TCM Investment Funds Luxembourg IF LUX_RS Juin 19.pdf72,750 masan consumer corp vnd 263,152.59 4.01...

as at 30/06/19

Société d'Investissement à Capital Variable

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited semi-annual report

TCM Investment Funds Luxembourg

RCS Luxembourg B218442


Table of contents

Page Organisation 3 Combined 4 TCM Global Frontier High Dividend Equity 6 TCM Vietnam High Dividend Equity 10 TCM Africa High Dividend Equity 13 TCM Global Emerging High Dividend Equity 16 General Information 21 Subscription can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report.


Organisation

Registered Office 5, allée Scheffer

L-2520 Luxembourg Grand Duchy of Luxembourg

Board of Directors Mr. Wytze Riemersma

Chairman, Trustus Capital Management B.V. Managing Director

Mr. Rob Visschedijk

Director, Trustus Capital Management B.V. Director Asset Management

Mrs.Tine Hollander Director, Trustus Capital Management B.V. Head of Legal

Management Company Novacap Asset Management S.A.

1, rue du Potager L-2347 Luxembourg Grand Duchy of Luxembourg

Investment Manager TRUSTUS Capital Management B.V.

Sewei 2 8501 SP JOURE The Netherlands

Auditor PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg

Depositary and Paying Agent

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

Central Administrative Agent, Registrar and Transfer Agent and Domiciliary Agent

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

4Page

TCM Investment Funds LuxembourgCombined

5Page

66,321,264.34Assets63,475,584.65Securities portfolio at market value69,801,977.54Cost price(6,326,392.89)Unrealised loss on the securities portfolio

1,312,001.97Cash at banks138.61Interest receivable

47,069.17Formation expenses568,769.41Brokers receivable314,998.59Subscriptions receivable602,701.94Dividends receivable

686,601.82Liabilities86,184.98Bank overdrafts

505,321.91Brokers payable1,003.09Redemptions payable

94,091.84Other liabilities

65,634,662.52Net asset value


Financial Statements as at 30/06/19

Expressed in EUR

Statement of net assets as at 30/06/19

Combined

6Page

TCM Investment Funds Luxembourg- TCM Global Frontier High Dividend Equity

7Page


545,209.94Cash at banks29,001.71Formation expenses

270,070.53Brokers receivable174,999.47Subscriptions receivable309,532.32Dividends receivable

145,096.96Liabilities20,003.85Bank overdrafts84,167.43Brokers payable40,925.68Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Global Frontier High Dividend Equity

Key figures

Total Net Assets 28,751,578.85 26,483,573.15

31/12/1830/06/19Period ending as at:

EURClass A - EUR - Capitalisation

90.9622,769.38 300.00

87.27Number of sharesNet asset value per share EUR

Class AD - EUR - Capitalisation

95.961,000.00 200.00


Class BDN - EUR - Distribution

91.16291,637.90 302,441.06


8Page

BK GEORGIA GRP -REGISTERED SHS22,260 372,658.47 1.30GBP

Transferable securities admitted to an official stock exchange listing 27,567,861.84 95.88

Shares 24,819,180.32 86.32

United Kingdom 372,658.47 1.30

ALEXANDRIA MINERAL OILS791,820 187,415.48 0.65EGPEgypt 1,481,988.47 5.15

CREDIT AGRICOLE193,158 477,504.03 1.65EGPHOUSING DEVELOPMENT BANK111,759 286,624.09 1.00EGPSEWEDY ELECTRIC420,000 315,680.68 1.10EGPSIDI KERIR PETROCHEMICALS CO364,567 214,764.19 0.75EGP

EREGLI DEMIR VE CELIK350,000 418,184.85 1.45TRYTurkey 1,141,524.33 3.97

TURKCELL ILETISIM ADR REP.2.5 SHS71,500 344,063.93 1.20USDTURKIYE GARANTI BANKASI ADR282,300 379,275.55 1.32USD

AAPICO HITECH PUBLIC COMPANY-FOREIGN REG400,000 221,050.48 0.77THBThailand 1,782,283.18 6.20

HANA MICROELECTRONICS PUBLICS CO -F- REG116,300 85,749.40 0.30THBJASMINE INTERNATIONAL PUBLIC CO LTD3,100,000 639,099.31 2.22THBPRE-BUILT - FOREIGN REGISTERED1,200,000 364,217.88 1.27THBSPCG FOR REG850,000 472,166.11 1.64THB

