WAVERTON INVESTMENT FUNDS SICAV...WAVERTON INVESTMENT FUNDS SICAV Organisation 2 Registered office 44, Rue de la Vallée L-2661 LUXEMBOURG (since 15th January 2018) 42, Rue de la Vallée

Annual report including audited financial statements as at 31st December 2018

WAVERTON INVESTMENT FUNDS SICAV Société d'Investissement à Capital Variable (SICAV) à compartiments multiples under Luxembourg Law.

R.C.S. Luxembourg B 179 624

No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents ("KIID") supplemented by the latest annual report including audited financial statements and the most recent unaudited semi-annual report, if published thereafter.

WAVERTON INVESTMENT FUNDS SICAV

Contents

1

Organisation ........................................................................................................................................... 2

Report on activities of the Board of Directors..................................................................................... 5

Report of the réviseur d'entreprises agréé ........................................................................................10

Combined statement of net assets .....................................................................................................13

Combined statement of operations and other changes in net assets ............................................14

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN CAPITAL GROWTH FUND ......................................................................................................................................................15

Statement of net assets ......................................................................................................................15 Statement of operations and other changes in net assets .................................................................16 Statistical information ..........................................................................................................................17 Statement of investments and other net assets .................................................................................18 Industrial and geographical classification of investments ...................................................................19

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN DIVIDEND GROWTH FUND ......................................................................................................................................................20

Statement of net assets ......................................................................................................................20 Statement of operations and other changes in net assets .................................................................21 Statistical information ..........................................................................................................................22 Statement of investments and other net assets .................................................................................23 Industrial and geographical classification of investments ...................................................................24

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON SOUTHEAST ASIAN FUND ..................25 Statement of net assets ......................................................................................................................25 Statement of operations and other changes in net assets .................................................................26 Statistical information ..........................................................................................................................27 Statement of investments and other net assets .................................................................................29 Industrial and geographical classification of investments ...................................................................30

Notes to the financial statements .......................................................................................................31

Additional information (unaudited) ....................................................................................................36


2

Organisation

Registered office 44, Rue de la Vallée L-2661 LUXEMBOURG (since 15th January 2018) 42, Rue de la Vallée L-2661 LUXEMBOURG (until 14th January 2018) Board of Directors Chairman Charles Scott Plummer Director & Head of Funds WAVERTON INVESTMENT MANAGEMENT Limited 16 Babmaes Street UK-LONDON SW1Y 6AH (since 24th January 2018) Charles Glasse Director & Investment Manager

WAVERTON INVESTMENT MANAGEMENT Limited 16 Babmaes Street UK-LONDON SW1Y 6AH (until 23rd January 2018) Directors Charles Scott Plummer Director & Head of Funds WAVERTON INVESTMENT MANAGEMENT Limited 16 Babmaes Street UK-LONDON SW1Y 6AH (until 23th January 2018) Marc Geduldt Director & Head of operations WAVERTON INVESTMENT MANAGEMENT Limited 16 Babmaes Street UK-LONDON SW1Y 6AH Maxime Causin Client and Project Manager CASA4FUNDS SA 44, Rue de la Vallée L-2661 LUXEMBOURG (since 15th January 2018) 42, Rue de la Vallée L-2661 LUXEMBOURG (until 14th January 2018)


Organisation (continued)

3

Management Company CASA4FUNDS SA and Domiciliary Agent 44, Rue de la Vallée L-2661 LUXEMBOURG (since 15th January 2018) 42, Rue de la Vallée L-2661 LUXEMBOURG (until 14th January 2018) Board of Directors of the Management Company Chairman Michele MILANI Member of the Management Committee BANOR SIM S.p.A. Via Dante, 15 IT-20123 MILANO Directors Alberto CAVADINI Independent Director

17, Rue Louvigny L-1946 LUXEMBOURG

Giacomo MERGONI Chief executive Officer BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ Day-to-day managers Margherita BALERNA BOMMARTINI of the Management Company Arnaud BOUTEILLER Céline GUTTER Richard MAISSE Robert ZAGORSKI Depositary and Paying Agent ING LUXEMBOURG Société Anonyme 26, Place de la Gare L-1616 LUXEMBOURG Administrative Agent, Registrar EUROPEAN FUND ADMINISTRATION S.A. and Transfer Agent 2, Rue d’Alsace L-1122 LUXEMBOURG Investment Manager WAVERTON INVESTMENT MANAGEMENT Limited 16 Babmaes Street UK-LONDON SW1Y 6AH


Organisation (continued)

4

Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG Foreign Exchange Service Provider GLOBAL CUSTODIAL SERVICES LTD

The Old Barn Oasts Business Village Red Hill Wateringbury Kent ME18 5NN UNITED KINGDOM

Paying Agent in the Federal Republic GerFIS - German Fund Information Service UG of Germany for the Sub-Fund: Zum Eichhagen 4 WAVERTON INVESTMENT FUNDS 21382 Brietlingen SICAV - WAVERTON EUROPEAN GERMANY CAPITAL GROWTH FUND


5

Report on activities of the Board of Directors

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN CAPITAL GROWTH FUND MANAGEMENT REPORT 31st December 2018 Market Review The fourth quarter brought a dramatic change in market sentiment. Up to then, by consensus, the US economy was red hot (aggressive tax cuts on top of an economy that was already doing well), Europe OK and China / Asia reasonable. Where corporate earnings missed, it was down to either suppliers being unable to meet the contracted volumes or employees getting larger than expected wage rises thanks to tight labour markets. Even within this environment, we were surprised to hear Volvo ‘complaining’ of US dealers panic buying heavy trucks. After 30 years of following markets, we don’t remember ever hearing over ordering to the extent that truck manufacturers had to scale back order allocations. Unfortunately, storm clouds were gathering. It was impossible to know how the Trump trade negotiations would pan out. Either side could have backed down with a fudge resulting in markets rocketing. Instead, positions became entrenched in deadlock. We did not predict that things would turn out this badly, but in the fourth quarter 2018 we fell less than the market having risen by more than the market over the Jan to Sept period. How? Experience has taught us that the difference between an extended boom and a bust can be surprisingly small. This is because a boom will, by definition, see a massive rise in product consumption, which needs to be consumed at ever greater amounts for the boom to continue. We totally avoided the heavily owned/loved (by investors) Luxury Goods and Technology sectors for this reason. Both have benefitted hugely from mega booms. We did not predict the downturn but found the risk reward profile unappealing. The consensus view, as espoused by a (nameless) broker in September 2018 was: our thesis on luxury goods has been that investors should not be overly concerned about valuation levels as long as earnings are revised upwards. A more complete explanation of our outperformance is below. Performance Review In euros the MSCI Europe ex UK Net Return Index delivered a total return of -10.9% in 2018, with the fall occurring in the last three months as trade tensions rose. The Sub-Fund returned -8.2%. Over the year, on a gross basis, we outperformed in 9 of the 11 sectors. These relatively modest falls disguised some major gains and falls at the stock level. Saving readers a rather tiresome list of plusses and minuses we will discuss the ‘big picture’. Our best call was to own only one bank share and to slightly underweight the much better insurance subsector. This means that on a gross basis we rose 0.35% in a sector that contributed 40% of the market decline. Our worst sector positioning by far was to overweight industrials, a sector that fell by 1.95%. We added value in Safran and the recently sold Securitas but had a number of shares that fell heavily. The worst was Deutsche Post that took 1.1% percentage point off performance. Interestingly the most cyclical part, DHL, did the best and the German domestic post business was the problem area. Other industrials that we should have avoided included Kion, Zardoya Otis, Deutz and Heidelberger Druck. The last of these we have now sold. Outlook As John Kenneth Galbraith famously stated, "There are two kinds of forecasters: those who don't know, and those who don't know that they don't know". We are certainly in the former group, but that does not stop us from trying to read the tealeaves of the future. As always at this time of year, Barron’s collected US broker expectations for the S+P500 index move for 2019. Interestingly the average is for a 17% rise this year, which is the second highest expected gain in the last 15 years.


