connor, clark & lunn ucits icav

CONNOR, CLARK & LUNN UCITS ICAV

An Irish collective asset-management vehicle constituted as an umbrella fund with variable capital and

segregated liability between Sub-Funds with registration number C400076 and authorised by the

Central Bank of Ireland pursuant to the Irish Collective Asset-Management Vehicles Act 2015, the

European Communities (Undertakings for Collective Investment in Transferable Securities)

Regulations 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section

48 (1)) (Undertakings for Collective Investments in Transferable Securities) Regulations 2019

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

1

TABLE OF CONTENTS

Page

DIRECTORY

DIRECTORS OF THE ICAV

ADMINISTRATOR, REGISTRAR AND

Mike Freund*

TRANSFER AGENT

Fiona Mulcahy**

HSBC Securities Services (Ireland) DAC

Sheila Rohan*

1 Grand Canal Square

Grand Canal Harbour

MANAGER

Dublin 2

Carne Global Fund Managers (Ireland) Limited

Ireland

3rd floor, 55 Charlemont Place

Dublin 2

DEPOSITARY

D02 F985

HSBC Continental Europe, Dublin Branch

Ireland

1 Grand Canal Square

Grand Canal Harbour

DIRECTORS OF THE MANAGER

Dublin 2

Neil Clifford

Ireland

Teddy Otto

Sarah Murphy

SECRETARY OF THE ICAV

Elizabeth Beazley

Carne Global Financial Services Limited

Christophe Douche

3rd floor, 55 Charlemont Place

Aleda Anderson (appointed on 1 January 2023)

Dublin 2

Jacqueline O’Connor

D02 F985

Ireland

INVESTMENT MANAGER

Connor, Clark & Lunn Investment Management Ltd.

1111 West Georgia Street, Suite 2300

LEGAL ADVISORS AS TO IRISH LAW

Vancouver, British Columbia

Matheson

V6E 4M3

70 Sir John Rogerson’s Quay

Canada

Dublin 2

Ireland

INDEPENDENT AUDITORS

KPMG

1 Harbourmaster Place

PROMOTERS OF THE ICAV

International Financial Services Centre

Connor, Clark & Lunn UK Limited

Dublin 1

8th Floor

Ireland

1 Knightsbridge Green

SW1X 7QA

London

* Non-executive

** Independent Non-executive

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

INVESTMENT MANAGER’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

3

Financial Market Review

The global macroeconomic backdrop strengthened early in 2023 and contributed to a strong start for

global equity markets in January, largely in response to China’s economic reopening and lower

natural gas prices in Europe. In March, financial markets experienced a significant shock when a

confluence of factors led to a bank run across US regional banks that ultimately resulted in the

second- and third-largest US bank failures in history. Despite support from federal regulators, the

turbulence spilled over into Europe with the collapse of Switzerland’s Credit Suisse, a systematically

important financial institution that was ultimately merged with its largest domestic peer, UBS.

Inflation has remained higher than expected which has resulted in further interest rate hikes by central

banks in developed markets. Overall, despite recession fears, economic activity and corporate

earnings have proved more resilient against higher interest rates. In the second quarter, investor

sentiment improved in response to multiple factors, including the resolution of the US debt ceiling

discussions, as well as growing enthusiasm regarding artificial intelligence (AI) that helped to bolster

the outlook for the technology sector.

Early in the third quarter, widespread expectations for a soft landing were supported by resilient

economic activity and slowing inflation. As the quarter progressed, however, the increased likelihood

that interest rates could remain elevated for a prolonged period of time negatively impacted market

sentiment. Robust North American economic releases suggested the economy might be able to

withstand higher interest rates, while monetary policymakers maintained a somewhat aggressive

stance on interest rates. This caused a spike in bond yields, which reached new highs for this

economic cycle near the end of September. Equity markets, which had been relatively stable over the

summer months, declined in the final weeks of the quarter, and posted negative returns over the

period. Oil production cuts led to a surge in crude oil prices, which also heightened concern about

higher inflation.

US economic releases pointed to strength early in the fourth quarter, which fuelled concern about

further interest rate increases. In November, however, the market narrative shifted in response to

signs of a slowing economy and data showing the potential for a return to a broader disinflationary

trend. This rejuvenated the “soft landing” theme, where inflation and economic growth slow but

avoid a recession, which would allow monetary policymakers to shift away from their tightening

measures. This notion gained further momentum when the US Federal Reserve (Fed) pivoted toward

a more “dovish” stance, meaning the potential for interest rate reductions, even as US economic

indicators remained largely resilient. Bond yields initially spiked, particularly in the US and equity

markets were relatively weak through October. There was a sharp turnaround in November and

December, however, with plunging bond yields and surging stock prices resulting in a strong quarter

for both bond and equity markets. Despite the announcement of additional production cuts by major

producers, crude oil did not participate in the year-end rally, as there was some market concern about

the sustainability and consistency of these cuts.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

INVESTMENT MANAGER’S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

4

Market Review

Market leadership sharply contrasted that of 2022, with 9 out of the 11 GICs sectors reversing their

2022 market-relative performance in 2023.

Most factor groups in our investment model were well-rewarded in 2024. Despite the dramatic shift

in market themes in the latter part of the year, and the accompanying underperformance of industry

trend-based factors, our Growth composite performed well due to the robustness of stock-specific

growth metrics. Our Quality composite had an exceptional year of performance as investors

continued to favour companies generating sustainable earnings and deploying capital in an efficient

manner. Opportunity measures generally performed at or above long-term expectations.

Portfolio Performance

Outlook & Strategy

Going into 2024, the overall level of investment opportunity across our model (as measured by the

dispersion of return forecasts) as well as levels of forecast risk remain stable and close to their long-

term average levels.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

5

The Directors present their report for Connor, Clark & Lunn UCITS ICAV (the “ICAV”) and audited

financial statements for the financial year ended 31 December 2023.

Principal activities, business review & future prospects

The ICAV was incorporated as an Irish collective asset-management vehicle constituted as an

umbrella fund with segregated liability between sub-funds with registration number C400076 and

authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 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)

Regulation 2015, as amended (the “Central Bank UCITS Regulations”).

As at the date of this report the ICAV comprised of two Sub-Funds – one active Sub-Fund CC&L Q

Emerging Markets Equity UCITS Fund (the “EME Sub-Fund”) and one unlaunched Sub-Fund

CC&L Q Global Equity Market Neutral UCITS Fund together, (the “Sub-Funds”).

The ICAV is organised in the form of an umbrella fund with segregated liability between Sub-Funds.

The Instrument of Incorporation provides that the ICAV may offer separate Sub-Funds. Each Sub-

Fund will have a distinct portfolio of investments. The ICAV has obtained the approval of the Central

Bank for the establishment of the Sub-Fund set out below. Information specific to a Sub-Fund will

be set out in a separate Supplement to the Prospectus.

The investment objective of CC&L Q Emerging Markets Equity UCITS Fund is to seek long-term

growth of capital relative to emerging market equity indices by structuring and maintaining a

diversified portfolio of primarily emerging market equity securities and the investment objective of

CC&L Q Global Equity Market Neutral UCITS Fund is to generate returns that have a low correlation

with global equity markets and to maximise long-term total return.

A detailed business review is outlined in the Investment Manager’s Report on pages 3 to 5.

Principal risks and uncertainties

Investment in the ICAV carries with it a degree of risk including, but not limited to, the risks referred

to in the prospectus of the ICAV dated 9 April 2020 (the “Prospectus”). Details of the risks associated

with financial instruments are included in Note 7 to the financial statements.

Results and dividends

The results for the financial year are shown in the Statement of Comprehensive Income on page 16.

The Board of Directors may declare at its discretion, dividends in respect of each distribution share

class of each Sub-Fund. For the year ended 31 December 2023, the ICAV paid dividends to the

shareholders in the EUR A distributing class.

Future Developments

The Financial Statements have been prepared on a going concern basis.

The ICAV will continue to act as an investment vehicle as set out in its Prospectus. A review and

outlook of the Sub-Funds is included in the Investment Manager's Report.

Directors

The Directors of the ICAV who served during the year, and up to the date the financial statements

were signed, were as follows:

Mike Freund

Fiona Mulcahy

Sheila Rohan

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

6

Directors’ and ICAV Secretary’s interests

None of the Directors nor the ICAV Secretary or their respective families held any interest, beneficial

or otherwise, in the share capital of the ICAV during or at the end of the financial year.

The Board of Directors are not aware of any contracts or arrangements of any significance in relation

to the business of the ICAV in which the Directors had any interest at any time during the year ended

31 December 2023.

Accounting Records

The measures taken by the Directors to secure compliance with the ICAV’s obligation to keep

adequate accounting records are the use of appropriate systems and procedures and the employment

of competent service providers. The accounting records are kept at HSBC Securities Services

(Ireland) DAC, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.

Political donations

There were no political donations made by the ICAV or the Investment Manager from the Sub-Fund

during the financial year.

Significant events during the financial year

The armed conflict between Russia and Ukraine continued throughout 2023. In the prior period, the

Board had authorized the write down to zero of all the local RUB denominated Russian equities held

in the amount of USD1,161,258. Based on continued market circumstances, these positions were

valued at zero throughout 2023. The Fund has had no exposure to securities directly exposed to

Ukraine.

The ICAV has exposure to the banking sector. In certain cases, government agencies have assumed

control or otherwise intervened in the operations of certain banks due to liquidity and solvency

concerns. The extent of the situation remains uncertain and, as such, the Investment Manager

continues to assess risks across the broader financial sector and will take potential actions, as deemed

necessary. The ultimate resolution of these liquidity and solvency concerns and the extent of the

related impact to the ICAV is uncertain and could be significant.

The new distributing share class, Class A Distributing EUR Shares, was launched in April 2023,

There were no other material significant events that have occurred in respect of the ICAV during the

financial year end.

Events since the financial year end

A distribution of USD 491,916 was made on 24 January 2024 from the EUR A distributing class.

On 21 March 2024, two additional Sub-Funds, CC&L Q Global Small Cap Equity UCITS Fund and

CC&L Q Global Equity UCITS Fund, were authorized by the Central Bank of Ireland as a result of

filing Supplements for each respective Sub-Fund along with a revised Prospectus for the ICAV.

There were no other material significant events that have occurred in respect of the ICAV subsequent

to the financial year end.

Principal material changes

There have been no material changes in the objectives and strategies of the ICAV since inception.

Independent auditors

In accordance with Section 125 of the Irish Collective Asset-management Vehicles Act 2015 (the

“ICAV Act”), the Directors have appointed KPMG, Chartered Accountants and Registered Auditors,

as the ICAV’s auditor and have indicated their willingness to continue in office.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7

Corporate Governance Code

The ICAV is subject to the requirements of the ICAV Act, the UCITS Regulations and the Central Bank

UCITS Regulations. The ICAV is subject to corporate governance practices imposed by:

1. The ICAV Act which is available for inspection at the registered office of the ICAV at,

3rd floor, 55 Charlemont Place, Dublin 2 D02 F985, Ireland; and may also be obtained: -

http://www.irishstatutebook.ie

2. The Instrument of Incorporation of the ICAV (“the Instrument”) which may be obtained at the

ICAVs Registration Office in Ireland and is available for inspection at the registered office of the

ICAV; and

3. The Central Bank UCITS Regulations and Guidance Notes which can be obtained from the Central

Bank of Ireland website at: -

http://www.centralbank.ie/regulation/industry-sectors/funds/Pages/default.aspx

The ICAV has adopted the voluntary Irish Funds Industry Association (Irish Funds) Corporate

Governance Code for Irish domiciled Collective Investment Schemes and Management Companies

(the “IF Code”). The Board of Directors have reviewed and assessed the measures included in the IF

Code and consider its corporate governance practices and procedures since the adoption of the IF

Code as consistent therewith.

Connected Persons

Regulation 43(1) of the UCITS Regulations “Restrictions on transactions with connected persons” states

that “A responsible person shall ensure that any transaction between a UCITS and a connected person is

conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”.

As required under UCITS Regulation 81.4, the Directors of the Manager (the Responsible Person) are

satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the

obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected

persons; and all transactions with a connected persons that were entered into during the financial period

to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

DIRECTORS’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8

UCITS ICAV: STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF

THE DIRECTORS’ REPORT AND THE FINANCIAL STATEMENTS

The directors are responsible for preparing the Directors’ Report and financial statements, in

accordance with applicable law and regulations.

The Irish Collective Asset-management Vehicles Acts 2015 and 2020 requires the directors to

prepare financial statements for each financial year. Under that law they have elected to prepare the

financial statements in accordance with International Financial Reporting Standards (IFRS) as

adopted by the EU and applicable law.

The financial statements are required to give a true and fair view of the assets, liabilities and financial

position of the ICAV at the end of the financial year and of the increase in net assets attributable to

holders of redeemable participating shares in the ICAV for the financial year. In preparing these

financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material

departures disclosed and explained in the financial statements;

• assess the ICAV’s ability to continue as a going concern, disclosing, as applicable, matters related

to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the ICAV or to cease

operations or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records which disclose with

reasonable accuracy at any time the assets, liabilities, financial position and changes in net assets

attributable to holders of redeemable participating shares in the ICAV and enable them to ensure that

the financial statements comply with the Irish Collective Asset-management Vehicles Acts 2015 and

2020 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings

for Collective Investment in Transferable Securities) Regulations 2019. They have general

responsibility for taking such steps as are reasonably open to them to safeguard the assets of the

ICAV. In this regard they have entrusted the assets of the ICAV to a depositary for safe-keeping.

They are responsible for such internal controls as they determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud or

error, and to prevent and detect fraud and other irregularities. The directors are also responsible for

preparing a Directors’ Report that complies with the requirements of the Irish Collective Asset-

management Vehicles Acts 2015 and 2020.

The directors are responsible for the maintenance and integrity of the corporate and financial

information included on the ICAV’s website. Legislation in the Republic of Ireland governing the

preparation and dissemination of financial statements may differ from legislation in other

jurisdictions.

On behalf of the board

Sheila Rohan Fiona Mulcahy

Director Director

22 April 2024

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

RESTRICTED

_____________________________

KPMG

Audit

1 Harbourmaster Place

IFSC

Dublin 1

D01 F6F5

Ireland

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CONNOR, CLARK & LUNN

UCITS ICAV

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Connor, Clark

& Lunn UCITS ICAV (‘the ICAV’) for the

year ended December 31, 2023 set out on pages 13 to 48, which comprise the Statement of Financial

Position, Statement of Comprehensive Income, Statement of Changes in Net Assets attributable to

Holders of Redeemable Participating Shares, Statement of Cash Flows and related notes, including

the summary of significant accounting policies set out in note 2.

The financial reporting framework that has been applied in their preparation is Irish Law and

International Financial Reporting Standards (IFRS) as adopted by the European Union.

In our opinion:

-

the financial statements give a true and fair view of the assets, liabilities and financial position of

the ICAV as at December 31, 2023 and of its increase in net assets attributable to holders of

redeemable participating shares for the year then ended;

-

the financial statements have been properly prepared in accordance with IFRS as adopted by the

European Union; and

-

the financial statements have been properly prepared in accordance with the requirements of the

Irish Collective Asset-management Vehicles Acts 2015 to 2021 and the Central Bank (Supervision

and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in

Transferable Securities) Regulations 2019.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs

(Ireland)) and applicable law. Our responsibilities under those standards are further described in the

Auditor's responsibilities for the audit of the financial statements section of our report. We are

independent of the ICAV in accordance with ethical requirements that are relevant to our audit of

financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and

Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in

accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern

basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to

events or conditions that, individually or collectively, may cast significant doubt on the ICAV’s ability to

continue as a going concern for a period of at least twelve months from the date when the financial

statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are

described in the relevant sections of this report.

KPMG, an Irish partnership and a member firm of the KPMG global organisation of

independent member firms affiliated with KPMG International Limited, a private English

company limited by guarantee

10

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CONNOR, CLARK & LUNN

UCITS ICAV (continued)

Other information

The directors are responsible for the other information presented in the Annual Report together with

the financial statements. The other information comprises the information included in the Directory,

Investment Manager’s report, Director’s report, Annual Depositary Report to the Shareholders,

Schedule of Investments and the Unaudited Appendices. The financial statements and our auditor’s

report thereon do not comprise part of the other information. Our opinion on the financial statements

does not cover the other information and, accordingly, we do not express

an audit opinion or, except

as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our

financial statements audit work, the information therein is materially misstated or inconsistent with the

financial statements or our audit knowledge. Based solely on that work undertaken during the course

of the audit, we have not identified material misstatements in the other information.

Opinion on other matter prescribed by the Irish Collective Asset-management Vehicles Acts

2015 to 2021

In our opinion, the information given in the Directors’ Report is consistent with the financial

statements.

Matters on which we are required to report by exception

The Irish Collective Asset-management Vehicles Acts 2015 to 2021 requires us to report to you, if in

our opinion, the disclosures of Directors’ remuneration specified by law are not made. We have

nothing to report in this regard.

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 8, the directors are

responsible for: the preparation of the financial statements including being satisfied that they give a

true and fair view; such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error;

assessing the ICAV’s ability to continue as a going concern, disclosing, as applicable, matters related

to going concern; and using the going concern basis of accounting unless they either intend to

liquidate the ICAV or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement

when it exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on IAASA’s website at

https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-

statements/.

11

INDEP

ENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CONNOR, CLARK & LUNN

UCITS ICAV (continued)

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the shareholders of the ICAV, as a body, in accordance with the Section

120 of the Irish Collective Asset-management Vehicles Act 2015. Our audit work has been

undertaken so that we might state to the ICAV’s shareholders those matters we are required to state

to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other than the ICAV and the ICAV’s shareholders, as a

body, for our audit work, for this report, or for the opinions we have formed.

22 April 2024

B

rian Clavin

for and on behalf

of KPMG

Chartered Accountants, Statutory Audit Firm

1 Harbourmaster Place

IFSC

Dublin 1

D01 F6F5

12

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

13

TOTAL

CC&L Q

Emerging

Markets

Equity UCITS

Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2023

2023*

Note

USD

Assets

Financial assets at fair value through

profit or loss

2(e), 3(a)

- Transferable securities

869,684,261

-

- Financial derivative instruments

1,486

-

Cash and cash equivalents

2(i)

3,394,602

-

Amounts due from broker

2(m)

3,572,292

-

Dividends receivable

1,706,382

-

Other receivables

15,159

-

Total assets

878,374,182

-

Liabilities

Bank overdraft

2(i)

2,193

-

Amounts due to broker

2(m)

4,729,711

-

Investment management fee payable

5(b)

1,175,584

-

Audit fee payable

5(i)

28,641

-

Management fees payable

5(a)

15,590

-

Capital gains tax payable

5(g)

4,280,871

-

Other payables

394,568

-

Total liabilities

10,627,158

-

Net assets attributable to the holders

of Redeemable Participating Shares

867,747,024

Net Asset Value per redeemable

participating shares

Class A

9.88

-

Class A EUR Distributing (in USD)

12.05

-

Class A EUR Distributing (in EUR)

10.91

-

*The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

Signed on behalf of the Board of Directors:

Sheila Rohan

…………………………….

Director:

Fiona Mulcahy

…………………………….

Director:

22 April 2024

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2022

14

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2022

2022*

Note

USD

Assets

Financial assets at fair value through

profit or loss

2(e), 3(a)

- Transferable securities

168,281,892

-

- Financial derivative instruments

1,980

-

Cash and cash equivalents

2(i)

375,798

-

Amounts due from broker

2,429,781

-

Dividends receivable

273,773

-

Other receivables

10(a)

238,385

-

Total assets

171,601,609

-

Liabilities

Bank overdraft

2(i)

171,610

-

Amounts due to broker

2(m)

2,233,175

-

Investment management fee payable

5(b)

142,628

-

Audit fee payable

5(i)

25,930

-

Management fees payable

5(a)

7,939

-

Other payables

333,678

-

Total liabilities

2,914,960

-

Net assets attributable to the holders

of Redeemable Participating Shares

168,686,649

Net Asset Value per redeemable

participating shares

Class A

8.54

-

Class A EUR (in USD)

9.91

-

Class A EUR (in EUR)

9.29

-

*The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023

15

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2023

2023*

Note

USD

Income

Dividend income

2(g)

13,279,196

-

Interest income

7,260

-

Other income

1,251,037

-

Net gain on financial assets and

liabilities at fair value through profit

or loss

3(b)

81,093,512

-

Net foreign exchange loss

(1,164,843)

-

Total income

94,466,162

-

Expenses

Investment management fees

5(b)

3,862,033

-

Management fees

5(a)

118,091

-

Administration fees

5(c)

394,619

-

Depositary fees

5(d)

705,548

-

Transaction costs

5(i)

1,584,399

-

Audit fees

5(j)

30,715

-

Director fees

5(e)

51,908

-

Other expenses

170,004

-

Total expenses

6,917,317

-

Net gain before finance costs and tax

87,548,845

-

Finance costs

Interest expense

62,453

-

Net gain before tax

87,486,392

-

Withholding tax on dividends

1,531,923

-

Capital gains tax

5,175,514

-

Net increase in net assets from

operations attributable to the

holders of Redeemable Participating

Shares

80,778,955

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

16

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2022

2022*

Note

USD

Income

Dividend income

2(g)

3,705,290

-

Interest income

363

-

Other income

10(a)

382,945

-

Net gain on financial assets and

liabilities at fair value through profit

or loss

3(b)

(16,647,305)

-

Net foreign exchange loss

(153,707)

-

Total income

(12,712,414)

-

Expenses

Investment management fees

5(b)

995,248

-

Management fees

5(a)

44,718

-

Administration fees

5(c)

129,618

-

Depositary fees

5(d)

371,125

-

Transaction costs

5(h)

414,354

-

Audit fees

5(i)

25,104

-

Director fees

5(e)

50,011

-

Other expenses

222,774

-

Total expenses

2,252,952

-

Net loss before finance costs and tax

(14,965,366)

-

Finance costs

Interest expense

(11,870)

-

Net loss before tax

(14,977,236)

-

Withholding tax on dividends

(431,707)

-

Capital gains tax

(28,596)

-

Net decrease in net assets from

operations attributable to the

holders of Redeemable Participating

Shares

(15,437,539)

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES

FOR THE YEAR ENDED 31 DECEMBER 2023

17

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2023

2023*

USD

Net assets attributable to holders of

redeemable participating shares at the

beginning of the year

168,686,649

-

Increase in net assets from operations

attributable to holders of Redeemable

Participating Shares

80,778,955

-

Issuance of Redeemable Participating

Shares

674,652,607

-

Redemption of Redeemable

Participating Shares

(56,371,187)

-

Net assets attributable to the holders

of Redeemable Participating Shares

at the end of the year

867,747,024

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

18

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2022

2022*

USD

Net assets attributable to holders of

redeemable participating shares at the

beginning of the year

105,383,072

-

Decrease in net assets from operations

attributable to holders of Redeemable

Participating Shares

(15,437,539)

-

Issuance of Redeemable Participating

Shares

78,741,116

-

Net assets attributable to the holders

of Redeemable Participating Shares

at the end of the year

168,686,649

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

19

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2023

2023*

USD

Cash flows from operating activities

attributable to the holders of Redeemable

Participating Shares

Net increase in net assets attributable to the

holders of Redeemable Participating Shares

80,778,955

-

Adjustments to reconcile income attributable

to Redeemable Participating shareholders to

net cash provided by operating activities:

