CONDENSED UNAUDITED INTERIM REPORT AND ACCOUNTS · Table of Contents Key Information 1 Board of...

CONDENSED UNAUDITED

INTERIM REPORT AND

ACCOUNTS 30 JUNE 2020

Sarasin Irish Unit Trusts

Central Bank of Ireland Regulated and FCA Recognised Funds

Sarasin IE Global Equity Opportunities (GBP)

Sarasin IE Global Equity Opportunities (USD)

Sarasin IE GlobalSar – Dynamic (GBP)

Sarasin IE GlobalSar – Dynamic (USD)

Sarasin IE GlobalSar – Income (GBP)

Sarasin IE GlobalSar – Strategic (EUR)

Sarasin IE Multi Asset Target Return

Sarasin IE GlobalSar – Strategic (USD)

Sarasin IE Systematic Emerging Markets Dividend( terminated on 24 April 2020)

Sarasin IE Sustainable Global Real Estate Equity Sarasin IE Sustainable Global Real Estate Equity (USD)(merger into Sarasin IE Sustainable Global Real Estate Equity on 24 June 2020)

For the period 01 January 2020 to 30 June 2020


Notification of Amendments to the Sarasin Irish Unit Trusts Sarasin IE Systematic Emerging Markets Dividend terminated on 24 April 2020. Sarasin IE Sustainable Global Real Estate Equity (USD) was fully redeemed on 24 June 2020 following the merger into Sarasin IE Sustainable Global Real Estate Equity. The following unit classes launched in Sarasin IE Sustainable Global Real Estate Equity on 24 June 2020: Class A USD accumulating unit class Class A USD distributing unit class Class P EUR accumulating unit class Class P USD accumulating unit class Class P USD distributing unit class Class X USD distributing unit class Class Z USD distributing unit class


Table of Contents

Key Information 1 Board of Directors of the Manager and Directory 13 Introduction 14 Manager's Report 15 Investment Themes 17

Sarasin IE Global Equity Opportunities (GBP) Investment Review 19 Schedule of Investments 21 Summary of Material Portfolio Changes 26 Statement of Comprehensive Income 28 Statement of Changes in Net Assets Attributable to Unitholders 28 Statement of Financial Position 29 Statement of Cash Flows 30 Sarasin IE Global Equity Opportunities (USD) Investment Review 31 Schedule of Investments 33 Summary of Material Portfolio Changes 36 Statement of Comprehensive Income 38 Statement of Changes in Net Assets Attributable to Unitholders 38 Statement of Financial Position 39 Statement of Cash Flows 40 Sarasin IE GlobalSar - Dynamic (GBP) Investment Review 41 Schedule of Investments 43 Summary of Material Portfolio Changes 50 Statement of Comprehensive Income 52 Statement of Changes in Net Assets Attributable to Unitholders 52 Statement of Financial Position 53 Statement of Cash Flows 54 Sarasin IE GlobalSar - Dynamic (USD) Investment Review 55 Schedule of Investments 57 Summary of Material Portfolio Changes 62 Statement of Comprehensive Income 64 Statement of Changes in Net Assets Attributable to Unitholders 64 Statement of Financial Position 65 Statement of Cash Flows 66


Table of Contents (continued)

Sarasin IE GlobalSar - Income (GBP) Investment Review 67 Schedule of Investments 69 Summary of Material Portfolio Changes 75 Statement of Comprehensive Income 77 Statement of Changes in Net Assets Attributable to Unitholders 77 Statement of Financial Position 78 Statement of Cash Flows 79 Sarasin IE GlobalSar - Strategic (EUR) Investment Review 80 Schedule of Investments 82 Summary of Material Portfolio Changes 88 Statement of Comprehensive Income 90 Statement of Changes in Net Assets Attributable to Unitholders 90 Statement of Financial Position 91 Statement of Cash Flows 92

Sarasin IE Multi Asset Target Return Investment Review 93 Schedule of Investments 95 Summary of Material Portfolio Changes 100 Statement of Comprehensive Income 102 Statement of Changes in Net Assets Attributable to Unitholders 102 Statement of Financial Position 103 Statement of Cash Flows 104

Sarasin IE GlobalSar - Strategic (USD) Investment Review 105 Schedule of Investments 107 Summary of Material Portfolio Changes 112 Statement of Comprehensive Income 114 Statement of Changes in Net Assets Attributable to Unitholders 114 Statement of Financial Position 115 Statement of Cash Flows 116 Sarasin IE Systematic Emerging Markets Dividend Investment Review 117 Summary of Material Portfolio Changes 118 Statement of Comprehensive Income 120 Statement of Changes in Net Assets Attributable to Unitholders 120 Statement of Financial Position 121 Statement of Cash Flows 122


Table of Contents (continued)

Sarasin IE Sustainable Global Real Estate Equity Investment Review 123 Schedule of Investments 125 Summary of Material Portfolio Changes 127 Statement of Comprehensive Income 129 Statement of Changes in Net Assets Attributable to Unitholders 129 Statement of Financial Position 130 Statement of Cash Flows 131 Sarasin IE Sustainable Global Real Estate Equity (USD) Investment Review 132 Summary of Material Portfolio Changes 133 Statement of Comprehensive Income 135 Statement of Changes in Net Assets Attributable to Unitholders 135 Statement of Financial Position 136 Statement of Cash Flows 137 Sarasin Irish Unit Trusts Notes to the Condensed Unaudited Interim Financial Statements 138 Supplemental Information 201


1

Key Information

Sarasin IE Sarasin IE Sarasin IE Sarasin IE

Global Equity Global Equity Global Equity Global Equity

Opportunities (GBP) Opportunities (GBP) Opportunities (GBP) Opportunities (GBP)

'A' Units 'I' Units 'X' Units 'P' Units

Launch Date 01 August 1996 02 July 2012 02 July 2012 15 October 2012

Dealing day Daily Daily Daily Daily

Sedol number

Distribution units B67TMS3 B5SSR43 B55ZLG7 B8GM8B2

Accumulation units B59Z3G7 B639G63 B500YS0 B8FZ3Y0




'A EUR' Units 'I EUR' Units 'X EUR' Units 'F' Units

Launch Date 06 June 2013* 18 February 2013* 22 February 2013* 07 February 2014

02 July 2014** 13 February 2014** 26 February 2013**


Sedol number

Distribution units B6YQYB4 B6YCBK0 B587KH4 N/A

Accumulation units B6T3YL0 B6Y9RD6 B5N80Q1 B73YH40




'D' Units 'X EUR Hedged' Units 'I EUR Hedged' Units 'A USD' Units

Launch Date 12 March 2014** 01 July 2015* 02 July 2015* 01 August 1996

24 January 2017* 02 July 2015** 28 July 2015**


Sedol number

Distribution units BJVXNJ0 BX3JNH2 BX3JNK5 N/A

Accumulation units BJVXNK1 BX3JNG1 BX3JNJ4 B3LHXV2

*Accumulation units

**Distribution units


2

Key Information (continued)

Sarasin IE Sarasin IE Sarasin IE

Global Equity Global Equity Global Equity

Opportunities (GBP) Opportunities (GBP) Opportunities (GBP)

'Z' Units 'Z EUR' Units 'Z EUR Hedged' Units

Launch Date 01 July 2019 01 July 2019* 01 July 2019**

Dealing day Daily Daily Daily

Sedol number

Distribution units BJV3JT2 N/A BJV3JV4

Accumulation units BJV3JW5 BJV3JX6 BJV3JS1



Opportunities (USD) Opportunities (USD) Opportunities (USD) Opportunities (USD)

'A' Units 'I' Units 'X' Units 'F' Units

Launch Date 24 September 2001 02 July 2012 02 July 2012 05 March 2013


Sedol number

Distribution units B64BRG5 B57X8N5 B4V53R9 N/A

Accumulation units B65V805 B3LXWP7 B3TP1X6 B8G33Z4


Global Equity Global Equity Global Equity

Opportunities (USD) Opportunities (USD) Opportunities (USD)

'P' Units 'D' Units 'Z' Units

Launch Date 05 June 2013** 05 April 2017 01 July 2019

08 January 2015*


Sedol number

Distribution units B8HQH94 BJVXNL2 BJV3JZ8

Accumulation units B839XP5 N/A BJV3JY7

*Accumulation units**Distribution units


3



GlobalSar - GlobalSar - GlobalSar - GlobalSar -

Dynamic (GBP) Dynamic (GBP) Dynamic (GBP) Dynamic (GBP)

'A' Units 'I' Units 'P' Units 'X' Units

Base Currency US Dollars US Dollars US Dollars US Dollars

Launch Date 1 January 1988 2 July 2012 15 October 2012 2 July 2012


Sedol number

Distribution units B57ZRF6 B4N7LV3 B88H774 B4NQRK1

Accumulation units B5TYT77 B43WJQ9 B7WNCB0 B452HX0

Sarasin IE Sarasin IE Sarasin IEGlobalSar - GlobalSar - GlobalSar -Dynamic (GBP) Dynamic (GBP) Dynamic (GBP)'F' Units 'D' Units 'Z' Units

Launch Date 26 April 2013* 21 January 2014** 7 June 2019*6 January 2015** 18 April 2016* 1 July 2019**


Sedol number

Distribution units B7TGWF6 BJ3V5D0 BJV3K44

Accumulation units B889T07 BJ3V5F2 BJV3K33



4




Dynamic (USD) Dynamic (USD) Dynamic (USD) Dynamic (USD)

'A' Units 'I' Units 'X' Units 'D' Units

Launch Date 13 January 1993 02 July 2012 02 July 2012 20 May 2014**


Sedol number

Distribution units B5MF795 B3M6VY7 B4W7TH6 BJVXNB2

Accumulation units B5LQMV6 B60G6G7 B5N9707 N/A


Sarasin IE Sarasin IE Sarasin IEGlobalSar - GlobalSar - GlobalSar -Dynamic (USD) Dynamic (USD) Dynamic (USD)'P' Units 'F' Units 'Z' Units

Launch Date 16 July 2014* 06 October 2014* 01 July 201924 January 2017**


Sedol number

Distribution units B8N2MZ7 N/A BJV3K66

Accumulation units B8BVZ35 B7G98G1 BJV3K55

*Accumulation units



5




Income (GBP) Income (GBP) Income (GBP) Income (GBP)

'A' Units 'F' Units 'I' Units 'P' Units

Launch Date 09 July 2002 21 December 2012** 02 July 2012 15 October 2012

02 September 2014*


Sedol number

Distribution units B540C37 B841D49 B5NWDG4 B8GG988

Accumulation units B571KS8 B8KZYM0 B5236V4 B7TZ5Q5


GlobalSar - GlobalSar - GlobalSar -

Income (GBP) Income (GBP) Income (GBP)

'X' Units 'D' Units 'Z' Units

Launch Date 02 July 2012 21 January 2014 01 July 2019


Sedol number

Distribution units B62MG74 BJ3V5B8 BJV3K88

Accumulation units B5L24G3 BJ3V5C9 BJV3K77



Strategic (EUR) Strategic (EUR) Strategic (EUR) Strategic (EUR)


Launch Date 17 November 2013 17 November 2013 17 November 2013 30 August 2018


Sedol number

Distribution units BGDFGN8 BGDFGP0 BGDFGQ1 N/A

Accumulation units BGDFGR2 BGDFGS3 BGDFGT4 BZ196W4

*Accumulation units



6


Sarasin IE Sarasin IE

GlobalSar - GlobalSar -

Strategic (EUR) Strategic (EUR)

'P' Units 'Z' Units

Launch Date 30 August 2018 01 July 2019

Dealing day Daily Daily

Sedol number

Distribution units N/A BJV3KH7

Accumulation units BZ196W4 BJV3KG6


Multi Asset Multi Asset Multi Asset Multi Asset

Target Return Target Return Target Return Target Return

'P' Units 'I' Units 'X' Units 'F' Units

Launch Date 15 October 2012 23 January 2013** 16 May 2013** 09 September 2013*

05 February 2013* 02 January 2014* 30 September 2014**


Sedol number

Distribution units B7KM684 B8H3SB4 B87M8S8 B8BBMX4

Accumulation units B89QH58 B8KZ2K4 B7Y7WX2 B806HW4


Multi Asset Multi Asset Multi Asset

Target Return Target Return Target Return

'A' Units 'D' Units 'Z' Units

Launch Date 15 October 2013* 21 January 2014** 01 July 2019

02 January 2014** 12 February 2014*


Sedol number

Distribution units B7XX2F3 BJ3V585 BJV3KF5

Accumulation units B7JC7S2 BJ3V596 BJV3KD3

*Accumulation units



7




Strategic (USD) Strategic (USD) Strategic (USD) Strategic (USD)

'A' Units 'I' Units 'X' Units 'D' Units

Launch Date 29 May 2013* 05 February 2013* 18 February 2013* 20 January 2014*

04 September 2013** 02 January 2014** 25 March 2013**


Sedol number

Distribution units B817P33 B8GM9F3 B8B2SN9 N/A

Accumulation units B8G3666 B83QG24 B8B6V43 BJ3V574


GlobalSar - GlobalSar GlobalSar

Strategic (USD) Strategic (USD) Strategic (USD)

'F' Units 'P' Units 'Z' Units

Launch Date 28 October 2014* 02 April 2015* 01 July 2019


Sedol number

Distribution units N/A N/A BJV3KC2

Accumulation units B8KZX90 B89G5D2 BJV3KB1

*Accumulation units



8



Systematic Systematic Systematic Systematic

Emerging Emerging Emerging Emerging

Markets Dividend Markets Dividend Markets Dividend Markets Dividend

'I' Units 'P GBP' Units 'X' Units 'Z' Units

Launch Date 07 April 2013* 07 April 2013 07 April 2013* 14 May 2013*

10 April 2017** 10 July 2017** 01 July 2019**


Sedol number

Distribution units BD3F819 N/A BD3F842 BD3F853

Accumulation units B879M98 B9F6599 B9517P4 B9FQ4Z8


Systematic Systematic Systematic

Emerging Emerging Emerging

Markets Dividend Markets Dividend Markets Dividend

'A GBP' Units 'J' Units "D Units"

Launch Date 07 April 2013 07 April 2013 10 July 2017**

21 June 2017*


Sedol number

Distribution units N/A N/A BYQJ592

Accumulation units B84Q322 B8K1JK1 BYQJ581

* Accumulation units

** Distribution units


9



Sustainable Global Sustainable Global Sustainable Global Sustainable Global

Real Estate Equity Real Estate Equity Real Estate Equity Real Estate Equity


Launch Date 06 December 2004 02 July 2012 02 July 2012 15 October 2012


Sedol number

Distribution units B59W5F1 B3TRZR4 B4XNBK0 B7ZZ1K5

Accumulation units B572T06 B3YL4J6 B3M5G61 B8G43R9




'F' Units 'Z' Units 'I USD' Units 'X EUR' Units

Launch Date 09 September 2013* 01 July 2019 16 April 2014* 11 April 2013*

16 October 2013** 14 October 2016**


Sedol number

Distribution units B8KZXG7 BJV3K00 BJVXND4 N/A

Accumulation units B8B6916 BJV3K11 BJVXNF6 B6YTWZ3

*Accumulation units **Distribution units


10





'I EUR' Units 'A EUR' Units 'A USD' Units 'P USD' Units

Launch Date 09 August 2016* 24 June 2020 24 June 2020

11 December 2017** 04 September 2018**


Sedol number

Distribution units B7IK6N2 N/A BMFX1T3 BMFX1V5

Accumulation units B5VKX48 B6YT242 BMFX1S2 BMFX1W6


Sustainable Global Sustainable Global Sustainable Global

Real Estate Equity Real Estate Equity Real Estate Equity

'P EUR' Units 'X USD' Units 'Z USD' Units

Launch Date 24 June 2020* 24 June 2020** 24 June 2020**


Sedol number

Distribution units N/A BMFX1Y8 BMFX1Z9

Accumulation units BMFX1X7 N/A N/A



11




Real Estate Equity (USD) Real Estate Equity (USD) Real Estate Equity (USD)

'A' Units 'I' Units 'X' Units

Launch Date 01 June 2006 02 July 2012 02 July 2012


Sedol number

Distribution units B60WGN2 B51SW01 B5PHJL4

Accumulation units B5PX075 B5KN0T2 B564X23




'F' Units 'P' Units 'Z' Units

Launch Date 10 April 2013 12 October 2015* 01 July 2019**

12 April 2019**


Sedol number

Distribution units N/A B7VGDQ2 BJXS3L5

Accumulation units B839QL2 B80Q4D4 N/A



12





'P GBP' Units 'A GBP' Units 'P EUR' Units

Launch Date 15 October 2012 09 January 2012 04 April 2019


Sedol number

Distribution units B81T034 N/A N/A

Accumulation units B8HDLM6 B6SX1X2 BF5JNT6

*Accumulation units

**Distribution units Prices are quoted daily on our website at www.sarasinandpartners.com. There is no redemption charge. All data cited is in base currency on a NAV basis, gross income reinvested. Past performance does not guarantee future returns. The value of investments and the income from them can go down as well as up and an investor may not get back the amount originally invested. This can be as a result of market movements and also of variations in the exchange rates between currencies. It should be noted that in respect of Sarasin IE Global Equity Opportunities (GBP), Sarasin IE Global Equity Opportunities (USD), Sarasin IE Global Real Estate Equity (GBP) and Sarasin IE Sustainable Global Real Estate Equity (USD) 100% of the Manager's annual and administration charges are deducted from the Trusts’ capital, in respect of Sarasin IE GlobalSar – Dynamic (GBP), Sarasin IE GlobalSar – Dynamic (USD), Sarasin IE GlobalSar – Income (GBP), Sarasin IE GlobalSar – Strategic (EUR), Sarasin IE Multi Asset Target Return and Sarasin IE GlobalSar – Strategic (USD) 80% of the Manager's annual and administration charges are deducted from the Trusts’ capital which may constrain future growth. In respect of Sarasin IE Systematic Emerging Markets Dividend 100% of the Manager's annual and administration charges are deducted from the Trusts’ capital. There is no minimum investment period, though we would recommend that you view your investment as medium to long term (i.e. 5 to 10 years).


13

Board of Directors of the Manager and Directory

Directors Manager

Padraic O'Connor (Chairman)* Sarasin Funds Management

Guy Matthews (Ireland) Limited

Michael Barr Georges Court

Fergus Crawford 54-62 Townsend Street

Sam Jeffries Dublin 2

Brian McDermott **

Depositary Investment Manager

Northern Trust Sarasin & Partners LLP

Fiduciary Services (Ireland) Limited Juxon House

Georges Court 100 St. Paul’s Churchyard

54-62 Townsend Street London EC4M 8BU

Dublin 2 (Authorised and Regulated by the FCA)

Administrator and Registrar Auditor

Northern Trust International Fund Deloitte Ireland LLP

Administration Services (Ireland) Limited Chartered Accountants &

Georges Court Statutory Audit Firm

54-62 Townsend Street Deloitte & Touche House

Dublin 2 Earlsfort Terrace

Dublin 2

Irish Legal Advisers to the Trust

A&L Goodbody

IFSC

North Wall Quay

Dublin 1

*Independent non-executive director

**Alternate to Michael Barr


14

Introduction

Authorisation Sarasin IE Global Equity Opportunities (GBP), Sarasin IE Global Equity Opportunities (USD), Sarasin IE GlobalSar – Dynamic (GBP), Sarasin IE GlobalSar – Dynamic (USD), Sarasin IE GlobalSar – Income (GBP), Sarasin IE GlobalSar – Strategic (EUR), Sarasin IE Multi Asset Target Return, Sarasin IE GlobalSar – Strategic (USD), Sarasin IE Systematic Emerging Markets Dividend, Sarasin IE Sustainable Global Real Estate Equity and Sarasin IE Sustainable Global Real Estate Equity (USD) (collectively known as the “Trusts”) are regulated by the Central Bank of Ireland (the “Central Bank”) as open-ended unit trusts and authorised as Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations"). The Trusts are recognised in the United Kingdom by the Financial Conduct Authority (“FCA”) under Section 270 of the Financial Services and Markets Act, 2000. The Directors of the Manager voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes which was published on 14 December 2011 by the Irish Funds (“IF”), as the Funds’ corporate governance code. Sarasin & Partners LLP, who are authorised and regulated by the FCA, market the trusts in the UK.

Manager Sarasin Funds Management (Ireland) Limited (the “Manager”), a wholly owned subsidiary of Sarasin & Partners, LLP, was incorporated on 23 May 2011 and is the Manager of the Trust. Investment Manager Sarasin & Partners LLP (the “Investment Manager”), London, is authorised and regulated by the FCA, and is a subsidiary of the Bank J Safra Sarasin Group, of Basel, Switzerland.

Representative in Switzerland J. Safra Sarasin Investmentfonds AG, Wallstrasse 9, CH-4002 Basel Paying agent in Switzerland Bank J.Safra Sarasin AG, Elisabethenstrasse 62, CH-4002 Basel Place where relevant documents may be obtained by investors in Switzerland: the Prospectus, Articles of Association and Key Investor Information Document, as well as the latest annual report and any subsequent half yearly report, may be obtained free of charge from the representative and the paying agent in Switzerland.


15

Manager’s Report

World economy

In the context of the cautious optimism of year-end 2019, the first half of this year has been truly remarkable. Although the first official reports of Covid-19 came out of China in early January, the true extent to which it would spread, debilitating economies and companies alike, was underestimated for a further 2 months. A surge of cases in Italy was followed by an uptick in deaths as the hospital system became overwhelmed bringing the pandemic into sharp realisation for both policy makers and markets. In Europe and the US, social distancing policies started in earnest in late February, accompanied by exceptional stimulus packages from both government and central banks, for struggling businesses and their staff. This coincided with the sharpest economic downturns seen in modern history. Since April – which has since been assumed to be the nadir of global economic activity – the backdrop has become more positive, with the gradual relaxing of restrictions and reopening of economies, predominantly in China, Western Europe and the US. Evidence has so far been mixed as to whether reopening is sustainable but market enthusiasm has remained. The outlook in selected emerging markets remains less favourable.

In the US, the nature of the state legislature has been a prominent feature, with each state deciding their own methods of dealing with the pandemic. As a result, there is a high degree of variability between states, with those that have reopened earlier or used less stringent social distancing policies still experiencing rising cases of infection at the time of writing. The impact on state economies has been similarly different, although the overall effect has been a sharp contraction in economic activity with unemployment rising above10%. In addition to this, with the 2020 presidential election on the horizon, President Trump’s rhetoric towards China has once again turned hawkish, while protests against police brutality have caused considerable unrest. Having said this, the largest and most comprehensive fiscal package globally, should allow the US an advantage in returning sooner to economic normality.

Having been the first to institute a lockdown in Wuhan province, China was the first to contain infection rates with a series of stringent social distancing policies. As a result, China was also the first to start reopening the economy with activity picking up in March. Resurgent localized infections have been met with local restrictions which have proved effective. Geopolitical tensions have once again soured with India following a border skirmish that resulted in fatalities, while the long disputed Hong Kong extradition law was passed into legislation in June. Tensions over the law have also seen condemnation from other world leaders, notably the US and UK but apparent control of infections means that China is one of the few countries where positive GDP growth is expected for 2020.

The Euro area, similar to the US, has had mixed success in suppressing virus case numbers. As aforementioned, Italy was first hit, with the virus spreading to the rest of Europe with differing levels of severity. Germany’s approach has been particularly effective with excess deaths only +6% for 2020 so far. In contrast, excess deaths in Spain are +56%. Reopening has happened in tandem with the suppression of cases, such that much of Western Europe has now reopened a considerable proportion of the economy. Another positive sign is the EU Recovery Fund, a coordinated fiscal package that would allow EU member states the opportunity to take out grants and loans to help finance the economic recovery. The European Central Bank has reacted in kind, announcing the Pandemic Emergency Purchase Programme (PEPP) which underpins lending rates and financial markets.

In the UK, delayed lockdowns and confused public policies have meant a comparatively large effect from Covid-19 in relation to European neighbours. Higher infection rates have also meant that reopening has happened at a slower pace than elsewhere. Having said that, substantial government support has done a lot to negate the negative economic effects of lockdown. Despite this, activity remains at depressed levels, the Markit composite PMI (48 in June) remaining in contractionary territory. In the meantime, Brexit uncertainty resurfaced as the UK government passed the end-of-June deadline to extend the transition period beyond 2021, intensifying the risks of a no-deal Brexit at the end of 2020.


16

Manager’s Report (continued)

Global equities

Turbulent financial markets have been a characteristic of the first half of 2020, with global equity markets no exception. Continuing momentum from the end of 2019 saw selected regional equity markets make new highs in February. However, this was short lived, as the true extent of disruption from the coronavirus became clear with global equities (MSCI ACWI) selling off 34% in a month. Government and central bank support was sizeable and coordinated, to the extent that, despite the deteriorating economic and humanitarian situation, equity markets rebounded. Having rallied from the trough at the end of March, the strong run of performance has continued with global equities producing total returns of 19.2% in Q2. In sterling terms, this leaves global equity markets in positive territory over the first half of the year, a 6.8% differential when compared to the same assets in US dollars, illustrating the weakness of the pound.

Regionally, the US continued to be the strongest performing market: the S&P 500 rose 20.5% in local currency terms, closely followed by Emerging Markets and Europe. The recovery in the values of UK companies has been notably weaker, with the FTSE All Share returning only 10.2% over the same period.

Oil prices have recovered markedly from their lows, with Brent crude up 81%, following falls of over 65% in the first quarter. This has driven a recovery of equity values in the energy sector and the broader industrial and material complexes, as the economic outlook slowly begins to improve.

Interestingly, it is still technology-oriented companies, which are benefitting from the lockdown-induced digital revolution, that have produced the most substantial returns, compounding the resilience shown in the first quarter. The global information and technology index has returned in excess of 13% over the year to date; by far and away the strongest performing sector.

Fixed income

Rising uncertainty and geopolitical tensions led government yields to compress through the turn of the year. Despite some brief volatility in the height of the market angst, this has continued throughout the first half of 2020 with the reintroduction and expansion of quantitative easing programmes across major economies. Lending to the UK government for 10 years will now earn a gross return of 0.17% per annum, with yields having fallen right back to the levels seen in early March.

Within credit, the European Central Bank and the Bank of England were joined for the first time in history by the Federal Reserve in their support of industry leading corporate bond issuers, providing a robust backdrop for investment grade credit (+9.1%), relative to government bond equivalents (+2.5%). The credit sectors that registered the greatest declines in the sell-off also recorded the greatest recoveries since the market lows in March, in particular Leisure and subordinated Financials.

Currencies

Currency volatility returned in H1 as investors scrambled for liquidity and safe havens to defend against falling equity markets. This was most evident as the US Dollar appreciated to a 3 year high in March when compared to a basket of major world currencies. This strength has ebbed away as markets returned to a semblance of normality but the USD remains in positive territory for the year to date. Elsewhere, the Euro has appreciated meaningfully on the back of the EU’s proposed Recovery Fund, while the Swiss Franc and Japanese Yen have remained strong thanks to their safe-haven status. Meanwhile, Brexit uncertainty has led to a material depreciation in sterling, falling 6.5% against the USD since the beginning of the year.

Sarasin Funds Management (Ireland) Ltd July 2020

All opinions and estimates contained in this report constitute the Trusts’ judgement and view as of the date of the report and are subject to change without notice. The report is for the assistance of the recipients, but is not to be relied upon as authoritative or taken in substitution for the exercise of judgement by the recipient.


17

Investment Themes

Our Global Equity investment philosophy is founded on the principle that we invest to participate in the long-term success of companies. It rests on three pillars: a thematic approach, stewardship, and active management. We build diversified portfolios that are unconstrained by a benchmark and measure risk against our clients long term return objectives. Our thematic investment process seeks to identify businesses that can deliver sustainable and improving returns to shareholders over the long-term and follows a logical process. The first steps are a process of idea generation whilst the final steps are concerned with selecting specific stocks based on their fundamental attractions. We use our thematic approach to identify a universe of stocks that could be suitable for portfolios. To determine if a stock is an attractive investment we use a rigorous and disciplined team based approach. We assess the quality, growth and valuation characteristics of each stock using fundamental analysis. Attractive stocks are added to a team Buy List. Concentrated portfolios are constructed from the Buy List and diversified by a wide range of measures, starting with theme and Corporate Characteristic. We categorise the construction of the portfolio by Corporate Characteristic, each of which has its own quality, growth and valuation dimensions. This helps us identify the most important risk and return factors to consider for each investment we make. Categorisation has behavioural advantages. Investment cases do not move from one Corporate Characteristic to another. This ensures that our investment theses are clearly defined, and less prone to behavioural failings such as cognitive dissonance should the situation not work out as expected. At different points in the economic and stock market cycle, certain Corporate Characteristics are likely to be more fruitful sources of ideas. Thus the categorisation approach can help us to ensure we are looking at the right place at the right time. Using Corporate Characteristics has advantages for portfolio construction purposes. Because the unconstrained process is not run to a benchmark, categorisation allows us to see where there are concentrations of absolute risk within the portfolio at any given point in time. We identify five core Corporate Characteristics, as follows:

Disruptive Growth Disruptive growth companies can attack large entrenched profit pools with a superior product or service. They may not generate high returns on capital during their most innovative and disruptive phase because they are investing to drive growth. However, an understanding of the size of the addressable market, potential market share and long term profit potential can reveal excellent investment opportunities. Valuation is a key risk with Disruptive Growth companies and it is important to maintain perspective and discipline. Defensive Franchise Typically market leaders in their industries with demonstrable barriers to entry. These companies usually earn consistently high returns on invested capital with limited variability across the economic cycle. From a purely fundamental perspective these are highly attractive business models. Free cash flow generation is usually very high and predictable and as result these companies are able to pay safe and growing dividends. Moreover if end markets are growing and management sensible the compounding effect can be very powerful. Cyclical Franchise Typically market leaders in their industries with demonstrable barriers to entry. These companies usually earn consistently high returns on invested capital although these may come with a degree of cyclicality. Typically, these companies have business models that sell products into end markets where demand is highly dependent on the level and trend in economic activity. The presence of fixed costs in the business model can mean that profit margins and returns on invested capital can fall substantially in economic downturns. Business risk in the Cyclical Franchise category is thus higher than in the Defensive Franchise category. Cash Harvest Cash Harvest companies are usually mature and have limited need for the excess cash that they generate. As a result they are likely to return this excess cash to shareholders via dividends or share buybacks. The market can underestimate the duration over which these companies are able to maintain superior, and growing, cash returns to shareholders even if revenue growth is muted. Analysis of these companies emphasise the ability and willingness of a company to generate and return cash. Business risk (such as competitive threats from Disruptive Growth companies) and financial risk are the more important factors to consider in the Cash Harvest category.


18

Investment Themes (continued)

Special Situations A broad category of investments with specific and unusual investment case drivers, such as corporate restructuring, spin off businesses, companies which own real estate and other financial assets, and family controlled businesses. These companies tend not to exhibit any particular style bias and the risk is more likely to be wholly idiosyncratic.


19


Investment Review for the period 01 January 2020 to 30 June 2020 Review

During the first half of 2020 the Global Equity Opportunities Fund (GBP) returned -3.7% (net of fees) compared with the MCSI ACWI world index return of +0.5%.

The first quarter of 2020 was characterised by a period of massive turbulence for individuals, companies, governments and markets. The rapid spread of coronavirus resulted in widespread shutdowns of economies and the furloughing of labour at an unprecedented pace. Financial markets reacted in turn, rising into February but correcting sharply thereafter. Policy makers have responded accordingly: slashing interest rates, resuming asset purchases and unveiling extensive fiscal stimulus packages. Overall, equity and credit markets were down significantly in Q1, with safe haven assets such as gold, government bonds and the US dollar rising.

In contrast the second quarter of 2020 has undoubtedly been one of the sharpest economic downturns in modern history. Potentially surprising then, that it has coincided with one of the sharpest recoveries in asset markets, with every major asset class offering positive returns on the quarter. Despite ongoing social distancing measures, rising unemployment and a humanitarian crisis, investors rushed back into markets in April, supported by exceptional central bank action and government support for struggling businesses and staff. Global equity markets recovered the majority of losses from Q1, gold made new highs and fixed income markets rallied on sizeable QE packages.

Stock Performance

Over Q1, Chinese video game company Tencent performed well. From late January, Wuhan's 11-million strong population was placed on lockdown, and Tencent commented that gaming volumes increased during that period. Companies like Equinix, which facilitates remote working, also benefited. Coronavirus forced large numbers of the population to work from home, causing a surge in demand for remote working solutions. Equinix specialises in colocation data centres, which means it is well placed to benefit from companies seeking extra bandwidth and switching capacity. Orsted and Enel Spa also performed well.

On the flipside in the first quarter, Dutch financial services company ING Groep detracted. While its exposure to many of the more sensitive areas like hospitality and hotels is limited, the company has announced that it will suspend dividends until October 2020 and concerns around credit quality in its loan book remain. Lloyds Banking was another poor performer in the financial services sector, which is particularly exposed to falling business sentiment. Lloyds has seen significantly lower activity across businesses, as well as reduced spending on credit cards, and has announced the cancellation of dividends in 2020. Simon Property and Marriott were other poor performers.

In the market rally of the second quarter, US software company Splunk made a positive contribution to the portfolio after reporting strong earnings. Splunk's core offering enables companies to monitor performance and end-user experience. This functionality is increasingly crucial as companies move to cloud computing, and COVID-19 has accelerated this shift. Shimano, a Japanese manufacturer of bicycle components, saw its share price strengthen significantly during the second quarter. Restrictions have led to a surge in bike sales, particularly in Europe, a sizeable market for Shimano. ASML and Daikin Industries also performed well.

During the second quarter, derivatives marketplace CME Group detracted, after reporting softer trading volumes for Q2. Peruvian financial services company CrediCorp also disappointed. Coronavirus has led to a sharp increase in provisioning for loan losses, especially in riskier segments. CrediCorp's NPL coverage significantly increased, illustrating a higher likelihood of loans being unpaid. AIA and Aramark also disappointed.

Fund transactions

Over the first half of 2020 the Global Equity Opportunities Fund has reduced its exposure to value and dividend stocks as the unprecedented slowdown in global growth increases earnings and dividend risks. In this respect it has moved closer toward the style profile of our core thematic portfolios. Among the changes have been:

In Q1, we sold AB Foods, Bridgestone, HDFC Bank, Kubota, Marriott, Royal Dutch Shell and Simon Property and bought Airbus, Alibaba, CME Group, CrediCorp, Daikin, Legal & General, Splunk and UPS – companies which we are believe are well positioned to benefit from thematic drivers.


20

Sarasin IE Global Equity Opportunities (GBP) Investment Review for the period 01 January 2020 to 30 June 2020 (continued) Fund transactions (continued)

In Q2, we sold BlackRock, Broadcom, China Mengniu Dairy, CitiGroup, Fomento Economico Mexicano, Fresenius Medical Care, Ing Groep, Investor AB, Legal & General, Lloyds Banking, Mitsubishi, Service Corp, Tencent, Umicore, Walmart de Mexico, Walt Disney, Weyerhaeuser and Raytheon. Also in Q2 we bought Accenture, Air Liquide, Aramark, AB Foods, Colgate Palmolive, CSL, Deere & Co, DS Smith, Essilorluxottica, Facebook, First Republic Bank, Keyence, London Stock Exchange, Marriott, Merck, Moody's, Prudential, Reckitt Benckiser, Shimano, SVB Financial Group and TE Connectivity.