Report on activities of the Board of Directors (continued)

6

Generally investors are optimistic at the start of the year and Continental European equity markets may fare better in 2019 than in 2018, especially if recent dovish statements on interest rates from the Fed’s chairman, Mr. Powell causes the US$ to weaken and interest rates to stop rising. However, the outlook remains unclear. If Trump, Xi and the EU settle their differences there could be an enormous relief rally. Were this to be combined with a weakening US dollar and emerging markets recovery then our European industrials and materials companies would benefit big time. Finally there could well be a switch by US investors into Europe - after 10 years of Europe underperforming the US there is plenty of room for a mean reversion trade to push our lowly rated companies much higher. If trade talks get stuck – then it’s all about how earnings develop for the companies we invest in. Either way, recession or recovery, good pricing power and good visibility become more important supports to stock valuations and that is why we spend our time working on these aspects along with a very keen interest in valuation.



7

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN DIVIDEND GROWTH FUND MANAGEMENT REPORT 31st December 2018 Market Review The MSCI Europe ex UK Net Return Index delivered a total return of -9.87% in 2018 in sterling terms, with most of the fall occurring in the last three months as trade tensions rose. The Sub-Fund fell by 8.28% (including dividends paid in 2018) which, amazingly, still makes it firmly top quartile against peers for the year. The worst performing sector in 2018 was Financials which remains the fund’s major sector underweight; we own only one bank, and held a few insurance companies which performed better. A mini banks’ recovery was brought to an end in September with the onset of the Italian government’s budgetary spat with the EU. Overall the Financials sector was up in Q3, but down from its January peak when some investors had the mistaken belief that European banks were about to start benefitting from a rising interest rate cycle. Healthcare was another positive sectoral contributor for us, examples of which are discussed below. The overweight to the industrial sector, was the major sectoral detractor. Performance Review

The fourth quarter was mostly a sector allocation game in a falling market. Simply being underweight financials was our biggest positive contributor, narrowly followed by our underweight to technology and consumer discretionary stocks. We did get caught by having an overweight in industrials and materials and not enough “defensive” consumer staples.

The key driver to the relative outperformance over the year was, as is often the case stock selection. LivaNova and Elekta, both Medtech stocks, came through with exciting new products that were being signed off by regulators. We sold the former on valuation grounds, and took prudent and timely profits in the latter. The biggest detractor was BATs due to US regulators’ more hostile stance towards vaping and flavoured cigarettes among children.

What we find interesting is that, while earnings projections in 2019 and 2020 for financials and technology have been coming down, earnings expectations of companies we own in the industrial sector are holding up well. If we shift into a proper recession these will no doubt fall with the rest of the market, but if (and this is the big if) they do deliver there is substantial upside here on some very high yielding shares. Navigator, our paper & pulp investment, let it be known that they were buying back shares following the share price fall of a third, while pulp prices stay at recent record high prices.

Regular observers will have spotted that we bought a few telecoms and utilities in the spring/summer (as their longer term product pricing compression was abating combined with low valuation and high yield), going from underweight to overweight. The timing was fortuitous here.

Finally GTT was a great stock. They are specialists in membranes needed in both natural gas carriers and increasingly for natural gas powered general shipping. These membranes hold the gas in place on ships and GTT virtually controls the market. They have been benefitting from the secular rise in gas as an increasingly popular fuel and order flow in the stock is hitting new highs.

Outlook

As John Kenneth Galbraith famously stated, "There are two kinds of forecasters: those who don't know, and those who don't know that they don't know". We are certainly in the former group, but that does not stop us from trying to read the tea leaves of the future.

Generally investors are optimistic at the start of the year and Continental European equity markets may fare better in 2019 than in 2018. However, the outlook remains unclear.



8

If Trump, Xi and the EU settle their trade differences there could be an enormous relief rally. Were this to be combined with a weakening US dollar and emerging markets recovery then our European industrials and materials companies would benefit big time. Finally there could well be a switch by US investors into Europe - after 10 years of Europe underperforming the US there is plenty of room for a mean reversion trade to push our lowly rated companies much higher.

If trade talks get stuck – then it’s all about how earnings develop for the companies we invest in.

Either way, recession or recovery, good pricing power and good visibility become more important supports to stock valuations and that is why we spend our time working on these aspects along with a very keen interest in valuation.



9

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON SOUTHEAST ASIAN FUND MANAGEMENT REPORT 31st December 2018 It was a difficult year for investors in Southeast Asian markets in 2018. The normalisation of US interest rate policy, involving both a more conventional level of real interest rates and the gradual unwinding of quantitative easing, began to pick up speed. This helped to push US rates and the dollar to significantly higher levels, which inevitably created strong headwinds for emerging markets, as US investors repatriated funds to their domestic market in search of more attractive risk-adjusted returns. A further concern was the escalating trade dispute between the US and China. Despite this, Southeast Asian economies continued to perform well, reporting stable GDP growth. In the new global monetary environment however, Indonesia and the Philippines in particular were forced to defend their currencies by raising interest rates sharply. The combination of weak liquidity and higher domestic interest rates weighed heavily on equities throughout Southeast Asia, with the fund’s benchmark MSCI ASEAN total return index declining by 8.6% for the year. The performance of the Sub-Fund was also disappointing, with a decline of 14.5% for the year. The most important reason for this underperformance was that 2018 was a very poor year for small and mid-cap stocks around the region. These significantly underperformed large cap stocks, with ASEAN small caps declining by 19.4% and mid-caps by 14.8%. The fund is more than 80% invested in small and mid-cap stocks, where we find companies that offer a combination of good 3-5 year growth potential, combined with significantly lower valuations than large cap stocks. We believe the underperformance of small cap stocks in 2018 was attributable to their perceived higher risk in an uncertain global environment. Many of the fund’s holdings however have better returns and growth prospects than most large cap stocks, as well as lower valuations. They also offer investors the security of strong balance sheets (in some cases net cash) combined with stable cash flows and sustainable high dividend payouts. As an example, we would point to the fund’s largest holding, Silverlake Axis. The company provides core banking, payments and retail solutions to major banks, financial services companies and retailers. It has a strong market position in Southeast Asia, with 8 of the region’s largest 20 banks using its integrated banking solutions software. Silverlake is highly profitable; an asset light business with net margins consistently above 20%, return on equity north of 15%, and net cash on its balance sheet. Barriers to entry to new competitors are high; the company has never lost a major bank from its SIBS platform. The recurring maintenance and enhancement business is an increasing part of revenues. In the last two years however, banks have deferred capex on IT, which has affected Silverlake’s highest margin software licensing business. With regional banks facing increased challenges from Fintech, we anticipate that IT capex will recover in 2019. The company’s order backlog and pipeline of new business are strong. The outlook for Southeast Asia in 2019 is dominated by the familiar concerns of US interest rates, global liquidity, and the outcome of US-China bilateral trade talks. An additional but increasingly important factor will be the slowdown in China. Southeast Asia, even more than other global trade blocs, is increasingly dependent on Chinese demand. Authorities there are attempting the very difficult task of reflating domestic demand whilst simultaneously curtailing credit growth. Risks are clearly running at a high level as we enter 2019, but our central case for the global economy in the year ahead is continued but slower growth. There are as yet few signs of inflationary pressures emerging, which should help the Fed and other central banks to hold interest rate rises to levels that equity markets can tolerate. In this environment, we would expect Southeast Asian equity markets to perform well, on the back of low valuations, stable domestic conditions and continued steady growth in corporate earnings. Luxembourg, 8th February 2018 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