Net gain on financial assets at fair value

through profit or loss

(81,093,512)

-

Purchase of investment in securities

(1,107,704,280)

-

Proceeds from sale of investment in securities

487,395,917

-

Increase in dividend receivable

(1,432,609)

-

Increase in due from broker

(1,142,511)

-

Decrease in other receivables

223,226

-

Increase in investment management fees

payable

1,032,956

-

Increase in management fees payable

7,651

-

Increase in due to brokers

2,496,536

-

Increase in audit fees payable

2,711

-

Increase in other payables

4,341,761

-

Net cash outflow from operating activities

(615,093,199)

-

Cash flows from financing activities

Proceeds from issuance of shares

674,652,607

-

Redemption of shares

(56,371,187)

-

Net cash inflow from financing activities

618,281,420

-

Net increase in cash and cash equivalents

3,188,221

-

Cash and cash equivalents at beginning of the

year

204,188

-

Cash and cash equivalents at end of the year

3,392,409

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

The accompanying notes form an integral part of these financial statements

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

20

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2023

2023*

USD

Cash and cash equivalents at end of the year

is comprised of :

Cash and cash equivalents

3,394,602

-

Bank overdraft

(2,193)

-

Cash and cash equivalents at end of the year

3,392,409

-

Supplemental disclosure of cash flow

information:

Dividends received (net of withholding tax)

10,379,575

-

Interest received (net of withholding tax)

7,260

-

Interest paid

(62,453)

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

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

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

21

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2022

2022*

USD

Cash flows from operating activities

attributable to the holders of Redeemable

Participating Shares

Net Decrease in net assets attributable to the

holders of Redeemable Participating Shares

(15,437,539)

-

Adjustments to reconcile income attributable

to Redeemable Participating shareholders to

net cash provided by operating activities:

Net loss on financial assets at fair value

through profit or loss

16,647,305

-

Purchase of investment in securities

(251,307,122)

-

Proceeds from sale of investment in securities

171,266,336

-

Increase in dividend receivable

(45,284)

-

Increase in due from broker

(1,202,042)

-

Increase in other receivables

(23,140)

-

Decrease in investment management fees

payable

(21,270)

-

Decrease in management fees payable

(215)

-

Increase in due to brokers

1,607,339

-

Decrease in audit fees payable

(1,248)

-

Decrease in other payables

(58,664)

-

Net cash outflow from operating activities

(78,575,544)

-

Cash flows from financing activities

Proceeds from issuance of shares

78,741,116

-

Net cash inflow from financing activities

78,741,116

-

Net decrease in cash and cash equivalents

165,572

-

Cash and cash equivalents at beginning of the

year

38,616

-

Cash and cash equivalents at end of the year

204,188

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

The accompanying notes form an integral part of these financial statements

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

22

TOTAL

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund

2022

2022*

USD

Cash and cash equivalents at end of the year

is comprised of :

Cash and cash equivalents

375,798

-

Bank overdraft

(171,610)

-

Cash and cash equivalents at end of the year

204,188

-

Supplemental disclosure of cash flow

information:

Dividends received (net of withholding tax)

3,234,170

-

Interest received (net of withholding tax)

363

Interest paid

(11,870)

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

The accompanying notes form an integral part of these financial statements

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

23

1. General information

Connor, Clark & Lunn UCITS ICAV (the “ICAV”) was registered in Ireland pursuant to the Irish

Collective Asset-Management Vehicles Act 2015 on 7 October 2019 under registration number

C400076. The ICAV has been authorised by the Central Bank of Ireland (the “Central Bank”) as an

“Undertaking for Collective Investment in Transferable Securities” (“UCITS”) under the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011

(as amended) (“UCITS Regulations”) and has been established as an Irish collective asset-management

vehicle constituted as an umbrella fund with segregated liability between Funds and will comply with

the Central Bank UCITS Regulations.

As at the date of this report, the ICAV comprised of two Sub-Funds – one active Sub-Fund CC&L Q

Emerging Markets Equity UCITS Fund (the “EME Sub-Fund”) and one inactive Sub-Fund CC&L Q

Global Equity Market Neutral UCITS Fund together, (the “Sub-Funds”). The Sub-Funds were

authorised as a UCITS by the Central Bank under the UCITS Regulations on 9 April 2020. The

investment objective of CC&L Q Emerging Markets Equity UCITS Fund is to seek long-term growth

of capital relative to emerging market equity indices by structuring and maintaining a diversified

portfolio of primarily emerging market equity securities. The Investment objective of CC&L Q Global

Equity Market Neutral UCITS Fund is to generate returns that have a low correlation with global equity

markets and to maximise long-term total return.

CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

The ICAV has appointed Carne Global Fund Managers (Ireland) Limited (the “Manager”) as Manager

of the ICAV pursuant to the Management agreement. Connor, Clark & Lunn Investment Management

Ltd. (the “Investment Manager”) was appointed as the Investment Manager of the ICAV providing

discretionary investment management and advisory services in relation to the ICAV. Connor, Clark &

Lunn UK Limited is the promoter of the ICAV. Connor, Clark & Lunn UK Limited’s principal business

and occupation is to provide distribution services to clients.

2. Material Accounting Policies

The material accounting policies adopted by the ICAV in the preparation of these financial statements

are set out below. The Company adopted 'Disclosure of Accounting Policies (Amendments to IAS 1

and IFRS Practice Statement 2)’ from 1 January 2023. The amendments require the disclosure of

'material' rather than 'significant' accounting policies. The amendments did not result in any changes in

accounting policies themselves

(a) Basis of accounting

The financial statements have been prepared in accordance with International Financial Reporting

Standards (“IFRS”) as adopted for use in the European Union, Irish statute comprising the ICAV Act

2015 and the Central Bank UCITS Regulations.

(b) Basis of measurement

The financial statements have been prepared on a going concern basis, applying the historical cost

convention, except for the financial instruments at fair value through profit or loss.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

24

2. Material Accounting Policies (continued)

(c) Judgements

(i) Going Concern

These financial statements have been prepared on a going concern basis as the Directors have made an

assessment of the ICAV’s ability to continue as a going concern and are satisfied that the ICAV has

the resources to continue for the foreseeable future.

(ii) Functional and presentation currency

The Board of Directors considers the US Dollar the currency that most faithfully represents the

economic effect of the underlying transactions, events and conditions. The US Dollar is the currency

in which the ICAV measures its performance and reports its results, as well as the currency in which it

principally receives subscriptions and redemptions from its investors. The ICAV has also adopted the

US Dollar as its presentation currency.

The preparation of financial statements in conformity with IFRS requires management to make

judgements, estimates and assumptions that affect the application of policies and the reported amounts

of assets and liabilities, income and expense. The estimates and associated assumptions are based on

historical experience and various other factors that are believed to be reasonable under the

circumstances, the results of which form the basis of making the judgements about carrying values of

assets and liabilities that are not readily apparent from other sources. If in the future such estimates and

assumptions, which are based on management's best judgement at the date of the financial statements

deviate from the actual outcome, the original estimates and assumptions will be modified as appropriate

in the financial year in which the circumstances change.

(d) Changes in accounting policies and disclosures

New standards, amendments and interpretations effective from 1 January 2023.

New or amended standards

Impact on Financial Statements

Insurance Contracts (Amendments to

IFRS 17)

The application of the Amendment resulted in

no significant changes to the ICAV’s Financial

Statements.

Definition of Accounting Estimates

(Amendments to IAS 8)

The application of the Amendment resulted in

no significant changes to the ICAV’s Financial

Statements.

Disclosure of Accounting Policies

(Amendments to IAS 1 and IFRS Practice

Statement 2)

The application of the Amendment resulted in

no significant changes to the ICAV’s Financial

Statements.

Deferred Tax related to Assets and Liabilities

arising from a Single Transaction

(Amendments to IAS 12)

The application of the Amendment resulted in

no significant changes to the ICAV’s Financial

Statements.

None of the accounting standards had a material effect on the financial statements.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

25

2. Material Accounting Policies (continued)

(d) Changes in accounting policies and disclosures (continued)

New standards, amendments and interpretations effective for future reporting financial periods

that have not been early adopted

A number of new standards are effective for annual periods beginning after 1 January 2023 and earlier

application is permitted, however the ICAV has not adopted the new or amended standards early in

preparing these Financial Statements.

The following amended standards and interpretations are not expected to have a significant impact on

the ICAV's Financial Statements:

• Classification of Liabilities as Current or Non-current - Amendments to IAS 1 - effective 1 January

2024;

• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments

to IFRS 10 and IAS 28 - no effective date yet.

(e) Financial assets and liabilities designated at fair value through profit or loss

(i) Classification

In accordance with IFRS 9, the ICAV classifies its financial assets and financial liabilities at initial

recognition into the categories of financial assets and financial liabilities discussed below.

In applying that classification, a financial asset or financial liability is considered to be held for trading

if:

a) It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term;

b) On initial recognition, it is part of a portfolio of identified financial instruments that are managed

together and for which, there is evidence of a recent actual pattern of short-term profit-taking; or

c) It is a derivative (except for a derivative that is a financial guarantee contract or a designated and

effective hedging instrument).

Financial assets

The ICAV classifies its financial assets as subsequently measured at amortised cost or measured at fair

value through profit or loss on the basis of both:

• The entity’s business model for managing the financial assets

• The contractual cash flow characteristics of the financial asset

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

26

2. Material Accounting Policies (continued)

(e) Financial assets and liabilities designated at fair value through profit or loss (continued)

(i) Classification (continued)

Financial assets at fair value through profit or loss

A financial asset is measured at fair value through profit or loss if:

(a) Its contractual terms do not give rise to cash flows on specified dates that are solely payments of

principal and interest (SPPI) on the principal amount outstanding; or

(b) It is not held within a business model whose objective is either to collect contractual cash flows, or

to both collect contractual cash flows and sell; or

At initial recognition, it is irrevocably designated as measured at fair value through profit or loss when

doing so eliminates or significantly reduces a measurement or recognition inconsistency that would

otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on

different bases. The Fund classifies its investments based on both Fund’s business model for managing

those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio

of financial assets is managed and performance is evaluated on a fair value basis. The Fund is primarily

focused on fair value information and uses that information to assess the assets’ performance and to

make decisions. All investments are measured and evaluated by the Investment Manager on a fair value

basis. The fair value of investments is examined on a regular basis.

Financial liabilities at fair value through profit or loss

A financial liability is measured at fair value through profit or loss if it meets the definition of held for

trading. The ICAV includes in this category derivative contracts in a liability position and investments

in securities sold short since they are classified as held for trading.

Financial assets at amortised cost

Loans and receivables are measured at amortised cost. The ICAV includes in this category cash and

cash equivalents, amounts due from brokers and other short-term receivables.

Financial liabilities at amortised cost

This category includes all financial liabilities, other than those measured at fair value through profit or

loss. The ICAV includes in this category bank overdraft, amounts due to brokers and other short-term

payables.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

27

2. Material Accounting Policies (continued)

(e) Financial assets and liabilities designated at fair value through profit or loss (continued)

(ii) Recognition

The ICAV recognises a financial asset or a financial liability when, and only when, it becomes a party

to the contractual provisions of the instrument.

Purchases or sales of financial assets that require delivery of assets within the time frame generally

established by regulation or convention in the marketplace are recognised on the trade date, i.e., the

date that the ICAV commits to purchase or sell the asset.

(iii) Subsequent measurement

After initial measurement, the ICAV measures financial instruments which are classified as at fair value

through profit or loss, at their fair values. Fair value is the amount for which an asset could be

exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

The fair value of financial instruments traded in an active market is based on their quoted market prices

on a recognised exchange or sourced from a reputable broker/counterparty, in the case of non-exchange

traded instruments, at the reporting date without any deduction for estimated future selling costs.

Financial assets and liabilities are stated at market value based on the last traded price within the bid

ask spread on each valuation date.

If a quoted market price is not available on a recognised stock exchange or from a reputable

broker/counterparty, the fair value of the financial instruments may be estimated by the Directors using

appropriate valuation techniques, including use of recent arm’s length market transactions, reference

to the current fair value of another instrument that is substantially the same, discounted cash flow

techniques, or any other valuation technique that provides a reliable estimate of prices obtained in

actual market transactions.

Subsequent changes in the fair value of financial instruments at fair value through profit or loss are

recognised in the Statement of Comprehensive Income (“SOCI”).

An analysis of fair values of financial instruments and further details as to how they are measured are

provided in Note 4.

Financial instruments, other than those at fair value through profit or loss, are measured at amortised

cost using the effective interest rate method, less any impairment for financial assets. Gains and losses

are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation

process.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

28

2. Material Accounting Policies (continued)

(e) Financial assets and liabilities designated at fair value through profit or loss (continued)

(iv) Derecognition

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial

assets) is derecognised where:

- The rights to receive cash flows from the asset have expired; or

- The ICAV has transferred its rights to receive cash flows from the asset or has assumed an obligation

to pay the received cash flows in full without material delay to a third party under a ‘pass-through’

arrangement; and

- either (a) the ICAV has transferred substantially all the risks and rewards of the asset, or (b) the ICAV

has neither transferred nor retained substantially all the risks and rewards of the asset, but has

transferred control of the asset.

When the ICAV has transferred its rights to receive cash flows from an asset (or has entered into a

pass-through arrangement), and has neither transferred nor retained substantially all the risks and

rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the

ICAV’s continuing involvement in the asset. The ICAV derecognises a financial liability when the

obligation under the liability is discharged, cancelled or expires.

(v) Impairment

IFRS 9 requires the ICAV to record expected credit losses (ECLs) on all of its short-term receivables,

either on a 12-month or lifetime basis. Given the limited exposure of the ICAV to credit risk, this

amendment has not had a material impact on the financial statements. The ICAV only holds short-term

receivables with no financing component and that have maturities of less than 12 months at amortised

cost. Therefore, it has adopted an approach similar to the simplified approach to ECLs.

(f) Foreign currency translation

Monetary assets and liabilities denominated in currencies other than the presentation currency are

translated into the presentation currency at the closing rates of exchange at financial year end.

Transactions during the financial year, including purchases and sales of securities, income and

expenses, are translated at the rate of exchange prevailing on the date of the transaction. Foreign

exchange gains and losses arising from translation are included in the SOCI. Foreign exchange

gains/losses relating to cash and cash equivalents are presented in the SOCI within “Net foreign

exchange loss” and foreign exchange gains/losses relating to financial assets and liabilities carried at

fair value through profit or loss are presented in the SOCI within “Net gain on financial assets and

liabilities at fair value through profit or loss”.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

29

2. Material Accounting Policies (continued)

(g) Income

Dividend income is credited to the SOCI on the date on which the relevant securities are listed as “ex-

dividend”. Dividend income is shown gross of any non-recoverable withholding taxes, which are

disclosed separately in the SOCI, and net of any tax credits. The Dividend income for the financial year

ended 31 December 2023 amounted to USD 13,279,196 (2022: USD 3,705,290)

(h) Expenses

Expenses are accounted for on an accruals basis and are charged to the SOCI when incurred.

(i) Cash and cash equivalents

Cash and cash equivalents include current and call accounts with maturities of three months or less.

Cash comprises of cash held with HSBC Bank Plc (Standard & Poor: A+) (2022: Standard & Poor:

A+). Cash and cash equivalents at 31 December 2023 was USD3,394,602 (2022: USD375,798) and

the bank overdraft was USD2,193 (2022: USD171,610).

(j) Dividend distribution

The Directors retain the right to declare dividends in respect of net investment income on the Sub-

Funds' investments in their sole discretion. In the event that the Directors determine to declare

dividends in respect of any class in the Sub-Fund, Shareholders will be notified in advance of any such

change in the dividend policy, including the date by which dividends will be paid and the method by

which dividends will be paid.

(k) Taxation

The IFRS Interpretations Committee (“IFRIC”) published a new interpretation IFRIC 23 ‘Uncertainty

over Income Tax Treatments’, specifying how entities should reflect uncertainty in accounting for

income taxes. IFRIC 23 addresses the previous lack of guidance in IAS 12 ‘Income Taxes’, which

specifies how to account for current and deferred tax, but not how to reflect the effects of uncertainty.

The Investment Manager evaluated the effect of IFRIC 23 and deemed that it did not have a significant

impact on the financial statements since the majority of the Fund’s financial instruments are, in the

opinion of the Investment Manager, not subject to material uncertain tax treatment.

Under current law and practice the ICAV qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended. As such, 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 or any encashment, redemption, cancellation or transfer of

shares.

No Irish tax will arise on the ICAV regarding chargeable events in respect of a Shareholder who is

neither Irish Resident nor Ordinarily Resident in Ireland at the time of the chargeable event provided

that a Relevant Declaration is in place and the ICAV is not in possession of any information which

would reasonably suggest that the information contained therein is no longer materially correct.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

30

2. Material Accounting Policies (continued)

(k) Taxation (continued)

A Chargeable Event does not include:

(i) any transaction in relation to Shares held in a recognised clearing system;

(ii) any exchange by a Shareholder effected by way of a bargain made at arm’s length by the ICAV, of

Shares in the ICAV for other Shares in the ICAV;

(iii) certain transfers of Shares between spouses or civil partners and former spouses or former civil

partners;

(iv) an exchange of Shares arising on a qualifying amalgamation or reconstruction of the ICAV with

another Irish investment undertaking; or

(v) the cancellation of Shares in the ICAV arising from an exchange in relation to a scheme of

amalgamation.

Income, interest and capital gains (if any) received on investments made by the ICAV may be subject

to withholding taxes imposed by the country from which the investment amounts are received and such

taxes may not be recoverable by the ICAV or its shareholders.

(l) Transaction costs

Transaction costs are incremental costs, which are separately identifiable and directly attributable to

the acquisition, issue or disposal of a financial asset or financial liability. Transaction costs for all

financial assets carried at fair value through profit and loss are included in the Statement of

Comprehensive Income. These include fees and commissions paid to brokers and counterparties and

have been classified within gains and losses. Transaction fees paid to the Depositary on trade settlement

are expensed as incurred and included in the Statement of Comprehensive Income. Transaction costs

are detailed in Note 5.

(m) Due to/from broker

Amounts due from/to brokers represent receivables for securities sold and payables for securities

purchased that have been contracted for but not yet delivered by the end of the year. Amounts due from

broker at 31 December 2023 was USD3,572,292 (2022: USD2,429,781) and Amounts due to broker

was USD4,729,711 (2022: USD2,233,175).

(n) Net gain/(loss) from financial assets and liabilities at fair value through profit or loss

Net gain/(loss) from financial assets and liabilities at fair value through profit or loss includes all

realized and unrealized fair value changes and foreign exchange differences, interest and dividend

income, including dividend expenses on securities sold short, if any.

(o) Redeemable participating shares

The redeemable participating shares are classified as financial liabilities at amortized cost and are

measured at the present value of the redemption amount.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

31

2. Material Accounting Policies (continued)

(p) Subscriber shares

The subscriber shares (classified as equity) of no par value are issued for €1.00 each. The Subscriber

Shares entitle the Shareholders holding them to attend and vote at all meetings of the ICAV, but do not

entitle the holders to participate in the dividends or net assets of any Sub-Funds.

3. (a) Financial assets and liabilities at fair value through profit or loss

Total

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

2023

31 December 2023

USD

Financial assets at fair value through

profit or loss

Transferable securities

- Equities

771,653,569

-

- Depositary Receipts

98,030,692

-

869,684,261

-

Financial derivatives

- Warrants

1,486

-

Total financial assets at fair value

through profit or loss

869,685,747

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

Total

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

2022

31 December 2022

USD

Financial assets at fair value through

profit or loss

Transferable securities

- Equities

136,951,726

-

- Depositary Receipts

31,329,707

-

- Rights

459

-

168,281,892

-

Financial derivatives

- Warrants

1,980

-

Total financial assets at fair value

through profit or loss

168,283,872

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

32

3. (b) Realised/unrealised gain/(loss) on financial assets and liabilities at fair value through

profit or loss

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

Total

For the year

ended

31 December

2023

For the year

ended

31 December

2023*

USD

Realised gain on financial assets and

liabilities at fair value through profit or loss

Gain on Equities

5,777,876

-

Gain on Depositary Receipts

6,121,335

-

Net realised gain on financial assets and

liabilities at fair value through profit or loss

11,899,211

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

Total

USD

For the year

ended

31 December

2023

USD

For the year

ended

31 December

2023*

USD

Unrealised gain/(loss) on financial assets

and liabilities a fair value through profit or

loss

Gain on Equities

62,187,087

-

Gain on Depositary Receipts

7,007,708

-

Loss on Warrants

(494)

-

Net unrealised gain on financial assets and

liabilities at fair value through profit or loss

69,194,301

-

Net gain on financial assets and liabilities at

fair value through profit or loss

81,093,512

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

33

3. (b) Realised/unrealised gain/(loss) on financial assets and liabilities at fair value through

profit or loss (continued)

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

Total

For the period

ended

31 December 2022

For the period

ended

31 December 2022

USD

Realised loss on financial assets and

liabilities at fair value through profit or loss

Loss on Equities

(6,341,360)

-

Loss on Depositary Receipts

(6,218,065)

-

Net realised loss on financial assets and

liabilities at fair value through profit or

loss

(12,559,425)

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

CC&L Q

Emerging

Markets Equity

UCITS Fund

CC&L Q

Global Equity

Market Neutral

UCITS Fund*

Total

For the period

ended

31 December

2022

For the period

ended

31 December

2022

USD

Unrealised gain/(loss) on financial assets

and liabilities a fair value through profit or

loss

Loss on Equities

(5,015,341)

-

Gain on Depositary Receipts

925,481

-

Gain on warrants

1,980

Net unrealised loss on financial assets and

liabilities at fair value through profit or loss

(4,087,880)

-

Net loss on financial assets and liabilities at

fair value through profit or loss

(16,647,305)

-

* The CC&L Q Global Equity Market Neutral UCITS Fund was not launched during the year.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

34

4. Fair value of financial instruments

IFRS 13 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to

measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active

markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable

inputs (Level 3 measurements). The three levels of the fair value hierarchy are described in the table

below.

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or

liabilities that the ICAV has the ability to access at the measurement date;

Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly

or indirectly, including inputs in markets that are not considered to be active; and

Level 3: This category includes all instruments for which the valuation technique includes inputs

not based on observable data and the unobservable inputs have a significant effect on

the instrument's valuation.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that

market participants use to make valuation decisions, including assumptions about risk. Inputs may

include price information, volatility statistics, specific and broad credit data, liquidity statistics, and

other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level

of any input that is significant to the fair value measurement. However, the determination of what

constitutes “observable” requires significant judgement by the Directors. The Directors consider

observable data to be that market data, which is readily available, regularly distributed or updated,

reliable and verifiable, not proprietary, and provided by independent sources that are actively involved

in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon

the pricing transparency of the instrument and does not necessarily correspond to the Directors’

perceived risk of that instrument.

Transferable securities

Transferable securities whose values are based on quoted market prices in active markets are classified

within Level 1. These include active listed equities. The Directors do not adjust the quoted price for

such instruments, even in situations where the ICAV holds a large position and a sale could reasonably

impact the quoted price.

Transferable securities that trade in markets that are not considered to be active, but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs

are classified within Level 2.