Outlook

Whilst social distancing strategies are beginning to come to an end, economic and market conditions will not return to how they were before: in the immediate term, international trade flows and supply chains will have been permanently disrupted in places; corporate borrowing costs will remain higher; balance sheets will be damaged, requiring gradual repair or rights issues; many dividends will be cut and share buybacks will be reduced.

In the longer term, technology disruption will accelerate; consumer attitudes will be very cautious; collectively, governments will be less able to stimulate recovery than after the financial crisis; weaker economic growth will leave some companies struggling to grow sales and profits; investors will be more aware, and cautious, of social and environmental ‘negative externalities’ and poor corporate governance; effected shares will trade on lower valuation multiples.

For all these reasons, it is a time to remain vigilant and not to be complacent. Our focus will be on investments that can generate secure and growing cashflows over the long-term. It is the nature of companies to adapt and find ways of solving problems profitably and whilst not all will thrive, our conversations with different management teams recently bolster our confidence in the longer-term future of most that we own.

Numerous opportunities will be driven by the shift to a more digital world, in new automation, climate change mitigation and adaptation, demographic trends and by shifts in consumption patterns in both the emerging and the developed markets. These themes can surpass the broad measures of GDP growth and the challenges triggered by the coronavirus. We are re-examining every sub-theme and there may be some changes of emphasis, but the high-level themes will continue to provide a strong underlying investment framework, providing us with the reassurance that the majority of companies in the portfolio have good prospects beyond the current crisis.

Evolution of Sarasin IE Global Equity Opportunities

Jeremy Thomas, our Head of Global Equity for the past four years, is now the lead Fund Manager of both funds. This reflects a move at the beginning of the second quarter to align the equity holdings in the offshore Sarasin IE Global Equity Opportunities funds with those held in the onshore Sarasin Thematic Global Equity fund managed by Jeremy. There was already considerable overlap between the funds and this change allows us to focus on our core thematic approach, with the macro overlay strategies that were applied to about 20% of the stocks in the Opportunities fund, now replaced by pure thematic stock selection.

Jeremy Thomas, who has over 20 years investment experience and joined Sarasin & Partners in 2016, has developed a strong team of global equity managers and analysts and, with their support, he has managed the onshore Sarasin Thematic Global Equity fund over the last three years. The evolution of the Sarasin IE Global Equity Opportunities funds described above is part of his wider transition plan to refocus our core thematic global equity offering across our range of funds.

Guy Monson who has jointly managed these two Offshore funds for the past 4 years can now transition away from management duties with the fund over the coming months, to focus on his core responsibilities as our Chief Investment Officer.


21

Sarasin IE Global Equity Opportunities (GBP) Schedule of Investments

As at 30 June 2020

Fair Value % of

Holdings Investment Assets GBP Net Assets

Equities: 97.70% (31 Dec 2019: 99.05%)

Cash Harvest: 9.35% (31 Dec 2019: 23.56%)

664,378 Enel 4,717,160 2.99

6,230 Equinix REITS 3,497,365 2.22

72,034 Otis Worldwide 3,322,411 2.10

70,170 Taiwan Semiconductor Manufacturing ADR 3,225,573 2.04

Total Cash Harvest 14,762,509 9.35

Cyclical Franchise: 39.41% (31 Dec 2019: 26.86%)

22,089 Accenture 3,830,224 2.43

33,329 Airbus 1,951,269 1.24

24,522 CME 3,237,392 2.05

23,493 Credicorp 2,590,730 1.64

35,300 Daikin Industries 4,627,368 2.93

25,758 Deere 3,226,756 2.04

1,208,713 DS Smith 4,024,410 2.55

36,701 First Republic Bank 3,146,974 1.99

16,856 Home Depot 3,381,022 2.14

39,457 JPMorgan Chase 2,990,346 1.89

56,068 London Stock Exchange 4,646,916 2.94

39,026 Marriott International 2,753,654 1.74

223,543 Prudential 2,732,813 1.73

2,581,500 Samsonite International 2,118,729 1.34

37,747 Schneider Electric 3,419,193 2.17

27,600 Shimano 4,330,951 2.74

17,682 SVB Financial Group 2,984,346 1.89

48,512 TE Connectivity 3,184,384 2.02

34,337 United Parcel Service 3,063,760 1.94

Total Cyclical Franchise 62,241,237 39.41


22


Schedule of Investments (continued)

As at 30 June 2020

Fair Value % of

Holdings Investment Assets (continued) GBP Net Assets

Equities: 97.70% (31 Dec 2019: 99.05%) (continued)

Defensive Franchise: 19.61% (31 Dec 2019: 6.36%)

33,587 Air Liquide 3,914,185 2.48

64,355 Colgate-Palmolive 3,800,042 2.41

19,981 CSL 3,200,952 2.03

15,818 Ecolab 2,520,722 1.60

34,176 EssilorLuxottica 3,588,681 2.27

42,680 Medtronic 3,140,000 1.99

42,293 Merck 2,623,645 1.66

15,806 Moody's 3,465,649 2.19

63,464 Reckitt Benckiser 4,710,933 2.98

Total Defensive Franchise 30,964,809 19.61

Disruptive Growth: 27.11% (31 Dec 2019: 33.64%)

435,400 AIA 3,306,788 2.09

22,426 Alibaba ADR 3,929,325 2.49

2,859 Alphabet 3,250,996 2.06

20,549 Amgen 3,879,784 2.46

8,948 ASML 2,644,264 1.68

131,236 Associated British Foods 2,510,217 1.59

14,980 Facebook 2,694,397 1.71

9,300 Keyence 3,164,898 2.00

14,819 Mastercard 3,540,292 2.24

78,811 Novozymes 3,669,980 2.32

32,800 Orsted 3,081,723 1.95

72,400 Shionogi 3,693,320 2.34

21,729 Splunk 3,443,826 2.18

Total Disruptive Growth 42,809,810 27.11

Special Situation: 2.22% (31 Dec 2019: 8.63%)

191,764 Aramark 3,503,028 2.22

Total Special Situation 3,503,028 2.22

Total Equities 154,281,393 97.70


23



As at 30 June 2020

Fair Value % of


Financial Derivative Instruments: 0.02% (31 Dec 2019: 0.01%)

Forward Currency Contracts: 0.02% (31 Dec 2019: 0.01%)

Currency Currency Maturity Unrealised % of

Counterparty Buys Sells Date Gain Net Assets

Bank of New York* EUR 984,128 GBP 888,529 22/07/2020 10,752 0.01

Bank of New York* EUR 725,500 JPY 86,842,363 22/07/2020 5,977 0.01

Bank of New York* EUR 537,605 GBP 485,382 22/07/2020 5,875 -

Bank of New York* EUR 4,013,365 USD 4,495,801 22/07/2020 3,922 -

Bank of New York* EUR 396,323 JPY 47,439,859 22/07/2020 3,265 -

Bank of New York* EUR 2,192,403 USD 2,455,946 22/07/2020 2,143 -

Bank of New York* USD 238,651 EUR 211,810 22/07/2020 917 -


Bank of New York* EUR 39,010 GBP 35,256 22/07/2020 390 -




Bank of New York* EUR 257,776 HKD 2,238,490 22/07/2020 217 -

Bank of New York* EUR 21,892 JPY 2,620,426 22/07/2020 180 -

Bank of New York* EUR 20,812 JPY 2,491,199 22/07/2020 171 -


Bank of New York* EUR 140,817 HKD 1,222,832 22/07/2020 119 -

Bank of New York* EUR 121,101 USD 135,659 22/07/2020 118 -






Bank of New York* EUR 3,165 JPY 378,800 22/07/2020 26 -




Bank of New York* EUR 7,778 HKD 67,545 22/07/2020 7 -




Bank of New York* USD 1,038 EUR 921 22/07/2020 4 -

Bank of New York* EUR 199 GBP 180 22/07/2020 2 -

Bank of New York* EUR 2,008 AUD 3,285 22/07/2020 1 -


Bank of New York* USD 503 EUR 448 22/07/2020 1 -


24



As at 30 June 2020

Fair Value % of


Financial Derivative Instruments: 0.02% (31 Dec 2019: 0.01%) (continued)

Forward Currency Contracts: 0.02% (31 Dec 2019: 0.01%) (continued)



Bank of New York* EUR 112 AUD 183 22/07/2020 - -



Total Fair Value Gains on Forward Currency Contracts 36,005 0.02

Total Financial Derivative Instruments 36,005 0.02

Total Investment Assets 154,317,398 97.72

Investment Liabilities




Counterparty Buys Sells Date Loss Net Assets

Bank of New York* EUR 39 DKK 293 22/07/2020 - -

Bank of New York* EUR 641 AUD 1,049 22/07/2020 - -

Bank of New York* EUR 95 GBP 87 22/07/2020 - -

Bank of New York* EUR 257 DKK 1,916 22/07/2020 - -

Bank of New York* EUR 272 DKK 2,026 22/07/2020 - -

Bank of New York* EUR 4,213 AUD 6,897 22/07/2020 - -

Bank of New York* EUR 4,431 AUD 7,255 22/07/2020 - -

Bank of New York* EUR 620 GBP 567 22/07/2020 (1) -

Bank of New York* EUR 1,321 DKK 9,846 22/07/2020 (1) -

Bank of New York* EUR 657 GBP 601 22/07/2020 (1) -

Bank of New York* GBP 131 EUR 145 22/07/2020 (1) -





Bank of New York* EUR 741 USD 839 22/07/2020 (6) -

Bank of New York* EUR 80,219 AUD 131,347 22/07/2020 (8) -

Bank of New York* GBP 861 EUR 953 22/07/2020 (9) -

Bank of New York* GBP 904 EUR 1,000 22/07/2020 (10) -


25



As at 30 June 2020

Fair Value % of

Holdings Investment Liabilities (continued) GBP Net Assets

Financial Derivative Instruments: 0.00% (31 Dec 2019: 0.00%) (continued)

Forward Currency Contracts: 0.00% (31 Dec 2019: 0.00%) (continued)



Bank of New York* EUR 11,834 GBP 10,824 22/07/2020 (10) -

Bank of New York* EUR 146,847 AUD 240,441 22/07/2020 (15) -

Bank of New York* EUR 21,466 GBP 19,633 22/07/2020 (18) -

Bank of New York* EUR 4,870 USD 5,512 22/07/2020 (41) -


Bank of New York* EUR 165,385 DKK 1,233,098 22/07/2020 (67) -

Bank of New York* EUR 302,750 DKK 2,257,282 22/07/2020 (124) -

Bank of New York* GBP 16,416 EUR 18,162 22/07/2020 (180) -

Bank of New York* GBP 29,841 EUR 33,014 22/07/2020 (328) -


Bank of New York* EUR 144,969 USD 164,078 22/07/2020 (1,230) -

Total Fair Value Losses on Forward Currency Contracts (2,895) -

Total Financial Derivative Instruments (2,895) -

Total Investment Liabilities (2,895) -

Total Value of Investments 154,314,503 97.72

Cash and Cash Equivalents 4,405,460 2.79

Other Net Liabilities (812,124) (0.51)

Net Assets Attributable to Unitholders 157,907,839 100.00

% of Total

Assets

Portfolio Classification 30.06.2020

Transferable securities admitted to official stock exchange listing

or traded on a regular market 97.02

Over the counter derivatives 0.02

Cash 2.77

Other Assets 0.19

Total 100.00

*Forward currency contracts specifically relating to EUR hedged unit classes of Sarasin IE Global

Equity Opportunities (GBP).


26


Summary of Material Portfolio Changes for the period 01 January 2020 to 30 June 2020

Sales

Holding Description £

141,909 Investor AB 5,748,142

155,457 Umicore 5,205,667

192,745 Associated British Foods 5,159,384

120,300 Tencent 5,153,192

104,717 Citigroup 4,685,051

11,837 BlackRock 4,596,160

68,896 Fresenius Medical Care 4,073,062

48,852 Marriott International 3,944,171

19,192 Broadcom 3,927,491

131,200 Bridgestone 3,590,066

277,700 Mitsubishi Estate 3,555,871

40,476 Walt Disney 3,333,342

17,683 Amgen 3,121,897

70,541 Taiwan Semiconductor Manufacturing ADR 3,038,148

9,584,279 Lloyds Banking 2,901,596

255,900 Kubota 2,843,921

184,940 Weyerhaeuser REITS 2,843,279

49,140 Raytheon Technologies 2,816,364

87,222 Service Corporation International 2,612,958

15,696 Home Depot 2,558,608

10,767 ASML 2,522,695

879,000 China Mengniu Dairy 2,503,905

600,125 ING Groep 2,465,183

29,524 Orsted 2,420,280

1,283,400 Wal-Mart de Mexico 2,406,867

44,263 Simon Property REITS 2,313,474

1,092,138 L&G 2,175,375

110,425 Royal Dutch Shell 2,124,645

38,640 Fomento Economico Mexicano ADR 1,950,331

1,831 Alphabet 1,844,069

52,243 HDFC Bank 1,778,449

228,200 AIA 1,654,796

11,506 Ecolab 1,608,390

22,020 Schneider Electric 1,605,570

275,220 Enel 1,446,495

6,196 Mastercard 1,259,829

The significant changes to the portfolio for the period are the aggregate sales of a security exceeding 1% of the total

value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the period is less

than 20, then a minimum of 20 sales will be disclosed.

Total proceeds of all sales during the period excluding financial derivative instruments £110,978,211


27


Summary of Material Portfolio Changes for the period 01 January 2020 to 30 June 2020 (continued)

Purchases


56,068 London Stock Exchange 4,286,935

63,464 Reckitt Benckiser 4,153,317

28,217 Accenture 3,889,461

35,300 Daikin Industries 3,752,004

24,522 CME 3,699,693

64,355 Colgate-Palmolive 3,694,411

22,426 Alibaba ADR 3,621,633

23,493 Credicorp 3,560,479

33,587 Air Liquide 3,463,255

1,208,713 DS Smith 3,461,999

191,764 Aramark 3,417,975

1,092,138 L&G 3,410,226

42,680 Medtronic 3,369,367

27,600 Shimano 3,285,644

19,981 CSL 3,214,696

34,176 EssilorLuxottica 3,184,937

15,806 Moody's 3,009,801

72,034 Otis Worldwide 2,932,715

36,701 First Republic Bank 2,921,680

41,359 Airbus 2,864,398

34,337 United Parcel Service 2,825,257

25,758 Deere 2,824,209


42,293 Merck 2,711,673

9,300 Keyence 2,624,884

48,512 TE Connectivity 2,601,693


14,980 Facebook 2,512,500


17,682 SVB Financial Group 2,439,252

223,543 Prudential 2,283,769

21,729 Splunk 2,228,678


2,718,404 Lloyds Banking 1,593,131

1,608,300 Samsonite International 1,548,876

The significant changes to the portfolio for the period are the aggregate purchases of a security exceeding 1% of the

total value of purchases. Where the number of purchases transactions exceeding 1% of the total value of purchases

for the period is less than 20, then a minimum of 20 purchases will be disclosed.

Total cost of all purchases during the period excluding financial derivative instruments £107,272,243


28


Statement of Comprehensive Income

For the period ended 30 June 2020

01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes £ £

Revenue

Dividend Income 1,535,125 2,410,493

Deposit Interest 1,246 506

Net realised/unrealised (losses)/gains on investments held at

fair value through profit or loss 2 (7,038,708) 23,241,786

(5,502,337) 25,652,785

Expenses 3

Management fee (579,429) (933,536)

Fixed operating charge (153,288) (170,592)

General expenses (1,310) (3,321)

Operating (Loss)/Profit (6,236,364) 24,545,336

Finance Costs

Bank interest (1,522) (2,407)

Distributions 4 (1,240,064) (2,056,127)

Equalisation 2,991 36,174

Taxation

Withholding tax 8 (290,458) (335,678)

Total comprehensive (expense)/income for the period (7,765,417) 22,187,298

Changes in net assets attributable to Unitholders

from investment activities (7,765,417) 22,187,298

Statement of Changes in Net Assets Attributable to Unitholders


01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £

Opening net assets attributable to Unitholders 166,548,189 142,928,036

Movement due to sales

and repurchases of units:

Amounts received on creation of units 17,762,241 26,766,622

Amounts paid on cancellation of units (19,360,924) (13,931,671)

(1,598,683) 12,834,951

Changes in net assets attributable to Unitholders from

investment activities (7,765,417) 22,187,298

Retained distribution on accumulation units 723,750 1,323,543

Closing net assets attributable to Unitholders 157,907,839 179,273,828

The accompanying notes form an integral part of these financial statements


29


Statement of Financial Position

as at 30 June 2020

30.06.2020 31.12.2019

Notes £ £

Assets

Financial assets at fair value through profit or loss: 11

Investments in transferable securities 154,281,393 164,963,488

36,005 29,235

Other Assets

Interest and dividends receivable 103,435 253,583

Subscriptions receivable 199,173 5,807

Cash and cash equivalents: 5

Bank deposits 4,110,527 2,212,591

Cash collateral 294,933 294,933

Total Other Assets 4,708,068 2,766,914

Total Assets 159,025,466 167,759,637

Financial liabilities at fair value through profit or loss: 11

2,895 1,338

Other Liabilities

Management fee payable 197,475 207,054

Fixed operating charge payable 51,287 55,481

Redemptions payable 335,519 394,891

Withholding tax payable 13,932 30,739

Sundry creditors 205 667

Cash and cash equivalents:

Distribution payable 4 516,314 521,278

Total Other Liabilities 1,114,732 1,210,110

Total Liabilities 1,117,627 1,211,448

157,907,839 166,548,189

Financial derivative instruments


Net Assets Attributable to Unitholders



30


Statement of Cash Flows


01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £

Operating Activities

Changes in net assets attritubable to Unitholders from


Adjustments for:

Decrease/(Increase) in financial instruments at fair value

through profit or loss 10,676,882 (33,070,850)

Decrease/(Increase) in receivables 150,148 (162,629)

(Decrease)/Increase in payables (36,006) 397,193

Cash flows from/(used in) operating activities 3,025,607 (10,648,988)

Financing Activities

Subscriptions 17,568,875 26,766,622

Redemptions (19,420,296) (14,043,389)


Cash flows (used in)/from financing activities (1,127,671) 14,046,776

Net increase in cash and cash equivalents during the period 1,897,936 3,397,788

Cash and cash equivalents at the beginning of the period 2,507,524 1,174,414

Cash and cash equivalents as at end of the period 4,405,460 4,572,202



31



During the first half of 2020 the Global Equity Opportunities Fund (USD) returned -10.5% (net of fees) compared with the MCSI ACWI world index return of -6.2%.

The first quarter of 2020 was characterised by a period of massive turbulence for individuals, companies, governments and markets. The rapid spread of coronavirus resulted in widespread shutdowns of economies and the furloughing of labour at an unprecedented pace. Financial markets reacted in turn, rising into February but correcting sharply thereafter. Policy makers have responded accordingly: slashing interest rates, resuming asset purchases and unveiling extensive fiscal stimulus packages. Overall, equity and credit markets were down significantly in Q1, with safe haven assets such as gold, government bonds and the US dollar rising.

In contrast the second quarter of 2020 has undoubtedly been one of the sharpest economic downturns in modern history. Potentially surprising then, that it has coincided with one of the sharpest recoveries in asset markets, with every major asset class offering positive returns on the quarter. Despite ongoing social distancing measures, rising unemployment and a humanitarian crisis, investors rushed back into markets in April, supported by exceptional central bank action and government support for struggling businesses and staff. Global equity markets recovered the majority of losses from Q1, gold made new highs and fixed income markets rallied on sizeable QE packages.

Stock Performance

Over Q1, Chinese video game company Tencent performed well. From late January, Wuhan's 11-million strong population was placed on lockdown, and Tencent commented that gaming volumes increased during that period. Companies like Equinix, which facilitates remote working, also benefited. Coronavirus forced large numbers of the population to work from home, causing a surge in demand for remote working solutions. Equinix specialises in colocation data centres, which means it is well placed to benefit from companies seeking extra bandwidth and switching capacity. Orsted and Enel Spa also performed well.

On the flipside in the first quarter, Dutch financial services company ING Groep detracted. While its exposure to many of the more sensitive areas like hospitality and hotels is limited, the company has announced that it will suspend dividends until October 2020 and concerns around credit quality in its loan book remain. Lloyds Banking was another poor performer in the financial services sector, which is particularly exposed to falling business sentiment. Lloyds has seen significantly lower activity across businesses, as well as reduced spending on credit cards, and has announced the cancellation of dividends in 2020. Simon Property and Marriott were other poor performers.

In the market rally of the second quarter, US software company Splunk made a positive contribution to the portfolio after reporting strong earnings. Splunk's core offering enables companies to monitor performance and end-user experience. This functionality is increasingly crucial as companies move to cloud computing, and COVID-19 has accelerated this shift. Shimano, a Japanese manufacturer of bicycle components, saw its share price strengthen significantly during the second quarter. Restrictions have led to a surge in bike sales, particularly in Europe, a sizeable market for Shimano. ASML and Daikin Industries also performed well.

During the second quarter, derivatives marketplace CME Group detracted, after reporting softer trading volumes for Q2. Peruvian financial services company CrediCorp also disappointed. Coronavirus has led to a sharp increase in provisioning for loan losses, especially in riskier segments. CrediCorp's NPL coverage significantly increased, illustrating a higher likelihood of loans being unpaid. AIA and Aramark also disappointed.

Fund transactions

Over the first half of 2020 the Global Equity Opportunities Fund has reduced its exposure to value and dividend stocks as the unprecedented slowdown in global growth increases earnings and dividend risks. In this respect it has moved closer toward the style profile of our core thematic portfolios. Among the changes have been:

In Q1, we sold AB Foods, Bridgestone, HDFC Bank, Kubota, Marriott, Royal Dutch Shell and Simon Property and bought Airbus, Alibaba, CME Group, CrediCorp, Daikin, Legal & General, Splunk and UPS – companies which we are believe are well positioned to benefit from thematic drivers.


32

Sarasin IE Global Equity Opportunities (USD) Investment Review for the period 01 January 2020 to 30 June 2020 (continued)

Fund transactions (continued) In Q2, we sold BlackRock, Broadcom, China Mengniu Dairy, CitiGroup, Fomento Economico Mexicano, Fresenius Medical Care, Ing Groep, Investor AB, Legal & General, Lloyds Banking, Mitsubishi, Service Corp, Tencent, Umicore, Walmart de Mexico, Walt Disney, Weyerhaeuser and Raytheon. Also in Q2 we bought Accenture, Air Liquide, Aramark, AB Foods, Colgate Palmolive, CSL, Deere & Co, DS Smith, Essilorluxottica, Facebook, First Republic Bank, Keyence, London Stock Exchange, Marriott, Merck, Moody's, Prudential, Reckitt Benckiser, Shimano, SVB Financial Group and TE Connectivity.

Outlook




Numerous opportunities will be driven by the shift to a more digital world, in new automation, climate change mitigation and adaptation, demographic trends and by shifts in consumption patterns in both the emerging and the developed markets. These themes can surpass the broad measures of GDP growth and the challenges triggered by the coronavirus. We are re-examining every sub-theme and there may be some changes of emphasis, but the high-level themes will continue to provide a strong underlying investment framework, providing us with the reassurance that the majority of companies in the portfolio have good prospects beyond the current crisis.

Evolution of Sarasin IE Global Equity Opportunities

Jeremy Thomas, our Head of Global Equity for the past four years, is now the lead Fund Manager of both funds. This reflects a move at the beginning of the second quarter to align the equity holdings in the offshore Sarasin IE Global Equity Opportunities funds with those held in the onshore Sarasin Thematic Global Equity fund managed by Jeremy. There was already considerable overlap between the funds and this change allows us to focus on our core thematic approach, with the macro overlay strategies that were applied to about 20% of the stocks in the Opportunities fund, now replaced by pure thematic stock selection.

Jeremy Thomas, who has over 20 years investment experience and joined Sarasin & Partners in 2016, has developed a strong team of global equity managers and analysts and, with their support, he has managed the onshore Sarasin Thematic Global Equity fund over the last three years. The evolution of the Sarasin IE Global Equity Opportunities funds described above is part of his wider transition plan to refocus our core thematic global equity offering across our range of funds.

Guy Monson who has jointly managed these two Offshore funds for the past 4 years can now transition away from management duties with the fund over the coming months, to focus on his core responsibilities as our Chief Investment Officer.


33


Schedule of Investments

As at 30 June 2020

Fair Value % of

Holdings Investment Assets USD Net Assets

Equities: 98.16% (31 Dec 2019: 99.01%)

Cash Harvest: 9.39% (31 Dec 2019: 23.57%)

322,929 Enel 2,813,421 3.00

3,027 Equinix REITS 2,085,104 2.23

35,011 Otis Worldwide 1,981,448 2.11




10,735 Accenture 2,284,086 2.44

16,201 Airbus 1,163,855 1.24

11,920 CME 1,930,980 2.06

11,417 Credicorp 1,544,891 1.65


12,519 Deere 1,924,358 2.05

587,512 DS Smith 2,400,259 2.56

17,841 First Republic Bank 1,877,141 2.00

8,191 Home Depot 2,016,010 2.15

19,180 JPMorgan Chase 1,783,644 1.90

27,253 London Stock Exchange 2,771,573 2.96

18,971 Marriott International 1,642,509 1.75

108,658 Prudential 1,629,945 1.74

1,254,600 Samsonite International 1,263,487 1.35

18,349 Schneider Electric 2,039,463 2.18

13,300 Shimano 2,560,873 2.73

8,594 SVB Financial Group 1,779,817 1.90

23,580 TE Connectivity 1,899,251 2.03

16,691 United Parcel Service 1,827,414 1.95



16,325 Air Liquide 2,334,456 2.49


9,711 CSL 1,908,922 2.04

7,688 Ecolab 1,503,312 1.60


34



As at 30 June 2020

Fair Value % of

Holdings Investment Assets (continued) USD Net Assets


Defensive Franchise: 19.70% (31 Dec 2019: 6.35%) (continued)

16,612 EssilorLuxottica 2,140,414 2.28

20,748 Medtronic 1,873,026 2.00

20,559 Merck 1,564,951 1.67

7,683 Moody's 2,067,073 2.20

30,849 Reckitt Benckiser 2,809,848 3.00



211,600 AIA 1,971,950 2.10

10,899 Alibaba ADR 2,343,231 2.50

1,390 Alphabet 1,939,453 2.07

9,987 Amgen 2,313,738 2.47

4,350 ASML 1,577,359 1.68


7,281 Facebook 1,606,953 1.71

4,600 Keyence 1,920,865 2.05

7,203 Mastercard 2,111,523 2.25

38,309 Novozymes 2,188,970 2.34

15,944 Orsted 1,838,143 1.96

35,300 Shionogi 2,209,608 2.36

10,561 Splunk 2,053,850 2.19



93,211 Aramark 2,089,325 2.23









35



As at 30 June 2020

% of Total

Assets




Cash 2.27

Other Assets 0.07

Total 100.00


36



Sales

Holding Description $

73,527 Investor AB 3,739,502


80,463 Umicore 3,395,950

62,300 Tencent 3,275,494

54,190 Citigroup 3,092,563

6,113 BlackRock 2,915,519



9,911 Broadcom 2,487,490

68,100 Bridgestone 2,438,965



9,928 Amgen 2,118,515

20,523 Walt Disney 2,084,418

131,300 Kubota 1,895,051

4,955,598 Lloyds Banking 1,874,403


8,748 Home Depot 1,760,223


5,891 ASML 1,686,779

44,626 Service Corporation International 1,665,539

16,446 Orsted 1,651,304

454,000 China Mengniu Dairy 1,592,098

310,219 ING Groep 1,587,767

661,300 Wal-Mart de Mexico 1,540,812



564,182 L&G 1,389,673

1,044 Alphabet 1,292,485


132,600 AIA 1,182,854

12,808 Schneider Electric 1,143,342

6,468 Ecolab 1,119,335

27,072 HDFC Bank 1,111,567

168,616 Enel 1,095,913

3,696 Mastercard 932,091

The significant changes to the portfolio for the period are the aggregate sales of a security exceeding 1% of the

total value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the

period is less than 20, then a minimum of 20 sales will be disclosed.

Total proceeds of all sales during the period excluding financial derivative instruments $74,684,537


37



Purchases


27,869 London Stock Exchange 2,636,472

31,546 Reckitt Benckiser 2,555,230


13,992 Accenture 2,387,828

12,103 Credicorp 2,381,049

12,415 CME 2,366,923

564,182 L&G 2,308,149


11,262 Alibaba ADR 2,226,581

16,693 Air Liquide 2,130,411

600,804 DS Smith 2,130,244

95,319 Aramark 2,102,745

21,216 Medtronic 2,069,599

13,700 Shimano 2,018,796

9,931 CSL 1,972,635


7,856 Moody's 1,851,950


18,243 First Republic Bank 1,796,609

20,748 Airbus 1,796,541

12,801 Deere 1,737,224

17,067 United Parcel Service 1,683,465


21,023 Merck 1,665,725

4,700 Keyence 1,643,582

24,113 TE Connectivity 1,601,737



7,281 Facebook 1,519,875

8,788 SVB Financial Group 1,502,157

111,116 Prudential 1,405,392

10,799 Splunk 1,369,725


1,399,636 Lloyds Banking 1,073,601

784,800 Samsonite International 952,899

The significant changes to the portfolio for the period are the aggregate purchases of a security exceeding 1%

of the total value of purchases. Where the number of purchases transactions exceeding 1% of the total value of

purchases for the period is less than 20, then a minimum of 20 purchases will be disclosed.

Total cost of all purchases during the period excluding derivative financial instruments $66,980,180


38




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes US$ US$

Revenue

Dividend Income 967,141 1,582,975

Deposit Interest 1,097 5,985

Net realised/unrealised (losses)/gains on investments held at fair

value through profit or loss 2 (13,041,678) 14,671,173

(12,073,440) 16,260,133

Expenses 3

Management fee (411,127) (535,607)




Finance costs

Bank interest (299) (113)

Distributions 4 (789,472) (1,322,854)

Equalisation (14,718) (19,565)

Taxation

Withholding tax 8 (188,056) (220,481)






01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$






(6,951,277) (2,781,105)

Changes in net assets attributable to

Unitholders from investment activities (13,567,135) 14,060,903

Retained distribution on accumulation units 481,726 871,115




39



as at 30 June 2020

30.06.2020 31.12.2019

Notes US$ US$

Assets

Financial assets at fair value through profit & loss: 11

92,008,680 112,643,564

Other Assets


Subscriptions receivable - 101,561


Bank deposits 2,099,332 1,355,456



Total Assets 94,209,447 114,313,598

Financial liabilities at fair value through profit & loss: 11

Financial derivative instruments - -

Other Liabilities




Sundy Creditors 1 1,003

Investor monies held in dealing account - 11,609



Total Other Liabilities 477,699 545,164

Total Liabilities 477,699 545,164

Net Assets Attributable to Unitholders 93,731,748 113,768,434

Investments in transferable securities



40




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$




Adjustments for:

Decrease/(increase) in financial instruments at fair value


Decrease in receivables 111,582 57,358

(Decrease)/increase in payables (60,945) 199,403

Cash flows from operating activities 7,118,386 4,271,436


Subscriptions 3,778,085 2,926,281

Redemptions (10,634,321) (5,721,619)


Cash flows (used in) financing activities (6,374,510) (1,924,223)

Net increase in cash and cash equivalents during the period 743,876 2,347,213


Cash and cash equivalents at the end of the period 2,139,332 3,549,588



41



In the context of the cautious optimism of year-end 2019, the first half of this year has been truly remarkable. Although the first official reports of Covid-19 came out of China in early January, the true extent to which it would spread, debilitating economies and companies alike, was underestimated for a further 2 months. A surge of cases in Italy was followed by an uptick in deaths as the hospital system became overwhelmed bringing the pandemic into sharp realisation, for both policy makers and markets. In Europe and the US, Social distancing policies started in earnest in late February, accompanied by exceptional stimulus packages, from both government and central banks, for struggling businesses and their staff. This coincided with one of the sharpest economic downturns and market sell-offs in modern history. Potentially surprising then, that it was followed by an equally unprecedented recovery in asset markets. Investors rushed back into markets in April, buoyed by exceptional actions of central banks; global equity markets recovered the majority of losses from Q1, gold made new highs and fixed income markets rallied. Since April – which has since been assumed to be the nadir of global economic activity – the backdrop has become more positive, with the gradual relaxing of restrictions and reopening of economies, predominantly in China, Western Europe and the US. Evidence has so far been mixed as to whether reopening is sustainable but market enthusiasm has remained. The outlook in selected emerging markets remains less favourable. All told, the fund finished in positive territory for the first half of the year supported by a recovery in equity markets and falling bond yields.

Positives

The top contributors in the first half were predominantly those exposed to the working from home (WFH) trends, specifically in the information technology sector. The Fund’s lack of exposure to oil and gas companies - following the sale of Royal Dutch Shell in early March - was also a marked positive with the oil prices at lows following an OPEC+ disagreement. In contrast to energy, holdings in offshore wind energy company, Orsted, performed well. Exemplifying the WFH trend, Amazon continued its strong performance as the shift to online retailing intensified. Add to this, the strong performance of their cloud computing business (AWS) as more companies shifted their systems online and shares rallied further. Similarly, Microsoft offset falling business transactions with WFH demand leaving Q1 earnings better than expected. Finally, ASML reported solid Q1 earnings with limited impact to demand in the semiconductor sector, despite some complications with logistics. Within fixed income, the fund’s holdings in Banks and Insurance generated outperformance following the intervention of central banks to support credit markets – we added to both in early April.

Negatives

In contrast to the companies and sectors which have benefited from lockdowns, many have experienced diminished demand and/or heightened delivery costs. One of the worst affected has been the travel sector, as businesses have suffered from quarantining and domestic lockdowns, which brought international travel to a standstill. The fund reduced travel exposure in Q1, holding on to some more resilient corporates in expectation that solid balance sheets will allow them to endure the current pandemic and, at current valuations, be expected to outperform in the case of a resolution. Marriott is one name that we sold in early April due to the lack of transparency on the path to recovery, which detracted from performance in the first half. Aramark, the food service provider, has also lagged owing to the continued shutdown of corporate offices and travel. In the retail space, which has been hamstrung by social distancing policies, the Fund’s holding in Primark owner, AB Foods, has been a detractor. Most of Primark’s stores are located in the UK and Western Europe and the brand has no exposure to online retailing which has compounded the effect of lockdowns, although stores have been reopening more recently which is supportive.

Transactions

Having reduced equity positions in mid-February before the majority of the fall in equity markets, the fund added back to equities in mid-April once the scope and magnitude of government and central bank support had become apparent. At the same time, the Fund’s increased its holding of Gold in recognition of its use as a store of value in periods of monetary easing. In terms of individual equity transactions, the fund has sold positions in Essilorluxottica and Diageo, reinvesting the proceeds in Amgen and starting a new position in Splunk. Splunk is a leader in machine learning and data management for large corporations, an area which is expanding rapidly with many different areas to expand into as the global economy becomes progressively more automated and digitalised.


42


Investment Review for the period 01 January 2020 to 30 June 2020 (continued) Transactions (continued)

Similar to the decision on equities, the fund initially reduced the risk facing stance within credit in February, before then increasing exposure throughout April, predominantly in the Financials sector. Again, this was done in recognition of the large monetary stimulus packages announced by central banks and valuation opportunities following the significant widening of credit spreads in February and March.