Deloitte.

Report of the reviseur d'entreprises agree

To the Shareholders of WAVERTON INVESTMENT FUNDS SICAV

Deloitte Audit Societe a responsab1lite limitee 560, rue de Neudorf L-2220 Luxem bourg BP 1173 L-1011 Luxembourg

Tel: +352 451 451 www.de loitte.lu

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of WAVERTON INVESTMENT FUNDS SICAV (the « Company») and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at December 31 , 2018 and the statement of operations and the statement of changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion , the accompanying financial statements give a true and fair view of the financial position of the Company and of each of its sub-funds as at December 31 , 2018, 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.

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 are further described in the "Responsibilities of the Reviseur d 'Entreprises Agree for the Audit of the Financial Statements" section of our report. We are also independent of the Company 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, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Soc1ete a responsab111te l1m1tl!-e au capital de 35 000 c RCS LU>cembourg B 67.895 Autonsat1on d'etablissement 10022179

10

Deloitte.

Report of the reviseur d'entreprises agree (continued)

Other information

The Board of Directors of the Company 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 report of the Reviseur d'Entreprises Agree thereon .

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

In connection with our audit of the financial statements, our responsibility is to read the other information 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 this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Company for the Financial Statements

The Board of Directors of the Company 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 Company 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 Company is responsible for assessing the Company's 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 Company either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Reviseur d'Entreprises Agree 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 a report of the Reviseur d'Entreprises Agree 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 dated 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.

11

Deloitte

Report of the reviseur d'entreprises agree (continued)

As part of an audit in accordance with the Law dated 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism 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 Company'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 Company;

• Conclude on the appropriateness of the Board of Directors of the Company'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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the Reviseur d'Entreprises Agree 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 report of the Reviseur d'Entreprises Agree. However, future events or conditions may cause the Company 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.

gree

Jean- hilippe Bachelet, Reviseur d'Entreprises Agree Partner

25th April 2019

12


Combined statement of net assets (in EUR) as at 31st December 2018

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

13

Assets Securities portfolio at market value 250,201,985.47 Cash at banks 10,383,760.74 Receivable on issues of shares 141,555.55 Income receivable on portfolio 80,828.86 Other receivables 13,140.76

Total assets 260,821,271.38

Liabilities Bank overdrafts 353.10 Payable on redemptions of shares 37.61 Dividends payable 262,544.06 Unrealised loss on forward foreign exchange contracts 21,627.03 Expenses payable 312,577.92

Total liabilities 597,139.72

Net assets at the end of the year 260,224,131.66


Combined statement of operations and other changes in net assets (in EUR) from 1st January 2018 to 31st December 2018


14

Income Dividends, net 5,965,210.95 Other income 69,598.27

Total income 6,034,809.22

Expenses Management fees 2,366,668.49 Depositary fees 190,276.75 Banking charges and other fees 143,999.71 Transaction fees 177,826.16 Central administration costs 227,502.90 Professional fees 32,005.76 Other administration costs 20,825.02 Subscription duty ("taxe d'abonnement") 73,541.02 Bank interest paid 41,839.29 Other expenses 26,353.18

Total expenses 3,300,838.28

Net investment income 2,733,970.94

Net realised gain/(loss) - on securities portfolio 6,564,406.56 - on forward foreign exchange contracts -43,908.83 - on foreign exchange -422,255.15

Realised result 8,832,213.52

Net variation of the unrealised gain/(loss) - on securities portfolio -35,321,528.83 - on forward foreign exchange contracts -9,600.34

Result of operations -26,498,915.65

Dividends paid -2,500,866.30

Subscriptions 148,221,776.44

Redemptions -76,132,463.62

Total changes in net assets 43,089,530.87

Total net assets at the beginning of the year 216,379,396.83

Revaluation difference 755,203.96

Total net assets at the end of the year 260,224,131.66

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN CAPITAL GROWTH FUND

Statement of net assets (in EUR) as at 31st December 2018


15



Liabilities Bank overdrafts 154.38 Payable on redemptions of shares 37.61 Dividends payable 180,798.96 Unrealised loss on forward foreign exchange contracts 21,627.03 Expenses payable 204,385.98



Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

L Class EUR 18,233,522.0840 EUR 2.396 43,687,099.66 Retail GBP 80,134.7710 GBP 170.627 15,227,040.53 Institutional EUR 8,488,949.0270 EUR 2.480 21,054,785.28 Institutional GBP 18,499,915.5990 GBP 1.825 37,595,918.70 Institutional GBP Hedged 5,806,600.2410 GBP 1.205 7,793,343.79 F Class GBP 51,225,018.5660 GBP 1.045 59,636,679.23 F Class EUR 5,176,260.0230 EUR 0.939 4,862,910.83

189,857,778.02


Statement of operations and other changes in net assets (in EUR) from 1st January 2018 to 31st December 2018


16



Expenses Management fees 1,633,928.86 Depositary fees 117,608.46 Banking charges and other fees 95,568.48 Transaction fees 99,222.94 Central administration costs 119,737.85 Professional fees 22,566.70 Other administration costs 10,563.73 Subscription duty ("taxe d'abonnement") 46,112.91 Bank interest paid 26,647.43 Other expenses 13,809.48

Total expenses 2,185,766.84

Net investment income 1,890,043.68



Net variation of the unrealised gain/(loss) - on securities portfolio -22,119,968.75 - on forward foreign exchange contracts -9,600.34









