Sparinvest Cumulus Value

Transkript

1 Sparinvest Cumulus Value 31. december 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 ,00 100, , ,00 100, ,51 Udenlandske noterede Aktier Conzzeta AG ,00 595, , ,00 501, ,46 Tenma Corp (7958) ,00 6, , ,00 5, ,35 Nippon Tel & Tel Corp ,00 6, , ,00 5, ,68 Dillard's Inc ,94 555, , ,45 518, ,47 Total Produce Plc ,38 745, , ,34 744, ,18 Toyota Industries Corp ,00 6, , ,00 5, ,03 Columbia Sportswear Co ,04 518, ,32 Corning Inc ,32 555, ,75 4Kids Entertainment Inc ,59 518, ,02 Valero Energy Corp ,12 555, , ,75 518, ,93 Caltex Australia Limited ,37 569, ,55 Noble Corp ,77 555, ,25 Salzgitter AG ,77 745, , ,44 744, ,32 NKSJ Holdings Inc ,00 6, ,32 Nichicon Corp ,00 6, , ,00 5, ,08 Funai Electric ,00 6, , ,00 5, ,49 Philips Electronic NV ,92 745, , ,68 744, ,88 Medion AG ,50 745, , ,40 744, ,49 Fromageries Bel ,50 745, , ,00 744, ,18 Koninklijke Wessanen NV ,96 745, , ,19 744, ,49 Finnair OYJ ,04 745, , ,75 744, ,49 Tessenderlo Chemie ,19 745, , ,05 744, ,02 Daetwyler Holding AG ,00 501, ,38 Sainsbury Plc (J) ,76 869, , ,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 ,61 745, , ,46 744, ,09 International Speedway Corp ,17 555, ,33 Western Digital Corp ,90 555, ,93 Side 1 af 44

2 Hutchison Whampoa Ltd ,00 71, , ,40 66, ,09 Benetton Group Spa ,92 745, , ,24 744, ,34 Aida Eng. Ltd. (6118) ,00 6, , ,00 5, ,22 Vishay Intertechnology Inc ,68 555, ,76 Axel Springer AG ,05 744, ,05 Bongrain SA ,25 745, , ,95 744, ,58 Showa Corporation ,00 6, , ,00 5, ,69 Tokyo Style Co Ltd (8112) ,00 6, , ,00 5, ,63 Toyo Suisan Kaisha Ltd ,00 6, ,59 Peugeot SA ,41 745, , ,67 744, ,29 Inpex Holdings Inc ,00 6, ,53 MS&AD Insur.Grp Hold.Inc ,00 6, , ,00 5, ,92 Oce NV ,59 744, ,18 Cabela's Inc ,75 555, ,31 Scholastic Corp ,54 555, , ,83 518, ,80 Int Forest Products ,69 494, ,12 Kuoni Reisen Holding ,25 595, , ,00 501, ,91 Cewe Color Holding ,35 745, , ,60 744, ,21 Fraport AG ,16 745, , ,28 744, ,79 NSC Groupe ,80 745, , ,00 744, ,04 Bovis Homes Group PLC ,14 869, , ,35 837, ,09 David S. Smith Hlds. Plc ,02 869, , ,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 ,71 555, , ,86 518, ,64 Rieter Holding AG ,00 595, , ,50 501, ,99 Douglas Holding AG ,00 745, , ,03 744, ,34 Koenig & Bauer ,50 745, , ,40 744, ,22 Toyo Seikan Kaisha ,00 6, , ,00 5, ,54 Fukuda Denshi Co Ltd (6960) ,00 6, , ,00 5, ,58 Panasonic Corp ,00 6, , ,00 5, ,82 Fred's Inc ,76 555, , ,20 518, ,10 Tidewater Inc ,84 555, ,03 MAN AG ,99 745, , ,44 744, ,85 Hochtief Ag ,54 745, , ,55 744, ,10 Deutsche Postbank Ag ,88 744, ,27 Royal Dutch Shell Plc-A Shs ,73 745, , ,10 744, ,15 Side 2 af 44

