tcm investment funds luxembourg - davygfm.com

as at 30/06/21

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 B218.442


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 Davy Global Fund Management Luxembourg S.A. 1 Rue Hildegard von Bingen L-1282 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

68,102,177.92Assets66,870,054.96Securities portfolio at market value63,449,941.28Cost price3,420,113.68Unrealised profit on the securities portfolio

713,821.16Cash at banks95,216.62Subscriptions receivable

423,085.18Dividends receivable

190,069.71Liabilities135,367.01Brokers payable13,588.35Redemptions payable41,114.35Other liabilities

67,912,108.21Net asset value


Financial Statements as at 30/06/21

Expressed in EUR

Statement of net assets as at 30/06/21

Combined

6Page

TCM Investment Funds Luxembourg- TCM Global Frontier High Dividend Equity

7Page

30,243,010.45Assets29,911,204.65Securities portfolio at market value29,077,990.14Cost price

833,214.51Unrealised profit on the securities portfolio178,796.67Cash at banks153,009.13Dividends receivable

41,864.11Liabilities30,646.34Brokers payable11,217.77Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Global Frontier High Dividend Equity

Key figures

Total Net Assets 30,201,146.34 25,510,700.89 24,356,438.41

31/12/1931/12/2030/06/21Period ending as at:

EURClass A - EUR - Capitalisation

99.2992,002.68 65,280.38

89.0923,248.38

94.10Number of sharesNet asset value per share EUR

Class AD - EUR - Capitalisation

88.1960.00 0.00

0.001,000.00


Class BD - EUR - Capitalisation

110.01317.08 316.51

99.21300.00105.92

Number of sharesNet asset value per share EUR

Class BDN - EUR - Distribution

99.73210,824.76 219,853.00

89.44233,570.79


8Page

S.C.FONDUL PROPRIETATEA SA SGDR29,934 570,459.90 1.89USD

Transferable securities admitted to an official stock exchange listing and/or dealt inon another regulated market 27,406,277.97 90.75

Shares 27,326,703.45 90.49

Luxembourg 570,459.90 1.89

AIRTEL AFRICA PLC409,627 367,659.85 1.22GBPUnited Kingdom 772,668.13 2.56

BK GEORGIA GRP -REGISTERED SHS25,869 405,008.28 1.34GBP

DP EURASIA N.V.436,333 365,961.63 1.21GBPThe Netherlands 365,961.63 1.21

CREDIT AGRICOLE EGYPT266,458 338,142.13 1.12EGPEgypt 1,477,059.10 4.89

HOUSING DEVELOPMENT BANK134,110 237,702.69 0.79EGPIBNSINA PHARMA SAE997,925 199,448.82 0.66EGPNASR CITY HOUSING AND DEVELOPMENT1,935,000 350,349.49 1.16EGPOBOUR LAND FOR FOOD INDUSTRIES1,120,000 351,415.97 1.16EGP

BIM BIRLESIK MAGAZALAR54,000 325,755.88 1.08TRYTurkey 989,113.31 3.28

TOFAS TURK OTOMOBIL FABRIKASI AS106,000 303,930.11 1.01TRYTURKCELL ILETISIM HIZMET230,000 359,427.32 1.19TRY

VIETNAM HOLDING - REGISTERED SHS150,277 463,898.95 1.54GBPGuernsey 463,898.95 1.54

INTEGR DIAGNOST - REGISTERED SHS448,556 450,106.79 1.49USDJersey Island 450,106.79 1.49

KIATNAKIN BANK -F-275,000 405,176.79 1.34THBThailand 2,533,979.58 8.39

LD AND HOUSES1,600,000 338,875.13 1.12THBMAJOR CINEPLEX GROUP PUBLIC CO LTD742,000 478,292.78 1.58THBPRE-BUILT - FOREIGN REGISTERED1,200,000 258,892.18 0.86THBSPCG FOR REG617,500 303,810.24 1.01THBSUPALAI PUBLIC CO LTD -FOREIGN REGIST.680,000 370,342.11 1.23THBTISCO FINANCIAL GRP PUBLIC CO -F- REG159,000 378,590.35 1.25THB