Statistical information (in EUR) as at 31st December 2018


17

Total net assets Currency 31.12.2016 31.12.2017 31.12.2018

EUR 91,389,663.24 149,673,365.83 189,857,778.02

Net asset value per share Currency 31.12.2016 31.12.2017 31.12.2018

L Class EUR EUR 2.384 2.633 2.396 Retail GBP GBP 161.686 185.254 170.627 Institutional EUR EUR 2.470 2.726 2.480 Institutional GBP GBP 1.730 1.982 1.825 Institutional GBP Hedged GBP 1.163 1.312 1.205 F Class GBP GBP - 1.134 1.045 F Class EUR EUR - - 0.939

Number of shares outstanding at the

beginning of the year

issued redeemed outstanding at the end of the year

L Class EUR 23,271,738.7900 5,410,807.7050 -10,449,024.4110 18,233,522.0840 Retail GBP 91,474.6850 4,641.8940 -15,981.8080 80,134.7710 Institutional EUR 4,796,738.7120 5,141,088.2370 -1,448,877.9220 8,488,949.0270 Institutional GBP 12,182,502.3570 8,604,644.0490 -2,287,230.8070 18,499,915.5990 Institutional GBP Hedged 2,081,638.4660 4,080,631.0690 -355,669.2940 5,806,600.2410 F Class GBP 20,313,684.6830 35,109,050.4900 -4,197,716.6070 51,225,018.5660 F Class EUR - 5,377,136.6410 -200,876.6180 5,176,260.0230

Dividends paid Currency Dividend per share Ex-dividend date

L Class EUR EUR 0.015 31.01.2018 Retail GBP GBP 0.437 31.01.2018 Institutional EUR EUR 0.024 31.01.2018 Institutional GBP GBP 0.017 31.01.2018 Institutional GBP Hedged GBP 0.013 31.01.2018 F Class GBP GBP 0.011 31.01.2018


Statement of investments and other net assets (in EUR) as at 31st December 2018


18

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

CHF 150,000 LafargeHolcim Ltd Reg 6,847,928.83 5,393,161.47 2.84 CHF 130,000 Novartis AG Reg 9,337,838.51 9,698,990.56 5.11

16,185,767.34 15,092,152.03 7.95

DKK 180,000 Ambu AS B Bearer Reg 4,223,631.05 3,778,195.77 1.99 DKK 195,000 Novo Nordisk AS B 7,026,701.57 7,786,195.59 4.10 DKK 127,000 Novozymes AS B 4,969,265.55 4,951,851.78 2.61 DKK 82,000 Topdanmark AS 1,987,856.45 3,330,248.76 1.75

18,207,454.62 19,846,491.90 10.45

EUR 51,000 Air Liquide SA 5,170,937.00 5,530,950.00 2.91 EUR 110,000 Bayer AG Reg 9,587,966.97 6,661,600.00 3.51 EUR 222,000 Deutsche Post AG Reg 7,096,281.00 5,308,020.00 2.80 EUR 467,000 Deutsche Telekom AG Reg 7,263,419.10 6,920,940.00 3.65 EUR 532,116 Deutz AG 3,674,260.88 2,737,736.82 1.44 EUR 1,051,000 ENAV SpA 4,172,281.49 4,458,342.00 2.35 EUR 65,000 Eramet SA 4,724,180.74 3,922,750.00 2.07 EUR 400,000 Galp Energia SGPS SA B 4,698,581.66 5,518,000.00 2.91 EUR 85,000 Gaztransport et technigaz SA 2,659,291.10 5,707,750.00 3.01 EUR 64,000 Kion Group AG 4,227,895.70 2,837,120.00 1.49 EUR 60,060 Linde PLC Reg 6,483,007.55 8,309,301.00 4.38 EUR 175,000 Metso Oyj 4,868,281.22 4,007,500.00 2.11 EUR 37,000 Michelin SA 3,857,231.74 3,207,900.00 1.69 EUR 32,000 Muenchener Rueckver AG REG 5,789,440.40 6,097,600.00 3.21 EUR 420,000 Orange SA 5,711,038.96 5,945,100.00 3.13 EUR 55,500 SAFRAN SA 4,037,188.20 5,849,700.00 3.08 EUR 93,000 Unilever NV Certif of Shares 3,915,337.07 4,410,060.00 2.32 EUR 82,000 Viscofan SA 3,886,589.69 3,945,840.00 2.08 EUR 228,000 Waertsilae Oyj Abp 3,117,418.63 3,168,060.00 1.67 EUR 526,000 Zardoya Otis SA 4,593,497.79 3,266,460.00 1.72

99,534,126.89 97,810,729.82 51.53

GBP 117,000 British American Tobacco Plc 5,459,567.84 3,257,421.26 1.72 NOK 351,000 Kongsberg Gruppen ASA 4,617,863.22 4,170,666.67 2.20 NOK 333,000 Mowi ASA Reg 3,269,894.32 6,147,150.19 3.24

7,887,757.54 10,317,816.86 5.44

SEK 80,000 Autoliv Inc SDR 6,088,379.51 4,967,991.29 2.62 SEK 584,000 Elekta AB Shares B 4,813,394.99 6,066,463.23 3.19 SEK 584,000 Husqvarna AB B 4,671,815.16 3,783,261.84 1.99 SEK 250,000 Loomis AB 6,332,281.94 7,050,082.91 3.71 SEK 584,000 Svenska Handelsbanken AB A 6,658,855.49 5,660,496.78 2.98 SEK 175,000 Swedish Match AB 5,516,032.48 6,023,876.79 3.17

34,080,759.57 33,552,172.84 17.66

USD 35,000 Livanova Plc 2,005,095.96 2,800,918.64 1.47

Total investments in securities 183,360,529.76 182,677,703.35 96.22

Cash at banks 7,376,345.99 3.89

Bank overdrafts -154.38 0.00

Other net assets/(liabilities) -196,116.94 -0.11

Total 189,857,778.02 100.00


Industrial and geographical classification of investments as at 31st December 2018

19

Industrial classification

(in percentage of net assets)

Healthcare 21.98 %

Industrials 21.87 %

Non-cyclical consumer goods 12.53 %

Raw materials 12.20 %

Financials 11.65 %

Telecommunications services 6.78 %

Cyclical consumer goods 6.30 %

Energy 2.91 %

Total 96.22 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

Germany 16.10 %

France 15.89 %

Sweden 15.04 %

Denmark 10.45 %

Switzerland 7.95 %

Norway 5.44 %

Ireland 4.38 %

Spain 3.80 %

Finland 3.78 %

United Kingdom 3.19 %

Portugal 2.91 %

United States of America 2.62 %

Italy 2.35 %

The Netherlands 2.32 %

Total 96.22 %

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN DIVIDEND GROWTH FUND

Statement of net assets (in GBP) as at 31st December 2018


20



Liabilities Bank overdrafts 178.44 Dividends payable 73,402.98 Expenses payable 63,853.95





shares

Currency of

share class


share class


(in GBP)

