Sparinvest Cumulus Value

Transkript

1 Sparinvest Cumulus Value 30. Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Nom./antal stk kr. Nom./antal stk kr. Danske noterede aktier A.P. Møller-Mærsk B ,00 100, , ,00 100, ,49 Danske Bank A/S ,10 100, , ,00 100, ,51 Udenlandske noterede Aktier Finnair OYJ ,00 744, , ,75 744, ,49 Hutchison Whampoa Ltd ,30 78, , ,40 66, ,09 Benetton Group Spa ,50 744, , ,24 744, ,34 Aida Eng. Ltd. (6118) ,00 6, , ,00 5, ,22 Vishay Intertechnology Inc ,74 608, ,25 Axel Springer AG ,05 744, ,05 Bongrain SA ,00 744, , ,95 744, ,58 Showa Corporation ,00 6, , ,00 5, ,69 Tokyo Style Co Ltd (8112) ,00 6, , ,00 5, ,63 Canadian Tire Corp Ltd ,15 572, ,26 Bic ,17 744, , ,30 744, ,61 Aioi Ins Co Ltd (8761) ,00 5, ,61 Maezewa Kasei Industries ,00 6, , ,00 5, ,15 Patterson-Uti Energy Inc ,87 608, , ,35 518, ,40 Peugeot SA ,07 744, , ,67 744, ,29 MS&AD Insur.Grp Hold.Inc ,00 6, , ,00 5, ,92 Oce NV ,59 744, ,18 Scholastic Corp ,12 608, , ,83 518, ,80 Caltex Australia Limited ,44 513, ,25 Salzgitter AG ,01 744, , ,44 744, ,32 Deutsche Postbank Ag ,84 744, , ,88 744, ,27 NKSJ Holdings Inc ,00 6, ,36 Nichicon Corp ,00 6, , ,00 5, ,08 Funai Electric ,00 6, , ,00 5, ,49 Philips Electronic NV ,72 744, , ,68 744, ,88 Rieter Holding AG ,00 563, , ,50 501, ,99 Douglas Holding AG ,22 744, , ,03 744, ,34 Koenig & Bauer ,13 744, , ,40 744, ,22 Toyo Seikan Kaisha ,00 6, , ,00 5, ,54 Fukuda Denshi Co Ltd (6960) ,00 6, , ,00 5, ,58 Side 1 af 41

2 Panasonic Corp ,00 6, , ,00 5, ,82 Fred's Inc ,06 608, , ,20 518, ,10 Tessenderlo Chemie ,90 744, , ,05 744, ,02 Daetwyler Holding AG ,00 563, , ,00 501, ,38 Sainsbury Plc (J) ,22 909, , ,24 837, ,70 Amada Co Ltd ,00 6, , ,00 5, ,26 Sangetsu Co Ltd (8130) ,00 6, , ,00 5, ,47 Yamaha Motor Co Ltd ,00 6, , ,00 5, ,31 Koninklijke DSM ,85 744, , ,46 744, ,09 International Speedway Corp ,76 608, ,25 Omv Ag ,74 744, , ,70 744, ,12 Micronas Semiconductor ,00 563, , ,95 501, ,15 Villeroy & Boch AG Pfd ,33 744, , ,47 744, ,10 Eurazeo ,34 744, , ,84 744, ,22 Renault ,79 744, , ,20 744, ,09 Berkeley Group ,64 909, , ,20 837, ,27 Sony Corporation ,00 6, , ,00 5, ,12 Tokyo Steel Mfg Co Ltd ,00 6, ,26 Nissay Dowa General Insuran ,00 5, ,35 Mandom Corp ,00 6, , ,00 5, ,17 UPM-Kymmene OYJ ,92 744, , ,32 744, ,13 Guyenne-Gascogne ,57 744, , ,70 744, ,16 Canon Marketing Japan Inc ,00 6, , ,00 5, ,71 Cleanup Corp ,00 6, , ,00 5, ,36 Takeda Pharmaceutical CO ,00 6, , ,00 5, ,94 Tachi-S Co Ltd (7239) ,00 6, , ,00 5, ,10 Fuji Film Holdings Corp ,00 6, , ,00 5, ,05 Crown Van Gelder ,10 744, ,03 Singapore Airport Services ,74 369, ,11 Agco Corp ,34 518, ,29 Werner Enterprises Inc ,89 608, , ,80 518, ,67 Banque Cantonale Vaudoise ,50 563, , ,00 501, ,31 Millennium & Copthorne ,07 909, , ,71 837, ,79 Eni Spa ,19 744, , ,80 744, ,48 Dai Nippon Printing Co Ltd ,00 6, , ,00 5, ,54 Nipponkoa Insurance ,00 5, ,32 L.M. Ericsson B ,25 78, , ,90 72, ,68 Int Forest Products ,69 494, ,12 Kuoni Reisen Holding ,00 563, , ,00 501, ,91 Side 2 af 41