Transferable securities classified within Level 3 have significant unobservable inputs, as they trade

infrequently or not at all. There are no Level 3 investments held at financial year end.

The financial assets and liabilities not measured at fair value through profit or loss are short term

financial assets and liabilities whose carrying amounts approximate fair value. Cash and cash

equivalents are categorised as Level 1 and all other financial assets are not measured at FVTPL are

categorised as Level 2 on the hierarchy.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

35

4. Fair value of financial instruments (continued)

The ICAV redeems and issues redeemable participating shares at the amount equal to the proportionate

share of net assets of the ICAV at the time of subscription or redemption, calculated on a basis consistent

with that used in the financial statements except for treatment of formation costs (see Note 9).

Accordingly, the carrying amount of Net assets attributable to holders of participating shares

approximates their fair value. The shares are categorised into Level 2 of the fair value hierarchy.

The following table presents the financial instruments carried on the Statement of Financial Position by

caption and by level within the valuation hierarchy as at 31 December 2023.

CC&L Q Emerging Markets Equity UCITS Fund

31 December 2023

Level 1

Level 2

Level 3

Total

US$

Financial assets at fair value

through profit or loss

Equities

767,963,557

3,690,012

-

771,653,569

Depository Receipts

97,924,276

106,416

-

98,030,692

Warrants

1,486

-

1,486

Total financial assets at fair value

through profit or loss

865,889,319

3,796,428

-

869,685,747

There were no transfers between levels during the year ended 31 December 2023.

31 December 2022

Level 1

Level 2

Level 3

Total

US$

Financial assets at fair value

through profit or loss

Equities

136,417,000

534,726

-

136,951,726

Depository Receipts

31,105,552

224,155

-

31,329,707

Warrants

1,980

-

1,980

Rights

459

-

459

Total financial assets at fair value

through profit or loss

167,524,991

758,881

-

168,283,872

During the year ended 31 December 2022, all local RUB denominated Russian equities were halted for

trading, transferred to Level 3 and fully written off in the amount of USD1,161,258.

These gains and losses are recognised in profit and loss as Net gain on financial assets and liabilities at

fair value through profit or loss.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

36

5. Fees and Expenses

(a) Management Fee

The Manager shall be paid a fee out of the assets of each Sub-Fund, calculated and accrued on each

Dealing Day and payable monthly in arrears, of an amount up to 0.03% per annum of the Net Asset

Value of the Sub-Fund (plus VAT, if any), subject to a monthly minimum fee up to €3,500 (plus VAT,

if any) per launched Sub-Fund. The Manager is also entitled to receive out of the assets of the Sub-Fund

reasonable and properly vouched expenses.

The Management fee for the financial year ended 31 December 2023 amounted to USD118,091 (2022:

USD44,718) of which USD15,590 (2022: USD7,939) is payable at 31 December 2023.

(b) Investment Management Fee

The Investment Manager will receive an investment management fee (the “Investment Management

Fee”) separately in respect of each class as set out in the table below, calculated as a percentage of the

Net Asset Value of the relevant class:

Class

Investment Management Fee

CC&L Q Emerging Markets

Equity UCITS Fund

CC&L Q Global Equity

Market Neutral UCITS Fund

Class A Shares USD

0.90%

1.00%

Class A Shares EUR

0.90%

N/A

Class I Shares USD

Nil

N/A

Class B Shares USD

N/A

Up to 1.00%

The Investment Management Fee will be accrued daily and is payable monthly in arrears.

The Investment Management Fee for the financial year ended 31 December 2023 amounted to

USD3,862,033 (2022: USD995,248) of which USD1,175,584 (2022: USD142,628) is payable at 31

December 2023.

(c) Administrator Fee

The Administrator will be entitled to receive a fee accrued daily and payable monthly in arrears of up

to 0.10% per annum calculated as a percentage of the Net Asset Value of the Sub-Fund, subject to a

monthly minimum fee up to USD5,000 by CC&L Q Emerging Markets Equity UCITS Fund and a

monthly minimum fee up to USD10,000 by CC&L Q Global Equity Market Neutral UCITS Fund (only

when launched), for the provision of fund accounting services to the Sub-Funds’ respectively.

Additionally, for the provision of fund accounting services, the Administrator will receive USD11,000

per year per launched Sub-Fund.

The Administrator Fee for the financial year ended 31 December 2023 amounted to USD394,619 (2022:

USD129,618) of which USD52,850 (2022: USD14,896) is payable at 31 December 2023.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

37

5. Fees and Expenses (continued)

(d) Depositary Fee

The Depositary will be entitled to receive a fee accrued daily and payable monthly in arrears of up to

0.025% per annum calculated as a percentage of the Net Asset Value of the Sub-Fund, for the provision

of depositary and custody services to the Sub-Fund, subject to a monthly minimum fee up to USD2,500

by CC&L Q Emerging Markets Equity UCITS Fund and a monthly minimum fee up to USD5,000 by

CC&L Q Global Equity Market Neutral UCITS Fund.

The Depositary Fee for the financial year ended 31 December 2023 amounted to USD705,548 (2022:

USD371,125) of which USD78,417 (2022: USD26,875) is payable at 31 December 2023.

(e) Directors Fee

The Directors are entitled to receive fees in any year of up to €60,000 (or such other sum as the Directors

may from time to time determine and notify to Shareholders in advance). Although some of the

Directors may not receive a fee in remuneration for their services to the ICAV, all of the Directors will

be paid for all travelling, hotel and other expenses properly incurred by them in attending and returning

from meetings of the Directors or any other meetings in connection with the business of the ICAV.

Directors fees for the financial year ended 31 December 2023 amounted to USD 51,908 (2022:

USD50,011) of which USD Nil (2022: USD Nil) is payable at 31 December 2023.

(f) Performance Fees

In addition to the Investment Management Fee, the Investment Manager is entitled to a performance

fee (the “Performance Fee”) for each Class established by CC&L Q Global Equity Market Neutral

UCITS Fund.

The Performance Fee is equal to 20% of the increase (if any) in the Adjusted Net Asset Value of the

Shares of each Class in excess of its Index Return.

The Performance Fee will be calculated and accrued as at each Valuation Point and the accrual will be

reflected in the Net Asset Value per Share of the relevant Class. The Performance Fee will be paid

annually in arrears or upon the redemption of Shares (if earlier) as soon as practical after the close of

business on the Business Day following the end of the relevant Performance Period.

CC&L Q Global Equity Market Neutral UCITS Fund did not launch as at 31 December 2023, hence

there was no performance fee incurred during the year.

The performance fee is not applicable to CC&L Q Emerging Markets Equity UCITS Fund.

(g) Capital Gains Tax

Capital gains tax may arise on transactions that occur during the financial year.

Capital gains tax for the financial year ended 31 December 2023 amounted to USD 5,175,514 (2022:

USD Nil) of which USD 4,280,871 (2022: USD Nil) is payable at 31 December 2023

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

38

5. Fees and Expenses (continued)

(h) Formation Costs

The ICAV’s establishment and organisational expenses did not exceed €245,000. These expenses will

be amortised over the first 60 months of the ICAV’s operation or such other period as the Directors

may determine. Each Sub-Fund will also pay its own operational expenses when launched.

The establishment costs of CC&L Q Emerging Markets Equity UCITS Fund did not exceed €30,000.

The establishment costs of CC&L Q Global Equity Market Neutral UCITS Fund are not expected to

exceed €70,000 whenever the individual Sub-Fund launches. These expenses will be amortised over

the first 60 months of the ICAV’s operation or such other period as the Directors may determine.

(i) Transaction Costs

Transaction cost for the financial year ended 31 December 2023 amounted to USD1,584,399 (2022:

USD414,354).

(j) Audit Fees

Fees for the statutory auditors, KPMG, in respect of the financial year ended 31 December 2023, relate

to the audit of the financial statements of the ICAV. Auditors’ fees for the financial year ended 31

December 2023 amounted to USD25,715 (2022: USD25,104) of which USD28,641 (2022:

USD25,930) was payable as at 31 December 2023, the payable amounts for 2023 and 2022 include the

VAT amounts owed by the Sub-Fund.

6. Share capital

The ICAV may issue up to 500,000,000,002 Shares of no par value. The maximum issued share capital

of the ICAV shall be 500,000,000,002 Shares of no par value and the minimum issued share capital of

the ICAV shall be €2. It shall consist of 2 Subscriber Shares and the remaining redeemable shares.

Redeemable shares entitle the Shareholder to participate equally on a pro rata basis in the dividends and

net assets of the Sub-Fund in respect of which they are issued, save in the case of dividends declared

prior to becoming a Shareholder. The Subscriber shares entitle the Shareholders holding them to attend

and vote at all meetings of the ICAV, but do not entitle the holders to participate in the dividends or net

assets of any Sub-Fund.

Each of the Shares entitles the holder to attend and vote at meetings of the ICAV and of the Sub-Funds

represented by those Shares.

The Sub-Funds offer the following shares:

Shares

CC&L Q Emerging

Markets Equity UCITS

Fund

CC&L Q Global Equity

Market Neutral UCITS

Fund

Class A

USD & EUR

USD

Class A EUR Distributing

EUR

N/A

Class B

N/A

USD

Class I

USD

N/A

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

39

6. Share capital (continued)

The Sub-Funds may also create additional classes of shares in each fund in accordance with the

requirements of the Central Bank of Ireland.

The movement in the number of redeemable participating shares during the year ended 31 December

2023 is as follows:

CC&L Q Emerging Markets Equity UCITS

Currency

Shares at

beginning

of year

Shares

subscribed

Shares

redeemed

Shares at

end of

year

Class A

USD

17,332,499

70,956,399

(3,575,603)

84,713,295

Class A EUR

EUR

2,081,530

-

(2,081,530)

-

Class A EUR Distributing

EUR

-

2,633,884

(77,440)

2,556,444

The movement in the number of redeemable participating shares during the period ended 31 December

2022 is as follows:

CC&L Q Emerging Markets Equity UCITS

Currency

Shares at

beginning

of period

Shares

subscribed

Shares

redeemed

Shares at

end of

period

Class A

USD

10,182,529

7,149,970

-

17,332,499

Class A EUR

EUR

-

2,081,530

-

2,081,530

7. Risk arising from financial instruments

The EME Sub-Fund’s activities expose it to a variety of financial risks: market risk (including price

risk, currency risk and interest rate risk), credit risk and liquidity risk. The EME Sub-Fund’s overall

risk management process focuses on the unpredictability of financial markets and seeks to mitigate

potential adverse effects on the EME Sub-Fund’s financial performance.

The Manager seeks to mitigate the financial risk in the EME Sub-Fund in its daily risk management

process. From year to year, the EME Sub-Fund’s exposure to risk will alter as market conditions change

and as the components of the portfolio change and are adjusted through trading, subscriptions and

redemptions. With regard to the objectives, policies and processes for managing the risk, whilst

adapting to the current market conditions, the approach will remain consistent from year to year.

(a) Market risk

The potential for changes in the fair value or cash flows of the EME Sub-Fund’s investment portfolios

is referred to as Market Risk. Categories of Market Risk include price risk, foreign currency risk and

interest rate risk.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

40

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(i) Price risk

Price risk is the risk that the value of instruments will fluctuate as a result of changes in market prices

(other than those arising from interest rate risk or currency risk), whether caused by factors specific to

an individual investment, its issuer or all factors affecting all instruments traded in the market. It

represents the potential loss the EME Sub-Fund might suffer through holding market positions in the

face of price movements. The securities held by the EME Sub-Fund are held at fair value with fair value

changes recognised in the Statement of Comprehensive Income. All changes in market conditions will

therefore directly affect net investment income for the EME Sub-Fund.

The EME Sub-Fund manages this exposure to individual price movements of underlying positions by

only making investments which are in line with the investment restrictions.

As at 31 December, 2023, the EME Sub-Fund was exposed to other price risk primarily through its

equity investments that trade on stock exchanges and investments in depositary receipts, whose fair

value reflects the market value of the underlying equity investments. Substantially all of the EME Sub-

Fund’s net assets attributable to holders of redeemable participating shares were exposed to other price

risk because of exposure to market fluctuations (not caused by other factors mentioned previously). If

equity investment prices had increased or decreased by 5%, with all other factors remaining constant,

net assets attributable to holders of redeemable participating shares would have increased or decreased

by approximately USD43,484,213 (2022: USD8,414,095) as at 31 December, 2023. In practice, actual

results may differ from this sensitivity analysis and the difference could be material.

(ii) Foreign currency risk

Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate

because of changes in foreign exchange rates.

As a result of investment in obligations involving currencies of various countries, the value of the assets

of the EME Sub-Fund as measured in EME Sub-Fund’s base currency will be affected by changes in

currency exchange rates, which may affect the EME Sub-Fund’s performance independent of the

performance of its securities investments. The EME Sub-Fund may or may not seek to hedge all or any

portion of its foreign currency exposure. However, even if the EME Sub-Fund attempts such hedging

techniques, it is not possible to hedge fully or perfectly against currency fluctuations affecting the value

of securities denominated in non-base currencies because the value of those securities is likely to

fluctuate as a result of independent factors not related to currency fluctuations.

Currency exchange rates may fluctuate significantly over short periods of time causing, along with

other factors, the EME Sub-Fund’s Net Asset Value to fluctuate as well. Currency exchange rates

generally are determined by the forces of supply and demand in the currency exchange markets and the

relative merits of investments in different countries, actual or anticipated changes in interest rates and

other complex factors, as seen from an international perspective. Currency exchange rates also can be

affected unpredictably by intervention or failure to intervene by governments or central banks or by

currency controls or political developments throughout the world.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

41

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(ii) Foreign currency risk (continued)

To the extent that a substantial portion of the EME Sub-Fund total assets, adjusted to reflect the EME

Sub-Fund net position after giving effect to currency transactions, is denominated in the currencies of

particular countries, the EME Sub-Fund will be more susceptible to the risk of adverse economic and

political developments within those countries.

31 December 2023

Change in

currency rate

Effect on

NAV

Non-monetary

Monetary

Currency

USD

%

USD

Brazilian Real

28,728,416

211,739

+5

1,447,008

Canadian Dollar

-

(171,492)

+5

(8,575)

Chilean Peso

749,119

(32,605)

+5

35,826

Chinese Renminbi

47,708,292

(170,035)

+5

2,376,913

Colombian peso

5,816

64

+5

294

Czech Koruna

416,227

10,472

+5

21,335

Euro

4,343,287

(70,817)

+5

213,623

Hong Kong Dollar

156,279,079

1,178,587

+5

7,872,883

Hungarian Forint

1,477,165

8,111

+5

74,264

Indian rupee

132,573,342

823,241

+5

6,669,829

Indonesian Rupiah

17,437,605

-

+5

871,880

Malaysian Ringgit

14,814,565

14,413

+5

741,449

Mexican Peso

10,287,052

(138,856)

+5

507,410

New Taiwan Dollar

132,141,169

558,893

+5

6,635,003

Philippine Peso

3,509,557

6,202

+5

175,788

Polish Zloty

9,044,242

9,593

+5

452,692

Pound Sterling

633,371

10,007

+5

32,169

Qatari Riyal

4,308,537

(199,821)

+5

205,436

Russian rouble

-

+5

-

Saudi Riyal

35,318,788

(73,093)

+5

1,762,284

South African Rand

25,476,103

(1,737)

+5

1,273,718

South Korean won

110,533,107

485,337

+5

5,550,922

Thai Baht

16,780,807

31,978

+5

840,639

Turkish Lira

9,171,302

(723,981)

+5

422,366

United Arab Emirates Dirham

9,052,597

(43,906)

+5

450,435

770,789,545

1,722,294

38,625,591

A 5% decrease in foreign exchange rate as at 31 December 2023 would have resulted in an equal but

opposite effect.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

42

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(ii) Foreign currency risk (continued)

31 December 2022

Change in

currency rate

Effect on

NAV

Non-monetary

Monetary

Currency

USD

%

USD

Brazilian Real

4,189,396

48,294

+5

211,885

Canadian Dollar

-

(237,700)

+5

(11,885)

Chilean Peso

352,405

-

+5

17,620

Chinese Renminbi

9,777,694

-

+5

488,885

Colombian peso

111,061

518

+5

5,579

Czech Koruna

99,912

12,002

+5

5,596

Euro

743,987

(42,518)

+5

35,073

Hong Kong Dollar

40,348,429

(113,398)

+5

2,011,751

Hungarian Forint

371,889

9,934

+5

19,091

Indian rupee

19,933,373

(215,467)

+5

985,896

Indonesian Rupiah

3,176,392

4,700

+5

159,055

Malaysian Ringgit

2,550,384

(4,778)

+5

127,280

Mexican Peso

2,242,176

6,960

+5

112,457

New Taiwan Dollar

12,340,725

80,228

+5

621,047

Philippine Peso

785,020

(25,573)

+5

37,972

Polish Zloty

1,472,777

36,988

+5

75,488

Pound Sterling

68,904

11,240

+5

4,007

Qatari Riyal

891,204

28

+5

44,561

Russian rouble

-

10,938

+5

547

Saudi Riyal

6,753,871

122,161

+5

343,802

South African Rand

5,521,546

15,891

+5

276,872

South Korean won

18,019,721

51,484

+5

903,560

Thai Baht

3,283,646

9,042

+5

164,634

Turkish Lira

1,264,896

(47,906)

+5

60,850

United Arab Emirates Dirham

1,566,637

-

+5

78,332

135,866,045

(266,932)

6,779,955

A 5% decrease in foreign exchange rate as at 31 December 2022 would have resulted in an equal but

opposite effect.

(iii) Interest rate risk

This is the risk that interest rates will change (with strong influence on prices of fixed income

instruments and some influence on prices of other instruments).

Interest rate risk is the risk (as a variability in value) borne by an interest-bearing asset, typically a

bond, due to the variability of interest rates. In general, as rates rise, the price of a fixed rate bond will

fall, and vice versa. Interest rate risk is commonly measured by the bond’s duration.

There is no significant interest rate risk in the current year as well as in the previous year as the portfolio

of the EME Sub-Fund only contains equities.

The cash balance is held with the Depositary which pays a prevailing market-related rate, therefore

interest rate risk is negligible.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

43

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(iv) Credit Risk

Credit risk is the risk of financial loss to the Sub-Funds if a counterparty to a financial instrument fails

to discharge an obligation or commitment that it has entered into with the Sub-Funds. Credit risk is

generally higher when a non-exchange traded financial instrument is involved because the counterparty

for non-exchange traded financial instruments is not backed by an exchange clearing house.

The EME Sub-Fund will be exposed to the credit risk of the counterparties with which, or the brokers

and dealers and exchanges through which, it deals, whether it engages in exchange-traded or off-

exchange transactions.

EME Sub-Fund’s assets are safeguarded and held by the Depositary. The Investment Manager analyses

the credit risk of the EME Sub-Fund’s Depositary prior to appointment and continues to monitor

developments in its credit quality subsequently. HSBC Bank Plc is the holding company of the

Depositary, HSBC Continental Europe.

The below table provides an analysis of the EME Sub-Fund’s main financial assets as at the Statement

of Financial Position date, that are exposed to credit risk, together with the relevant counterparty’s

credit rating as reported by Standard and Poor’s.

Counterparty

31 December 2023

31 December 2022

HSBC Bank Plc

A+

(v) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with

financial liabilities. The EME Sub-Fund is exposed to daily cash redemptions of redeemable

participating shares and monitors this activity to ensure that funds are available to meet the redemption

requirements.

The EME Sub-Fund’s actively traded securities are considered to be readily realisable as they are

actively traded on recognised stock exchanges

The EME Sub-Fund retains sufficient cash, cash equivalents and marketable securities that can be

readily disposed of to maintain liquidity. Liquidity risk is considered negligible. The EME Sub-Fund’s

financial liabilities are all short-term in nature and are expected to mature within three months of the

31 December 2023 financial statement date, with the exception of redeemable participating shares,

which are due on demand as shown in below table on page 45.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

44

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(v) Liquidity risk (continued)

CC&L Q Emerging Markets Equity UCITS

31 December 2023

On demand

Maturing

between 0-3

months

Maturing

after 3

months

Total

USD

Bank overdraft

-

2,193

-

2,193

Amounts due to broker

-

4,729,711

-

4,729,711

Investment management fee payable

-

1,175,584

-

1,175,584

Audit fee payable

-

28,641

-

28,641

Management fees payable

-

15,590

-

15,590

Other payables

-

4,675,439

-

4,675,439

Net asset attributable to shareholders

867,747,024

-

867,747,024

10,627,158

-

878,374,182

CC&L Q Emerging Markets Equity UCITS

31 December 2022

On demand

Maturing

between 0-3

months

Maturing

after 3

months

Total

USD

Bank overdraft

-

171,610

-

171,610

Amounts due to broker

-

2,233,175

-

2,233,175

Investment management fee payable

-

142,628

-

142,628

Audit fee payable

-

25,930

-

25,930

Management fees payable

-

7,939

-

7,939

Other payables

-

333,678

-

333,678

Net asset attributable to shareholders

168,686,649

-

168,686,649

2,914,960

-

171,601,609

(vi) Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category, whether

it is geographic region, asset type or sector.

The portfolio manager adheres to specified investment constraints in relation to asset class and

diversification, thus minimizing exposure to concentration risk.

The Schedule of Investments provides detailed information on the EME Sub-Fund’s concentration risk

exposure as at 31 December 2023.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

45

7. Risk arising from financial instruments (continued)

(a) Market risk (continued)

(vii) Global exposure

By regulation, a UCITS may invest in financial derivative instruments (“FDI”). A UCITS must

establish a risk limitation system to ensure that risks involved with FDI are properly managed,

measured and monitored on an ongoing basis.

These particular risks are referred to as global exposure. A Sub-Fund’s global exposure shall not exceed

its Net Asset Value (i.e., a Sub-Fund may not be leveraged in excess of 100% of its Net Asset Value

through the use of FDI).

The EME Sub-Fund does not use FDI.