3 Fyffes Plc ,37 745, , ,46 744, ,24 Buzzi Unicem SpA ,54 745, , ,28 744, ,97 Gunma Bank Ltd ,00 6, , ,00 5, ,01 Charle Co Ltd ,00 5, ,01 Singapore Airlines Ltd ,30 433, , ,94 369, ,92 American National Insurance ,62 555, , ,44 518, ,15 National Western Life Ins ,72 555, , ,62 518, ,11 Natuzzi Spa ADR ,27 555, , ,23 518, ,08 UPM-Kymmene OYJ ,22 745, , ,32 744, ,13 Guyenne-Gascogne ,86 745, , ,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 ,60 555, , ,80 518, ,67 Zurich Financial Services A ,20 595, ,50 Banque Cantonale Vaudoise ,00 595, , ,00 501, ,31 Millennium & Copthorne ,91 869, , ,71 837, ,79 Eni Spa ,34 745, , ,80 744, ,48 Dai Nippon Printing Co Ltd ,00 6, , ,00 5, ,54 Nipponkoa Insurance ,00 5, ,32 L.M. Ericsson B ,15 82, , ,90 72, ,68 J.C Penney Co Inc ,31 555, ,73 Omv Ag ,10 745, , ,70 744, ,12 Micronas Semiconductor ,00 595, , ,95 501, ,15 Villeroy & Boch AG Pfd ,55 745, , ,47 744, ,10 Eurazeo ,49 745, , ,84 744, ,22 Renault ,50 745, , ,20 744, ,09 Berkeley Group ,90 869, , ,20 837, ,27 Sony Corporation ,00 6, , ,00 5, ,12 Tokyo Steel Mfg Co Ltd ,00 6, ,39 Nissay Dowa General Insuran ,00 5, ,35 Mandom Corp ,00 6, , ,00 5, ,17 Canadian Tire Corp Ltd ,18 559, ,56 Bic ,30 744, ,61 Side 3 af 44

4 Aioi Ins Co Ltd (8761) ,00 5, ,61 Maezewa Kasei Industries ,00 6, , ,00 5, ,15 Patterson-Uti Energy Inc ,55 555, , ,35 518, ,40 Danske unoterede aktier Sparinvest Holding ,00 100, , ,00 100, ,25 Sparinvest Fjernøsten aktier 31. december 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 ,77 569, , ,85 466, ,43 Westpac Banking Corporation ,21 569, , ,30 466, ,28 Guangdong Investment Ltd ,53 66, ,02 Soho China Ltd ,78 71, , ,20 66, ,33 Pegatron SP GDR ,21 555, ,20 Tatts Group Ltd ,44 466, ,45 WESTFIELD RETAIL TRUST ,57 569, ,10 Wilmar International Ltd ,43 369, ,75 Hon Hai Precision GDR ,60 518, ,66 Onesteel Limited ,59 569, ,36 Chinese Estates Holdings Lt ,24 66, ,28 MTR Corp ,30 71, ,50 Cathay Pacific Airways ,45 71, , ,48 66, ,32 Sino-Ocean Land Holdings ,18 66, ,46 City Developments Ltd ,56 433, , ,56 369, ,01 KT Corp ADR ,80 555, , ,82 518, ,87 Telekomunikasi Indonesia ,95 518, ,37 SK Telecom Co Ltd ADR ,26 518, ,31 Insurance Australia Group ,03 466, ,38 Macquarie Bank Ltd ,40 466, ,51 Harbin Power Equipment Co-H ,94 66, ,46 Shanghai Industrial ,65 66, ,74 China Agri-Industries Hldgs ,82 71, , ,20 66, ,81 Fushan International Energy ,54 66, ,56 Asustek Computer Inc GDR ,39 555, , ,60 518, ,29 Taiwan Semiconductor ADR ,54 555, , ,44 518, ,53 Side 4 af 44

5 Goodman Fielder Ltd ,63 466, ,36 Hong Kong & China Gas Co ,50 66, ,10 Sime Darby Berhad ,80 180, , ,97 151, ,43 Jardine Cycle & Carriage Lt ,60 433, , ,00 369, ,79 MOSEL VITELIC SP 843 4,93 555, , ,87 518, ,01 BHP Billiton Ltd ,25 569, , ,12 466, ,12 CFS Retail Property Trust ,76 569, , ,90 466, ,75 Wesfarmers Ltd ,00 569, , ,27 466, ,41 Sun Hung Kai Properties ,10 71, , ,30 66, ,92 Wing Hang Bank Limited ,50 71, , ,50 66, ,86 Cnooc Ltd ,44 71, , ,20 66, ,97 Malayan Banking ,50 180, , ,86 151, ,45 DBS Group Holdings Ltd ,32 433, , ,40 369, ,38 Mirvac Group ,23 569, , ,57 466, ,39 Westfield Group ,58 569, , ,54 466, ,39 Shangri-La Asia ,10 71, , ,60 66, ,03 Yanzhou Coal Mining Co Ltd ,75 71, ,70 Link REIT/The ,15 71, ,36 Chaoda Modern Agriculture H ,83 71, ,43 United Overseas Land uol ,75 433, , ,07 369, ,67 Lotte Shopping Co Ltd ,08 555, ,72 Posco ADR ,69 555, , ,10 518, ,61 Shinhan Financial Grp-Adr ,82 555, , ,28 518, ,68 United Microelectronics ADR ,16 555, , ,88 518, ,91 Woolworths Ltd ,00 466, ,32 Wesfarmers LTD-PPS ,30 569, , ,20 466, ,27 Jiangxi Copper Company Ltd ,55 71, , ,36 66, ,07 China Everbright Ltd ,56 71, , ,20 66, ,97 BOC Hong Kong Holdings Ltd ,45 71, , ,60 66, ,47 Misc ,36 180, , ,47 151, ,71 Metropolitan Bank & Trust ,00 12, , ,00 11, ,98 Metropolitan Bank & Trust t-ret ,00 12, ,06 United Overseas Bank Ltd ,20 433, , ,70 369, ,96 Korea Elec Power Corp ADR ,51 555, , ,54 518, ,22 LG Electronics Inc GDR ,00 555, , ,20 518, ,40 Pt Indosat-Adr ,11 518, ,36 Orica Limited ,90 569, , ,05 466, ,20 Cheung Kong ( Hldgs ) ,90 71, , ,30 66, ,48 Sino Land Co ,54 71, , ,10 66, ,04 Side 5 af 44