L Class GBP 20,422,272.9270 GBP 1.684 34,385,687.89 Institutional A GBP 1,713,422.8380 GBP 1.785 3,058,687.08 Institutional B GBP 3,028,685.3870 GBP 1.834 5,554,460.04 F Class GBP 1,061,229.1310 GBP 0.901 956,460.58 F Class EUR 851,442.6040 EUR 0.899 687,090.65

44,642,386.24


Statement of operations and other changes in net assets (in GBP) from 1st January 2018 to 31st December 2018


21



Expenses Management fees 418,981.04 Depositary fees 33,490.32 Banking charges and other fees 29,913.55 Transaction fees 35,033.82 Central administration costs 49,712.42 Professional fees 5,542.92 Other administration costs 4,991.32 Subscription duty ("taxe d'abonnement") 18,590.98 Bank interest paid 13,421.22 Other expenses 7,422.15

Total expenses 617,099.74

Net investment income 524,174.41



Net variation of the unrealised gain/(loss) - on securities portfolio -7,359,080.33









Statistical information (in GBP) as at 31st December 2018


22


GBP 21,489,280.01 37,587,777.37 44,642,386.24


L Class GBP GBP 1.634 1.889 1.684 Institutional A GBP GBP 1.723 1.997 1.785 Institutional B GBP GBP 1.761 2.046 1.834 F Class GBP GBP - - 0.901 F Class EUR EUR - - 0.899

Number of shares outstanding at the

beginning of the year


L Class GBP 14,369,049.1930 6,757,365.6130 -704,141.8790 20,422,272.9270 Institutional A GBP 1,536,500.6450 349,883.7980 -172,961.6050 1,713,422.8380 Institutional B GBP 3,603,767.5250 221,079.5350 -796,161.6730 3,028,685.3870 F Class GBP - 1,065,058.3720 -3,829.2410 1,061,229.1310 F Class EUR - 851,442.6040 - 851,442.6040


L Class GBP GBP 0.01187 31.01.2018 L Class GBP GBP 0.0375 18.07.2018 Institutional A GBP GBP 0.01249 31.01.2018 Institutional A GBP GBP 0.0395 18.07.2018 Institutional B GBP GBP 0.01315 31.01.2018 Institutional B GBP GBP 0.04 18.07.2018


Statement of investments and other net assets (in GBP) as at 31st December 2018


23





Shares

CHF 31,940 LafargeHolcim Ltd Reg 1,282,613.63 1,031,190.78 2.31 CHF 35,620 Novartis AG Reg 2,185,132.71 2,386,321.99 5.35

3,467,746.34 3,417,512.77 7.66

DKK 52,300 Novo Nordisk AS B 1,610,681.76 1,875,185.91 4.20 EUR 13,020 Air Liquide SA 1,158,509.83 1,267,921.85 2.84 EUR 57,900 Atlantia SpA 1,129,096.32 939,482.43 2.10 EUR 27,300 Bayer AG Reg 2,046,986.79 1,484,569.24 3.33 EUR 48,600 Deutsche Post AG Reg 1,380,706.31 1,043,440.74 2.34 EUR 129,200 Deutsche Telekom AG Reg 1,765,305.00 1,719,343.54 3.85 EUR 124,000 Deutz AG 882,044.05 572,873.86 1.28 EUR 491,000 EDP-Energias de Portugal SA Reg 1,271,544.35 1,344,283.48 3.01 EUR 338,800 ENAV SpA 1,199,233.46 1,290,523.77 2.89 EUR 17,360 Eramet SA 1,126,897.62 940,760.21 2.11 EUR 112,200 Galp Energia SGPS SA B 1,236,289.76 1,389,845.44 3.11 EUR 27,560 Gaztransport et technigaz SA 764,631.55 1,661,793.95 3.72 EUR 206,700 Iberdrola SA 1,212,375.05 1,302,584.14 2.92 EUR 11,700 Linde PLC Reg 1,021,965.16 1,453,506.47 3.26 EUR 35,000 Lisi 1,001,312.28 644,278.81 1.44 EUR 59,200 Metso Oyj 1,445,807.79 1,217,332.26 2.73 EUR 8,530 Muenchener Rueckver AG REG 1,396,862.25 1,459,519.59 3.27 EUR 395,000 Navigator (The) Co SA Reg 1,237,032.31 1,276,884.28 2.86 EUR 263,500 NOS SGPS SA 1,138,211.11 1,252,848.41 2.81 EUR 115,000 Orange SA 1,455,642.43 1,461,704.75 3.27 EUR 103,300 Redes Energetic Nacio SGPS SA 133,250.09 225,773.43 0.51 EUR 31,300 Viscofan SA 1,418,949.97 1,352,452.12 3.03 EUR 75,620 Waertsilae Oyj Abp 942,637.87 943,511.43 2.11 EUR 161,200 Zardoya Otis SA 1,232,170.90 898,894.21 2.01

27,597,462.25 27,144,128.41 60.80

GBP 31,730 British American Tobacco Plc 1,466,412.99 793,250.00 1.78 NOK 139,500 Kongsberg Gruppen ASA 1,599,485.57 1,488,416.64 3.33 SEK 22,000 Autoliv Inc SDR 1,476,217.93 1,226,776.54 2.75 SEK 114,100 Elekta AB Shares B 756,619.71 1,064,290.81 2.38 SEK 195,800 Husqvarna AB B 1,330,815.00 1,138,985.47 2.55 SEK 59,900 Loomis AB 1,248,114.60 1,516,816.28 3.40 SEK 362,000 SSAB AB B 1,166,633.21 798,724.00 1.79 SEK 144,000 Svenska Handelsbanken AB A 1,416,070.36 1,253,303.16 2.81 SEK 50,300 Swedish Match AB 1,323,244.60 1,554,740.67 3.48

8,717,715.41 8,553,636.93 19.16


Cash at banks 1,485,552.34 3.33

Bank overdrafts -178.44 0.00


Total 44,642,386.24 100.00



24



Industrials 23.95 %

Healthcare 15.26 %


Financials 9.48 %



Telecommunications services 7.12 %

Utilities 6.44 %

Energy 3.11 %

Total 96.93 %



Sweden 16.41 %

Germany 14.07 %

France 13.38 %

Portugal 12.30 %

Spain 7.96 %

Switzerland 7.66 %

Italy 4.99 %

Finland 4.84 %

Denmark 4.20 %

Norway 3.33 %

Ireland 3.26 %

United States of America 2.75 %

United Kingdom 1.78 %

Total 96.93 %

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON SOUTHEAST ASIAN FUND

Statement of net assets (in USD) as at 31st December 2018


25

Assets Securities portfolio at market value 22,099,161.56 Cash at banks 1,546,515.57 Other receivables 157.62


Liabilities Expenses payable 42,383.70





shares

Currency of

share class


share class


(in USD)

Retail USD - Lead Series 3,834.9830 USD 1,264.192 4,848,155.66 L Class USD - DIS - Series 18/06/15 7,029.7540 USD 934.470 6,569,096.66 Institutional USD - DIS - Lead Series 1,150.5260 USD 894.694 1,029,368.33 Institutional USD - Lead Series 8,504.4240 USD 1,311.885 11,156,830.40