8. Exchange rates

The following exchange rates were used to translate assets and liabilities into the functional currency

USD for the EME Sub-Fund:

31 December

2023

2022

Brazilian Real

0.2059

0.1894

Canadian Dollar

0.7584

0.7380

Chilean Peso

0.0011

0.0012

Chinese Renminbi

0.1410

0.1438

Colombian Peso

0.0003

0.0002

Czech Koruna

0.0447

0.0442

Euro

1.1047

1.0673

Hong Kong Dollar

0.1281

Hungarian Forint

0.0029

0.0027

Indian Rupee

0.0120

0.0121

Indonesian Rupiah

0.0001

Malaysian Ringgit

0.2176

0.2270

Mexican Peso

0.0591

0.0513

New Taiwan Dollar

0.0326

0.0325

Philippine Peso

0.0181

0.0179

Polish Zloty

0.2543

0.2280

Pound Sterling

1.2748

1.2029

Qatari Riyal

0.2746

Russian Rouble

0.0112

0.0137

Saudi Arabian Riyal

0.2667

0.2661

South African Rand

0.0547

0.0588

South Korean Won

0.0008

Thai Baht

0.0293

0.0289

Turkish Lira

0.0339

0.0534

United Arab Emirates Dirham

0.2723

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

46

9. Reconciliation of net assets attributable to holders of redeemable shares to the published

net asset value

CC&L Q Emerging Markets Equity UCITS Fund

31 December 2023

Class A

Class A EUR

Distribution

USD

USD/unit

USD

USD/unit

Published NAV attributable to holders

of redeemable participating shares

837,049,632

9.88

30,818,742

12.05

Formation costs

(116,788)

-

(4,562)

-

Net Assets attributable to holders of

redeemable participating shares

836,932,844

9.88

30,814,180

12.05

CC&L Q Emerging Markets Equity UCITS Fund

31 December 2022

Class A

Class A EUR

USD

USD/unit

USD

USD/unit

Published NAV attributable to holders

of redeemable participating shares

148,233,185

8.55

20,638,182

9.91

Formation costs

(175,675)

-

(9,043)

-

Net Assets attributable to holders of

redeemable participating shares

148,057,510

8.54

20,629,139

9.91

CC&L Q Emerging Markets Equity UCITS Fund

31 December 2021

USD

USD/unit

Published NAV attributable to holders of redeemable

participating shares

105,631,159

10.37

Formation costs

(248,087)

-

Net Assets attributable to holders of redeemable participating

shares

105,383,072

10.35

As noted in Note 5(g), for purposes of determining the published Net Asset Value (“NAV”) attributable

to holders of redeemable participating shares of each Sub-Fund, the formation costs (also referred to as

establishment and organizational expenses) of the ICAV and the Sub-Funds are to be amortized over

the first 60 months of the ICAV’s operation or other such period as the Directors may determine. The

formation costs amortized for the financial year ended 31 December 2023 amounted to USD 63,369

(2022: USD63,368).

For purposes of determining the Net assets attributable to the holders of redeemable participating shares

in accordance with IFRS, the formation costs were fully expensed for the financial year ended 31

December 2020 in the amount of USD336,437.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

47

10. Related parties

(a) Transactions with key management personnel

Key management personnel are Directors of the ICAV.

Fiona Mulcahy, Sheila Rohan and Mike Freund are Directors of the ICAV.

Sheila Rohan is an employee Carne Global Financial Services Limited, the parent Company of Carne

Global Fund Managers (Ireland) Limited.

Directors’ fees paid to the Directors of the ICAV are disclosed in Note 5.

Mike Freund is also the Chairman of Connor, Clark & Lunn Financial Group Ltd.

The Directors had no direct or indirect interest in any shares in issue by the ICAV during the financial

year ended 31 December 2023 (2022: Nil).

Carne Global Fund Managers (Ireland) Limited, as Manager to the ICAV, earned a fee of USD118,091

(2022: USD44,718) during the year, of which USD15,590 (2022: USD7,939) was payable at the

financial year end.

Sheila Rohan is a Director of the ICAV and an employee of Carne Global Financial Services Limited,

the parent Company of the Manager. Carne Global Financial Services Limited earned fees during the

year in respect of other fund governance services provided to the ICAV, the fees amounted to

USD86,400 (2022: USD60,543), of which USD13,126 (2022: USD11,159) was payable at the

financial year end.

The Investment Manager absorbed $Nil expenses of the EME Sub-Fund for the financial year ended

31 December 2023 (2022: USD 239,195 of which USD: 223,922 was payable to the Investment

Manager at 31 December 2022 and was repaid in full this year).

Connected Persons

Regulation 43(1) of the UCITS Regulations “Restrictions on transactions with connected persons”

states that “A responsible person shall ensure that any transaction between a UCITS and a connected

person is conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”.

As required under UCITS Regulation 81.4, the Directors of the Manager (the Responsible Person) are

satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the

obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected

persons; and all transactions with a connected persons that were entered into during the financial period

to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

(b) Significant shareholders

The table below represents the number of shareholders who had an entitlement of 10% or more in

shares in issue of the Sub-Fund of the ICAV as at 31 December 2023 and 31 December 2022:

Sub-Fund

Number of

Shareholders who

own 10% or more

Number of

Shareholders who

own 10% or more

31 December 2023

31 December 2022

CC&L Q Emerging Markets Equity UCITS Fund

5

3

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

48

11. Soft commission

There were no soft commission arrangements affecting the ICAV during the financial year ended 31

December 2023 (2022: USD Nil).

12. Significant events during the financial period

The armed conflict between Russia and Ukraine continued throughout 2023. In the prior period, the

Board had authorized the write down to zero of all the local RUB denominated Russian equities held

in the amount of USD1,161,258. Based on continued market circumstances, these positions were

valued at zero throughout 2023. The Fund has had no exposure to securities directly exposed to

Ukraine.

The ICAV has exposure to the banking sector. In certain cases, government agencies have assumed

control or otherwise intervened in the operations of certain banks due to liquidity and solvency

concerns. The extent of the situation remains uncertain and, as such, the Investment Manager continues

to assess risks across the broader financial sector and will take potential actions, as deemed necessary.

The ultimate resolution of these liquidity and solvency concerns and the extent of the related impact

to the ICAV is uncertain and could be significant.

The new distributing share class, Class A Distributing EUR Shares, was launched in April 2023.

There were no other material significant events that have occurred in respect of the ICAV during the

financial year end.

13. Events since the financial year end

A distribution of USD 491,915 was made on 24 January 2024 from the EUR A distributing class.

On 21 March 2024, two additional Sub-Funds, CC&L Q Global Small Cap Equity UCITS Fund and

CC&L Q Global Equity UCITS Fund, were authorized by the Central Bank of Ireland as a result of

filing Supplements for each respective Sub-Fund along with a revised Prospectus for the ICAV.

There were no other material significant events that have occurred in respect of the ICAV subsequent

to the financial year end.

14. Financial Commitments and Contingents

There were no commitments or guarantees as at 31 December 2023. There were no contingent liabilities

as at 31 December 2023.

15. Approval of financial statements

The financial statements were approved and authorised for issue by the Board of Directors on 22 April

2024.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS

AS AT 31 DECEMBER 2023

49

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Transferable securities admitted to official stock exchange listing or

dealt in on another regulated market

Equities – 88.93% (2022: 81.19%)

Brazil – 3.31% (2022: 2.48%)

1,754,100

B3 - Brazil Bolsa Balcao

4,296,022

5,254,067

0.61

145,700

Banco BTG Pactual Unit

971,261

1,128,083

0.13

279,400

Banco Do Brasil

2,322,326

3,185,928

0.37

136,800

Banco do Estado do Rio Grande do Sul

313,456

375,963

0.04

282,300

BB Seguridade Participacoes

1,835,443

1,955,574

0.23

53,400

Braskem

202,953

240,309

0.03

21,700

CCR

63,419

63,345

0.01

63,900

Centrais Eletricas Brasileiras

483,712

558,152

0.06

49,200

Cia de Saneamento de Minas Gerais

192,217

207,431

0.02

100

Cia de Transmissao de Energia Eletrica Paulista Pref

504

546

-

100,300

Cogna Educacao

58,311

72,062

0.01

472,600

Companhia Energetica de Minas Gerais - CEMIG

1,151,696

1,116,899

0.13

46,000

Ecorodovias Infraestrutura e Logistica

88,760

89,205

0.01

400

Engie Brasil Energia

3,718

3,733

-

64,400

Equatorial Energia

434,970

473,561

0.06

18,600

GPS Participacoes e Empreendimentos

64,185

72,178

0.01

32

Grupo Casas Bahia SA

381

75

-

1,600

Grupo SBF

3,451

3,864

-

31,200

Guararapes Confeccoes

30,835

42,006

0.01

178,300

Itau Unibanco Holding

994,505

1,246,881

0.14

661,593

Itausa - Investimentos Itau

1,100,228

1,412,367

0.16

200,400

Lojas Renner

607,289

718,661

0.08

3,300

M Dias Branco

24,166

26,243

-

300

Magazine Luiza

175

133

-

9,200

Marcopolo

8,322

13,352

-

300

Marfrig Alimentos

476

599

-

14,200

Neoenergia

52,335

62,382

0.01

99,600

Petroleo Brasileiro

433,686

763,567

0.09

44,100

Porto Seguro

234,046

260,918

0.03

6,100

Raia Drogasil

33,661

36,919

-

361,500

Rumo

1,666,371

1,707,927

0.20

31,400

Telefonica Brasil Sa

306,955

345,441

0.04

284,400

Totvs

1,693,793

1,972,463

0.23

38,100

Ultrapar Participacoes

198,532

207,928

0.02

6,300

Valid Solucoes e Servicos de Seguranca

22,851

26,587

-

273,400

Vibra Energia

1,193,558

1,281,000

0.15

28,600

Vivara Participacoes

161,290

201,653

0.02

7,700

Vulcabras Azaleia

31,617

31,925

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

50

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Brazil (continued)

451,500

Weg

3,266,540

3,430,679

0.40

3,000

Wiz

3,518

4,478

-

26,600

YDUQS Part

105,533

122,771

0.01

9,000

Zamp

12,183

10,561

-

24,669,250

28,728,416

3.31

Chile – 0.09% (2022: 0.21%)

5,034,815

Cia Sud Americana De Vapores S

348,763

311,907

0.04

39,381,698

Latam Airlines Group

357,370

430,667

0.05

1,995

Quinenco

6,812

6,545

-

712,945

749,119

0.09

Colombia – 0.01% (2022: 0.07%)

777

Grupo de Inversiones Suramericana

7,509

5,816

-

7,509

5,816

-

China – 22.10% (2022: 26.50%)

44,300

37 Interactive Entertainment Network Tech Group

112,356

117,493

0.01

386,000

3SBIO

361,467

371,736

0.04

3,606,000

Agricultural Bank of China

1,309,584

1,390,022

0.16

1,559,200

Air China

1,687,591

1,606,437

0.19

2,141,936

Alibaba Group Holdings

23,185,608

20,737,571

2.39

952,000

Aluminum Corp of China

421,296

475,479

0.05

38,312

Amlogic Shanghai

331,220

338,327

0.04

60,900

An Hui Wenergy

52,841

53,754

0.01

192,000

Angang Steel

51,913

37,866

-

291,000

Anhui Anke Biotechnology Group

399,217

419,337

0.05

307,000

Anhui Expressway

414,420

477,023

0.05

267,299

Anhui Kouzi Distillery

1,896,822

1,707,319

0.20

83,400

Anker Innovations Technology

1,029,062

1,041,883

0.12

25,600

AsiaInfo Technologies

34,254

28,228

-

60,000

Austar Lifesciences

168,780

11,987

-

386,500

BAIC Motor

121,871

112,853

0.01

20,500

Bairong

36,881

35,494

-

4,942,000

Bank of China

1,740,381

1,886,030

0.22

96,000

Bank of Chongqing

51,456

48,685

0.01

1,977,000

Bank Of Communications

1,167,612

1,233,006

0.14

275,700

Beijing Bohui Innovation Biotechnology Group

242,470

242,572

0.03

302,938

Beijing New Building Materials

989,211

997,805

0.11

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

51

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

850,700

Beijing Yanjing Brewery

1,195,324

1,035,157

0.12

52,200

Betta Pharmaceuticals

418,183

379,418

0.04

2,500

Binjiang Service Group

8,301

5,283

-

183,800

BYD

5,430,788

5,080,627

0.59

34,900

C&S Paper

52,247

49,209

0.01

254,000

CGN Power

60,536

66,358

0.01

32,700

Changyuan Group

24,215

24,667

-

15,000

Chaowei Power Holdings

4,447

2,766

-

206,300

Chengdu Xingrong Environment C

156,098

165,512

0.02

316,800

Chengzhi

362,282

366,731

0.04

266,000

China BlueChemical

87,948

67,109

0.01

497,000

China CITIC Bank

228,219

234,225

0.03

456,500

China Coal Xinji Energy

307,043

339,211

0.04

358,000

China Communications Services Corp

175,194

148,545

0.02

9,679,000

China Construction Bank

5,635,822

5,763,855

0.66

141,000

China Dongxiang Group

17,472

5,146

-

8,000

China Everbright Bank

3,063

2,377

-

3,574,500

China Galaxy Securities H shares

1,813,881

1,890,580

0.22

2,169,500

China Hongqiao

2,062,345

1,775,375

0.20

570,800

China International Capital

996,557

837,719

0.10

531,000

China Lesso Group Holdings

292,686

277,450

0.03

2,462,000

China Life Insurance

3,757,538

3,190,790

0.37

170,000

China Longyuan Power Group

145,369

128,884

0.01

4,000

China Medical System Holdings

7,497

7,090

-

1,040,500

China Merchants Bank

4,142,884

3,624,437

0.42

772,000

China Minsheng Banking

268,109

261,995

0.03

15,000

China Modern Dairy Holdings

4,215

1,422

-

232,000

China Oilfield Services

275,618

237,094

0.03

711,400

China Pacific Insurance Group

1,579,438

1,435,819

0.17

88,000

China Petroleum & Chemical

46,391

46,093

0.01

2,074,000

China Railway Group

1,139,554

924,310

0.11

97,000

China Reinsurance Group

6,775

5,652

-

190,000

China Resources Land

769,592

681,304

0.08

120,600

China Resources Mixc Lifestyle Services

553,114

430,132

0.05

127,000

China Risun Group

53,386

53,509

0.01

3,000

China Sanjiang Fine Chemicals

1,264

446

-

308,000

China Shenhua Energy

1,015,334

1,092,921

0.13

3,000

China Shineway Pharmaceutical Group

2,532

2,793

-

196,000

China Southern Airlines

93,198

83,083

0.01

147,300

China State Construction Engineering Corp

103,584

99,900

0.01

129,000

China Suntien Green Energy Corp

45,144

46,918

0.01

226,813

China TransInfo Technology

364,804

358,503

0.04

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

52

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

807,900

China Vanke

1,049,135

747,007

0.09

165,000

China Yongda Automobiles Services Holdings

144,233

61,913

0.01

22,000

China Yuhua Education Corp

3,421

1,550

-

164,000

Chinasoft International

130,651

125,806

0.01

426,000

Chongqing Rural Commercial Bank

160,954

165,303

0.02

105,500

CIMC Vehicles Group

95,190

93,630

0.01

12,500

CITIC Securities

25,223

25,517

-

6,850

Cloud Music

78,355

78,733

0.01

1,095,000

CMOC Group

643,232

598,786

0.07

1,184,300

COF

1,403,619

1,375,967

0.16

24,000

Consun Pharmaceutical Group

17,357

14,661

-

490,000

Cosco Shipping Energy Transportation

513,847

462,480

0.05

1,000

Country Garden Services Holdings

2,102

864

-

1,043,000

CRRC Corp

496,361

459,486

0.05

487,500

CSC Financial

466,326

430,778

0.05

183,800

Dongfang Electric Corp

256,492

168,063

0.02

266,400

Dongfang Electronics

285,692

302,377

0.03

170,000

Dongfeng Motor Group

186,198

84,689

0.01

390

Eastcompeace Technology

582

572

-

200

Eastroc Beverage Group

4,993

5,147

-

247,500

Edan Instruments Inc

390,403

356,303

0.04

18,000

Edvantage Group Holdings

8,840

5,832

-

24,000

EEKA Fashion Holdings

43,019

43,583

0.01

130,200

Era

94,668

92,342

0.01

58,000

First Tractor

29,585

36,842

-

12,000

Fu Shou Yuan International Group

9,391

8,145

-

271,000

Fufeng Group

150,404

150,275

0.02

66,900

Fujian Expressway Development

29,564

29,242

-

242,500

Fuyao Glass Industry Group

1,261,586

1,278,457

0.15

910

Gaush Meditech

6,085

4,405

-

2,588,000

Geely Automobile Holdings

3,426,975

2,846,997

0.33

128,800

GF Securities

167,393

154,061

0.02

48,000

Goodbaby International Holdings

11,424

4,426

-

1,972,000

Great Wall Motor

2,787,270

2,560,793

0.30

16,000

Greentown China Holdings

17,827

16,290

-

2,000

Greentown Service Group

3,004

745

-

72,700

Guangdong Dongpeng Holdings

84,100

84,568

0.01

69,400

Guangdong Ellington Electronics Technology

76,287

79,751

0.01

356,000

Guangshen Railway

77,336

69,298

0.01

1,466,000

Guangzhou Automobile Group

728,097

681,507

0.08

8,000

Guangzhou Baiyunshan Pharmaceutical Holdings

26,000

22,283

-

157,200

Guangzhou Hengyun Enterprises

148,613

148,285

0.02

156,900

Guizhou Tyre

132,323

135,392

0.02

85,800

Guotai Junan Securities

101,889

96,584

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

53

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

3,400

Haier Smart Home A Shrs

10,346

9,601

-

500,200

Haier Smart Home H Shrs

1,663,794

1,481,092

0.17

48,900

Hangzhou Haoyue Personal Care

321,216

263,178

0.03

40,000

Harbin Electric

15,874

10,604

-

235,300

Hebei Hengshui Laobaigan Liquor

753,682

748,148

0.09

114,800

Henan Lingrui Pharmaceutical

276,614

276,956

0.03

276,572

Hisense Home Appliances Group A Shrs

932,269

795,532

0.09

65,000

Hisense Home Appliances Group H Shrs

122,301

140,346

0.02

40,000

Hope Education Group

3,007

1,844

-

9,963

Horizon Construction Development

-

5,856

-

260,000

Huadian Power International Corp

106,315

115,540

0.01

2,084,000

Huaneng Power International

1,001,622

1,104,912

0.13

892,800

Huatai Securities

1,199,807

1,127,355

0.13

6,102,000

Industrial and Commercial Bank of China H Shrs

2,906,313

2,985,143

0.34

7,000

Ingdan Inc

2,853

1,103

-

124,000

Inkeverse Group

22,884

13,180

-

21,200

INKON Life Technology

29,857

31,775

-

232,500

Innovent Biologics Inc

1,306,889

1,272,884

0.15

206,350

JD.com Inc

3,251,776

2,972,943

0.34

628,600

Jiangsu General Science Technology

336,260

366,939

0.04

68,800

Jiangsu Guoxin Corp

66,413

63,734

0.01

12,700

Jiangsu Hengrui Medicine

79,603

80,993

0.01

316,000

Jiangsu Sunrain Solar Energy

249,634

277,584

0.03

591,000

Jiangxi Copper H Shrs

823,800

835,576

0.10

705

Jinan Acetate Chemical

19,318

18,331

-

30,400

Jingjin Equipment

102,843

94,772

0.01

114,285

Jinhui Liquor

421,487

396,731

0.05

74,000

JNBY Design

135,915

99,506

0.01

23,900

KE Holdings Inc

128,527

132,530

0.02

492,200

Kingsoft Corp

1,902,332

1,519,107

0.18

625,600

Kuaishou Technology

4,509,369

4,242,211

0.49

301,332

Lancy

943,530

817,040

0.09

1,900

Legend Holdings Corp H Shrs

2,572

1,791

-

26,900

Li Auto

341,831

506,751

0.06

6,000

Lifetech Scientific Corp

3,180

1,806

-

868,700

Liuzhou Iron & Steel

501,056

388,283

0.04

298,361

Livzon Pharmaceutical Group

1,423,786

1,472,832

0.17

786,500

Longfor Group Holdings

1,603,481

1,259,037

0.15

292,000

Lonking Holdings

50,483

45,622

0.01

148,900

Luzhou Laojiao

3,988,737

3,766,904

0.43

70,000

Maanshan Iron & Steel

12,641

11,026

-

181,800

Maoyan Entertainment

231,139

209,074

0.02

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

54

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

1,213,000

Meitu

450,196

559,233

0.06

552,800

Meituan

8,290,246

5,798,044

0.67

5,700

Mesnac

5,460

5,280

-

920,000

Metallurgical Corp of China H Shrs

245,757

179,086

0.02

7,000

Midea Real Estate Holding

5,682

4,814

-

200,300

Moon Environment Technology

358,526

383,248

0.04

92,000

MYS Group

44,753

45,532

0.01

33,200

Nanjing Cosmos Chemical

286,931

291,311

0.03

241,765

NetEase Inc

4,940,311

4,353,197

0.50

16,000

Newborn Town

4,309

3,975

-

327,401

Opple Lighting

918,303

802,322

0.09

10,400

Orient Securities /China

6,154

4,595

-

2,344,000

People's Insurance Co (Group) of China H Shrs

790,839

720,441

0.08

5,618,000

PetroChina H Shrs

3,852,226

3,712,454

0.43

610,000

PICC Property And Casualty H Shrs

736,244

724,949

0.08

784,000

Ping An Ins (Group) Co of China H Shrs (HKSE)

4,743,484

3,549,238

0.41

3,265,000

Postal Savings Bank of China H Shrs

1,755,174

1,559,630

0.18

139,000

Qingdao Port International

75,473

75,298

0.01

249,400

Qinghai Huzhu Barley Wine

496,605

478,601

0.06

40,000

Qinghuangdao Port

6,658

6,864

-

408,300

Qinhuangdao Port

165,903

164,075

0.02

105,200

Red Star Macalline Group

49,187

29,100

-

447,400

Sailun Group

687,577

741,230

0.09

6,600

Sangfor Technologies

67,964

67,273

0.01

275,800

SGIS Songshan

105,533

98,775

0.01

73,500

Shandong Gold Mining

142,660

139,497

0.02

5,700

Shandong Himile Mechanical Sci

23,927

23,926

-

340,100

Shandong Pharmaceutical Glass

1,253,392

1,227,625

0.14

260,000

Shanghai Electric Group

60,192

54,274

0.01

33,200

Shanghai Hanbell Precise Machinery

104,208

104,203

0.01

1,300

Shanghai Mechanical & Electrical Industry

2,988

2,176

-

3,500

Shanghai Rural Commercial Bank

2,989

2,833

-

111,600

Shanghai Tianchen

154,903

147,915

0.02

457,800

Shanghai Yuyuan Tourist Mart

437,465

400,854

0.05

163,900

Shanying International Holding

48,054

44,833

0.01

62,600

Shenzhen Airport

58,712

56,755

0.01

87,589

Shenzhen SC New Energy Technology Corp

870,063

914,027

0.11

316,500

Shinva Medical Instrument

1,009,890

1,150,917

0.13

893,200

Sichuan Expressway

500,447

552,882

0.06

1,700

Sichuan Kelun Pharmaceutical

6,107

6,963

-

87,200

Sinocare

340,057

373,774

0.04

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

55

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

22,000

Sinofert Holdings

2,814

2,564

-

663,000

Sinopec Engineering (Group) H Shrs

323,368

339,628

0.04

188,000

Sinopec Oilfield Service Corp

14,755

11,677

-

102,000

Sinopec Shanghai Petrochemical

17,540

14,761

-

488,972

Sinosteel Engineering & Technology

409,621

401,950

0.05

127,000

Sinotrans

92,688

93,833

0.01

26,000

Sinotrans H Shrs

8,219

10,888

-

24,000

Skyworth Group

15,346

9,159

-

687,100

Songcheng Performance Development

1,013,767

956,216

0.11

602,500

Stanley Agricultural Group

520,092

541,997

0.06

108,500

Sunny Optical Technology Group

954,749

984,463

0.11

677,100

Tencent Holdings

28,065,640

25,458,832

2.93

2,000

Tingyi Cayman Islands Holding Corp

3,659

2,438

-

146,800

Tongcheng Travel Holdings

287,562

271,471

0.03

609,300

Tongkun Group

1,174,802

1,299,838

0.15

388,000

Topsports International Holdings

318,398

302,110

0.03

410,675

Triangle Tyre

836,438

834,413

0.10

30,500

Tsaker New Energy Tech

6,961

3,984

-

104,000

Uni-President China Holdings

97,830

73,919

0.01

236,800

Vatti Corp Ltd

199,508

207,344

0.02

1,817,000

Weichai Power

2,838,189

3,034,325

0.35

1,611

Weilong Delicious Global Holdings

2,211

1,465

-

12,500

Weiqiao Textile Co

5,207

5,331

-

374,600

Western Mining

661,461

753,721

0.09

471

Wuxi Autowell Technology

5,893

6,010

-

397,100

Xiamen

528,842

539,194

0.06

59,700

Xiamen Bank

44,965

42,678

-

110,700

Xiamen Faratronic

1,394,458

1,445,365

0.17

3,148,400

Xiaomi Corp Cl B

5,895,393

6,289,905

0.72

465,000

Xinfengming Group

794,826

931,023

0.11

81,000

Xinhua Winshare Publishing and Media

69,427

72,094

0.01

391,100

Xinxiang Chemical Fiber

179,610

178,119

0.02

22,000

Xpeng

118,923

159,748

0.02

92,000

Yadea Group Holdings

179,459

161,648

0.02

21,500

YiXin Group

3,269

1,680

-

36,290

Yunnan Baiyao Group

256,433

251,495

0.03

95,000

Zhaojin Mining Industry

123,926

118,133

0.01

327,800

Zhejiang Hailide New Material

244,528

232,023

0.03

192,053

Zhejiang HangKe Technology

627,099

635,826

0.07

123,900

Zhejiang Medicine

189,890

187,452

0.02

309,200

Zhengzhou Coal Mining Machinery

512,218

551,504

0.06

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

56

Cost

Fair Value

% of

Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

China (continued)