Outlook




With respect to current positioning, the fund is hedged against exceptionally loose monetary policy through its holdings in gold and low-risk corporate bonds. Equities are also supported by monetary support packages, especially as low yields on government bonds continue to drive investors in the search of returns. Within equities, the self-evident risks and relatively limited transparency of coronavirus in emerging markets mean that we have taken a cautious view of investing in these regions, maintaining the majority of exposure to developed markets. Over the long term, opportunities will be driven by the shift to a more digital world, in new automation, climate change mitigation and adaptation, demographic trends and by shifts in consumption patterns in both the emerging and the developed markets. These themes can surpass the broad measures of GDP growth and the challenges triggered by the coronavirus. We are re-examining every sub-theme and there may be some changes of emphasis, but the high-level themes will continue to provide a strong underlying investment framework, providing us with the reassurance that the majority of companies in the portfolio have good prospects beyond the current crisis.


43



As at 30 June 2020

Fair Value % of


Equities: 58.09% (31 Dec 2019: 54.41%)

Cash Harvest: 9.73% (31 Dec 2019: 7.38%)

20,300 Broadcom 5,128,560 1.14

10,130 Charter Communications 4,201,632 0.93

1,290,000 Enel 9,159,148 2.03

15,610 Equinix REITS 8,763,061 1.95

111,710 Otis Worldwide 5,152,380 1.14

121,120 Service Corporation International 3,798,788 0.84


213,920 Weyerhaeuser REITS 3,867,662 0.86



45,430 Accenture 7,877,544 1.75

3,535 Booking 4,590,228 1.02

109,625 Citigroup 4,494,263 1.00

56,595 CME 7,471,665 1.66

27,400 Credicorp 3,021,581 0.67


38,350 Deere 4,804,181 1.07

24,130 Home Depot 4,840,060 1.07

63,920 JPMorgan Chase 4,844,334 1.08

60,140 Raytheon Technologies 3,034,324 0.67




18,180 Costco Wholesale 4,468,586 0.99

28,040 CSL 4,492,002 1.00

46,555 Ecolab 7,418,903 1.65

56,745 Fresenius Medical Care 3,931,767 0.87

1,958 Givaudan 5,918,289 1.31

83,680 Merck 5,191,086 1.15

60,680 Microsoft 9,814,479 2.18

16,500 Roche 4,653,113 1.03

164,470 Unilever - London 7,248,193 1.61



44



As at 30 June 2020

Fair Value % of




1,027,400 AIA 7,802,927 1.73

41,955 Alibaba ADR 7,351,057 1.63

6,575 Alphabet 7,476,494 1.66

5,185 Amazon.com 11,330,855 2.52

33,455 Amgen 6,316,521 1.40

36,775 ASML 10,867,549 2.41

36,345 Mastercard 8,682,902 1.93

76,575 Orsted 7,194,601 1.60

11,000 ServiceNow 3,535,948 0.78

101,400 Shionogi 5,172,688 1.15


26,750 Splunk 4,239,604 0.94

93,300 Tencent 4,890,770 1.09

117,550 Umicore 4,486,376 1.00



226,235 Aramark 4,132,723 0.92

146,083 Investor AB 6,259,451 1.39


Strategic Holdings: 0.74% (31 Dec 2019: 0.62%)

1,197,297 Gresham House Energy Storage Fund 1,305,054 0.29

1,831,400 Octopus Renewables Infrastructure Trust 2,031,023 0.45

Total Strategic Holdings 3,336,077 0.74



45



As at 30 June 2020

Fair Value % of


Investment Funds: 8.27% (31 Dec 2019: 12.88%)

1,550,000 Apax Global Alpha 2,239,750 0.50

82,280 Invesco Physical Gold ETC ETF 11,506,324 2.55

581,000 Neuberger Berman Uncorrelated Strategies Fund 6,332,900 1.41

34,000 Quaero Capital Funds Lux - Argonaut 6,280,140 1.39

775,085 Sarasin Food and Agricultural Opportunities 6,953,109 1.54

1,945,873 Sequoia Economic Infrastructure Income Fund 2,029,546 0.45

774,500 Syncona 1,924,633 0.43

Total Investment Funds 37,266,402 8.27

Bonds: 29.24% (31 Dec 2019: 24.51%)

Bond

Fixed Interest: 24.79% (31 Dec 2019: 22.82%) Ratings

649,000 3i Group 3.75% 05/06/2040 BBB 683,798 0.15

800,000 A2Dominion Housing 3.5% 15/11/2028 A+ 884,905 0.20

213,000 AA Bond 2.875% 31/01/2022 BBB- 207,451 0.05

400,000 ABN AMRO Bank 1.375% 16/01/2025 A 404,470 0.09

900,000 Affordable Housing Finance 2.893% 11/08/2043 AA 1,202,360 0.27

381,333 Arqiva Financing 4.882% 31/12/2032 BBB 435,720 0.10


600,000 AT&T 4.25% 01/06/2043 BBB 744,208 0.17

450,000 Bank Nederlandse Gemeenten 5.2% 07/12/2028 AAA 620,519 0.14

200,000 Bazalgette Finance 2.375% 29/11/2027 BBB+ 215,258 0.05

300,000 BNP Paribas 3.375% 23/01/2026 A- 328,078 0.07

600,000 Citigroup 2.75% 24/01/2024 A- 631,498 0.14

889,000 CPUK Finance 7.239% 28/02/2024 BBB 999,948 0.22

200,000 Deutsche Bahn Finance 1.375% 07/07/2025 AA 206,558 0.05

100,000 Digital Stout 3.75% 17/10/2030 BBB 114,916 0.03

890,000 Dignity Finance 4.696% 31/12/2049 BB 696,603 0.15


206,000 Direct Line Insurance 4% 05/06/2032 BBB+ 211,981 0.05


480,000 DWR Cymru Financing UK 1.625% 31/03/2026 BBB 483,540 0.11

750,000 DWR Cymru Financing UK 6.015% 31/03/2028 A+ 1,020,442 0.23

682,000 Eastern Power Networks 1.875% 01/06/2035 BBB+ 708,963 0.16


150,000 Electricite de France 5.875% 18/07/2031 BBB+ 209,452 0.05


530,000 European Investment Bank 1.375% 07/03/2025 AAA 558,560 0.12

1,120,000 Experian Finance 3.25% 07/04/2032 BBB+ 1,303,139 0.29

400,000 Fidelity National Information Services 2.25% 03/12/2029 BBB 420,761 0.09

570,000 General Electric 5.375% 18/12/2040 BBB 675,261 0.15


46



As at 30 June 2020

Fair Value % of


Bonds: 29.24% (31 Dec 2019: 24.51%) (continued)

Fixed Interest: 24.79% (31 Dec 2019: 22.82%) (continued)

1,015,000 Greenko Solar Mauritius 5.95% 29/07/2026 BB 819,135 0.18

100,000 Guinness Partnership 2% 22/04/2055 A- 107,767 0.02

387,000 Heathrow Funding 6.75% 03/12/2026 BBB+ 484,735 0.11

1,070,000 HSBC 5.75% 20/12/2027 BBB+ 1,284,358 0.28

700,000 HSBC 6% 29/03/2040 BBB+ 899,719 0.20

450,000 HSBC 7% 07/04/2038 BBB+ 632,514 0.14

910,000 InterContinental Hotels 3.75% 14/08/2025 BBB 943,847 0.21

100,000 AAA 102,911 0.02

775,000 AAA 810,278 0.18

550,000 International Finance Corporation 1.25 % 15/12/2023 AAA 569,993 0.13

800,000 Land Securities Capital Markets 2.399% 08/02/2029 AA- 858,050 0.19

800,000 London & Quant Housing Trust 2.625% 05/05/2026 A- 848,585 0.19

902,000 Manchester Airport Funding 2.875% 31/03/2039 BBB+ 899,502 0.20

500,000 National Grid Electricity Transmission 4% 08/06/2027 A- 596,513 0.13

320,000 Network Rail Infrastructure Finance 4.75% 29/11/2035 AA- 506,050 0.11

550,000 New York Life Global Funding 1.25% 17/12/2026 AA+ 559,933 0.12

300,000 Notting Hill Genesis 3.25% 12/10/2048 A- 355,392 0.08

300,000 Orsted 4.875% 12/01/2032 BBB+ 413,611 0.09

207,000 Pension Insurance 4.625% 07/05/2031 BBB+ 215,862 0.05

600,000 Places For People Treasury 2.875% 17/08/2026 A- 636,684 0.14

577,250 Prs Finance 1.75% 24/11/2026 AA 619,635 0.14

750,000 Prudential 6.125% 19/12/2031 BBB+ 968,475 0.21

500,000 RWE Finance 4.75% 31/01/2034 BBB+ 673,528 0.15

1,150,000 Scottish Widows 5.5% 16/06/2023 BBB+ 1,248,381 0.28

850,000 Segro 2.375% 11/10/2029 A- 903,896 0.20

630,000 SNCF Reseau 4.83% 25/03/2060 AA 1,263,956 0.28

489,000 Southern Water Services Finance 2.375% 28/05/2028 BBB+ 498,359 0.11

420,000 Standard Chartered 5.125% 06/06/2034 BBB 483,682 0.11

676,582 TC Dudgeon OFTO 3.158% 12/11/2038 BBB+ 791,807 0.18

636,994 Tesco Property Finance 5.661% 13/10/2041 BBB- 861,284 0.19

650,000 Thames Water Utilities Finance 4.375% 03/07/2034 BBB+ 839,140 0.19

700,000 Transport for London 3.875% 23/07/2042 A+ 1,007,324 0.22

200,000 Transport for London 4% 12/09/2033 A+ 268,264 0.06

600,000 UNITE USAF II 3.921% 30/06/2025 A 653,660 0.14

830,000 United Kingdom Gilt 0.875% 22/10/2029 AA 889,309 0.20

7,590,000 United Kingdom Gilt 3.5% 22/01/2045 AA 12,566,353 2.79





2,330,000 United Kingdom Gilt 5% 07/03/2025 AA 2,884,326 0.64

International Bank for Reconstruction & Development

0.875% 13/12/2024

International Bank for Reconstruction & Development 1%

21/12/2029


47



As at 30 June 2020

Fair Value % of



Fixed Interest: 24.79% (31 Dec 2019: 22.82%) (continued)





1,020,000 United Kingdom Gilt Inflation Linked 0.75% 22/11/2047 AA 3,186,966 0.71

567,600 United States Treasury Note/Bond 3.375% 15/11/2048 AAA 683,045 0.15

200,000 United Utilities Water Finance 1.75% 10/02/2038 BBB+ 204,641 0.04

400,000 United Utilities Water Finance 2.625% 12/02/2031 BBB+ 454,745 0.10

600,000 University of Southampton 2.25% 11/04/2057 AA- 751,613 0.17

451,236 UPP Bond 1 Issuer 4.902% 28/02/2040 BBB+ 550,237 0.12

1,220,000 Verizon Communications 1.875% 19/09/2030 BBB+ 1,260,776 0.28

550,000 Wellcome Trust Finance 4.625% 25/07/2036 AAA 876,632 0.19

387,000 Wells Fargo 2.5% 02/05/2029 A 410,810 0.09

200,000 Welltower 4.5% 01/12/2034 BBB+ 227,643 0.05

600,000 Western Power Distribution 3.625% 06/11/2023 BBB 633,763 0.14

427,093 Wods Transmission 3.446% 24/08/2034 A- 497,237 0.11

Total Fixed Interest 111,673,054 24.79

Floating Interest: 4.45% (31 Dec 2019: 1.69%)

155,000 Aviva FRN 4% 03/06/2055 BBB+ 156,789 0.03

190,000 Aviva FRN 6.125% 14/11/2036 BBB+ 224,798 0.05

370,000 Aviva FRN 6.125% 29/09/2022 BBB+ 396,036 0.09

1,030,000 AXA FRN 5.625% 16/01/2054 BBB+ 1,264,222 0.28

360,000 AXA FRN 6.6862% 06/07/2026 BBB 428,229 0.10

320,000 Barclays FRN 6% 15/06/2032 BB+ 324,800 0.07

100,000 Channel Link Enterprises Finance FRN 3.043% 30/06/2050 BBB 103,702 0.02

800,000 Credit Agricole FRN 8.125% 23/12/2025 BBB- 745,817 0.17

1,257,000 Credit Suisse FRN 2.25% 09/06/2028 BBB+ 1,266,055 0.28

610,000 Credit Suisse Funding Guernsey FRN 2.125% 12/09/2025 BBB+ 623,053 0.14

800,000 CYBG FRN 4% 25/09/2026 BBB- 814,529 0.18

500,000 Electricite de France FRN 5.875% 22/01/2029 BB+ 519,727 0.12

1,280,000 HSBC FRN 2.256% 13/11/2026 A 1,301,965 0.29

575,000 HSBC FRN 3% 22/07/2028 A 610,354 0.14

300,000 Investec FRN 4.25% 24/07/2028 BBB- 289,577 0.06

420,000 Legal & General FRN 4.5% 01/11/2050 BBB+ 433,899 0.10


460,000 Legal & General FRN 5.625% 24/03/2031 BBB- 454,478 0.10

683,000 Lloyds Banking FRN 3.87% 09/07/2025 A- 605,539 0.13

700,000 Lloyds Banking Group FRN 1.875% 15/01/2026 A- 699,458 0.16


48



As at 30 June 2020

Fair Value % of



Floating Interest: 4.45% (31 Dec 2019: 1.69%) (continued)

333,000 M&G FRN 3.875% 20/07/2049 BBB+ 333,344 0.07

540,000 Nationwide Building Society FRN 5.75% 20/06/2027 BBB- 545,446 0.12

500,000 Orange FRN 5.75% 01/04/2023 BBB- 543,125 0.12

500,000 Orange FRN 5.875% 07/02/2022 BBB- 529,637 0.12

430,000 Pension Insurance FRN 7.375% 25/07/2029 BBB- 445,212 0.10

530,000 Prudential FRN 5.7% 19/12/2063 BBB+ 593,077 0.13

660,000 Rothesay Life 3.375% 12/07/2026 BBB+ 653,182 0.14

430,000 Rothesay Life FRN 6.875% 12/09/2028 BBB- 422,042 0.09

400,000 Royal Bank of Scotland FRN 2.875% 19/09/2026 BBB+ 416,336 0.09

155,000 Royal Bank of Scotland FRN 3.622% 14/08/2030 BBB- 158,910 0.04

730,000 Royal Bank of Scotland FRN 6% 29/12/2025 BB 602,062 0.13

730,000 Royal Bank of Scotland FRN 8.625% 15/08/2021 BB 616,322 0.14

608,000 SSE FRN 3.74% 14/01/2026 BBB- 609,541 0.14

1,540,000 UBS FRN 7% 31/01/2024 BB+ 1,301,411 0.29

360,000 Vodafone FRN 4.875% 03/10/2078 BB+ 375,879 0.08

270,000 Zurich Finance UK FRN 6.625% 02/10/2022 A 292,514 0.07

Total Floating Interest 20,033,001 4.45

Total Bonds 131,706,055 29.24

Financial Derivative Instruments: 0.00% (31 Dec 2019:0.06%)

Forward Currency Contracts: 0.00% (31 Dec 2019:0.02%)

Options Purchased: 0.00% (31 Dec 2019:0.04%)



49



As at 30 June 2020


Financial Derivative Instruments: (0.84%) (31 Dec 2019: (0.06%))

Forward Currency Contracts: (0.84%) (31 Dec 2019: (0.05%))

Currency Currency Maturity Unrealized % of


Bank of New York GBP 22,624,434 EUR 25,290,000 17/09/2020 (507,322) (0.11)

Bank of New York GBP 106,669,512 USD 134,970,000 17/09/2020 (3,277,194) (0.73)

Total Fair Value Losses on Forward Currency Contracts (3,784,516) (0.84)

Total Forward Currency Contracts (3,784,516) (0.84)

Options Written: (0.00%) (31 Dec 2019: (0.01%))

Total Investment Liabilities (3,784,516) (0.84)



Other Net Assets 1,227,829 0.27


% of Total

Assets



or traded on a regulated market 86.04

Investment Funds 8.15

Over the counter derivatives (0.83)

Cash 4.90

Other Assets 0.91

Total 99.17


50



Sales


4,830,000 United Kingdom Gilt 4.25% 07/12/2049 9,155,136

590,707 Eastspring Investments - Japan Dynamic Fund 7,693,949

4,000,000 Sarasin Food and Agricultural Opportunities 7,127,932



165,300 Diageo 4,794,459

512,626 Brown Advisory Latin American Fund 4,387,324


132,630 Pfizer 3,508,496

1,600,000 BDO Unibank 3,423,642


1,307 Givaudan 3,223,728

12,250 ServiceNow 3,190,527


51,000 Ocean Dial Gateway to India Fund 3,175,796


60,787 Investor AB 2,261,309

53,600 Novozymes 2,249,746



1,500,000 United Kingdom Gilt 8% 07/06/2021 1,615,590

9,430 Accenture 1,536,669

39,780 Umicore 1,527,625


1,550 Alphabet 1,466,183



value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the period

is less than 20, then a minimum of 20 sales will be disclosed.



51



Purchases



775,085 Sarasin Food and Agricultural Opportunities 7,093,934

33,455 Amgen 5,971,018



83,680 Merck 5,470,343


27,400 Credicorp 4,409,348

20,300 Broadcom 4,338,495

24,130 Home Depot 4,313,695



17,405 CSL 2,650,209

18,670 Accenture 2,619,555

26,750 Splunk 2,564,783

2,085 Booking 2,252,369

278,200 AIA 2,118,485

1,945,873 Sequoia Economic Infrastructure Income Fund 1,895,554

12,420 Ecolab 1,851,482

7,030 Roche 1,760,069

1,980,000 Royal Bank of Scotland FRN 8.625% 31/12/2049 1,628,286

1,645,000 HSBC FRN 3% 22/07/2028 1,626,655

890,000 United Kingdom Gilt 2.50% 22/07/2065 1,599,668

7,335 Mastercard 1,578,434


total value of purchases. Where the number of purchases transactions exceeding 1% of the total value of




52




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes £ £

Revenue


Bond interest income 1,156,103 1,169,205

Deposit interest 315 3,983

Other income 12,612 -

Net realised/unrealised gains on investments held at fair value

through profit or loss 2 10,058,994 37,339,578

13,641,338 41,562,705

Expenses 3

Management fee (925,807) (2,257,476)


Option expense (1,593,999) -

Contract for difference expense (666) -

General expenses - (3,842)

Operating Profit 10,705,065 38,864,642

Finance costs

Bank Interest (581) (249)

Distributions 4 (1,290,917) (3,061,360)


Taxation

Withholding tax 8 (450,032) (546,983)

Total comprehensive income for the period 9,020,208 35,262,733


from investment activities 9,020,208 35,262,733



01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £


Movement due to sales and repurchases of units:

Creation of units 81,034,062 30,135,096

Cancellation of units (73,080,890) (27,748,991)

7,953,172 2,386,105


investment activities 9,020,208 35,262,733





53



as at 30 June 2020

30.06.2020 31.12.2019

Notes £ £

Assets



Investments in investment funds 37,266,402 55,754,816

- 257,237

Other Assets

Interest and dividends receivable 1,333,623 1,155,806

Securities sold receivable 773,823

Subscriptions receivable 2,060,926 192,353


Bank deposits 19,113,693 34,975,255

Margin accounts 2,005 -

Cash collateral 3,270,154 1,443,771


Total Assets 457,211,571 435,534,312


3,784,516 247,217

Other Liabilities



Securities purchased payable 631,067 -



Sundry creditors 4,691 921

Investor monies held in dealing account 40,669 1,092

Distribution payable 4 793,661 1,509,150



450,486,512 433,015,876






54




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £




Increase in financial instruments at fair value through profit or

loss (29,352,921) (56,216,000)

Increase in receivables (951,640) (350,495)


Cash flows used in operating activities (21,310,251) (20,651,489)


Subscriptions 79,165,489 30,062,621

Redemptions (72,385,668) (28,290,149)


Cash flows from financing activities 7,277,077 3,323,992

Net decrease in cash and cash equivalents during the period (14,033,174) (17,327,497)





55




Positives


Negatives



56


Investment Review for the period 01 January 2020 to 30 June 2020 (continued) Transactions



Outlook






57



As at 30 June 2020

Fair Value % of


Equities: 57.15% (31 Dec 2019: 56.20%)

Cash Harvest: 9.77% (31 Dec 2019: 7.69%)

6,630 Broadcom 2,055,300 1.13

3,360 Charter Communications 1,710,055 0.94

421,630 Enel 3,673,323 2.02

5,100 Equinix REITS 3,513,058 1.93

36,722 Otis Worldwide 2,078,282 1.14

40,975 Service Corporation International 1,576,923 0.87


71,600 Weyerhaeuser REITS 1,588,446 0.87



14,936 Accenture 3,177,933 1.75

1,180 Booking 1,880,135 1.03

35,735 Citigroup 1,797,649 0.99

18,430 CME 2,985,568 1.64

8,980 Credicorp 1,215,129 0.67


12,615 Deere 1,939,115 1.06

8,050 Home Depot 1,981,306 1.09

20,910 JPMorgan Chase 1,944,525 1.07

19,710 Raytheon Technologies 1,220,246 0.67




5,910 Costco Wholesale 1,782,485 0.98

9,320 CSL 1,832,062 1.01

15,185 Ecolab 2,969,275 1.63

18,420 Fresenius Medical Care 1,566,073 0.86

639 Givaudan 2,369,991 1.30

27,530 Merck 2,095,583 1.15

19,800 Microsoft 3,929,607 2.16

5,400 Roche 1,868,597 1.03

53,907 Unilever - London 2,915,080 1.60



58



As at 30 June 2020

Fair Value % of




335,600 AIA 3,127,535 1.72

13,690 Alibaba ADR 2,943,282 1.62

2,145 Alphabet 2,992,897 1.64

1,695 Amazon.com 4,545,126 2.50

10,960 Amgen 2,539,158 1.40

12,005 ASML 4,353,146 2.39


11,835 Mastercard 3,469,371 1.91

24,975 Orsted 2,879,304 1.58

3,595 ServiceNow 1,417,993 0.78

33,200 Shionogi 2,078,159 1.14

8,760 Splunk 1,703,601 0.94

30,200 Tencent 1,942,517 1.07

38,645 Umicore 1,809,792 0.99



75,200 Aramark 1,685,608 0.93

48,626 Investor AB 2,556,627 1.41





260,000 Neuberger Berman Investment Funds 2,951,000 1.62

11,000 Quaero Capital Funds Lux Argonaut 2,786,434 1.53


690,982 Sequoia Economic Infrastructure Income Fund 884,328 0.49

270,000 Syncona 823,289 0.45

455,236 US Solar Fund 427,922 0.24



59



As at 30 June 2020

Fair Value % of


Bonds: 30.11% (31 Dec 2019: 29.41%)

Bond


700,000 Abbott Laboratories 4.75% 30/11/2036 A- 937,638 0.52

210,000 Amazon.com 2.7% 03/06/2060 A+ 214,267 0.12

400,000 America Movil 2.875% 07/05/2030 BBB+ 422,678 0.23

300,000 AT&T 6.1% 15/07/2040 BBB 396,799 0.22

400,000 AXA SA 5.5% 22/07/2020 BBB+ 401,000 0.22

625,000 Bank of Ireland FRN 4.5% 25/11/2023 BBB- 673,679 0.37

400,000 British Telecommunications 9.625% 15/12/2030 BBB 653,551 0.36

650,000 Comcast 4.6% 15/10/2038 A- 818,673 0.45

250,000 Credit Suisse AG/New York NY 2.95% 09/04/2025 A+ 271,334 0.15


500,000 Greenko Solar Mauritius 5.55% 29/01/2025 BB 494,489 0.27


450,000 Indian Railway Finance 3.835% 13/12/2027 BBB- 477,839 0.26

700,000 Intesa Sanpaolo 3.25% 23/09/2024 BBB 715,914 0.40

930,000 Intesa Sanpaolo 4% 23/09/2029 BBB 983,848 0.54

300,000 Johnson & Johnson 5.95% 15/08/2037 AAA 461,924 0.25

300,000 Lloyds Banking 5.30% 01/12/2045 BBB 397,533 0.22

625,000 NXP/ NXP Funding/ NXP USA 3.4% 01/05/2030 BBB- 672,393 0.37

600,000 Orange 9.0% 01/03/2031 BBB+ 983,819 0.54

297,000 Pfizer 2.625% 01/04/2030 A+ 326,786 0.18

149,000 Prudential 3.125% 14/04/2030 A 161,041 0.09

750,000 Prudential 3.7% 13/03/2051 A- 820,550 0.45

640,000 Societe Generale 3% 22/01/2030 BBB 653,589 0.36

750,000 Southern Power 4.15% 01/12/2025 BBB+ 852,222 0.47


370,000 Telefonica Emisiones 7.045% 20/06/2036 BBB- 533,560 0.29

750,000 Tennessee Valley Authority 3.50% 15/12/2042 AA+ 950,131 0.52

2,100,000 United States Treasury Note/Bond 0.125% 15/04/2021 AAA 2,283,278 1.25



410,000 United States Treasury Note/Bond 2.25% 15/11/2024 AAA 445,739 0.25






250,000 Verizon Communications 4.862% 21/08/2046 BBB+ 334,363 0.18



60



As at 30 June 2020

Fair Value % of




630,000 Barclays FRN 5.088% 20/06/2030 BBB- 715,366 0.39



420,000 Credit Suisse FRN 7.125% 29/07/2022 BB 432,596 0.24


223,000 JPMorgan Chase FRN 2.956% 13/05/2031 A- 235,324 0.13


229,000 Morgan Stanley FRN 2.699% 22/01/2031 A- 242,972 0.13



400,000 Nationwide Building Society FRN 4.302% 08/03/2029 BBB+ 454,556 0.25





500,000 SSE FRN 4.75% 16/09/2077 BBB- 507,128 0.28

590,000 UniCredit FRN 5.459% 30/06/2035 BB+ 587,939 0.32


Total Bonds 54,798,293 30.11





Bank of New York USD 51,718,166 EUR 5,050,000 17/09/2020 148,975 0.08

Bank of New York USD 4,997,975 GBP 3,950,000 17/09/2020 47,864 0.03


Options Purchased: 0.00% (31 Dec 2019: 0.04%)




61



As at 30 June 2020


Financial Derivative Instruments: 0.00% (31 Dec 2019: (0.05%))

Forward Currency Contracts: 0.00% (31 Dec 2019: (0.04%))

Options Written: 0.00% (31 Dec 2019: (0.01%))

Fair Value % of

USD Net Assets





% of Total

Assets






Cash 4.24

Other Assets 0.26

Total 99.99


62

Sarasin IE GlobalSar – Dynamic (USD) Summary of Material Portfolio Changes for the period 01 January 2020 to 30 June 2020

Sales


5,420,000 United States Treasury Note/Bond 0.75% 15/07/2028 6,159,434


204,560 Eastspring Investments - Japan Dynamic Fund 3,459,886

1,350,000 Sarasin Food and Agricultural Opportunities 3,083,687




181,194 Brown Advisory Latin American Fund 2,046,806

55,800 Diageo 1,996,527



4,370 ServiceNow 1,494,683

44,330 Pfizer 1,482,193

461 Givaudan 1,469,979

534,370 BDO Unibank 1,466,074



17,000 Ocean Dial Gateway to India Fund 1,237,124

22,774 Investor AB 1,050,725

1,000,000 Temasek Financial I 2.375% 23/01/2023 1,036,600


17,990 Novozymes 987,207

800,000 Cloverie FRN 4.5% 11/09/2044 812,000540,000 United States Treasury Note/Bond 0.75% 15/02/2042 727,962

580 Alphabet 719,957

720,000 Legal & General FRN 5.25% 21/03/2047 714,600

3,230 Accenture 665,330

13,220 Umicore 638,517

The significant changes to the portfolio for the period are the aggregate sales of a security exceeding 1% of

the total value of sales. Where the number of sales transactions exceeding 1% of the total value of sales

for the period is less than 20, then a minimum of 20 sales will be disclosed.



63



Purchases





10,960 Amgen 2,474,409


28,700 Merck 2,317,198


9,595 Credicorp 1,988,717


8,050 Home Depot 1,855,276

6,920 Broadcom 1,841,274



9,070 Splunk 1,076,601

5,320 CSL 1,004,051

5,900 Accenture 978,057

680 Booking 906,391

930,000 Intesa Sanpaolo 4% 23/09/2029 890,550

88,800 AIA 883,601

800,000 Credit Agricole FRN 8.125% 31/12/2049 844,992

690,982 Sequoia Economic Infrastructure Income Fund 826,916

2,350 Roche 759,125

3,835 Ecolab 733,206

640,000 Societe Generale 3% 22/01/2030 637,043

94,500 Enel 636,045

625,000 NXP/ NXP Funding/ NXP USA 3.4% 01/05/2030 623,425

2,345 Mastercard 604,923

590,000 UniCredit FRN 5.459% 30/06/2035 587,241


of the total value of purchases. Where the number of purchases transactions exceeding 1% of the total value

of purchases for the period is less than 20, then a minimum of 20 purchases will be disclosed.

Total cost of all purchases during the period excluding financial derivative instruments $58,285,463


64




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes US$ US$

Revenue

Dividend Income 985,957 1,260,176

Bond Interest Income 741,109 730,901



through profit or loss 2 378,489 17,352,205

2,107,020 19,358,374

Expenses 3

Management fee (863,969) (937,303)


Options expense (638,380) -


Operating Profit 407,956 18,226,080

Finance costs

Bank Interest (349) (1,006)

Distributions 4 (623,929) (1,572,156)


Taxation

Withholding tax 8 (118,098) (241,614)

Total comprehensive (expense)/income for the period (340,657) 16,396,356


from investment activities (340,657) 16,396,356



01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$


Movement due to sales and repurchases of units:

Creation of units 6,854,783 5,745,242

Cancellation of units (9,789,753) (9,593,448)

(2,934,970) (3,848,206)


investment activities (340,657) 16,396,356



The accompanying notes form an integral part of these financial statements.


