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DSM Capital Partners FundsSociété d’Investissement à Capital Variable

Luxembourg

Annual Report and Audited Financial Statementsfor the year ended 30 September 2020

10, rue du Château d’EauL-3364 Leudelange

Grand Duchy of LuxembourgR.C.S. Luxembourg B 184885

CONTENTS

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current Prospectus and Key Investor Information Document(s) accompanied by the latest annual report and the most recent semi-annual report, if published

thereafter.

Directory 1

Investment Manager’s Report 2

Independent Auditor’s Report 6

Combined Statement of Net Assets 9

Combined Statement of Operations and Changes in Net Assets 10

Statistical Information

DSM Capital Partners Funds – Global Growth Sub-Fund 11

DSM Capital Partners Funds – U.S. Large Cap Growth Sub-Fund 13

Schedule of Investments and Other Net Assets



Other Information on Investments



Notes to the Financial Statements 19

Appendix I – Additional Information (unaudited) 25

DSM Capital Partners Funds

Directory

1

Registered Office*

10, rue du Château d’EauL-3364 LeudelangeGrand Duchy of Luxembourg

Board of Directors

Russell Katz, DSM Capital Partners LLC, General Counsel and Chief Compliance OfficerStephen E. Memishian, DSM Capital Partners LLC, Co-Managing PartnerMichael Vareika, Independent Director

Management Company**

FundRock Management Company S.A.33, rue de GasperichL-5826 HesperangeGrand Duchy of Luxembourg

Administrator, Domiciliary Agent and Registrar and Transfer Agent***

Northern Trust Global Services SE10, rue du Château d’EauL-3364 LeudelangeGrand Duchy of Luxembourg

Independent Auditor

Ernst & Young S.A.35E, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Global Distributor

DSM Capital Partners LLC7111 Fairway Drive, Suite 350Palm Beach Gardens, FL 33418United States of America

Depositary and Paying Agent***

Northern Trust Global Services SE10, rue du Château d’EauL-3364 LeudelangeGrand Duchy of Luxembourg

Investment Manager

DSM Capital Partners LLC7111 Fairway Drive, Suite 350Palm Beach Gardens, FL 33418United States of America

Legal Advisers to Luxembourg Law

Dechert (Luxembourg) LLP1, Allée SchefferB.P. 709L-2017 LuxembourgGrand Duchy of Luxembourg

* With effect from 19 June 2020, the Registered Office has changed from 6, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg to 10, rue du Château d’Eau, L-3364 Leudelange, Grand Duchy of Luxembourg.

** The Management Company, with the approval and upon recommendation of the Company, has delegated the central administration, registrar and transfer agent, global distributor and investment management functions.

*** With effect from 1 April 2020, the addresses of the Administrator, Domiciliary Agent and Registrar and Transfer Agent, and the Depositary and Principal Paying Agent have changed from 6, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg to 10, rue du Château d’Eau, L-3364 Leudelange, Grand Duchy of Luxembourg.

3


Investment Manager’s Report

2

Overview

Without a doubt, the speed and severity of the global economic downturn caused by COVID-19 was unprecedented. The virus observed no borders and caused the entire global economy to transition from a slow expansion to a deep recession in record time. Before coronavirus became a factor earlier this year, the Sub-Fund portfolios had each appreciated over 21% from 1 October 2019 through mid-February 2020. By the end of March, due to the virus’ impact, the portfolios had declined roughly (15)% from the beginning of the reporting period. Since the March low, the portfolios appreciated more than 40% through 30 September, surpassing their values in mid-February. Equity markets discount future earnings and cash flows over the next decade or more. Accordingly, the market recovered before the economy.

The Manager continues to believe that a global economic recovery has begun in the second half of 2020, but given its rise from a very low base, the robust third quarter growth rate will not be sustainable. In DSM’s view, a complete recovery from the global recession caused by COVID-19 will require the worldwide distribution of vaccines and treatments. Given that vaccines are several months away from approval and distribution, they suspect an end to the pandemic in the developed world is unlikely before year end 2021. Unfortunately, an end to the pandemic in emerging market nations will probably extend well into 2022. Similar to the decade after the Global Financial Crisis in 2008/9, the Manager expects the period after COVID-19 to be characterized by low inflation (and perhaps fears of deflation), very low interest rates and slow/inconsistent economic growth that may, despite its slow start, develop into a longer growth cycle than the majority of previous economic growth periods.

Global Growth Sub-Fund

Performance^

From its inception on 11 March 2014, the Global Growth Sub-Fund Class I2 NAV was up 16.3% annualized in EUR as of 30 September 2020, while the MSCI All Country World Index Net (the “Benchmark”), total return, annualized including dividends, was up 9.9%. For the period 1 October 2019 through 30 September 2020, the Global Growth Sub-Fund Class I2 NAV was up 27.9% in EUR, while the MSCI All Country World Index Net (the “Benchmark”), total return, including dividends, was up 2.7%.

From its inception on 18 July 2018, the Global Growth Sub-Fund Class I1 NAV was up 14.0% annualized in EUR as of 30 September 2020, while the Benchmark total return, annualized including dividends, was up 5.8%. For the period 1 October 2019 through 30 September 2020, the Global Growth Sub-Fund Class I1 NAV was up 27.7% in EUR.

From its inception on 25 September 2019, the Global Growth Sub-Fund Class A NAV was up 25.0% annualized in EUR as of 30 September 2020, while the Benchmark total return, annualized including dividends, was up 3.0%. For the period 1 October 2019 through 30 September 2020, the Global Growth Sub-Fund Class A NAV was up 26.7% in EUR.

Over the twelve-month period ended 30 September 2020, the Manager's selections in consumer discretionary, as well as the Sub-Fund’s overweight of the consumer discretionary sector and underweight of the financials sector were primarily responsible for the outperformance versus the Benchmark. The Manager's selections in health care detracted from performance. The major contributors to absolute performance during the period were Alibaba Group, JD.com, Microsoft, PayPal Holdings and Adobe. The holdings which detracted most from the Sub-Fund’s performance over the period were Airbus, Safran, Wirecard, HDFC Bank and Coca-Cola HBC.

