Sparinvest SICAV Semi Annual Report 2010 R.C.S. Luxembourg B ...

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
CHF
BQE.CANTONALE VAUDOISE/NOM 5,253.00 CHF 1,436,101.59 1,764,215.66 2.24
CONZZETA HOLDING ZUERICH 395.00 CHF 610,023.01 534,512.80 0.68
DAETWYLER HOLDING AG 20,895.00 CHF 807,128.42 1,033,338.90 1.32
KUONI REISEN HOLDING/NAM B 5,340.00 CHF 1,355,455.36 1,215,751.36 1.54
LOEB HLD/B.PART 4,730.00 CHF 830,996.23 691,766.35 0.88
MICRONAS SEMICONDUCTOR/REG 30,646.00 CHF 434,733.92 115,515.53 0.15
RIETER HOLDING AG/NAM 3,973.00 CHF 1,254,484.29 832,645.09 1.06
ZEHNDER GROUP AG 904.00 CHF 757,700.12 1,090,397.83 1.39
7,486,622.94 7,278,143.52 9.26
DKK
A.P. MOELLER - MAERSK A/S B 503.00 DKK 3,190,418.00 3,261,474.11 4.15
DANSKE BANK AS 114,836.00 DKK 1,694,105.88 1,830,279.94 2.33
4,884,523.88 5,091,754.05 6.48
EUR
ABBEY PLC 150,759.00 EUR 1,480,791.02 663,339.60 0.84
AXEL SPRINGER AG/NAM VINK 8,064.00 EUR 1,018,565.70 687,375.36 0.88
BENETTON GROUP SPA PONZANO 256,571.00 EUR 1,587,638.08 1,411,140.50 1.80
BIC 30,937.00 EUR 1,248,412.94 1,800,224.03 2.29
BONGRAIN 9,012.00 EUR 744,050.11 511,881.60 0.65
BUZZI UNICEM 198,875.00 EUR 2,455,573.16 1,653,645.63 2.11
CEWE COLOR HOLDING AG 5,754.00 EUR 175,341.94 147,791.49 0.19
CROWN VAN GELDER/CERT OF SHS 44,201.00 EUR 788,644.13 298,356.75 0.38
DE LONGHI SPA 64,539.00 EUR 194,967.81 225,886.50 0.29
DEUTSCHE POSTBANK AG/NAMEN AKT 71,453.00 EUR 1,922,627.33 1,705,940.38 2.17
DEVERNOIS SA 3,895.00 EUR 694,453.76 419,881.00 0.53
DOUGLAS HOLDING AG 17,631.00 EUR 793,492.28 603,332.82 0.77
ENI SPA ROMA 103,412.00 EUR 1,745,016.08 1,566,691.80 1.99
EURAZEO 42,498.00 EUR 1,927,588.28 1,999,955.88 2.55
EXACOMPTA CLAIREFONTAINE/NOM 4,110.00 EUR 664,663.80 349,350.00 0.44
FINNAIR OYJ 129,081.00 EUR 1,192,356.81 511,160.76 0.65
FRANKFURT AIRPORT SERV. WORLDW 57,437.00 EUR 2,296,477.17 2,010,869.37 2.56
FROMAG. BEL VACHE Q. RIT 1,587.00 EUR 330,754.64 225,354.00 0.29
FYFFES PLC 765,770.00 EUR 690,070.98 252,704.10 0.32
GRAMMER AG 72,112.00 EUR 1,308,996.76 733,018.48 0.93
GUYENNE & GASCOGNE SA 12,257.00 EUR 1,194,296.29 956,046.00 1.22
HAULOTTE GROUP 161,235.00 EUR 847,423.22 1,257,633.00 1.60
HOCHTIEF AG 42,520.00 EUR 1,739,935.42 2,091,558.80 2.66
JUNGHEINRICH AG/VORZ O. ST 100,720.00 EUR 1,812,727.69 1,906,126.00 2.43
KOENIG + BAUER AG 43,503.00 EUR 1,061,911.07 602,516.55 0.77
KONINKLIJKE DSM NV 70,803.00 EUR 2,182,118.53 2,332,958.85 2.97
KONINKLIJKE WESSANEN NV 59,949.00 EUR 704,842.17 173,792.15 0.22
LISI 12,801.00 EUR 844,033.05 537,642.00 0.68
MAN SE 38,247.00 EUR 2,066,986.58 2,596,588.83 3.31
Page
44
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets