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BESTINVER SICAVSociété d'Investissement à Capital Variable

R.C.S. Luxembourg: B 129 617Audited Annual Report as at December 31, 2019

BESTINVER SICAV

BESTINVER BESTINFUND

BESTINVER IBERIAN

BESTINVER INTERNATIONAL

BESTINVER LATIN AMERICA

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, ifpublished after such Annual Report.

BESTINVER SICAV

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Table of Contents

Organisation of the SICAV 2

Directors' Report 4

Audit Report 13

Statistics 16

Combined Statement of Net Assets as at December 31, 2019 17

Combined Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 17


Statement of Net Assets as at December 31, 2019 18

Statement of Operations and Changes in Net Assets for the year ended December 31, 2019 18

Statement of Changes in Number of Shares 18

Securities Portfolio as at December 31, 2019 19

Portfolio Breakdowns 21

Top Ten Holdings 21

BESTINVER IBERIAN






Top Ten Holdings 24







Top Ten Holdings 27







Top Ten Holdings 30

Notes to the Financial Statements 31

Unaudited Information 34

BESTINVER SICAV

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REGISTERED OFFICE

60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

BOARD OF DIRECTORS

Chairman

Francisco Fernández de Navarrete GaraizabalHead of International SalesBestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 MadridSpain

Board Members

Gustavo Trillo GarriguesHead of Business Development & Investor RelationsBestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 MadridSpain

Helen Morris Sanz Legal CounselBestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 Madrid Spain

Juan José Fortun Menor Head of OperationsBestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 Madrid Spain

Mario de la Fuente Muñoz Chief Financial OfficerBestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 MadridSpain

MANAGEMENT COMPANY

MDO Management Company S.A.19, rue de Bitbourg,L-1273 LuxembourgGrand Duchy of Luxembourg

INVESTMENT MANAGER AND GLOBAL DISTRIBUTOR

Bestinver Gestión S.A., SGIIC C/ Juan de Mena, 8 - 1ºDS-28014 MadridSpain

DEPOSITARY, DELEGATE REGISTRAR, DELEGATE TRANSFER AGENT AND DOMICILIARY AGENT

BNP Paribas Securities Services, Luxembourg Branch60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

DELEGATE ADMINISTRATIVE AGENT

BNP Paribas Securities Services, Luxembourg Branch60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Organisation of the SICAV

BESTINVER SICAV

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AUDITOR

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P.1443L-1014 LuxembourgGrand Duchy of Luxembourg

Organisation of the SICAV (Continued)

BESTINVER SICAV Directors’ Report

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BESTINVER BESTINFUND 1. MARKET SITUATION AND FUND PERFORMANCE a. Manager's view on the situation in the markets 2019 ends with a positive return from the equity markets and for our investors. It was a positive year but one in which our management was conditioned by the principle of prudence before the distortions created by negative interest rate monetary policy. We have sought to strike a fine balance between increasing exposure to cheap companies (as of today, primarily financials and industrials) while avoiding value traps (in the same sectors), managing liquidity risk and, of course, using the competitive advantage generated by our team of analysts. Thanks to this knowledge, we have identified and taken advantage of opportunities in a number of companies. The global environment has not been favourable, particularly for the value investor. The market has been dominated by high-growth companies, while we seek opportunities in companies that offer attractive valuations generally based in Europe. The geopolitical events witnessed in the second half of 2019 were not very different from those we are facing at present, nor will they differ greatly from those we will face over the coming year. We must understand them as events that can generate volatility in the market and of which we can try to take advantage if prepared in advance. As loyal adherents of the value investing philosophy, the circle of competence at Bestinver is valuing companies, an activity to which the investment team dedicates all its efforts. Nevertheless, we take advantage of inefficiencies that arise in the market in the short term to pivot the portfolio, assuming or unwinding positions in accordance with the prices of each of the companies that make up the portfolio. This way of understanding the market and investments gives us a long-term vision to obtain returns meaning we do not base decisions on forecasts of what the markets may do or our portfolios in the upcoming months. b. General decisions on investments adopted Due to the existing volatility of the markets in which the fund invests over the last half-year, generated by geopolitical tensions or isolated events within specific companies, we have carried out purchase and sale transactions while increasing or reducing our positions. The most relevant transactions are detailed below. The geographic exposure of our companies at the close of 2019 is the following: Europe 70.9%, Iberia 9.3% Others 13.2% The remaining 6.7% is in liquidity. In terms of sectoral perspective, the breakdown is the following: Retail 19.8%, Industrial 40.6%, Financial services 18.5% and Media & Technology 14.4%. c. Benchmark index The benchmark index used, for merely comparative purposes, is the STOXX 600 in EUR which had a return of 8.9% in the second half of 2019. In this same period, the fund had a return of 10.5%. d. Performance of assets, investors, returns and costs of the CII The NAV of BESTINVER BESTINFUND as of December 31, 2019 was EUR 672.07, thanks to a return of 10.5% in the second half and a cumulative return for the year of 20.54%. The fund’s assets, at the end of the semester, stood at EUR 59.81 million compared to EUR 58.6 million at the start of the semester. The average cost-to-equity ratio was the following: 1.10% in the first semester of 2019 and 2.20% cumulative for the year. This ratio includes the management fee, depository fee and other current management costs. 2. INVESTMENT INFORMATION a. Investments made during the period We took advantage of increases resulting from the takeover bid to exit Cobham after earning a considerable return that reduced the revaluation potential of same. We also exited the property company Colonial after its good performance left us without sufficient safety margin to remain invested. We took advantage of the drops in the markets to add Aperam to the portfolio, a company that we believe to have a very interesting revaluation potential over the medium-long term thanks to its position as a leader in a number of regions where it is present. For various reasons, the market also presented us with the opportunity to increase our position in Ence, Delivery Hero and ABB among others. During the second half of 2019, the highest contributors to the positive results of BESTINVER BESTINFUND were companies like Delivery Hero, Cobham, Intesa Sanpaolo, Societe Generale and BNP Paribas on the international side and Solaria and Unicaja in the Iberian portfolio. On the other hand, we must highlight the negative effect on returns of Dassault Aviation, Flsmidth & Co, Zooplus and Renault on the international side and Prisa, Bankia and NOS in the Iberian portfolio.

BESTINVER SICAV Directors’ Report (continued)

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2. INVESTMENT INFORMATION (continued) b. Securities lending transactions N/A c. Temporary asset acquisition transactions N/A d. Other information for investors The following company is suspended or in liquidation: AC Hullera Vasco Leonesa. There is no claim procedure open against this company. 3. PERFORMANCE OF SPECIFIC RETURN OBJECTIVE N/A 4. EXERCISE OF POLITICAL RIGHTS In 2019 voting rights were exercised in the following companies: ITE Group, Takeaway, Bankinter, Bankia, Caixabank, Ferrovial, Merlin Properties, Acerinox, Viscofan, Saf Holland SA, Unicaja Banco,S.A, Standard Chartered PLC, Aedas Homes SA, Elecnor, SA, CAF, Befesa, Miquel y Costas, Indra, Tecnicas Reunidas, Solaria,Cobham PLC, Companhía de Locacao Das Americas, in favour of the proposals of the Board of Directors of the companies. 5. INFORMATION AND WARNINGS N/A 6. BENEFICIARIES OF SOLIDARITY FUND AND SUMS TRANSFERRED N/A 7. COSTS ARISING FROM ANALYSIS SERVICE The fund incurred costs amounting to EUR 11,589.35 for analysis services in the second half of 2019 and EUR 21,927.06 cumulative for the year, from various providers. The analysis received refers, in all cases, to securities included in the investment scope of the CIIs under management and their contribution in the investment decision-making process is positively valued by the management firm’s Investment Department. The providers of analysis services making up most of the sum paid in 2019 are detailed below:

MORGAN STANLEY, S.V., S.A.U. EUR 2,810.80 UBS S ECURITIES ESPAÑA, S.V., S.A. EUR 1,667.43 EXANE SA EUR 1,786.53 J.P.MORGAN SECURITIES PLC, SUCURSAL EN ESPAÑA EUR 1,429.22 BANK OF AMERICA MERRILL LYNCH EUR 1,333.94

The annual budget for analysis services for the year 2020 is EUR 19.626,60. 8. MARKET OUTLOOK AND PROJECTED PERFORMANCE OF FUND 2020 and the following years will continue to be complex for the fund. Geopolitical risks (some of first class), fear of a possible recession (we are always certain that there will be a recession, we just don’t know when) may temporarily alter the confidence of many investors. However, in our judgement, the attempt to normalise monetary policy is the most relevant element. In short, in a system with excessive debt in the hands of governments there is greater interest in investing in real assets like equity albeit prepared for a rollercoaster of volatility. Today more than ever, knowledge, prudence and patience on the part of both investors and managers are keys. Taking into account the fact that we cannot predict the performance of BESTINVER BESTINFUND in the short term, the environment leads us to think that there will be very attractive returns in the long term driven by the companies in our portfolio. Since the year end we have seen the development of the coronavirus COVID-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact, of this emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio.