65



as at 30 June 2020

30.06.2020 31.12.2019

Notes US$ US$

Assets




196,839 66,719

Other Assets




Bank deposits 7,746,875 2,528,493




Total Assets 182,621,698 185,521,111


- 88,278

Other Liabilities





Sundry creditors 15 1,227





181,966,170 184,724,885






66




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$



investment activities (340,657) 16,396,356

Decrease/(Increase) in financial instruments at fair value


Decrease/(Increase) in receivables 93,262 (73,557)

(Decrease)/Increase in payables (150,477) 169,573



Subscriptions 7,554,813 6,072,434

Redemptions (9,691,696) (9,898,727)


Cash flows (used in)/from financing activities (1,619,971) (2,540,499)

Net (decrease)/increase in cash and cash equivalents during

the period 5,220,077 (3,553,967)





67




Positives


Negatives


Transactions



68




Outlook






69



As at 30 June 2020

Fair Value % of


Equities: 18.87% (31 Dec 2019: 19.13%)

Cash Harvest: 3.18% (31 Dec 2019: 4.13%)

4,000 Broadcom 1,010,554 0.49

1,495 Charter Communications 620,083 0.30

195,000 Enel 1,384,522 0.66

2,000 Equinix REITS 1,122,750 0.54

16,855 Otis Worldwide 777,400 0.37

18,000 Service Corporation International 564,549 0.27

11,950 Taiwan Semiconductor Manufacturing ADR 549,317 0.26

33,750 Weyerhaeuser REITS 610,198 0.29



6,866 Accenture 1,190,562 0.57

475 Booking 616,792 0.30

15,000 Citigroup 614,950 0.29

9,000 CME 1,188,179 0.57

4,330 Credicorp 477,498 0.23

7,300 Daikin Industries 956,934 0.46

5,500 Deere 688,996 0.33

250,000 DS Smith 832,375 0.40

3,780 Home Depot 758,203 0.36

9,150 JPMorgan Chase 693,455 0.33

8,500 Raytheon Technologies 428,862 0.21



16,370 Colgate-Palmolive 966,618 0.46

2,935 Costco Wholesale 721,414 0.35

4,225 CSL 676,844 0.32

7,370 Ecolab 1,174,467 0.56

8,730 Fresenius Medical Care 604,887 0.29

296 Givaudan 894,695 0.43

12,980 Merck 805,214 0.39

8,710 Microsoft 1,408,769 0.68

2,490 Roche 702,197 0.34

25,000 Unilever - London 1,101,750 0.53



70



As at 30 June 2020

Fair Value % of




161,600 AIA 1,227,324 0.59

6,100 Alibaba ADR 1,068,799 0.51

795 Alphabet 904,002 0.43

725 Amazon.com 1,584,353 0.76

5,130 Amgen 968,577 0.46

5,350 ASML 1,581,003 0.76

35,000 Associated British Foods 669,463 0.32

5,600 Mastercard 1,337,853 0.64

11,300 Orsted 1,061,691 0.51

1,000 ServiceNow 321,450 0.15

15,600 Shionogi 795,798 0.38

4,170 Splunk 660,903 0.32

15,000 Tencent 786,297 0.38

17,910 Umicore 683,547 0.33



34,820 Aramark 636,071 0.30

21,714 Investor AB 930,414 0.45




459,033 Apax Global Alpha 663,303 0.32



4,400 Quaero Capital Funds Lux - Argonaut 812,724 0.39


1,005,612 Sequoia Economic Infrastructure Income Fund 1,048,853 0.50

255,000 Syncona 633,675 0.31



71



As at 30 June 2020

Fair Value % of


Bonds: 71.85% (31 Dec 2019: 69.36%)

Bond


771,000 3i Group 3.75% 05/06/2040 BBB 812,339 0.39

700,000 A2D Funding II 4.5% 30/09/2026 A+ 804,361 0.39

750,000 A2Dominion Housing 3.5% 15/11/2028 A+ 829,598 0.40

200,000 ABN AMRO Bank 1.375% 16/01/2025 A 202,235 0.10

300,000 Alpha Plus 5% 31/03/2024 NA 269,374 0.13

1,400,000 Banco Santander 1.75% 17/02/2027 BBB+ 1,371,790 0.66

1,300,000 BPCE 5.25% 16/04/2029 BBB+ 1,596,269 0.77

500,000 BUPA Finance 5% 08/12/2026 BBB 550,638 0.26

400,000 Centrica 4.375% 13/03/2029 BBB 471,681 0.23

900,000 Citigroup 2.75% 24/01/2024 A- 947,247 0.45

1,000,000 CPUK Finance 7.239% 28/02/2024 BBB 1,124,801 0.54

1,600,000 Credit Suisse Funding Guernsey 3.0% 27/05/2022 BBB+ 1,652,162 0.79

2,050,000 Deutsche Bahn Finance 1.375% 07/07/2025 AA 2,117,222 1.01

1,070,000 Dignity Finance 4.696% 31/12/2049 BB 837,489 0.40


600,000 DWR Cymru Financing UK 6.015% 31/03/2028 A+ 816,354 0.39

1,390,000 DWR Cymru Financing UK 1.375% 31/03/2033 A- 1,403,422 0.67




1,260,000 Experian Finance 3.25% 07/04/2032 BBB+ 1,466,031 0.70

520,000 General Electric 5.375% 18/12/2040 BBB 616,028 0.30

950,000 GlaxoSmithKline Capital 5.25% 19/12/2033 A 1,416,876 0.68

800,000 Go-Ahead 2.5% 06/07/2024 BBB- 766,856 0.37

1,390,000 Goldman Sachs 7.125% 07/08/2025 A- 1,781,424 0.85

426,780 Great Rolling Stock Co 6.875% 27/07/2035 BBB 543,154 0.26

800,000 Greenko Dutch 5.25% 24/07/2024 BB 647,732 0.31

1,000,000 Greenko Solar Mauritius 5.55% 29/01/2025 BB 805,981 0.39

350,000 HSBC 7% 07/04/2038 BBB+ 491,955 0.24

1,200,000 HSBC 6% 29/03/2040 BBB+ 1,542,376 0.74

1,000,000 HSBC Bank 6.5% 07/07/2023 BBB+ 1,130,653 0.54

712,000 InterContinental Hotels 3.75% 14/08/2025 BBB 738,483 0.35

950,000 Koninklijke 5.75% 17/09/2029 BBB- 1,200,603 0.57

600,000 Lloyds Bank 7.5% 15/04/2024 A+ 740,330 0.35

700,000 Lloyds Bank 7.625% 22/04/2025 BBB 867,606 0.42

1,000,000 Manchester Airport Funding 2.875% 31/03/2039 BBB+ 997,230 0.48

500,000 National Grid Electricity Transmission 1.375% 16/09/2026 A- 514,493 0.25

500,000 NatWest Markets 6.375% 07/12/2028 A- 656,495 0.31

1,035,000 Network Rail Infrastructure Finance 3% 07/09/2023 AA- 1,126,028 0.54

360,000 Network Rail Infrastructure Finance 4.75% 29/11/2035 AA- 569,307 0.27

800,000 New York Life Global Funding 1.25% 17/12/2026 AA+ 814,448 0.39


72



As at 30 June 2020

Fair Value % of



Bond

Fixed Interest: 61.07% (31 Dec 2019: 61.51%) (continued) Ratings

300,000 Notting Hill Genesis 3.25% 12/10/2048 A- 355,392 0.17

247,000 Pension Insurance 4.625% 07/05/2031 BBB+ 257,574 0.12

1,500,000 Places For People Treasury 2.875% 17/08/2026 A- 1,591,709 0.76


630,000 Prudential 6.125% 19/12/2031 BBB+ 813,519 0.39

1,250,000 RAC Bond 4.565% 06/05/2023 BBB- 1,277,421 0.61

400,000 Retail Charity Bonds 4.25% 30/03/2026 NA 392,600 0.19

350,000 Retail Charity Bonds 5% 12/04/2026 NA 406,962 0.19

500,000 Retail Charity Bonds 4.5% 20/06/2026 NA 495,625 0.24

1,500,000 RWE Finance 4.75% 31/01/2034 BBB+ 2,020,584 0.97

1,500,000 Scottish Widows 5.5% 16/06/2023 BBB+ 1,628,323 0.78

814,000 Southern Water Services Finance 2.375% 28/05/2028 BBB+ 829,579 0.40


724,909 TC Dudgeon OFTO 3.158% 12/11/2038 BBB+ 848,365 0.41

150,000 Telecom Italia SpA/Milano 5.875% 19/05/2023 BB+ 162,412 0.08

1,167,342 Tesco Property Finance 4 5.801% 13/10/2040 BBB- 1,588,799 0.76

710,000 Thames Water Utilities Cayman Finance 3.5% 25/02/2028 BBB+ 806,287 0.39

850,000 Transport for London 2.125% 24/04/2025 A+ 904,267 0.43










902,472 UPP Bond 1 Issuer 4.9023% 31/08/2039 BBB+ 1,100,474 0.53

387,000 Wells Fargo 2.5% 02/05/2029 A 410,810 0.20

800,000 Western Power Distribution 3.625% 06/11/2023 BBB 845,017 0.41




221,000 Aviva FRN 4% 03/06/2055 BBB+ 223,551 0.11

390,000 Aviva FRN 6.125% 14/11/2036 BBB+ 461,427 0.22

200,000 Barclays 2.375% 06/10/2023 BBB+ 202,616 0.10




73



As at 30 June 2020

Fair Value % of



Bond

Floating interest: 10.78% (31 Dec 2019: 7.85%) (continued) Ratings


875,000 Credit Suisse FRN 2.25% 09/06/2028 BBB+ 881,303 0.42

2,000,000 CYBG FRN 4% 25/09/2026 BBB- 2,036,322 0.98

200,000 Fuller Smith & Turner 6.875% 30/04/2028 NA 255,990 0.12

2,120,000 HSBC FRN 2.256% 13/11/2026 A 2,156,379 1.03

650,000 Investec FRN 4.25% 24/07/2028 BBB- 627,417 0.30

1,000,000 Legal & General FRN 5.375% 27/10/2045 BBB+ 1,106,448 0.53


470,000 Legal & General FRN 5.625% 24/03/2031 BBB- 464,358 0.22


1,831 Marstons Issuer FRN 2.19% 15/07/2020 A 1,838 -

580,000 Nationwide Building Society FRN 5.75% 20/06/2027 BBB- 585,850 0.28

1,000,000 Orange FRN 5.875% 07/02/2022 BBB- 1,059,274 0.51

780,000 Prudential FRN 5.625% 20/10/2051 BBB+ 845,984 0.41

1,265,000 Rothesay Life 3.375% 12/07/2026 BBB+ 1,251,933 0.60

1,060,000 Royal Bank of Scotland FRN 2.875% 19/09/2026 BBB+ 1,103,290 0.53




900,000 SSE FRN 3.875% 10/09/2020 BBB- 901,969 0.43

912,000 SSE PLC 3.74% 14/01/2026 BBB- 914,312 0.44

1,120,000 Vodafone FRN 4.875% 03/10/2078 BB+ 1,169,402 0.56

700,000 Yorkshire Building Society 3% 18/04/2025 BBB+ 729,827 0.35

970,000 Zurich Finance UK FRN 6.625% 02/10/2022 A 1,050,885 0.50


Total Bonds 149,907,592 71.85





74



As at 30 June 2020

Fair Value % of

Holdings Investment Liabilities GBP Net Assets


Forward Currency Contracts: (0.28%) (31 Dec 2019: (0.01%))



Bank of New York GBP 2,147,040 EUR 2,400,000 17/09/2020 (48,144) (0.02)

Bank of New York GBP 1,782,1720 USD 22,550,000 17/09/2020 (547,535) (0.26)

Total Fair Value Losses on Forward Currency Contracts (595,679) (0.28)


Total Financial Derivatives (595,679) (0.28)

Total Investment Liabilities (595,679) (0.28)



Other Net Assets 78,681 0.03


% of Total

Assets




Investment funds 5.26


Cash 4.14

Other assets 1.18

99.73


75



Sales




2,300,000 ABN AMRO Bank 1.375% 16/01/2025 2,281,853

2,000,000 Wellcome Trust Finance 4.75% 28/05/2021 2,089,750

1,300,000 Electricite de France FRN 5.875% 31/12/2049 1,378,210

160,000 Segro REITS 1,308,246

1,250,000 Barclays 2.375% 06/10/2023 1,272,161

1,200,000 Aviva FRN 6.63% 03/06/2041 1,251,166

1,135,000 Network Rail Infrastructure Finance 3% 07/09/2023 1,228,990

1,200,000 Lloyds Banking Group FRN 1.875% 15/01/2026 1,177,068

1,200,000 Henkel 1.00% 30/09/2022 1,166,784

21,750,000,000 Inter-American Development Bank 5.5% 07/02/2023 1,125,458

1,000,000 Temasek Financial I 4.625% 26/07/2022 1,097,120

1,020,000 European Investment Bank 4.25% 07/12/2021 1,085,279

1,000,000 SNCF Reseau 5.5% 01/12/2021 1,083,860

1,000,000 BUPA Finance 5% 08/12/2026 1,081,600


1,000,000 International Bank for Reconstruction & Development 5.4% 07/06/2021 1,056,910

25,286 Investor AB 1,055,822

1,000,000 European Investment Bank 1.375% 07/03/2025 1,029,840

850,000 Heathrow Funding 6.75% 03/12/2026 1,011,755

800,000 Manchester Airport 4.75% 31/03/2034 1,011,332

1,000,000 Coventry Building Society 1.5% 23/01/2023 1,008,220

1,000,000 ESB Finance 6.50% 05/03/2020 1,006,310

56,500 Compass 972,686

100,000 Neuberger Berman Emerging Market Debt Blend Fund 955,000

985,000 AA Bond 5.50% 31/07/2027 942,044

1,000,000 Henkel 1.25% 30/09/2026 921,020

472,000 Schroder Oriental Income Fund 901,818

15,000,000,000 Inter-American Development Bank 7.875% 14/03/2023 901,299

820,000 BNP Paribas 3.375% 23/01/2026 893,580

21,000 Total SA 884,531

830,000 General Electric 5.50% 07/06/2021 859,963

900,000 CPUK Finance 3.588% 28/08/2025 850,500

30,000 Pfizer 827,312

75,000,000 International Bank for Reconstruction & Development 6.00% 16/01/2025 799,192

18,050 Taiwan Semiconductor Manufacturing 796,136

720,000 M&G FRN 5.625% 20/10/2051 788,634

600,000 AT&T 7.00% 30/04/2040 782,215

72,880,000 Asian Development Bank 6.15% 25/02/2030 781,457

70,000,000 International Finance 6.30% 25/11/2024 771,018


total value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the period




76



Purchases



27,350 Invesco Physical Gold ETC ETF 3,453,406

284,000 Neuberger Berman Uncorrelated Strategies Fund 3,037,940

2,500,000 ABN AMRO Bank 1.375% 16/01/2025 2,496,028

2,050,000 Deutsche Bahn Finance 1.375% 07/07/2025 2,022,141

2,120,000 HSBC FRN 2.256% 13/11/2026 2,010,379

1,544,000 Goldman Sachs 7.125% 07/08/2025 1,839,522

1,600,000 Credit Suisse Funding Guernsey 3.0% 27/05/2022 1,669,808

1,200,000 HSBC 6% 29/03/2040 1,602,936


1,400,000 Banco Santander 1.75% 17/02/2027 1,396,080

950,000 GlaxoSmithKline Capital 5.25% 19/12/2033 1,377,225

1,390,000 DWR Cymru Financing UK 1.375% 31/03/2033 1,375,475

1,260,000 Experian Finance 3.25% 07/04/2032 1,333,558

5,350 ASML 1,275,566

1,170,000 Network Rail Infrastructure Finance 3% 07/09/2023 1,264,536

1,265,000 Rothesay Life 3.375% 12/07/2026 1,227,050

21,750,000,000 Inter-American Development Bank 5.5% 07/02/2023 1,224,361

1,200,000 Henkel 1.00% 30/09/2022 1,208,904

1,200,000 Lloyds Banking Group FRN 1.875% 15/01/2026 1,197,672

1,000,000 BUPA Finance 5% 08/12/2026 1,171,650

1,000,000 CPUK Finance 7.239% 28/02/2024 1,126,070

1,120,000 Vodafone FRN 4.875% 03/10/2078 1,108,574

7,370 Ecolab 1,100,018

1,000,000 CYBG FRN 4% 25/09/2026 1,083,260

1,000,000 Scottish Widows 5.5% 16/06/2023 1,067,410


970,000 Zurich Finance UK FRN 6.625% 31/12/2049 1,023,350

1,000,000 Prudential FRN 5.625% 20/10/2051 1,016,150

1,000,000 Coventry Building Society 1.5% 23/01/2023 1,009,720


1,000,000 Citigroup 2.75% 24/01/2024 999,450

1,005,612 Sequoia Economic Infrastructure Income Fund 979,615

600,000 AT&T 7.00% 30/04/2040 973,140

1,000,000 Manchester Airport Funding 2.875% 31/03/2039 963,780

16,370 Colgate-Palmolive 932,890

The significant changes to the portfolio for the period are the aggregate purchases of a security exceeding 1% of

the total value of purchases. Where the number of purchases transactions exceeding 1% of the total value of




77




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes £ £

Revenue

Dividend Income 504,001 714,877

Bond Interest Income 1,569,214 1,680,512

Deposit Interest 941 36


through profit or loss 2 1,687,921 8,603,726

3,762,077 10,999,151

Expenses 3

Management fee (432,762) (847,830)


Options income (379,177) -

General expenses (998) (2,950)


Finance Costs:

Bank interest (838) (1,505)

Distributions 4 (1,629,906) (2,217,504)


Taxation

Withholding tax 8 (81,578) (94,074)


Changes in net assets attributable to Unitholdersfrom investment activities 1,058,336 7,666,013



01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £






6,798,656 4,880,272







78



as at 30 June 2020

30.06.2020 31.12.2019

Notes £ £

Assets




- 44,468

Other Assets

Interest and dividends receivable 1,632,451 1,691,470

Securities sold receivable 106,393 875,267



Bank deposits 7,480,884 13,421,725


Cash collateral 359,091 -


Total Assets 211,636,624 202,315,036


595,679 42,340

Other Liabilities



Securities purchased payable 912,845 895,238




Bank overdraft 5 - 907




208,628,523 200,380,253

Financial derivative Instruments





79




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 £ £


Changes in net assets attritubable to Unitholders


Adjustments for:

Increase in financial instruments at fair value

through profit or loss (14,170,124) (10,149,760)

Decrease/(increase)in receivables 827,893 (12,001)




Subscriptions 26,236,298 20,008,697

Redemptions (18,985,866) (14,952,627)



Net (decrease)/increase in cash and cash equivalents during the period (4,667,088) 3,692,302


Cash and cash equivalents as at end of the period 8,753,730 10,078,539



80




Positives


Negatives


Transactions



81




Outlook






82



As at 30 June 2020

Fair Value % of

Holdings Investment Assets EUR Net Assets

Equities: 37.32% (31 Dec 2019: 37.39%)

Cash Harvest: 6.27% (31 Dec 2019: 5.28%)

1,900 Broadcom 525,471 0.74

920 Charter Communications 417,726 0.59

121,490 Enel 944,281 1.33

1,435 Equinix REITS 881,861 1.24

10,347 Otis Worldwide 522,427 0.74






4,215 Accenture 800,094 1.13

325 Booking 461,980 0.65

9,840 Citigroup 441,610 0.62

5,415 CME 782,588 1.10

2,650 Credicorp 319,908 0.45


3,400 Deere 466,260 0.66

2,210 Home Depot 485,267 0.68

5,680 JPMorgan Chase 471,239 0.67






2,560 CSL 448,949 0.63

4,540 Ecolab 791,999 1.12


182 Givaudan 602,213 0.85

8,370 Merck 568,404 0.80

5,845 Microsoft 1,034,908 1.46

1,590 Roche 490,854 0.69

16,235 Unilever 772,705 1.09



83



As at 30 June 2020

Fair Value % of

Holdings Investment Assets (continued) EUR Net Assets



94,000 AIA 781,522 1.10

3,845 Alibaba ADR 737,493 1.04

615 Alphabet 765,548 1.08

485 Amazon.com 1,160,249 1.63

3,220 Amgen 665,531 0.94

3,425 ASML 1,107,987 1.56


3,505 Mastercard 916,650 1.29

7,300 Orsted 750,824 1.06

1,000 ServiceNow 351,891 0.50

9,500 Shionogi 530,515 0.75

2,500 Splunk 433,747 0.61

8,700 Tencent 499,241 0.70

11,160 Umicore 466,265 0.66



20,660 Aramark 413,145 0.58

13,342 Investor AB 625,825 0.88




195,000 Apax Global Alpha 308,459 0.43



3,000 Quaero Capital Funds Lux Argonaut 677,970 0.96

78,199 Sarasin Food and Agricultural Opportunities 767,934 1.08


77,000 Syncona 209,466 0.30



84



As at 30 June 2020

Fair Value % of


Bonds: 47.55% (31 Dec 2019: 45.64%)

Bond


300,000 Abertis Infraestructuras 3% 27/03/2031 BBB- 310,956 0.44


600,000 Archer Daniels Midland 1.00% 12/09/2025 A 618,116 0.87

200,000 Autostrade per l'Italia 1.875% 04/11/2025 BB- 185,733 0.26

100,000 Banco de Sabadell 0.875% 05/03/2023 BBB 97,973 0.14



1,300,000 Bundesrepublik Deutschland 1.75% 04/07/2022 AAA 1,364,414 1.92

740,000 Bundesrepublik Deutschland 4.75% 04/07/2034 AAA 1,287,565 1.81

1,095,000 Bundesrepublik Deutschland Bundesanleihe 4.25% 04/07/2039 AAA 2,050,924 2.89

650,000 Bundesrepublik Deutschland Bundesanleihe 5.5% 04/01/2031 AAA 1,069,206 1.51

200,000 Cadent Finance 0.75% 11/03/2032 BBB+ 196,369 0.28

330,000 Chile Government International Bond 0.83% 02/07/2031 A 324,080 0.46

200,000 Comcast 0.75% 20/02/2032 A- 195,317 0.28

200,000 Deutsche Telekom 7.5% 24/01/2033 BBB 346,972 0.49

140,000 Digital Euro Finco 2.50% 16/01/2026 BBB 151,602 0.21

500,000 Electricite de France 2% 02/10/2030 A- 553,915 0.78

100,000 Enel Finance International 1.125% 17/10/2034 BBB+ 103,924 0.15



300,000 Experian Finance 1.375% 25/06/2026 BBB+ 308,092 0.43

400,000 Ferrovie dello Stato Italiane 1.5% 27/06/2025 BBB- 409,569 0.58

200,000 Fidelity National Information Services 1% 03/12/2028 BBB 198,255 0.28

200,000 Fluxys Belgium 2.75% 27/11/2029 NA 218,936 0.31

690,000 France Government Bond 2.75% 25/10/2027 AA 850,943 1.20

530,000 France Government Bond 4.75% 25/04/2035 AA 897,052 1.26

700,000 Goldman Sachs 3.375% 27/03/2025 A- 780,868 1.10


400,000 Illinois Tool Works 2.125% 22/05/2030 A 454,258 0.64

200,000 Illinois Tool Works 3% 19/05/2034 A 252,534 0.36

200,000 Innogy Finance 5.75% 14/02/2033 BBB+ 314,613 0.44

150,000 Ireland Government Bond 2.4% 15/05/2030 A+ 186,695 0.26

250,000 Ireland Government Bond 2.4% 15/05/2030 A+ 311,158 0.44

1,950,000 Italy Government Bond 1.45% 26/11/2022 BBB 1,999,075 2.82

360,000 Italy Government Bond 1.65% 01/03/2032 BBB- 370,067 0.52



1,480,000 Italy Government Bond 5.25% 01/11/2029 BBB- 2,008,071 2.83

310,000 John Deere Cash Management 1.375% 02/04/2024 A 322,099 0.45

200,000 Kennedy Wilson Europe Real Estate 3.25% 12/11/2025 BBB- 189,903 0.27

150,000 Kingdom of Belgium Government Bond 1.70% 22/06/2050 AA- 196,448 0.28


85



As at 30 June 2020

Fair Value % of



Bond

Fixed Interest: 41.59% (31 Dec 2019: 39.16%) (continued) Ratings

200,000 Kingdom of Belgium Government Bond 2.25% 22/06/2023 AA- 217,128 0.31

225,000 Lloyds Bank Corporate Markets 2.375% 09/04/2026 A 242,240 0.34

200,000 London Stock Exchange 0.875% 19/09/2024 A- 205,166 0.29

250,000 Merck 1.875% 15/10/2026 A+ 277,138 0.39

205,000 Mexico Government International Bond 1.125% 17/01/2030 BBB 180,087 0.25

505,000 Nasdaq 0.875% 13/02/2030 BBB 504,348 0.71

100,000 National Grid Electricity Transmission 0.19% 20/01/2025 A- 100,308 0.14

220,000 Netherlands Government Bond 4% 15/01/2037 AAA 372,773 0.53

100,000 Orange 1.625% 07/04/2032 BBB+ 108,750 0.15

270,000 Portugal Obrigacoes do Tesouro OT 4.1% 15/02/2045 BBB- 430,874 0.61

200,000 Roche Finance Europe 0.5% 27/02/2023 AA- 203,382 0.29

100,000 Smiths 2% 23/02/2027 BBB 102,657 0.14

400,000 SNCF Reseau 4.5% 30/01/2024 AA 469,556 0.66

580,000 SNCF Reseau 5% 10/10/2033 AA 931,644 1.31

370,000 Spain Government Bond 3.45% 30/07/2066 BBB+ 614,304 0.87

450,000 SpareBank 1 0.50% 30/01/2025 AAA 466,551 0.66

285,000 SR-Boligkreditt 0.01% 25/02/2030 AAA 286,794 0.40

300,000 SSE 1.75% 16/04/2030 BBB+ 314,673 0.44

300,000 TenneT 2% 05/06/2034 A- 352,564 0.50

300,000 Tesco Corporate Treasury Services 2.5% 01/07/2024 BBB- 319,485 0.45

101,000 Thermo Fisher Scientific 1.75% 15/04/2027 BBB+ 107,895 0.15





200,000 Aviva FRN 6.125% 05/07/2043 BBB+ 226,446 0.32

300,000 BNP Paribas FRN 2.125% 23/01/2027 A- 321,395 0.45




400,000 Credit Suisse FRN 1% 24/06/2027 BBB+ 400,490 0.56

300,000 DBS FRN 1.50% 11/04/2028 A 304,522 0.43


400,000 Lloyds Banking FRN 1.75% 07/09/2028 BBB 399,333 0.56

100,000 Orange FRN 5.875% 07/02/2022 BBB- 115,959 0.16

200,000 Orsted FRN 1.75% 09/12/3019 BB+ 197,208 0.28

300,000 Royal Bank of Scotland FRN 2% 04/03/2025 BBB+ 309,469 0.44


86



As at 30 June 2020

Fair Value % of



Bond

Floating Interest: 5.96% (31 Dec 2019: 6.48%) (continued) Ratings

300,000 SSE FRN 2.375% 01/04/2021 BBB- 299,332 0.42

400,000 SSE FRN 3.125% 14/04/2027 BBB- 401,816 0.57

100,000 TenneT FRN 2.995% 01/06/2024 BB+ 103,437 0.14

300,000 Virgin Money UK FRN 2.875% 24/06/2025 BBB- 299,996 0.42


Total Bonds 33,742,076 47.55





EUR 1,184,887 GBP 1,060,000 1.1178 17/09/2020 25,987 0.04







Forward Currency Contracts: (0.12%) (31 Dec 2019: 0.00%)



Bank of New York EUR 10,456,500 USD 11,840,000 0.8832 17/09/2020 (88,266) (0.12)



Total Financial Derivative Instruments (88,266) (0.12)


Bank of New York


87



As at 30 June 2020

Fair Value % of

EUR Net Assets




Net Assets Attributable to Holders of Redeemable

Participating Units 70,953,770 100.00

% of Total

Assets






Cash 7.89

Other Assets 0.47

Total 99.99


88



Sales

Holding Description €

1,765,000 Bundesrepublik Deutschland 4.75% 04/07/2028 2,543,222

860,000 Spain Government Bond 1.00% 30/11/2030 1,032,852

830,000 France Government Bond 0.1% 01/03/2028 928,468

56,116 Eastspring Investments - Japan Dynamic Fund 864,865

380,000 Sarasin Food and Agricultural Opportunities 776,746

700,000 Wells Fargo 0.625% 14/08/2030 672,000

500,000 Italy Government Bond 2.55% 15/09/2041 651,970

16,500,000 International Finance 1.10% 13/05/2022 610,694



4,900 EssilorLuxottica 522,351

50,812 Brown Advisory Latin American Fund 516,111

15,570 Diageo 505,622

450,000 Finland Government Bond 3.5% 15/04/2021 472,836

23,500 Royal Dutch Shell 459,533


400,000 Snam 1.25% 28/08/2025 418,999

1,295 ServiceNow 404,624


145,460 BDO Unibank 363,311

12,110 Pfizer 356,746

350,000 Santander UK Group 0.391% 28/02/2025 340,424

4,805 Marriott International 337,421

5,000 Ocean Dial Gateway to India Fund 336,549

345,000 United States Treasury Note/Bond 0.125% 15/04/2021 335,952

300,000 Kingdom of Belgium Government Bond 2.25% 22/06/2023 328,605

300,000 Telefonica Emisiones 1.788% 12/03/2029 321,030

300,000 Motability Operations 1.625% 09/06/2023 317,160

300,000 Simon International Finance 1.25% 13/05/2025 317,121

300,000 UNEDIC 0.25% 24/11/2023 307,131

300,000 Coventry Building Society 2.5% 18/11/2020 306,861

300,000 Heathrow Funding 1.875% 12/07/2032 301,287

103 Givaudan 295,143

300,000 UBS FRN 5.75% 31/12/2049 286,500

6,848 Investor AB 274,105

4,670,000,000 Inter-American Development Bank 5.50% 07-02-23 266,238

250,000 Ireland Government Bond 0.80% 15/03/2022 257,023

235,000 Bundesrepublik Deutschland 1.75% 04/07/2022 247,763

200,000 Electricite de France FRN 5.875% 31/12/2049 245,161

4,810 Novozymes 243,519




Total proceeds of all sales during the period excluding financial derivative instruments € 24,225,134


89



Purchases

Holding Description €

1,095,000 Bundesrepublik Deutschland Bundesanleihe 4.25% 04/07/2039 2,202,373

1,480,000 Italy Government Bond 5.25% 01/11/2029 1,879,847

1,535,000 Bundesrepublik Deutschland 1.75% 04/07/2022 1,618,897

650,000 Bundesrepublik Deutschland Bundesanleihe 5.5% 04/01/2031 1,106,943

760,000 Bundesrepublik Deutschland 4.75% 04/07/2028 1,105,755



700,000 Goldman Sachs 3.375% 27/03/2025 727,541

700,000 Wells Fargo 0.625% 14/08/2030 695,555

390,000 Bundesrepublik Deutschland 4.75% 04/07/2034 668,909

3,220 Amgen 642,398


8,370 Merck 616,180

2,650 Credicorp 505,406

4,300 Daikin Industries 481,635

505,000 Nasdaq 0.875% 13/02/2030 478,769

1,900 Broadcom 466,527

2,210 Home Depot 464,034

400,000 SSE FRN 3.125% 14/07/2027 400,000

400,000 Credit Suisse FRN 1% 24/06/2027 370,000

350,000 Santander UK Group 0.391% 28/02/2025 350,000

7,265 Otis Worldwide 343,664

330,000 Chile Government International Bond 0.83% 02/07/2031 334,874


300,000 America Movil 2.125% 10/03/2028 323,931

316,000 Verizon Communications 1.85% 18/05/2040 315,946


310,000 John Deere Cash Management 1.375% 02/04/2024 310,000

300,000 Virgin Money UK FRN 2.875% 24/06/2025 299,742

300,000 SSE 1.75% 16/04/2030 297,447

285,000 SR-Boligkreditt 0.01% 25/02/2030 284,516

2,500 Splunk 271,189

1,560 CSL 266,562




Total cost of all purchases during the period excluding financial derivative instruments € 26,507,249


90




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes € €

Revenue



Deposit Interest 11,372 9

Net realised/unrealised (losses)/gains on investments

held at fair value through profit or loss 2 (1,129,354) 4,465,471

(524,412) 5,109,117

Expenses 3

Management fee (393,914) (368,536)




General expenses (3,225) (882)


Finance Costs

Bank Interest (33,989) (14,700)

Distributions 4 (181,125) (498,506)


Taxation


Total comprehensive (loss)/income for the period (1,512,879) 4,111,572





01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

€ €






2,706,327 5,320,442







91



as at 30 June 2020

30.06.2020 31.12.2019

Notes € €

Assets

Financial assets at fair value through profit & loss:11


Investments in investment funds 5,425,597 7,418,69125,987 107,185

Other Assets


Subscriptions receivable 13 448,957


Bank deposits 5,593,622 3,678,218

Margin accounts 1,894 6,597

Cash collateral 50,660 588


Total Assets 71,668,691 69,783,772

Financial liabilities at fair value through profit &

loss: 11

88,266 7,387

Other Liabilities




Redemptions payable 50,077 469


Sundry creditors 3,966 3,849




70,953,770 69,586,749






92




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

€ €




Adjustments for:

Increase in financial instruments at fair value through

profit or loss (288,960) (12,819,792)

Increase in receivables (3,251) (36,278)

Increase in payables 387,411 74,438



Subscriptions 9,138,478 6,825,703

Redemptions (5,933,599) (1,699,657)



Net increase/(decrease) in cash and cash equivalents

during the period 1,960,773 (3,065,918)

Cash and cash equivalents at the beginning of the

period 3,685,403 6,713,138




93



The first six months of 2020 were characterised by a period of extraordinary turbulence for individuals, companies, governments and markets as the rapid spread of novel coronavirus from a single province in China resulted in widespread shutdowns of global economies, the closing of borders and the furloughing of labour. These measures had a sizeable impact on international trade and consumer spending and policy makers worldwide responded accordingly, reducing interest rates to zero or below, implementing widespread asset purchases and unveiling fiscal stimulus packages that dwarf those seen during prior economic shocks. Since April – which has been assumed to be the nadir of global economic activity – the backdrop has become more positive, with the gradual relaxing of restrictions and the reopening of economies, predominantly in China, Western Europe and the US. However, evidence has so far been mixed as to whether reopening is sustainable but investor enthusiasm has continued, despite the IMF’s prediction of a fall in global growth of around 5% in 2020.

Asset performance

Against this backdrop, the financial markets have unsurprisingly exhibited extreme levels of volatility. After a relatively calm start to the year, equity markets reacted sharply as the pandemic spread, selling off dramatically to reach a low on the 23

rd of March. As the scale of government support became apparent, the

equity markets rallied, making this probably the shortest bear market in history. They have posted a modest positive return of 0.5% for sterling-based investors over the six month period.

As equity market volatility rose, safe haven assets such as gold, government bonds and the US Dollar climbed. Credit markets sold off initially along with equity markets as investors weighed up the likely implications of the coronavirus. However, the news that the Federal Reserve, European Central Bank and Bank of England would all buy corporate bonds, in addition to government bonds, gave investors some comfort and credit markets recovered their earlier losses, also ending the six month period in positive territory.

During the period under review, the fund benefited from our thematic stock selection with top contributors including Amazon and Tencent, both of which are beneficiaries of the move to internet retailing and, in Tencent’s case, internet-based services such as social networking, mobile games and payment systems. These names were examples of beneficiaries of the widespread global lockdowns. Technology name ASML and the new holding of Splunk, the software services company, also outperformed, the latter benefiting from very strong growth in subscription revenues. Schneider, a beneficiary of our automation and climate change themes rallied strongly as did the fund’s holdings of Enel and Orsted. Orsted has a leading position in the operation of offshore windfarms, while Enel is transitioning out of fossil fuels and boasts one of Europe’s largest renewables portfolios.

The detractors within the equity portion of the fund unsurprisingly included companies likely to suffer most from the lockdown, such as hotel operator Marriott and luggage manufacturer Samsonite. These relatively small holdings were sold during February and March as the scale of the pandemic started to become apparent. Simon Property Group, the US retail REIT, also detracted, as investors considered the likely impact of the consumer’s move towards online shopping. This position was also sold in March. The fund’s holdings in the financial sector also detracted, with Lloyds Banking Group experiencing lower activity across its businesses and cancelling its dividend. This holding, together with Prudential, was sold in the second quarter.

Within the alternatives portion of the fund, the exposure to physical gold has been a strong contributor as investors sought its safe haven status in a world where interest rates are likely to remain low for the foreseeable future. After a challenging first quarter, the private equity exposure recovered strongly to contribute positively over the six months under review.


94


Investment Review for the period 01 January 2020 to 30 June 2020 Asset performance (continued)

A number of new equity holdings were added during the first half of the year. These included Alibaba, a beneficiary of the digitalisation theme which is China’s biggest online commerce company and a player in the cloud computing space. Another addition was Legal and General, which benefits from our ‘ageing’ theme and provides an attractive dividend. Another beneficiary of the ageing theme which was added was Merck, the US pharmaceuticals company, which has a strong position in oncology, as well as cardiovascular health, neurology and women’s health.

Changes were made to the fixed income portion of the fund, with the disposal of subordinated debt and the rotation of a portion of the government bond holdings into high quality investment grade sterling issues, which we believe offer an attractive risk/return profile in the current environment. The current overall rating of the bonds held in the fund is A+.

We maintained the programme of portfolio insurance, taking advantage of the heightened equity market volatility in March by realising profits on some of the index put options.

Outlook

Whilst social distancing strategies are beginning to be gradually unwound, economic and market conditions will not likely return to how they were before the pandemic: in the immediate term, international trade flows and supply chains will have been disrupted, corporate borrowing will remain challenging for weaker companies while many dividends will be cut and share buybacks cancelled. In the longer term, technological disruption will accelerate while consumer attitudes will likely remain cautious after the initial post-lockdown spending abates. Investors are likely to become even more aware of social and environmental ‘negative externalities’ and poor corporate governance as the aftermath of the pandemic exposes mounting social inequalities.

We are finding new equity opportunities from the shift to a more digital world, as well as trends in automation, climate change and in a rapidly ageing global workforce. We believe that companies that benefit from these themes can achieve superior revenue growth in the current challenging economic environment especially where there Environmental, Social and Governance focus aligns with the societal challenges that will drive policy makers globally. Within the alternatives portion of the fund, we favour listed infrastructure and renewable energy projects (wind, solar, storage and potentially hydrogen) that offer long-term inflation plus returns. Importantly, the position in gold will be also be retained for its portfolio diversification benefits.


