Sands Capital Funds plc · Ctrip, Sea, Raia Drogasil, Siloam International Hospitals, and Magnit were the largest relative detractors. During the period, the Fund initiated investments

Sands Capital Funds plc

Unaudited Condensed Semi-Annual Financial Statements

For the period from 1 November 2017 to 30 April 2018

Registration Number: 484381


TABLE OF CONTENTS Page

DIRECTORY 2

INVESTMENT MANAGER’S REPORT

- Sands Capital Global Growth Fund Performance Overview 3

- Sands Capital US Select Growth Fund Performance Overview 4

- Sands Capital Emerging Markets Growth Fund Performance Overview 5

- Sands Capital Global Leaders Fund Performance Overview 6

- All-Strategy Commentary 7

SCHEDULE OF INVESTMENTS

- Sands Capital Global Growth Fund 11

- Sands Capital US Select Growth Fund 13

- Sands Capital Emerging Markets Growth Fund 14

- Sands Capital Global Leaders Fund 17

STATEMENT OF FINANCIAL POSITION 19

STATEMENT OF COMPREHENSIVE INCOME 21

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS 23

OF REDEEMABLE PARTICIPATING SHARES

STATEMENT OF CASH FLOWS 25

NOTES TO THE FINANCIAL STATEMENTS 27

ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND 49

SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO

- Sands Capital Global Growth Fund 50

- Sands Capital US Select Growth Fund 51

- Sands Capital Emerging Markets Growth Fund 52

- Sands Capital Global Leaders Fund 53

1


DIRECTORY

Directors of the Company Registered Office

Gavin Caldwell* (Chairman) (Ireland) Styne House

Jonathan Goodman (United States) Upper Hatch Street

Mike Kirby (Ireland) Dublin 2

Dana McNamara (United States) Ireland

Investment Manager, Distributor and Promoter Secretary

Sands Capital Management, LLC Wilton Secretarial Limited

1000 Wilson Boulevard 6th

Floor

Suite 3000 2 Grand Canal Square

Arlington, VA 22209 Dublin 2

United States Ireland

Administrator, Registrar and Transfer Agent Depositary

SEI Investments - Global Fund Services Limited Brown Brothers Harriman Trustee Services

Styne House (Ireland) Limited

Upper Hatch Street 30 Herbert Street

Dublin 2 Dublin 2

Ireland Ireland

Independent Auditors Legal Advisers to the Company PricewaterhouseCoopers William Fry

One Spencer Dock 2 Grand Canal Square

North Wall Quay Dublin 2

Dublin 1 Ireland

Ireland

Swiss Representative and Swiss Paying

Agent**

BNP Paribas Securities Services, Paris

Succursale de Zurich

Selnaustrasse 16

8002 Zürich

Switzerland

* Independent Non-Executive Director. ** Place where the relevant documents may be obtained for Swiss Investors: The Prospectus, the Key

Investor Information Documents (KIIDs), the Articles of Association as well as the annual and half yearly

reports of the Company may be obtained free of charge from the Representative. Significant portfolio

changes are listed on pages 50-53. A complete listing of purchases and sales during the period is available

upon request from the Representative free of charge.

2


INVESTMENT MANAGER’S REPORT FOR THE PERIOD ENDED 30 APRIL 2018 Sands Capital Global Growth Fund Performance Overview Dear Shareholder:

We are pleased to provide you with the Semi-Annual Report for the Sands Capital Global Growth Fund (the

“Fund”) for the 6-month period ending 30 April 2018. During the period, the Fund’s classes, compared to the

MSCI All country World Index (ACWI) returned: Class Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR

Launch date 30-Jun-10 10-May-12 20-Jun-12 21-Dec-12 31-Jan-13 07-Nov-13 25-Mar-15

Six Month Return* 8.34% 8.27% 4.51% 4.48% 4.43% 8.03% 4.54%

MSCI ACWI Six Month Return* 3.56% 3.56% -0.15% -0.15% -0.14% 3.56% -0.14%

* Where a class has been in operation for more than six months, the return of the class and benchmark are presented for the six month

period from 1 November 2017 to 30 April 2018. Performance Review

The top five contributors to relative investment results during the reporting period were Amazon, Netflix, Titan,

CP All, and Charles Schwab. Incyte, Regeneron Pharmaceuticals, Rolls-Royce, Alibaba, and Facebook were

the five largest detractors. During the period, the Fund initiated investments in Align Technology, Atlassian,

and Keyence. It exited Chipotle Mexican Grill.

From a sector perspective, consumer discretionary and consumer staples were the largest contributors to

relative investment results during the period. Health care and energy were the top relative sector detractors. On

a regional basis, the U.S./Canada and Emerging Asia contributed most to relative investment results, while

Latin America and Mid-East & Africa were modest detractors.

Volatility returned to the markets in early 2018, following a two-year period of relative tranquility,

overwhelming strong economic data and corporate profit growth.

After 15 months of consecutive gains, the MSCI ACWI posted a monthly decline in February, as concerns

about rising U.S. inflation roiled markets. The turbulence persisted for the remainder of the quarter, as investors

weighed risks from potential trade war, White House personnel instability, backlash against big tech, and less-

accommodative central bank action.

Despite the presence of headline risks, fundamentals remained strong. The first quarter saw continued global

economic expansion and earnings growth. India posted the fastest year-over-year GDP growth among major

economies—an early validation of Prime Minister Modi’s pro-growth reform measures—and the U.S. recorded

its sixth consecutive quarter of year-over-year profit gains. This constructive fundamental backdrop bolstered

business results for fast-growing consumer businesses, leading to strong share price appreciation for several of

our businesses, including Amazon, Netflix, and Titan.

Global Growth’s health care businesses trailed the index’s sector return during the period. Within health care,

the biotechnology industry sold off in the fourth quarter 2017 due to a number of factors, including poor

reported results from some of the index’s larger biotechnology companies, pricing fears revived by a tweet

from President Trump, and uncertainty about U.S. tax reform’s industry implications. In addition, business-

specific issues weighed on the strategy’s relative sector results, including 1) Incyte’s failed Phase 3 trail for

epacadostat in melanoma, and 2) competitive concerns about Regeneron Pharmaceuticals’ retinal disease

franchise.

As long-term investors, we attempt to look past external factors and stock price movements not explained by

fundamentals. Market and macro environments change, and it’s impossible to predict which sectors and

countries will lead or lag on a short-term basis. Rather, we continue to believe that investing in leading

franchises capable of generating above-average earnings growth across economic cycles is the most prudent

way to add value over time.

3


INVESTMENT MANAGER’S REPORT FOR THE PERIOD ENDED 30 APRIL 2018 (continued)

Sands Capital US Select Growth Fund Performance Overview

Dear Shareholder:

We are pleased to provide you with the Semi-Annual Report for the Sands Capital Select Growth Fund (the

“Fund”) for the 6-month period ending 30 April 2018. During the period, the Fund’s classes, compared to the

Russell 1000 Growth Index (R1000G) returned:

Class Class A USD Class H USD Class A GBP Class A EUR Class Z USD

Launch date 11-Dec-12 13-Feb-13 14-May-13 04-Jun-13 11-Sep-13

Six Month Return* 11.77% 11.62% 7.83% 7.84% 11.30%

R1000G Six Month Return* 5.68% 5.68% 1.90% 1.73% 5.68%


period from 1 November 2017 to 30 April 2018.

Performance Review

The top five contributors to the investment results during the reporting period were Netflix, Amazon,

ServiceNow, Splunk, and Salesforce. Incyte, Regeneron, Lending Club, Alibaba, and Snap were the five largest

detractors. During the period, the Fund initiated positions in Loxo Oncology, Align, and Workday, and exited

its positions Snap, Lending Club, Chipotle Mexican Grill, and Biogen. From a sector perspective, consumer

discretionary and technology were the largest contributors to relative investment results during the period,

while health care was sole detractor.

4


INVESTMENT MANAGER’S REPORT FOR THE PERIOD ENDED 30 APRIL 2018 (continued) Sands Capital Emerging Markets Growth Fund Performance Overview Dear Shareholder:

We are pleased to provide you with the Semi-Annual Report for the Sands Capital Emerging Markets Growth

Fund (the “Fund”) for the 6-month period ending 30 April, 2018. During the period, the Fund’s classes

compared to the MSCI Emerging Markets Index (MSCI EM) returned:

Class Class A USD Class A GBP

Launch date 31-Oct-13 24-May-16

Six Month Return* 4.60% 0.91%

MSCI EM Six Month Return* 4.80% 1.04%


period from 1 November 2017 to 30 April 2018.

Performance Review

The top five contributors to relative investment results were Medy-Tox, Jubilant Foodworks, MercadoLibre,

Anta Sports Products, and MakeMyTrip. Ctrip, Sea, Raia Drogasil, Siloam International Hospitals, and Magnit

were the largest relative detractors. During the period, the Fund initiated investments in Bank Central Asia and

Maruti Suzuki, and exited positions in Bank Rakyat, Hikma Pharmaceuticals, and Lupin.

From a sector perspective, consumer discretionary and health care were the largest contributors to relative

investment results during the period. Industrials and financials were the top relative sector detractors. On a

regional basis, Developed Asia ex-Japan and Emerging Asia contributed most to relative investment results,

while Europe and Mid-East & Africa were detractors.

Volatility returned to emerging markets in early 2018, overwhelming strong economic data and corporate profit

growth. The MSCI Emerging Markets Index posted three consecutive monthly declines in 2018, the most since

2015, as a number of concerns roiled markets: potential U.S./China trade war, China slowing, and a recovering

U.S. Dollar.

Despite headline risks, fundamentals remained strong, and the first quarter 2018 saw continued global

economic expansion and earnings growth. This constructive fundamental backdrop bolstered business results

for fast-growing consumer businesses, leading to strong share price appreciation for several of our businesses,

including Jubilant Foodworks, Anta Sports Products, and MakeMyTrip.

The Fund’s industrials businesses—led by its Indian industrials holdings—trailed the index’s sector return

during the period. Negative headlines in India overwhelmed otherwise positive fundmentals in the first quarter

2018, and as of April 30, the broader Indian equity market (as measured by the MSCI India Index) remained

nearly 10 percent lower than its late-January peak. Importantly, the Fund’s three-largest industrial sector

detractors—Adani Ports, International Container, and Eicher Motors—all reported results either exceeding or

in-line with our expectations, and the long-term investment cases remains intact for each business.

As long-term investors, we attempt to look past external factors and stock price movements not explained by

fundamentals. Market and macro environments change, and it’s impossible to predict which sectors and

countries will lead or lag on a short-term basis. Rather, we continue to believe that investing in leading

franchises capable of generating above-average earnings growth across economic cycles is the most prudent

way to add value over time.

5



Sands Capital Global Leaders Fund Performance Overview

Dear Shareholder:

We are pleased to provide you with the Semi-Annual Report for the Sands Capital Global Leaders Fund (the

“Fund”) for the 6-month period ending 30 April, 2018. Since inception, the Fund’s classes compared to the

MSCI All World Country Index (MSCI ACWI) returned:

Class Class A USD Class A GBP

Launch date 28-Dec-17 05-Mar-18

Six Month Return 3.10% 1.10%

MSCI ACWI Six Month Return* -0.11% -0.04%

Performance Review

The top five contributors to relative investment results during the period were Zoetis, Adobe, Verisk, Sands

China, and Transdigm. The top five detractors from relative investment results were Taiwan Semiconductor

Manufacturing (TSMC), Indixtex, Allergan, Recruit Holdings, and Alimentation Couche-Tard. From a sector

perspective, the top contributors were information technology and financials, and the bottom contributors were

consumer staples and health care. On a regional basis, U.S./Canada and Western Europe contributed the most to

relative investment results, and the Middle East was a detractor.