23,603,451.05


Statement of operations and other changes in net assets (in USD) from 1st January 2018 to 31st December 2018


26

Income Dividends, net 772,598.05 Other income 13,809.66

Total income 786,407.71

Expenses Management fees 304,200.45 Depositary fees 40,430.02 Banking charges and other fees 17,279.94 Transaction fees 45,248.93 Central administration costs 59,896.52 Professional fees 3,733.27 Other administration costs 5,375.21 Subscription duty ("taxe d'abonnement") 7,685.87 Bank interest paid 280.42 Other expenses 4,889.80

Total expenses 489,020.43

Net investment income 297,387.28

Net realised gain/(loss) - on securities portfolio 919,080.86 - on forward foreign exchange contracts 4,018.99 - on foreign exchange -87,002.06


Net variation of the unrealised gain/(loss) - on securities portfolio -5,722,010.19


Dividends paid -201,966.71



Total changes in net assets -5,659,260.61




Statistical information (in USD) as at 31st December 2018

(*) roll over to lead Series using NAV as at 31st December 2017 (**) formerly L Class USD - DIS - Series 18/06/15.


27


USD 21,882,623.11 29,262,711.66 23,603,451.05


Retail USD - Lead Series USD 1,237.308 1,484.920 1,264.192 Retail USD - Series 05/03/15 USD 893.962 (*) 1,072.856 - Retail USD - Series 26/03/15 USD 903.761 (*) 1,084.615 - Retail USD - Series 09/02/17 USD - (*) 1,130.483 - L Class USD - DIS - Lead Series (**) USD 951.776 1,121.014 934.470 L Class USD - DIS - Series 30/07/15 USD 1,011.642 (*) 1,191.446 - L Class USD - DIS - Series 14/07/16 USD 981.050 (*) 1,167.557 - L Class USD - DIS - Series 28/07/16 USD 953.342 (*) 1,136.422 - L Class USD - DIS - Series 11/08/16 USD 915.256 (*) 1,091.272 - L Class USD - DIS - Series 01/09/16 USD 921.382 (*) 1,102.339 - L Class USD - DIS - Series 20/10/16 USD 944.067 (*) 1,132.563 - L Class USD - DIS - Series 24/11/16 USD 992.365 (*) 1,191.436 - L Class USD - DIS - Series 23/02/17 USD - (*) 1,136.274 - L Class USD - DIS - Series 11/05/17 USD - (*) 1,101.400 - L Class USD - DIS - Series 17/08/17 USD - (*) 1,055.084 - L Class USD - DIS - Series 21/09/17 USD - (*) 1,038.016 - L Class USD - DIS - Series 09/11/17 USD - (*) 1,040.872 - Institutional USD - DIS - Lead Series USD 907.182 1,071.709 894.694 Institutional USD - DIS - Series 04/06/15

USD 949.931 (*) 1,122.143 -

Institutional USD - DIS - Series 24/09/15

USD 1,147.327 (*) 1,355.270 -

Institutional USD - Lead Series USD 1,270.820 1,533.404 1,311.885 Institutional USD - Series 14/08/14 USD 901.751 (*) 1,088.063 - Institutional USD - Series 11/09/14 USD 897.480 (*) 1,082.917 - Institutional USD - Series 22/01/15 USD 918.823 (*) 1,108.675 - Institutional USD - Series 19/02/15 USD 912.291 (*) 1,100.809 - Institutional USD - Series 30/07/15 USD 1,026.470 (*) 1,238.544 - Institutional USD - Series 28/07/16 USD 954.563 (*) 1,151.550 - Institutional USD - Series 08/09/16 USD 920.757 (*) 1,110.997 - Institutional USD - Series 22/09/16 USD 938.287 (*) 1,132.150 - Institutional USD - Series 06/10/16 USD 934.409 (*) 1,127.473 - Institutional USD - Series 20/10/16 USD 942.460 (*) 1,137.191 - Institutional USD - Series 27/10/16 USD 944.756 (*) 1,139.989 - Institutional USD - Series 12/01/17 USD - (*) 1,157.934 - Institutional USD - Series 02/02/17 USD - (*) 1,148.022 - Institutional USD - Series 16/02/17 USD - (*) 1,135.099 - Institutional USD - Series 23/03/17 USD - (*) 1,139.611 - Institutional USD - Series 13/04/17 USD - (*) 1,112.024 - Institutional USD - Series 15/06/17 USD - (*) 1,060.890 - Institutional USD - Series 29/06/17 USD - (*) 1,055.313 - Institutional USD - Series 20/07/17 USD - (*) 1,049.919 - Institutional USD - Series 03/08/17 USD - (*) 1,047.924 -

Number of shares outstanding at the beginning of the

year


Retail USD - Lead Series 3,619.5440 450.2390 -234.8000 3,834.9830 Retail USD - Series 05/03/15 140.0000 - -140.0000 - Retail USD - Series 26/03/15 100.0000 - -100.0000 - Retail USD - Series 09/02/17 149.3500 - -149.3500 - L Class USD - DIS - Series 18/06/15 158.1670 7,951.0250 -1,079.4380 7,029.7540 L Class USD - DIS - Series 30/07/15 987.4010 - -987.4010 - L Class USD - DIS - Series 14/07/16 1,500.0000 - -1,500.0000 - L Class USD - DIS - Series 28/07/16 520.0000 - -520.0000 - L Class USD - DIS - Series 11/08/16 456.6000 - -456.6000 - L Class USD - DIS - Series 01/09/16 120.0000 - -120.0000 - L Class USD - DIS - Series 20/10/16 18.3640 - -18.3640 -


Statistical information (in USD) (continued) as at 31st December 2018


28


L Class USD - DIS - Series 24/11/16 500.0000 - -500.0000 - L Class USD - DIS - Series 23/02/17 56.2500 - -56.2500 - L Class USD - DIS - Series 11/05/17 50.4210 - -50.4210 - L Class USD - DIS - Series 17/08/17 187.0000 - -187.0000 - L Class USD - DIS - Series 21/09/17 20.0250 - -20.0250 - L Class USD - DIS - Series 09/11/17 35.0000 - -35.0000 - Institutional USD - DIS - Lead Series 696.9500 454.2530 -0.6770 1,150.5260 Institutional USD - DIS - Series 04/06/15