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BESTINVER IBERIAN 1. MARKET SITUATION AND FUND PERFORMANCE a. Manager's view on the situation in the markets 2019 ends with a positive return from the equity markets and for our investors. It was a positive year but one in which our management was conditioned by the principle of prudence before the distortions created by negative interest rate monetary policy. We have sought to strike a fine balance between increasing exposure to cheap companies (as of today, primarily financials and industrials) while avoiding value traps (in the same sectors), managing liquidity risk and, of course, using the competitive advantage generated by our team of analysts. Thanks to this knowledge, we have identified and taken advantage of opportunities in a number of companies. The global environment and, more specifically, the instability at varying levels in Spain and Portugal have not been favourable, particularly for value investing. The market has been dominated by high-growth companies, while we seek opportunities in companies that offer attractive valuations domiciled in Spain and Portugal. The geopolitical events witnessed in the second half of 2019 were not very different from those we are facing at present, nor will they differ greatly from those we will face over the coming year. We must understand them as events that can generate volatility in the market and of which we can try to take advantage if prepared in advance. As loyal adherents of the value investing philosophy, the circle of competence at Bestinver is valuing companies, an activity to which the investment team dedicates all its efforts. Nevertheless, we take advantage of inefficiencies that arise in the market in the short term to pivot the portfolio, assuming or unwinding positions in accordance with the prices of each of the companies that make up the portfolio. This way of understanding the market and investments gives us a long-term vision to obtain returns meaning we do not base decisions on forecasts of how the markets or our portfolios may perform in the upcoming months. b. General decisions on investments adopted Due to the existing volatility of the markets in which the fund invests over the last half-year, generated by geopolitical tensions or ad hoc events within specific companies, we have carried out purchase and sale transactions while increasing or reducing our positions. The geographic exposure of our companies at the close of 2019 is the following: Spain 69.1%, Portugal 24.0%. The remaining 6.9% is in liquidity. In terms of sectoral perspective, the breakdown is the following: Retail 13.04%, Industrial 43.18%, Financial services 25.83% and Media & Technology 10.98%. The most relevant transactions are detailed below. c. Benchmark index The benchmark index used, for merely comparative purposes, comprised of 70% IGBM and 30% PSI, had a return of 5.12% in the second half of 2019. In this same period, the fund had a return of 8.93%. d. Performance of assets, investors, returns and costs of the CII The NAV of BESTINVER IBERIAN as of December 31, 2019 was EUR 412.47 thanks to a return of 8.93% in the second half and a cumulative return for the year of 12.81%. The fund’s assets, at the end of the semester, stood at EUR 20.3 million compared to EUR 19.5 million at the start of the semester. The average cost-to-equity ratio was the following: 1.16% in the first semester of 2019 and 2.33% cumulative for the year. This ration includes the management fee, depositary fee and other current management costs. 2. INVESTMENT INFORMATION a. Investments made during the period During the second half of the year, we added BME to our portfolio. This addition was made in full prior to the takeover bid for the company was made by SIX and we therefore benefitted from the revaluation as part of that. We also took advantage of drops in the prices of some companies to increase our position in Ence, a stock we believed to be penalized excessively for short-term performance of paper prices and for the closure of its factory in Pontevedra. In terms of exits from the Portfolio, we must mention Colonial, a company with unique assets in cities like Madrid, Barcelona and Paris, whose price no longer allowed for sufficient safety margin. During the second half of 2019, the highest contributors to the positive results of Bestinver Bolsa were companies like Solaria, BME, Unicaja, Indra and Galp. On the other hand, we must highlight the negative effect on returns of Prisa, Bankia, Banco Santander, Elecnor and NOS.


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2. INVESTMENT INFORMATION (continued) b. Securities lending transactions N/A c. Temporary asset acquisition transactions N/A d. Other information for investors The following companies are suspended or in liquidation: AC Hullera Vasco Leonesa. There is no claim procedure open against this company. 3. PERFORMANCE OF SPECIFIC RETURN OBJECTIVE N/A 4. EXERCISE OF POLITICAL RIGHTS In 2019, voting rights were exercised in the following companies: Bankinter, Bankia, Euskaltel, Ferrovial, Caixabank, Merlin Properties, Acerinox, Viscofan, Aedas Homes SA, Unicaja Banco S.A., Elecnor, Laboratorios ROVI, CAF, Miquel y Costas, Indra, Tecnicas Reunidas and Solaria in favour of the proposals of the Board of Directors of the company. 5. INFORMATION AND WARNINGS The invests in small cap companies and, as a results, assumes greater potential liquidity risk in the event of a worsening of economic and market conditions. 6. BENEFICIARIES OF SOLIDARITY FUND AND SUMS TRANSFERRED N/A 7. COSTS ARISING FROM ANALYSIS SERVICE The fund incurred costs amounting to EUR 3,222.01 for analysis services in the second half of 2019 and EUR 5,329.72 cumulative for the year, from various providers. The analysis received refers, in all cases, to securities included in the investment scope of the CIIs under management and their contribution in the investment decision-making process is positively valued by the management firm’s Investment Department. The providers of analysis services making up most of the sum paid in 2019 are detailed below:

JB CAPITAL MARKETS, SV, S.A. EUR 1,513.78 FIDENTIIS EQUITIES SV S.A. EUR 1,513.78 ALANTRA EQUITIES SOCIEDAD DE VALORES EUR 1,513.78

The annual budget for analysis services for the year 2020 is EUR 6,316.02. 8. MARKET OUTLOOK AND PROJECTED PERFORMANCE OF FUND 2020 and the following years will continue to be complex for the fund. Geopolitical risks, some of first class, fear of a possible recession (we are always certain that there will be a recession, we just do not know when) may temporarily alter the confidence of many investors. However, in our judgement, the attempt to normalise monetary policy is the most relevant element. In short, in a system with excessive debt in the hands of governments there is greater interest in investing in real assets like equity albeit prepared for a rollercoaster of volatility. Today more than ever, knowledge, prudence and patience on the part of both investors and managers are keys. Taking into account the fact that we cannot predict the performance of BESTINVER IBERIAN in the short term, the environment leads us to think that there will be very attractive returns in the long term driven by the companies in our portfolio. Since the year end we have seen the development of the coronavirus COVID-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact, of this emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio.


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BESTINVER INTERNATIONAL 1. MARKET SITUATION AND FUND PERFORMANCE a. Manager's view on the situation in the markets 2019 ends with a positive return from the equity markets and for our investors. It was a positive year but one in which our management was conditioned by the principle of prudence before the distortions created by negative interest rate monetary policy. We have sought to strike a fine balance between increasing exposure to cheap companies (as of today, primarily financials and industrials) while avoiding value traps (in the same sectors), managing liquidity risk and, of course, using the competitive advantage generated by our team of analysts. Thanks to this knowledge, we have identified and taken advantage of opportunities in a number of companies. The global environment has not been favourable, particularly for the value investor. The market has been dominated by high-growth companies, while we seek opportunities in companies that offer attractive valuations generally based in Europe. The geopolitical events witnessed in the second half of 2019 were not very different from those we are facing at present, nor will they differ greatly from those we will face over the coming year. We must understand them as events that can generate volatility in the market and which we can try to take advantage of if prepared in advance. As loyal adherents of the value investing philosophy, the circle of competence at Bestinver is valuing companies, an activity to which the investment team dedicates all its efforts. Nevertheless, we take advantage of inefficiencies that arise in the market in the short term to pivot the portfolio, assuming or unwinding positions in accordance with the prices of each of the companies that make up the portfolio. This way of understanding the market and investments gives us a long-term vision to obtain returns meaning we do not base decisions on forecasts of how the markets or our portfolios may perform in the coming months. b. General decisions on investments adopted Due to the existing volatility of the markets in which the fund invests over the last half-year, generated by geopolitical tensions or isolated events within specific companies, we have carried out purchase and sale transactions while increasing or reducing our positions. The most relevant transactions are detailed below. The geographic exposure of our companies at the close of 2019 is the following: Europe 82.6%, Others 15.2%. The remaining 2.3% is in liquidity. In terms of the sectoral perspective, the breakdown is the following: Retail 21.4%, Industrial 43.2%, Financial services 25.8% and Media & Technology 10.98%. c. Benchmark index The benchmark index used for merely comparative purposes is the STOXX 600 in EUR, which earned a return of 8.9% in the second half of 2019. In this same period, the fund earned a return of 11.3%. d. Performance of assets, investors, returns and costs of the CII The Net Asset Value per share of BESTINVER INTERNATIONAL as of December 31, 2019 was EUR 779.45 thanks to a return of 11.3% in the second half and a cumulative return for the year of 23.54%. The fund’s assets, at the end of the semester, stood at EUR 185.7 million compared to EUR 192.5 million at the start of the semester. The average cost-to-equity ratio was the following: 1.05% in the first semester of 2019 and 2.11% cumulative for the year. This ratio includes the management fee, depository fee and other current management costs. 2. INVESTMENT INFORMATION a. Investments made during the period We took advantage of increases resulting from the takeover bid to exit Cobham after earning a considerable return that reduced the upside potential. We also exited the property company Colonial after its good performance left us without sufficient safety margin to remain invested. We took advantage of the drops in the markets to add Aperam to the portfolio, a company that we believe to have a very interesting upside potential over the medium-long term thanks to its position as a leader in a number of the regions where it is present. For various reasons, the market also presented us with the opportunity to increase our position in Delivery Hero and ABB among others. During the second half of 2019, the highest contributors to the positive results of BESTINVER INTERNATIONAL were companies like Delivery Hero, Cobham, Intesa Sanpaolo, Societe Generale and BNP Paribas. On the other hand, we must highlight the negative effect on returns of Dassault Aviation, Flsmidth & Co, Zooplus and Renault.