^Sub-Fund returns include the effects of the fee caps/reimbursements by the Manager.

Sector Performance

At 30 September 2020, the portfolio was primarily invested in the information technology, consumer discretionary and communication services sectors, with smaller weights in health care, consumer staples, financials and industrials.

During the twelve-month period ended 30 September 2020, based on the total return in EUR, the portfolio’s consumer discretionary holdings were up 61%, consumer staples were up 36%, technology was up 32%, communication services were up 26%, health care was down (2)%, financials were down (6)% and industrials were down (30)%.


Investment Manager’s Report (continued)

3

The Portfolio

The Global Growth Sub-Fund owned the shares of twenty-eight companies at the close on 30 September 2020.

In the technology sector, the Sub-Fund owned companies in application software development (Adobe); business software development and consulting (Capgemini, EPAM Systems); electronic transaction processing and services (Global Payments); financial management software development (Intuit); electronic payments (Mastercard, Visa); business and consumer software development (Microsoft); business and communications software development (NICE Ltd.); digital and mobile payments (PayPal Holdings); and enterprise management software development (SAP SE).

The consumer discretionary sector was represented by a global manufacturer of athletic footwear and apparel (Adidas); a provider of Chinese e-commerce and internet infrastructure services (Alibaba Group); an online retailer and cloud services provider (Amazon.com); a manufacturer of sports shoes, apparel and equipment in China (Anta Sports Products); a developer of live gaming studios for online casino operators (Evolution Gaming); a Chinese online direct sales company (JD.com); and a Chinese educational services provider (New Oriental Education & Technology Group).

The Sub-Fund’s holdings in the communication services sector included providers of internet search and advertising (Alphabet-Class A); social network website operations (Facebook); satellite radio and streaming music (Sirius XM Holdings); and instant messaging and electronic game platforms (Tencent Holdings).

The health care businesses that were owned included a provider of pharmaceuticals and medical products (AstraZeneca); and a manufacturer of dental implants (Straumann Holding).

Consumer staples holdings included two manufacturers of Chinese baijiu (Kweichow Moutai, Wuliangye Yibin).

In financials, the Sub-Fund held a global private markets investment management firm (Partners Group).

The Sub-Fund’s industrial exposure was represented by a provider of human resources and other information services (Recruit Holdings).

5



4

U.S. Large Cap Growth Sub-Fund

Performance^

From its inception on 19 July 2016, the U.S. Large Cap Growth Sub-Fund Class I3/I2* was up 19.8% annualized in USD as of 30 September 2020, while the S&P 500 and Russell 1000 Growth Index (the “Benchmark”) total returns, including dividends, were up 13.3% and 20.9% respectively. For the period 1 October 2019 through 30 September 2020, the U.S. Large Cap Growth Sub-Fund was up 32.6% in USD, while the S&P 500 total return, including dividends, was up 15.1% and the Russell 1000 Growth Index total return, including dividends, was up 37.5%.

From its inception on 9 December 2016, the U.S. Large Cap Growth Sub-Fund Class A NAV was up 21.5% annualized in USD as of 30 September 2020, while the S&P 500 and Russell 1000 Growth Index (the “Benchmark”) total returns, including dividends, were up 13.2% and 22.3% respectively. For the period 1 October 2019 through 30 September 2020, the U.S. Large Cap Growth Sub-Fund Class A NAV was up 32.6% in USD.

Over the twelve-month period ended 30 September 2020, the Manager's selections in the information technology and health care sectors were primarily responsible for the Sub-Fund’s underperformance versus the Benchmark. The Sub-Fund’s underweight in industrials versus the Benchmark benefitted performance. The major contributors to performance during the period were Microsoft, Alibaba Group, Amazon.com, PayPal Holdings and Adobe. The holdings which detracted most from the Sub-Fund’s performance over the period were Elanco Animal Health, Booking Holdings, Automatic Data Processing, Royal Caribbean Cruises and Sirius XM Holdings.

^Sub-Fund returns include the effects of the fee caps/reimbursements by the Manager.

*Note: The U.S. Large Cap Growth Sub-Fund Class I3 closed in mid-June 2017, so performance from then onward is calculated using Bloomberg’s conversion of the U.S. Large Cap Growth Sub-Fund Class I2 NAV from EUR to USD.

Sector Performance

At 30 September 2020, the portfolio was primarily invested in the information technology, communication services, consumer discretionary and health care sectors, with smaller weights in the financials and consumer staples sectors.

During the twelve-month period ended 30 September 2020, based on the total return in USD, the portfolio’s consumer discretionary holdings were up 48%, technology was up 41%, consumer staples were up 38%, communication services and financials were each up 31% and the health care holdings were up 14%.

The Portfolio

The U.S. Large Cap Growth Sub-Fund owned the shares of twenty-seven companies at the close on 30 September 2020.

In the technology sector, the Sub-Fund owned companies in application software development (Adobe); business outsourcing solutions (Automatic Data Processing); business software development and consulting (EPAM Systems); electronic transaction processing and services (Global Payments); web platform development (GoDaddy); financial management software development (Intuit); electronic payments (Mastercard, Visa); business and consumer software development (Microsoft); and digital and mobile payments (PayPal Holdings).

The Sub-Fund’s holdings in the communication services sector included businesses in internet search and advertising (Alphabet-Class A); social network website operations (Facebook); satellite radio and streaming music (Sirius XM Holdings); and instant messaging and electronic game platforms (Tencent Holdings).

The consumer discretionary sector was represented by a provider of Chinese e-commerce and internet infrastructure services (Alibaba Group); an online retailer and cloud services provider (Amazon.com); a domestic off-price retailer (Burlington Stores); and a Chinese online direct sales company (JD.com).

