Sands Capital Funds plc · 2020-02-28 · Sands Capital Funds plc . Annual Report and Audited...

Sands Capital Funds plc Annual Report and Audited Financial Statements For the year ended 31 October 2019 Registration Number: 484381

Sands Capital Funds plc

TABLE OF CONTENTS Page DIRECTORY 2

DIRECTORS’ REPORT 3 DEPOSITARY’S REPORT 6 INVESTMENT MANAGER’S REPORT

- Sands Capital Global Growth Fund 7 - Sands Capital US Select Growth Fund 8 - Sands Capital Emerging Markets Growth Fund 10 - Sands Capital Global Leaders Fund 12

INDEPENDENT AUDITORS’ REPORT 13 SCHEDULE OF INVESTMENTS


STATEMENT OF FINANCIAL POSITION 23

STATEMENT OF COMPREHENSIVE INCOME 25

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS 27 OF REDEEMABLE PARTICIPATING SHARES

STATEMENT OF CASH FLOWS 29

NOTES TO THE FINANCIAL STATEMENTS 31 ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) 65 SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO (UNAUDITED)


UCITS V REMUNERATION DISCLOSURE (UNAUDITED) 71

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DIRECTORY Directors of the Company Registered Office Gavin Caldwell* (Chairman) (Ireland) Styne House Jonathan Goodman (United States) Upper Hatch Street Mike Kirby (Ireland) Dublin 2 Dana McNamara (United States) Ireland Investment Manager, Distributor and Promoter Secretary Sands Capital Management, LLC Wilton Secretarial Limited 1000 Wilson Boulevard 6th Floor Suite 3000 2 Grand Canal Square Arlington, VA 22209 Dublin 2 United States Ireland Administrator, Registrar and Transfer Agent Depositary SEI Investments - Global Fund Services Limited Brown Brothers Harriman Trustee Services Styne House (Ireland) Limited Upper Hatch Street 30 Herbert Street Dublin 2 Dublin 2 Ireland Ireland Independent Auditors Legal Advisers to the Company PricewaterhouseCoopers William Fry One Spencer Dock 2 Grand Canal Square North Wall Quay Dublin 2 Dublin 1 Ireland Ireland Swiss Representative and Swiss Paying Agent** BNP Paribas Securities Services, Paris Succursale de Zurich Selnaustrasse 16 8002 Zürich Switzerland

* Independent Non-Executive Director. ** Place where the relevant documents may be obtained for Swiss Investors: The Prospectus, the Key Investor Information Documents (KIIDs), the Articles of Association as well as the annual and half yearly reports of the Company may be obtained free of charge from the Representative. Significant portfolio changes are listed on pages 67 - 70. A complete listing of purchases and sales during the year is available upon request from the Representative free of charge.

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DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 The Directors submit this report together with the annual report and audited financial statements of Sands Capital Funds plc (the “Company”), in each case for the financial year ended 31 October 2019. Statement of Directors' responsibilities for the financial statements The Directors are responsible for preparing this Directors’ report and the financial statements of the Company in accordance with applicable Irish law. Irish law requires the Directors to prepare financial statements of the Company for each financial year that give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. Under Irish law, the Directors have elected to prepare the financial statements of the Company in accordance with International Financial Reporting Standards, as adopted by the European Union. Under Irish law, the Directors will not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year. In preparing the financial statements of the Company, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with applicable accounting

standards, identify the standards in question, and disclose and explain in the notes to the financial statements any material departures from those standards; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the financial statements

The Directors are responsible for keeping proper and adequate accounting records that are sufficient to: - correctly record and explain the transactions of the Company; - enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be

determined with reasonable accuracy; and - enable the Directors to ensure that (i) the financial statements are prepared in accordance with

International Financial Reporting Standards as adopted by the European Union, (ii) comply with the Irish statue comprising the Companies Act 2014 (the “Act”) and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No 352 of 2011), as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investments in Transferable Securities) Regulations 2019, as amended (the “Central Bank UCITS Regulations”) and (iii) the financial statements may be audited.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The responsibility for safeguarding the assets of the Company has been delegated to the Depositary. The Directors, with the support of the Investment Manager, are also responsible for the maintenance and integrity of these financial statements as electronically published on the Investment Manager's website, www.sandscapital.com. The work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Business review and principal activities The Company is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds incorporated with limited liability in Ireland under registration number 484381. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the Central Bank UCITS Regulations. The Company currently has four active sub-funds, Sands Capital Global Growth Fund (the “Global Growth Fund”), Sands Capital US Select Growth Fund (the “US Select Growth

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http://www.sandscapital.com/


DIRECTORS’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued) Business review and principal activities (continued) Fund”), Sands Capital Emerging Markets Growth Fund (the “Emerging Markets Growth Fund”) and Sands Capital Global Leaders Fund (the “Global Leaders Fund”). The business of the Company and of the sub-funds is reviewed in detail in the Investment Manager's Report on pages 7 to 12. Review of development of the business and future developments The change in the net asset value of the sub-funds over the financial year is a key indicator of the performance of the Company. A detailed review of the Company’s business and future developments is included in the Investment Manager’s Report on pages 7 to 12. Risk management objectives and policies The principal risks and uncertainties which the Company face relate to the use of financial instruments and are listed in Note 9 "Risks associated with financial instruments". The investment objective of the Company is disclosed in Note 1 “Organisation”. Results The results of operations are set out in the Statement of Comprehensive Income on page 25. Significant events Significant events during the year are disclosed in Note 22 “Significant Events”. Subsequent events Significant events since the end of the year are disclosed in Note 23 “Subsequent Events”. Dividends No dividend was paid or proposed during the year. Directors The Directors listed on page 2 served for the full year. Directors’ and Secretary’s interests The Directors and Secretary of the Company who held office at 31 October 2019 had no direct or beneficial interest in the shares, share options, deferred shares or debentures of the Company or any other group company at the beginning or end of the financial year. Transactions Involving Directors Mike Kirby is the managing principal of KB Associates which provide consultancy services to the Company. Details of the transactions entered into with KB Associates are contained in Note 11. The Sands Capital Funds plc’s Directors who have indirect interest in the Company (Dana McNamara and Jonathan Goodman) hold these indirect interests as set out in the investment management agreement with Sands Capital Management LLC. There were no other contracts or arrangements of any significance in relation to the business of the Company in which the Directors had any interest as defined in the Act at any time during the year ended 31 October 2019. Corporate Governance Statement The Irish Funds Association (“IF”) published a corporate governance code (“IF Code”) in December 2011 that may be adopted on a voluntary basis by Irish authorised collective investment schemes. The IF Code has been adopted by the Company with an effective date of 1 January 2013. Accounting Records The Directors have ensured that the adequate accounting records requirements under Section 281 to 285, the Act have been complied with by outsourcing this function to a specialist provider of such services. The accounting records are held by SEI Investment – Global Fund Services Limited at the Company’s registered office which is Styne House, Upper Hatch Street, Dublin 2, Ireland.

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DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued)

Transactions with 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 company of such a management company. depositary. delegate or sub-delegate ("connected persons") must he carried out as if conducted at arm's length. Transactions must be in the best interests of the shareholders and the UCITS.

The Directors are satisfied that there are arrangements (evidenced by written procedures) in place. to ensure that the obligations set out above (as relèrred to in Regulation 43(1) of the Central Bank IJCITS Regulations) are applied to all transactions with connected persons. and are satisfied that transactions with connected persons entered into during the financial year complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.

Political Donations There were no political donations made during the year.

Statement on relevant audit information The Directors have considered the requirement under S330 of the Act and so far as the Directors are aware. there is no relevant audit information of which the Company's statutory auditors are unaware and that each Director has taken all steps that he or she ought to have taken as Directors in order to make himself or herself aware of any relevant audit information and to ensure that the Company's statutory auditors are aware of all that information.

Establishment of an audit committee The Directors have considered the requirement under S167 of the Act to either form an audit committee or explain why they have elected not to do so and have concluded that it is not necessary to form an audit committee as the Board has only non-executive directors and one independent Director and the Company complies with the provisions of the Irish Funds' Corporate Governance Code. The Directors hae delegated the day to day investment management and administration of the Company to the Investment Manager and to the Administrator respectively. The Directors have also appointed Brown Brothers Flarriman Trustee Services (Ireland) Limited as depositary of the assets of the Company.

Directors' compliance statement The directors acknowledge that they are responsible for securing the company's compliance with the relevant obligations as set out in section 225 of the Act.

The Directors confirm that:

I) A compliance policy document has been drawn up that sets out policies, that in our opinion are appropriate to the company. respecting compliance by the company with its relevant obligations

2) appropriate arrangements or structures are in place that are, in our opinion, designed to secure material compliance with the company's relevant obligations, and

3) during the financial year. the arrangements or structures referred to in (2) have been reviewed.

Independent Auditors PricewaterhouseCoopers. Chartered Accountants. ha e been appointed as auditors in accordance with section 383(2) of the Act and have expressed their willingness to continue in office.

The Directors confirm that they have complied with the above requirements in preparing the Company's financial statements.

On Behalf of the Board of Directors

Mike Kirby. Director

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Gavin Caldwell. Director Date: 26 February 2020


DEPOSITARY'S REPORT TO THE SHAREHOLDERS OF SANDS CAPITAL FUNDS PLC (The "Company")

We have enquired into the conduct of Sands Capital Funds plc (the 'Company') for the year ended 3 1 October 2019, in our capacity as Depositary to the Company.

This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, ('the UCITS Regulations'), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the Shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company's Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Depositary Opinion

The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Memorandum and Articles of Association and the appropriate regulations and (ii) otherwise in accordance with the Company's constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Company has been managed during the year in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and by the UCITS Regulations; and

(ii) otherwise in accordance with the provisions of the Memorandum & Articles of Association and the UCITS Regulations and the Central Bank UCITS Regulations.

Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland

Date: 26 February 2020


INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019

Sands Capital Global Growth Fund

Dear Shareholder:

We are pleased to provide you with the Annual Report for the Sands Capital Global Growth Fund (the “Fund”) for the 12-month period ending 31 October 2019. During the past year, the Fund’s classes compared to the MSCI All Country World Index (ACWI) returned:

Class Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EURLaunch date 30-Jun-10 10-May-12 20-Jun-12 21-Dec-12 31-Jan-13 07-Nov-13 25-Mar-15Return* 20.55% 20.35% 18.94% 18.79% 22.29% 19.70% 22.31%MSCI ACWI Return* 12.59% 12.59% 11.18% 11.18% 14.35% 12.59% 14.35% * Where a class has been in operation for more than one year, the return of the class and benchmark are presented for the one year period from 1 November 2018 to 31 October 2019.

Performance Review

Global equities (as measured by the MSCI All Country World Index, (ACWI)) rose during the twelve-month period ending 31 October 2019, despite periods of acute volatility and pervasive market narratives. The strength was broad-based, with all regions making a positive contribution. The United States contributed most to the index’s return, as dovish monetary policy—including the first rate cut since 2008—partially assuaged fears about slowing economic growth and earnings. Saudi Arabia and Norway, together accounting for less than a half of a percent of the total index weight, were the top country detractors. The information technology and consumer discretionary sectors were the top contributors, and energy was the sole index detractor.

The top five absolute contributors to the strategy’s results were Shopify, Edwards Lifesciences, ASML Holding, Visa, and Atlassian. Visa continues to grow payments volumes at an above-average rate, driven by the secular shift toward electronic payments primarily related to consumers. This is a very large opportunity with a long runway that Visa has been pursuing since its inception over 50 years ago. However, Visa is finding new ways to grow. Recently, it has been increasing its attention to use cases that grow its addressable market beyond consumer payments, including business-to-business, person-to-person, government-to-consumer, and business-to-consumer payments. Together, these new use cases represent a volume opportunity that is bigger than consumer payments. They will take many years to play out, but we believe they could extend Visa’s above-average growth profile even further out into the future.

The largest absolute detractors were ASOS, Abiomed, Sarepta Therapeutics, Bluebird Bio, and BioMarin Pharmaceutical. Sarepta Therapeutics shares fell after its application for approval of golodirsen, an RNA therapy drug for a small subset of Duchenne muscular dystrophy (DMD) patients, was unexpectedly rejected by the U.S. Food and Drug Administration. Golodirsen’s approval would have increased Sarepta’s commercial population by an additional eight percent of total DMD patients. While a fundamental negative, Sarepta’s RNA therapies for DMD are not the linchpin of our investment case, and we believe this quarter’s stock reaction significantly exaggerates the impact of this development on the business’s long-term value. We believe that the bulk of the company’s longer-term value derives from its late-stage microdystrophin gene-therapy program in DMD, along with its earlier-stage gene-therapy programs for limb-girdle muscular dystrophies (LGMDs), which we expect to have a far more transformative impact on patients and on the business. Over the past year, several developments have increased our confidence in Sarepta’s gene-therapy potential. While Sarepta remains an earlier-stage biotechnology business that can be susceptible to stock volatility, we believe its current valuation presents an attractive opportunity, and we have conviction in its long-term potential.

During the period, Global Growth purchased Aptiv, Bluebird Bio, GVC Holdings, Okta, and Zoom Video Communications. It sold ASOS, Baidu, BioMarin Pharmaceutical, Booking, Las Vegas Sands, Motherson Sumi, Naspers, and Starbucks.

We greatly appreciate your interest and support. We look forward to providing future updates on our investment approach and results.

Sincerely, The Sands Capital Management Investment Team

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INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued) Sands Capital US Select Growth Fund Dear Shareholder: We are pleased to provide you with the Annual Report for the Sands Capital US Select Growth Fund (the “Fund”) for the period ending 31 October 2019. During the past year, the Fund’s classes compared to the Russell 1000 Growth Index (R1000G) returned: Class Class A USD Class H USD Class A GBP Class A EUR Class Z USDLaunch date 11-Dec-12 13-Feb-13 14-May-13 04-Jun-13 11-Sep-13Return* 16.56% 16.30% 15.06% 18.36% 15.68%R1000G Return* 17.10% 17.10% 15.45% 18.78% 17.10%

* Where a class has been in operation for more than one year, the return of the class and benchmark are presented for the one year period from 1 November 2018 to 31 October 2019. Performance Review U.S. growth uncertainty continued to increase through most of the latest fiscal year, with many investors anticipating the end of the longest economic expansion in U.S. history, as well as heightened political uncertainties such as trade tensions between the U.S. and China and a potentially contentious U.S. presidential election next year. As a result, we saw business confidence drop and analysts pare back profit expectations. In addition, we witnessed a rotation into traditionally defensive assets, and a shift away from focusing on business fundamentals. Thus, we believe growth concerns are once again at the core of the disconnection between businesses’ share prices and fundamentals. Underneath the challenging economic and geopolitical backdrop, we continue to see very powerful secular trends that are being driven by a small subset of the businesses in the world. These businesses are either creating or benefiting from those disruptions. We’ve always looked to invest in businesses with fundamentals underpinned by powerful secular growth. The top absolute contributors to investment results over the latest fiscal year were ServiceNow, Visa, Edwards Lifesciences, Match, and CoStar. Visa continues to grow payments volumes at an above-average rate, driven by the secular shift toward electronic payments primarily related to consumers. This is a very large opportunity with a long runway that Visa has been pursuing since its inception over 50 years ago. However, Visa is finding new ways to grow. Recently, it has been increasing its attention to use cases that grow its addressable market beyond consumer payments, including business-to-business, person-to-person, government-to-consumer, and business-to-consumer payments. Together, these new use cases represent a volume opportunity that is bigger than consumer payments. They will take many years to play out, but we believe they could extend Visa’s above-average growth profile even further out into the future. The top absolute detractors to investment results over the latest fiscal year were Activision Blizzard, Sarepta Therapeutics, Abiomed, BioMarin, and Booking. While Sarepta's business hit a speed bump in the second quarter, due to a surprising FDA rejection, the core of our investment case—specifically the long-term prospects for the company’s gene-therapy pipeline—has only strengthened over the past year. For context, before establishing itself as a gene-therapy leader, Sarepta’s R&D efforts focused on developing treatments for Duchenne muscular dystrophy (DMD), using RNA-based exon-skipping technology. This investment led to U.S. approval and successful commercialization of the company’s first exon-skipping therapy, Exondys 51, which addresses a type of mutation present in about 13 percent of DMD patients. We expected Sarepta’s late-stage pipeline, including its RNA therapies golodirsen and casimersen, to further expand this commercial population, as each drug addressed another eight percent of DMD patients, and the FDA seemed amenable to their approval under an accelerated regulatory pathway. However, this view was proven wrong by the FDA’s rejection of golodirsen in August, making the future for this drug, as well as casimersen, far more uncertain. Sarepta’s shares have fallen since this negative news, with a couple of other separate developments contributing to the negative sentiment; however, we characterize these other headlines as more “noise” than substance, unlike the FDA rejection.

