Portfolio Update

Stock

Sector

Country of Listing

% of Total Assets (Incl Drawn down bank debt)

Infineon Technologies

Information Technology

Germany

7.7

Novo Nordisk

Health Care

Denmark

7.5

Genus Plc

Health Care

United Kingdom

6.5

Experian Plc

Industrials

Ireland

6.5

Deutsche Boerse

Financials

Germany

6.3

Camurus

Health Care

Sweden

6.2

ICG Plc

Financials

United Kingdom

5.8

Dassault Systemes

Information Technology

France

5.3

Relx Plc

Industrials

Netherlands

5.2

Gaztransport Et Technigaz

Energy

France

4.8

Grifols

Health Care

Spain

4.5

Edenred

Financials

France

4.3

Prysmian

Industrials

Italy

3.4

BioMérieux

Health Care

France

3.1

BAE Systems Plc

Industrials

United Kingdom

2.8

Ryanair Holdings ADRs

Industrials

Ireland

2.8

Wise Plc

Financials

United Kingdom

2.6

VAT Group

Industrials

Switzerland

2.4

CTS Eventim

Communication Services

Germany

2.3

Thales

Industrials

France

2.2

 Country

% of Total assets (including drawn down bank debt)

France

22.4

United Kingdom

17.6

Germany

16.3

Ireland

9.2

Denmark

8.3

Sweden

6.9

Netherlands

5.2

Spain

4.5

Italy

3.9

Switzerland

3.7

Cash/(Gearing)

2.0

 Market Cap

% of Total Assets (including Drawn down bank debt)

Large

83.4

Mid

14.1

Small

0.5

Cash/(Gearing)

2.0