95



As at 30 June 2020

Fair Value % of


Equities: 40.49% (31 Dec 2019: 45.67%)

Cash Harvest: 7.05% (31 Dec 2019: 8.27%)

3,568 Broadcom 901,414 1.22

1,297 Charter Communications 537,958 0.73

161,522 Enel 1,146,825 1.56

1,123 Equinix REITS 630,424 0.86

260,509 L&G 576,767 0.78






2,983 Accenture 517,251 0.70

12,645 Citigroup 518,403 0.70

4,979 CME 657,327 0.89

4,261 Credicorp 469,889 0.64


5,065 Deere 634,503 0.86

3,694 Home Depot 740,952 1.00

126,773 ING Groep 719,387 0.98

7,081 JPMorgan Chase 536,651 0.73

8,360 Schneider Electric 757,264 1.03




3,798 Ecolab 605,241 0.82


8,411 Merck 521,776 0.71

14,471 Unilever - London 637,737 0.86



96



As at 30 June 2020

Fair Value % of




124,800 AIA 947,835 1.28

5,332 Alibaba ADR 934,235 1.27

729 Alphabet 828,953 1.12

552 Amazon.com 1,206,294 1.64

6,061 Amgen 1,144,356 1.55

2,488 ASML 735,240 1.00


3,013 Mastercard 719,812 0.98

7,724 Novozymes 359,682 0.49

8,607 Orsted 808,670 1.10

10,200 Shionogi 520,330 0.71

2,394 Splunk 379,425 0.51

21,600 Tencent 1,132,268 1.53

15,238 Umicore 581,569 0.79



29,853 Aramark 545,336 0.74

19,419 Investor AB 832,077 1.13

7,368 Walt Disney 669,758 0.91



255,568 Gresham House Energy Storage Fund 278,569 0.38

254,927 Octopus Renewables Infrastructure Trust 282,714 0.38


401,032 Syncona 996,565 1.35




97



As at 30 June 2020

Fair Value % of



752,223 Apax Global Alpha 1,086,962 1.48

648,657 International Public Partnerships 1,092,987 1.48



1,200 Quaero Capital Funds Lux - Argonaut 221,652 0.30

9,483,709 Sarasin Funds ICVC - Sarasin Responsible Corporate Bond 10,261,373 13.92

282,916 US Solar Fund 216,732 0.29


Bonds: 24.32% (31 Dec 2019: 28.01%)

Bond


100,000 ABN AMRO Bank 1.375% 07/06/2022 A 101,295 0.14

150,000 Affordable Housing Finance 2.893% 11/08/2043 AA 200,393 0.27


100,000 Coventry Building Society 5.875% 28/09/2022 A- 111,338 0.15

100,000 Credit Suisse Funding Guernsey 3.0% 27/05/2022 BBB+ 103,260 0.14





71,130 Great Rolling Stock Co 6.875% 27/07/2035 BBB 90,526 0.12

145,000 International Bank for Reconstruction & Development 1% 21/12/2029 AAA 151,600 0.21

50,000 Lloyds Bank 7.625% 22/04/2025 BBB 61,972 0.08


192,417 Prs Finance 1.75% 24/11/2026 AA 206,545 0.28

100,000 RAC Bond 4.87% 06/05/2026 BBB- 99,976 0.14

100,000 SNCF Reseau 5.5% 01/12/2021 AA 107,328 0.15

97,278 Tesco Property Finance 4 5.801% 13/10/2040 BBB- 132,400 0.18

100,000 Transport for London 3.875% 23/07/2042 A+ 143,904 0.20

100,000 UNITE USAF II 3.921% 30/06/2025 A 108,943 0.15









98



As at 30 June 2020

Fair Value % of




350,000 HSBC 5.875% 28/09/2026 BBB- 343,907 0.47


100,000 Orange FRN 5.75% 01/04/2023 BBB- 108,625 0.15


100,000 SSE FRN 3.875% 10/09/2020 BBB- 100,219 0.14

Total Floating Interest 819,522 1.12

Total Bonds 17,928,718 24.32




Counterparty Description Base Strike No. of Maturity Fair Value % of

Currency Price Contracts Date GBP Net Assets

Goldman Sachs MSCI World Put 6000 USD 191.5000 54 21/09/2020 84,275 0.11

Total Options Purchased 84,275 0.11




Financial Derivative Instruments: (0.31%) (31 Dec 2019: 0.00%)

Forward Currency Contracts: (0.26%) (31 Dec 2019: 0.00%)

Counterparty Currency Currency Maturity Unrealised % of

Buys Selss Date Gain Net Assets

Bank of New York GBP 6,279,615 USD 7,945,660 17/09/2020 (192,928) (0.26)



99



As at 30 June 2020

Fair Value % of

Holdings Investment Liabilities (continued) GBP Net Assets

Financial Derivative Instruments: (0.31%) (31 Dec 2019: 0.00%) (continued)

Options Written: (0.05%) (31 Dec 2019: 0.00%)

Counterparty Description Base Strike No. of Maturity Fair Value % of

Currency Price Contracts Date GBP Net Assets

Goldman Sachs MSCI World Put 5100* USD 86.4000 (54) 21/09/2020 (38,023) (0.05)

Total Options Written (38,023) (0.05)

Total Financial Derivative Instruments (230,951) (0.31)






% of Total

Assets





Exchange traded derivatives 0.06


Cash 9.34

Other Assets 0.27

Total 99.68

* Not covered by underlying assets


100



Sales


5,250,000 Sarasin Funds ICVC - Sarasin Responsible Corporate Bond 5,475,750




36,636 Associated British Foods 980,666

750,000 United Kingdom Gilt 4% 07/03/2022 804,465

10,748 Nike 758,460


5,995 United Technologies 677,918

200,000 China Mengniu Dairy 595,506

56,357 Prudential 589,428

47,300 Mitsubishi Estate 583,694

1,836,283 Lloyds Banking 578,983

15,607 Umicore 576,736

20,700 Bridgestone 566,420

8,006 Airbus 512,221

335,722 Greencoat UK Wind Funds 475,920

4,865 United Parcel Service 425,989

9,365 Investor AB 414,567

6,865 Citigroup 374,811

330,000 Credit Agricole 7.5% 29/04/2049 358,053

6,539 Simon Property REITS 341,770

6,961 SPDR Barclays Emerging Market Inflation Linked Bond UCITS ETF 332,605

253,500 United Kingdom Gilt 4.25% 07/12/2027 331,933

6,500 Tencent 331,323

33,612 Neuberger Berman Emerging Market Debt Blend Fund 320,991

9,289 HDFC Bank 316,215

1,081 ASML 313,018







101



Purchases


9,483,709 Sarasin Funds ICVC - Sarasin Responsible Corporate Bond 10,160,312



11,804 Invesco Physical Gold ETC ETF 1,519,214

5,332 Alibaba ADR 858,178

260,509 L&G 743,843


4,261 Credicorp 639,777

29,853 Aramark 625,012

14,471 Unilever - London 612,144

28,995 Associated British Foods 572,630

8,411 Merck 546,157

1,297 Charter Communications 524,611

500,000 United Kingdom Gilt 2% 22/07/2020 502,960

2,983 Accenture 493,153

8,006 Airbus 429,626

2,878 CME 428,884

4,865 United Parcel Service 400,334

3,757 Splunk 383,580

591,244 Lloyds Banking 346,502

210,000 International Public Partnerships 333,350






102


Statement of Comprehenisve Income


01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes £ £

Revenue



Deposit Interest 42 3

Options Income 11,925 -

Net realised/unrealised gains on investments held at fair

value through profit or loss 2 1,759,064 2,909,659

2,411,303 3,434,305

Expenses 3

Management fee (124,888) (163,275)


General expenses (617) (2,409)


Finance Costs


Distributions 4 (566,698) (627,008)


Taxation







01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £






2,665,008 29,904,644







103



as at 30 June 2020

30.06.2020 31.12.2019

Notes £ £

Assets



Investments in investment funds 19,344,862 13,490,006 84,275 37,977

Other Assets


Subscriptions receivable 74,251 -


Bank deposits 6,933,549 5,612,320


Cash collateral 154 148


Total Assets 74,362,672 70,358,091


230,951 -

Other Liabilities



Redemptions payable 20 696,803




Total Other Liabilities 400,892 1,141,196

Total Liabilities 631,843 1,141,196






104




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £




Adjustments for:


profit or loss (2,454,977) (31,039,585)

Decrease in receivables 88,565 286,931


Cash flows used in operating activities (778,954) (27,664,755)


Subscriptions 9,636,590 31,093,987

Redemptions (7,742,616) (1,182,212)



Net increase in cash and cash equivalents during the

period 1,332,967 2,513,172

Cash and cash equivalents at the beginning of the

period 5,612,468 3,339,377




105




Positives


Negatives


Transactions



106




Outlook Whilst social distancing strategies are beginning to come to an end, economic and market conditions will not return to how they were before: in the immediate term, international trade flows and supply chains will have been permanently disrupted in places; corporate borrowing costs will remain higher; balance sheets will be damaged, requiring gradual repair or rights issues; many dividends will be cut and share buybacks will be reduced.





107



As at 30 June 2020

Fair Value % of


Equities: 38.65% (31 Dec 2019: 37.84%)

Cash Harvest: 6.60% (31 Dec 2019: 5.28%)

1,925 Broadcom 596,750 0.78

940 Charter Communications 478,408 0.63

120,605 Enel 1,050,734 1.37

1,465 Equinix REITS 1,009,143 1.32

10,430 Otis Worldwide 590,286 0.77






4,030 Accenture 857,463 1.12

325 Booking 517,834 0.68

9,925 Citigroup 499,277 0.65

5,270 CME 853,714 1.12

2,710 Credicorp 366,704 0.48


3,465 Deere 532,622 0.70

2,190 Home Depot 539,014 0.70

5,770 JPMorgan Chase 536,581 0.70






2,615 CSL 514,039 0.67

4,425 Ecolab 865,265 1.13


186 Givaudan 689,856 0.90

7,800 Merck 593,736 0.78

5,700 Microsoft 1,131,251 1.48

1,480 Roche 512,134 0.67

15,593 Unilever - London 843,209 1.10



108



As at 30 June 2020

Fair Value % of




95,600 AIA 890,919 1.16

3,900 Alibaba ADR 838,480 1.10

610 Alphabet 851,127 1.11

480 Amazon.com 1,287,115 1.68

3,000 Amgen 695,025 0.91

3,240 ASML 1,174,860 1.54


3,445 Mastercard 1,009,885 1.32

7,265 Orsted 837,563 1.10

1,040 ServiceNow 410,212 0.54

9,700 Shionogi 607,173 0.79

2,525 Splunk 491,049 0.64

9,000 Tencent 578,896 0.76

10,650 Umicore 498,752 0.65



20,920 Aramark 468,922 0.61

13,506 Investor AB 710,110 0.93





89,000 Neuberger Berman Investment Funds 1,010,150 1.32

2,700 Quaero Capital Funds Lux Argonaut 683,943 0.89

74,436 Sarasin Food and Agricultural Opportunities 819,356 1.07


70,000 Syncona 213,445 0.28

113,809 US Solar Fund 106,980 0.14



109



As at 30 June 2020

Fair Value % of


Bonds: 50.43% (31 Dec 2019: 48.21%)

Bond


500,000 Abbott Laboratories 4.75% 30/11/2036 A- 669,741 0.88

145,000 Amazon.com 2.7% 03/06/2060 A+ 147,946 0.19


210,000 AT&T 6.1% 15/07/2040 BBB 277,759 0.36

400,000 AXA 5.5% 22/07/2020 BBB+ 401,000 0.52

375,000 Bank of Ireland FRN 4.5% 25/11/2023 BBB- 404,208 0.53

200,000 British Telecommunications 9.625% 15/12/2030 BBB 326,775 0.43

400,000 Comcast 4.6% 15/10/2038 A- 503,799 0.66

250,000 Credit Suisse AG/New York NY 2.95% 09/04/2025 A+ 271,334 0.35




450,000 Indian Railway Finance 3.835% 13/12/2027 BBB- 477,839 0.62

400,000 Intesa Sanpaolo 3.25% 23/09/2024 BBB 409,094 0.53

570,000 Intesa Sanpaolo 4% 23/09/2029 BBB 603,003 0.79

428,000 Johnson & Johnson 5.95% 15/08/2037 AAA 659,011 0.86

400,000 Lloyds Banking 5.30% 01/12/2045 BBB 530,044 0.69

375,000 NXP/ NXP Funding/ NXP USA 3.4% 01/05/2030 BBB- 403,436 0.53

300,000 Orange 9.0% 01/03/2031 BBB+ 491,910 0.64

203,000 Pfizer 2.625% 01/04/2030 A+ 223,359 0.29

36,000 Prudential 3.125% 14/04/2030 A 38,909 0.05

214,000 Prudential 3.125% 14/04/2030 A 231,294 0.30

600,000 Prudential 3.7% 13/03/2051 A- 656,440 0.86

440,000 Societe Generale 3% 22/01/2030 BBB 449,343 0.59

400,000 Southern Power 4.15% 01/12/2025 BBB+ 454,519 0.60


340,000 Telefonica Emisiones 7.045% 20/06/2036 BBB- 490,298 0.64

500,000 Tennessee Valley Authority 3.50% 15/12/2042 AA+ 633,420 0.83









700,000 United States Treasury Note/Bond 5.375% 15/02/2031 AAA 1,042,234 1.36




110



As at 30 June 2020

Fair Value % of




220,000 Barclays FRN 5.088% 20/06/2030 BBB- 249,810 0.33



280,000 Credit Suisse FRN 7.125% 29/07/2022 BB 288,397 0.38


147,000 JPMorgan Chase FRN 2.956% 13/05/2031 A- 155,124 0.20





400,000 Nationwide Building Society FRN 4.302% 08/03/2029 BBB+ 454,556 0.59





250,000 SSE FRN 4.75% 16/09/2077 BBB- 253,565 0.33

430,000 UniCredit FRN 5.459% 30/06/2035 BB+ 428,498 0.56


Total Bonds 38,574,316 50.43





Bank of New York USD 747,325 EUR 660,000 17/09/2020 6,255 0.01

Bank of New York USD 898,370 GBP 710,000 17/09/2020 26,778 0.04






111



As at 30 June 2020


Financial Derivative Instruments: 0.00% (31 Dec 2019: (0.03%))

Forward Currency Contracts: 0.00% (31 Dec 2019: (0.02%))


Fair Value % of

USD Net Assets



Other Net Assets 88,769 0.12


% of Total

Assets






Cash 3.91

Other Assets 0.34

Total 100.00


112



Sales






50,965 Eastspring Investments - Japan Dynamic Fund 855,024




550,000 Temasek Financial I 2.375% 23/01/2023 570,130

4,810 EssilorLuxottica 555,860

15,045 Diageo 538,310

500,000 Heineken 3.40% 01/04/2022 521,904

44,790 Brown Advisory Latin American Fund 502,099


450,000 BPCE 5.70% 22/10/2023 498,303

461,000 UBS 1.75% 21/04/2022 469,086


12,405 Pfizer 413,546

400,000 Argentum Netherlands FRN 5.125% 01/06/2048 410,000

400,000 Cloverie FRN 4.50% 11/09/2044 406,000

5,000 Ocean Dial Gateway to India Fund 363,860


950 ServiceNow 323,164

300,000 BNP Paribas 3.5% 16/11/2027 312,612

300,000 Bank of Ireland FRN 4.125% 19/09/2027 306,282

110,000 BDO Unibank 301,791

89 Givaudan 282,288

300,000 UBS 6.875% 29/12/2049 279,000

4,055 Fomento Economico Mexicano ADR 261,038


28,000 Neuberger Berman Investment Funds 249,760






113



Purchases






903,800 United States Treasury Note/Bond 2.25% 15/11/2027 1,013,421




3,000 Amgen 677,302

7,800 Merck 629,196

600,000 Credit Agricole FRN 8.125% 31/12/2049 619,742

570,000 Intesa Sanpaolo 4% 23/09/2029 545,705

2,710 Credicorp 544,052


1,925 Broadcom 515,536

2,190 Home Depot 501,169

450,000 Indian Railway Finance 3.835% 13/12/2027 474,579

2,425 Ecolab 465,165

461,000 UBS 1.75% 21/04/2022 460,396

2,820 Invesco Physical Gold ETC ETF 452,612

440,000 Societe Generale 3% 22/01/2030 437,967

430,000 UniCredit FRN 5.459% 30/06/2035 429,089

400,000 Electricite de France FRN 5.625% 29/12/2049 411,500

7,425 Otis Worldwide 391,501

400,000 AXA 5.5% 31/12/2049 383,760

375,000 NXP/ NXP Funding/ NXP USA 3.4% 01/05/2030 374,055


250,000 Verizon Communications 4.862% 21/08/2046 340,323







114




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes US$ US$

Revenue



Deposit Interest 819 7,166

Other Income 15,213

Net realised/unrealised gains on investments held at fair

value through profit or loss 2 1,804,303 5,410,372

2,466,495 6,227,360

Expenses 3

Management fee (234,376) (312,017)




General expenses - (3,200)


Finance Costs

Bank Interest (346) (359)

Distributions 4 (309,136) (676,470)


Taxation







01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$





Amounts paid on cancellation of units (1,928,316) (978,768)

7,507,872 373,093







115



as at 30 June 2020

30.06.2020 31.12.2019

Notes US$ US$

Assets

Financial assets at fair value through profit & loss: 11Investments in transferable securities 68,138,304 57,782,794 Investments in investment funds 5,226,486 6,799,497

33,033 24,837

Other Assets




Bank deposits 2,996,315 2,605,386



Total Assets 76,658,088 67,486,021


- 18,446

Other Liabilities














116




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$




Adjustments for:


profit or loss (8,809,141) (6,991,429)

Decrease/(increase) in receivables 2,247 (18,014)




Subscriptions 9,445,721 1,201,509

Redemptions (2,024,112) (978,768)


Cash flows from financing activities 7,670,782 768,162

Net increase/(decrease) in cash and cash equivalents

during the period 393,152 (1,114,261)


Cash and cash equivalents at the end of the period 2,998,538 712,820



117

Sarasin IE Systematic Emerging Markets Dividend

Investment Review for the period 01 January 2020 to 30 June 2020 Following significant redemptions of the Fund’s units in April 2020 reducing the value of the Fund to below $5m, the Manager informed all remaining unitholders of its intention to mandatorily redeem all outstanding units, which took place on 24 April 2020. There are therefore no unitholders remaining in the Fund and the Fund holds no assets, and is in the process of being closed.


118



Sales


45,106 UCB 3,792,437

22,724 SAP 2,692,613







15,550 Continental 1,961,992

7,669 Alibaba ADR 1,652,066

36,790 Samsung Electronics 1,631,415


28,900 Tencent 1,464,764

2,539 Roche Holding 868,262

50,000 Ping An Insurance Group of China 553,018

652,000 China Construction Bank 527,099

5,345 SK Hynix 394,289

11,660 Home Development Finance 328,195

19,019 Reliance Industries 325,407

2,041 Naspers 321,620

$62,152,374Total proceeds of all sales during the period excluding financial derivative instruments





119



Purchases


33,202 UCB 2,740,893







17,043 SAP 1,995,213

2,539 Roche Holding 851,428

228,000 China Construction Bank 183,496

74,000 Guangdong Investment 150,073

9,300 Sunny Optical Technology 149,909

23,000 Grupo Financiero Banorte 135,463

42,000 Hon Hai Precision Industry 112,966

3,000 Pinduoduo 107,551

2,300 JD.com ADR 87,878

82,000 Guangzhou Automobile 86,784

4,000 Hotai Motor 83,403

1,600 TAL Education ADR 82,905

42,000 Geely Automobile 82,721






120




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes US$ US$

Revenue


Bond interest income 976 -


Contract for difference income 13,997 43,864



(3,309,384) 5,507,999

Expenses 3

Management fee (33,372) (154,888)


Total return swap expense (6,144) -


Operating Profit/(Loss) (3,377,492) 5,310,107

Finance Costs

Bank Interest Expense (1,085) (6,318)

Distributions 4 - (524,809)


Taxation


Total comprehensive income/(expense) for the period (3,450,615) 4,716,614


from Investment Activities (3,450,615) 4,716,614

Statement of changes in net assets attributable to Unitholders


01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$



Amounts received on creation of units 1,201,935 362,235


(35,897,186) (3,026,029)

Changes in net assets attributable to Unitholders from investment

activities (3,450,615) 4,716,614

Retained distribution on accumulation units - 98,220

Closing net assets attributable to Unitholders - 46,034,043



121



As at 30 June 2020

30.06.2020 31.12.2019

Notes US$ US$

Assets


Investments in transferable securities - 37,109,239 - 227,703

Other Assets


Sundry debtors - 154


Bank Deposits 10,655 1,446,855

Cash collateral - 855,000

Total Other Assets 18,750 2,418,750

Total Assets 18,750 39,755,692

Financial liabilities at fair value through profit or loss: 11

- 4,724

Other Liabilities

Management fee payable - 38,299

Fixed operating charge payable - 9,827


Sundry creditors 17,361 13

Distribution payable 4 - 338,367



Net Assets Attributable to Unitholders - 39,347,801





122




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$



activities (3,450,615) 4,716,614

Adjustments for:

Decrease/(increase) in financial instruments at fair value through profit or loss 37,332,218 (436,028)


Decrease in payables (384,417) (6,134)



Subscriptions 1,201,935 369,560

Redemptions (37,099,121) (3,388,264)


Cash flows used in financing activities (35,897,186) (2,920,484)

Net (decrease)/increase in cash and cash equivalents during the

period (2,291,200) 1,213,678

Cash and cash equivalents at the beginning of the period 2,301,855 243,645

Cash and cash equivalents at the end of the period 10,655 1,457,323



123

Sarasin IE Sustainable Global Real Estate Equity


Listed real estate had a weak first half of the year. In the first quarter all the solid numbers reported by companies was overshadowed by the outbreak of the Covid-19 virus in China and later spreading across the globe later on in the reporting period. Towards the end of February, listed real estate started its – volatile – correction, which resulted in the market losing close to 30% in a matter of weeks before slightly recovering towards the end of the quarter but still ending down substantially. The second quarter saw a remarkable recovery of listed real estate (and equity in general). With Covid-19 and the global lockdown a reality, markets started to look forward to the long-term impact of the pandemic, the unavoidable recession that will follow and the impact this will have on real estate. The realisation that global central banks are taking decisive actions to support the financial system, cutting interest rates and providing liquidity facilities, and the fact that REIT balance sheets are significantly stronger today - with leverage near historical lows - than they were during the global financial crisis back in 2008, resulted in a rebound from the losses seen in the first quarter of the year. The fund was down 10.9% in the first six months of the year, outperforming the benchmark – which was down 14.1% - by 3.2%.

On the positive side, our overweight position in the ‘Digitalisation’ theme with companies like Equinix and American Tower continued to perform well. This real estate sector shows the highest rental growth of all of the real estate sub-sectors and both companies reported very strong numbers during the reporting period. We remain positive on the sector as we expect the longer-term theme of Digitalisation to provide a tailwind for the sector. Covid-19 has resulted in more people working from home and this is a trend - we think – which will remain even after we return to normality. This will result in more companies working in the cloud, which will help the data centres like Equinix. Also, a positive in the Digitalisation theme is the roll out of 5G which is very positive for the tower companies like American Tower and Crown Castle. The relative performance of the fund was also helped by our overweight in the (German) residential sector. This sub-sector of residential real estate is less affected by the outbreak of Covid-19 and held up very well. The solid yield and steady growth in rents and values is also something favoured by investors in the current – lower for longer – yield environment. We own companies like Deutsche Wohnen and LEG Immobilien in that space, both of which performed well in the first six months of 2020. And finally, on the positive side, our underweight position in the Retail and Hotel sectors did well. The total lockdown in most countries resulted in the closure of shops, hotels and the likes across the world and it was no surprise that REITs in those two sub-sectors performed poorly because of that.

It was a more challenging time for American Campus Communities, our exposure to the student housing sector. With universities in lockdown as well, most students had to leave their student accommodation and move back with their parents. It will be important to see if universities will go back to offering traditional classes and students move back to their student accommodation or if universities will continue to offer online classes in which case it will be hard for American Campus Communities (and other Student Housing REITs) to fill up their space. Another negative in the portfolio was stock specific. We owned ADO properties as this is (was) a pure play Berlin residential company. We liked the focus on Berlin, its low leverage and cheap valuation. Unfortunately, a new CEO was appointed at the end of 2019 and within weeks of being appointed, he decided to acquire another (and highly levered) German wide residential company and take a stake in a German developer. ADO Properties hence changed from being a low levered company with a focus on Berlin residential into a highly levered German wide investor and developer. We had many discussions with management and urged them to walk away from this proposed merger but they did not. The stock dropped heavily after the initial news came out and we sold once there was a bounce in the stock and we found that management was not sensitive to our arguments not to do the acquisitions.


124


Investment Review for the period 01 January 2020 to 30 June 2020 (continued) Review (continued) During the reporting period we made a number of changes to the portfolio. ADO properties has been discussed above. We also decreased our European retail exposure - Unibail and Klepiere - and bought retail real estate company LINK Reit in Hong Kong. The Covid-19 pandemic has proven to be yet another head wind for the retail sector and we decided to move from discretionary retail outlets (Unibail and Klepiere) to non-discretionary retail outlets (i.e. mainly supermarkets end local shopping centres). LINK Reit invests and manages sustainable, income-producing retail properties in Hong Kong and tier-one cities in mainland China. LINK Reit was created by the government, which spun off assets from the Housing Authority that included 151 retail facilities mainly within public housing estates – and 79,000 parking spaces. The company pays a 4.4% dividend yield which is growing and trades at a decent discount to NAV. Within the ‘Digitalisation’ theme we kept our overweight but decreased the weighting of some of the strong performers Equinix and American Tower to build a position in Crown Castle, another Tower Reit. And finally, we increased our weighting in the Industrial sector by increasing our weighting to Australian Industrial real estate company Goodman Group. Goodman is an integrated property group with operations throughout Australia, New Zealand, Asia, Continental Europe, the United Kingdom, North America and Brazil and is one of the largest listed specialist investment managers of industrial property and business space globally.

Outlook

For the remainder of the year we eagerly await updates from companies about the long-term impact of Covid-19 and the recession that will follow on company earnings and values. Most companies have so far withdrawn guidance. We expect more clarity with H1 numbers which will start to be announced in July. In the meantime, we remain positioned as we are with few changes in the portfolio expected in the short term. We have seen that Covid-19 has proven to be an accelerator for trends we have built the portfolio upon. Thematic exposure like ‘Digitalisation’ will profit from the trend to work from home more as well as from the trend to shop more online. This last trend will also be a tailwind for our exposure to Industrial real estate. The Residential sector and its stable income yield and growth in rents and values will profit from the ‘lower for longer’ (and maybe ‘lower for ever’) bond yields. We envisage that our exposure to Hotel Reits and Retail Reits will remain limited as bricks and mortar retail is still suffering and for hotels, 2020 seems to be a lost year due to Covid-19. We strongly believe that our thematic and sustainable investment process combined with an attractive valuation for the sector as a whole will result in strong absolute and relative performance in the medium to longer term. We will however probably see some higher than normal volatility in the short term.


125



As at 30 June 2020

Fair Value % of


Equities: 95.29% (31 Dec 2019: 101.19%)

Cash Harvest: 22.96% (31 Dec 2019: 28.71%)

7,333 American Tower 1,516,650 1.97

11,397 Crown Castle International REITS 1,508,207 1.96

8,827 Equinix REITS 4,955,256 6.45

23,423 Gecina REITS 2,410,340 3.14

511,714 Goodman Group REITS 4,242,920 5.52

50,934 Healthpeak Properties REITS 1,128,431 1.47

21,392 Unibail-Rodamco-Westfield 987,819 1.28

21,627 Welltower REITS 903,115 1.17



21,237 Alexandria REITS 2,798,514 3.64

99,158 American Campus Communities REITS 2,782,695 3.62

23,590 AvalonBay Communities 2,940,171 3.82

38,799 Boston Properties REITS 2,838,346 3.69

314,900 City Developments 1,545,576 2.01

653,500 CK Asset 3,169,658 4.12

120,500 Daiwa House Industries 2,313,112 3.01

95,159 Deutsche Wohnen 3,472,732 4.52

62,007 Equity Residential 2,913,755 3.79

12,239 Essex Property Trust 2,258,537 2.94

33,678 Kilroy Realty REITS 1,608,766 2.09

100,676 Klepierre REITS 1,644,594 2.14

29,155 LEG Immobilien 3,055,587 3.97

388,100 Link REITS 2,584,338 3.36

291,169 Mitsubishi Estate 3,527,222 4.59

206,780 Mitsui Fudosan 2,980,425 3.88

83,371 Prologis REITS 6,191,420 8.05

14,594 Vornado Realty Trust REITS 458,913 0.60



126



As at 30 June 2020

Fair Value % of




423,958 Aroundtown 2,040,202 2.65

2,840,953 BGP Plc* - -

29,749 Covivio REITS 1,794,260 2.33

2,276,000 Sino Land 2,325,121 3.03

20,760 VastNed Retail 367,524 0.48







% of Total

Assets




Cash 5.17

Other Assets 0.44

Total 99.99

*Unlisted Investments

Investments BGP Holdings Plc was written down to zero by the investment manager in August 2009 when it

was received as an inspecie distribution from an Australian company called GPT. The BGP shares are not

tradable and the company is being wound up. There is however a view that the wind-up will result in a return of

cash to unitholders and thus the holding remains part of the Fund portfolio.


127



Sales


100,174 Prologis REITS 7,111,194

52,895 Unibail-Rodamco-Westfield 4,807,646

9,824 Equinix REITS 4,550,892


219,100 Mitsui Fudosan 4,421,719

601,641 Aroundtown 4,222,905

130,258 Deutsche Wohnen 4,145,478

48,497 Covivio REITS 3,813,229

165,533 Klepierre REITS 3,718,550

38,547 LEG Immobilien 3,590,190

560,200 City Developments 3,318,389

31,615 Boston Properties REITS 3,241,596

66,834 Liberty Property Trust 3,176,926


641,500 CK Asset 3,136,484

16,674 American Tower 3,054,393

392,286 Goodman Group REITS 3,002,762

18,077 AvalonBay Communities 2,965,337


11,987 Essex Property Trust 2,823,905

44,252 Equity Residential 2,788,158

81,164 American Campus Communities REITS 2,691,177

102,321 ADO Properties 2,385,256

39,757 Kilroy Realty REITS 2,365,550

40,404 Welltower REITS 2,308,464

86,844 TLG Immobilien 2,223,740

85,618 Healthpeak Properties REITS 2,218,929

17,194 Alexandria REITS 2,154,251

103,896 VastNed Retail 2,061,604

1,950,000 Sino Land 2,057,674

81,500 Daiwa House Industries 1,967,342

12,902 Gecina REITS 1,826,759

38,358 Vornado Realty Trust REITS 1,713,146

13,657 Life Storage 1,100,035

The significant changes to the portfolio for the period are the aggregate sales of a security exceeding 1% of the total value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the period




128



Purchases*


32,143 Gecina REITS 4,463,340

323,000 Link REITS 2,146,556

96,407 Klepierre REITS 1,641,683

16,663 Unibail-Rodamco-Westfield 1,445,956

15,263 Boston Properties REITS 1,195,331

9,319 Crown Castle International REITS 1,143,526

14,891 Kilroy Realty REITS 971,735

34,807 American Campus Communities REITS 840,739

16,449 Covivio REITS 818,449

5,500 Alexandria REITS 722,383

4,447 AvalonBay Communities 682,432

12,965 Equity Residential 627,649

8,624 Prologis REITS 616,292

30,000 Daiwa House Industries 590,406

85,500 CK Asset 418,497

50,438 Goodman Group REITS 354,395

2,268 LEG Immobilien 234,652

6,274 Welltower REITS 226,724

5,600 Mitsui Fudosan 79,332

169 Essex Property Trust 38,240

The significant changes to the portfolio for the period are the aggregate purchases of a security exceeding 1% of the total value of purchases. Where the number of purchases transactions exceeding 1% of the total value of purchases for the period is less than 20, then a minimum of 20 purchases will be disclosed.


* The above purchases do not include in-specie transfers that resulted from the merger of Sarasin IE Sustainable Global Real Estate Equity (USD).


129




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes £ £

Revenue


Deposit Interest 377 1,187


value through the profit or loss 2 (8,412,032) 13,252,048

(6,903,307) 16,772,963

Expenses 3

Management fee (357,729) (703,386)




Finance Costs


Distributions 4 (1,365,964) (2,866,362)

Equalisation 118,896 (4,411)

Taxation

Withholding tax 8 (266,098) (585,040)



from Investment Activities (8,863,134) 12,463,830



01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £

Opening net assets attributable

to Unitholders 153,222,243 147,472,262





(68,478,992) (1,463,205)

Changes in net assets attributable to

Unitholders from investment activities (8,863,134) 12,463,830

Retained distribution on accumulation units 1,002,106 1,277,093




130



as at 30 June 2020

30.06.2020 31.12.2019

Notes £ £

Assets



Other Assets



Sundry debtors 29 -


Bank deposits 4,015,110 381,695

Total Other Assets 4,366,573 678,619

Total Assets 77,630,779 155,729,488

Other Liabilities




Redemptions payable 160,550 1,227,020





Total Other Liabilities 748,556 2,507,245

Total Liabilities 748,556 2,507,245




131




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

£ £


Changes in net assets attritubable to Unitholders from investment

activities (8,863,134) 12,463,830

Adjustments for:

Decrease/(increase) in financial instruments at fair value through

profit or loss* 95,028,355 (11,153,574)


(Decrease)/increase in payables (692,219) 1,045,770



Subscriptions* 7,690,507 7,090,605

Redemptions (90,566,827) (8,523,020)

Retained distribution on accumulation units 1,002,106 1,277,093

Cash flows used in financing activities (81,874,214) (155,322)

Net increase/(decrease) in cash and cash equivalents during the

period 3,633,415 1,791,946

Cash and cash equivalents at the beginning of the period 381,695 741,942



*Excludes in-specie transfers resulting from merger of Sarasin IE Sustainable Global Real Estate Equity (USD)


132

Sarasin IE Sustainable Global Real Estate Equity (USD)

Investment Review for the period 01 January 2020 to 30 June 2020 On 9 June 2020 unitholders voted at an Extraordinary General Meeting for the Fund to be merged into Sarasin IE Sustainable Global Real Estate Equity and this merger took place on 24 June 2020. As a result, all unitholders now hold units in Sarasin IE Sustainable Global Real Estate Equity and there are therefore no unitholders remaining in the Fund and the Fund holds no assets, and is in the process of being closed.


133



Sales*



6,752 Unibail-Rodamco-Westfield 590,355

60,716 Aroundtown 495,790

4,355 Life Storage 473,271

20,428 Klepierre REITS 454,259


3,992 Simon Property REITS 429,466

1,664 American Tower 398,974


19,243 Weyerhaeuser REITS 384,120

13,309 ADO Properties 376,249

45,600 City Developments 323,120

387 Equinix REITS 271,486


11,736 VastNed Retail 258,480

38,500 CK Asset 249,796

6,162 Deutsche Wohnen 243,621

2,047 LEG Immobilien 234,802



2,265 Boston Properties REITS 209,211







6,672 Healthpeak Properties REITS 168,273

102,000 Sino Land 145,625


940 Gecina REITS 116,543

2,538 Vornado Realty Trust REITS 97,489


total value of sales. Where the number of sales transactions exceeding 1% of the total value of sales for the

period is less than 20, then a minimum of 20 sales will be disclosed.


* The above sales exclude in-specie transfer resulting from the merger into Sarasin IE Sustainable Global Real Estate Equity.