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INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued) Sands Capital US Select Growth Fund (continued) While the golodirsen rejection was a fundamental negative, Sarepta’s RNA therapies for DMD are not the linchpin of our investment case. They were relatively minor contributors to our estimate of the business’s fair value, and we believe the stock reaction this past quarter significantly exaggerated the true long-term impact of this development on the business. We believe that the bulk of the company’s longer-term value derives from its late-stage microdystrophin gene-therapy program in DMD, along with its earlier-stage gene-therapy programs for limb-girdle muscular dystrophy (LGMD). We expect these treatments to have a far more transformative impact on patients and on the business than Sarepta’s legacy RNA therapy franchise. In fact, we had anticipated that most of Sarepta’s RNA sales would ultimately be cannibalized by the use of microdystrophin. Over the past year, we’ve seen a number of important developments that have increased our confidence in these opportunities and Sarepta’s gene-therapy platform more broadly. These include: 1) positive proof-of-concept clinical data in LGMD2E; 2) negative safety and efficacy data from Sarepta’s two main DMD gene-therapy competitors, along with a lack of similar safety issues from Sarepta as it has dosed more patients; 3) high pricing and commercial traction from comparable gene therapies; and 4) Sarepta adding several new gene therapy programs to its early pipeline. While Sarepta remains an earlier-stage biotechnology business that can be susceptible to stock volatility, we believe its current valuation presents an attractive opportunity, and we have conviction in its long-term potential. During the period, Select Growth purchased Abiomed, Atlassian, Intuit, Match Group, Microsoft, Mirati Therapeutics, Texas Instruments, Twilio, and Zoetis. It sold Alexion Pharmaceuticals, Booking, Charles Schwab, Loxo Oncology, Palo Alto Networks, Regeneron Pharmaceuticals, and Splunk. We greatly appreciate your interest and support. We look forward to providing future updates on our investment approach and results.


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INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued) Sands Capital Emerging Markets Growth Fund Dear Shareholder:

We are pleased to provide you with the Annual Report for the Sands Capital Emerging Markets Growth Fund (the “Fund”) for the 12-month period ending 31 October 2019. During the past year, the Fund’s classes, compared to the MSCI Emerging Markets Index (EMI) returned:

Class Class A USD Class A GBP Class A EURLaunch date 31-Oct-13 24-May-16 14-Aug-18Return* 26.67% 25.00% 28.52%MSCI EM Return* 11.86% 10.45% 13.60%

* Where a class has been in operation for more than one year, the return of the class and benchmark are presented for the one year period from 1 November 2018 to 31 October 2019.

Performance Review

Emerging-market equities (as measured by the MSCI Emerging Markets Index, (EMI)) rose during the twelve-month period ending 31 October 2019, despite poor trade-war related sentiment and a number of other negative headlines. The strength was broad-based, with most countries and all but two sectors making a positive contribution to the index. China was the largest country contributor—led by consumer discretionary businesses—followed by Taiwan and India. Saudi Arabia, Chile, and Argentina, together accounting for less than three percent of the total index weight, were the top country detractors. From a sector perspective, information technology and consumer discretionary were the top detractors, and materials and health care were the sole detractors.

The top five absolute contributors to the strategy’s results were Anta Sports Products, Alibaba, NagaCorp, MercardoLibre, and Sea. NagaCorp reported strong first-half 2019 results, with gross gaming revenues up 22 percent year-over-year, driven by up-market gaming and entertainment. The company posted strong volume growth across VIP (37 percent), mass (32 percent), and electronic gaming (29 percent), fueled in part by healthy tourism activity (international arrivals increased 11 percent through the first five months of the year, to 2.9 million visitors). Earnings before interest, tax, depreciation, and amortization (EBITDA) grew 40 percent and reached a record $327 million, and net income expanded 36 percent, well ahead of our expectations. The firm’s financial position also continued to improve, with the yield on its debt falling to 5.8 percent from 9.375 percent at first issuance. In addition to these strong operational results, NagaCorp disclosed the full financing plans for its Naga3 property, which we are comfortable with. We believe the plans—which call for 50 percent of funding from the CEO and 50 percent from free cash flow—are favorable for shareholders and provide the firm with financial flexibility. We expect NagaCorp’s EBITDA to double between now and the project’s completion in 2025.

The largest absolute detractors were Baidu, Zee Entertainment, Mail.ru, Hutchison China Meditech, and Eicher Motors. Baidu’s business has proven more vulnerable to the macro slowdown and to external shocks than other Chinese internet businesses, driving its share price lower. Newsfeed revenue has slowed meaningfully along with the economy, the ad network faces pricing pressure from competitors, and regulators have clamped down on financial services, health care, and gaming advertising. These issues were exacerbated by heavy spending on new initiatives—such as standalone short-video applications—that have degraded margins. We don’t believe that Baidu’s core search business is broken; Baidu remains at the chokepoint of information discovery by Chinese consumers, and we believe its importance has actually strengthened recently, with strong daily active user growth and engagement-driving initiatives, such as mini-programs. Management’s vision and the business’s long-term trajectory is unclear, but we believe that fundamentals justify a higher valuation from today’s levels. We continue to monitor Baidu closely.

During the period, Emerging Markets Growth purchased AIA, Bandhan Bank, Hansoh Pharmaceutical, Localiza Rent-a-Car, New Oriental Education, PagSeguro Digital, Prosus, Titan, Vincom Retail, and Wuxi Biologics. It sold Adani Ports, Amorepacific, Eicher Motors, Hansoh Pharmaceutical, ITC, IndusInd, International Container, Medy-Tox, Naspers, Sands China, Siloam International Hospitals, and Zee Entertainment.

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INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued)

Sands Capital Emerging Markets Growth Fund (continued)



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INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 31 OCTOBER 2019 (continued) Sands Capital Global Leaders Fund Dear Shareholder: We are pleased to provide you with the Annual Report for the Sands Capital Global Leaders Fund (the “Fund”) for the period ending 31 October 2019. During the past year, the Fund’s classes, compared to the MSCI All Country World Index (ACWI) returned:

Class Class A USD Class A GBPLaunch date 28-Dec-17 05-Mar-18Return 23.23% 21.63%MSCI ACWI Return* 12.59% 11.18%

* Where a class has been in operation for more than one year, the return of the class and benchmark are presented for the one year periodfrom 1 November 2018 to 31 October 2019.

Performance Review Over the latest fiscal year ending 31 October 2019, the MSCI All Country World Index (ACWI) increased nearly 12.6 percent, driven by better-than-feared macroeconomic events and business fundamentals. The U.S./Canada was the largest contributor, followed by Western Europe, and Developed Asia. Within the U.S., equities rose despite many investors anticipating the end of the longest economic expansion in U.S. history, as well as heightened political uncertainties such as trade tensions between the U.S. and China, and a potentially contentious U.S. presidential election next year. However, a continued healthy job market with near record-low unemployment continued to fuel the corporate profit growth, assuaging investor fears around a possible U.S. recession. The ACWI’s strong results over the prior fiscal year did not come without some market turbulence. We saw strong market pull backs, particularly in the fourth quarter of last year, but these periods proved fleeting as positive economic data and business fundamentals rejuvenated investor sentiment.

The top absolute contributors to investment results over the latest fiscal year were TransDigm, Visa, Zoetis, HDFC Bank, and Alimentation Couche-Tard. Zoetis is a leader in developing, manufacturing, and commercializing animal health medicines for livestock and companion animals around the globe. Our conviction continues to increase in the durability of the base business, as well as in the company’s upcoming new product cycle highlighted by the first-quarter 2020 launch of Simparica Trio, a monthly chewable medicine to treat fleas, ticks, and worms in dogs. Our research indicates Trio has the potential to become a significant blockbuster product, disrupting the $4 billion parasiticide category. Given Zoetis’s leading direct sales force, R&D track record, and diverse portfolio across species, geographies, and product categories, we believe the company is poised to deliver sustained above-market growth in the double digits over our investment horizon.

The top absolute detractors to investment results over the latest fiscal year were Fresenius Medical Care, IQVIA, Roper Technologies, Booking, and UnitedHealth. IQVIA is a leading Contract Research Organization (CRO) and healthcare IT service provider worldwide. In the most recent quarter, the company reported light bookings growth relative to prior quarters. We see this as part of the normal quarterly ebb-and-flow due to tough year-over-year comparisons. More importantly, the company is capitalizing on a secular shift in biopharma to outsource non-core activities in the effort to mitigate costs and manage risks amid an increasingly complex, competitive, and cost-constrained environment. We believe IQVIA’s key value proposition lies in its unmatched global repository of patient data, which is leveraged by customers to accelerate patient recruitment for clinical trials, a key industry bottleneck, and insights from post-approval studies. We believe IQVIA is best positioned within its industry, as it expands its client base beyond large pharma into emerging biotech and other healthcare segments. Given its leadership and competitive advantages, we expect the company to generate mid-teens earnings growth over our investment horizon.

During the period, Global Leaders purchased Bank Central Asia, Boston Scientific, Equinix, IQVIA, Lonza, Microsoft, Roper Technologies, and Texas Instruments. It sold Alibaba, Alphabet, Booking, Fomento Economico Mexicano, Fresenius Medical Care, Nike, Salesforce, Sands China, and Starbucks.



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Independent auditors’ report to the members of Sands Capital Funds plc

Report on the audit of the financial statements

Opinion

In our opinion, Sands Capital Funds plc’s financial statements:

• give a true and fair view of the Company’s and sub-funds’ assets, liabilities and financial position as at 31 October 2019 and of their results and cash flows for the year then ended;

• have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

• the Statement of Financial Position of the Company and each of its sub-funds as at 31 October 2019;

• the Statement of Comprehensive Income of the Company and each of its sub-funds for the year then ended;

• the Statement of Cash Flows of the Company and each of its sub-funds for the year then ended;

• the Statement of Changes in Net Assets Attributable to holders of Redeemable Participating Shares of the Company and each of its sub-funds for the year then ended;

• the Schedule of Investments for each of the sub-funds as at 31 October 2019; and

• the notes to the financial statements for the Company and for each of its sub-funds, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company’s and sub-funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and sub-funds’ ability to continue as going concerns.

Reporting on other information

The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 31 October 2019 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors' responsibilities for the financial statements set out on page 3, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s and sub-funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf

Other required reporting

Companies Act 2014 opinions on other matters

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited.

• The financial statements are in agreement with the accounting records.

Companies Act 2014 exception reporting

Directors’ remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

Joanne Kelly for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 26 February 2019


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Global Growth Fund Equities Shares US$ Value %NAV

AustraliaAtlassian 544,608 65,783,200 2.41%Total Australia (31 October 2018: US$nil;nil%) 65,783,200 2.41%

BelgiumGalapagos 444,659 81,803,916 3.00%Total Belgium (31 October 2018: US$45,816,553; 2.07%) 81,803,916 3.00%

CanadaShopify 255,064 79,980,418 2.93%Total Canada (31 October 2018: US$55,398,150; 2.50%) 79,980,418 2.93%

ChinaAlibaba Group Holding ADR 695,885 122,942,003 4.51%Tencent Holdings 1,835,500 75,144,482 2.75%Total China (31 October 2018: US$159,958,370; 7.21%) 198,086,485 7.26%

GermanyZalando 1,610,331 69,774,664 2.56%Total Germany (31 October 2018: US$33,042,168; 1.49%) 69,774,664 2.56%

Great BritainGVC Holdings 4,974,695 57,351,501 2.10%Total Great Britain (31 October 2018: US$34,590,350; 1.56%) 57,351,501 2.10%

IndiaAsian Paints 1,803,839 46,021,212 1.69%Eicher Motors 87,642 27,848,851 1.02%Housing Development Finance 2,695,386 81,015,010 2.97%Maruti Suzuki 626,139 66,732,251 2.45%Titan Company 3,753,891 70,453,514 2.58%Total India (31 October 2018: US$237,345,482; 10.72%) 292,070,838 10.70%

JapanFast Retailing 78,100 48,491,573 1.78%Keyence 122,600 78,130,679 2.86%PeptiDream 624,100 31,554,644 1.16%Total Japan (31 October 2018: US$115,731,643; 5.22%) 158,176,896 5.80%

NetherlandsAdyen 75,313 52,867,438 1.94%ASML Holding ADR 464,061 121,570,060 4.45%Total Netherlands (31 October 2018: US$103,483,914; 4.67%) 174,437,498 6.39%

South AfricaTotal South Africa (31 October 2018: US$31,458,378; 1.42%) - - -

ThailandAirports of Thailand 19,008,000 49,259,016 1.81%CP All 28,717,300 74,182,792 2.72%Total Thailand (31 October 2018: US$95,159,088; 4.29%) 123,441,808 4.52%

16


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Global Growth Fund (continued) Equities (continued) Shares US$ Value %NAV

United StatesABIOMED 192,757 40,012,498 1.47%Align Technology 238,976 60,291,255 2.21%Alphabet - Class A 42,961 54,079,307 1.98%Alphabet - Class C 29,855 37,620,584 1.38%Amazon 65,145 115,740,516 4.24%Aptiv 755,466 67,651,980 2.48%bluebird bio 352,675 28,566,675 1.05%Charles Schwab 1,095,650 44,603,912 1.63%Edwards Lifesciences 568,132 135,431,306 4.96%Facebook 287,203 55,042,455 2.02%Illumina 248,507 73,438,789 2.69%Incyte 669,565 56,189,895 2.06%Netflix 237,279 68,196,357 2.50%Nike 1,150,635 103,039,364 3.78%Okta 306,966 33,480,782 1.23%Regeneron Pharmaceuticals 143,461 43,939,235 1.61%Sarepta Therapeutics 395,087 32,815,926 1.20%Visa 869,565 155,530,397 5.70%Workday 610,300 98,966,248 3.63%Zoom Video Communications 224,248 15,672,693 0.57%Total United States (31 October 2018: US$1,245,531,743; 56.19%) 1,320,310,174 48.38%

Total Equities (31 October 2018: US$2,157,515,839; 97.34%) 2,621,217,398 96.05%

Financial Assets At Fair Value Through Profit Or Loss (31 October 2018: US$2,157,515,839; 97.34%) 2,621,217,398 96.05%Cash And Bank Balances (31 October 2018: US$60,585,988; 2.73%) 110,230,070 4.04%Other Net Liabilities (31 October 2018: (US$1,613,431); (0.07%)) (2,564,192) (0.09%)Net Assets Attributable To Holders Of Redeemable ParticipatingShares (31 October 2018: US$2,216,488,396; 100%) 2,728,883,276 100.00%

Portfolio Analysis % Total AssetsTransferable securities admitted to an official stock exchange 95.67%Other assets 4.33%Total assets 100.00%

17


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital US Select Growth Fund Equities Shares US$ Value %NAV

AustraliaAtlassian 31,900 3,853,201 1.24%Total Australia (31 October 2018: US$nil;nil%) 3,853,201 1.24%

ChinaAlibaba Group Holding ADR 66,600 11,766,222 3.79%Total China (31 October 2018: US$16,234,146; 5.75%) 11,766,222 3.79%

United StatesABIOMED 17,100 3,549,618 1.14%Activision Blizzard 89,200 4,997,876 1.61%Adobe Systems 50,500 14,035,465 4.52%Align Technology 26,625 6,717,221 2.16%Alphabet - Class A 12,675 15,955,290 5.13%Amazon 13,015 23,123,230 7.44%BioMarin Pharmaceutical 33,300 2,437,893 0.78%CoStar 24,440 13,430,269 4.32%Edwards Lifesciences 65,300 15,566,214 5.01%Facebook 63,166 12,105,764 3.90%Floor & Décor Holdings 136,800 6,269,544 2.02%Illumina 32,600 9,633,952 3.10%Intuit Inc 48,900 12,591,750 4.05%Match Group 211,930 15,468,771 4.98%Microsoft Corp 80,800 11,584,296 3.73%Mirati Therapeutics 32,300 3,042,014 0.98%Monster Beverage Corporation 131,100 7,358,643 2.37%Netflix 46,925 13,486,714 4.34%Salesforce 80,165 12,545,021 4.04%Sarepta Therapeutics 31,220 2,593,133 0.83%ServiceNow 86,200 21,313,812 6.86%Texas Instruments 62,200 7,338,978 2.36%Twilio 33,500 3,234,760 1.04%Visa 151,400 27,079,404 8.71%Workday 46,650 7,564,764 2.43%Zoetis 86,529 11,068,790 3.56%Total United States (31 October 2018: US$251,597,549; 89.09%) 284,093,186 91.42%

Total Equities (31 October 2018: US$267,831,695; 94.84%) 299,712,609 96.45%

Shares US$ Value %NAV

Financial Assets At Fair Value Through Profit Or Loss (2018: US$267,831,695; 94.84%) 299,712,609 96.45%Cash And Bank Balances (31 October 2018: US$15,725,210; 5.57%) 10,752,072 3.46%Other Net Assets (31 October 2018: (US$1,171,823); (0.41%)) 283,878 0.09%