140,400

Zhengzhou Coal Mining Machinery Group

142,819

153,911

0.02

585,700

Zhengzhou Yutong Bus

1,014,525

1,094,234

0.13

29,000

Zhongliang Holdings Group

2,855

1,226

-

1,600

ZhongMan Petroleum and Natural Gas Group Corp

4,289

4,178

-

912,100

Zhuzhou Times New Material Technology

1,278,105

1,184,462

0.14

1,404,000

Zijin Mining Group H Shrs

2,203,801

2,287,093

0.26

61,400

Zoomlion Heavy Industry Science and Technology

32,257

33,812

-

608,400

ZTE Corp H Shrs

1,514,646

1,358,831

0.16

206,434,536

191,777,219

22.10

Czech Republic – 0.05% (2022: 0.06%)

10,166

Komercni Banka

293,082

329,548

0.04

20,697

Moneta Money Bank AS

77,939

86,679

0.01

371,021

416,227

0.05

Greece – 0.51% (2022: 0.44%)

991

Aegean Airlines

11,011

12,414

-

66,106

Alpha Services and Holdings

99,536

112,384

0.01

381,679

Eurobank Ergasias

563,515

678,811

0.08

11,702

Hellenic Exchanges

59,613

68,511

0.01

2,737

Helleniq Energy Holdings

22,085

22,011

-

16,509

Holding

38,526

40,485

0.01

5,413

Jumbo

148,936

150,204

0.02

9,332

Lamda Development

61,943

69,686

0.01

5,412

Motor Oil Hellas Corinth Refineries

116,681

142,046

0.02

118,302

National Bank of Greece

729,528

821,992

0.09

12,284

OPAP

200,483

208,564

0.02

451,192

Piraeus Financial Holdings

1,331,181

1,594,910

0.18

34,172

Public Power Corp

331,123

421,269

0.05

10,846

Safe Bulkers Inc

42,857

42,625

0.01

3,757,018

4,385,912

0.51

Hong Kong – 1.35% (2022: 3.32%)

35,000

ANE Cayman

27,770

25,056

-

122,000

Anta Sports Products

1,406,922

1,183,510

0.14

16,000

APT Satellite Holdings

4,504

4,467

-

150,000

BYD Electronic International

647,543

703,075

0.08

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

57

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Hong Kong (continued)

32,000

China Electronics Huada Technology

5,584

5,532

-

406,000

China Nonferrous Mining Corp

225,016

266,731

0.03

561,500

China Overseas Land & Investment

1,211,532

989,459

0.11

410,000

China Overseas Property Holdings

465,617

307,688

0.04

214,000

China Resources Beer Holdings

1,539,359

937,280

0.11

237,000

China Resources Pharmaceutical Group

171,607

155,702

0.02

264,000

China Resources Power Holdings

569,149

528,774

0.06

16,000

China State Construction International Holdings

18,698

18,503

-

277,000

China Taiping Insurance Holdings

275,129

238,385

0.03

4,000

China Traditional Chinese Medicine Holdings

2,459

2,013

-

48,000

China Water Affairs Group

32,321

26,371

-

752,000

China Youzan

97,834

13,868

-

784,000

CITIC

764,513

783,142

0.09

74,000

Cosco Shipping Ports

46,687

53,449

0.01

1,928,000

CSPC Pharmaceutical

1,906,126

1,792,558

0.21

34,000

CSSC Hong Kong Shipping

5,622

6,444

-

16,000

Digital China Holdings

8,625

4,754

-

269,000

Far East Horizon

216,626

211,519

0.02

4,500

Fosun International

2,876

2,645

-

123,000

Genertec Universal Medical Group

76,672

70,726

0.01

36,500

Grand Pharmaceutical Group

22,317

19,118

-

120,000

Haichang Ocean Park Holdings

24,424

14,599

-

5,000

Huabao International Holdings

3,298

1,594

-

104,000

Inspur International

51,409

30,500

-

199,500

Kingboard Holdings

527,372

477,254

0.05

850,000

Kunlun Energy (HKSE)

772,734

766,339

0.09

34,000

Lee & Man Chemical

37,925

12,932

-

304,000

Lenovo Group

361,996

425,134

0.05

28,000

Minth Group

83,488

56,584

0.01

64,000

MMG

24,935

18,933

-

374,000

Nine Dragons Paper Holdings

208,977

184,400

0.02

7,000

Orient Overseas International

97,272

97,713

0.01

68,500

Shenzhen International Holdings

52,650

57,723

0.01

16,000

Shoucheng Holdings

4,430

3,217

-

684,000

Sino Biopharmaceutical

397,559

303,959

0.04

266,500

Sinotruk Hong Kong

505,043

522,860

0.06

160,000

TCL Electronics Holdings

65,028

52,250

0.01

20,000

Tianjin Development Holdings

4,259

3,765

-

34,000

Truly International Holdings

7,839

3,483

-

886,000

Weimob Inc

400,114

326,780

0.04

13,381,860

11,710,788

1.35

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

58

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Hungary – 0.17% (2022: 0.22%)

1,194

MOL Hungarian Oil & Gas PLC

8,793

9,752

-

32,135

OTP Bank Nyrt (BUD)

1,172,900

1,467,413

0.17

1,181,693

1,477,165

0.17

India – 15.28% (2022: 11.82%)

53,132

360 ONE WAM

335,809

453,239

0.05

169

3M India

66,249

75,772

0.01

31,300

63 Moons Technologies

140,003

177,876

0.02

422

Aarti Drugs

3,053

2,481

-

5,354

ABB India (DMT)

214,002

300,723

0.04

50,136

Action Construction Equipment

304,223

499,560

0.06

245,968

Aditya Birla Capital

517,847

491,855

0.06

9,538

Aditya Birla Sun Life Asset Management

49,608

53,797

0.01

6,337

Advanced Enzyme Technologies

28,582

28,584

-

14,310

AGI Greenpac

78,419

142,062

0.02

4,947

Ahluwalia Contracts

43,163

46,228

0.01

9,632

AIA Engineering

345,231

427,778

0.05

7,737

Ajanta Pharma

174,149

193,732

0.02

2,368

Akzo Nobel India

69,208

74,200

0.01

74,859

Alembic (NSI)

71,831

81,414

0.01

7,042

Alkem Laboratories

362,058

440,272

0.05

1,704

Amrutanjan Health Care

12,655

12,275

-

18,168

Anand Rathi Wealth

336,978

566,281

0.07

25,970

Anant Raj Industries (DMT)

71,296

92,113

0.01

28,666

Andhra Paper

189,076

210,085

0.02

17,524

Apar Industries

481,301

1,274,787

0.15

4,141

Apollo Pipes

34,117

34,085

-

63,040

Apollo Tyres

316,841

343,860

0.04

30,513

Aptus Value Housing Finance India

97,960

117,247

0.01

8,407

Arvind Fashions

44,402

41,437

0.01

25,406

Arvind Mills (DMT)

50,721

79,869

0.01

942

Ashok Leyland (DMT)

1,706

2,053

-

5,806

Asian Paints (DMT)

205,009

237,393

0.03

2,049

Astrazeneca Pharma India

107,596

136,083

0.02

41,372

Aurobindo Pharma (DMT)

509,949

538,965

0.06

795

Automotive Axles

20,495

20,497

-

32,852

Bajaj Auto

2,057,213

2,683,490

0.31

89,014

Bajaj Corp

242,390

234,907

0.03

7,744

Bajaj Holdings and Investment (DMT)

619,575

713,926

0.08

22,549

Balmer Lawrie & Co

38,619

59,303

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

59

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

22,493

Banco Products India

94,088

172,765

0.02

131,868

Bank of Baroda (NSI)

297,097

366,222

0.04

475,427

Bharat Electronics

734,591

1,052,394

0.12

556,025

Bharat Petroleum

2,495,499

3,010,525

0.35

284,818

Bharti Airtel (BSE)

3,050,440

3,535,164

0.41

31,279

Birlasoft

221,157

271,034

0.03

10,515

Blue Star

104,563

119,399

0.01

5,565

Brigade Enterprises

48,218

59,971

0.01

24,126

Britannia Industries

1,347,735

1,547,911

0.18

41,415

BSE

1,111,871

1,105,478

0.13

547,965

Canara Bank

2,390,082

2,882,267

0.33

398

Caplin Point Laboratories

6,086

6,486

-

26,041

Capri Global Capital

241,426

240,855

0.03

2,745

Carborundum Universal

39,348

36,728

-

3,440

Cartrade Tech

35,458

29,504

-

8,643

Carysil

90,810

85,387

0.01

20,737

Castrol (India)

28,743

44,806

0.01

4,158

CE Info Systems

101,274

97,197

0.01

11,968

Ceat

311,974

349,057

0.04

9,673

Central Bank of India

6,054

5,824

-

40

Cera Sanitaryware

3,491

3,772

-

512,359

CESC

506,418

815,821

0.09

23,769

CG Power and Industrial Solutions

125,515

129,880

0.01

25,149

Chalet Hotels

125,159

210,482

0.02

40,577

Chambal Fertilisers & Chemicals

148,769

182,079

0.02

143,614

Chennai Petroleum Corp (DMT)

864,650

1,201,188

0.14

36,336

Cholamandalam Financial Holdings

423,003

454,147

0.05

48,059

Cholamandalam Investment and Finance

671,921

727,581

0.08

12,815

Cipla

170,128

191,931

0.02

83,561

CMS Info Systems

369,830

384,197

0.04

947,648

Coal India

3,167,543

4,281,932

0.49

7,444

Coffee Day Enterprises

4,877

5,716

-

23,245

Colgate-Palmolive (India)

554,224

706,495

0.08

2,424

Credit Analysis & Research

14,825

27,720

-

16,172

CreditAccess Grameen

317,111

310,278

0.04

8,258

CRISIL

373,011

430,372

0.05

11,715

CSB Bank

48,081

58,938

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

60

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

4,812

Cyient (DMT)

94,180

132,563

0.02

37,722

Dabur India (DMT)

236,269

252,473

0.03

5,363

Dalmia Bharat Sugar and Industries (DMT)

28,056

26,566

-

26,047

DB Corp

63,489

83,668

0.01

186

DCM Shriram (DMT)

2,810

2,299

-

38,336

DEN Networks (NSI)

23,136

26,306

-

617

DFM Foods

2,811

3,463

-

43,575

Dhampur Sugar Mills

154,309

132,693

0.02

14,520

Dilip Buildcon

71,757

67,126

0.01

110,034

Dishman Carbogen Amcis

179,408

226,048

0.03

19,092

Dredging Corp of India

97,759

137,511

0.02

18,779

E.I.D Parry (India)

115,109

125,677

0.01

254

eClerx Services

4,193

7,906

-

62,905

Edelweiss Capital

42,377

58,933

0.01

25,725

Eicher Motors

1,019,878

1,280,937

0.15

54,189

Eih (DMT) (NSI)

134,240

162,475

0.02

30,980

Elecon Engineering Co (DMT)

281,475

345,098

0.04

37,175

Engineers India (DMT)

56,025

76,594

0.01

20,297

Equitas Small Finance Bank

11,712

25,733

-

9,309

Eris Lifesciences

91,747

101,800

0.01

2,624

Esab India

129,163

185,471

0.02

878

Escorts Kubota

31,481

31,505

-

15,922

Fdc/India

70,704

75,856

0.01

1,759

Federal Bank (DMT)

2,832

3,299

-

2,183

Fiem Industries

42,553

55,071

0.01

3,364

Force Motors

79,300

146,383

0.02

1,178

Fortis Healthcare

3,792

5,934

-

1,280

G R Infraprojects

18,992

17,600

-

3,697

Gabriel India

14,032

17,465

-

392,772

GAIL India

585,360

764,882

0.09

44,305

Garden Reach Shipbuilders & Engineers

279,572

464,939

0.05

16,833

Gateway Distriparks

18,749

20,997

-

37,253

Genus Overseas Electronics

96,913

103,817

0.01

73,301

Geojit Financial Services

48,042

68,964

0.01

28,520

GHCL

188,328

199,127

0.02

4,453

Gillette India

293,115

346,910

0.04

23,667

Glaxosmithkline Pharmaceuticals (DMT)

442,471

539,644

0.06

22,170

GMR Infrastructure

17,052

21,479

-

13,791

GNA Axles

76,765

73,766

0.01

8,688

Godawari Power and Ispat

65,131

79,020

0.01

3,419

Goodyear India

47,604

53,931

0.01

42,531

Gravita India

368,133

560,248

0.06

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

61

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

96,398

Great Eastern Shipping

825,493

1,132,663

0.13

10,601

Greenply Industries

27,861

30,384

-

699

Grindwell Norton

16,419

19,537

-

73,591

Gujarat Inds Power

123,735

153,923

0.02

36,399

Gujarat Pipavav Port

46,194

66,946

0.01

36,854

Gujarat State Petronet

130,560

135,522

0.02

25,994

Gulf Oil Lubricants India

192,852

224,427

0.03

117,041

Hathway Cable & Datacom

28,823

29,818

-

120,813

HCL Technologies (DMT)

1,823,680

2,128,542

0.25

30,268

HDFC Bank

603,188

621,719

0.07

4,847

HealthCare Global Enterprises

17,222

21,289

-

13,903

HeidelbergCement India

32,673

38,812

-

1,155

Hero Motocorp (DMT)

35,591

57,438

0.01

409

HG Infra Engineering

3,726

4,166

-

45,388

Himatsingka Seide

86,563

91,497

0.01

415,866

Hindustan Petroleum Corp (DMT)

1,443,791

1,992,778

0.23

4,375

Hindustan Unilever (Demat)

130,416

140,027

0.02

30,020

ICICI Lombard General Insurance

480,050

512,312

0.06

832

ICRA

57,770

57,188

0.01

261,657

IDBI Bank

200,999

211,964

0.02

440,746

IDFC First Bank

482,653

470,863

0.05

136,213

IIFL Securities

159,070

240,298

0.03

176,896

Indian Bank

796,714

894,750

0.10

79,840

Indian Hotels (DMT)

368,391

420,434

0.05

672

Indian Metals & Ferro Alloys

2,325

4,033

-

1,498,546

Indian Oil Corp (DMT)

1,764,364

2,337,490

0.27

35,090

Indo Count Industries

120,226

129,816

0.01

1,952

Info Edge (India)

98,394

120,502

0.01

220,029

Infrastructure Development Finance Company

324,265

334,616

0.04

3,056

Ingersoll Rand (India)

94,822

114,370

0.01

26,883

Inox Wind

111,096

161,449

0.02

9,434

Intellect Design Arena

76,067

94,846

0.01

273,710

IRCON International

215,131

563,776

0.06

2,546

ISGEC Heavy Engineering

21,034

30,027

-

88,462

Itd Cementation India

171,760

303,666

0.03

2,674

J Kumar Infraprojects

10,548

18,551

-

12,048

Jaiprakash Power Ventures

1,273

2,020

-

163,196

Jammu & Kashmir Bank

102,989

241,223

0.03

218,876

Jamna Auto Industries

289,091

293,803

0.03

6,240

JB Chemicals & Pharmaceuticals

80,736

121,810

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

62

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

143,273

Jindal Saw (DMT)

320,279

709,446

0.08

108,368

Jindal Stainless

665,289

745,037

0.09

367,217

Jio Financial Services

749,202

1,027,994

0.12

67,751

JK Tyre and Industries

276,093

324,288

0.04

27,107

JM Financial

26,466

32,044

-

35,325

JSW Steel

321,095

373,674

0.04

6,557

JTL Industries

16,165

18,750

-

15,633

Just Dial

139,035

150,706

0.02

195,747

Jyothy Laboratories

795,129

1,126,535

0.13

130,046

Karnataka Bank (DMT)

182,958

365,694

0.04

245,927

Karur Vysya Bank (DMT)

310,558

499,161

0.06

1,272

Kddl

29,465

43,319

-

690

Khushi Ram Behari Lal (DMT)

3,237

3,110

-

30,069

Kirloskar Brothers

175,799

320,298

0.04

37,465

Kirloskar Oil Engines

158,291

295,101

0.03

4,985

Kirloskar Pneumatic

37,264

36,087

-

46,588

Knr Constructions

153,381

143,576

0.02

36,909

KPIT Technologies

559,046

671,460

0.08

151

Krishna Institute of Medical Sciences

2,745

3,591

-

7,578

KSB

247,333

315,705

0.04

9,457

Lg Balakrishnan & Bros

109,843

142,996

0.02

92,043

LIC Housing Finance (DMT)

505,214

592,871

0.07

55,095

LT Foods

125,501

134,537

0.02

21,748

Lumax Auto Technologies

69,883

100,751

0.01

2,720

Lumax Industries Limited

52,807

80,910

0.01

76,370

Maharashtra Seamless (DMT) (NSI)

505,311

849,246

0.10

54,713

Man Infraconstruction

126,710

142,480

0.02

25,054

Manappuram Finance

50,190

51,771

0.01

287,926

Mangalore Refinery and Petrochemicals

391,006

460,709

0.05

102,863

Marksans Pharma

116,136

199,141

0.02

5,151

MAS Financial Services (BSE)

54,551

53,838

0.01

40,185

Max Healthcare Institute

253,743

331,399

0.04

2,319

Mayur Uniquoters

15,576

15,705

-

2,756

Metro Brands

35,172

42,135

0.01

10,479

Mirza International

24,751

5,830

-

93,111

Motherson Sumi Wiring India

70,103

69,094

0.01

667

MPS

13,384

13,615

-

360

MRF

461,268

560,527

0.07

19,790

Multi Commodity Exchange of India

538,010

760,992

0.09

575

Muthoot Finance

8,554

10,201

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

63

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

52,234

Narayana Hrudayalaya (DMT) (NSI)

586,686

754,475

0.09

7,947

Nava

38,893

41,853

0.01

47,844

Navneet Education

81,104

86,875

0.01

69,787

NCC (DMT)

101,408

139,844

0.02

7,324

NES

61,596

77,690

0.01

4,336

Nestle India (DMT)

1,136,597

1,385,806

0.16

4,499

Neuland Laboratories

194,330

286,083

0.03

71,661

Newgen Software Technologies

732,045

1,345,359

0.16

714,317

NHPC

534,623

554,534

0.06

2,549

NIIT Technologies

173,470

192,225

0.02

2,566

Nitin Spinners

8,953

9,968

-

67,510

NLC India (DMT)

156,067

205,620

0.02

34,943

NRB Bearings

79,720

141,030

0.02

1,774,998

NTPC

4,927,426

6,637,012

0.77

19,149

Nucleus Software Exports

160,682

337,560

0.04

45

Nuvama Wealth Management

-

1,944

-

5,945

Oberoi Realty

103,343

103,117

0.01

619,503

Oil and Natural Gas Corp

1,386,616

1,526,540

0.18

9,844

Oracle Financial Services Software

463,530

498,607

0.06

67,414

Paisalo Digital

56,985

74,775

0.01

2,644

Persistent Systems

206,027

234,788

0.03

315,083

Petronet LNG

833,863

843,049

0.10

7,786

Pidilite Industries

227,822

254,042

0.03

3,070

Poly Medicure

48,863

54,967

0.01

4,365

Polycab India

247,069

287,709

0.03

776,908

Power Finance Corp (NSI)

2,308,026

3,572,066

0.41

1,194,010

Power Grid Corp Of India (NSI)

2,958,437

3,403,514

0.39

4,478

Power Mech Projects

130,346

230,619

0.03

33,166

Prakash Industries (NSI)

32,164

66,640

0.01

19,618

Prestige Estates Projects

208,858

277,931

0.03

13,749

Prince Pipes & Fittings

116,105

122,721

0.01

1,114

Procter & Gamble Health

63,536

66,237

0.01

588

Procter & Gamble Hygeine And Healthcare (DMT)

110,187

122,608

0.01

11,125

PSP Projects

105,807

102,475

0.01

239,476

PTC India (DMT)

481,233

546,358

0.06

342,885

Punjab National Bank

309,007

394,541

0.05

9,271

Quick Heal Technologies

37,768

40,264

0.01

2,244

Rail Vikas Nigam

4,497

4,896

-

782

Ramkrishna Forgings

6,810

6,820

-

43,100

Rategain Travel Technologies

320,621

376,959

0.04

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

64

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

1,882

Ratnamani Metals & Tubes

67,794

76,065

0.01

2,055,779

RattanIndia Power

233,748

222,343

0.03

948,137

REC

2,535,204

4,704,011

0.54

1,533

Relaxo Footwears

16,763

16,645

-

159,971

Reliance Industries (DMT)

4,553,346

4,969,143

0.57

3,935

Reliance Infrastructure

10,311

9,938

-

1,319

Rolex Rings

32,392

39,947

0.01

7,087

RPSG Ventures

53,488

62,555

0.01

6,958

Safari Industries India

174,870

163,164

0.02

9,016

Sanghvi Movers

74,064

88,710

0.01

3,426

Sanofi India (DMT)

266,930

332,131

0.04

14,481

Sansera Engineering

159,147

177,319

0.02

14,876

Saregama India

60,186

66,287

0.01

48,718

Satia Industries

80,838

81,466

0.01

20,731

Satin Creditcare Network

60,293

59,841

0.01

4,285

Schaeffler India

154,929

164,935

0.02

167,135

Schneider Electric Infrastruct

632,981

821,879

0.10

2,429

Shalby

4,148

8,833

-

3,617

Shankara Building Products

37,183

31,022

-

2,845

Shanthi Gears

16,193

20,531

-

789

Sharda Motor Industries

9,352

12,388

-

11,229

Share India Securities

204,592

250,587

0.03

95,911

Shipping Corp of India

165,532

187,756

0.02

318

Shoppers Stop

3,036

2,641

-

4,903

Shriram Finance

114,930

120,917

0.01

25,275

Siemens India (DMT)