6 Fraser and Neave Ltd ,41 433, ,49 Advanced Semiconduct GDR ,74 555, , ,43 518, ,22 Siliconware Prec ,01 518, ,86 Caltex Australia Limited ,37 569, , ,30 466, ,34 General Property Group ,61 466, ,24 National Australia Bank Ltd ,70 569, , ,40 466, ,98 Santos Ltd ,09 466, ,20 Suncorp Group Ltd ,61 569, , ,69 466, ,73 Orient Overseas Internation ,40 71, , ,30 66, ,48 PetroChina Co Ltd ,16 71, , ,32 66, ,09 Beijing Enterprises Hlds ,20 71, , ,25 66, ,89 Telekom Malaysia ,51 180, , ,06 151, ,49 Woori Finance Holdings-Adr ,55 555, , ,95 518, ,74 China Steel GDR ,75 555, , ,00 518, ,83 Bendigo And Adelaide Bank ,95 569, , ,84 466, ,36 Dongfeng Motor Grp Co Ltd-H ,18 66, ,62 Weichai Power Co Ltd ,85 71, ,70 China Resources Enterprise ,85 71, ,37 China Travel Intl Inv Hk ,75 71, , ,32 66, ,40 China Mobile Ltd ,20 71, , ,85 66, ,16 Oversea-Chinese Banking ,88 433, , ,10 369, ,45 MAp Group ,99 569, , ,03 466, ,40 Cosco Pacific Limited ,54 71, , ,93 66, ,39 Air China Ltd ,73 71, ,62 Bank Of China Ltd - H ,10 71, , ,20 66, ,22 Ind & Comm Bk Of China - H ,79 71, , ,44 66, ,68 Ping An Insurance Group Co ,00 66, ,72 Henderson Land Development ,00 71, , ,40 66, ,92 New World Development ,60 71, , ,96 66, ,91 Swire Pacific Ltd A ,80 71, , ,00 66, ,30 Fletcher Building Ltd ,66 433, , ,99 377, ,54 Capitaland Ltd ,71 433, , ,20 369, ,04 Capitamall Trust ,95 433, , ,80 369, ,53 Singapore Telecom Ltd ,11 369, ,06 Keppel Corp ,32 433, , ,23 369, ,80 Singapore Airlines Ltd ,30 433, ,55 Acer Incorporated GDR ,60 555, , ,60 518, ,53 Australian Stock Exchange ,94 466, ,35 Bluescope Steel Limited ,25 569, , ,11 466, ,03 Side 6 af 44

7 Intoll Group ,34 466, ,02 Woodside Petroleum Ltd ,20 466, ,64 China Petroleum & Chemical ,44 71, , ,91 66, ,92 Wheelock & Co Ltd ,45 71, , ,80 66, ,28 Citic Pacific Ltd (0267) ,90 66, ,64 Semiconductor Manufacturing ,56 71, ,30 Golden Agri-Resources Ltd ,80 433, , ,51 369, ,04 Lg.Philips Lcd-Adr ,75 555, , ,93 518, ,53 Samsung Electronics GDR ,90 555, , ,00 518, ,61 Computershare Limited ,45 466, ,04 Goodman Group ,65 569, ,38 Lend Lease Group ,27 466, ,26 Origin Energy Limited ,82 466, ,87 Rio Tinto Ltd ,47 569, , ,89 466, ,80 Aluminum Corp Of China Ltd ,55 66, ,79 Wharf Holdings Ltd ,80 71, , ,75 66, ,83 Lenovo Group Limited ,86 66, ,92 Kingboard Chemical Holdings ,55 71, , ,80 66, ,73 Tenaga Nasional ,70 180, , ,40 151, ,25 Axiata Group Berhad ,75 180, , ,05 151, ,20 Sky City Enterainment Group ,30 377, ,33 KB Financial Group Inc ,89 555, , ,85 518, ,33 AGL ENERGY ,23 569, , ,06 466, ,12 Stockland ,60 569, , ,95 466, ,71 Maanshan Iron & Steel-H ,68 66, ,42 Hutchison Whampoa Ltd ,00 71, , ,40 66, ,57 Genting Malaysia Berhad ,39 180, , ,81 151, ,57 Auckland International Airp ,18 433, ,27 Chunghwa Telecom Co Ltd-Adr ,27 555, , ,57 518, ,35 ANZ Banking Group ,35 569, , ,88 466, ,95 OZ Minerals Ltd ,72 569, , ,18 466, ,48 Toll Holdings Limited ,74 466, ,81 China Life Insurance co ,35 66, ,14 China Telecom Corp Ltd ,07 71, ,31 China Shipping Container-H ,44 71, , ,80 66, ,59 CLP Holding Ltd ,10 71, , ,45 66, ,08 Bank of East Asia ,55 71, , ,85 66, ,96 Fosun International ,71 71, , ,42 66, ,36 AU Optronics Corp ADR ,42 555, , ,99 518, ,37 Side 7 af 44