Net Assets Attributable To Holders Of Redeemable ParticipatingShares (31 October 2018: US$282,385,082; 100%) 310,748,559 100.00%


18


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Emerging Markets Growth Fund Equities Shares US$ Value %NAV

ArgentinaMercadoLibre 51,768 26,998,047 4.07%Total Argentina (31 October 2018: US$13,434,300; 3.26%) 26,998,047 4.07%

BrazilLocaliza Rent a Car 624,300 6,693,654 1.01%PagSeguro 341,206 12,651,918 1.91%Raia Drogasil 278,925 7,647,573 1.15%Total Brazil (31 October 2018: US$3,773,010; 0.91%) 26,993,145 4.07%

CambodiaNagaCorp 11,054,000 20,144,478 3.04%Total Cambodia (31 October 2018: US$8,071,258; 1.96%) 20,144,478 3.04%

ChinaAIA Group 1,770,400 17,724,447 2.67%Alibaba Group Holding ADR 352,316 62,243,669 9.38%Anta Sports 2,877,000 28,197,423 4.25%Baidu ADR 81,920 8,343,552 1.26%BeiGene ADR 40,736 5,635,418 0.85%Ctrip ADR 551,191 18,183,791 2.74%Hutchison China MediTech ADR 138,012 2,608,427 0.39%New Oriental ADR 164,847 20,121,225 3.03%Sunny Optical 925,000 14,968,191 2.26%Tencent Holdings 1,103,700 45,184,944 6.81%WuXi Biologics 914,500 10,795,277 1.63%Total China (31 October 2018: US$122,511,121; 29.71%) 234,006,364 35.28%

IndiaApollo Hospitals 1,033,468 21,634,292 3.26%Asian Paints 414,073 10,564,214 1.59%Bajaj Finance 399,128 22,663,701 3.42%Bandhan Bank 1,145,532 9,888,927 1.49%Britannia 154,299 7,106,189 1.07%HDFC Bank 1,384,070 24,008,467 3.61%Housing Development Finance 665,685 20,008,443 3.02%Indusind Bank 38,898 720,171 0.11%Jubilant Foodworks 839,066 18,938,170 2.86%Larsen & Toubro 627,278 13,027,325 1.96%Makemytrip 448,958 10,335,013 1.56%Maruti Suzuki 68,354 7,284,990 1.10%Titan Company 254,295 4,772,642 0.72%Total India (31 October 2018: US$133,811,833; 32.46%) 170,952,544 25.77%

IndonesiaBank Central Asia 8,151,699 18,263,941 2.75%Total Indonesia (31 October 2018: US$7,527,964; 1.83%) 18,263,941 2.75%

19


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Emerging Markets Growth Fund (continued) Equities (continued) Shares US$ Value %NAV

KoreaTotal Korea (31 October 2018: US$15,654,516; 3.79%) - - -

MexicoGrupo Aeroportuario del Sureste ADR 77,485 12,688,169 1.91%Total Mexico (31 October 2018: US$8,097,531; 1.96%) 12,688,169 1.91%

Netherlands Prosus 189,304 13,054,211 1.97%Total Netherlands (31 October 2018: US$nil;nil%) 13,054,211 1.97%

PhilippinesSM Prime Holdings 11,639,700 8,945,675 1.35%Total Philippines (31 October 2018: US$11,298,982; 2.74%) 8,945,675 1.35%

RussiaMail.ru Group GDR 358,500 7,614,540 1.15%Yandex 707,728 23,631,038 3.56%Total Russia (31 October 2018: US$27,008,265; 6.55%) 31,245,578 4.71%

SingaporeSea Ltd ADR 928,204 27,623,351 4.16%Total Singapore (31 October 2018: US$5,487,525; 1.33%) 27,623,351 4.16%

South AfricaTotal South Africa (31 October 2018: US$14,226,568; 3.45%) - - -

TaiwanTaiwan Semiconductor ADR 483,694 24,973,121 3.76%Total Taiwan (31 October 2018: US$11,557,254; 2.79%) 24,973,121 3.76%

ThailandCP All 6,701,250 17,310,730 2.61%Total Thailand (31 October 2018: US$10,871,474; 2.63%) 17,310,730 2.61%

Vietnam Vincom Retail 3,811,697 5,453,965 0.82%Total Vietnam (31 October 2018: US$nil;nil%) 5,453,965 0.82%



Financial Assets At Fair Value Through Profit Or Loss (31 October 2018: US$393,332,001; 95.37%) 638,653,319 96.28%Cash And Bank Balances (31 October 2018: US$20,204,560; 4.90%) 22,535,662 3.40%Other Net Assets (31 October 2018: ((US$1,115,290); (0.27%)) 2,144,086 0.32%Net Assets Attributable To Holders Of Redeemable ParticipatingShares (31 October 2018: US$412,421,271; 100%) 663,333,067 100.00%


20


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Global Leaders Fund Equities Shares US$ Value %NAV

AustraliaCSL Limited 37,038 6,537,004 3.24%Total Australia (31 October 2018: US$2,200,010; 1.52%) 6,537,004 3.24%

CanadaAlimentation Couche-Tard 264,734 7,939,407 3.94%Total Canada (31 October 2018: US$6,494,028; 4.49%) 7,939,407 3.94%

ChinaAIA Group 807,900 8,088,331 4.01%Total China (31 October 2018: US$9,458,967; 6.54%) 8,088,331 4.01%

France Dassault Systemes SA 21,606 3,278,419 1.63%Essilor International 26,601 4,058,594 2.01%Safran SA 58,898 9,317,973 4.62%Total France (31 October 2018: US$12,549,081; 8.68%) 16,654,986 8.26%

Germany Total Germany (31 October 2018: US$2,848,520; 1.97%) - - -

Great BritainRightmove Plc 373,746 2,898,021 1.44%Total Great Britain (31 October 2018: US$1,941,295; 1.34%) 2,898,021 1.44%

IndiaHDFC Bank ADR 124,226 7,588,966 3.76%Total India (31 October 2018: US$4,963,845; 3.43%) 7,588,966 3.76%

IndonesiaBank Central Asia 1,835,000 4,111,331 2.04%Total Indonesia (31 October 2018: US$nil;nil%) 4,111,331 2.04%

JapanKeyence 10,900 6,946,365 3.44%Pan Pacific International 162,700 2,571,802 1.28%Recruit Holdings 203,200 6,794,659 3.37%Total Japan (31 October 2018: US$13,591,501; 9.40%) 16,312,826 8.09%

MexicoTotal Mexico (31 October 2018: US$2,898,760; 2.01%) - - -

SpainInditex 126,073 3,930,026 1.95%Total Spain (31 October 2018: US$3,200,502; 2.21%) 3,930,026 1.95%

SwitzerlandLonza Group 11,515 4,143,766 2.05%Temenos Group 30,102 4,294,837 2.13%Total Switzerland (31 October 2018: US$2,913,292; 2.02%) 8,438,603 4.18%

TaiwanTaiwan Semiconductor ADR 92,555 4,778,615 2.37%Total Taiwan (31 October 2018: US$4,278,249; 2.96%) 4,778,615 2.37%

21


SCHEDULE OF INVESTMENTS As at 31 October 2019 Sands Capital Global Leaders Fund (continued) Equities (continued) Shares US$ Value %NAV

United StatesAdobe Systems 25,800 7,170,594 3.56%Aptiv 58,465 5,235,541 2.60%Boston Scientific 126,854 5,289,812 2.62%Dollar General 40,812 6,543,796 3.24%Equinix 8,502 4,818,764 2.39%Intercontinental 59,727 5,633,451 2.79%Intuit Inc 23,561 6,066,958 3.01%IQVIA 31,370 4,530,455 2.25%Live Nation Entertainment 63,828 4,499,874 2.23%Microsoft Corporation 36,013 5,163,184 2.56%Moody's 13,506 2,980,639 1.48%Roper Technologies 18,768 6,324,065 3.14%Ross Stores 36,544 4,007,780 1.99%Texas Instruments 60,660 7,157,273 3.55%Transdigm Group 15,109 7,951,565 3.94%Union Pacific 16,846 2,787,339 1.38%UnitedHealth Group 16,965 4,287,056 2.13%Verisk Analytics 28,987 4,194,419 2.08%Visa 52,213 9,338,817 4.63%Zoetis 56,885 7,276,729 3.60%Total United States (31 October 2018: US$77,059,241; 53.31%) 111,258,111 55.17%



Financial Assets At Fair Value Through Profit Or Loss (31 October 2018: US$144,397,291; 99.88%) 198,536,227 98.45%Cash And Bank Balances (31 October 2018: US$268,053; 0.19%) 3,078,618 1.52%Other Net Assets (31 October 2018: (US$94,314); (0.07%)) 52,532 0.03%Net Assets Attributable To Holders Of Redeemable ParticipatingShares (31 October 2018: US$144,571,030; 100%) 201,667,377 100.00%


22

Sands CaDital Funds nic

STATEMENT OF FINANCIAL POSITION As at 31 October 2019

Global

Note Growil, Fund

Assets

USS Financial assets at fair value through pr-alit or loss 2. 9, 17 2.021 .21 7.398

Cash and batik balances 15 110,230.070

Cash held in investor iiii,ney collection accoitu 2 137,573

Securities sold receivable

5.843.635

Subset iprions receivable

2.1 53,245

Drssdends receivable

334,5011

Other assets

3.351

Total assets

2,739,919,840

Liabilities

Payahles fat securities purchased

8.302,417

Redemptions payable

396,769

Audit lee payable

18.443

Lettal fee payable

18.936

Directors tee payable

4,810

Administration and Transfer Astencv tee payable 0 95,870

Irivesirnent nianaCemerit lee payable 6 1.954,4.15

Depositans and Trurce fees payable 6 122,702

Oilier cenied expenses

62,100

Total liabilities

I l.030.51s4

Net assets attributable to holders of redeemable participating shares 2.728,883,276

On Behalf of the Board of Directors

Gavin Caidwell, Director Mike Kirby. Director

Date: 26 February 2020

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

23

As at dl October 2019

US Select Emerging Markets Global

Growth Fund Growth Fund Leaders Fund Total

USS IISS US,S USS 299.112.609 638,653,319 198,53n,227 3,758,119.553

1 0,752,072 22,535,662 3,078,618 146,596,422

5 5,356 11.034 153,968

- 4,560,571 - 10,404,206

2,114.722 300,559 122,661 4,691,187

48.948 61,137 140,366 585,1119

3004 2,347 800 10,402

312,032,260 666.118,951 201.889.706 3.920.560.757

1,397.271 2,1 37,587 - 11,897,275

171,153 31,964 - 599,886

18,443 18,443 18.443 73,772

18.855 26.521 18.885 83,197

4.816 4.816 4,816 19,264

13,372 23,886 6,919 140,047

204,705 463,796 142.747 2,765,693

12.889 43.1-17 11,312 190,050

42.197 35,724 19.207 159,294

1,883,701 2,785,884 222,329 15,928.478

310,748.559 663,333,067 201,667.377 3,904,632279


STATEMENT OF FINANCIAL POSITION (continued) As at 31 October 2019

Global US Select Emerging Markets Global Note Growth Fund Growth Fund Growth Fund Leaders Fund* TotalAssets US$ US$ US$ US$ US$Financial assets at fair value through profit or loss 2, 9, 17 2,157,515,839 267,831,695 393,332,001 144,397,291 2,963,076,826 Cash and bank balances 15 60,585,988 15,725,210 20,204,560 268,053 96,783,811 Cash held in investor money collection account 2 97,559 98,288 53,402 - 249,249 Securities sold receivable - - 5,592,178 - 5,592,178 Subscriptions receivable 214,015 736,485 2,259,336 - 3,209,836 Dividends receivable 262,871 - 39,784 76,611 379,266 Other assets 4,097 6,560 3,335 557 14,549 Total assets 2,218,680,369 284,398,238 421,484,596 144,742,512 3,069,305,715

LiabilitiesPayables for securities purchased - 1,435,024 2,190,383 - 3,625,407 Redemptions payable 235,890 272,986 6,473,319 - 6,982,195 Audit fee payable 14,815 14,815 14,815 14,815 59,260 Legal fee payable 17,597 17,021 16,877 17,597 69,092 Directors fee payable 1,030 1,030 1,030 1,030 4,120 Administration and Transfer Agency fee payable 6 90,828 13,849 18,361 4,745 127,783 Investment management fee payable 6 1,689,296 215,415 306,360 106,761 2,317,832 Depositary and Trustee fees payable 6 88,643 9,812 18,617 8,551 125,623 Other accrued expenses 53,874 33,204 23,563 20,298 130,939 Total liabilities 2,191,973 2,013,156 9,063,325 173,797 13,442,251

Investment management fee waiver - - - (2,315) (2,315)Total net liabilities 2,191,973 2,013,156 9,063,325 171,482 13,439,936

Net assets attributable to holders of redeemable participating shares 2,216,488,396 282,385,082 412,421,271 144,571,030 3,055,865,779

As at 31 October 2018

*Global Leaders Fund commenced operations on 28 December 2017. The accompanying notes form an integral part of these financial statements.

24


STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 October 2019

Global US Select Emerging Markets Global Note Growth Fund Growth Fund Growth Fund Leaders Fund Total

US$ US$ US$ US$ US$IncomeNet gains on financial assets at fair value through profit or loss 2,3 462,100,559 36,875,343 117,769,875 33,780,475 650,526,252 Dividend income 2 10,944,235 510,097 13,100,150 2,073,734 26,628,216 Bank interest 1,456,604 125,582 296,452 37,730 1,916,368 Other income 69,226 67,632 79,786 24,966 241,610 Total income 474,570,624 37,578,654 131,246,263 35,916,905 679,312,446

ExpensesInvestment Management fee 6 21,785,687 2,222,240 4,845,382 1,396,686 30,249,995 Administration and Transfer Agency fee 6 930,645 107,452 214,056 61,483 1,313,636 Depositary and Trustee fee 6 940,624 90,745 365,346 55,969 1,452,684 Legal fee 87,309 83,141 182,617 83,299 436,366 Audit fee 6 19,021 19,021 19,021 19,021 76,084 Directors fee 8 14,890 14,894 14,890 14,890 59,564 Other expenses 7 147,959 116,287 108,093 54,594 426,933 Total expenses 23,926,135 2,653,780 5,749,405 1,685,942 34,015,262

Investment management fee waiver and reimbursements 6 (264,500) (8,122) (243,630) (62,725) (578,977)Total net expenses 23,661,635 2,645,658 5,505,775 1,623,217 33,436,285

Profit before tax 450,908,989 34,932,996 125,740,488 34,293,688 645,876,161

Capital gains tax 731,107 - - - 731,107 Withholding tax (3,309,714) (135,597) (287,127) (492,671) (4,225,109)

Increase in net assets attributable to holders of redeemable participating shares 448,330,382 34,797,399 125,453,361 33,801,017 642,382,159

For the year ended 31 October 2019

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

25


STATEMENT OF COMPREHENSIVE INCOME (continued) For the year ended 31 October 2019

Global US Select Emerging Markets Global Note Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$IncomeNet gains/(losses) on financial assets at fair value through profit or loss 2,3 37,393,584 18,980,301 (79,038,330) 2,427,997 (20,236,448)Dividend income 2 11,283,571 263,169 2,220,076 1,059,869 14,826,685 Other income 771,232 78,956 112,375 16,576 979,139 Total income 49,448,387 19,322,426 (76,705,879) 3,504,442 (4,430,624)

ExpensesInvestment Management fee 6 21,809,597 2,232,172 2,367,053 814,906 27,223,727 Administration and Transfer Agency fee 6 974,399 102,685 111,802 35,728 1,224,614 Depositary and Trustee fee 6 983,977 82,507 208,993 39,547 1,315,024 Legal fee 59,675 58,736 70,220 65,224 253,856 Audit fee 8 15,740 15,740 15,740 14,780 62,000 Directors fee 16,264 16,927 16,927 12,833 62,951 Other expenses 7 171,052 116,230 115,933 50,585 453,800 Total expenses 24,030,704 2,624,997 2,906,668 1,062,498 30,624,867

Investment management fee waiver and reimbursements 6 (143,993) (11,988) (241,538) (85,059) (482,579)Total net expenses 23,886,711 2,613,009 2,665,130 977,439 30,142,289

Profit before tax 25,561,676 16,709,417 (79,371,009) 2,527,003 (34,572,913)

Capital gains tax 4 (21,525) - (6,031) (27,556)Withholding tax 4 (2,055,182) (77,420) (139,021) (227,233) (2,498,856)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares 23,484,969 16,631,997 (79,516,061) 2,299,770 (37,099,325)



26


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the year ended 31 October 2019

