Portfolio Update

Stock

Sector

Country of Listing

% of Total Assets (including drawn down bank debt)

EXPERIAN PLC

INDUSTRIALS

UNITED KINGDOM

10.5

NOVO NORDISK A/S-B

HEALTH CARE

DENMARK

9.9

DEUTSCHE BOERSE AG

FINANCIALS

GERMANY

9.8

RELX PLC

INDUSTRIALS

NETHERLANDS

8.6

BIOMERIEUX

HEALTH CARE

FRANCE

7.4

DASSAULT SYSTEMES SA

INFORMATION TECHNOLOGY

FRANCE

7.3

INTERMEDIATE CAPITAL GROUP

FINANCIALS

UNITED KINGDOM

5.7

GRIFOLS SA

HEALTH CARE

SPAIN

5.5

GRENKE AG

FINANCIALS

GERMANY

5.2

GENUS PLC

HEALTH CARE

UNITED KINGDOM

4.4

EDENRED

INFORMATION TECHNOLOGY

FRANCE

3.4

UBISOFT ENTERTAINMENT

COMMUNICATION SERVICES

FRANCE

3.2

INFINEON TECHNOLOGIES AG

INFORMATION TECHNOLOGY

GERMANY

2.8

ASML HOLDING NV

INFORMATION TECHNOLOGY

NETHERLANDS

2.6

S.O.I.T.E.C.

INFORMATION TECHNOLOGY

FRANCE

2.0

BARRY CALLEBAUT AG-REG

CONSUMER STAPLES

SWITZERLAND

2.0

GAZTRANSPORT ET TECHNIGA SA

ENERGY

FRANCE

1.9

ARROW GLOBAL GROUP PLC

FINANCIALS

UNITED KINGDOM

1.5

WORLDLINE SA

INFORMATION TECHNOLOGY

FRANCE

1.0

SMITHS GROUP PLC

INDUSTRIALS

UNITED KINGDOM

0.9

 Country

% of Total assets (including drawn down bank debt)

FRANCE

26.2

UNITED KINGDOM

23.7

GERMANY

18.5

NETHERLANDS

11.9

DENMARK

10.3

SPAIN

5.5

SWITZERLAND

2.0

NORWAY

0.7

AUSTRIA

0.0

CASH/(GEARING)

1.1

 Market Cap

% of Total Assets (including drawn down bank debt)

LARGE

76.9

MID

20.5

SMALL

1.5

CASH/(GEARING)

1.1