The health care businesses that were owned included a diversified health care products and services provider (Abbott Laboratories); a global medical technology company (Becton Dickinson); a manufacturer of minimally invasive medical devices (Boston Scientific); a specialty pharmaceuticals company (Neurocrine Biosciences); a manufacturer of scientific instruments and consumables (Thermo Fisher Scientific); a US health insurer (UnitedHealth Group); and a manufacturer of animal health medicines and vaccines (Zoetis).

In financials, the Sub-Fund held a provider of insurance and consulting services (Aon PLC).



5

Finally, the Sub-Fund’s consumer staples holdings included a producer of energy drinks and other alternative beverages (Monster Beverage).

Market and Economic Outlook

Today a purchase of the S&P 500 provides a dividend yield of approximately 180 basis points. With just modest global economic growth over the next ten years, the S&P 500 can likely provide an average dividend yield in excess of 200 basis points. The S&P 500 yield is quite attractive when compared to the current yield of the 10-year US Treasury note, which is often considered the “risk-free rate”, as well as being the benchmark against which equities are valued. The yield of the S&P 500 also compares quite favorably to the negative yields on the 10-year bonds of France, Germany and Switzerland, and the fractionally positive yields provided by those of Japan and the United Kingdom. The Manager is reminded of the age-old investor adage, ‘Don’t fight the Fed’, meaning that inevitably the Federal Reserve’s low interest rates will drive stock prices higher. If perhaps today’s low interest rates are in-fact ‘manufactured’ by the Federal Reserve and other central banks around the world, rates may well rise at some point over the next two to five years. Even if true, interest rates will likely remain historically low in a deflationary world.

DSM continues to believe that Value will underperform Growth going forward. In their view, Value benchmarks will face revenue and profit pressures from the ongoing evolution of digital/internet technologies. Additionally, Value stocks are generally more cyclical, operate in more competitive industries, have greater capital requirements, and require a pickup in inflation to alleviate the pricing pressure found across the product lines of many companies in the Value indices. That said, it is possible that certain “Old Era” Value names may recover with the global economy and possibly outperform Growth over limited periods of time.

The Sub-Fund portfolios are heavily invested in digital companies that utilize the internet to provide their services. These companies are well positioned to serve both business and consumer customers in a very broad range of industries, often globally. The Manager believes this mix of businesses provides diversified economic and end market/customer exposure. Importantly digital/internet-based businesses have largely executed well during this severe recessionary period.

The Manager is optimistic that over the long-term DSM’s performance will continue to be strong, because their investment approach is built on the simple concept that “Earnings Win”. Beginning in 2021, they believe earnings growth in the mid-to-high-teens is possible, despite the coronavirus severely impacting 2020 earnings results. As the Manager has said for many years, ‘Bull markets climb a wall of worry’ and they expect that the global economy will recover from this pandemic and equity markets will continue trending higher.

DSM Capital Partners LLC 4 November 2020

EYErnst & YoungSociete anonyme

35E, Avenue John F. KennedyL-1855 Luxembourg

Tel: +352 421241

B.P.780L-2017 Luxembourg

R.C.S. Luxembourg B 47 771TVA LU 16063074

Building a betterworking world www.ey.com/en_lu

Independent auditor's report

To the Shareholders holders ofDSM Capital Partners Funds10, rue du Chateau d'EauL-3364 Leudelange

Opinion

We have audited the financial statements of DSM Capital Partners Funds (the "Fund") and of each of its sub-funds, which comprise the statement of net assets and the schedule of investments and other net assets asat 30 September 2020, and the statement of operations and changes in net assets for the year then ended,and the notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of theFund and of each of its sub-funds as at 30 September 2020, and of the results of their operations andchanges in their net assets for the year then ended in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation and presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the "Law of23 July 2016") and with International Standards on Auditing ("ISAs") as adopted for Luxembourg by the"Commission de Surveillance du Secteur Financier" ("CSSF"). Our responsibilities under the Law of23 July 2016 and ISAs are further described in the "responsibilities of the "reviseur d'entreprises agree" forthe audit of the financial statements" section of our report. We are also independent of the Fund inaccordance with the International Ethics Standards Board for Accountants' Code of Ethics for ProfessionalAccountants ("IESBA Code") as adopted for Luxembourg by the CSSF together with the ethical requirementsthat are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilitiesunder those ethical requirements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprisesthe information included in the annual report but does not include the financial statements and our report ofthe "reviseur d'entreprises agree" thereon.

Our opinion on the financial statements does not cover the other information and we do not express any formof assurance conclusion thereon.

- 6 -A member firm of Ernst & Young Global Limited

EYBuilding a betterworking world

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, basedon the work we have performed, we conclude that there is a material misstatement of this other information,we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparation andpresentation of the financial statements, and for such internal control as the Board of Directors of the Funddetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing theFund's and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, mattersrelated to going concern and using the going concern basis of accounting unless the Board of Directors ofthe Fund or any of its sub-funds either intends to liquidate the Fund or to cease operations, or has norealistic alternative but to do so.

Responsibilities of the "reviseur d'entreprises agree" for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue a report of the "reviseurd'entreprises agree" that includes our opinion. Reasonable assurance is a high level of assurance, but is nota guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adoptedfor Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg bythe CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. Wealso:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors of the Fund.

- 7 -A member firm of Ernst & Young Global Limited

EYBuilding a betterworking world

• Conclude on the appropriateness of Board of Directors of the Fund use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Fund's or any of its sub-funds' ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are required to drawattention in our report of the "reviseur d'entreprises agree" to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our report of the "reviseur d'entreprises agree". However,future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a goingconcern.

• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit.

Ernst & YoungSociete anonyme

Cabinet de revision agree

Luxembourg, 15 January 2021

- 8 -A member firm of Ernst & Young Global Ltmited


Combined Statement of Net AssetsAs at 30 September 2020

9

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

Note1.1Combined

USD1.2Global Growth

USD

1.3U.S. Large Cap Growth

USDInvestments at cost 109,178,516 80,604,205 28,574,311Unrealised gain on investments 66,800,260 47,026,509 19,773,751Investments at market value 2c 175,978,776 127,630,714 48,348,062

Cash at bank 2h 708,840 601,671 107,169Receivable on investments sold 2f 211,825 – 211,825Dividends receivable 10,105 4,778 5,327Other assets 6 178,763 125,942 52,821Total assets 177,088,309 128,363,105 48,725,204

Investment management fees payable 4a (284,667) (213,098) (71,569)Other liabilities 6 (261,381) (183,886) (77,495)Total liabilities (546,048) (396,984) (149,064)

Net assets 176,542,261 127,966,121 48,576,140


Combined Statement of Operations and Changes in Net AssetsFor the year ended 30 September 2020

10


Note1.1Combined

USD1.2Global Growth

USD


USDNet asset value at the beginning of the year 118,479,900 79,595,941 38,883,959

IncomeNet bank interest 203 – 203Net dividends 2g 551,246 414,820 136,426Other income 2,015 575 1,440Total income 553,464 415,395 138,069

ExpensesInvestment Management fees 4a (949,832) (697,314) (252,518)Depositary fees 4b (55,392) (34,174) (21,218)Administration, Registrar and Transfer Agent fees 4c (160,551) (90,342) (70,209)Management Company fees 4d (61,181) (40,480) (20,701)Taxation 5 (31,239) (10,274) (20,965)Directors' fees and expenses 11 (45,048) (31,578) (13,470)Transaction fees 10 (5,520) (4,546) (974)Overdraft bank interest (56) (56) –Other expenses 4e, 8 (280,577) (202,534) (78,043)Total expenses (1,589,396) (1,111,298) (478,098)

Investment Management fees rebate 9 390,649 251,723 138,926

Net investment (loss) (645,283) (444,180) (201,103)

Net realised gains/(losses):- on investments 2i 4,175,704 559,072 3,616,632- on forward foreign exchange contracts 2d (80,898) (80,898) –- on foreign exchange 2e 86,732 86,727 5Total net realised gains 4,181,538 564,901 3,616,637

Change in net unrealised gains/(losses):- on investments 40,833,818 32,161,493 8,672,325- on foreign exchange (6) (6) –Total change in net unrealised gains: 40,833,812 32,161,487 8,672,325

Result of operations for the year 44,370,067 32,282,208 12,087,859

Proceeds from shares issued 21,679,110 21,679,110 –Payments for shares redeemed (7,986,816) (5,591,138) (2,395,678)

Net asset value at the end of the year 176,542,261 127,966,121 48,576,140


Statistical Information

DSM Capital Partners Funds – Global Growth Sub-FundAs at 30 September 2020

11

?

USDTotal net assets At 30 September 2020 127,966,121

At 30 September 2019 79,595,941At 30 September 2018 39,235,547

NAV per shareEUR

Class I1 * At 30 September 2020 164.06Class I1 At 30 September 2019 128.50Class I1 At 30 September 2018 116.42

EURClass I2 At 30 September 2020 270.09Class I2 At 30 September 2019 211.25Class I2 At 30 September 2018 191.11

AUDClass I2-AUD At 30 September 2020 161.33Class I2-AUD At 30 September 2019 124.45Class I2-AUD At 30 September 2018 111.66

EURClass A At 30 September 2020 125.41Class A At 30 September 2019 98.95Class A At 25 September 2019 (launch date) 100.00

JPYClass I2-JPY At 30 September 2020 11,597.75Class I2-JPY At 3 February 2020 (launch date) 10,000.00

* Re-opened on 18 July 2018 at offering price: EUR 122.80


Statistical Information (continued)


12

Number of shares outstanding

Class I1 * At 30 September 2020 11,243At 30 September 2019 11,243At 30 September 2018 11,243

Class I2 At 30 September 2020 337,640Subscriptions 21,922Redemptions (1,622)At 30 September 2019 317,340At 30 September 2018 146,335

Class I2-AUD At 30 September 2020 14,191Subscriptions –Redemptions (44,555)At 30 September 2019 58,746At 30 September 2018 64,754

Class A At 30 September 2020 5,330Subscriptions 7,832Redemptions (2,549)At 30 September 2019 47At 25 September 2019 (launch date) ** –

Class I2-JPY At 30 September 2020 149,610Subscriptions 150,000Redemptions (390)At 3 February 2020 (launch date) *** –

* Re-opened on 18 July 2018 at offering price: EUR 122.80** Shares issued during initial offering: 47*** Shares issued during initial offering: 150,000


Statistical Information (continued)

DSM Capital Partners Funds – U.S. Large Cap Growth Sub-FundAs at 30 September 2020

13

USDTotal net assets At 30 September 2020 48,576,140Total net assets At 30 September 2019 38,883,959Total net assets At 30 September 2018 38,673,347

NAV per shareEUR

Class I2 At 30 September 2020 189.80Class I2 At 30 September 2019 153.86Class I2 At 30 September 2018 136.58

USDClass A-USD At 30 September 2020 222.03Class A-USD At 30 September 2019 167.40Class A-USD At 30 September 2018 158.38

Number of shares outstanding

Class I2 At 30 September 2020 1,015At 30 September 2019 1,015At 30 September 2018 1,015

Class A-USD At 30 September 2020 217,764Subscriptions –Redemptions (13,498)At 30 September 2019 231,262At 30 September 2018 243,158

r manila review

15


Schedule of Investments and Other Net Assets


14


Holdings Description CurrencyMarket Value

USD% of

Net Assets

Transferable Securities Listed on an Official Stock Exchange

Equities

France32,000 Capgemini SE EUR 4,118,347 3.22

4,118,347 3.22Germany

8,300 Adidas AG EUR 2,687,280 2.1029,350 SAP SE EUR 4,569,238 3.57

7,256,518 5.67Israel

9,400 Nice Ltd ADR USD 2,134,082 1.67 2,134,082 1.67

Japan39,700 Recruit Holdings Co Ltd JPY 1,564,977 1.22

1,564,977 1.22People's Republic of China

38,800 Alibaba Group Holding Ltd ADR USD 11,406,424 8.91241,000 ANTA Sports Products Ltd HKD 2,490,852 1.95125,250 JD.com Inc ADR USD 9,720,652 7.60

7,309 Kweichow Moutai Co Ltd CNH 1,797,013 1.4040,500 New Oriental Education & Technology Group ADR USD 6,054,750 4.7394,700 Tencent Holdings Ltd HKD 6,250,200 4.8894,500 Wuliangye Yibin Co Ltd CNH 3,077,450 2.41

40,797,341 31.88Sweden

34,750 Evolution Gaming Group AB SEK 2,309,419 1.81 2,309,419 1.81

Switzerland1,750 Partners Group Holding AG CHF 1,614,476 1.261,900 Straumann Holding AG CHF 1,923,266 1.50

3,537,742 2.76United Kingdom

26,550 AstraZeneca PLC GBP 2,902,767 2.2732,950 AstraZeneca PLC ADR USD 1,805,660 1.41

4,708,427 3.68United States

12,800 Adobe Systems Inc USD 6,277,504 4.913,940 Alphabet Inc Class A USD 5,774,464 4.511,805 Amazon.com Inc USD 5,683,458 4.44

18,950 EPAM Systems Inc USD 6,126,156 4.7930,850 Facebook Inc Class A USD 8,079,615 6.328,800 Global Payments Inc USD 1,562,704 1.229,300 Intuit Inc USD 3,033,753 2.376,550 Mastercard Inc USD 2,215,013 1.73

49,350 Microsoft Corp USD 10,379,786 8.1131,650 PayPal Holdings Inc USD 6,236,000 4.87

228,750 Sirius XM Holdings Inc USD 1,226,100 0.96


Schedule of Investments and Other Net Assets (continued)


15



USD % of

Net Assets United States (continued)

23,050 Visa Inc Class A USD 4,609,308 3.60 61,203,861 47.83

Total Equities 127,630,714 99.74

Total Transferable Securities Listed on an Official Stock Exchange 127,630,714 99.74

Total Value of Investments 127,630,714 99.74

Cash at Bank 601,671 0.47

Other Net Liabilities (266,264) (0.21)

Total Net Assets 127,966,121 100.00


Schedule of Investments and Other Net Assets (continued)


16



USD% of

Net Assets

Transferable Securities Listed on an Official Stock Exchange

Equities

People's Republic of China13,220 Alibaba Group Holding Ltd ADR USD 3,886,416 8.0014,770 JD.com Inc ADR USD 1,146,300 2.3634,350 Tencent Holdings Ltd ADR USD 2,323,777 4.78

7,356,493 15.14United States

4,885 Abbott Laboratories USD 531,635 1.094,720 Adobe Systems Inc USD 2,314,830 4.772,160 Alphabet Inc Class A USD 3,165,696 6.521,095 Amazon.com Inc USD 3,447,859 7.107,020 Aon PLC USD 1,448,226 2.987,830 Automatic Data Processing Inc USD 1,092,207 2.251,905 Becton Dickinson and Co USD 443,255 0.91

16,600 Boston Scientific Corp USD 634,286 1.315,435 Burlington Stores Inc USD 1,120,099 2.317,010 EPAM Systems Inc USD 2,266,193 4.66

13,260 Facebook Inc Class A USD 3,472,794 7.156,130 Global Payments Inc USD 1,088,565 2.24

20,050 GoDaddy Inc USD 1,523,199 3.145,880 Intuit Inc USD 1,918,115 3.953,490 Mastercard Inc USD 1,180,213 2.43

22,180 Microsoft Corp USD 4,665,119 9.6013,850 Monster Beverage Corp USD 1,110,770 2.295,450 Neurocrine Biosciences Inc USD 524,072 1.08

11,960 PayPal Holdings Inc USD 2,356,479 4.85165,400 Sirius XM Holdings Inc USD 886,544 1.82

2,200 Thermo Fisher Scientific Inc USD 971,344 2.003,600 UnitedHealth Group Inc USD 1,122,372 2.31

10,470 Visa Inc Class A USD 2,093,686 4.319,760 Zoetis Inc USD 1,614,011 3.32

40,991,569 84.39Total Equities 48,348,062 99.53

Total Transferable Securities Listed on an Official Stock Exchange 48,348,062 99.53

Total Value of Investments 48,348,062 99.53

Cash at Bank 107,169 0.22

Other Net Assets 120,909 0.25

Total Net Assets 48,576,140 100.00


Other Information on Investments


17

Breakdown of Investment Portfolio by Country of Risk

United States47.95%

People's Republic of China

31.96%

Germany5.69%

United Kingdom3.69%

France3.23%

Switzerland2.77%

Sweden1.81%

Israel1.67%

Japan1.23%


Other Information on Investments (continued)


18

Breakdown of Investment Portfolio by Country of Risk

United States84.78 %

People's Republic of China

15.22 %


Notes to the Financial Statements

19

1. GENERAL

Capitalised terms used and not defined herein shall have the same meaning as included in the Prospectus of DSM Capital Partners Funds (the “Company”).

The Company was incorporated for an unlimited period on 21 February 2014 as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as an open-ended SICAV under Part I of the Law of 2010, as amended.

The Company was incorporated with an initial capital of the equivalent in USD of EUR 31,000. The Shares subscribed for by the founding Shareholders at the incorporation of the Company were transferred to investors subscribing in the Initial Offering Period of the initial Sub-Fund. The capital of the Company is equal to the net assets of the Company. The minimum capital of the Company may not be less than the equivalent in USD of EUR 1,250,000.