An increasingly strengthening global economy continues to provide a favorable backdrop for shares of faster-

growing businesses. Globally, investments are increasing, labor markets are strengthening, and consumer and

business confidence remain buoyant. Additionally, the OECD increased GDP growth expectations to 3.9

percent for both 2018 and 2019 from 3.7 percent. In the U.S., the economy remains on a steady course with

very low unemployment and rising wages, driven by consumer demand. In addition, reduced corporate tax

expenses appear to be providing an extra tailwind to business investments across various sectors and industries,

including artificial intelligence, autonomous driving, cyber security, e-commerce, and medicine—areas where

the Manager focuses much of its research.

The strong macro fundamentals in the U.S. allowed for a relatively calm equity market in 2017. The VIX

registered nine of its 10 lowest levels during the year, and the series of market highs were accompanied by little

market retracements. This low-volatility environment however reversed back to normal levels in the first

quarter of 2018, as investor fears around rising interest rates, inflation, and a U.S.-China trade war increased.

Regardless of the global macro-economic environment, the Fund’s manager expect the businesses in the Global

Leaders strategy to grow at above-average rates, and their stock prices to follow their earnings power over the

long term. The Fund’s manager believes the businesses offer best-in-class products, are positioned at the choke-

point within their industries, and are capable of retaining their market-leading positions. The manager thinks

these competitive advantages allow for some predictability in their earnings growth in various market

environments.

6



All-Strategy Commentary: Seeking Insights, Not Information

Generating differentiated insights is a key to adding value for our clients over time. Insights enable us to build

conviction in great businesses and own them at large weights in our portfolios. In contrast to the abundance of

data readily available to all market participants, insights are like rare gems. They create opportunities in even

the most efficient markets. Our forecasted estimates often do not differ significantly from consensus forecasts

in the next year or two, but they often do over the longer term.

For example, we most recently purchased Align Technology, a U.S.-based company that is a global leader in

the malocclusion (misaligned teeth) market, in our Select Growth and Global Growth strategies. During our

nearly year-long research efforts, we gained insights and confidence on Align’s ability to execute on several

upside drivers both in the near and long term. In the next few years, we think that the U.S. adult market will

grow more than consensus expects. We also believe that the international market, which we estimate is twice

the size of the U.S. market, is underappreciated by analysts. Our insights into these two markets were driven by

our extensive conversations with orthodontists globally, and our experience and accumulated knowledge in

adjacent markets such as Botox and LASIK surgery. Our longer-term insight is in Align’s direct-to-consumer

business, which we expect will power the company’s profitability and growth over the next decade. As a result,

our estimates become increasingly higher than consensus as we look further out.

On-the-ground research is a primary input to our insight generation. The internet has made information

abundant and easily available. However, the need remains to understand the “why” behind the “what.” In our

view, this can only be achieved by seeing products and services firsthand, speaking to target consumers,

understanding local markets and context, and building relationships with experts and influencers.

We approach on-the-ground research differently than many of our peers, in our view. It is not enough simply to

have “boots on the ground.” For us, the number of boots, who’s wearing them, and what they do with the

information makes a difference. On most research trips, we send large groups that can include as many as ten

analysts. Though they all share the same experience, each analyst might see things differently based on her

domain expertise. Aided by that diversity of perspectives, the group can deliberate observations in real time,

develop greater context, and push for a deeper level of understanding, all while in the field. By the time the

group returns to our home office in Arlington, VA, it has already begun the process of formulating shared

views and informing the decision making on our businesses. The group’s observations—combined with the

broader team’s experience—enables faster information sharing and analysis through a wider lens. This sharing

powers our differentiated insights, which we believe ultimately leads to better outcomes.

We logged over 35 research trips in the first quarter alone, half of which were in the U.S. and the balance

overseas. Two of our most interesting trips were to China and India, where we conducted further research on

Alibaba’s new Hema stores and Eicher Motors’ motorcycles. In both cases, our on-the-ground work provided a

greater appreciation for the companies’ growth opportunities and strengthened our long-term investment cases.

Hema—Alibaba’s “New Retail”

Our most recent trip to China helped us to better appreciate the growth potential of Hema, one of Alibaba’s

newer businesses. Hema is the first online grocery service we have seen globally that can potentially address

the majority of the local population, scale quickly, and generate attractive unit economics. We think it will

become a meaningful long-term growth driver for Alibaba’s business.

7



Hema has massive potential in China’s online grocery market, which is expected to double to more than six

percent of total grocery sales by 2020. Our three biggest takeaways from the Hema research trip were:

1) Its optimized store format for large scale fulfillment is key to generating attractive unit economics.

2) Alibaba’s immense trove of consumer data positions it extremely well to rapidly grow its grocery business.

3) Alibaba is building a powerful ecosystem that extends beyond its own grocery delivery business.

Am I in the Right Place?

When visiting Hema grocery stores, we were surprised to walk into what appeared to be small distribution

centers. We observed wide aisles to accommodate foot traffic, blue-jacketed employees fulfilling online orders,

and a conveyor system suspended from the ceiling transporting products. We realized that Alibaba inverted the

grocery delivery model by creating a grocery store within a fulfillment center, as opposed to trying to fulfill

from a traditional store.

The result is a business model with better economics than either traditional grocery stores or large, centrally

located warehouses with vans for last mile delivery. Hema store layout allows for quick fulfillment of online

orders, and delivery is efficient, given the shorter distances and its low-cost, large motorcycle fleet.

We believe the operating margin of a mature Hema store is approximately twice that of a traditional store, and

sales per square meter are eight to 10 times higher. Additionally, Hema stores reach breakeven in

approximately one year—similar to a Starbucks’ store—and can generate twice the profit margin per dollar of

gross merchandise value as Alibaba’s core marketplace.

With the model and unit economics now proven, Alibaba is accelerating the number of store openings in 2018.

In three to five years, we think the number of Hema stores can reach approximately 2,000 and generate $80

billion to $120 billion in annual sales.

Know Thy Customer

Data analysis is paramount, and is helping to power Hema’s early success. Data analysis is a key competitive

advantage that helps keeps business giants—including Amazon, Alphabet, Tencent, Netflix, and Facebook—

dominant and far ahead of their competition. The amount of data they analyze on individual consumption

patterns and preferences is increasingly valuable as it becomes more accurate over time.

For Hema, Alibaba’s vast consumer data gives it the ability to predict, with a high degree of accuracy, which

items will be the most successful in each store’s territory. Though many Chinese ecommerce companies

analyze customer data, Alibaba’s approach is powerful with its proprietary data built on advanced algorithms

and technology, enabling better analysis and actionable insights. Its predictive inventory management combines

machine learning technology with Alibaba’s proprietary data on consumers within a two-mile radius of each

store. This advantage gives Hema the ability to connect to more people and attract them with products

customized to their wants and needs. As a result, it increases the chances of a transaction occurring—most

likely at a higher value than traditional grocery stores.

8


INVESTMENT MANAGER’S REPORT FOR THE PERIOD ENDED 30 APRIL 2018 (continued) A Strengthening Ecosystem

All transactions at Hema stores are exclusively executed through AliPay, which should strengthen Alibaba’s

ecosystem and augment the growth of its overall business. The digital payment system enhances Alibaba’s

“New Retail” strategy by reducing the friction associated with traditional payment methods, thereby increasing

the convenience factor. We expect to see some bottlenecks early on, as non-AliPay users initially shop at

Hema, but ultimately, we believe AliPay will increase customer loyalty and transaction values over the long

term. In the most recent quarter, the number of daily active users on AliPay doubled. With more consumers using

AliPay, we foresee Alibaba’s Hema stores and its other businesses, such as Taobao and Tmall, attracting new

customers who value the convenience and seamlessness of a shopping experience. Riding High with Royal Enfield India's rising middle-class consumers often turn to Eicher Motors’ Royal Enfield motorcycles to signal their

newfound wealth and status. With a 60+ year tradition in India, a long history of service in the Indian army and

police forces, and noticeably larger and more distinguished frames than India’s mass-market bikes, the Royal

Enfield brand embodies machismo, strength, and distinction.

Our visits to India suggest that Royal Enfield is fostering a strong culture and community around the bike,

reinforcing customer loyalty to the brand. In February, for example, we found a Royal Enfield riding club

within a dealership. Rather than visiting the dealership solely to buy a bike, Royal Enfield riders go often to

gather with other enthusiasts, hang out, and organize rides. With a bar, lounge, and motorcycle-themed décor,

the club conveyed the community fostered by the powerful brand. In India, this type of branding is unique to

Royal Enfield and distinguishes the company from mass-market two-wheeler original equipment manufacturers

(OEMs), whose products are often seen as commodities.

Our knowledge of the global motorcycle industry—gained by over a decade of owning a developed-market

motorcycle company—provided a strong framework to assess Eicher's strategy and predict where the company

may head in the future. For example, we have historically seen motorcycle OEMs increase brand attachment

and decrease ownership cycles via expansion of bike customization. If successful, this strategy can also have

important implications for bikes’ average selling prices, resale values, and company margins. After speaking

with Eicher management, we believe that the company will begin to pursue a similar product strategy in the

coming years.

Today, Royal Enfield bikes are mostly built to standard specs, with variation for any bike model largely limited

to paint styling and engine size. Eicher customers then typically take these “standard bikes” to third-party shops

to add customized parts and detailing. Thus, nearly all bike customization occurs outside the Eicher ecosystem.

In the 1990s, we saw a U.S. motorcycle business expand these customization capabilities in-house, improving

its ability to provide riders with a unique bike offering and riding experience. This effort contributed to rising

company margins and bike average selling prices, thanks to the relative profitability of custom parts versus the

bike itself, and most importantly, because customers were willing to pay a premium to have a bike fit their

unique style and preferences. Some of the key management behind this strategy is now employed by Eicher,

leading us to believe that the knowledge transfer will result in the development of similar offerings (and, we

hope, outcomes) at Royal Enfield.

Beyond driving earnings growth, bike customization—from handlebars, exhaust systems, and body color—can

also help expand the Royal Enfield brand aura. Already a status symbol on its own, riding a one-of-a-kind

Royal Enfield is a next-level type of aspiration that we think will be eagerly pursued by the its customer base.

9



Conclusion

Our extensive on-the-ground research—and our integrated approach to information collection and processing—

is a competitive advantage when evaluating businesses and their long-term potential, in our view. Physically

seeing a business’s products and services can provide a deeper level of understanding, building on our existing

domain knowledge. Innovative businesses such as Alibaba (Hema) and Eicher offer something unique to their

customers, and we developed better insights about each business’s commercialization potential after seeing

their operations firsthand. We apply the same approach to all of our businesses to gain differentiated insights,

which we believe will ultimately add value for our clients.

We thank you for your ongoing support of Sands Capital and invite any question that you may have.

Sincerely,

The Sands Capital Investment Team

Business Weighting by Strategy

Select

Growth

Global

Growth

Emerging

Markets

Growth

Global

Leaders

Align 2.0% 1.5% - -

Allergan - - - 1.9%

Alibaba 7.5% 5.4% 7.1% 3.9%

Eicher Motors - 1.6% 1.7% -

Starbucks 1.5% 1.8% - 3.4%

Amazon 8.5% 4.8% - -

Alphabet 5.2% 3.2% - 2.9%

Tencent - - 4.3% -

Netflix 6.5% 3.0% - -

Facebook 5.3% 3.0% - -

Note: The companies illustrated represent a sub-set of current holdings in the Select Growth, Global Growth, Emerging Market Growth, and/or Global Leaders portfolios and were

selected by the author on an objective basis to illustrate the views expressed in the Commentary. The views expressed are the opinion of Sands Capital Management and are not intended

as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. A company’s fundamentals or earnings growth is no guarantee that its

share price will increase. The views expressed were current as of the date indicated and are subject to change. Forward earnings projections are not predictors of stock price or investment

performance and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the

companies involved, and no guarantee that owning securities of companies with relatively high price to earnings ratios will cause the portfolio to outperform its benchmark or index.

Please see accompanying notes. This information is supplemental to the provided GIPS® compliant presentation. Past performance is not indicative of future results.