PILIPINAS SHELL REGISTERED SHS547,500 363,614.98 1.26PHPPhilippines 363,614.98 1.26

BANCO MACRO -B- ADR REPR 10 SH9,439 603,820.82 2.10USDArgentina 603,820.82 2.10

DANANG HOUSING INVESTMENT862,500 536,224.28 1.86VNDVietnam 3,471,468.22 12.06

HATIEN 1 CEMENT JOINT STOCK COMPANY790,000 476,267.01 1.65VNDHO CHI MINH CITY SECURITIES285,000 250,746.67 0.87VNDNGO QUEN PROCESSING EXPORT69,000 17,679.15 0.06VNDNOIBAI CARGO TERMINAL SERVICES JOINT50,000 131,500.94 0.46VNDPETROLIMEX PETROCHEMICAL PLC256,846 137,424.63 0.48VNDPETROVIET.GENERAL SERVICE PET496,510 143,491.70 0.50VNDPETROVIETNAM GAS JOINT STOCK COMPANY120,000 440,848.42 1.53VNDPETROVIETNAM POWER NHON TRACH 2 JOINT ST420,000 422,536.25 1.47VNDPHA LAI THREMAL POWER520,000 565,265.64 1.96VNDSAIGON SECURITIES CORPORATION374,000 349,483.53 1.22VND

CINKARNA METALURSKO-KEMICNA2,130 396,180.00 1.38EURSlovenia 1,301,620.00 4.53

KRKA DD7,650 480,420.00 1.67EURZAVAROVAL TRIGLAV13,450 425,020.00 1.48EUR

ACCESS BANK NIGERIA28,390,000 450,120.39 1.57NGNNigeria 3,124,646.86 10.87

CUSTODIAN INVESTMENT PLC14,500,000 213,980.06 0.74NGNDANGOTE SUGAR REFINERY PLC9,857,435 272,903.89 0.95NGNGUARANTY TRUST BANK PLC6,075,360 487,548.53 1.70NGNNIGERIAN BREWERIES1,250,000 192,088.12 0.67NGNTOTAL NIGERIA428,000 156,597.55 0.54NGNUNILEVER NIGERIA PLC5,717,888 460,256.06 1.60NGNUNITED BANK AFRICA PLC30,567,742 462,279.87 1.61NGNZENITH BANK PLC8,880,000 428,872.39 1.49NGN

CIMENTS DU MAROC2,520 360,763.15 1.25MADMorocco 1,979,707.90 6.89

COMPAGNIE MINIERE DE TOUISSI2,888 410,795.73 1.44MADMAROC TELECOM ITISSALAT AL-MAGHRIB31,085 396,517.82 1.38MADSODEP23,400 405,858.55 1.41MADTOTAL MAROC3,744 405,772.65 1.41MAD

HALYK BANK SPONS GDR REPR 4 SHS REGS47,452 537,522.66 1.87USDKazakhstan 537,522.66 1.87

MHP - GDR- REG S53,487 474,375.40 1.65USDCyprus 474,375.40 1.65

CAL BANK LTD1,600,000 268,106.02 0.93GHSGhana 504,345.93 1.75

ECOBANK GHANA172,700 236,239.91 0.82GHS

Securities portfolio as at 30/06/19EURExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value

9Page

ARIF HABIB CORPORATION LTD800,000 108,661.15 0.38PKRPakistan 1,629,837.39 5.67

ATTOCK PETROLEUM85,200 135,117.63 0.47PKRFATIMA FERTILIZER1,155,000 189,512.51 0.66PKRINDUS MOTOR CO LTD48,940 323,871.81 1.13PKRKOT ADDU POWER CO LTD1,326,000 265,165.96 0.92PKRMILLAT TRACTORS LTD80,000 379,227.85 1.32PKRNISHAT CHUNIAN POWER LTD870,000 83,258.69 0.29PKRPAKISTAN OILFIELDS65,000 145,021.79 0.50PKR

BLOM BANK -B- SPONS ADR REPR 1 SH-B-REGS54,662 347,997.45 1.21USDLebanon 347,997.45 1.21

ACCESS ENGINEERING PLC2,980,000 210,535.22 0.73LKRSri Lanka 1,008,840.76 3.51

CHEVRON LUBRICA530,000 155,577.94 0.54LKRHATTON NATIONAL BANK LTD249,108 166,697.89 0.58LKRPEOPLES LEASING CO.2,887,743 201,143.83 0.70LKRTEXTURED JERSEY LANKA PLC1,700,000 274,885.88 0.96LKR