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2. INVESTMENT INFORMATION (continued) b. Securities lending transactions N/A c. Temporary asset acquisition transactions N/A d. Other information for investors N/A 3. PERFORMANCE OF SPECIFIC RETURN OBJECTIVE N/A 4. EXERCISE OF POLITICAL RIGHTS In 2019, voting rights were exercised in the following companies: ITE Group PLC, Takeaway, SAF Holland, Standard Chartered, Befesa, Cobham PLC, Companhía de Locacao Das Americas, in favour of the proposals of the Board of Directors of the companies. 5. INFORMATION AND WARNINGS N/A 6. BENEFICIARIES OF SOLIDARITY FUND AND SUMS TRANSFERRED N/A 7. COSTS ARISING FROM ANALYSIS SERVICE The fund incurred costs amounting to EUR 36,873.56 for analysis services in the second half of 2019 and EUR 79,442.33 cumulative for the year, from various providers. The analysis received refers, in all cases, to securities included in the investment scope of the CIIs under management and their contribution in the investment decision-making process is positively valued by the management firm’s Investment Department. The providers of analysis services making up most of the sum paid in 2019 are detailed below:

MORGAN STANLEY, S.V., S.A.U. EUR 10,432.82 UBS SECURITIES ESPAÑA, S.V., S.A. EUR 6,188.96 EXANE SA EUR 6,631.03 GOLDMAN SACHS INTERNATIONAL EUR 3,536.55 J.P MORGAN SECURITIES PLC, SUCURSAL EN ESPAÑA EUR 5,304.83 BANK OF AMERICA MERRILL LYNCH EUR 4,951.17

The annual budget for analysis services for the year 2020 is EUR 61,783.43. 8. MARKET OUTLOOK AND PROJECTED PERFORMANCE OF FUND 2020 and the following years will continue to be complex for the fund. Geopolitical risks, some of first class, fear of a possible recession (we are always certain that there will be a recession, we just do not know when) may temporarily alter the confidence of many investors. In our judgement however, the attempt to normalise monetary policy is the most relevant element. In short, in a system with excessive debt in the hands of governments there is greater interest in investing in real assets like equity albeit prepared for a rollercoaster of volatility. Today more than ever, knowledge, prudence and patience on the part of both investors and managers are keys. Taking into account the fact that we cannot predict the performance of BESTINVER INTERNATIONAL in the short term, the environment leads us to think that there will be very attractive returns in the long term driven by the companies in our portfolio. Since the year end we have seen the development of the coronavirus COVID-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact, of this emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio.


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BESTINVER LATIN AMERICA 1. MARKET SITUATION AND FUND PERFORMANCE a. Manager's view on the situation in the markets Latin American markets performed very differently when the performance of the different countries is analysed individually. Brazil remained the motor of positive returns, thanks to the reformist agenda of the new government and the improved perception of risk and greater confidence of most sectors of the economy in the country. It was followed by Colombia, which is slowly emerging, from the paralysis in which it was mired following the Odebrecht corruption scandals. The national infrastructure plan is back up and running and the government has managed to pass a satisfactory fiscal reform. Mexico remains an area of concern due to political uncertainty and the inability of the new administration to execute different elements of the budget and the lack of clarity on the future of Pemex. There also remains a serious debt problem, a need for investment and production levels remain low. Even more negative is the outlook for Chile, which has gone from being the Switzerland of Latin America to being just another country in the region in a question of weeks due to a social and political crisis unprecedented in the country's new democratic era. Finally, Peru remains embroiled in a political crisis that, although it appears it may be resolved in the short term, has led to reviews of the country's growth forecasts for the year 2020. As loyal adherents of the value investing philosophy, the circle of competence at Bestinver is valuing companies, an activity to which the investment team dedicates all its efforts. Nevertheless, we take advantage of inefficiencies that arise in the market in the short term to pivot the portfolio, assuming or unwinding positions in accordance with the prices of each of the companies that make up the portfolio. This way of understanding the market and investments gives us a long-term vision to obtain returns meaning we do not base decisions on forecasts of what the markets may do or our portfolios in the upcoming months. b. General decisions on investments adopted Due to the volatility in some of the markets in which the fund invests over the last half-year, generated primarily by geopolitical tensions, we have carried out purchase and sale transactions while increasing or reducing our positions. The most relevant transactions are detailed below. The geographic exposure of our companies at the close of 2019 is the following: Brazil 49.2%, Mexico 7.9%, Chile 11.3%, Colombia 9.4% and Peru 6.8%. The remaining 15.4% is in liquidity. In terms of sectoral perspective, the breakdown is the following: Retail 26.2%, Industrial 26.1%, Financial services 18.8% and Media & Technology 13.5%. c. Benchmark index The benchmark index used for merely comparative purposes is the SP Latin America 40 in EUR, which had a total return of 3.16% in the second half of 2019. In this same period, the fund earned a return of 9.67%, in excess of the benchmark. d. Performance of assets, investors, returns and costs of the CII The NAV of BESTINVER LATIN AMERICA as of December 31, 2019 was EUR 22.31 thanks to a return of 9.65% in the second half and a cumulative return for the year of 32.64%. The fund’s assets, at the end of the semester, stood at EUR 24.48 million compared to EUR 24.99 million at the start of the semester. The average cost-to-equity ratio was the following: 1.11% in the first semester of 2019 and 2.22% cumulative for the year. This ratio includes the management fee, depositary fee and other current management costs. 2. INVESTMENT INFORMATION a. Investments made during the period The positive performance of the fund was led by our investments in Brazil and in particular our position in Via Varejo, Locamerica/Unidas, Equatorial and Arco Plataforma. In the rest of the countries, the biggest contributors were Cia Vapores en Chile, Banco de Bogota in Colombia and Grupo México in Mexico. On the negative side, Chile was the biggest drain on returns, and especially investments in construction, followed by Peru, where Alicorp performed poorly. We took advantage of increases in prices at the start of the semester to exit Omega Geracao after doubling our initial investment in the company, very close to our estimate of its total potential. We also fully exited Randón, FrasLe and Bolsa de Colombia. We also used increases to reduce our exposure to MRV, Unidas, Inretail, Banco Bogota, Isa, Totvs and Via Varejo.


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2. INVESTMENT INFORMATION (continued) a. Investments made during the period (continued) Meanwhile, we took advantage of drops in mid and late August to increase some of our existing positions and create positions in several new companies. We increased our investments in construction and in Toro in Chile and in Arcos Dorados in Brazil. In addition, we created new positions in CCU, Despegar, PagoSeguro, AdecoAgro and Globant. b. Securities lending transactions N/A c. Temporary asset acquisition transactions N/A d. Other information for investors N/A 3. PERFORMANCE OF SPECIFIC RETURN OBJECTIVE N/A 4. EXERCISE OF POLITICAL RIGHTS In 2019 voting rights were exercised in the following companies: Companhía de Locacao Das Americas, Embraer, Fomento Economico Mexicano, Ferreycorp, Alicorp, Banco de Bogota SA, Interconexiones Electrica de Bogota, MRV Engenharia, Cemex Latam Holdings, Arco Platform Limited, Despegar.com, Corp. in favour of the proposals of the Board of Directors of the company. 5. INFORMATION AND WARNINGS N/A 6. BENEFICIARIES OF SOLIDARITY FUND AND SUMS TRANSFERRED N/A 7. COSTS ARISING FROM ANALYSIS SERVICE The fund incurred costs amounting to EUR 4,561.92 for analysis services in the second half of 2019 and EUR 8,470.26 cumulative for the year, from various providers. The analysis received refers, in all cases, to securities included in the investment scope of the CIIs under management and their contribution in the investment decision-making process is positively valued by the management firm’s Investment Department. The providers of analysis services making up most of the sum paid in 2019 are detailed below:

MORGAN STANLEY, S.V., S.A.U. EUR 1,266.85 EXANE S.A. EUR 805.20 UBS SECURITIES ESPAÑA, S.V., S.A. EUR 751.52 J.P.MORGAN SECURITIES PLC, SUCURSAL EN ESPAÑA EUR 644.16

The annual budget for analysis services for the year 2020 is EUR 7.771,59.