Global US Select Emerging Markets Global Growth Fund Growth Fund Growth Fund Leaders Fund Total

US$ US$ US$ US$ US$

Net assets attributable to holders of redeemable participatingshares at the beginning of the year/period 2,216,488,396 282,385,082 412,421,271 144,571,030 3,055,865,779

Capital TransactionsProceeds from redeemable participating shares issued 555,897,608 88,264,084 202,245,732 27,511,536 873,918,960

Cost of redeemable participating shares redeemed (491,833,110) (94,698,006) (76,787,297) (4,216,206) (667,534,619)

Increase/(decrease) in net assets attributable to holders of redeemableparticipating shares 448,330,382 34,797,399 125,453,361 33,801,017 642,382,159

Net assets attributable to holders of redeemable participatingshares at the end of the year/period 2,728,883,276 310,748,559 663,333,067 201,667,377 3,904,632,279



27


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) For the year ended 31 October 2019

Global US Select Emerging Markets Global Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$

Net assets attributable to holders of redeemable participatingshares at the beginning of the year/period 2,363,530,771 229,625,585 122,037,309 - 2,715,193,665

Capital TransactionsProceeds from redeemable participating shares issued 209,042,134 127,820,903 452,560,849 144,673,438 934,097,324

Cost of redeemable participating shares redeemed (379,569,478) (91,693,403) (82,660,826) (2,402,178) (556,325,885)

Increase/(decrease) in net assets attributable to holders of redeemableparticipating shares 23,484,969 16,631,997 (79,516,061) 2,299,770 (37,099,325)

Net assets attributable to holders of redeemable participatingshares at the end of the year/period 2,216,488,396 282,385,082 412,421,271 144,571,030 3,055,865,779



28


STATEMENT OF CASH FLOWS For the year ended 31 October 2019

Global US Select Emerging Markets Global Growth Fund Growth Fund Growth Fund Leaders Fund Total

US$ US$ US$ US$ US$Cash flows from operating activities :Increase in net assets resulting from operations before adjustments 448,330,382 34,797,399 125,453,361 33,801,017 642,382,159

Adjustment for:

Net decrease in financial assets at fair value through profit or loss (463,701,559) (31,880,914) (245,321,318) (54,138,936) (795,042,727)Net increase/(decrease) in payable and accrued expenses 8,683,712 (27,622) 163,914 48,532 8,868,536 Net (increase)/decrease in receivables and prepaid fees (5,914,586) (46,292) 1,011,242 (61,683) (5,011,319)Cash (used in) operations (460,932,433) (31,954,828) (244,146,162) (54,152,087) (791,185,510)

Net cash provided by/(used in) operating activities (12,602,051) 2,842,571 (118,692,801) (20,351,070) (148,803,351)

Cash flows from/(used by) financing activitiesCash held in investor money collection account (40,014) 98,283 48,046 (11,034) 95,281 Proceeds from issue of redeemable participating shares 553,958,378 86,885,847 204,204,509 27,388,875 872,437,609 Redemptions of redeemable participating shares (491,672,231) (94,799,839) (83,228,652) (4,216,206) (673,916,928)Net cash (used in)/provided by financing activities 62,246,133 (7,815,709) 121,023,903 23,161,635 198,615,962

Net (decrease)/ increase in cash and cash equivalents 49,644,082 (4,973,138) 2,331,102 2,810,565 49,812,611

Cash and cash equivalents at start of the year/period 60,585,988 15,725,210 20,204,560 268,053 96,783,811

Cash and cash equivalents at end of the year/period 110,230,070 10,752,072 22,535,662 3,078,618 146,596,422

Supplementary InformationDividends received 7,565,423 325,552 12,791,670 1,819,963 22,502,608 Interest received 1,317,688 82,333 295,826 37,730 1,733,577



29


STATEMENT OF CASH FLOWS (continued) For the year ended 31 October 2019

Global US Select Emerging Markets Global Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$Cash flows from operating activities :Increase in net assets resulting from operations before adjustments 23,484,969 16,631,997 (79,516,061) 2,299,770 (37,099,325)

Adjustment for:

Net decrease/(increase) in financial assets at fair value through profit or loss 129,345,983 (43,660,831) (274,237,725) (144,397,291) (332,949,864)Net increase in payable and accrued expenses 35,081 1,454,488 2,311,206 173,797 3,974,572 Net decrease/(increase)in receivables and prepaid fees 168,406 2,891,712 (5,460,609) (79,483) (2,479,974)Cash provided by/(used in) operations 129,549,470 (39,314,631) (277,387,128) (144,302,977) (331,455,266)

Net cash provided by/(used in) operating activities 153,034,439 (22,682,634) (356,903,189) (142,003,207) (368,554,591)

Cash flows from/(used by) financing activitiesCash held in investor money collection account 773,201 (97,173) (53,397) - 622,631 Proceeds from issue of redeemable participating shares 210,982,673 127,084,418 450,413,048 144,673,438 933,153,577 Redemptions of redeemable participating shares (384,801,183) (91,581,774) (76,187,507) (2,402,178) (554,972,642)Net cash (used in)/provided by financing activities (173,045,309) 35,405,471 374,172,144 142,271,260 378,803,566

Net (decrease)/ increase in cash and cash equivalents (20,010,870) 12,722,837 17,268,955 268,053 10,248,975

Cash and cash equivalents at start of the year/period 80,596,858 3,002,373 2,935,605 - 86,534,836

Cash and cash equivalents at end of the year/period 60,585,988 15,725,210 20,204,560 268,053 96,783,811

Supplementary InformationDividends received 9,399,318 185,749 2,060,795 1,209,349 12,855,211 Interest received 678,386 263,169 8,499 2,411 952,465



30


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 1. Organisation Sands Capital Funds plc (the “Company”) was incorporated on 13 May 2010 and is an investment company established as an open-ended umbrella fund with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 (the “Act”) and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No 352 of 2011), as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investments in Transferable Securities) Regulations 2019, as amended (the “Central Bank UCITS Regulations”) and has been authorised by the Central Bank of Ireland as a UCITS. Notwithstanding the segregation of assets and liabilities between the sub-funds, the Company is a single legal entity and no sub-fund constitutes a legal entity separate from the Company itself. The Company’s registration number is 484381. The Company currently has four active sub-funds, Sands Capital Global Growth Fund (the “Global Growth Fund”), Sands Capital US Select Growth Fund (the “US Select Growth Fund”), Sands Capital Emerging Markets Growth Fund (the “Emerging Markets Growth Fund”) and Sands Capital Global Leaders Fund (the “Global Leaders Fund”) (each a “Sub-Fund”, collectively the “Sub-Funds”). The Global Growth Fund launched on 30 June 2010, the US Select Growth Fund launched on 11 December 2012, the Emerging Markets Growth Fund launched on 31 October 2013 and the Global Leaders Fund launched on 28 December 2017. Additional sub-funds may be added to the Company by the Directors from time to time with the prior approval of the Central Bank of Ireland, each with a separate investment objective and policies. The Company may issue shares of more than one class in each sub-fund. The Company has appointed Sands Capital Management, LLC as the Investment Manager. The investment objective and policy of each Sub-Fund is as follows: Sands Capital Global Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund will seek to achieve its objective by investing primarily in a portfolio of equity securities and equity related securities quoted or traded on regulated markets on a global basis, including equity securities issued by companies located in developed and emerging markets. Sands Capital US Select Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund will seek to achieve its objective by investing primarily in a portfolio of equity securities and equity related securities quoted or traded on regulated markets in the United States. Sands Capital Emerging Markets Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund will seek to achieve its objective by investing primarily in a portfolio of equity securities and equity related securities issued by companies that are domiciled, listed, or that derive over half their revenues or profits from countries classified as emerging and frontier market countries by MSCI. Sands Capital Global Leaders Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund will seek to achieve its objective by investing primarily in a portfolio of equity securities and equity related securities quoted or traded on regulated markets on a global basis, including equity securities issued by companies located in developed and emerging markets.

31


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 2. Accounting Policies Statement of compliance The Company's financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and in accordance with Irish statute comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations. The significant accounting policies adopted by the Company are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of Accounting The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

(b) Basis of Preparation The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity or areas where assumptions and estimates are significant to the financial statements are disclosed in Notes 2(e), 2(g) and 2(k). The Directors believe that the estimates utilised in preparing its financial statements are reasonable and prudent. The financial statements are prepared in US Dollars (“US$”), the functional currency of the Company. (c) Standards and Amendments to existing standards effective 1 November 2018 IFRS 9: Financial Instruments IFRS 9 is effective for annual periods beginning on or after 1 January 2018 and introduces new requirements for the classification and measurement of financial assets and financial liabilities and impairment for assets. IFRS 9 replaces the classification and measurement models for financial instruments in IAS 39 (Financial Instruments: Recognition and Measurement) with three classification categories: amortised cost, fair value through profit or loss ("FVTPL") and fair value through other comprehensive income ("FVTOCI"). IFRS 9 is a more principles-based approach to the classification of financial assets. The Company’s business model and the contractual cash flows arising from its financial assets determine the appropriate classification of those assets. The Company has assessed its financial assets and liabilities in accordance with the new classification requirements and there have been no changes in classification or measurement. On adoption of IFRS 9 the Company's investment portfolio continued to be classified as FVTPL. Other financial assets which are held for collection continued to be measured at amortised cost with no material impact expected from application of the new impairment model except for a change to the interest income disclosure requirements whereby interest from financial assets at FVTPL and interest from cash and cash equivalents are both disclosed separately in the Statement of Comprehensive Income and Statement of Financial Position. Financial assets and liabilities in the prior financial year are measured under IAS 39. In addition, IFRS 9 introduces an ‘expected credit loss’ model for the assessment of impairment of financial assets. The IAS 39 ‘incurred credit loss’ model required to recognise impairment losses when there was objective evidence that an asset was impaired. Under the new expected credit loss model, impairment losses are recorded if there is an expectation of credit losses. It is no longer necessary for a credit event to have occurred before credit losses are recognised. This model applies to the Company’s financial assets excluding investments held at FVTPL. The assets do not have a history of credit risk or expected future recoverability issues, therefore the Directors determine that the expected credit loss is negligible and hence no change to the carrying values of the Company's assets is required. The adoption of IFRS 9 did not have any other material impact on the financial statements.

32


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 2. Accounting Policies – (continued) (c) Standards and Amendments to existing standards effective 1 November 2018 (continued) IFRS 15: Revenue from Contracts with Customers IFRS 15 ‘Revenue from Contracts with Customers’ replaces IAS 11 and IAS 18 and is effective for annual periods beginning on or after 1 January 2018. It establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The application of IFRS 15 has not had an impact on the financial position or performance of the Company or its Sub-Funds. The adoption of IFRS 15 from 1 November 2018 does not have a material impact on the Company’s reported results. (d) New Standards, Amendments and Interpretations issued but not effective for the financial year beginning 1 November 2018 and not early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 November 2018, and have not been applied in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company. (e) Classification The Company holds equity securities which had previously been designated at fair value through profit or loss. On adoption of IFRS 9 these securities are mandatorily classified as fair value through profit or loss. (f) Recognition/derecognition Regular-way purchases and sales of investments are recognised on trade date - the date on which the Sub-Fund commits to purchase or sell the asset. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. (g) Measurement Investments are initially recognised at fair value. Transaction costs for all financial assets and financial liabilities carried at fair value through profit or loss are expensed in the Statement of Comprehensive Income as part of net gains/losses on financial assets and liabilities at fair value through profit or loss as incurred. After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair values. The fair value of financial instruments is based on their quoted market prices on a recognised exchange or sourced from a reputable broker/counterparty, in the case of non-exchange traded instruments, at the statement of financial position date without any deduction for estimated future selling costs. Financial assets and liabilities are priced at the last traded market price where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Directors will determine the point within the bid-ask spread that is most representative of fair value. In the case of any investment which is quoted, listed or traded on or under the rules of more than one market, the Directors shall in their absolute discretion, select the market, which in their opinion, constitutes the main market for such investment for the foregoing purposes. The fair value of any investment which is not quoted, listed or normally dealt in on a regulated market shall be its probable realisable value estimated with care and in good faith by a competent person (which may be the Investment Manager) appointed by the Directors (and approved for the purpose by the Depositary). (h) Cash and Cash Equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments with original maturities of three months or less and bank overdrafts. (i) Income Recognition Investment income is reported gross of withholding tax. Dividends are recognised as income on the dates the securities are first quoted “ex dividend” to the extent that information thereon is reasonably available to the Company. Fixed interest, bank deposit interest and other income are accounted for on an effective interest basis.

33


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 2. Accounting Policies – (continued) (j) Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the year. Actual results could differ from those estimates. (k) Realised and Unrealised Gains and Losses on Investments Realised gains and losses on sales of investments are calculated based on a first-in, first-out basis. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of investments is included in Net Gains on financial assets at fair value through profit or loss in the Statement of Comprehensive Income. Movement in unrealised gains and losses on investments arising during the year are also included in Net Gains on financial assets at fair value through profit and loss in the Statement of Comprehensive Income. (l) Foreign Currency The Company’s functional currency for all operations is the US Dollar. Non-monetary foreign assets and liabilities are translated at historical rates and monetary foreign assets and liabilities are translated at exchange rates in effect at the end of the year. Transactions during the year, including purchases and sales of securities, income and expenses, are translated at the rate of exchange prevailing on the date of the transaction. The Company does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realised gains and losses from investments.

(m) Redeemable Participating Shares All redeemable shares issued by the Company provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Company’s net assets at the redemption date. The participating shares which comprise the capital of the Company are in substance a liability of each Sub-Fund to shareholders under IAS 32. In accordance with the Prospectus the Company is contractually obliged to redeem shares at the net asset value per share. (n) Expenses All expenses, including investment management fees are recognised in the Statement of Comprehensive Income on an accruals basis. (o) Subscriptions Receivable and Redemptions Payable Subscriptions receivable and redemptions payable are reported on the Statement of Financial Position and relate to unsettled subscriptions and unsettled redemptions. Subscription payments must be received within three Business Days of the relevant Dealing Day, however by no later than 4pm (Irish time) on the third Business Day. Redemption proceeds in respect of Shares will normally be paid within three Business Days of (and in no event will be paid any later than ten Business Days after) the relevant Dealing Day on which the redemption is effected provided that all the required documentation has been furnished to the Company.

34


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 2. Accounting Policies – (continued) (p) Securities Sold Receivable and Payables for Securities Purchased Securities sold receivable and payables for securities purchased are reported on the Statement of Financial Position and relate to unsettled sale and purchase trades. (q) Cash held in Investor Money Collection Account Cash held in investor money collection account represents cash balances maintained in an independent cash account in the name of the Sub-Fund, which relate to pending issuance of shares or payments of redemptions. These cash balances are regarded assets of the Fund and is therefore recognised on the Statement of Financial Position. These cash balances are held with The Northern Trust International Banking Corporation. (r) Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. Transaction costs are recognised directly in the Statement of Comprehensive Income. Total costs incurred by each Sub-Fund during the year are disclosed in Note 6. (s) Offsetting financial instruments Financial assets and liabilities are offset and the net amount presented in the Statement of Financial Position when and only when, the Company has a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

35


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 3. Net Gains/(Losses) on Financial Assets at Fair Value through Profit or Loss Global Growth Fund 1 November 2018 1 November 2017

- 31 October 2019 - 31 October 2018US$ US$

Net realised gains on financial assets at fair value through profit or loss* 168,326,309 199,873,258 Net movement in unrealised gains/(losses) on financialassets at fair value through profit or loss* 293,774,250 (162,479,674)

462,100,559 37,393,584

US Select Growth Fund 1 November 2018 1 November 2017- 31 October 2019 - 31 October 2018

US$ US$Net realised gains on financial assets at fair value through profit or loss* 31,775,255 30,566,433 Net movement in unrealised gains/(losses) on financialassets at fair value through profit or loss* 5,100,088 (11,586,132)

36,875,343 18,980,301

Emerging Markets Growth Fund 1 November 2018 1 November 2017- 31 October 2019 - 31 October 2018

US$ US$Net realised gains on financial assets at fair value through profit or loss* (22,432,514) 14,508,419 Net movement in unrealised gains/(losses) on financialassets at fair value through profit or loss* 140,202,389 (93,546,749)

117,769,875 (79,038,330)

Global Leaders Fund1 1 November 2018 28 December 2017- 31 October 2019 - 31 October 2018

US$ US$Net realised losses on financial assets at fair value through profit or loss* 1,987,274 340,316 Net movement in unrealised gains on financialassets at fair value through profit or loss* 31,793,201 2,087,681

33,780,475 2,427,997 *Transaction fees as disclosed within Note 6 are included within these amounts. 1Global Leaders Fund commenced operations on 28 December 2017.

