empreendimentos Imobiliarios 107 0.03

11,400 Energisa 105 0.03

13,800 Braskem (A) 79 0.02

6,400 Porto Seguro 69 0.02

6,600 M Dias Branco 46 0.01

4,590 Lojas Americanas 13 0.00

1,863 B2W Cia Digital (Rights 21/09/2019) 3 0.00

12 Itausa Investimentos 0 0.00

23,009 7.11


93,230 Standard Bank Group 878 0.27

241,945 FirstRand 775 0.24

121,920 MTN Group 672 0.21

40,451 Sasol 620 0.19

140,019 Sanlam 547 0.17

29,705 AngloGold Ashanti 540 0.17

51,944 Absa Group 426 0.13

24,044 Bid 420 0.13

37,988 Remgro 352 0.11

353,288 Old Mutual 344 0.11

26,692 Nedbank Group 322 0.10

46,205 Vodacom Group 287 0.09

59,704 Gold Fields 282 0.09

213,557 Growthpoint Properties 267 0.08

31,533 Multichoice Group 226 0.07

72,421 Woolworths Holdings 219 0.07

55,697 RMB Holdings 212 0.07

34,199 Shoprite Holdings 209 0.06

18,972 Clicks Group 203 0.06

20,825 Bidvest Group 199 0.06

3,287 Capitec Bank Holdings 195 0.06

27,113 Nepi Rockcastle 194 0.06

3,855 Anglo American Platinum 189 0.06

28,475 Discovery 176 0.05

18,588 Mr Price Group 171 0.05

398,315 Redefine Properties 169 0.05

10,621 Reinet Investments SCA (ZA) 145 0.04

17,177 Foschini Group 140 0.04

11,684 Tiger Brands 132 0.04

18,015 Exxaro Resources 131 0.04

13,961 SPAR Group 128 0.04

101,396 Life Healthcare Group Holding 124 0.04

28,139 Aspen Pharmacare Holdings 118 0.04

Portfolio Statement


157



10,769 PSG Group 116 0.04

4,622 Kumba Iron Ore 96 0.03

82,823 Fortress (REIT) (A) 94 0.03

32,276 Truworths International 92 0.03

38,496 Sappi 92 0.03

20,515 Investec 88 0.03

55,949 Rand Merchant Insurance Holdings 88 0.03

20,075 Telkom SOC 84 0.03

27,030 Pick n Pay Stores 84 0.03

85,940 Netcare 76 0.02

65,183 Momentum Metropolitan Holdings 57 0.02

8,293 Liberty Holdings 48 0.01

28,707 Fortress (REIT) (B) 16 0.00

16,994 5.25

Russia - (3.62%) 727,104 Sberbank Russia 2,016 0.62

310,642 Gazprom (ADR) 1,776 0.55

25,014 PJSC LUKOIL (ADR) 1,661 0.51

6,529 Novatek (GDR) 1,045 0.32

14,297 Tatneft (ADR) 775 0.24

38,638 MMC Norilsk Nickel (ADR) 750 0.23

145,080 Gazprom 417 0.13

70,814 Rosneft OC (GDR) 355 0.11

25,745 Magnit (GDR) 277 0.09

8,782 X5 Retail Group (GDR) 245 0.08

35,967 Mobile Tele Systems (ADR) 235 0.07

24,740 Tatneft 224 0.07

3,098 LUKOIL 206 0.06

14,361 Severstal PAO (GDR) 175 0.05

183,811 ALROSA 166 0.05

3,371 Polyus Gold (GDR) 157 0.05

395,492 Surgutneftegas Preferred 156 0.05

7,901 Novolipetsk Steel (GDR) 144 0.04

2,627,556 Inter Rao 141 0.04

12,203 Sberbank Russia (ADR) 138 0.04

418,400 Surgutneftegas 138 0.04

700 MMC Norilsk Nickel 135 0.04

233,500,000 VTB Bank 112 0.03

95,317 Moscow Exchange MICEX-RTS 112 0.03

29,794 Surgutneftegas (ADR) 97 0.03

15,962 Rosneft Oil Company 80 0.02

7,492 PhosAgro (GDR) 79 0.02

10,500 Magnitogorsk Iron & Steel Works PJSC (GDR) 70 0.02

33 AK Transneft Preferred (RUB) 61 0.02

233 Polyus Gold 22 0.01

1,279 Novatek 20 0.01

8,610 Novolipetsk Steel 16 0.00

19,500 Magma Open 10 0.00

680 Severstal PAO 8 0.00

31,774 RusHydro 0 0.00

12,019 3.71

Portfolio Statement


158



United States - (4.07%) 669 Fidelity Institutional Liquidity Fund - USD A Acc 9,854 3.04

9,854 3.04

Thailand - (2.30%) 832,500 PTT (F) 984 0.30

403,700 CP All Public (F) 908 0.28

55,600 Siam Cement (F) 618 0.19

306,900 Airports of Thailand (F) 594 0.18

126,400 Kasikornbank (F) 543 0.17

86,100 Advanced Info Service (F) 532 0.16

654,700 Bangkok Dusit Medical Services (F) 413 0.13

98,400 PTT Exploration & Production (F) 328 0.10

162,900 Central Pattana (F) 294 0.09

149,100 Intouch Holdings (F) 254 0.08

166,100 PTT Global Chemical (F) 238 0.07

289,920 Charoen Pokphand Foods (F) 228 0.07

215,720 Minor International (F) 219 0.07

424,806 Home Product Center (F) 204 0.06

59,600 Siam Commercial Bank (F) 198 0.06

50,500 Gulf Energy Development 197 0.06

20,100 Electricity Generating (F) 181 0.06

591,300 Land & House (F) 170 0.05

567,400 Bangkok Expressway & Metro (F) 169 0.05

433,800 BTS Group Holdings (F) 156 0.05

32,700 Bangkok Bank (F) 150 0.05

884,020 True (F) 148 0.05

109,400 Energy Absolute (F) 139 0.04

141,835 Indorama Ventures (F) 133 0.04

73,500 Thai Oil (F) 133 0.04

90,600 Berli Jucker (F) 131 0.04

255,400 Thai Union Group (F) 119 0.04

30,700 Bumrungrad Hospital (F) 114 0.04

326,300 Banpu (F) 110 0.03

232,700 Krung Thai Bank (F) 108 0.03

22,600 Kasikornbank (L) 97 0.03

47,500 Ratchaburi Electricity Generating Holding (F) 93 0.03

736,600 IRPC (F) 78 0.02

46,600 Total Access Communication (F) 77 0.02

41,800 Muangthai Leasing (F) 61 0.02

31,900 Robinson 55 0.02

20,700 Intouch Holdings (L) 35 0.01

24,700 Energy Absolute (L) 31 0.01

703,700 TMB Bank (F) 29 0.01

12,300 Total Access Communication (L) 20 0.01

13,700 Indorama Ventures (L) 13 0.00

304,700 TMB Bank (L) 13 0.00

21,100 Bangkok Dusit Medical Services (L) 13 0.00

5,000 Airports of Thailand (L) 10 0.00

2,300 PTT Exploration & Production (L) 8 0.00

12,700 Home Product Center (L) 6 0.00

Portfolio Statement


159



2,700 CP ALL (L) 6 0.00

1,000 Robinson 2 0.00

9,360 2.89

Saudi Arabia - (0.00%) 53,831 Saudi Basic Industries 1,177 0.36

88,167 AL Rajhi Banking & Investment 1,166 0.36

86,725 National Commercial Bank 898 0.28

28,928 Saudi Telecom 626 0.19

87,289 Riyad Bank 486 0.15

71,751 Samba Financial Group 451 0.14

39,508 Banque Saudi Fransi 303 0.09

29,774 Saudi Arabian Mining Company 289 0.09

60,497 Saudi Electricity Company 270 0.08

53,479 Alinma Bank 257 0.08

12,201 Saudi Arabian Fertilizers 211 0.07

18,073 Almarai 196 0.06

27,227 Saudi British Bank 191 0.06

15,916 Yanbu National Petrochemical 187 0.06

27,426 Bank Albilad 157 0.05

27,250 Ettihad Etisalat 148 0.05

4,054 Jarir Marketing Company 138 0.04

18,887 Savola Group 128 0.04

53,552 Saudi Kayan Petrochemical 123 0.04

26,121 Saudi International Petrochemical 103 0.03

38,871 Dar AL Arkan Real Est Development 98 0.03

29,320 Bank Al-Jazira 87 0.03

7,049 Advanced Polypropylene 86 0.03

16,183 Saudi Industrial Investment Group 77 0.02

5,523 Saudi Cement 76 0.02

23,862 National Industrialization 71 0.02

16,188 Rabigh Refining & Petrochemical 70 0.02

4,602 National Company for Cooperative Insurance 67 0.02

29,747 Emaar The Economic City 65 0.02

2,493 Saudi Airlines Catering 48 0.01

2,013 BUPA Aarabia for Cooperative Insurance 46 0.01

8,296 2.56

Mexico - (2.58%) 2,465,600 America Movil 1,442 0.45

139,300 Fomento Econom Mexica 1,024 0.32

376,700 Walmart de Mexico 867 0.27

186,900 Grupo Financiero Banorte 805 0.25

252,400 Grupo Mexico 476 0.15

1,095,054 Cemex 320 0.10

229,700 Fibra Uno Administracion 258 0.08

173,900 Grupo Televisa 237 0.07

25,800 Grupo Aeroportuario del Pacifico SAB de CV (B) 194 0.06

110,400 Kimberly Clark de Mexico Sab D (A) 183 0.06

37,500 Coca Cola Femsa 180 0.06

15,030 Grupo Aeroportuario Sureste SAB CV (B) 179 0.05

117,200 Grupo Bimbo 166 0.05

167,600 Grupo Finance Inbursa 165 0.05

Portfolio Statement


160



220,300 Alfa (A) 149 0.05

131,605

Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santander

Mexico (B) 138 0.04

31,300 Arca Continental 134 0.04

38,700 Infraestructura Energetica Nova 133 0.04

15,220 Gruma (B) 114 0.04

76,460 Mexichem 111 0.03

15,325 Promotora y Operadora de Infraestructura SAB 106 0.03

10,160 Industrias Penoles 98 0.03

33,400 Grupo Carso 76 0.02

36,300 Alsea 63 0.02

20,000 Megacable Holdings 63 0.02

13,955 El Puerto de Liverpool SAB (C) 58 0.02

7,739 2.39

Indonesia - (2.08%) 708,000 Bank Central Asia 1,247 0.39

3,991,200 Bank Rakyat Indonesia 984 0.30

3,574,800 PT Telekomunikasi Indonesia Persero TBK 919 0.28

1,346,800 Bank Mandiri Persero 563 0.17

1,458,700 Astra International 562 0.17

111,200 Unilever Indonesia 314 0.10

542,000 Bank Negara Indonesia Persero PT 240 0.07

133,500 Indocement Tunggal Prakarsa PT 168 0.05

216,600 Semen Indonesia Persero 166 0.05

535,500 Charoen Pokphand Indonesia 155 0.05

1,559,600 Kalbe Farma PT 152 0.05

121,500 United Tractors 147 0.05

322,200 Indofood Sukses Makmur 147 0.05

35,000 Gudang Garam PT Perusahaan 141 0.04

169,900 Indofood CBP Sukses Makmur 118 0.04

682,600 Hanjaya Mandala Sampoerna 106 0.03

1,738,000 Barito Pacific 91 0.03

806,500 PT Perusahaan Gas Negara 90 0.03

201,400 Indah Kiat Pulp & Paper PT 80 0.02

941,500 Adaro Energy 61 0.02

90,900 Tjiwi Kimia Pabrik Kertas 52 0.02

1,268,200 Pakuwon Jati PT 47 0.01

138,220 Jasa Marga PT 45 0.01

489,700 Bumi Serpong Damai 38 0.01

276,900 Bank Tabungan Negara 32 0.01

201,000 Bukit Asam 29 0.01

404,800 Surya Citra Media 29 0.01

6,723 2.08

Malaysia - (2.20%) 223,479 Public Bank 884 0.27

225,800 Tenaga Nasional 612 0.19

276,494 Malayan Banking 469 0.14

378,138 CIMB Group Holdings Berhad 372 0.11

173,000 Petronas Chemicals Group 233 0.07

225,800 Digi.com 221 0.07

197,186 Axiata Group 193 0.06

Portfolio Statement


161



172,000 Maxis 187 0.06

155,900 Genting 182 0.06

161,000 IHH Healthcare 181 0.06

263,760 Dialog Group 179 0.06

47,000 Hong Leong Bank 152 0.05

40,040 PPB Group 146 0.05

150,879 Sime Darby Plantation 145 0.04

5,000 Nestle (Malaysia) 144 0.04

29,900 Kuala Lumpur Kepong 140 0.04

42,900 Petronas Gas 134 0.04

217,900 Genting Malaysia 134 0.04

113,303 RHB Bank 125 0.04

139,400 IOI 119 0.04

74,214 Malaysia Airports Holdings 119 0.04

82,100 MISC 116 0.04

109,100 Hartalega Holdings 108 0.03

111,600 Top Glove 103 0.03

123,200 AMMB Holdings 100 0.03

102,000 Press Metal 97 0.03

20,900 Petronas Dagangan 93 0.03

204,679 Sime Darby 91 0.03

128,300 Gamuda 90 0.03

201,700 IJM 90 0.03

43,800 HAP Seng Consolidated 85 0.03

9,600 Fraser & Neave Holding 66 0.02

41,800 QL Resources 56 0.02

74,662 Telekom Malaysia 54 0.02

14,707 Hong Leong Financial Group 48 0.01

56,000 Westports Holdings 46 0.01

60,900 Alliance Bank Malaysia 35 0.01

9,200 British American Tobacco Malaysia 35 0.01

177,022 YTL 34 0.01

98,600 AirAsia Group 34 0.01

102,348 SP Setia 31 0.01

15,300 Genting Plantations 30 0.01

152,779 Sime Darby Property 26 0.01

91 IOI Properties Group Sdn 0 0.00

6,980 RHB Capital (Unlisted) 0 0.00

6,539 2.02

Philippines - (1.02%) 728,100 SM Prime Holdings 405 0.13

529,800 Ayala Land 395 0.12

141,817 BDO Unibank 329 0.10

20,450 Ayala 298 0.09

17,360 SM Investments 281 0.09

207,340 JG Summit Holdings 231 0.07

63,650 Universal Robina 172 0.05

72,610 International Container Terminal Services 153 0.05

116,293 Metropolitan Bank & Trust 130 0.04

143,250 Aboitiz Equity Ventures 122 0.04

6,260 PLDT 116 0.04

31,160 Jollibee Food 116 0.04

Portfolio Statement


162



7,088 GT Capital Holdings 102 0.03

16,150 Manila Electric 93 0.03

66,450 Bank of The Philippine Islands 92 0.03

954,600 Metro Pacific Investments 74 0.02

2,210 Globe Telecom 70 0.02

830,000 Megaworld 67 0.02

152,866 Robinsons Land 60 0.02

295,700 Alliance Global Group 59 0.02

93,600 Aboitiz Power 56 0.02

14,800 Security Bank 47 0.01

259,750 DMCI Holdings 37 0.01

2,943 Altus San Nicolas (Unlisted) 0 0.00

3,505 1.08

Qatar - (0.93%) 330,071 Qatar National Bank 1,392 0.43

130,230 Industries of Qatar 320 0.10

83,215 Qatar Islamic Bank 297 0.09

263,555 Masraf AL Rayan 215 0.07

316,460 Mesaieed Petrochemical Holding 200 0.06

35,888 Qatar Fuel Company 174 0.05

143,928 Commercialbank Qatar 147 0.05

38,730 Qatar Electricity & Water 132 0.04

138,790 Barwa Real Estate 106 0.03

58,310 Ooredoo QSC 92 0.03

113,890 Qatar Insurance Company 80 0.02

3,155 0.97

Poland - (1.10%) 62,888 Powszechna Kasa Oszczednosci Bank 502 0.16

21,503 Polski Koncern Naftowy Orlen 406 0.13

43,078 Powszechny Zaklad Ubezpieczea 333 0.10

4,834 CD Projekt Red 258 0.08

12,339 Bank Polska Kasa Opieki Spolka Akcyjna 245 0.08

10,147 KGHM Polska Miedz 164 0.05

2,591 Santander Bank Polska 160 0.05

94 LPP 142 0.04

125,268 Polish Oil & Gas 123 0.04

6,631 Grupa Lotos 116 0.04

3,552 Dino Polska 113 0.03

18,509 Cyfrowy Polsat 110 0.03

61,260 Polska Grupa Energetyczna 98 0.03

1,090 mBank 72 0.02

43,361 Orange Polska 57 0.02

6,789 Alior Bank 57 0.02

2,116 CCC 55 0.02

40,188 Bank Millennium Spolka Akcyjna 55 0.02

3,276 Jastrzebska Spolka Weglowa 20 0.01

3,086 0.95

Portfolio Statement


163



Chile - (1.07%) 3,510,450 Banco de Chile 403 0.12

2,791,881 Enel Americas 371 0.11

4,781,124 Banco Santander Chile 273 0.08

55,091 SACI Falabella 250 0.08

28,184 Empresas Copec 200 0.06

3,621 Banco de Credito e Inversiones 179 0.06

8,342 Soc Quimica Y Minera de Chile 164 0.05

81,862 Empresas CMPC 152 0.05

22,157 Latam Airls Group 145 0.04

2,025,547 Enel Chile 140 0.04

104,839 Cencosud 129 0.04

9,828 Compania Cervecerias Unidas 90 0.03

12,013,635 Itau Corpbanca 74 0.02

10,960 Empresa Nacional de Telecomunicaciones 74 0.02

516,005 Colbun 72 0.02

166,986 Aguas Andinas (A) 72 0.02

23,769 Embotelladora Andina 58 0.02

2,846 0.88

United Arab Emirates - (0.72%) 195,906 First Abu Dhabi Bank 660 0.20

124,782 Emirates Telecommunications Group 469 0.14

200,763 Abu Dhabi Commercial Bank 382 0.12

254,682 Emaar Properties 282 0.09

281,641 Aldar Properties 139 0.04

12,081 DP World 135 0.04

117,899 Dubai Islamic Bank 134 0.04

190,800 Emaar Malls 82 0.03

52,461 Emaar Development 48 0.01

2,701 DXB Entertainments 0 0.00

2,331 0.72

Cayman Islands - (0.08%) 30,335 Ctrip.com International (ADR) 798 0.25

13,761 Pinduoduo (A) (ADR) 380 0.12

4,269 GDS Holdings (A) (ADR) 142 0.04

9,073 iQiyi (ADR) 133 0.04

47,716 NIO (A) (ADR) 112 0.03

2,878 Baozun (ADR) 107 0.03

6,638 Tencent Music Entertainment Group (ADR) 73 0.02

2,000 Noah Holdings (ADR) 47 0.01

1,792 0.55

Portfolio Statement


164



Turkey - (0.61%) 168,696 Turkiye Garanti Bankasi 212 0.07

30,770 BIM Birlesik Magazalar 204 0.06

208,402 Akbank Turk Anonim Sirketi 203 0.06

9,023 Turkiye Petrol Rafinerileri AS 160 0.05

79,821 Turkcell Iletisim Hizmet A S 145 0.04

55,628 KOC Holding 137 0.04

102,232 Eregli Demir Ve Celik Fabrikal 92 0.03

116,139 Turkiye Is Bank 90 0.03

68,527 Haci Omer Sabanci Holding 84 0.03

41,136 Turk Hava Yollari AO 65 0.02

22,622 Aselsan 58 0.02

13,928 Anadolu Efes Bir Ve T San 50 0.02

11,809 TAV Havalimanlari Holding 39 0.01

4,706 Ford Otomotive Sanayi 39 0.01

13,517 Arcelik 33 0.01

44,654 Turk Sise Ve Cam Fabrikalari 27 0.01

1,638 0.51

Colombia - (0.43%) 31,671 Bancolombia Preferred 322 0.10

356,059 Ecopetrol 227 0.07

17,586 Bancolombia 164 0.05

31,939 Interconexion Electrica Saesp 136 0.04

15,347 Grupo de Inversiones Suramericana 120 0.04

288,267 Grupo Aval Acciones Preferred 87 0.03

19,533 Grupo Argos 82 0.03

10,548 Grupo de Inversiones Suramericana Preferred 77 0.02

30,932 Cementos Argos 57 0.02

1,272 0.39

Peru - (0.42%) 4,871 Credicorp 819 0.25

15,595 Buenaventura Minas (ADR) 192 0.06

6,180 Southern Copper 159 0.05

1,170 0.36

Greece - (0.22%) 17,138 Hellenic Telecommunications Organisation 188 0.06

100,782 Alpha Bank 147 0.05

16,666 Greek Organization of Football Prognostics 145 0.04

188,110 Eurobank Ergasias 134 0.04

7,874 Jumbo 121 0.04

39,965 National Bank of Greece 94 0.03

4,322 Motor Oil (Hellas) 87 0.03

438 FF Group (Unlisted) 2 0.00

918 0.28

Hungary - (0.31%) 16,087 OTP Bank 531 0.16

29,110 MOL Hungarian Oil & Gas 233 0.07

10,150 Richter Gedeon 138 0.04

902 0.28

Portfolio Statement


165



Argentina - (0.00%) 2,483 Globant 195 0.06

12,794 YPF (D) (ADR) 93 0.03

7,554 Grupo Financiero Galicia (ADR) 74 0.02

3,360 Banco Macro (B) (ADR) 69 0.02

4,648 Pampa Energia (ADR) 51 0.02

6,508 Telecom Argentina (B) (ADR) 48 0.01

5,007 Transportadora de Gas Del Sur (B) (ADR) 32 0.01

4,669 BBVA Banco Frances (ADR) 16 0.00

578 0.18

Egypt - (0.02%) 84,414 Commercial International Bank Egypt (GDR) 323 0.10

19,110 Commercial International Bank Egypt 75 0.02

63,398 Eastern Tobacco 48 0.01

50,659 ElSewedy Electric 35 0.01

481 0.15

Czech Republic - (0.16%) 11,493 CEZ 209 0.06

5,535 Komercni Banka 161 0.05

34,626 Moneta Money Bank 93 0.03

463 0.14

United Kingdom - (0.04%) 14,780 Polymetal International 170 0.05

170 0.05

Hong Kong - (0.08%) 3,891 Hutchison China Meditech (ADR) 69 0.02

40,000 China Education Group Holdings 49 0.02

56,000 China Ding Yi Feng Holdings 1 0.00

119 0.04

Pakistan - (0.04%) 55,200 Oil & Gas Development 30 0.01

27,200 MCB Bank 24 0.01

34,800 Habib Bank 20 0.01

74 0.02

Belgium - (0.00%) 3,472 Titan Cement International Trading (GR) 58 0.02

58 0.02

{UNMATCHED} - (0.00%) 20,043 Xinyi Energy Holdings 4 0.00

4 0.00

Bermuda - (0.00%) 154,000 Hanergy Thin Film Power Group 3 0.00

3 0.00

Warrants - (0.00%) 7,631 Minor International (L) (Warrants 30/09/2021) 1 0.00

1 0.00

Portfolio Statement


166



Corporate Bonds - (0.00%) 4,143 Britannia Industries 8.00% 28/08/2022 0 0.00

0 0.00

Futures - (0.09%) 15,950 Mini MSCI Em MK Index Future 20/09/2019 (265) (0.08)

(265) (0.08)



