Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976

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Sparinvest SICAV SPARINVEST - EUROPEAN VALUE Statement of Investments as at December 31, 2009 (expressed in EUR) Description Transferable securities admitted to an official stock exchange listing Shares 52 Quantity / Face value Currency Cost Market Value % net assets CHF BQE.CANTONALE VAUDOISE/NOM 5,253.00 CHF 1,436,101.59 1,454,135.85 2.05 CONZZETA HOLDING ZUERICH 395.00 CHF 610,023.01 478,878.52 0.68 DAETWYLER HOLDING AG 20,895.00 CHF 807,128.42 816,255.52 1.16 KUONI REISEN HOLDING/NAM B 5,340.00 CHF 1,355,455.36 1,255,227.50 1.78 LOEB HLD/B.PART 4,730.00 CHF 830,996.23 551,141.36 0.78 MICRONAS SEMICONDUCTOR/REG 36,540.00 CHF 518,344.25 97,212.34 0.14 RIETER HOLDING AG/NAM 2,358.00 CHF 946,222.42 370,839.89 0.52 ZEHNDER GROUP AG 904.00 CHF 757,700.12 846,328.55 1.20 7,261,971.40 5,870,019.53 8.31 DKK A.P. MOELLER - MAERSK A/S B 440.00 DKK 2,822,063.56 2,163,806.57 3.06 DANSKE BANK AS 114,836.00 DKK 1,694,105.88 1,820,726.60 2.58 4,516,169.44 3,984,533.17 5.64 EUR ABBEY PLC 150,759.00 EUR 1,480,791.02 708,567.30 1.00 AXEL SPRINGER AG/NAM VINK 8,064.00 EUR 1,018,565.70 605,203.20 0.86 BENETTON GROUP SPA PONZANO 231,092.00 EUR 1,438,526.69 1,442,014.08 2.04 BIC 37,676.00 EUR 1,520,354.47 1,819,750.80 2.58 BONGRAIN 9,012.00 EUR 744,050.11 477,185.40 0.68 BUZZI UNICEM 158,262.00 EUR 2,076,915.97 1,785,195.36 2.53 CEWE COLOR HOLDING AG 5,754.00 EUR 175,341.94 130,040.40 0.18 CROWN VAN GELDER/CERT OF SHS 44,201.00 EUR 788,644.13 358,072.30 0.51 DEUTSCHE POSTBANK AG/NAMEN AKT 71,453.00 EUR 1,922,627.33 1,634,844.64 2.31 DEVERNOIS SA 3,895.00 EUR 694,453.76 494,665.00 0.70 DOUGLAS HOLDING AG 17,631.00 EUR 793,492.28 599,982.93 0.85 ENI SPA ROMA 37,938.00 EUR 665,613.41 675,296.40 0.96 EURAZEO 40,475.00 EUR 1,927,588.28 1,976,596.63 2.80 EXACOMPTA CLAIREFONTAINE/NOM 4,110.00 EUR 664,663.80 398,670.00 0.56 FINNAIR OYJ 129,081.00 EUR 1,192,356.81 484,053.75 0.69 FRANKFURT AIRPORT SERV. WORLDW 51,569.00 EUR 2,073,018.27 1,870,923.32 2.65 FROMAG. BEL VACHE Q. RIT 1,587.00 EUR 330,754.64 204,723.00 0.29 FYFFES PLC 765,770.00 EUR 690,070.98 352,254.20 0.50 GRAMMER AG 72,112.00 EUR 1,308,996.76 436,277.60 0.62 GUYENNE & GASCOGNE SA 12,257.00 EUR 1,194,296.29 780,770.90 1.11 HAULOTTE GROUP 161,235.00 EUR 847,423.22 1,017,392.85 1.44 HOCHTIEF AG 37,079.00 EUR 1,450,652.85 1,985,580.45 2.81 JUNGHEINRICH AG/VORZ O. ST 100,720.00 EUR 1,812,727.69 1,349,648.00 1.91 KOENIG + BAUER AG 43,503.00 EUR 1,061,911.07 495,934.20 0.70 KONINKLIJKE DSM NV 63,799.00 EUR 1,962,558.07 2,198,513.54 3.12 KONINKLIJKE WESSANEN NV 59,949.00 EUR 704,842.17 251,246.26 0.36 LISI 12,801.00 EUR 844,033.05 439,074.30 0.62 MAN SE 32,591.00 EUR 1,782,825.70 1,774,254.04 2.51 MIBA AG -PRIV B 5,643.00 EUR 695,762.22 490,941.00 0.70 The accompanying notes form an integral part of these financial statements.