134



Purchases


5,122 Gecina REITS 901,682

65,100 Link REITS 544,161

4,702 Unibail-Rodamco-Westfield 495,935

20,420 Klepierre REITS 460,787

4,266 Boston Properties REITS 438,532






2,078 Crown Castle International REITS 311,049








26,000 CK Asset 164,049


482 American Tower 112,749

94,000 Sino Land 111,824

180 Equinix REITS 106,665

2,117 Deutsche Wohnen 87,765

3,498 Weyerhaeuser REITS 83,098






135




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

Notes US$ US$

Revenue


Bank Deposit interest 350 3,730



(3,741,687) 1,741,052

Expenses 3

Management fee (99,026) (109,226)



Operating (Loss) /Profit (3,871,125) 1,604,304

Finance Costs

Bank interest (115) (2,308)

Equalisation (307,669) 8,649

Taxation

Witholding tax 8 (66,091) (72,165)


Changes in net assets attributable to Unitholdersfrom investment activities (4,245,000) 1,160,011

Statement of changes in net assets attributable to Unitholders


01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$






(19,067,897) 1,911,952


activities (4,245,000) 1,160,011


Closing net assets attributable to Unitholders - 20,608,115



136



as at 30 June 2020

30.06.2020 31.12.2019

Notes US$ US$

Assets


Investments in transferable securities - 22,603,238

Other Assets


Sundry debtors 5 -


Bank deposits 21,739 788,037

Total Other Assets 38,300 825,454

Total Assets 38,300 23,428,692

Other Liabilities




Other creditors 4,983 1,333

Distribution payable 4 - 61,669



Net Assets Attributable to Unitholders - 23,312,897



137




01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

US$ US$




Adjustments for:

Decrease/(increase) in financial instruments at fair value

through profit or loss* 6,023,314 (3,360,381)





Subscriptions 7,119,413 4,107,936

Redemptions* (9,607,386) (2,208,136)


Cash flows (used in)/from financing activities (2,487,973) 2,188,361

Net (decrease)/increase in cash and cash equivalents

during the period (766,298) 21,222

Cash and cash equivalents at the beginning of the period 788,037 603,212

Cash and cash equivalents at the end of the period 21,739 624,434

The accompanying notes form an integral part of these financial statements *Excludes in-specie transfers resulting from merger into Sarasin IE Sustainable Global Real Estate Equity


138

Notes to the Condensed Unaudited Interim Financial Statements

1. Accounting convention Basis of accounting These financial statements comprise the separate financial statements for the following Trusts –Sarasin IE Global Equity Opportunities (GBP), Sarasin IE Global Equity Opportunities (USD), Sarasin IE GlobalSar – Dynamic (GBP), Sarasin IE GlobalSar – Dynamic (USD), Sarasin IE GlobalSar – Income (GBP), Sarasin IE GlobalSar – Strategic (EUR), Sarasin IE Multi Asset Target Return, Sarasin IE GlobalSar – Strategic (USD), Sarasin IE Systematic Emerging Markets Dividend, Sarasin IE Sustainable Global Real Estate Equity and Sarasin IE Sustainable Global Real Estate Equity (USD) collectively known as “the Trusts”.

Statement of Compliance The condensed interim financial statements have been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the European Union and should be read in conjunction with the most recent Audited Annual Report and Accounts, which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and Irish statute comprising the Trust Deed, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations"). In accordance with IAS 34, comparative information for the period ended 30 June 2019 is presented in respect of the Statement of Comprehensive Income, Statement of Change in Net Assets Attributable to Unitholders and Statement of Cash Flows. Comparative information for the period ended 31 December 2019 is presented for the Statement of Financial Position. The financial information contained herein is unaudited. The accounting policies applied in these condensed interim financial statements are consistent with those applied in the Audited Annual Report and Accounts for the year ended 31 December 2019.

2. Net realised/unrealised gains/(losses) on investments


Global Equity Global Equity

Opportunities (GBP) Opportunities (USD)

01.01.2020 - 01.01.2019 - 01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 30.06.2020 30.06.2019

£ £ $ $

Non-derivative securities

Realised gains/(losses) on sale of

investments 94,715 (409,553) (1,874,657) (986,389)

Unrealised (losses)/gains on revaluation

of investments (7,060,790) 23,782,189 (11,056,078) 15,640,063

(6,966,075) 23,372,636 (12,930,735) 14,653,674

Derivative contracts


Investments 84,907 (220,142) 11 (2,524)

Unrealised gains on revaluation of

investments 5,213 76,463 - 986

90,120 (143,679) 11 (1,538)

Realised (losses)/gains on foreign

currency movements (162,753) 12,829 (110,954) 19,037

Net realised/unrealised (losses)/gains

on investments (7,038,708) 23,241,786 (13,041,678) 14,671,173


139

Notes to the Condensed Unaudited Interim Financial Statements (continued)

2. Net realised/unrealised gains/(losses) on investments (continued)

Sarasin IE Sarasin IEGlobalSar -

Dynamic (GBP)01.01.2020 - 01.01.2019 - 01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 30.06.2020 30.06.2019 £ £ $ $


Realised gains on sale of investments 7,531,245 9,785,908 2,798,246 3,289,994

Unrealised gains/(losses) on revaluation

of investments 7,429,818 29,467,006 (4,813,828) 13,866,135

14,961,063 39,252,914 (2,015,582) 17,156,129 Derivative contractsRealised (losses)/gains on sale of

Investments (6,640,603) (854,578) 2,320,118 (22,918)


of investments (3,472,103) 15,674 356,764 (68,050)(10,112,706) (838,904) 2,676,882 (90,968)

Realised gains/(losses) on foreign

currency movements 5,210,637 (1,074,432) (282,811) 287,044

Net realised/unrealised gains on

investments 10,058,994 37,339,578 378,489 17,352,205

GlobalSar -Dynamic (USD)

Sarasin IE Sarasin IEGlobalSar - GlobalSar -

Income (GBP)

01.01.2020 - 01.01.2019 - 01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 30.06.2020 30.06.2019

£ £ € €



investments 596,128 749,731 (287,302) 532,026

Unrealised gains/(losses) on revaluation

of investments 927,523 8,004,701 (1,467,967) 4,271,272

1,523,651 8,754,432 (1,755,269) 4,803,298


Realised (losses)/gains on sale of

Investments (401,033) (71,324) 624,900 (404,223)


of investments (522,030) 14,603 (109,160) 185,072

(923,063) (56,721) 515,740 (219,151)


currency movements 1,087,333 (93,985) 110,175 (118,676)

Net realised/unrealised gains/(losses)

on investments 1,687,921 8,603,726 (1,129,354) 4,465,471

Strategic (EUR)


140



01.01.2020 - 01.01.2019 - 01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 30.06.2020 30.06.2019

£ £ $ $


Realised gains on sale of investments 511,601 396,619 921,834 528,775

Unrealised gains on revaluation of

investments 744,997 2,874,752 33,788 4,829,151

1,256,598 3,271,371 955,622 5,357,926



Investments 84,107 (204,744) 967,012 (138)


of investments (131,119) (105,252) 78,151 (1,210)

(47,012) (309,996) 1,045,163 (1,348)


currency movements 549,478 (51,716) (196,482) 53,794

Net realised/unrealised gains on

investments 1,759,064 2,909,659 1,804,303 5,410,372

Sarasin IE

Strategic (USD)

Sarasin IE

Multi Asset GlobalSar -

Target Return

Sarasin IE

Real Estate Equity

01.01.2020 - 01.01.2019 - 01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019 30.06.2020 30.06.2019

$ $ £ £



investments 1,123,941 (272,619) 6,368,744 1,923,837


of investments (3,883,173) 5,181,042 (14,888,613) 11,275,663

(2,759,232) 4,908,423 (8,519,869) 13,199,500



Investments (311,730) (33,449) 593 22,378


of investments (222,980) 31 - -

(534,710) (33,418) 593 22,378

Realised (losses)/gains on foreign

currency movements (103,120) (15,522) 107,244 30,170


on investments (3,397,062) 4,859,483 (8,412,032) 13,252,048

Markets Dividend

Systematic Emerging Sustainable Global

Sarasin IE


141



Sarasin IE

Sustainable Global

Real Estate Equity (USD)

01.01.2020 - 01.01.2019 -

30.06.2020 30.06.2019

$ $



Investments (2,597,699) 173,660


of Investments (1,503,950) 1,134,225

(4,101,649) 1,307,885


Realised gains on sale of Investments 1,153 999

1,153 999

Realised losses on foreign currency

movements (16,031) (11,868)


on investments (4,116,527) 1,297,016

The realised gain/(loss) from financial instruments represents the difference between the transaction price and its sale/settlement price. The unrealised gain/(loss) represents the difference between the transaction price, or the carrying amount of the financial instruments at the beginning of the period, and its carrying amount at the end of the period.

3. Expenses The Manager is entitled to receive out of the assets of the Trusts an annual fee. The fee rate which is applied to the net asset value of each class of units is shown in the table overleaf (“Annual ManagementCharges”). The Manager also receives a fixed rate operating charge as disclosed in the table overleaf. This fixed operating charge is used to pay certain fees and expenses (including VAT, if any). The fixed rate operating charge will include fees payable to the Trustee and Administrator, any costs incurred in respect of meetings of Unitholders, the fees and expenses of the auditor and other professional service providers and printing costs.


142


3. Expenses (continued)

As at 30 June 2020


Global Equity - Global Equity - GlobalSar -

Opportunities (GBP) Opportunities (USD) Dynamic (GBP)

Annual Management Charges per unit class

A Class 1.50% A Class 1.50% A Class 1.50%

A Class (EUR) 1.50%

A Class (USD) 1.50%

D Class 0.50% D Class 0.50% D Class 0.50%

F Class 1.00% F Class 1.00% F Class 1.00%

I Class 0.85% I Class 0.85% I Class 0.85%

I Class (EUR) 0.85%

I Class (EUR) Hedged 0.85%

P Class 0.75% P Class 0.75% P Class 0.75%

X Class 1.35% X Class 1.35% X Class 1.35%

X Class (EUR) 1.35%

X Class (EUR) Hedged 1.35%

Z Class 0.00% Z Class 0.00% Z Class 0.00%

Z Class (EUR) 0.00%

Z Class (EUR) Hedged 0.00%


Global Equity - Global Equity - GlobalSar -

Opportunities (GBP) Opportunities (USD) Dynamic (GBP)

Fixed Operating Charge per unit class


A Class (EUR) 0.25%

A Class (USD) 0.25%


F Class 0.25% F Class 0.25% F Class 0.25%


I Class (EUR) 0.15%

I Class (EUR) Hedged 0.15%



X Class (EUR) 0.25%

X Class (EUR) Hedged 0.25%


Z Class (EUR) 0.18%

Z Class (EUR) Hedged 0.18%


143


3. Expenses (continued) As at 30 June 2020


GlobalSar - GlobalSar - GlobalSar -

Dynamic (USD) Income (GBP) Strategic (EUR)



D Class 0.50% D Class 0.50%

F Class 1.00% F Class 1.00%







D Class 0.15% D Class 0.15%







Multi Asset GlobalSar - Systematic Emerging

Target Return Strategic (USD) Markets Dividend


A Class 1.50% A Class 1.50%

A Class (GBP) 1.50%




J Class 0.55%

P Class 0.75% P Class 0.75%

P Class (GBP) 0.65%





A Class (GBP) 0.21%




J Class 0.15%


P Class (GBP) 0.21%




144


3. Expenses (continued)

As at 31 December 2019


Sustainable Global

Real Estate Equity Real Estate Equity (USD)



A Class (GBP) 1.50%

A Class (EUR) 1.50%


I Class 0.85% I Class 0.85%

I Class (EUR) 0.85%

I Class (USD) 0.85%


P Class (GBP) 0.75%

P Class (EUR) 0.75% P Class (EUR) 0.75%

P Class (USD) 0.75%

X Class 1.35% X Class 1.35%

X Class (EUR) 1.35%

X Class (USD) 1.35%

Z Class 0.00% Z Class 0.00%

Z Class (USD) 0.00%



A Class (GBP) 0.25%

A Class (EUR) 0.25%


I Class 0.15% I Class 0.15%

I Class (EUR) 0.15%

I Class (USD) 0.15%


P Class (GBP) 0.25%

P Class (EUR) 0.25%

P Class (USD) 0.25% P Class (EUR) 0.25%

X Class 0.25% X Class 0.25%

X Class (EUR) 0.25%

X Class (USD) 0.25%

Z Class 0.18% Z Class 0.18%

Z Class (USD) 0.18%

Sustainable Global


145


4. Distributions and accumulations

Sarasin IE Global Equity - Opportunities (GBP)

Local 30.06.2020 Local 30.06.2019

Ccy £ Ccy £

First Interim Distribution

Class 'A' Units 28,921 44,748

Class 'D' Units 16,878 26,927

Class 'I' Units EUR Hedged - €1,003 876

Class 'I' Units 41,499 115,009

Class 'I' Units EUR €118,220 107,992 €184,637 161,306

Class 'P' Units 25,801 37,729

Class 'X' Units EUR Hedged €1,678 1,533 €2,947 2,574

Class 'X' Units 25,263 341,950

Class 'X' Units EUR €1,126 1,028 €1,677 1,465

Class 'Z' Units 265,782 -

Class 'Z' Units EUR Hedge €1,771 1,617 -

516,314 732,584

First Interim Accumulation

Class 'A' Units 189,210 293,345

Class 'A' Units EUR €8,044 7,348 €6,634 5,795

Class 'A' Units USD $3,645 2,970 $5,391 4,169

Class 'D' Units 928 1,479

Class 'F' Units 5,116 7,325

Class 'I' EUR Hedged €34,251 31,288 39996 34,942

Class 'I' Units 72,323 435,379

Class 'I' Units EUR €50,715 46,328 €59,206 51,725

Class 'P' Units 20,649 30,129

Class 'X' EUR Hedged €61,747 56,405 €90,292 78,883

Class 'X' Units 32,447 230,974

Class 'X' Units EUR €145,645 133,045 €171,006 149,398


Class 'Z' Units EUR €7,950 7,262 -

Class 'Z' Units EUR Hedge €268 245 -

723,750 1,323,543

Sarasin IE Global Equity - Opportunities (USD)

30.06.2020 30.06.2019


Class 'A' Units 1,084 4,091

Class 'D' Units 17,862 25,791

Class 'I' Units 209,625 391,290

Class 'X' Units 14,123 30,567


307,746 451,739


Class 'A' Units 134,691 221,830

Class 'F' Units 726 1,039

Class 'I' Units 227,369 476,582

Class 'P' Units 45,135 59,098

Class 'X' Units 20,919 112,566


481,726 871,115


146


4. Distributions and accumulations (continued)

Sarasin IE GlobalSar - Dynamic (GBP)

30.06.2020 30.06.2019

£ £


Class 'A' Units 13,708 50,832

Class 'D' Units 62,931 182,683


Class 'I' Units 39,948 392,142

Class 'P' Units 5,294 13,077

Class 'X' Units 19,996 862,320


793,661 1,509,840


Class 'A' Units 106,811 411,350

Class 'D' Units 1,719 4,545

Class 'F' Units 14,848 46,974

Class 'I' Units 53,433 296,538

Class 'P' Units 118,554 292,382

Class 'X' Units 13,056 499,625

Class 'Z' Units 188,835 106

497,256 1,551,520

Sarasin IE GlobalSar - Dynamic (USD)

30.06.2020 30.06.2019

$ $


Class 'A' Units 5,979 17,520

Class 'I' Units 30,292 116,760

Class 'P' Units 5,310 8,893

Class 'X' Units 40,548 143,189


107,017 286,362


Class 'A' Units 121,126 336,797


Class 'I' Units 142,342 359,499

Class 'P' Units 194,338 420,117

Class 'X' Units 35,132 162,519


516,912 1,285,794


147



Sarasin IE GlobalSar - Income (GBP)

30.06.2020 30.06.2019

£ £

First Quarter Distribution

Class 'A' Units 17,283 30,221

Class 'D' Units 134,911 168,919


Class 'I' Units 70,435 175,236


Class 'X' Units 23,977 405,172


503,303 787,718

First Quarter Accumulation

Class 'A' Units 44,649 77,431

Class 'D' Units 22,657 20,885

Class 'F' Units 97 706

Class 'I' Units 6,965 28,541

Class 'P' Units 41,462 57,032

Class 'X' Units 4,041 57,000


159,077 241,595

Second Quarter Distribution

Class 'A' Units 25,899 33,858

Class 'D' Units 194,711 223,586


Class 'I' Units 102,103 191,815


Class 'X' Units 33,159 446,050


735,325 903,924

Second Quarter Accumulation

Class 'A' Units 64,862 87,632

Class 'D' Units 32,781 34,451

Class 'F' Units 141 140

Class 'I' Units 8,955 36,530

Class 'P' Units 64,948 64,134

Class 'X' Units 5,087 61,380


232,201 284,267


148



Sarasin IE GlobalSar - Strategic (EUR)

30.06.2020 30.06.2019

€ €


Class 'A' Units 315 997

Class 'I' Units 204 4,447

Class 'X' Units 3,343 14,966


7,552 20,410


Class 'A' Units 6,830 24,686

Class 'I' Units 58,549 137,655

Class 'X' Units 99,566 306,950



173,573 478,096


30.06.2020 30.06.2019

£ £



Class 'D' Units 195,076 226,760


Class 'I' Units 29,761 85,435

Class 'P' Units 1,666 21

Class 'X' Units - 44,898


348,751 360,856



Class 'D' Units 115,034 112,120


Class 'I' Units 48,878 99,244

Class 'P' Units 34,735 24,566



217,947 266,152


149



Sarasin IE GlobalSar - Strategic (USD)

30.06.2020 30.06.2019

$ $


Class 'A' Units 460 1,497

Class 'I' Units 27,157 67,525

Class 'X' Units 8,349 62,027


59,963 131,049


Class 'A' Units 23,483 57,797

Class 'D' Units 73,151 141,508

Class 'F' Units 14,253 35,915

Class 'I' Units 10,712 182,671

Class 'P' Units 24,016 35,417

Class 'X' Units 27,457 92,113


249,173 545,421


Local 30.06.2020 Local 30.06.2019

Ccy $ Ccy $


Class 'D' Units - 40,534

Class 'I' Units - 379,547


Class 'Z' Units - -

- 426,589


Class 'A' Units GBP - £1,592 2,058

Class 'D' Units - 1,447


Class 'P' Units GBP - £5,866 7,585


Class 'Z' Units - -

- 98,220


150




Local 30.06.2020 Local 30.06.2019

Ccy £ Ccy £


Class 'A' Units 20,625 27,951

Class 'A' Units USD $1,518 1,237 -

Class 'I' Units EUR €144,132 131,664 €138,299 120,823


Class 'I' Units 34,581 1,359,987

Class 'P' Units 102,185 35,993

Class 'P' Units USD $278 226 -

Class 'I' Units USD $6,874 5,602 -

Class 'X' Units 2,434 40,462

Class 'X' Units USD $14,809 12,069 -


Class 'Z' Units USD $5,860 4,776 -

363,858 1,589,269


Class 'A' Units 198,038 246,630

Class 'A' Units EUR €2,695 2,462 €3,089 2,698

Class 'A' Units USD $41,187 33,566 -

Class 'X' Units EUR €7,092 6,479 €7,918 6,917

Class 'F' Units 12,195 15,272

Class 'I' Units 84,123 234,438

Class 'I' Units USD $37,612 30,653 $80,547 62,298

Class 'P' Units 601,300 700,090

Class 'P' Units EUR €428 391 -

Class 'P' Units USD $32,517 26,500 -

Class 'X' Units 1,819 8,750


1,002,106 1,277,093


Local 30.06.2020 Local 30.06.2019

Ccy $ Ccy $


Class 'A' Units - 1,954


Class 'P' Units - 186

Class 'P' Units GBP - £33,167 42,883


Class 'Z' Units - -

- 89,908


Class 'A' Units - 123,469

Class 'A' Units GBP - £13,509 17,466

Class 'I' Units - -

Class 'P' Units - 4,524

Class 'P' Units GBP - £110,606 143,006

Class 'P' Units EUR - €85 96

Class 'X' Units - -

- 288,561


151


5. Cash and cash equivalents Cash and bank balances, including the bank overdraft, are held with The Northern Trust Company, (TNTC). TNTC is a wholly owned subsidiary of Northern Trust Corporation. Northern Trust Corporation is publicly traded and a constituent of the S&P 500. Northern Trust Corporation has a credit rating of A+ (2019: A+). Collateral cash is held with Bank of New York Mellon which has a S&P credit rating of A (31 December 2019: A). Margin cash is held with Goldman Sachs which has a credit rating of A+ (31 December 2019: A+).

6. Disclosure of dealing arrangements and soft commissions

The Manager may from time to time make arrangements with other persons under which those persons arrange for the provision to them of investment related services or other benefits the receipt of which is intended to assist them in the provision of Investment Management Services and be of benefit to the Trusts. The Manager does not always make direct payment for such services but instead may place Trusts business with those or other persons. The Trusts will pay brokerage at rates not in excess of customary institutional full service brokerage rates and all transactions effected for the Trusts will be such as to secure for them best execution, disregarding any benefit which might accrue directly or indirectly to the Trusts from the services or benefits provided under such arrangements. No cash rebates will be retained by the Manager. There were no soft commissions agreements entered into by the Manager on behalf of the Trusts during the period ended 30 June 2020 and 30 June 2019.

7. Financial derivative instruments At the discretion of the Directors of the Manager, the Trusts may enter into financial derivative contracts such as total return swaps, swaptions, credit default swaps, forward contracts, futures, options (including currency options), interest rate swaps, repurchase agreements, convertible bonds and warrants for the purposes of protection, risk mitigation, currency hedging, alpha generation and exposure. Efficient portfolio management techniques are not employed by the Trusts. Details of open financial derivative instruments at period end are disclosed in the Schedule of Investments. The realised and unrealised gains/losses on derivative contracts for the periods ending 30 June 2020 and 30 June 2019 are included in note 3 Net realised/unrealised gains/(losses) on investments.

8. Taxation

The amounts disclosed as taxation in the Statement of Comprehensive Income relate solely to withholding tax suffered at source on income. Irish domiciled funds are not liable to tax in respect of income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution payment to Unitholders or any encashment, redemption, transfer or cancellation of units or a deemed disposal of units every eight years beginning from the date of acquisition of the units.

A chargeable event does not include:

(i) any transactions in relation to units held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or

(ii) an exchange of units representing one Trust for another Trust within the Scheme; or (iii) an exchange of units arising on a qualifying amalgamation or reconstruction of the Trust with

another fund; or (iv) a Unitholder who is neither resident nor ordinarily resident in Ireland at the time of the chargeable

event provided the necessary signed statutory declarations are held by the Trust; or (v) certain exempted Irish resident investors who have provided the Trust with the necessary signed

statutory declarations. In the absence of an appropriate declaration, the Trusts will be liable to Irish Tax on the occurrence of a chargeable event. Capital gains, dividends and interest received by the Trusts may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Trusts or their Unitholders.


152


9. Related party transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Sarasin Funds Management (Ireland) Limited ("the Manager") is regarded as a related party. The Manager is entitled to receive an Investment Management Fee out of the assets of the Trusts. Details of Investment Management Fees charged for the period are disclosed within the Statement of Comprehensive Income of each Trust. Investment Management fees payable at period end are disclosed with the Statement of Financial Position applicable to each Trust. The Manager is also entitled to receive a Fixed Operating Charge out of the assets of the Trusts. Details of the fixed operating charge are disclosed within the Statement of Comprehensive Income of each Trust. Details of the fixed operating charge payable at period end are disclosed with the Statement of Financial Position applicable to each Trust. Michael Barr and Brian McDermott are Directors of the Manager and partners of the Trust’s legal advisers and each are considered to be a related party. Legal fees for the period are included in Fixed Operating Charge on the Statement of Comprehensive Income. Remuneration of the Directors of the Manager in respect of qualifying services for the period ended 30 June 2020 was €27,500 (30 June 2019: €27,500). €11,796 was payable by the Manager to Directors at 30 June 2020 (31 December 2019: €Nil). The Directors of the Manager held no investments in the Trusts as at 30 June 2020 (31 December 2019: None). Other than disclosed below, no related parties held units in the Trust as at 30 June 2020.

The following units were held by Bank Sarasin & Co. Limited:

Distribution Accumulation

Units Units

Sarasin IE Global Equity Opportunities (GBP) 61,027 28,160

Sarasin IE Global Equity Opportunities (USD) 94,624 723,228

Sarasin IE GlobalSar - Dynamic (GBP) 159,910 -

Sarasin IE GlobalSar - Dynamic (USD) 274,208 382,931

Sarasin IE GlobalSar - Income (GBP) 612,605 10,400

Sarasin IE GlobalSar - Strategic (EUR) 17,470 -

Sarasin IE GlobalSar - Multi Asset Target Return 94,346 -

Sarasin IE GlobalSar - Strategic (USD) 653,222 793,972

Sarasin IE Sustainable Global Real Estate Equity 52,829 103,292

The following units were held by Sarasin & Partners LLP:


Units Units

Sarasin IE Global Equity Opportunities (GBP) - 1,977

Sarasin IE GlobalSar - Dynamic (GBP) - 460

Sarasin IE GlobalSar - Strategic (EUR) - 1,305

Sarasin IE GlobalSar - Multi Asset Target Return - 1,659


153


9. Related party transactions (continued)

Cross Holding Investments held at 30 June 2020

Currency Market Value

Percentage

Holding

Sarasin IE GlobalSar - Dynamic (GBP) GBP 6,953,109 1.54

Sarasin IE GlobalSar - Dynamic (USD) USD 2,844,586 1.56

Sarasin IE GlobalSar - Income (GBP) GBP 1,044,744 0.50

Sarasin IE GlobalSar - Strategic (EUR) EUR 767,934 1.08

Sarasin IE GlobalSar - Multi Asset Target

Return GBP 10,261,373 13.92

Sarasin IE GlobalSar - Strategic (USD) USD 819,356 1.07

Sarasin Food & Agricultural

Opportunities Fund - Class P INC





Investment

Sarasin Funds ICVC - Sarasin

Responsible Corporate Bond





The following related parties held units in the Trust as at 31 December 2019:

The following units were held by Bank Sarasin & Co. Limited:


Units Units

Sarasin IE Global Equity Opportunities (GBP) 66,027 28,235

Sarasin IE Global Equity Opportunities (USD) 99,624 852,403

Sarasin IE GlobalSar - Dynamic (GBP) 152,921 -

Sarasin IE GlobalSar - Dynamic (USD) 288,399 392,427

Sarasin IE GlobalSar - Income (GBP) 614,905 10,400

Sarasin IE GlobalSar - Strategic (EUR) 17,470 -

Sarasin IE Multi Asset Target Return 94,346 -

Sarasin IE GlobalSar - Strategic (USD) 653,472 742,003

Sarasin IE Systematic Emerging Markets Dividend - 762

Sarasin IE Sustainable Global Real Estate Equity 23,000 23,992

Sarasin IE Sustainable Global Real Estate Equity (USD) 51,230 54,300

The following units were held by Sarasin & Partners LLP:


Units Units

Sarasin IE Global Equity Opportunities (GBP) - 430

Sarasin IE GlobalSar - Dynamic (GBP) - 696

Sarasin IE Multi Asset Target Return - 2,725


154


9. Related party transactions (continued)

Cross Holding Investments held at 31 December 2019:

Investment Currency

Market

Value

Percentage

Holding


GBP

7,808,000 1.80


USD

3,480,836 1.88

Sarasin IE GlobalSar - Income (GBP) GBP 1,171,200 0.58

Sarasin IE GlobalSar - Strategic (EUR) EUR 872,671 1.25

Sarasin IE Multi Asset Target Return GBP 5,391,750 7.79

Sarasin IE Multi Asset Target Return GBP 267,096 0.39

Sarasin IE GlobalSar - Strategic (USD) USD 902,439 1.34

Sarasin IE Systematic Emerging

Markets Dividend - Class I INC







Sarasin Funds ICVC - Sarasin

Responsible Corporate Bond





Connected Persons Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the Unitholders. The Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.


155


10. Exchange Rates The principle rates as at 30 June 2020 are as follows:

Currency Euro UK Sterling US Dollar

Australian Dollar 1.6366 1.7916 1.4601

Brazilian Real 6.0594 6.6332 5.4058

Canadian Dollar 1.5334 1.6786 1.3680

Chilean Peso 920.8196 1,008.0225 821.5000

Czech Koruna 26.8115 29.3506 23.9196

Danish Krone 7.4524 8.1582 6.6486

Euro 1.0000 1.0947 0.8921

Hong Kong Dollar 8.6871 9.5098 7.7501

Hungarian Forint 356.3901 390.1408 317.9499

Indian Rupee 84.6322 92.6470 75.5038

Indonesian Rupiah 16,012.0609 17,528.4246 14,285.0000

Japanese Yen 120.7658 132.2025 107.7400

Korean Won 1,348.2749 1,475.9584 1,202.8500

Malaysian Ringgit 4.8031 5.2579 4.2850

Mexican Peso 25.9578 28.4160 23.1580

Norwegian Kroner 10.9098 11.9429 9.7331

Philippine Peso 55.8489 61.1378 49.8250

Polish Zloty 4.4620 4.8846 3.9808

Singapore Dollar 1.5662 1.7145 1.3973

South African Rand 19.4392 21.2801 17.3425

Swedish Kronor 10.5018 11.4963 9.3691

Swiss Franc 1.0655 1.1664 0.9506

Taiwan Dollar 33.0716 36.2035 29.5045

Thai Baht 34.6442 37.9251 30.9075

Turkish Lira 7.6829 8.4105 6.8543

UAE Dirham 4.1172 4.5071 3.6732

UK Sterling 0.9135 1.0000 0.8150

US Dollar 1.1209 1.2271 1.0000


156


10. Exchange Rates

The principal rates as at 31 December 2019 are as follows:

Currency Euro UK Sterling US Dollar

Australian Dollar 1.6007 1.8832 1.4257

Brazilian Real 4.5165 5.3136 4.0227

Canadian Dollar 1.4620 1.7200 1.3022

Chilean Peso 843.9153 992.8552 751.6500

Czech Koruna 25.4070 29.8910 22.6293

Danish Krone 7.4710 8.7895 6.6542

Euro 1.0000 1.1765 0.8907

Hong Kong Dollar 8.7425 10.2854 7.7867

Hungarian Forint 330.6051 388.9526 294.4601

Indian Rupee 80.1398 94.2835 71.3782

Indonesian Rupiah 15,586.5809 18,337.4083 13,882.5000

Japanese Yen 121.8914 143.4036 108.5650

Korean Won 1,298.4046 1,527.5560 1,156.4500

Malaysian Ringgit 4.5926 5.4031 4.0905

Mexican Peso 21.2385 24.9868 18.9165

Norwegian Kroner 9.8658 11.6070 8.7872

Philippine Peso 56.8617 66.8970 50.6450

Polish Zloty 4.2598 5.0116 3.7941

Singapore Dollar 1.5105 1.7771 1.3454

South African Rand 15.7640 18.5461 14.0405

Swedish Kronor 10.4445 12.2878 9.3026

Swiss Franc 1.0855 1.2771 0.9669

Taiwan Dollar 33.6567 39.5966 29.9770

Thai Baht 33.6306 39.5659 29.9538

Turkish Lira 6.6804 7.8594 5.9500

UAE Dirham 4.1240 4.8519 3.6732

UK Sterling 0.8500 1.0000 0.7571

US Dollar 1.1228 1.3209 1.0000

11. Fair Value Hierarchy

The table overleaf analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (as prices) or indirectly (derived from prices).

Level 3 – Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.


157


11. Fair Value Hierarchy (continued)

For the period ended 30 June 2020, and 31 December 2019, all other assets and liabilities, other than investments at fair value, whose carrying amounts approximate to fair value have been considered to be classified within Level 2 of the fair value hierarchy.

30.06.2020 Level 1 Level 2 Level 3 Total

Financial assets at fair value through

profit or loss: £ £ £ £

Equities 154,281,393 - - 154,281,393

Open forward currency contracts - 36,005 - 36,005

154,281,393 36,005 - 154,317,398

Financial liabilities at fair value

through profit or loss:

Open forward currency contracts - (2,895) - (2,895)

- (2,895) - (2,895)




Equities 164,963,488 - - 164,963,488


164,963,488 29,235 - 164,992,723




- (1,338) - (1,338)

Sarasin IE

Global Equity

Opportunities (GBP)



profit or loss: $ $ $ $

Equities 92,008,680 - - 92,008,680

92,008,680 - - 92,008,680




Equities 112,643,564 - - 112,643,564

112,643,564 - - 112,643,564

Sarasin IE

Global Equity

Opportunities (USD)


158






Equities 261,684,890 - - 261,684,890

Investment Funds 11,506,324 25,760,078 - 37,266,402

Bonds - 131,706,055 - 131,706,055

273,191,214 157,466,133 - 430,657,347



Open forward currency contracts - (3,784,516) - (3,784,516)

- (3,784,516) - (3,784,516)




Equities 235,593,946 - - 235,593,946


Bonds - 106,161,128 - 106,161,128

Options purchased 153,743 - - 153,743


245,984,345 151,782,782 - 397,767,127



Options written (45,144) - - (45,144)


(45,144) (202,073) - (247,217)

Sarasin IE

GlobalSar -

Dynamic (GBP)


159






Equities 103,977,674 - - 103,977,674


Bonds - 54,798,293 - 54,798,293


108,679,377 65,712,691 - 174,392,068




Equities 103,825,368 - - 103,825,368


Bonds - 54,333,549 - 54,333,549


108,054,642 73,663,624 - 181,718,266



Options written (19,591) - - (19,591)

Open forward currency contracts - (68,687) (68,687)

(19,591) (68,687) - (88,278)

Sarasin IE

Dynamic (USD)

GlobalSar -




Equities 39,360,579 - - 39,360,579


Bonds - 149,907,592 - 149,907,592

43,185,300 157,206,491 - 200,391,791



Open forward currency contracts - (595,679) (595,679)

- (595,679) - (595,679)

.

Sarasin IE

GlobalSar -

Income (GBP)


160






Equities 38,339,105 - - 38,339,105

Investment Funds 170,760 8,130,588 - 8,301,348

Bonds - 138,983,407 - 138,983,407



38,545,996 147,122,332 - 185,668,328



Options written (10,609) - - (10,609)


(10,609) (31,731) - (42,340)



profit or loss: € € € €

Equities 26,485,433 - - 26,485,433


Bonds - 33,742,076 - 33,742,076


28,206,129 37,472,964 - 65,679,093




- (88,266) - (88,266)



profit or loss: € € € €

Equities 26,021,380 - - 26,021,380


Bonds - 31,761,998 - 31,761,998



27,494,120 37,815,134 - 65,309,254



Options written (7,387) - - (7,387)

(7,387) - - (7,387)

Income (GBP)

GlobalSar -

Sarasin IE

Sarasin IE

GlobalSar -

Strategic (EUR)


161



Multi Asset

Target Return




Equities 29,856,584 - - 29,856,584


Bonds - 17,928,718 - 17,928,718


34,987,113 32,227,326 - 67,214,439



Options written (38,023) - - (38,023)


(38,023) (192,928) - (230,951)




Equities 31,612,989 - - 31,612,989


Bonds - 19,387,539 - 19,387,539



34,699,334 29,829,177 - 64,528,511




Equities 29,563,988 - - 29,563,988


Bonds 38,574,316 - 38,574,316


31,592,241 41,805,582 - 73,397,823

Sarasin IE

Sarasin IE

GlobalSar -

Strategic (USD)


162






Equities 25,408,809 - - 25,408,809


Bonds - 32,373,985 - 32,373,985


26,891,881 37,715,247 - 64,607,128



Options written (7,293) - - (7,293)


(7,293) (11,153) - (18,446)

Sarasin IE

Systematic Emerging

Markets Dividend




Equities 37,109,239 - - 37,109,239

Contracts for difference - 11,509 - 11,509

Total return swaps - 216,194 - 216,194

37,109,239 227,703 - 37,336,942

Financial assets and liabilities at fair

value through profit or loss:

Contracts for difference - (4,724) - (4,724)

- (4,724) - (4,724)

Sarasin IE Systematic Emerging Markets Dividend terminated on 24 April 2020 and had no holdings at the period end

30 June 2020.

Sarasin IE

GlobalSar -

Strategic (USD)


163



Sarasin IE

Sustainable Global

Real Estate Equity




Equities 73,264,206 73,264,206

73,264,206 - - 73,264,206




Equities 155,050,869 - - 155,050,869

155,050,869 - - 155,050,869

Sustainable Global

Real Estate Equity (USD)




Equities - - - -

- - - -




Equities 22,603,238 - - 22,603,238

22,603,238 - - 22,603,238

Sarasin IE

Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include active listed equities. The Trusts do not adjust the quoted price for these instruments. At the end of the period the Trusts held no Level 3 investments. There were no transfers between levels during the period. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include over-the-counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Financial assets and liabilities not valued at fair value through profit or loss included cash and cash equivalents (Level 1) and receivables/payables (Level 2).