Net assets 323,681 100.00


Portfolio Statement


167



France - (23.83%) 127,802 Total 5,271 1.90

14,830 LVMH Moet Hennessy 4,904 1.77

60,115 Sanofi 4,280 1.55

31,091 Airbus 3,552 1.28

13,524 LOreal 3,075 1.11

22,921 Air Liquide 2,627 0.95

27,156 Vinci SA 2,455 0.89

32,964 Danone 2,446 0.88

60,076 BNP Paribas 2,250 0.81

17,475 Safran 2,093 0.76

29,343 Schneider Electric 2,032 0.73

103,630 AXA 1,980 0.71


11,342 Pernod Ricard 1,782 0.64

4,046 Kering 1,628 0.59

106,731 Orange 1,339 0.48

97,522 Engie 1,227 0.44

48,928 Vivendi SA 1,130 0.41

1,689 Hermes International 953 0.34

41,129 Societe Generale France (A) 867 0.31

8,484 Capgemini 843 0.30

14,234 Legrand 830 0.30

6,972 Dassault Systemes 815 0.29

7,394 Unibail-Rodamco-Westfield 800 0.29

9,120 Michelin Compagnie Generale Des Etablissemen (B) 798 0.29

26,290 Compagnie de Saint-Gobain 781 0.28

31,514 Peugeot 583 0.21

61,441 Credit Agricole 582 0.21

28,740 Veolia Environnement 567 0.20

3,101 Teleperformance 558 0.20

5,718 Thales 541 0.20

36,605 STMicroelectronics 538 0.19

12,676 Edenred 512 0.18

10,329 Renault 490 0.18

11,317 Publicis Groupe 448 0.16

31,385 Carrefour 444 0.16

4,680 Sodexo 438 0.16

11,938 Bouygues 377 0.14

4,153 Eiffage 359 0.13

9,724 Accor 346 0.12

5,291 Atos 330 0.12

32,163 EDF 321 0.12

2,449 Gecina 317 0.11

15,331 Bureau Veritas 303 0.11

4,465 Ubisoft Entertainment 298 0.11

8,349 Alstom 293 0.11

12,828 Valeo 291 0.11

8,594 SCOR SE 283 0.10

10,946 Klepierre 275 0.10

23,317 Getlink (A) 271 0.10

Portfolio Statement


168



3,694 Arkema 267 0.10

3,222 Ingenico Group 263 0.09

19,577 SES FDR 262 0.09

4,422 Worldline 253 0.09

18,486 Suez 236 0.09

622 Eurofins Scientific 234 0.08

1,607 Aeroports de Paris 229 0.08

2,498 Covivio 218 0.08

1,513 Sartorius Stedim Biotech 192 0.07

2,071 Ipsen 178 0.06

3,320 Amundi 176 0.06

1,523 Wendel 175 0.06

48,374 Bollore 169 0.06

51,972 Natixis 168 0.06

4,244 Faurecia 155 0.06

2,297 BioMerieux 154 0.06

128 Dassault Aviation 149 0.05

1,157 SEB 149 0.05

1,159 Remy Cointreau 144 0.05

9,476 CNP Assurances 142 0.05

8,923 Eutelsat Communications 127 0.05

1,354 Iliad Group 115 0.04

2,039 Eurazeo 112 0.04

1,530 ICADE 111 0.04

2,799 Casino Guichard Perrachon 96 0.03

3,801 JC Decaux 84 0.03

1,294 Societe BIC 68 0.02

1,824 Imerys 62 0.02

67,058 24.21

Switzerland - (19.50%) 163,614 Nestle 15,129 5.46

114,778 Novartis 8,538 3.08

37,521 Roche Holdings 8,429 3.04


205,980 UBS Group 1,795 0.65

27,886 Compagnie Finance Richemont (A) 1,785 0.64

98,411 ABB 1,539 0.56

136,519 Credit Suisse Group 1,317 0.48

16,296 Swiss Re Group 1,302 0.47

3,971 Lonza Group 1,155 0.42

22,214 Alcon 1,112 0.40

493 Givaudan 1,095 0.40

25,958 LafargeHolcim 1,023 0.37

6,821 Sika 806 0.29

1,983 Geberit 746 0.27

1,841 Swiss Life Holding 719 0.26

1,000 Partners Group Holding 668 0.24

287 SGS 580 0.21

1,401 Swisscom 575 0.21

2,976 Sonova Holding 567 0.20

3,457 Temenos 477 0.17

Portfolio Statement


169



2,162 Schindler Holding 406 0.15

12,143 Julius Baer Group 396 0.14

2,627 Baloise Holdings 370 0.13

8,370 Adecco Group 364 0.13

545 Straumann Holding 350 0.13

57 Lindt & Spruengli Chocolad (Participation Certificate) 346 0.12

2,883 Kuehne & Nagel International 346 0.12

1,508 Swatch Group 337 0.12

5 Lindt & Spruengli Chocolad 335 0.12

4,079 Swiss Prime Site 335 0.12

2,433 Vifor Pharma 316 0.11

446 EMS-Chemie Holding 218 0.08


116 Barry Callebaut 194 0.07

10,266 Clariant 155 0.06

2,217 Dufry Group 149 0.05


1,982 Pargesa Holding 118 0.04

56,808 20.51

Germany - (18.76%) 52,482 SAP 5,203 1.88

22,680 Allianz SE 4,137 1.49

40,867 Siemens 3,368 1.22

49,804 Bayer 3,057 1.10

49,052 BASF SE 2,686 0.97

178,300 Deutsche Telekom 2,459 0.89

9,633 adidas 2,356 0.85

48,579 Daimler 1,890 0.68

7,721 Munich RE Group 1,527 0.55

52,845 Deutsche Post 1,439 0.52

9,888 Volkswagen Preferred 1,326 0.48


27,150 Vonovia SE 1,113 0.40

17,379 BMW 961 0.35

66,718 Infineon Technologies 952 0.34

117,649 E.ON SE 901 0.33

22,292 Fresenius SE 895 0.32

6,269 Wirecard 830 0.30

9,512 Henkel Preferred 793 0.29

29,221 RWE 687 0.25

11,536 Fresenius Medical Care 639 0.23

2,794 MTU Aero Engines 635 0.23

105,154 Deutsche Bank 629 0.23

6,950 Merck 612 0.22

5,914 Continental 593 0.21

19,107 Deutsche Wohnen 575 0.21

5,412 Beiersdorf 562 0.20

6,800 Symrise 522 0.19

7,880 HeidelbergCement 453 0.16

5,590 Henkel 426 0.15

3,200 Hannover Rueck 424 0.15

Portfolio Statement


170



8,069 Porsche Automobil Holding Non Voting Preferred 421 0.15

12,313 QIAGEN 352 0.13

9,208 Covestro 343 0.12

47,896 Aroundtown 330 0.12

8,294 Brenntag 329 0.12

7,483 Innogy SE 306 0.11

1,881 Sartorius Non-Voting Preferred 305 0.11

4,456 Puma 282 0.10

6,752 Zalando SE 275 0.10

10,742 Uniper 268 0.10

8,066 Siemens Healthineers 263 0.09

6,062 Delivery Hero SE 253 0.09

52,937 Commerzbank 249 0.09

1,760 Volkswagen 239 0.09

4,716 LANEXSS 235 0.08

22,099 Thyssenkrupp 224 0.08

10,158 Evonik Industries 213 0.08

2,195 Carl Zeiss Meditech 209 0.08

2,634 Knorr-Bremse 203 0.07

8,432 GEA Group 187 0.07

6,764 United Internet 184 0.07

13,166 Deutsche Lufthansa 168 0.06

3,503 Bayerische Motoren Werke Non Voting Preferred 156 0.06

3,253 Hugo Boss 150 0.05

2,140 Fraport Frankfurt Airport Services 148 0.05

2,490 Axel Springer SE 141 0.05

3,327 KION Group 133 0.05

9,233 Metro 119 0.04

1,269 HOCHTIEF 115 0.04

3,569 Fuchs Petrolu SE Preferred 103 0.04

45,674 Telefonica Deutschland Holding 96 0.03

1,996 RTL Group 77 0.03

2,720 1&1 Drillisch 62 0.02

51,034 18.43


77,855 Unilever 3,981 1.44

49,454 Koninklijke Philips 1,921 0.69

207,997 ING Groep 1,651 0.60

15,250 NXP Semiconductors 1,280 0.46

63,326 Ahold Delhai (Koninklijke) 1,229 0.44

13,867 Heineken 1,224 0.44

9,695 Koninklijke DSM 995 0.36

12,176 Akzo Nobel 894 0.32

14,954 Wolters Kluwer 889 0.32

12,654 Coca-Cola European Partners 586 0.21

6,196 Heineken Holding 508 0.18

188,530 KPN 492 0.18

16,199 NN Group 448 0.16

34,963 ArcelorMittal Luxembourg 417 0.15

22,256 ABN AMRO Group 329 0.12

Portfolio Statement


171



542 Adyen 324 0.12

94,129 Aegon 297 0.11

6,754 AerCap Holdings 296 0.11

6,416 Randstad Holding 248 0.09

3,886 Vopak (Koninklijke) 152 0.05

22,316 8.06

Spain - (6.61%) 867,342 Banco Santander 2,741 0.99

320,738 Iberdrola 2,737 0.99

58,323 Industria de Diseno Textil 1,480 0.53


249,976 Telefonica 1,424 0.51

356,374 Banco Bilbao Vizcaya Argentaria 1,404 0.51

77,684 Repsol 939 0.34

26,032 Ferrovial 613 0.22

3,613 Aena SME 540 0.19

14,073 ACS Actividades de Construccion y Servicios 443 0.16

16,101 Grifols (A) 420 0.15

22,824 Red Electrica 374 0.14

17,150 Endesa 366 0.13

188,848 CaixaBank 354 0.13

15,732 Naturgy Energy Group 340 0.12

10,181 Cellnex Telecom SAU 338 0.12

12,243 Enagas 220 0.08

304,628 Banco de Sabadell 216 0.08

36,732 Bankinter 178 0.06

12,196 Siemens Gamesa Renewable Energy 138 0.05

60,100 MAPFRE 130 0.05

62,439 Bankia 94 0.03

16,923 6.11

Italy - (5.04%) 434,177 Enel 2,624 0.95

135,904 ENI 1,690 0.61

794,712 Intesa Sanpaolo 1,454 0.52

107,186 UniCredit 991 0.36

58,497 Assicurazioni Generali 875 0.32

6,519 Ferrari (IT) 852 0.31

58,037 Fiat Chrysler Automobiles (IT) 625 0.23

26,579 Atlantia 546 0.20

109,563 Snam 465 0.17

53,497 CNH Industrial (IT) 453 0.16

74,414 Terna 393 0.14

5,788 EXOR 325 0.12

9,576 Moncler 300 0.11

32,699 FinecoBank 283 0.10

33,170 Mediobanca 271 0.10

28,184 Poste Italiane 253 0.09

31,525 Davide Campari-Milano 245 0.09

13,107 Prysmian 238 0.09

25,437 Tenaris 231 0.08

22,047 Leonardo 223 0.08

Portfolio Statement


172



482,257 Telecom Italia 214 0.08

5,702 Recordati Industria Chimica & Farmaceutica 209 0.08

327,926 Telecom Italia Non-Voting RISP 139 0.05

20,497 Pirelli 89 0.03

13,988 5.05

Sweden - (5.48%) 163,946 Ericsson (B) 1,054 0.38

24,244 Investor 931 0.34

53,458 Assa Abloy 916 0.33

79,046 Volvo 902 0.33

36,259 Atlas Copco (A) 889 0.32

32,375 Essity (B) 829 0.30

60,323 Sandvik 711 0.26

42,909 Hennes & Mauritz (H&M) 677 0.24

86,873 SEB (A) 613 0.22

81,654 Svenska Handelsbanken 589 0.21

147,399 Telia 530 0.19

48,457 Swedbank 510 0.18

13,972 Hexagon 509 0.18

20,253 Atlas Copco 444 0.16

26,742 Tele2 311 0.11

35,316 Epiroc (A) 301 0.11

9,100 Swedish Match 294 0.11

12,947 Kinnevik Investment 286 0.10

18,250 Skanska 281 0.10

20,402 SKF 270 0.10

14,722 Boliden 264 0.10

16,948 Alfa-Laval 256 0.09

10,097 Lundin Petroleum 248 0.09

12,216 Electrolux (B) 225 0.08

17,101 Securitas 211 0.08

4,944 ICA Gruppen 201 0.07

21,088 Epiroc (B) 172 0.06

8,557 Industrivarden 147 0.05

3,389 Millicom International Cellular 140 0.05

21,440 Husqvarna 137 0.05

3,896 Lundbergfoeretagen 119 0.04

13,967 5.04

Denmark - (3.89%) 94,514 Novo Nordisk (B) 4,051 1.46

11,742 DSV 958 0.35

10,089 Orsted 800 0.29

5,709 Carlsberg (B) 696 0.25

6,350 Coloplast (B) 620 0.22

10,123 Vestas Wind Systems 614 0.22

3,480 Genmab 589 0.21

11,451 Novozymes 406 0.15

5,708 Chr. Hansen 394 0.14

34,624 Danske Bank 378 0.14

342 AP Moller Maersk (B) 299 0.11

5,351 Pandora 193 0.07

Portfolio Statement


173



8,679 ISS A / S 181 0.07

213 AP Moller Maersk (A) 175 0.06

6,213 Tryg 153 0.06

5,820 William Demant Holding 145 0.05

3,579 H. Lundbeck 106 0.04

10,758 3.88

Finland - (2.75%) 301,055 Nokia 1,231 0.44

170,979 Nordea Bank Abp 881 0.32

18,114 Kone 867 0.31

23,727 Sampo 778 0.28

28,592 UPM Kymmene 627 0.23

22,644 Neste 595 0.21

23,901 Fortum 433 0.16

7,587 Elisa (A) 313 0.11

31,154 Stora Enso 283 0.10

23,938 Wartsila 244 0.09

5,387 Metso 166 0.06

5,342 Orion 164 0.06

6,380 Nokian Tyres 145 0.05

2,271 Nordea Bank Abp (FI) 12 0.00

6,739 2.43

Belgium - (2.13%) 40,698 Anheuser-Busch InBev 3,190 1.15

13,377 KBC Groep 639 0.23

9,636 Ageas 424 0.15

6,678 UCB 410 0.15

4,382 Groupe Bruxelles Lambert 338 0.12

3,967 Solvay (A) 330 0.12

10,594 Umicore 278 0.10

8,289 Proximus 202 0.07

2,944 Colruyt 124 0.04

2,413 Telenet Group Holding 99 0.04

6,034 2.18

Norway - (1.62%) 53,647 Equinor ASA 755 0.27

51,581 DNB ASA 684 0.25

39,405 Telenor 667 0.24

23,574 Marine Harvest 472 0.17

9,331 Yara International ASA 331 0.12

41,248 Orkla 312 0.11

73,769 Norsk Hydro 191 0.07

10,251 Gjensidige Forsikring 163 0.06

5,512 Aker BP 119 0.04

5,024 Schibsted (B) 117 0.04

3,811 1.38

Portfolio Statement


174



Ireland - (0.79%) 8,479 Kerry Group (A) 828 0.30

55 Fidelity Institutional Liquidity Fund - Euro A Acc 687 0.25

8,183 Kingspan Group 312 0.11

12,035 Smurfit Kappa Group 302 0.11

4,201 Paddy Power 283 0.10

53,470 Bank of Ireland Group 171 0.06

41,369 AIB Group 87 0.03

2,670 0.96

Austria - (0.54%) 16,275 Erste Group Bank 434 0.16

7,836 OMV 331 0.12

3,741 Verbund (A) 185 0.07

7,569 Raiffeisen Bank International 137 0.05

5,934 Voestalpine 112 0.04

3,729 ANDRITZ 108 0.04

1,307 0.47

United Kingdom - (0.41%) 43,284 CRH 1,202 0.43

1,202 0.43

Portugal - (0.35%) 137,529 Energias de Portugal 427 0.15

26,579 Galp Energia 313 0.11

13,753 Jeronimo Martins 186 0.07

13,570 Banco Espirito Santo (Unlisted) 0 0.00

926 0.33

Futures - (0.01%) 740 EURO STOXX 50 Commodity Future 20/09/2019 62 0.02

62 0.02



Net assets 276,965 100.00


Portfolio Statement


175



Industrials - (20.46%) 145,100 Recruit Holdings 3,621 1.06

169,300 Mitsubishi 3,392 1.00

22,800 Fanuc 3,263 0.96

28,300 Nidec 3,040 0.89

29,800 Daikin Industries 3,038 0.89

38,500 East Japan Railway 3,018 0.89

18,100 Central Japan Railway 2,948 0.87

168,700 ITOCHU 2,769 0.81

207,800 Mitsui 2,679 0.79

229,300 Mitsubishi Electric 2,280 0.67

7,200 SMC 2,240 0.66

115,300 Komatsu 2,016 0.59

148,800 Sumitomo 1,836 0.54

24,900 Secom 1,750 0.51

68,500 Toshiba 1,750 0.51

130,900 Kubota 1,547 0.45

20,500 West Japan Railway 1,422 0.42

40,400 Mitsubishi Heavy Industries 1,250 0.37

197,200 Marubeni 1,037 0.30

62,400 Tokyu 919 0.27

29,000 Hankyu Hanshin Holdings 904 0.27

21,700 Kintetsu Group Holdings 888 0.26

25,300 Taisei 737 0.22

28,400 Makita 687 0.20

36,500 Odakyu Electric Railway 682 0.20

36,000 MISUMI Group 672 0.20

12,700 Keio Corporation 653 0.19

25,300 Toyota Tsusho 646 0.19

80,600 Obayashi 611 0.18

23,900 Tobu Railway 603 0.18

23,600 Nagoya Railroad 578 0.17

44,400 Minebea Mitsumi 565 0.17

56,200 Kajima 563 0.17

22,800 Asahi Glass 541 0.16

37,600 Yamato Holdings 536 0.16

30,000 Dai Nippon Printing 535 0.16

17,100 TOTO 509 0.15

15,500 Keisei Electric Railway 502 0.15

73,200 Shimizu 502 0.15

20,300 Kyushu Railway Company 501 0.15

12,800 Daifuku 497 0.15

33,800 LIXIL Group 455 0.13

34,700 Toppan Printing 455 0.13

28,000 Keikyu 423 0.12

9,700 Nippon Express 413 0.12

6,900 Hoshizaki 408 0.12

11,800 Keihan Holdings 407 0.12

14,400 ANA Holdings 405 0.12

18,300 SG Holdings 403 0.12

14,700 Japan Airlines 378 0.11

22,500 Persol Holdings 376 0.11

Portfolio Statement


176



8,800 Sohgo Security Services 366 0.11

15,300 Fuji Electric 359 0.11

25,200 Seibu Holdings 352 0.10

40,200 Amada Holdings 345 0.10

30,600 NGK Insulators 338 0.10

13,800 Nabtesco 326 0.10

15,400 MonotaRO 312 0.09

13,200 Sumitomo Heavy Industries 312 0.09

17,900 IHI 287 0.08

42,700 NSK 282 0.08

17,400 Kawasaki Heavy Industries 281 0.08

14,700 THK 281 0.08

13,900 Mitsui OSK Lines 269 0.08

12,000 Kurita Water Industries 257 0.08

13,100 Kamigumi 253 0.07

25,700 JGC 246 0.07

14,200 Park24 240 0.07

18,500 Nippon Yusen Kabushiki Kaisha 227 0.07

33,700 Hino Motors 218 0.06

23,800 JTEKT 212 0.06

11,800 Hitachi Construction Machinery 208 0.06

6,200 Japan Airport Terminal 203 0.06

69,024 20.30

Consumer Discretionary - (17.96%) 287,200 Toyota Motor 15,498 4.56

159,100 Sony 7,448 2.19

203,100 Honda Motor 3,974 1.17

25,300 Oriental Land 3,030 0.89

5,800 Fast Retailing 2,799 0.82

70,600 Bridgestone 2,218 0.65

53,200 Denso 1,835 0.54

278,300 Panasonic 1,769 0.52

76,200 Subaru 1,681 0.49

292,500 Nissan Motor 1,488 0.44

45,000 Suzuki Motor 1,429 0.42

10,100 Nitori Holdings 1,200 0.35

24,600 Bandai Namco Holdings 1,190 0.35

77,100 Sekisui House 1,127 0.33

9,400 Shimano 1,112 0.33

94,700 Sumitomo Electric Industries 918 0.27

18,600 Toyota Industries 839 0.25

107,200 Rakuten 831 0.24

56,000 Pan Pacific International Holdings 721 0.21

69,100 Isuzu Motors 611 0.18

16,300 Yamaha 579 0.17

45,300 Sekisui Chemical 537 0.16

13,300 Koito Manufacturing 514 0.15

2,600 Hikari Tsushin 502 0.15

20,600 Aisin Seiki 502 0.15

71,900 Mazda Motor 497 0.15

33,000 Yamaha Motor 444 0.13

30,000 Ryohin Keikaku 425 0.12

Portfolio Statement


177



25,700 Zozo 422 0.12

27,000 USS 420 0.12

38,000 Nikon 387 0.11

22,000 Marui Group 360 0.11

16,800 Stanley Electric 343 0.10

8,400 McDonalds Holdings Company (Japan) 324 0.10

77,100 Yamada Denki 298 0.09

82,200 Mitsubishi Motors 282 0.08

19,200 NGK Spark Plug 273 0.08

22,300 Casio Computer 256 0.08

27,500 J. Front Retailing 256 0.08

39,800 Isetan Mitsukoshi Holdings 248 0.07

21,200 Sega Sammy Holdings 239 0.07

18,200 Iida Group Holdings 233 0.07

26,100 Sharp 222 0.07

13,900 Yokohama Rubber 220 0.06

4,100 ABC-Mart 216 0.06

4,100 Rinnai 212 0.06

20,900 Sumitomo Rubber Industries 194 0.06

8,800 Benesse Holdings 185 0.05

9,100 Mercari 175 0.05

2,700 Shimamura 173 0.05

5,500 Sankyo Gunma 157 0.05

7,900 Toyoda Gosei 121 0.04

61,934 18.21

Information Technology - (10.07%) 11,500 Keyence 5,601 1.65

121,900 Hitachi 3,428 1.01

18,100 Tokyo Electron 2,667 0.78

124,000 Canon 2,654 0.78

72,700 Murata Manufacturing 2,513 0.74

37,100 Kyocera 1,816 0.53

24,700 Fujitsu 1,571 0.46

43,800 Fujifilm Holdings 1,545 0.45

31,100 NEC 1,096 0.32

14,600 TDK 957 0.28

22,600 Omron 920 0.27

28,600 Yaskawa Electric 791 0.23

8,200 OBIC 772 0.23

71,000 NTT Data 754 0.22

21,900 Advantest 740 0.22

42,986 Nomura Research Institute 703 0.21

11,800 Rohm 692 0.20

83,300 Ricoh 634 0.19

28,100 Shimadzu 575 0.17

14,200 Trend Micro 566 0.17

3,400 Disco 509 0.15

17,700 Hamamatsu Photonics K.K. 504 0.15

96,200 Renesas Electronics 495 0.15

28,200 Yokogawa Electric 422 0.12

4,372 Hirose Electric 409 0.12

13,300 Otsuka 406 0.12

Portfolio Statement


178



28,300 Brother Industries 403 0.12

8,700 Hitachi High Technologies 387 0.11

4,900 Oracle Corporation Japan 347 0.10

31,600 Seiko Epson 346 0.10

24,000 Alps Alpine 345 0.10

5,200 GMO Payment Gateway 331 0.10

54,100 Konica Minolta 316 0.09

30,200 Sumco 308 0.09

11,800 ITOCHU Techno-Solutions 268 0.08

9,200 Nippon Electric Glass 157 0.05

36,948 10.87

Financials - (11.22%) 1,556,400 Mitsubishi UFJ Financial Group 6,158 1.81

168,300 Sumitomo Mitsui Financial Group 4,545 1.34

3,054,000 Mizuho Financial Group 3,661 1.08

80,000 Tokio Marine Holdings 3,393 1.00

167,700 ORIX 2,040 0.60

59,600 MS&AD Insurance Group Holdings 1,560 0.46

136,600 Dai-ichi Life Holdings 1,532 0.45

198,000 Japan Post Holdings 1,482 0.44

418,600 Nomura Holdings 1,389 0.41

42,100 Sompo Holdings 1,385 0.41

42,100 Sumitomo Mitsui Trust Holdings 1,133 0.33

266,600 Resona Holdings 861 0.25

64,600 Japan Exchange Group 842 0.25

193,900 Daiwa Securities Group 687 0.20

70,400 T&D Holdings 564 0.17

30,000 SBI Holdings 494 0.15

52,100 Japan Post Bank 391 0.11

130,100 Concordia Financial Group 367 0.11

18,500 Sony Financial Holdings 352 0.10

55,200 Shizuoka Bank 307 0.09

20,800 Fukuoka Financial Group 294 0.09

24,600 Shinsei Bank 277 0.08

67,400 Chiba Bank 276 0.08

14,300 Aozora Bank 272 0.08

49,400 Mitsubishi UFJ Lease & Finance 219 0.06

107,920 Mebuki Financial Group 198 0.06

6,500 Bank of Kyoto 192 0.06

5,200 Tokyo Century 172 0.05

13,800 Aeon Financial Service 166 0.05

18,000 Credit Saison 165 0.05

72,800 Seven Bank 157 0.05

48,900 Acom 142 0.04

35,673 10.49

Health Care - (8.93%) 186,400 Takeda Pharmaceutical 5,184 1.52

70,100 Daiichi Sankyo Kabushik Kaisha 3,813 1.12

48,200 Hoya 3,231 0.95

230,800 Astellas Pharma 2,633 0.77

74,900 Terumo 1,792 0.53

Portfolio Statement


179



47,800 Otsuka Holdings 1,619 0.48

26,700 Chugai Pharmaceutical 1,571 0.46

32,400 Shionogi 1,430 0.42

140,600 Olympus 1,355 0.40

30,200 Eisai 1,270 0.37

21,200 Sysmex 1,114 0.33

55,900 M3 977 0.29

48,400 Ono Pharmaceutical 736 0.22

45,000 Santen Pharmaceutical 648 0.19

11,800 PeptiDream 509 0.15

24,700 Asahi Intecc 454 0.13

23,900 Alfresa Holdings 445 0.13

28,500 Kyowa Hakko Kirin 430 0.13

23,300 Medipal Holdings 407 0.12

8,920 Suzuken 394 0.12

18,200 Sumitomo Dainippon Pharmaceuticals 262 0.08

4,400 Taisho Pharmaceutical Holding 252 0.07

27,500 Mitsubishi Tanabe Pharma 250 0.07

6,400 Hisamitsu Pharmaceuticals 213 0.06

30,989 9.11

Communication Services - (8.21%) 198,700 SoftBank Group 7,433 2.19

213,300 KDDI 4,689 1.38

14,200 Nintendo 4,431 1.30

168,600 NTT Docomo 3,505 1.03


211,900 SoftBank Group Corp. 2,449 0.72

25,700 Dentsu 721 0.21

336,800 Yahoo! Japan 692 0.20

62,300 Nexon 689 0.20

14,200 Toho 496 0.15

12,200 CyberAgent 453 0.13

10,100 Konami Holdings 377 0.11

29,700 Hakuhodo DY Holdings 361 0.11

17,200 Kakaku.com 354 0.10

7,400 Line 214 0.06

30,065 8.84

Consumer Staples - (8.41%) 60,200 Kao 3,582 1.05

48,900 Shiseido 3,294 0.97

93,700 Seven & I Holdings 2,725 0.80

150,300 Japan Tobacco 2,623 0.77

44,200 Asahi Group Holdings 1,696 0.50

102,400 Kirin Holdings 1,663 0.49

51,100 Unicharm 1,293 0.38

81,200 Aeon 1,186 0.35

14,200 Meiji Holdings 811 0.24

53,900 Ajinomoto 808 0.24

15,200 Yakult Honsha 719 0.21

17,600 Suntory Beverage & Food 624 0.18

16,500 Kikkoman 611 0.18

Portfolio Statement


180



4,200 Kose 594 0.17

25,800 FamilyMart 490 0.14

8,000 Nissin Food Holdings 457 0.13

28,500 Lion 456 0.13

14,700 Pigeon 439 0.13

4,700 Tsuruha Holdings 421 0.12

6,100 Kobayashi Pharmaceutical 376 0.11

10,900 Toyo Suisan Kaisha 365 0.11

22,970 Nisshin Seifun Group 355 0.10

9,900 NH Foods 313 0.09

15,200 Coca-Cola Bottlers Japan Holdings 272 0.08

6,200 Lawson 253 0.07

5,800 Welcia Holdings 249 0.07

9,800 Calbee 246 0.07

8,800 Sundrug 225 0.07

11,200 Pola Orbis Holdings 219 0.06

14,800 Yamazaki Baking 212 0.06

27,577 8.11

Materials - (5.43%) 44,300 Shin-Etsu Chemical 3,680 1.08

158,300 Asahi Kasei 1,179 0.35

102,200 Nippon Steel & Sumitomo Metal 1,177 0.35

173,800 Toray Industries 1,021 0.30

161,700 Mitsubishi Chemical Holdings 913 0.27

18,500 Nippon Paint Holdings 720 0.21

18,500 Nitto Denko 709 0.21

187,700 Sumitomo Chemical 675 0.20

28,600 Sumitomo Metal Mining 663 0.19

62,300 JFE Holdings 600 0.18

14,200 Nissan Chemical Corporation 494 0.15

108,200 Oji Holdings 414 0.12

23,100 Mitsui Chemicals 407 0.12

22,500 Kansai Paint Osaka 385 0.11

37,800 Kuraray 355 0.10

16,400 Showa Denko K.K. 349 0.10

13,200 Hitachi Chemical 339 0.10

31,100 Tosoh 329 0.10

23,500 JSR 317 0.09

21,300 Teijin 315 0.09

14,600 Taiheiyo Cement 304 0.09

13,500 Mitsubishi Materials 269 0.08

15,900 Taiyo Nippon Sanso Tokyo 259 0.08

18,200 Air Water 254 0.07

26,300 Hitachi Metals 233 0.07

32,100 Daicel 204 0.06

19,700 Mitsubishi Gas Chemical 195 0.06

16,100 Toyo Seikan Group Holdings 193 0.06

37,500 Kobe Steel 161 0.05

5,900 Kaneka 145 0.04

6,800 Maruichi Steel Tube 136 0.04

17,394 5.11

Portfolio Statement


181



Real Estate - (4.03%) 147,900 Mitsubishi Estate 2,333 0.69

111,200 Mitsui Fudosan 2,193 0.64

70,000 Daiwa House Industry 1,808 0.53

40,500 Sumitomo Realty & Development 1,254 0.37

170 Nippon Building Fund 1,028 0.30

9,100 Daito Trust Construction 965 0.28

166 Japan Real Estate Investment 910 0.27

517 Nomura Real Estate Master Fund 743 0.22

367 United Urban Investment 566 0.17

251 Nippon Prologis 560 0.16

331 Japan Retail Fund Investment 545 0.16

236 Daiwa House REIT Investment Corporation 511 0.15

73,700 Tokyu Fudosan Holdings 376 0.11

99 Japan Prime Realty Investment 372 0.11

15,300 Nomura Real Estate Holding 267 0.08

32,500 Hulic 255 0.07

12,500 Aeon Mall 162 0.05

14,848 4.37

Utilities - (2.07%) 48,200 Tokyo Gas 1,004 0.29

81,400 Chubu Electric Power 988 0.29

89,000 Kansai Electric Power 892 0.26

193,200 Tokyo Electric Power Company 755 0.22

47,200 Osaka Gas 695 0.20

54,300 Tohoku Electric Power 447 0.13

48,200 Kyushu Electric Power 392 0.12

35,200 The Chugoku Electric Power Company 370 0.11

18,000 Electric Power Development Company Ltd 343 0.10

9,400 Toho Gas 300 0.09

6,186 1.82

Energy - (0.99%) 406,000 JXTG Holdings 1,382 0.41

129,200 Inpex 920 0.27

24,235 Idemitsu Kosan 536 0.16

2,838 0.83

Futures - (0.06%) 40,500 Yen Denominated NIKKEI Commodity Future 12/09/2019 75 0.02