36


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 4. Taxation Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any distribution payments to shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of: (a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and (b) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. The Finance Act 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting the “equivalent measures”. A fund wishing to receive approval must apply in writing to the Revenue Commissioners, confirming compliance with the relevant conditions. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders. 5. Share Capital Authorised The authorised share capital of the Company is two Subscriber Shares of US$1.00 each and 5,000,000,000,000 participating shares of no par value. Subscriber shares The two Subscriber Shares are held by nominees on behalf of Sands Capital Management, LLC. The subscriber shares do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an investment company.

37


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 5. Share Capital (continued) Redeemable Participating shares The issued redeemable participating share capital is at all times equal to the net asset value of the Company. Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities. Each of the redeemable participating shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Company, save in the case of dividends declared prior to becoming a shareholder. Each of the redeemable participating shares entitles the holder to attend and vote at meetings of the Company. No class of redeemable participating shares confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other class of redeemable participating shares or any voting rights in relation to matters relating solely to any other class of redeemable participating shares. The movement in the number of redeemable participating shares for the years ended 31 October 2019 and 31 October 2018 are as follows: Global Growth Fund1 November 2018 - 31 October 2019 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUROpening Balance 57,298,852 3,154,152 16,950,156 2,310 7,684 1,095,033 2,689,437 Redeemable partcipating shares issued 15,777,922 106,119 335,154 - - 271,357 140,478 Redeemable partcipating shares redeemed (8,492,183) (342,649) (4,399,391) - - (425,449) (1,407,485) Closing Balance 64,584,591 2,917,622 12,885,919 2,310 7,684 940,941 1,422,430

1 November 2017 - 31 October 2018 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUROpening Balance 59,365,998 3,352,268 19,189,954 3,299 7,684 445,725 4,904,312 Redeemable partcipating shares issued 6,064,418 128,650 405,226 - - 740,962 593 Redeemable partcipating shares redeemed (8,131,564) (326,766) (2,645,024) (989) - (91,654) (2,215,468) Closing Balance 57,298,852 3,154,152 16,950,156 2,310 7,684 1,095,033 2,689,437

US Select Growth Fund1 November 2018 - 31 October 2019 Class A USD Class H USD Class A GBP Class A EUR Class Z USDOpening Balance 3,207,123 5,346,628 3,791,196 60,480 79,603 Redeemable partcipating shares issued 728,780 10,974 2,186,332 15,321 17,530 Redeemable partcipating shares redeemed (18,948) (3,478,872) (823,018) (19,994) (5,384) Closing Balance 3,916,955 1,878,730 5,154,510 55,807 91,749

1 November 2017 - 31 October 2018 Class A USD Class H USD Class A GBP Class A EUR Class Z USDOpening Balance 3,906,360 6,557,918 1,346,119 105,967 133,254 Redeemable partcipating shares issued 537,537 1,750 3,817,009 34,197 21,663 Redeemable partcipating shares redeemed (1,236,774) (1,213,040) (1,371,932) (79,684) (75,314) Closing Balance 3,207,123 5,346,628 3,791,196 60,480 79,603

38


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 5. Share Capital (continued) Emerging Markets Growth Fund1 November 2018 - 31 October 2019 Class A USD Class A GBP Class A EUR Class Z USDOpening Balance 33,543,189 3,253,948 173,638 Redeemable partcipating shares issued 12,853,889 1,776,638 610,747 Redeemable partcipating shares redeemed (4,602,566) (654,298) (104,473) Closing Balance 41,794,512 4,376,288 679,912

1 November 2017 - 31 October 2018 Class A USD Class A GBP Class A EUROpening Balance 8,836,358 420,588 - Redeemable partcipating shares issued 30,880,756 2,962,385 173,638 Redeemable partcipating shares redeemed (6,173,925) (129,025) - Closing Balance 33,543,189 3,253,948 173,638

Global Leaders Fund1 November 2018 - 31 October 2019 Class A USD Class A GBPOpening Balance 615,930 9,779,431 Redeemable partcipating shares issued 1,506 1,610,104 Redeemable partcipating shares redeemed (339,917) (7,169) Closing Balance 277,519 11,382,366

Global Leaders Fund29 December 2017 - 31 October 2018

Class A USD Class A GBPOpening Balance - - Redeemable partcipating shares issued 834,907 9,779,431 Redeemable partcipating shares redeemed (218,977) - Closing Balance 615,930 9,779,431 The relevant movements in share capital are shown in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. The Company invests the proceeds from the issue of shares in investments while maintaining sufficient liquidity to meet redemptions when necessary.

39


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 6. Fees and Expenses Investment Management Fee The Investment Manager is entitled to receive out of the net assets of each Sub-Fund an annual fee calculated as a percentage of the Net Asset Value of each Sub-Fund, accrued and calculated on each dealing day and payable monthly in arrears as follows:

Global Growth Fund

US Select Growth Fund

Emerging Markets Growth Fund

Global Leaders Fund

A Classes up to 0.85% p/a per Class

up to 0.75% p/a per Class

Up to 0.85% p/a per Class


H Classes up to 1.00% p/a per Class



N/a

Z Classes up to 1.50% p/a per Class



N/a

During the year, the Investment Manager has committed to waive its investment management fee and/or reimburse each Sub-Fund expenses to the extent necessary to keep the net total operating fees and expenses from exceeding specified total expense ratios per annum of the Net Asset Value of each Sub-Fund as follows:

Global Growth Fund

US Select Growth Fund

Emerging Markets Growth Fund

Global Leaders Fund

A Classes 1.00% p/a per Class 1.00% p/a per Class 1.00% p/a per Class 1.00% p/a per Class H Classes 1.20% p/a per Class1 1.20% p/a per Class1 1.20% p/a per Class N/a Z Classes 1.65% p/a per Class 1.65% p/a per Class 1.65% p/a per Class N/a

1Rate effective as of 1 November 2018. Global Growth Fund The amount of fees waived and expenses reimbursed by the Investment Manager during the year was US$264,500 (2018: US$143,993) of which US$nil remained receivable by the Sub-Fund at 31 October 2019 (31 October 2018: US$nil). During the year, the Investment Manager earned fees of US$21,785,687 (2018: US$21,809,597) and at 31 October 2019 US$1,954,445 (31 October 2018: US$1,689,296) remained payable to the Investment Manager. The Investment Manager has committed to waive these fees to the extent noted above. US Select Growth Fund The amount of fees waived and expenses reimbursed by the Investment Manager during the year was US$8,122 (2018: US$11,988) of which US$nil remained receivable by the Sub-Fund at 31 October 2019 (31 October 2018: US$nil). During the year, the Investment Manager earned fees of US$2,222,240 (2018: US$2,232,172) and at 31 October 2019 US$204,705 (31 October 2018: US$215,415) remained payable to the Investment Manager. The Investment Manager has committed to waive these fees to the extent noted above. Emerging Market Growth Fund The amount of fees waived and expenses reimbursed by the Investment Manager during the year was US$243,630 (2018: US$241,538) of which US$nil remained receivable by the Sub-Fund at 31 October 2019 (31 October 2018: US$nil). During the year, the Investment Manager earned fees of US$4,845,382 (2018: US$2,367,053) and at 31 October 2019 US$463,796 (31 October 2018: US$306,360) remained payable to the Investment Manager. The Investment Manager has committed to waive these fees to the extent noted above.

40


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 6. Fees and Expenses (continued) Investment Management Fee (continued) Global Leaders Fund The amount of fees waived and expenses reimbursed by the Investment Manager during the year was US$62,725 (2018: US$85,059) of which US$nil remained receivable by the Sub-Fund at 31 October 2019 (31 October 2018: US$2,315). During the year, the Investment Manager earned fees of US$1,396,686 (2018: US$814,906) and at 31 October 2019 US$142,747 (31 October 2018: US$106,761) remained payable to the Investment Manager. The Investment Manager has committed to waive these fees to the extent noted above. Administration and Transfer Agency fee SEI Investments - Global Fund Services Limited, the Administrator and Transfer Agent, is entitled to receive out of the net assets of each Sub-Fund a monthly fee in an aggregate amount equal to the greater of an assets based fee for such month or a monthly minimum fee. The asset based fee will be calculated daily based on that day’s opening net asset value, as adjusted for any capital activity, and the basis points up to a maximum of 5 basis points per annum. The asset based fee is allocated daily at each day’s valuation point to each Sub-Fund pro rata based on the opening net asset values of each Sub-Fund, as adjusted for any capital activity. The cumulative monthly asset based fee will be, if applicable, assessed monthly in arrears. The monthly minimum fee of US$25,000 will be assessed monthly in arrears and, if applicable, will be allocated to each Sub-Fund pro-rata based on the assets of each Sub-Fund as of the end of the applicable month. The Transfer Agent is also entitled to an annual transfer agency fee of US$100 for each shareholder account, accrued and calculated on each dealing day for each Sub-Fund and payable monthly in arrears. Global Growth Fund During the year, the Administrator earned administration and transfer agency fees of US$930,645 (2018: US$974,399) and at 31 October 2019 US$95,870 (31 October 2018: US$90,828) remained payable to the Administrator. US Select Growth Fund During the year, the Administrator earned administration and transfer agency fees of US$107,452 (2018: US$102,685) and at 31 October 2019 US$13,372 (31 October 2018: US$13,849) remained payable to the Administrator. Emerging Markets Growth Fund During the year, the Administrator earned administration and transfer agency fees of US$214,056 (2018: US$111,802) and at 31 October 2019 US$23,886 (31 October 2018: US$18,361) remained payable to the Administrator. Global Leaders Fund During the year, the Administrator earned administration and transfer agency fees of US$61,483 (2018: US$35,728) and at 31 October 2019 US$6,919 (31 October 2018: US$4,745) remained payable to the Administrator. Depositary and Trustee fee Brown Brothers Harriman Trustee Services (Ireland) Limited, the Depositary, is entitled to receive out of the net assets of each Sub-Fund an annual trustee fee up to a maximum of 0.02% of the Net Asset Value of the Sub-Funds, accrued and calculated on each dealing day and payable monthly in arrears. The Depositary is also entitled to depositary fees for the safekeeping of the Company’s assets based on the value of securities held by the Sub-Funds, accrued and calculated on each dealing day and payable monthly in arrears. The Depositary is also entitled to an additional fee relating to increased oversight duties and obligations to be fulfilled by the Depositary pursuant to Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, of 0.005% of the Net Asset Value of the Sub-Funds, accrued and payable on the same terms as the Trustee Fee.

41


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 6. Fees and Expenses (continued) Depositary and Trustee fee (continued) A minimum charge of $1,000 per month per Fund will apply in respect of the aggregate of the UCITS V Fee and the Trustee Fee payable to the Depositary. Global Growth Fund During the year, the Depositary earned fees of US$940,624 (2018: US$983,977) and at 31 October 2019 US$122,702 (31 October 2018: US$88,643) remained payable to the Depositary.

US Select Growth Fund During the year, the Depositary earned fees of US$90,745 (2018: US$82,507) and at 31 October 2019 US$12,889 (31 October 2018: US$9,812) remained payable to the Depositary. Emerging Markets Growth Fund During the year, the Depositary earned fees of US$365,346 (2018: US$208,993) and at 31 October 2019 US$43,147 (31 October 2018: US$18,617) remained payable to the Depositary. Global Leaders Fund During the year, the Depositary earned fees of US$55,969 (2018: US$39,547) and at 31 October 2019 US$11,312 (31 October 2018: US$8,551) remained payable to the Depositary. Transaction fees The Company incurred transaction fees throughout the year. Transaction costs include all incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. All transaction costs are recognised in the Statement of Comprehensive Income and are included in Net Gains/(Losses) on Financial Assets at Fair Value, through Profit or Loss.

Global Growth Fund During the year, the Sub-Fund incurred transaction fees of US$710,356 (2018: US$488,244).

US Select Growth Fund During the year, the Sub-Fund incurred transaction fees of US$36,644 (2018: US$53,450). Emerging Markets Growth Fund During the year, the Sub-Fund incurred transaction fees of US$519,725 (2018: US$607,077). Global Leaders Fund During the year, the Sub-Fund incurred transaction fees of US$43,766 (2018: US$92,487) Auditors’ remuneration

1 November 2018 1 November 2017

- 31 October 2019 - 31 October 2018

US$ US$

Fees in respect of audit of Company financial statements 61,858 61,163 Fees in respect of other assurance services - - Fees in respect of tax advisory services 44,885 37,000 Fees in respect of non-audit services - - The amounts in the above table are exclusive of VAT and the amounts reflected in the Statement of Comprehensive Income are inclusive of VAT.

42


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 7. Other Expenses Global Growth Fund 1 November 2018 1 November 2017


KBA Consultancy fees 19,352 17,895 PricewaterhouseCoopers Ireland tax services fee 20,822 33,784 Miscellaneous expense 57,479 73,571 Corporate Secretary 6,574 7,472 Central Bank fee 1,655 1,341 Out of Pocket fees 9,870 8,127 KIID 17,543 17,518 MiFID 8,193 6,811 Global Registration fees 6,471 4,533

147,959 171,052

US Select Growth Fund 1 November 2018 1 November 2017- 31 October 2019 - 31 October 2018

US$ US$

KBA Consultancy fees 19,351 17,885 PricewaterhouseCoopers Ireland tax services fee 16,762 29,542 Miscellaneous expense 34,088 36,368 Corporate Secretary 6,574 7,471 Central Bank fee 1,660 1,370 Out of Pocket fees 2,816 2,325 KIID 15,702 8,203 MiFID 12,863 8,533 Global Registration fees 6,471 4,533

116,287 116,230

Emerging Markets Growth Fund 1 November 2018 1 November 2017- 31 October 2019 - 31 October 2018

US$ US$KBA Consultancy fees 19,352 17,882 PricewaterhouseCoopers Ireland tax services fee 12,090 20,811 Miscellaneous expense 44,967 46,816 Corporate Secretary 6,574 7,471 Central Bank fee 1,660 1,381 Out of Pocket fees 5,455 3,040 KIID 8,540 10,592 MiFID 2,984 3,407 Global Registration fees 6,471 4,533

108,093 115,933

43


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 7. Other Expenses (continued) Global Leaders Fund 1 November 2018 29 December 2017


KBA Consultancy fees 19,355 13,961 PricewaterhouseCoopers Ireland tax services fee 5,534 9,393 Miscellaneous expense 15,997 13,227 Corporate Secretary 6,574 7,261 Central Bank fee 1,655 621 Out of Pocket fees 313 989 KIID 1,053 4,873 MiFID 2,225 - Global Registration fees 1,888 260

54,594 50,585 8. Directors’ Remuneration For the year ended 31 October 2019 the total Directors’ remuneration was US$59,564 (2018: US$62,951). Gavin Caldwell received compensation of US$26,864 (2018: US$33,254) and Mike Kirby received compensation of US$19,130 (2018: US$29,734) from the Company. Mike Kirby’s compensation for the year ended 31 December 2018 included reimbursement for underpayment of fees based on prior years’ invoices from the calendar year 2013 to calendar year 2015. The total amount of underpayment was US$9,381. Jonathan Goodman and Dana McNamara are affiliated with the Investment Manager and waived their right to receive compensation from the Company. 9. Risks associated with financial instruments There can be no assurance that a Sub-Fund will achieve its investment objectives. An investment in a Sub-Fund involves investment risks, including possible loss of the amount invested. The main risks arising from a Sub-Fund’s financial instruments are market risk (comprised of price risk, interest rate risk and currency risk), liquidity risk, custody risk and credit risk. The Company has no Risk Management Policy document in place as it does not trade in derivative instruments. As a result, the UCITS Regulations requirement to disclose the calculation methodology for global exposure is not applicable. (a) Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market variables such as interest rates, foreign exchange rates and investment prices. The likelihood of these types of adverse changes and the extent to which they affect the business of the Sub-Fund cannot always be accurately predicted. (i) Price Risk Price risk is the risk that the value of an investment may fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment or all factors affecting all instruments traded in the market.