281.7350 - -281.7350 -

Institutional USD - DIS - Series 24/09/15

125.9380 - -125.9380 -

Institutional USD - Lead Series 2,099.1050 12,420.2190 -6,014.9000 8,504.4240 Institutional USD - Series 14/08/14 5.0550 - -5.0550 - Institutional USD - Series 11/09/14 150.0000 - -150.0000 - Institutional USD - Series 22/01/15 15.0000 - -15.0000 - Institutional USD - Series 19/02/15 28.0000 - -28.0000 - Institutional USD - Series 30/07/15 184.3620 - -184.3620 - Institutional USD - Series 28/07/16 457.1640 - -457.1640 - Institutional USD - Series 08/09/16 1,000.0000 - -1,000.0000 - Institutional USD - Series 22/09/16 2,950.0000 - -2,950.0000 - Institutional USD - Series 06/10/16 320.0000 - -320.0000 - Institutional USD - Series 20/10/16 460.0000 - -460.0000 - Institutional USD - Series 27/10/16 7.5000 - -7.5000 - Institutional USD - Series 12/01/17 67.4800 - -67.4800 - Institutional USD - Series 02/02/17 8.6000 - -8.6000 - Institutional USD - Series 16/02/17 14.0000 - -14.0000 - Institutional USD - Series 23/03/17 22.7900 - -22.7900 - Institutional USD - Series 13/04/17 200.0000 - -200.0000 - Institutional USD - Series 15/06/17 39.4740 - -39.4740 - Institutional USD - Series 29/06/17 4,770.0000 - -4,770.0000 - Institutional USD - Series 20/07/17 1,721.0000 - -1,721.0000 - Institutional USD - Series 03/08/17 136.0000 - -136.0000 -


L Class USD - DIS - Series 18/06/15 USD 27.932 31.01.2018 Institutional USD - DIS - Lead Series USD 27.727 31.01.2018


Statement of investments and other net assets (in USD) as at 31st December 2018


29





Shares

HKD 1,058,000 NagaCorp Ltd 612,633.86 1,137,409.27 4.82 IDR 1,515,744 Astra Agro Lestari (PT) Tbk 1,615,200.30 1,246,430.13 5.28 IDR 62,635,000 Bekasi Fajar Ind Est (PT) Tbk 1,432,229.70 905,985.71 3.84 IDR 10,000,000 BFI Finance Indonesia (PT) Tbk Reg 449,402.06 462,447.65 1.96 IDR 4,598,900 PT Bank Tabu Pens Nasional Tbk 878,307.55 1,100,153.64 4.66 IDR 5,876,900 PT Blue Bird Tbk Reg 1,251,456.56 1,172,927.39 4.97 IDR 13,070,700 PT Cikarang Listrindo Tbk Reg 1,128,258.30 808,965.10 3.43 IDR 147,119,600 PT Sentul City Tbk A 1,384,725.39 1,115,162.01 4.72

8,139,579.86 6,812,071.63 28.86

MYR 1,190,300 Alliance Bank Malaysia Bhd 1,186,544.45 1,157,896.19 4.91 PHP 1,728,500 Aboitiz Power Corp 1,356,000.47 1,155,625.71 4.90 PHP 2,422,200 Manila Water Co Inc 1,387,571.55 1,303,374.28 5.52 PHP 1,143,099 Philippine National Bank 1,334,992.75 930,809.18 3.94 PHP 600,000 Puregold Price Club Inc Reg 482,706.63 491,428.57 2.08

4,561,271.40 3,881,237.74 16.44

SGD 5,500,000 Silverlake Axis Ltd 2,301,686.56 1,675,475.30 7.10 SGD 1,208,200 Singapore Post Ltd 1,264,659.62 811,497.47 3.44 SGD 1,890,000 Thai Beverage PLC 1,240,653.28 846,289.36 3.59

4,806,999.46 3,333,262.13 14.13

THB 5,200,000 BEC World PCL Foreign Reg 1,842,692.39 774,297.19 3.28 THB 1,100,000 Hana Microelect PCL Units NVDR 1,197,517.73 1,121,408.71 4.75 THB 175,000 Siam City Cement PCL NVDR 1,469,587.18 1,108,279.27 4.69

4,509,797.30 3,003,985.17 12.72

VND 1,395,000 Petroviet Dril & Well Serv JSC 1,217,080.27 877,512.20 3.72 VND 575,000 Refrigeration Elec Engine Corp 558,768.44 763,035.35 3.23

1,775,848.71 1,640,547.55 6.95

Total shares 25,592,675.04 20,966,409.68 88.83

Closed-ended investment funds

GBP 195,000 Vietnam Enterprise Invest Ltd Cap 564,368.76 1,132,751.88 4.80

Total closed-ended investment funds 564,368.76 1,132,751.88 4.80


Cash at banks 1,546,515.57 6.55


Total 23,603,451.05 100.00



30



Financials 15.47 %

Utilities 13.85 %

Technologies 11.85 %

Industrials 11.64 %



Real estate 8.56 %

Investment funds 4.80 %


Energy 3.72 %

Total 93.63 %



Indonesia 28.86 %

Philippines 16.44 %

Thailand 16.31 %

Cayman Islands 9.62 %

Bermuda 7.10 %

Vietnam 6.95 %

Malaysia 4.91 %

Singapore 3.44 %

Total 93.63 %


Notes to the financial statements as at 31st December 2018

31

Note 1 - General information WAVERTON INVESTMENT FUNDS SICAV, (hereinafter the "Company"), is a company established in Luxembourg with a variable capital (société d’investissement à capital variable) that may offer a choice of several separate Sub-Funds investing in transferable securities and/or other liquid financial assets permitted by part I of the law of 17th December 2010 as amended (the “2010 Law”) relating to Undertakings for Collective Investment in Transferable Securities. The Company was incorporated, under the name of 2CG FUNDS, in the Grand Duchy of Luxembourg on 12th August 2013 as a société anonyme under the amended law of 10th August 1915 relating to commercial companies (the “Company Law”) and is organized as a variable capital company (“SICAV”) under Part I of the 2010 Law. An Extraordinary General Meeting of the Company was held on 17th August 2016, during which the Shareholders of the Company decided to change the name of the Company 2CG FUNDS into the following name: “WAVERTON INVESTMENT FUNDS SICAV”. As such the Company is registered on the official list of undertakings collective investment maintained by the Luxembourg regulator. It is established for an undetermined duration from the date of the incorporation. The Board of Directors of the Company has appointed CASA4FUNDS SA as management company (the "Management Company"). The Management Company has been appointed under a Fund Management Agreement signed on 12th August 2013, as amended. The Management Company is authorised to act as a fund management company in accordance with Chapter 15 of the 2010 Law. Note 2 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment in transferable securities and with generally accepted accounting principles in Luxembourg. b) Valuation of assets

1. transferable securities and money market instruments admitted to official listing on a stock exchange or dealt with on another market in a non-Member State which is regulated, operates regularly and is recognised and open to the public provided, are valued on the basis of the last known price. If the same security is quoted on different markets, the quotation of the main market for this security will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be done in good faith by the Board of Directors of the Company or its delegate with a view to establish the probable sales price for such securities;

2. non-listed securities are valued on the basis of their probable sales price as determined in good faith by the Board of Directors and its delegate;

3. liquidities, cash and cash equivalents are valued at their nominal value plus accrued interest;

4. derivatives are valued at market value.