75 0.02



Net assets 340,046 100.00


Portfolio Statement


182



Australia - (53.24%) 396,268 Commonwealth Bank of Australia 17,281 5.47

101,263 CSL 13,445 4.25

658,512 BHP Group 13,198 4.17

771,783 Westpac Banking 12,032 3.81

629,745 National Australia Bank 9,511 3.01

633,517 ANZ Bank 9,355 2.96

280,878 Woolworths Group 5,853 1.85

253,233 Wesfarmers 5,468 1.73

72,086 Macquarie Group 4,932 1.56

596,951 Transurban Group 4,927 1.56

82,795 Rio Tinto 4,006 1.27

208,891 Woodside Petroleum 3,707 1.17

171,501 Newcrest Mining 3,504 1.11

363,247 Goodman Group 2,914 0.92

1,185,045 Scentre Group 2,645 0.84

513,397 Insurance Australia Group 2,280 0.72

289,290 Suncorp Group 2,207 0.70

353,818 Brambles 2,207 0.70

127,334 Aristocrat Leisure 2,093 0.66

294,234 QBE Insurance Group 2,035 0.64

42,667 ASX 2,034 0.64

251,596 Coles Group 1,922 0.61

871,720 Telstra 1,787 0.57

241,392 Dexus Property Group 1,719 0.54

160,338 Treasury Wine Estates 1,658 0.52

391,873 Origin Energy 1,652 0.52

1,114,283 South32 1,619 0.51

99,229 Sonic Healthcare 1,614 0.51

260,758 APA Group 1,585 0.50

392,119 Santos 1,560 0.49

12,805 Cochlear 1,542 0.49

869,337 Mirvac Group 1,527 0.48

145,818 AGL Energy 1,526 0.48

428,623 GPT Group 1,513 0.48

438,366 Aurizon Holdings 1,429 0.45

307,002 Fortescue Metals Group 1,355 0.43

529,074 Stockland 1,318 0.42

612,587 Medibank Private 1,232 0.39

98,881 James Hardie Industries 1,231 0.39

125,295 Lendlease Group 1,180 0.37

445,503 Tabcorp Holding 1,157 0.37

31,425 Ramsay Healthcare 1,140 0.36

305,892 Oil Search 1,122 0.35

236,271 Sydney Airport 1,096 0.35

704,758 Vicinity Centres 1,004 0.32

83,798 Orica 997 0.32

107,419 Computershare 913 0.29

72,472 SEEK 814 0.26

115,572 BlueScope Steel 797 0.25

27,123 Magellan Financial Group 760 0.24

55,602 Caltex Australia 736 0.23

Portfolio Statement


183



747,336 AMP 700 0.22

11,526 REA Group 665 0.21

110,145 Coca-Cola Amatil 660 0.21

105,524 Bendigo & Adelaide Bank 652 0.21

539,850 Alumina 647 0.20

345,223 Incitec Pivot 610 0.19

258,804 Boral 608 0.19

81,243 Crown Resorts 539 0.17

74,883 WorleyParsons 508 0.16

121,887 Challenger 452 0.14

87,448 Bank of Queensland 443 0.14

397,555 AusNet Services 394 0.12

21,427 CIMIC Group 367 0.12

12,130 Flight Centre Travel Group 312 0.10

81,638 TPG Telecom 300 0.09

25,528 Washington H. Soul Pattison and Company 295 0.09

115,248 Harvey Norman Holdings 279 0.09

173,570 54.90


275,467 Hong Kong Exchanges and Clearing 6,916 2.19

486,500 Link Real Estate Investment Trust 4,483 1.42

625,088 CK Hutchison Holdings 4,467 1.41


2,352,641 Hong Kong & China Gas 3,729 1.18

596,088 CK Asset Holdings 3,320 1.05

380,500 CLP Holdings 3,217 1.02

176,400 Hang Seng Bank 3,020 0.96

499,000 Galaxy Entertainment Group 2,568 0.81

857,000 Bank of China (Hong Kong) 2,369 0.75

558,400 Sands China 2,079 0.66

315,000 Techtronic Industries 1,786 0.56

322,000 Power Assets Holdings 1,758 0.56

354,141 Motor 1,682 0.53

2,197,000 WH Group 1,452 0.46

1,412,473 New World Development 1,446 0.46

51,225 Jardine Strategic Holdings 1,329 0.42

334,574 Henderson Land Development 1,277 0.40

280,000 Wharf Real Estate Investment 1,242 0.39


875,600 HKT Trust & HKT 1,122 0.35

115,000 Swire Pacific (A) 923 0.29

190,000 Wheelock 905 0.29

465,000 Hang Lung Properties 861 0.27

154,500 CK Infrastructure Holdings 855 0.27

704,991 Sino Land 827 0.26

269,400 Swire Properties 725 0.23

69,400 ASM Pacific Technology 653 0.21

169,472 Vitasoy International Holdings 647 0.20

299,654 Bank of East Asia 621 0.20

357,600 Wynn Macau 587 0.19

359,142 NWS Holdings 505 0.16

Portfolio Statement


184



281,000 Wharf Holdings 504 0.16

633,500 HK Electric Investments Trust & HK Electric Investments 497 0.16

144,000 Hysan Development 479 0.15

77,962 Dairy Farm International Holdings 455 0.14

993,068 PCCW 442 0.14

149,500 Kerry Properties 413 0.13

453,000 SJM Holdings 351 0.11

167,000 Yue Yuen Industrial Holdings 350 0.11

214,400 MGM China Holdings 263 0.08

286,000 Shangri-La Asia 245 0.08

89,088 28.18

Singapore - (11.34%) 414,126 DBS Group Holdings 5,992 1.90

737,330 Oversea-Chinese Banking 4,647 1.47

290,892 United Overseas Bank 4,296 1.36

1,881,300 Singapore Telecommunications 3,518 1.11

51,049 Jardine Matheson Holdings 2,236 0.71

593,400 CapitaLand 1,218 0.39

334,600 Keppel 1,154 0.37

574,300 Ascendas (REIT) 1,043 0.33

443,300 Wilmar International 999 0.32

591,700 CapitaLand Mall Trust 924 0.29

185,000 Singapore Exchange 897 0.28

356,400 Singapore Technologies Engineering 829 0.26

599,981 CapitaLand Commercial Trust 756 0.24

1,390,800 Genting Singapore 728 0.23

493,900 ComfortDelGro 716 0.23

123,400 Singapore Airlines 644 0.20

104,700 City Developments 594 0.19

62,300 Venture Corporation 559 0.18

451,800 Suntec (REIT) 513 0.16

105,840 UOL Group 460 0.15

153,100 SATS 434 0.14

363,100 Singapore Press Holdings 425 0.13

22,477 Jardine Cycle & Carriage 410 0.13

544,100 Yangzijiang Shipbuilding Holdings 291 0.09

223,600 Sembcorp Industries 274 0.09

1,465,700 Golden Agri-Resources 230 0.07

34,787 11.00

New Zealand - (1.79%) 163,730 a2 Milk 1,204 0.38

128,919 Fisher & Paykel Healthcare 1,105 0.35

221,835 Auckland International Airport 1,104 0.35

421,263 Spark New Zealand 956 0.30

292,586 Meridian Energy 750 0.24

91,661 Ryman Healthcare Group 603 0.19

193,836 Fletcher Building 443 0.14

6,165 1.95

Portfolio Statement


185



Cayman Islands - (0.26%) 8,253 BeiGene (ADR) 981 0.31

981 0.31

China - (0.49%) 48,201 Melco Resorts And Entertainment (ADR) 824 0.26

824 0.26

Futures - (0.03%) 2,750 ASX SPI 200 Index Futures 19/09/2019 188 0.06

188 0.06



Net assets 316,148 100.00


Portfolio Statement


186



Financials - (27.94%) 21,991,367 HSBC Holdings 130,959 5.13

3,486 Fidelity Institutional Liquidity Fund - Sterling A Acc 72,859 2.85

2,821,195 Prudential 38,665 1.51


18,669,189 Barclays 25,693 1.01

338,432 London Stock Exchange 23,684 0.93

2,934,585 Standard Chartered 18,335 0.72

4,194,831 Aviva 14,955 0.59


1,031,761 3i Group 11,375 0.45

1,181,130 Segro 9,237 0.36

4,915,724 Royal Bank of Scotland Group 9,126 0.36

1,592,055 Scottish Mortgage Investment Trust 8,374 0.33

2,647,214 Standard Life Aberdeen 6,637 0.26

759,599 Land Securities Group 5,923 0.23

1,119,503 RSA Insurance Group 5,866 0.23

292,523 Hargreaves Lansdown 5,533 0.22

580,279 St James Place 5,372 0.21

1,019,809 British Land 5,197 0.20

228,694 Admiral Group 4,876 0.19

294,206 Hiscox 4,575 0.18

1,538,702 Direct Line Insurance Group 4,398 0.17

310,169 Intermediate Capital Group 4,159 0.16

583,656 Foreign & Colonial Investment Trust 4,103 0.16

490,799 Alliance Trust 3,926 0.15

247,942 Pershing Square Holdings 3,794 0.15


108,252 Derwent London 3,440 0.13

119,623 Schroders 3,279 0.13

573,003 Beazley 3,260 0.13

733,211 Investec 3,099 0.12

294,613 Unite Group 3,091 0.12

1,687,874 Man Group Plc/Jersey 2,849 0.11

127,792 RIT Capital Partners Fund 2,703 0.11

1,905,048 Tritax Big Box (REIT) 2,675 0.10

2,075,166 Quilter 2,598 0.10

1,530,217 HICL Infrastructure 2,577 0.10

251,889 Monks Investment Trust 2,333 0.09

299,383 Templeton Emerging Markets Investment Trust 2,326 0.09


1,047,290 Witan Investment Trust 2,220 0.09

1,348,446 International Public Partnerships 2,220 0.09

157,163 Polar Capital Technology Trust 2,216 0.09

249,463 Shaftesbury 2,160 0.08

1,661,951 Renewables Infrastructure Group 2,157 0.08

396,179 IG Group Holdings 2,142 0.08

299,496 Great Portland Estates 2,085 0.08

1,011,532 Mercantile Investment Trust 2,033 0.08

440,827 Ashmore Group 2,024 0.08

549,396 John Laing Group 1,942 0.08

1,336,804 CYBG 1,899 0.07

Portfolio Statement


187



819,873 Hammerson 1,868 0.07

639,539 TP ICAP 1,865 0.07

168,148 Big Yellow Group 1,803 0.07

2,601,734 Assura 1,793 0.07


145,978 Murray International Trust 1,691 0.07

813,587 Capital & Counties Property 1,670 0.07

176,924 Finsbury Growth & Income Trust 1,661 0.07

675,191 Grainger 1,639 0.06

470,999 Jupiter Fund Management 1,618 0.06

155,086 JPMorgan Emerging Markets Investment Trust 1,543 0.06

224,308 Lancashire Holdings 1,535 0.06

739,963 Londonmetric Properity 1,514 0.06

223,714 Safestore Holdings 1,506 0.06

354,773 TR Property Investment Trust - Ordinary Shares 1,506 0.06

158,008 Bankers Investment Trust 1,476 0.06

353,749 City of London Investment Trust 1,449 0.06

86,328 HarbourVest Global Private Equity (UK) 1,445 0.06

50,797 Worldwide Healthcare Trust 1,425 0.06

471,628 3i Infrastructure Fund 1,417 0.06

61,048 Rathbone Brothers 1,383 0.05

241,260 Edinburgh Investment Trust 1,329 0.05

279,196 JPMorgan American Investment Trust 1,321 0.05

299,219 Paragon Banking Group 1,311 0.05

111,866 Aberforth Smaller Companies Trust 1,311 0.05

156,432 Savills 1,302 0.05

501,566 Fidelity European Values 1,241 0.05

161,385 Genesis Emerging Markets Fund 1,223 0.05

143,145 Workspace Group 1,222 0.05

162,463 British Empire Trust 1,202 0.05

555,465 Fidelity China Special Situations 1,186 0.05

38,772 Caledonia Investments Fund 1,181 0.05

51,407 Pantheon International Participations 1,164 0.05

134,335 Jupiter European Opportunities Trust 1,127 0.04

85,141 Herald Investment Trust 1,117 0.04

528,276 Highbridge Multi Strategy Fund 1,109 0.04

93,211 Temple Bar Investment Trust 1,100 0.04

276,487 Provident Financial 1,096 0.04

1,208,466 NB Global Floating Rate Income Fund 1,073 0.04

124,829 Scottish Investment Trust 1,016 0.04

77,673 Smithson Investment Trust 983 0.04

451,990 HgCapital Trust 972 0.04

319,268 Brewin Dolphin Holding 971 0.04

327,889 Perpetual Income & Growth Investment Trust 962 0.04

2,231 Personal Assets Trust 955 0.04

240,175 Integrafin Holdings 926 0.04

187,582 Vietnam Enterprise Investment 916 0.04

65,056 BlackRock Smaller Companies Trust 911 0.04

262,354 VinaCapital Vietnam Opportunity Fund 900 0.04

126,038 JPMorgan Indian Investment Trust 891 0.03

202,362 Schroder Asia Pacific Fund 884 0.03

274,015 OneSavings Bank 871 0.03

Portfolio Statement


188



151,597 Law Debenture Fund 861 0.03

30,802 BH Macro GBP 853 0.03

210,236 Edinburgh Dragon Trust 847 0.03

207,725 St Modwen Properties 842 0.03

100,011 P2P Global Investments 838 0.03

104,403 Henderson Smaller Companies Investment Trust 836 0.03

100,325 Murray Income Trust 833 0.03

184,155 JPMorgan Japanese Investment Trust 826 0.03

119,251 Plus500 811 0.03

221,184 JPMorgan European Smaller Companies Trust 799 0.03

1,102,889 Sirius Real Estate 771 0.03

245,383 Impax Environmental Markets 744 0.03

210,247 BlackRock World Mining Trust 743 0.03

290,548 Fidelity Special Values 738 0.03

84,454 ICG Graphite Enterprise Trust 728 0.03

749,278 Empiric Student Property 704 0.03

361,079 Edinburgh Worldwide Investment Trust 702 0.03

654,780 F&C Commercial Property Trust 699 0.03

850,126 UK Commercial Property Trust 690 0.03

488,540 Greencoat UK Wind 679 0.03

145,996 Merchants Trust 676 0.03

168,413 AJ Bell 673 0.03

278,251 Utilico Emerging Markets 648 0.03

79,705 Baillie Gifford Japan Trust 633 0.02

75,535 TR European Growth Trust 630 0.02

36,420 Allianz Technology Trust 621 0.02

343,910 Hastings Group Holdings 619 0.02

45,518 F&C Global Smaller Companies 616 0.02

372,162 GCP Student Living 605 0.02

258,818 Syncona 591 0.02

201,760 North American Income Trust 588 0.02

43,048 Bank of Georgia Group 583 0.02

440,690 LXI REIT 575 0.02

168,192 JPMorgan Global Growth & Income 569 0.02

51,389 Aberdeen Asian Smaller Companies Investment Trust 555 0.02

33,454 BH Global GBP 554 0.02

634,710 Picton Property Income 546 0.02

257,124 Aberdeen Asian Income Fund 545 0.02

95,148 BlackRock Throgmorton Trust 542 0.02

331,646 Newriver (REIT) 541 0.02

129,779 Scottish American Investment Fund 532 0.02

201,035 Sabre Insurance Group 528 0.02

604,486 Standard Life Property Income Trust 525 0.02

110,831 Standard Life UK Smaller Co Trust 521 0.02

234,334 Ruffer Investment 520 0.02

46,438 Neuberger Berman Private Equity Partners 516 0.02

1,133,158 Just Group 515 0.02

202,150 Schroder Oriental Income Fund S2 510 0.02

64,758 Biotech Growth Trust 508 0.02

72,957 JPMorgan Russian Securities 492 0.02

284,586 Baillie Gifford UK Growth Fund 492 0.02

183,656 Dunedin Income Growth Investment Trust 490 0.02

Portfolio Statement


189



580,135 Civitas Social Housing 485 0.02

186,768 Charter Court Financial Services Group 483 0.02

37,435 TBC Bank Group 467 0.02

399,985 Sequoia Economic Infrastructure Income Fund 464 0.02

37,710 Lowland Investment 464 0.02

164,433 Chesnara 462 0.02

801,074 IP Group 461 0.02

392,928 Target Healthcare (REIT) 461 0.02

168,611 Metro Bank 460 0.02

148,517 Urban & Civic 456 0.02

351,117 JPMorgan Global Emerging Markets Income Trust 455 0.02

422,183 Aberdeen Diversified Income & Growth Trust 448 0.02

43,179 JPMorgan Mid Cap Investment Trust 447 0.02

44,011 Georgia Capital 438 0.02

472,588 Hansteen Holdings 437 0.02

122,860 JPMorgan Asian Investment Trust 429 0.02

55,950 European Investment Trust 427 0.02

1,013,568 Woodford Patient Capital Trust 424 0.02

55,949 Liontrust Asset Management 423 0.02

274,600 Apax Global Alpha 419 0.02

177,841 CLS Holdings 418 0.02

41,197 Scottish Oriental Smaller Companies Trust 416 0.02

59,319 JPMorgan Claverhouse Investment Trust 402 0.02

383,114 European Assets Trust PLC 395 0.02

295,289 Polar Capital Global Financials Trust 394 0.02

134,872 Pacific Assets Trust 392 0.02

111,249 Helical Bar 390 0.02

373,782 Regional (REIT) 389 0.02

106,561 Schroder Asian Total Return Investment 387 0.02

157,818 Aberdeen New Dawn Investment Trust 385 0.02

933,032 Intu Properties 383 0.02

106,308 Henderson Far East Income 383 0.02

304,228 GCP Infrastructure Investments 382 0.01

12,724 North Atlantic Smaller Companies Investment Trust 380 0.01

86,457 Fidelity Asian Values 374 0.01

309,057 NextEnergy Solar Fund 369 0.01

97,098 BlackRock Greater Europe Investment Trust 368 0.01

228,375 BBGI SICAV SA Fund 362 0.01

51,165 Riverstone Energy 354 0.01

100,029 Standard Life Private Equity Trust 353 0.01

300,924 Custodian (REIT) 350 0.01

156,565 Polar Capital Global Healthcare Growth & Income 346 0.01

650,544 Schroder Real Estate Investment Trust 343 0.01

94,729 JTC 342 0.01

27,938 Henderson European Focus Trust 338 0.01

70,553 Aberdeen New India Investment Trust 332 0.01

159,562 Arrow Global Group 313 0.01

49,224 International Biotechnology Trust 312 0.01

169,783 Schroder Japan Growth Fund 307 0.01

299,630 RDI REIT 304 0.01

19,825 Keystone Investment Trust 302 0.01

279,691 GCP Asset Backed Income Fund 301 0.01

Portfolio Statement


190



319,217 Tritax Eurobox 298 0.01

105,080 Phoenix Spree Deutschland 297 0.01

102,412 Martin Currie Portfolio Investment Trust 296 0.01

349,066 Triple Point Social Housing (REIT) 295 0.01

237,825 Foresight Solar Fund 291 0.01

27,324 Jupiter US Smaller Companies 290 0.01

324,125 JPMorgan Global Convertibles Income Fund 283 0.01

102,536 Invesco Asia Trust 278 0.01

369,691 VPC Specialty Lending Investments Fund 277 0.01

24,289 Henderson EuroTrust 276 0.01

190,492 Baillie Gifford US Growth Trust 276 0.01

90,721 JPMorgan Chinese Investment Trust 270 0.01

316,336 F&C UK Real Estate Investment 268 0.01

51,144 Invesco Perpetual - UK Smaller Companies Investment Trust 260 0.01

4,912 Daejan Holdings 260 0.01

72,168 F&C Private Equity Trust 258 0.01

204,333 BB Healthcare Trust 253 0.01

72,454 Standard Life Equity Income Trust 251 0.01

142,175 Baillie Gifford Shin Nippon 245 0.01

167,366 Ecofin Global Utilities & Infrastructure Trust 244 0.01

83,724 JPMorgan European Investment Trust - Growth 243 0.01

122,571 Securities Trust of Scotland 229 0.01

173,635 Bluefield Solar Income Fund 224 0.01

44,707 Schroder UK Mid Cap Fund 224 0.01

246,837 International Personal Finance 220 0.01

150,093 U & I Group 218 0.01

69,555 Pacific Horizon Investment Trust 216 0.01

65,493 Witan Pacific Investment Trust 214 0.01

228,007 Aberdeen Standard European Logistics Income 210 0.01

188,099 XPS Pensions Group 209 0.01

163,878 Harworth Group 209 0.01

34,199 Mid Wynd International Investment Trust 200 0.01

73,223 Schroder Income Growth Fund 198 0.01

47,604 Martin Currie Asia Unconstrained Trust 194 0.01

210,058 Residential Secure Income 194 0.01

23,518 Brunner Investment Trust 191 0.01

174,885 TwentyFour Income Fund 191 0.01

43,335 BlackRock Latin American Investment Trust 191 0.01

71,515 Invesco Income Growth Trust 190 0.01

47,975 JPMorgan Japan Smaller Companies Trust 189 0.01

16,036 Fundsmith Emerging Equities Trust 183 0.01

154,139 John Laing Environmental Assets Group 180 0.01

90,581 LSL Property Services 175 0.01

91,784 BlackRock North American Income Trust 173 0.01

118,678 CC Japan & Growth Trust 173 0.01

150,967 Impact Healthcare (REIT) 168 0.01

110,845 Fidelity Japan Trust 167 0.01

125,542 BlackRock Frontiers Investment Trust 166 0.01

161,636 CVC Credit Partners European Opportunities 163 0.01

95,805 Real Estate Credit Investments 159 0.01

151,435 Montanaro UK Smaller Companies Investment Trust 158 0.01

3,442 Capital Gearing Trust Fund 150 0.01

Portfolio Statement


191



283,154 Foxtons Group 147 0.01

161,059 Aew UK (REIT) 145 0.01

47,056 F&C Capital & Income Investment Trust 144 0.01

247,474 Allied Minds 143 0.01

355,482 Raven Property Group 137 0.01

81,278 Henderson High Income Trust 137 0.01

142,465 CMC Markets 136 0.01

13,207 Montanaro European Smaller Companies Trust 135 0.01

132,087 Starwood European Real Estate Finance 135 0.01

48,711 Henderson Alternative Strategies Trust 132 0.01

151,314 Diverse Income Trust 130 0.01

84,203 JPMorgan European Investment Trust - Income 125 0.00

147,855 SQN Asset Finance Income Fund 124 0.00

35,252 Electra Private Equity 120 0.00

47,488 Value & Income Trust 113 0.00

113,883 Alcentra European Floating Rate Income Fund 113 0.00

136,001 SQN Asset Finance Income Fund 112 0.00

150,838 Amigo Holdings 112 0.00

40,836 Palace Capital 111 0.00

98,771 Schroder European (REIT) 107 0.00

109,024 Middlefield Canadian Income PCC 103 0.00

20,917 Independent Investment Trust 100 0.00

45,166 JPMorgan Smaller Companies Investment Trust 98 0.00

38,000 River & Mercantile Group 97 0.00

25,371 ASA International Group 94 0.00

49,120 City Merchants High Yield Trust 94 0.00

629,759 Capital & Regional 92 0.00

32,516 Artemis Alpha Trust 87 0.00

27,312 EP Global Opportunities Trust 81 0.00

58,575 Macau Property Opportunities Fund 74 0.00

78,821 Henderson Diversified Income 73 0.00

13,127 Manchester & London Investment Trust 69 0.00

31,512 Strategic Equity Capital 68 0.00

30,597 McKay Securities 68 0.00

15,590 City of London Investments Group 63 0.00

75,186 Troy Income & Growth Trust 60 0.00

70,449 CQS New City High Yield Fund 42 0.00

47,294 Funding Circle Sme Income Fund 39 0.00

20,018 Town Centre Securities 37 0.00

36,661 ICG-Longbow Senior Secured UK Property Debt Investments 36 0.00

25 Lindsell Train Investment Trust 32 0.00

1,216 S & U 25 0.00

22,862 TwentyFour Select Monthly Income Fund 21 0.00

7,176 Ranger Direct Lending Fund 19 0.00

21,280 Ediston Property Investment 19 0.00

5,478 Morgan JP US Smaller Companies 17 0.00

8,415 Henderson International Income Trust Fund 13 0.00

4,873 Majedie Investments 12 0.00

5,415 Hansa Investment 10 0.00

16,325 Fidelity Asian Values 5 0.00

34,851 EF Realisation (Unlisted) 2 0.00

3,046 Aberforth Split Level Income Trust 2 0.00

Portfolio Statement


192



114,907 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF 0 0.00

32,619 Dexion Equity Alternative 0 0.00

70,182 BlackRock New Energy Investment Trust 0 0.00

12,933 Govett Strategic Investment Trust (Delstisted) 0 0.00

681,015 26.68

Consumer Goods - (13.34%) 2,534,996 Diageo 89,498 3.51

2,479,282 British American Tobacco 71,688 2.81

1,182,240 Unilever 61,689 2.42


1,033,319 Imperial Brands 21,834 0.86

436,585 Burberry Group 9,491 0.37

378,069 Associated British Foods 8,548 0.33

1,080,873 Barratt Developments 6,861 0.27

345,164 Persimmon 6,536 0.26

209,625 Coca-Cola HBC 5,721 0.22


3,487,753 Taylor Wimpey 5,055 0.20

139,403 Bellway 4,057 0.16

508,756 Tate & Lyle 3,638 0.14

306,678 Britvic 2,683 0.11

35,197 Games Workshop Group 1,551 0.06

729,343 Greencore Group 1,527 0.06

55,415 Cranswick 1,519 0.06

146,507 Bovis Homes Group 1,512 0.06

484,857 Countryside Properties 1,432 0.06

249,329 Redrow 1,379 0.05

270,485 Crest Nicholson 943 0.04

606,482 McCarthy & Stone 814 0.03

69,548 Hilton Food Group 672 0.03

115,211 Galliford Try 672 0.03

103,815 A.G.Barr 613 0.02

244,983 PZ Cussons 514 0.02

214,887 Stock Spirits Group 508 0.02

87,546 Headlam Group 366 0.01

218,223 TI Fluid Systems 360 0.01

43,403 MJ Gleeson 357 0.01

184,274 Devro 350 0.01

72,420 Aston Martin Lagonda Global 344 0.01

130,266 PureCircle 315 0.01

30,974 Ted Baker 287 0.01

72,021 Superdry 285 0.01

273,627 Photo-Me International 273 0.01

755,617 Premier Foods 250 0.01

153,355 Bakkavor Group 170 0.01

196,591 McBride 110 0.00

60,348 Carrs Group 80 0.00

6,828 Anglo Eastern Plantations 31 0.00

363,399 14.24

Portfolio Statement


193



Oil & Gas - (13.49%) 4,761,097 Royal Dutch Shell (A) 109,053 4.27

21,636,872 BP 108,898 4.27

4,064,047 Royal Dutch Shell (B) 92,742 3.63

1,485,365 Tullow Oil 2,996 0.12

710,038 John Wood Group 2,698 0.11

279,698 Petrofac 1,169 0.05

624,045 Cairn Energy 1,032 0.04

81,994 Energean Oil &Gas 813 0.03

861,849 Premier Oil 691 0.03

148,880 Hunting 677 0.03

1,620,829 EnQuest 295 0.01

232,860 SOCO International 146 0.01

258,823 Lamprell 126 0.00

93,241 Nostrum Oil & Gas 21 0.00

321,357 12.59

Consumer Services - (11.40%) 2,042,653 RELX 40,577 1.59

1,720,472 Compass Group 35,889 1.41

10,498,837 Tesco 23,307 0.91

1,329,847 WPP 12,873 0.50

1,351,030 Informa 11,816 0.46

196,342 InterContinental Hotels Group 10,110 0.40

140,616 Next 8,324 0.33

1,691,603 International Consolidated Airlines Group 7,194 0.28

834,015 Pearson 6,969 0.27

491,172 Ocado Group 6,447 0.25

145,594 Whitbread 6,389 0.25

176,075 Carnival 6,108 0.24

82,482 Paddy Power (GB) 5,571 0.22

978,518 Rightmove 5,286 0.21

989,615 Auto Trader Group 5,275 0.21

627,746 Just Eat 4,919 0.19

3,998,994 ITV 4,703 0.18

2,269,303 Kingfisher 4,438 0.17

2,396,965 WM Morrison Supermarkets 4,428 0.17

2,086,670 Marks & Spencer Group 4,010 0.16

474,481 TUI 3,927 0.15

621,936 GVC Holdings 3,912 0.15

502,165 SSP Group 3,585 0.14

1,766,568 Sainsbury (J) 3,529 0.14

769,642 Merlin Entertainments 3,477 0.14

930,377 B&M European Value Retail S.A. 3,347 0.13

335,294 Greene King 2,818 0.11

450,260 Inchcape 2,623 0.10

256,935 easyJet 2,472 0.10

395,680 JD Sports Fashion 2,444 0.10

1,109,132 Cineworld Group 2,443 0.10

411,659 Entertainment One 2,414 0.09

109,701 Greggs 2,302 0.09

115,792 WHSmith 2,276 0.09

Portfolio Statement


194



60,228 Wizz Air Holdings 2,169 0.08

577,317 Moneysupermarket.com Group 2,164 0.08

473,495 National Express Group 1,995 0.08

1,312,337 FirstGroup 1,694 0.07

930,561 William Hill 1,655 0.06

431,657 Ascential 1,632 0.06

117,010 Euromoney Publications 1,594 0.06

524,791 EI Group 1,476 0.06

340,407 Playtech 1,260 0.05

78,282 JD Weatherspoon 1,236 0.05

507,223 Dominos Pizza UK & Ireland 1,226 0.05

519,165 Pets at Home Group 1,198 0.05

1,083,815 Dixons Carphone 1,180 0.05

87,026 Future 1,027 0.04

47,750 Go-Ahead Group 988 0.04

751,019 Marstons 947 0.04

107,893 Dunelm Group 938 0.04

259,558 Mitchells & Butlers 912 0.04

131,173 Millennium & Copthorne Hotels 892 0.03

31,189 4imprint Group 848 0.03

512,842 Restaurant Group 800 0.03

461,241 Stagecoach Group 572 0.02

758,874 ITE Group 540 0.02

348,854 Card Factory 535 0.02

211,131 Sports Direct International 524 0.02

229,836 DFS Furniture 510 0.02

1,220,433 Saga 503 0.02

74,645 Jackpotjoy 490 0.02

388,797 Vivo Energy 460 0.02

118,574 On the Beach Group 438 0.02

285,783 888 Holdings 436 0.02

22,780 Park Plaza Hotels 401 0.02

222,078 Halfords Group 400 0.02

139,577 The Gym Group 346 0.01

156,479 Hollywood Bowl Group 344 0.01

185,081 Rank Group 312 0.01

54,996 Dignity 262 0.01

339,602 GoCompare.com Group 260 0.01

282,518 Trinity Mirror 252 0.01

235,962 Huntsworth 217 0.01

308,425 AO World 214 0.01

165,490 Brown (N) Group 185 0.01

78,223 Bloomsbury Publishing 182 0.01

370,010 Lookers 174 0.01

14,900 Fuller Smith & Turner (A) 167 0.01

1,512,430 Pendragon 163 0.01

76,632 Findel 151 0.01

99,987 Hostelworld Group 135 0.01

188,062 Topps Tiles 124 0.00

32,775 STV Group 120 0.00

43,278 Ten Entertainment Group 104 0.00

39,658 Motorpoint Group 92 0.00

Portfolio Statement


195



1,459,975 Thomas Cook Group 75 0.00

79,924 DP Eurasia 74 0.00

78,893 McColls Retail Group 36 0.00

828,406 Debenhams (Unlisted) 0 0.00

293,831 11.51

Industrials - (10.99%) 985,790 Experian 24,891 0.98

873,973 CRH (GB) 24,261 0.95

3,465,410 BAE Systems 19,046 0.75

252,075 Ferguson 15,190 0.60

1,843,060 Rolls-Royce Holdings 14,206 0.56

505,131 Ashtead Group 11,487 0.45

176,034 Intertek Group 9,647 0.38

5,232,549 Melrose Industries 9,429 0.37

1,971,473 Rentokil Initial 8,935 0.35

414,396 Halma 8,164 0.32

106,729 DCC 7,473 0.29

366,060 Bunzl 7,383 0.29

430,470 Smiths Group 7,159 0.28

257,178 Smurfit Kappa Group (GB) 6,465 0.25

80,449 Spirax-Sarco Engineering 6,448 0.25

869,329 Meggitt 5,343 0.21

1,388,930 DS Smith 4,699 0.18

2,605,633 Cobham 4,221 0.17

279,677 Weir Group 4,090 0.16

1,166,348 BBA Aviation 3,772 0.15

273,585 Travis Perkins 3,447 0.14

632,558 Howden Joinery Group 3,422 0.13

296,071 HomeServe 3,420 0.13

728,366 IWG 3,047 0.12

290,368 IMI 2,931 0.11

939,343 Rotork 2,913 0.11

1,673,257 Group 4 Securicor 2,913 0.11

126,234 Spectris 2,911 0.11

485,364 Electrocomponents 2,830 0.11

539,852 Babcock International Group 2,731 0.11

1,789,276 Capita 2,255 0.09

989,434 Royal Mail 2,067 0.08

1,455,500 Hays 2,030 0.08

261,440 Aggreko 2,016 0.08

821,998 BCA Marketplace 1,986 0.08

121,693 Diploma 1,925 0.08

635,289 QinetiQ Group 1,823 0.07

1,188,463 Serco Group 1,745 0.07

236,344 Grafton Group 1,731 0.07

37,499 RHI Magnesita 1,671 0.07

75,377 Ultra Electronics Holdings 1,664 0.07

744,746 Balfour Beatty 1,613 0.06

224,552 Marshalls 1,572 0.06

359,521 PageGroup 1,521 0.06

203,189 Bodycote 1,453 0.06

221,190 Network International Holdings 1,336 0.05

Portfolio Statement


196



37,323 Renishaw 1,312 0.05

295,666 Essentra 1,190 0.05

1,564,109 Coats Group 1,136 0.04

231,326 Vesuvius 1,084 0.04

86,925 Hill & Smith Holdings 1,001 0.04

451,469 Senior 919 0.04

427,793 Ibstock 916 0.04

43,950 James Fisher & Sons 872 0.03

644,474 SIG 813 0.03

153,166 Sanne Group 798 0.03

312,580 Morgan Advanced Materials 796 0.03

207,725 Polypipe Group 774 0.03

59,449 Oxford Instruments Group 770 0.03

356,925 Equiniti Group 730 0.03

72,358 PayPoint 646 0.03

26,815 Clarkson 623 0.02

33,453 Avon Rubber 598 0.02

224,043 Forterra 589 0.02

383,749 Mitie Group 586 0.02

49,224 Vitec Group 539 0.02

300,214 Chemring Group 527 0.02

43,145 Morgan Sindall Group 516 0.02

76,140 Keller Group 497 0.02

140,351 Northgate 453 0.02

212,623 Tyman 431 0.02

178,400 TT Electronics 423 0.02

331,120 Stobart Group 393 0.02

16,072 XP Power 376 0.01

54,738 Ricardo Group 373 0.01

72,942 Robert Walters 368 0.01

184,233 Biffa 366 0.01

657,709 AA 360 0.01

208,730 Volution Group 359 0.01

134,604 SThree 343 0.01

81,370 Discoverie Group 343 0.01

238,965 RPS Group 318 0.01

77,126 John Menzies 307 0.01

113,819 Mears Group 302 0.01

129,391 Wincanton 291 0.01

133,193 Trifast 272 0.01

584,194 Speedy Hire 269 0.01

112,119 De La Rue 242 0.01

92,533 Henry Boot 229 0.01

36,656 Porvair 207 0.01

635,281 Renewi 197 0.01

25,504 VP 194 0.01

167,111 Kier Group 191 0.01

110,846 Costain Group 164 0.01

73,561 Clipper Logistics 160 0.01

245,482 Severfield 151 0.01

155,447 Macfarlane Group Clansman 146 0.01

66,480 Norcros 143 0.01

Portfolio Statement


197



64,952 Charles Taylor 139 0.01

162,895 Kin & Carta plc 130 0.01

3,587 Goodwin 124 0.00

31,097 Dialight 106 0.00

83,104 Dwf Group 98 0.00

266,162 Connect Group 96 0.00

75,368 Luceco 56 0.00

288,634 11.31

Health Care - (7.92%) 1,425,451 AstraZeneca 104,856 4.11

5,318,423 GlaxoSmithKline 91,371 3.58

947,888 Smith & Nephew 18,654 0.73

108,493 Dechra Pharmaceuticals 3,290 0.13

146,413 Hikma Pharmaceuticals 2,972 0.12

1,620,463 Convatec Group 2,846 0.11

94,736 NMC Health 2,318 0.09

270,578 UDG Healthcare 2,142 0.08

71,990 Genus 1,879 0.07

423,557 Mediclinic International 1,442 0.06

717,199 Vectura Group 555 0.02

778,960 Indivior 458 0.02

52,405 Consort Medical 398 0.02

59,716 Oxford BioMedica 372 0.01

306,289 Spire Healthcare Group 306 0.01

97,992 PureTech Health 263 0.01

80,362 Medica Group 95 0.00

13,684 Georgia Healthcare Group 31 0.00

234,248 9.18

Basic Materials - (7.74%) 1,195,473 Rio Tinto 49,463 1.94

2,257,626 BHP 39,725 1.56

12,154,734 Glencore 28,551 1.12

1,073,993 Anglo American 18,907 0.74

524,509 Mondi Group 8,350 0.33

136,828 Croda International 6,425 0.25


313,021 Polymetal International 3,592 0.14

378,491 Antofagasta 3,246 0.13

589,282 EVRAZ 2,892 0.11

89,553 Victrex 1,861 0.07

1,169,956 Centamin 1,641 0.06

200,471 Fresnillo 1,460 0.06

447,259 Synthomer 1,359 0.05

238,446 KAZ Minerals 958 0.04

620,298 Elementis 918 0.04

317,625 Ferrexpo 637 0.02

270,907 Hochschild Mining 583 0.02

5,393,411 Sirius Minerals 561 0.02

158,966 Acacia Mining 414 0.02

3,205,279 Petropavlovsk 322 0.01

51,891 Treatt 228 0.01

Portfolio Statement


198



86,062 Kenmare Resources (GB) 218 0.01

20,381 Zotefoams 107 0.00

119,852 Gem Diamonds 86 0.00

898,127 Petra Diamonds 72 0.00

178,502 6.99

Utilities - (2.76%) 3,684,285 National Grid 31,751 1.24

1,123,918 SSE 12,925 0.51


257,094 Severn Trent 5,360 0.21

6,234,730 Centrica 4,331 0.17

468,398 Pennon Group 3,574 0.14

452,494 Drax Group 1,211 0.05

171,471 ContourGlobal 300 0.01

65,513 2.57


9,084,333 BT Group 15,080 0.59

498,093 Inmarsat 3,004 0.12

67,193 Telecom Plus 778 0.03

737,464 TalkTalk Telecom Group 760 0.03

65,006 2.55

Technology - (1.05%) 1,168,051 Sage Group 8,218 0.32

367,587 Micro Focus International 4,125 0.16

70,174 Aveva Group 2,615 0.10

443,836 Avast 1,683 0.07

138,235 Softcat 1,447 0.06

362,844 Sophos Group 1,405 0.06

675,636 Spirent Communications 1,239 0.05

78,205 Computacenter 1,052 0.04

92,229 FDM Group 698 0.03

293,340 NCC Group 515 0.02

102,162 SDL 493 0.02

69,781 Kainos Group 347 0.01

56,319 Microgen 333 0.01

121,999 Funding Circle Holdings 135 0.01

103,959 Alfa Financial Software Holdings 82 0.00

312,294 Nanoco Group 40 0.00

42,184 BATM Advanced Communications 20 0.00

24,447 0.96

Portfolio Statement


199



Futures - (0.12%) 15,440 FTSE 100 Index Future 20/09/2019 (714) (0.03)

(714) (0.03)



Net assets 2,552,361 100.00


Portfolio Statement


200



Information Technology - (20.52%) 652,674 Microsoft 74,494 4.19

372,298 Apple 64,331 3.62

148,117 Visa (A) 22,169 1.25

76,553 MasterCard (A) 17,795 1.00

381,324 Intel 14,767 0.83

364,608 Cisco Systems 14,240 0.80

41,561 Adobe 9,841 0.55



54,327 Accenture (A) 8,920 0.50

206,678 Oracle 8,907 0.50

75,519 International Business Machines 8,421 0.47

79,911 Texas Instruments 8,159 0.46

33,716 Broadcom 7,896 0.44

51,871 NVIDIA 7,158 0.40

103,546 Qualcomm 6,540 0.37


22,081 Intuit 5,235 0.29

37,070 Automatic Data Processing 5,189 0.29

48,536 Fiserv 4,315 0.24

94,261 Micron Technology 3,480 0.20

79,732 Applied Materials 3,117 0.18

31,494 Analog Devices 2,837 0.16


18,706 Autodesk 2,205 0.12

12,770 Lam Research 2,191 0.12

28,692 TE Connectivity 2,177 0.12

14,035 Motorola Solutions 2,101 0.12

75,542 Advanced Micro Devices 1,963 0.11

128,297 HP 1,918 0.11

21,627 Xilinx 1,849 0.10

27,244 Paychex 1,843 0.10

25,444 Amphenol (A) 1,842 0.10

13,346 Global Payments 1,825 0.10

7,341 FLEETCOR Technologies 1,816 0.10

13,766 KLA 1,665 0.09

13,867 Total System Services 1,532 0.09

66,841 Corning 1,531 0.09

8,933 VeriSign 1,520 0.09

12,768 Synopsys 1,490 0.08

20,265 Microchip Technology 1,449 0.08

23,936 Cadence Design Systems 1,365 0.08

114,061 Hewlett Packard Enterprise 1,289 0.07

16,027 Keysight Technologies 1,282 0.07

7,148 ANSYS 1,235 0.07

24,956 Western Digital 1,136 0.06

9,892 Broadridge Financial Solutions 1,066 0.06


13,977 Akamai Technologies 1,032 0.06

52,654 Symantec 1,011 0.06

Portfolio Statement


201



14,709 Skyworks Solutions 910 0.05

12,301 Leidos Holdings 886 0.05

21,458 Seagate Technology 868 0.05

4,503 Arista Networks 846 0.05

7,673 Gartner 837 0.05

21,036 NetApp 833 0.05

10,653 Citrix Systems 817 0.05

12,363 Fortinet 797 0.04

6,576 Jack Henry & Associates 788 0.04

36,685 Western Union 670 0.04

22,850 DXC Technology 622 0.03

10,148 Qorvo 600 0.03

29,328 Juniper Networks 562 0.03

5,084 F5 Networks 538 0.03

11,534 FLIR Systems 470 0.03

16,645 Xerox Holdings 396 0.02

3,371 Alliance Data Systems 342 0.02

3,033 IPG Photonics 307 0.02

378,138 21.26

Financials - (13.84%) 165,051 Berkshire Hathaway 27,710 1.56


276,302 JPMorgan Chase 24,937 1.40

753,163 Bank of America 17,017 0.96

344,521 Wells Fargo 13,151 0.74

196,962 Citigroup 10,401 0.58


127,466 US Bancorp 5,518 0.31

30,490 CME Group (A) 5,433 0.31

38,999 Chubb 5,072 0.29

28,979 Goldman Sachs Group 4,871 0.27

20,960 S&P Global 4,515 0.25

38,451 PNC Financial Services Group 4,077 0.23

108,895 Morgan Stanley 3,717 0.21


43,553 Marsh & McLennan 3,570 0.20

10,134 BlackRock 3,535 0.20

20,486 AON 3,254 0.18

74,081 American International Group 3,212 0.18

101,200 Charles Schwab 3,158 0.18

49,740 Progressive Ohio 3,116 0.18

80,947 MetLife 2,952 0.17

39,997 Capital One Financial 2,850 0.16


63,495 Aflac 2,603 0.15


65,237 BB&T 2,556 0.14

14,050 Moodys 2,512 0.14

28,372 Allstate 2,397 0.13

34,581 Prudential Financial 2,273 0.13

37,802 SunTrust Banks 1,914 0.11

Portfolio Statement


202



20,142 T. Rowe Price Group 1,830 0.10

27,573 Discover Financial Services 1,823 0.10


30,790 Hartford Financial Services Group 1,492 0.08

54,015 Synchrony Financial 1,440 0.08

11,637 M&T Bank 1,416 0.08

7,212 MSCI 1,404 0.08

31,784 State Street 1,347 0.08

61,935 Fifth Third Bank 1,346 0.08

18,540 Northern Trust 1,337 0.08

11,405 Ameriprise Financial 1,210 0.07

12,922 Cincinnati Financial 1,203 0.07

85,880 KeyCorp 1,167 0.07

15,779 Arthur J. Gallaghar 1,158 0.07

39,040 Citizens Financial Group 1,080 0.06

14,035 First Republic Bank San Francisco 1,043 0.06

3,211 MarketAxess Holdings 1,040 0.06

86,301 Regions Financial 1,031 0.06

89,130 Huntington Bancshares 974 0.05

22,064 Principal Financial Group 970 0.05

9,515 Cboe Global Markets 929 0.05

22,852 Loews 908 0.05

9,880 Nasdaq 814 0.05

17,234 Lincoln National 751 0.04

4,456 SVB Financial Group 714 0.04

20,840 E Trade Financial 714 0.04

10,763 Raymond James Financial 696 0.04

3,469 Everest Reinsurance Group 688 0.04

13,131 Comerica 668 0.04

8,615 Torchmark 627 0.04

25,074 Franklin Resources 546 0.03

5,236 Assurant 528 0.03

15,550 Zions Bancorporation 524 0.03

34,119 Invesco 440 0.02

33,591 Peoples United Financial 399 0.02

18,047 Unum Group 379 0.02

21,581 Jefferies Financial Group 333 0.02

4,361 Affiliated Managers Group 273 0.02

243,254 13.68

Health Care - (14.74%) 226,142 Johnson & Johnson 23,959 1.35

219,293 Merck 15,716 0.88

80,945 UnitedHealth Group 15,425 0.87

472,870 Pfizer 13,806 0.78


114,193 Medtronic 10,172 0.57

51,951 Amgen 8,883 0.50

34,068 Thermo Fisher Scientific 8,041 0.45

125,916 AbbVie 6,888 0.39

73,594 Eli Lilly 6,825 0.38

53,662 Danaher 6,283 0.35

Portfolio Statement


203





110,649 CVS Health 5,499 0.31

22,974 Becton Dickinson 4,841 0.27

26,376 Stryker 4,835 0.27

60,070 Celgene 4,820 0.27

21,906 Anthem 4,702 0.26

40,769 Zoetis (A) 4,267 0.24


9,833 Intuitive Surgical 4,127 0.23

32,320 Cigna 4,073 0.23

26,245 Allergan 3,462 0.19

17,759 Edwards Lifesciences 3,230 0.18

21,815 Vertex Pharmaceuticals 3,227 0.18

16,515 Biogen 3,004 0.17

12,521 Illumina 2,948 0.17

40,411 Baxter International 2,922 0.16

11,501 Humana 2,656 0.15

22,741 HCA Healthcare 2,269 0.13

17,443 Zimmer Biomet 1,992 0.11

16,180 McKesson 1,843 0.10


7,325 IDEXX Laboratories 1,750 0.10

13,440 IQVIA Holdings 1,732 0.10

6,698 Regeneron Pharmaceuticals 1,608 0.09

27,717 Cerner 1,580 0.09

26,914 Agilent Technologies 1,573 0.09

12,213 ResMed 1,396 0.08

35,208 Centene 1,347 0.08

3,931 Teleflex 1,180 0.07

8,390 Laboratory Corporation of America Holdings 1,163 0.07

4,215 Cooper Companies 1,145 0.06

2,113 Mettler-Toledo International 1,141 0.06

15,160 Incyte 1,033 0.06

5,917 Waters 1,031 0.06

11,445 Quest Diagnostics 968 0.05

4,285 WellCare Health Plans 955 0.05

22,831 Hologic 927 0.05

6,201 Align Technology 922 0.05

13,247 AmerisourceBergen 896 0.05

25,387 Cardinal Health 887 0.05

19,929 Dentsply Sirona 856 0.05

7,059 Universal Health Services (B) 841 0.05

43,904 Mylan 722 0.04

7,746 Varian Medical Systems 683 0.04

9,447 PerkinElmer 649 0.04

12,697 Henry Schein 644 0.04

3,843 Abiomed 610 0.03

10,771 DaVita 494 0.03

10,656 Perrigo 413 0.02

14,846 Nektar Therapeutics 213 0.01

237,830 13.37

Portfolio Statement


204



Communication Services - (10.02%) 204,634 Facebook (A) 31,380 1.76

26,104 Alphabet (C) 25,728 1.45

25,504 Alphabet (A) 25,171 1.42

621,601 AT&T 18,051 1.01

148,689 Walt Disney 16,935 0.95


385,783 Comcast (A) 14,079 0.79

37,240 Netflix 9,134 0.51



62,194 Twitter 2,183 0.12

25,267 Electronic Arts 1,942 0.11

26,923 T-Mobile US 1,735 0.10

18,753 Omnicom Group 1,171 0.07

9,586 Take-Two Interactive Software 1,049 0.06

29,977 CBS (B) 1,049 0.06

30,182 Fox (A) 817 0.05

81,722 CenturyLink 763 0.04

30,710 Discovery (C) 663 0.04

30,121 Viacom (B) 626 0.04

19,652 Dish Network 548 0.03

32,966 Interpublic Group of Companies 545 0.03

32,837 News Corporation (A) 374 0.02

13,829 Fox (B) 371 0.02

13,445 Discovery (A) 308 0.02

8,816 TripAdvisor (A) 276 0.02

10,542 News Corporation 124 0.01

179,563 10.10

Consumer Discretionary - (9.87%) 35,225 Amazon.com 51,989 2.92

93,716 Home Depot 17,602 0.99

65,035 McDonalds 11,848 0.67

103,163 Starbucks 8,329 0.47

107,040 NIKE (B) 7,552 0.42

66,684 Lowes 6,202 0.35


103,288 TJX 4,729 0.27

43,638 Target 3,892 0.22

112,354 General Motors 3,427 0.19


31,296 Ross Stores 2,770 0.16

26,061 Yum! Brands 2,525 0.14

333,771 Ford Motor Company 2,513 0.14

23,540 Marriott International 2,445 0.14

69,778 eBay 2,337 0.13

6,667 OReilly Automotive 2,123 0.12

2,089 AutoZone 1,924 0.11

27,739 VF 1,909 0.11

24,791 Hilton Worldwide Holdings 1,896 0.11

20,236 Dollar Tree 1,632 0.09

Portfolio Statement


205



21,961 Aptiv 1,512 0.09

2,077 Chipotle Mexican Grill 1,448 0.08

4,730 Ulta Beauty 1,320 0.07

11,792 Expedia 1,267 0.07

14,642 Royal Caribbean Cruises 1,251 0.07

34,104 Carnival Corporation 1,240 0.07

28,924 D.R. Horton 1,177 0.07

10,474 Darden Restaurants 1,054 0.06

19,788 Best Buy 1,038 0.06

24,311 Lennar (A) 1,029 0.06

43,468 MGM Resorts International 1,011 0.06

14,155 CarMax 969 0.05

12,441 Genuine Parts 921 0.05

9,862 Hasbro 898 0.05

10,276 Tractor Supply 884 0.05

18,346 Norwegian Cruise Line Holdings 761 0.04

8,253 Wynn Resorts 725 0.04


10,328 Garmin 690 0.04

9,203 Tiffany & Company 650 0.04

5,395 Whirlpool 613 0.03

21,717 Pulte Group 604 0.03

26,744 LKQ 579 0.03

13,800 Kohls 538 0.03

5,243 Mohawk Industries 506 0.03

17,654 BorgWarner 478 0.03

33,154 Newell Brands 451 0.03

24,712 Tapestry 414 0.02

6,381 PVH 401 0.02

13,549 Harley-Davidson 352 0.02

17,315 H & R Block 349 0.02

30,788 Hanesbrands 347 0.02

11,181 Leggett & Platt 344 0.02

26,308 Macys 324 0.02

4,445 Ralph Lauren (A) 323 0.02

12,856 Capri Holdings 282 0.02

19,536 L Brands 268 0.02

16,014 Under Armour (A) 246 0.01

18,028 GAP 237 0.01

16,546 Under Armour (C) 232 0.01

8,957 Nordstrom 216 0.01

175,089 9.84

Industrials - (9.75%) 44,567 Boeing 13,356 0.75

61,985 Honeywell International 8,380 0.47

60,289 Union Pacific 8,059 0.45

69,087 United Technologies 7,397 0.42

20,937 Lockheed Martin 6,649 0.37

49,097 3M 6,504 0.37

59,411 United Parcel Service (B) 5,812 0.33

742,787 General Electric 4,972 0.28

48,709 Caterpillar 4,741 0.27

Portfolio Statement


206



14,463 Northrop Grumman 4,397 0.25

23,128 General Dynamics 3,620 0.20

65,474 CSX 3,599 0.20

23,724 Raytheon 3,581 0.20

27,000 Deere 3,492 0.20

18,859 Harris 3,324 0.19

33,278 Waste Management 3,281 0.18


25,528 Illinois Tool Works 3,125 0.18

8,845 Roper Technologies 2,662 0.15

20,419 Fedex 2,656 0.15

52,350 Emerson Electric 2,559 0.14

50,741 Delta Airlines 2,428 0.14

67,780 Johnson Controls International 2,387 0.13

36,037 Eaton 2,371 0.13

20,540 Ingersoll-Rand 2,039 0.11

13,940 Verisk Analytics 1,852 0.10

4,167 TransDigm Group 1,820 0.10

41,630 Southwest Airlines 1,799 0.10

30,984 IHS Markit 1,680 0.09

29,508 PACCAR 1,594 0.09

7,214 Cintas 1,577 0.09

12,341 Cummins 1,520 0.09

10,927 Parker-Hannifin 1,482 0.08

25,117 Fortive 1,467 0.08

12,907 Stanley Black & Decker 1,421 0.08

19,406 AMETEK 1,380 0.08

18,352 Republic Services 1,356 0.08

18,826 United Airlines Holdings 1,318 0.07

10,081 Rockwell Automation 1,260 0.07

10,291 Equifax 1,242 0.07

48,747 Fastenal 1,230 0.07

17,173 Copart 1,075 0.06

15,326 Xylem 967 0.05

12,378 Dover 944 0.05

6,457 IDEX 882 0.05

8,567 Kansas City Southern 882 0.05

15,584 Wabtec 870 0.05

14,650 Expeditors International of Washington 866 0.05

3,825 W.W. Grainger 864 0.05

25,003 Masco 849 0.05

11,632 C.H. Robinson Worldwide 808 0.05

33,721 American Airlines Group 733 0.04

19,825 Textron 730 0.04

34,008 Arconic 725 0.04

9,774 Jacobs Engineering Group 709 0.04

7,409 JB Hunt Transport Services 655 0.04

8,002 Allegion 633 0.04

6,697 United Rentals 616 0.03

3,539 Huntington Ingalls Industries 606 0.03

4,719 Snap-on Incorporated 579 0.03

30,279 Nielsen Holdings 523 0.03

Portfolio Statement


207



10,519 Alaska Air Group 521 0.03

11,914 Fortune Brands Home & Security 501 0.03

12,021 A.O. Smith 458 0.03

10,091 Robert Half International 445 0.03

13,469 Pentair 400 0.02

11,170 Flowserve 389 0.02

12,554 Rollins 339 0.02

12,102 Quanta Services 335 0.02

157,559 8.86

Consumer Staples - (7.06%) 213,645 Procter & Gamble 21,394 1.20

327,026 Coca-Cola 14,872 0.84

119,399 PepsiCo 13,421 0.75

119,143 Walmart 11,229 0.63

37,459 Costco Wholesale 9,177 0.52

132,514 Philip Morris International 7,961 0.45

159,354 Altria Group 5,826 0.33

122,688 Mondelez International 5,603 0.32



18,676 Estee Lauder Companies (A) 3,142 0.18

66,193 Walgreens Boots Alliance 2,755 0.15

40,275 Sysco 2,479 0.14

14,242 Constellation Brands (A) 2,408 0.14

51,001 General Mills 2,248 0.13

25,110 Tyson Foods (A) 1,903 0.11

33,335 Monster Beverage 1,587 0.09

11,864 Hershey 1,549 0.09

47,712 Archer Daniels Midland 1,487 0.08

10,848 Clorox 1,427 0.08

10,430 McCormick 1,406 0.08

20,971 Church & Dwight 1,385 0.08

68,708 Kroger 1,344 0.08

52,993 Kraft Heinz 1,109 0.06

21,171 Kellogg 1,102 0.06

41,387 Conagra Brands 978 0.05

9,688 J.M. Smucker 823 0.05

23,190 Hormel Foods 814 0.05

12,459 Lamb Weston Holdings 720 0.04

14,168 Brown Forman (B) 689 0.04

15,994 Molson Coors Brewing (B) 675 0.04

16,416 Campbell Soup 587 0.03

25,600 Coty (A) 198 0.01

130,212 7.32

Energy - (5.40%) 360,380 Exxon Mobil 20,374 1.15

162,249 Chevron 15,752 0.89

96,262 ConocoPhillips 4,158 0.23

117,977 Schlumberger 3,144 0.18

49,429 EOG Resources 3,042 0.17

35,576 Phillips 66 2,885 0.16

Portfolio Statement


208



165,819 Kinder Morgan 2,794 0.16

76,260 Occidental Petroleum 2,733 0.15


35,538 Valero Energy 2,209 0.12

35,156 ONEOK 2,057 0.12

103,211 Williams Companies 2,021 0.11

14,345 Pioneer Natural Resources 1,462 0.08

74,440 Halliburton 1,139 0.06

21,710 Hess 1,116 0.06

13,184 Diamondback Energy 1,074 0.06


43,856 Baker Hughes (A) 793 0.04

40,733 Noble Energy 766 0.04

35,874 TechnipFMC 732 0.04

69,665 Marathon Oil 701 0.04

35,364 Devon Energy 658 0.04

32,019 Apache 583 0.03

32,870 National Oilwell Varco 546 0.03

36,053 Cabot Oil & Gas 513 0.03

13,381 HollyFrontier 492 0.03

8,639 Cimarex Energy 302 0.02

9,413 Helmerich & Payne 290 0.02

75,627 4.25

Utilities - (3.21%) 40,793 NextEra Energy 7,454 0.42

62,011 Duke Energy 4,754 0.27

68,341 Dominion Energy 4,391 0.25

88,652 Southern Company 4,258 0.24

82,700 Exelon 3,194 0.18

42,028 American Electric Power 3,150 0.18

23,371 Sempra Energy 2,747 0.15

43,837 Xcel Energy 2,340 0.13

43,050 Public SVC Enterprise Group 2,137 0.12

26,867 WEC Energy Group 2,130 0.12

27,861 Consolidated Edison 2,029 0.11

27,349 Eversource Energy 1,817 0.10


15,605 DTE Energy 1,676 0.09

43,002 FirstEnergy 1,633 0.09

15,376 American Water Works 1,612 0.09

16,177 Entergy 1,511 0.08

61,474 PPL 1,489 0.08

20,919 Ameren 1,334 0.08

24,168 CMS Energy 1,259 0.07

20,791 Evergy 1,113 0.06

42,772 CenterPoint Energy 976 0.05

9,964 Atmos Energy 905 0.05

20,127 Alliant Energy 874 0.05

31,779 NiSource 773 0.04

9,563 Pinnacle West Capital 753 0.04

56,532 AES 706 0.04

21,549 NRG Energy 635 0.04

Portfolio Statement


209



59,448 3.34

Real Estate - (2.94%) 37,649 American Tower 7,169 0.40

35,410 Crown Castle International 4,270 0.24

53,727 Prologis 3,717 0.21

7,161 Equinix 3,299 0.19

26,318 Simon Property Group 3,225 0.18

12,784 Public Storage 2,770 0.16

34,490 Welltower 2,556 0.14

31,554 Equity Residential 2,198 0.12

9,646 SBA Communications (A) 2,093 0.12

11,874 AvalonBay Communities 2,081 0.12

31,464 Ventas 1,914 0.11

17,740 Digital Realty Trust 1,812 0.10

26,814 Realty Income 1,638 0.09

5,597 Essex Property Trust 1,487 0.08

13,161 Boston Properties 1,393 0.08

63,436 Weyerhaeuser 1,368 0.08

9,619 Alexandria Real Estate Equities 1,187 0.07

40,712 HCP 1,169 0.07

26,637 CBRE Group (A) 1,137 0.06

10,856 Extra Space Storage 1,087 0.06

9,710 Mid-America Apartment Communities 1,018 0.06

24,002 UDR 954 0.05

30,614 Duke Realty 842 0.05

63,105 Host Hotels & Resorts 833 0.05

14,233 Regency Centers Corporation (REIT) 757 0.04

14,786 Vornado Realty Trust 736 0.04

6,380 Federal Realty Investment Trust 683 0.04

24,435 Iron 643 0.04

35,947 Kimco Realty 548 0.03

12,676 Apartment Investment & Management (A) 535 0.03

7,182 SL Green Realty 470 0.03

9,022 Macerich 210 0.01

55,799 3.14

Materials - (2.68%) 46,230 Linde 7,166 0.40

21,605 Ecolab 3,695 0.21

18,750 Air Products & Chemicals 3,477 0.20


6,919 Sherwin Williams 2,998 0.17

69,811 Newmont Goldcorp 2,313 0.13

63,780 Dow 2,233 0.13

28,512 Ball 1,895 0.11

20,110 PPG Industries 1,830 0.10

63,780 Corteva 1,565 0.09


11,251 Vulcan Materials 1,307 0.07

5,322 Martin Marietta Materials 1,113 0.06

138,245 Amcor 1,112 0.06

33,843 International Paper 1,080 0.06

Portfolio Statement


210



25,960 Nucor 1,047 0.06

10,784 Celanese 996 0.06

123,557 Freeport McMoran 931 0.05

11,214 FMC 792 0.04

8,633 International Flavors & Fragrances 776 0.04

18,830 CF Industries Holdings 751 0.04

7,190 Avery Dennison 683 0.04

8,048 Packaging of America 665 0.04

11,803 Eastman Chemical 630 0.04

21,893 WestRock 617 0.03

30,230 Mosaic 459 0.03

9,025 Albemarle 451 0.03

13,262 Sealed Air 438 0.02

45,942 2.58

Forward Foreign Exchange Contracts - (0.00%) (69,638,607) Bought GBP sold USD @ 1.2076 for settlement 16 September 2019 514 0.03