44


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (a) Market Risk (continued) (i) Price Risk (continued) The following tables detail the Sub-Funds’ price risk exposure:

Global Growth Fund US$ % NAV US$ % NAVAustralia 65,783,200 2.41% - - Belgium 81,803,916 3.00% 45,816,553 2.07%Canada 79,980,418 2.93% 55,398,150 2.50%China 198,086,485 7.26% 159,958,370 7.21%Germany 69,774,664 2.56% 33,042,168 1.49%Great Britain 57,351,501 2.10% 34,590,350 1.56%India 292,070,838 10.70% 237,345,482 10.72%Japan 158,176,896 5.80% 115,731,643 5.22%Netherlands 174,437,498 6.39% 103,483,914 4.67%South Africa - - 31,458,378 1.42%Thailand 123,441,808 4.52% 95,159,088 4.29%United States 1,320,310,174 48.38% 1,245,531,743 56.19%

2,621,217,398 96.05% 2,157,515,839 97.34%

US Select Growth Fund US$ % NAV US$ % NAVAustralia 3,853,201 1.24% - - China 11,766,222 3.79% 16,234,148 5.75%United States 284,093,186 91.42% 251,597,547 89.09%

299,712,609 96.45% 267,831,695 94.84%

31 October 2019 31 October 2018


Emerging Markets Growth Fund US$ % NAV US$ % NAVArgentina 26,998,047 4.07% 13,434,300 3.26%Brazil 26,993,145 4.07% 3,773,010 0.91%Cambodia 20,144,478 3.04% 8,071,258 1.96%China 234,006,364 35.28% 122,511,521 29.71%India 170,952,544 25.77% 133,811,833 32.46%Indonesia 18,263,941 2.75% 7,527,964 1.83%Korea - - 15,654,516 3.79%Mexico 12,688,169 1.91% 8,097,531 1.96%Netherlands 13,054,211 1.97% - - Philippines 8,945,675 1.35% 11,298,982 2.74%Russia 31,245,578 4.71% 27,008,265 6.55%Singapore 27,623,351 4.16% 5,487,525 1.33%South Africa - - 14,226,568 3.45%Taiwan 24,973,121 3.76% 11,557,254 2.79%Thailand 17,310,730 2.61% 10,871,474 2.63%Vietnam 5,453,965 0.82% - -

638,653,319 96.28% 393,332,001 95.37%


45


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (a) Market Risk (continued) (i) Price Risk (continued)

Global Leaders Fund US$ % NAV US$ % NAVAustralia 6,537,004 3.24% 2,200,010 1.52%Canada 7,939,407 3.94% 6,494,028 4.49%China 8,088,331 4.01% 9,458,967 6.54%France 16,654,986 8.26% 12,549,081 8.68%Germany - - 2,848,520 1.97%Great Britain 2,898,021 1.44% 1,941,295 1.34%India 7,588,966 3.76% 4,963,845 3.43%Indonesia 4,111,331 2.04% - - Japan 16,312,826 8.09% 13,591,501 9.40%Mexico - - 2,898,760 2.01%Spain 3,930,026 1.95% 3,200,502 2.21%Switzerland 8,438,603 4.18% 2,913,292 2.02%Taiwan 4,778,615 2.37% 4,278,249 2.96%United States 111,258,111 55.17% 77,059,241 53.31%

198,536,227 98.45% 144,397,291 99.88%


The following tables detail the Sub-Funds’ GICS sector exposure:

Global Growth Fund US$ % NAV US$ % NAVCommunication Services 290,083,185 10.63% 255,919,429 11.55%Consumer Discretionary 750,026,218 27.48% 607,097,913 27.39%Consumer Staples 74,182,792 2.72% 58,382,738 2.63%Financials 125,618,922 4.60% 140,366,778 6.33%Health Care 584,044,139 21.40% 459,983,513 20.75%Industrials 49,259,016 1.81% 36,776,350 1.66%Information Technology 701,981,914 25.72% 568,905,093 25.67%Materials 46,021,212 1.69% 30,084,025 1.36%

2,621,217,398 96.05% 2,157,515,839 97.34%

US Select Growth Fund US$ % NAV US$ % NAVCommunication Services 62,014,415 19.96% 46,655,716 16.52%Consumer Discretionary 41,158,996 13.25% 53,579,721 18.97%Consumer Staples 7,358,643 2.37% 9,745,540 3.45%Financials - - 5,400,832 1.91%Health Care 54,608,835 17.57% 52,619,297 18.63%Industrials 13,430,269 4.32% 8,059,666 2.85%Information Technology 121,141,451 38.98% 91,770,923 32.50%

299,712,609 96.45% 267,831,695 94.85%



46



Emerging Markets Growth Fund US$ % NAV US$ % NAVCommunication Services 112,397,425 16.94% 78,831,634 19.11%Consumer Discretionary 230,273,657 34.71% 140,430,148 34.05%Consumer Staples 32,064,493 4.83% 28,421,013 6.89%Financials 113,278,097 17.08% 54,092,151 13.12%Health Care 40,673,414 6.13% 31,088,328 7.54%Industrials 32,409,148 4.89% 32,058,448 7.77%Information Technology 52,593,231 7.93% 17,020,182 4.13%Materials 10,564,214 1.59% 5,509,952 1.34%Real Estate 14,399,640 2.17% 5,880,145 1.43%

638,653,319 96.28% 393,332,001 95.37%

Global Leaders Fund US$ % NAV US$ % NAVCommunication Services 7,397,895 3.67% 3,935,755 2.72%Consumer Discretionary 26,347,540 13.06% 30,465,889 21.07%Consumer Staples 7,939,407 3.94% 9,392,788 6.50%Financials 28,402,718 14.08% 14,196,338 9.82%Health Care 32,064,822 15.90% 15,966,921 11.04%Industrials 37,370,020 18.53% 25,963,677 17.96%Information Technology 54,195,061 26.87% 44,475,923 30.76%Real Estate 4,818,764 2.39% - -

198,536,227 98.45% 144,397,291 99.88%



Sensitivity analysis If the price of the investments increased or decreased by 5%, this would have resulted in a movement in net assets and Index of:

Index Index31 October 2019 31 October 2019 31 October 2018 31 October 2018

US$ US$ US$ US$Global Growth Fund1 131,060,870 114,965,675 107,875,792 89,896,493

US Select Growth Fund2 14,985,630 12,384,819 13,391,585 10,799,665

Emerging Markets Growth Fund 3 31,932,666 36,704,214 19,666,600 21,851,778 Global Leaders Fund 9,926,811 -* 7,219,865 -*

1 MSCI All Country World Index (ACWI) 2 Russell 1000 Growth Index (R1000G)3 MSCI Emerging Markets Index (EMI) * Five year beta value not yet available.

A decrease would have resulted in an equal but opposite movement. 5% is deemed a reasonable estimate in price movements of the portfolio.

Limitations of sensitivity analysis 1. The methodology is based on historical data and cannot take account of the fact that future market price

movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns;

2. The market price risk information is a relative estimate of risk rather than a precise and accurate number; 3. The market price information represents a hypothetical outcome and is not intended to be predictive; and 4. Future market conditions could vary significantly from those experienced in the past.

The Investment Manager attempts to mitigate this risk by maintaining a diversified portfolio.

47



31 October 2019 31 October 2018Global Growth Fund Number of Positions Held 38 42 % Net Assets Held in Five Largest Holdings 23.86% 10.59%

US Select Growth Fund Number of Positions Held 28 26 % Net Assets Held in Five Largest Holdings 33.16% 34.69%

Emerging Markets Growth Fund Number of Positions Held 39 40 % Net Assets Held in Five Largest Holdings 28.68% 26.76%

Global Leaders Fund Number of Positions Held 36 37 % Net Assets Held in Five Largest Holdings 21.14% 22.30% (ii) Currency Risk The Sub-Funds hold both monetary and non-monetary assets denominated in currencies other than US Dollars, the functional currency. Foreign currency risk, as defined in IFRS 7, arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. IFRS 7 considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of market price risk not foreign currency risk. While the Sub-Funds have direct exposure to foreign exchange rate changes on the price of non-US Dollar-denominated securities, it may also be indirectly affected by the impact of foreign exchange rate changes on the earnings of certain companies in which the Sub-Funds invest, even if those companies’ securities are denominated in US Dollar. The Investment Manager monitors the exposure on all foreign currency denominated assets and liabilities. The Sub-Funds have no exposure to derivative instruments, and the foreign cash balances held, while subject to currency risk, are considered a small fraction of the total assets of the Sub-Funds. (iii) Interest Rate Risk The Sub-Funds have little exposure to interest rate risk. The Sub-Funds have no exposure to interest rate sensitive instruments such as fixed income securities, and the cash balances held, while subject to interest rate risk, are a small fraction of the total assets of the Sub-Funds.

48


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (b) Liquidity Risk This is the risk that a lack of a market in certain portfolio securities could prevent the Sub-Funds from liquidating unfavourable positions or prevent the Sub-Funds from funding redemption requests from existing shareholders. At year end, the Sub-Funds’ investments are all readily realisable (within one month). The following tables illustrate the potential liquidity of financial assets at fair value through profit or loss: Global Growth Fund Less than 7 days to Total31 October 2019 7 days 1 month

US$ US$ US$Financial assets at fair valuethrough profit or loss 2,341,833,802 279,383,596 2,621,217,398

Global Growth Fund Less than 7 days to Total31 October 2018 7 days 1 month

US$ US$ US$Financial assets at fair valuethrough profit or loss 2,078,657,118 78,858,721 2,157,515,839

US Select Growth Fund Less than 7 days to Total31 October 2019 7 days 1 month

US$ US$ US$Financial assets at fair valuethrough profit or loss 299,712,609 - 299,712,609

US Select Growth Fund Less than 7 days to Total31 October 2018 7 days 1 month


Emerging Markets Growth Fund Less than 7 days to Total31 October 2019 7 days 1 month

US$ US$ US$Financial assets at fair valuethrough profit or loss 595,105,324 43,547,995 638,653,319

Emerging Markets Growth Fund Less than 7 days to Total31 October 2018 7 days 1 month

US$ US$ US$Financial assets at fair valuethrough profit or loss 379,841,907 13,490,094 393,332,001

Global Leaders Fund Less than 7 days to Total31 October 2019 7 days 1 month


Global Leaders Fund Less than 7 days to Total31 October 2018 7 days 1 month


49


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (b) Liquidity Risk (continued) There is also a concentration risk relating to significant shareholders with investments greater than 10% of the net asset value of the Sub-Fund. The decision to redeem their investment could materially impact the Sub-Fund. The details are provided in Note 11. Every Shareholder will have the right to require the Company to redeem his Shares in a sub-Fund on any Dealing Day on furnishing to the Administrator a properly completed redemption request. Redemption requests in respect of a sub-Fund must be received before the Cut-Off Time (4.00pm Irish time) on the relevant Dealing Day. Shares will be redeemed at the Redemption Price calculated at that Valuation Point. If the Redemption request is received after the relevant Cut-Off Time it shall be treated as a request for redemption on the Dealing Day following such receipt and Shares will be redeemed at the Redemption Price for that day. The following tables detail the Sub-Funds’ remaining contractual maturity for its financial liabilities. Global Growth Fund Less than 1 month to 3 months to Total31 October 2019 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesPayables for securities purchased 8,362,417 - - 8,362,417 Redemptions payable 396,769 - - 396,769 Audit fee payable - 18,443 - 18,443 Legal fee payable - 18,936 - 18,936 Directors fee payable - 4,816 - 4,816 Administration and Transfer Agency fee payable - 95,870 - 95,870 Investment management fee payable - 1,954,445 - 1,954,445 Trustee and custodian fee payable - 122,702 - 122,702 Other accrued expenses - 62,166 - 62,166 Redeemable participating shares(based on dealing NAV) 2,728,883,276 - - 2,728,883,276

2,737,642,462 2,277,378 - 2,739,919,840

Global Growth Fund Less than 1 month to 3 months to Total31 October 2018 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesRedemptions payable 235,890 - - 235,890 Audit fee payable - 14,815 - 14,815 Legal fee payable - 17,597 - 17,597 Directors fee payable - 1,030 - 1,030 Administration and Transfer Agency fee payable - 90,828 - 90,828 Investment management fee payable - 1,689,296 - 1,689,296 Trustee and custodian fee payable - 88,643 - 88,643 Other accrued expenses - 53,874 - 53,874 Redeemable participating shares(based on dealing NAV) 2,216,488,396 - - 2,216,488,396 Total Liabilities 2,216,724,286 1,956,083 - 2,218,680,369

50


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (b) Liquidity Risk (continued) US Select Growth Fund Less than 1 month to 3 months to Total31 October 2019 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesPayables for securities purchased 1,397,271 - - 1,397,271 Redemptions payable 171,153 - - 171,153 Audit fee payable - 18,443 - 18,443 Legal fee payable - 18,855 - 18,855 Directors fee payable - 4,816 - 4,816 Administration and Transfer Agency fee payable - 13,372 - 13,372 Investment management fee payable - 204,705 - 204,705 Trustee and custodian fee payable - 12,889 - 12,889 Other accrued expenses - 42,197 - 42,197 Redeemable participating shares(based on dealing NAV) 310,748,559 - - 310,748,559 Total Liabilities 312,316,983 315,277 - 312,632,260

US Select Growth Fund Less than 1 month to 3 months to Total31 October 2018 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesPayables for securities purchased 1,435,024 - - 1,435,024 Redemptions payable 272,986 - - 272,986 Audit fee payable - 14,815 - 14,815 Legal fee payable - 17,021 - 17,021 Directors fee payable - 1,030 - 1,030 Administration and Transfer Agency fee payable - 13,849 - 13,849 Investment management fee payable - 215,415 - 215,415 Trustee and custodian fee payable - 9,812 - 9,812 Other accrued expenses - 33,204 - 33,204 Redeemable participating shares(based on dealing NAV) 282,385,082 - 282,385,082 Total Liabilities 284,093,092 305,146 - 284,398,238

Emerging Markets Growth Fund Less than 1 month to 3 months to Total31 October 2019 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesPayables for securities purchased 2,137,587 - - 2,137,587 Redemptions payable 31,964 - - 31,964 Audit fee payable - 18,443 - 18,443 Legal fee payable - 26,521 - 26,521 Directors fee payable - 4,816 - 4,816 Administration and Transfer Agency fee payable - 23,886 - 23,886 Investment management fee payable - 463,796 - 463,796 Trustee and custodian fee payable - 43,147 - 43,147 Other accrued expenses - 35,724 - 35,724 Redeemable participating shares(based on dealing NAV) 663,333,067 - - 663,333,067 Total Liabilities 665,502,618 616,333 - 666,118,951

51


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (b) Liquidity Risk (continued)

Emerging Markets Growth Fund Less than 1 month to 3 months to Total31 October 2018 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesPayables for securities purchased 2,190,383 - - 2,190,383 Redemptions payable 6,473,319 - - 6,473,319 Audit fee payable - 14,815 - 14,815 Legal fee payable - 16,877 - 16,877 Directors fee payable - 1,030 - 1,030 Administration and Transfer Agency fee payable - 18,361 - 18,361 Investment management fee payable - 306,360 - 306,360 Trustee and custodian fee payable - 18,617 - 18,617 Other accrued expenses - 23,563 - 23,563 Redeemable participating shares(based on dealing NAV) 412,421,271 - - 412,421,271 Total Liabilities 421,084,973 399,623 - 421,484,596

Global Leaders Fund Less than 1 month to 3 months to Total31 October 2019 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesAudit fee payable - 18,443 - 18,443 Legal fee payable - 18,885 - 18,885 Directors fee payable - 4,816 - 4,816 Administration and Transfer Agency fee payable - 6,919 - 6,919 Investment management fee payable - 142,747 - 142,747 Trustee and custodian fee payable - 11,312 - 11,312 Other accrued expenses - 19,207 - 19,207 Redeemable participating shares(based on dealing NAV) 201,667,377 - - 201,667,377 Total Liabilities 201,667,377 222,329 - 201,889,706

Global Leaders Fund Less than 1 month to 3 months to Total31 October 2018 1 month 3 months 12 months

US$ US$ US$ US$LiabilitiesAudit fee payable - 14,815 - 14,815 Legal fee payable - 17,597 - 17,597 Directors fee payable - 1,030 - 1,030 Administration and Transfer Agency fee payable - 4,745 - 4,745 Investment management fee payable - 106,761 - 106,761 Trustee and custodian fee payable - 8,551 - 8,551 Other accrued expenses - 20,298 - 20,298 Redeemable participating shares(based on dealing NAV) 144,571,030 - - 144,571,030 Total Liabilities 144,571,030 173,797 - 144,744,827

52


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 9. Risks associated with financial instruments (continued) (c) Credit Risk

The Sub-Funds currently hold financial assets with the Depositary, Brown Brothers Harriman Trustee Services (Ireland) Limited. As at 31 October 2019 and 31 October 2018, the Depositary held the following assets for each Sub-Fund:

31 October 2019 31 October 2018US$ US$

Global Growth Fund* 2,621,217,398 2,157,515,839 US Select Growth Fund* 299,712,609 267,831,695 Emerging Markets Growth Fund* 638,653,319 393,332,001 Global Leaders Fund* 198,536,227 144,397,291 *The balances include investments only. The Depositary is currently rated by Fitch Ratings with a Long Term Debt rating of A+ (31 October 2018: A+) and a Short Term Debt rating of F1 (31 October 2018: F1). Insolvency or bankruptcy of the Depositary may cause the Sub-Funds’ rights with respect to its assets held by the Depositary to be delayed or limited. There has been no change in the rating of the Depositary since 31 October 2019. The Company has authorised the Depositary to invest any excess cash balances in unrestricted overnight deposit instruments. Balances held in overnight sweep accounts are disclosed in Note 15 - Cash balances. The counterparties to overnight sweep accounts have the following Fitch ratings:

31 October 2019 31 October 2018Brown Brothers Harriman, Cayman Islands A+ A+Bank of Montreal, London N/A AA-JPM Chase, New York N/A A+Citibank, New York N/A ABanco Santander, Frankfurt N/A A-BBVA, Madrid A- A-Sumitomo Tokyo* N/A A+ *Rating provided by Japan Credit Rating Agency. Cash balances held in investor money collection are held with Northern Trust. The Fitch rating at 31 October 2019 and 31 October 2018 is AA-. The Investment Manager monitors counterparty positions on a regular basis.