ASTRO MALAYSIA HOLDINGS BHD1,990,000 476,956.51 1.58MYRMalaysia 880,953.83 2.92

BERMAZ AUTO SHS1,300,000 403,997.32 1.34MYR

BPD JABAR -B-3,900,000 276,699.49 0.92IDRIndonesia 1,120,880.09 3.71

CIKARANG LISTRINDO TBK8,900,000 333,836.36 1.10IDRMEDIA NUSANTARA SHS3,400,000 180,918.90 0.60IDRUNITED TRACTORS277,000 329,425.34 1.09IDR

BETTERWARE DE MEXICO11,967 504,755.33 1.67USDMexico 504,755.33 1.67

BANCO MACRO -B- ADR REPR 10 SH15,300 193,910.95 0.64USDArgentina 193,910.95 0.64

HATIEN 1 CEMENT JOINT STOCK COMPANY595,870 348,204.43 1.15VNDVietnam 5,288,814.04 17.51

HO CHI MINH CITY SECURITIES251,000 482,786.48 1.60VNDHOA PHAT GROUP JOINT STOCK COMPANY255,285 487,287.31 1.61VNDMILITARY COMMERCIAL JOINT STOCK BANK129,000 204,644.32 0.68VNDNAM LONG INVESTMENT CORP363,772 521,108.44 1.73VNDNGO QUEN PROCESSING EXPORT69,000 18,706.95 0.06VNDNOIBAI CARGO TERMINAL SERVICES JOINT50,000 131,527.49 0.44VNDPETROVIETNAM GAS JOINT STOCK COMPANY99,000 338,406.67 1.12VNDPETROVIETNAM POWER NHON TRACH 2 JOINT ST420,000 320,062.43 1.06VNDPHA LAI THREMAL POWER425,000 394,719.85 1.31VNDQUANG NGAI SUGAR JSC320,000 480,679.85 1.59VNDTU LIEM URBAN DEVELOPMENT220,000 211,982.74 0.70VNDVIETNAM ENGINE AND AGRICULTURAL MACHINER208,000 371,882.07 1.23VNDVINAMILK133,960 445,638.87 1.48VNDVINHOMES JOINT STOCK CO123,600 531,176.14 1.75VND

KRKA DD4,845 501,457.50 1.66EURSlovenia 812,696.10 2.69

ZAVAROVAL TRIGLAV9,518 311,238.60 1.03EUR

Securities portfolio as at 30/06/21EURExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value

9Page

ACCESS BANK NIGERIA18,190,000 316,123.94 1.05NGNNigeria 2,051,119.45 6.79

CUSTODIAN INVESTMENT PLC14,500,000 180,422.78 0.60NGNDANGOTE SUGAR REFINERY PLC11,557,435 445,687.77 1.47NGNGUARANTY TRUST BANK PLC6,075,360 356,735.32 1.18NGNNIGERIAN BREWERIES1,750,000 215,952.03 0.72NGNUNITED BANK AFRICA PLC25,367,742 380,866.40 1.26NGNZENITH BANK PLC3,180,000 155,331.21 0.51NGN

ATTIJARIWAFA BANK - REGISTERED SHS8,500 368,410.12 1.22MADMorocco 2,653,455.60 8.79

CIMENTS DU MAROC2,683 473,764.18 1.57MADCOMPAGNIE MINIERE DE TOUISSI3,055 490,410.86 1.62MADMAROC TELECOM ITISSALAT AL-MAGHRIB24,430 316,041.40 1.05MADSODEP20,700 488,663.94 1.62MADTOTAL MAROC3,744 516,165.10 1.71MAD

HALYK BANK SPONS GDR REPR 4 SHS REGS35,252 460,752.17 1.53USDKazakhstan 1,167,686.99 3.87

KASPI --- SHS SPONSORED GDR7,909 706,934.82 2.34USD

CAL BANK LTD1,600,000 160,344.74 0.53GHSGhana 333,416.85 1.10

ECOBANK GHANA172,700 173,072.11 0.57GHS

FATIMA FERTILIZER1,155,000 177,670.58 0.59PKRPakistan 1,108,582.07 3.67

INDUS MOTOR CO LTD48,940 328,401.91 1.09PKRMILLAT TRACTORS LTD68,625 396,410.32 1.31PKRPAKISTAN OILFIELDS97,800 206,099.26 0.68PKR