I I


12

8. MARKET OUTLOOK AND PROJECTED PERFORMANCE OF FUND Global markets remain influenced by the progress in negotiations for a trade agreement between the USA and China. The markets will also be very attentive to monetary policy of the Fed and Brussels primarily and, of course, they will follow closely the potential escalation of violence between the USA and Iran in the Middle East, and the potential volatility that this would bring to raw material markets and how it would affect the appetite for risk in general. If we look closely at Latin America, the outlook is a cautiously optimistic one. Once led by Brazil, where the reformist plan of the new government is expected to continue and provided that the transformation begun in 2019 materializes in a growth rate of 3% for 2020. In the rest of the region we will follow the decision-making of the AMLO administration in Mexico closely, especially in relation to the opening of Pemex to explore and produce international companies. In Colombia we expect the positive trend to continue and we will pay close attention to political and social events in Chile and Peru. Our fund is very well positioned to tackle the new year with optimism and with a well-diversified and robust portfolio with the potential for revaluation over the long term. Since the year end we have seen the development of the coronavirus COVID-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact, of this emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio. The Board of Directors Luxembourg, March 12, 2020 Note: The information stated in this report are historical and not necessarily indicative of future results.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofBESTINVER SICAV

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of BESTINVER SICAV (the “Fund”) and of each of its sub-funds as at 31 December 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 31 December 2019;

the combined statement of operations and changes in net assets for the Fund and the statement of operations and changes in net assets for each of the sub-funds for the year then ended;

the securities portfolio as at 31 December 2019; and the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 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 of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

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

14

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that 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 the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, 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 that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

15

conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

PricewaterhouseCoopers, Société coopérativeRepresented by

Fanny Sergent

Luxembourg, 3 April 2020

BESTINVER SICAV

16

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

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

59,815,160.48 59,862,368.11 70,127,899.36EUR

Net asset value per share

Category "R" 672.07 557.55 645.20EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Category "R" 89,000.98 107,367.65 108,692.04−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

BESTINVER IBERIAN

Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

20,306,825.54 19,442,547.92 20,221,350.28EUR


Category "R" 412.47 365.63 397.76EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Category "R" 49,232.26 53,175.14 50,837.80−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

185,667,118.08 212,027,571.70 253,095,872.22EUR


Category "R" 779.45 630.95 741.54EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Category "R" 238,201.99 336,044.36 341,310.88−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

24,482,529.62 18,790,412.19 14,094,997.82EUR


Category "R" 22.31 16.82 16.82EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Category "R" 1,097,390.95 1,117,448.50 837,892.50−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2017December 31, 2019 December 31, 2018

17


BESTINVER SICAV

Combined Statement

EUR

AssetsInvestment in securities at cost 257,365,894.99Unrealised appreciation / (depreciation) on securities 19,541,220.03

Investment in securities at market value 2.2 276,907,115.02Cash at bank 13,895,412.84Receivable for investment sold 359,404.42Receivable on subscription of shares 489,119.90Receivable on withholding tax reclaim 227,733.37Dividends and interest receivable 146,398.30

Total assets 292,025,183.85

LiabilitiesAccrued expenses 1,590,619.42Payable for investment purchased 24,092.44Payable on redemption of shares 138,838.27

Total liabilities 1,753,550.13

Net assets at the end of the year 290,271,633.72

Notes

Statement of Net Assets as at December 31, 2019

IncomeDividends (net of withholding taxes) 2.3 8,158,107.02Bank interest 2.3 450.75Capping fees 35,574.23Income on tax reclaim 799,153.48

Total income 8,993,285.48

ExpensesManagement fees 3 5,550,864.86Depositary fees 4 125,065.90Management company fees 6 114,779.84Administration fees 4 142,608.07Professional fees 101,770.43Transaction costs 8 402,373.78Subscription tax 5 148,557.09Bank interest and charges 146,754.59Tax charges (excluding taxe d'abonnement) 6,823.70Other expenses 308,207.35

Total expenses 7,047,805.61

Net investment income / (loss) 1,945,479.87

Net realised gain / (loss) on: Investments 2.2 6,118,807.98Foreign currencies transactions 2.1 (2,191.75)

Net realised gain / (loss) for the year 8,062,096.10

Net change in unrealised appreciation / (depreciation) on: Investments 53,353,241.54

Increase / (Decrease) in net assets as a result ofoperations

61,415,337.64

Proceeds received on subscription of shares 16,238,513.23Net amount paid on redemption of shares (97,505,117.07)Net assets at the beginning of the year 310,122,899.92


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2019

18


BESTINVER SICAV

BESTINVER BESTINFUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.2 55,829,125.71Cash at bank 3,750,479.89Receivable on subscription of shares 487,994.90Receivable on withholding tax reclaim 46,360.11Dividends and interest receivable 30,527.68


LiabilitiesAccrued expenses 325,793.21Payable for investment purchased 3,534.60

Total liabilities 329,327.81


Notes


IncomeDividends (net of withholding taxes) 2.3 1,591,928.60Bank interest 2.3 96.97Income on tax reclaim 116,437.39


ExpensesManagement fees 3 1,106,384.64Depositary fees 4 38,545.01Management company fees 6 23,139.44Administration fees 4 32,105.19Professional fees 19,107.56Transaction costs 8 75,327.58Subscription tax 5 29,905.70Bank interest and charges 39,237.75Tax charges (excluding taxe d'abonnement) 1,875.61Other expenses 69,427.10


Net investment income / (loss) 273,407.38

Net realised gain / (loss) on: Investments 2.2 920,482.82Foreign currencies transactions 2.1 129.94




11,033,812.59



EURNotes


Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Category "R" 107,367.65 9,397.77 (27,764.44) 89,000.98

BESTINVER SICAV

19

BESTINVER BESTINFUND (in EUR)


Securities Portfolio as at December 31, 2019

BT GROUP PLC GBP 215,813.96 0.3695,027.00

Transferable securities admitted to an official exchange listing

SharesUnited Kingdom

CONVATEC GROUP PLC GBP 794,666.55 1.33339,310.00DIXONS CARPHONE PLC GBP 243,422.06 0.41143,040.00HYVE GROUP PLC GBP 486,955.35 0.81404,531.00INFORMA PLC GBP 1,792,635.45 3.00177,245.00ITV PLC GBP 714,713.73 1.19401,068.00JUST EAT PLC GBP 862,326.18 1.4487,529.00NEXT FIFTEEN COMMUNICATIONS GBP 177,022.22 0.3027,881.00RELX PLC GBP 1,471,059.04 2.4665,416.00RIO TINTO PLC GBP 1,115,028.57 1.8620,982.00STANDARD CHARTERED PLC GBP 2,381,350.54 3.98283,245.00S4 CAPITAL PLC GBP 221,885.58 0.3797,670.00TECHNIPFMC PLC EUR 315,343.16 0.5316,676.00

10,792,222.39 18.04

ARKEMA EUR 366,583.70 0.613,871.00France

BNP PARIBAS EUR 1,690,982.64 2.8332,008.00DASSAULT AVIATION SA EUR 1,783,080.00 2.971,524.00FAURECIA EUR 508,925.88 0.8510,596.00L.D.C. SA EUR 440,572.00 0.744,216.00RENAULT SA EUR 989,964.60 1.6623,470.00SOCIETE GENERALE EUR 1,258,898.85 2.1040,590.00VALEO SA EUR 398,467.26 0.6712,686.00

7,437,474.93 12.43

BAYERISCHE MOTOREN WERKE-PRF EUR 718,182.30 1.1913,046.00Germany

COMMERZBANK AG EUR 547,380.19 0.9299,217.00DELIVERY HERO SE EUR 3,126,019.68 5.2244,303.00SAP SE EUR 620,129.28 1.045,154.00TEAMVIEWER AG EUR 458,848.84 0.7714,393.00ZOOPLUS AG EUR 370,123.60 0.624,334.00

5,840,683.89 9.76

CIR SPA EUR 591,864.38 0.99543,993.00Italy

COFIDE SPA EUR 562,983.42 0.941,027,342.00INTESA SANPAOLO EUR 1,660,403.59 2.77707,006.00TELECOM ITALIA-RSP EUR 511,642.74 0.86937,418.00UNICREDIT SPA EUR 963,128.46 1.6173,973.00

4,290,022.59 7.17

ACERINOX SA EUR 108,365.46 0.1810,788.00Spain

ACS ACTIVIDADES CONS Y SERV EUR 445,625.00 0.7512,500.00AEDAS HOMES SAU EUR 118,210.95 0.205,511.00BANKINTER SA EUR 86,960.52 0.1513,313.00CAIXABANK SA EUR 158,212.91 0.2656,545.00CONSTRUCC Y AUX DE FERROCARR EUR 155,308.00 0.263,788.00CORPORACION FINANCIERA ALBA EUR 126,618.40 0.212,608.00ELECNOR SA EUR 270,662.10 0.4524,718.00ENCE ENERGIA Y CELULOSA SA EUR 395,108.53 0.66107,659.00FERROVIAL SA EUR 83,283.36 0.143,088.00INDRA SISTEMAS SA EUR 204,241.34 0.3420,063.00MERLIN PROPERTIES SOCIMI SA EUR 323,830.01 0.5425,319.00MIQUEL Y COSTAS EUR 141,728.80 0.248,642.00REPSOL SA EUR 183,527.75 0.3113,175.00SOLARIA ENERGIA Y MEDIO AMBI EUR 79,315.20 0.1311,664.00TECNICAS REUNIDAS SA EUR 205,037.00 0.348,615.00UNICAJA BANCO SA EUR 347,836.28 0.58359,335.00VISCOFAN SA EUR 280,574.70 0.475,957.00