Sparinvest SICAV SPARINVEST - EUROPEAN VALUE Statement of Investments (continued) as at December 31, 2009 (expressed in EUR) Description NSC GROUPE 8,933.00 EUR 753,972.64 348,387.00 0.49 OCE NV 44,914.00 EUR 604,421.51 385,901.09 0.55 OMV AG 64,283.00 EUR 1,629,977.00 1,973,488.10 2.79 PEUGEOT SA 76,103.00 EUR 2,539,336.81 1,800,977.50 2.55 RENAULT SA 54,917.00 EUR 2,403,814.37 1,987,995.40 2.81 ROTO SMEETS 29,771.00 EUR 1,241,260.83 299,793.97 0.42 ROYAL DUTCH SHELL PLC/A 87,800.00 EUR 1,649,311.91 1,852,580.00 2.62 ROYAL PHILIPS ELECTRONICS 102,495.00 EUR 2,207,857.61 2,119,596.60 3.00 SALZGITTER AG 27,084.00 EUR 1,877,766.71 1,853,628.96 2.62 STE L D C SA 14,359.00 EUR 1,236,302.64 1,166,668.75 1.65 TESSENDERLO CHEMIE 25,624.00 EUR 953,973.48 590,633.20 0.84 TOTAL PRODUCE PLC 675,011.00 EUR 501,297.97 229,503.74 0.32 UPM-KYMMENE CORP 213,352.00 EUR 1,591,834.46 1,775,088.64 2.51 VILLEROY + BOCH AG/VORZ 72,013.00 EUR 1,050,868.83 393,911.11 0.56 54,105,855.45 44,015,825.91 62.32 GBP ALUMASC PLC 271,458.00 GBP 655,531.36 308,674.18 0.44 AVON RUBBER PLC 453,656.00 GBP 912,973.86 508,189.90 0.72 BERKELEY GROUP HLD PLC/UNITS 136,132.00 GBP 1,676,465.32 1,256,754.26 1.78 BOVIS HOMES GROUP PLC 147,820.00 GBP 673,173.10 723,434.35 1.02 D S SMITH PLC 161,905.00 GBP 546,852.83 230,765.17 0.33 J.SAINSBURY PLC 475,316.00 GBP 2,476,573.01 1,731,143.25 2.45 MILLENNIUM & COPTHORNE HOTELS 444,482.00 GBP 2,006,491.41 1,855,039.03 2.63 TT ELECTRONICS PLC 662,608.00 GBP 932,648.18 546,437.62 0.77 9,880,709.07 7,160,437.76 10.14 SEK ERICSSON TEL. B 249,218.00 SEK 1,806,641.95 1,603,503.52 2.27 1,806,641.95 1,603,503.52 2.27 USD NATUZZI SPA/SADR 67,200.00 USD 343,813.18 151,032.25 0.21 343,813.18 151,032.25 0.21 Total - Shares 77,915,160.49 62,785,352.14 88.89 Treasury bills Quantity / Face value Currency EUR GERMANY 0% 09-31.03.10 TB 3,140,000.00 EUR 3,132,507.39 3,137,488.00 4.44 3,132,507.39 Cost Market Value % net assets 3,137,488.00 4.44 Total - Treasury bills 3,132,507.39 3,137,488.00 4.44 Total - Transferable securities admitted to an official stock exchange listing 81,047,667.88 65,922,840.14 93.33 TOTAL INVESTMENT PORTFOLIO 81,047,667.88 65,922,840.14 93.33 The accompanying notes form an integral part of these financial statements. 53
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Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976

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