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K Invest Globale Aktier II Quarter End Statement for the Period January 1, 2021 to March 31, 2021

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K Invest Globale Aktier II Quarter End Statement for the Period January 1, 2021 to March 31, 2021 K Invest Globale Aktier II Quarter End Statement For the period January 1, 2021 to March 31, 2021 BARON CAPITAL® As of March 31, 2021 Baron Investment Philosophy Reporting Currency: DKK As of March 31, 2021 K Invest Globale Aktier II Reporting Currency: DKK Portfolio Manager: Alex Umansky Primary Contact: Stephen Millar +44(0)20 3941 5961 Vice President, Head of EMEA Client Service: Janet Lam Chen +1-212-583-2162 Director, Client Service Investment Strategy Jennifer Bailey +1-212-583-2197 Senior Associate, Client Service The portfolio invests mainly in growth companies of all sizes located throughout the world. Diversified. Michael Howard +1-917-933-0127 Associate, Client Service Table of Contents: Portfolio Summary 2 Performance 3 Quarterly Top Contributor/Detractors 4 Performance Attribution 5 Performance Attribution by Region 6 Attribution Commentary 7 Significant Transactions 8 GICS Sector Breakdown 9 Relative Sector Breakdown 10 Relative Country, Region, Developed/Emerging Breakdown 11 Top Ten Holdings Investment Premise 12 Portfolio Holdings by GICS Sector 13 Portfolio Holdings by Country 14 Reports 15 Schedule of Investments 1 As of March 31, 2021 K Invest Globale Aktier II Reporting Currency: DKK Portfolio Characteristics Summary of Activities Account MSCI ACWI Index Portfolio Value on December 31, 2020 1,246,463,818.96 DKK # of Equity Securities / % of Net Assets 56 / 97.4% - Contributions 181,033,609.15 Median Market Cap 123.10 billion DKK 72.28 billion DKK Withdrawals -90,563,300.36 Weighted Average Market Cap 1,603.84 billion DKK 1,894.16 billion DKK Dividends and Interest -10,268.53 Inception Date December 21, 2020 - Net Assets 1.35 billion DKK - Management Fees 0.00 Appreciation/Depreciation 9,647,473.14 Monthly Performance (Net %) for Quarter Ended March 31, 2021 Portfolio Value on March 31, 2021 1,346,571,332.36 DKK Account MSCI ACWI Index January 2.22 0.18 February 5.92 2.39 March -6.30 6.05 Portfolio Review and Outlook The first quarter of 2021 saw a perceptible shift in market leadership from growth to value. At the same time, the “reopening trade,” or rotation away from the work-from-home stocks, picked up steam. Though this has little to do with how we make investment decisions, we believe it partially explains our recent underperformance. Index returns were driven by energy, bank stocks, airlines, cruise lines, and hotels – areas we typically do not invest in -- while many of the work-from-home beneficiaries (i.e., companies enabling digital transformation, some of which we have owned for years) sold off. After enjoying a favorable investing environment over the last four years, we think it is fair to point out this headwind, which, while challenging, was not entirely unexpected. That said, we have no intention of adjusting the portfolio in response to these headwinds. The reasons are rooted in our investment philosophy and process and how we execute it in circumstances like these. • We focus on big ideas – companies we believe to be beneficiaries of disruptive change – which are rarely found in the industries benefiting from the reopening. Brick and mortar retailers, for example, will see more short-term foot traffic but will continue to be structurally disrupted by e-commerce. • We are long-term investors with focus on duration of growth. If our research suggests a company has sustainable competitive advantages that will enable it to compound its intrinsic value over the long term, we will exercise patience, even during periods of underperformance. • We believe all investing is value-based – everything else is speculation. We invest only when companies are trading at 20% discounts (or more) to our estimate of intrinsic value. Because we prioritize businesses we believe will compound their intrinsic value over the long term, we are willing to hold them when they are fairly valued, or even modestly overvalued, to allow fundamentals to catch up to the stock price. • As long-term investors we do not equate risk to market volatility. We define risk as probability of permanent loss of capital. As a result, we do not attempt to manage market volatility through cash management or sector rotation. There is nothing wrong with either; it is simply not a part of our process or skill set. While the recent changes in market leadership have been unfavorable to the businesses we favor, we are not all that concerned. We think rotations, pullbacks, and corrections are generally necessary and healthy and often create attractive opportunities for long-term investors like us. The more important development, in our view, has been the steady rise in interest rates. Besides offering a bit of an alternative to savers, higher interest rates