AHLI UNITED BANK BSC625,800 420,293.83 1.39KWDBahrain 420,293.83 1.39

ACCESS ENGINEERING PLC2,980,000 288,443.51 0.96LKRSri Lanka 1,195,526.82 3.96

CHEVRON LUBRICA530,000 235,219.98 0.78LKRHATTON NATIONAL BANK LTD517,643 293,186.64 0.97LKRTEXTURED JERSEY LANKA PLC1,700,000 275,923.81 0.91LKRWINDFORCE LTD1,300,000 102,752.88 0.34LKR

ROMGAZ SPONS GDR REPR 1 SH REGS20,000 121,426.76 0.40USDRomania 121,426.76 0.40

CO-OPERATIVE BANK OF KENYA L3,200,000 345,111.62 1.14KESKenya 1,849,937.35 6.13

EQUITY GROUP HOLDINGS LIMITED1,027,000 359,165.00 1.19KESKENYA COMMERCIAL BANK LTD1,367,000 455,636.04 1.51KESSAFARICOM1,650,000 534,489.28 1.78KESSTANDARD CHARTERED BANK KENYA153,388 155,535.41 0.51KES

GREEN DELTA MUTUAL FUND1,000,000 79,574.52 0.26BDT

Shares/Units in investment funds 79,574.52 0.26

Bangladesh 79,574.52 0.26

CLSA GLB MKT (ENGRO FERTIL) 20.05.24 WAR400,000 150,299.35 0.50USD

Other transferable securities 2,504,926.68 8.29

Warrants, Rights 2,504,926.68 8.29

Singapore 2,504,926.68 8.29

CLSA GLB MKT (FAUJI FERTILIZER) 10.01.25 WAR572,500 324,846.32 1.08USDCLSA GLB MKT (GRAMEENPHONE) 09.07.26 WAR115,000 399,527.78 1.31USDCLSA GLB MKT (JAMUNA OIL CO) 12.01.22 WAR170,000 273,800.49 0.91USDCLSA GLB MKT (KOT) 02.07.25 WAR1,400,000 332,085.34 1.10USDCLSA GLB MKT (MEGHNA PETROL) 10.01.22 WAR203,078 368,174.13 1.22USDCLSA GLB MKT (OIL AND GAS DEV) 11.09.24 WAR195,000 99,149.62 0.33USDCLSA GLB MKT (PAK OILFIELDS) 18.11.24 WAR68,150 143,540.83 0.48USDCSLA GBL MKT (MEBL PA) 12.03.26 WAR670,000 413,502.82 1.36USD

Total securities portfolio 29,911,204.65 99.04





10Page

TCM Investment Funds Luxembourg- TCM Vietnam High Dividend Equity

11Page


147,247.09Cash at banks88,092.45Subscriptions receivable45,674.24Dividends receivable

21,302.88Liabilities13,588.35Redemptions payable7,714.53Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Vietnam High Dividend Equity