3,714,446.31 6.21

BOSKALIS WESTMINSTER EUR 1,053,246.00 1.7646,195.00Netherlands

ING GROEP NV EUR 1,532,563.01 2.57143,391.00TAKEAWAY.COM NV EUR 677,656.80 1.138,244.00

3,263,465.81 5.46

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

BOOKING HOLDINGS INC USD 1,278,892.89 2.14699.00United States

GRUBHUB INC USD 848,697.59 1.4219,586.00HARLEY-DAVIDSON INC USD 599,347.08 1.0018,090.00

2,726,937.56 4.56

APERAM EUR 444,898.55 0.7415,605.00Luxembourg

ARCELORMITTAL EUR 518,141.25 0.8733,125.00BEFESA SA EUR 961,020.00 1.6125,290.00SAF-HOLLAND SA EUR 175,387.40 0.2923,701.00

2,099,447.20 3.51

ABB LTD-REG CHF 1,262,195.00 2.1158,708.00Switzerland

METALL ZUG AG-SHS B-REG CHF 645,777.37 1.08322.001,907,972.37 3.19

EDP-ENERGIAS DE PORTUGAL SA EUR 155,085.50 0.2640,136.00Portugal

GALP ENERGIA SGPS SA EUR 379,324.20 0.6325,458.00IBERSOL SGPS SA EUR 368,512.00 0.6246,064.00JERONIMO MARTINS EUR 411,749.21 0.6928,077.00SEMAPA-SOCIEDADE DE INVESTIM EUR 557,210.36 0.9340,613.00

1,871,881.27 3.13

AP MOLLER-MAERSK A/S-B DKK 671,177.79 1.12522.00Denmark

DRILLING CO OF 1972/THE DKK 76,238.98 0.131,293.00FLSMIDTH & CO A/S DKK 1,112,531.23 1.8631,324.00

1,859,948.00 3.11

KONECRANES OYJ EUR 1,236,589.40 2.0745,131.00Finland

OUTOKUMPU OYJ EUR 195,985.07 0.3369,845.00TIKKURILA OYJ EUR 425,271.40 0.7129,615.00

1,857,845.87 3.11

SCHLUMBERGER LTD USD 1,732,485.70 2.9048,376.00Netherlands Antilles

1,732,485.70 2.90

ANDRITZ AG EUR 1,345,996.80 2.2535,052.00Austria

LENZING AG EUR 347,097.60 0.584,192.001,693,094.40 2.83

ARJO AB - B SHARES SEK 635,756.49 1.06148,255.00Sweden

EPIROC AB-A SEK 791,969.86 1.3372,775.001,427,726.35 2.39

TENCENT HOLDINGS LTD HKD 1,138,012.65 1.9026,500.00Cayman Islands

1,138,012.65 1.90

CIA BRASILEIRA DE DIS-SP PRF USD 784,007.84 1.3240,240.00Brazil

VIA VAREJO SA BRL 182,311.81 0.3073,700.00966,319.65 1.62

SOUTH32 LTD-W/I GBP 509,007.75 0.85305,892.00Australia

509,007.75 0.85

LIONS GATE ENTERTAINMENT-B USD 402,675.88 0.6745,519.00Canada

402,675.88 0.67

ROULARTA MEDIA GROUP NV EUR 214,023.65 0.3615,233.00Belgium

214,023.65 0.36


Market valuein EUR

Currency %NAV

BESTINVER SICAV

20




GOLAR LNG LTD USD 77,858.46 0.136,146.00Bermuda

77,858.46 0.13

55,823,552.68 93.33

REPSOL SA RTS 09/01/2020 EUR 5,573.03 0.0113,175.00

RightsSpain

5,573.03 0.01

5,573.03 0.01

Total securities portfolio 55,829,125.71 93.34


Market valuein EUR

Currency %NAV

Summary of net assets%

NAV55,829,125.71 93.34Total securities portfolio

3,750,479.89 6.27Cash at bank

235,554.88 0.39Other assets and liabilities

59,815,160.48 100.00Total net assets

BESTINVER SICAV

21



Nature allocation % of portfolio % of netassets

Shares 99.99 93.33

Rights 0.01 0.01

100.00 93.34

Country allocation % of portfolio % of netassets

United Kingdom 19.34 18.04

France 13.33 12.43

Germany 10.46 9.76

Italy 7.68 7.17

Spain 6.66 6.22

Netherlands 5.85 5.46

United States 4.88 4.56

Luxembourg 3.76 3.51

Switzerland 3.42 3.19

Portugal 3.35 3.13

Denmark 3.33 3.11

Finland 3.33 3.11

Netherlands Antilles 3.10 2.90

Austria 3.03 2.83

Other 8.48 7.92

100.00 93.34

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

DELIVERY HERO SE 3,126,019.68 5.22Internet

STANDARD CHARTERED PLC 2,381,350.54 3.98Banks

INFORMA PLC 1,792,635.45 3.00Media

DASSAULT AVIATION SA 1,783,080.00 2.97Engineering &Construction

SCHLUMBERGER LTD 1,732,485.70 2.90Oil Services

BNP PARIBAS 1,690,982.64 2.83Banks

INTESA SANPAOLO 1,660,403.59 2.77Banks

ING GROEP NV 1,532,563.01 2.57Banks

RELX PLC 1,471,059.04 2.46Diversified services

ANDRITZ AG 1,345,996.80 2.25Auto Parts &Equipment

EUR

Sector

Top Ten Holdings

22


BESTINVER SICAV

BESTINVER IBERIAN (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.2 18,913,463.29Cash at bank 1,513,914.98Receivable on withholding tax reclaim 5,618.62


LiabilitiesAccrued expenses 126,171.35



Notes


IncomeDividends (net of withholding taxes) 2.3 367,689.07Bank interest 2.3 22.07Income on tax reclaim 541,974.38

Total income 909,685.52

ExpensesManagement fees 3 366,010.85Depositary fees 4 6,541.51Management company fees 6 7,677.57Administration fees 4 30,777.79Professional fees 9,985.67Transaction costs 8 6,225.96Subscription tax 5 9,936.33Bank interest and charges 17,216.47Tax charges (excluding taxe d'abonnement) 4,948.09Other expenses 24,636.60

Total expenses 483,956.84

Net investment income / (loss) 425,728.68

Net realised gain / (loss) on: Investments 2.2 585,593.39Foreign currencies transactions 2.1 (0.01)




2,397,115.13

Proceeds received on subscription of shares 272,543.74Net amount paid on redemption of shares (1,805,381.25)Net assets at the beginning of the year 19,442,547.92


EURNotes







Category "R" 53,175.14 703.22 (4,646.10) 49,232.26

BESTINVER SICAV

23

BESTINVER IBERIAN (in EUR)



ACERINOX SA EUR 611,499.42 3.0160,876.00


SharesSpain

ACS ACTIVIDADES CONS Y SERV EUR 807,436.85 3.9922,649.00AEDAS HOMES SAU EUR 376,597.65 1.8517,557.00BANCO DE SABADELL SA EUR 845,004.16 4.17812,504.00BANCO SANTANDER SA EUR 522,382.77 2.57140,049.00BANKINTER SA EUR 671,750.88 3.31102,840.00BOLSAS Y MERCADOS ESPANOLES EUR 696,607.56 3.4320,262.00CAIXABANK SA EUR 651,615.03 3.21232,886.00CONSTRUCC Y AUX DE FERROCARR EUR 342,760.00 1.698,360.00CORPORACION FINANCIERA ALBA EUR 286,008.05 1.415,891.00ELECNOR SA EUR 564,669.60 2.7851,568.00ENCE ENERGIA Y CELULOSA SA EUR 638,440.54 3.14173,962.00EUSKALTEL SA EUR 390,123.24 1.9243,492.00FERROVIAL SA EUR 200,899.53 0.997,449.00HULLERA VASCO LEONESA SA EUR 0.00 0.0069,680.00INDRA SISTEMAS SA EUR 761,423.28 3.7574,796.00LABORATORIOS FARMACEUTICOS R EUR 504,884.80 2.4920,692.00MERLIN PROPERTIES SOCIMI SA EUR 632,503.87 3.1149,453.00MIQUEL Y COSTAS EUR 374,576.00 1.8422,840.00PROMOTORA DE INFORMACIONES-A EUR 509,502.24 2.51353,821.00REPSOL SA EUR 500,017.35 2.4635,895.00SOLARIA ENERGIA Y MEDIO AMBI EUR 593,660.40 2.9287,303.00TECNICAS REUNIDAS SA EUR 579,054.00 2.8524,330.00UNICAJA BANCO SA EUR 941,003.45 4.64972,111.00VISCOFAN SA EUR 749,455.20 3.6915,912.00ZARDOYA OTIS SA EUR 279,103.25 1.3739,730.00