(8,427,458) Bought GBP sold USD @ 1.2103 for settlement 16 September 2019 47 0.00

(2,192,699) Bought GBP sold USD @ 1.2104 for settlement 16 September 2019 12 0.00

1,599,671 Bought GBP sold USD @ 1.2263 for settlement 16 September 2019 (2) 0.00

(1,624,390) Bought USD sold GBP @ 0.8219 for settlement 16 September 2019 (8) 0.00

563 0.03


812 0.05



Net assets 1,778,562 100.00


Portfolio Statement


211




281,498 Microsoft 32,129 2.38

178,057 Apple 30,767 2.28

16,203 Amazon.com 23,914 1.77

93,035 Facebook (A) 14,267 1.06

12,153 Alphabet (C) 11,978 0.89

11,573 Alphabet (A) 11,422 0.85

125,467 JPMorgan Chase 11,324 0.84

102,663 Johnson & Johnson 10,877 0.81

66,996 Visa (A) 10,027 0.74

96,940 Procter & Gamble 9,707 0.72

163,377 Exxon Mobil 9,236 0.68

50,124 Berkshire Hathaway 8,415 0.62

282,252 AT&T 8,197 0.61

35,121 MasterCard (A) 8,164 0.61

42,628 Home Depot 8,006 0.59

69,687 Walt Disney 7,937 0.59

349,956 Bank of America 7,907 0.59


73,567 Chevron 7,142 0.53

99,589 Merck 7,137 0.53

156,673 Coca-Cola 7,125 0.53

36,776 UnitedHealth Group 7,008 0.52

173,214 Intel 6,708 0.50

165,828 Cisco Systems 6,477 0.48

175,768 Comcast (A) 6,414 0.48

165,519 Wells Fargo 6,318 0.47

214,821 Pfizer 6,272 0.46

20,700 Boeing 6,204 0.46

54,118 PepsiCo 6,083 0.45

29,558 McDonalds 5,385 0.40

55,416 Walmart 5,223 0.39


89,233 Citigroup 4,712 0.35

51,770 Medtronic 4,612 0.34

18,935 Adobe 4,483 0.33

17,029 Costco Wholesale 4,172 0.31

16,980 Netflix 4,165 0.31


23,639 Amgen 4,042 0.30

24,549 Accenture (A) 4,031 0.30

92,590 Oracle 3,990 0.30


34,288 International Business Machines 3,823 0.28

47,125 Starbucks 3,805 0.28

28,053 Honeywell International 3,793 0.28

36,401 Texas Instruments 3,717 0.28

27,400 Union Pacific 3,663 0.27

15,477 Thermo Fisher Scientific 3,653 0.27

60,207 Philip Morris International 3,617 0.27

15,324 Broadcom 3,589 0.27

Portfolio Statement


212



48,817 NIKE (B) 3,444 0.26

31,792 United Technologies 3,404 0.25

18,445 NextEra Energy 3,371 0.25

17,075 American Tower 3,251 0.24

33,916 Eli Lilly 3,145 0.23

57,354 AbbVie 3,137 0.23

9,837 Lockheed Martin 3,124 0.23

22,481 NVIDIA 3,102 0.23

47,068 Qualcomm 2,973 0.22

22,329 3M 2,958 0.22

24,871 Danaher 2,912 0.22

30,846 Lowes 2,869 0.21




72,415 Altria Group 2,648 0.20

27,048 United Parcel Service (B) 2,646 0.20


58,642 US Bancorp 2,538 0.19


55,385 Mondelez International 2,529 0.19

50,462 CVS Health 2,508 0.19

13,865 CME Group (A) 2,470 0.18

13,025 Stryker 2,388 0.18

10,062 Intuit 2,386 0.18

16,865 Automatic Data Processing 2,361 0.18

17,666 Chubb 2,298 0.17

338,515 General Electric 2,266 0.17

10,492 Becton Dickinson 2,211 0.16

27,320 Celgene 2,192 0.16

22,257 Caterpillar 2,166 0.16

12,842 Goldman Sachs Group 2,159 0.16

47,088 TJX 2,156 0.16

28,096 Duke Energy 2,154 0.16

9,970 Anthem 2,140 0.16


9,400 S&P Global 2,025 0.15

31,003 Dominion Energy 1,992 0.15

22,373 Fiserv 1,989 0.15


18,583 Zoetis (A) 1,945 0.14

16,120 Crown Castle International 1,944 0.14

40,163 Southern Company 1,929 0.14


6,265 Northrop Grumman 1,905 0.14

44,038 ConocoPhillips 1,902 0.14

4,511 Intuitive Surgical 1,893 0.14

14,730 Cigna 1,856 0.14

17,405 PNC Financial Services Group 1,845 0.14

19,884 Target 1,774 0.13

10,078 Ecolab 1,724 0.13

24,485 Prologis 1,694 0.13

Portfolio Statement


213




12,653 Allergan 1,669 0.12

48,611 Morgan Stanley 1,659 0.12

10,888 Raytheon 1,643 0.12

16,420 Waste Management 1,619 0.12

29,461 CSX 1,619 0.12

19,753 Marsh & McLennan 1,619 0.12


8,528 Air Products & Chemicals 1,581 0.12

7,215 ServiceNow 1,578 0.12

4,515 BlackRock 1,575 0.12

42,630 Micron Technology 1,574 0.12


12,502 Illinois Tool Works 1,530 0.11

8,660 Harris 1,527 0.11

49,889 General Motors 1,522 0.11

3,266 Equinix 1,505 0.11

9,578 General Dynamics 1,499 0.11

11,560 Deere 1,495 0.11

9,324 AON 1,481 0.11

9,982 Vertex Pharmaceuticals 1,476 0.11

12,035 Simon Property Group 1,475 0.11

8,094 Edwards Lifesciences 1,472 0.11


46,943 Charles Schwab 1,465 0.11

33,781 American International Group 1,465 0.11

37,794 Exelon 1,460 0.11

8,538 Estee Lauder Companies (A) 1,437 0.11

19,044 American Electric Power 1,427 0.11

22,651 Progressive Ohio 1,419 0.11

17,447 Phillips 66 1,415 0.10

53,064 Schlumberger 1,414 0.10

36,143 Applied Materials 1,413 0.10

22,637 EOG Resources 1,393 0.10

3,180 Sherwin Williams 1,378 0.10

7,489 Biogen 1,362 0.10

5,716 Illumina 1,346 0.10

18,554 Baxter International 1,342 0.10

79,263 Kinder Morgan 1,336 0.10

6,070 Public Storage 1,315 0.10

14,445 Analog Devices 1,301 0.10


17,920 Capital One Financial 1,277 0.09

30,523 Walgreens Boots Alliance 1,271 0.09

14,248 Ross Stores 1,261 0.09

9,634 Fedex 1,253 0.09



34,243 Occidental Petroleum 1,227 0.09

10,400 Sempra Energy 1,223 0.09

4,043 Roper Technologies 1,217 0.09

5,173 Humana 1,195 0.09

Portfolio Statement


214



28,866 Aflac 1,183 0.09

6,584 Moodys 1,177 0.09

15,725 Welltower 1,165 0.09

11,147 Marriott International 1,158 0.09

23,566 Emerson Electric 1,152 0.09

18,698 Sysco 1,151 0.09

29,282 BB&T 1,147 0.09

11,796 Yum! Brands 1,143 0.08


33,641 eBay 1,127 0.08

30,753 MetLife 1,122 0.08

148,752 Ford Motor Company 1,120 0.08


16,862 Eaton 1,109 0.08

12,997 Allstate 1,098 0.08

6,374 Constellation Brands (A) 1,078 0.08

30,288 Johnson Controls International 1,067 0.08

19,680 Xcel Energy 1,051 0.08

10,411 HCA Healthcare 1,039 0.08

39,949 Advanced Micro Devices 1,038 0.08


15,542 Prudential Financial 1,022 0.08

29,168 Dow 1,021 0.08

22,780 General Mills 1,004 0.07

30,236 Newmont Goldcorp 1,002 0.07

5,815 Lam Research 998 0.07

16,012 Valero Energy 995 0.07

8,428 Autodesk 993 0.07

6,354 Workday (A) 985 0.07

12,972 TE Connectivity 984 0.07

27,987 Twitter 982 0.07

14,071 Equity Residential 980 0.07

3,008 OReilly Automotive 958 0.07

19,271 Public SVC Enterprise Group 957 0.07

11,993 WEC Energy Group 951 0.07

6,271 Motorola Solutions 939 0.07

4,291 SBA Communications (A) 931 0.07

15,851 ONEOK 927 0.07

5,282 AvalonBay Communities 926 0.07

9,185 Ingersoll-Rand 912 0.07

46,386 Williams Companies 908 0.07

4,943 Tesla 905 0.07

7,854 Zimmer Biomet 897 0.07

12,230 Consolidated Edison 891 0.07

12,868 VF 886 0.07

960 AutoZone 884 0.07

11,428 Electronic Arts 878 0.07

58,441 HP 874 0.06

13,470 T-Mobile US 868 0.06

16,980 SunTrust Banks 860 0.06

11,321 Tyson Foods (A) 858 0.06

12,480 Paychex 844 0.06

Portfolio Statement


215



12,760 Discover Financial Services 844 0.06

6,106 Global Payments 835 0.06

7,324 McKesson 834 0.06

13,679 Ventas 832 0.06

11,492 Amphenol (A) 832 0.06

9,117 T. Rowe Price Group 828 0.06

6,428 IQVIA Holdings 828 0.06

10,797 Hilton Worldwide Holdings 826 0.06

9,061 PPG Industries 825 0.06

9,628 Xilinx 823 0.06

3,304 FLEETCOR Technologies 817 0.06

1,869 TransDigm Group 817 0.06

7,968 Digital Realty Trust 814 0.06

12,170 Eversource Energy 808 0.06

12,129 Ball 806 0.06

13,429 Edison International 801 0.06

8,640 Alexion Pharmaceuticals 801 0.06

4,943 Willis Towers Watson 798 0.06

3,326 IDEXX Laboratories 795 0.06

5,960 Verisk Analytics 792 0.06

14,551 IHS Markit 789 0.06

20,462 FirstEnergy 777 0.06

10,156 Waste Connection (US) 766 0.06

12,431 Realty Income 759 0.06

6,278 KLA 759 0.06

3,447 Cintas 753 0.06

6,962 DTE Energy 748 0.06

3,110 Regeneron Pharmaceuticals 747 0.06

15,615 Monster Beverage 743 0.06

9,147 Dollar Tree 738 0.05

5,645 Hershey 737 0.05

6,946 American Water Works 728 0.05

13,237 PACCAR 715 0.05

12,198 Agilent Technologies 713 0.05

6,433 Total System Services 711 0.05

12,452 Cerner 710 0.05

4,174 VeriSign 710 0.05

1,398 Costa Rica Group 709 0.05

28,796 Corteva 707 0.05

1,013 Chipotle Mexican Grill 706 0.05

5,725 Cummins 705 0.05

5,034 Veeva Systems (A) 701 0.05

10,033 Aptiv 691 0.05

30,093 Corning 689 0.05

7,370 Entergy 688 0.05

5,050 Parker-Hannifin 685 0.05

5,857 Synopsys 684 0.05

13,164 Square (A) 684 0.05

2,541 Essex Property Trust 675 0.05

21,664 Archer Daniels Midland 675 0.05

27,886 PPL 675 0.05

11,547 Fortive 674 0.05

Portfolio Statement


216



13,861 Hartford Financial Services Group 672 0.05

10,638 LyondellBasell Industries 662 0.05

4,310 lululemon athletica 662 0.05

6,473 Pioneer Natural Resources 660 0.05

4,998 Clorox 658 0.05

9,146 Microchip Technology 654 0.05

24,453 Synchrony Financial 652 0.05

5,818 Stanley Black & Decker 641 0.05

29,492 Fifth Third Bank 641 0.05

3,050 InterActiveCorp 640 0.05

6,012 Boston Properties 636 0.05

8,586 Republic Services 634 0.05

4,691 McCormick 633 0.05

3,253 MSCI 633 0.05

5,502 ResMed 629 0.05

8,810 AMETEK 627 0.05

9,463 Church & Dwight 625 0.05

28,976 Weyerhaeuser 625 0.05

14,696 State Street 623 0.05

5,118 M&T Bank 623 0.05

13,654 Las Vegas Sands 622 0.05

10,885 Cadence Design Systems 621 0.05

2,189 Ulta Beauty 611 0.05

9,544 Ameren 609 0.05

15,819 Centene 605 0.04

53,359 Hewlett Packard Enterprise 603 0.04

3,638 Palo Alto Networks 602 0.04

30,739 Kroger 601 0.04

6,939 Royal Caribbean Cruises 593 0.04

16,269 Carnival Corporation 591 0.04

5,079 Vulcan Materials 590 0.04

3,414 ANSYS 590 0.04

11,256 CMS Energy 586 0.04

12,016 Brown Forman (B) 584 0.04

4,832 Equifax 583 0.04

4,653 Rockwell Automation 582 0.04

8,073 Northern Trust 582 0.04

7,258 Keysight Technologies 581 0.04

5,357 Expedia 576 0.04

13,787 D.R. Horton 561 0.04

22,203 Fastenal 560 0.04

5,271 Ameriprise Financial 559 0.04

5,927 Cincinnati Financial 552 0.04

8,769 Omnicom Group 548 0.04

1,818 Teleflex 546 0.04

4,422 Alexandria Real Estate Equities 546 0.04

10,575 Hess 544 0.04

5,715 CDW 542 0.04

12,599 CBRE Group (A) 538 0.04

25,649 Kraft Heinz 537 0.04

18,630 HCP 535 0.04

39,394 KeyCorp 535 0.04

Portfolio Statement


217



5,735 Splunk 533 0.04

9,915 Evergy 531 0.04

34,462 Halliburton 527 0.04

3,799 Laboratory Corporation of America Holdings 527 0.04

10,047 Kellogg 523 0.04

7,093 Arthur J. Gallaghar 520 0.04

1,912 Cooper Companies 519 0.04

957 Mettler-Toledo International 517 0.04

11,268 Western Digital 513 0.04

15,674 Arch Capital Group 512 0.04

7,389 Transunion 510 0.04

18,386 Citizens Financial Group 509 0.04

536 Markel 507 0.04

2,425 Martin Marietta Materials 507 0.04

5,020 Extra Space Storage 503 0.04

6,074 Diamondback Energy 495 0.04

7,913 Copart 495 0.04

3,464 Dexcom 492 0.04

9,381 Best Buy 492 0.04

6,651 W.P. Carey 490 0.04

4,539 Broadridge Financial Solutions 489 0.04

4,858 Darden Restaurants 489 0.04

4,828 Exact Sciences 488 0.04

6,578 Akamai Technologies 486 0.04

40,536 Regions Financial 484 0.04

6,513 First Republic Bank San Francisco 484 0.04

24,066 Marvell Technology Group 481 0.04

7,058 Incyte 481 0.04

10,931 Principal Financial Group 480 0.04

15,047 International Paper 480 0.04

11,907 Nucor 480 0.04

4,375 Take-Two Interactive Software 479 0.04

1,480 MarketAxess Holdings 479 0.04

2,741 Waters 478 0.04

24,802 Symantec 476 0.04

4,542 Mid-America Apartment Communities 476 0.04

10,651 Maxim Integrated Products 475 0.04

43,424 Huntington Bancshares 474 0.04

5,134 Celanese 474 0.04

11,170 Lennar (A) 473 0.04

20,172 MGM Resorts International 469 0.03

4,277 Twilio (A) 467 0.03

7,717 Concho Resources 463 0.03

7,335 Xylem 463 0.03

6,048 Dover 461 0.03

11,561 UDR 459 0.03

13,045 CBS (B) 457 0.03

6,625 CarMax 453 0.03

19,817 CenterPoint Energy 452 0.03

9,054 Cheniere Energy 449 0.03

10,944 Hologic 445 0.03

18,727 Conagra Brands 442 0.03

Portfolio Statement


218



3,612 Sun Communities 441 0.03

5,198 Quest Diagnostics 440 0.03

3,199 IDEX 437 0.03

2,915 Align Technology 433 0.03

6,997 BioMarin Pharmaceutical 431 0.03

4,094 Okta (A) 430 0.03

4,712 Hasbro 429 0.03

10,765 Loews 428 0.03

4,979 Tractor Supply 428 0.03

1,890 W.W. Grainger 427 0.03

1,912 WellCare Health Plans 426 0.03

5,723 Genuine Parts 424 0.03

2,018 Paycom Software 424 0.03

16,303 Ally Financial 423 0.03

7,126 Expeditors International of Washington 421 0.03

55,722 Freeport McMoran 420 0.03

19,574 KKR (A) 420 0.03

6,767 Skyworks Solutions 419 0.03

17,501 Invitation Homes 418 0.03

4,590 Atmos Energy 417 0.03

2,451 Burlington Stores 416 0.03

4,035 Kansas City Southern 415 0.03

6,090 AmerisourceBergen 412 0.03

9,459 Alliant Energy 411 0.03

5,347 Citrix Systems 410 0.03

7,288 Wabtec 407 0.03

11,946 Masco 406 0.03

11,515 Cardinal Health 402 0.03

4,056 Cboe Global Markets 396 0.03

3,202 Roku (A) 396 0.03

10,893 TD Ameritrade 395 0.03

4,679 Nasdaq 386 0.03

2,048 Arista Networks 385 0.03

18,091 Liberty Global (C) 385 0.03

29,095 Host Hotels & Resorts 384 0.03

4,498 J.M. Smucker 382 0.03

9,652 NetApp 382 0.03

5,358 FMC 379 0.03

10,734 Hormel Foods 377 0.03

126 NVR 377 0.03

7,125 GoDaddy 375 0.03

9,248 Seagate Technology 374 0.03

54,190 Annaly Capital Management 372 0.03

5,127 Jacobs Engineering Group 372 0.03

5,770 Fortinet 372 0.03

8,935 Norwegian Cruise Line Holdings 371 0.03

20,455 Baker Hughes (A) 370 0.03

15,223 NiSource 370 0.03

5,530 Garmin 370 0.03

8,527 Dentsply Sirona 366 0.03

13,253 Duke Realty 365 0.03

10,047 Fidelity National Financial 365 0.03

Portfolio Statement


219



5,041 Leidos Holdings 363 0.03

38,895 CenturyLink 363 0.03

8,316 Lincoln National 363 0.03

4,610 Pinnacle West Capital 363 0.03

3,042 Universal Health Services (B) 362 0.03

7,268 Vornado Realty Trust 362 0.03

3,291 Gartner 359 0.03

3,200 VMware (A) 359 0.03

10,461 E Trade Financial 358 0.03

1,585 FactSet Research Systems 355 0.03

27,099 Snap (A) 353 0.03

3,137 Equity LifeStyle Properties 351 0.03

2,206 EPAM Systems 350 0.03

3,899 International Flavors & Fragrances 350 0.03

2,603 Old Dominion Freight Lines 349 0.03

5,025 C.H. Robinson Worldwide 349 0.03

2,181 SVB Financial Group 349 0.03

2,853 Jack Henry & Associates 342 0.03

3,181 Federal Realty Investment Trust 341 0.03


1,971 Zebra Technologies (A) 340 0.03

33,535 Marathon Oil 338 0.03

15,845 Arconic 338 0.03

3,884 Liberty Broadband (C) 336 0.02

12,400 Fox (A) 336 0.02

26,786 AES 335 0.02

8,443 UGI 334 0.02

17,707 Noble Energy 333 0.02

7,821 Molson Coors Brewing (B) 330 0.02

532 Alleghany 330 0.02

4,659 Tiffany & Company 329 0.02

6,162 Regency Centers Corporation (REIT) 328 0.02

8,188 CF Industries Holdings 326 0.02

17,762 Western Union 325 0.02

2,588 Reinsurance Group of America 325 0.02

4,088 Allegion 324 0.02

1,626 Everest Reinsurance Group 322 0.02

15,755 TechnipFMC 321 0.02

3,580 Camden Property Trust 320 0.02

8,329 SS&C Technologies 318 0.02

39,766 VEREIT 317 0.02

8,610 Textron 317 0.02

5,322 W.R. Berkley 316 0.02

61,007 Sirius XM Holdings 313 0.02

4,528 PerkinElmer 311 0.02

3,539 Wynn Resorts 311 0.02

5,369 Lamb Weston Holdings 310 0.02

18,809 Mylan 309 0.02

5,419 Live Nation Entertainment 308 0.02

4,729 Raymond James Financial 306 0.02

5,550 Crown Holdings 304 0.02

14,183 Elanco Animal Health 304 0.02

Portfolio Statement


220



8,994 Aramark 302 0.02

4,437 Alnylam Pharmaceuticals 302 0.02

10,238 NRG Energy 302 0.02

16,054 Devon Energy 299 0.02

6,249 Delta Airlines 299 0.02

5,847 Comerica 297 0.02

2,583 Whirlpool 294 0.02

8,299 OGE Energy 294 0.02

3,324 Varian Medical Systems 293 0.02

3,083 Avery Dennison 293 0.02

15,202 Juniper Networks 291 0.02

1,472 Vail Resorts 290 0.02

3,981 Torchmark 290 0.02

3,483 Packaging of America 288 0.02

9,242 Trimble 287 0.02

10,541 DXC Technology 287 0.02

4,847 Qorvo 286 0.02

17,320 Interpublic Group of Companies 286 0.02

2,670 F5 Networks 283 0.02

3,180 JB Hunt Transport Services 281 0.02

5,515 Henry Schein 280 0.02

5,253 Ionis Pharmaceuticals 278 0.02

5,975 National Retail Properties 276 0.02

5,172 Eastman Chemical 276 0.02

1,320 Lennox International 275 0.02

10,456 Iron 275 0.02

9,130 Targa Resources 268 0.02

9,623 Pulte Group 268 0.02

17,608 Kimco Realty 268 0.02

12,912 Viacom (B) 268 0.02

2,908 United Rentals 268 0.02

1,783 RenaissanceRe Holdings 267 0.02

13,260 Vistra Energy 267 0.02

1,422 Dominos Pizza 265 0.02

9,309 WestRock 262 0.02

1,643 Abiomed 261 0.02

1,524 Huntington Ingalls Industries 261 0.02

15,712 National Oilwell Varco 261 0.02

3,884 Spirit AeroSystems Holdings (A) 258 0.02

6,317 Voya Financial 258 0.02

9,144 Zayo Group Holdings 254 0.02

6,520 Kohls 254 0.02

2,504 Assurant 252 0.02

7,482 Liberty Media Group (C) 251 0.02

11,568 LKQ 250 0.02

13,754 Apache 250 0.02

2,035 Snap-on Incorporated 250 0.02

4,122 Seattle Genetics 249 0.02

11,548 Discovery (C) 249 0.02

5,840 Fortune Brands Home & Security 246 0.02

5,641 Bunge 245 0.02

11,237 Franklin Resources 245 0.02

Portfolio Statement


221



6,623 HollyFrontier 244 0.02

2,290 Jazz Pharmaceuticals 242 0.02

5,617 Liberty Property Trust 242 0.02

17,645 Newell Brands 240 0.02

19,427 AGNC Investment 238 0.02

2,842 American Financial Group Ohio 236 0.02

16,611 Cabot Oil & Gas 236 0.02

6,947 Zions Bancorporation 234 0.02

8,398 Dish Network 234 0.02

6,941 Liberty Sirius Group (C) 234 0.02

6,328 Cognex 233 0.02

2,544 HEICO (A) 233 0.02

4,912 SEI Investments 232 0.02

6,098 Sensata Technologies Holding 228 0.02

4,144 PTC 225 0.02

5,891 A.O. Smith 225 0.02

12,976 Nielsen Holdings 224 0.02

15,041 ON Semiconductor 222 0.02

5,119 Southwest Airlines 221 0.02

3,824 XPO Logistics 221 0.02

14,550 Mosaic 221 0.02

2,931 Sarepta Therapeutics 220 0.02

2,255 Mohawk Industries 218 0.02

4,916 Robert Half International 217 0.02

2,272 Signature Bank of New York 217 0.02

5,620 Dell Technologies (C) 217 0.02

4,280 Albemarle 214 0.02

7,905 Fox (B) 212 0.02

1,658 Mongodb (A) 211 0.02

3,695 Arrow Electronics 211 0.02

5,806 Campbell Soup 208 0.02

2,281 Middleby 208 0.02

1,870 Jones Lang LaSalle 207 0.02

7,643 BorgWarner 207 0.02

5,058 FLIR Systems 206 0.02

2,939 United Airlines Holdings 206 0.02

1,711 HEICO 206 0.02

3,128 SL Green Realty 205 0.02

2,182 Wayfair (A) 205 0.02

3,650 Autoliv 205 0.02

6,813 Pentair 202 0.01

6,271 HD Supply Holdings 201 0.01

10,153 Sabre 198 0.01

1,803 WABCO Holdings 198 0.01

7,265 Uber Technologies 197 0.01

2,170 Lear 196 0.01

4,285 DaVita 196 0.01

5,590 Flowserve 195 0.01

8,459 Discovery (A) 194 0.01

11,524 Tapestry 193 0.01

9,150 Unum Group 192 0.01

6,241 Leggett & Platt 192 0.01

Portfolio Statement


222



14,732 Invesco 190 0.01

6,002 Athene Holding (A) 190 0.01

5,382 Eaton Vance 189 0.01

5,729 Sealed Air 189 0.01

10,968 AXA Equitable Holdings 187 0.01

2,969 PVH 186 0.01

2,927 Ingredion 184 0.01

5,513 East West Bancorp 184 0.01

8,367 Liberty Global (A) 182 0.01

3,842 Owens Corning 182 0.01

15,283 Peoples United Financial 181 0.01

8,120 Steel Dynamics 181 0.01

1,732 Acuity Brands 179 0.01

15,769 Hanesbrands 178 0.01

7,424 Axalta Coating Systems 177 0.01

3,601 Grubhub 175 0.01

4,525 Perrigo 175 0.01

11,376 Jefferies Financial Group 175 0.01

7,268 Xerox Holdings 173 0.01

1,667 Alliance Data Systems 169 0.01

4,625 CDK Global 168 0.01

28,629 Sprint 161 0.01

897 Erie Indemnity (A) 160 0.01

13,405 News Corporation (A) 153 0.01

9,916 Parsley Energy (A) 148 0.01

5,617 Harley-Davidson 146 0.01

7,179 H & R Block 145 0.01

18,381 Flex 145 0.01

2,112 ManpowerGroup 142 0.01

5,143 Rollins 139 0.01

2,029 Polaris Industries 137 0.01

3,571 Docusign 137 0.01

3,870 CIT Group 137 0.01

1,852 Ralph Lauren (A) 135 0.01

10,770 Macys 133 0.01

3,785 Cimarex Energy 132 0.01

1,297 IPG Photonics 131 0.01

14,192 Qurate Retail (A) 127 0.01

4,526 Knight-Swift Transportation Holdings (A) 125 0.01

5,210 Altice USA (A) 124 0.01

4,434 Zillow Group (C) 124 0.01

3,874 Helmerich & Payne 119 0.01

3,730 TripAdvisor (A) 117 0.01

5,284 Capri Holdings 116 0.01

1,824 Affiliated Managers Group 114 0.01

8,195 L Brands 112 0.01

7,241 Under Armour (A) 111 0.01

8,020 GAP 105 0.01

3,673 Brighthouse Financial 105 0.01

6,687 Dropbox (A) 99 0.01

4,115 Nordstrom 99 0.01

5,467 Plains GP Holdings (A) 98 0.01

Portfolio Statement


223



5,479 Alkermes 95 0.01

6,556 Under Armour (C) 92 0.01

3,960 Macerich 92 0.01

6,057 Nektar Therapeutics 87 0.01

306 AMERCO 87 0.01

3,933 American Airlines Group 86 0.01

2,548 Liberty Sirius Group (A) 85 0.01

3,352 Continental Resources 83 0.01

10,565 Coty (A) 82 0.01

4,913 Fluor 70 0.01

1,348 Westlake Chemical 65 0.00

860,605 63.80

Japan - (7.98%) 88,576 Toyota Motor 4,779 0.35

64,200 SoftBank Group 2,401 0.18

49,400 Sony 2,312 0.17

478,700 Mitsubishi UFJ Financial Group 1,894 0.14

3,500 Keyence 1,705 0.13

57,781 Takeda Pharmaceutical 1,607 0.12

67,900 KDDI 1,493 0.11

51,200 Sumitomo Mitsui Financial Group 1,383 0.10

4,300 Nintendo 1,342 0.10

62,600 Honda Motor 1,225 0.09

21,700 Daiichi Sankyo Kabushik Kaisha 1,180 0.09

13,900 Shin-Etsu Chemical 1,154 0.09

45,500 Recruit Holdings 1,135 0.08

18,900 Kao 1,124 0.08

932,200 Mizuho Financial Group 1,117 0.08

2,300 Fast Retailing 1,110 0.08

7,500 Fanuc 1,073 0.08

51,300 NTT Docomo 1,067 0.08

24,800 Tokio Marine Holdings 1,052 0.08

15,500 Shiseido 1,044 0.08

37,000 Hitachi 1,041 0.08

51,800 Mitsubishi 1,038 0.08

14,700 Hoya 985 0.07

24,800 Nippon Telegraph & Telephone 980 0.07

9,600 Daikin Industries 978 0.07

12,000 East Japan Railway 941 0.07

7,800 Oriental Land 934 0.07

8,600 Nidec 924 0.07

5,600 Central Japan Railway 912 0.07

6,100 Tokyo Electron 899 0.07

29,500 Seven & I Holdings 858 0.06

51,400 ITOCHU 844 0.06

73,100 Astellas Pharma 834 0.06

38,900 Canon 833 0.06

64,500 Mitsui 831 0.06

46,400 Japan Tobacco 809 0.06

22,000 Murata Manufacturing 760 0.06

64,000 SoftBank Group Corp. 740 0.05

45,700 Mitsubishi Estate 721 0.05

Portfolio Statement


224



71,000 Mitsubishi Electric 706 0.05

21,900 Bridgestone 688 0.05

34,800 Mitsui Fudosan 686 0.05

2,200 SMC 685 0.05

52,100 ORIX 634 0.05

35,800 Komatsu 626 0.05

12,600 Kyocera 617 0.05

25,300 Terumo 605 0.04

17,100 Denso 590 0.04

8,200 Secom 576 0.04

46,500 Sumitomo 574 0.04

22,200 Daiwa House Industry 574 0.04

87,800 Panasonic 558 0.04

14,300 Asahi Group Holdings 549 0.04

21,500 Toshiba 549 0.04

24,200 Subaru 534 0.04

15,600 Otsuka Holdings 528 0.04

32,300 Kirin Holdings 525 0.04

8,800 Chugai Pharmaceutical 518 0.04

14,000 Fujifilm Holdings 494 0.04

7,700 Fujitsu 490 0.04

18,700 MS&AD Insurance Group Holdings 489 0.04

40,600 Kubota 480 0.04

42,700 Dai-ichi Life Holdings 479 0.04

10,700 Shionogi 472 0.03

91,100 Nissan Motor 464 0.03

14,300 Suzuki Motor 454 0.03

60,000 Japan Post Holdings 449 0.03

13,500 Sompo Holdings 444 0.03

6,300 West Japan Railway 437 0.03

45,000 Olympus 434 0.03

125,400 JXTG Holdings 427 0.03

13,400 Sumitomo Realty & Development 415 0.03

16,300 Unicharm 413 0.03

9,700 Eisai 408 0.03

122,800 Nomura Holdings 408 0.03

27,400 Aeon 400 0.03

12,900 Mitsubishi Heavy Industries 399 0.03

51,200 Asahi Kasei 381 0.03

32,600 Nippon Steel & Sumitomo Metal 375 0.03

13,700 Sumitomo Mitsui Trust Holdings 369 0.03

7,400 Bandai Namco Holdings 358 0.03

3,000 Nitori Holdings 356 0.03

3,000 Shimano 355 0.03

67,200 Marubeni 353 0.03

23,400 Sekisui House 342 0.03

15,700 Tokyo Gas 327 0.02

26,500 Chubu Electric Power 322 0.02

9,100 NEC 321 0.02

6,100 Sysmex 320 0.02

4,800 TDK 314 0.02

7,600 Omron 309 0.02

Portfolio Statement


225



2,900 Daito Trust Construction 307 0.02

51,400 Toray Industries 302 0.02

50 Nippon Building Fund 302 0.02

17,000 M3 297 0.02

40,900 Inpex 291 0.02

28,700 Sumitomo Electric Industries 278 0.02

21,100 Japan Exchange Group 275 0.02

18,500 Tokyu 272 0.02

47,800 Mitsubishi Chemical Holdings 270 0.02

25,300 NTT Data 269 0.02

49 Japan Real Estate Investment 269 0.02

8,600 Hankyu Hanshin Holdings 268 0.02

9,600 Yaskawa Electric 265 0.02

6,400 Kintetsu Group Holdings 262 0.02

17,000 Ono Pharmaceutical 259 0.02

25,800 Kansai Electric Power 258 0.02

78,500 Resona Holdings 254 0.02

6,600 Nitto Denko 253 0.02

8,900 Dentsu 250 0.02

4,300 Meiji Holdings 246 0.02

2,600 OBIC 245 0.02

68,100 Sumitomo Chemical 245 0.02

8,400 Taisei 245 0.02

5,400 Toyota Industries 244 0.02

68,800 Daiwa Securities Group 244 0.02

16,300 Ajinomoto 244 0.02

31,500 Rakuten 244 0.02

5,100 Yakult Honsha 241 0.02

7,000 Advantest 237 0.02

165 Nomura Real Estate Master Fund 237 0.02

9,100 Toyota Tsusho 232 0.02

18,000 Pan Pacific International Holdings 232 0.02

113,000 Yahoo! Japan 232 0.02


29,900 Ricoh 228 0.02

15,700 Santen Pharmaceutical 226 0.02

6,100 Kikkoman 226 0.02

3,800 Rohm 223 0.02

9,600 Sumitomo Metal Mining 223 0.02

9,100 Makita 220 0.02

55,800 Tokyo Electric Power Company 218 0.02

18,200 Sekisui Chemical 216 0.02

5,400 Trend Micro 215 0.02

5,500 Nippon Paint Holdings 214 0.02

28,200 Obayashi 214 0.02

4,100 Keio Corporation 211 0.02

14,200 Osaka Gas 209 0.02

11,100 Odakyu Electric Railway 207 0.02

5,800 Suntory Beverage & Food 206 0.02

14,400 Yamato Holdings 205 0.02

10,600 FamilyMart 201 0.01

18,000 Nexon 199 0.01

Portfolio Statement


226



19,800 Kajima 198 0.01

10,600 MISUMI Group 198 0.01

15,300 Minebea Mitsumi 195 0.01

9,500 Shimadzu 195 0.01

86 Nippon Prologis 192 0.01

5,500 Nissan Chemical Corporation 191 0.01

23,800 T&D Holdings 191 0.01

7,500 Tobu Railway 189 0.01

5,300 Yamaha 188 0.01

6,600 Hamamatsu Photonics K.K. 188 0.01

120 United Urban Investment 185 0.01

10,400 Dai Nippon Printing 185 0.01

26,200 Mazda Motor 181 0.01

6,000 TOTO 179 0.01

5,500 Keisei Electric Railway 178 0.01

107 Japan Retail Fund Investment 176 0.01

18,100 JFE Holdings 174 0.01

7,100 Nagoya Railroad 174 0.01

79 Daiwa House REIT Investment Corporation 171 0.01

19,300 Isuzu Motors 171 0.01

7,000 Aisin Seiki 171 0.01

1,200 Kose 170 0.01

12,700 Toppan Printing 167 0.01

12,400 Yamaha Motor 167 0.01

7,000 Asahi Glass 166 0.01

6,700 Kyushu Railway Company 165 0.01

3,800 PeptiDream 164 0.01


10,700 Kyowa Hakko Kirin 161 0.01

2,800 Nissin Food Holdings 160 0.01

19,200 Tohoku Electric Power 158 0.01

8,500 Alfresa Holdings 158 0.01

5,500 ANA Holdings 155 0.01

800 Hikari Tsushin 154 0.01

6,947 Idemitsu Kosan 154 0.01

8,700 Mitsui Chemicals 153 0.01


1,000 Disco 150 0.01

39,200 Oji Holdings 150 0.01

14,600 Nikon 149 0.01

8,500 Medipal Holdings 149 0.01

20,700 Shimizu 142 0.01

4,000 Toho 140 0.01

3,600 Daifuku 140 0.01

8,900 USS 138 0.01

8,300 SBI Holdings 137 0.01


3,600 CyberAgent 134 0.01

9,000 Ryohin Keikaku 128 0.01

9,300 LIXIL Group 125 0.01

7,800 Lion 125 0.01

6,800 Asahi Intecc 125 0.01

Portfolio Statement


227



3,300 Konami Holdings 123 0.01

4,100 Pigeon 123 0.01

2,800 Nippon Express 119 0.01

3,400 Keihan Holdings 117 0.01


7,100 Zozo 117 0.01

7,700 Keikyu 116 0.01

2,550 Suzuken 113 0.01

3,700 Otsuka 113 0.01

1,900 Hoshizaki 112 0.01

7,800 Brother Industries 111 0.01