8 Udenlandske unoterede aktier BGP HOLDING ,00 745,21 2 0, ,00 744,09 2 0,00 Sparinvest Value aktier 31. december 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 ,00 100, , ,00 100, ,52 Udenlandske noterede Aktier Finnair OYJ ,04 745, , ,75 744, ,52 Axel Springer AG ,05 744, ,05 Bongrain SA ,25 745, , ,95 744, ,82 Showa Corporation ,00 6, , ,00 5, ,69 Tokyo Style Co Ltd (8112) ,00 6, , ,00 5, ,81 Toyo Suisan Kaisha Ltd ,00 6, ,59 Peugeot SA ,41 745, , ,67 744, ,28 Inpex Holdings Inc ,00 6, ,53 MS&AD Insur.Grp Hold.Inc ,00 6, , ,00 5, ,85 Oce NV ,59 744, ,77 Cabela's Inc ,75 555, ,31 Scholastic Corp ,54 555, , ,83 518, ,46 Medion AG ,50 745, , ,40 744, ,58 Fromageries Bel ,50 745, , ,00 744, ,23 Matsumoto Yushi-Sei. (4365) ,00 6, , ,00 5, ,02 Koninklijke Wessanen NV ,96 745, , ,19 744, ,68 Caltex Australia Limited ,37 569, ,56 Noble Corp ,77 555, ,19 Salzgitter AG ,77 745, , ,44 744, ,28 NKSJ Holdings Inc ,00 6, ,15 Nichicon Corp ,00 6, , ,00 5, ,23 Funai Electric ,00 6, , ,00 5, ,38 Philips Electronic NV ,92 745, , ,68 744, ,77 Tessenderlo Chemie ,19 745, , ,05 744, ,23 Daetwyler Holding AG ,00 501, ,42 Sainsbury Plc (J) ,76 869, , ,24 837, ,74 Side 8 af 44

9 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 ,61 745, , ,46 744, ,95 International Speedway Corp ,17 555, ,34 Western Digital Corp ,90 555, ,93 Rieter Holding AG ,00 595, , ,50 501, ,39 Douglas Holding AG ,00 745, , ,03 744, ,91 Koenig & Bauer ,50 745, , ,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 ,76 555, , ,20 518, ,14 Tidewater Inc ,84 555, ,03 Conzzeta AG ,00 595, , ,00 501, ,51 Tenma Corp (7958) ,00 6, , ,00 5, ,46 Nippon Tel & Tel Corp ,00 6, , ,00 5, ,67 Dillard's Inc ,94 555, , ,45 518, ,73 Hutchison Whampoa Ltd ,00 71, , ,40 66, ,15 Benetton Group Spa ,92 745, , ,24 744, ,33 Aida Eng. Ltd. (6118) ,00 6, , ,00 5, ,25 Vishay Intertechnology Inc ,68 555, ,78 Total Produce Plc ,38 745, , ,34 744, ,26 Toyota Industries Corp ,00 6, , ,00 5, ,92 Columbia Sportswear Co ,04 518, ,30 Corning Inc ,32 555, ,75 4Kids Entertainment Inc ,59 518, ,03 Valero Energy Corp ,12 555, , ,75 518, ,84 Omv Ag ,10 745, , ,70 744, ,09 Micronas Semiconductor ,00 595, , ,95 501, ,21 Villeroy & Boch AG Pfd ,55 745, , ,47 744, ,13 Eurazeo ,49 745, , ,84 744, ,35 Renault ,50 745, , ,20 744, ,10 Berkeley Group ,90 869, , ,20 837, ,40 Sony Corporation ,00 6, , ,00 5, ,08 Tokyo Steel Mfg Co Ltd ,00 6, ,39 Nissay Dowa General Insuran ,00 5, ,45 Mandom Corp ,00 6, , ,00 5, ,19 Side 9 af 44