1,007,445

1,221,292

0.14

304,887

Sjvn

186,325

333,232

0.04

1,281

SKF India (DMT)

75,931

70,854

0.01

3,263

Sml Isuzu

45,099

51,845

0.01

1,561

Somany Ceramics

14,027

13,454

-

11,363

Sona Blw Precision Forgings

79,051

88,008

0.01

13,797

Sonata Software

113,179

123,149

0.01

13,656

Spandana Sphoorty Financial

142,864

185,228

0.02

14,147

Steel Strips Wheels

47,681

44,066

0.01

6,491

Stylam Industries (NSI)

127,754

134,307

0.02

15,107

Subros

87,384

98,370

0.01

152,089

Sun Pharmaceutical Industries

2,031,380

2,302,890

0.27

13,144

Sundaram Finance

440,214

554,152

0.06

100

Sundaram-Clayton

-

1,002

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

65

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

3,311

Supreme Petrochem

22,665

22,266

-

20,835

Surya Roshni

110,611

194,557

0.02

37,756

Suven Pharmaceuticals

244,131

327,951

0.04

1,240,547

Suzlon Energy

591,905

569,186

0.07

944

Swaraj Engines

23,492

27,485

-

27,292

Tamilnadu Newsprint and Papers (DMT) (NSI)

81,278

98,179

0.01

47,200

Tata Consultancy Services

1,862,469

2,152,549

0.25

1,812

Tata Elxsi

179,491

190,701

0.02

92,018

Tata Power (DMT) (NSI)

332,236

367,292

0.04

878,235

Tata Steel

1,302,399

1,473,333

0.17

732

TeamLease Services

22,980

28,132

-

8,526

Tega Industries

94,017

118,033

0.01

1,455

Thermax India (DMT)

40,785

53,880

0.01

4,769

Thomas Cook (India)

4,478

7,786

-

7,189

Tide Water Oil Co India

100,197

122,171

0.01

48,921

Torrent Pharmaceuticals (NSI)

1,123,691

1,355,423

0.16

57,772

Torrent Power

604,707

648,335

0.08

24,038

Tourism Finance Corp Of India

27,925

36,701

-

1,245

Transport Corp of India (NSI)

11,797

12,310

-

25,750

Trent

797,657

945,336

0.11

43,020

Trident

18,477

18,766

-

42,472

Triveni Engineering & Industries

148,070

176,265

0.02

21,620

Triveni Turbine

97,088

110,200

0.01

3,599

TVS Motor

82,560

87,575

0.01

39,717

Ujjivan Financial Services

126,787

269,692

0.03

296,084

Ujjivan Small Finance Bank

102,348

202,457

0.02

1,718,692

Union Bank of India (DMT)

1,874,050

2,459,885

0.28

267

United Spirits (DMT)

2,798

3,586

-

773

UNO Minda

4,695

6,388

-

6,078

Usha Martin

21,413

21,653

-

848

VA Tech Wabag

5,021

6,398

-

469

Vardhman Textiles (NSI)

2,799

2,176

-

166,005

Varun Beverages

1,582,186

2,467,520

0.28

7,105

Voltamp Transformers

322,428

556,745

0.06

3,235

VST Industries

135,099

132,452

0.02

874

VST Tillers Tractors

38,115

39,684

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

66

Cost

Fair Value

% of

Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

India (continued)

53,886

Welspun Corp

329,394

354,216

0.04

135,623

Welspun Living

241,351

235,427

0.03

54,465

Welspun Projects

122,936

213,537

0.03

3,803

West Coast Paper Mills

31,342

33,335

-

403

Westlife Foodworld

3,693

3,948

-

44,535

Wonderla Holidays

189,612

451,190

0.05

3,977

Zensar Technologies

25,151

29,185

-

1,717,936

Zomato

2,410,400

2,553,769

0.29

6,848

Zuari Agro Chemicals

16,071

15,549

-

61,455

Zydus Lifesciences

426,095

508,877

0.06

134

Zydus Wellness

2,854

2,709

-

104,615,774

132,573,342

15.28

Indonesia – 2.01% (2022: 1.88%)

2,291,700

Adaro Energy Indonesia Tbk

321,703

354,241

0.04

633,700

Adaro Minerals Indonesia Tbk PT

44,194

55,974

0.01

587,500

AKR Corporindo Tbk

55,399

56,281

0.01

4,261,400

Aneka Tambang Tbk

556,214

471,890

0.05

2,494,100

Astra International

967,760

915,221

0.11

84,300

Astra Otoparts

10,069

12,921

-

10,606,500

Bank Central Asia Tbk (DMT)

6,063,590

6,475,357

0.75

566,900

Bank CIMB Niaga Tbk

62,132

62,408

0.01

6,163,400

Bank Mandiri (Persero) Tbk

2,151,974

2,421,807

0.28

4,437,700

Bank Negara Indonesia (Persero) Tbk

1,379,169

1,549,174

0.18

156,900

Bank Pembangunan Daerah Jawa Timur

9,382

6,369

-

8,009,000

Bank Rakyat Indonesia (Persero) Tbk (DMT)

2,592,381

2,977,951

0.34

155,000

Bank Tabungan Negara Persero Tbk

14,433

12,584

-

24,900

Bukit Asam Tbk

6,005

3,946

-

1,915,995

Global Digital Niaga Tbk PT

55,723

59,980

0.01

319,400

Indah Kiat Pulp & Paper Corp

185,085

172,696

0.02

2,700

Indo Tambangraya Megah

6,342

4,498

-

20,200

Indofood Sukses Makmur Tbk (DMT)

9,097

8,462

-

314,400

Indosat Tbk (DMT)

180,101

191,433

0.02

233,400

Jasa Marga Persero Tbk

65,751

73,823

0.01

1,526,500

Metrodata Electronics Tbk Pt

37,021

53,041

0.01

566,000

Mitra Adiperkasa

49,219

65,801

0.01

200,300

Mitra Pinasthika Mustika Tbk PT

17,184

13,659

-

77,800

Pabrik Kertas Tjiwi Kimia Tbk

38,225

36,886

-

1,078,300

Panin Financial

37,019

18,489

-

43,227

Pertamina Geothermal Energy PT

2,523

3,285

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

67

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Indonesia – (continued)

96,000

Siloam International Hospitals Tbk

5,665

13,592

-

429,700

Sumber Alfaria Trijaya

82,286

81,771

0.01

5,700

Timah Tbk

772

239

-

854,300

United Tractors Tbk

1,353,333

1,255,344

0.14

30,300

Vale Indonesia Tbk

9,540

8,482

-

16,369,291

17,437,605

2.01

Malaysia – 1.71% (2022: 1.51%)

38,300

AFFIN Bank

17,465

17,337

-

27,800

Alliance Bank Malaysia

20,581

20,510

-

224,100

Bermaz Auto

119,895

115,098

0.01

148,300

Bursa Malaysia

215,301

223,015

0.03

31,700

Chin Hin Group Bhd

30,859

24,353

-

1,310,000

CIMB Group Holdings

1,593,772

1,667,791

0.19

155,400

Dayang Enterprise Holdings

53,704

54,111

0.01

155,600

Dialog Group

71,135

70,096

0.01

23,500

FGV Holdings

11,754

7,058

-

8,000

Frontken Corp Bhd

6,224

5,641

-

117,300

Genting

120,490

117,938

0.01

3,500

Genting Plantations

7,992

4,326

-

40,500

Globetronics Technology

27,671

14,279

-

2,500

Hong Leong Bank

11,873

10,283

-

71,900

Hong Leong Financial Group

271,042

257,244

0.03

10,800

IHH Healthcare

15,356

14,173

-

78,900

IOI Properties Group

29,691

30,049

-

65,200

Kossan Rubber Industries

22,847

26,250

-

80,400

KPJ Healthcare

20,329

25,196

-

2,430,700

Malayan Banking

4,678,887

4,702,704

0.54

210,600

Malayan Cement

185,569

193,871

0.02

8,700

Malaysia Airports Holdings

13,955

13,935

-

535,000

MISC

836,638

848,781

0.10

23,500

MR DIY Group M

7,928

7,416

-

2,100

Nestle Malaysia

57,889

53,745

0.01

15,700

Padini Holdings

14,508

11,993

-

13,600

Petron Malaysia Refining & Marketing

17,198

13,378

-

50,900

Petronas Dagangan

246,930

241,927

0.03

147,400

Petronas Gas

538,137

558,163

0.07

3,023,500

Public Bank

2,729,882

2,822,811

0.33

111,800

RHB Bank

138,120

132,603

0.02

24,150

Sarawak Oil Palms

20,685

13,612

-

534,700

Sime Darby

263,477

273,459

0.03

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

68

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Malaysia (continued)

47,700

Ta Ann Holdings

44,104

37,994

0.01

42,300

Telekom Malaysia

51,192

51,091

0.01

258,000

Tenaga Nasional

539,672

563,726

0.06

68,500

Time Dotcom

86,641

80,501

0.01

17,700

TSH Resources

6,406

3,756

-

195,300

Unisem M

163,767

140,684

0.02

11,400

Westports Holdings

8,511

9,055

-

586,300

Yinson Holdings

324,590

318,988

0.04

763,100

YTL Corp

231,085

313,876

0.04

1,269,500

YTL Power International

560,465

701,748

0.08

14,434,217

14,814,565

1.71

Mexico – 1.19%(2022: 1.33%)

127,381

Alsea SAB de CV

418,552

482,610

0.06

10,900

Arca Continental SAB de CV

101,350

119,340

0.01

155,300

Banco del Bajio

527,443

520,892

0.06

61,500

Corporacion Inmobiliaria Vesta SAB

216,954

244,881

0.03

10,900

El Puerto de Liverpool SAB

56,912

74,387

0.01

90,900

Fibra Uno Administracion SA de CV REIT

147,703

164,092

0.02

277,070

Gentera SAB de CV

281,508

385,799

0.04

1,708

GMexico Transportes SAB de CV

2,832

3,853

-

155

Gruma SAB de

2,172

2,848

-

30,500

Grupo Aeroportuario del Centro Norte SAB de CV

232,553

323,758

0.04

675

Grupo Aeroportuario del Sureste SAB

20,177

19,828

-

18,392

Grupo Bimbo SAB de CV Ser A

74,241

93,347

0.01

14,500

Grupo Cementos de Chihuahua

131,000

171,317

0.02

44,700

Grupo Comercial Chedraui

210,257

270,768

0.03

630

Grupo Elektra SAB de CV

42,197

43,644

0.01

283,800

Grupo Financiero Banorte SAB de CV Ser O

2,400,398

2,861,714

0.33

378,300

Grupo Financiero Inbursa SAB de CV

825,412

1,043,455

0.12

172,000

Grupo Mexico SAB de CV Ser B

769,570

956,566

0.11

88

Grupo Rotoplas SAB de CV

102

156

-

266,740

Kimberly-Clark de Mexico SAB de CV

543,570

601,226

0.07

5,355

Promotora y Operadora de Infraestructura SAB de CV

54,870

58,096

0.01

9,900

Qualitas Controladora SAB de CV

80,424

100,307

0.01

46,000

Regional SAB de CV

357,934

440,782

0.05

308,400

Wal-Mart de Mexico SAB de CV

1,174,030

1,303,386

0.15

8,672,161

10,287,052

1.19

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

69

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities –88.93% (2022: 81.19%) (continued)

Netherlands – 0.12% (2022: 0.00%)

150,831

NEPI Rockcastle NV

854,330

1,042,353

0.12

3,716

Yandex Cl A

275,269

-

1,129,599

1,042,353

0.12

Peru –Nil (2022: 0.28%)

-

Philippines – 0.40% (2022: 0.47%)

15,900

Aboitiz Equity Ventures Inc

15,175

12,806

-

249,100

Aboitiz Power Corp

158,061

170,040

0.02

52,813

Bank of the Philippine Islands

91,640

98,998

0.01

215,900

BDO Unibank

508,224

508,803

0.06

47,500

Bloomberry Resorts Corp

9,489

8,441

-

281,700

Cosco Capital Inc

33,893

23,503

-

119,100

D&L Industries Inc

18,460

13,571

-

490,600

DMCI Holdings Inc

73,328

86,558

0.01

14,700

Emperador Inc

3,086

5,535

-

28,600

First Gen Corp (Sus 08/26/2021)

16,620

8,987

-

137,000

Global Ferronickel Holdings Inc

6,717

5,097

-

21,370

GT Capital Holdings

213,263

227,689

0.03

222,580

International Container Terminal Services Inc

800,100

992,013

0.11

75,670

Jollibee Foods Corp

304,582

343,538

0.04

166,600

LT Group

28,073

27,017

-

9,230

Manila Electric

56,885

66,506

0.01

186,000

Megaworld Corp

6,716

6,617

-

133,010

Metropolitan Bank & Trust

125,048

123,222

0.01

180,900

Nickel Asia Corp

21,167

17,902

-

123,200

Puregold Price Club

65,953

59,848

0.01

332,000

Robinsons Land Corp

86,065

95,568

0.01

22,410

Robinsons Retail Holdings

24,587

16,046

-

111,600

Semirara Mining & Power Corp

61,399

60,964

0.01

5,030

SM Investments Corp

81,603

79,208

0.01

372,400

SM Prime Holdings

210,019

221,254

0.03

107,670

Universal Robina Corp

217,153

229,826

0.03

3,237,306

3,509,557

0.40

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

70

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Poland – 1.04% (2022: 0.87%)

31,734

Alior Bank

439,958

616,078

0.07

4,318

Bank Handlowy w Warszawie

87,167

111,347

0.01

85,253

Bank Millennium

136,030

181,140

0.02

49,547

Bank Pekao

1,521,190

1,915,855

0.22

7,225

Enea (WSE)

15,022

16,849

-

432

ING Bank Slaski

22,270

28,124

-

111

Jastrzebska Spolka Weglowa

1,327

1,186

-

294

LPP

893,785

1,210,467

0.14

4,391

mbank

452,434

597,415

0.07

155,588

Orange Polska

309,548

322,077

0.04

61,344

PGE Polska Grupa Energetyczna

118,190

135,379

0.02

1,064

PKP Cargo

4,126

3,945

-

205,186

Powszechny Zaklad Ubezpieczen

2,105,779

2,466,563

0.29

9,846

Santander Bank Polska

980,791

1,226,415

0.14

77,213

Tauron Polska Energia

70,410

73,320

0.01

1,163

Text

32,423

34,249

-

9,607

Warsaw Stock Exchange

91,146

103,833

0.01

7,281,596

9,044,242

1.04

Qatar – 0.50% (2022: 0.53%)

10,794

Barwa Real Estate Co

10,150

8,541

-

19,262

Commercial Bank PSQC

29,139

31,477

-

215,462

Ezdan Holding Group QSC

52,671

50,537

0.01

95,215

Gulf Warehousing Co

109,269

81,250

0.01

156,509

Industries Qatar QSC

572,517

554,509

0.06

62,549

Masraf Al Rayan QSC

69,069

44,528

0.01

85,962

Ooredoo QPSC

217,686

257,343

0.03

83,032

Qatar Electricity & Water Co QSC

389,486

412,309

0.05

11,314

Qatar Fuel QSC

60,433

50,806

0.01

118,827

Qatar Gas Transport

109,974

112,920

0.01

12,674

Qatar International Islamic Bank QSC

42,597

36,689

-

64,677

Qatar Islamic Bank SAQ

327,627

371,258

0.04

464,886

Qatar National Bank QPSC

2,001,002

2,049,278

0.24

8,791

Qatar National Cement Co

10,167

9,535

-

62,448

Qatar Navigation

164,347

164,653

0.02

107,872

United Development

35,053

30,723

-

81,693

Vodafone Qatar QSC

41,847

42,181

0.01

4,243,034

4,308,537

0.50

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

71

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Russian Federation – 0.00% (2022: 0.00%)

158,640

Gazprom

674,717

-

5,708

Lukoil - Cls (RUB)

509,559

-

5,646

Mechel

8,597

-

502

MMC Norilsk Nickel (RUB)

143,662

-

392

Mobile TeleSystems

1,543

-

15,180

Rosneft Oil Company

119,203

-

39,710

Surgutneftegaz (RUB)

19,991

-

19,080

Tatneft

123,632

-

1,600,904

-

Saudi Arabia – 4.07% (2022: 4.00%)

52,191

Abdullah Al Othaim Markets

191,019

182,321

0.02

950

Al Rajhi Co For Co-Operative

10,580

18,113

-

5,490

Al-Dawaa Medical Services

142,535

154,598

0.02

5,758

Aldrees Petroleum And Transport Services

158,820

271,470

0.03

43,327

Almarai

650,463

649,327

0.08

273,835

Al-Rajhi Bank

5,357,172

6,352,972

0.73

221,581

Arab National Bank

1,509,108

1,497,888

0.17

145,154

Arabian Centres

789,053

795,831

0.09

2,135

Arabian Contracting Services Co

118,775

134,932

0.02

186

Arabian Internet and Communications Services

14,731

17,172

-

828

Ataa Educational

14,398

15,942

-

3,529

Axa Cooperative Insurance

24,061

24,797

-

772

Bank Albilad

5,531

9,254

-

50,360

Banque Saudi Fransi

526,552

537,173

0.06

17,886

Bupa Arabia For Cooperative Insurance Co

929,639

1,016,879

0.12

328

Co For Cooperative Insurance

7,860

11,406

-

12,174

Dr Sulaiman Al Habib Medical Services Group Co

866,703

921,328

0.11

295,020

Electrical Industries

117,199

220,282

0.03

11,204

Elm Co

2,052,357

2,435,003

0.28

75,133

Etihad Etisalat

923,588

989,752

0.11

247,407

Jarir Marketing

960,349

1,031,852

0.12

642

Leejam Sports

23,144

34,617

-

11,470

Middle East Healthcare

202,301

270,998

0.03

336

Mouwasat Medical Services

10,803

10,017

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

72

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Saudi Arabia (continued)

12,537

Nahdi Medical

448,909

458,018

0.05

24,359

National Agriculture Development Co

179,639

181,231

0.02

861

National Medical Care

20,712

40,042

0.01

4,514

Power & Water Utility

82,902

75,474

0.01

421,097

Riyad Bank

3,079,686

3,205,952

0.37

630

Saudi Arabian Mining

7,077

7,417

-

690,063

Saudi Arabian Oil

6,117,350

6,081,755

0.70

5,602

Saudi Aramco Base Oil

203,297

211,532

0.03

56,485

Saudi Awwal Bank

486,969

566,356

0.07

9,138

Saudi Cement

144,872

127,932

0.02

1,222

Saudi Dairy & Foodstuff Co

97,933

108,514

0.01

6,407

Saudi Electricity

29,665

32,394

-

3,181

Saudi Industrial Invesment Group

31,331

18,832

-

328,324

Saudi National Bank

3,116,788

3,388,304

0.39

3,797

Saudi Steel Pipe Co

32,433

37,059

-

247,446

Saudi Telem

2,491,309

2,669,118

0.31

432

Savola Group

4,166

4,303

-

1,074

Seera Group Holding

7,101

7,618

-

26,504

Sustained Infrastructure Holding Co

207,086

211,679

0.03

16,181

Theeb Rent A Car

305,724

281,334

0.03

32,701,690

35,318,788

4.07

Singapore – 0.03% (2022: 0.01%)

33,800

BOC Aviation

249,350

258,417

0.03

30,000

China XLX Fertiliser

15,727

13,408

-

661

China Yuchai International

6,709

5,539

-

271,786

277,364

0.03

South Africa – 2.79% (2022: 3.27%)

150,133

Absa Group

1,465,712

1,343,993

0.15

13,152

Altron

7,267

7,372

-

18,794

Barloworld

107,897

81,188

0.01

26,678

Bid Corp

575,494

622,402

0.07

42,835

Bidvest Group

601,290

590,941

0.07

3,981

Capitec Bank Holdings

456,842

441,118

0.05

1,524

Cashbuild

25,657

13,911

-

37,292

Clicks Group

568,524

664,190

0.08

13,009

Coronation Fund Managers

23,083

22,166

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

73

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Africa – (continued)

23,217

Curro Holdings

-

14,790

-

119,762

Discovery

901,391

940,938

0.11

30,895

Exxaro Resources

326,222

345,450

0.04

1,240,421

FirstRand

4,401,714

4,986,102

0.57

33,730

Foschini Group

191,274

204,658

0.02

12,689

Grindrod

7,246

7,952

-

256,662

Growthpoint Properties

149,047

163,927

0.02

1,150

Hudaco Industries

7,815

10,101

-

14,488

Impala Platinum Holdings (JNB)

129,179

72,307

0.01

14,139

JSE

100,191

71,470

0.01

2,759

Kumba Iron Ore

72,301

92,751

0.01

44,617

Momentum Metropolitan Holdings

48,456

53,406

0.01

9,509

Motus Holdings

52,679

52,777

0.01

25,569

Mr Price Group

198,846

219,247

0.03

320,685

MTN Group

2,007,453

2,025,379

0.23

1,049

MultiChoice Group

7,451

4,647

-

25,136

Naspers

4,221,879

4,299,407

0.50

139,894

Nedbank Group

1,619,513

1,654,096

0.19

18,786

Ninety One

41,908

44,141

0.01

791

Omnia Holdings

3,539

2,827

-

88,463

OUTsurance Group

177,917

204,136

0.02

1,061

Pick n Pay Stores

4,030

1,350

-

168,697

PSG Financial Services

-

141,599

0.02

38,213

Remgro

303,056

339,513

0.04

316,155

Sanlam

1,135,494

1,258,569

0.15

476

Santam

9,316

7,459

-

83,535

Sappi

178,355

201,900

0.02

432

Shoprite Holdings

5,562

6,497

-

219,767

Standard Bank Group

2,134,325

2,500,807

0.29

946

Thungela Resources (JNB)

11,047

7,956

-

10,028

Tiger Brands

138,671

110,378

0.01

8,108

Transaction Capital

16,570

3,538

-

29,460

Truworths International

122,669

119,773

0.01

72,910

Woolworths Holdings/South Africa

275,395

287,852

0.03

22,832,277

24,244,981

2.79

South Korea – 12.74% (2022: 10.68%)

1,916

Ace Technologies Corp

2,532

3,035

-

523

Agabang

1,394

1,590

-

6,623

Ahnlab Inc

331,861

354,317

0.04

514

Ak Holdings Inc

8,178

6,825

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

74

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Korea – (continued)

