Mirae Asset Global Discovery Fund Société d’Investissement à Capital Variable Annual Report and Audited Financial Statements for the Year Ended 31 March 2021 R.C.S Luxembourg B138.578 No subscription may be accepted on the basis of this report. Subscriptions are accepted only on the basis of the current prospectus and key investor information documents accompanied by the latest annual report and the latest semi-annual report if available. Mirae Asset Global Discovery Fund Société d’Investissement à Capital Variable Annual Report and Audited Financial Statements for the year ended 31 March 2021 Table of Content General Information ...........................................................................................................................3 Principal Investment Manager’s Report ............................................................................................... 5 Independent Auditor’s Report .............................................................................................................. 7 Financial Statements ......................................................................................................................... 10 Statement of Net Assets Statement of Operations and Changes in Net Assets Statistical Information Notes to the Financial Statements ................................................................................................... 31 Schedule of Investments ................................................................................................................... 41 Mirae Asset Korea Equity Fund* Mirae Asset China Sector Leader Equity Fund Mirae Asset India Sector Leader Equity Fund Mirae Asset Asia Sector Leader Equity Fund Mirae Asset Asia Pacific Equity Fund Mirae Asset GEM Sector Leader Equity Fund Mirae Asset Asia Great Consumer Equity Fund Mirae Asset Global Great Consumer Equity Fund* Mirae Asset Asia Growth Equity Fund Mirae Asset China Growth Equity Fund Mirae Asset Next Asia Pacific Equity Fund* Mirae Asset India Mid Cap Equity Fund* Mirae Asset Global Dynamic Bond Fund* Industrial & Geographical Classification .................................................................................................. 65 Mirae Asset Korea Equity Fund* Mirae Asset China Sector Leader Equity Fund Mirae Asset India Sector Leader Equity Fund Mirae Asset Asia Sector Leader Equity Fund Mirae Asset Asia Pacific Equity Fund Mirae Asset GEM Sector Leader Equity Fund Mirae Asset Asia Great Consumer Equity Fund Mirae Asset Global Great Consumer Equity Fund* Mirae Asset Asia Growth Equity Fund Mirae Asset China Growth Equity Fund Mirae Asset Next Asia Pacific Equity Fund* Mirae Asset India Mid Cap Equity Fund* Mirae Asset Global Dynamic Bond Fund* Unaudited Supplementary Information ............................................................................................84 * Not authorized in Hong Kong and not available to Hong Kong Residents. 2 General Information Registered Office Members 31 z.a. Bourmicht Mr. Romain DENIS L-8070 Bertrange Executive Director – Managing Director Grand Duchy of Luxembourg FundRock Management Company S.A. Luxembourg, Grand Duchy of Luxembourg Board of Directors Mr. Eric MAY (until 12 February 2021) Chairman Non-Executive Director Mr. Jung Ho RHEE Founding Partner Chief Executive Officer BlackFin Capital Partners Mirae Asset Global Investments (Hong Kong) Limited Paris, France Hong Kong Mrs. Tracey MCDERMOTT Members Independent Non-Executive Director Mr. Elliot BERMAN Luxembourg, Grand Duchy of Luxembourg Managing Director, Operations Mirae Asset Global Investments (UK) Limited Mr. Grégory NICOLAS (until 26 June 2020) United Kingdom Executive Director – Co-Managing Director FundRock Management Company S.A. Mr. Se Han SONG (since 22 June 2020) Grand Duchy of Luxembourg Head of Business Planning & Product Development Mirae Asset Global Investments (Hong Kong) Limited Mr. Serge RAGOZIN (until 12 February 2021) Hong Kong Executive Director – Deputy Chief Executive Officer FundRock Management Company S.A. Mr. Byung Ha KIM Grand Duchy of Luxembourg Chief Operating Officer Mirae Asset Global Investments (Hong Kong) Limited Mr. Xavier PARAIN Hong Kong Executive Director – Chief Executive Officer FundRock Management Company S.A. Mr. Young-Rae CHO (until 8 April 2020) Grand Duchy of Luxembourg Head of Business Development and Product Mirae Asset Global Investments (Hong Kong) Limited Mr. Thibault GREGOIRE (since 16 February 2021) Hong Kong Executive Director – Chief Financial Officer FundRock Management Company S.A. Management Company Grand Duchy of Luxembourg FundRock Management Company S.A 33, rue de Gasperich Conducting Persons L-5826 Hesperange Mr. Romain DENIS Grand Duchy of Luxembourg Mr. Gregory NICOLAS (until 26 June 2020) Mr. Matteo SBROLLA Board of Directors of the Management Company Mr. Emmanuel NANTAS (since 8 October 2020) Mr. Franck CARAMELLE (since 8 October 2020) Chairman Mr. Alexis FERNANDEZ (since 8 October 2020) Mr. Michel Marcel VAREIKA Independent Non-Executive Director Luxembourg, Grand Duchy of Luxembourg 3 General Information (continued) Principal Investment Manager* Legal Advisors Mirae Asset Global Investments (Hong Kong) Limited Arendt & Medernach S.A. Room 1101, 11F, Lee Garden Three 41A, avenue J.F. Kennedy 1 Sunning Road, Causeway Bay L-2082 Luxembourg Hong Kong Grand Duchy of Luxembourg Investment Managers** Information to Shareholders Mirae Asset Global Investments Co Ltd 13F, Copies of the prospectus and any information relating thereto may Tower 1, 33, Jong-ro be obtained from the registered office of the Company at 31 z.a. Jongno-gu, Seoul, 03159, Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg, from Republic of Korea Mirae Asset Global Investments (Hong Kong) Limited and from the appointed fund distributors. Mirae Asset Global Investments (USA) LLC 625 Madison Avenue, 3rd Floor Corporate Governance New York, NY 10022 Following its introduction in September 2009, the Board of Directors United States of America has adopted the ALFI Code of Conduct (the “Code”), which sets out the principles of good governance. The Board considers that MAPS Capital Management Limited the Company has been in compliance with the Code in all material Room 1101, 11F, Lee Garden Three respects throughout the year ended 31 March 2021. 1 Sunning Road, Causeway Bay Hong Kong Daiwa Asset Management Co. Ltd. Gran Tokyo North Tower 9-1 Marunouchi 1- Chome Chiyoda-ku, Tokyo 100-6753 Japan Global Distributor* Mirae Asset Global Investments (Hong Kong) Limited Room 1101, 11F, Lee Garden 1 Sunning Road, Causeway Bay Hong Kong Depositary, Administrative Agent*, Registrar and Transfer Agent*, Paying Agent* Citibank Europe Plc, Luxembourg Branch 31 z.a. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg Hong Kong Representative Mirae Asset Global Investments (Hong Kong) Limited Room 1101, 11F, Lee Garden 1 Sunning Road, Causeway Bay Hong Kong Independent Auditor Ernst & Young S.A. 35E, avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg * Delegated by the Management Company ** Delegated by the Principal Investment Manager 4 Principal Investment Manager’s Report Market Overview for the Year Ended 31 March 2021 The start to 2020 saw capital markets experiencing huge volatility China and mass panic sell-offs. By April 2020, there was a sharp Throughout the year, we saw Beijing’s decision to completely recovery in markets post-March sell-off that drove markets to open up the mutual fund industry to foreign companies which was GFC lows. The US Senate passed the Holding Foreign Companies positive news to investors and signaled the country’s willingness Accountable Act by unanimous consent. Markets initially rebounded to open up its capital markets despite trade tensions. At the in beneficiaries of Covid through “stay-at-home” technology names UN General Assembly on the 22nd of September, President Xi but throughout 4Q2020, global markets reacted off positive news announced that China aims to achieve carbon neutrality before 2060. when Pfizer, BioNTech as well as Moderna announced a Covid The expectation in the coming decades is for substantial vaccine breakthrough. This coupled with Biden’s win in the US transformation in China’s energy mix. The Nation also announced elections diverted investor attention towards cyclical stocks driving its “dual circulation” strategy where it will realign its traditional a market rotation. The rally broadened across markets and sectors emphasis on economic growth through exports to a renewed focus as lockdowns ended, economies moved towards normalization. towards proliferating domestic demand. During 1Q21, we saw the Strong market performance and Biden’s victory further propelled tightening of the internet and online education sector with the the case for a reflationary trade environment. reiteration of anti-trust regulation. The State Administration for Market Regulation (SAMR) announced that the Chinese authority Asia will start an investigation into Alibaba on its alleged monopolistic In India, the impact of Covid, slowing growth momentum, concerns practices shaking up the Chinese fintech sector as regulators are over the banking sector, and the state of fiscal finances led to set to implement new anti-monopolistic parameters. Towards the a rating downgrade by Moody’s in 2020 from Baa2 to Baa3. end of the quarter Alibaba received a record fine of US$2.8bn. Over the past year, several reforms have been announced to lift India’s medium-term growth potential. Corporate taxes have been