HEAVY ENG IND/BRSH K321,849 351,192.69 1.22KWDKuwait 1,815,922.07 6.32

INTEGRATED HOLDING COMPANY KCSC283,000 506,205.50 1.76KWDMTC ZAIN333,000 509,861.07 1.78KWDNATIONAL BANK OF KUWAIT158,500 448,662.81 1.56KWD

OMAN TELECOMMUNICATIONS (OMANTEL) S.A.O.250,025 311,355.11 1.09OMROman 396,039.79 1.38

OMANI QATARI TELECOMMUNICATIONS SAOG79,000 84,684.68 0.29OMR

ROMGAZ SPONS GDR REPR 1 SH REGS61,500 418,532.67 1.46USDRomania 1,033,626.19 3.60

S.C.FONDUL PROPRIETATEA SA SGDR55,155 615,093.52 2.14USD

EQUITY GROUP HOLDINGS LIMITED955,000 319,604.23 1.11KESKenya 1,447,339.45 5.03

KENYA COMMERCIAL BANK LTD1,400,000 460,109.46 1.60KESSAFARICOM1,800,000 434,590.78 1.51KESSTANDARD CHARTERED BANK KENYA139,444 233,034.98 0.81KES

HSBC BANK (OMAN QATARI TEL) 31.01.20 WAR298,000 319,444.63 1.11USD

Warrants, Rights 2,748,681.52 9.56

United Kingdom 319,444.63 1.11

JP MORGAN (SAUDI AIRLINES CATERING CO) 06.04.21 WAR19,782 395,395.07 1.38USDThe Netherlands 395,395.07 1.38

MORGAN STANLEY BV 14.01.20 WAR48,000 439,140.15 1.53USDUnited States of America 439,140.15 1.53

CLSA GLB MKT (GRAMEENPHONE) 05.01.21 WAR115,000 435,238.85 1.51USDSingapore 1,534,137.75 5.33

CLSA GLB MKT (JAMUNA OIL CO) 12.01.22 WAR170,000 307,911.88 1.07USDCLSA GLB MKT (MEGHNA PETROL) 10.01.22 WAR203,078 415,883.84 1.45USDCLSA GLOBAL MARKETS PTE 29.01.24 WAR2,512,750 375,103.18 1.30USD

CLSA FIN.PROD (HEID CEMENT) 26.05.21 WAR24,171 60,563.92 0.21USDBermuda 60,563.92 0.21

Total securities portfolio 27,567,861.84 95.88





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TCM Investment Funds Luxembourg- TCM Vietnam High Dividend Equity

11Page

6,587,277.74Assets6,095,504.81Securities portfolio at market value5,974,849.86Cost price

120,654.95Unrealised profit on the securities portfolio48,630.15Cash at banks6,994.20Formation expenses

226,218.27Brokers receivable139,999.12Subscriptions receivable69,931.19Dividends receivable

21,360.66Liabilities21,360.66Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Vietnam High Dividend Equity

Key figures

Total Net Assets 6,565,917.08 6,548,653.35


EURClass BD - EUR - Distribution

105.9161,993.57 68,222.08


12Page

VIET TIEN GARMENT CORP93,000 227,771.68 3.47VND


Shares 5,732,611.39 87.31

Luxembourg 227,771.68 3.47

BINH MINH PLASTICS -SHS-143,000 229,535.08 3.50VNDVietnam 5,504,839.71 83.84

CAN DON HYDRO POWER JSC234,000 182,511.25 2.78VNDCAT LOI JSC100,000 129,993.76 1.98VNDCMC JOINT STOCK COMPANY80,000 55,464.01 0.84VNDCONSTRUCTION INVEST CORPORATION170,500 174,741.76 2.66VNDDUC THANH WOOD PROCESSING JSC9 13.01 0.00VNDFPT CORP -SHS-253,959 435,389.98 6.63VNDGLOBAL ELECTRICAL TECHNOLOGY CORP6,400 9,477.11 0.14VNDHAI AN TRANSPORT & STEVEDORI325,000 145,112.60 2.21VNDHALONG CANNED JSC171,970 269,556.28 4.11VNDHATIEN 1 CEMENT JOINT STOCK COMPANY472,000 284,554.47 4.33VNDLAM THAO FERTIL290,000 75,396.38 1.15VNDLIX DETERGENT125,000 202,526.52 3.08VNDMASAN CONSUMER CORP72,750 263,152.59 4.01VNDMECHANICS CONSTRUCTION AND FOODSTUFF72,751 28,508.59 0.43VNDNET DETERGENT JOINT STOCK COMPANY140,000 145,593.02 2.22VNDNGO QUEN PROCESSING EXPORT213,900 54,805.37 0.83VNDNOIBAI CARGO TERMINAL SERVICES JOINT70,000 184,101.31 2.80VNDNUI NHO STONE JOINT STOCK COMPANY101,700 204,245.07 3.11VNDONE COMMUNICATION TECHNO CORP286,000 47,415.70 0.72VNDPETROLIMEX PETROCHEMICAL PLC299,794 160,403.82 2.44VNDPETROVIETNAM POWER NHON TRACH 2 JOINT ST435,000 437,626.83 6.68VNDPETROVIETNAM TRANSPORTATION CORPORATION455,000 279,448.91 4.26VNDPHA LAI THREMAL POWER372,500 404,925.87 6.17VNDPINACO56,000 74,484.54 1.13VNDSAO TA FOODS FMC292,923 322,284.75 4.91VNDSONG HONG GARMENT JOINT STOCK58,000 131,124.15 2.00VNDSONGDA CONSULTING SDC37,700 21,875.88 0.33VNDTHANG LONG VTL27,480 31,062.86 0.47VNDTNG INVESTMENT AND TRADING JOINT STOCK485,743 395,333.60 6.02VNDVEGETABLE OIL PACKING VPK452,343 62,210.57 0.95VNDVIMEDIMEX MEDI-PHARMA JSC30,000 22,155.46 0.34VNDVINHKHANH CABLE270,900 39,808.61 0.61VND

VIETNAM PHOENIX FUND LTD-C-2,361,503 362,893.42 5.53USD

Shares/Units of UCITS/UCIS 362,893.42 5.53

Shares/Units in investment funds 362,893.42 5.53

Cayman Islands 362,893.42 5.53



TCM Investment Funds Luxembourg - TCM Vietnam High Dividend Equity



13Page

TCM Investment Funds Luxembourg- TCM Africa High Dividend Equity

14Page


546,136.01Cash at banks11,073.26Formation expenses72,480.61Brokers receivable93,790.63Dividends receivable

365,437.77Liabilities345,868.34Brokers payable19,569.43Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Africa High Dividend Equity

Key figures

Total Net Assets 10,359,604.52 9,911,440.65


EURClass BD - EUR - Distribution

78.22132,441.72 128,543.24


15Page

ALEXANDRIA CONTAINERS GOODS180,000 118,628.78 1.15EGP


Shares 10,001,561.78 96.54

Egypt 2,969,255.52 28.66

ALEXANDRIA MINERAL OILS947,250 224,204.13 2.16EGPALUMINIUM COMPANY OF EGYPT204,555 157,836.23 1.52EGPARABIAN CEMENT COMPANY746,236 127,170.88 1.23EGPCANAL SHIPPING AGENCIES SA398,800 210,598.54 2.03EGPCREDIT AGRICOLE177,168 437,975.31 4.23EGPEGYPTIAN INTL PHARMACEUTICAL IND83,000 344,882.90 3.33EGPHOUSING DEVELOPMENT BANK161,300 413,680.02 3.99EGPORIENTAL WEAVERS CARPET600,000 329,156.20 3.18EGPSEWEDY ELECTRIC509,170 382,702.69 3.69EGPSIDI KERIR PETROCHEMICALS CO280,600 165,299.74 1.60EGPZAHRAA EL MAADI INV.& DEV.115,653 57,120.10 0.55EGP

REUNERT LTD59,000 248,108.95 2.40ZARSouth Africa 396,316.60 3.83

TRUWORTHS INTERNATIONAL LTD34,000 148,207.65 1.43ZAR

ACCESS BANK NIGERIA28,142,135 446,190.51 4.31NGNNigeria 2,572,530.65 24.83

DANGOTE SUGAR REFINERY PLC9,200,000 254,702.74 2.46NGNGUARANTY TRUST BANK PLC5,252,640 421,525.13 4.07NGNSEPLAT PETRO230,537 300,151.55 2.90GBPTOTAL NIGERIA340,374 124,536.76 1.20NGNUNILEVER NIGERIA PLC1,000,000 80,494.07 0.78NGNUNITED BANK AFRICA PLC31,612,851 478,085.19 4.60NGNZENITH BANK PLC9,666,234 466,844.70 4.51NGN