10



As at 30 April 2018

Sands Capital Global Growth Fund

Equities Shares US$ Value % NAV

Belgium

Galapagos 279,000 24,867,270 0.97%

Total Belgium (31 October 2017: US$27,391,880; 1.16% ) 24,867,270 0.97%

Canada

Shopify 433,000 57,861,790 2.26%

Total Canada (31 October 2017: US$48,650,610; 2.06% ) 57,861,790 2.26%

China

Alibaba Group Holding 753,000 134,440,620 5.25%

Baidu 378,000 94,840,200 3.71%

Total China (31 October 2017: US$233,272,650; 9.87% ) 229,280,820 8.96%

Denmark

Genmab 155,000 31,294,225 1.22%

Total Denmark (31 October 2017: US$31,501,585; 1.33% ) 31,294,225 1.22%

Germany

Zalando 921,000 47,391,547 1.85%

Total Germany (31 October 2017: US$22,653,531; 0.96% ) 47,391,547 1.85%

Great Britain

ASOS 537,000 43,012,145 1.68%

Rolls-Royce Holdings 2,225,381 25,701,436 1.00%

Total Great Britain (31 October 2017: US$96,501,016; 4.08% ) 68,713,581 2.68%

India

Asian Paints 1,951,000 35,041,946 1.37%

Eicher Motors 94,682 44,032,450 1.72%

Housing Development Finance 2,916,000 82,119,241 3.21%

Maruti Suzuki 677,000 89,085,639 3.48%

Motherson Sumi Systems 5,749,000 30,318,392 1.18%

Titan Company 4,061,000 59,553,310 2.33%

Total India (31 October 2017: US$320,973,724; 13.58% ) 340,150,978 13.29%

Japan

Fast Retailing 84,500 37,096,825 1.45%

Keyence 83,100 50,672,686 1.98%

PeptiDream 525,000 21,211,149 0.83%

Total Japan (31 October 2017: US$39,552,218; 1.68% ) 108,980,660 4.26%

Netherlands

ASML Holding 502,000 94,601,900 3.70%

Total Netherlands (31 October 2017: US$91,459,500; 3.87% ) 94,601,900 3.70%

South Africa

Naspers 283,000 68,944,336 2.69%

Total South Africa (31 October 2017: US$75,046,238; 3.17% ) 68,944,336 2.69%

Thailand

Airports of Thailand 20,563,000 46,268,511 1.81%

CP All 31,066,000 85,474,113 3.34%

Total Thailand (31 October 2017: US$108,151,475; 4.57% ) 131,742,624 5.15%

11



As at 30 April 2018

Sands Capital Global Growth Fund (continued)

Equities (continued) Shares US$ Value %NAV

United States

Align Technology 156,000 38,976,600 1.52%

Alphabet - Class A 46,200 47,058,396 1.84%

Alphabet - Class C 32,500 33,063,225 1.29%

Amazon 84,500 132,337,985 5.17%

Atlassian Corp 703,000 39,353,940 1.54%

Biomarin Pharmaceutical 426,000 35,575,260 1.39%

Booking Holdings 33,600 73,180,800 2.86%

Charles Schwab 1,768,000 98,442,240 3.85%

Edwards Lifesciences 446,000 56,802,560 2.22%

Facebook 472,000 81,184,000 3.17%

Illumina 269,000 64,810,170 2.53%

Incyte 725,500 44,937,470 1.76%

Las Vegas Sands 717,000 52,577,610 2.05%

Medidata Solutions 488,000 34,823,680 1.36%

Netflix 256,500 80,145,990 3.13%

Nike 1,245,000 85,145,550 3.33%

Regeneron Pharmaceuticals 155,500 47,222,240 1.84%

Starbucks 799,000 45,998,430 1.81%

Visa 941,000 119,394,080 4.66%

Workday 661,000 82,519,240 3.22%

Total United States (31 October 2017: US$1,191,707,395; 50.42%) 1,293,549,466 50.54%

Total Equities (31 October 2017: US$2,286,861,822; 96.76%) 2,497,379,197 97.57%

Financial Assets At Fair Value Through Profit Or Loss (31 October 2017: US$2,286,861,822; 96.76%) 2,497,379,197 97.57%

Cash And Bank Balances (31 October 2017: US$80,596,858; 3.41%) 77,884,343 3.04%

Other Net Liabilities (31 October 2017: (US$3,927,909); (0.17%)) (15,491,807) (0.61%)

Net Assets Attributable To Holders Of Redeemable Participating

Shares (31 October 2017: US$2,363,530,771; 100%) 2,559,771,733 100.00%

Portfolio Analysis % Total Assets

Transferable securities admitted to an official stock exchange 96.73%

OTC positions 0.00%

Other assets 3.27%

Total assets 100.00%

12



As at 30 April 2018

Sands Capital US Select Growth Fund

Equities Shares US$ Value %NAV

China


Baidu 40,100 10,061,090 4.46%

Total China (31 October 2017: US$25.406.460; 11.06%) 24,951,326 11.07%

United States

Activision Blizzard 71,700 4,757,295 2.11%

Adobe Systems 47,700 10,570,320 4.69%

Alexion Pharmaceuticals 39,500 4,646,385 2.06%

Align Technology 17,525 4,378,621 1.94%

Alphabet - Class A 11,500 11,713,670 5.20%

Amazon 12,475 19,537,472 8.67%

Biomarin Pharmaceutical 48,500 4,050,235 1.80%

Booking Holdings 4,625 10,073,250 4.47%

Charles Schwab 132,800 7,394,304 3.28%

Costar 16,300 5,976,558 2.65%

Edwards Lifesciences 46,900 5,973,184 2.65%

Facebook 59,500 10,234,000 4.54%

Illumina 27,900 6,721,947 2.98%

Incyte 34,703 2,149,504 0.96%

Loxo Oncology 22,854 2,877,547 1.29%

Monster Beverage Corporation 125,600 6,908,000 3.07%

Netflix 44,350 13,857,601 6.15%

Palo Alto Networks 44,200 8,508,942 3.78%

Regeneron Pharmaceuticals 13,875 4,213,560 1.87%

Salesforce 89,300 10,804,407 4.79%

ServiceNow 67,300 11,181,222 4.96%

Splunk 70,600 7,247,090 3.22%

Starbucks 60,200 3,465,714 1.54%

Visa 129,600 16,443,648 7.30%

Workday 26,600 3,320,744 1.47%

Total United States (31 October 2017: US$198,764,404; 86.56%) 197,005,220 87.44%

Total Equities (31 October 2017: US$224,170,864; 97.62%) 221,956,546 98.51%

Shares US$ Value % NAV

Financial Assets At Fair Value Through Profit Or Loss (2017: US$224,170,864; 97.62% ) 221,956,546 98.51%


Other Net Assets (31 October 2017: (US$2,452,348); (1.07%)) 281,083 0.12%


Shares (31 October 2017: US$229,625,585; 100% ) 225,335,141 100.00%



OTC positions 0.00%

Other assets 2.24%


13



As at 30 April 2018

Sands Capital Emerging Markets Growth Fund

Equities Shares US$ Value % NAV

Argentina

MercadoLibre 23,475 7,972,345 2.73%

Total Argentina (31 October 2017: US$3,196,123; 2.62% ) 7,972,345 2.73%

Brazil

Netshoes 76,528 358,151 0.12%

Raia Drogasil 267,225 5,241,979 1.80%

Total Brazil (31 October 2017: US$3,478,553; 2.85% ) 5,600,130 1.92%

Cambodia

NagaCorp 5,012,000 5,187,963 1.78%

Total Cambodia (31 October 2017: US$1,799,216; 1.47% ) 5,187,963 1.78%

China


Anta Sports 1,681,000 9,592,112 3.28%

Baidu 69,267 17,379,090 5.95%

Ctrip 249,900 10,220,910 3.50%

Sands China 1,330,000 7,686,577 2.63%

Sunny Optical 242,000 3,948,868 1.35%

Tencent Holdings 272,900 13,416,563 4.60%

Total China (31 October 2017: US$33,088,707; 27.12% ) 82,809,607 28.36%

Great Britain

Total Great Britain (31October 2017: US$1,867,520;1.53% ) - - -

India

Adani Ports and Special Economic Zone 1,371,265 8,349,185 2.86%

Apollo Hospitals 312,548 5,099,456 1.76%

Asian Paints 187,139 3,361,207 1.15%

Avenue Supermarts Limited 112,342 2,493,240 0.85%

Britannia 43,336 3,577,035 1.24%

Eicher Motors 11,605 5,396,977 1.85%

HDFC Bank 221,300 6,642,370 2.28%

Housing Development Finance 347,617 9,789,453 3.35%

Indusind Bank 212,450 6,015,263 2.06%

ITC 714,360 3,004,867 1.03%

Jubilant Foodworks 282,608 10,692,118 3.66%

Larsen & Toubro 262,186 5,485,988 1.88%

Makemytrip 203,600 7,512,840 2.58%

Maruti Suzuki 30,980 4,076,622 1.40%

Zee Entertainment Enterprise 757,430 6,658,415 2.28%

Total India (31 October 2017: US$36,526,659; 29.94% ) 88,155,036 30.23%

Indonesia

Bank Central Asia 2,700,900 4,270,887 1.46%

Siloam International Hospitals 3,874,205 1,950,713 0.67%

Total Indonesia (31 October 2017: US$3,537,120; 2.90% ) 6,221,600 2.13%

14



As at 30 April 2018

Sands Capital Emerging Markets Growth Fund (continued)

Equities (continued) Shares US$ Value % NAV

Korea

Amorepacific 18,125 5,897,181 2.02%

Medy Tox 15,781 10,256,483 3.51%

Total Korea (31 October 2017: US$4,979,764; 4.08% ) 16,153,664 5.53%

Malaysia

IHH Healthcare 1,981,000 3,060,560 1.05%

Total Malaysia (31 October 2017: US$1,182,089; 0.97% ) 3,060,560 1.05%

Mexico

Grupo Aeroportuario del Sureste 27,795 4,997,541 1.71%

Total Mexico (31 October 2017: US$1,348,434; 1.10% ) 4,997,541 1.71%

Peru

Credicorp 20,642 4,799,059 1.64%

Total Peru (31 October 2017: US$2,584,908; 2.12% ) 4,799,059 1.64%

Philippines

International Container 1,816,500 2,962,773 1.01%

SM Prime Holdings 5,277,800 3,478,110 1.19%

Total Philippines (31 October 2017: US$3,361,078; 2.76% ) 6,440,883 2.20%

Russia

Magnit 114,200 2,159,230 0.74%

Mail.ru Group 162,600 5,153,552 1.77%

Yandex 364,525 12,160,554 4.17%

Total Russia (31 October 2017: US$8,695,490; 7.12% ) 19,473,336 6.68%

Singapore

Sea Ltd 238,400 2,500,817 0.86%

Total Singapore (31 October 2017: US$1,606,020; 1.32% ) 2,500,817 0.86%

South Africa

Naspers 52,350 12,753,485 4.36%

Total South Africa (31 October 2017: US$5,713,747; 4.67% ) 12,753,485 4.36%

Taiwan

Taiwan Semiconductor 172,040 6,614,938 2.27%

Total Taiwan (31 October 2017: US$3,261,103; 2.67% ) 6,614,938 2.27%

Thailand

CP All 3,038,550 8,360,180 2.85%

Total Thailand (31 October 2017: US$2,867,745; 2.34% ) 8,360,180 2.85%

Total Equities (31 October 2017: US$119,094,276; 97.58% ) 281,101,144 96.30%

15



As at 30 April 2018

Sands Capital Emerging Markets Growth Fund (continued)

Shares US$ Value % NAV

Financial Assets At Fair Value Through Profit Or Loss (31 October 2017: US$119,094,276; 97.58% ) 281,101,144 96.30%