3 Cewe Color Holding ,62 744, , ,60 744, ,21 Fraport AG ,94 744, , ,28 744, ,79 NSC Groupe ,00 744, , ,00 744, ,04 Bovis Homes Group PLC ,46 909, , ,35 837, ,09 David S. Smith Hlds. Plc ,21 909, , ,27 837, ,89 Citizen Holdings Co Ltd ,00 6, , ,00 5, ,81 Sekisui House Ltd ,00 6, , ,00 5, ,32 Nisshinbo Holdings Inc( ,00 6, , ,00 5, ,06 Tokio Marine Holdings Inc ,00 6, , ,00 5, ,33 Travelers Cos Inc/The ,25 608, , ,86 518, ,64 MAN AG ,95 744, , ,44 744, ,85 Hochtief Ag ,33 744, , ,55 744, ,10 Royal Dutch Shell Plc-A Shs ,75 744, , ,10 744, ,15 Fyffes Plc ,33 744, , ,46 744, ,24 Buzzi Unicem SpA ,28 744, , ,28 744, ,97 Gunma Bank Ltd ,00 6, , ,00 5, ,01 Charle Co Ltd ,00 5, ,01 Singapore Airlines Ltd ,60 435, , ,94 369, ,92 American National Insurance ,97 608, , ,44 518, ,15 National Western Life Ins ,76 608, , ,62 518, ,11 Natuzzi Spa ADR ,95 608, , ,23 518, ,08 Total Produce Plc ,34 744, , ,34 744, ,18 Toyota Industries Corp ,00 6, , ,00 5, ,03 Columbia Sportswear Co ,67 608, , ,04 518, ,32 4Kids Entertainment Inc ,59 518, ,02 Valero Energy Corp ,98 608, , ,75 518, ,93 Conzzeta AG ,00 563, , ,00 501, ,46 Tenma Corp (7958) ,00 6, , ,00 5, ,35 Nippon Tel & Tel Corp ,00 6, , ,00 5, ,68 Dillard's Inc ,50 608, , ,45 518, ,47 Medion AG ,93 744, , ,40 744, ,49 Fromageries Bel ,00 744, , ,00 744, ,18 Koninklijke Wessanen NV ,90 744, , ,19 744, ,49 Danske unoterede aktier Sparinvest Holding ,00 100, , ,00 100, ,25 Side 3 af 41

4 Sparinvest Fjernøsten aktier 30. Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Udenlandske noterede Aktier Nom./antal stk kr. Nom./antal stk kr. Commonwealth Bank of Austr ,64 513, , ,85 466, ,43 John Fairfax ,32 513, ,37 Westpac Banking Corporation ,23 513, , ,30 466, ,28 Guangdong Investment Ltd ,53 66, ,02 Soho China Ltd ,56 78, , ,20 66, ,33 K-Green Trust ,05 435, ,03 Bendigo And Adelaide Bank ,18 513, , ,84 466, ,36 Dongfeng Motor Grp Co Ltd-H ,18 66, ,62 China Travel Intl Inv Hk ,67 78, , ,32 66, ,40 China Mobile Ltd ,20 78, , ,85 66, ,16 Oversea-Chinese Banking ,87 435, , ,10 369, ,45 Mirvac Group ,32 513, , ,57 466, ,39 Westfield Group ,18 513, , ,54 466, ,39 Shangri-La Asia ,48 78, , ,60 66, ,03 Yanzhou Coal Mining Co Ltd ,26 78, ,55 United Overseas Land uol ,80 435, , ,07 369, ,67 Posco ADR ,32 608, , ,10 518, ,61 Shinhan Financial Grp-Adr ,02 608, , ,28 518, ,68 United Microelectronics ADR ,91 608, , ,88 518, ,91 Tatts Group Ltd ,44 466, ,45 Wilmar International Ltd ,78 435, , ,43 369, ,75 Hon Hai Precision GDR ,32 608, , ,60 518, ,66 AGL ENERGY ,06 466, ,12 Stockland ,72 513, , ,95 466, ,71 Maanshan Iron & Steel-H ,68 66, ,42 Hutchison Whampoa Ltd ,30 78, , ,40 66, ,57 Genting Malaysia Berhad ,73 187, , ,81 151, ,57 Caltex Australia Limited ,44 513, , ,30 466, ,34 General Property Group ,61 466, ,24 National Australia Bank Ltd ,28 513, , ,40 466, ,98 Santos Ltd ,09 466, ,20 Suncorp-Metway Ltd ,04 513, , ,69 466, ,73 Orient Overseas Internation ,20 78, , ,30 66, ,48 PetroChina Co Ltd ,32 66, ,09 Beijing Enterprises Hlds ,05 78, , ,25 66, ,89 Side 4 af 41