10 Canadian Tire Corp Ltd ,18 559, ,56 Bic ,30 744, ,61 Aioi Ins Co Ltd (8761) ,00 5, ,66 Maezewa Kasei Industries ,00 6, , ,00 5, ,18 Patterson-Uti Energy Inc ,55 555, , ,35 518, ,24 Int Forest Products ,69 494, ,07 Kuoni Reisen Holding ,25 595, , ,00 501, ,93 Cewe Color Holding ,35 745, , ,60 744, ,29 Fraport AG ,16 745, , ,28 744, ,84 NSC Groupe ,80 745, , ,00 744, ,02 Bovis Homes Group PLC ,14 869, , ,35 837, ,09 David S. Smith Hlds. Plc ,02 869, , ,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 ,71 555, , ,86 518, ,60 MAN AG ,99 745, , ,44 744, ,94 Hochtief Ag ,54 745, , ,55 744, ,16 Deutsche Postbank Ag ,88 744, ,30 Devernois SA ,00 745, , ,00 744, ,02 Royal Dutch Shell Plc-A Shs ,73 745, , ,10 744, ,14 Fyffes Plc ,37 745, , ,46 744, ,35 Buzzi Unicem SpA ,54 745, , ,28 744, ,93 Gunma Bank Ltd ,00 6, , ,00 5, ,06 Charle Co Ltd ,00 5, ,00 Singapore Airlines Ltd ,30 433, , ,94 369, ,89 American National Insurance ,62 555, , ,44 518, ,24 National Western Life Ins ,72 555, , ,62 518, ,15 Natuzzi Spa ADR ,27 555, , ,23 518, ,11 UPM-Kymmene OYJ ,22 745, , ,32 744, ,12 Guyenne-Gascogne ,86 745, , ,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 Side 10 af 44

11 Agco Corp ,34 518, ,32 Werner Enterprises Inc ,60 555, , ,80 518, ,61 Zurich Financial Services A ,20 595, ,50 Banque Cantonale Vaudoise ,00 595, , ,00 501, ,37 Millennium & Copthorne ,91 869, , ,71 837, ,79 Eni Spa ,34 745, , ,80 744, ,49 Dai Nippon Printing Co Ltd ,00 6, , ,00 5, ,44 Nipponkoa Insurance ,00 5, ,15 L.M. Ericsson B ,15 82, , ,90 72, ,64 J.C Penney Co Inc ,31 555, ,73 Danske unoterede aktier Sparinvest Holding ,00 100, , ,00 100, ,40 Kingosvej 1, 2630 Taastrup Ejerandel udgør 13,44 % af aktiekapitalen i Sparinvest Holding Egenkapitalen ultimo 2009 var på 279,5 mio. kr. i Sparinvest Holding Udenlandske unoterede aktier Ventana Growth Fund 1 1 0,00 555,49 0 0,00 1 0,00 518,63 0 0,00 Sparinvest Euro Stoxx december 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. Iberdrola SA ,77 745, , ,67 744, ,86 L'Oreal ,08 745, , ,00 744, ,33 Bayerische Motoren Werke Ag ,85 745, ,15 Unibail-Rodamco ,00 745, ,85 Philips Electronic NV ,92 745, , ,68 744, ,65 Deutsche Bank AG ,10 745, , ,42 744, ,72 Banco Bilbao Vizcaya Arg ,56 745, , ,73 744, ,75 Air Liquide ,64 745, , ,03 744, ,64 Societe Generale ,22 745, , ,95 744, ,93 SAP AG ,10 745, , ,00 744, ,62 Enel Spa ,74 745, , ,05 744, ,17 LVMH Moet Hennessy Louis V ,10 745, , ,38 744, ,73 Unilever Cert ,30 745, , ,75 744, ,67 Aegon NV ,54 744, ,37 Side 11 af 44