The Company is authorised by the CSSF as a UCITS under the Law of 2010, as amended.

The Board shall maintain for each Sub-Fund a separate portfolio of assets. Each portfolio of assets shall be invested for the exclusive benefit of the relevant Sub-Fund. A Shareholder shall only be entitled to the assets and profits of that Sub-Fund in which it participates. The Company is considered as one single legal entity. With regard to third parties, including the Company’s creditors, the Company will only be responsible for all liabilities incurred by a Sub-Fund exclusively based on the assets of the relevant Sub-Fund. The liabilities of each Sub-Fund to its Shareholders are only incurred with respect to the relevant Sub-Fund.

As at 30 September 2020, the Company has two active Sub-Funds: DSM Capital Partners Funds – Global Growth Sub-Fund and DSM Capital Partners Funds – U.S. Large Cap Growth Sub-Fund.

2. PRINCIPAL ACCOUNTING POLICIES

a) Presentation of Financial Statements

The financial statements are prepared and presented in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment as prescribed by the Luxembourg authorities for Luxembourg investment funds and are expressed in US Dollar (USD), the reference currency of the Sub-Funds and the Company.

b) Combined Financial Statements

The combined financial statements of the Company are the aggregate of the financial statement of the different Sub-Funds.

c) Valuation of Investments

The value of investments which are listed or dealt in on any stock exchange is based on the last sales price on the stock exchange which is normally the principal market for such assets. The value of assets dealt in on any other Regulated Market is based on the last sales price.

If investments are not traded or admitted on any official stock exchange or any Regulated Market, or in the case of investments so traded or admitted the last sales price of which does not reflect their true value, the Board of Directors or its appointed agents are required to proceed on the basis of the quoted bid price, which shall be valued with prudence and in good faith, unless this price is not representative of fair value.

d) Forward Foreign Exchange Contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. The realised gain/loss on forward foreign exchange contracts is disclosed in the Statement of Operations and Changes in Net Assets under the caption “Net realised gains/losses on forward foreign exchange contracts”.

There are no outstanding forward foreign exchange contracts as at 30 September 2020.

e) Foreign Exchange Conversion

The acquisition cost of securities in currencies other than the reference currency is converted into the reference currency at the foreign exchange rates prevailing at the date of acquisition.

Assets and liabilities in currencies other than the reference currency are converted into the reference currency at the foreign exchange rates prevailing at the date of valuation.

Income and expenses in currencies other than the reference currency are converted into the reference currency at the foreign exchange rates prevailing at the date of the transactions. Realised gain/loss on foreign currencies is recognised in the Statement of Operations and Changes in Net Assets under the caption “Net realised gains/losses on foreign exchange”.


Notes to the Financial Statements (continued)

20 21

Principal exchange rates applied at 30 September 2020 are as follows:

British pound sterling 1 USD = 0.7735148 GBPChinese yuan renminbi 1 USD = 6.7863 CNHEuro 1 USD = 0.8527693 EURHong Kong dollar 1 USD = 7.75 HKDJapanese yen 1 USD = 105.53 JPYSwedish krona 1 USD = 8.95 SEKSwiss franc 1 USD = 0.91875 CHF

f) Transactions on Investments in Securities

The transactions on investments in securities are accounted for on a trade date + 1 day basis.

g) Income and Expenses

Dividends are shown net of withholding tax deducted at source and are recorded as income at ex-dividend date. Expenses are recognised on an accrual basis.

h) Cash and Cash Equivalents

All cash and cash equivalents amounts are carried at face value.

i) Realised Gain/(Loss)

Realised gains and losses on the disposal of investments are calculated using the average acquisition cost method.

j) Partial Swing Pricing

If on any Valuation Day the aggregate transactions in Shares of a Sub-Fund result in a net increase or decrease in net assets which exceeds a certain percentage of total net assets, as established by the Board, in situations other than in case of subscriptions or redemptions in specie, the Net Asset Value of the relevant Sub-Fund will be adjusted by an amount not exceeding 1.50% of that Net Asset Value, which reflects the estimated dealing costs that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. The adjustment will be an addition when the net movement results in a net increase in total net assets of the Sub-Fund and a deduction when it results in a net decrease.

For all of the Sub-funds, except for Global Growth Sub-Fund, there were no swing pricing transactions requiring adjustments to the Net Asset Value during the year. As at 30 September 2020, no swing pricing adjustments are made for all Sub-funds.

3. FORMATION EXPENSES

The costs and expenses of the formation of the Company are to be borne by the Company and amortised over a period not exceeding five years. The formation costs of any new Sub-Fund shall be borne by the relevant Sub-Fund and amortised over a period not exceeding five years. All formation expenses have been amortised in 2019.

2. PRINCIPAL ACCOUNTING POLICIES (continued)

e) Foreign Exchange Conversion (continued)



21

4. EXPENSES

a) Investment Management Fees

Investment Management Fees (per annum)

Class Global U.S. LargeGrowth Cap Growth

I1 0.84% -I2 0.70% 0.60%A-USD - 0.60%I2-AUD 0.55% -A 1.50% -I2-JPY* 0.70% -

* Launched on 3 February 2020.

b) Depositary Fees

The Depositary is entitled to variable fees based on the assets of the Sub-Fund:

1) 0.0075% to 0.015% per annum which is subject to a minimum fee per Sub-Fund of USD 1,250; and

2) a variable fee of 0.0075% not subject to a minimum fee.

Such fees are calculated and paid at the end of each calendar month on the basis of the average total net assets of the Sub-Fund during the relevant month. Additionally, the Sub-Fund pays the Depositary safekeeping and transaction charges, which vary depending on the kinds of securities held by the Depositary and the types of transactions entered into by the Sub-Fund. The Depositary has the ability to appoint correspondent banks. Any additional fees for such correspondent banks will be borne by the Sub-Fund.

c) Administrator, Registrar and Transfer Agent, Corporate and Domiciliary Agent Fees

Northern Trust Global Services SE is entitled to receive a remuneration consisting of a Domiciliary and Corporate Agent’s commission, an Administrative Agent’s commission and a Registrar and Transfer Agent’s commission as follows:

Corporate and Domiciliary Agent:USD 12,500 per annum for the Company (includes one Sub-Fund), each additional Sub-Fund is charged USD 2,500 per annum.