Key figures

Total Net Assets 7,616,523.04 5,791,158.44 5,904,677.46



136.311,591.06 52.32

107.4050.0093.97



0.000.00 0.00

0.0020.0093.44


Class BD - EUR - Distribution

150.8449,056.55 49,214.42

117.5658,030.43


12Page

VIETNAM HOLDING - REGISTERED SHS131,404 405,638.77 5.33GBP


Shares 7,356,812.14 96.59

Guernsey 405,638.77 5.33

BINH MINH PLASTICS -SHS-143,000 309,631.83 4.07VNDVietnam 6,951,173.37 91.26

CIC39 CORPORATION164,000 147,208.20 1.93VNDDANANG RUBBER DRC314,000 350,874.31 4.61VNDDOMESCO MEDICAL IMPORT EXPORT48,000 90,742.98 1.19VNDDUC THANH WOOD PROCESSING JSC9 19.98 0.00VNDFPT CORP -SHS-185,622 601,859.05 7.90VNDGLOBAL ELECTRICAL TECHNOLOGY CORP6,400 6,917.10 0.09VNDHAI AN TRANSPORT & STEVEDORI285,600 334,834.55 4.40VNDHALONG CANNED JSC171,970 220,517.38 2.90VNDHATIEN 1 CEMENT JOINT STOCK COMPANY369,110 215,694.25 2.83VNDHOA PHAT GROUP JOINT STOCK COMPANY229,500 438,068.97 5.75VNDHOANG HUY INVESTMENT FINANCIA275,000 220,143.68 2.89VNDMECHANICS CONSTRUCTION AND FOODSTUFF72,751 26,120.84 0.34VNDNAM LONG INVESTMENT CORP164,355 235,440.82 3.09VNDNGO QUEN PROCESSING EXPORT213,900 57,991.53 0.76VNDNOIBAI CARGO TERMINAL SERVICES JOINT70,000 184,138.48 2.42VNDONE COMMUNICATION TECHNO CORP286,000 61,821.58 0.81VNDPETROVIETNAM POWER NHON TRACH 2 JOINT ST265,000 201,944.16 2.65VNDPETROVIETNAM TRANSPORTATION CORPORATION500,050 375,568.68 4.93VNDPHA LAI THREMAL POWER372,500 345,960.34 4.54VNDQUANG NGAI SUGAR JSC176,000 264,373.92 3.47VNDSAO TA FOODS FMC237,603 317,736.32 4.17VNDSONG HONG GARMENT JOINT STOCK164,300 367,188.84 4.82VNDSONGDA CONSULTING SDC37,700 11,187.90 0.15VNDTHANG LONG VTL27,480 11,074.69 0.15VNDTHU DAU MOT WATER JOINT STOCK COREGISTE127,000 132,608.29 1.74VNDTNG INVESTMENT AND TRADING JOINT STOCK434,522 369,336.16 4.85VNDTU LIEM URBAN DEVELOPMENT270,000 260,160.64 3.42VNDVIETNAM ENGINE AND AGRICULTURAL MACHINER207,600 371,166.91 4.87VNDVINAMILK68,760 228,740.88 3.00VNDVINHOMES JOINT STOCK CO44,700 192,100.11 2.52VND



TCM Investment Funds Luxembourg - TCM Vietnam High Dividend Equity



13Page

TCM Investment Funds Luxembourg- TCM Africa High Dividend Equity

14Page

10,011,127.96Assets9,792,757.17Securities portfolio at market value

10,691,532.86Cost price(898,775.69)Unrealised loss on the securities portfolio

152,710.89Cash at banks65,659.90Dividends receivable

114,071.54Liabilities104,720.67Brokers payable

9,350.87Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Africa High Dividend Equity

Key figures

Total Net Assets 9,897,056.42 9,262,742.74 9,909,349.11



100.4790.57 50.00

92.1250.12111.47


Class BD - EUR - Distribution

77.72127,220.32 130,696.97

70.84116,756.67


15Page

AIRTEL AFRICA PLC431,250 387,067.54 3.91GBP


Shares 9,792,757.17 98.95

United Kingdom 387,067.54 3.91

CANAL SHIPPING AGENCIES SA511,800 383,038.14 3.87EGPEgypt 2,581,098.37 26.08

COMMERCIAL INTL BANK96,000 269,080.79 2.72EGPCREDIT AGRICOLE EGYPT177,968 225,846.02 2.28EGPEGYPTIAN INTL PHARMACEUTICAL IND128,000 307,059.16 3.10EGPJUHAYNA FOOD INDUSTRIES692,600 218,801.57 2.21EGPNASR CITY HOUSING AND DEVELOPMENT1,865,560 337,776.74 3.41EGPOBOUR LAND FOR FOOD INDUSTRIES1,186,073 372,147.31 3.76EGPORIENTAL WEAVERS CARPET1,043,000 467,348.64 4.73EGP

INTEGR DIAGNOST - REGISTERED SHS436,000 437,507.38 4.42USDJersey Island 437,507.38 4.42