14,030,979.12 69.10

CORTICEIRA AMORIM SA EUR 270,420.30 1.3323,931.00Portugal

EDP-ENERGIAS DE PORTUGAL SA EUR 376,612.49 1.8597,467.00GALP ENERGIA SGPS SA EUR 1,026,192.80 5.0568,872.00IBERSOL SGPS SA EUR 764,976.00 3.7795,622.00JERONIMO MARTINS EUR 627,207.39 3.0942,769.00NOS SGPS EUR 569,424.00 2.80118,630.00SEMAPA-SOCIEDADE DE INVESTIM EUR 1,232,467.60 6.0889,830.00

4,867,300.58 23.97

18,898,279.70 93.07

REPSOL SA RTS 09/01/2020 EUR 15,183.59 0.0735,895.00

RightsSpain

15,183.59 0.07

15,183.59 0.07



Market valuein EUR

Currency %NAV



1,513,914.98 7.46Cash at bank

(120,552.73) (0.60)Other assets and liabilities

20,306,825.54 100.00Total net assets

BESTINVER SICAV

24

BESTINVER IBERIAN (in EUR)



Shares 99.92 93.07

Rights 0.08 0.07

100.00 93.14


Spain 74.27 69.17

Portugal 25.73 23.97

100.00 93.14



assets

SEMAPA-SOCIEDADE DE INVESTIM 1,232,467.60 6.08Forest products &Paper

GALP ENERGIA SGPS SA 1,026,192.80 5.05Energy

UNICAJA BANCO SA 941,003.45 4.64Banks

BANCO DE SABADELL SA 845,004.16 4.17Banks

ACS ACTIVIDADES CONS Y SERV 807,436.85 3.99Building materials

IBERSOL SGPS SA 764,976.00 3.77Distribution &Wholesale

INDRA SISTEMAS SA 761,423.28 3.75Office & Businessequipment

VISCOFAN SA 749,455.20 3.69Food services

BOLSAS Y MERCADOS ESPANOLES 696,607.56 3.43Financial services

BANKINTER SA 671,750.88 3.31Banks

EUR

Sector

Top Ten Holdings

25


BESTINVER SICAV

BESTINVER INTERNATIONAL (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.2 181,437,329.90Cash at bank 5,105,400.50Receivable on subscription of shares 1,125.00Receivable on withholding tax reclaim 175,754.64Dividends and interest receivable 107,349.76


LiabilitiesAccrued expenses 1,000,445.61Payable for investment purchased 20,557.84Payable on redemption of shares 138,838.27

Total liabilities 1,159,841.72


Notes


IncomeDividends (net of withholding taxes) 2.3 5,716,792.18Bank interest 2.3 188.74Income on tax reclaim 140,741.71


ExpensesManagement fees 3 3,655,013.98Depositary fees 4 79,546.86Management company fees 6 74,646.78Administration fees 4 48,920.57Professional fees 61,964.51Transaction costs 8 295,991.32Subscription tax 5 96,815.66Bank interest and charges 70,329.97Other expenses 171,243.84


Net investment income / (loss) 1,303,249.14

Net realised gain / (loss) on: Investments 2.2 1,297,813.01Foreign currencies transactions 2.1 324.49




41,610,749.70



EURNotes







Category "R" 336,044.36 11,433.43 (109,275.80) 238,201.99

BESTINVER SICAV

26

BESTINVER INTERNATIONAL (in EUR)



BT GROUP PLC GBP 770,498.11 0.41339,265.00


SharesUnited Kingdom

CONVATEC GROUP PLC GBP 2,825,011.34 1.521,206,235.00DIXONS CARPHONE PLC GBP 871,404.67 0.47512,056.00HYVE GROUP PLC GBP 1,679,949.09 0.901,395,593.00INFORMA PLC GBP 6,279,599.61 3.38620,889.00ITV PLC GBP 2,512,965.40 1.351,410,173.00JUST EAT PLC GBP 3,206,495.03 1.73325,470.00NEXT FIFTEEN COMMUNICATIONS GBP 672,780.95 0.36105,963.00RELX PLC GBP 5,494,231.03 2.96244,321.00RIO TINTO PLC GBP 3,923,325.44 2.1173,827.00STANDARD CHARTERED PLC GBP 8,466,979.30 4.571,007,088.00S4 CAPITAL PLC GBP 821,980.80 0.44361,821.00TECHNIPFMC PLC EUR 1,068,982.30 0.5856,530.00

38,594,203.07 20.78

ARKEMA EUR 1,292,086.80 0.7013,644.00France

BNP PARIBAS EUR 6,041,797.29 3.25114,363.00DASSAULT AVIATION SA EUR 6,218,550.00 3.345,315.00FAURECIA EUR 1,796,898.36 0.9737,412.00L.D.C. SA EUR 1,607,628.00 0.8715,384.00RENAULT SA EUR 3,650,046.30 1.9786,535.00SOCIETE GENERALE EUR 4,619,001.92 2.49148,928.00VALEO SA EUR 1,485,975.69 0.8047,309.00

26,711,984.36 14.39

BAYERISCHE MOTOREN WERKE-PRF EUR 2,542,209.00 1.3746,180.00Germany

COMMERZBANK AG EUR 1,889,087.00 1.02342,412.00DELIVERY HERO SE EUR 11,228,283.36 6.04159,131.00SAP SE EUR 2,290,050.56 1.2319,033.00TEAMVIEWER AG EUR 1,699,267.76 0.9253,302.00ZOOPLUS AG EUR 1,315,416.20 0.7115,403.00

20,964,313.88 11.29

CIR SPA EUR 2,047,841.22 1.101,882,207.00Italy

COFIDE SPA EUR 2,473,606.24 1.334,513,880.00INTESA SANPAOLO EUR 6,167,102.29 3.332,625,975.00TELECOM ITALIA-RSP EUR 1,734,364.10 0.933,177,655.00UNICREDIT SPA EUR 3,429,494.04 1.85263,402.00

15,852,407.89 8.54

BOSKALIS WESTMINSTER EUR 3,769,182.00 2.03165,315.00Netherlands

ING GROEP NV EUR 5,658,996.74 3.05529,472.00TAKEAWAY.COM NV EUR 2,603,685.00 1.4031,675.00

12,031,863.74 6.48

BOOKING HOLDINGS INC USD 4,727,695.61 2.542,584.00United States

GRUBHUB INC USD 3,169,421.40 1.7173,143.00HARLEY-DAVIDSON INC USD 2,137,538.74 1.1564,517.00

10,034,655.75 5.40

APERAM EUR 1,548,891.28 0.8354,328.00Luxembourg

ARCELORMITTAL EUR 1,929,675.33 1.04123,365.00BEFESA SA EUR 4,067,254.00 2.19107,033.00SAF-HOLLAND SA EUR 594,553.00 0.3280,345.00

8,140,373.61 4.38

ABB LTD-REG CHF 4,409,706.15 2.38205,107.00Switzerland

METALL ZUG AG-SHS B-REG CHF 2,677,368.91 1.441,335.007,087,075.06 3.82

AP MOLLER-MAERSK A/S-B DKK 2,390,267.25 1.291,859.00Denmark

DRILLING CO OF 1972/THE DKK 285,026.48 0.154,834.00


Market valuein EUR

Currency %NAV

FLSMIDTH & CO A/S DKK 3,961,163.81 2.13111,529.006,636,457.54 3.57

KONECRANES OYJ EUR 4,326,295.60 2.33157,894.00Finland

OUTOKUMPU OYJ EUR 685,822.88 0.37244,413.00TIKKURILA OYJ EUR 1,486,662.08 0.80103,528.00

6,498,780.56 3.50

ANDRITZ AG EUR 4,931,596.80 2.65128,427.00Austria

LENZING AG EUR 1,198,944.00 0.6514,480.006,130,540.80 3.30

SCHLUMBERGER LTD USD 6,050,520.80 3.26168,948.00Netherlands Antilles

6,050,520.80 3.26

ARJO AB - B SHARES SEK 2,155,092.51 1.16502,556.00Sweden

EPIROC AB-A SEK 2,938,129.27 1.58269,988.005,093,221.78 2.74

TENCENT HOLDINGS LTD HKD 3,929,364.42 2.1291,500.00Cayman Islands

3,929,364.42 2.12

CIA BRASILEIRA DE DIS-SP PRF USD 3,035,711.87 1.64155,811.00Brazil

VIA VAREJO SA BRL 638,462.41 0.34258,100.003,674,174.28 1.98

SOUTH32 LTD-W/I GBP 1,755,962.93 0.951,055,259.00Australia

1,755,962.93 0.95

LIONS GATE ENTERTAINMENT-B USD 1,365,014.51 0.74154,303.00Canada

1,365,014.51 0.74

ROULARTA MEDIA GROUP NV EUR 669,384.15 0.3647,643.00Belgium

669,384.15 0.36

GOLAR LNG LTD USD 217,030.77 0.1217,132.00Bermuda

217,030.77 0.12

181,437,329.90 97.72



Market valuein EUR

Currency %NAV



5,105,400.50 2.75Cash at bank

(875,612.32) (0.47)Other assets and liabilities

185,667,118.08 100.00Total net assets

BESTINVER SICAV

27

BESTINVER INTERNATIONAL (in EUR)