5 Telekom Malaysia ,35 187, , ,06 151, ,49 Woori Finance Holdings-Adr ,02 608, , ,95 518, ,74 China Steel GDR ,50 608, , ,00 518, ,83 Computershare Limited ,61 513, , ,45 466, ,04 Goodman Group ,64 513, ,38 Lend Lease Group ,27 466, ,26 Origin Energy Limited ,82 466, ,87 Rio Tinto Ltd ,66 513, , ,89 466, ,80 Aluminum Corp Of China Ltd ,55 66, ,79 Wharf Holdings Ltd ,15 78, , ,75 66, ,83 Lenovo Group Limited ,86 66, ,92 Kingboard Chemical Holdings ,80 78, , ,80 66, ,73 Tenaga Nasional ,41 187, , ,40 151, ,25 Axiata Group Berhad ,92 187, , ,05 151, ,20 Sky City Enterainment Group ,30 377, ,33 Chunghwa Telecom Co Ltd-Adr ,69 608, , ,57 518, ,35 KB Financial Group Inc ,89 608, , ,85 518, ,33 Woolworths Ltd ,00 466, ,32 Wesfarmers LTD-PPS ,79 513, , ,20 466, ,27 Jiangxi Copper Company Ltd ,70 78, , ,36 66, ,07 China Everbright Ltd ,96 78, , ,20 66, ,97 BOC Hong Kong Holdings Ltd ,86 78, , ,60 66, ,47 Misc ,60 187, , ,47 151, ,71 Metropolitan Bank & Trust ,00 13, , ,00 11, ,98 United Overseas Bank Ltd ,62 435, , ,70 369, ,96 Korea Elec Power Corp ADR ,88 608, , ,54 518, ,22 LG Electronics Inc GDR ,89 608, , ,20 518, ,40 Pt Indosat-Adr ,11 518, ,36 MAp Group ,69 513, , ,03 466, ,40 Cosco Pacific Limited ,31 78, , ,93 66, ,39 Air China Ltd ,78 78, ,36 Bank Of China Ltd - H ,97 78, , ,20 66, ,22 Ind & Comm Bk Of China - H ,72 78, , ,44 66, ,68 Ping An Insurance Group Co ,00 66, ,72 Henderson Land Development ,00 78, , ,40 66, ,92 New World Development ,78 78, , ,96 66, ,91 Swire Pacific Ltd A ,00 78, , ,00 66, ,30 Fletcher Building Ltd ,85 418, , ,99 377, ,54 Capitaland Ltd ,60 435, , ,20 369, ,04 Side 5 af 41

6 Capitamall Trust ,84 435, , ,80 369, ,53 Singapore Telecom Ltd ,11 369, ,06 Keppel Corp ,51 435, , ,23 369, ,80 Singapore Airlines Ltd ,60 435, ,59 Acer Incorporated GDR ,05 608, , ,60 518, ,53 ANZ Banking Group ,61 513, , ,88 466, ,95 OZ Minerals Ltd ,96 513, , ,18 466, ,48 Toll Holdings Limited ,74 466, ,81 China Life Insurance co ,35 66, ,14 China Shipping Container-H ,80 78, , ,80 66, ,59 CLP Holding Ltd ,45 66, ,08 Bank of East Asia ,35 78, , ,85 66, ,96 Fosun International ,50 78, , ,42 66, ,36 AU Optronics Corp ADR ,88 608, , ,99 518, ,37 Goodman Fielder Ltd ,63 466, ,36 Hong Kong & China Gas Co ,34 78, , ,50 66, ,10 Sime Darby Berhad ,00 187, , ,97 151, ,43 Jardine Cycle & Carriage Lt ,00 435, , ,00 369, ,79 Pegatron Corp ,05 18, ,16 MOSEL VITELIC SP 843 4,35 608, , ,87 518, ,01 Insurance Australia Group ,03 466, ,38 Macquarie Bank Ltd ,12 513, , ,40 466, ,51 Harbin Power Equipment Co-H ,94 66, ,46 Shanghai Industrial ,65 66, ,74 China Agri-Industries Hldgs ,08 78, , ,20 66, ,81 Fushan International Energy ,54 66, ,56 Geely Automobile Holdings L ,40 78, ,22 Asustek Computer Inc GDR ,00 608, , ,60 518, ,29 Taiwan Semiconductor ADR ,76 608, , ,44 518, ,53 Orica Limited ,20 513, , ,05 466, ,20 Cheung Kong ( Hldgs ) ,40 78, , ,30 66, ,48 Sino Land Co ,04 78, , ,10 66, ,04 Fraser and Neave Ltd ,15 435, ,83 Advanced Semiconduct GDR ,91 608, , ,43 518, ,22 Siliconware Prec ,01 518, ,86 BHP Billiton Ltd ,65 513, , ,12 466, ,12 CFS Retail Property Trust ,89 513, , ,90 466, ,75 Wesfarmers Ltd ,65 513, , ,27 466, ,41 Sun Hung Kai Properties ,40 78, , ,30 66, ,92 Side 6 af 41