12 Inbev Nv ,80 745, , ,40 744, ,61 Vinci Sa ,47 744, ,49 Siemens AG ,70 745, , ,21 744, ,67 BASF AG ,70 745, , ,46 744, ,43 Telefonica SA ,97 745, , ,52 744, ,96 Carrefour SA ,85 745, , ,56 744, ,79 GDF Suez ,85 745, , ,29 744, ,25 Allianz AG ,93 745, , ,15 744, ,00 Sanofi-Aventis ,85 745, , ,06 744, ,59 Crh Plc ,50 745, , ,01 744, ,20 Intesa Spa ,03 745, , ,15 744, ,55 Fortis CP ,00 744,09 0 0,00 DaimlerChrysler AG ,73 745, , ,23 744, ,20 Repsol SA ,85 745, , ,73 744, ,40 Banco Santander Ctrl Hisp ,93 745, , ,55 744, ,62 Danone ,02 745, , ,83 744, ,45 SCHNEIDER ELECTRIC SA ,00 745, , ,78 744, ,89 ING Groep NV ,28 745, , ,90 744, ,76 Bayer AG ,30 745, , ,96 744, ,09 Credit Agricole Sa ,50 745, , ,36 744, ,76 Compagnie de Saint-Gobain ,50 745, , ,07 744, ,27 Muenchener Rueckver AG ,45 745, , ,67 744, ,70 Total SA ,65 745, , ,01 744, ,35 Vivendi Universal SA ,20 745, , ,80 744, ,56 Unicredit SPA ,55 745, , ,34 744, ,28 Eni Spa ,34 745, , ,80 744, ,99 ARCELORMITTAL ,38 745, , ,18 744, ,09 Deutsche Telekom AG ,66 745, , ,29 744, ,58 E.ON AG ,23 744, ,24 Nokia OYJ ,92 744, ,60 Axa ,45 745, , ,54 744, ,04 BNP Paribas ,61 745, , ,90 744, ,59 France Telecom SA ,60 745, , ,43 744, ,73 Telecom Italia Spa ,97 745, , ,09 744, ,00. Side 12 af 44

13 Sparinvest S&P december 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 ,38 555, , ,03 518, ,74 Comerica ,24 555, ,34 Dr Horton Inc ,93 555, , ,87 518, ,43 EMC Corp/Mass ,90 555, , ,47 518, ,54 Eastman Chem Co ,08 555, ,78 General Electric Co ,29 555, , ,13 518, ,28 Hartford Financial Svcs ,49 555, , ,26 518, ,13 Hess Corp ,54 555, , ,50 518, ,17 Int Business Machines Corp ,76 555, , ,90 518, ,95 Macy's Inc ,30 555, , ,76 518, ,14 Varian Medical Systems Inc ,28 555, ,37 Worldcom Inc-Worldcom Group ,00 555,49 0 0, ,00 518,63 0 0,00 Bank of New York Mellon cor ,97 518, ,37 CA INC ,46 518, ,14 CareFusion Corp ,70 555, , ,01 518, ,04 CenturyLink Inc ,17 555, , ,21 518, ,58 Coca Cola Co ,77 555, , ,00 518, ,30 Colgate-Palmolive Co ,15 518, ,75 ConocoPhillips ,10 555, , ,07 518, ,88 Dean Foods Co ,04 518, ,23 The Walt Disney Co ,51 555, , ,25 518, ,70 EQT Corp ,92 518, ,44 Pepco Holdings Inc ,25 555, ,34 Qualcomm Inc ,26 518, ,71 Simon Property Group Inc 13 99,49 555, ,00 Tyson Foods Inc ,22 555, , ,27 518, ,87 Watson Pharmaceutical inc ,65 555, , ,61 518, ,49 Xerox Corp ,52 555, ,61 Applied Materials Inc ,94 518, ,22 Bb&T Corp ,29 555, , ,37 518, ,41 Discovery Communications-A ,70 555, ,10 Home Depot Inc ,06 555, , ,93 518, ,61 Hormel Foods Corp ,26 555, ,41 Interpublic Group Comp USD ,62 555, ,42 Northrop Grumman Corp ,78 555, , ,85 518, ,35 Side 13 af 44

14 Nvidia Corp ,68 518, ,11 Southern Co ,32 518, ,39 Eaton Corp ,51 555, ,54 MeadWestvaco Corp ,16 555, , ,63 518, ,22 Precision Castparts Corp ,21 555, ,37 Progressive Corp ,87 555, , ,99 518, ,25 JM Smucker Co ,65 555, , ,75 518, ,93 Tiffany & Co ,27 555, ,66 TIME WARNER CABLE ,03 555, , ,39 518, ,73 Analog Devices ,58 518, ,25 Corning Inc ,32 555, , ,31 518, ,61 First Horizon National Corp ,40 518, ,28 McCormick & Co Inc/MD ,53 555, ,60 Micron Technology Inc ,02 555, , ,56 518, ,40 Parker Hannifin Corp ,30 555, , ,88 518, ,62 Pepsico Inc ,33 555, , ,80 518, ,63 Target Corp ,13 555, , ,37 518, ,60 Titanium Metals Corp ,18 555, ,27 United Technologies Corp ,72 555, , ,41 518, ,85 Valero Energy Corp ,75 518, ,12 Amerisourcebergen Corp ,12 555, , ,07 518, ,46 Cigna Corp ,66 555, , ,27 518, ,33 Electronic Arts Inc ,75 518, ,14 Forest Labs ,98 555, , ,11 518, ,25 Gap Inc ,95 518, ,12 Goodrich Corp ,07 555, ,35 Lexmark International Inc-A ,82 555, ,46 Microsoft Corp ,91 555, , ,48 518, ,81 Morgan Stanley ,21 555, , ,60 518, ,57 Nisource Inc ,62 555, , ,38 518, ,15 Pioneer Natural Resources C ,82 555, , ,17 518, ,72 Suntrust Banks Inc ,29 518, ,30 Williams Cos Inc ,72 555, , ,08 518, ,25 Altera Corp ,58 555, ,47 Big Lots Inc ,98 518, ,54 CME Group Inc ,75 555, , ,96 518, ,29 Chubb Corp ,64 555, ,43 Gannett Co ,09 555, , ,85 518, ,10 Humana Inc ,74 555, ,29 Side 14 af 44