COMPAGNIE MINIERE DE TOUISSI3,045 433,127.77 4.18MADMorocco 1,986,293.99 19.17

MAROC TELECOM ITISSALAT AL-MAGHRIB44,066 562,102.43 5.43MADMUTANDIS8,752 142,963.23 1.38MADSODEP23,903 414,582.77 4.00MADTOTAL MAROC4,000 433,517.79 4.18MAD

CAL BANK LTD1,017,143 170,438.85 1.64GHSGhana 365,113.80 3.52

ECOBANK GHANA74,360 101,718.59 0.98GHSSTANDARD CHARTERED BANK GHANA30,333 92,956.36 0.90GHS

BOTSWANA INSURANCE HLDGS LTD130,000 188,181.38 1.82BWPBotswana 188,181.38 1.82

EAST AFRICAN BREW160,000 274,605.01 2.65KESKenya 1,523,869.84 14.71

EQUITY GROUP HOLDINGS LIMITED1,077,000 360,433.25 3.48KESKENYA COMMERCIAL BANK LTD1,245,500 409,333.09 3.95KESSAFARICOM1,986,000 479,498.49 4.63KES



TCM Investment Funds Luxembourg - TCM Africa High Dividend Equity



16Page

TCM Investment Funds Luxembourg- TCM Global Emerging High Dividend Equity

17Page

20,112,268.50Assets19,810,656.22Securities portfolio at market value19,966,570.77Cost price

(155,914.55)Unrealised loss on the securities portfolio172,025.87Cash at banks

138.61Interest receivable129,447.80Dividends receivable

154,706.43Liabilities66,181.13Bank overdrafts75,286.14Brokers payable1,003.09Redemptions payable

12,236.07Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Global Emerging High Dividend Equity

Key figures

Total Net Assets 19,957,562.07

30/06/19Period ending as at:

EURClass AB - EUR - Capitalisation

100.51198,566.00Number of shares

Net asset value per share EUR

18Page

SEWEDY ELECTRIC182,000 136,794.96 0.69EGP


Shares 19,254,348.59 96.47

Egypt 136,794.96 0.69

MOTOR OIL HELLAS CORINTH REFIN.REG SHS6,050 136,125.00 0.68EURGreece 136,125.00 0.68

BIM BIRLESIK MAGAZALAR10,500 126,969.85 0.64TRYTurkey 937,252.84 4.70

FORD OTOMOTIV16,500 156,563.13 0.78TRYTAV HAVALIMALARI HOLDING AS34,000 139,369.65 0.70TRYTEKFEN HOLDING AS35,700 140,701.40 0.71TRYTOFAS TURK OTOMOBIL FABRIKASI AS47,000 137,714.82 0.69TRYTUPRAS TURKIYE PETROL RAFINELERI6,200 108,246.80 0.54TRYVESTEL BEYAZ ESA TI SHS47,250 127,687.19 0.64TRY

POLYMETAL INTERNATIONAL PLC12,600 140,362.99 0.70GBPJersey Island 140,362.99 0.70

GAZPROM NEFT ADR REPR 5 SHS5,700 158,166.49 0.79USDRussia 1,007,531.71 5.05

GROUP LSR OJSC -GDR- REPR SHS REG -S74,000 167,000.35 0.84USDMAGNITOGORSK IRON SPONSORED GDR REPR1319,060 153,979.63 0.77USDNOVOLIPETSK STEEL - GDR - REPR SHS REG S5,370 119,018.97 0.60USDSBERBANK ADR 4 SHS10,635 143,630.40 0.72USDSEVERSTAL GDR REPR SHS REG-S SER -OCT06-9,200 136,125.75 0.68USDTATNEFT ADR REPR 6SHS2,000 129,610.12 0.65USD