7 Wing Hang Bank Limited ,55 78, , ,50 66, ,86 Cnooc Ltd ,38 78, , ,20 66, ,97 Malayan Banking ,56 187, , ,86 151, ,45 DBS Group Holdings Ltd ,68 435, , ,40 369, ,38 Onesteel Limited ,98 513, ,42 Chinese Estates Holdings Lt ,24 66, ,28 MTR Corp ,65 78, ,58 Cathay Pacific Airways ,50 78, , ,48 66, ,32 Sino-Ocean Land Holdings ,18 66, ,46 City Developments Ltd ,10 435, , ,56 369, ,01 KT Corp ADR ,17 608, , ,82 518, ,87 Telekomunikasi Indonesia ,95 518, ,37 SK Telecom Co Ltd ADR ,26 518, ,31 Australian Stock Exchange ,94 466, ,35 Bluescope Steel Limited ,10 513, , ,11 466, ,03 Intoll Group ,04 513, , ,34 466, ,02 Woodside Petroleum Ltd ,20 466, ,64 China Petroleum & Chemical ,35 78, , ,91 66, ,92 Wheelock & Co Ltd ,20 78, , ,80 66, ,28 Citic Pacific Ltd (0267) ,58 78, , ,90 66, ,64 Semiconductor Manufacturing ,63 78, ,41 Golden Agri-Resources Ltd ,53 435, , ,51 369, ,04 Lg.Philips Lcd-Adr ,10 608, , ,93 518, ,53 Samsung Electronics GDR ,75 608, , ,00 518, ,61 Henderson Land Development CW ,32 78, ,01 Udenlandske unoterede aktier BGP HOLDING ,00 744,91 2 0, ,00 744,09 2 0,00 Sparinvest Value aktier 30. Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Danske noterede aktier Nom./antal stk kr. Nom./antal stk kr. A.P. Møller-Mærsk B ,00 100, , ,00 100, ,55 Danske Bank A/S ,10 100, , ,00 100, ,52 Udenlandske noterede Aktier Finnair OYJ ,00 744, , ,75 744, ,52 Side 7 af 41

8 Tessenderlo Chemie ,90 744, , ,05 744, ,23 Daetwyler Holding AG ,00 563, , ,00 501, ,42 Sainsbury Plc (J) ,22 909, , ,24 837, ,74 Amada Co Ltd ,00 6, , ,00 5, ,25 Sangetsu Co Ltd (8130) ,00 6, , ,00 5, ,53 Yamaha Motor Co Ltd ,00 6, , ,00 5, ,26 Koninklijke DSM ,85 744, , ,46 744, ,95 International Speedway Corp ,76 608, ,26 Banque Cantonale Vaudoise ,50 563, , ,00 501, ,37 Millennium & Copthorne ,07 909, , ,71 837, ,79 Eni Spa ,19 744, , ,80 744, ,49 Dai Nippon Printing Co Ltd ,00 6, , ,00 5, ,44 Nipponkoa Insurance ,00 5, ,15 L.M. Ericsson B ,25 78, , ,90 72, ,64 Rieter Holding AG ,00 563, , ,50 501, ,39 Douglas Holding AG ,22 744, , ,03 744, ,91 Koenig & Bauer ,13 744, , ,40 744, ,30 FFP ,76 744, ,07 Toyo Seikan Kaisha ,00 6, , ,00 5, ,52 Fukuda Denshi Co Ltd (6960) ,00 6, , ,00 5, ,65 Panasonic Corp ,00 6, , ,00 5, ,78 Fred's Inc ,06 608, , ,20 518, ,14 Total Produce Plc ,34 744, , ,34 744, ,26 Toyota Industries Corp ,00 6, , ,00 5, ,92 Columbia Sportswear Co ,67 608, , ,04 518, ,30 4Kids Entertainment Inc ,59 518, ,03 Valero Energy Corp ,98 608, , ,75 518, ,84 UPM-Kymmene OYJ ,92 744, , ,32 744, ,12 Guyenne-Gascogne ,57 744, , ,70 744, ,11 Canon Marketing Japan Inc ,00 6, , ,00 5, ,72 Cleanup Corp ,00 6, , ,00 5, ,40 Takeda Pharmaceutical CO ,00 6, , ,00 5, ,94 Tachi-S Co Ltd (7239) ,00 6, , ,00 5, ,11 Fuji Film Holdings Corp ,00 6, , ,00 5, ,05 Crown Van Gelder ,10 744, ,05 Singapore Airport Services ,74 369, ,12 Agco Corp ,34 518, ,32 Werner Enterprises Inc ,89 608, , ,80 518, ,61 Medion AG ,93 744, , ,40 744, ,58 Side 8 af 41

9 Fromageries Bel ,00 744, , ,00 744, ,23 Matsumoto Yushi-Sei. (4365) ,00 6, , ,00 5, ,02 Koninklijke Wessanen NV ,90 744, , ,19 744, ,68 MAN AG ,95 744, , ,44 744, ,94 Hochtief Ag ,33 744, , ,55 744, ,16 Devernois SA ,80 744, , ,00 744, ,02 Royal Dutch Shell Plc-A Shs ,75 744, , ,10 744, ,14 Fyffes Plc ,33 744, , ,46 744, ,35 Buzzi Unicem SpA ,28 744, , ,28 744, ,93 Gunma Bank Ltd ,00 6, , ,00 5, ,06 Charle Co Ltd ,00 5, ,00 Singapore Airlines Ltd ,60 435, , ,94 369, ,89 American National Insurance ,97 608, , ,44 518, ,24 National Western Life Ins ,76 608, , ,62 518, ,15 Natuzzi Spa ADR ,95 608, , ,23 518, ,11 Omv Ag ,74 744, , ,70 744, ,09 Micronas Semiconductor ,00 563, , ,95 501, ,21 Villeroy & Boch AG Pfd ,33 744, , ,47 744, ,13 Eurazeo ,34 744, , ,84 744, ,35 Renault ,79 744, , ,20 744, ,10 Berkeley Group ,64 909, , ,20 837, ,40 Sony Corporation ,00 6, , ,00 5, ,08 Tokyo Steel Mfg Co Ltd ,00 6, ,26 Nissay Dowa General Insuran ,00 5, ,45 Mandom Corp ,00 6, , ,00 5, ,19 Int Forest Products ,69 494, ,07 Kuoni Reisen Holding ,00 563, , ,00 501, ,93 Cewe Color Holding ,62 744, , ,60 744, ,29 Fraport AG ,94 744, , ,28 744, ,84 NSC Groupe ,00 744, , ,00 744, ,02 Bovis Homes Group PLC ,46 909, , ,35 837, ,09 David S. Smith Hlds. Plc ,21 909, , ,27 837, ,18 Citizen Holdings Co Ltd ,00 6, , ,00 5, ,80 Sekisui House Ltd ,00 6, , ,00 5, ,38 Nisshinbo Holdings Inc( ,00 6, , ,00 5, ,11 Tokio Marine Holdings Inc ,00 6, , ,00 5, ,48 Travelers Cos Inc/The ,25 608, , ,86 518, ,60 Conzzeta AG ,00 563, , ,00 501, ,51 Tenma Corp (7958) ,00 6, , ,00 5, ,46 Side 9 af 41

10 Nippon Tel & Tel Corp ,00 6, , ,00 5, ,67 Dillard's Inc ,50 608, , ,45 518, ,73 Caltex Australia Limited ,44 513, ,28 Salzgitter AG ,01 744, , ,44 744, ,28 Deutsche Postbank Ag ,84 744, , ,88 744, ,30 NKSJ Holdings Inc ,00 6, ,16 Nichicon Corp ,00 6, , ,00 5, ,23 Funai Electric ,00 6, , ,00 5, ,38 Philips Electronic NV ,72 744, , ,68 744, ,77 Hutchison Whampoa Ltd ,30 78, , ,40 66, ,15 Benetton Group Spa ,50 744, , ,24 744, ,33 Aida Eng. Ltd. (6118) ,00 6, , ,00 5, ,25 Vishay Intertechnology Inc ,74 608, ,28 Peugeot SA ,07 744, , ,67 744, ,28 MS&AD Insur.Grp Hold.Inc ,00 6, , ,00 5, ,85 Oce NV ,59 744, ,77 Scholastic Corp ,12 608, , ,83 518, ,46 Canadian Tire Corp Ltd ,15 572, ,27 Bic ,17 744, , ,30 744, ,61 Aioi Ins Co Ltd (8761) ,00 5, ,66 Maezewa Kasei Industries ,00 6, , ,00 5, ,18 Patterson-Uti Energy Inc ,87 608, , ,35 518, ,24 Axel Springer AG ,05 744, ,05 Bongrain SA ,00 744, , ,95 744, ,82 Showa Corporation ,00 6, , ,00 5, ,69 Tokyo Style Co Ltd (8112) ,00 6, , ,00 5, ,81 Danske unoterede aktier Sparinvest Holding ,00 100, , ,00 100, ,40 Kingosvej 1, 2630 Taastrup Ejerandel udgør 13,4 % af aktiekapitalen i Sparinvest Holding Egenkapital ultimo 2009 var på 279,5 mio. kr. i Sparinvest Holding Udenlandske unoterede aktier Ventana Growth Fund 1 1 0,00 608,14 0 0,00 1 0,00 518,63 0 0,00 Side 10 af 41

11 Sparinvest Euro Stoxx Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Udenlandske noterede Aktier Nom./antal stk kr. Nom./antal stk kr. Unibail-Rodamco ,75 744, ,76 Philips Electronic NV ,72 744, , ,68 744, ,65 L'Oreal ,97 744, , ,00 744, ,33 Allianz AG ,61 744, , ,15 744, ,00 Sanofi-Aventis ,53 744, , ,06 744, ,59 Crh Plc ,14 744, , ,01 744, ,20 Intesa Spa ,19 744, , ,15 744, ,55 Muenchener Rueckver AG ,35 744, , ,67 744, ,70 Total SA ,97 744, , ,01 744, ,35 Vivendi Universal SA ,82 744, , ,80 744, ,56 Unicredit SPA ,84 744, , ,34 744, ,28 Deutsche Bank AG ,61 744, , ,42 744, ,72 Banco Bilbao Vizcaya Arg ,61 744, , ,73 744, ,75 Air Liquide ,03 744, ,64 Societe Generale ,30 744, , ,95 744, ,93 SAP AG ,65 744, , ,00 744, ,62 Enel Spa ,49 744, , ,05 744, ,17 Deutsche Telekom AG ,72 744, , ,29 744, ,58 E.ON AG ,24 744, , ,23 744, ,24 Nokia OYJ ,92 744, ,60 Axa ,75 744, , ,54 744, ,04 BNP Paribas ,77 744, , ,90 744, ,59 France Telecom SA ,29 744, , ,43 744, ,73 Telecom Italia Spa ,91 744, , ,09 744, ,00 Banco Santander Ctrl Hisp ,74 744, , ,55 744, ,62 Danone ,20 744, , ,83 744, ,45 SCHNEIDER ELECTRIC SA ,64 744, , ,78 744, ,89 ING Groep NV ,18 744, , ,90 744, ,76 Inbev Nv ,74 744, , ,40 744, ,61 Vinci Sa ,34 744, , ,47 744, ,49 Telefonica SA ,26 744, , ,52 744, ,96 Carrefour SA ,74 744, , ,56 744, ,79 GDF Suez ,50 744, , ,29 744, ,25 Eni Spa ,19 744, , ,80 744, ,99 ARCELORMITTAL ,36 744, , ,18 744, ,09 Side 11 af 41