6,700 Marui Group 110 0.01

5,000 SG Holdings 110 0.01

21,400 Tokyu Fudosan Holdings 109 0.01

1,150 Hirose Electric 108 0.01

6,905 Nisshin Seifun Group 107 0.01

9,800 Seiko Epson 107 0.01

2,400 Hitachi High Technologies 107 0.01



13,100 Kyushu Electric Power 106 0.01

11,200 Kuraray 105 0.01

7,300 Alps Alpine 105 0.01

1,700 Kobayashi Pharmaceutical 105 0.01

37,300 Concordia Financial Group 105 0.01

13,900 Japan Post Bank 104 0.01

6,200 Persol Holdings 104 0.01


3,100 Toyo Suisan Kaisha 104 0.01

4,000 Japan Airlines 103 0.01

5,400 Sony Financial Holdings 103 0.01

11,900 Amada Holdings 102 0.01

9,700 The Chugoku Electric Power Company 102 0.01

9,100 NGK Insulators 101 0.01

27 Japan Prime Realty Investment 101 0.01

8,200 Hakuhodo DY Holdings 100 0.01

4,700 Showa Denko K.K. 100 0.01

4,800 Kakaku.com 99 0.01

7,100 Seibu Holdings 99 0.01

5,100 Electric Power Development Company Ltd 97 0.01

9,100 Tosoh 96 0.01

3,000 NH Foods 95 0.01

3,700 Hitachi Chemical 95 0.01

4,000 Nabtesco 95 0.01


3,900 Sumitomo Heavy Industries 92 0.01

15,800 Konica Minolta 92 0.01

1,300 Oracle Corporation Japan 92 0.01

6,700 JSR 90 0.01

6,100 Teijin 90 0.01

16,100 Shizuoka Bank 90 0.01

2,300 McDonalds Holdings Company (Japan) 89 0.01

Portfolio Statement


228



1,400 GMO Payment Gateway 89 0.01

8,700 Sumco 89 0.01

4,400 MonotaRO 89 0.01

4,400 Mitsubishi Materials 88 0.01

4,200 Taiheiyo Cement 87 0.01

6,000 Fukuoka Financial Group 85 0.01

21,800 Yamada Denki 84 0.01

2,600 Toho Gas 83 0.01

5,200 IHI 83 0.01

12,500 NSK 82 0.01

5,000 Kawasaki Heavy Industries 81 0.01

5,600 Sumitomo Dainippon Pharmaceuticals 81 0.01

19,400 Chiba Bank 80 0.01

23,400 Mitsubishi Motors 80 0.01

4,200 THK 80 0.01

5,500 NGK Spark Plug 78 0.01

6,800 Casio Computer 78 0.01

4,000 Mitsui OSK Lines 78 0.01

4,100 Aozora Bank 78 0.01

4,300 Coca-Cola Bottlers Japan Holdings 77 0.01

4,400 Nomura Real Estate Holding 77 0.01


4,600 Taiyo Nippon Sanso Tokyo 75 0.01

7,700 JGC 74 0.01

8,000 J. Front Retailing 74 0.01

1,300 Taisho Pharmaceutical Holding 74 0.01

11,700 Isetan Mitsukoshi Holdings 73 0.01

3,800 Kamigumi 73 0.01

3,400 Kurita Water Industries 73 0.01

5,200 Air Water 73 0.01

8,100 Hitachi Metals 72 0.01

9,100 Hulic 71 0.01

7,800 Mitsubishi Tanabe Pharma 71 0.01

2,800 Calbee 70 0.01

1,600 Welcia Holdings 69 0.01

1,700 Lawson 69 0.01

6,000 Sega Sammy Holdings 68 0.01

4,000 Park24 68 0.01

3,800 Hitachi Construction Machinery 67 0.00

5,400 Nippon Yusen Kabushiki Kaisha 66 0.00

4,100 Yokohama Rubber 65 0.00

10,000 Hino Motors 65 0.00

2,500 Sundrug 64 0.00

7,200 JTEKT 64 0.00

5,000 Iida Group Holdings 64 0.00

3,200 Pola Orbis Holdings 63 0.00

14,100 Mitsubishi UFJ Lease & Finance 63 0.00

1,200 ABC-Mart 63 0.00

7,400 Sharp 63 0.00

1,200 Rinnai 62 0.00

5,400 Shinsei Bank 61 0.00

2,100 Line 61 0.00

Portfolio Statement


229



4,200 Yamazaki Baking 60 0.00

5,000 Toyo Seikan Group Holdings 60 0.00

1,800 Hisamitsu Pharmaceuticals 60 0.00

1,800 Japan Airport Terminal 59 0.00

9,200 Daicel 58 0.00

5,900 Sumitomo Rubber Industries 55 0.00

5,600 Mitsubishi Gas Chemical 55 0.00

29,930 Mebuki Financial Group 55 0.00

1,800 Bank of Kyoto 53 0.00

2,500 Benesse Holdings 53 0.00

12,100 Kobe Steel 52 0.00

800 Shimamura 51 0.00

2,500 Maruichi Steel Tube 50 0.00

1,500 Tokyo Century 50 0.00

2,600 Mercari 50 0.00

5,400 Credit Saison 49 0.00

2,800 Nippon Electric Glass 48 0.00

3,900 Aeon Financial Service 47 0.00

1,600 Sankyo Gunma 46 0.00

3,510 Aeon Mall 45 0.00

20,800 Seven Bank 45 0.00

1,700 Kaneka 42 0.00

13,700 Acom 40 0.00

2,200 Toyoda Gosei 34 0.00

104,270 7.73

United Kingdom - (5.64%) 784,288 HSBC Holdings 4,670 0.35

790,840 BP 3,980 0.30


50,871 AstraZeneca 3,742 0.28


91,920 Diageo 3,245 0.24


43,278 Unilever 2,258 0.17


44,245 Rio Tinto 1,831 0.14


1,021,873 Vodafone Group 1,591 0.12

74,967 RELX 1,489 0.11

82,923 BHP 1,459 0.11


99,159 Prudential 1,359 0.10

61,594 Compass Group 1,285 0.10

136,217 National Grid 1,174 0.09

428,308 Glencore 1,006 0.07

663,813 Barclays 914 0.07

35,334 Experian 892 0.07

31,829 CRH 884 0.07

12,158 London Stock Exchange 851 0.06

382,472 Tesco 849 0.06

37,420 Imperial Brands 791 0.06

40,542 Anglo American 714 0.05

Portfolio Statement


230



127,590 BAE Systems 701 0.05

109,069 Standard Chartered 681 0.05

34,022 Smith & Nephew 670 0.05

156,332 Aviva 557 0.04

328,287 BT Group 545 0.04

68,153 Rolls-Royce Holdings 525 0.04

233,302 Legal & General Group 517 0.04

50,563 WPP 489 0.04

40,841 SSE 470 0.03

51,244 Informa 448 0.03

18,700 Ashtead Group 425 0.03

38,516 3i Group 425 0.03

14,454 British American Tobacco (ADR) 415 0.03

7,443 InterContinental Hotels Group 383 0.03

6,805 Intertek Group 373 0.03

200,266 Melrose Industries 361 0.03

45,603 Segro 357 0.03

190,186 Royal Bank of Scotland Group 353 0.03

14,651 Associated British Foods 331 0.02

15,176 Burberry Group 330 0.02

16,127 Halma 318 0.02

67,999 Rentokil Initial 308 0.02

5,062 Next 300 0.02

18,423 Mondi Group 293 0.02

39,927 Sage Group 281 0.02

14,986 Smiths Group 249 0.02

12,293 Bunzl 248 0.02

18,748 Ocado Group 246 0.02

3,048 Spirax-Sarco Engineering 244 0.02

28,778 Pearson 240 0.02

37,574 Barratt Developments 239 0.02

45,207 RSA Insurance Group 237 0.02

29,700 Land Securities Group 232 0.02

91,592 Standard Life Aberdeen 230 0.02

4,776 Croda International 224 0.02

5,071 Whitbread 223 0.02

11,720 Persimmon 222 0.02

11,473 Hargreaves Lansdown 217 0.02

7,279 Johnson Matthey 211 0.02

9,204 Royal Dutch Shell (A) (NL) 211 0.02

6,005 Carnival 208 0.02

25,180 United Utilities Group 206 0.02

7,464 Coca-Cola HBC 204 0.02


20,049 St James Place 186 0.01

8,846 Severn Trent 184 0.01

4,602 Berkeley Group Holdings 180 0.01

12,152 Weir Group 178 0.01

28,878 Meggitt 177 0.01

121,729 Taylor Wimpey 176 0.01

33,508 British Land 171 0.01

89,854 WM Morrison Supermarkets 166 0.01

Portfolio Statement


231



78,470 Kingfisher 153 0.01

7,169 Admiral Group 153 0.01

5,572 Schroders 153 0.01

52,136 Direct Line Insurance Group 149 0.01

125,693 ITV 148 0.01

209,326 Centrica 145 0.01

12,459 Micro Focus International 140 0.01

68,191 Marks & Spencer Group 131 0.01

20,356 GVC Holdings 128 0.01

15,414 TUI 128 0.01

14,479 Antofagasta 124 0.01

61,264 Sainsbury (J) 122 0.01

24,865 Merlin Entertainments 112 0.01

26,189 Investec 111 0.01

54,180 Group 4 Securicor 94 0.01

24,050 John Wood Group 91 0.01

18,478 EVRAZ 91 0.01

3,274 NMC Health 80 0.01

8,055 Fresnillo 59 0.00

5,529 easyJet 53 0.00

1,087 Convatec Group 2 0.00

69,528 5.15

France - (3.65%) 92,899 Total 3,832 0.28

10,800 LVMH Moet Hennessy 3,572 0.26

43,785 Sanofi 3,118 0.23

22,725 Airbus 2,596 0.19

9,929 LOreal 2,258 0.17

16,857 Air Liquide 1,932 0.14

19,395 Vinci SA 1,754 0.13

23,437 Danone 1,739 0.13

43,072 BNP Paribas 1,613 0.12

12,868 Safran 1,541 0.11

21,937 Schneider Electric 1,519 0.11

75,993 AXA 1,452 0.11


8,192 Pernod Ricard 1,287 0.10

2,908 Kering 1,170 0.09

76,919 Orange 965 0.07

69,966 Engie 880 0.07

35,664 Vivendi SA 824 0.06

1,223 Hermes International 690 0.05

30,479 Societe Generale France (A) 643 0.05

6,173 Capgemini 613 0.05

10,434 Legrand 608 0.05

5,029 Dassault Systemes 588 0.04

19,343 Compagnie de Saint-Gobain 575 0.04

6,578 Michelin Comp Gen Des Estbmts (B) 575 0.04

4,338 Unibail-Rodamco-Westfield 470 0.03

47,493 Credit Agricole 450 0.03

2,401 Teleperformance 432 0.03

21,916 Veolia Environnement 432 0.03

Portfolio Statement


232



23,037 Peugeot 426 0.03

27,666 STMicroelectronics 406 0.03

9,655 Edenred 390 0.03

3,891 Thales 368 0.03

6,994 Renault 332 0.02

8,096 Publicis Groupe 320 0.02

22,423 Carrefour 317 0.02

3,276 Sodexo 307 0.02

8,252 Bouygues 261 0.02

4,072 Atos 254 0.02

2,935 Eiffage 253 0.02

1,944 Gecina 251 0.02

6,931 Accor 246 0.02

22,282 EDF 223 0.02

9,729 Valeo 221 0.02

8,564 Klepierre 215 0.02

2,960 Arkema 214 0.02

18,140 Getlink (A) 211 0.02

10,269 Bureau Veritas 203 0.02

15,754 Suez 201 0.01

5,728 Alstom 201 0.01

6,029 SCOR SE 198 0.01

2,922 Ubisoft Entertainment 195 0.01

2,141 Ingenico Group 175 0.01

12,790 SES FDR 171 0.01

2,877 Worldline 164 0.01

401 Eurofins Scientific 151 0.01

1,039 Aeroports de Paris 148 0.01

1,675 Covivio 146 0.01

971 Sartorius Stedim Biotech 123 0.01

1,320 Ipsen 114 0.01

971 Wendel 112 0.01

2,109 Amundi 112 0.01

30,847 Bollore 108 0.01

32,961 Natixis 106 0.01

87 Dassault Aviation 102 0.01

787 SEB 101 0.01

783 Remy Cointreau 98 0.01

1,445 BioMerieux 97 0.01

2,638 Faurecia 97 0.01

5,928 CNP Assurances 89 0.01

6,096 Eutelsat Communications 87 0.01

926 Iliad Group 79 0.01

1,405 Eurazeo 77 0.01

1,045 ICADE 76 0.01

1,905 Casino Guichard Perrachon 66 0.00

2,571 JC Decaux 57 0.00

881 Societe BIC 46 0.00

1,250 Imerys 42 0.00

48,397 3.59

Portfolio Statement


233



Canada - (3.38%) 55,635 Royal Bank of Canada 3,413 0.25

70,904 Toronto-Dominion Bank 3,148 0.23

78,926 Enbridge 2,159 0.16

28,053 Canadian National Railway 2,124 0.16

47,604 Bank of Nova Scotia 2,073 0.15

36,187 TransCanada 1,505 0.11

60,667 Suncor Energy 1,450 0.11

25,193 Bank of Montreal 1,419 0.11

32,972 Brookfield Asset Management (A) 1,390 0.10

3,863 Shopify (A) 1,244 0.09

17,036 Canadian Imperial Bank of Commerce 1,083 0.08

66,959 Barrick Gold 1,059 0.08

5,385 Canadian Pacific Railway 1,056 0.08

74,964 Manulife Financial 1,016 0.08

23,141 Nutrien 948 0.07

46,322 Canadian National Resources 918 0.07

16,824 Alimentation Couche-Tard (B) 864 0.06

22,864 Sun Life Financial 765 0.06

9,659 CGI (A) 621 0.05

778 Constellation Software 618 0.05

9,346 Restaurant Brands International 602 0.04

19,807 Pembina Pipeline 591 0.04

7,212 Franco-Nevada 576 0.04

14,063 Rogers Communications (B) 570 0.04

16,442 Fortis 556 0.04

13,359 National Bank of Canada 512 0.04

12,363 Magna International 504 0.04

9,386 Agnico Eagle Mines 476 0.04

5,419 Intact Financial 433 0.03

7,620 Thomson Reuters 428 0.03

17,447 Wheaton Precious Metals 417 0.03

1,087 Fairfax Financial Holdings 399 0.03

10,686 Metro 371 0.03

10,090 Emera 353 0.03

11,039 Open Text 352 0.03

11,054 Dollarama 345 0.03

7,603 Loblaw 341 0.03

19,625 Shaw Communications (B) 308 0.02

41,529 Cenovus Energy 303 0.02

7,310 Kirkland Lake Gold 289 0.02

19,710 Teck Resources (B) 273 0.02

8,804 Gildan Activewear 267 0.02

8,626 TELUS 256 0.02

15,473 Inter Pipeline (A) 230 0.02

6,094 CCL Industries (B) 226 0.02

2,668 Canadian Tire (A) 222 0.02

60,138 Encana 222 0.02

12,559 Bausch Health Companies 219 0.02

5,610 BCE 217 0.02

8,360 Saputo 207 0.02

9,870 Imperial Oil 198 0.01

Portfolio Statement


234



9,364 CAE 193 0.01

9,470 Keyera 190 0.01

45,144 Kinross Gold 184 0.01

2,747 George Weston 184 0.01

10,711 Power of Canada 184 0.01

11,859 Hydro One 179 0.01

9,906 Great-West Lifeco 172 0.01

9,507 Power Financial 166 0.01

3,752 WSP Global 166 0.01

5,587 Air Canada 150 0.01

3,040 Onex Corporation 147 0.01

7,230 Canopy Growth 143 0.01

6,171 Empire (A) 140 0.01

3,852 iA Financial Group 131 0.01

24,476 First Quantum Minerals 121 0.01

6,465 Quebecor (B) 120 0.01

4,757 Canadian Utilities (A) 112 0.01

24,541 Aurora Cannabis 112 0.01

9,711 AltaGas 109 0.01

18,325 BlackBerry 105 0.01

14,345 Cameco 101 0.01

8,291 CI Financial 98 0.01

7,666 The Stars Group 95 0.01

5,752 RioCan Real Estate Investment Trust 94 0.01

23,973 Lundin Mining 90 0.01

6,466 First Capital Realty 88 0.01

2,802 ATCO (I) 82 0.01

7,714 PrairieSky Royalty 81 0.01

74,659 Bombardier (B) 78 0.01

9,335 Tourmaline Oil 76 0.01

5,426 H&R Real Estate Investment Trust 75 0.01

12,714 Husky Energy 71 0.01

3,135 IGM Financial 70 0.01

5,601 Vermilion Energy 67 0.00

6,179 SNV Lavalin Group 62 0.00

2,326 Methanex 61 0.00

6,450 Cronos Group 58 0.00

2,859 SmartCentres Real Estate Investment Trust 56 0.00

1,900 West Fraser Timber 54 0.00

44,601 3.31

Switzerland - (2.90%) 118,375 Nestle 10,946 0.81

83,114 Novartis 6,182 0.46

27,176 Roche Holdings 6,105 0.45


152,825 UBS Group 1,332 0.10

20,038 Compagnie Finance Richemont (A) 1,282 0.10

70,923 ABB 1,109 0.08

99,116 Credit Suisse Group 956 0.07

11,690 Swiss Re Group 934 0.07

2,865 Lonza Group 833 0.06

16,626 Alcon 832 0.06

Portfolio Statement


235



357 Givaudan 793 0.06

18,338 LafargeHolcim 723 0.05

4,947 Sika 585 0.04

1,442 Geberit 543 0.04

1,326 Swiss Life Holding 518 0.04

752 Partners Group Holding 502 0.04

226 SGS 457 0.03

1,069 Swisscom 439 0.03

2,216 Sonova Holding 423 0.03

2,727 Temenos 376 0.03

438 Straumann Holding 281 0.02

4 Lindt & Spruengli Chocolad 268 0.02

8,219 Julius Baer Group 268 0.02

44 Lindt & Spruengli Chocoladefabriken (Participation Certificate) 267 0.02

1,818 Baloise Holdings 256 0.02

5,869 Adecco Group 255 0.02


1,891 Vifor Pharma 246 0.02

1,990 Kuehne & Nagel International 239 0.02

2,868 Swiss Prime Site 235 0.02



287 EMS-Chemie Holding 140 0.01

76 Barry Callebaut 127 0.01

6,904 Clariant 104 0.01

1,488 Dufry Group 100 0.01

1,331 Pargesa Holding 79 0.01


41,208 3.05

Germany - (2.90%) 38,114 SAP 3,778 0.28

16,440 Allianz SE 2,999 0.22

29,848 Siemens 2,460 0.18

36,245 Bayer 2,224 0.16

36,243 BASF SE 1,985 0.15

130,480 Deutsche Telekom 1,800 0.13

7,020 adidas 1,717 0.13

34,866 Daimler 1,357 0.10

5,698 Munich RE Group 1,127 0.08

38,487 Deutsche Post 1,048 0.08

6,985 Volkswagen Preferred 937 0.07

7,341 Deutsche Boerse 902 0.07

19,892 Vonovia SE 815 0.06

13,538 BMW 748 0.06

48,134 Infineon Technologies 687 0.05

85,116 E.ON SE 652 0.05

16,014 Fresenius SE 643 0.05

4,473 Wirecard 592 0.04

6,645 Henkel Preferred 554 0.04

21,817 RWE 513 0.04

8,321 Fresenius Medical Care 461 0.03

5,235 Merck 461 0.03

Portfolio Statement


236



76,845 Deutsche Bank 460 0.03

4,396 Continental 441 0.03

1,912 MTU Aero Engines 435 0.03

5,418 Symrise 416 0.03

13,766 Deutsche Wohnen 415 0.03

3,690 Beiersdorf 383 0.03

4,220 Henkel 321 0.02

5,498 HeidelbergCement 316 0.02

2,227 Hannover Rueck 295 0.02

5,596 Porsche Automobil Holding Non Voting Preferred 292 0.02

7,076 Covestro 264 0.02

8,532 QIAGEN 244 0.02

34,507 Aroundtown 238 0.02

5,810 Brenntag 230 0.02

1,394 Sartorius Non-Voting Preferred 226 0.02

5,474 Innogy SE 224 0.02

8,757 Uniper 219 0.02

6,032 Siemens Healthineers 197 0.01

40,479 Commerzbank 191 0.01

2,910 Puma 184 0.01

1,353 Volkswagen 184 0.01

4,383 Zalando SE 178 0.01

8,311 Evonik Industries 174 0.01

3,944 Delivery Hero SE 164 0.01

3,047 LANEXSS 152 0.01

14,398 Thyssenkrupp 146 0.01

1,413 Carl Zeiss Meditech 134 0.01

1,694 Knorr-Bremse 130 0.01

5,375 GEA Group 119 0.01

4,288 United Internet 116 0.01

8,308 Deutsche Lufthansa 106 0.01

2,324 Bayerische Motoren Werke Non Voting Preferred 103 0.01

2,211 Hugo Boss 102 0.01

1,449 Fraport Frankfurt Airport Services 100 0.01

1,682 Axel Springer SE 95 0.01

2,287 KION Group 92 0.01

6,276 Metro 81 0.01

862 HOCHTIEF 78 0.01

2,432 Fuchs Petrolu SE Preferred 70 0.01

30,886 Telefonica Deutschland Holding 65 0.00

1,368 RTL Group 53 0.00

1,838 1&1 Drillisch 42 0.00

36,935 2.74

Australia - (2.32%) 68,991 Commonwealth Bank Australia 3,009 0.22

17,731 CSL 2,354 0.17

115,197 BHP Group 2,309 0.17

134,588 Westpac Banking 2,098 0.16

108,232 National Australia Bank 1,635 0.12

108,556 ANZ Bank 1,603 0.12

48,387 Woolworths Group 1,008 0.07

43,500 Wesfarmers 939 0.07

Portfolio Statement


237



12,294 Macquarie Group 841 0.06

101,510 Transurban Group 838 0.06

14,085 Rio Tinto 681 0.05

36,205 Woodside Petroleum 642 0.05

29,354 Newcrest Mining 600 0.04

62,134 Goodman Group 498 0.04

205,231 Scentre Group 458 0.03

89,316 Insurance Australia Group 397 0.03

61,495 Brambles 384 0.03

50,345 Suncorp Group 384 0.03

22,578 Aristocrat Leisure 371 0.03

7,585 ASX 362 0.03

51,271 QBE Insurance Group 355 0.03

44,522 Coles Group 340 0.03

159,232 Telstra 326 0.02

72,313 Origin Energy 305 0.02

41,876 Dexus Property Group 298 0.02

28,840 Treasury Wine Estates 298 0.02

197,404 South32 287 0.02

87,773 Aurizon Holdings 286 0.02

46,666 APA Group 284 0.02

17,255 Sonic Healthcare 281 0.02

70,742 Santos 281 0.02

2,261 Cochlear 272 0.02

25,606 AGL Energy 268 0.02

151,385 Mirvac Group 266 0.02

70,094 GPT Group 247 0.02

94,566 Stockland 236 0.02

53,057 Fortescue Metals Group 234 0.02

88,864 Tabcorp Holding 231 0.02

109,054 Medibank Private 219 0.02

6,020 Ramsay Healthcare 218 0.02

43,388 Sydney Airport 201 0.01

15,409 James Hardie Industries 192 0.01

130,933 Vicinity Centres 187 0.01

19,707 Lendlease Group 186 0.01

48,786 Oil Search 179 0.01

13,295 Orica 158 0.01

5,190 Magellan Financial Group 145 0.01

16,957 Computershare 144 0.01

143,398 AMP 134 0.01

19,053 BlueScope Steel 131 0.01

11,615 SEEK 130 0.01

8,912 Caltex Australia 118 0.01

20,519 Unibail-Rodamco-Westfield (CDI) 114 0.01

89,661 Alumina 107 0.01

1,836 REA Group 106 0.01

17,596 Coca-Cola Amatil 105 0.01

16,858 Bendigo & Adelaide Bank 104 0.01

55,785 Incitec Pivot 99 0.01

40,801 Boral 96 0.01

12,922 Crown Resorts 86 0.01

Portfolio Statement


238



11,426 WorleyParsons 78 0.01

14,427 Bank of Queensland 73 0.01

19,241 Challenger 71 0.01

64,097 AusNet Services 64 0.00

3,383 CIMIC Group 58 0.00

4,339 Washington H. Soul Pattison and Company 50 0.00

1,925 Flight Centre Travel Group 49 0.00

12,833 TPG Telecom 47 0.00

18,339 Harvey Norman Holdings 44 0.00

30,199 2.24


56,490 Unilever 2,889 0.21

35,425 Koninklijke Philips 1,376 0.10

148,978 ING Groep 1,183 0.09

11,321 NXP Semiconductors 950 0.07

45,917 Ahold Delhai (Koninklijke) 891 0.07

9,961 Heineken 879 0.07

6,941 Koninklijke DSM 712 0.05

8,813 Akzo Nobel 647 0.05

10,828 Wolters Kluwer 644 0.05

9,285 Coca-Cola European Partners 430 0.03

4,646 Heineken Holding 381 0.03

12,310 NN Group 340 0.03

129,486 KPN 338 0.03

25,955 ArcelorMittal Luxembourg 309 0.02

16,861 ABN AMRO Group 249 0.02

404 Adyen 241 0.02

5,369 AerCap Holdings 236 0.02

73,713 Aegon 233 0.02

4,990 Randstad Holding 193 0.01

2,577 Vopak (Koninklijke) 101 0.01

16,236 1.20

Hong Kong - (1.28%) 469,000 AIA Group 3,739 0.28

45,765 Hong Kong Exchanges and Clearing 1,149 0.09

81,070 Link Real Estate Investment Trust 747 0.06

104,048 CK Hutchison Holdings 744 0.06

61,041 Sun Hung Kai Properties 709 0.05

394,584 Hong Kong & China Gas 626 0.05

100,048 CK Asset Holdings 557 0.04

64,500 CLP Holdings 545 0.04

30,600 Hang Seng Bank 524 0.04

86,000 Galaxy Entertainment Group 443 0.03

147,000 Bank of China (Hong Kong) 406 0.03

99,200 Sands China 369 0.03

55,000 Techtronic Industries 312 0.02

55,500 Power Assets Holdings 303 0.02

56,475 Motor 268 0.02

225,788 New World Development 231 0.02

60,504 Henderson Land Development 231 0.02

Portfolio Statement


239



348,500 WH Group 230 0.02

49,000 Wharf Real Estate Investment 217 0.02

8,099 Jardine Strategic Holdings 210 0.02

155,440 HKT Trust & HKT 199 0.01

42,943 Hongkong Land Holdings 193 0.01

37,000 Wheelock 176 0.01

20,500 Swire Pacific (A) 165 0.01

139,761 Sino Land 164 0.01

85,000 Hang Lung Properties 157 0.01

27,500 CK Infrastructure Holdings 152 0.01

41,000 Swire Properties 110 0.01

10,600 ASM Pacific Technology 100 0.01

26,000 Vitasoy International Holdings 99 0.01

44,512 Bank of East Asia 92 0.01

54,800 Wynn Macau 90 0.01

55,130 NWS Holdings 78 0.01

43,000 Wharf Holdings 77 0.01

22,000 Hysan Development 73 0.01

92,500 HK Electric Investments Trust & HK Electric Investments 73 0.01

11,829 Dairy Farm International Holdings 69 0.01

146,400 PCCW 65 0.00

23,000 Kerry Properties 64 0.00

70,000 SJM Holdings 54 0.00

25,500 Yue Yuen Industrial Holdings 53 0.00

32,800 MGM China Holdings 40 0.00

44,000 Shangri-La Asia 38 0.00

14,941 1.11

Spain - (1.04%) 638,501 Banco Santander 2,018 0.15

227,991 Iberdrola 1,946 0.14

41,904 Industria de Diseno Textil 1,063 0.08


179,505 Telefonica 1,023 0.08

258,322 Banco Bilbao Vizcaya Argentaria 1,018 0.08

59,827 Repsol 723 0.05

19,087 Ferrovial 449 0.03

2,620 Aena SME 391 0.03

10,935 ACS Actividades de Construccion y Servicios 344 0.03

11,006 Grifols (A) 287 0.02

15,841 Red Electrica 260 0.02

7,667 Cellnex Telecom SAU 254 0.02

131,380 CaixaBank 247 0.02

11,527 Endesa 246 0.02

10,559 Naturgy Energy Group 228 0.02

8,140 Enagas 147 0.01

196,784 Banco de Sabadell 139 0.01

25,631 Bankinter 124 0.01

8,358 Siemens Gamesa Renewable Energy 94 0.01

36,516 MAPFRE 79 0.01

42,332 Bankia 64 0.00

12,177 0.90

Portfolio Statement


240



Sweden - (0.82%) 117,716 Ericsson (B) 757 0.06

18,537 Investor 712 0.05

38,317 Assa Abloy 657 0.05

56,843 Volvo 649 0.05

25,596 Atlas Copco (A) 628 0.05

23,079 Essity (B) 591 0.04

43,472 Sandvik 512 0.04

30,865 Hennes & Mauritz (H&M) 487 0.04

62,085 SEB (A) 438 0.03

58,798 Svenska Handelsbanken 424 0.03

113,948 Telia 410 0.03

10,081 Hexagon 367 0.03

34,582 Swedbank 364 0.03

14,876 Atlas Copco 326 0.02

10,459 Kinnevik Investment 231 0.02

14,924 Skanska 230 0.02

18,307 Tele2 213 0.02

15,912 SKF 211 0.02

6,420 Swedish Match 207 0.02

23,759 Epiroc (A) 203 0.02

12,618 Alfa-Laval 190 0.01

10,368 Boliden 186 0.01

6,671 Lundin Petroleum 164 0.01

8,890 Industrivarden 153 0.01

7,877 Electrolux (B) 145 0.01

10,896 Securitas 134 0.01

3,159 ICA Gruppen 128 0.01

14,504 Epiroc (B) 118 0.01

2,328 Millicom International Cellular 96 0.01

14,614 Husqvarna 93 0.01

2,613 Lundbergfoeretagen 80 0.01

10,104 0.75

Italy - (0.76%) 317,560 Enel 1,919 0.14

97,308 ENI 1,210 0.09

576,309 Intesa Sanpaolo 1,054 0.08

77,346 UniCredit 715 0.05

41,134 Assicurazioni Generali 616 0.05

4,672 Ferrari (IT) 611 0.05

42,025 Fiat Chrysler Automobiles (IT) 453 0.03

19,985 Atlantia 410 0.03

43,145 CNH Industrial (IT) 366 0.03

74,577 Snam 316 0.02

51,318 Terna 271 0.02

7,271 Moncler 227 0.02

4,023 EXOR 226 0.02

23,102 FinecoBank 200 0.01

21,563 Tenaris 196 0.01

22,990 Mediobanca 188 0.01

18,085 Poste Italiane 162 0.01

Portfolio Statement


241



20,375 Davide Campari-Milano 158 0.01

8,409 Prysmian 153 0.01

14,051 Leonardo 142 0.01

330,863 Telecom Italia Non-Voting RISP 140 0.01

3,638 Recordati Industria Chimica & Farmaceutica 134 0.01

262,477 Telecom Italia 116 0.01

13,673 Pirelli 60 0.00

10,043 0.74

Denmark - (0.58%) 68,923 Novo Nordisk (B) 2,954 0.22

8,346 DSV 681 0.05

7,455 Orsted 591 0.04

4,271 Carlsberg (B) 521 0.04

4,788 Coloplast (B) 467 0.03

7,655 Vestas Wind Systems 464 0.03

2,457 Genmab 416 0.03

8,003 Novozymes 283 0.02

24,543 Danske Bank 268 0.02

3,858 Chr. Hansen 266 0.02

237 AP Moller Maersk (A) 195 0.01

194 AP Moller Maersk (B) 170 0.01

3,645 Pandora 131 0.01

5,512 ISS A / S 115 0.01

4,246 Tryg 104 0.01

3,970 William Demant Holding 99 0.01

2,417 H. Lundbeck 72 0.01

7,797 0.58

Singapore - (0.47%) 69,085 DBS Group Holdings 1,000 0.07

128,077 Oversea-Chinese Banking 807 0.06

49,326 United Overseas Bank 729 0.05

318,000 Singapore Telecommunications 595 0.04

8,546 Jardine Matheson Holdings 374 0.03

65,500 Keppel 226 0.02

107,200 CapitaLand 220 0.02

110,100 Ascendas (REIT) 200 0.01

67,200 Wilmar International 152 0.01

91,100 CapitaLand Mall Trust 142 0.01

28,500 Singapore Exchange 138 0.01

55,300 Singapore Technologies Engineering 129 0.01

93,282 CapitaLand Commercial Trust 118 0.01

211,900 Genting Singapore 111 0.01

75,600 ComfortDelGro 110 0.01

18,500 Singapore Airlines 97 0.01

15,900 City Developments 90 0.01

9,600 Venture Corporation 86 0.01

66,300 Suntec (REIT) 75 0.01

16,177 UOL Group 70 0.01

23,900 SATS 68 0.01

55,500 Singapore Press Holdings 65 0.00

3,511 Jardine Cycle & Carriage 64 0.00

Portfolio Statement


242



84,900 Yangzijiang Shipbuilding Holdings 45 0.00

34,000 Sembcorp Industries 42 0.00

222,700 Golden Agri-Resources 35 0.00

5,788 0.43

Ireland - (0.36%) 20,877 Linde 3,237 0.24

6,197 Kerry Group (A) 605 0.04

3,346 Steris 429 0.03

3,631 DCC 254 0.02

9,235 Smurfit Kappa Group 232 0.02

5,659 Kingspan Group 216 0.02

2,735 Paddy Power 184 0.01

33,865 Bank of Ireland Group 108 0.01

28,273 AIB Group 59 0.00

5,324 0.39

Finland - (0.41%) 216,325 Nokia 885 0.07

119,123 Nordea Bank Abp 614 0.05

12,823 Kone 613 0.05

16,847 Sampo 552 0.04

21,414 UPM Kymmene 470 0.03

16,818 Neste 442 0.03

16,205 Fortum 293 0.02

6,034 Elisa (A) 249 0.02

24,807 Stora Enso 225 0.02

15,462 Wartsila 157 0.01

3,695 Metso 114 0.01

3,645 Orion 112 0.01

4,308 Nokian Tyres 98 0.01

1,684 Nordea Bank Abp (FI) 9 0.00

4,833 0.36

Belgium - (0.33%) 29,630 Anheuser-Busch InBev 2,322 0.17

9,851 KBC Groep 470 0.03

7,320 Ageas 322 0.02

4,676 UCB 287 0.02

3,685 Groupe Bruxelles Lambert 284 0.02

3,091 Solvay (A) 257 0.02

7,914 Umicore 208 0.02

5,300 Proximus 129 0.01

2,010 Colruyt 85 0.01

1,642 Telenet Group Holding 67 0.00

4,431 0.33

Norway - (0.24%) 38,196 Equinor ASA 538 0.04

36,981 DNB ASA 491 0.04

28,649 Telenor 485 0.04

17,896 Marine Harvest 358 0.03

30,593 Orkla 231 0.02

6,501 Yara International ASA 230 0.02

Portfolio Statement


243



48,795 Norsk Hydro 127 0.01

6,960 Gjensidige Forsikring 111 0.01

3,856 Aker BP 84 0.01

3,400 Schibsted (B) 79 0.01

2,734 0.20

Israel - (0.18%) 4,930 Check Point Software Technologies 438 0.03

2,536 Nice 319 0.02

54,692 Bank Leumi Le-Israel 306 0.02

41,853 Bank Hapoalim 252 0.02

39,634 Teva Pharmaceutical Industries (ADR) 227 0.02

1,930 Wix.com 223 0.02

40,807 Israel Discount Bank (A) 140 0.01

1,309 Cyber-Ark Software 123 0.01

826 Elbit Systems 105 0.01

4,892 Mizrahi Tefahot Bank 92 0.01

24,878 Israel Chemicals 92 0.01

1,506 Azrieli Group 92 0.01

2,409 0.18

New Zealand - (0.08%) 29,695 a2 Milk 218 0.02

24,077 Fisher & Paykel Healthcare 206 0.02

39,544 Auckland International Airport 197 0.01

79,733 Spark New Zealand 181 0.01

45,551 Meridian Energy 117 0.01

13,956 Ryman Healthcare Group 92 0.01

30,106 Fletcher Building 69 0.01

1,080 0.08

Jersey - (0.00%) 8,986 Ferguson 541 0.04

64,744 Amcor 521 0.04

1,062 0.08

Austria - (0.08%) 11,004 Erste Group Bank 294 0.02

6,367 OMV 269 0.02

2,394 Verbund (A) 118 0.01

5,116 Raiffeisen Bank International 93 0.01

4,303 Voestalpine 81 0.01

2,516 ANDRITZ 73 0.01

928 0.07

Argentina - (0.04%) 1,724 MercadoLibre 845 0.06

845 0.06

Portugal - (0.05%) 94,113 Energias de Portugal 292 0.02

22,747 Galp Energia 268 0.02

8,708 Jeronimo Martins 117 0.01

7,511 Banco Espirito Santo (Unlisted) 0 0.00

677 0.05

Portfolio Statement


244



China - (0.02%) 9,071 Melco Resorts And Entertainment (ADR) 155 0.01

155 0.01

Cayman Islands - (0.01%) 1,259 BeiGene (ADR) 150 0.01

150 0.01


1,400 S&P/TSX 60 Index Future 19/09/2019 6 0.00

11,350 Mini MSCI Eafe Index Future 20/09/2019 (605) (0.04)

(328) (0.02)