BOC HONG KONG (HOLDINGS) LTD34,000 117,512.84 0.59HKDHong Kong 248,371.90 1.24

COUNTRY GARDEN HOLDINGS98,000 130,859.06 0.65HKD

AEROSPACE INDUSTRIAL DEVELOP136,000 129,961.04 0.65TWDTaiwan 3,567,204.13 17.88

CATCHER TECHNOLOGY20,500 128,955.97 0.65TWDCHILISIN ELECTRONICS CORP47,700 122,450.85 0.61TWDFAR EASTONE TELECOMMUNICATION CO LTD60,000 132,822.17 0.67TWDFORMOSA CHEMICALS FIBER CO LTD40,000 116,480.92 0.58TWDFORMOSA PETROCHEMICAL CORP39,000 121,838.48 0.61TWDFORMOSA PLASTICS CORP41,000 132,723.22 0.67TWDGREATEK ELECTRONICS INC103,000 125,216.99 0.63TWDMACHVISION INC10,300 107,744.85 0.54TWDMERRY ELECTRONICS26,000 124,227.47 0.62TWDMICRO-STAR INTERNATIONAL50,000 124,397.10 0.62TWDNAN YA PLASTICS CORP57,800 128,442.27 0.64TWDNANYA TECHNOLOGY CO LTD70,500 128,560.16 0.64TWDPHISON ELECTRONICS14,000 112,013.93 0.56TWDPOU CHEN CORP121,000 131,705.43 0.66TWDPOWERTECH TECHNOLOGY INC57,800 124,193.54 0.62TWDPOYA CO LTD12,100 143,678.65 0.72TWDRUENTEX INDUSTRIES LTD56,000 119,534.30 0.60TWDSINBON ELECTRONICS CO LTD40,900 131,243.18 0.66TWDSTANDARD FOOD CORPORATION86,300 148,100.68 0.74TWDTAIWAN UNION TECHNOLOGY CORP34,700 122,139.57 0.61TWDTRIPOD TECHNOLOGY CO LTD44,000 136,836.81 0.69TWDTTY BIOPHARM CO LTD52,000 124,374.48 0.62TWDTWN ACCEPTANCE CORP38,000 123,548.94 0.62TWDUNITED INTEGRATED SERVICES CO LTD29,200 125,482.75 0.63TWDVANGUARD INTERNATIONAL SEMICONDUCTOR COR82,000 151,153.78 0.77TWDWISTRON NEWEB CORP54,500 112,788.59 0.57TWDYAGEO CORPORATION18,300 136,588.01 0.68TWD

CHINA AIRCRAFT LEASING GROUP HLDG LTD121,000 112,202.00 0.56HKDCayman Islands 2,673,060.80 13.39

CHINA LESSO GROUP220,000 155,290.04 0.78HKDCHINA LILANG LTD158,000 127,509.58 0.64HKDCHINA MEDICAL SYSTEM HOLDINGS LTD191,000 153,711.97 0.77HKDCHINA MEIDONG AUTO HOLDINGS LTD236,000 144,301.95 0.72HKDCHLITINA HOLDING LTD16,000 121,004.45 0.61TWDCIFI HOLDINGS GROUP CO LTD190,000 109,982.13 0.55HKDCN MERCHANTS LAND778,000 99,688.66 0.50HKD





19Page

CN YONGDA AUTO175,000 140,638.87 0.70HKDGREATVIEW ASEPTIC PACKAGING COMPANY294,000 147,381.67 0.74HKDHKBN 144A REG90,000 142,431.63 0.71HKDHKT LTD - STAPLED SECURITY90,000 125,436.95 0.63HKDKINGBOARD HLDG39,000 95,342.20 0.48HKDLEE MAN PAPER MANUFACTURING LTD167,000 102,675.09 0.51HKDLIFESTYLE INTERNATIONAL84,000 107,821.83 0.54HKDLOGAN PROPERTY HOLDINGS CO LTD100,000 142,071.96 0.71HKDLONGFOR GRP-REGISTERED SHS39,000 129,095.53 0.65HKDTIANNENG POWER INTERNATIONAL LTD186,000 131,499.74 0.66HKDTIMES PROPERTY HOLDINGS LTD84,000 147,664.92 0.74HKDXINYI GLASS HOLDINGS LTD125,000 115,208.67 0.58HKDYUZHOU PROPERTIES CO LTD296,000 122,100.96 0.61HKD

BEIJING ENTERPRISES WATER232,000 120,994.95 0.61HKDBermuda 532,788.95 2.67

CAFE DE CORAL HOLDINGS LTD56,000 146,343.11 0.73HKDGIORDANO INTERNATIONAL LTD292,000 112,245.84 0.56HKDVTECH HOLDINGS LTD19,500 153,205.05 0.77HKD