NASPERS -N-1,591 281,703.07 2.85ZARSouth Africa 555,253.22 5.61

NEDBANK GROUP7,000 70,636.00 0.71ZARREUNERT LTD67,744 202,914.15 2.05ZAR

ACCESS BANK NIGERIA25,242,135 438,682.97 4.43NGNNigeria 2,009,129.79 20.30

DANGOTE SUGAR REFINERY PLC11,770,000 453,884.88 4.59NGNGUARANTY TRUST BANK PLC5,782,640 339,547.28 3.43NGNUNITED BANK AFRICA PLC22,562,851 338,754.30 3.42NGNZENITH BANK PLC8,972,234 438,260.36 4.43NGN

ATTIJARIWAFA BANK - REGISTERED SHS9,760 423,021.50 4.28MADMorocco 1,777,294.07 17.96

COMPAGNIE MINIERE DE TOUISSI2,430 390,081.30 3.94MADMAROC TELECOM ITISSALAT AL-MAGHRIB29,236 378,214.75 3.82MADSODEP15,303 361,257.21 3.65MADTOTAL MAROC1,630 224,719.31 2.27MAD

CAL BANK LTD1,017,143 101,933.46 1.03GHSGhana 257,226.46 2.60

ECOBANK GHANA74,360 74,520.22 0.75GHSSTANDARD CHARTERED BANK GHANA30,333 80,772.78 0.82GHS

BOTSWANA INSURANCE HLDGS LTD130,000 175,722.49 1.78BWPBotswana 175,722.49 1.78

EAST AFRICAN BREW232,300 328,139.14 3.32KESKenya 1,612,457.85 16.29

EQUITY GROUP HOLDINGS LIMITED1,077,000 376,651.12 3.81KESKENYA COMMERCIAL BANK LTD1,192,500 397,473.28 4.01KESSAFARICOM1,575,000 510,194.31 5.15KES



TCM Investment Funds Luxembourg - TCM Africa High Dividend Equity



16Page

TCM Investment Funds Luxembourg- TCM Global Emerging High Dividend Equity

17Page


235,066.51Cash at banks7,124.17Subscriptions receivable

158,741.91Dividends receivable

12,831.18Liabilities12,831.18Other liabilities



Expressed in EUR


TCM Investment Funds Luxembourg - TCM Global Emerging High Dividend Equity

Key figures

Total Net Assets 20,197,382.41 18,486,319.05 18,495,183.40


EURClass AB - EUR - Capitalisation

115.19174,844.00 180,013.00

102.64172,188.00



112.50500.00 100.00

100.500.000.00


18Page

PROSUS NV1,800 148,446.00 0.73EUR


Shares 18,277,576.88 90.49

The Netherlands 148,446.00 0.73

MOTOR OIL HELLAS CORINTH REFIN.REG SHS9,800 140,140.00 0.69EURGreece 140,140.00 0.69

FEDERAL HYDRO-GENERATING COMPANY - RUSHY200,000 191,247.15 0.95USDRussia 1,295,417.88 6.41

GROUP LSR OJSC -GDR- REPR SHS REG -S74,000 130,415.72 0.65USDMAGNIT GDR13,100 160,228.94 0.79USDMAGNITOGORSK IRON SPONSORED GDR REPR1321,526 194,948.34 0.97USDNOVOLIPETSK STEEL - GDR - REPR SHS REG S8,130 215,949.91 1.07USDSBERBANK ADR 4 SHS12,965 181,536.24 0.90USDSEVERSTAL GDR REPR SHS REG-S SER -OCT06-12,195 221,091.58 1.08USD

COUNTRY GARDEN HOLDINGS134,000 126,586.68 0.63HKDHong Kong 596,538.37 2.95

HKT LTD - STAPLED SECURITY90,000 103,393.24 0.51HKDHONG KONG EXCHANGES AND CLEARING LTD4,400 221,110.81 1.09HKDLENOVO GROUP LTD -RC-150,000 145,447.64 0.72HKD