Net assets 1,348,917 100.00


Portfolio Statement

Fidelity Japan Fund

245



Electric Appliances - (16.36%) 5,100 Keyence 2,484 5.04

42,600 Koito Manufacturing 1,646 3.34

13,900 Nidec 1,493 3.03



34,900 Azbil 733 1.49

15,900 Elecom 515 1.04

12,800 Nihon Kohden 292 0.59

2,800 IRISO Electronics 110 0.22

9,579 19.44

Information & Communication - (13.08%) 18,300 OBIC 1,722 3.50

64,800 Nomura Research Institute 1,060 2.15


19,000 Otsuka 580 1.18

20,900 Argo Graphics 432 0.88

19,700 Infocom 388 0.79

7,700 Nippon Telegraph & Telephone 304 0.62

14,900 Open Door 257 0.52

9,600 Kanematsu Electric 224 0.45

8,200 Digital Garage 220 0.45

5,400 SoftBank Group 202 0.41

6,100 Comture 178 0.36

2,900 Digital Arts 171 0.35

4,200 Miroku Jyoho Service 90 0.18

2,700 NSD 66 0.13

6,523 13.24

Services - (11.69%) 81,100 Recruit Holdings 2,024 4.11

71,000 Relo Group 1,481 3.00

10,900 Secom 766 1.55

29,100 Prestige International 423 0.86


8,100 Ajis 203 0.41

4,200 TechnoPro Holdings 201 0.41

7,500 Aeon Delight 191 0.39

14,400 Quick 145 0.29

5,700 Abist 109 0.22

3,100 Japan Material 26 0.05

5,960 12.09

Machinery - (10.25%) 6,100 SMC 1,898 3.85


45,100 Makita 1,091 2.21

4,900 Disco 733 1.49

4,986 10.12

Portfolio Statement

Fidelity Japan Fund

246



Wholesale Trade - (7.95%) 128,300 ITOCHU 2,106 4.27

27,200 Hitachi High Technologies 1,208 2.45

40,600 Ai Holdings 548 1.11

5,500 One 403 0.82

8,900 Central Automotive Products 138 0.28

19,000 Yamazen 138 0.28

4,541 9.21

Chemicals - (9.57%) 73,100 NOF 1,950 3.96

14,500 Kao 862 1.75

6,900 Sumitomo Bakelite 203 0.41

2,400 Shin-Etsu Chemical 199 0.40


11,700 Sekisui Jushi 172 0.35

16,600 Nihon Parkerizing 151 0.31

6,100 Aica Kogyo 143 0.29

3,874 7.86

Insurance - (6.14%) 54,900 Tokio Marine Holdings 2,328 4.72

2,328 4.72

Pharmaceutical - (3.39%) 71,800 Santen Pharmaceutical 1,034 2.10

9,100 Nippon Shinyaku 615 1.25

7,200 Otsuka Holdings 244 0.50

19,100 Eiken Chemical 237 0.48

2,130 4.32

Retail Trade - (4.85%) 2,000 Fast Retailing 965 1.96


18,300 Zozo 301 0.61

1,992 4.04

Construction - (3.68%) 149,800 Hazama Ando 822 1.67

17,300 Sumitomo Densetsu 270 0.55

13,200 Daiho Construction 267 0.54

19,100 Raito Kogyo 206 0.42

34,800 Nittoc Construction 172 0.35

15,600 Shinko Plantech 140 0.28

2,300 Totetsu Kogyo 55 0.11

1,932 3.92

Other Financing Business - (1.45%) 78,400 ORIX 953 1.93

953 1.93

Precision Instruments - (1.88%) 39,400 Shimadzu 807 1.64

4,400 Tokyo Seimitsu 96 0.19

903 1.83

Portfolio Statement

Fidelity Japan Fund

247



Transportation Equipment - (4.01%) 12,800 Suzuki Motor 406 0.82

11,000 Subaru 243 0.49

649 1.32

Land Transportation - (1.02%) 11,400 Hitachi Transport System 294 0.60

6,500 Sankyu 271 0.55

565 1.15

Rubber Products - (1.95%) 17,400 Bridgestone 547 1.11

547 1.11

Foods - (0.33%) 6,200 Ariake Japan 387 0.79

387 0.79

Glass & Ceramics Products - (0.67%) 18,000 Fujimi 339 0.69

339 0.69

Warehousing & Harbour Transportation Services - (0.38%) 3,900 Trancom 171 0.35

171 0.35

Metal Products - (0.37%) 18,500 Sanwa Holdings 169 0.34

169 0.34

Fishing, Agriculture, & Forestry - (0.35%) 5,900 Sakata Seed 164 0.33

164 0.33



Net assets 49,292 100.00


Portfolio Statement


248



Electric Appliances - (19.26%) 211,000 Yokogawa Electric 3,158 3.19

139,700 Azbil 2,934 2.97

25,300 Nidec 2,717 2.75

59,000 IRISO Electronics 2,319 2.35

70,000 Hamamatsu Photonics K.K. 1,992 2.02

64,900 Nihon Kohden 1,481 1.50

40,100 NEC 1,413 1.43

27,100 SCREEN Holdings 1,282 1.30




12,600 Rohm 739 0.75

120,400 Ichikoh Industries 671 0.68

28,500 Taiyo Yuden 441 0.45

15,500 Nippon Ceramic 318 0.32

4,800 TDK 314 0.32


2,300 Horiba 97 0.10


23,040 23.31

Machinery - (13.01%) 102,200 Makita 2,472 2.50

16,100 Disco 2,408 2.44

59,800 Daifuku 2,323 2.35


99,500 CKD 816 0.83

32,100 Amano 788 0.80

65,200 Kubota 771 0.78

61,200 KITO 687 0.70

30,000 THK 574 0.58

44,900 Takuma 426 0.43

13,477 13.63

Wholesale Trade - (8.56%) 245,400 MISUMI Group 4,580 4.63

56,400 Hitachi High Technologies 2,506 2.54

52,600 Trusco Nakayama 980 0.99

63,200 TOKAI Holdings 482 0.49

1,500 One 110 0.11

9,000 SiiX 94 0.10

8,752 8.85

Pharmaceutical - (6.50%) 57,100 Nippon Shinyaku 3,856 3.90

183,500 Santen Pharmaceutical 2,642 2.67

16,900 Daiichi Sankyo Kabushik Kaisha 919 0.93

7,417 7.50

Portfolio Statement


249



Precision Instruments - (6.47%) 226,200 Shimadzu 4,632 4.69

141,700 Olympus 1,366 1.38

16,100 Hoya 1,079 1.09

16,500 Mani 318 0.32

7,395 7.48

Information & Communication - (7.65%) 56,800 NS Solutions 1,559 1.58

34,800 Otsuka 1,063 1.08

33,000 Raksul 1,039 1.05

22,600 Square Enix Holdings 741 0.75


30,800 Mercari 593 0.60

20,700 Digital Garage 555 0.56

22,500 GMO Internet 324 0.33

1,800 OBIC 169 0.17


6,896 6.98

Construction - (6.35%) 319,000 Penta-Ocean Construction 1,360 1.38

63,700 Kyowa Exeo 1,264 1.28

39,900 SHO-BOND Holdings 1,154 1.17

43,500 Comsys Holdings 1,014 1.03

81,200 Raito Kogyo 875 0.89

47,600 Toshiba Plant Systems & Services 637 0.64

104,500 Hazama Ando 574 0.58

6,878 6.96

Retail Trade - (7.96%) 148,000 Pan Pacific International Holdings 1,906 1.93

38,200 Welcia Holdings 1,641 1.66

67,400 Marui Group 1,104 1.12

1,800 Fast Retailing 869 0.88

28,000 Kohnan Shoji 503 0.51

6,023 6.09

Chemicals - (7.60%) 65,200 Denka 1,399 1.42

57,900 Nifco 1,096 1.11


21,000 Sumitomo Bakelite 617 0.62

35,500 Air Water 496 0.50

16,300 Fuso Chemical 275 0.28

7,300 KH Neochem 126 0.13

3,700 NOF 99 0.10

4,100 Takara Bio 75 0.08

5,142 5.20

Portfolio Statement


250



Services - (2.75%) 143,100 Nomura 1,495 1.51

17,400 Kakaku.com 359 0.36

2,800 Oriental Land 335 0.34

13,700 Relo Group 286 0.29

16,000 Tanseisha 159 0.16

2,634 2.66

Other Financing Business - (2.71%) 43,700 Tokyo Century 1,449 1.47

37,700 Zenkoku Hosho 1,181 1.19

2,630 2.66

Land Transportation - (1.96%) 81,300 Hitachi Transport System 2,096 2.12

26,200 Tokyu 386 0.39

2,482 2.51

Transportation Equipment - (5.77%) 11,100 Shimano 1,313 1.33

19,400 Yamaha Motor 261 0.26

1,574 1.59

Insurance - (1.33%) 53,400 Sony Financial Holdings 1,016 1.03

1,016 1.03

Real Estate - (0.43%) 131,800 Tokyu Fudosan Holdings 672 0.68

30,900 Daibiru 245 0.25

917 0.93

Glass & Ceramics Products - (0.20%) 13,400 TOTO 399 0.40

12,300 Fujimi 232 0.23

631 0.64

Fishing, Agriculture, & Forestry - (0.51%) 19,500 Sakata Seed 542 0.55

542 0.55

Rubber Products - (0.50%) 39,400 Toyo Tire & Rubber 397 0.40

5,500 Nitta 117 0.12

514 0.52

Metal Products - (0.00%) 14,800 Mimasu Semiconductor Industries 205 0.21

205 0.21

Textiles & Apparels - (0.14%) 9,500 Fujibo Holdings 185 0.19

185 0.19

Portfolio Statement


251



Other Products - (0.12%) 8,800 Daiken 125 0.13

125 0.13

Iron & Steel - (0.12%) 10,900 Hitachi Metals 96 0.10

96 0.10



Net assets 98,848 100.00


Portfolio Statement


252



Gilt Edged Securities - (30.40%) 13,000,000 UK Gilt 4.25% 07/03/2036 20,056 4.89

13,800,000 UK Gilt 5.00% 07/03/2025 17,358 4.23

7,600,000 UK Gilt 4.50% 07/12/2042 13,262 3.23

8,600,000 UK Gilt 3.25% 22/01/2044 Reg S 12,858 3.13

12,250,000 UK Gilt 3.75% 07/09/2019 Reg S 12,257 2.99

6,000,000 UK Gilt 3.50% 22/07/2068 12,200 2.97

8,850,000 UK Gilt 1.25% 22/07/2027 Reg S 9,503 2.32

3,850,000 UK Gilt 4.25% 07/06/2032 5,593 1.36

2,150,000 UK Gilt 4.25% 07/12/2055 4,360 1.06

3,000,000 UK Gilt 1.75% 22/01/2049 Reg S 3,597 0.88

2,000,000 UK Gilt 2.50% 22/07/2065 Reg S 3,215 0.78

1,775,000 UK Gilt 6.00% 07/12/2028 2,693 0.66

850,000 UK Gilt 4.00% 22/01/2060 Reg S 1,744 0.42

1,000,000 UK Gilt 2.25% 07/09/2023 Reg S 1,077 0.26

1,000,000 UK Gilt 1.75% 07/09/2022 1,043 0.25

100,000 UK Gilt 2.00% 07/09/2025 Reg S 110 0.03

120,926 29.46

Financials - (15.57%) 3,973,552 Royal Bank of Scotland Group 7,377 1.80


427,658 Prudential 5,861 1.43

61,095 JPMorgan Chase 5,514 1.34

903,735 HSBC Holdings 5,382 1.31


844,620 British Land 4,304 1.05

191 Fidelity Institutional Liquidity Fund - Sterling A Acc 4,000 0.97

167,216 Admiral Group 3,565 0.87




593,717 Direct Line Insurance Group 1,697 0.41


968,885 Redde 1,027 0.25

188,798 Chesnara 531 0.13

60,735 14.80


334,882 Diageo 11,823 2.88


157,714 Coca-Cola 7,172 1.75




79,276 Nichols 1,352 0.33

188,318 Tate & Lyle 1,346 0.33

44,349 Cranswick 1,216 0.30

54,770 13.34

Portfolio Statement


253





32,034 7.80

Oil & Gas - (6.33%) 2,391,272 BP 12,035 2.93



26,301 6.41

Utilities - (6.10%) 661,337 SSE 7,605 1.85

621,346 National Grid 5,355 1.30

552,565 Pennon Group 4,216 1.03


169,202 Severn Trent 3,528 0.86

24,629 6.00


310,052 WPP 3,001 0.73

275,911 easyJet 2,654 0.65

104,564 Go-Ahead Group 2,164 0.53

274,695 Inchcape 1,600 0.39

59,161 Greggs 1,241 0.30

914,229 Stagecoach Group 1,134 0.28

85,820 Dignity 409 0.10

48,843 Rightmove 264 0.06


20,061 4.89

Corporate Bonds - (3.63%) 2,120,000 Westfield Stratford City Finance No 2 1.642% 04/08/2031 Reg S 2,172 0.53


1,000,000 Transport for London 4.00% 07/04/2064 EMTN Reg S 1,648 0.40

1,500,000 AA Bond 4.2487% 31/07/2043 Reg S 1,519 0.37

700,000 EDF 6.00% 23/01/2114 EMTN Reg S 1,186 0.29

985,000 Motability Operations Group 2.375% 03/07/2039 EMTN Reg S 1,045 0.25

560,000 Broadgate Financing 4.821% 05/07/2036 778 0.19

750,000 Time Warner Cable 5.875% 15/11/2040 701 0.17

500,000 Reseau Ferre de France 5.25% 07/12/2028 EMTN Reg S 686 0.17

500,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 660 0.16

500,000 British Telecommunications 9.625% VRN 15/12/2030 631 0.15

515,000 Manchester Airport Group Funding 2.875% 30/09/2044 EMTN Reg S 561 0.14

500,000 EDF 6.00% 22/01/2114 144A 519 0.13

350,000 Abbey National Treasury 5.25% 16/02/2029 EMTN Reg S 478 0.12

450,000 Southern Water Services Finance 5.00% 31/03/2021 EMTN 477 0.12

300,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 469 0.11

497,000 Intu SGS Finance 3.875% 17/03/2023 Reg S 439 0.11

350,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 365 0.09

300,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 346 0.08

250,000 Annes Gate Property 5.661% 30/06/2031 346 0.08

Portfolio Statement


254



300,000 BUPA Finance 5.00% 25/04/2023 Reg S 329 0.08

300,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 318 0.08

200,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 300 0.07

250,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 264 0.06

200,000 BAT International Finance 4.00% 04/09/2026 EMTN Reg S 225 0.05

250,000 Intu SGS Finance 4.625% 17/03/2028 Reg S 211 0.05

150,000 HSBC Bank Funding Sterling 1 5.844% VRN (Perpetual) 198 0.05

150,000 Wales & West Utilities Finance 5.00% 07/03/2028 EMTN 192 0.05

150,000 Gatwick Funding 5.25% 23/01/2026 EMTN 175 0.04

150,000 Wales & West Utilities Finance 4.625% 13/12/2023 EMTN 173 0.04

200,000 Imperial Tobacco Finance 3.50% 11/02/2023 144A 168 0.04

150,000 BAT International Finance 6.375% 12/12/2019 EMTN 152 0.04

100,000 SP Manweb 4.875% 20/09/2027 EMTN Reg S 126 0.03

100,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 118 0.03

100,000 Telefonica Emisiones SAU 5.597% 12/03/2020 EMTN Reg S 102 0.02

50,000 Wales & West Utilities Finance 6.25% 30/11/2021 56 0.01

19,964 4.86


3,033,253 BT Group 5,035 1.23

12,564 3.06


159,188 BHP 2,801 0.68

103,835 Mondi Group 1,653 0.40

12,394 3.02


1,117,697 Hays 1,559 0.38

316,209 PageGroup 1,338 0.33

614,674 Ibstock 1,317 0.32

498,220 Forterra 1,310 0.32

7,318 1.78

Mortgage Related Bonds - (0.94%) 2,405,210 PRS Finance 1.75% 24/11/2026 Reg S 2,555 0.62

678,953 Aspire Defence Finance 4.674% 31/03/2040 911 0.22

403,370 Great Rolling Stock 6.875% 27/07/2035 EMTN 525 0.13

378,360 Telereal Securitisation 5.5534% 10/12/2033 466 0.11

394,295 Dignity Finance 3.5456% 31/12/2034 Reg S 433 0.11

300,000 Dali Capital 4.7992% 21/12/2037 421 0.10

226,318 Aspire Defence Finance 4.674% 31/03/2040 304 0.07

200,000 Peel South East 10.00% 30/04/2026 283 0.07


145,111 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 192 0.05

125,000 Community Finance 1 5.017% 31/07/2034 EMTN 177 0.04

126,785 Tesco Property Finance 2 6.0517% 13/10/2039 168 0.04

129,150 Unique Pub Finance 5.659% 30/06/2027 145 0.04

6,827 1.66

Portfolio Statement


255




5,448 1.33

Government Bonds - (0.29%) 800,000 US Treasury Note 1.625% 15/02/2026 663 0.16

300,000 US Treasury Bond 2.50% 15/02/2046 273 0.07

250,000 Germany 3.25% 04/07/2021 Reg S 244 0.06

250,000 US Treasury Note 3.50% 15/05/2020 208 0.05

50,000 US Treasury Note 2.375% 15/08/2024 43 0.01

1,431 0.35

Forward Foreign Exchange Contracts - (0.02%) (352,000) Bought GBP sold EUR @ 1.081693 for settlement 14/11/2019 5 0.00



6 0.00

Futures - (0.01%) (1,600,000) US 10 Year Treasury Note (CBT) Commodity Future 19/12/2019 3 0.00

(700,000) Euro-Bund Commodity Future 06/09/2019 (51) (0.01)

(7,200,000) Long Gilt Commodity Future 27/12/2019 (94) (0.02)

(142) (0.03)



Net assets 410,445 100.00


Portfolio Statement


256



Financials - (25.83%) 1,063 Fidelity Institutional Liquidity Fund - Sterling A Acc 22,204 3.02



1,162,729 Prudential 15,935 2.16

165,283 JPMorgan Chase 14,917 2.03

2,457,103 HSBC Holdings 14,632 1.99

2,159,453 Phoenix Group Holdings 13,896 1.89

2,296,380 British Land 11,702 1.59

454,632 Admiral Group 9,693 1.32




1,610,215 Direct Line Insurance Group 4,602 0.63


2,655,881 Redde 2,815 0.38

506,813 Chesnara 1,424 0.19

176,451 23.97


910,488 Diageo 32,145 4.37


423,639 Coca-Cola 19,266 2.62




516,212 Tate & Lyle 3,691 0.50

212,795 Nichols 3,628 0.49

118,641 Cranswick 3,253 0.44

148,463 20.17


2,236,117 GlaxoSmithKline 38,416 5.22

87,095 11.83

Oil & Gas - (9.75%) 6,501,465 BP 32,722 4.45

1,370,870 Royal Dutch Shell (A) 31,400 4.27


71,511 9.71

Utilities - (9.40%) 1,798,063 SSE 20,678 2.81

1,689,336 National Grid 14,559 1.98

1,502,332 Pennon Group 11,463 1.56

1,304,821 United Utilities Group 10,671 1.45

460,032 Severn Trent 9,592 1.30

66,963 9.10

Portfolio Statement


257




844,512 WPP 8,175 1.11

743,547 easyJet 7,153 0.97

286,628 Go-Ahead Group 5,933 0.81

739,175 Inchcape 4,306 0.58

160,450 Greggs 3,366 0.46

2,453,995 Stagecoach Group 3,043 0.41

230,362 Dignity 1,097 0.15

130,665 Rightmove 706 0.10


54,413 7.39


8,246,902 BT Group 13,690 1.86

34,161 4.64


428,992 BHP 7,549 1.03

279,283 Mondi Group 4,446 0.60

33,582 4.56


3,031,300 Hays 4,229 0.57

848,776 PageGroup 3,590 0.49

1,355,089 Forterra 3,564 0.48

1,655,637 Ibstock 3,546 0.48

19,848 2.70


14,812 2.01



Net assets 736,113 100.00


Portfolio Statement


258



Corporate Bonds - (70.86%) 30,450,000 European Investment Bank 6.00% 07/12/2028 44,683 1.32

17,440,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 36,981 1.09


21,200,000 EDF 6.00% 23/01/2114 EMTN Reg S 35,905 1.06

22,005,000 THFC Funding No 3 5.20% 11/10/2043 EMTN Reg S 33,578 0.99

23,600,000 Abbey National Treasury 5.25% 16/02/2029 EMTN Reg S 32,211 0.95


20,000,000 Thames Water Utilities Cayman Finance 5.50% 11/02/2041 EMTN 29,764 0.88

27,900,000 EDF 6.00% 22/01/2114 144A 28,974 0.85

20,000,000 Reseau Ferre de France 5.25% 07/12/2028 EMTN Reg S 27,433 0.81


20,000,000 HSBC Bank Funding Sterling 1 5.844% VRN (Perpetual) 26,418 0.78


26,305,000 Virgin Money Holdings UK 3.375% VRN 24/04/2026 GMTN Reg S 25,670 0.76

22,150,000 Dwr Cymru (Financing) 2.50% 31/03/2036 EMTN Reg S 25,189 0.74


20,000,000 Orbit Capital 3.375% 14/06/2048 Reg S 23,759 0.70

19,500,000 AT&T 4.375% 14/09/2029 23,287 0.69

15,000,000 Walmart Stores 5.625% 27/03/2034 23,178 0.68

20,200,000 CPUK Finance 3.69% 28/02/2047 Reg S 22,239 0.66


20,300,000 Aviva 6.125% VRN (Perpetual) 21,834 0.64

23,000,000 Saudi Arabian Oil Company 4.375% 16/04/2049 Reg S 21,592 0.64


20,350,000 Akelius Residential 2.375% 15/08/2025 EMTN Reg S 20,891 0.62

16,200,000 SPD Finance UK 5.875% 17/07/2026 Reg S 20,608 0.61

12,900,000 AT&T 7.00% 30/04/2040 EMTN 20,546 0.61

17,850,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 20,232 0.60

20,000,000 Alberta Province CDA 1.00% 15/11/2021 Reg S 20,072 0.59


19,385,000 RSA Insurance Group 1.625% 28/08/2024 Reg S 19,430 0.57

16,600,000 Prudential 5.70% VRN 19/12/2063 EMTN Reg S 19,425 0.57

16,286,000 WM Treasury 3.25% 20/10/2048 Reg S 19,335 0.57



12,500,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 18,774 0.55

11,900,000 Western Power Distribution (South Wales) PLC 5.75% 23/03 /2040 18,610 0.55


17,429,000 Gatwick Funding 2.875% 05/07/2051 Reg S 18,410 0.54

17,000,000 ING Groep 3.00% 18/02/2026 EMTN Reg S 18,304 0.54



10,980,000 THFC Funding No 2 6.35% 08/07/2041 EMTN 18,107 0.53

10,000,000 Yorkshire Water Services 6.375% 19/08/2039 17,311 0.51

13,000,000 Wheatley Group Capital 4.375% 28/11/2044 Reg S 17,197 0.51


14,950,000 Western Power Distribution West Midlands 3.875% 17/10/2024 EMTN Reg S 16,731 0.49


15,000,000 JT International Financial Services 2.75% 28/09/2033 EMTN Reg S 16,206 0.48

15,000,000 Westfield America Management 2.625% 30/03/2029 Reg S 16,053 0.47

Portfolio Statement


259




15,000,000 Abertis Infraestructure 3.375% 27/11/2026 EMTN Reg S 15,965 0.47

10,000,000 RWE Finance 6.125% 06/07/2039 EMTN 15,818 0.47

10,000,000 South West Water Finance 5.875% 16/07/2040 EMTN 15,715 0.46

14,800,000 Quadgas Finance 3.375% 17/09/2029 EMTN Reg S 15,584 0.46

12,500,000 America Movil 5.00% 27/10/2026 15,416 0.45


14,509,000 Enterprise Inns 6.375% 26/09/2031 14,740 0.43

11,723,000 BAT International Finance 7.25% 12/03/2024 EMTN 14,608 0.43


15,000,000 Enel Finance International 4.625% 14/09/2025 Reg S 13,430 0.40

13,050,000 AA Bond 6.269% 02/07/2043 EMTN Reg S 13,423 0.40

12,000,000 Rolls-Royce 3.375% 18/06/2026 EMTN 13,322 0.39

9,700,000 Freshwater Finance 4.607% 17/10/2036 Reg S 13,319 0.39



12,000,000 PRS Finance 2.00% 23/01/2029 Reg S 13,050 0.38


12,500,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 12,698 0.37

11,240,000 Zurich Finance (UK) 6.625% VRN (Perpetual) EMTN 12,617 0.37

11,288,000 Orsted 2.50% 16/05/2033 EMTN Reg S 12,412 0.37

10,000,000 Clydesdale Bank 4.625% 08/06/2026 EMTN 12,410 0.37

11,625,000 London & Quadrant Housing Trust 2.625% 28/02/2028 Reg S 12,359 0.36

7,700,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 12,034 0.35

8,500,000 South Eastern Power Networks 5.625% 30/09/2030 EMTN 11,789 0.35

7,000,000 E.ON International Finance 6.75% 27/01/2039 EMTN 11,716 0.35

8,250,000 RWE Finance 6.25% 03/06/2030 EMTN 11,648 0.34

7,650,000 EDF 6.125% 02/06/2034 EMTN 11,437 0.34

9,450,000 AXA 5.625% VRN 16/01/2054 EMTN Reg S 11,404 0.34

10,350,000 Home Group 3.125% 27/03/2043 Reg S 11,377 0.34

10,000,000 BUPA Finance 5.00% 08/12/2026 Reg S 11,286 0.33

10,600,000 NIE Finance 2.50% 27/10/2025 Reg S 11,217 0.33



10,000,000 ENW Finance 6.125% 21/07/2021 EMTN 10,925 0.32

10,000,000 Liberty Living Finance 3.375% 28/11/2029 Reg S 10,916 0.32

9,000,000 General Electric Capital 5.375% 18/12/2040 EMTN 10,900 0.32

10,250,000 University of Southampton 2.25% 11/04/2057 Reg S 10,894 0.32


7,951,000 Yorkshire Water Services Odsal Finance 6.454% 28/05/2027 10,782 0.32

7,500,000 Heathrow Funding 4.625% 31/10/2048 Reg S 10,769 0.32

7,650,000 British Land 5.264% 24/09/2035 10,709 0.32

10,000,000 Deutsche Telekom International Finance 2.50% 10/10/2025 EMTN Reg S 10,646 0.31

10,000,000 Northumbrian Water Finance 2.375% 05/10/2027 Reg S 10,616 0.31

9,850,000 UNITE (USAF) II 3.374% 30/06/2028 10,601 0.31

9,000,000 Edinburgh Investment Trust 7.75% 30/09/2022 10,578 0.31

10,000,000 Aroundtown 3.625% 10/04/2031 EMTN Reg S 10,520 0.31


10,221,000 AA Bond 4.2487% 31/07/2043 Reg S 10,347 0.31

10,100,000 BAT Capital 2.125% 15/08/2025 EMTN Reg S 10,225 0.30

9,700,000 SPI Assets 5.125% 11/02/2021 EMTN Reg S 10,219 0.30

Portfolio Statement


260



10,000,000 Deutsche Bahn Finance 1.375% 07/07/2025 Reg S 10,208 0.30

10,000,000 Barclays Bank 3.00% 08/05/2026 EMTN Reg S 10,206 0.30

10,000,000 Royal Bank of Canada 1.125% 22/12/2021 Reg S 10,048 0.30

7,000,000 Lloyds TSB Bank 6.00% 08/02/2029 Reg S 10,001 0.29

10,000,000 Deutsche Bank 1.75% 16/12/2021 Reg S 9,903 0.29

7,500,000 Telefonica Emisiones SAU 5.445% 08/10/2029 EMTN Reg S 9,888 0.29

7,500,000 RWE Finance 4.75% 31/01/2034 EMTN Reg S 9,831 0.29

9,300,000 Total Capital International 1.66% 22/07/2026 EMTN Reg S 9,645 0.28

6,360,000 GE Capital UK Funding 8.00% 14/01/2039 EMTN Reg S 9,641 0.28

9,000,000 Western Power Distribution 3.625% 06/11/2023 Reg S 9,631 0.28

9,200,000 Shaftesbury Carnaby 2.487% 30/09/2031 9,510 0.28

9,400,000 Barclays Bank 2.375% VRN 06/10/2023 Reg S 9,457 0.28


8,584,000 Manchester Airport Group Funding 2.875% 30/09/2044 EMTN Reg S 9,346 0.28


7,060,000 London Merchant Securities 6.50% 16/03/2026 9,118 0.27

7,300,000 Anglian Water Services Finance 4.50% 05/10/2027 EMTN Reg S 8,950 0.26

8,500,000 Quilter 4.478% VRN 28/02/2028 Reg S 8,684 0.26


7,500,000 Royal London Finance Bonds 6.125% VRN 30/11/2043 Reg S 8,457 0.25


7,500,000 Annington Funding 3.685% 12/07/2034 Reg S 8,435 0.25

5,600,000 Peabody Capital 5.25% 17/03/2043 EMTN Reg S 8,433 0.25



6,300,000 Imperial Tobacco Finance 8.125% 15/03/2024 EMTN 8,106 0.24


6,452,000 Southern Housing Group 3.50% 19/10/2047 Reg S 7,916 0.23

7,500,000 Bank of America Corporation 2.30% 25/07/2025 EMTN Reg S 7,879 0.23


7,000,000 Anglian Water Services Finance 2.75% 26/10/2029 EMTN Reg S 7,770 0.23

6,450,000 HBOS Treasury Services 4.875% 20/12/2024 EMTN 7,728 0.23

5,000,000 EDF 5.125% 22/09/2050 EMTN Reg S 7,685 0.23


7,000,000 Global Switch Holdings 4.375% 13/12/2022 EMTN Reg S 7,640 0.23

8,500,000 Phoenix Group Holdings 5.75% VRN (Perpetual) Reg S 7,427 0.22

7,290,000 Enterprise Inns 6.875% 09/05/2025 7,421 0.22

7,272,000 Hastings Insurance Group Finance 3.00% 24/05/2025 Reg S 7,217 0.21

6,200,000 Libra Longhurst Group Treasury No 2 3.25% 15/05/2043 Reg S 7,156 0.21

6,800,000 Barclays Bank 7.125% VRN (Perpetual) Reg S 7,150 0.21

5,314,000 GE Capital UK Funding 6.25% 05/05/2038 EMTN 7,088 0.21

6,000,000 Rothesay Life 8.00% 30/10/2025 Reg S 7,038 0.21

5,300,000 EDF Energy Networks 6.125% 07/06/2027 EMTN 7,032 0.21

5,625,000 Arqiva Financing 5.34% 30/06/2030 Reg S 7,007 0.21


5,015,000 Broadgate Financing 4.821% 05/07/2036 6,971 0.21

7,500,000 Autostrade Per Litalia 1.625% 12/06/2023 6,952 0.21


6,000,000 Orange 3.25% 15/01/2032 EMTN Reg S 6,864 0.20

5,600,000 Incommunities Treasury 3.25% 21/03/2049 Reg S 6,766 0.20

7,500,000 Autostrade Per Litalia 1.875% 26/09/2029 EMTN Reg S 6,748 0.20

5,000,000 Scottish Widows 7.00% 16/06/2043 Reg S 6,722 0.20

Portfolio Statement


261



6,607,000 Provident Financial 7.00% 04/06/2023 EMTN Reg S 6,661 0.20

5,250,000 AT&T 5.50% 15/03/2027 Reg S 6,577 0.19

6,200,000 National Express Group 2.50% 11/11/2023 EMTN Reg S 6,405 0.19


5,000,000 GE Capital UK Funding 5.875% 18/01/2033 EMTN 6,272 0.18


5,675,000 Verizon Communications 2.50% 08/04/2031 6,091 0.18

5,744,000 Phoenix Life 7.25% VRN (Perpetual) 5,923 0.17


5,350,000 BUPA Finance 6.125% VRN (Perpetual) 5,553 0.16


5,000,000 Atlantia 6.25% 09/06/2022 EMTN 5,472 0.16

5,000,000 BNP Paribas 3.375% 23/01/2026 EMTN Reg S 5,472 0.16

5,000,000 Society of Lloyds 4.875% VRN 07/02/2047 Reg S 5,454 0.16

4,000,000 Freshwater Finance 4.556% 03/04/2036 Reg S 5,432 0.16

5,029,000 Fidelity National Information Services 2.602% 21/05/2025 5,312 0.16

4,600,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 5,301 0.16

4,563,000 Northern Electric Finance 2.75% 24/05/2049 Reg S 5,220 0.15

5,000,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 5,208 0.15

3,355,000 Walmart Stores 5.25% 28/09/2035 5,175 0.15

5,000,000 Enterprise Inns 6.00% 06/10/2023 Reg S 5,081 0.15

5,592,000 E.ON SE 0.35% 28/02/2030 EMTN Reg S 5,046 0.15

4,800,000 Arqiva Financing 4.04% 30/06/2035 EMTN Reg S 4,898 0.14


4,550,000 HBOS 4.50% VRN 18/03/2030 EMTN 4,684 0.14


3,000,000 Annes Gate Property 5.661% 30/06/2031 4,157 0.12

4,000,000 Fiserv 2.25% 01/07/2025 4,140 0.12

3,431,619 THFC Social Housing Finance 8.75% 18/12/2021 3,943 0.12

4,474,000 Occidental Petroleum 4.40% 15/08/2049 3,801 0.11

3,565,000 Orsted 2.125% 17/05/2027 EMTN Reg S 3,790 0.11

3,640,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 3,757 0.11

4,000,000 Telecom Italia Capital 7.20% 18/07/2036 3,633 0.11

3,138,000 Tesco Personal Finance Group 3.50% 25/07/2025 Reg S 3,176 0.09

2,364,000 Whg Treasury 4.25% 06/10/2045 Reg S 3,174 0.09

2,150,000 Electricity North West 8.875% 25/03/2026 Reg S 3,124 0.09

2,399,000 British Land 5.357% 31/03/2028 3,058 0.09

2,142,000 British Land 5.357% 31/03/2028 2,730 0.08

2,000,000 Bankers Investment Trust 8.00% 31/10/2023 2,400 0.07

1,850,000 Woolwich Building Society 9.50% 07/08/2021 2,120 0.06

1,991,000 Aker BP 5.875% 31/03/2025 144A 1,715 0.05

900,000 Peel Holdings 8.375% STEP 30/04/2040 1,347 0.04

1,000,000 Telecom Italia Capital 6.00% 30/09/2034 840 0.02

5,100,000 TXU Europe Funding 7.00% 31/12/2049 (Defaulted) 0 0.00

1,000,000 British & Commonwealth Holding 10.50% 31/07/2012 (Defaulted) 0 0.00

2,406,604 70.98

Mortgage Related Bonds - (18.33%) 38,854,188 Aspire Defence Finance 4.674% 31/03/2040 52,112 1.54

20,959,252 Juturna European Loan Conduit No 16 5.0636% 10/08/2033 EMTN Reg S 27,009 0.80

19,995,910 UPP Bond 1 Issuer 4.9023% 28/02/2040 EMTN Reg S 26,287 0.78

19,178,000 Metropolitan Funding 4.125% 05/04/2048 Reg S 24,121 0.71


Portfolio Statement


262




17,489,457 TC Dudgeon Ofto 3.158% 12/11/2038 Reg S 19,855 0.59


12,837,000 Community Finance 1 5.017% 31/07/2034 EMTN 18,227 0.54

19,220,000 Marstons Issuer 5.158% VRN 15/10/2027 17,332 0.51

21,334,000 Mitchells & Butler Finance 1.1912% VRN 15/12/2033 Reg S 17,312 0.51

12,504,054 Channel Link Enterprises Finance 5.892% 30/06/2041 16,914 0.50

10,950,000 Sunderland (SHG) Finance 6.38% 31/03/2042 Reg S 16,216 0.48



13,670,000 Penarian Housing Finance 3.212% 07/06/2052 Reg S 15,384 0.45



13,007,245 Highbury Finance 7.017% 20/03/2023 14,872 0.44

12,986,149 Arsenal Securities 5.1418% 01/09/2029 14,861 0.44

11,452,308 Equity Release Funding 2 5.88% 26/05/2032 14,231 0.42

10,043,565 RMPA Services 5.337% 30/09/2038 13,691 0.40

11,049,903 Premiertel 6.175% 08/05/2032 13,458 0.40

13,500,000 Spirit Issuer FRN 28/12/2031 Reg S 13,068 0.39


10,658,987 Longstone Finance 4.791% 19/04/2036 12,546 0.37

10,400,000 Housing & Care Twenty One 3.288% 08/11/2049 Reg S 12,418 0.37


9,848,042 WoDS Transmission 3.446% 24/08/2034 Reg S 11,277 0.33

10,203,262 Together Asset Backed Securitisation 2018-1 1.9598% VRN 12/07/2050 Reg S 10,209 0.30


6,301,584 Aspire Defence Finance 4.674% 31/03/2040 8,452 0.25



4,500,000 Dali Capital 4.7992% 21/12/2037 6,315 0.19

4,241,089 Trafford Centre Finance 6.50% 28/07/2033 5,879 0.17

5,255,455 Together Asset Backed Securitisation 1 1.7798% VRN 12/03/2049 Reg S 5,249 0.15

5,658,109 Taurus 2019-1 FR Srl 0.90% VRN 02/02/2031 Reg S 5,163 0.15

3,250,000 Canary Wharf Finance II 5.952% 22/10/2037 4,924 0.15


3,489,758 Meadowhall Finance 4.986% 12/07/2037 Reg S 4,383 0.13

3,678,800 Delamare Finance 5.5457% 19/02/2029 4,312 0.13


3,551,738 Ribbon Finance 2018 1.5526% VRN 20/04/2028 Reg S 3,513 0.10

2,731,652 Mitchells & Butler Finance 6.013% 15/12/2028 Reg S 3,144 0.09

1,000,000 Southern Water Services Finance 3.706% 31/03/2034 2,943 0.09

2,073,673 Mitchells & Butler Finance 5.574% 15/12/2030 Reg S 2,392 0.07

1,860,000 Telereal Securitisation 4.9741% 10/12/2033 Reg S 2,138 0.06


492,534 Greene King Finance 1.8375% VRN 15/09/2021 485 0.01


623,767 18.40

Portfolio Statement


263




44,000,000 UK Gilt 1.50% 22/07/2026 Reg S 47,701 1.41

26,350,000 UK Gilt 4.75% 07/12/2030 38,797 1.14

19,000,000 UK Gilt 4.25% 07/12/2049 35,405 1.04

14,050,000 UK Gilt 4.00% 22/01/2060 Reg S 28,831 0.85

16,900,000 UK Gilt 1.50% 22/07/2047 Reg S 19,086 0.56

11,450,000 UK Gilt 4.25% 07/09/2039 Reg S 18,551 0.55

10,000,000 UK Gilt 4.25% 07/06/2032 14,527 0.43

6,700,000 UK Gilt 3.25% 22/01/2044 Reg S 10,017 0.30

3,200,000 UK Gilt 2.50% 22/07/2065 Reg S 5,144 0.15

150,000 UK Gilt 4.25% 07/12/2046 268 0.01

282,059 8.32

Government Bonds - (0.38%) 13,900,000 US Treasury Bond 3.00% 15/02/2049 14,018 0.41

14,018 0.41





(4,840,000) Bought GBP sold EUR @ 1.097008 for settlement 14/11/2019 12 0.00

(5,586,000) Bought GBP sold EUR @ 1.101504 for settlement 14/11/2019 (7) 0.00


1,711 0.05

Financials - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling A Acc 1 0.00

1 0.00

Futures - (0.07%) (23,600,000) US 20 Year Long Bond (CBT) Commodity Future 19/12/2019 242 0.01

(27,300,000) US Ultra Bond Commodity Future 19/12/2019 161 0.00



64,900,000 US 10 Year Ultra Bond Commodity Future 19/12/2019 (346) (0.01)


(4,200,000) Euro-Buxl 30 Year Commodity Future 06/09/2019 (1,016) (0.03)