make fast growing companies more expensive since future earnings must be discounted back at higher rates. Having said that, the Fed has said that it intends to keep interest rates low until at least 2023. And as the saying goes: “don’t fight the Fed,” especially, as in this case, when the government is helping with fiscal stimulus. BARON 2 CAPITAL® As of March 31, 2021 K Invest Globale Aktier II Reporting Currency: DKK Performance ¹ Total Returns(%) Annualized Returns(%) Since Inception1 1st Q 2021 Year to Date 1 Year 3 Years 5 Years 10 Years 12/21/2020 Return + - Return + - Return + - Return + - Return + - Return + - Return + - K Invest Globale Aktier II 1.45 1.45 N/A N/A N/A N/A -0.43 MSCI ACWI Index 8.77 -7.32 8.77 -7.32 N/A N/A N/A N/A 10.67 -11.10 The blue shading represents portfolio outperformance vs. the corresponding benchmark. The yellow shading represents underperformance. 1- The account performance is calculated on a time-weighted basis and is net of fees. The MSCI ACWI Index Net(DKK) measures the equity market performance of large and mid-cap securities across developed and emerging markets. The MSCI indexes and the Funds include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. BARON® 3 CAPITAL As of March 31, 2021 K Invest Globale Aktier II Reporting Currency: DKK Quarterly Contribution to Return¹ By Sub-Industry By Holdings Top Contributors Average Weight(%) Contribution(%) Alphabet Inc. 4.32 0.83 10X Genomics, Inc. 1.98 0.58 Facebook, Inc. 3.42 0.43 Fiverr International Ltd. 2.76 0.39 Coupang, LLC 0.26 0.39 Top Detractors Average Weight(%) Contribution(%) RingCentral, Inc. 3.16 -0.50 StoneCo Ltd. 1.63 -0.44 TAL Education Group 1.70 -0.39 Pinduoduo Inc. 1.62 -0.34 GDS Holdings Limited 3.00 -0.34 Contributors Detractors Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising • • RingCentral, Inc. provides global cloud communications and collaboration solutions across multiple company. Shares rose in the quarter on strong fourth quarter results that saw continued recovery in ad channels (voice, video, and messaging). Despite continued solid execution with revenue spend and accelerated cloud revenue growth. We remain highly convicted in Alphabet's merits as it acceleration, RingCentral’s stock corrected during the quarter as the market rotated out of fast growing continues to benefit from growth in mobile and online video advertising, which accrues to its core stocks. With its distribution advantage and the pandemic crystalizing the need for a communications assets of search, YouTube, and the Google ad network. Alphabet's investments in AI, autonomous platform that is agile, scalable, and global, RingCentral remains early in penetrating its addressable driving (Waymo), and life sciences (Verily, Calico) provide additional optionalities for growth. market, which we think should drive sustainable growth for years to come. 10X Genomics, Inc. sells products combining hardware, software, and chemistry to offer life sciences • • StoneCo Ltd. is a leading financial technology services company in Brazil. Shares declined on results that researchers single cell, spatial, and in situ views of biological systems. Shares performed well for the were weaker than analyst forecasts coupled with macro factors, including a steep devaluation in the quarter. There continues to be growing excitement about the company’s position on the cutting edge Brazilian real and a resurgence of COVID-19 in Brazil, which will likely impact near-term payment of research, with a strong core competency in single-cell analysis and continued innovation in volumes in Stone's core small and medium-sized enterprise segment. We believe Stone has the best launching new instruments and product lines. We see a future for applications in clinical diagnostics as value proposition for clients through its solutions in payments, software, and e-commerce, driving well. higher lifetime customer value and market share gains vs. peers. Shares of Facebook, Inc., the world’s largest social network, were up on robust fourth quarter results • • TAL Education Group is a leading K-12 after-school tutoring company in China with over 900 learning driven by strong ad pricing growth and tailwinds to newer shopping and payments products from centers in 91 cities. Shares declined during the first quarter following rumors of upcoming regulatory rapidly increasing e-commerce adoption. In our view, Facebook continues to utilize its leadership in changes that investors fear will adversely impact the after-school tutoring industry in China. We mobile to provide global advertisers targeted marketing capabilities at scale, with substantial continue to hold our shares while awaiting official announcements that will allow us to assess our monetization opportunities ahead across its various assets including WhatsApp, video tools including position in the stock. Watch and IG TV, and community-based marketplace, shopping, jobs, and dating features.
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