15 M & T Bank Corp ,05 555, ,55 Motorola Solutions Inc ,07 555, , ,76 518, ,33 Newmont Mining Corp ,31 518, ,14 Reynolds American Inc ,62 555, , ,97 518, ,53 Sealed Air Corp ,45 555, , ,86 518, ,44 Spectra Energy Corp ,99 555, , ,51 518, ,24 Sysco Corp ,94 518, ,29 3M Company ,67 518, ,95 Viacom ,61 555, , ,73 518, ,47 Ace Ltd ,25 555, ,41 Ameren Corporation ,95 518, ,58 American Express Co ,52 518, ,43 CMS Energy Corp ,60 555, , ,66 518, ,53 ConAgra Foods Inc ,05 518, ,52 Ebay Inc ,53 518, ,41 Goldman Sachs Inc ,16 555, , ,84 518, ,04 P G & E Corp ,84 555, , ,65 518, ,39 Pulte Homes Inc ,00 518, ,30 United States Steel Corp ,12 518, ,26 Zimmer Holdings Inc ,11 518, ,19 Archer Daniels Midland Co ,08 555, , ,31 518, ,28 Bmc Software Inc ,10 518, ,35 Cf Industries Holdings Inc ,15 555, ,50 Capital One Financial Corp ,34 518, ,63 Cisco Systems Inc ,94 518, ,14 Federated Investors Inc-CI ,50 518, ,38 Ford Motor Co ,00 518, ,51 Google Inc ,97 555, , ,98 518, ,92 Huntington Bancshares ,87 555, , ,65 518, ,14 O'Reilly Automotive Inc ,64 555, ,00 Raytheon Company ,52 518, ,46 Sun Microsystems Inc ,37 518, ,24 Thermo Fisher Scientific In ,36 555, , ,69 518, ,54 Time Warner Inc ,17 555, , ,14 518, ,22 Wellpoint Inc ,86 555, , ,29 518, ,79 Aetna Inc ,51 555, , ,70 518, ,28 Ameriprise Financial Inc ,55 555, , ,82 518, ,16 Bristol-Myers Squibb Co ,25 518, ,37 CBS Corp ,05 555, , ,05 518, ,18 Side 15 af 44

16 Cardinal Health Inc ,24 518, ,11 Genuine Parts Co ,34 555, ,48 McDonald`s Corp ,44 518, ,50 Merck & Co Inc ,04 555, , ,54 518, ,29 Nicor Inc ,92 555, , ,10 518, ,39 Occidental Petroleum Corp C ,10 555, , ,35 518, ,08 Progress Energy Inc ,48 555, , ,01 518, ,31 Worldcom Inc-MCI Group 206 0,00 555,49 0 0, ,00 518,63 0 0,00 Carnival Corp ,11 555, , ,69 518, ,41 American Int Group ,62 555, , ,98 518, ,03 Assurant Inc ,52 555, ,43 AvalonBay Communities Inc ,55 555, ,39 Dte Energy Company ,32 555, ,32 Danaher Corp ,17 555, ,50 Duke Energy Holding ,81 555, , ,21 518, ,41 Exxon Mobil Corp ,12 555, , ,19 518, ,13 Halliburton Co ,09 518, ,45 Intel Corp ,03 555, , ,40 518, ,36 Mylan Inc ,43 518, ,51 Oracle Corp ,30 555, , ,53 518, ,23 Schlumberger Ltd ,50 555, , ,09 518, ,63 Alcoa Inc ,12 518, ,26 Amgen Inc ,57 518, ,27 Bank of America Corp ,34 555, , ,06 518, ,17 Cephalon Inc ,42 518, ,31 Citigroup Inc ,73 555, , ,31 518, ,12 Computer Sciences Corp ,60 555, , ,53 518, ,44 Cummins Engine inc ,01 555, ,40 Firstenergy Corp ,45 518, ,35 WW Grainger Inc ,91 555, ,55 News Corp-CI A ,56 555, , ,69 518, ,36 PerkinElmer Inc ,82 555, ,68 Procter & Gamble Co ,33 555, , ,63 518, ,97 Sunoco Inc ,10 518, ,12 United Healthcare, usd 0, ,11 555, , ,48 518, ,54 Allstate Corp ,88 555, , ,04 518, ,27 Anadarko Petroleum Corp ,16 555, , ,42 518, ,69 Comcast Corp Class A ,97 555, , ,86 518, ,46 Consolidated Edison ,57 555, ,98 Side 16 af 44