Administrative Agent:A variable rate of between 0.025% and 0.03% based on the assets of the applicable Sub-Fund is charged, subject to a monthly minimum fee per Sub-Fund of USD 2,813 for the first six months of such Sub-Fund's operations, rising to a minimum of USD 3,750 per month thereafter. Additionally, for any Sub-Fund with more than three classes of shares, an additional fee of USD 3,000 per annum per share class will be charged. With respect to the preparation of financial statements, the Administrative Agent will also charge a fee of USD 5,000 per set of interim and annual financial statements.

Transfer Agent:For processing share subscription/redemption/conversion applications for each Sub-Fund: USD 30 per subscription and per redemption or other transaction and an annual account maintenance fee of USD 100 per investor is charged.

d) Management Company Fees

A variable rate of between 0.02% and 0.04% based on the assets of the applicable Sub-Fund is charged, subject to a monthly minimum fee of EUR 1,500 per Sub-Fund. A fee payable only once on implementation or liquidation will be charged per Sub-Fund amounting to EUR 5,000. Additionally, any out-of-pocket expenses incurred by the Management Company will be charged on an actual cost basis subject to approval by the Company.

e) Other Operating Expenses

Other operating expenses represent other amounts paid by the Company relating to the operation of the Sub-Fund. They include legal fees, fees in connection with obtaining or maintaining any registration or authorisation of the Company with any governmental agency and other miscellaneous expenses.

Principal exchange rates applied at 30 September 2020 are as follows:

British pound sterling 1 USD = 0.7735148 GBPChinese yuan renminbi 1 USD = 6.7863 CNHEuro 1 USD = 0.8527693 EURHong Kong dollar 1 USD = 7.75 HKDJapanese yen 1 USD = 105.53 JPYSwedish krona 1 USD = 8.95 SEKSwiss franc 1 USD = 0.91875 CHF

f) Transactions on Investments in Securities

The transactions on investments in securities are accounted for on a trade date + 1 day basis.

g) Income and Expenses

Dividends are shown net of withholding tax deducted at source and are recorded as income at ex-dividend date. Expenses are recognised on an accrual basis.

h) Cash and Cash Equivalents

All cash and cash equivalents amounts are carried at face value.

i) Realised Gain/(Loss)

Realised gains and losses on the disposal of investments are calculated using the average acquisition cost method.

j) Partial Swing Pricing

If on any Valuation Day the aggregate transactions in Shares of a Sub-Fund result in a net increase or decrease in net assets which exceeds a certain percentage of total net assets, as established by the Board, in situations other than in case of subscriptions or redemptions in specie, the Net Asset Value of the relevant Sub-Fund will be adjusted by an amount not exceeding 1.50% of that Net Asset Value, which reflects the estimated dealing costs that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. The adjustment will be an addition when the net movement results in a net increase in total net assets of the Sub-Fund and a deduction when it results in a net decrease.

For all of the Sub-funds, except for Global Growth Sub-Fund, there were no swing pricing transactions requiring adjustments to the Net Asset Value during the year. As at 30 September 2020, no swing pricing adjustments are made for all Sub-funds.

3. FORMATION EXPENSES

The costs and expenses of the formation of the Company are to be borne by the Company and amortised over a period not exceeding five years. The formation costs of any new Sub-Fund shall be borne by the relevant Sub-Fund and amortised over a period not exceeding five years. All formation expenses have been amortised in 2019.



22 23

5. TAXATION

Under Luxembourg law, the Company is not subject to any taxes on income or capital gains. However, the Company is subject to the “Taxe d’abonnement” or “Subscription tax” of 0.01% per annum for all Institutional class shares’ net assets and 0.05% per annum for all Retail class shares’ net assets. Such tax is payable quarterly and calculated on the NAV of the Company at the end of the relevant calendar quarter. No Subscription Tax is paid on the assets held by the Company in other Undertakings for Collective Investment already subject to that tax in Luxembourg.

Withholding tax on dividend income and gains on securities, deducted in certain countries, may not be refundable in certain instances.

6. OTHER ASSETS AND LIABILITIES

As at 30 September 2020, “Other assets” comprise:

1.2Global Growth


USD USDInvestment management fees rebate (Note 9) 110,809 47,351Prepaid Directors' insurance fees 5,174 1,938Prepaid Directors' fees 8,548 3,195Prepaid regulatory fees 1,411 337

125,942 52,821

As at 30 September 2020, “Other liabilities” comprise:

1.2Global Growth


USD USDAccrued administration fees (23,712) (16,914)Accrued audit fees (31,411) (11,775)Accrued depositary fees (13,662) (5,196)Accrued financial servicing fees (21,900) (6,831)Accrued legal fees (25,474) (9,546)Accrued management company fees (7,648) (3,542)Accrued professional services fees (40,596) (12,331)Accrued publication fees (3,483) (1,312)Accrued subscription tax (3,186) (5,251)Accrued miscellaneous fees (5,708) (2,135)Accrued VAT fees (7,106) (2,662)

(183,886) (77,495)

7. TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties including DSM Capital Partners, as disclosed in notes 4a and 9, have been entered into in the ordinary course of business and on normal commercial terms.