12 Fortis CP ,00 744,09 0 0,00 DaimlerChrysler AG ,94 744, , ,23 744, ,20 Repsol SA ,67 744, , ,73 744, ,40 Iberdrola SA ,63 744, , ,67 744, ,86 LVMH Moet Hennessy Louis V ,81 744, , ,38 744, ,73 Unilever Cert ,54 744, , ,75 744, ,67 Aegon NV ,54 744, ,37 Bayer AG ,90 744, , ,96 744, ,09 Credit Agricole Sa ,64 744, , ,36 744, ,76 Compagnie de Saint-Gobain ,90 744, , ,07 744, ,27 Siemens AG ,18 744, , ,21 744, ,67 BASF AG ,12 744, , ,46 744, ,43 Sparinvest S&P Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Udenlandske noterede Aktier Nom./antal stk kr. Nom./antal stk kr. AT & T Inc ,19 608, , ,03 518, ,74 Dr Horton Inc ,83 608, , ,87 518, ,43 EMC Corp/Mass ,30 608, , ,47 518, ,54 General Electric Co ,42 608, , ,13 518, ,28 Hartford Financial Svcs ,13 608, , ,26 518, ,13 Hess Corp ,34 608, , ,50 518, ,17 Int Business Machines Corp ,48 608, , ,90 518, ,95 Macy's Inc ,90 608, , ,76 518, ,14 Western Digital Corp ,16 608, ,71 Worldcom Inc-Worldcom Group ,00 608,14 0 0, ,00 518,63 0 0,00 MeadWestvaco Corp ,20 608, , ,63 518, ,22 Precision Castparts Corp ,92 608, ,30 Progressive Corp ,72 608, , ,99 518, ,25 JM Smucker Co ,22 608, , ,75 518, ,93 Tiffany & Co ,91 608, ,45 TIME WARNER CABLE ,08 608, , ,39 518, ,73 Aetna Inc ,38 608, , ,70 518, ,28 Ameriprise Financial Inc ,13 608, , ,82 518, ,16 Bristol-Myers Squibb Co ,25 518, ,37 Side 12 af 41

13 CBS Corp ,93 608, , ,05 518, ,18 Cardinal Health Inc ,24 518, ,11 McDonald`s Corp ,44 518, ,50 Merck & Co Inc ,97 608, , ,54 518, ,29 Nicor Inc ,50 608, , ,10 518, ,39 Occidental Petroleum Corp C ,15 608, , ,35 518, ,08 Progress Energy Inc ,22 608, , ,01 518, ,31 Worldcom Inc-MCI Group 206 0,00 608,14 0 0, ,00 518,63 0 0,00 Analog Devices ,58 518, ,25 Corning Inc ,15 608, , ,31 518, ,61 First Horizon National Corp ,45 608, , ,40 518, ,28 McCormick & Co Inc/MD ,96 608, ,55 Micron Technology Inc ,49 608, , ,56 518, ,40 Parker Hannifin Corp ,46 608, , ,88 518, ,62 Pepsico Inc ,95 608, , ,80 518, ,63 Target Corp ,17 608, , ,37 518, ,60 United Technologies Corp ,91 608, , ,41 518, ,85 Valero Energy Corp ,75 518, ,12 Amerisourcebergen Corp ,75 608, , ,07 518, ,46 Cigna Corp ,06 608, , ,27 518, ,33 Electronic Arts Inc ,75 518, ,14 Forest Labs ,43 608, , ,11 518, ,25 Gap Inc ,46 608, , ,95 518, ,12 Microsoft Corp ,01 608, , ,48 518, ,81 Morgan Stanley ,21 608, , ,60 518, ,57 Nisource Inc ,50 608, , ,38 518, ,15 Pioneer Natural Resources C ,45 608, , ,17 518, ,72 Suntrust Banks Inc ,29 518, ,30 Williams Cos Inc ,28 608, , ,08 518, ,25 Archer Daniels Midland Co ,82 608, , ,31 518, ,28 Bmc Software Inc ,10 518, ,35 Capital One Financial Corp ,34 518, ,63 Cisco Systems Inc ,31 608, , ,94 518, ,14 Federated Investors Inc-CI ,50 518, ,38 Ford Motor Co ,00 518, ,51 Google Inc ,95 608, , ,98 518, ,92 Huntington Bancshares ,54 608, , ,65 518, ,14 JDS Uniphase Corp ,84 608, ,29 Raytheon Company ,52 518, ,46 Side 13 af 41