(19,200,000) Euro-Bund Commodity Future 06/09/2019 (1,391) (0.04)

(288,400,000) Long Gilt Commodity Future 27/12/2019 (3,795) (0.11)

(6,660) (0.20)



Net assets 3,390,674 100.00


Portfolio Statement


264



Corporate Bonds - (84.61%) 2,600,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 2,758 2.06


2,005,000 Temasek Financial 4.625% 26/07/2022 GMTN Reg S 2,222 1.66


1,730,000 First Hydro Finance 9.00% 31/07/2021 1,971 1.47

1,750,000 Thames Water Utility Finance 5.05% 30/06/2020 EMTN Reg S 1,802 1.34

1,500,000 Yorkshire Water Services Odsal Finance 6.5876% 21/02/2023 1,779 1.33


1,600,000 AA Bond 4.2487% 31/07/2043 Reg S 1,620 1.21

1,250,000 Credit Agricole 7.375% 18/12/2023 GMTN 1,549 1.16

1,300,000 Friends Provident Holdings UK 8.25% 21/04/2022 Reg S 1,527 1.14

1,350,000 Halifax 9.375% 15/05/2021 Reg S 1,522 1.14


1,500,000 Swedbank 1.625% 28/12/2022 EMTN Reg S 1,517 1.13


1,350,000 General Electric Capital UK Funding 5.125% 24/05/2023 EMTN Reg S 1,485 1.11

1,300,000 Tesco 6.125% 24/02/2022 EMTN 1,448 1.08

1,350,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 1,409 1.05



1,350,000 GKN Holdings 6.75% 28/10/2019 Reg S 1,362 1.02

1,250,000 Svenska Handelsbanken Institute BE 1.625% 18/06/2022 EMTN Reg S 1,272 0.95

1,149,000 Western Power Distribution (South Wales) 9.25% 09/11/2020 1,257 0.94

1,100,000 BNP Paribas 5.75% 24/01/2022 EMTN 1,207 0.90

1,000,000 Edinburgh Investment Trust 7.75% 30/09/2022 1,175 0.88

950,000 CPUK Finance 7.239% 28/02/2024 EMTN Reg S 1,162 0.87



1,000,000 Tennessee Valley Authority 5.35% 07/06/2021 1,075 0.80

900,000 Enel Finance International 5.625% 14/08/2024 EMTN Reg S 1,073 0.80

1,000,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 1,057 0.79

1,000,000 Eversholt Funding 5.831% 02/12/2020 EMTN 1,056 0.79

1,000,000 General Electric Capital UK Funding 5.875% 04/11/2020 EMTN 1,046 0.78

950,000 BUPA Finance 5.00% 25/04/2023 Reg S 1,043 0.78

1,000,000 SpareBank 1 Boligkreditt 1.75% 18/12/2023 EMTN Reg S 1,030 0.77

1,000,000 New York Life Global Funding 1.75% 15/12/2022 GMTN Reg S 1,024 0.76

1,000,000 BFCM Paris 1.875% 13/12/2022 EMTN Reg S 1,023 0.76

900,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 1,020 0.76

946,000 UNITE (USAF) II 3.374% 30/06/2028 1,018 0.76

1,000,000 HSBC Holdings 2.175% VRN 27/06/2023 1,017 0.76


1,000,000 Santander UK 1.625% 10/05/2021 EMTN Reg S 1,009 0.75

1,000,000 Barclays Bank 2.375% VRN 06/10/2023 Reg S 1,006 0.75



983,000 Quilter 4.478% VRN 28/02/2028 Reg S 1,004 0.75

1,050,000 Roadster Finance Designated Activity 1.625% 09/12/2029 EMTN Reg S 976 0.73

969,000 RSA Insurance Group 1.625% 28/08/2024 Reg S 971 0.72

1,100,000 ENI 4.00% 12/09/2023 144A 953 0.71

1,000,000 Harman Finance International SCA 2.00% 27/05/2022 952 0.71

Portfolio Statement


265



800,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 948 0.71

1,000,000 CPI Property Group 1.45% 14/04/2022 EMTN Reg S 927 0.69

900,000 Japan Bank International Cooperation 2.625% 15/12/2020 920 0.69

750,000 MetLife 5.375% 09/12/2024 913 0.68

800,000 BAT International Finance 6.00% 29/06/2022 EMTN 900 0.67

800,000 Innogy Finance 6.50% 20/04/2021 EMTN Reg S 868 0.65

850,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 863 0.64

829,000 DNB Bank 1.625% 15/12/2023 EMTN Reg S 849 0.63

600,000 Anheuser-Busch InBev 9.75% 30/07/2024 EMTN Reg S 842 0.63

750,000 Monks Investment Trust 6.375% 01/03/2023 837 0.62

800,000 Banco Santander 2.75% 12/09/2023 EMTN Reg S 837 0.62

700,000 EDF 6.875% 12/12/2022 EMTN 834 0.62

700,000 Friends Provident Group 12.00% 21/05/2021 EMTN 825 0.62

751,000 Atlantia 6.25% 09/06/2022 EMTN 822 0.61

798,000 Aviva 5.9021% VRN (Perpetual) 818 0.61

750,000 Merrill Lynch 5.50% 22/11/2021 EMTN Reg S 817 0.61


700,000 Zurich Finance (UK) 6.625% VRN (Perpetual) EMTN 786 0.59

700,000 Scottish Widows Funding 5.50% 16/06/2023 Reg S 782 0.58

750,000 National Express Group 2.50% 11/11/2023 EMTN Reg S 775 0.58

800,000 Logicor Financing SARL 1.50% 14/11/2022 EMTN Reg S 753 0.56

750,000 RAC Bond 4.565% 06/05/2046 EMTN Reg S 750 0.56

800,000 Eurofins Scientific SE 2.25% 27/01/2022 Reg S 749 0.56

650,000 Barclays Bank 10.00% 21/05/2021 EMTN 740 0.55

650,000 Iberdrola Finanzas SAU 6.00% 01/07/2022 EMTN 738 0.55

637,468 THFC Social Housing Finance 8.75% 18/12/2021 732 0.55

650,000 Manchester Airport Group Funding 4.125% 02/04/2024 EMTN Reg S 732 0.55

700,000 BFCM Paris 2.25% 18/12/2023 EMTN Reg S 730 0.54

850,000 CVS Health 3.70% 09/03/2023 729 0.54

700,000 Fidelity National Information Services 1.70% 30/06/2022 711 0.53

700,000 Kraft Heinz Foods 1.50% 24/05/2024 Reg S 656 0.49

650,000 Student Finance 2.6663% 30/09/2029 GMTN Reg S 654 0.49

500,000 EDP Finance Amsterdam 8.625% 04/01/2024 EMTN Reg S 649 0.48

500,000 Lloyds Bank 7.50% 15/04/2024 EMTN 636 0.47

750,000 Fiserv 2.75% 01/07/2024 629 0.47

650,000 Annington Funding 1.65% 12/07/2024 EMTN Reg S 617 0.46

600,000 Credit Agricole 8.125% VRN (Perpetual) 605 0.45

585,000 Northern Rock 6.375% 02/12/2019 EMTN 591 0.44

500,000 Investec Bank 9.625% 17/02/2022 EMTN Reg S 584 0.44

500,000 Legal & General Group 10.00% VRN 23/07/2041 577 0.43

600,000 ADLER Real Estate 1.875% 27/04/2023 Reg S 562 0.42

650,000 Bayer US Finance II 3.875% 15/12/2023 144A 559 0.42

550,000 South East Water 5.6577% 30/09/2019 552 0.41

500,000 Bank of America Corporation 6.125% 15/09/2021 EMTN Reg S 551 0.41

650,000 Aker BP 4.75% 15/06/2024 144A 546 0.41

500,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 516 0.38

500,000 Coventry Building Society 1.875% 24/10/2023 EMTN Reg S 512 0.38

500,000 Severn Trent Water Utilities Finance 1.625% 04/12/2022 EMTN Reg S 509 0.38

500,000 Finmeccanica Finance 8.00% 16/12/2019 EMTN 509 0.38

500,000 Marks & Spencer 6.125% 02/12/2019 EMTN Reg S 506 0.38

480,000 Citigroup 2.75% 24/01/2024 506 0.38

500,000 Friends Provident Group 6.875% VRN (Perpetual) 505 0.38

Portfolio Statement


266



550,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 504 0.38

500,000 Severn Trent Water Utilities Finance 1.125% 07/09/2021 EMTN Reg S 501 0.37

500,000 Deutsche Bank 1.75% 16/12/2021 Reg S 495 0.37

450,000 Global Switch Holdings 4.375% 13/12/2022 EMTN Reg S 491 0.37

450,000 AXA 7.125% 15/12/2020 483 0.36

400,000 Northern Powergrid Holdings 7.25% 15/12/2022 477 0.36

500,000 ADLER Real Estate 1.50% 06/12/2021 Reg S 464 0.35

450,000 Yorkshire Electricity Group 9.25% 17/01/2020 463 0.35

500,000 Bayer 3.00% VRN 01/07/2075 Reg S 460 0.34

400,000 Pension Insurance 6.50% 03/07/2024 Reg S 450 0.34

500,000 ING Groep 4.70% VRN 22/03/2028 EMTN Reg S 431 0.32

400,000 Phoenix Group Holdings Capital 5.75% 07/07/2021 Reg S 428 0.32

500,000 Discovery Communications 2.95% 20/03/2023 419 0.31

400,000 Volkswagen Finance Services 1.875% 07/09/2021 EMTN Reg S 404 0.30

350,000 Royal London Finance Bonds 6.125% VRN 30/11/2043 Reg S 395 0.29

375,000 Yorkshire Building Society 3.00% VRN 18/04/2025 EMTN Reg S 384 0.29

350,000 Goldman Sachs Group 5.50% 12/10/2021 380 0.28

352,000 Enterprise Inns 6.00% 06/10/2023 Reg S 358 0.27

350,000 Provident Financial 7.00% 04/06/2023 EMTN Reg S 353 0.26

324,000 Co-Operative Group 5.125% 17/05/2024 Reg S 340 0.25

400,000 Occidental Petroleum 2.70% 15/08/2022 331 0.25

300,000 Xstrata Canada Finance 7.375% 27/05/2020 EMTN 313 0.23

300,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 312 0.23

325,000 Intu Metrocentre Finance 4.125% 06/12/2028 292 0.22

300,000 Unibail-Rodamco 2.125% VRN (Perpetual) 282 0.21

275,000 Sky 2.875% 24/11/2020 EMTN Reg S 281 0.21

250,000 Heathrow Funding 9.20% VRN 29/03/2023 EMTN Reg S 281 0.21

275,000 Akelius Residential 3.875% VRN 05/10/2078 Reg S 268 0.20

255,000 National Express Group 6.625% 17/06/2020 EMTN Reg S 266 0.20

275,000 Holcim Finance Luxembourg 3.00% VRN (Perpetual) Reg S 262 0.20

312,000 Avolon Holdings Funding 3.625% 01/05/2022 144A 260 0.19

250,000 Volkswagen Financial Services 2.75% 02/10/2020 EMTN Reg S 254 0.19

250,000 CNRC Capital 1.871% 07/12/2021 Reg S 235 0.18

200,000 UniCredit 6.95% 31/10/2022 EMTN Reg S 215 0.16

210,000 Tesco Personal Finance Group 3.50% 25/07/2025 Reg S 213 0.16

250,000 Sabine Pass Liquefaction 5.625% VRN 01/02/2021 212 0.16

200,000 BUPA Finance 6.125% VRN (Perpetual) 208 0.16

153,000 Prudential 3.875% VRN 20/07/2049 Reg S 156 0.12

150,000 HSBC Bank Capital Funding Sterling 2 5.862% VRN (Perpetual) 153 0.11

150,000 AXA 6.772% VRN (Perpetual) EMTN 151 0.11

117,133 87.35

Mortgage Related Bonds - (13.05%) 1,534,188 Highbury Finance 7.017% 20/03/2023 1,754 1.31

1,416,665 Longstone Finance 4.791% 19/04/2036 1,667 1.24

1,000,000 PCL Funding III 1.1564% VRN 15/06/2023 Reg S 996 0.74

1,050,000 Channel Link Enterprises Finance 1.761% VRN 30/06/2050 Reg S 961 0.72

800,000 Newday Funding 2017 1 0.00% VRN (Perpetual) Reg S 801 0.60

725,000 Telereal Securitisation 4.0902% VRN 10/12/2033 754 0.56

750,000 Newday Partnership Funding 2017 1 1.464% VRN 15/12/2027 Reg S 742 0.55

754,415 Taurus 2019-1 FR Srl 0.90% VRN 02/02/2031 Reg S 688 0.51

589,397 Nats En Route 5.25% 31/03/2026 Reg S 678 0.51

Portfolio Statement


267



581,583 Arsenal Securities 5.1418% 01/09/2029 666 0.50

547,301 Together Asset Backed Securitisation 2018-1 1.9598% VRN 12/07/2050 Reg S 548 0.41

532,515 Ribbon Finance 2018 1.5526% VRN 20/04/2028 Reg S 527 0.39


474,076 Income Contingent Student Loans 1 2002-2006 1.8575% VRN 24/07/2056 Reg S 473 0.35

562,500 Sprint Spectrum 3.36% 20/03/2023 144A 464 0.35

350,000 Unique Pub Finance 7.395% 28/03/2024 397 0.30

370,059 Income Contingent Student Loans 2 2007-2009 1.8575% VRN 24/07/2058 Reg S 367 0.27

300,312 Together Asset Backed Securitisation 1 1.7798% VRN 12/03/2049 Reg S 300 0.22

189,795 Mitchells & Butler Finance 5.965% 15/12/2025 Reg S 203 0.15

22,667 City Greenwich Lewisham Rail 9.375% 11/10/2020 23 0.02

13,502 10.07

Government Bonds - (0.48%) 500,000 Qatar 3.875% 23/04/2023 Reg S 437 0.33

437 0.33

Forward Foreign Exchange Contracts - (0.23%) (13,925,000) Bought GBP sold EUR @ 1.081693 for settlement 14/11/2019 215 0.16


(474,000) Bought GBP sold USD @ 1.218724 for settlement 14/11/2019 1 0.00




416,000 Bought USD sold GBP @ 1.000000 for settlement 14/11/2019 (3) 0.00

218 0.16

Financials - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling A Acc 2 0.00

2 0.00

Futures - (0.00%) (200,000) US 5 Year Treasury Note (CBT) Commodity Future 31/12/2019 0 0.00

0 0.00



Net assets 134,096 100.00


Portfolio Statement


268




2,235,674 Citigroup 118,061 4.12

15,547,043 Phoenix Group Holdings 100,045 3.49

26,864,869 John Laing Group 94,940 3.31


20,871,082 Aviva 74,405 2.59


28,002,533 CLS Holdings 65,806 2.29

26,502,178 Summit Properties 26,912 0.94

52,146,390 Sherborne Investors Guernsey C 25,135 0.88

16,908,534 Quilter 21,169 0.74

6,866,038 Hammerson 15,641 0.55

14,906,321 International Personal Finance 13,311 0.46

10,505,724 Trian Investors 1 10,506 0.37

560,503 Brooks MacDonald Group 10,285 0.36

6,773,652 U & I Group 9,822 0.34

2,447,478 Electra Private Equity 8,321 0.29

3,841,866 Marwyn Value Investors 5,763 0.20

25,792,630 Sherborne Investors Guernsey B 2,192 0.08


0 Fidelity Institutional Liquidity Fund - Euro A Acc 4 0.00

915,718 31.93

Industrials - (17.46%) 19,094,707 Meggitt 117,357 4.09

64,203,269 Serco Group 94,250 3.29

3,276,670 Ultra Electronics Holdings 72,349 2.52

681,612 DCC 47,726 1.66

748,600 RHI Magnesita 33,358 1.16

23,784,265 SIG 29,992 1.05

16,448,113 Chemring Group 28,850 1.01

13,276,310 Senior 27,031 0.94

6,181,497 Essentra 24,887 0.87

3,289,687 Keller Group 21,482 0.75

9,494,612 Balfour Beatty 20,565 0.72

3,422,809 Smart Metering Systems 15,635 0.55

16,695,062 Speedy Hire 7,680 0.27

2,984,917 Morgan Advanced Materials 7,606 0.27

3,483,069 Charles Taylor 7,454 0.26

16,265,736 Connect Group 5,856 0.20

1,790,415 Norcros 3,849 0.13

4,408,243 Promethean (Unlisted) 0 0.00

565,927 19.74

Portfolio Statement


269



Consumer Services - (10.38%) 16,511,360 Pearson 137,969 4.81

8,238,726 Millennium & Copthorne Hotels 56,023 1.95

10,208,716 Halfords Group 18,365 0.64

19,928,336 Huntsworth 18,334 0.64

6,411,849 Sports Direct International 15,927 0.56

2,375,116 GVC Holdings 14,939 0.52

5,248,746 Findel 10,340 0.36

5,985,111 Vivo Energy 7,074 0.25

6,846,514 McColls Retail Group 3,149 0.11

282,120 9.84

Oil & Gas - (10.82%) 6,624,518 Royal Dutch Shell (B) 151,172 5.27

17,410,784 BP 87,628 3.06

3,939,228 Kosmos Energy (GB) 20,523 0.72

44,993,006 Amerisur Resources 8,072 0.28

4,694,647 Cairn Energy 7,760 0.27

2,804,281 Tullow Oil 5,656 0.20

280,811 9.79

Consumer Goods - (3.77%) 20,671,322 C Group (GB) 74,313 2.59

3,166,212 Imperial Brands 66,902 2.33

39,787,989 Cairn Homes 36,868 1.29

27,667,256 Photo-Me International 27,557 0.96

41,942,071 Glenveagh Properties 23,882 0.83

229,522 8.00

Health Care - (6.74%) 686,143 Roche Holdings 154,149 5.38

522,242 Sanofi 37,184 1.30

1,064,846 Mylan 17,503 0.61

16,241,614 Indivior 9,547 0.33

3,045,764 Spire Healthcare Group 3,043 0.11

221,426 7.72

Basic Materials - (4.70%) 3,999,480 ArcelorMittal Luxembourg 47,649 1.66

11,213,386 Semafo 34,443 1.20

1,044,866 Johnson Matthey 30,332 1.06

12,606,186 Central Asia Metals 23,599 0.82

7,482,875 Acacia Mining 19,485 0.68

11,487,678 Tharisa (GB) 13,211 0.46

65,925,301 Gemfields Group 5,369 0.19

11,112,155 SolGold 3,017 0.11

653,259 Synthomer 1,985 0.07

179,090 6.25

Portfolio Statement


270



Utilities - (0.67%) 33,522,746 ContourGlobal 58,665 2.05

2,789,649 Engie 35,107 1.22

93,772 3.27

Corporate Bonds - (0.53%) 19,731,000 International Personal Finance 5.75% 07/04/2021 EMTN Reg S 15,610 0.54

15,610 0.54

Telecommunications - (0.00%) 14,112,194 Zegona Communications 14,536 0.51

14,536 0.51

Technology - (1.78%) 955,264 Micro Focus International 10,720 0.37

10,720 0.37

Contracts for Difference - ((1.04)%) 6,026,863 CRH (CFD) 14,008 0.49

13,377,218 William Hill (CFD) 2,233 0.08

2,929,180 IFG Group (GB) (CFD) 1,538 0.05

16,439,846 AIB Group (GB) (CFD) (32,119) (1.12)

(14,340) (0.50)



Net assets 2,867,462 100.00


Portfolio Statement


271



Financials - (87.82%) 4,964,744 Fidelity Institutional Sterling Core Plus Bond Acc 72,485 90.23

72,485 90.23


1,250,000 UK Gilt 4.75% 07/03/2020 1,277 1.59

4,119 5.13

Index Credit Default Swaps - (0.36%) 3,300,000 Sold Protection on ITRAXX XOver S31 20/06/2024 332 0.41

332 0.41

Futures - ((0.04)%) 4,000,000 Long Gilt Commodity Future 27/12/2019 52 0.06

(1,000,000) US 20 Year Long Bond (CBT) Commodity Future 19/12/2019 10 0.01

7,100,000 US Ultra Bond Commodity Future 19/12/2019 (46) (0.06)

16 0.02

Forward Foreign Exchange Contracts - (0.03%) (257,000) Bought GBP sold EUR @ 1.081693 for settlement 14/11/2019 4 0.00


310,000 Bought USD sold GBP @ 0.819191 for settlement 14/11/2019 0 0.00

8 0.01

Interest Rate Swaps - ((0.49)%) 20,000,000 Receive fixed 1.4073% pay float 6 Month GBP LIBOR 16/02/2023 553 0.69

11,000,000 Receive fixed 1.3533% pay float 6 Month GBP LIBOR 03/04/2023 294 0.37






7,900,000 Pay fixed 1.415% receive float 6 Month GBP LIBOR 27/01/2026 (421) (0.52)



10,000,000 Pay fixed 2.4182% receive float 3 Month USD LIBOR 25/08/2047 (1,622) (2.02)

5,000,000 Pay fixed 1.645% receive float 6 Month GBP LIBOR 26/01/2057 (1,736) (2.16)





(11,625) (14.47)



Net assets 80,333 100.00


Portfolio Statement


272



Corporate Bonds - (56.81%) 25,400,000 Petroleos Mexicanos 5.35% 12/02/2028 19,502 1.52

128,000,000 China Development Bank 3.65% 21/05/2029 14,903 1.16

11,933,000 Enterprise Inns 6.375% 26/09/2031 12,123 0.95

9,300,000 International Bank Reconstruction & Development 0.625% 15/12/2023 9,303 0.73

10,650,000 UBS Group 3.126% VRN 13/08/2030 144A 8,955 0.70

10,775,000 SPCM 4.875% 15/09/2025 144A 8,881 0.69




7,575,000 Zurich Finance (Ireland) 1.625% 17/06/2039 EMTN Reg S 7,968 0.62

7,450,000 Aviva 6.125% VRN 05/07/2043 EMTN 7,948 0.62

7,700,000 BFCM Paris 1.875% 13/12/2022 EMTN Reg S 7,876 0.61

7,700,000 SSE 3.875% VRN (Perpetual) Reg S 7,776 0.61

5,735,000 HSBC Bank Funding Sterling 1 5.844% VRN (Perpetual) 7,575 0.59

7,816,000 Deutsche Telekom 1.375% 05/07/2034 EMTN Reg S 7,561 0.59

8,775,000 General Motors Financial 3.55% 08/07/2022 7,381 0.58

8,950,000 Global Aircraft Leasing 6.50% VRN 15/09/2024 144A 7,294 0.57

7,825,000 Autostrade Per Litalia 1.625% 12/06/2023 7,254 0.57

7,200,000 Medtronic Global Holdings SCA 1.50% 02/07/2039 6,988 0.55

6,750,000 Virgin Media Secured Finance 5.125% 15/01/2025 Reg S 6,986 0.54

7,469,000 Daimler 0.75% 08/02/2030 EMTN Reg S 6,848 0.53

6,804,000 BMW International Investment 1.25% 11/07/2022 EMTN Reg S 6,840 0.53



8,225,000 Greenko Dutch 5.25% 24/07/2024 Reg S 6,757 0.53

7,250,000 Volkswagen Leasing 1.00% 16/02/2023 EMTN Reg S 6,744 0.53

7,214,000 CPI Property Group 4.875% VRN (Perpetual) Reg S 6,573 0.51

7,793,000 Global Payments 3.20% 15/08/2029 6,539 0.51



6,900,000 Renault 1.25% 24/06/2025 EMTN Reg S 6,447 0.50

6,075,000 EDF 6.00% 22/01/2114 144A 6,309 0.49

7,500,000 General Electric Capital Notes 4.418% 15/11/2035 6,246 0.49

8,400,000 Teva Pharmaceutical Finance Neth III BV 6.00% 15/04/2024 6,165 0.48

7,125,000 Hess 4.30% 01/04/2027 6,096 0.48

6,622,000 Danske Bank 0.50% VRN 27/08/2025 Reg S 5,983 0.47

6,300,000 Aroundtown 1.45% 09/07/2028 Reg S 5,868 0.46

6,400,000 Vivion Investments SARL 3.00% 08/08/2024 Reg S 5,781 0.45


5,978,000 Intrum 3.50% 15/07/2026 Reg S 5,664 0.44

5,750,000 Holcim Finance Luxembourg 1.75% 29/08/2029 EMTN Reg S 5,663 0.44

3,550,000 International Bank for Reconstruction & Development 5.75% 07/06/2032 EMTN 5,662 0.44


6,250,000 Welltower 4.125% 15/03/2029 5,655 0.44

6,250,000 Syngenta Finance 5.182% 24/04/2028 Reg S 5,479 0.43

97,060,000,000 Wijaya Karya PT 7.70% 31/01/2021 Reg S 5,425 0.42

5,150,000 Barclays Bank 6.625% 30/03/2022 Reg S 5,369 0.42

4,800,000 Assicurazioni Generali 5.50% VRN 27/10/2047 EMTN 5,249 0.41


4,976,875 Shaftesbury Carnaby 2.487% 30/09/2031 5,144 0.40

5,100,000 Merck 2.875% VRN 25/06/2079 Reg S 4,987 0.39

Portfolio Statement


273



4,450,000 RBS Group 7.648% VRN (Perpetual) 4,897 0.38

5,800,000 ABN AMRO Bank 3.40% 27/08/2021 144A 4,870 0.38


5,650,000 Enel Finance International 3.50% 06/04/2028 144A 4,703 0.37

4,200,000 General Electric Capital European Funding 4.625% 22/02/2027 EMTN 4,650 0.36


4,704,000 Enel 3.50% VRN 24/05/2080 Reg S 4,584 0.36

5,000,000 Rail Transit International Investment Company 1.625% 22/06/2022 Reg S 4,566 0.36


5,350,000 Parsley Finance 5.625% 15/10/2027 144A 4,525 0.35

4,300,000 UniCredit 9.25% VRN (Perpetual) Reg S 4,508 0.35


4,400,000 Orano 3.375% 23/04/2026 EMTN Reg S 4,348 0.34

5,196,000 Global Partners LP 7.00% 01/08/2027 144A 4,341 0.34

4,800,000 CVS Health 4.30% 25/03/2028 4,290 0.33

4,100,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 4,278 0.33

4,500,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 4,228 0.33

5,900,000 Sino-Ocean Land Treasure Finance III 4.90% VRN (Perpetual) Reg S 4,218 0.33

3,900,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 4,124 0.32

3,800,000 Areva 4.875% 23/09/2024 EMTN 4,044 0.32

5,000,000 Baker Hughes 4.08% 15/12/2047 4,011 0.31

4,700,000 Renew Power Synthetic 6.67% 12/03/2024 Reg S 3,944 0.31

3,800,000 Daimler International Finance 1.50% 18/08/2021 EMTN Reg S 3,830 0.30

4,178,000 Logicor Financing SARL 0.50% 30/04/2021 EMTN Reg S 3,825 0.30

3,974,000 Leaseplan BE Reg 7.375% VRN (Perpetual) Reg S 3,822 0.30

3,600,000 Total Capital International 1.535% 31/05/2039 EMTN Reg S 3,810 0.30

4,050,000 CTC Bondco 5.25% 15/12/2025 Reg S 3,786 0.30

4,875,000 Redsun Properties Group 9.95% 11/04/2022 Reg S 3,718 0.29

5,100,000 FXI Holdings 7.875% 01/11/2024 144A 3,717 0.29

4,425,000 Gems Menasa Cayman Limited 7.125% 31/07/2026 Reg S 3,688 0.29

4,325,000 Baker Hughes 3.337% 15/12/2027 3,639 0.28

4,575,000 Mongolian Mining Corporation 9.25% 15/04/2024 Reg S 3,546 0.28

4,033,000 Post Holdings 5.50% 15/12/2029 144A 3,486 0.27

3,804,000 RAC Bond 5.00% 06/05/2046 Reg S 3,442 0.27

1,600,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 3,393 0.26

3,500,000 Telecom Italia 3.00% 30/09/2025 Reg S 3,360 0.26

3,278,000 Virgin Money Holdings UK 8.75% VRN (Perpetual) Reg S 3,359 0.26


3,450,000 Altice Luxembourg 8.00% 15/05/2027 Reg S 3,355 0.26

3,000,000 EDF 6.00% VRN (Perpetual) EMTN Reg S 3,307 0.26


4,775,000 RKI Overseas Finance 2017 (A) 7.00% (Perpetual) Reg S 3,294 0.26

4,300,000 PAR Pharmaceuticals Cos 7.50% 01/04/2027 144A 3,293 0.26

3,800,000 MPLX 4.125% 01/03/2027 3,281 0.26


4,550,000 Fage USA Dairy Industry 5.625% 15/08/2026 144A 3,260 0.25

3,800,000 SES 3.60% 04/04/2023 144A 3,177 0.25

3,050,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 3,177 0.25

4,332,000 Xerox 4.80% 01/03/2035 3,086 0.24

3,700,000 CommScope Finance 6.00% 01/03/2026 144A 3,084 0.24



Portfolio Statement


274



3,271,000 Fiserv 3.50% 01/07/2029 2,848 0.22

3,425,000 IHO Verwaltungs 6.00% VRN 15/05/2027 144A 2,827 0.22

3,700,000 Yango Justice International 10.25% 18/03/2022 Reg S 2,822 0.22

4,800,000 Envision Energy Overseas Capital 7.50% 26/04/2021 Reg S 2,799 0.22

2,738,000 Aroundtown 4.75% VRN (Perpetual) Reg S 2,759 0.22

3,200,000 AstraZeneca 3.50% 17/08/2023 2,755 0.21

2,750,909 JPIMedia 3.4323% VRN 17/11/2023 2,751 0.21

3,000,000 Aroundtown 2.875% VRN (Perpetual) EMTN Reg S 2,723 0.21

3,264,000 Ardagh Packaging Finance / Ardagh Holdings USA 4.125% 15/08/2026 144A 2,714 0.21

2,800,000 CNRC Capital 1.871% 07/12/2021 Reg S 2,627 0.20

3,179,000 Banca Monte dei Paschi di Siena 10.50% 23/07/2029 EMTN Reg S 2,595 0.20


3,000,000 Marathon Petroleum 3.80% 01/04/2028 2,553 0.20

3,350,000 CIFI Holdings (Group) 5.375% VRN (Perpetual) Reg S 2,551 0.20


2,500,000 Telefonica Europe 4.375% VRN (Perpetual) Reg S 2,504 0.20

3,000,000 Western Gas Partners 4.50% 01/03/2028 2,457 0.19

2,400,000 Enterprise Inns 6.875% 09/05/2025 2,443 0.19

2,900,000 Eskom Holdings 7.125% 11/02/2025 Reg S 2,443 0.19

2,450,000 Unione di Banche Italiane 5.875% VRN 04/03/2029 EMTN Reg S 2,397 0.19

2,950,000 Future Land Development Holding 7.50% 22/01/2021 Reg S 2,314 0.18

1,500,000 HBOS Sterling Finance Jersey 7.881% VRN (Perpetual) 2,273 0.18

2,400,000 Unione di Banche Italiane 4.375% VRN 12/07/2029 EMTN Reg S 2,216 0.17


2,600,000 ESR Cayman 7.875% 04/04/2022 EMTN Reg S 2,133 0.17

2,545,000 AA Bond 5.50% 31/07/2043 Reg S 2,085 0.16

3,850,000 YPF 8.50% 28/07/2025 Reg S 2,071 0.16

2,350,000 Syngenta Finance 4.892% 24/04/2025 144A 2,045 0.16


2,800,000 Future Land Development Holding 6.15% 15/04/2023 Reg S 2,023 0.16


4,400,000 Nostrum Oil & Gas Finance 7.00% 16/02/2025 Reg S 1,973 0.15


2,100,000 CVS Health 4.78% 25/03/2038 1,929 0.15

2,400,000 AMC Entertainment 5.75% 15/06/2025 1,872 0.15

2,089,000 HCA 4.125% 15/06/2029 1,823 0.14

2,112,000 Fiserv 3.20% 01/07/2026 1,808 0.14

2,050,000 Neerg Energy 6.00% 13/02/2022 Reg S 1,655 0.13

1,550,000 Eversholt Funding 5.831% 02/12/2020 EMTN 1,636 0.13


1,786,000

Albertsons Cos / WM Morrison Supermarkets / New Albertsons / Albertsons 5.875%

15/02/2028 144A 1,548 0.12

1,800,000 Commerzbank 7.00% VRN (Perpetual) 1,524 0.12

1,567,000 Trivium Packaging Finance 3.75% 15/08/2026 Reg S 1,516 0.12

1,643,000 Trivium Packaging Finance 5.50% 15/08/2026 144A 1,428 0.11

1,800,000 AMC Entertainment Holdings 6.125% 15/05/2027 1,355 0.11

1,400,000 BHP Billiton Finance USA 6.75% VRN 19/10/2075 1,346 0.11


1,400,000 Western Gas Partners 4.75% 15/08/2028 1,163 0.09

1,169,000 HCA 5.125% 15/06/2039 1,060 0.08

924,000 Enel 5.451% VRN 10/01/2074 Reg S 969 0.08

1,140,000 Global Partners LP 7.00% 15/06/2023 945 0.07

Portfolio Statement


275



1,050,000 Syngenta Finance 5.182% 24/04/2028 144A 920 0.07

1,038,000 Trivium Packaging Finance 8.50% 15/08/2027 144A 916 0.07

841,435 JPIMedia 3.4323% VRN 17/11/2020 841 0.07

750,000 Enel 6.625% VRN 15/09/2076 Reg S 819 0.06

4,500,000 Thomas Cook Group 6.25% 15/06/2022 Reg S 763 0.06

500,000 Woolwich Building Society 9.50% 07/08/2021 573 0.04


50,000 Dwr Cymru (Financing) 6.015% 31/03/2028 69 0.01

1,650,000 Cattles 7.125% 05/07/2017 (Defaulted) 4 0.00

310,000 Cattles 6.875% VRN 17/01/2014 EMTN (Defaulted) 0 0.00

1,200,387 Hellas Telecommun Finance 8.011% VRN 15/07/2015 Reg S (Defaulted) 0 0.00

679,390 53.01

Government Bonds - (23.32%) 165,000,000 US Treasury Note 2.375% 15/03/2021 136,951 10.69

65,150,000 US Treasury Note 2.875% 31/10/2023 56,553 4.41

21,563,000 Italy BTPS 3.10% 01/03/2040 144A Regs 24,075 1.88

25,650,000 US Treasury I/L 0.875% 15/01/2029 23,188 1.81

25,450,000 US Treasury Bond 2.50% 15/02/2045 23,112 1.80

25,000,000 US Treasury Note 3.00% 31/10/2025 22,374 1.75

19,100,000 US Treasury Note 1.625% 15/08/2029 15,841 1.24

1,715,000,000 Japan 0.10% 20/06/2029 13,739 1.07

10,900,000 Qatar 4.00% 14/03/2029 Reg S 10,215 0.80

11,300,000 US Treasury Note 2.125% 31/05/2026 9,664 0.75

1,035,000,000 Japan 0.40% 20/06/2049 8,575 0.67

1,015,000,000 Japan 0.40% 20/03/2039 8,376 0.65

9,200,000 US Treasury Bond 2.50% 15/02/2046 8,365 0.65

8,250,000 Italy BTPS 2.05% 01/08/2027 8,254 0.64

9,550,000 Turkey 6.125% 24/10/2028 7,376 0.58

7,700,000 US Treasury Bond 2.75% 15/11/2047 7,374 0.58

7,100,000 US Treasury Note 1.875% 28/02/2022 5,883 0.46

5,550,000 US Treasury Bond 2.875% 15/05/2049 5,478 0.43

6,300,000 Oman 6.75% 17/01/2048 Reg S 4,855 0.38

4,600,000 Qatar 4.817% 14/03/2049 Reg S 4,849 0.38

4,450,000 Ecuador 8.875% 23/10/2027 Reg S 3,581 0.28

3,925,000 Ukraine 8.994% 01/02/2024 Reg S 3,553 0.28

10,750,000 Argentina 5.875% 11/01/2028 3,531 0.28

4,050,000 US Treasury Note 2.375% 29/02/2024 3,461 0.27

3,850,000 Kenya 8.00% 22/05/2032 Reg S 3,336 0.26

3,650,000 Egypt 7.6003% 01/03/2029 Reg S 3,230 0.25

3,600,000 El Salvador 6.375% 18/01/2027 Reg S 3,000 0.23

3,500,000 US Treasury Note 1.75% 30/09/2022 2,899 0.23

2,975,000 El Salvador 7.1246% 20/01/2050 Reg S 2,467 0.19

2,475,000 Panama 3.87% 23/07/2060 2,327 0.18

2,600,000 US Treasury Note 1.625% 31/08/2022 2,145 0.17

2,050,000 US Treasury Bond 2.875% 15/08/2045 1,992 0.16

1,900,000 US Treasury Note 1.875% 31/10/2022 1,580 0.12

600,000 El Salvador 8.625% 28/02/2029 Reg S 564 0.04

442,763 34.55

Portfolio Statement


276



Mortgage Related Bonds - (4.16%) 6,085,306 Channel Link Enterprises Finance 5.892% 30/06/2041 8,231 0.64




4,537,072 Erna Srl FRN 25/07/2031 Reg S 4,128 0.32


4,358,900 Star Energy Geothermal Wayang 6.75% 24/04/2033 Reg S 3,675 0.29



2,877,987 Together Asset Backed Securitisation 1 1.7798% VRN 12/03/2049 Reg S 2,874 0.22

2,668,318 Income Contingent Student Loans 2 2007-2009 1.8575% VRN 24/07/2058 Reg S 2,644 0.21

2,850,000 Mosaic Solar Loan Trust 2018-1 2.00% 22/06/2043 Reg S 2,202 0.17

2,626,000 Transocean Sentry 5.375% 15/05/2023 144A 2,135 0.17

2,057,000 Newday Funding 3.2105% VRN 15/06/2027 Reg S 2,059 0.16




1,594,472 Mosaic Solar Loans 2017-2 2.00% 22/06/2043 144A 1,244 0.10


1,000,000 Newday Funding 2.6105% VRN 15/06/2027 Reg S 1,001 0.08

937,500 Transocean Phoenix 2 7.75% 15/10/2024 144A 812 0.06

937,500 Transocean Proteus 6.25% 01/12/2024 144A 787 0.06

992,170 Mosaic Solar Lns 2017-2 0.00% 22/06/2043 758 0.06

775,689 Mosaic Solar Lns 2017-2 2.00% 22/06/2043 Reg S 605 0.05

250,000 Dali Capital 4.7992% 21/12/2037 351 0.03

502,939 Blue Ocean Resources 4.00% STEP 31/12/2021 Reg S 124 0.01


1,522,644 Johnston Press Bond 8.625% 01/06/2019 Reg S 0 0.00

64,407 5.03


11,900,000 UK Gilt 1.50% 22/07/2026 Reg S 12,901 1.01

4,300,000 UK Gilt 2.00% 07/09/2025 Reg S 4,751 0.37

31,171 2.43

Convertible Bonds - (0.79%) 7,100,000 Cellnex Telecom SAU 0.50% 05/07/2028 Reg S 6,752 0.53