2,012

Amorepacific Corp

205,155

226,524

0.03

9,246

Amorepacific Group

203,178

209,990

0.03

2,114

Anapass

35,241

35,209

-

31

Asia Cement

3,587

4,501

-

1,210

Asia Paper Manufacturing

35,563

38,755

0.01

1,224

Ava

19,308

14,484

-

1,217

Binggrae

50,283

51,689

0.01

43,623

BNK Financial Group Inc

227,472

241,842

0.03

16,227

Byucksan Corp

39,307

33,074

-

1,540

Cafe24 Corp

16,593

33,481

-

289

Chinyang Holdings Corp

819

720

-

545

Chong Kun Dang Pharmaceutical Corp

48,876

55,388

0.01

2,017

CJ CGV

8,538

9,052

-

3,672

CJ Logistics Corp

293,073

362,667

0.04

311

CLIO Cosmetics

5,244

7,438

-

752

Cuckoo Holdings

9,798

9,564

-

211

D.I. Corp

1,313

1,032

-

2,462

Daechang Forging

13,600

11,661

-

313

Daekyo

1,327

629

-

2,455

Daesang Corp

38,063

39,554

0.01

48,437

Daewoo Engineering & Construction

157,287

155,890

0.02

324

Daewoong Pharmaceutical

25,347

29,384

-

480

Daihan Pharmaceutical

11,040

10,342

-

1,987

Daishin Securities

21,284

22,062

-

6,647

Danal

24,916

24,077

-

919

Daou Technology

14,519

12,766

-

23,043

DB Insurance

1,389,277

1,497,553

0.17

27,658

DGB Financial Group Inc

168,344

182,325

0.02

2,088

Digital Power Communications

9,757

11,235

-

2,343

DMS

12,363

12,334

-

512

Dong Ah Tire & Rubber

29,673

29,061

-

11,713

Dongbu Cni

15,384

15,761

-

252

Dongil Industries

11,966

9,216

-

3,238

Dongkuk Steel Mill

101,445

22,074

-

350

Dongwon F&B

8,532

8,887

-

15,177

Doosan Bobcat Inc

463,450

593,929

0.07

10,829

Dream Security

29,689

28,420

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

75

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Korea – (continued)

2,324

E1 Corp

90,689

112,420

0.01

1,966

Eugene Technology

46,487

62,282

0.01

1,299

FST

22,878

24,862

-

4,616

Gaeasoft

36,024

34,193

-

3,764

Gemvax & Kael

41,104

38,812

0.01

151

Global Standard Technology

3,245

3,230

-

299

Golfzon Newdin Holdings

1,274

881

-

11,422

GS Global Corp

22,105

22,615

-

998

GS Holdings Corp

31,951

31,694

-

3,609

GS Retail

69,005

64,592

0.01

100,217

Hana Financial Group Inc

3,237,608

3,377,139

0.39

1,204

Hana Tour Service Inc

50,199

48,706

0.01

2,357

Handsome

35,933

34,992

-

265

Hanil Holdings

3,088

2,298

-

100

Hanil Hyundai Cement

1,364

1,215

-

36,922

Hankook Tire & Technology

1,129,588

1,301,544

0.15

10,010

Hanmi Semiconductor

432,643

479,554

0.06

719

Hansol Technics

4,079

3,874

-

697

Hanssem

27,172

28,954

-

26,276

Hanwha Aerospace

2,196,388

2,540,075

0.29

2,348

Hanwha Investment & Securities

5,456

6,344

-

17,460

Hanwha Life Insurance

35,467

38,366

0.01

57,245

Hanwha Systems

632,598

771,623

0.09

24,368

Harim

52,532

82,873

0.01

94

HD Hyundai Heavy Industries

8,818

9,415

-

25,995

Construction

290,361

294,687

0.03

1,091

HL Mando

33,378

33,334

-

380

Huons

11,470

11,330

-

1,042

Huvis Corp

5,237

3,333

-

720

Hwaseung Corp

1,326

1,135

-

2,926

Hyosung Heavy Industries Corp, HDC

225,670

367,823

0.04

1,111

Hyosung TNC

288,026

314,865

0.04

396

Hyundai Corporation

5,353

5,805

-

2,057

Hyundai Electric & Energy System

74,116

131,288

0.02

2,353

Hyundai Elevator

73,778

81,028

0.01

3,093

Hyundai Glovis

394,935

459,903

0.05

21,268

Hyundai Greenfood

64,044

60,110

0.01

17,491

Hyundai Marine & Fire Insurance

401,557

421,012

0.05

8,710

Hyundai Mobis

1,493,593

1,602,819

0.19

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

76

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Korea – (continued)

1,449

Hyundai Motor

122,219

128,485

0.02

29,360

Hyundai Motor Co

4,103,912

4,639,149

0.54

28,848

Hyundai Steel Co

726,189

817,573

0.10

319

Hyundai Wia Corp

13,208

16,125

-

1,550

Il Dong Pharmaceutical

25,430

21,856

-

141

IlDong Holdings

4,365

1,152

-

17,831

Iljin Holdings

92,545

54,134

0.01

58,607

Industrial Bank Of Korea

509,856

539,700

0.06

1,596

Innocean Worldwide Inc

26,203

26,519

-

90

It's Hanbul

1,279

856

-

50,349

JB Financial Group

384,701

445,279

0.05

4

Jeil Pharma Holdings

45

37

-

6,793

Jinsung TEC

56,840

55,909

0.01

1,172

Kakao Corp

35,884

49,413

0.01

1,389

Kakao Pay Corp

43,049

53,170

0.01

817

KC Tech

13,030

11,679

-

3,678

KC Tech /New

57,162

76,536

0.01

2,192

KG Dongbu Steel

11,187

15,148

-

1,390

Kginicis

13,834

12,951

-

90

KH Vatec

1,305

1,027

-

41,038

Kia Corp

2,667,619

3,186,428

0.37

1,335

Kiswire

20,942

21,042

-

1,325

Kolon Global

16,353

11,883

-

2,045

Kolon Industries Inc

69,646

70,660

0.01

717

KoMiCo

29,466

35,908

-

1,288

Korea Investment Holdings

55,491

61,305

0.01

143

Korea Iron & Steel

2,243

2,643

-

20,840

Korea Line Corp

33,868

34,871

-

330

Korea Petrochemical Ind

39,389

39,203

0.01

740

Korea Real Estate Investment and Trust

1,311

675

-

22,163

Korea Shipbuilding & Offshore Engineering

1,572,069

2,080,524

0.24

132

Korean Air Lines

2,360

2,450

-

38,524

Korean Reinsurance Co

199,832

213,873

0.03

221

Kss Line

2,258

1,587

-

166

KT Skylife

1,287

763

-

14,749

Kumho Tire

50,474

61,726

0.01

275

Kyung Dong Navien

10,280

10,078

-

16,706

LB Semicon Inc

80,042

100,270

0.01

971

LF Corp

10,416

10,005

-

309

LG Chem

111,613

119,723

0.01

756

LG Corp

45,183

50,423

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

77

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Korea – (continued)

37,133

LG Display

363,355

367,322

0.04

5,256

LG Electronics Inc

398,169

415,452

0.05

4,257

LG Innotek

814,474

791,639

0.09

26,094

LG Uplus Corp

210,875

207,269

0.02

866

Lot Vacuum

12,757

13,549

-

3,487

Lotte Data Communication

73,452

79,330

0.01

19,567

Lotte Non-Life Insurance

33,451

36,311

0.01

7,038

LS Corp

456,777

509,311

0.06

4,928

LS Electric

348,082

280,091

0.03

603

LX Hausys

24,648

20,414

-

2,045

LX Semicon

130,837

137,826

0.02

13,873

Macquarie Korea Infrastructure Fund

128,658

134,001

0.02

248

Maeil Dairies

8,545

7,943

-

50,952

Meritz Financial Group Inc

1,478,654

2,338,119

0.27

827

Minwise

9,282

9,420

-

6,803

Mirae Asset Life Insurance

24,565

25,170

-

24,055

Mirae Asset Securities

115,207

142,511

0.02

37,905

Naver

5,690,897

6,592,686

0.76

521

Neopharm

9,520

10,457

-

335

New Power Plasma

1,294

1,366

-

11,655

Nexen Tire Corp

71,454

72,759

0.01

16,095

NH Investment & Securities

122,693

129,095

0.02

2,295

NHN Corp

41,126

41,609

0.01

1,202

NHN KCP Corp

7,951

9,594

-

860

Nice Information Service

5,365

6,324

-

1,017

OCI

78,774

83,862

0.01

220

Optipharm

1,359

1,201

-

198

Ottogi Corp

57,967

61,495

0.01

13,192

Pan Ocean

39,781

38,258

0.01

225

Partron

1,393

1,422

-

7,585

POS

3,037,444

2,941,771

0.34

2,484

Power Logics

12,004

12,865

-

588

Pyeong Hwa Automotive

4,862

4,543

-

3,992

Rsupport

11,279

11,422

-

347

S&T Motiv

12,339

11,639

-

297

Sammok Precision & Ind

4,448

3,849

-

2,588

Sampyo Cement

5,971

6,290

-

900

Samsung Biologics

533,890

531,097

0.06

7,587

Samsung C&T Corp

621,169

762,883

0.09

7,322

Samsung Card

179,749

183,917

0.02

12,630

Samsung Electro-Mechanics

1,441,838

1,502,381

0.17

624,041

Samsung Electronics

32,951,400

38,036,508

4.38

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

78

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

South Korea – (continued)

70,967

Samsung Engineering

1,526,226

1,597,984

0.19

929

Samsung Fire & Marine Insurance

174,916

189,710

0.02

143,205

Samsung Heavy Industries

805,464

861,743

0.10

13,744

Samsung SDI

5,598,786

5,037,012

0.58

2,289

Samsung Securities

65,833

68,427

0.01

26

SeAH Steel Holdings Corp

2,890

4,845

-

814

Sebang

9,851

7,730

-

357

Sebang Global Battery

15,099

16,133

-

12,771

Seoul Securities

39,982

35,054

-

13,834

Seoul Semiconductor

107,253

109,134

0.01

2,644

Seoul Viosys

12,360

8,181

-

2,846

Seoyeon

18,145

18,982

-

41,013

Shindongah Fire & Marine Insurance

132,404

128,972

0.02

12,629

Shinsung Tongsang

19,629

18,053

-

2,042

SK C&C

266,815

282,224

0.03

118,789

SK Hynix Inc

10,433,276

13,051,202

1.50

2,983

SK Innovation

276,488

324,959

0.04

6,423

SL Corp

168,615

178,043

0.02

6,059

SM Entertainment

480,102

433,290

0.05

4,860

SNT Dynamics

44,449

54,340

0.01

628

SNT Holdings

9,614

8,431

-

451

Taeyoung Engineering & Construction

1,297

811

-

5,958

TK Corp

69,325

68,143

0.01

14,103

Tong Yang Life Insurance

49,742

49,605

0.01

1,760

Top Engineers

9,943

7,530

-

2,369

Union Semiconductor Equipment & Materials

15,035

15,488

-

4,188

Uniquest Corp

18,260

19,771

-

2,821

Unitest

29,612

29,329

-

1,177

Wins Technet

11,407

11,085

-

5,349

Wonik Holdings

15,784

13,997

-

5,494

WONIK IPS

140,856

144,826

0.02

3,432

Woongjin Holdings

3,531

3,368

-

13,328

Wooree ETI

28,036

34,202

-

39,061

Woori Financial Group Inc

358,351

394,280

0.05

100

Woory Industrial

1,361

1,093

-

163

Worldex Industry & Trading

2,801

3,240

-

228

Y-Entec

1,391

1,285

-

2,754

Yest

36,535

35,475

-

176

Young Poong Corp

90,497

70,515

0.01

2,622

Youngone Corp

89,947

92,836

0.01

1,894

Youngone Holdings

96,837

114,708

0.01

97,796,000

110,533,107

12.74

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

79

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Taiwan – 15.23% (2022: 7.16%)

2,000

AcBel Polytech

2,514

2,678

-

40,000

Accton Technology Corp

618,010

681,644

0.08

1,291,000

Acer

1,440,226

2,263,104

0.26

25,000

Acter

115,966

144,589

0.02

3,000

Addcn Technology

17,966

19,452

-

5,000

ADLINK Technology

12,810

10,085

-

1,000

Advanced International Multitech

3,104

2,372

-

35,000

Alcor Micro Corp

48,118

132,859

0.02

54,000

Arcadyan Technology Corp

275,477

299,995

0.03

74,000

Ardentec Corp

149,612

178,427

0.02

356,000

Asustek Computer

4,380,025

5,678,044

0.65

8,000

Aten International

22,173

20,932

-

2,000

Brave C&H Supply

12,095

10,362

-

11,000

Capital Futures Corp

15,710

18,315

-

198,000

Capital Securities Corp

91,065

105,482

0.01

661,000

Cathay Financial Holding

920,289

985,346

0.11

45,000

Chen Full Intl

68,007

55,864

0.01

393,000

Cheng Shin Rubber Industry

525,486

574,956

0.07

24,000

Cheng Uei Precision Industry

33,403

37,771

-

7,000

Chia Hsin Cement Corp

3,979

4,345

-

43,000

Chicony Electronics

149,488

245,190

0.03

40,000

Chicony Power Technology

105,323

189,635

0.02

3,300

Chief Telecom

38,917

35,161

-

816,000

China Development Financial Holding Corp

288,866

333,680

0.04

41,000

China Metal Products

46,888

56,042

0.01

2,000

China Steel Chemical Corp

8,804

7,722

-

1,109,000

China Steel Corp

871,505

975,644

0.11

2,000

Chinese Gamer Intl Corp

3,672

2,959

-

39,000

Chin-Poon Industrial

42,415

63,919

0.01

293,000

Chipbond Technology

620,484

690,243

0.08

1,000

Chung Hung Steel Corp

1,467

849

-

30,000

Clevo

29,874

39,784

0.01

1,624,000

Compal Electronics

1,432,767

2,108,679

0.24

126,000

CTCI Corp

167,307

173,047

0.02

26,000

Darfon Electronics

41,128

45,916

0.01

15,000

Darwin Precisions Corp

8,289

6,549

-

336,000

Delta Electronics

3,402,768

3,432,202

0.40

14,000

Dynapack International Technology

35,688

41,009

0.01

1,133,772

E.Sun Financial Holding

871,722

953,107

0.11

17,000

Egis Technology Inc

71,325

66,193

0.01

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

80

Cost

Fair

Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Taiwan (continued)

136,000

Elan Microelectronics Corp

587,519

720,093

0.08

1,000

E-LIFE MALL Corp

2,608

2,770

-

7,000

Elitegroup Computer Systems

5,877

7,185

-

715,000

EVA Airways

869,147

732,694

0.08

88,000

Evergreen Marine Corp Taiwan

417,924

411,463

0.05

24,000

Evergreen Steel Corp

54,254

81,328

0.01

8,000

Excellence Opto

8,319

8,289

-

34,000

Far Eastern Department Stores

25,068

27,419

-

8,000

Far Eastern New Century Corp

8,442

8,133

-

213,000

Far EasTone Telecommunications

488,448

553,833

0.06

934,912

First Financial Holding

774,675

834,675

0.10

77,000

FIT Hon Teng

19,038

11,636

-

2,000

Flytech Technology

5,288

4,549

-

107,000

FocalTech Systems

309,285

392,222

0.05

54,000

Formosa Advanced Technologies

73,807

68,621

0.01

29,000

Formosa Chemicals & Fibre Corp

56,583

58,868

0.01

2,000

Formosa Plastics Corp

5,120

5,161

-

8,000

Formosa Taffeta

7,429

6,569

-

13,000

Foxsemicon Integrated Technology

78,959

89,164

0.01

720,100

Fubon Financial Holding

1,366,186

1,520,421

0.18

103,000

Getac Holdings Corp

183,601

372,526

0.04

13,000

Giantplus Technology

6,356

5,697

-

546,000

Gigabyte Technology

3,823,207

4,732,279

0.55

100,000

Global Brands Manufacture

183,705

210,163

0.02

37,000

Global Mixed-Mode Technology Inc

286,738

318,274

0.04

4,000

Glyconex

4,322

3,877

-

3,000

Gourmet Master

11,100

9,922

-

1,000

Grape King Bio

5,565

5,083

-

85,000

Greatek Electronics Inc

154,971

169,499

0.02

107,000

Hannstar Board

177,716

192,799

0.02

7,000

Hey Song Corp

8,214

9,237

-

13,650

Holy Stone Enterprise

45,563

43,142

-

140,000

Hon Hai Precision Industry

472,395

476,695

0.06

3,000

Hotai Finance

11,538

12,512

-

13,000

Hsing TA Cement

11,994

7,730

-

1,537,666

Hua Nan Financial Holdings

1,069,757

1,119,787

0.13

23,000

Hung Sheng Construction

17,335

15,176

-

6,000

I Sheng Electric Wire & Cable

8,890

9,022

-

78,000

Inpaq Technology

176,574

212,215

0.02

1,205,000

Inventec Corp

1,349,585

2,073,084

0.24

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

81

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Taiwan (continued)

10,000

ITE Technology

39,647

49,038

0.01

6,000

Johnson Health Tech

13,774

13,431

-

8,000

Jourdeness Group

23,124

15,014

-

46,000

Kindom Construction

46,458

58,230

0.01

141,000

King Yuan Electronics

341,985

390,052

0.05

66,000

L&K Engineering

104,102

365,585

0.04

2,000

Lelon Electronics Corp

4,406

4,699

-

3,370

Lien Hwa Industrial Corp

7,153

7,324

-

111,000

Lingsen Precision Industries

69,199

82,824

0.01

2,000

Lung Yen Life Service Corp

3,914

2,620

-

100

M31 Technology Corp

1,019

3,454

-

62,000

Makalot Industrial

730,192

716,150

0.08

303,000

MediaTek Inc

8,083,134

10,020,853

1.16

14,000

Merry Electronics

44,387

49,950

0.01

94,000

Micro-Star International

483,448

624,819

0.07

21,000

Nak Sealing Technologies Corp

95,251

92,032

0.01

73,000

Nichidenbo Corp

141,831

138,196

0.02

5,000

Nien Hsing Textile

4,250

3,079

-

2,000

Nova Technology Corp

6,823

9,156

-

92,000

Novatek Microelectronics

1,342,584

1,549,796

0.18

12,000

Pacific Hospital Supply

32,370

33,782

-

14,000

Pan German Universal Motors

133,284

136,622

0.02

3,000

P-Duke Technology

9,091

9,423

-

1,063,000

Pegatron Corp

2,555,836

3,023,734

0.35

54,000

PixArt Imaging Inc

229,883

270,963

0.03

419,000

Pou Chen Corp

431,757

421,860

0.05

28,000

Powertech Technology

87,373

128,639

0.02

97,000

President Chain Store Corp

839,142

851,778

0.10

5,000

Primax Electronics

9,971

11,029

-

67,000

Promate Electronic

93,552

126,837

0.02

136,000

Realtek Semiconductor Corp

1,714,356

2,089,376

0.24

2,700

Ruentex Development

3,449

3,321

-

3,000

Scientech Corp

11,532

20,919

-

27,000

Shanghai Commercial & Savings Bank/The

35,907

41,172

0.01

4,000

Shinkong Insurance

6,681

8,876

-

141,000

Sigurd Microelectronics Corp

256,066

299,545

0.03

66,000

Silicon Integrated System Corp

92,271

98,063

0.01

9,000

Simplo Technology

93,452

123,165

0.01

1,000

Sinbon Electronics

11,508

9,742

-

3,000

Sino-American Silicon Products

16,230

19,159

-

898,484

SinoPac Financial Holdings

513,579

576,730

0.07

27,000

Sitronix Technology Corp

235,512

244,571

0.03

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

82

Cost

Fair Value

% of

Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Taiwan (continued)

5,000

Sonix Technology

8,970

9,351

-

17,000

SPI Electronic

27,200

28,416

-

5,000

Stark Technology

17,712

19,631

-

144,000

Sunplus Technology

144,914

161,170

0.02

78,000

Sunrex Technology Corp

116,644

150,965

0.02

110,000

Supreme Electronics

185,185

216,842

0.02

51,000

Syncmold Enterprise Corp

139,547

132,774

0.02

147,000

Synnex Technology International Corp

297,990

336,241

0.04

17,000

Sysage Technology

35,034

38,608

-

64,000

Systex Corp

201,272

233,558

0.03

56,757

Taiwan Acceptanance Corp

299,484

343,976

0.04

26,356

Taiwan Business Bank

8,514

11,765

-

2,777

Taiwan Cogeneration Corp

4,127

3,642

-

289,422

Taiwan Cooperative Financial Holding

247,191

251,790

0.03

7,000

Taiwan FamilyMart /Taiwan

43,616

43,108

-

20,000

Taiwan Fu Hsing Industrial

29,758

31,182

-

57,000

Taiwan Glass Industry Corp

34,422

35,195

-

160,000

Taiwan High Speed Rail Corp

154,019

160,050

0.02

93,000

Taiwan Mobile

300,084

298,783

0.03

13,000

Taiwan Navigation

13,680

13,978

-

47,000

Taiwan PCB Techvest

64,788

66,310

0.01

58,000

Taiwan Secom

198,894

221,111

0.03

3,169,000

Taiwan Semiconductor Manufacturing

54,116,945

61,231,228

7.06

1,000

Taiwan Steel Union

3,355

2,985

-

375,000

Teco Electric and Machinery

526,672

571,838

0.07

10,000

Test Rite International

9,551

6,843

-

2,000

Topco Technologies Corp

5,415

4,594

-

51,000

Transcend Information

122,906

133,937

0.02

84,000

Tripod Technology Corp

478,034

533,716

0.06

5,498

Tsc Auto ID Technology

39,862

43,263

-

27,000

TTY Biopharm

70,222

70,732

0.01

36,340

Tung Ho Steel Enterprise Corp

74,173

83,714

0.01

1,000

Turvo International

3,991

4,529

-

21,000

Ubright Optronics Corp

34,541

38,797

-

7,999

Union Bank of Taiwan

3,898

3,753

-

659,000

Uni-President Enterprises Corp

1,448,810

1,599,697

0.18

5,000

Unitech Printed Circuit Board Corp

3,665

3,258

-

22,060

Wah Lee Industrial Corp

63,776

70,873

0.01

72,000

Weikeng Industrial

60,860

67,799

0.01

12,000

Well Shin Technology Co

21,186

20,215

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

83

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Taiwan (continued)

1,000

Wisechip Semiconductor Inc

3,106

1,294

-

1,099

Wowprime Corp

5,319

8,934

-

994,000

WPG Holdings

2,004,498

2,642,850

0.31

495,000

WT Microelectronics

1,832,891

1,814,487

0.21

8,800

Xxentria Technology Materials Corp

18,366

20,702

-

128,000

Yang Ming Marine Transport Corp

211,713

213,955

0.03

1,134,562

Yuanta Financial Holding

865,474

1,020,313

0.12

67,000

YungShin Global Holding Corp

96,643

101,513

0.01

3,000

Zhen Ding Technology Holding

11,558

10,655

-

10,000

Zippy Technology Corp

14,753

15,982

-

113,892,545

132,134,474

15.23

Thailand – 1.93% (2022: 1.95%)

15,190

Aapico Hitech Pcl (FR)

8,708

12,461

-

9,900

Aapico Hitech Pcl NVDR

7,889

8,121

-

137,000

Advanced Info Service Pcl NVDR

782,060

870,988

0.10

31,900

AP Thailand Pcl (FR)

8,035

10,561

-

493,900

AP Thailand Pcl NVDR

157,669

163,512

0.02

76,300

Asia Plus Group Holdings Pcl (FR)

5,702

6,349

-

417,700

Asia Plus Securities Pcl NVDR

49,179

34,755

-

262,700

Bangchak Corp Pcl NVDR

276,063

334,797

0.04

18,800

Bangkok Airways NVDR

7,154

8,647

-

659,500

Bangkok Bank

2,938,257

3,023,856

0.35

779,000

Bangkok Dusit Medical Services Pcl NVDR

633,878

633,333

0.07

251,100

Bangkok Expressway & Metro Pcl NVDR

57,329

58,485

0.01

15,000

Banpu Power Pcl NVDR

6,791

6,372

-

12,400

Bumrungrad Hospital Pcl NVDR

89,643

80,650

0.01

365,800

Central Pattana Pcl NVDR

672,055

750,194

0.09

179,700

Delta Electronics (Thailand) Pcl NVDR

422,408

463,300

0.05

24,200

Diamond Building Products Pcl (FR)