Other Net Assets (31 October 2017: US$7,428; 0.01%) 3,853,597 1.32%


Shares (31 October 2017: US$122,037,309; 100% ) 291,911,306 100.00%



OTC positions 0.00%

Other assets 5.77%


16



As at 30 April 2018

Sands Capital Global Leaders Fund

Equities Shares US$ Value %NAV

Canada

Alimentation Couche-Tard 106,480 4,603,532 3.33%

Total Canada 4,603,532 3.33%

China


Sands China 575,165 3,324,098 2.41%

Total China 8,553,535 6.20%

France

Dassault Systemes SA 26,370 3,417,280 2.47%

Essilor International 23,225 3,172,270 2.30%

Safran SA 51,440 6,033,398 4.37%

Total France 12,622,948 9.14%

Germany

Fresenius Medical Care 35,255 3,577,350 2.59%

Total Germany 3,577,350 2.59%

Great Britain

Rightmove Plc 32,640 2,047,007 1.48%

Total Great Britain 2,047,007 1.48%

India

HDFC Bank 54,255 5,198,172 3.76%

Total India 5,198,172 3.76%

Japan

Don Quijote Holdings 45,075 2,426,712 1.76%

Keyence 6,900 4,207,479 3.05%

Recruit Holdings Co Ltd 216,900 5,001,055 3.62%

Total Japan 11,635,246 8.43%

Mexico

Fomento Economico 33,125 3,201,863 2.32%

Total Mexico 3,201,863 2.32%

Spain

Inditex 66,145 2,050,373 1.48%

Total Spain 2,050,373 1.48%

Switzerland

Temenos Group 15,685 1,973,612 1.43%

Total Switzerland 1,973,612 1.43%

Taiwan

Taiwan Semiconductor 109,115 4,195,472 3.04%

Total Taiwan 4,195,472 3.04%

17



As at 30 April 2018

Sands Capital Global Leaders Fund (continued)

Equities (continued) Shares US$ Value %NAV

United States

Adobe Systems 22,535 4,993,756 3.62%

Allergen 15,240 2,341,626 1.70%

Alphabet - Class A 3,791 3,861,437 2.80%

American Tower 25,530 3,481,271 2.51%

Aptiv 34,655 2,931,120 2.12%

Booking Holdings Inc 1,852 4,033,656 2.92%

Celgene Corp 22,235 1,936,669 1.40%

Dollar General 35,660 3,442,260 2.49%

Intercontinental 58,395 4,231,302 3.06%

Intuit Inc 12,765 2,358,844 1.71%

Live Nation Entertainment 37,060 1,462,758 1.06%

Moody's Corp 11,805 1,914,771 1.39%

Nike 46,655 3,190,735 2.31%

Ross Stores Inc 39,090 3,160,427 2.29%

Salesforce 36,125 4,370,764 3.16%

Starbucks 80,665 4,643,884 3.36%

Transdigm Group 18,180 5,827,963 4.22%

Union Pacific 19,775 2,642,533 1.91%

Verisk Analytics 35,730 3,803,459 2.75%

Visa 56,030 7,109,086 5.15%

Zoetis 58,330 4,869,388 3.53%

Total United States 76,607,709 55.46%

Total Equities 136,266,819 98.66%

Shares US$ Value %NAV

Financial Assets At Fair Value Through Profit Or Loss 136,266,819 98.66%

Cash And Bank Balances 1,923,409 1.39%

Other Net Liabilities (70,688) (0.05%)


Shares 138,119,540 100.00%



OTC positions 0.00%

Other assets 1.43%


18


STATEMENT OF FINANCIAL POSITION

As at 30 April 2018

Global US Select Emerging Markets Global

Note Growth Fund Growth Fund Growth Fund Leaders Fund Total

Assets US$ US$ US$ US$ US$

Financial assets at fair value through profit or loss 2, 16 2,497,379,197 221,956,546 281,101,144 136,266,819 3,136,703,706

Cash and bank balances 14 77,884,343 3,097,512 6,956,565 1,923,409 89,861,829

Cash held in investor money collection account 2 6,358 190,607 423 - 197,388

Securities sold receivable 3,801,120 - 2,432,094 - 6,233,214

Subscriptions receivable 572,859 1,763,815 7,574,307 - 9,910,981

Dividends receivable 2,235,049 16,541 249,243 48,908 2,549,741

Other assets 8,213 11,346 5,156 1,617 26,332

Investment management reimbursements 6 33,534 167 29,660 1,887 65,248

Total assets 2,581,920,673 227,036,534 298,348,592 138,242,640 3,245,548,439

Liabilities

Payables for securities purchased 19,886,572 1,271,094 5,465,584 - 26,623,250

Redemptions payable 241,178 206,831 749,559 - 1,197,568

Audit fee payable 7,863 7,863 7,863 7,863 31,452

Legal fee payable 5,516 5,696 1,919 - 13,131

Directors fee payable 5,387 5,387 5,387 5,387 21,548

Administration and Transfer Agency fee payable 6 79,178 6,829 8,627 4,284 98,918

Investment management fee payable 6 1,797,943 156,799 191,078 96,204 2,242,024

Depositary and Trustee fees payable 6 79,988 9,652 20,428 6,629 116,697

Other accrued expenses 45,315 31,242 21,060 10,367 107,984

Total liabilities 22,148,940 1,701,393 6,471,505 130,734 30,452,572

Investment management fee waiver - - (34,219) (9,521) (43,740)

Total net liabilities 22,148,940 1,701,393 6,437,286 121,213 30,408,832

Net assets attributable to holders of redeemable participating shares 2,559,771,733 225,335,141 291,911,306 138,121,427 3,215,139,607

As at 30 April 2018

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

19


STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2017

Global US Select Emerging Markets

Note Growth Fund Growth Fund Growth Fund Total

Assets US$ US$ US$ US$

Financial assets at fair value through profit or loss 2, 16 2,286,861,822 224,170,864 119,094,276 2,630,126,962

Cash and bank balances 14 80,596,858 3,002,373 2,935,605 86,534,836

Cash held in investor money collection account 2 870,760 1,115 5 871,880

Securities sold receivable - 2,896,698 133,182 3,029,880

Subscriptions receivable 2,154,554 - 111,535 2,266,089

Dividends receivable 433,800 - 19,524 453,324

Other assets 1,574 1,574 1,574 4,722

Total assets 2,370,919,368 230,072,624 122,295,701 2,723,287,693

Liabilities

Payables for securities purchased - - 95,135 95,135

Redemptions payable 5,467,595 161,357 - 5,628,952

Audit fee payable 20,053 20,053 20,053 60,159

Legal fee payable 24,189 24,550 24,550 73,289

Directors fee payable 7,623 6,960 6,960 21,543

Administration and Transfer Agency fee payable 6 79,289 7,869 4,234 91,392

Investment management fee payable 6 1,706,038 196,525 103,493 2,006,056

Depositary and Trustee fees payable 6 48,437 5,949 5,341 59,727

Other accrued expenses 35,373 23,776 19,034 78,183

Total liabilities 7,388,597 447,039 278,800 8,114,436

Investment management fee waiver - - (20,408) (20,408)

Total net liabilities 7,388,597 447,039 258,392 8,094,028

Net assets attributable to holders of redeemable participating shares 2,363,530,771 229,625,585 122,037,309 2,715,193,665

As at 31 October 2017


20


STATEMENT OF COMPREHENSIVE INCOME

For the six month period ended 30 April 2018


Note Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$

Income

Net gains on financial assets at fair value through profit or loss 2,3 202,710,720 23,834,112 7,504,162 349,913 234,398,907

Dividend income 2 5,926,389 148,739 691,305 161,368 6,927,801

Other income 267,255 13,464 30,163 1,644 312,526

Total income 208,904,364 23,996,315 8,225,630 512,925 241,639,234

Expenses

Investment Management fee 6 10,663,664 965,745 978,527 171,062 12,778,998

Administration and Transfer Agency fee 6 479,241 42,587 45,376 7,763 574,967

Depositary and Trustee fee 6 495,753 37,984 92,638 11,205 637,580

Legal fee 18,105 17,923 21,701 16,823 74,552

Organisational fees - - - 28,895 28,895

Audit fee 6 8,787 8,787 8,787 7,828 34,189

Directors fee 8 8,782 9,445 9,445 5,351 33,023

Other expenses 7 87,136 61,288 61,027 21,192 230,643

Total expenses 11,761,468 1,143,759 1,217,501 270,119 14,392,847

Investment management fee waiver and reimbursements 6 (73,299) (2,035) (121,714) (40,062) (237,110)

Total net expenses 11,688,169 1,141,724 1,095,787 230,057 14,155,737

Profit before tax 197,216,195 22,854,591 7,129,843 282,868 227,483,497

Capital gains tax 4 - - (3,038) - (3,038)

Withholding tax 4 (1,027,225) (43,091) (62,502) (42,217) (1,175,035)

Increase in net assets attributable to holders of

redeemable participating shares 196,188,970 22,811,500 7,064,303 240,651 226,305,424


*Global Leaders Fund commenced operations on 28 December 2017.


21


STATEMENT OF COMPREHENSIVE INCOME (continued)



Note Growth Fund Growth Fund Growth Fund Total

US$ US$ US$ US$

Income

Net gains on financial assets at fair value through profit or loss 2,3 237,074,475 25,872,995 9,868,805 272,816,275

Dividend income 2 6,024,837 202,985 480,745 6,708,567

Other income 103,254 8,150 1,963 113,367

Total income 243,202,566 26,084,130 10,351,513 279,638,209

Expenses

Investment Management fee 6 7,425,623 1,203,843 458,691 9,088,157

Administration and Transfer Agency fee 6 362,512 51,542 20,144 434,198

Custodian, Depositary and Trustee fee 6 302,655 35,171 50,139 387,965

Legal fee 23,474 28,258 17,624 69,356

Audit fee 6 6,722 6,295 8,170 21,187

Directors fee 8 10,568 9,787 11,850 32,205

Other expenses 7 67,559 43,264 53,190 164,013

Total expenses 8,199,113 1,378,160 619,808 10,197,081

Investment management fee waiver and reimbursements 6 - - (70,087) (70,087)

Total net expenses 8,199,113 1,378,160 549,721 10,126,994

Profit before tax 235,003,453 24,705,970 9,801,792 269,511,215

Capital gains tax 4 - - (31,286) (31,286)

Withholding tax 4 (1,040,221) (40,346) (36,422) (1,116,989)

Increase in net assets attributable to holders of

redeemable participating shares 233,963,232 24,665,624 9,734,084 268,362,940



22


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES



Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$

Net assets attributable to holders of redeemable participating

shares at the beginning of the period 2,363,530,771 229,625,585 122,037,309 - 2,715,193,665

Capital Transactions

Proceeds from redeemable participating shares issued 100,719,593 36,358,052 192,768,570 137,880,776 467,726,991

Cost of redeemable participating shares redeemed (100,667,601) (63,459,996) (29,958,876) - (194,086,473)

Increase in net assets attributable to holders of redeemable

participating shares 196,188,970 22,811,500 7,064,303 240,651 226,305,424


shares at the end of the period 2,559,771,733 225,335,141 291,911,306 138,121,427 3,215,139,607




23


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued)



Growth Fund Growth Fund Growth Fund Total

US$ US$ US$ US$


shares at the beginning of the period 1,526,293,208 286,855,017 84,256,076 1,897,404,301

Capital Transactions

Proceeds from redeemable participating shares issued 396,041,907 42,094,372 28,968,395 467,104,674

Cost of redeemable participating shares redeemed (63,241,042) (152,610,484) (5,193,629) (221,045,155)

Increase/(decrease) in net assets attributable to holders of redeemable

participating shares 233,963,232 24,666,390 9,740,268 268,369,890


shares at the end of the period (dealing NAV) 2,093,057,305 201,005,295 117,771,110 2,411,833,710



24


STATEMENT OF CASH FLOWS



Growth Fund Growth Fund Growth Fund Leaders Fund* Total

US$ US$ US$ US$ US$

Cash flows from operating activities :

Increase in net assets resulting from operations before adjustments 196,188,970 22,811,500 7,064,303 240,651 226,305,424

Adjustment for:

Net (increase)/decrease in financial assets at fair value through profit or loss (210,517,375) 2,214,318 (162,006,868) (136,266,819) (506,576,744)

Net increase/(decrease) in payable and accrued expenses 19,986,760 1,208,880 5,443,146 130,734 26,769,520