53


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 10. Soft Commission Arrangements Soft dollar benefits received by Sands Capital Management, LLC (“Sands Capital”) include proprietary research and brokerage services made available by brokers executing client transactions and also include third-party research obtained through commission sharing arrangements (“CSAs”) with selected brokers. Sands Capital participates in CSAs that are consistent with the requirements of Section 28(e) of the Securities Exchange Act of 1934. Under these arrangements, Sands Capital allocates a portion of total commissions paid to a pool of “credits” that can also be used to obtain soft dollar benefits made available by research providers. Please see commission amounts below: Date Sub-Fund Research Execution Total Commission1 Nov 2018 - 31 Oct 2019 Global Growth Fund 264,500 445,785 710,285 1 Nov 2018 - 31 Oct 2019 US Select Growth Fund 7,936 28,707 36,643 1 Nov 2018 - 31 Oct 2019 Emerging Markets Growth Fund 126,969 388,682 515,651 1 Nov 2018 - 31 Oct 2019 Global Leaders Fund 7,372 36,480 43,852

Date Sub-Fund Research Execution Total Commission1 Nov 2017 - 31 Oct 2018 Global Growth Fund 160,248 327,973 488,221 1 Nov 2017 - 31 Oct 2018 US Select Growth Fund 20,649 32,807 53,456 1 Nov 2017 - 31 Oct 2018 Emerging Markets Growth Fund 176,005 430,410 606,415 1 Nov 2017 - 31 Oct 2018 Global Leaders Fund 41,734 47,445 89,179 The allocation between the research and the execution figures reported above is approximate and subject to change upon final reconciliation. 11. Related Party Transactions The Investment Manager does not hold any shares in any of the Sub-Funds as at 31 October 2019. The Investment Manager has earned management fees, the specific details of which are contained in Note 6. Mr Mike Kirby is Managing Principal of KB Associates, a firm which provides consultancy services to the Company. Fees earned by KB Associates during the year ended 31 October 2019 were US$66,104 (2018: US$67,623) of which US$6,043were payable at year ended (31 October 2018: US$9,542). These costs are included in other expenses in the Statement of Comprehensive Income. SEI Investments – Global Fund Services Limited acts as Administrator and Transfer Agent to the Company. Brown Brothers Harriman Trustee Services (Ireland) Limited acts as Depositary to the Company. Details of the fees earned by the Administrator, Transfer Agent and Depositary to the Company are contained in Note 6. Significant shareholders: As at 31 October 2019, Sanba II Investment Company held a 15.31% stake and The Public Institution for Social Security held a 11.32% stake in the Sands Capital Global Growth Fund. As at 31 October 2018, FIL Life Insurance Limited held an 11.86% stake, RBC Investor Services Australia Nominees held a 10.90% stake and Sanba II Investment Company held a 15.59% stake in the Sands Capital Global Growth Fund. As at 31 October 2019, Cheviot Capital (Nominees) Limited held a 51% stake and Fundsettle EOC Nominees Limited held a 13.57% stake in the US Select Growth Fund. As at 31 October 2018, Fundsettle EOC Nominees Limited held a 37.3% stake, Cheviot Capital (Nominees) Limited held a 35.01% stake.

54


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 11. Related Party Transactions (continued) As at 31 October 2019, Sanba II Investment Company held a 20.94% stake and Sygnia Life Limited held a 13.97% stake in the Emerging Markets Growth Fund. As at 31 October 2018, Government Pension Fund held an 9.52% stake, Prime Nominees (Ireland) Limited held a 4.35% stake, Chase Nominees Limited held an 2.44% and a 5.64% stake, DIC Company Limited held a 10.62% stake, Sanba II Investment Company held a 26.54% stake and Sygnia Life Limited held 10.21% stake in the Emerging Markets Growth Fund. As at 31 October 2019, Fundsettle EOC Nominees Limited held a 38.92%, 26.64% and a 23.17% stake in the Sands Capital Global Leaders Fund. As at 31 October 2018, Fundsettle EOC Nominees Limited held a 36.21%, 26.24% and a 25.51% stake in the Sands Capital Global Leaders Fund. 12. Connected Persons The Directors are satisfied that there are adequate arrangements in place to ensure that all transactions with connected persons, namely the Investment Manager, Depositary and the delegates or sub-delegates of the Investment Manager or Depositary (excluding any non-group company Sub-Depositarys appointed by the Depositary); and any associated or group companies of these, are carried out as if conducted at arm’s length and in the best interests of the shareholders as required by the requirements of the Central Bank UCITS Regulations. The Directors are satisfied that transactions with connected persons entered into during the year were carried out on this basis. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions carry them out on a similar basis. Shareholders should have regard to the roles and responsibilities of the Company’s respective delegates, the Administrator (SEI Investments – Global Fund Services Limited), the Depositary (Brown Brothers Harriman Trustee Services (Ireland) Limited) and the Investment Manager/Distributor (Sands Capital Management, LLC), subject to the overall supervision of the Board. Further, shareholders should refer to the Prospectus which identifies many of the connected persons’ transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected persons transactions. Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. Note 11 details related party transactions in the period as required by IAS 24. However, Shareholders should understand that not all “connected persons” are related parties as such latter expression is defined by IAS 24. Details of fees paid to related parties and certain connected parties are set out in Notes 6, 8 and 11. 13. Distributions The Directors did not declare any dividends for the year ended 31 October 2019 (31 October 2018: US$nil). 14. Write-off of Organisational Expenses According to the Prospectus, the expenses incurred in connection with the establishment of the Company (“organisation expenses”) will be amortised over the period of 5 years. The Dealing NAV of each Sub-Fund is calculated each month on this assumption. According to IFRS, organisation expenses cannot be amortised and must be expensed as incurred. Therefore there is a difference between the dealing NAV as of 31 October 2019 and the NAV as per these financial statements, which are prepared in accordance with IFRS. As at 31 October 2019, the difference between the two approaches described above resulted in a decrease in the NAV of the Sub-Funds: 55


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 14. Write-off of Organisational Expenses (continued)


Global Growth Fund - - US Select Growth Fund - - Emerging Markets Growth Fund - 602 Global Leaders Fund 18,714 24,500 The movement in the adjustment is recognised in the Statement of Comprehensive Income:

01 November 2018 01 November 2017- 31 October 2019 - 31 October 2018

US$ US$Global Growth Fund - - US Select Growth Fund - (139)Emerging Markets Growth Fund (602) (3,701)Global Leaders Fund (5,786) (4,395) 15. Cash Balances All cash at bank balances at the year- end are held with Brown Brothers Harriman Trustee Services (Ireland) Limited or with third party institutions on overnight deposit.

31 October 2019 31 October 2018Global Growth Fund US$ US$Brown Brothers Harriman, Cayman Islands* 1,672 2,525 Brown Brothers Harriman Trustee Services (Ireland) Limited 295,356 517,313 Citibank New York* - 60,066,150 BBVA, MADRID* 109,933,042 -

110,230,070 60,585,988

31 October 2019 31 October 2018US Select Growth Fund US$ US$Brown Brothers Harriman Trustee Services (Ireland) Limited 216,620 17,052 Citibank, New York* - 15,708,158 BBVA, MADRID* 10,535,452 -

10,752,072 15,725,210

31 October 2019 31 October 2018Emerging Markets Growth Fund US$ US$Brown Brothers Harriman Trustee Services (Ireland) Limited 5,054,379 44,173 BBVA, MADRID* 17,481,283 20,000,000 Sumitomo Tokto* - 160,387

22,535,662 20,204,560

31 October 2019 31 October 2018Global Leaders Fund US$ US$Brown Brothers Harriman Trustee Services (Ireland) Limited 3,568 1,798 Std Charter Singapore* - 266,255

3,078,618 268,053 *Balances held in overnight sweep accounts.

56


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 16. Net Asset Values Global Growth Fund31 October 2019 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$Net Asset Value (Local) 2,133,147,676 67,626,302 375,548,446 63,077 192,255 16,640,075 22,151,065 2,615,368,896 Net Asset Value (Base US$) 2,133,147,676 67,626,302 486,468,019 81,707 214,422 16,640,075 24,705,075 2,728,883,276 Redeemable Participating Shares in Issue 64,584,591 2,917,622 12,885,919 2,310 7,684 940,941 1,422,430 Net Asset Value per Share 33.03 23.18 29.14 27.31 25.02 17.68 15.57

31 October 2018 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$Net Asset Value (Local) 1,569,789,610 60,734,195 415,261,160 53,103 157,266 16,168,736 34,223,391 Net Asset Value (Base US$) 1,569,789,610 60,734,195 530,786,937 67,876 178,126 16,168,736 38,762,916 2,216,488,396 Redeemable Participating Shares in Issue 57,298,852 3,154,152 16,950,156 2,310 7,684 1,095,033 2,689,437 Net Asset Value per Share 27.40 19.26 24.50 22.99 20.47 14.77 12.73

31 October 2017 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$Net Asset Value (Local) 1,622,269,199 64,480,345 451,302,813 72,917 152,755 6,607,558 60,525,794 Net Asset Value (Base US$) 1,622,269,199 64,480,345 599,395,446 96,845 177,937 6,607,558 70,503,441 2,363,530,771 Redeemable Participating Shares in Issue 59,365,998 3,352,268 19,189,954 3,299 7,684 445,725 4,904,312 Net Asset Value per Share 27.33 19.23 23.52 22.10 19.88 14.82 12.34

US Select Growth Fund31 October 2019 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Total US$Net Asset Value (Local) 94,574,744 43,441,783 130,775,983 1,420,986 1,746,071 Net Asset Value (Base US$) 94,574,744 43,441,783 169,401,135 1,584,826 1,746,071 310,748,559 Redeemable Participating Shares in Issue 3,916,955 1,878,730 5,154,510 55,807 91,749 Net Asset Value per Share 24.14 23.12 25.37 25.46 19.03

31 October 2018 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Total US$Net Asset Value (Local) 66,421,891 106,304,513 83,614,636 1,300,721 1,309,172 Net Asset Value (Base US$) 66,421,891 106,304,513 106,876,252 1,473,254 1,309,172 282,385,082 Redeemable Participating Shares in Issue 3,207,123 5,346,628 3,793,337 60,480 79,603 Net Asset Value per Share 20.71 19.88 22.04 21.51 16.45

31 October 2017 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Total US$Net Asset Value (Local) 73,026,096 117,978,347 25,824,833 1,999,639 1,992,887 Net Asset Value (Base US$) 73,026,096 117,978,347 34,299,115 2,329,279 1,992,887 229,625,724 Redeemable Participating Shares in Issue 3,906,360 6,557,918 1,348,260 105,967 133,254 Net Asset Value per Share 18.69 17.99 19.15 18.87 14.96

57


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 16. Net Asset Values (continued) Emerging Markets Growth Fund31 October 2019 Class A USD Class A GBP Class A EUR Total US$Net Asset Value (Local) 561,830,320 71,998,963 7,386,921 Net Asset Value (Base US$) 561,830,320 93,264,116 8,238,631 663,333,067 Redeemable Participating Shares in Issue 41,794,512 4,376,288 679,912 Net Asset Value per Share 13.44 16.45 10.86

31 October 2018 Class A USD Class A GBP Class A EUR Total US$Net Asset Value (Local) 356,013,973 42,831,011 1,466,736 Net Asset Value (Base US$) 356,013,973 54,746,612 1,661,290 412,421,875 Redeemable Participating Shares in Issue 33,543,189 3,253,948 173,638 Net Asset Value per Share 10.61 13.16 8.45

31 October 2017 Class A USD Class A GBP Total US$Net Asset Value (Local) 113,482,238 6,444,609 Net Asset Value (Base US$) 113,482,238 8,559,373 122,041,611 Redeemable Participating Shares in Issue 8,836,358 420,588 Net Asset Value per Share 12.84 15.32

Global Leaders Fund31 October 2019 Class A USD Class A GBP Total US$Net Asset Value (Local) 3,576,854 152,938,351 Net Asset Value (Base US$) 3,576,854 198,109,237 201,686,091 Redeemable Participating Shares in Issue 277,519 11,382,366 Net Asset Value per Share 12.89 13.44

Global Leaders Fund31 October 2018 Class A USD Class A GBP Total US$Net Asset Value (Local) 6,443,297 108,083,400 Net Asset Value (Base US$) 6,443,297 138,152,233 144,595,530 Redeemable Participating Shares in Issue 615,930 9,779,431 Net Asset Value per Share 10.46 11.05 All net asset values per share are shown in the local currency of the Share Class.

58


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 17. Fair Value Estimation For fair value measurements recognised in the statement of financial position, IFRS 13 requires certain fair value disclosures for each class of financial instruments. For this purpose, IFRS 13 requires an entity to classify fair value measurements into a fair value hierarchy, with the following levels, by reference to the observability and significance of the inputs used in the making the measurement. For a fair value measurement of a financial instrument to be classified in Level 1 of the hierarchy, it should be observable directly in an active market for the same instrument. Fair value measurement in Levels 2 and 3 of the hierarchy are determined using valuation techniques. The level in the hierarchy into which a financial instrument’s fair value measurement is classified in its entirety and is determined by reference to the observability and significance of the inputs used in the valuation model. Valuation techniques often incorporate both observable inputs and unobservable inputs. Fair value measurements determined using valuation techniques are classified in their entirety in either Level 2 or 3 based on the lowest level input that is significant to the measurement. That is, if the model uses both observable and unobservable inputs, the fair value measurement is classified in Level 3 if the unobservable inputs are significant to their fair value measurement in its entirety. This assessment is made independently of the number or the quality of the Level 2 inputs used in the model. Differentiating between Level 2 and Level 3 fair value measurements, i.e., assessing whether inputs are observable and whether the unobservable inputs are significant, may require judgement and a careful analysis of the inputs used to measure fair value, including consideration of factors specific to the asset or liability. Transfers between levels are deemed to have occurred at the start of the reporting period. There were no transfers between the fair value hierarchy levels for the years ended 31 October 2019 and 31 October 2018. Policies regarding Fair Value measurement are included in Note 2 to the Financial Statements. The following tables provide an analysis within the fair value hierarchy of the Company’s financial assets and liabilities, measured at fair value and assets and liabilities, not measured at fair value at 31 October 2019 and 31 October 2018: Global Growth Fund Level 1 Level 2 Level 3 Total31 October 2019 Quoted Prices Significant Other Significant Other

In Active Observable UnobservableMarkets Inputs Inputs

US$ US$ US$ US$Financial Assets at Fair ValueThrough Profit or LossEquities 2,621,217,398 - - 2,621,217,398

Assets not measured at fair valueCash and bank balances 110,230,070 - - 110,230,070 Cash held in investor money collection account 137,573 - - 137,573 Securities sold receivable - 5,843,635 5,843,635 Subscriptions receivable - 2,153,245 - 2,153,245 Dividends receivable - 334,568 - 334,568 Other assets - 3,351 - 3,351 Total assets 2,731,585,041 8,334,799 - 2,739,919,840

Liabilities not measured at fair valuePayables for securities purchased - 8,362,417 - 8,362,417 Redemptions payable - 396,769 - 396,769 Accrued expenses and other payables - 2,277,378 - 2,277,378 Total net liabilities - 11,036,564 - 11,036,564

59


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 17. Fair Value Estimation (continued) Global Growth Fund Level 1 Level 2 Level 3 Total31 October 2018 Quoted Prices Significant Other Significant Other


US$ US$ US$ US$Financial Assets at Fair ValueThrough Profit or LossEquities 2,157,515,839 - - 2,157,515,839

Assets not measured at fair valueCash and bank balances 60,585,988 - - 60,585,988 Cash held in investor money collection account 97,559 - - 97,559 Subscriptions receivable - 214,015 - 214,015 Dividends receivable - 262,871 - 262,871 Other assets - 4,097 - 4,097 Total assets 2,218,199,386 480,983 - 2,218,680,369

Liabilities not measured at fair valueRedemptions payable - 235,890 - 235,890 Accrued expenses and other payables - 1,956,083 - 1,956,083 Total net liabilities - 2,191,973 - 2,191,973

US Select Growth Fund Level 1 Level 2 Level 3 Total31 October 2019 Quoted Prices Significant Other Significant Other