164


12. Net Asset Value Per Unit Reconciliation

The Net Asset Value per Unit at the period end date is determined by dividing the value of the Net Assets of the Trust by the number of Units in issue. The Net Asset Value per Unit is calculated using valuation principles which differ slightly from those used in preparing these financial statements. A reconciliation between these Net Asset Values is set out below.

Global EquityOpportunities (GBP)

30.06.2020 31.12.2019 30.06.2020 31.12.2019 30.06.2020 31.12.2019

£ £ $ $ £ £

NAV per Unit per Valuation 17.19 17.61 24.03 26.96 17.11 16.62

(0.05) (0.05) (0.08) (0.08) (0.03) (0.06)

Other adjustments - - - - 0.02 -

17.14 17.56 23.95 26.88 17.10 16.56

30.06.2020 31.12.2019 30.06.2020 31.12.2019 30.06.2020 31.12.2019

$ $ £ £ € €

NAV per Unit per Valuation 71.29 71.03 11.89 11.78 13.13 13.35

(0.04) (0.08) (0.04) (0.05) - -Other adjustments (0.05) - - - - -

71.20 70.95 11.85 11.73 13.13 13.35

30.06.2020 31.12.2019 30.06.2020 31.12.2019 30.06.2020 31.12.2019

£ £ $ $ $ $

NAV per Unit per Valuation 13.82 13.65 12.71 12.46 - 66.20

(0.07) (0.15) (0.01) (0.02) - (0.56)

Other adjustments 0.01 - - - - -

13.76 13.50 12.70 12.44 - 65.64

30.06.2020 31.12.2019 30.06.2020 31.12.2019

£ £ $ $

NAV per Unit per Valuation 6.79 11.77 - 18.58

(0.03) (0.07) - (0.05)

6.76 11.70 - 18.53

Distribution payable on income

units

NAV per Unit per financial

statements


units


statements


units


statements


units


statements

Sarasin IE Sarasin IE Sarasin IEGlobal Equity GlobalSar -

Opportunities (USD) Dynamic (GBP)


GlobalSar - GlobalSar - GlobalSar - Dynamic (USD) Income (GBP) Strategic (EUR)

Sarasin IE Sarasin IE Sarasin IEMulti Asset GlobalSar - Systematic Emerging

Target Return Strategic (USD) Markets Dividend


Sustainable Global Sustainable Global Real

Real Estate Equity Estate Equity (USD)


165


13. Net Asset Value Per Unit Per Class

Sarasin IE Global Equity Opportunities (GBP)Net Asset* Number Net Asset**

Value of Base Units Value

As at 30 June 2020 £ Per Unit

Sarasin Global Equity Opportunities (GBP) 'A' Units

Distribution Units

31.12.18 3,431,293 95,223 36.03

31.12.19 4,194,500 96,542 43.45

30.06.20 3,797,719 91,982 41.29

Accumulation Units

31.12.18 23,166,714 507,985 45.61

31.12.19 25,016,636 445,229 56.19

30.06.20 23,652,576 439,662 53.80

Sarasin IE Global Equity Opportunities (GBP) 'I' Units

Distribution Units

31.12.18 6,741,312 179,080 37.64

31.12.19 4,663,714 101,982 45.73

30.06.20 5,456,872 125,096 43.62

Accumulation Units

31.12.18 26,055,169 544,101 47.89

31.12.19 10,159,208 170,907 59.44

30.06.20 9,050,093 158,422 57.13

Sarasin IE Global Equity Opportunities (GBP) 'X' Units

Distribution Units

31.12.18 26,638,631 733,312 36.33

31.12.19 3,238,923 73,851 43.86

30.06.20 3,318,206 79,553 41.71

Accumulation Units

31.12.18 17,045,475 370,087 46.06

31.12.19 4,935,896 86,857 56.83

30.06.20 4,048,760 74,358 54.45

Sarasin IE Global Equity Opportunities (GBP) 'P' Units

Distribution Units

31.12.18 2,954,705 78,574 37.60

31.12.19 3,574,467 78,244 45.68

30.06.20 3,409,539 78,244 43.58

Accumulation Units

31.12.18 2,457,397 51,352 47.85

31.12.19 2,833,264 47,694 59.40

30.06.20 2,580,815 45,206 57.09

*Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places.


166


13. Net Asset Value Per Unit Per Class (continued)




Sarasin IE Global Equity Opportunities (GBP) 'A EUR' Units

Accumulation Units

31.12.18 467,459 33,979 13.76

31.12.19 610,834 36,037 16.95

30.06.20 913,879 56,310 16.23

Sarasin IE Global Equity Opportunities (GBP) 'I EUR' Units

Distribution Units

31.12.18 5,501,285 413,722 13.30

31.12.19 15,700,709 971,915 16.15

30.06.20 14,198,281 921,430 15.41

Accumulation Units

31.12.18 3,045,375 212,055 14.36

31.12.19 3,914,986 219,603 17.83

30.06.20 5,689,786 332,095 17.13

Sarasin IE Global Equity Opportunities (GBP) 'X EUR' Units

Distribution Units

31.12.18 66,909 5,265 12.71

31.12.19 141,986 9,252 15.35

30.06.20 135,029 9,252 14.59

Accumulation Units

31.12.18 9,476,205 683,118 13.87

31.12.19 14,908,855 870,961 17.12

30.06.20 16,615,304 1,013,021 16.40

Sarasin IE Global Equity Opportunities (GBP) 'D' Units

Distribution Units

31.12.18 2,097,766 54,800 38.28

31.12.19 2,557,457 54,800 46.67

30.06.20 2,220,756 49,800 44.59

Accumulation Units

31.12.18 57,711 1,197 48.21

31.12.19 134,956 2,247 60.06

30.06.20 116,453 2,014 57.82 *Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places


167






Sarasin IE Global Equity Opportunities (GBP) 'F' Units

Accumulation Units

31.12.18 537,399 11,500 46.73

31.12.19 665,452 11,500 57.86

30.06.20 638,725 11,500 55.54

Sarasin IE Global Equity Opportunities (GBP) 'X EUR Hedged' Units

Distribution Units

31.12.18 160,304 12,561 12.76

31.12.19 213,272 14,329 14.88

30.06.20 204,129 14,329 14.25

Accumulation Units

31.12.18 6,016,434 431,811 13.93

31.12.19 7,156,554 430,603 16.62

30.06.20 7,070,927 441,253 16.02

Sarasin IE Global Equity Opportunities (GBP) 'I EUR Hedged' Units

Distribution Units

31.12.18 4,611,806 345,416 13.35

31.12.19 422 - -

30.06.20 407 - -

Accumulation Units

31.12.18 2,600,906 180,764 14.39

31.12.19 3,119,710 180,764 17.26

30.06.20 3,887,738 232,822 16.70

Sarasin IE Global Equity Opportunities (GBP) 'A USD' Units

Accumulation Units

31.12.18 347,595 7,621 45.61

31.12.19 387,301 6,892 56.19

30.06.20 370,820 6,892 53.80

Sarasin IE Global Equity Opportunities (GBP) 'Z' Units

Distribution Units

31.12.19 34,771,863 3,280,927 10.60

30.06.20 35,063,589 3,454,360 10.15

Accumulation Units

31.12.19 23,027,726 2,172,830 10.60

30.06.20 14,832,021 1,450,337 10.23 *Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places


168






Sarasin IE Global Equity Opportunities (GBP) 'Z EUR Hedged' Units

Distribution Units

31.12.19 145,802 15,619 9.33

30.06.20 214,818 23,796 9.03

Sarasin IE Global Equity Opportunities (GBP) 'Z EUR Hedged' Units

Accumulation Units

31.12.19 31,964 3,772 8.47

30.06.20 31,053 3,772 8.23

Sarasin IE Global Equity Opportunities (EUR) 'Z EUR' Units

Accumulation Units

31.12.19 963,010 101,282 9.51

30.06.20 905,862 98,730 9.18

Sarasin IE Global Equity Opportunities (USD)Net Asset* Number Net Asset**


As at 30 June 2020 $ Per Unit

Sarasin IE Global Equity Opportunities (USD) 'A' Units

Distribution Units

31.12.18 318,169 12,857 24.75

31.12.19 282,077 9,131 30.89

30.06.20 132,762 4,886 27.17

Accumulation Units

31.12.18 16,332,162 548,752 29.76

31.12.19 19,227,496 506,158 37.99

30.06.20 15,742,757 467,767 33.66

Sarasin IE Global Equity Opportunities (USD) 'I' Units

Distribution Units

31.12.18 29,006,483 1,120,416 25.89

31.12.19 29,129,555 894,522 32.56

30.06.20 25,717,583 894,522 28.75

Accumulation Units

31.12.18 34,659,314 1,109,038 31.25

31.12.19 30,116,961 749,406 40.19

30.06.20 26,499,717 741,493 35.74

*Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places


169



Sarasin IE Global Equity Opportunities (USD)Net Asset* Number Net Asset**



Sarasin IE Global Equity Opportunities (USD) 'X' Units

Distribution Units

31.12.18 3,382,626 135,456 24.97

31.12.19 1,686,170 54,011 31.22

30.06.20 1,730,650 62,979 27.48

Accumulation Units

31.12.18 8,858,701 294,737 30.06

31.12.19 7,374,583 191,952 38.42

30.06.20 2,449,201 71,909 34.06

Sarasin IE Global Equity Opportunities (USD) 'F' Units

Accumulation Units

31.12.18 74,646 2,436 30.64

31.12.19 95,377 2,427 39.30

30.06.20 84,575 2,423 34.91

Sarasin IE Global Equity Opportunities (USD) 'P' Units

Distribution Units

31.12.18 62,423 2,423 25.76

31.12.19 - - - 30.06.20 - - -

Accumulation Units

31.12.18 4,813,232 156,950 30.67

31.12.19 6,000,876 152,165 39.44

30.06.20 5,296,693 151,030 35.07

Sarasin IE Global Equity Opportunities (USD) 'D' Units

Distribution Units

31.12.18 1,964,247 75,410 26.05 31.12.19 2,479,441 75,410 32.88 30.06.20 2,192,860 75,410 29.08

Sarasin IE Global Equity Opportunities (USD) 'Z' Units

Distribution Units

31.12.19 8,587,963 775,032 11.08

30.06.20 8,005,098 814,926 9.82

Accumulation Units

31.12.19 9,093,817 820,681 11.08

30.06.20 6,187,622 625,354 9.89 *Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places


170



Sarasin IE GlobalSar - Dynamic (GBP)Net Asset* Number Net Asset**

Value of Base Units Value As at 30 June 2020 £ Per Unit

Sarasin IE GlobalSar - Dynamic (GBP) 'A' Units

Distribution Units31.12.18 7,078,368 178,931 39.56

31.12.19 7,487,993 167,164 44.79

30.06.20 7,605,830 167,858 45.31

Accumulation Units 31.12.18 54,589,726 672,595 81.16

31.12.19 57,389,193 616,353 93.11

30.06.20 56,884,756 600,566 94.72

Sarasin IE GlobalSar - Dynamic (GBP) 'I' Units

Distribution Units31.12.18 45,898,300 1,114,097 41.20

31.12.19 13,594,487 289,662 46.93

30.06.20 15,901,361 333,933 47.62


31.12.19 19,337,422 196,318 98.50

30.06.20 20,589,632 204,716 100.58

Sarasin IE GlobalSar - Dynamic (GBP) 'P' Units

Distribution Units

31.12.18 1,379,577 33,562 41.11

31.12.19 1,945,061 41,534 46.83

30.06.20 2,097,054 44,135 47.51


31.12.19 41,573,342 422,385 98.43

30.06.20 46,469,040 462,378 100.50

Sarasin IE GlobalSar - Dynamic (GBP) 'X' UnitsDistribution Units

31.12.18 114,826,885 2,879,263 39.88

31.12.19 9,004,941 199,206 45.20

30.06.20 10,242,391 223,849 45.76

Accumulation Units31.12.18 58,843,547 717,861 81.97

31.12.19 6,184,541 65,683 94.16

30.06.20 6,386,203 66,623 95.86



171



Sarasin IE GlobalSar - Dynamic (GBP)Net Asset* Number Net Asset**

Value of Base Units Value As at 30 June 2020 £ Per Unit

Sarasin IE GlobalSar - Dynamic (GBP) 'F' UnitsDistribution Units

31.12.18 1,148,501 28,551 40.23

31.12.19 1,206,851 26,388 45.73

30.06.20 1,224,216 26,409 46.36

Accumulation Units

31.12.18 5,600,409 67,064 83.51

31.12.19 6,442,218 66,909 96.28

30.06.20 6,212,454 63,270 98.19

Sarasin IE GlobalSar - Dynamic (GBP) 'D' UnitsDistribution Units

31.12.18 21,727,679 519,832 41.80

31.12.19 20,519,567 429,692 47.75

30.06.20 22,250,614 458,585 48.52

Accumulation Units

31.12.18 516,509 5,967 86.56

31.12.19 583,098 5,807 100.41

30.06.20 572,169 5,571 102.70

Sarasin IE GlobalSar - Dynamic (GBP) 'Z' Units

Distribution Units

31.12.18 - - -

31.12.19 81,782,687 7,614,257 10.74

30.06.20 58,862,941 5,345,371 11.01

Accumulation Units

31.12.18 - - -

31.12.19 167,473,624 16,005,951 10.46



172




Net Asset* Number Net Asset**



Sarasin IE GlobalSar - Dynamic (USD) 'A' Units

Distribution Units

31.12.18 2,027,318 36,121 56.13

31.12.19 2,302,255 35,426 64.99

30.06.20 2,145,150 33,224 64.57

Accumulation Units

31.12.18 37,259,703 366,916 101.55

31.12.19 42,391,833 354,835 119.47

30.06.20 41,100,416 344,057 119.46

Sarasin IE GlobalSar - Dynamic (USD) 'I' Units

Distribution Units

31.12.18 12,856,702 219,925 58.46

31.12.19 9,551,477 140,252 68.10

30.06.20 8,639,265 127,293 67.87

Accumulation Units

31.12.18 35,837,828 336,100 106.63

31.12.19 38,126,101 301,705 126.37

30.06.20 38,550,447 303,955 126.83

Sarasin IE GlobalSar - Dynamic (USD) 'X' Units

Distribution Units

31.12.18 19,742,994 348,877 56.59

31.12.19 14,045,232 214,098 65.60

30.06.20 13,696,379 210,007 65.22

Accumulation Units

31.12.18 18,881,743 184,132 102.54

31.12.19 12,927,542 107,000 120.82

30.06.20 11,441,884 94,641 120.90



173







Sarasin IE GlobalSar - Dynamic (USD) 'P' Units

Distribution Units

31.12.18 658,225 11,581 56.84

31.12.19 1,491,716 22,529 66.21

30.06.20 1,514,130 22,946 65.99

Accumulation Units

31.12.18 40,536,207 385,948 105.03

31.12.19 52,592,555 422,443 124.50

30.06.20 53,706,575 429,822 124.95

Sarasin IE GlobalSar - Dynamic (USD) 'F' Units

Accumulation Units

31.12.18 698,145 6,732 103.71

31.12.19 852,872 6,955 122.62

30.06.20 854,920 6,955 122.91

Sarasin IE GlobalSar - Dynamic (USD) 'Z' Units

Distribution Units

31.12.19 5,974,217 558,913 10.69

30.06.20 5,854,393 547,693 10.69

Accumulation Units

31.12.19 4,698,806 439,592 10.69

30.06.20 4,697,850 436,122 10.77

Sarasin IE GlobalSar - Income (GBP)Net Asset* Number Net Asset**



Sarasin IE GlobalSar - Income (GBP) 'A' Units

Distribution Units

31.12.18 5,422,251 513,438 10.56

31.12.19 5,376,577 486,030 11.06

30.06.20 5,597,999 505,698 11.07

Accumulation Units

31.12.18 13,828,025 710,489 19.46

31.12.19 14,164,338 679,452 20.85

30.06.20 14,020,591 666,388 21.04



174






Sarasin IE GlobalSar - Income (GBP) 'F' Units

Distribution Units

31.12.18 179,339 16,774 10.69

31.12.19 181,242 16,147 11.22

30.06.20 181,592 16,147 11.25

Accumulation Units

31.12.18 122,539 6,227 19.68

31.12.19 30,107 1,425 21.13

30.06.20 30,423 1,425 21.35

Sarasin IE GlobalSar - Income (GBP) 'I' Units

Distribution Units

31.12.18 32,913,815 3,033,740 10.85

31.12.19 21,165,158 1,854,055 11.42

30.06.20 21,733,984 1,897,839 11.45

Accumulation Units

31.12.18 4,860,258 241,711 20.11

31.12.19 2,032,804 93,921 21.64

30.06.20 1,936,962 88,452 21.90

Sarasin IE GlobalSar - Income (GBP) 'P' Units

Distribution Units

31.12.18 1,311,706 121,189 10.82

31.12.19 1,314,779 115,443 11.39

30.06.20 2,077,326 181,815 11.43

Accumulation Units

31.12.18 9,529,312 474,210 20.10

31.12.19 12,365,312 571,613 21.63

30.06.20 14,047,809 641,833 21.89

Sarasin IE GlobalSar - Income (GBP) 'X' Units

Distribution Units

31.12.18 72,000,227 6,760,564 10.65

31.12.19 7,965,051 713,072 11.17

30.06.20 7,168,581 640,856 11.19

Accumulation Units

31.12.18 10,278,063 522,912 19.66

31.12.19 1,322,454 62,726 21.08



175






Sarasin IE GlobalSar - Income (GBP) 'D' Units

Distribution Units

31.12.18 28,416,988 2,582,814 11.00

31.12.19 36,996,388 3,185,605 11.61

30.06.20 42,131,732 3,609,980 11.67

Accumulation Units

31.12.18 3,445,165 168,400 20.46

31.12.19 6,998,729 316,681 22.10

30.06.20 7,093,435 316,681 22.40

Sarasin IE GlobalSar - Income (GBP) 'Z' Units

Distribution Units

31.12.19 77,640,074 7 ,641,812 10.16

30.06.20 80,156,591 7,832,405 10.23

Accumulation Units

31.12.19 13,596,024 1 ,331,071 10.21

30.06.20 12,000,818 1,156,503 10.38

Sarasin IE GlobalSar - Strategic (EUR)Net Asset* Number Net Asset**


As at 30 June 2020 € Per Unit

Sarasin IE GlobalSar - Strategic (EUR) 'A' Units

Distribution Units

31.12.18 62,450 5,693 10.97

31.12.19 150,217 12,383 12.13

30.06.20 146,432 12,407 11.80

Accumulation Units

31.12.18 3,049,809 256,937 11.87

31.12.19 3,605,996 270,992 13.31

30.06.20 3,082,825 236,670 13.03

Sarasin IE GlobalSar - Strategic (EUR) 'I' Units

Distribution Units

31.12.18 478,689 42,197 11.34

31.12.19 422,930 33,500 12.62

30.06.20 71,637 5,815 12.32

Accumulation Units

31.12.18 14,705,240 1,190,724 12.35

31.12.19 17,149,078 1,229,053 13.95



176



Sarasin IE GlobalSar - Strategic (EUR)Net Asset* Number Net Asset**


As at 30 June 2020 € Per Unit

Sarasin IE GlobalSar - Strategic (EUR) 'X' Units

Distribution Units

31.12.18 1,954,739 177,064 11.04

31.12.19 1,516,450 124,066 12.22

30.06.20 1,461,522 122,826 11.90

Accumulation Units

31.12.18 35,169,333 2,940,692 11.96

31.12.19 42,814,963 3,188,641 13.43

30.06.20 42,927,736 3,263,501 13.15

Sarasin IE GlobalSar - Strategic (EUR) 'P' Units

Accumulation Units

31.12.18 940,370 82,885 11.35

31.12.19 1,247,368 97,340 12.81

30.06.20 1,418,312 112,643 12.59

Sarasin IE GlobalSar - Strategic (EUR) 'Z' Units

Distribution Units

31.12.19 978,310 93,524 10.46

30.06.20 1,131,157 110,417 10.24

Accumulation Units

31.12.19 1,722,116 164,627 10.46

30.06.20 1,262,201 122,284 10.32

Sarasin IE Multi Asset Target ReturnNet Asset* Number Net Asset**



Sarasin IE Multi Asset Target Return 'P' Units

Distribution Units

31.12.18 2,101 177 11.88

31.12.19 2,340 178 13.15

30.06.20 228,080 17,009 13.41

Accumulation Units

31.12.18 802,792 54,732 14.67

31.12.19 3,883,007 235,632 16.48



177






Sarasin IE Multi Asset Target Return 'I' Units

Distribution Units

31.12.18 5,539,697 464,368 11.93

31.12.19 4,022,422 305,421 13.17

30.06.20 4,152,073 308,799 13.45

Accumulation Units

31.12.18 6,244,025 424,620 14.70

31.12.19 9,754,711 590,292 16.53

30.06.20 6,465,709 380,305 17.00

Sarasin IE Multi Asset Target Return 'X' Units

Distribution Units

31.12.18 4,379,442 379,621 11.54

31.12.19 - - -

30.06.20 - - -

Accumulation Units

31.12.18 1,911,621 135,930 14.06

31.12.19 724,112 46,113 15.70

30.06.20 - - -

Sarasin IE Multi Asset Target Return 'F' Units

Distribution Units

31.12.18 242,518 20,860 11.63

31.12.19 226,126 17,658 12.81

30.06.20 232,311 17,789 13.06

Accumulation Units

31.12.18 291,591 20,338 14.34

31.12.19 371,496 23,122 16.07

30.06.20 381,573 23,116 16.51

Sarasin IE Multi Asset Target Return 'A' Units

Distribution Units

31.12.18 178,119 15,606 11.41

31.12.19 165,149 13,190 12.52

30.06.20 168,607 13,232 12.74

Accumulation Units

31.12.18 1,129,372 80,884 13.96

31.12.19 805,109 51,714 15.57



178






Sarasin IE Multi Asset Target Return 'D' Units

Distribution Units

31.12.18 1,262,939 104,346 12.10

31.12.19 24,358,318 1,817,732 13.40

30.06.20 26,013,241 1,898,717 13.70

Accumulation Units

31.12.18 10,221,984 683,374 14.96

31.12.19 11,665,694 691,566 16.87

30.06.20 14,580,426 838,659 17.39

Sarasin IE Multi Asset Target Return 'Z' Units

Distribution Units

31.12.19 11,998,815 1,151,769 10.42

30.06.20 15,106,892 1,415,571 10.67

Accumulation Units

31.12.19 1,599,280 153,507 10.42

30.06.20 1,312,988 121,997 10.76

Sarasin IE GlobalSar - Strategic (USD)Net Asset* Number Net Asset**



Sarasin IE GlobalSar - Strategic (USD) 'A' Units

Distribution Units

31.12.18 160,977 16,466 9.78

31.12.19 154,240 14,046 10.98

30.06.20 153,050 13,796 11.09

Accumulation Units

31.12.18 5,671,395 489,778 11.58

31.12.19 7,099,099 536,042 13.24

30.06.20 7,429,827 551,016 13.48

Sarasin IE GlobalSar - Strategic (USD) 'I' Units

Distribution Units

31.12.18 6,660,224 659,047 10.11

31.12.19 6,428,470 562,736 11.42

30.06.20 7,313,167 631,671 11.58

Accumulation Units

31.12.18 16,681,374 1,359,368 12.27

31.12.19 2,682,123 189,643 14.14



179



Sarasin IE GlobalSar - Strategic (USD)Net Asset* Number Net Asset**



Sarasin IE GlobalSar - Strategic (USD) 'X' Units

Distribution Units

31.12.18 6,366,548 648,945 9.81

31.12.19 2,630,745 238,467 11.03

30.06.20 2,659,406 238,467 11.15

Accumulation Units

31.12.18 8,854,098 751,663 11.78

31.12.19 7,452,554 552,360 13.49

30.06.20 8,307,894 604,329 13.75

Sarasin IE GlobalSar - Strategic (USD) 'D' Units

Accumulation Units

31.12.18 12,442,367 996,746 12.48

31.12.19 14,380,794 995,971 14.44

30.06.20 17,238,987 1,166,062 14.78

Sarasin IE GlobalSar - Strategic (USD) 'F' Units

Accumulation Units

31.12.18 3,378,847 285,817 11.82

31.12.19 4,101,702 301,855 13.59

30.06.20 3,996,246 288,136 13.87

Sarasin IE GlobalSar - Strategic (USD) 'P' Units

Accumulation Units

31.12.18 2,702,161 226,845 11.91

31.12.19 4,977,978 362,654 13.73

30.06.20 6,104,881 435,196 14.03

Sarasin IE GlobalSar - Strategic (USD) 'Z' Units

Distribution Units

31.12.19 4,090,243 387,167 10.56

30.06.20 5,261,742 489,736 10.74

Accumulation Units

31.12.19 13,266,362 1,255,788 10.56

30.06.20 15,338,492 1,414,752 10.84



180







Sarasin IE Systematic Emerging Markets Dividend 'I' Units

Distribution Units

31.12.18 33,193,875 378,856 85.20

31.12.19 26,552,316 259,058 102.50

30.06.20 - - -

Accumulation Units

31.12.18 5,420,414 59,988 90.36

31.12.19 5,755,359 53,138 108.31

30.06.20 - - -

Sarasin IE Systematic Emerging Markets Dividend 'P GBP' Units

Accumulation Units

31.12.18 659,138 7,323 90.01

31.12.19 681,463 6,320 107.83

30.06.20 - - -

Sarasin IE Systematic Emerging Markets Dividend 'X' Units

Distribution Units

31.12.18 502,404 5,941 84.57

31.12.19 - - -

30.06.20 - - -

Accumulation Units

31.12.18 1,400,897 16,194 86.51

31.12.19 170,291 1,655 102.89

30.06.20 - - -

Sarasin IE Systematic Emerging Markets Dividend 'Z' Units

Accumulation Units

31.12.18 - - -

31.12.19 1,963,943 183,592 11.00

30.06.20 - - -

Distribution Units

31.12.19 599,558 56,053 10.70

30.06.20 - - - *Per valuation, unadjusted **The NAV per Unit for disclosure purposes has been rounded to two decimal places


181







Sarasin IE Systematic Emerging Markets Dividend 'A GBP' Units

Accumulation Units 31.12.18 152,240 1,775 85.77

31.12.19 180,833 1,775 101.88

30.06.20 - - -

Sarasin IE Systematic Emerging Markets Dividend 'D' Units

Distribution Units

31.12.18 3,281,899 38,522 85.20

31.12.19 3,782,531 37,895 99.82

30.06.20 - - -

Accumulation Units

31.12.18 109,653 1,258 87.16 31.12.19 - - -

30.06.20 - - -





Sarasin IE Sustainable Global Real Estate Equity 'A' Units

Distribution Units

31.12.18 1,526,728 96,002 15.90

31.12.19 1,527,296 89,253 17.11

30.06.20 1,151,784 76,486 15.06

Accumulation Units

31.12.18 13,128,716 574,354 22.86

31.12.19 11,652,242 461,972 25.22

30.06.20 11,030,148 491,716 22.43

Sarasin IE Sustainable Global Real Estate Equity 'I' Units

Distribution Units

31.12.18 73,753,912 4,422,456 16.68

31.12.19 74,853,525 4,139,946 18.08

30.06.20 1,998,528 125,189 15.96

Accumulation Units

31.12.18 10,981,695 457,486 24.00

31.12.19 11,543,460 432,544 26.69



182







Sarasin IE Sustainable Global Real Estate Equity 'X' Units

Distribution Units

31.12.18 3,137,806 195,334 16.06

31.12.19 225,077 13,006 17.31

30.06.20 140,643 9,228 15.24

Accumulation Units

31.12.18 364,599 15,791 23.09

31.12.19 206,680 8,100 25.52

30.06.20 99,918 4,400 22.71

Sarasin IE Sustainable Global Real Estate Equity 'P' Units

Distribution Units

31.12.18 770,166 46,289 16.64

31.12.19 2,530,448 140,276 18.04

30.06.20 6,448,613 404,686 15.93

Accumulation Units

31.12.18 33,940,555 1,415,508 23.98

31.12.19 37,190,156 1,395,107 26.66

30.06.20 33,339,437 1,401,009 23.80

Sarasin IE Sustainable Global Real Estate Equity 'X EUR' Units

Accumulation Units

31.12.18 350,005 311,091 1.13

31.12.19 389,596 313,336 1.24

30.06.20 355,101 320,882 1.11

Sarasin IE Sustainable Global Real Estate Equity 'F' Units

Distribution Units

31.12.18 212,542 13,022 16.32

31.12.19 142,925 8,097 17.65

30.06.20 126,093 8,097 15.57

Accumulation Units

31.12.18 762,923 32,517 23.46

31.12.19 775,459 29,803 26.02



183







Sarasin IE Sustainable Global Real Estate Equity 'I USD' Units

Distribution Units

31.12.18 - - -

31.12.19 - - -

30.06.20 350,498 51,230 6.84

Accumulation Units

31.12.18 2,901,946 327,998 8.85

31.12.19 2,363,057 240,240 9.84

30.06.20 1,676,833 190,968 8.78

Sarasin IE Sustainable Global Real Estate Equity 'I EUR' Units

Distribution Units

31.12.18 6,174,649 5,560,568 1.11

31.12.19 6,285,632 5,221,109 1.20

30.06.20 7,363,388 6,923,780 1.06

Accumulation Units

31.12.18 - - -

31.12.19 4,267 3,675 1.16

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity 'A EUR' Units

Accumulation Units

31.12.18 137,482 165,735 0.83

31.12.19 151,706 165,735 0.92

30.06.20 134,921 165,735 0.81

Sarasin IE Sustainable Global Real Estate Equity 'Z' Units

Distribution Units

31.12.19 3,669,102 368,387 9.96

30.06.20 2,778,529 314,459 8.84

Accumulation Units

31.12.19 648,991 65,160 9.96

30.06.20 252,336 28,264 8.93

Sarasin IE Global Real Estate Equity 'A USD' Units

Distribution Units

31.12.19 - - -

30.06.20 77,305 11,976 6.45

Accumulation Units

31.12.19 - - -

30.06.20 1,993,846 220,513 9.04



184







Sarasin IE Global Real Estate Equity 'P USD' Units

Distribution Units

31.12.19 - - -

30.06.20 14,156 2,155 6.57

Accumulation Units

31.12.19 - - -

30.06.20 1,461,156 154,439 9.46

Sarasin IE Global Real Estate Equity 'P EUR' Units

Accumulation Units

31.12.19 - - -

30.06.20 22,266 2,911 7.65

Sarasin IE Global Real Estate Equity 'X USD' Units

Distribution Units

31.12.19 - - -

30.06.20 754,264 115,500 6.53

Sarasin IE Global Real Estate Equity 'Z USD' Units

Distribution Units

31.12.19 - - -

30.06.20 299,154 42,485 7.04





Sarasin IE Sustainable Global Real Estate Equity (USD) 'A' Units

Distribution Units

31.12.18 103,837 11,945 8.69

31.12.19 115,224 11,965 9.63

30.06.20 - - -

Accumulation Units

31.12.18 6,225,296 529,326 11.76

31.12.19 5,008,051 374,875 13.36

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (USD) 'I' Units

Distribution Units

31.12.18 570,288 62,598 9.11

31.12.19 520,932 51,229 10.17

30.06.20 - - -



185



Sarasin IE Sustainable Global Real Estate Equity (USD)Net Asset* Number Net Asset**



Sarasin IE Sustainable Global Real Estate Equity (USD) 'I' Units

Accumulation Units

31.12.18 98,788 8,000 12.35

31.12.19 - - -

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (USD) 'X' Units

Distribution Units

31.12.18 2,099,203 239,200 8.78

31.12.19 1,608,441 165,200 9.74

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (USD) 'A GBP' Units

Accumulation Units

31.12.18 456,836 19,994 22.85

31.12.19 1,950,701 75,152 25.96

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (USD) 'P GBP' Units

Distribution Units

31.12.18 1,724,827 83,043 20.77

31.12.19 3,523,566 151,975 23.19

30.06.20 - - -

Accumulation Units

31.12.18 5,798,714 241,857 23.98

31.12.19 9,856,890 359,211 27.44

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (USD) 'P' Units

Distribution Units

31.12.19 21,041 2,155 9.76

30.06.20 - - -

Accumulation Units

31.12.18 204,151 16,780 12.17 31.12.19 314,712 22,602 13.92

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity (EUR) 'P' Units

Accumulation Units

31.12.19 12,274 1,090 11.26

30.06.20 - - -

Sarasin IE Sustainable Global Real Estate Equity 'Z' Units

Distribution Units

31.12.19 442,738 42,485 10.42

30.06.20 - - -

*Per valuation, unadjusted

**The NAV per Unit for disclosure purposes has been rounded to two decimal places.


186


14. Movement in Unit Capital Movements in participating units during the period were as follows:


30.06.20

Redeemed

during the

period

Sarasin IE Global Equity Opportunities (GBP) A Inc 96,542 2,316 (6,876) 91,982

Sarasin IE Global Equity Opportunities (GBP) I Inc 101,982 23,202 (88) 125,096

Sarasin IE Global Equity Opportunities (GBP) X Inc 73,851 8,159 (2,457) 79,553

Sarasin IE Global Equity Opportunities (GBP) P Inc 78,244 214 (214) 78,244

Sarasin IE Global Equity Opportunities (GBP) I Inc Eur 971,915 123 (50,608) 921,430

Sarasin IE Global Equity Opportunities (GBP) X Inc Eur 9,252 - - 9,252

Sarasin IE Global Equity Opportunities (GBP) D Inc 54,800 - (5,000) 49,800

Sarasin IE Global Equity Opportunities (GBP) X Inc Eur

Hedged 14,329 - - 14,329

Sarasin IE Global Equity Opportunities (GBP) Z Inc 3,280,927 719,386 (545,953) 3,454,360

Sarasin IE Global Equity Opportunities (GBP) Z Inc EUR

Hedged 15,619 8,539 (362) 23,796

Sarasin IE Global Equity Opportunities (GBP) A Acc 445,229 6,528 (12,095) 439,662

Sarasin IE Global Equity Opportunities (GBP) I Acc 170,907 - (12,485) 158,422

Sarasin IE Global Equity Opportunities (GBP) X Acc 86,857 602 (13,101) 74,358

Sarasin IE Global Equity Opportunities (GBP) A Acc Eur 36,037 21,323 (1,050) 56,310

Sarasin IE Global Equity Opportunities (GBP) P Acc 47,694 237 (2,725) 45,206

Sarasin IE Global Equity Opportunities (GBP) I Acc Eur 219,603 115,448 (2,956) 332,095

Sarasin IE Global Equity Opportunities (GBP) X Acc Eur 870,961 272,879 (130,819) 1,013,021