Net decrease/(increase)in receivables and prepaid fees (5,642,542) 2,870,218 (2,575,684) (61,933) (5,409,941)

Cash (used in)/provided by operations (196,173,157) 6,293,416 (159,139,406) (136,198,018) (485,217,165)

Net cash provided/(used in) by operating activities 15,813 29,104,916 (152,075,103) (135,957,367) (258,911,742)

Cash flows from/(used by) financing activities

Cash held in investor money collection account 864,402 (189,492) (418) - 674,492

Proceeds from issue of redeemable participating shares 102,301,288 34,594,237 185,305,798 137,880,776 460,082,099

Redemptions of redeemable participating shares (105,894,018) (63,414,522) (29,209,317) - (198,517,857)

Net cash (used by)/from financing activities (2,728,328) (29,009,777) 156,096,063 137,880,776 262,238,734

Net (decrease)/ increase in cash and cash equivalents (2,712,515) 95,139 4,020,960 1,923,409 3,326,992

Cash and cash equivalents at start of the period 80,596,858 3,002,373 2,935,605 - 86,534,836

Cash and cash equivalents at end of the period 77,884,343 3,097,512 6,956,565 1,923,409 89,861,828

Supplementary Information

Dividends received 3,097,915 89,107 399,084 523,567 4,109,673

Interest received 267,255 13,464 30,163 1,644 312,526




25


STATEMENT OF CASH FLOWS (continued)



Growth Fund Growth Fund Growth Fund Total

US$ US$ US$ US$

Cash flows from operating activities:

Increase in net assets resulting from operations before adjustments 233,963,232 24,665,624 9,734,084 268,362,940

Adjustment for:

Net (increase)/decrease in financial assets at fair value through profit or loss (601,547,584) 80,184,295 (31,720,279) (553,083,568)

Net increase/(decrease) in payable and accrued expenses 24,202,222 (2,141,535) (131,730) 21,928,957

Net (increase)/decrease in receivables and prepaid fees (2,005,226) (451,919) 142,730 (2,314,415)

Cash (used in)/provided by operations (579,350,588) 77,590,841 (31,709,279) (533,469,026)

Net cash (used in)/provided by operating activities (345,387,356) 102,256,465 (21,975,195) (265,106,086)

Cash flows from financing activities

Proceeds from issue of redeemable participating shares 378,360,750 42,094,372 28,694,529 449,149,651

Redemptions of redeemable participating shares (62,009,508) (158,609,490) (5,193,629) (225,812,627)

Net cash from/(used by) financing activities 316,351,242 (116,515,118) 23,500,900 223,337,024

Net (decrease)/increase in cash and cash equivalents (29,036,114) (14,258,653) 1,525,705 (41,769,062)

Cash and bank balances at start of the period 71,483,715 16,367,000 941,047 88,791,762

Cash and cash equivalents at end of the period 42,447,601 2,108,347 2,466,752 47,022,700

Supplementary Information

Dividends received 2,979,883 162,639 306,613 3,449,135

Interest received 103,255 8,150 1,963 113,368



26


NOTES TO THE FINANCIAL STATEMENTS


1. Organisation

Sands Capital Funds plc (the “Company”) was incorporated on 13 May 2010 and is an investment company

established as an open-ended umbrella fund with variable capital under the laws of Ireland as a public limited

company pursuant to the Companies Act 2014 (as amended) (the “Act”) and the European Communities (Undertaking

for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No 352 of 2011), as amended (the

“UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings

for Collective Investments in Transferable Securities) Regulations 2015, as amended (the “Central Bank UCITS

Regulations”) and has been authorised by the Central Bank of Ireland as a UCITS. Notwithstanding the segregation of

assets and liabilities between the sub-funds, the Company is a single legal entity and no sub-fund constitutes a legal

entity separate from the Company itself. The Company’s registration number is 484381.

The Company currently has four active sub-funds, Sands Capital Global Growth Fund (the “Global Growth Fund”),

Sands Capital US Select Growth Fund (the “US Select Growth Fund”), Sands Capital Emerging Markets Growth

Fund (the “Emerging Markets Growth Fund”) and Sands Capital Global Leaders Fund (the “Global Leader Fund”)

(each a “Sub-Fund”, collectively the “Sub-Funds”). The Global Growth Fund launched on 30 June 2010, the US

Select Growth Fund launched on 11 December 2012, the Emerging Markets Growth Fund launched on 31 October

2013 and the Global Leaders Fund launched on 28 December 2017.

Additional sub-funds may be added to the Company by the Directors from time to time with the prior approval of the

Central Bank of Ireland, each with a separate investment objective and policies. The Company may issue shares of

more than one class in each sub-fund.

The Company has appointed Sands Capital Management, LLC as the Investment Manager. The investment objective and policy of each Sub-Fund is as follows: Sands Capital Global Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation.

The Sub-Fund will seek to achieve its objective by investing primarily in a portfolio of equity securities and equity

related securities quoted or traded on regulated markets on a global basis, including equity securities issued by

companies located in developed and emerging markets.

Sands Capital US Select Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation.


related securities quoted or traded on regulated markets in the United States. Sands Capital Emerging Markets Growth Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation.


related securities issued by companies that are domiciled, listed, or that derive over half their revenues or profits from

countries classified as emerging and frontier market countries by MSCI.

Sands Capital Global Leaders Fund The investment objective of the Sub-Fund is to achieve long-term capital appreciation.


related securities quoted or traded on regulated markets on a global basis, including equity securities issued by

companies located in developed and emerging markets.

27




2. Accounting Policies

Statement of compliance and basis of preparation

The condensed interim report and unaudited financial statements for the financial period ended 30 April 2018 have

been prepared in accordance with IAS 34 - Interim Financial Reporting, the UCITS Regulations and the Central Bank

UCITS Regulations. The condensed interim report and unaudited financial statements should be read in conjunction

with the annual financial statements for the financial year ended 31 October 2017 which have been prepared in

accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and in

accordance with Irish Statute comprising the Companies Act 2014, the UCITS Regulations and the Central Bank

UCITS Regulations.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31

October 2017, as described in those financial statements.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting

estimates. It also requires the Directors to exercise its judgement in the process of applying the Company’s accounting

policies.

The unaudited semi-annual condensed financial statements are prepared in US Dollars (“US$”), the functional

currency of the Company.

28




3. Net Gains/(Losses) on Financial Assets at Fair Value through Profit or Loss

Global Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$

Net realised gains on financial assets at fair value

through profit or loss* 68,842,843 7,012,744

Net movement in unrealised gains/(losses) on financial

assets at fair value through profit or loss* 133,867,877 230,061,731

202,710,720 237,074,475

US Select Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$


through profit or loss* 22,408,419 24,405,527


assets at fair value through profit or loss* 1,425,693 1,467,468

23,834,112 25,872,995

Emerging Markets Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$


through profit or loss* 6,989,654 115,789


assets at fair value through profit or loss* 514,508 9,753,016

7,504,162 9,868,805

Global Leaders Fund1

28 December 2017

- 30 April 2018

Net realised losses on financial assets at fair value (38,888)

through profit or loss*


assets at fair value through profit or loss* 388,801

349,913

*Transaction fees as disclosed within Note 6 are included within these amounts. 1Global Leaders Fund commenced operations on 28 December 2017.

29




4. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the

Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any distribution

payments to shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at

the end of each eight year period beginning with the acquisition of such shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the

chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes

Consolidation Act, 1997, as amended, are held by the Company or the Company has been authorised by the Irish

Revenue to make gross payments in the absence of appropriate declarations; and

(b) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed

statutory declarations.

The Finance Act 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed

outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant

declaration is in place, subject to meeting the “equivalent measures”. A fund wishing to receive approval must apply

in writing to the Revenue Commissioners, confirming compliance with the relevant conditions.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to taxes

imposed by the country from which the investment income/gains are received and such taxes may not be recoverable

by the Company or its shareholders.

A new reporting fund regime was introduced by the United Kingdom HM Revenue and Customs with effect from 1

December 2009, which applies in the case of the Company. In accordance with the reporting fund regime, each share

class is viewed as a separate “offshore fund” for UK tax purposes. The reporting regime permits an offshore fund to

seek advance approval from HM Revenue and Customs to be treated as a reporting fund. Once an offshore fund has

been granted “reporting fund” status it maintains that status for so long as it continues to satisfy the conditions to be a

“reporting fund” without a requirement to apply for further certification by HM Revenue and Customs.

Applications for relevant share classes of the Company to be treated as “reporting funds” have been approved by HM

Revenue and Customs and the relevant share classes will be treated as reporting funds for the period ended 30 April

2018.

5. Share Capital

Authorised

The authorised share capital of the Company is two Subscriber Shares of US$1.00 each and 5,000,000,000,000

participating shares of no par value. Subscriber shares

The two Subscriber Shares are held by nominees on behalf of Sands Capital Management, LLC. The subscriber shares

do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of

this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an

investment company.

30




5. Share Capital (continued)

Redeemable Participating shares

The issued redeemable participating share capital is at all times equal to the net asset value of the Company. Redeemable participating shares are redeemable at the

shareholder’s option and are classified as financial liabilities. Each of the redeemable participating shares entitles the shareholder to participate equally on a pro rata

basis in the dividends and net assets of the Company, save in the case of dividends declared prior to becoming a shareholder. Each of the redeemable participating shares

entitles the holder to attend and vote at meetings of the Company. No class of redeemable participating shares confers on the holder thereof any preferential or pre-

emptive rights or any rights to participate in the profits and dividends of any other class of redeemable participating shares or any voting rights in relation to matters

relating solely to any other class of redeemable participating shares.

The movement in the number of redeemable participating shares for the six month period ended 30 April 2018 and year end 31 December 2017 are as follows:

Global Growth Fund

1 November 2017 - 30 April 2018 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR

Opening Balance 59,365,998 3,352,268 19,189,954 3,299 7,684 445,725 4,904,312

Redeemable partcipating shares issued 2,975,773 65,771 213,740 - - 378,723 593

Redeemable partcipating shares redeemed (2,098,495) (11,294) (1,195,803) (989) - (48,265) -

Closing Balance 60,243,276 3,406,745 18,207,891 2,310 7,684 776,183 4,904,905

1 November 2016 - 31 October 2017 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR

Opening Balance 41,349,781 10,251,412 19,624,447 26,315 279,011 344,417 1,395,257

Redeemable partcipating shares issued 22,451,672 113,506 673,658 - 1,150 273,504 3,509,055

Redeemable partcipating shares redeemed (4,435,455) (7,012,650) (1,108,151) (23,016) (272,477) (172,196) -

Closing Balance 59,365,998 3,352,268 19,189,954 3,299 7,684 445,725 4,904,312

US Select Growth Fund

1 November 2017 - 30 April 2018 Class A USD Class H USD Class A GBP Class A EUR Class Z USD

Opening Balance 3,906,360 6,557,918 1,348,260 105,967 133,254

Redeemable partcipating shares issued 227,293 1,750 1,091,276 8,569 902

Redeemable partcipating shares redeemed (1,129,864) (1,167,290) (580,845) (77,339) (74,414)

Closing Balance 3,003,789 5,392,378 1,858,691 37,197 59,742

1 November 2016 - 31 October 2017 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Class H EUR

Opening Balance 2,132,012 15,401,737 1,543,955 191,756 111,814 42,500

Redeemable partcipating shares issued 1,837,179 1,775,396 778,150 - 70,438 -

Redeemable partcipating shares redeemed (62,831) (10,619,215) (973,845) (85,789) (48,998) (42,500)

Closing Balance 3,906,360 6,557,918 1,348,260 105,967 133,254 - 31




5. Share Capital (continued)

Emerging Markets Growth Fund

1 November 2017 - 30 April 2018 Class A USD Class A GBP

Opening Balance 8,836,358 420,588

Redeemable partcipating shares issued 11,123,937 2,103,614

Redeemable partcipating shares redeemed (2,223,568) -

Closing Balance 17,736,727 2,524,202

1 November 2016 - 31 October 2017 Class A USD Class A GBP

Opening Balance 7,539,845 420,185

Redeemable partcipating shares issued 3,453,777 403

Redeemable partcipating shares redeemed (2,157,264) -

Closing Balance 8,836,358 420,588

Global Leaders Fund

29 December 2017 - 30 April 2018 Class A USD Class A GBP

Opening Balance - -

Redeemable partcipating shares issued 730,473 9,384,157

Redeemable partcipating shares redeemed - -

Closing Balance 730,473 9,384,157

The relevant movements in share capital are shown in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. The

Company invests the proceeds from the issue of shares in investments while maintaining sufficient liquidity to meet redemptions when necessary.