Shares 100.00 97.72

100.00 97.72


United Kingdom 21.27 20.78

France 14.72 14.39

Germany 11.55 11.29

Italy 8.74 8.54

Netherlands 6.63 6.48

United States 5.53 5.40


Switzerland 3.91 3.82

Denmark 3.66 3.57

Finland 3.58 3.50

Austria 3.38 3.30

Netherlands Antilles 3.33 3.26

Sweden 2.81 2.74

Cayman Islands 2.17 2.12

Other 4.23 4.15

100.00 97.72



assets

DELIVERY HERO SE 11,228,283.36 6.04Internet

STANDARD CHARTERED PLC 8,466,979.30 4.57Banks

INFORMA PLC 6,279,599.61 3.38Media

DASSAULT AVIATION SA 6,218,550.00 3.34Engineering &Construction

INTESA SANPAOLO 6,167,102.29 3.33Banks

SCHLUMBERGER LTD 6,050,520.80 3.26Oil Services

BNP PARIBAS 6,041,797.29 3.25Banks

ING GROEP NV 5,658,996.74 3.05Banks

RELX PLC 5,494,231.03 2.96Diversified services

ANDRITZ AG 4,931,596.80 2.65Auto Parts &Equipment

EUR

Sector

Top Ten Holdings

28


BESTINVER SICAV

BESTINVER LATIN AMERICA (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2019

EUR


Investment in securities at market value 2.2 20,727,196.12Cash at bank 3,525,617.47Receivable for investment sold 359,404.42Dividends and interest receivable 8,520.86


LiabilitiesAccrued expenses 138,209.25



Notes


IncomeDividends (net of withholding taxes) 2.3 481,697.17Bank interest 2.3 142.97Capping fees 35,574.23

Total income 517,414.37

ExpensesManagement fees 3 423,455.39Depositary fees 4 432.52Management company fees 6 9,316.05Administration fees 4 30,804.52Professional fees 10,712.69Transaction costs 8 24,828.92Subscription tax 5 11,899.40Bank interest and charges 19,970.40Other expenses 42,899.81

Total expenses 574,319.70

Net investment income / (loss) (56,905.33)

Net realised gain / (loss) on: Investments 2.2 3,314,918.76Foreign currencies transactions 2.1 (2,646.17)




6,373,660.22



EURNotes







Category "R" 1,117,448.50 113,477.00 (133,534.55) 1,097,390.95

BESTINVER SICAV

29

BESTINVER LATIN AMERICA (in EUR)



BANCO ABC BRASIL SA BRL 781,957.29 3.19174,885.00


SharesBrazil

BANCO DO BRASIL S.A. BRL 892,518.22 3.6576,300.00CIA BRASILEIRA DE DIS-SP PRF USD 801,640.22 3.2741,145.00COMPANHIA DE LOCACAO DAS AME BRL 1,117,520.10 4.56222,200.00EMBRAER SA-SPON ADR USD 995,353.00 4.0757,326.00EQUATORIAL ENERGIA SA - ORD BRL 807,529.62 3.30160,000.00MRV ENGENHARIA BRL 600,851.51 2.45125,900.00OI SA BRL 324,916.40 1.331,706,000.00TOTVS SA BRL 460,305.61 1.8832,200.00T4F ENTRETENIMENTO SA BRL 538,976.86 2.20389,400.00VIA VAREJO SA BRL 1,208,898.02 4.94488,700.00

8,530,466.85 34.84

CIA CERVECERIAS UNI-SPON ADR USD 470,084.20 1.9227,816.00Chile

CIA SUD AMERICANA DE VAPORES CLP 774,579.01 3.1623,869,813.00INVERSIONES LA CONSTRUCCION CLP 551,242.03 2.2556,398.00QUIMICA Y MINERA CHIL-SP ADR USD 471,337.08 1.9319,823.00VINA CONCHA Y TORO SA CLP 494,831.61 2.02295,006.00

2,762,073.93 11.28

CREDITO REAL SAB DE CV SOFOM MXN 353,366.04 1.44313,800.00Mexico

FOMENTO ECONOMICO MEXICA-UBD MXN 282,368.27 1.1533,500.00GRUPO MEXICO SAB DE CV-SER B MXN 389,488.85 1.59159,200.00GRUPO ROTOPLAS SAB DE CV MXN 293,889.98 1.20387,900.00INDUSTRIAS BACHOCO-SER B MXN 611,571.10 2.51159,200.00

1,930,684.24 7.89

ARCO PLATFORM LTD - CLASS A USD 1,430,071.80 5.8536,318.00Cayman Islands

PAGSEGURO DIGITAL LTD-CL A USD 260,681.12 1.068,566.001,690,752.92 6.91

BANCO DAVIVIENDA SA COP 232,491.16 0.9518,625.00Colombia

BANCO DE BOGOTA COP 226,378.38 0.929,794.00BANCOLOMBIA S.A.-SPONS ADR USD 224,187.50 0.924,593.00CEMENTOS ARGOS SA COP 135,021.35 0.5568,130.00GRUPO DE INV SURAMERICANA COP 255,229.55 1.0427,651.00GRUPO DE INV SURAMERICANA-PF COP 242,204.30 0.9930,449.00INTERCONEXION ELECTRICA SA COP 288,837.19 1.1854,282.00

1,604,349.43 6.55

ARCOS DORADOS HOLDINGS INC-A USD 946,383.07 3.86131,150.00Virgin Islands

DESPEGAR.COM CORP USD 412,758.20 1.6934,371.001,359,141.27 5.55

ALICORP S.A.-COMUN PEN 616,588.37 2.52249,095.00Peru

FERREYCORP SAA PEN 492,192.88 2.01835,312.001,108,781.25 4.53

ADECOAGRO SA USD 489,754.98 2.0065,681.00Luxembourg

GLOBANT SA USD 526,896.08 2.155,577.001,016,651.06 4.15

INRETAIL PERU CORP USD 549,156.35 2.2417,123.00Panama

549,156.35 2.24

CEMEX LATAM HOLDINGS SA COP 175,138.82 0.72146,452.00Spain

175,138.82 0.72

20,727,196.12 84.66



Market valuein EUR

Currency %NAV



3,525,617.47 14.40Cash at bank

229,716.03 0.94Other assets and liabilities

24,482,529.62 100.00Total net assets

BESTINVER SICAV

30

BESTINVER LATIN AMERICA (in EUR)