Sarasin IE Global Equity Opportunities (GBP) F Acc 11,500 - - 11,500

Sarasin IE Global Equity Opportunities (GBP) X Acc Eur

Hedged 430,603 34,103 (23,453) 441,253

Sarasin IE Global Equity Opportunities (GBP) I Acc Eur

Hedged 180,764 52,075 (17) 232,822

Sarasin IE Global Equity Opportunities (GBP) A Acc USD 6,892 - - 6,892

Sarasin IE Global Equity Opportunities (GBP) D Acc 2,247 - (233) 2,014

Sarasin IE Global Equity Opportunities (GBP) Z Acc 2,172,830 97,572 (820,065) 1,450,337

Sarasin IE Global Equity Opportunities (GBP) Z Acc EUR 101,282 - (2,552) 98,730

Sarasin IE Global Equity Opportunities (GBP) Z Acc EUR

Hedged 3,772 - - 3,772

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


187


14. Movement in Unit Capital (continued)


30.06.20

Redeemed

during the

period

Sarasin IE Global Equity Opportunities (USD) A Inc 9,131 - (4,245) 4,886

Sarasin IE Global Equity Opportunities (USD) I Inc 894,522 - - 894,522

Sarasin IE Global Equity Opportunities (USD) X Inc 54,011 13,968 (5,000) 62,979

Sarasin IE Global Equity Opportunities (USD) Z Inc 775,032 56,075 (16,181) 814,926

Sarasin IE Global Equity Opportunities (USD) A Acc 506,158 3,538 (41,929) 467,767

Sarasin IE Global Equity Opportunities (USD) I Acc 749,406 168 (8,081) 741,493

Sarasin IE Global Equity Opportunities (USD) X Acc 191,952 - (120,043) 71,909

Sarasin IE Global Equity Opportunities (USD) P Acc 152,165 9,753 (10,888) 151,030

Sarasin IE Global Equity Opportunities (USD) F Acc 2,427 - (4) 2,423

Sarasin IE Global Equity Opportunities (USD) D Inc 75,410 - - 75,410

Sarasin IE Global Equity Opportunities (USD) Z Acc 820,681 243,007 (438,334) 625,354

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


30.06.20

Redeemed

during the

period

Sarasin IE GlobalSar - Dynamic (GBP) A Inc 167,164 7,463 (7,043) 167,584

Sarasin IE GlobalSar - Dynamic (GBP) I Inc 289,662 71,760 (27,489) 333,933

Sarasin IE GlobalSar - Dynamic (GBP) X Inc 199,206 28,936 (4,293) 223,849

Sarasin IE GlobalSar - Dynamic (GBP) P Inc 41,534 9,995 (7,394) 44,135

Sarasin IE GlobalSar - Dynamic (GBP) F Inc 26,388 21 - 26,409

Sarasin IE GlobalSar - Dynamic (GBP) D Inc 429,692 30,388 (1,495) 458,585

Sarasin IE GlobalSar - Dynamic (GBP) Z Inc 16,005,951 4,887,762 (2,470,227) 18,423,486

Sarasin IE GlobalSar - Dynamic (GBP) A Acc 616,353 50,640 (66,427) 600,566

Sarasin IE GlobalSar - Dynamic (GBP) I Acc 196,318 27,864 (19,466) 204,716

Sarasin IE GlobalSar - Dynamic (GBP) X Acc 65,683 7,237 (6,297) 66,623

Sarasin IE GlobalSar - Dynamic (GBP) P Acc 422,385 77,694 (37,476) 462,603

Sarasin IE GlobalSar - Dynamic (GBP) F Acc 66,909 - (3,639) 63,270

Sarasin IE GlobalSar - Dynamic (GBP) D Acc 5,807 188 (424) 5,571

Sarasin IE GlobalSar - Dynamic (GBP) Z Acc 7,614,257 742,226 (3,036,883) 5,319,600

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


188




30.06.20

Redeemed

during the

period

Sarasin IE GlobalSar - Dynamic (USD) A Inc 35,426 2,898 (5,100) 33,224

Sarasin IE GlobalSar - Dynamic (USD) I Inc 140,252 39 (12,998) 127,293

Sarasin IE GlobalSar - Dynamic (USD) X Inc 214,098 - (4,091) 210,007

Sarasin IE GlobalSar - Dynamic (USD) P Inc 22,529 597 (180) 22,946

Sarasin IE GlobalSar - Dynamic (USD) Z Inc 558,913 4,642 (15,862) 547,693

Sarasin IE GlobalSar - Dynamic (USD) A Acc 354,835 8,171 (19,794) 343,212

Sarasin IE GlobalSar - Dynamic (USD) I Acc 301,705 5,093 (2,843) 303,955

Sarasin IE GlobalSar - Dynamic (USD) X Acc 107,000 5,155 (17,524) 94,631

Sarasin IE GlobalSar - Dynamic (USD) P Acc 422,443 35,542 (28,372) 429,613

Sarasin IE GlobalSar - Dynamic (USD) F Acc 6,955 - - 6,955

Sarasin IE GlobalSar - Dynamic (USD) Z Acc 439,592 19,370 (22,840) 436,122

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


30.06.20

Redeemed

during the

period

Sarasin IE GlobalSar - Income (GBP) A Inc 486,030 25,341 (5,673) 505,698

Sarasin IE GlobalSar - Income (GBP) I Inc 1,854,055 289,150 (214,841) 1,928,364

Sarasin IE GlobalSar - Income (GBP) X Inc 713,072 5,480 (77,696) 640,856

Sarasin IE GlobalSar - Income (GBP) P Inc 115,443 79,132 (12,760) 181,815

Sarasin IE GlobalSar - Income (GBP) F Inc 16,147 - - 16,147

Sarasin IE GlobalSar - Income (GBP) D Inc 3,185,605 494,548 (70,173) 3,609,980

Sarasin IE GlobalSar - Income (GBP) Z Inc 7,641,812 1,197,655 (1,032,753) 7,806,714

Sarasin IE GlobalSar - Income (GBP) A Acc 679,452 24,331 (37,412) 666,371

Sarasin IE GlobalSar - Income (GBP) I Acc 93,921 16,829 (22,298) 88,452

Sarasin IE GlobalSar - Income (GBP) X Acc 62,726 934 (12,013) 51,647

Sarasin IE GlobalSar - Income (GBP) P Acc 571,613 95,554 (25,335) 641,832

Sarasin IE GlobalSar - Income (GBP) F Acc 1,425 - - 1,425

Sarasin IE GlobalSar - Income (GBP) D Acc 316,681 - - 316,681

Sarasin IE GlobalSar - Income (GBP) Z Acc 1,331,071 110,376 (284,944) 1,156,503

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


189




30.06.20

Redeemed

during the

period

Sarasin IE GlobalSar - Strategic (EUR) A Inc 12,383 24 - 12,407

Sarasin IE GlobalSar - Strategic (EUR) I Inc 33,500 188 (27,873) 5,815

Sarasin IE GlobalSar - Strategic (EUR) X Inc 124,066 6 (1,246) 122,826

Sarasin IE GlobalSar - Strategic (EUR) Z Inc 93,524 27,121 (10,228) 110,417

Sarasin IE GlobalSar - Strategic (EUR) A Acc 270,992 3,255 (37,577) 236,670

Sarasin IE GlobalSar - Strategic (EUR) I Acc 1,229,053 211,390 (21,282) 1,419,161

Sarasin IE GlobalSar - Strategic (EUR) X Acc 3,188,641 413,359 (338,499) 3,263,501

Sarasin IE GlobalSar - Strategic (EUR) P Acc 97,340 16,160 (857) 112,643

Sarasin IE GlobalSar - Strategic (EUR) Z Acc 164,627 - (42,343) 122,284

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


30.06.20

Redeemed

during the

period

Sarasin IE Multi Asset Target Return A Inc 13,190 42 - 13,232

Sarasin IE Multi Asset Target Return P Inc 178 16,831 - 17,009

Sarasin IE Multi Asset Target Return F Inc 17,658 131 - 17,789

Sarasin IE Multi Asset Target Return I Inc 305,421 50,517 (47,139) 308,799

Sarasin IE Multi Asset Target Return X Inc - - - -

Sarasin IE Multi Asset Target Return D Inc 1,817,732 80,985 - 1,898,717

Sarasin IE Multi Asset Target Return Z Inc 1,151,769 402,829 (139,027) 1,415,571

Sarasin IE Multi Asset Target Return A Acc 51,714 76 (792) 50,998

Sarasin IE Multi Asset Target Return P Acc 235,632 64,319 (27,176) 272,775

Sarasin IE Multi Asset Target Return F Acc 23,122 - (6) 23,116

Sarasin IE Multi Asset Target Return I Acc 590,292 3,757 (213,744) 380,305

Sarasin IE Multi Asset Target Return X Acc 46,113 - (46,113) -

Sarasin IE Multi Asset Target Return D Acc 691,566 148,180 (1,087) 838,659

Sarasin IE Multi Asset Target Return Z Acc 153,507 2,858 (34,368) 121,997

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


190




30.06.20

Redeemed

during the

period

Sarasin IE GlobalSar - Strategic (USD) A Inc 14,046 - (250) 13,796

Sarasin IE GlobalSar - Strategic (USD) I Inc 562,736 68,935 - 631,671

Sarasin IE GlobalSar - Strategic (USD) X Inc 238,467 - - 238,467

Sarasin IE GlobalSar - Strategic (USD) Z Inc 387,167 105,569 (3,000) 489,736

Sarasin IE GlobalSar - Strategic (USD) A Acc 536,042 26,611 (11,637) 551,016

Sarasin IE GlobalSar - Strategic (USD) P Acc 362,654 93,639 (21,097) 435,196

Sarasin IE GlobalSar - Strategic (USD) F Acc 301,855 6,826 (20,545) 288,136

Sarasin IE GlobalSar - Strategic (USD) I Acc 189,643 - - 189,643

Sarasin IE GlobalSar - Strategic (USD) X Acc 552,360 59,531 (7,562) 604,329

Sarasin IE GlobalSar - Strategic (USD) D Acc 995,971 170,091 - 1,166,062

Sarasin IE GlobalSar - Strategic (USD) Z Acc 1,255,788 259,444 (100,480) 1,414,752

Units in issue

at start of

period

Issued

during the

period

Units in issue

at end of

period


30.06.20

Sarasin IE Systematic Emerging Markets Dividend I Acc 53,138 1,237 (54,375) -

Sarasin IE Systematic Emerging Markets Dividend A Acc GBP1,775 - (1,775) -

Sarasin IE Systematic Emerging Markets Dividend P Acc GBP6,320 22 (6,342) -

Sarasin IE Systematic Emerging Markets Dividend X Acc 1,655 - (1,655) -

Sarasin IE Systematic Emerging Markets Dividend Z Acc 183,592 - (183,592) -

Sarasin IE Systematic Emerging Markets Dividend D Inc 37,895 - (37,895) -

Sarasin IE Systematic Emerging Markets Dividend I Inc 259,058 8,100 (267,158) -

Sarasin IE Systematic Emerging Markets Dividend Z Inc 56,053 32,854 (88,907) -

Units in issue

at start of

period

Issued

during the

period

Redeemed

during the

period

Units in issue

at end of

period


191




30.06.20

Sarasin IE Sustainable Global Real Estate Equity A Inc 89,253 308 (13,075) 76,486

Sarasin IE Sustainable Global Real Estate Equity I Inc 4,139,946 10,242 (4,024,999) 125,189

Sarasin IE Sustainable Global Real Estate Equity X Inc 13,006 4,423 (8,201) 9,228

Sarasin IE Sustainable Global Real Estate Equity P Inc 140,276 315,492 (51,082) 404,686

Sarasin IE Sustainable Global Real Estate Equity F Inc 8,097 - - 8,097

Sarasin IE Sustainable Global Real Estate Equity Z Inc 368,387 - (53,928) 314,459

Sarasin IE Sustainable Global Real Estate Equity I Inc USD- 51,229 - 51,229

Sarasin IE Sustainable Global Real Estate Equity I Inc EUR5,221,109 1,702,671 - 6,923,780

Sarasin IE Sustainable Global Real Estate Equity A Acc 461,972 113,724 (80,313) 495,383

Sarasin IE Sustainable Global Real Estate Equity I Acc 432,544 21,894 (260,304) 194,134

Sarasin IE Sustainable Global Real Estate Equity X Acc 8,100 - (3,700) 4,400

Sarasin IE Sustainable Global Real Estate Equity P Acc 1,395,107 227,180 (221,278) 1,401,009

Sarasin IE Sustainable Global Real Estate Equity F Acc 29,803 - (914) 28,889

Sarasin IE Sustainable Global Real Estate Equity Z Acc 65,160 - (36,896) 28,264

Sarasin IE Sustainable Global Real Estate Equity I Acc USD240,240 56,765 (106,037) 190,968

Sarasin IE Sustainable Global Real Estate Equity I Acc EUR3,675 543 (4,218) -

Sarasin IE Sustainable Global Real Estate Equity A Acc EUR165,735 - - 165,735

Sarasin IE Sustainable Global Real Estate Equity X Acc EUR313,336 8,208 (662) 320,882

Sarasin IE Sustainable Global Real Estate Equity A Acc USD- 220,513 - 220,513

Sarasin IE Sustainable Global Real Estate Equity A Inc USD- 11,976 - 11,976

Sarasin IE Sustainable Global Real Estate Equity P Inc USD- 2,155 - 2,155

Sarasin IE Sustainable Global Real Estate Equity P Acc USD- 154,439 - 154,439

Sarasin IE Sustainable Global Real Estate Equity P Acc EUR- 2,911 - 2,911

Sarasin IE Sustainable Global Real Estate Equity X Inc USD- 115,500 - 115,500

Sarasin IE Sustainable Global Real Estate Equity Z Inc USD- 42,485 - 42,485

Units in issue

at start of

period

Issued

during the

period

Redeemed

during the

period

Units in issue

at end of

period


192




30.06.20

Sarasin IE Sustainable Global Real Estate Equity (USD) A Inc 11,965 11 (11,976) -

Sarasin IE Sustainable Global Real Estate Equity (USD) I Inc51,229 - (51,229) -

Sarasin IE Sustainable Global Real Estate Equity (USD) X Inc165,200 - (165,200) -

Sarasin IE Sustainable Global Real Estate Equity (USD) P Inc

GBP 151,975 75,901 (227,876) -

Sarasin IE Sustainable Global Real Estate Equity (USD) P Inc2,155 - (2,155) -

Sarasin IE Sustainable Global Real Estate Equity (USD) Z Inc42,485 - (42,485) -

Sarasin IE Sustainable Global Real Estate Equity (USD) A

Acc 374,875 - (374,875) -


Acc GBP 75,152 29,172 (104,324) -

Sarasin IE Sustainable Global Real Estate Equity (USD) P

Acc GBP 359,211 145,493 (504,704) -


Acc 22,602 136,665 (159,267) -


Acc EUR 1,090 1,858 (2,948) -

Units in issue

at start of

period

Issued

during the

period

Redeemed

during the

period

Units in issue

at end of

period


193


14. Movement in Unit Capital (continued) Movements in participating units during the year 2019 were as follows:


31.12.19

Redeemed

during the

year

Sarasin IE Global Equity Opportunities (GBP) A Inc 95,223 14,651 (13,332) 96,542

Sarasin IE Global Equity Opportunities (GBP) I Inc 179,080 90,267 (167,365) 101,982

Sarasin IE Global Equity Opportunities (GBP) X Inc 733,312 27,250 (686,711) 73,851

Sarasin IE Global Equity Opportunities (GBP) A Inc Eur - - - -

Sarasin IE Global Equity Opportunities (GBP) P Inc 78,574 - (330) 78,244

Sarasin IE Global Equity Opportunities (GBP) I Inc Eur 413,722 562,508 (4,315) 971,915

Sarasin IE Global Equity Opportunities (GBP) X Inc Eur 5,265 3,987 - 9,252

Sarasin IE Global Equity Opportunities (GBP) D Inc 54,800 - - 54,800

Sarasin IE Global Equity Opportunities (GBP) X Inc Eur

Hedged 12,561 5,884 (4,116) 14,329

Sarasin IE Global Equity Opportunities (GBP) I Inc Eur

Hedged 345,416 350 (345,766) -

Sarasin IE Global Equity Opportunities (GBP) Z Inc - 3,327,598 (46,671) 3,280,927

Sarasin IE Global Equity Opportunities (GBP) Z Inc EUR

Hedged - 15,619 - 15,619

Sarasin IE Global Equity Opportunities (GBP) A Acc 507,985 72,756 (135,512) 445,229

Sarasin IE Global Equity Opportunities (GBP) I Acc 544,101 145,759 (518,953) 170,907

Sarasin IE Global Equity Opportunities (GBP) X Acc 370,087 27,272 (310,502) 86,857

Sarasin IE Global Equity Opportunities (GBP) A Acc Eur 33,979 11,893 (9,835) 36,037

Sarasin IE Global Equity Opportunities (GBP) P Acc 51,352 5,125 (8,783) 47,694

Sarasin IE Global Equity Opportunities (GBP) I Acc Eur 212,055 73,019 (65,471) 219,603

Sarasin IE Global Equity Opportunities (GBP) X Acc Eur 683,118 244,279 (56,436) 870,961

Sarasin IE Global Equity Opportunities (GBP) F Acc 11,500 - - 11,500

Sarasin IE Global Equity Opportunities (GBP) X Acc Eur

Hedged 431,811 25,398 (26,606) 430,603

Sarasin IE Global Equity Opportunities (GBP) I Acc Eur

Hedged 180,764 6,277 (6,277) 180,764

Sarasin IE Global Equity Opportunities (GBP) A Acc USD 7,621 - (729) 6,892

Sarasin IE Global Equity Opportunities (GBP) D Acc 1,197 1,107 (57) 2,247

Sarasin IE Global Equity Opportunities (GBP) Z Acc - 2,292,556 (119,726) 2,172,830

Sarasin IE Global Equity Opportunities (GBP) Z Acc EUR - 103,477 (2,195) 101,282

Sarasin IE Global Equity Opportunities (GBP) Z Acc EUR

Hedged - 3,772 - 3,772

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year


194




31.12.19

Redeemed

during the

year

Sarasin IE Global Equity Opportunities (USD) A Inc 12,857 700 (4,426) 9,131

Sarasin IE Global Equity Opportunities (USD) I Inc 1,120,416 53,986 (279,880) 894,522

Sarasin IE Global Equity Opportunities (USD) X Inc 135,456 4,870 (86,315) 54,011

Sarasin IE Global Equity Opportunities (USD) P Inc 2,423 - (2,423) -

Sarasin IE Global Equity Opportunities (USD) Z Inc - 781,466 (6,434) 775,032

Sarasin IE Global Equity Opportunities (USD) A Acc 548,752 71,121 (113,715) 506,158

Sarasin IE Global Equity Opportunities (USD) I Acc 1,109,038 3,143 (362,775) 749,406

Sarasin IE Global Equity Opportunities (USD) X Acc 294,737 - (102,785) 191,952

Sarasin IE Global Equity Opportunities (USD) P Acc 156,950 25,052 (29,837) 152,165

Sarasin IE Global Equity Opportunities (USD) F Acc 2,436 - (9) 2,427

Sarasin IE Global Equity Opportunities (USD) D Inc 75,410 - - 75,410

Sarasin IE Global Equity Opportunities (USD) Z Acc - 927,832 (107,151) 820,681


31.12.19

Redeemed

during the

year

Sarasin IE GlobalSar - Dynamic (GBP) A Inc 178,931 7,378 (19,145) 167,164

Sarasin IE GlobalSar - Dynamic (GBP) I Inc 1,114,097 185,582 (1,010,017) 289,662

Sarasin IE GlobalSar - Dynamic (GBP) X Inc 2,879,263 171,997 (2,852,054) 199,206

Sarasin IE GlobalSar - Dynamic (GBP) P Inc 33,562 10,320 (2,348) 41,534

Sarasin IE GlobalSar - Dynamic (GBP) F Inc 28,551 62 (2,225) 26,388

Sarasin IE GlobalSar - Dynamic (GBP) D Inc 519,832 3,196 (93,336) 429,692

Sarasin IE GlobalSar - Dynamic (GBP) Z Inc - 16,353,436 (347,485) 16,005,951

Sarasin IE GlobalSar - Dynamic (GBP) A Acc 672,595 23,394 (79,636) 616,353

Sarasin IE GlobalSar - Dynamic (GBP) I Acc 426,639 54,969 (285,290) 196,318

Sarasin IE GlobalSar - Dynamic (GBP) X Acc 717,861 106,036 (758,214) 65,683

Sarasin IE GlobalSar - Dynamic (GBP) P Acc 360,404 117,982 (56,001) 422,385

Sarasin IE GlobalSar - Dynamic (GBP) F Acc 67,064 - (155) 66,909

Sarasin IE GlobalSar - Dynamic (GBP) D Acc 5,967 561 (721) 5,807

Sarasin IE GlobalSar - Dynamic (GBP) Z Acc - 7,874,614 (260,357) 7,614,257

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year


195




31.12.19

Redeemed

during the

year

Sarasin IE GlobalSar - Dynamic (USD) A Inc 36,121 120 (815) 35,426

Sarasin IE GlobalSar - Dynamic (USD) I Inc 219,925 92 (79,765) 140,252

Sarasin IE GlobalSar - Dynamic (USD) X Inc 348,877 837 (135,616) 214,098

Sarasin IE GlobalSar - Dynamic (USD) P Inc 11,581 13,436 (2,488) 22,529

Sarasin IE GlobalSar - Dynamic (USD) Z Inc - 560,152 (1,239) 558,913

Sarasin IE GlobalSar - Dynamic (USD) A Acc 366,916 17,395 (29,476) 354,835

Sarasin IE GlobalSar - Dynamic (USD) I Acc 336,100 7,153 (41,548) 301,705

Sarasin IE GlobalSar - Dynamic (USD) X Acc 184,132 - (77,132) 107,000

Sarasin IE GlobalSar - Dynamic (USD) P Acc 385,948 92,986 (56,491) 422,443

Sarasin IE GlobalSar - Dynamic (USD) F Acc 6,732 223 - 6,955

Sarasin IE GlobalSar - Dynamic (USD) Z Acc - 478,956 (39,364) 439,592


31.12.19

Redeemed

during the

year

Sarasin IE GlobalSar - Income (GBP) A Inc 513,438 22,261 (49,669) 486,030

Sarasin IE GlobalSar - Income (GBP) I Inc 3,033,740 297,172 (1,476,857) 1,854,055

Sarasin IE GlobalSar - Income (GBP) X Inc 6,760,564 369,098 (6,416,590) 713,072

Sarasin IE GlobalSar - Income (GBP) P Inc 121,189 17,069 (22,815) 115,443

Sarasin IE GlobalSar - Income (GBP) F Inc 16,774 - (627) 16,147

Sarasin IE GlobalSar - Income (GBP) D Inc 2,582,814 664,263 (61,472) 3,185,605

Sarasin IE GlobalSar - Income (GBP) Z Inc - 7,887,842 (246,030) 7,641,812

Sarasin IE GlobalSar - Income (GBP) A Acc 710,489 67,852 (98,889) 679,452

Sarasin IE GlobalSar - Income (GBP) I Acc 241,711 92,700 (240,490) 93,921

Sarasin IE GlobalSar - Income (GBP) X Acc 522,912 47,859 (508,045) 62,726

Sarasin IE GlobalSar - Income (GBP) P Acc 474,210 183,187 (85,784) 571,613

Sarasin IE GlobalSar - Income (GBP) F Acc 6,227 313 (5,115) 1,425

Sarasin IE GlobalSar - Income (GBP) D Acc 168,400 148,281 - 316,681

Sarasin IE GlobalSar - Income (GBP) Z Acc - 1,375,586 (44,515) 1,331,071

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year


196




31.12.19

Redeemed

during the

year

Sarasin IE GlobalSar - Strategic (EUR) A Inc 5,693 6,690 - 12,383

Sarasin IE GlobalSar - Strategic (EUR) I Inc 42,197 6,681 (15,378) 33,500

Sarasin IE GlobalSar - Strategic (EUR) X Inc 177,064 31,060 (84,058) 124,066

Sarasin IE GlobalSar - Strategic (EUR) Z Inc - 93,524 - 93,524

Sarasin IE GlobalSar - Strategic (EUR) A Acc 256,937 32,595 (18,540) 270,992

Sarasin IE GlobalSar - Strategic (EUR) I Acc 1,190,724 161,654 (123,325) 1,229,053

Sarasin IE GlobalSar - Strategic (EUR) X Acc 2,940,692 545,414 (297,465) 3,188,641

Sarasin IE GlobalSar - Strategic (EUR) P Acc 82,885 18,218 (3,763) 97,340

Sarasin IE GlobalSar - Strategic (EUR) Z Acc - 171,047 (6,420) 164,627


31.12.19

Redeemed

during the

year

Sarasin IE Multi Asset Target Return A Inc 15,606 95 (2,511) 13,190

Sarasin IE Multi Asset Target Return P Inc 177 3 (2) 178

Sarasin IE Multi Asset Target Return F Inc 20,860 357 (3,559) 17,658

Sarasin IE Multi Asset Target Return I Inc 464,368 258,537 (417,484) 305,421

Sarasin IE Multi Asset Target Return X Inc 379,621 66,773 (446,394) -

Sarasin IE Multi Asset Target Return D Inc 104,346 1,723,386 (10,000) 1,817,732

Sarasin IE Multi Asset Target Return Z Inc 1,166,725 (14,956) 1,151,769

Sarasin IE Multi Asset Target Return A Acc 80,884 1,727 (30,897) 51,714

Sarasin IE Multi Asset Target Return P Acc 54,732 289,142 (108,242) 235,632

Sarasin IE Multi Asset Target Return F Acc 20,338 6,364 (3,580) 23,122

Sarasin IE Multi Asset Target Return I Acc 424,620 221,660 (55,988) 590,292

Sarasin IE Multi Asset Target Return X Acc 135,930 22,057 (111,874) 46,113

Sarasin IE Multi Asset Target Return D Acc 683,374 8,192 - 691,566

Sarasin IE Multi Asset Target Return Z Acc - 216,608 (63,101) 153,507

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year


197




31.12.19

Redeemed

during the

year

Sarasin IE GlobalSar - Strategic (USD) A Inc 16,466 - (2,420) 14,046

Sarasin IE GlobalSar - Strategic (USD) I Inc 659,047 151,189 (247,500) 562,736

Sarasin IE GlobalSar - Strategic (USD) X Inc 648,945 5,624 (416,102) 238,467

Sarasin IE GlobalSar - Strategic (USD) Z Inc - 407,945 (20,778) 387,167

Sarasin IE GlobalSar - Strategic (USD) A Acc 489,778 65,907 (19,643) 536,042

Sarasin IE GlobalSar - Strategic (USD) P Acc 226,845 155,889 (20,080) 362,654

Sarasin IE GlobalSar - Strategic (USD) F Acc 285,817 36,019 (19,981) 301,855

Sarasin IE GlobalSar - Strategic (USD) I Acc 1,359,368 13,505 (1,183,230) 189,643

Sarasin IE GlobalSar - Strategic (USD) X Acc 751,663 13,794 (213,097) 552,360

Sarasin IE GlobalSar - Strategic (USD) D Acc 996,746 - (775) 995,971

Sarasin IE GlobalSar - Strategic (USD) Z Acc - 1,299,794 (44,006) 1,255,788


31.12.19

Sarasin IE Systematic Emerging Markets Dividend I Acc 59,988 4,883 (11,733) 53,138

Sarasin IE Systematic Emerging Markets Dividend A Acc

GBP 1,775 - - 1,775

Sarasin IE Systematic Emerging Markets Dividend D Acc 1,258 - (1,258) -

Sarasin IE Systematic Emerging Markets Dividend P Acc

GBP 7,323 685 (1,688) 6,320

Sarasin IE Systematic Emerging Markets Dividend X Acc 16,194 1,041 (15,580) 1,655

Sarasin IE Systematic Emerging Markets Dividend Z Acc - 190,757 (7,165) 183,592

Sarasin IE Systematic Emerging Markets Dividend X Inc 5,941 498 (6,439) -

Sarasin IE Systematic Emerging Markets Dividend D Inc 38,522 - (627) 37,895

Sarasin IE Systematic Emerging Markets Dividend I Inc 378,856 3,390 (123,188) 259,058

Sarasin IE Systematic Emerging Markets Dividend Z Inc - 57,833 (1,780) 56,053

Units in

issue at

start of year

Issued

during the

year

Units in

issue at end

of year

Units in

issue at

start of year

Issued

during the

year

Redeemed

during the

year

Units in

issue at end

of year


198




31.12.19

Sarasin IE Sustainable Global Real Estate Equity A Inc 96,002 751 (7,500) 89,253

Sarasin IE Sustainable Global Real Estate Equity I Inc 4,422,456 193,116 (475,626) 4,139,946

Sarasin IE Sustainable Global Real Estate Equity X Inc 195,334 - (182,328) 13,006

Sarasin IE Sustainable Global Real Estate Equity P Inc 46,289 116,492 (22,505) 140,276

Sarasin IE Sustainable Global Real Estate Equity F Inc 13,022 - (4,925) 8,097

Sarasin IE Sustainable Global Real Estate Equity Z Inc - 382,611 (14,224) 368,387

Sarasin IE Sustainable Global Real Estate Equity I Inc EUR5,560,568 295,335 (634,794) 5,221,109

Sarasin IE Sustainable Global Real Estate Equity A Acc 574,354 128,834 (241,216) 461,972

Sarasin IE Sustainable Global Real Estate Equity I Acc 457,486 54,232 (79,174) 432,544

Sarasin IE Sustainable Global Real Estate Equity X Acc 15,791 2,968 (10,659) 8,100

Sarasin IE Sustainable Global Real Estate Equity P Acc 1,415,508 168,455 (188,856) 1,395,107

Sarasin IE Sustainable Global Real Estate Equity F Acc 32,517 157 (2,871) 29,803

Sarasin IE Sustainable Global Real Estate Equity Z Acc - 65,160 - 65,160

Sarasin IE Sustainable Global Real Estate Equity I Acc USD327,998 56,048 (143,806) 240,240

Sarasin IE Sustainable Global Real Estate Equity I Acc EUR- 3,675 - 3,675

Sarasin IE Sustainable Global Real Estate Equity A Acc EUR165,735 - - 165,735

Sarasin IE Sustainable Global Real Estate Equity X Acc EUR311,091 25,956 (23,711) 313,336

Redeemed

during the

year

Units in

issue at end

of year

Units in

issue at

start of year

Issued

during the

year


199




31.12.19


Inc 11,945 20 - 11,965

Sarasin IE Sustainable Global Real Estate Equity (USD) I Inc62,598 - (11,369) 51,229

Sarasin IE Sustainable Global Real Estate Equity (USD) X

Inc 239,200 - (74,000) 165,200


Inc GBP 83,043 87,164 (18,232) 151,975


Inc - 4,320 (2,165) 2,155

Sarasin IE Sustainable Global Real Estate Equity (USD) Z

Inc - 50,124 (7,639) 42,485


Acc 529,326 20,117 (174,568) 374,875

Sarasin IE Sustainable Global Real Estate Equity (USD) I

Acc 8,000 - (8,000) -


Acc GBP 19,994 65,032 (9,874) 75,152


Acc GBP 241,857 254,885 (137,531) 359,211


Acc 16,780 10,593 (4,771) 22,602


Acc EUR - 1,090 - 1,090

Units in

issue at

start of year

Issued

during the

year

Redeemed

during the

year

Units in

issue at end

of year

15. Significant Events during the period

COVID-19 The COVID-19 outbreak was declared a pandemic by the World Health Organisation on 11 March 2020. Global financial markets monitored and reacted to the outbreak, with all markets incurring increased volatility and uncertainty. Social distancing policies and exceptional stimulus packages from government and central banks were introduced as economic downturn and market sell-offs occurred. Asset markets recovered relatively quickly in response to the exceptional actions taken and the backdrop has become more positive as restrictions have begun to relax and economies reopen. The sustainability of reopening is still in question, but markets remain positive. The pandemic also brought operational risk to the Trust and its service providers (principally the investment manager, administrator and depository) due to global and local movement restrictions that were enacted by various governments. The Board of Directors of the Manager note that full operational continuity has been maintained by the business and its service providers throughout the adoption of home-based working protocols. COVID-19 pandemic is an unprecedented event and the eventual impact on the global economy and markets will largely depend on the scale and duration of the outbreak. The Board of Directors of the Manager continue to monitor the situation. Sarasin IE Systematic Emerging Markets Dividend terminated on 24 April 2020. Sarasin IE Sustainable Global Real Estate Equity (USD) was fully redeemed on 24 June 2020 following the merger into Sarasin IE Sustainable Global Real Estate Equity.


200


15. Significant Events during the period (continued)

The following unit classes launched in Sarasin IE Sustainable Global Real Estate Equity on 24 June 2020: Class A USD accumulating unit class Class A USD distributing unit class Class P EUR accumulating unit class Class P USD accumulating unit class Class P USD distributing unit class Class X USD distributing unit class Class Z USD distributing unit class There were no other significant events during the period.

16. Subsequent Events There were no events subsequent to the period end which require disclosure in, or adjustment to, these financial statements.

17. Contingent Liabilities and Commitments

There were no contingent liabilities or commitments at 30 June 2020 (31 December 2019: Nil).

18. Approval of the Financial Statements The financial statements were approved by the Board of Directors of the Manager on 20 August 2020.


201

Supplemental Information

Securities Financing Transactions and Reuse The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing and of reuse (“SFTR”). Sarasin IE Systematic Emerging Markets Dividend Sarasin IE Systematic Emerging Markets Dividend terminated on 24th April 2020 and had no holdings at the period end 30 June 2020.

GLOBAL DATA:

Type of Asset Absolute Amount ($) Proportion of AUM (%)

Total Return Swap - 0.00% Concentration Data

The largest collateral issuers across all STFs and total return swaps is as follows:

Collateral Issuers

Volume of the collateral

securities and commodities

1 MSCI Daily Emerging Markets Russia -

2 MSCI Daily Emerging Markets China -

3 MSCI Daily Emerging Markets Qatar -

4 MSCI Daily Emerging Markets P/Saudi Arabia -

The counterparties across all STFs and total return swaps is as follows:

Counterparty

Gross volume of

outstanding trades

1 HSBC Bank Plc London -

2 Deutsche Bank -

3 Goldman Sachs - Aggregate Transaction Data

Type/Quality of

collateral Currency

Maturity

tenor

(collateral)

Maturity tenor

(STFs/Total

Return Swaps)

Country of

counterparty

establishment

(not collateral)

Settlement

and clearing

Total Return Swap

List out counterparties

Deutsche Bank Cash Collateral USD not specified 2020 US Bilateral

HSBC Bank Plc Cash Collateral USD not specified 2050 US Bilateral

The share of collateral that is reused is 100%, this is in comparsion to the maximum of 100% as expressed in the prospectus. The cash collateral reinvestment returns to the Trust were nil.


202

Supplemental Unaudited Information (continued) Securities Financing Transactions and Reuse (continued) Safekeeping – Collateral Received

Custodian Collateral assets safe-kept Amount

Deutsche Bank Cash Collateral -

HSBC Bank Plc Cash Collateral - Return & Cost

Absolute Returns % overall returns

Total Retrun Swaps

Return 484,572 100

Cost (1,020,961) 100

CONDENSED UNAUDITED INTERIM REPORT AND ACCOUNTS · Table of Contents Key Information 1 Board of...

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