c) Acquisition cost of securities in the portfolio


Notes to the financial statements (continued) as at 31st December 2018

32

The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rates prevailing on the date of purchase. d) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost and are disclosed net in the statement of operations and other changes in net assets. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are disclosed in the statement of net assets. Net variation of the unrealised gains or losses and net realised gains or losses are disclosed in the statement of operations and other changes in net assets. g) Conversion of foreign currencies Cash at banks, other net assets liabilities and fair value of the securities in portfolio expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Net realised gains or losses on foreign exchange are disclosed in the statement of operations and other changes in net assets. h) Formation expenses Formation expenses are amortised on a straight line basis over a period of five years. i) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the financial statements. At the date of the financial statements, the exchange rates used for the combined statements are the following: 1 EUR = 0.8979496 GBP Pound Sterling 1.1430000 USD US Dollar



33

j) Revaluation difference The item "Revaluation difference" in the combined statement of operations and other changes in net assets represents the valuation difference of the net asset of the Sub-Fund at the beginning of the year with the exchange rate applicable at the date of the financial statements. k) Transaction fees Transaction costs disclosed under the item "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the respective Sub-Funds and of fees relating to liquidation of transactions paid to the depositary as well as of transaction fees on financial instruments. Note 3 - Management fees The Management Company will provide investment management services, administrative services and distribution services in accordance with the 2010 Law and as specified in the Management Company Services Agreement. Subject to the conditions set forth by the 2010 Law, the Management Company is authorized to delegate under its responsibility and control, and with consent and under supervision of the Company and its Board of Directors, part or all of its functions and duties to third parties. The Management Company receives a Management Company fee up to 0.25% maximum per annum, with a minimum of EUR 25,000 per Sub-Fund should the total asset under management of the Company be under EUR 150,000,000, calculated on the Net Asset Value of the Sub-Funds on each Valuation Day for the provision of its services. Note 4 - Investment management fees For the investment management of the Sub-Funds, the Management Company may, under its control and supervision, appoint one or more investment managers (the “Investment Manager”) for providing day-to-day management of the assets of certain Sub-Funds. The Management Company may further, under the same conditions, appoint advisors (the “Investment Advisor”) to provide investment information, recommendations and research concerning prospective and existing investments. The investment management fees are accrued daily on the basis of the total net assets and are payable to the Investment Manager as follows:

Sub-Fund WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN CAPITAL GROWTH

FUND

L Class EUR Max 1.00%

Retail GBP Max 1.25%

Institutional EUR Max 0.75%

Institutional GBP Max 0.75%

Institutional GBP Hedged Max 0.60%

F Class GBP Max 0.60%

F Class EUR Max 0.60%



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Sub-Fund WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN DIVIDEND GROWTH

FUND

L Class GBP Max 1.00%

Institutional A GBP Max 0.75%

Institutional B GBP Max 0.50%

F Class GBP Max 0.60%

F Class EUR Max 0.60%

Sub-Fund WAVERTON INVESTMENT FUNDS SICAV - WAVERTON SOUTHEAST ASIAN FUND

Retail USD Max 1.25%

L Class USD - DIS Max 1.00%

Institutional USD Max 0.80%

Institutional USD - DIS Max 0.80%

Note 5 - Central administration costs The item "Central administration costs" disclosed in the statement of operations and other changes in net assets is mainly composed of administrative agent and transfer agent fees. Note 6 - Subscription tax (taxe d’abonnement) The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty (taxe d’abonnement) of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. According to Article 174 (2) of the 2010 law, a lower rate of 0.01% is applied to the class shares reserved to institutional investors. Note 7 - Forward foreign exchange contracts As at 31st December 2018, the following Sub-Fund is committed in the following forward foreign exchange contract with ING Luxembourg :

WAVERTON INVESTMENT FUNDS SICAV - WAVERTON EUROPEAN CAPITAL GROWTH FUND Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Institutional GBP Hedged Share GBP 3,662,126.16 EUR 4,091,916.52 01.03.2019 -21,627.03

-21,627.03



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Note 8 - Changes in the investment portfolio The statement of changes in the investment portfolio is available free of charge upon request from the registered office of the Company. Note 9 - Payable dividends as at 31st December 2018 As at 31st December 2018, interim dividends (whose total amount is disclosed in these financial statements under the spot Liabilities – Dividends payable), related to interim distributions that have occurred since the year 2014, have not been paid to several investors whose accounts are blocked due to non-compliance with AML/KYC requirements. Following the cross-border merger of the Fund dated 22nd February 2019, as further described in the present Note 10 – Subsequent Events, unpaid interim dividends that have been carried into the receiving fund shall be paid by the receiving fund to the relevant investors upon compliancy of their respective account(s) in regard to AML/KYC requirements. Note 10 - Subsequent events The Board of Directors of the Company has decided, on 21st August 2018, to merge the three sub-funds of the Company into three sub-funds of the Irish fund Waverton Investment Funds PLC (the « Cross-Border Merger »). Following an Extraordinary General Meeting that was held on 20th February 2019, the shareholders of the Company have approved the Cross-Border Merger of the three sub-funds of the Company into the aforementioned sub-funds of the receiving fund. The Cross-Border Merger became effective on 22nd February 2019 (the “Effective Date”), with an exchange ratio of 1:1. As a consequence of the Cross-Border Merger, the Company has been dissolved without going into liquidation as from the Effective Date of the Cross-Border Merger.


Additional information (unaudited) as at 31st December 2018

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1 - Risk management As required by Circular CSSF 11/512, the Board of Directors of the Company needs to determine the global risk exposure of the Company by applying either the commitment approach or the VaR (“Value at Risk”) approach. In terms of risk management, the Board of Directors of the Company decided to adopt the commitment approach as a method of determining the global exposure. 2 - Remuneration of the Identified Staff 1 and Supervisory body of the Management Company As per the Remuneration Policy of the Company in force, the Management Company employees’ remuneration is composed of several components, being:

a fixed remuneration, covering the salary and benefits possibly granted to an employee in

counterparty of the work performed for the Company. That fixed remuneration is determined as

of and by means of the working contract entered into between the Company and each

employee;

a variable remuneration or “bonus”, that may be allotted to the Employee both depending on

the Company results and the Employee’s qualitative and quantitative performance.

The latter is established every year after the closure of the preceding accounting period taking into account the results of the company, the achievement of the financial and qualitative objectives, market operational and regulatory risks, proven and potential. As such, the variable remuneration is not solely based on personal result and does not encourage risk taking. At the end of the year the Management Company’s counted 10 Identified Staff members, including 3 non-executive Board Members, whose global remuneration for the year 2018 is equal to an amount of EUR 136,251.52 including EUR 28,340.79 of variable remuneration. This remuneration was calculated in proportion of the net assets of the Fund out of the net assets of all the funds under the governance of the Management Company. There was no material change done to the remuneration policy during the year ending on 31st December 2018. The remuneration policy was last reviewed in March 2019 and no irregularities were encountered. Details on the remuneration policy are made available free of charge on the Management Company’s website: www.casa4funds.com. There is no remuneration paid to identified staff of delegates from the Management Company. 1 Namely the Senior Management, risk takers, holders of control functions and any type of employee whose total remuneration falls into similar remuneration brackets.

2 Namely the Board of Directors of the Management Company

3 - Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the Company did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.

http://www.casa4funds.com/