14 Sempra Energy Com ,79 608, ,48 Sun Microsystems Inc ,37 518, ,24 Thermo Fisher Scientific In ,05 608, , ,69 518, ,54 Time Warner Inc ,91 608, , ,14 518, ,22 Wellpoint Inc ,93 608, , ,29 518, ,79 Whole Foods Market Inc ,02 608, ,17 Applied Materials Inc ,94 518, ,22 Bb&T Corp ,31 608, , ,37 518, ,41 Discovery Communications-A ,71 608, ,37 Home Depot Inc ,07 608, , ,93 518, ,61 Hospira Inc ,45 608, ,57 International Paper Co ,63 608, ,00 Life Technologies Corp ,25 608, ,11 Nordstrom Inc ,19 608, ,31 Northrop Grumman Corp ,44 608, , ,85 518, ,35 Nvidia Corp ,68 518, ,11 Southern Co ,32 518, ,39 Bank of New York Mellon cor ,97 518, ,37 CA INC ,46 518, ,14 CareFusion Corp ,70 608, , ,01 518, ,04 CenturyLink Inc ,31 608, , ,21 518, ,58 Coca Cola Co ,12 608, , ,00 518, ,30 Cognizant Technology Soluti ,06 608, ,29 Colgate-Palmolive Co ,15 518, ,75 ConocoPhillips ,09 608, , ,07 518, ,88 Dean Foods Co ,04 518, ,23 The Walt Disney Co ,50 608, , ,25 518, ,70 EQT Corp ,92 518, ,44 Qualcomm Inc ,26 518, ,71 Simon Property Group Inc 13 80,75 608, ,00 Tyson Foods Inc ,39 608, , ,27 518, ,87 Visa Inc-Class A Shares ,75 608, ,42 Watson Pharmaceutical inc ,57 608, , ,61 518, ,49 Carnival Corp ,24 608, , ,69 518, ,41 American Int Group ,44 608, , ,98 518, ,03 Danaher Corp ,12 608, ,44 Dr Pepper Snapple Group Inc ,39 608, ,99 Duke Energy Holding ,00 608, , ,21 518, ,41 Exxon Mobil Corp ,07 608, , ,19 518, ,13 Side 14 af 41

15 Halliburton Co ,09 518, ,45 Intel Corp ,45 608, , ,40 518, ,36 Johnson Controls Inc ,87 608, ,40 Mylan Inc ,04 608, , ,43 518, ,51 Oracle Corp ,46 608, , ,53 518, ,23 Apache Corp ,19 608, , ,17 518, ,50 Bed Bath & Beyond Inc ,08 608, , ,61 518, ,48 Family Dollar Stores ,69 608, , ,83 518, ,19 Hewlett-Packard Co ,28 608, , ,51 518, ,65 Johnson & Johnson ,06 608, , ,41 518, ,21 Marathon Oil Corp ,09 608, , ,22 518, ,19 Marsh & McLennan ,08 518, ,11 Molson Coors Brewing Co -B ,16 518, ,79 National Oilwell Varco Inc ,07 608, , ,09 518, ,23 Prologis ,69 518, ,12 Sandisk Corp ,07 608, , ,99 518, ,80 Sprint Corp FON Group ,24 608, , ,66 518, ,17 Tellabs Inc ,39 608, , ,68 518, ,65 Verizon Communications Inc ,13 518, ,45 Xilinx Inc ,06 518, ,08 Yahoo! Inc ,84 608, , ,78 518, ,35 Allstate Corp ,73 608, , ,04 518, ,27 Anadarko Petroleum Corp ,09 608, , ,42 518, ,69 Comcast Corp Class A ,37 608, , ,86 518, ,46 Consolidated Edison ,10 608, ,95 Leggett & Platt Inc ,06 608, , ,40 518, ,56 Medtronic Inc 0 36,27 608,14 0 0, ,98 518, ,54 Meredith Corp ,85 518, ,31 Nucor Corp ,65 518, ,27 O'Reilly Automotive Inc ,56 608, ,77 Pfizer Inc ,26 608, , ,19 518, ,58 Philip Morris International ,84 608, , ,19 518, ,59 Supervalu Inc ,71 518, ,27 Urban Outfitters Inc ,39 608, ,40 Aes Corp ,31 518, ,15 AOL US ,28 518, ,05 Agilent Technologies Inc ,43 608, , ,07 518, ,11 Autonation Inc ,50 608, , ,15 518, ,34 Boston Scientific Com USD ,80 608, , ,00 518, ,08 Side 15 af 41