AP THAILAND FOREIGN REGISTERED675,000 151,721.66 0.76THBThailand 1,539,092.58 7.71

BEAUTY COMM FOR REG680,000 79,440.73 0.40THBJASMINE INTERNATIONAL PUBLIC CO LTD775,000 159,774.83 0.80THBLAND AND HOUSE -F- REGISTERED423,000 134,442.79 0.67THBMAJOR CINEPLEX GROUP FOREIGN REGISTERED160,000 156,911.48 0.79THBMAJOR CINEPLEX GROUP PUBLIC CO LTD29,600 26,909.75 0.13THBORIGIN PROPERTY PUBLIC COMPANY LTD571,000 131,615.23 0.66THBQUALITY HOUSES -F-1,500,000 132,286.68 0.66THBSPCG FOR REG253,000 140,538.85 0.70THBSUPALAI PUBLIC CO LTD -FOREIGN REGIST.244,000 164,184.38 0.83THBTISCO FINANCIAL GRP PUBLIC CO -F- REG51,000 108,792.91 0.55THBTTW PUBLIC COMPANY LTD FOREIGN375,000 152,473.29 0.76THB

KOREA REAL ESTATE INVESTMENT71,700 128,413.96 0.64KRWSouth Korea 128,413.96 0.64

AIRASIA BHD220,000 127,621.60 0.64MYRMalaysia 386,137.14 1.93

BERMAZ AUTO SHS242,000 136,784.17 0.68MYRPETRONAS GAS BHD33,000 121,731.37 0.61MYR

AKR CORPORINDO524,000 133,211.53 0.67IDRIndonesia 559,209.22 2.80

BPD JABAR -B-1,230,000 129,204.92 0.65IDRINDO TAMBANGRAYA MEGAH130,400 142,246.61 0.71IDRTAMBANG BATUBARA -B-840,000 154,546.16 0.77IDR

AGRICULTURAL BANK OF CHINA -H-354,000 130,110.49 0.65HKDChina 3,285,650.76 16.47

BANK OF BEIJING -A-154,000 116,362.38 0.58CNYBANK OF NANJING CO LTD -A-120,000 126,725.99 0.63CNYCHINA CONSTRUCTION BANK CORPORATION -H-163,000 123,300.25 0.62HKDCHONGQING RURAL -H-240,000 114,646.67 0.57HKDFANGDA SPECIAL -A-123,400 154,297.33 0.78CNYFLEXIUM INTERCONNECT47,000 114,541.46 0.57TWDGUANGXI GUIGUAN ELECTRIC -A-163,000 126,288.74 0.63CNYGUANGZHOU AUTOMOBILE GROUP CO140,000 131,236.72 0.66HKDGUANGZHOU R&F PROPERTIES COMPANY LTD -H-64,000 108,046.62 0.54HKDHANGXIAO STEEL STRUCTURE COLTD238,692 100,095.86 0.50CNYHEBEI CHENGDE LOLO CO SHS-A-106,000 112,889.95 0.57CNYHUAYU AUTOS SYSTEMS47,000 129,794.42 0.65CNYHUBEI JUMPCAN PHARMA CO LTD-A-37,600 144,744.81 0.73CNYJIANGSU EXPRESSWAY CO LTD -H-100,000 124,987.36 0.63HKDNINGBO SANXING MEDICAL ELECTRIC CO LTD133,000 98,624.32 0.49CNYRISESUM REAL ESTATE DEVELOPMENT SHS A102,000 122,453.21 0.61CNYSAIC MOTOR CO LTD35,500 115,737.19 0.58CNYSANSTEEL MINGUANG104,950 124,787.13 0.63CNYSHENZHEN FUANNA BEDDING AND FURISHING -A133,000 127,021.33 0.64CNYSHENZHEN OVERSEAS CHINESE TOWN CO -A-130,000 115,513.45 0.58CNYXIAMEN INTL AIRPORT -SHS- -A-39,000 120,217.09 0.60CNYXIAMEN KINGDOMWAY GROUP COMPANY74,000 110,882.68 0.56CNY