AEROSPACE INDUSTRIAL DEVELOP136,000 119,362.69 0.59TWDTaiwan 3,603,789.11 17.85

FAR EASTONE TELECOMMUNICATION CO LTD60,000 117,123.13 0.58TWDGREATEK ELECTRONICS INC103,000 247,819.83 1.23TWDMERRY ELECTRONICS34,000 108,043.82 0.53TWDMICRO-STAR INTERNATIONAL50,000 239,845.17 1.19TWDMITAC TECHNOLOGY107,000 175,839.04 0.87TWDPHISON ELECTRONICS14,000 201,681.79 1.00TWDPOWERTECH TECHNOLOGY INC57,800 187,173.05 0.93TWDPOYA CO LTD8,900 144,911.88 0.72TWDRADIANT OPTO-ELECTRONICS CORP53,000 197,293.46 0.98TWDSTANDARD FOOD CORPORATION86,300 143,127.49 0.71TWDTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD16,300 293,025.73 1.44TWDTOPCO SCIENTIFIC CO LTD53,000 201,303.49 1.00TWDTRIPOD TECHNOLOGY CO LTD44,000 179,104.57 0.89TWDTTY BIOPHARM CO LTD92,000 238,059.57 1.18TWDUNITED INTEGRATED SERVICES CO LTD29,200 186,023.00 0.92TWDVANGUARD INTERNATIONAL SEMICONDUCTOR COR82,000 291,597.25 1.44TWDWISTRON NEWEB CORP54,500 124,365.39 0.62TWDYAGEO CORPORATION12,300 208,088.76 1.03TWD

ALIBABA GROUP833 159,294.83 0.79USDCayman Islands 3,927,118.01 19.45

AUSNUTRIA DAIRY142,000 160,356.15 0.79HKDCHINA AIRCRAFT LEASING GROUP HLDG LTD266,000 175,321.14 0.87HKDCHINA LESSO GROUP141,350 294,073.08 1.46HKDCHINA LILANG LTD274,000 149,949.51 0.74HKDCHINA MEDICAL SYSTEM HOLDINGS LTD127,000 282,007.71 1.40HKDCHLITINA HOLDING LTD16,000 100,719.84 0.50TWDCIFI HOLDINGS GROUP190,000 125,023.07 0.62HKDCN SCE GRP - REGISTERED SHS317,000 109,802.92 0.54HKDCN YONGDA AUTO175,000 264,129.43 1.31HKDGREATVIEW ASEPTIC PACKAGING COMPANY416,000 158,097.62 0.78HKDHENGAN INTL GROUP23,500 132,689.07 0.66HKDJD.COM INC SADR REPR 2 SHS -A-2,300 154,787.92 0.77USDKWG GROUP HOLDINGS LIMITED121,500 137,206.15 0.68HKDLEE MAN PAPER MANUFACTURING LTD234,000 150,164.50 0.74HKDLIFESTYLE INTERNATIONAL171,000 110,663.99 0.55HKDLOGAN PROPERTY HOLD100,000 126,174.06 0.62HKDLONGFOR GRP-REGISTERED SHS39,000 184,211.96 0.91HKDTENCENT HOLDINGS LTD2,500 158,531.95 0.78HKDTIANNENG POWER INTERNATIONAL LTD122,000 179,896.85 0.89HKDTIMES PROPERTY HOLDINGS LTD84,000 80,994.63 0.40HKDWANT WANT CHINA284,000 169,607.47 0.84HKDXINYI GLASS HOLDINGS LTD87,135 299,454.12 1.49HKDYUZHOU GROUP HOLDINGS CO LTD296,000 63,960.04 0.32HKD





19Page

BEIJING ENTERPRISES WATER358,000 114,286.33 0.57HKDBermuda 440,416.12 2.18

SHENZHEN INTL HOLDINGS LTD131,226 153,034.07 0.76HKDVTECH HOLDINGS LTD19,500 173,095.72 0.85HKD

CHEIL WORLDWIDE11,800 225,308.65 1.12KRWSouth Korea 1,098,602.07 5.44

KEPCO PLANT SERVICE ENGINEERING CO LTD6,050 195,022.27 0.97KRWKOREA REAL ESTATE INVESTMENT71,700 126,166.11 0.62KRWSAMSUNG ELECTRONICS CO LTD2,930 176,172.80 0.87KRWSAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG3,370 185,217.34 0.92KRWSFA ENGINEERING6,000 190,714.90 0.94KRW