16 CVS. Corp ,32 608, , ,21 518, ,52 Fedex Corp ,11 608, , ,45 518, ,40 Fidelity National Informati ,82 608, , ,44 518, ,70 JP Morgan Chase & Co ,61 608, , ,67 518, ,94 Kohls Corp ,50 608, , ,93 518, ,30 Kraft Foods Inc-A ,00 608, ,33 Medco Health Solutions Inc ,91 518, ,22 Nyse Euronext ,30 518, ,37 PNC Bank Corp ,50 608, , ,79 518, ,05 Travelers Cos Inc/The ,25 608, , ,86 518, ,16 Walgreen Co ,70 608, , ,72 518, ,74 Wyndham Worldwide Corp ,14 608, ,41 Big Lots Inc ,09 608, , ,98 518, ,54 CME Group Inc ,55 608, , ,96 518, ,29 Gannett Co ,46 608, , ,85 518, ,10 M & T Bank Corp ,95 608, ,60 Newmont Mining Corp ,31 518, ,14 Reynolds American Inc ,12 608, , ,97 518, ,53 Sealed Air Corp ,72 608, , ,86 518, ,44 Spectra Energy Corp ,07 608, , ,51 518, ,24 Sysco Corp ,94 518, ,29 3M Company ,99 608, , ,67 518, ,95 Viacom ,37 608, , ,73 518, ,47 XL Group Plc ,01 608, , ,33 518, ,46 Adobe Systems Inc ,78 518, ,47 Apple Computer ,53 608, , ,73 518, ,62 Baker Hughes ,48 518, ,28 ChevronTexaco Corp ,86 608, , ,99 518, ,12 Discover Financial - W/I ,98 608, , ,71 518, ,68 Dow Chemical ,72 608, ,63 J.C Penney Co Inc ,48 608, , ,61 518, ,16 Sears Holdings Corp ,65 608, , ,45 518, ,88 Union Pacific Corp ,51 608, , ,90 518, ,60 Wells Fargo & Company ,60 608, , ,99 518, ,19 Xcel Energy Inc ,61 608, , ,22 518, ,53 Schlumberger Ltd ,34 608, , ,09 518, ,63 Alcoa Inc ,12 518, ,26 Amgen Inc ,57 518, ,27 Bank of America Corp ,37 608, , ,06 518, ,17 Side 16 af 41

17 Cephalon Inc ,42 518, ,31 Citigroup Inc ,76 608, , ,31 518, ,12 Computer Sciences Corp ,25 608, , ,53 518, ,44 Firstenergy Corp ,45 518, ,35 News Corp-CI A ,96 608, , ,69 518, ,36 PerkinElmer Inc ,67 608, ,61 Procter & Gamble Co ,98 608, , ,63 518, ,97 Sunoco Inc ,10 518, ,12 United Healthcare, usd 0, ,40 608, , ,48 518, ,54 Ameren Corporation ,95 518, ,58 American Express Co ,70 608, , ,52 518, ,43 CMS Energy Corp ,65 608, , ,66 518, ,53 ConAgra Foods Inc ,32 608, , ,05 518, ,52 Ebay Inc ,61 608, , ,53 518, ,41 Goldman Sachs Inc ,27 608, , ,84 518, ,04 Motorola Inc ,52 608, , ,76 518, ,33 NetApp Inc ,31 608, ,66 P G & E Corp ,10 608, , ,65 518, ,39 Pulte Homes Inc ,00 518, ,30 United States Steel Corp ,55 608, , ,12 518, ,26 Zimmer Holdings Inc ,05 608, , ,11 518, ,19 Udenlandske unoterede aktier Ventana Growth Fund 1 1 0,00 608,14 0 0,00 1 0,00 518,63 0 0,00 Side 17 af 41

18 Sparinvest Europæiske Finansielle Aktier 30. Juni december 2009 Beholdning Børskurs Valutakurs Kursværdi i Andel Beholdning Børskurs Valutakurs Kursværdi i Andel Danske noterede aktier Nom./antal stk kr. Nom./antal stk kr. Sparbank ,00 100, , ,00 100, ,60 Østjydsk Bank A/S ,50 100, , ,50 100, ,00 Danske Bank A/S ,10 100, , ,00 100, ,84 DiBa Bank A/S ,00 100, , ,00 100, ,61 Grønlandsbanken ,00 100, , ,00 100, ,84 Skjern Bank ,00 100, , ,00 100, ,28 Ringkjøbing Landbobank A/S ,00 100, , ,00 100, ,89 Totalbanken A/S ,00 100, , ,00 100, ,72 Vestjysk Bank A/S ,50 100, , ,00 100, ,57 Svendborg Sparekasse A/S ,00 100, , ,00 100, ,89 Max Bank A/S ,00 100, , ,00 100, ,40 Kreditbanken ,00 100, , ,00 100, ,51 Lollands Bank A/S ,50 100, , ,00 100, ,35 Tønder Bank A/S ,00 100, , ,50 100, ,64 Nordjyske Bank A/S ,00 100, , ,00 100, ,87 Møns Bank ,00 100, , ,00 100, ,06 Nørresundby Bank ,00 100, , ,00 100, ,34 Roskilde Bank ,00 100,00 0 0, ,00 100,00 0 0,00 Sparekassen Fåborg A/S ,00 100, , ,00 100, ,85 Djurslands Bank ,50 100, , ,00 100, ,61 Udenlandske noterede Aktier Intesa Spa ,19 744, , ,15 744, ,74 Banco Popular Espanol ,21 744, , ,13 744, ,28 Ageas ,85 744, , ,62 744, ,61 Eik Bank ,00 100, , ,50 100, ,83 Føroya Banki ,00 100, , ,50 100, ,80 Ubi Banca Scpa ,10 744, , ,04 744, ,11 Fortis CP ,00 744,09 1 0,00 IKB DEUTSCHE INDUSTRIEBANK ,65 744, , ,75 744, ,73 Sns Reaal ,59 744, , ,24 744, ,89 Ageas - Strip VPR ,00 744, , ,00 744, ,00 Van Lanschot NV ,90 744, , ,84 744, ,49 Banque Cantonale Vaudoise ,50 563, , ,00 501, ,47 Danske unoterede aktier Sparinvest Holding ,00 100, , ,00 100, ,45 Side 18 af 41