4,885

638

-

43,500

Dynasty Ceramic Pcl (FR)

3,262

1,822

-

142,200

Erawan Group Pcl/ The NVDR

20,565

21,872

-

46,200

Ichitan Group Pcl (FR)

16,201

21,251

-

2,900

Jaymart Pcl NVDR

4,588

1,470

-

158,300

Kasikornbank Pcl NVDR

578,357

626,104

0.07

66,200

KCE Electronics Pcl NVDR

101,418

106,673

0.01

4,157,100

Krung Thai Bank Pcl NVDR

2,171,433

2,240,991

0.26

21,300

Krungthai Card Pcl NVDR

35,215

27,146

-

29,400

Land and Houses Pcl NVDR

8,089

7,020

-

14,900

MC Group Pcl NVDR

5,275

5,762

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

84

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Thailand – (continued)

3,800

Mega Lifesciences

4,641

4,481

-

444,800

Minor International Pcl NVDR

377,754

384,431

0.05

33,000

MK Restaurants Group Pcl NVDR

53,419

38,431

0.01

96,000

Muangthai Capital PCL NVDR

107,118

126,566

0.02

6,900

Netbay Pcl (FR)

6,446

5,013

-

251,600

Prima Marine Pcl NVDR

53,581

39,436

0.01

557,200

PTT Exploration and Production Pcl NVDR

2,607,554

2,440,530

0.28

4,800

Rajthanee Hospital Pcl NVDR

4,982

3,832

-

34,600

Rojana Industrial Park Pcl (FR)

5,264

5,930

-

182,000

Sansiri Pcl NVDR

10,241

9,438

-

12,600

Sappe Public

16,163

31,931

-

61,300

SC Asset Corp Pcl (FR)

5,726

5,891

-

158,200

SC Asset Corp Pcl NVDR

16,601

15,202

-

714,600

SCB X PCL NVDR

2,085,641

2,219,222

0.26

5,500

Sermsang Power Corp (FR)

1,680

1,289

-

18,300

SISB Pcl (FR)

14,131

19,033

-

89,700

SPCG Pcl (FR)

63,049

32,587

-

7,200

SRI Trang Agro Industry Pcl NVDR

4,757

3,396

-

129,500

Srisawad Corp Pcl NVDR

165,627

153,659

0.02

560,700

Star Petroleum Refining Pcl NVDR

126,422

135,524

0.02

65,800

Supalai Pcl NVDR

34,629

35,857

-

253,400

SVI Pcl (FR)

40,073

51,968

0.01

431,900

Thai Oil Pcl NVDR

587,579

680,133

0.08

1,500

Thai Stanley Electric Pcl (FR)

7,679

8,152

-

18,200

Thai Tap Water Supply NVDR

4,618

4,879

-

3,700

Thanachart Capital Pcl NVDR

4,856

5,366

-

31,900

Thoresen Thai Agencies Pcl (FR)

4,428

5,981

-

167,000

Thoresen Thai Agencies Pcl NVDR

85,840

31,313

-

58,300

Tipco Asphalt Pcl NVDR

29,686

28,012

-

164,100

Tisco Financial Group Pcl NVDR

451,794

479,572

0.06

4,713,700

TMBThanachart Bank Pcl NVDR

214,171

230,627

0.03

100,000

TPI Polene Pcl NVDR

4,754

4,102

-

15,000

Union Auction Pcl (FR)

4,634

5,010

-

16,277,646

16,773,924

1.93

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

85

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

Turkey – 1.06% (2022: 0.75%)

57,417

AG Anadolu Grubu Holding

438,619

390,569

0.04

813,766

Akbank TAS (ISE)

895,220

1,006,255

0.12

3,813

Anadolu Efes Biracilik Ve Malt Sanayii

16,925

17,752

-

50,929

Anadolu Hayat Emeklilik

86,929

65,700

0.01

68,672

Aygaz

378,939

313,900

0.04

98,523

Baskent Dogalgaz Dagitim Gayrimenkul Yatirim

Ortakligi AS

81,924

62,415

0.01

96,745

BIM Birlesik Magazalar

977,742

985,172

0.11

386

Coca-Cola Icecek

5,712

6,868

-

168

Ford Otomotive Sanayii

4,626

4,207

-

5,586

Goodyear Lastikleri Tas

6,008

3,541

-

406,370

Haci Omer Sabanci Holding

845,860

831,755

0.10

365,851

Indeks Bilgisayar Sistemleri Muhendislik Sanayi Ve

Ticaret

98,716

73,829

0.01

102,757

KOC Holding

498,131

493,362

0.06

125,945

Logo Yazilim Sanayi Ve Ticaret

318,848

315,353

0.04

13,959

Mavi Giyim Sanayi Ve Ticaret

57,439

55,063

0.01

32,925

Migros Ticaret

432,152

373,464

0.04

58,225

MLP Saglik Hizmetleri

304,996

293,747

0.03

3,176

Pegasus Hava Tasimaciligi

74,896

69,845

0.01

5,632

Sarkuysan Elektrolitik Bakir S

6,209

5,393

-

176,560

Sok Marketler Ticaret

309,356

322,524

0.04

77,897

Tupras-Turkiye Petrol Rafinerileri

393,174

377,170

0.04

286,755

Turk Hava Yollari AO

2,413,489

2,219,550

0.25

36,663

Turk Traktor ve Ziraat Makineleri

1,032,930

883,868

0.10

9,678,840

9,171,302

1.06

United Arab Emirates – 1.04% (2022: 0.93%)

139,807

Abu Dhabi Commercial Bank

318,199

349,446

0.04

124,895

Abu Dhabi Islamic Bank

363,811

344,139

0.04

682,160

Abu Dhabi National Oil

742,304

687,221

0.08

192,294

Agthia Group

258,805

255,502

0.03

234,314

Air Arabia

133,826

179,910

0.02

89,742

Ajman Bank

37,373

50,824

0.01

400,626

Aldar Properties

413,385

583,582

0.07

226,866

Dubai Islamic Bank

367,889

353,325

0.04

162,929

Emaar Development

265,819

317,185

0.04

880,107

Emaar Properties

1,622,757

1,897,882

0.22

8,498

Emirates Integrated Telecommunication Co

14,675

12,009

-

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

86

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Equities – 88.93% (2022: 81.19%) (continued)

United Arab Emirates (continued)

532,066

Emirates NBD Bank

2,343,823

2,506,226

0.29

195,268

Emirates Telecommunication Co

1,009,462

1,044,194

0.12

102,038

First Abu Dhabi Bank

396,676

387,843

0.04

49,652

Multiply Group

52,742

42,990

-

55,461

Ras Al Khaimah Ceramics

29,582

40,319

-

8,371,128

9,052,597

1.04

United Kingdom – 0.09% (2022: 0.04%)

9,768

Anglogold Ashanti Plc

181,712

188,769

0.02

692

Evraz

2,937

-

93,426

Investec

580,553

633,371

0.07

765,202

822,140

0.09

United States of America – 0.12% (2022: 0.93%)

371,000

Nexteer Automotive Group

221,859

234,234

0.03

9,559

Southern Copper Corp

820,700

822,743

0.09

1,042,559

1,056,977

0.12

Total Equities – 88.93%

715,729,387

771,653,569

88.93

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

87

Cost

Fair Value

% of

Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Depositary Receipt - 11.29% (2022: 18.57%)

Brazil – 2.34% (2022: 2.74%)

58,540

Ambev ADR

173,288

163,912

0.02

6,338

Centrais Electricas Brasileiras ADR

49,901

54,634

0.01

59,984

Cia de Saneamento Basico do Est de Sao Paulo ADR

747,518

913,556

0.10

138,342

Cia Energetica De Minas Gerais ADR

288,303

320,953

0.04

140,066

Gerdau ADR

772,171

679,320

0.08

107,624

Itau Unibanco Hldg ADR

560,400

747,987

0.08

247,598

Petroleo Brasileiro ADR

3,821,072

3,954,140

0.45

37,215

Telefonica Brasil ADR

378,207

407,132

0.05

17,616

TIM SA/Brazil ADR

315,826

325,368

0.04

805,770

Vale Spons ADR

11,500,392

12,779,512

1.47

18,607,078

20,346,514

2.34

Chile – 0.39% (2022: 0.41%)

14,518

Banco de Chile ADR

301,605

335,075

0.04

198,262

Enersis Chile ADR

644,892

642,369

0.07

39,608

Sociedad Quimica y Minera de Chile ADR

1,931,254

2,385,194

0.28

2,877,751

3,362,638

0.39

China – 4.01% (2022: 2.79%)

45,947

360 DigiTech ADR

703,175

726,882

0.08

873

Autohome ADR

24,407

24,496

-

56,751

Baidu Spon ADR

6,364,066

6,758,477

0.78

36,685

Baozun ADR

186,516

100,517

0.01

3,547

BeiGene ADR

673,108

639,737

0.07

23,887

Dada Nexus ADR

130,499

79,305

0.01

40,964

DouYu International Holdings ADR

54,189

38,916

0.01

118,986

Gaotu Techedu Inc ADR

450,940

430,729

0.05

2,888

Hutchison China MediTech ADR

56,839

52,302

0.01

15,231

JD.com Inc ADR

493,322

440,024

0.05

68,153

Kanzhun ADR

1,070,697

1,132,021

0.13

47,267

LexinFintech Holdings ADR

118,905

86,971

0.01

70,969

Li Auto ADR

2,533,291

2,656,370

0.31

4,925

NetEase Inc ADR

484,937

458,813

0.05

54,466

New Oriental Education & Technology Group ADR

3,570,412

3,991,268

0.46

91,796

PDD Holdings Inc ADR

11,652,315

13,430,673

1.55

476

Qudian ADR

620

971

-

3,860

Sohu.com ADR

38,366

38,330

0.01

275,897

TAL Education Group ADR

2,685,191

3,484,579

0.40

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

88

Cost

Fair Value

% of

Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Depositary Receipt - 11.29% (2022: 18.57%)

(continued)

China – (continued)

13,716

Tuya Inc ADR

30,371

31,547

-

12,335

XPeng Inc ADR

178,023

179,968

0.02

8,623

Xunlei ADR

15,351

13,969

-

16,814

Yatsen Holding ADR

18,565

12,301

-

6,672

Youdao ADR

44,505

26,288

-

31,578,610

34,835,454

4.01

Columbia – 0.02% (2022: 0.32%)

4,996

Bancolombia ADR

135,596

153,727

0.02

135,596

153,727

0.02

Cyprus – 0.00% (2022: 0.00%)

736

Ozon Holdings ADR

37,412

-

37,412

-

Egypt – 0.01% (2022: 0.00%)

99,837

Commercial International Bank GDR

131,607

127,791

0.01

131,607

127,791

0.01

India – 1.30% (2022: 2.83%)

333,975

ICICI Bank Spon ADR

7,424,823

7,961,964

0.92

103,699

Infosys Spons ADR

1,762,824

1,905,988

0.22

7,967

Reliance Industries GDR

507,527

497,937

0.06

10,659

State Bank of India GDR

640,457

822,875

0.09

5,637

Tata Steel GDR

94,012

92,447

0.01

10,429,643

11,281,211

1.30

Indonesia – 0.36% (2022: 0.44%)

119,969

Telkom Indonesia Persero Tbk PT ADR

2,931,806

3,090,401

0.36

2,931,806

3,090,401

0.36

Mexico – 1.05% (2022: 0.67%)

96,321

America Movil SAB de CV ADR

1,706,821

1,783,865

0.21

397,805

Cemex SAB de CV Spons ADR

2,442,804

3,082,989

0.35

30,066

Coca-Cola Femsa Sab De Cv ADR

2,455,125

2,845,446

0.33

10,719

Fomento Economico Mexicano SAB de CV ADR

1,337,115

1,397,222

0.16

7,941,865

9,109,522

1.05

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

89

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Depositary Receipt – 11.29% (2022: 18.57%)

(Continued)

Peru – 0.02% (2022: 0.00%)

14,152

Cia De Minas Buenaventura ADR

214,824

215,676

0.02

214,824

215,676

0.02

Philippines – 0.02% (2022: 0.01%)

5,888

PLDT ADR

132,063

137,956

0.02

132,063

137,956

0.02

Russian Federation – 0.00% (2022: 0.00%)

8

MMC Norilsk Nickel-ADR

-

1,825

Phosagro OAO GDR

40,730

-

40,730

-

Singapore – 0.08% (2022: 0.02%)

16,891

JOYY ADR

653,367

670,573

0.08

653,367

670,573

0.08

South Africa – 0.45% (2022: 0.49%)

10,626

Drdgold ADR

102,859

84,477

0.01

98,027

Gold Fields ADR

1,347,798

1,417,470

0.16

169,530

Harmony Gold Mining ADR

899,551

1,042,609

0.12

137,645

Sasol ADR

2,026,594

1,368,191

0.16

4,376,802

3,912,747

0.45

South Korea – 0.83% (2022: 1.25%)

76,106

KB Financial Group ADR

2,935,933

3,148,505

0.36

15,877

KT Corp ADR

203,708

213,387

0.02

30,567

LG Display ADR

156,482

147,333

0.02

30,817

Posco ADR

2,579,911

2,931,005

0.34

8

Samsung Electronics GDR

8,571

11,984

-

20,212

Shinhan Financial Group ADR

536,268

622,125

0.07

4,693

Woori Financial Group ADR

131,156

141,822

0.02

6,552,029

7,216,161

0.83

Taiwan – 0.40% (2022: 6.59%)

767

ChipMOS Technologies Inc ADR

19,229

20,870

-

87,893

Chunghwa Telecom ADR

3,309,781

3,433,979

0.40

3,329,010

3,454,849

0.40

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF INVESTMENTS (CONTINUED)

AS AT 31 DECEMBER 2023

90

Cost

Fair Value

% of Net

Assets

Holdings

Financial assets at fair value through profit or loss

USD

Value

Depositary Receipt – 11.29% (2022: 18.57%)

(Continued)

Thailand – 0.00% (2022:0.00%)

21,800

Origin Property Pcl NVDR ADR

7,429

5,397

-

7,429

5,397

-

United States of America – 0.01% (2022:0.01%)

20,309

Ultrapar Participacoes ADR

109,629

110,075

0.01

109,629

110,075

0.01

Total Depositary Receipts – 11.29%

(2022: 18.57%)

90,087,251

98,030,692

11.29

Warrants – 0.00% (2022: 0.00%)

Thailand – 0.00% (2022: 0.00%)

16,250

Advanced Information TE-NVDR Wts 01/12/2024

-

757

-

11,675

Kiatnakin Bank Pcl NVDR Wts 03/17/2024

-

144

-

11,675

Kiatnakin Bank Pcl NVDR Wts 03/17/2026

-

585

-

1,486

-

Total Warrants – 0.00%

-

1,486

-

Total financial assets designated at fair value

through profit or loss*

805,816,638

869,685,747

100.22

Other Net Assets

(1,938,723)

(0.22)

Total Net Assets Attributable to Holders of

Redeemable Participating Shares

867,747,024

100.00

Analysis of Total Assets

Fair Value

USD

% of Total

Assets

*Transferable securities admitted to an official stock exchange listing

or dealt in on another regulated market

869,685,747

99.01

Other current assets

8,688,435

0.99

Total

878,374,182

100.00

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

SCHEDULE OF CHANGES IN INVESTMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

91

The Schedule of Changes in Investments reflect the aggregate purchases of a security exceeding one

percent of the total value of purchases and aggregate disposals of a security greater than one percent of

the total sales for the year. At a minimum the largest 20 purchases and largest 20 sales must be given.

Where there are less than 20 purchases and sales during the year that meets the above criteria, all of the

purchases and sales have been disclosed.

Purchases

Cost

USD

Taiwan Semiconductor Manufacturing

54,048,186

Samsung Electronics

26,388,487

Tencent Holdings

26,274,571

Taiwan Semiconductor Manufacturing ADR

23,730,536

Alibaba Group Holdings

20,736,610

PDD Holdings Inc ADR

20,094,130

Baidu Spon ADR

14,190,605

Vale Spons ADR

13,521,863

SK Hynix Inc

12,270,289

Infosys Spons ADR

9,940,310

Petroleo Brasileiro ADR

9,773,635

Meituan

9,767,762

MediaTek Inc

8,164,940

Saudi Arabian Oil

8,065,934

Xiaomi Corp Cl B

7,191,271

ICICI Bank Spon ADR

7,137,321

Sociedad Quimica y Minera de Chile ADR

6,461,364

Trip.com Group ADR

6,243,524

JD.com Inc

6,229,409

BYD

6,174,736

Sales

Proceeds

USD

Taiwan Semiconductor Manufacturing ADR

(36,759,778)

Infosys Spons ADR

(10,210,367)

PDD Holdings Inc ADR

(10,093,482)

Petroleo Brasileiro ADR

(8,503,132)

Baidu Spon ADR

(8,109,742)

Trip.com Group ADR

(6,595,672)

Yum China Holdings Inc (NYSE)

(4,948,382)

Sociedad Quimica y Minera de Chile ADR

(4,889,551)

BYD

(4,622,239)

Fomento Economico Mexicano SAB de CV ADR

(3,868,776)

Southern Copper Corp

(3,866,744)

Tencent Holdings

(3,830,267)

Vale Spons ADR

(3,809,500)

ZTO Express Cayman ADR

(3,746,278)

Shanxi Xinghuacun Fen Wine Factory

(3,689,552)

America Movil SAB de CV ADR

(3,660,287)

ASE Technology Holding ADR

(3,634,049)

Turk Hava Yollari AO

(3,619,559)

Li Auto ADR

(3,536,712)

KE Holdings ADR

(3,458,821)

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

OTHER ADDITIONAL DISCLOSURES (UNAUDITED)

FOR THE YEAR ENDED 31 DECEMBER 2023

92

UCITS V Remuneration Disclosure

The European Union Directive 2014/91/EU as implemented in Ireland by S.I. No. 143/2016 - European

Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations

2016, requires management companies to establish and apply remuneration policies and practices that

promote sound and effective risk management, and do not encourage risk taking which is inconsistent

with the risk profile of the UCITS.

To that effect, Carne Global Fund Managers (Ireland) Limited (“the Manager”), has implemented a

remuneration policy that applies to all UCITS for which the Manager acts as manager (the

“Remuneration Policy”) and covers all staff whose professional activities have a material impact on

the risk profile of the Manager or the UCITS it manages (“Identified Staff of the Manager”). The

Remuneration Policy also applies to all alternative investment funds for which the Manager acts as

alternative investment fund manager. In accordance with the Remuneration Policy, all remuneration

paid to Identified Staff of the Manager can be divided into:

• Fixed remuneration (payments or benefits without consideration of any performance criteria);

and

• Variable remuneration (additional payments or benefits depending on performance or, in certain

cases, other contractual criteria) which is not based on the performance of the UCITS.

The Manager has designated the following persons as Identified Staff of the Manager:

1. The Designated Persons;

2. Each of the Manager’s directors;

3. Head of Compliance;

4. Risk Officer;

5. Head of Anti-Money Laundering and Counter Terrorist Financing Compliance

6. Money Laundering Reporting Officer;

7. Chief Executive Officer;

8. Chief Operating Officer;

9. All members of the investment committee;

10. All members of the risk committee and

11. All members of the valuation committee.

The Manager has a business model, policies, and procedures which by their nature do not promote

excessive risk taking and take account of the nature, scale, and complexity of the Manager and the

UCITS. The Remuneration Policy is designed to discourage risk taking that is inconsistent with the risk

profile of the UCITS and the Manager is not incentivised or rewarded for taking excessive risk.

The Manager has determined not to constitute a separate remuneration committee and for remuneration

matters to be determined through the Manager’s Compliance and AML Committee, a Committee of the

Manager’s Board.

The Manager’s Compliance and AML Committee is responsible for the ongoing implementation of the

Manager’s remuneration matters and will assess, oversee, and review the remuneration arrangements of

the Manager as well as that of the delegates as relevant, in line with the provisions of the applicable

remuneration requirements.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

OTHER ADDITIONAL DISCLOSURES (UNAUDITED)

FOR THE YEAR ENDED 31 DECEMBER 2023

93

UCITS V Remuneration Disclosure (continued)

The Manager employs the majority of staff directly. The Manager’s parent company is Carne Global

Financial Services Limited (“Carne”). In addition, Carne also operates through a shared services

organisational model which provides that Carne employs a number of staff and further enters into inter-

group agreements with other Carne Group entities to ensure such entities are resourced appropriately.

As at 31 December 2023, 12 of the Identified Staff are employed directly by the Manager. The remainder

of the Identified Staff are employees of Carne, or employees of another entity within the Carne Group,

and are remunerated directly based on their contribution to Carne Group as a whole. In return for the

services of each of the Carne Identified Staff, the Manager pays an annual staff recharge to Carne (the

“Staff Recharge”).

The independent non-executive directors of the Manager are paid a fixed remuneration. The Other

Identified Staff members’ remuneration is linked to their overall individual contribution to the Manager

or the Carne Group, with reference to both financial and non-financial criteria and not directly linked to

the performance of specific business units or targets reached or the performance of the UCITS.

The aggregate of the total Staff Recharge, remuneration of the directly employed identified staff of the

Manager and the remuneration of the independent non-executive directors for the year ended 31

December 2023 is €2,424,932 paid to 22

1

Identified Staff for the year ended 31 December 2023.

The Manager has also determined that, on the basis of number of sub-funds / net asset value of the

UCITS relative to the number of sub-funds / assets under management, the portion of this figure

attributable to the UCITS is €7,791.

1

This number represents the number of Identified Staff as at 31 December 2023.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

OTHER ADDITIONAL DISCLOSURES (UNAUDITED) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

94

Securities Financial Transactions Regulations (Unaudited)

The following disclosure follows the requirements of EU Securities Financing Transactions Regulation

(“SFTR”) which came into effect on 12 January 2016.

A Securities Financing Transaction (“SFT”) is defined as per Article 3(11) of the SFTR as:

• A repurchase transaction;

• Securities or commodities lending and securities or commodities borrowing;

• A buy-sell back transaction or sell-buy back transaction; or

• A margin lending transaction.

No SFTs that meet the regulatory definition were held by any of the Sub-Funds as at 31 December 2023.

Total return swaps are also in scope for the SFTR disclosure requirements. None of the Sub-Funds held

total return swaps as at 31 December 2023. There were no securities and commodities on loan as at 31

December 2023.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1

CONNOR, CLARK & LUNN UCITS ICAV

OTHER ADDITIONAL DISCLOSURES (UNAUDITED) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

95

Sustainable Finance Disclosure Regulation ("SFDR" and the EU Taxonomy Regulation

(Unaudited)

The Fund is required to comply with the requirements of Article 6 SFDR and is categorised and referred

to as an Article 6 SFDR fund (the "Article 6 SFDR Fund").

The investments underlying the Article 6 SFDR Fund do not take into account the EU criteria for

environmentally sustainable economic activities.

DocuSign Envelope ID: B78383A0-3257-4CFB-A83C-8B89A908EDE1