BANK OF BEIJING -A-197,400 125,972.87 0.62CNYChina 2,909,290.32 14.41

BANK OF NANJING CO LTD -A-144,000 204,649.83 1.01CNYCHINA CONSTRUCTION BANK CORPORATION -H-328,000 217,610.08 1.09HKDCHINA VANKE -H-50,000 131,928.99 0.65HKDFANGDA SPECIAL -A-183,866 162,446.78 0.80CNYFLEXIUM INTERCONNECT47,000 188,471.39 0.93TWDHUAYU AUTOS SYSTEMS47,000 159,290.85 0.79CNYHUBEI JUMPCAN PHARMA CO LTD-A-54,600 132,818.80 0.66CNYJIANGSU EXPRESSWAY CO LTD -H-100,000 95,444.92 0.47HKDPING AN INS (GRP) CO -H-20,300 167,632.88 0.83HKDRISESUM REAL ESTATE DEVELOPMENT SHS A140,125 103,685.90 0.51CNYSHENZHEN FUANNA BEDDING AND FURISHING -A181,200 181,610.28 0.90CNYSHENZHEN OVERSEAS CHINESE TOWN CO -A-130,000 130,124.70 0.64CNYSINOPHARM GROUP CO LTD78,800 197,652.42 0.98HKDXIAMEN INTL AIRPORT -SHS- -A-48,900 105,487.92 0.52CNYYICHANG HEC CHANGJIANG PHARMA CO76,000 70,722.62 0.35HKDZHEJIANG EXPRESSWAY -H-255,000 191,329.61 0.95HKDZHUZHOU KIBING GROUP CO LTD145,200 342,409.48 1.71CNY

ABSA GRP --- REGISTERED SHS27,300 218,810.79 1.08ZARSouth Africa 2,259,544.26 11.19

ANGLOVAAL INDUSTRIES LTD43,200 181,263.38 0.90ZARFIRSTRAND LTD92,697 293,367.28 1.46ZARJSE LIMITED27,730 174,078.60 0.86ZARMR.PRICE GROUP19,575 243,364.58 1.20ZARNASPERS -N-940 166,436.76 0.82ZARNEDBANK GROUP28,045 282,998.09 1.40ZARSANLAM LTD56,800 205,857.50 1.02ZARSPAR GROUP LTD17,100 182,672.39 0.90ZARTHE FOSCHINI GROUP LTD33,080 310,694.89 1.55ZAR

BB SEGURIDADE36,580 141,999.76 0.70BRLBrazil 141,999.76 0.70

SYMPHONY INTERNATIONAL HOLDINGS623,546 191,391.13 0.95USDBritish Virgin Islands 191,391.13 0.95

MASRAF AL RAYAN PARTLY PAID144,000 148,707.34 0.74QARQatar 469,317.82 2.32

QATAR ELECTRIC AND WATER42,300 163,210.39 0.80QARQATAR INTERNATIONAL ISLAMIC BANK73,000 157,400.09 0.78QAR

ROS AGRO GDR REP.1/5 REGS WHEN ISSUED18,999 220,445.43 1.09USDCyprus 220,445.43 1.09

TELEFONICA CZECH REPUBLIC17,150 177,504.21 0.88CZKCzech Republic 177,504.21 0.88

ABU DHABI ISLAMIC BANK107,000 134,609.73 0.67AEDUnited Arab Emirates 450,610.65 2.23

BANK ABU DHABI35,000 134,182.74 0.66AEDEMIRATES TELECOM36,000 181,818.18 0.90AED

HUMAN SOFT HOLDING CO K.S.C.C.19,700 207,005.74 1.02KWDKuwait 207,005.74 1.02

CLSA GLB MKT (SUN TV) 08.07.25 WAR30,000 180,344.52 0.89USD

Other transferable securities 1,531,704.12 7.58

Warrants, Rights 1,531,704.12 7.58

Singapore 1,531,704.12 7.58

CLSA GLB MKT (BHARAT PETROLEUM) 08.07.20 WAR27,400 144,867.19 0.72USD





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CLSA GLB MKT (CASTROL INDIA) 26.11.25 WAR115,000 188,127.16 0.93USDCLSA GLB MKT (ENGINEERS INDIA) 05.01.26 WAR200,000 180,453.66 0.89USDCLSA GLB MKT (REC LTD) 08.05.24 WAR139,700 230,889.62 1.15USDCLSA GLB MKT (TECH MAHINDRA) 30.06.25 WAR16,000 197,790.71 0.98USDCLSA GLB MKT(RELIANCE IND) 30.06.25 WAR7,500 180,053.12 0.89USDCSLA GLB MKT (PWR GRID CORP OF INDIA) 30.06.24 WAR87,300 229,178.14 1.13USD