32




6. Fees and Expenses

Investment Management Fee The Investment Manager is entitled to receive out of the net assets of each Sub-Fund an annual fee calculated as a

percentage of the Net Asset Value of each Sub-Fund, accrued and calculated on each dealing day and payable

monthly in arrears as follows:

Global Growth

Fund

US Select Growth

Fund

Emerging Markets

Growth Fund

Global Leaders

Fund

A Classes up to 0.85% p/a per

Class

up to 0.75% p/a per

Class1

Up to 0.85% p/a per

Class1

Up to 0.85% p/a per

Class*

H Classes up to 1.00% p/a per

Class

up to 1.00% p/a per

Class

Up to 1.00% p/a per

Class

N/a

Z Classes up to 1.50% p/a per

Class

up to 1.50% p/a per

Class

N/a N/a

1Rate effective as of 1 November 2017. Previous rate 1.00%. *Global Leaders Fund commenced operations on 28 December 2017.

During the period, the Investment Manager has committed to waive its investment management fee and/or reimburse

each Sub-Fund expenses to the extent necessary to keep the net total operating fees and expenses from exceeding

specified total expense ratios per annum of the Net Asset Value of each Sub-Fund as follows:

Global Growth

Fund

US Select Growth

Fund

Emerging Markets

Growth Fund

Global Leaders

Fund

A Classes 1.00% p/a per Class1 1.00% p/a per Class

1 1.00% p/a per Class

2 1.00% p/a per Class*

H Classes 1.40% p/a per Class 1.25% p/a per Class 1.20% p/a per Class N/a

Z Classes N/a N/a N/a N/a 1Rate effective as of 1 November 2017. Previous rate 1.25%. 2Rate effective as of 1 November 2017. Previous rate 1.20%.


Global Growth Fund

The amount of fees waived and expenses reimbursed by the Investment Manager during the period was US$73,299

(1 November 2016 - 30 April 2017: US$nil) of which US$nil remained receivable by the Sub-Fund at 30 April 2018

(31 October 2017: US$nil).

During the period, the Investment Manager earned fees of US$10,663,664 (1 November 2016 - 30 April 2017:

US$7,425,623) and at 30 April 2018 US$1,797,943 (31 October 2017: US$1,706,038) remained payable to the

Investment Manager. The Investment Manager has committed to waive these fees to the extent noted above.



(1 November 2016 - 30 April 2017: US$nil) of which US$167 remained receivable by the Sub-Fund at 30 April 2018

(31 October 2017: US$nil).

During the period, the Investment Manager earned fees of US$965,745 (1 November 2016 - 30 April 2017: US$

1,203,843) and at 30 April 2018 US$ 156,799 (31 October 2017: US$ 196,525) remained payable to the Investment

Manager. The Investment Manager has committed to waive these fees to the extent noted above.

33




6. Fees and Expenses (continued)

Investment Management Fee (continued)

Emerging Market Growth Fund


(1 November 2016 - 30 April 2017: US$70,087) of which US$63,879 remained receivable by the Sub-Fund at 30

April 2018 (31 October 2017: US$20,408).

During the period, the Investment Manager earned fees of US$978,527 (1 November 2016 - 30 April 2017:

US$458,691) and at 30 April 2018 US$191,078 (31 October 2017: US$103,493) remained payable to the Investment

Manager. The Investment Manager has committed to waive these fees to the extent noted above.

Global Leaders Fund


of which US$11,408 remained receivable by the Sub-Fund at 30 April 2018

During the period, the Investment Manager earned fees of US$171,062 and at 30 April 2018 US$96,204 remained

payable to the Investment Manager. The Investment Manager has committed to waive these fees to the extent noted

above.

Administration and Transfer Agency fee

SEI Investments Global Fund Services Limited, the Administrator and Transfer Agent, is entitled to receive out of the

net assets of each Sub-Fund a monthly fee in an aggregate amount equal to the greater of an assets based fee for such

month or a monthly minimum fee.

The asset based fee will be calculated daily based on that day’s opening net asset value, as adjusted for any capital

activity, and the basis points up to a maximum of 5 basis points per annum. The asset based fee is allocated daily at

each day’s valuation point to each Sub-Fund pro rata based on the opening net asset values of each Sub-Fund, as

adjusted for any capital activity. The cumulative monthly asset based fee will be, if applicable, assessed monthly in

arrears. The monthly minimum fee of US$25,000 will be assessed monthly in arrears and, if applicable, will be allocated to

each Sub-Fund pro-rata based on the assets of each Sub-Fund as of the end of the applicable month. The Transfer Agent is also entitled to an annual transfer agency fee of US$100 for each shareholder account, accrued

and calculated on each dealing day for each Sub-Fund and payable monthly in arrears. Global Growth Fund

During the period, the Administrator earned administration and transfer agency fees of US$479,241 (1 November

2016 - 30 April 2017: US$362,512) and at 30 April 2018 US$79,178 (31 October 2017: US$79,289) remained

payable to the Administrator.


During the period, the Administrator earned administration and transfer agency fees of US$42,587 (1 November 2016

- 30 April 2017: US$51,542) and at 30 April 2018 US$6,829 (31 October 2017: US$7,869) remained payable to the

Administrator. Emerging Markets Growth Fund

During the period, the Administrator earned administration and transfer agency fees of US$45,376 (1 November 2016

- 30 April 2017: US$20,144) and at 30 April 2018 US$8,627 (31 October 2017: US$4,234) remained payable to the

Administrator.

Global Leaders Fund

During the period, the Administrator earned administration and transfer agency fees of US$7,763 and at 30 April 2018

US$4,284 remained payable to the Administrator.

34




6. Fees and Expenses (continued) Depositary and Trustee fee

Brown Brothers Harriman Trustee Services (Ireland) Limited, the Depositary, is entitled to receive out of the net

assets of each Sub-Fund an annual trustee fee up to a maximum of 0.02% of the Net Asset Value of the Sub-Funds,

accrued and calculated on each dealing day and payable monthly in arrears. The Depositary is also entitled to

depositary fees for the safekeeping of the Company’s assets based on the value of securities held by the Sub-Funds,

accrued and calculated on each dealing day and payable monthly in arrears. The Depositary is also entitled to an

additional fee relating to increased oversight duties and obligations to be fulfilled by the Depositary pursuant to the

European Union (Undertaking for Collective Investment in Transferable Securities) (Amendments) Regulations 2016

of 0.005% of the Net Asset Value of the Sub-Funds, accrued and payable on the same terms as the Trustee Fee

(the“UCITS V Fee”). A minimum charge of $1,000 per month per Fund will apply in respect of the aggregate of the UCITS V Fee and the

Trustee Fee payable to the Depositary. Global Growth Fund

During the period, the Depositary earned fees of US$495,753 (1 November 2016 - 30 April 2017: US$302,655) and at

30 April 2018 US$79,988 (31 October 2017: US$ 48,437) remained payable to the Depositary.



30 April 2018 US$9,652 (31 October 2017: US$5,949) remained payable to the Depositary. Emerging Markets Growth Fund


30 April 2018 US$20,428 (31 October 2017: US$5,341) remained payable to the Depositary.

Global Leaders Fund

During the period, the Depositary earned fees of US$11,205 and at 30 April 2018 US$ 6,629 remained payable to the

Depositary.

Transaction fees

The Company incurred transaction fees throughout the period. Transaction costs include all incremental costs that are

directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. All transaction costs

are recognised in the Statement of Comprehensive Income and are included in Net Gains and Losses on Financial

Assets at Fair Value.

Global Growth Fund

During the period, the Sub-Fund incurred transaction fees of US$241,164 (1 November 2016 - 30 April 2017:

US$369,877).



US$80,308). Emerging Markets Growth Fund


US$78,146).

Global Leaders Fund

During the period, the Sub-Fund incurred transaction fees of US$72,638

35



For the six month period ended 30 April 2018 7. Other Expenses

Global Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$

KBA Consultancy fees 9,320 9,627

PricewaterhouseCoopers Ireland tax services fee 16,452 8,518

Miscellaneous expense 39,964 28,070

Corporate Secretary 4,009 4,823

Central Bank fee 975 223

Out of Pocket fees 4,262 3,507

KIID 7,500 10,564

MFIID 2,221 -

Global Registration fees 2,433 2,227

87,136 67,559

US Select Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$





Central Bank fee 1,003 153

Out of Pocket fees 1,195 965

KIID 6,529 7,976

MFIID 3,331 -


61,287 43,264

Emerging Markets Growth Fund 1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$





Central Bank fee 1,014 153

Out of Pocket fees 1,707 1,450

KIID 5,000 6,548

MFIID 1,111 -

Bank charges - 217


61,027 53,190

36




7. Other Expenses (continued)

Global Leaders Fund 29 December 2017

- 30 April 2018

US$

KBA Consultancy fees 5,350

PricewaterhouseCoopers Ireland tax services fee 3,986

Miscellaneous expense 6,060

Corporate Secretary 3,021

Central Bank fee 254

Out of Pocket fees 384

KIID 2,044

Global Registration fees 93

21,192 8. Directors’ Remuneration

For the period ended 30 April 2018 the total Directors’ remuneration was US$33,023 (1 November 2016 - 30 April 2017:

US$ US$32,205) and US$21,548 remained payable as at 30 April 2018 (31 October 2017: US$21,543). Jonathan

Goodman and Dana McNamara are affiliated with the Investment Manager and waived their right to receive compensation

from the Company.

9. Soft Commission Arrangements

Soft dollar benefits received by Sands Capital Management, LLC (“Sands Capital”) include proprietary research and

brokerage services made available by brokers executing client transactions and also include third-party research

obtained through commission sharing arrangements (“CSAs”) with selected brokers. Sands Capital participates in

CSAs that are consistent with the requirements of Section 28(e) of the Securities Exchange Act of 1934. Under these

arrangements, Sands Capital allocates a portion of total commissions paid to a pool of “credits” that can also be used

to obtain soft dollar benefits made available by research providers.

Please see commission amounts below:

Date Sub-Fund Research Execution Total Commission

1 Nov 2017 - 30 April 2018 Global Growth Fund $103,982 $134,899 $238,881

1 Nov 2017 - 30 April 2018 US Select Growth Fund $12,801 $19,917 $32,718

1 Nov 2017 - 30 April 2018 Emerging Markets Growth Fund $131,204 $164,823 $296,027

28 Dec 2017 - 30 April 2018 Global leaders $37,856 $34,482 $72,338

Date Sub-Fund Research Execution Total Commission

1 Nov 2016 - 30 April 2017 Global Growth Fund $195,089 $157,815 $352,904

1 Nov 2016 - 30 April 2017 US Select Growth Fund $42,564 $37,660 $80,224

1 Nov 2016 - 30 April 2017 Emerging Markets Growth Fund $37,422 $38,386 $75,808

The allocation between the research and the execution figures reported above is approximate and subject to change

upon final reconciliation.

37




10. Related Party Transactions

On 1 November 2013, the Investment Manager provided seed capital in the amount of US$2,000,000 by subscribing

for 200,000 shares in the Emerging Markets Growth Fund. As at 30 April 2018 the Investment Manager holds

200,000 shares in the Class A USD share class of the Global Growth Fund and 200,000 shares in the Class A USD

share class of the Emerging Markets Growth Fund. The Investment Manager has earned management fees, the

specific details of which are contained in Note 6.

Mr Mike Kirby is Managing Principal of KB Associates, a firm which provides consultancy services to the Company.