17 Leggett & Platt Inc ,40 518, ,56 Medtronic Inc ,98 518, ,54 Meredith Corp ,85 518, ,31 Nucor Corp ,65 518, ,27 Pfizer Inc ,51 555, , ,19 518, ,58 Philip Morris International ,53 555, , ,19 518, ,59 Supervalu Inc ,71 518, ,27 Apache Corp ,23 555, , ,17 518, ,50 Bed Bath & Beyond Inc ,61 518, ,48 Family Dollar Stores ,71 555, , ,83 518, ,19 Fortune Brands Inc ,25 555, ,43 Hewlett-Packard Co ,51 518, ,65 Johnson & Johnson ,85 555, , ,41 518, ,21 Marathon Oil Corp ,03 555, , ,22 518, ,19 Marsh & McLennan ,08 518, ,11 Molson Coors Brewing Co -B ,19 555, , ,16 518, ,79 National Oilwell Varco Inc ,25 555, , ,09 518, ,23 Prologis ,69 518, ,12 Sandisk Corp ,86 555, , ,99 518, ,80 Sprint Corp FON Group ,23 555, , ,66 518, ,17 Tellabs Inc ,78 555, , ,68 518, ,65 Verizon Communications Inc ,13 518, ,45 Xilinx Inc ,06 518, ,08 Yahoo! Inc ,63 555, , ,78 518, ,35 XL Group Plc ,82 555, , ,33 518, ,46 Adobe Systems Inc ,78 518, ,47 Apple Computer ,56 555, , ,73 518, ,62 Baker Hughes ,48 518, ,28 ChevronTexaco Corp ,25 555, , ,99 518, ,12 Discover Financial - W/I ,53 555, , ,71 518, ,68 Dow Chemical ,14 555, ,26 J.C Penney Co Inc ,61 518, ,16 Sears Holdings Corp ,45 518, ,88 Union Pacific Corp ,66 555, , ,90 518, ,60 Wells Fargo & Company ,99 555, , ,99 518, ,19 Xcel Energy Inc ,55 555, , ,22 518, ,53 Aes Corp ,31 518, ,15 AOL US ,28 518, ,05 Agilent Technologies Inc ,07 518, ,11 Side 17 af 44

18 Autonation Inc ,15 518, ,34 Boston Scientific Com USD ,57 555, , ,00 518, ,08 CVS. Corp ,77 555, , ,21 518, ,52 Fedex Corp ,01 555, , ,45 518, ,40 Fidelity National Informati ,39 555, , ,44 518, ,70 JP Morgan Chase & Co ,42 555, , ,67 518, ,94 Kohls Corp ,34 555, , ,93 518, ,30 Kraft Foods Inc-A ,51 555, ,83 Medco Health Solutions Inc ,91 518, ,22 Nyse Euronext ,30 518, ,37 PNC Bank Corp ,72 555, , ,79 518, ,05 Travelers Cos Inc/The ,71 555, , ,86 518, ,16 Walgreen Co ,72 518, ,74 Wyndham Worldwide Corp ,96 555, ,03 Udenlandske unoterede aktier Ventana Growth Fund 1 1 0,00 555,49 0 0,00 1 0,00 518,63 0 0,00 Sparinvest Europæiske Finansielle Aktier 31. december 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. Østjydsk Bank A/S ,00 100, , ,50 100, ,00 Sparekassen Fåborg A/S ,00 100, , ,00 100, ,85 Grønlandsbanken ,00 100, , ,00 100, ,84 Kreditbanken ,00 100, , ,00 100, ,51 Danske Bank A/S ,00 100, , ,00 100, ,84 Svendborg Sparekasse A/S ,00 100, , ,00 100, ,89 Skjern Bank ,00 100, , ,00 100, ,28 Vestjysk Bank A/S ,50 100, , ,00 100, ,57 Sparbank ,00 100, , ,00 100, ,60 Max Bank A/S ,40 100, , ,00 100, ,40 Lollands Bank A/S ,50 100, , ,00 100, ,35 Tønder Bank A/S ,00 100, , ,50 100, ,64 Ringkjøbing Landbobank A/S ,00 100, , ,00 100, ,89 Nordjyske Bank A/S ,00 100, , ,00 100, ,87 Roskilde Bank ,00 100,00 0 0, ,00 100,00 0 0,00 Side 18 af 44