Shares 100.00 84.66

100.00 84.66


Brazil 41.16 34.84

Chile 13.33 11.28

Mexico 9.31 7.89

Cayman Islands 8.16 6.91

Colombia 7.74 6.55

Virgin Islands 6.56 5.55

Peru 5.35 4.53


Panama 2.65 2.24

Spain 0.84 0.72

100.00 84.66



assets

ARCO PLATFORM LTD - CLASS A 1,430,071.80 5.85Computer software

VIA VAREJO SA 1,208,898.02 4.94Distribution &Wholesale

COMPANHIA DE LOCACAO DAS AME 1,117,520.10 4.56Diversified services

EMBRAER SA-SPON ADR 995,353.00 4.07Engineering &Construction

ARCOS DORADOS HOLDINGS INC-A 946,383.07 3.86Distribution &Wholesale

BANCO DO BRASIL S.A. 892,518.22 3.65Banks

EQUATORIAL ENERGIA SA - ORD 807,529.62 3.30Energy

CIA BRASILEIRA DE DIS-SP PRF 801,640.22 3.27Food services

BANCO ABC BRASIL SA 781,957.29 3.19Banks

CIA SUD AMERICANA DE VAPORES 774,579.01 3.16Transportation

EUR

Sector

Top Ten Holdings

BESTINVER SICAV Notes to the Financial Statements as at December 31, 2019

31

Note 1 - General information BESTINVER SICAV (the “SICAV” or the “Company”) is an Investment Company with Variable Capital incorporated on July 10, 2007 in the form of a limited company under Luxembourg law in accordance with the amended Law of August 10, 1915 on commercial companies as well as Part I of the Law of December 17, 2010 as amended relating to Undertakings for Collective Investment. The Company’s Articles of Association were filed with the Luxembourg Trade and Companies Registry on February 21, 2012 and published in the “Mémorial C, Recueil des Sociétés et Associations” (Gazette) on March 7, 2012. Copies of the Articles of Association may be obtained from the Trade and Companies Registry in Luxembourg on payment of the Registrar’s fee. The Company is registered in the Luxembourg Trade and Companies Registry under n° B.129.617. The SICAV consists of different Sub-Funds each of which relates to a distinct portfolio of assets consisting of transferable securities denominated in different currencies. For each Sub-Fund, the management will aim to combine a maximisation of growth and capital yield. As at December 31, 2019, the following Sub-Funds are active: BESTINVER BESTINFUND BESTINVER IBERIAN BESTINVER INTERNATIONAL BESTINVER LATIN AMERICA The SICAV can issue only capitalisation shares for which no distribution is made. The SICAV is incorporated for an indefinite term, and at present can issue shares in the following categories: (i) Category “R”, open to all types of investors, available in EUR or USD; (ii) Category “X”, open to all types of institutional investors, available in EUR or USD, subject to their prior approval by the Board of Directors of the SICAV. As at December 31, 2019, only the share class R is active. Note 2 - Principal accounting methods The financial statements of the SICAV are established in accordance with the regulatory provisions and accounting practices generally accepted in the Grand Duchy of Luxembourg. 2.1 Conversion of foreign currencies The financial statements of the Sub-Funds of the SICAV are expressed in EURO and accounted in that currency. Assets and Liabilities denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund at the exchange rate prevailing on closing date. Income and expenses in currencies other than that of the Sub-Fund are converted into the currency of the Sub-Fund at the exchange rate prevailing on the date of the transactions. Foreign exchange gains and losses resulting from this conversion are recorded in the Statement of Operations and Changes in net Assets. 2.2 Securities portfolio Securities officially listed on a stock market or traded on a regulated, recognised market that is functioning normally and open to the public, shall be valued at the last known closing price, and if this security is traded on several markets the last known closing price in this security’s main market. If the last known price is unrepresentative, the valuation shall be based on the probable market value, estimated conservatively and in a good “faith”. Unlisted securities and money market instruments and securities not traded on a stock market or on a regulated, recognised market that is functioning normally and open to the public, shall be valued on the basis of their probable market value, estimated conservatively and in good faith. Units of UCITS and/or other investment funds shall be valued at their last known net asset value per share. 2.3 Income Interests are accrued on a daily basis. Dividends are recorded on the date when the shares are listed for the first time “ex-dividend”. Income received by the Company from abroad may have been subject to withholding tax in the country of origin, and is consequently received by the Company after deduction of said withholding tax.

BESTINVER SICAV Notes to the Financial Statements as at December 31, 2019 (continued)

32

Note 3 - Management fees The Investment Manager shall receive the following management fee payable quarterly in arrears as a percentage per annum of the average monthly NAV of the Sub-Fund during the relevant month:

Category Rates Currency BESTINVER BESTINFUND R 1.85% EUR BESTINVER IBERIAN R 1.85% EUR BESTINVER INTERNATIONAL R 1.85% EUR BESTINVER LATIN AMERICA R 1.85% EUR

Note 4 - Depositary fees and Administration fees The Depositary and Administration Agent receive from the Sub-Funds a quarterly in relation to their services in accordance with usual practice in Luxembourg, calculated on the average Net Asset Values of the assets of the different Sub-Funds of the Company for the quarter considered, to a maximum of 0.50% per annum. Depositary fees include certain custody fees related to transaction costs. They are calculated on the average NAV of each class. Note 5 - Taxation The Company is subject to the Luxembourg tax laws. In accordance with current legislation and regulations, the Company is liable for subscription tax at the annual rate of 0.05% for class “R” (except for class “X” which qualify for the reduced annual tax rate of 0.01% as specified in each Sub-Fund schedule), assessed and payable quarterly, based on the net value of the Company’s assets at the end of the quarter in question. No duties or taxes shall be payable in Luxembourg on issues of the Company’s shares except for the fixed duty payable at the time of incorporation, covering the raising of capital. The amount of this duty is EUR 1,250.00 or its equivalent in another currency. Note 6 - Management Company fees As remuneration for its activity, the Management Company, MDO Management Company S.A. shall receive a fee up to 0.04% of the average Net Asset Values of assets of the different Sub-Funds. The Management Company is entitled to receive a minimum management company fee of EUR 40,000.00 per annum for the service provided. Note 7 - Exchange rates as at December 31, 2019 The exchange rates used for the translation of the SICAV’s assets and liabilities not denominated in EUR are as follows:

1 Euro (EUR) = 4.515500 Brazilian Real (BRL) 1 Euro (EUR) = 8.746300 Hong Kong Dollar (HKD) 1 Euro (EUR) = 1.087000 Swiss Franc (CHF) 1 Euro (EUR) = 21.197300 Mexican Peso (MXN) 1 Euro (EUR) = 844.063900 Chilean Peso (CLP) 1 Euro (EUR) = 3.716700 Peru Nuevo Sol (PEN) 1 Euro (EUR) = 3,683.484100 Colombian Peso (COP) 1 Euro (EUR) = 10.507750 Swedish Krona (SEK) 1 Euro (EUR) = 7.472500 Danish Krone (DKK) 1 Euro (EUR) = 1.122500 US Dollar (USD) 1 Euro (EUR) = 0.847350 Great Britain Pound (GBP)

BESTINVER SICAV Notes to the Financial Statements as at December 31, 2019 (continued)

33

Note 8 - Transaction costs The Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. Certain type of transaction costs (Depositary fees related to buy and sales of securities, money market instruments and other eligible assets) are included in the caption “Depositary fees” in the Statement of Operations and Changes in Net Assets. Note 9 - Changes in the composition of the securities portfolio The list of changes in the composition of the portfolio is available to shareholders at the office of the depositary and at the registered office of the SICAV. Note 10 - Subsequent events Since the year end we have seen the development of the coronavirus COVID-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact, of this emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio.

BESTINVER SICAV Unaudited Information

34

Remuneration Policy

The management company has adopted a remuneration policy pursuant to applicable laws and regulations with the objective to ensure that its remuneration structure is in line with its interests and those of the collective investment schemes it manages and to prevent risk%taking which is inconsistent with the risk profiles, rules or articles of incorporation or management regulations of the collective investment schemes it manages. Details of the remuneration policy of the management company, including the persons in charge of determining the fixed and variable remunerations of staff, a description of the key remuneration elements and an overview of how remuneration is determined, is available at http://www.mdo-manco.com/about-us/legal-documents.

With respect to the financial year ended December 31, 2019 (as of that date, the management company had a headcount of 63 employees), the total fixed and variable remuneration paid by the management company to its employees amounted to EUR 4,752,158.00 and to EUR 1,180,144.00 respectively. The total remuneration paid by the management company to senior management and members of its staff whose actions have a material impact on the risk profile of the collective investment schemes managed amounted to EUR 3,232,370.00. The remuneration committee of the management company has reviewed the implementation of the remuneration policy and has not identified any deficiency in that respect. Moreover, the current version of the remuneration policy was updated and approved by the board of directors in the course of the financial year ended December 31, 2019, the current version being dated July 2019. Bestinver Retribution Policy

The remuneration policy of Bestinver Gestión S.A., SGIIC is based on the competitiveness and internal and external equity. It is designed to soundly and efficiently manage risk and, in addition, it does not offer its employees inducements incompatible with the risk profiles of the collective investment schemes it manages. The remuneration of the employees and managers has a fixed component, which represents the functions and responsibilities assumed, and a variable component linked to the effective achievement of the employee, manager, their department or company of the quantitative and qualitative objectives agreed and previously disclosed to the employee or manager and referenced to the level of performance of the responsibilities assigned. The fixed component is sufficiently high so that the variable component may be as flexible as required, where it is possible that no variable remuneration is paid. A part of the remuneration paid to the management team or to those whose activity may have impact on the risk profile of the collective investment schemes, is paid in units of investment funds, without being able to dispose of such during a certain period. The total remuneration paid to employees and managers during the year 2019 amounted to EUR 26,964,000.00, of which EUR 10,034,000.00 was fixed remuneration and EUR 16,930,000.00 was variable remuneration. The number of people that received remuneration amounted to 135, of which 120 received variable remuneration. The total remuneration paid to 11 high executives amounted to EUR 14,370,000.00 (EUR 2,382,000.00 of fixed remuneration and 11,988,000.00 of variable remuneration). In addition, the remuneration paid to 8 other employees whose activity may have impact on the risk profile of the investment funds under management amounted to EUR 5,512,000.00 (EUR 2,330,000.00 of fixed remuneration and EUR 3,182,000.00 of variable remuneration). The remunerations paid by Bestinver Gestión S.A., SGIIC was in no case linked to a variable management fee of a collective investment scheme. Global Risk Exposure

The Risk Management Process complies with the CSSF circular 11/512 and enables to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each sub-fund. The commitment approach is used for all the sub-funds of Bestinver SICAV to determine the global exposure. Financial derivative instruments are converted into their equivalent position in the underlying asset. The global risk exposure shall not exceed the sub-fund's net asset value. Security Financing Transaction Regulation (SFTR) BESTINVER SICAV is not subject to SFTR disclosure. The SICAV did not hold any derivative instruments as at December 31, 2019.

Documents

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