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 2021 are at the disposal of the shareholders at the registered office of the Fund and are available upon request free of charge. Exchange rates at 30 June 2021 As at 30 June 2021, the following exchange rates were used:

1 EUR = 4.35600 AED 1 EUR = 0.35735 KWD 1 EUR = 100.53470 BDT 1 EUR = 236.58705 LKR 1 EUR = 5.95070 BRL 1 EUR = 10.59010 MAD 1 EUR = 12.94655 BWP 1 EUR = 4.92330 MYR 1 EUR = 7.66195 CNH 1 EUR = 486.21910 NGN 1 EUR = 7.66265 CNY 1 EUR = 186.89785 PKR 1 EUR = 25.50700 CZK 1 EUR = 4.31785 QAR 1 EUR = 18.61270 EGP 1 EUR = 38.00810 THB 1 EUR = 0.85845 GBP 1 EUR = 10.30250 TRY 1 EUR = 6.98495 GHS 1 EUR = 33.04215 TWD 1 EUR = 9.20950 HKD 1 EUR = 1.18590 USD 1 EUR = 17195.55050 IDR 1 EUR = 27294.67460 VND 1 EUR = 127.95860 KES 1 EUR = 16.93315 ZAR 1 EUR = 1335.50130 KRW

Miscellaneous As at 30 June 2021 the following sub-funds are active: • TCM Global Frontier High Dividend Equity • TCM Vietnam High Dividend Equity • TCM Africa High Dividend Equity • TCM Global Emerging High Dividend Equity Swing Pricing A Sub-Fund may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, redemptions and/or conversions in and out of the Sub-Fund. This is known as “dilution”. In order to counter this and to protect shareholders’ interests, the Board of Directors may apply “swing pricing” as part of its valuation policy. This will mean that in certain circumstances the Board of Directors may make adjustments in the calculations of the Net Asset Values per share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant. If on any Valuation Day the aggregate transactions in shares of a Sub-Fund result in a net increase or decrease of shares which exceeds a threshold set by the Board of Directors from time to time for that Sub-Fund (relating to the cost of market dealing for that Sub-Fund), the Net Asset Value of the Sub-Fund will be adjusted by an amount (not exceeding 2% of that Net Asset Value) which reflects both the estimated fiscal charges and 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 an increase of all shares of the Fund and a deduction when it results in a decrease.


The NAV and the NAV per Share disclosed in the financial statements and in the “Statistics” do not include Swing Pricing adjustment. For the period ended 30 June 2021, the Sub-Funds TCM Global Frontier High Dividend Equity, TCM Vietnam High Dividend Equity, TCM Africa High Dividend Equity and TCM Global Emerging High Dividend Equity have applied swing pricing. For the period ended 30 June 2021, the following Swing Factor adjustments were applied : Name Share Class Swing Factor TCM Global Frontier High Dividend Equity A 0.50% TCM Global Frontier High Dividend Equity B 0.50% TCM Global Frontier High Dividend Equity BD 0.50% TCM Global Frontier High Dividend Equity BDN 0.50% TCM Vietnam High Dividend Equity A 0.50% TCM Vietnam High Dividend Equity BD 0.50% TCM Africa High Dividend Equity A 0.50% TCM Africa High Dividend Equity BD 0.50% TCM Global Emerging High Dividend Equity AB 0.20% TCM Global Emerging High Dividend Equity AD 0.20% As at June 30, 2021, the swing pricing adjustment has been applied. The Net Asset Value per share after application of swinging pricing were as follows: Isin code Shares Currency Swung Net Asset Value per

share LU1730853972 TCM Vietnam High Dividend Equity - Class A EUR 135.63 LU1730854350 TCM Africa High Dividend Equity - Class A EUR 100.97 Securities Financing Transactions And Of Reuse Regulation (“SFTR”) During the reporting period, the SICAV did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.

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