Fees earned by KB Associates during the period ended 30 April 2018 were US$33,154 (1 November 2016 - 30 April

2017: US$28,876) of which US$3,437 were payable at period ended (31 October 2017: US$4,688). These costs are

included in other expenses in the Statement of Comprehensive Income. SEI Investments – Global Fund Services Limited acts as Administrator and Transfer Agent to the Company. Brown Brothers Harriman Trustee Services (Ireland) Limited acts as Depositary to the Company. Details of the fees earned by the Administrator, Depositary to the Company are contained in Note 6.

Significant shareholders: As at 30 April 2018, FIL Life Insurance Limited held a 11.17% stake and RBC Investor Services Australia Nominees

held an 12.57% stake in the Sands Capital Global Growth Fund. As at 31 October 2017, FIL Life Insurance Limited

held a 12.47% stake and RBC Investor Services Australia Nominees held an 11.93% stake in the Sands Capital Global

Growth Fund.

As at 30 April 2018, Fundsettle EOC Nominees Limited held a 47.21% stake and Chase Nominees Limited held a

7.79% stake in the US Select Growth Fund. As at 31 October 2017, Fundsettle EOC Nominees Limited held a 50.14%

stake and Chase Nominees Limited held a 13.17% stake in the US Select Growth Fund.

As at 30 April 2018, Government Pension Fund held a 13.62% stake, Prime Nominees (Ireland) Limited held a 5.74%

stake and Chase Nominees Limited held a 14.49% and no stake in the Emerging Markets Growth Fund. As at 31

October 2017, Government Pension Fund held a 19.79% stake, Prime Nominees (Ireland) Limited held a 13.12%

stake and Chase Nominees Limited held an 10.21% and a a 23.08% stake in the Emerging Markets Growth Fund.

As at 30 April 2018, Fundsettle EOC Nominees Limited held a 87.15% stake in the Sands Capital Global Leaders

Fund.

11. Connected Persons The Directors are satisfied that there are adequate arrangements in place to ensure that all transactions with connected

persons, namely the Investment Manager, Depositary and the delegates or sub-delegates of the Investment Manager or

Depositary (excluding any non-group company Sub-Depositarys appointed by the Depositary); and any associated or

group companies of these, are carried out as if conducted at arm’s length and in the best interests of the shareholders

as required by the requirements of the Central Bank UCITS Regulations. The Directors are satisfied that transactions

with connected persons entered into during the period were carried out on this basis.

In addition to those transactions, there are also transactions carried out by connected persons on behalf of the

Company to which the Directors have no direct access and in respect of which the Directors must rely upon

assurances from its delegates that the connected persons carrying out those transactions carry them out on a similar

basis.

Shareholders should have regard to the roles and responsibilities of the Company’s respective delegates, the

Administrator (SEI Investments – Global Fund Services Limited), the Depositary (Brown Brothers Harriman Trustee

Services (Ireland) Limited) and the Investment Manager/Distributor (Sands Capital Management, LLC), subject to the

overall supervision of the Board.

38



For the six month period ended 30 April 2018 11. Connected Persons (continued)

Further, shareholders should refer to the Prospectus which identifies many of the connected persons transactions and

the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all

connected persons transactions.

Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. Note 10 details

related party transactions in the period as required by IAS 24. However, Shareholders should understand that not all

“connected persons” are related parties as such latter expression is defined by IAS 24. Details of fees paid to related

parties and certain connected parties are set out in Notes 6, 8 and 10.

12. Distributions The Directors did not declare any dividends for the the period ended 30 April 2018 (1 November 2016 - 30 April

2017: US$nil).

13. Write-off of Organisational Expenses According to the Prospectus, the expenses incurred in connection with the establishment of the Company

(“organisation expenses”) will be amortised over the period of 5 years. The Dealing NAV of each Sub-Fund is

calculated each month on this assumption. According to IFRS, organisation expenses cannot be amortised and must be expensed as incurred. Therefore there is a

difference between the dealing NAV as of 30 April 2018 and 31 October 2017 which are prepared in accordance with

IFRS. As at 30 April 2018 and 31 October 2017, the difference between the two approaches described above resulted in a

decrease in the NAV of the Sub-Funds:

30 April 2018 31 October 2017

US$ US$

Global Growth Fund - -

US Select Growth Fund (404) 139

Emerging Markets Growth Fund 2,468 4,303

Global leaders 27,416 - The movement in the adjustment is recognised in the Statement of Comprehensive Income:

1 November 2017 1 November 2016

- 30 April 2018 - 30 April 2017

US$ US$

Global Growth Fund - -

US Select Growth Fund (544) 766

Emerging Markets Growth Fund (1,835) 6,184

Global leaders (1,479) -

39




14. Cash Balances All cash at bank balances at the period end are held with Brown Brothers Harriman Trustee Services (Ireland) Limited

or with third party institutions on overnight deposit.


Global Growth Fund US$ US$

Brown Brothers Harriman, Cayman Islands* 1,694 1,688

Brown Brothers Harriman Trustee Services (Ireland) Limited 91,290 40,071

Banco Santander, Frankfurt* - 80,555,099

JPM Chase, New York* 77,791,359 -

77,884,343 80,596,858


US Select Growth Fund US$ US$

Brown Brothers Harriman, Cayman Islands* - -

Citibank, New York 3,097,512 3,002,373

Bank of Montreal, London* - -

3,097,512 3,002,373


Emerging Markets Growth Fund US$ US$

JPM Chase, New York* 2,255,435 442,338

Brown Brothers Harriman Trustee Services (Ireland) Limited 29,300 237,832

DBS Singapore 2,255,435 -

Citibank, New York* 2,255,435 2,255,435

Std Charter Singapore 160,960 -

6,956,565 2,935,605


Global Leaders Fund US$ US$

Std Charter Singapore 1,891,816 -

Brown Brothers Harriman Trustee Services (Ireland) Limited 1,440 -

EUR, BBVA Madrid 30,153 -

1,923,409 -

*Balances held in overnight sweep accounts.

40




15. Net Asset Values

Global Growth Fund

30 April 2018 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$

Net Asset Value (Local) 1,783,568,456 70,943,695 447,568,304 53,321 159,525 12,426,186 63,262,851

Net Asset Value (Base US$) 1,783,568,456 70,943,695 616,171,241 73,408 192,642 12,426,186 76,396,105 2,559,771,733

Redeemable Participating Shares in Issue 60,243,276 3,406,745 18,207,891 2,310 7,684 776,183 4,904,905

Net Asset Value per Share 29.61 20.82 24.58 23.09 20.76 16.01 12.90

31 October 2017 Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$

Net Asset Value (Local) 1,622,269,199 64,480,345 451,302,813 72,917 152,755 6,607,558 60,525,794

Net Asset Value (Base US$) 1,622,269,199 64,480,345 599,395,446 96,845 177,937 6,607,558 70,503,441 2,363,530,771



31 October 2016* Class A USD Class H USD Class A GBP Class H GBP Class H EUR Class Z USD Class A EUR Total US$

Net Asset Value (Local) 879,025,145 153,665,240 391,169,052 494,509 4,596,371 3,998,251 14,206,403

Net Asset Value (Base US$) 879,025,145 153,665,240 476,872,595 602,854 5,048,905 3,998,251 15,605,087 1,534,818,076




30 April 2018 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Total US$

Net Asset Value (Local) 62,750,196 108,280,509 38,058,388 756,845 994,750

Net Asset Value (Base US$) 62,750,196 108,280,509 52,395,319 913,965 994,750 225,334,739

Redeemable Participating Shares in Issue 3,003,789 5,392,378 1,858,691 37,197 59,742

Net Asset Value per Share 20.89 20.08 20.65 20.35 16.65

31 October 2017 Class A USD Class H USD Class A GBP Class A EUR Class Z USD Total US$

Net Asset Value (Local) 73,026,096 117,978,347 25,824,833 1,999,639 1,992,887

Net Asset Value (Base US$) 73,026,096 117,978,347 34,299,115 2,329,279 1,992,887 229,625,724

Redeemable Participating Shares in Issue 3,906,360 6,557,918 1,348,260 105,967 133,254

Net Asset Value per Share 18.69 17.99 19.15 18.87 14.96 *The market values used in these tables are based off prices obtained on 28 October 2016, and on which the dealing NAV is comprised. Please see note 18 for further

information.

41




15. Net Asset Values (continued)

31 October 2016* Class A USD Class H USD Class A GBP Class A EUR Class Z USD Class H EUR Total US$

Net Asset Value (Local) 31,650,578 219,969,316 25,500,990 3,096,715 1,334,596 572,971

Net Asset Value (Base US$) 31,650,578 219,969,316 31,088,153 3,401,600 1,334,596 629,383 288,073,626

Redeemable Participating Shares in Issue 2,132,012 15,401,737 1,543,955 191,756 111,814 42,500

Net Asset Value per Share 14.84 14.28 16.52 16.15 11.93 13.48

Emerging Markets Growth Fund

30 April 2018 Class A USD Class A GBP Total US$

Net Asset Value (Local) 238,182,115 39,029,065

Net Asset Value (Base US$) 238,182,115 53,731,659 291,913,774

Redeemable Participating Shares in Issue 17,736,727 2,524,202

Net Asset Value per Share 13.43 15.46

31 October 2017 Class A USD Class A GBP Total US$



Redeemable Participating Shares in Issue 8,836,358 420,588


31 October 2016* Class A USD Class A GBP Total US$



Redeemable Participating Shares in Issue 7,539,845 420,185


Global Leaders Fund

30 April 2018 Class A USD Class A GBP Total US$



Redeemable Participating Shares in Issue 730,473 9,384,157


*The market values used in these tables are based off prices obtained on 28 October 2016, and on which the dealing NAV is comprised.

All net asset values per share are shown in the local currency of the Share Class.

42



For the six month period ended 30 April 2018 16. Fair Value Estimation For fair value measurements recognised in the statement of financial position, IFRS 13 requires certain fair value

disclosures for each class of financial instruments. For this purpose, IFRS 13 requires an entity to classify fair value

measurements into a fair value hierarchy, with the following levels, by reference to the observability and significance

of the inputs used in the making the measurement. For a fair value measurement of a financial instrument to be classified in Level 1 of the hierarchy, it should be

observable directly in an active market for the same instrument. Fair value measurement in Levels 2 and 3 of the hierarchy are determined using valuation techniques. The level in the

hierarchy into which a financial instrument’s fair value measurement is classified in its entirety and is determined by

reference to the observability and significance of the inputs used in the valuation model. Valuation techniques often

incorporate both observable inputs and unobservable inputs. Fair value measurements determined using valuation techniques are classified in their entirety in either Level 2 or 3

based on the lowest level input that is significant to the measurement. That is, if the model uses both observable and

unobservable inputs, the fair value measurement is classified in Level 3 if the unobservable inputs are significant to

their fair value measurement in its entirety. This assessment is made independently of the number or the quality of the

Level 2 inputs used in the model. Differentiating between Level 2 and Level 3 fair value measurements, i.e., assessing whether inputs are observable

and whether the unobservable inputs are significant, may require judgement and a careful analysis of the inputs used

to measure fair value, including consideration of factors specific to the asset or liability. Transfers between levels are deemed to have occurred at the start of the reporting period. There were no transfers

between the fair value hierarchy levels for the period ended 30 April 2018 and year ended 31 October 2017. Policies regarding Fair Value measurement, including the valuation of Participatory Notes, are included in Note 2 to the Financial Statements. The following tables provide an analysis within the fair value hierarchy of the Company’s financial assets and liabilities, measured at fair value and assets and liabilities, not measured at fair value at 30 April 2018 and 31 October 2017: Global Growth Fund Level 1 Level 2 Level 3 Total