US$ US$ US$ US$Financial Assets at Fair ValueThrough Profit or LossEquities 299,712,609 - - 299,712,609

Assets not measured at fair valueCash and bank balances 10,752,072 - - 10,752,072 Cash held in investor money collection account 5 - - 5 Securities sold receivable - 2,114,722 - 2,114,722 Dividends receivable - 48,948 - 48,948 Other assets - 3,904 - 3,904 Total assets 310,464,686 2,167,574 - 312,632,260

Liabilities not measured at fair valuePayables for securities purchased 1,397,271 - - 1,397,271 Redemptions payable - 171,153 - 171,153 Accrued expenses and other payables - 315,277 - 315,277 Total net liabilities 1,397,271 486,430 - 1,883,701

60


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 17. Fair Value Estimation (continued) US Select Growth Fund Level 1 Level 2 Level 3 Total31 October 2018 Quoted Prices Significant Other Significant Other



Assets not measured at fair valueCash and bank balances 15,725,210 - - 15,725,210 Cash held in investor money collection account 98,288 - - 98,288 Securities sold receivable - 736,485 - 736,485 Other assets - 6,560 - 6,560 Total assets 283,655,193 743,045 - 284,398,238


Emerging Markets Growth Fund Level 1 Level 2 Level 3 Total31 October 2019 Quoted Prices Significant Other Significant Other



Assets not measured at fair valueCash and bank balances 22,535,662 - - 22,535,662 Cash held in investor money collection account 5,356 - - 5,356 Securities sold receivable - 4,560,571 - 4,560,571 Subscriptions receivable - 300,559 - 300,559 Dividends receivable - 61,137 - 61,137 Other assets - 2,347 - 2,347 Total assets 661,194,337 4,924,614 - 666,118,951


61


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 17. Fair Value Estimation (continued) Emerging Markets Growth Fund Level 1 Level 2 Level 3 Total31 October 2018 Quoted Prices Significant Other Significant Other



Assets not measured at fair valueCash and bank balances 20,204,560 - - 20,204,560 Cash held in investor money collection account 53,402 - - 53,402 Securities sold receivable - 5,592,178 - 5,592,178 Subscriptions receivable - 2,259,336 - 2,259,336 Dividends receivable - 39,784 - 39,784 Other assets - 3,335 - 3,335 Total assets 413,589,963 7,894,633 - 421,484,596

Liabilities not measured at fair valuePayables for securities purchased 2,190,383 - - 2,190,383 Redemptions payable - 6,473,319 - 6,473,319 Accrued expenses and other payables - 399,623 - 399,623 Total net liabilities 2,190,383 6,872,942 - 9,063,325

Global Leaders Fund Level 1 Level 2 Level 3 Total31 October 2019 Quoted Prices Significant Other Significant Other



Assets not measured at fair valueCash and bank balances 3,078,618 - - 3,078,618 Cash held in investor money collection account - 11,034 - 11,034 Subscriptions receivable - 122,661 - 122,661 Dividends receivable - 140,366 - 140,366 Other assets - 800 - 800 Total assets 201,614,845 274,861 - 201,889,706

Liabilities not measured at fair valueAccrued expenses and other payables - 222,329 - 222,329 Total net liabilities - 222,329 - 222,329

62


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 17. Fair Value Estimation (continued) Global Leaders Fund Level 1 Level 2 Level 3 Total31 October 2018 Quoted Prices Significant Other Significant Other



Assets not measured at fair valueCash and bank balances 268,053 - - 268,053 Dividends receivable - 76,611 - 76,611 Other assets - 557 - 557 Total assets 144,665,344 77,168 - 144,742,512

Liabilities not measured at fair valueAccrued expenses and other payables - 171,482 - 171,482 Total net liabilities - 171,482 - 171,482 18. Offsetting assets and liabilities As of 31 October 2019, the Company holds no financial instruments or derivative instruments that are eligible for offset in the statement of financial position or are subject to a master netting agreement. 19. Exchange Rates The financial statements are presented in US Dollar (US$) the functional currency of the Company. The following exchange rates at 31 October 2019 and 31 October 2018 have been used to translate assets and liabilities in other currencies to US$:


Brazilian Real 0.2493 0.2687Euro 1.1153 1.1326Great British Pound 1.2954 1.2782Hong Kong Dollar 0.1276 0.1275Indian Rupee 0.0141 0.0135Indonesian Rupiah 0.0001 0.0001Japanese Yen 0.0093 0.0089Malaysian Ringgit 0.2445 0.2390Philippine Peso 0.0197 0.0187South African Rand 0.0714 0.0678South Korean Won 0.0009 0.0009Thai Bhat 0.0331 0.0302

63


NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2019 20. Efficient portfolio management During the year ended 31 October 2019, the Company was not involved in repurchase agreements or securities lending and did not purchase and sell financial derivative instruments. 21. Portfolio Significant portfolio changes are listed on pages 67 - 70. A complete listing of purchases and sales during the year is available upon request from the Administrator free of charge. 22. Significant Events An updated Prospectus was issued on 1 November 2018 to accommodate the introduction of a Z US Dollar class to Sands Capital Emerging Markets Growth Fund, along with other general updates to the Initial Offer Period, Taxation and Temporary Suspensions and Statutory and General Information sections. With effect from 1 November 2018, the annual expense cap in respect of H classes for Sands Capital Global Growth Fund and Sands Capital US Select Growth Fund was lowered to 1.20% per annum from 1.40% per annum and 1.25% per annum respectively. With effect from 1 November 2018, an annual expense cap in respect of Z classes for Sands Capital Global Growth Fund, Sands Capital US Select Growth Fund and Sands Capital Emerging Markets Growth Fund was introduced at a rate of 1.65% per annum. As at the date of approval of the audited financial statements there have been no other significant events which would require additional disclosure. 23. Subsequent Events

There were subscriptions of US$343,058,037 (2018: US$62,561,704) and redemptions of US$103,419,701 (2018: US$111,848,175) between 1 November 2019 and 31 January 2020 for Sands Capital Global Growth Fund.

There were subscriptions of US$20,675,532 (2018: US$22,211,978) and redemptions of US$48,419,558 (2018: US$74,381,291) between 1 November 2019 and 31 January 2020 for Sands Capital US Select Growth Fund. There were subscriptions of US$58,680,752 (2018: US$60,234,230) and redemptions of US$9,127,968 (2018: US$28,431,887) between 1 November 2019 and 31 January 2020 for Sands Capital Emerging Markets Growth Fund. There were subscriptions of US$31,952,244 (2018: US$4,405) and redemptions of US$488,077 (2018: US$Nil) between 1 November 2019 and 31 January 2020 for Sands Capital Global Leaders Fund. As at the date of approval of the audited financial statements there have been no other subsequent events which would require additional disclosure. 24. Approval of Financial Statements The financial statements were approved and authorised for issue by the Directors on 26 February 2020.

64


ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) For the year ended 31 October 2019 Total Expense Ratio (“TER”)1 The Total Expense Ratio (“TER”) was calculated according to currently valid guidelines of the Swiss Funds Association. The key figures as at 31 October 2019 were as follows: Sub-Fund Share Class TER1

Sands Capital Global Growth Fund Class A USD 0.92%Sands Capital Global Growth Fund Class H USD 1.07%Sands Capital Global Growth Fund Class Z USD 1.57%Sands Capital Global Growth Fund Class A GBP 0.92%Sands Capital Global Growth Fund Class H GBP 1.07%Sands Capital Global Growth Fund Class A EUR 0.92%Sands Capital Global Growth Fund Class H EUR 1.07%

Sub-Fund Share Class TER1

Sands Capital US Select Growth Fund Class A USD 0.88%Sands Capital US Select Growth Fund Class H USD 1.14%Sands Capital US Select Growth Fund Class Z USD 1.62%Sands Capital US Select Growth Fund Class A GBP 0.88%Sands Capital US Select Growth Fund Class A EUR 0.88%


Sands Capital Emerging Markets Growth Fund Class A USD 0.95%Sands Capital Emerging Markets Growth Fund Class A GBP 0.95%Sands Capital Emerging Markets Growth Fund Class A EUR 0.95%


Sands Capital Global Leaders Fund Class A USD 0.98%Sands Capital Global Leaders Fund Class A GBP 0.98% 1The Total Expense Ratio (“TER”) is calculated according to the following formula: (Total expenses / AF)* 100 AF = average fund assets; 65


ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) For the year ended 31 October 2019 Performance The performance figures as at 31 October 2019 were as follows:

Sub-Fund Share ClassAnnual Performance Since Inception

Performance %Sands Capital Global Growth Fund Class A USD 20.55% 230.29%Sands Capital Global Growth Fund Class H USD 20.35% 131.79%Sands Capital Global Growth Fund Class Z USD 19.70% 76.85%Sands Capital Global Growth Fund Class A GBP 18.94% 191.44%Sands Capital Global Growth Fund Class H GBP 18.79% 173.06%Sands Capital Global Growth Fund Class A EUR 22.31% 55.73%Sands Capital Global Growth Fund Class H EUR 22.29% 150.20%

Sub-Fund Share ClassSands Capital US Select Growth Fund Class A USD 16.56% 141.45%Sands Capital US Select Growth Fund Class H USD 16.30% 131.23%Sands Capital US Select Growth Fund Class Z USD 15.68% 90.31%Sands Capital US Select Growth Fund Class A GBP 15.06% 153.71%Sands Capital US Select Growth Fund Class A EUR 18.36% 154.62%

Sub-Fund Share ClassSands Capital Emerging Markets Growth Fund Class A USD 26.67% 34.43%Sands Capital Emerging Markets Growth Fund Class A GBP 25.00% 64.52%Sands Capital Emerging Markets Growth Fund Class A EUR 28.52% 8.65%

Sub-Fund Share ClassSands Capital Global Leaders Fund Class A USD 23.23% 28.89%Sands Capital Global Leaders Fund Class A GBP 21.63% 34.36% Historical performance is no indicator for current or future performance. The performance data does not take account of any commissions and costs charged when subscribing or redeeming units.

66


SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO (UNAUDITED) For the year ended 31 October 2019 Sands Capital Global Growth Fund

Purchases US$Aptiv 66,132,428GVC Holdings 48,060,779Tencent Holdings 46,844,000bluebird bio 46,778,981Abiomed 37,869,173Zalando 34,026,596Okta 30,042,408Adyen NV 28,412,195Sarepta Therapeutics 24,226,851Visa 17,235,233Zoom Video Communications 16,835,730Workday 15,191,780Amazon 15,119,919Alibaba Group Holding 13,655,363Edwards Lifesciences 12,432,693Nike 11,662,722ASML Holding 10,722,436Shopify 10,448,472Housing Development Finance 10,274,390Netflix 10,068,754

Sales US$Booking Holdings 55,263,786Starbucks 52,452,443Shopify 49,076,613Las Vegas Sands 41,559,103Naspers 39,453,693Charles Schwab 31,332,581Biomarin Pharmaceutical 29,839,740Baidu 26,701,784Atlassian 22,461,796Edwards Lifesciences 19,607,390Visa 17,283,449ASOS 15,652,691Alibaba Group Holding 14,727,650Amazon 14,522,307Motherson Sumi Systems Lt 14,287,707Workday 13,505,516Nike 12,068,843ASML Holding 11,575,007Illumina 10,146,431Housing Development Finance 9,535,409

The above represents sales of investments by value greater than 1% of the total value of sales and purchases of investments by value greater than 1% of the total value of purchases, or the top 20 purchases and sales of investments where purchases and sales do not exceed 1% of the total value of purchases and sales.

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SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO (UNAUDITED) For the year ended 31 October 2019 Sands Capital US Select Growth Fund Purchases US$Intuit 12,337,777Match Group 11,980,914Microsoft Corp 11,140,474Zoetis 10,120,455Texas Instruments 7,828,417Alphabet - Class A 5,939,498Abiomed 5,098,242Netflix 4,790,454Amazon 4,677,093Visa 4,597,579Servicenow 4,311,515Twilio 3,857,318Facebook 3,760,446Workday 3,727,575CoStar 3,404,959Alibaba Group Holding 3,143,871Mirati Therapeutics 3,007,344Atlassian 2,870,321Adobe Systems 2,555,431Salesforce 2,480,016

Sales US$Palo Alto Networks 12,703,619Booking Holdings 10,884,520Splunk 10,616,457Alibaba Group Holding 10,579,739Servicenow 7,617,844Amazon 7,298,986Alexion Pharmaceuticals 6,677,603Netflix 6,316,802Regeneron Pharmaceuticals 6,247,668Loxo Oncology 6,140,294Alphabet - Class A 5,400,339Charles Schwab 5,356,219Visa 5,324,186Salesforce 4,872,555Monster Beverage 4,764,776Adobe Systems 3,014,291Biomarin Pharmaceutical 2,775,602Illumina 2,690,457Edwards Lifesciences 2,620,786Activision Blizzard 2,505,690 The above represents sales of investments by value greater than 1% of the total value of sales and purchases of investments by value greater than 1% of the total value of purchases, or the top 20 purchases and sales of investments where purchases and sales do not exceed 1% of the total value of purchases and sales.

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SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO (UNAUDITED) For the year ended 31 October 2019

Sands Capital Emerging Markets Growth Fund

Purchases US$Alibaba Group Holding 20,626,145Tencent Holdings 17,466,406AIA Group 16,651,519Sea -Adr 14,374,901PagSeguro 13,554,760New Oriental 12,935,589Bandhan Bank 9,617,698WuXi Biologics 9,582,523Taiwan Semiconductor 9,004,575Bank Central Asia 7,619,069Yandex 7,349,664Larsen & Toubro 7,198,207Bajaj Finance 6,819,645Prosus 6,530,175Localiza 6,213,714MercadoLibre 6,107,040Naspers 5,957,512Vincom Retail 5,701,007Grupo Aeroportuario del Pacífico 5,649,015Anta Sports Products 5,454,328

Sales US$Naspers 16,787,940Adani Ports and Special Economic Zone 14,915,206Sands China 14,190,678Medy Tox 13,900,892Indusind Bank 10,951,316Hansoh Pharmaceutical Group 7,299,139Anta Sports Products 7,199,992Zee Entertainment Enterprise 6,484,179Itc 6,402,139Eicher Motors 6,145,882International Container Terminal Services 5,670,107Jubilant Foodworks 5,279,600Yandex 5,117,474Amorepacific 4,413,667Alibaba Group Holding 4,013,247Housing Development Finance 3,949,072Larsen & Toubro 3,233,175Tencent Holdings 3,206,587MercadoLibre 1,729,274Ctrip.com 1,523,534


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SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO For the year ended 30 October 2019

Sands Capital Global Leaders Fund

Purchases US$Texas Instruments 6,785,748Roper Technologies 6,685,172Boston Scientific 4,992,475Microsoft Corp 4,862,982Iqvia 4,838,846AIA Group 4,380,200Bank Central Asia 3,941,972Lonza Group 3,806,401Equinix 3,555,265CSL Limited 3,353,256UnitedHealth Group 1,982,697Live Nation Entertainment 1,854,514Aptiv 1,659,118Intuit 1,595,290Temenos Group 1,299,578Visa 1,168,662Safran S.A. 1,152,856Alimentation Couche-Tard 1,038,814TransDigm Group 1,016,348Zoetis 904,417

Sales US$Starbucks 6,101,969Alibaba Group Holding 5,493,756Salesforce 5,362,064Alphabet - Class A 4,303,493Nike 3,773,489Fomento Economico 3,041,527Booking Holdings 2,765,285Fresenius Medical Care 2,542,020Sands China 2,522,270TransDigm Group 1,825,541Verisk Analytics 1,640,530Recruit Holdings 1,406,522Taiwan Semiconductor 1,268,999Zoetis 1,239,052Visa 1,091,780Alimentation Couche-Tard 1,018,986Ross Stores 813,510Union Pacific 770,647The Pan-Pacific Group 651,419Intercontinental 590,225


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UCITS V REMUNERATION DISCLOSURE (UNAUDITED) The total amount of remuneration paid by the Company for the financial year relates to fixed remuneration only. No variable remuneration was paid during the year. Fixed remuneration paid by the Company to identified staff comprises Directors' fees only, paid solely to Mr Gavin Caldwell and Mr Mike Kirby in their capacity as non-executive Directors not affiliated with the Company's Investment Manager (Directors who are also employees within the Investment Manager, namely Ms Dana McNamara and Mr Jonathan Goodman, do not receive any remuneration from the Company). Details of the Directors' fees paid is included in Note 8 of the annual financial statements The Directors' fees are calculated on the basis of an agreed annual fee at a rate to be determined from time to time provided that no one Director may be paid in excess of €30,000 in any one financial year without the approval of the Board. The remuneration policy has been subject to internal review and no changes have been made to the policy.

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Sands Capital Funds plc · 2020-02-28 · Sands Capital Funds plc . Annual Report and Audited...

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