23

8. OTHER EXPENSES

As at 30 September 2020, “Other expenses” comprise:

1.2Global Growth


USD USDAudit fees (31,135) (11,553)Directors' insurance fees (11,044) (5,499)Financial servicing fees (61,528) (25,656)Legal fees (46,520) (19,813)Miscellaneous expense (9,253) (3,812)Professional services fees (29,799) (6,274)Regulatory fees (6,149) (2,774)VAT expense (7,106) (2,662)

(202,534) (78,043)

9. INVESTMENT MANAGEMENT FEES REBATE

Up to and until 31 December 2020, to the extent that the Ongoing Charges per Class exceed the percentage for each Class noted below during any financial year, such excess amount shall be paid by the Investment Manager, subject to recoupment by the Investment Manager over a period not exceeding five years. For the avoidance of doubt, the recoupment will not lead to the aforementioned Ongoing Charges being exceeded. The Investment Manager may decide on a voluntary basis to extend year by year the above-mentioned period in which it will pay such excess amount. As at 30 September 2020, an amount of USD 110,809 was available for recoupment for the Global Growth Sub-Fund and USD 47,351 for the U.S. Large Cap Growth Sub-Fund as disclosed in note 6.

Maximum Ongoing Charges (per annum)

Class Global U.S. LargeGrowth Cap Growth

I1 0.99% -I2 0.85% 0.75%A-USD - 0.75%I2-AUD 0.70% -A 1.65% -I2-JPY* 0.85% -

* Launched on 3 February 2020.

10. TRANSACTION FEES

Transaction fees included in the Statement of Operations and Changes in Net Assets are related to charges on American Depositary Receipts (“ADRs”).

Transaction costs incurred by the Company relating to purchase or sale of securities are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. They are mainly broker fees. For the year ended 30 September 2020 these transaction costs amount to USD 92,251 for Global Growth Sub-Fund and USD 12,012 for the U.S. Large Cap Growth Sub-Fund.

Other transaction fees are mainly composed of fees relating to liquidation of transactions paid to the custodian. These fees are included in depositary fees in the Statement of Operations and Changes in Net Assets.

11. DIRECTORS’ FEES AND EXPENSES

Each of the Directors is entitled to remuneration for his services at the rate determined by the General Meeting of shareholders from time to time.

In addition, each Director may be paid reasonable travelling, hotel and other incidental expenses for attending and returning from Board Meetings or General Meetings of shareholders.

Total Directors’ fees and travel expenses for the year ended 30 September 2020 were USD 31,578 for the Global Growth Sub-Fund and USD 13,470 for the U.S. Large Cap Growth Sub-Fund.



24

12. SOFT COMMISSION AGREEMENTS

The Company has not entered into any soft commission agreements. However, the investment manager has allocated soft commission expenses to the Company.

13. CHANGE IN INVESTMENT PORTFOLIO AND LATEST PROSPECTUS

The schedule of changes in the investment portfolio and the latest Prospectus are available free of charge on request from the Registered Office in Luxembourg.

14. SIGNIFICANT EVENTS DURING THE PERIOD

On 11 March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic. A continuing concern exists about the effects of this virus on the global economy and as a result of this uncertainty the valuation of assets in this report can deviate significantly from the value of actual sales of these assets. Significant corrections in the market and the increased financial market volatility in recent months could significantly affect the Company in terms of future valuations of its assets. The Board of Directors and the Investment Manager continue to monitor the efforts of government to reduce the spread of the virus and hence the economic impact on the portfolios and the Company itself.

There is no evidence that the going concern assumption made by the Board of Directors when preparing the financial statements of the Company is inappropriate.

15. SUBSEQUENT EVENTS

With effect from 31 December 2020, Stephen Memishian will retire from his role as Chief Operating Officer at DSM Capital Partners LLC and will be replaced by Meredith Meyer.

There were no other material subsequent events that required adjustments or disclosure in the notes to the financial statements.


Appendix I – Additional Information (unaudited)

25

RISK MANAGEMENT

Global Exposure

The global exposure is determined by using the Commitment Approach.

SECURITIES FINANCING TRANSACTION REGULATION (“SFTR”)

Regulation (EU) 2015/2365 on Transparency of Securities Financing Transactions and of Reuse (the “SFT Regulation”), which aims to improve the transparency of the securities financing markets, introduces additional financial reporting requirements for any financial statements published on or after 13 January 2017. During the period under review, the Company did not enter into any securities financing transactions.

REMUNERATION POLICY

FundRock Management Company S.A. (“FundRock”) has established and applies a remuneration policy in accordance with the principles laid out under the Alternative Investment Fund Managers Directive (“AIFMD”) and UCITS V directive, and any related legal & regulatory provisions applicable in Luxembourg. The remuneration policy is aligned with the business strategy, objectives, values and interests of the Management Company and the Funds that it manages and of the investors in such Funds, and which includes, inter alia, measures to avoid conflicts of interest; and it is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the Funds that the Management Company manages.

As an independent management company relying on a full-delegation model (i.e. delegation of the collective portfolio management function), FundRock ensures that its remuneration policy adequately reflects the predominance of its oversight activity within its core activities. As such, it should be noted that FundRock’s employees who are identified as risk-takers under UCITS V are not remunerated based on the performance of the funds under management.

A paper version of the remuneration policy is made available free of charge to investors at FundRock’s registered office.

The amount of remuneration, including social charges and benefits, for the financial year ending 31 December 2019 was: EUR 10,495,187.

Fixed remuneration: EUR 10,042,867

Variable remuneration: EUR 452,319

Number of beneficiaries: 119

The aggregated amount of remuneration for the financial year ending 31 December 2019 of Identified staff/risk takers is as follows:

Identified staff/risk takers: EUR 1,196,213

Other risk takers: EUR Nil

The total amount of remuneration is based on a combination of the assessment of the performance of the individual, the overall results of FundRock, and when assessing individual performance, financial as well as non-financial criteria are taken into account.

The Policy is subject to annual review by the Compliance Officer and the update is performed by HR department of FundRock and is presented for review to the Remuneration Committee and approval by the Board of FundRock.

The policy was last updated in February 2019, to reflect the additional requirements of the “UCITS V” Directive.

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