30 April 2018 Quoted Prices Significant Other Significant Other

In Active Observable Unobservable

Markets Inputs Inputs

US$ US$ US$ US$

Financial Assets at Fair Value

Through Profit or Loss

Equities 2,497,379,197 - - 2,497,379,197

Assets not measured at fair value

Cash and bank balances 77,884,343 - - 77,884,343

Cash held in investor money collection account 6,358 - - 6,358

Securities sold receivable 3,801,120 - - 3,801,120

Subscriptions receivable - 572,859 - 572,859

Dividends receivable - 2,235,049 - 2,235,049

Other Assets - 8,213 - 8,213

Investment management reimbursements - 33,534 - 33,534

Total assets 2,579,071,018 2,849,655 - 2,581,920,673

Liabilities not measured at fair value

Payables for securities purchased 19,886,572 - - 19,886,572

Redemptions payable - 241,178 - 241,178

Accrued expenses and other payables - 2,021,190 - 2,021,190

Total net liabilities 19,886,572 2,262,368 - 22,148,940 43




16. Fair Value Estimation (continued)

Global Growth Fund Level 1 Level 2 Level 3 Total

31 October 2017 Quoted Prices Significant Other Significant Other



US$ US$ US$ US$



Equities 2,286,861,822 - - 2,286,861,822




Securities sold receivable - - - -

Subscriptions receivable - 2,154,554 - 2,154,554

Dividends receivable - 433,800 - 433,800

Other Assets - 1,574 - 1,574

Total assets 2,368,329,440 2,589,928 - 2,370,919,368


Redemptions payable - 5,467,595 - 5,467,595

Accrued expenses and other payables - 1,921,002 - 1,921,002

Total net liabilities - 7,388,597 - 7,388,597

44





US Select Growth Fund Level 1 Level 2 Level 3 Total




US$ US$ US$ US$



Equities 221,956,546 - - 221,956,546




Securities sold receivable - 1,763,815 - 1,763,815


Other Assets - 11,346 - 11,346

Investment management reimbursements - 167 - 167

Total assets 225,244,665 1,791,869 - 227,036,534




Accrued expenses and other payables - 223,468 - 223,468

Total net liabilities 1,271,094 430,299 - 1,701,393

US Select Growth Fund Level 1 Level 2 Level 3 Total




US$ US$ US$ US$



Equities 224,170,864 - - 224,170,864





Other Assets - 1,574 - 1,574

Total assets 227,174,352 2,898,272 - 230,072,624




Total net liabilities - 447,039 - 447,039

45




16. Fair Value Estimation (continued) Emerging Markets Growth Fund Level 1 Level 2 Level 3 Total




US$ US$ US$ US$



Equities 281,101,144 - - 281,101,144



Cash held in investor money collection account 423 - - 423


Subscriptions receivable - 7,574,307 - 7,574,307


Other Assets - 5,156 - 5,156

Investment management reimbursements 29,660 29,660

Total assets 288,058,132 10,290,460 - 298,348,592



- 749,559 - 749,559


Total net liabilities 5,465,584 971,702 - 6,437,286

Emerging Markets Growth Fund Level 1 Level 2 Level 3 Total




US$ US$ US$ US$



Equities 119,094,276 - - 119,094,276



Cash held in investor money collection account 5 - - 5

Securities sold receivable - 133,182 - 133,182

Subscriptions receivable - 111,535 - 111,535


Other Assets - 1,574 - 1,574

Investment management reimbursements - - - -

Total assets 122,029,886 265,815 - 122,295,701


Payables for securities purchased 95,135 - - 95,135


Total net liabilities 95,135 183,665 - 278,800

46





Global Leaders Fund Level 1 Level 2 Level 3 Total




US$ US$ US$ US$



Equities 136,266,819 - - 136,266,819



Cash held in investor money collection account - - - -


Subscriptions receivable - - - -

Dividends receivable - - - -

Other Assets - 1,617 - 1,617

Investment management reimbursements 1,887 1,887

Total assets 138,190,228 50,525 - 138,242,640


Payables for securities purchased - - - -

- - - -


Total net liabilities - 121,213 - 121,213

18. Exchange Rates

The financial statements are presented in US Dollar (US$) the functional currency of the Company. The following

exchange rates at 30 April 2018 and 31 October 2017 have been used to translate assets and liabilities in other

currencies to US$:


US$ US$

Brazilian Real 0.2855 0.3057

Euro 1.2076 1.1648

Danish Krone 0.1621 0.1565

Great British Pound 1.3767 1.3281

Hong Kong Dollar 0.1274 0.1282

Indian Rupee 0.0150 0.0154

Indonesian Rupiah 0.0001 0.0001

Japanese Yen 0.0091 0.0088

Malaysian Ringgit 0.2549 0.2362

Philippine Peso 0.0193 0.0194

South African Rand 0.0802 0.0707

South Korean Won 0.0009 0.0009

Thai Bhat 0.0317 0.0301 *No exposure to this currency at period end. Prior year rate provided for comparative purposes only.

47




19. Efficient portfolio management

During the period ended 30 April 2018, the Company was not involved in repurchase agreements or securities lending

and did not purchase and sell financial derivative instruments.

20. Portfolio

Significant portfolio changes are listed on pages 50-53. A complete listing of purchases and sales during the period is

available upon request from the Administrator free of charge.

21. Significant Events

On 19 December 2017, Central Bank of Ireland approved an additional Sub-Fund namely Sands Capital Global

Leaders Fund. The Sands Capital Global Leaders Fund commenced operation on 28 December 2017.

An updated prospectus was issued on 31 May 2018 to accommodate Sands Capital Global Leaders Fund that

commenced operation on 28 December.

As at the date of approval of the unaudited semi-annual condensed financial statements there have been no other

significant events which would require additional disclosure.

22. Subsequent Events As at the date of approval of the unaudited semi-annual condensed financial statements there have been no subsequent

events which would require additional disclosure. 25. Approval of Financial Statements

The unaudited semi-annual condensed financial statements were approved and authorised for issue by the Directors on

27 June 2018.

48


ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND


Total Expense Ratio (“TER”)1

The Total Expense Ratio (“TER”) was calculated according to currently valid guidelines of the Swiss Funds

Association.

The key figures as at 30 April 2018 were as follows:

Sub-Fund Share Class TER1

Sands Capital Global Growth Fund Class A USD 0.93%

Sands Capital Global Growth Fund Class H USD 1.09%

Sands Capital Global Growth Fund Class Z USD 1.58%

Sands Capital Global Growth Fund Class A GBP 0.94%

Sands Capital Global Growth Fund Class H GBP 1.10%

Sands Capital Global Growth Fund Class A EUR 0.93%

Sands Capital Global Growth Fund Class H EUR 1.08%


Sands Capital US Select Growth Fund Class A USD 1.05%

Sands Capital US Select Growth Fund Class H USD 1.18%

Sands Capital US Select Growth Fund Class Z USD 1.68%

Sands Capital US Select Growth Fund Class A GBP 1.05%

Sands Capital US Select Growth Fund Class A EUR 1.06%


Sands Capital Emerging Markets Growth Fund Class A USD 1.04%

Sands Capital Emerging Markets Growth Fund Class A GBP 1.06%

1The Total Expense Ratio (“TER”) is calculated according to the following formula:

(Total expenses / AF)* 100

AF = average fund assets;

49




Sands Capital Global Growth Fund

Purchases US$

Keyence 49,017,405

Atlassian Corp 39,709,655

Align Technology 39,648,024

Incyte 28,249,870

Zalando 23,732,008

Maruti suzuki 12,929,701

Nike 12,746,282

Peptidream 6,777,525

Amazon 1,438,394

Alphabet - Class A 1,185,297

Alibaba Group Holding 1,167,923

Facebook 970,012

Visa 879,886

ASML Holding 808,574

Charles Schwab 763,213

Baidu 735,748

Housing Development Finance 659,567

CP All 604,367

Workday 601,817

Naspers 557,630

Sales US$

Facebook 40,819,450

Booking Holdings 39,236,154

Chipotle Mexican Grill 38,391,699

Rolls-Royce Holdings 20,387,142

Housing Development Finance 12,894,783

Visa 7,968,672

Workday 7,435,371

Naspers 7,414,542

Shopify 7,257,455

Asos 7,099,086

Airports of Thailand 6,890,229



Amazon 1,944,945

Charles Schwab 1,510,456

ASML Holding 1,496,979

Baidu 1,480,885

Nike 1,464,157

CP All 1,257,898


The above represents sales of investments by value greater than 1% of the total value of sales and purchases of

investments by value greater than 1% of the total value of purchases, or the top 20 purchases and sales of investments

where purchases and sales do not exceed 1% of the total value of purchases and sales.

50




Sands Capital US Select Growth Fund

Purchases US$

Align Technology 5,050,532

Amazon 4,784,297



Workday 3,465,684

Monster Beverage Corporation 2,391,904

Baidu 2,326,817


Visa 2,279,762

Loxo Oncology 2,264,122

Palo Alto Networks 2,061,102

Netflix 2,041,878

Edwards Lifesciences 1,932,237

Splunk 1,893,130

Incyte 1,803,681

Costar 1,663,212

Salesforce 1,646,448

Facebook 1,616,323

Servicenow 1,561,665

Activision Blizzard 1,557,665

Sales US$


Facebook 5,754,238

Amazon 5,433,186

Visa 5,095,991

Servicenow 4,884,482

Netflix 4,406,304

Biogen 3,962,303

Chipotle Mexican Grill 3,864,399


Adobe 3,281,629


Incyte 2,651,820

Baidu 2,647,457

Alexion Pharmaceuticals 2,511,184


Palo Alto Networks 2,091,088

Monster Beverage Corporation 1,975,520

Snap 1,916,520

Charles Schwab 1,897,781

Illumina Inc 1,848,191




51




Sands Capital Emerging Markets Growth Fund

Purchases US$


Baidu 11,250,493

Tencent Holdings 9,107,009

Naspers 9,025,378

Yandex 8,664,569

Ctrip International 8,608,913

Housing Development Finance 6,794,217

Adani Ports and Special Economic Zone 6,078,358

Jubilant Foodworks Ltd 5,531,884

MercadoLibre 5,423,786

Anta Sports Products Ltd 5,115,922

Medy Tox 5,076,054

Bank Central Asia 4,910,585


CP All 4,704,863

Taiwan Semicunductor 4,538,058

Sands China 4,382,724

Zee Entertainment Enterprise 4,270,990

Raia Drogasil 4,213,726

Apollo Hospitals 4,069,719

Sales US$

Bank Rakyat Indonesia 5,267,924

MercadoLibre 2,645,005

Hikma Pharmaceuticals 2,580,906

Housing Development FinanCE 2,538,563

Adani Ports and Special Economic Zone 2,404,762


Medy Tox 1,468,283

Baidu 1,241,620

Credicorp 1,196,166

Tencent Holdings 1,112,586

Naspers 1,054,412

Yandex 1,003,721

Lupin Ltd 922,071

Ctrip International 849,643

Jubilant Foodworks Ltd 803,929

Anta Sports 651,094

CP All 646,959

Taiwan Semicunductor 564,181

Sands China 560,739

Makemytrip 535,874




52




Sands Capital Global Leaders Fund

Purchases US$

Visa 6,792,107


Safran SA 5,445,234

HDFC Bank 5,299,041

Transdigm Group 5,276,370

Alimentation Couche-Tard 5,195,542

Recruit Holdings Co Ltd 5,140,992

Adobe 4,794,131

Taiwan Semiconductor 4,784,687

Zoetis 4,778,739

Starbucks 4,614,907


Intercontinental 4,272,746


Keyence 4,101,263


Verisk Analytics 3,712,972

American Tower 3,630,596

Fresenius Medical Care 3,587,209

Dassault Systemes SA 3,468,298

Sales US$

Moet Hennessy 87,973

Moody's Corp 38,929

American Tower 28,736

Transdigm Group 22,818

Zoetis 18,377

Taiwan Semicunductor 14,382

Booking Holdings 1,938

Visa 1,881

HDFC Bank 1,620

Starbucks 1,430

Don Quijote Holdings 1,370

Union Pacific 1,365

Alimentation Couche-Tard 1,331

Alphabet - Class A 1,190

Safran SA 1,126

Alibaba Group Holding 1,023

Adobe 996

Verisk Analytics 987

Intercontinental 751

Sands China 595 The above represents sales of investments by value greater than 1% of the total value of sales and purchases of



53