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ZHEJIANG CHINT ELECTRICS CO LTD42,300 124,873.04 0.63CNYZHEJIANG WANFENG AUTO -A-136,946 127,463.29 0.64CNYZHEJIANG WEIXING -A-124,920 107,965.02 0.54CNYZHUZHOU KIBING GROUP CO LTD265,500 132,043.96 0.66CNY

GLOBE TELECOM3,850 149,258.57 0.75PHPPhilippines 149,258.57 0.75

ABSA GRP --- REGISTERED SHS13,800 151,246.53 0.76ZARSouth Africa 1,656,740.05 8.30

ANGLOVAAL INDUSTRIES LTD23,700 134,833.59 0.68ZARFIRSTRAND LTD33,800 144,283.89 0.72ZARJSE LIMITED15,500 135,130.51 0.68ZARMR.PRICE GROUP11,500 142,158.85 0.71ZARNEDBANK GROUP8,300 130,868.60 0.66ZARREUNERT LTD30,600 128,680.24 0.64ZARRMB HOLDINGS LTD28,200 148,212.63 0.74ZARSANLAM LTD29,000 141,148.48 0.71ZARSTANDARD BANK GROUP LIMITED11,600 142,065.88 0.71ZARTHE FOSCHINI GROUP LTD13,150 147,643.78 0.74ZARTIGER BRANDS LTD7,930 110,467.07 0.55ZAR

BANCO SANTANDER SA103,000 138,270.52 0.69MXNMexico 398,232.17 2.00

GRUPO AEROPORTUARIO DEL PACIFICO SAB-B-15,000 137,040.52 0.69MXNPROMOTORA Y OPERADORA DE INFRAESTRUCTURA14,100 122,921.13 0.62MXN

BB SEGURIDADE20,800 154,310.59 0.77BRLBrazil 321,639.74 1.61

TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD29,520 167,329.15 0.84BRL

BANCO MACRO -B- ADR REPR 10 SH2,645 169,202.89 0.85USDArgentina 169,202.89 0.85

SYMPHONY INTERNATIONAL HOLDINGS227,000 120,097.91 0.60USDBritish Virgin Islands 120,097.91 0.60

AGUAS ANDINAS SA -A-240,000 124,161.22 0.62CLPChile 124,161.22 0.62

MASRAF AL RAYAN PARTLY PAID144,000 132,656.48 0.66QARQatar 387,968.60 1.94

QATAR ELECTRIC AND WATER31,000 123,277.83 0.62QARQATAR INTERNATIONAL ISLAMIC BANK73,000 132,034.29 0.66QAR

TELEFONICA CZECH REPUBLIC14,750 128,404.54 0.64CZKCzech Republic 128,404.54 0.64

ABU DHABI COMMERCIAL BANK67,800 135,666.46 0.68AEDUnited Arab Emirates 520,645.96 2.61

ABU DHABI ISLAMIC BANK107,000 117,923.95 0.59AEDBANK ABU DHABI35,000 123,501.36 0.62AEDEMIRATES TELECOM36,000 143,554.19 0.72AED

POWER GRID CORP OF INDIA 27.11.19 WAR54,300 144,909.67 0.73USD

Warrants, Rights 144,909.67 0.73

Singapore 144,909.67 0.73

CLSA GLOBAL MARKETS LTD 20.05.24 WAR335,000 117,961.89 0.59USD

Other transferable securities 411,397.96 2.06

Warrants, Rights 411,397.96 2.06

Singapore 411,397.96 2.06

CLSA GLOBAL MARKETS PTE 08.07.20 WAR27,400 136,663.15 0.68USDRECL IN 08.05.24 WAR74,700 156,772.92 0.79USD







General Information

The Fund TCM Investment Funds Luxembourg (the “Fund”) was incorporated in Luxembourg on 27 September 2017 as an investment company with variable capital (Société d’Investissement à Capital Variable). Changes in the composition of the portfolio The details of the changes in portfolio composition for the period ended 30 June 2019 are at the disposal of the shareholders at the registered office of the Fund and are available upon request free of charge. Miscellaneous As at 30 June 2019 the following sub-funds are active: • TCM Global Frontier High Dividend Equity (launched on 23 May 2018) • TCM Vietnam High Dividend Equity (launched on 23 May 2018) • TCM Africa High Dividend Equity (launched on 23 May 2018) • TCM Global Emerging High Dividend Equity (launched on 25 March 2019) Securities Financing Transactions And Of Reuse Regulation (“SFTR”) SFTR has no impact on the Fund.

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