5,200,000 Intu Jersey 2 2.875% 01/11/2022 Reg S 3,614 0.28

4,000,000 Shui On Development Holdings 7.50% VRN (Perpetual) Reg S 3,298 0.26

3,400,000 Telecom Italia 1.125% 26/03/2022 Reg S 3,095 0.24

609,350 Vallourec 4.125% 04/10/2022 Reg S 2,930 0.23

2,400,000 Nutanix 0.00% 15/01/2023 1,820 0.14

750,000 China Railway Construction 0.00% 29/01/2021 655 0.05

574,000 Azion Bao 0.00% 31/12/2022 Reg S 5 0.00

22,169 1.73

Financials - (1.84%) 383 Fidelity Institutional Liquidity Fund - Sterling A Acc 8,002 0.62

71,200 JPIMedia (Unlisted) 906 0.07

8,908 0.70

Portfolio Statement


277




(150,000,000) Bought GBP sold EUR @ 1.083270 for settlement 14/11/2019 2,109 0.16

(150,941,000) Bought GBP sold NOK @ 10.870127 for settlement 14/11/2019 269 0.02

(135,000,000) Bought GBP sold CNY @ 8.649400 for settlement 14/11/2019 179 0.01

(2,012,064,000) Bought GBP sold HUF @ 353.185000 for settlement 14/11/2019 175 0.01

(14,476,000) Bought GBP sold NZD @ 1.890136 for settlement 14/11/2019 169 0.01




(15,715,000) Bought GBP sold PLN @ 4.681800 for settlement 14/11/2019 106 0.01

(46,903,000) Bought GBP sold ILS @ 4.252047 for settlement 14/11/2019 98 0.01

(90,074,000) Bought GBP sold ZAR @ 18.440711 for settlement 14/11/2019 86 0.01







(70,893,000) Bought GBP sold MXN @ 24.316900 for settlement 14/11/2019 58 0.00



11,802,069 Bought USD sold INR @ 71.787509 for settlement 14/11/2019 50 0.00

64,971,000 Bought ZAR sold GBP @ 0.052510 for settlement 14/11/2019 50 0.00

(3,752,573,000) Bought GBP sold JPY @ 129.067000 for settlement 14/11/2019 47 0.00

275,429,000 Bought TWD sold USD @ 0.031895 for settlement 14/11/2019 47 0.00

(3,276,000) Bought GBP sold CHF @ 1.180780 for settlement 14/11/2019 45 0.00


58,295,530,000 Bought IDR sold USD @ 0.000069 for settlement 14/11/2019 42 0.00


(6,637,000) Bought GBP sold PLN @ 4.703060 for settlement 14/11/2019 39 0.00

(11,517,000) Bought GBP sold TRY @ 7.165473 for settlement 14/11/2019 35 0.00



(27,472,000) Bought GBP sold SEK @ 11.784827 for settlement 14/11/2019 29 0.00

6,078,120 Bought USD sold COP @ 3436.426117 for settlement 14/11/2019 29 0.00

(394,528,000) Bought GBP sold JPY @ 128.230670 for settlement 14/11/2019 25 0.00



27,774,196,000 Bought IDR sold USD @ 0.000069 for settlement 14/11/2019 22 0.00


10,105,299,000 Bought KRW sold USD @ 0.000827 for settlement 14/11/2019 21 0.00

2,514,568 Bought USD sold BRL @ 4.152996 for settlement 14/11/2019 19 0.00

(4,166,000) Bought GBP sold AUD @ 1.799282 for settlement 14/11/2019 16 0.00

(1,722,208,000) Bought GBP sold HUF @ 363.196700 for settlement 14/11/2019 15 0.00

2,849,132 Bought USD sold CLP @ 715.307582 for settlement 14/11/2019 15 0.00




(13,424,000) Bought GBP sold HKD @ 9.518664 for settlement 14/11/2019 9 0.00

5,143,000 Bought EUR sold GBP @ 0.907991 for settlement 14/11/2019 6 0.00

Portfolio Statement


278



430,713 Bought USD sold RUB @ 66.019674 for settlement 14/11/2019 5 0.00



499,993,000 Bought TWD sold USD @ 0.032092 for settlement 14/11/2019 4 0.00

(169,666,000) Bought GBP sold JPY @ 128.872300 for settlement 14/11/2019 4 0.00

(1,237,000) Bought GBP sold CAD @ 1.615247 for settlement 14/11/2019 3 0.00


54,111,000 Bought PHP sold USD @ 0.019075 for settlement 14/11/2019 3 0.00


426,869,000 Bought INR sold USD @ 0.013851 for settlement 14/11/2019 2 0.00

12,241,146,000 Bought COP sold USD @ 0.000289 for settlement 14/11/2019 2 0.00

1,465,000 Bought EUR sold GBP @ 0.907850 for settlement 14/11/2019 2 0.00

13,479,097 Bought USD sold KRW @ 1206.272618 for settlement 14/11/2019 2 0.00

(1,405,000) Bought GBP sold AUD @ 1.809356 for settlement 14/11/2019 1 0.00


11,134,000 Bought PLN sold GBP @ 0.206725 for settlement 14/11/2019 1 0.00

167,365,000 Bought RUB sold USD @ 0.014905 for settlement 14/11/2019 1 0.00

3,281,938 Bought USD sold PEN @ 3.404997 for settlement 14/11/2019 1 0.00


154,046 Bought USD sold KRW @ 1212.121212 for settlement 14/11/2019 (1) 0.00


1,571,000 Bought PEN sold USD @ 0.295037 for settlement 14/11/2019 (2) 0.00

4,119,004,000 Bought COP sold USD @ 0.000290 for settlement 14/11/2019 (2) 0.00

4,331,375,000 Bought COP sold USD @ 0.000290 for settlement 14/11/2019 (2) 0.00

8,177,862 Bought USD sold CLP @ 720.461095 for settlement 14/11/2019 (3) 0.00

(2,519,000) Bought GBP sold CAD @ 1.625343 for settlement 14/11/2019 (4) 0.00

(10,978,000) Bought GBP sold AUD @ 1.812910 for settlement 14/11/2019 (4) 0.00

2,512,000 Bought SGD sold GBP @ 0.592437 for settlement 14/11/2019 (5) 0.00

903,461,000 Bought JPY sold GBP @ 0.007741 for settlement 14/11/2019 (5) 0.00

200,269,000 Bought JPY sold GBP @ 0.007772 for settlement 14/11/2019 (7) 0.00



16,797,000 Bought SEK sold GBP @ 0.084293 for settlement 14/11/2019 (8) 0.00

1,471,532 Bought USD sold KRW @ 1216.545012 for settlement 14/11/2019 (10) 0.00


(65,922,000) Bought GBP sold MXN @ 24.908203 for settlement 14/11/2019 (10) 0.00

3,114,868 Bought USD sold PHP @ 52.496194 for settlement 14/11/2019 (11) 0.00

6,794,267 Bought USD sold TWD @ 31.219756 for settlement 14/11/2019 (12) 0.00

2,602,105 Bought USD sold RUB @ 67.458176 for settlement 14/11/2019 (13) 0.00



5,646,000 Bought ILS sold GBP @ 0.236306 for settlement 14/11/2019 (18) 0.00

5,834,711 Bought USD sold INR @ 72.453268 for settlement 14/11/2019 (19) 0.00

4,495,672 Bought USD sold IDR @ 14492.753623 for settlement 14/11/2019 (20) 0.00

2,769,000 Bought AUD sold GBP @ 0.559540 for settlement 14/11/2019 (21) 0.00


(245,386,000) Bought GBP sold THB @ 37.395900 for settlement 14/11/2019 (22) 0.00


12,101,000 Bought ILS sold GBP @ 0.235176 for settlement 14/11/2019 (25) 0.00

4,966,000 Bought CAD sold GBP @ 0.622265 for settlement 14/11/2019 (27) 0.00

5,738,712,000 Bought CLP sold USD @ 0.001394 for settlement 14/11/2019 (28) 0.00

Portfolio Statement


279



411,434,000 Bought INR sold USD @ 0.013944 for settlement 14/11/2019 (29) 0.00

9,951,000 Bought CAD sold GBP @ 0.619877 for settlement 14/11/2019 (30) 0.00




2,289,000 Bought NZD sold GBP @ 0.533088 for settlement 14/11/2019 (36) 0.00

12,159,000 Bought PLN sold GBP @ 0.209972 for settlement 14/11/2019 (38) 0.00


56,479,000 Bought CZK sold GBP @ 0.035715 for settlement 14/11/2019 (43) 0.00


2,758,666,000 Bought CLP sold USD @ 0.001409 for settlement 14/11/2019 (46) 0.00

389,020,000 Bought RUB sold USD @ 0.015062 for settlement 14/11/2019 (48) 0.00

49,033,000 Bought MXN sold GBP @ 0.041366 for settlement 14/11/2019 (52) 0.00




(261,845,000) Bought GBP sold THB @ 37.623000 for settlement 14/11/2019 (66) (0.01)


12,208,000 Bought TRY sold GBP @ 0.142261 for settlement 14/11/2019 (70) (0.01)

(120,000,000) Bought GBP sold USD @ 1.222282 for settlement 14/11/2019 (72) (0.01)


136,663,000 Bought NOK sold GBP @ 0.090781 for settlement 14/11/2019 (78) (0.01)

70,124,000 Bought MYR sold USD @ 0.238265 for settlement 14/11/2019 (82) (0.01)

31,168,000 Bought ILS sold GBP @ 0.235816 for settlement 14/11/2019 (85) (0.01)

10,951,000 Bought AUD sold GBP @ 0.559911 for settlement 14/11/2019 (87) (0.01)

49,598,000 Bought NOK sold GBP @ 0.092007 for settlement 14/11/2019 (89) (0.01)

1,188,393,000 Bought HUF sold GBP @ 0.002826 for settlement 14/11/2019 (97) (0.01)


16,810,000 Bought NZD sold GBP @ 0.525318 for settlement 14/11/2019 (133) (0.01)

1,130,362,000 Bought HUF sold GBP @ 0.002869 for settlement 14/11/2019 (141) (0.01)


117,517,000 Bought SEK sold GBP @ 0.085703 for settlement 14/11/2019 (223) (0.02)

141,454,000 Bought SEK sold GBP @ 0.085943 for settlement 14/11/2019 (302) (0.02)

50,701,000 Bought TRY sold GBP @ 0.143748 for settlement 14/11/2019 (366) (0.03)

4,481 0.35

Energy - (0.02%) 55,078 Fara Holdco (Unlisted) 275 0.02

275 0.02

Credit Default Swaps - (0.01%) 33,900,000 Bought Protection on Mexico United Mexican States 4.15% 20/06/2024 183 0.01

21,890,000 Bought Protection on Russia 7.50% 20/06/2024 (8) 0.00

175 0.01

Industrials - (0.00%) 182 Delta Airlines 9 0.00

9 0.00

Portfolio Statement


280



Futures - (0.00%) 7,700,000 Australian 10 Year Bond Commodity Future 16/09/2019 280 0.02

(49,700,000) US 10 Year Ultra Bond Commodity Future 19/12/2019 274 0.02

18,400,000 Long Gilt Commodity Future 27/12/2019 240 0.02

500,000 Euro-Buxl 30 Year Commodity Future 06/09/2019 116 0.01

32,100,000 Euro-Schatz Commodity Future 06/09/2019 63 0.00


12,000,000 Euro-Bobl Commodity Future 06/09/2019 15 0.00


900,000 US 10 Year Treasury Note (CBT) Commodity Future 19/12/2019 (2) 0.00

6,100,000 Canadian 10 Year Commodity Bond Future 18/12/2019 (13) 0.00

(21,100,000) Euro-Bund Commodity Future 06/09/2019 (169) (0.01)

(21,100,000) Euro-BTP Commodity Future 06/09/2019 (2,955) (0.23)

(2,107) (0.16)

Index Credit Default Swaps - (0.03%) 3,950,000 Sold Protection on CDX NA HY Series 32 5yr 20/06/2024 217 0.02

19,500,000 Bought Protection on CDX NA IG Series 32 5yr 20/06/2024 (339) (0.03)

23,900,000 Bought Protection on ITRAXX XOver S31 20/06/2024 (2,407) (0.19)

(2,529) (0.20)

Interest Rate Swaps - (0.15%) 29,400,000 Receive fixed 2.7163% pay float 3 Month USD LIBOR 19/02/2029 2,835 0.22

28,490,000 Receive fixed 2.6708% pay float 3 Month USD LIBOR 07/01/2029 2,622 0.20

31,500,000 Receive fixed 2.1497% pay float 6 Month AUD Bank Bill 23/04/2029 1,749 0.14

13,500,000 Receive fixed 0.5323% pay float 6 Month CHF LIBOR 12/11/2028 1,271 0.10

293,100,000 Receive fixed 1.9925% pay float 3mo Hibor 10/06/2029 1,205 0.09

16,910,000 Receive fixed 0.2985% pay float 6mo CHF Libor 31/07/2027 1,186 0.09

12,600,000 Receive fixed 2.6843% pay float 3 Month USD LIBOR 04/02/2029 1,179 0.09

12,500,000 Receive fixed 0.4123% pay float 6 Month CHF LIBOR 04/06/2028 1,032 0.08

16,848,120,000 Receive fixed 2.0675% pay float Korean 3mo Cert of Deposit 13/11/2028 970 0.08

203,040,000 Receive fixed 8.40% pay float MXN Interbank TIIE 28d 22/02/2029 885 0.07

221,600,000 Receive fixed 8.15% pay float MXN Interbank TIIE 28d 19/05/2028 772 0.06

29,700,000 Receive fixed 1.67% pay float New Zealand Bank Bill 3mth Index 30/07/2029 706 0.06

356,000,000 Receive fixed 7.90% pay float JIBAR 3 Month Rate 03/04/2029 523 0.04

11,714,060,000 Receive fixed 1.7975% pay float Korean 3mo Cert of Deposit 08/03/2029 500 0.04


2,158,550,000 Receive fixed 2.33% pay float 6mo CZK Pribor 10/12/2020 326 0.03

3,598,200,000 Receive fixed 0.0085% pay float 6 Month JPY LIBOR 24/06/2029 243 0.02

13,600,000 Receive fixed 1.6023% pay float 3 Month USD LIBOR 12/08/2029 196 0.02

178,300,000 Receive fixed 7.7375% pay float JIBAR 3 Month Rate 05/06/2029 143 0.01




95,000,000 Receive fixed 0.1298% pay float 6 Month JPY LIBOR 18/03/2029 17 0.00

36,200,000 Pay fixed 1.0748% receive float 6 Month AUD Bank Bill 16/08/2029 8 0.00

500,000 Pay fixed 1.2025% receive float New Zealand Bank Bill 3mth Index 19/08/2029 0 0.00

30,000 Receive fixed 4.163% pay float 3 Month KLIBOR 09/11/2028 0 0.00

2,400,000 Pay fixed 0.0317% receive float 6 Month EURIBOR 05/08/2029 (70) (0.01)

8,950,000 Pay fixed 8.72% receive float Brazil CETIP Interbank 02/01/2025 (99) (0.01)

12,600,000 Pay fixed 1.4803% receive float 6 Month AUD Bank Bill 26/07/2029 (268) (0.02)

52,200,000 Pay fixed 0.9122% receive float 3 Month Stibor 08/04/2029 (330) (0.03)

Portfolio Statement


281




1,332,390,000 Pay fixed 2.34% receive float 6 Month HUF BUBOR 08/03/2029 (397) (0.03)

12,070,000 Pay fixed 2.32% receive float Singapore Bank Swap Offer Rate 11/03/2029 (431) (0.03)

2,440,500,000 Pay fixed 4.4575% receive float CLP Interbank Avg 13/11/2028 (450) (0.04)

18,100,000 Pay fixed 0.2853% receive float 6mo CHF Libor 29/07/2029 (488) (0.04)

28,300,000 Pay fixed 1.852% receive float 3 Month CDOR 04/07/2029 (492) (0.04)


17,100,000 Pay fixed 2.699% receive float Singapore Bank Swap Offer Rate 13/11/2028 (923) (0.07)

103,950,000 Pay fixed 2.0308% receive float Wibo 6mo Off/Bid 05/07/2029 (961) (0.07)

6,750,340,000 Pay fixed 4.11% receive float CLP Interbank Avg 08/03/2029 (1,037) (0.08)

279,780,000 Pay fixed 2.565% receive float 6mo CZK Pribor 13/11/2028 (1,252) (0.10)

2,525,200,000 Pay fixed 3.245% receive float 6 Month HUF BUBOR 12/11/2028 (1,304) (0.10)

184,400,000 Pay fixed 1.3022% receive float 3 Month STIBOR 12/11/2028 (1,713) (0.13)

196,400,000 Pay fixed 1.2777% receive float 3 Month STIBOR 01/10/2028 (1,776) (0.14)

475,000,000 Pay fixed 2.332% receive float 6mo CZK Pribor 10/12/2028 (1,805) (0.14)

31,800,000 Pay fixed 2.36% receive float NZD Bank Bill 3 Month Index 18/03/2029 (1,812) (0.14)

37,900,000 Pay fixed 0.2982% receive float 6 Month EURIBOR 10/06/2029 (2,036) (0.16)

152,500,000 Pay fixed 1.5627% receive float ILS Interbank 3 Month 07/06/2029 (2,100) (0.16)

37,100,000 Pay fixed 2.415% receive float NZD Bank Bill 3 Month Index 12/02/2029 (2,204) (0.17)

(4,108) (0.32)



Net assets 1,281,674 100.00


Portfolio Statement


282



Consumer Services - (22.05%) 1,012,396 Compass Group 21,119 4.25

1,015,750 RELX 20,178 4.06

292,790 InterContinental Hotels Group 15,076 3.03

2,678,993 Rightmove 14,472 2.91

1,341,067 Pearson 11,206 2.25

1,203,681 Ryanair Holdings (GB) 9,958 2.00

148,024 Next 8,763 1.76

276,205 WHSmith 5,430 1.09

1,887,966 Dominos Pizza UK & Ireland 4,565 0.92

110,767 22.27

Industrials - (19.55%) 2,375,501 Meggitt 14,600 2.93

885,740 Weir Group 12,954 2.60

209,757 Ferguson 12,640 2.54

2,925,258 Essentra 11,777 2.37

3,060,870 BBA Aviation 9,899 1.99


1,495,683 Howden Joinery Group 8,092 1.63

281,724 Experian 7,114 1.43

319,923 Diploma 5,061 1.02

1,354,386 Polypipe Group 5,046 1.01

1,286,361 Rotork 3,989 0.80

99,626 20.03

Consumer Goods - (13.61%) 843,295 Diageo 29,773 5.99

518,476 Unilever 27,054 5.44

634,119 Persimmon 12,007 2.41


1,710,403 Headlam Group 7,149 1.44

83,283 16.74


241,365 London Stock Exchange 16,891 3.40

1,815,765 St James Place 16,810 3.38

660,361 Hiscox 10,269 2.06





78,766 15.83

Oil & Gas - (11.34%) 3,608,979 BP 18,164 3.65



87,786 Pioneer Natural Resources 8,947 1.80

48,258 9.70

Portfolio Statement


283



Health Care - (6.67%) 309,373 Novo Nordisk (B) 13,259 2.67

56,827 Roche Holdings 12,767 2.57


35,649 7.17



16,720 3.36

Technology - (3.30%) 607,156 Sage Group 4,272 0.86

235,373 Micro Focus International 2,641 0.53

6,913 1.39



Net assets 497,454 100.00


Portfolio Statement


284



Industrials - (26.88%) 7,266,221 Serco Group 10,667 3.13


4,629,428 Chemring Group 8,120 2.38

2,373,609 Morgan Advanced Materials 6,048 1.77

1,466,614 Essentra 5,905 1.73

953,686 Meggitt 5,861 1.72

2,637,275 Norcros 5,670 1.66

4,469,209 SIG 5,636 1.65

5,625,283 Begbies Traynor Group 4,500 1.32

969,252 Cohort 4,216 1.24

4,864,097 Kin & Carta plc 3,882 1.14

1,740,632 Senior 3,544 1.04

1,508,816 Balfour Beatty 3,268 0.96

3,061,335 Augean 2,970 0.87

450,453 Keller Group 2,942 0.86

2,130,123 RPS Group 2,837 0.83

1,085,222 Charles Taylor 2,322 0.68

1,156,730 Braemar Shipping Services 2,244 0.66

4,601,072 Speedy Hire 2,116 0.62

1,286,237 Ince Group Plc/The 1,736 0.51

1,855,801 Xaar 1,618 0.47

94,235,502 Management Consulting Group 1,602 0.47

308,639 Smart Metering Systems 1,410 0.41

3,347,926 Connect Group 1,205 0.35

4,178,172 Tanfield Group 253 0.07

99,771 29.24

Financials - (31.00%) 1,000 Fidelity Institutional Liquidity Fund - Sterling A Acc 20,903 6.13

2,942,991 John Laing Group 10,401 3.05

3,124,156 CLS Holdings 7,342 2.15

6,636,607 Summit Properties 6,739 1.97

331,596 Brooks MacDonald Group 6,085 1.78

1,415,851 H&T Group 5,309 1.56

5,013,821 Trian Investors 1 5,014 1.47

1,585,416 Charles Stanley Group 4,090 1.20


6,909,346 Sherborne Investors Guernsey C 3,330 0.98

2,297,067 Macau Property Opportunities Fund 2,894 0.85

1,976,300 U & I Group 2,866 0.84

2,278,386 International Personal Finance 2,035 0.60

4,414,247 Just Group 2,004 0.59

4,502,291 Miton Group 1,846 0.54

521,860 Electra Private Equity 1,774 0.52

757,460 Hammerson 1,725 0.51

882,904 LSL Property Services 1,704 0.50

120,328 Marwyn Value Investors 180 0.05

89,696 26.29

Portfolio Statement


285



Consumer Services - (18.86%) 1,866,400 Millennium & Copthorne Hotels 12,692 3.72

3,281,586 William Hill 5,835 1.71

6,141,790 Huntsworth 5,651 1.66

2,016,963 DFS Furniture 4,478 1.31

2,349,650 Rank Group 3,962 1.16

2,089,499 Halfords Group 3,759 1.10

2,289,734 888 Holdings 3,492 1.02

1,848,008 Hostelworld Group 2,499 0.73

6,335,947 Centaur Media 2,344 0.69

4,163,142 Ebiquity 2,290 0.67

1,472,560 Stride Gaming 2,179 0.64

1,679,180 Vivo Energy 1,985 0.58

1,039,135 Wilmington 1,985 0.58

775,963 Sports Direct International 1,928 0.56

2,662,701 Topps Tiles 1,757 0.51

808,311 Findel 1,592 0.47

601,684 Naked Wines 1,549 0.45

8,368,995 Mothercare 1,188 0.35

6,067,970 Quiz 1,095 0.32

2,999,629 French Connection Group 1,086 0.32

563,592 Restaurant Group 879 0.26

1,739,919 McColls Retail Group 800 0.23

642,149 Nahl Group 713 0.21

5,679,933 Stanley Gibbons Group 114 0.03

2,266,114 Tasty 84 0.02

16,071,539 Porta Communications 64 0.02

66,000 19.34

Consumer Goods - (6.28%) 2,684,073 C Group (GB) 9,649 2.83

874,612 Headlam Group 3,656 1.07

3,940,520 Walker Greenbank 3,349 0.98

2,315,415 Photo-Me International 2,306 0.68

1,687,400 McCarthy & Stone 2,264 0.66

3,413,787 Finsbury Food Group 2,151 0.63

1,059,900 Swallowfield 2,014 0.59

636,326 Gear4music Holdings 1,209 0.35

26,598 7.79

Basic Materials - (5.94%) 1,432,157 Synthomer 4,351 1.28

10,410,740 Sylvania Platinum 4,320 1.27

22,960,403 Base Resources 3,171 0.93

1,649,364 Central Asia Metals 3,088 0.90

2,143,916 Tharisa (GB) 2,466 0.72

3,170,425 Capital Drilling 1,744 0.51

374,137 Acacia Mining 974 0.29

268,319 Kenmare Resources (GB) 679 0.20

14,913,000 Goldplat 582 0.17

4,491,423 Ambrian (GB) (Unlisted) 0 0.00

21,375 6.26

Portfolio Statement


286



Health Care - (2.40%) 5,784,747 Vectura Group 4,477 1.31

3,232,965 Cello Group 4,041 1.18

2,010,470 Indivior 1,182 0.35

9,700 2.84

Technology - (3.19%) 1,324,946 RM 3,352 0.98

2,311,595 Castleton Technology 2,265 0.66

5,617 1.65

Oil & Gas - (3.76%) 2,467,053 Cairn Energy 4,078 1.20

3,635,859 Rockhopper Exploration 716 0.21

1,989,265 Savannah Petroleum 440 0.13

5,234 1.53

Utilities - (0.06%) 2,114,956 ContourGlobal 3,701 1.08

3,701 1.08

Telecommunications - (0.00%) 1,542,905 Zegona Communications 1,589 0.47

1,589 0.47

Futures - (0.24%) 430 FTSE 250 Y2 Index Future 20/09/2019 82 0.02

82 0.02

Contracts for Difference - (0.36%) 1,104,083 Semafo (CFD) 1,524 0.45

346,351 FBD Holdings (CFD) 163 0.05

480,310 Sports Direct International (CFD) 51 0.01

704,489 CPL Resources (CFD) (319) (0.09)

736,142 Cobalt 27 Capital (CFD) (452) (0.13)

5,316,700 Bumitama Agri (CFD) (474) (0.14)

6,172,923 Glenveagh Properties (CFD) (1,283) (0.38)

5,517,252 Cairn Homes (CFD) (1,495) (0.44)

(2,285) (0.67)



Net assets 341,237 100.00



Total Purchases and Sales for the Period

Purchases SalesFund Name 31/08/19 31/08/18 31/08/19 31/08/18 £’000 £’000 £’000 £’000

Fidelity American Fund 455,167 343,297 485,077 409,331

Fidelity American Special Situations Fund 162,000 140,237 224,177 417,163

Fidelity Asia Fund 166,590 155,245 232,559 38,336

Fidelity Asia Pacific Opportunities Fund 278,040 56,163 68,052 30,955

Fidelity Asian Dividend Fund 40,951 2,326 2,936 2,427

Fidelity Cash Fund 15,881,114 11,821,145 15,840,175 12,060,467

Fidelity China Consumer Fund 32,667 45,778 22,484 23,778

Fidelity Emerging Asia Fund 23,851 19,995 19,800 20,681

Fidelity Emerging Europe, Middle East and Africa Fund 25,172 27,940 25,108 28,682

Fidelity Enhanced Income Fund 40,836 33,136 86,709 127,316

Fidelity European Fund 199,270 112,749 113,395 243,983

Fidelity European Opportunities Fund 127,495 160,514 124,686 177,679

Fidelity Extra Income Fund 170,175 179,892 216,737 172,973

Fidelity Global Dividend Fund 301,068 102,607 154,272 147,582

Fidelity Global Enhanced Income Fund 86,153 58,865 76,380 105,632

Fidelity Global Focus Fund 97,325 140,706 111,714 149,300

Fidelity Global High Yield Fund 119,702 143,849 164,334 81,670

Fidelity Global Property Fund 75,255 41,238 29,046 57,601

Fidelity Global Special Situations Fund 468,855 455,772 553,354 460,593

Fidelity Index Emerging Markets Fund 70,983 75,977 4,669 5,677

Fidelity Index Europe ex UK Fund 39,959 47,608 3,746 102,420

Fidelity Index Japan Fund 125,012 36,558 945 68,280

Fidelity Index Pacific ex Japan Fund 137,161 25,634 19,876 1,939

Fidelity Index UK Fund 236,434 18,184 25,638 147,294

Fidelity Index US Fund 309,385 123,602 69,221 51,621

Fidelity Index World Fund 250,304 226,042 14,224 9,792

Fidelity Japan Fund 6,450 9,604 7,009 11,752

Fidelity Japan Smaller Companies Fund 33,715 65,086 43,979 69,334

Fidelity MoneyBuilder Balanced Fund 87,517 109,136 126,066 168,665

Fidelity MoneyBuilder Dividend Fund 79,628 80,922 113,190 236,977

Fidelity MoneyBuilder Income Fund 1,014,673 638,088 1,239,057 842,302

Fidelity Short Dated Corporate Bond Fund 30,279 77,872 18,761 16,890

Fidelity Special Situations Fund 590,281 884,281 497,907 897,724

Fidelity Sterling Core Plus Reduced Duration Bond Fund 6,829 2,820 14,321 3,104

Fidelity Strategic Bond Fund 1,361,275 1,059,427 1,573,048 1,175,251

Fidelity UK Select Fund 157,101 127,887 171,906 195,264

Fidelity UK Smaller Companies Fund 71,165 87,054 90,707 120,139

287


288

EU Securities Financing Transaction Regulation

The Securities Financing Transaction Regulation (SFTR) requires further transparency to address perceived risks in the use of securities financing transactions.

A fund may use Total Return Swaps or other financial derivative instruments with similar characteristics to meet the investment objective of a fund and in accordance with the provisions on the use of financial derivative instruments. The following type of assets can be subject to Total Return Swaps (TRS) or other financial derivative instruments with similar characteristics: equity stocks, equity indices, commodity indices and credit indices.

Counterparties to such transactions must be subject to prudential supervision rules considered by the FCA as equivalent to those prescribed by EU law and specialised in these types of transactions. The counterparties to such transactions will generally be financial institutions based in an OECD member state and have an investment grade credit rating. At present only Contracts For Difference (CFDs) are used in relation to the funds.

Global Data

Fund Name BrokerGlobal Exposure

£’000 Percentage of NAV

Fidelity American Fund UBS (396)

Total (396) -0.04%

Fidelity Asian Dividend Fund UBS 599

Total 599 0.94%

Fidelity Enhanced Income Fund Goldman Sachs (128)

HSBC 3

Total 1,920 -0.05%

Fidelity Global Enhanced Income Fund Goldman Sachs 450

Total 450 0.16%

Fidelity Global High Yield Fund JP Morgan (4)

Total (4) 0.00%

Fidelity Global Property Fund UBS 668

Total 668 0.22%

Fidelity Global Special Situations Fund Goldman Sachs 6,625

HSBC 4,389

UBS 13,810

Total 24,824 0.92%

Fidelity Special Situations Fund Goldman Sachs (29,886)

HSBC 14,008

UBS 1,538

Total (14,340) -0.50%

Fidelity UK Smaller Companies Fund Goldman Sachs (1,283)

HSBC (156)

Morgan Stanley 1,072

UBS (1,918)

Total (2,285) -0.67%

All TRSs have open maturity tenors based the contractual settlement date of each position and are all settled bi-laterally with the respective counterparty. Funds not listed make no use of securities financing transactions.


289

Collateral

Received Granted

Fund Name Broker UK Pound £'000 US Dollar £'000 UK Pound £'000 US Dollar £’000

Fidelity American Fund UBS - - - 784

Total - - - 784

Fidelity Asian Dividend Fund UBS - 345 - -

Total - 345 - -

Fidelity Enhanced Income Fund Goldman Sachs - - 25 -

Total - - 25 -

Fidelity Global Enhanced Income Fund Goldman Sachs - 402 - -

JP Morgan - - - 107

Morgan Stanley - - - 90

Total - 402 - 197

Fidelity Global High Yield Fund JP Morgan - - 560 -

Total - - 560 -

Fidelity Global Property Fund UBS - 706 - -

Total - 706 - -

Fidelity Global Special Situations Fund Goldman Sachs - 6,471 - -

HSBC - 4,483 - -

UBS - 12,309 - -

Total - 23,263 - -

Fidelity Special Situations Fund Goldman Sachs - - 30,280 -

HSBC 11,510 - - -

Morgan Stanley - - 12,725 -

UBS 1,430 - - -

Total 12,940 - 43,005 -

Fidelity Strategic Bond Fund Bank of America 10 - - -

HSBC - - 1,535 -

JP Morgan 290 - - -

Morgan Stanley - - 1,000 -

Total 300 - 2,535 -

Fidelity UK Smaller Companies Fund Goldman Sachs - 1,170 -

Morgan Stanley 1,210 - -

UBS - 2,180 -

Total 1,210 - 3,350 -

All collateral is cash maturing within 1 day and where received by brokers is held in segregated accounts.


Fund Name Cost Return Total

£’000 £’000 £’000

Fidelity American Special Situations Fund (10) (10)

Fidelity American Fund (252) 40 (212)

Fidelity Special Situations Fund (90) 6,083 5,993

Fidelity Global Special Situations Fund (1,502) 1,216 (286)

Fidelity Global Property Fund (83) 67 (16)

Fidelity Enhanced Income Fund (34) 98 64

Fidelity UK Smaller Companies Fund (88) 357 269

Fidelity Asian Dividend Fund (21) 68 47

Fidelity Global Enhanced Income Fund (37) 23 23

All TRS gains and losses for the year end are attributable 100% to the respective fund and are not subject to any returns sharing arrangements with the Fund’s Manager or any other third parties.

290

Cost and Return


291

Further Information

Fidelity Investment Funds Registered Office

Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom www.fidelity.co.uk

Authorised and regulated in the UK by the Financial Conduct Authority.

Authorised Corporate Director (ACD), AIFM, General Distributor, Administrator and Registrar

FIL Investment Services (UK) Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom

The ACD is FIL Investment Services (UK) Limited and is the sole director. Authorised and regulated in the UK by the Financial Conduct Authority. Registered in England and Wales No 2016555.

Depositary

J.P. Morgan Europe Limited Registered Office: 25 Bank Street Canary Wharf London E14 5JP United Kingdom

Head Office: Chaseside Bournemouth Dorset BH7 7DA United Kingdom

Authorised and regulated in the UK by the Financial Conduct Authority.

Independent Auditors

PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT United Kingdom


292

Further Information

• All Fidelity employees are subject to a Code of Ethics which, among other things, sets out procedures for personal account dealings in securities. These procedures, which are rigorously monitored, are designed to ensure that there is no conflict between personal account dealing by Fidelity staff and the interests of Fidelity’s customers.

The two basics of the Code of Ethics require that deals have to be pre-authorised before an individual may undertake them, and they must afterwards be reported to the Compliance Department. Individuals are required to use specified brokers which enable this process to be checked on a continual basis.

In addition, there are specific provisions to ensure that any investment idea is first acted upon by the funds Fidelity manages, and that fund managers may not deal within a defined period either side of a fund (for which they are responsible) dealing in that stock.

• The Report and Financial Statements of the Company and the Instrument of Incorporation may be inspected free of charge between 9.00 a.m. and 5.00 p.m. on every business day at the offices of the Authorised Corporate Director (ACD) at Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.

Shareholders may obtain copies of the above documents, free of charge from the same address or alternatively from our website www.fidelity.co.uk.

It is possible to receive up to date information about the full holdings of the funds in which you invest. This is available on request, and may, at our discretion, be subject to you entering into an agreement with us to keep the information confidential. If you wish to receive full holdings information in accordance with the policy, please put your request in writing to: Data Policy Fund Holdings, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ quoting your name, address and account number or client reference number.

1 The funds or securities referred to herein are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI parties”). The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Index name are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this fund or any other person or entity regarding the advisability of investing in funds generally or in this fund particularly or the ability of any MSCI Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks, and trade names and of the MSCI Indexes which are determined, composed and calculated by MSCI without regard to this fund or the issuer and owners of this fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this fund or any other person or entity into consideration in determining, composing, or calculating the MSCI Indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by or the consideration into which this fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this fund or any other person or entity in connection with the administration, marketing or offering of this fund. Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or completeness of any MSCI Index or any data included therein. None of the MSCI parties makes any warranty, express or implied, as to the results to be obtained by the issuer of this fund, owners of the fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

1a The fund belongs to a group known as “passive” or “index tracker” funds, whereby the portfolio holds securities that are representative of the index. This fund is constructed to efficiently replicate the characteristics of the index, but may not hold all the company shares in the index or hold those shares in exactly the same weightings. The costs and expenses that the fund incurs means returns may not exactly match the index performance.

2 The Shares in the fund are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London Stock Exchange Plc (“the Exchange”) or by The Financial Times Limited (“FT”), and neither FTSE nor the Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FT-SE Actuaries All-Share Index (“the Index”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor the Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index, and neither FTSE nor the Exchange nor FT shall be under any obligation to advise any person of any error in the Index. “FTSE™” and “FT-SE®” are trademarks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. “All-Share™” is a trade mark of FTSE International Limited.


293

Further Information

3 S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC (“SPDJI”) and, in some cases, sublicensed to Fidelity. The S&P 500® (the “Index”) is a product of SPDJI and/or affiliates and has been licensed for use by Fidelity.

The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates or their third party licensors (collectively, “SPDJI Entities”). SPDJI Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. SPDJI Entities’ only relationship to Fidelity with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of SPDJI Entities. The Index is determined, composed and calculated by SPDJI Entities without regard to Fidelity or the Fund. SPDJI Entities have no obligation to take the needs of Fidelity or the owners of the Fund into consideration in determining, composing or calculating the Index. SPDJI Entities are not responsible for and have not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be redeemed. SPDJI Entities have no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Index is not a recommendation by SPDJI Entities to buy, sell, or hold such security, nor is it considered to be investment advice.

SPDJI ENTITIES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. SPDJI ENTITIES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. SPDJI ENTITIES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FIDELITY, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL SPDJI ENTITIES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN SPDJI AND FIDELITY, OTHER THAN THE LICENSORS OF SPDJI AND ITS AFFILIATES.

FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity International. Fidelity International only gives information on products and services and, with the exception of retirement advice, does not provide investment advice based on individual circumstances.

Any service, security, investment, fund or product outlined may not be available to or suitable for you and may not be available in your jurisdiction. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made regarding that service, security, investment, fund or product. This document may not be reproduced or circulated without prior permission and must not be passed to private investors.

Past performance is not a reliable indicator of future results. The value of investments may go down as well as up and an investor may not get back the original amount invested. Unless otherwise stated all products are provided by Fidelity International, and all views expressed are those of Fidelity International.

In certain countries, and for certain types of investments, transaction costs are higher and liquidity is lower than elsewhere. There may also be limited opportunities to find alternative ways of managing cash flows especially where the focus of investment is on small and medium sized firms. For funds specialising in such countries and investment types, transactions, particularly those large in size, are likely to have a greater impact on the costs of running a fund than similar transactions in larger funds. Prospective investors should bear this in mind in selecting funds.

Issued by FIL Investment Services (UK) Limited (FCA registered number 121939) a firm authorised and regulated by the Financial Conduct Authority.

FIL Investment Services (UK) Limited is a member of the Fidelity International group of companies and is registered in England and Wales under the company number 2016555. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom. FIL Investment Management Limited VAT group identification number is 395 3090 35.

Fidelity, Fidelity International the Fidelity International logo and symbol are trademarks of FIL Limited

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