# CARMIGNAC PORTFOLIO
## Family Governed

#### Financial Statements as at 30/06/21

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 30,712,734.31 |
| --- | --- |
| Securities portfolio at market value | 28,300,096.14 |
| Cost price | 21,015,548.27 |
| Unrealised profit on the securities portfolio | 7,284,547.87 |
| Cash at banks and liquidities | 2,345,472.92 |
| Subscriptions receivable | 61,046.51 |
| Dividends receivable | 6,118.74 |
| Liabilities | 773,848.70 |
| Bank overdrafts | 12.82 |
| Brokers payable | 660,018.10 |
| Other liabilities | 113,817.78 |
| Net asset value | 29,938,885.61 |


###### Key figures relating to the last 3 years
|  | Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 29,938,885.61 | 24,534,485.85 | 20,338,627.03 |
| Class A EUR - Capitalisation Number of shares |  | 177,785 | 169,783 | 162,900 |
| Net asset value per share | EUR | 150.91 | 128.95 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 10,168 | 10,127 | 10,001 |
| Net asset value per share | EUR | 152.85 | 130.27 | 111.58 |
| Class W EUR - Capitalisation Number of shares |  | 10,116 | 10,116 | 10,000 |
| Net asset value per share | EUR | 153.73 | 130.61 | 111.58 |

Securities portfolio as at 30/06/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing	 28,300,096.14 | 94.53 |
| --- | --- |
| Shares | 28,300,096.14 | 94.53 |

| Cayman Islands |  | 1,697,911.89 | 5.67 |
| --- | --- | --- | --- |
| 16,428 MINISO GROUP HOLDING LTD-ADR | USD | 287,999.09 | 0.96 |
| 26,800 SHENZHOU INTERNATIONAL GROUP | HKD | 570,658.56 | 1.91 |
| 289,000 SINO BIOPHARMA | HKD | 239,120.47 | 0.80 |
| 38,840 WUXI BIOLOGICS | HKD | 600,133.77 | 2.00 |
| China |  | 177,892.64 | 0.59 |
| 7,300 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 177,892.64 | 0.59 |
| Denmark |  | 1,510,727.36 | 5.05 |
| 9,014 DEMANT A/S | DKK | 427,896.05 | 1.43 |
| 12,239 NOVO NORDISK | DKK | 864,732.98 | 2.89 |
| 3,431 NOVOZYMES -B- | DKK | 218,098.33 | 0.73 |
| Finland |  | 415,552.00 | 1.39 |
| 6,040 KONE -B- | EUR | 415,552.00 | 1.39 |
| France |  | 5,237,355.46 | 17.50 |
| 1,740 DASSAULT SYSTEMES SA | EUR | 355,830.00 | 1.19 |
| 5,079 ESSILORLUXOTTICA SA | EUR | 790,495.56 | 2.64 |
| 836 HERMES INTERNATIONAL SA | EUR | 1,027,026.00 | 3.43 |
| 1,702 L'OREAL SA | EUR | 639,611.60 | 2.14 |
| 1,348 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 891,432.40 | 2.98 |
| 1,670 PERNOD RICARD SA | EUR | 312,624.00 | 1.04 |
| 7,933 SODEXO SA | EUR | 624,327.10 | 2.09 |
| 10,095 UBISOFT ENTERTAINMENT | EUR | 596,008.80 | 1.99 |
| Germany |  | 1,090,737.20 | 3.64 |
| 3,038 HENKEL AG & CO KGAA | EUR | 270,503.52 | 0.90 |
| 6,902 SAP AG | EUR | 820,233.68 | 2.74 |
| Hong Kong |  | 530,061.35 | 1.77 |
| 36,000 TECHTRONIC INDUSTRIES CO LTD | HKD | 530,061.35 | 1.77 |
| India |  | 291,738.25 | 0.97 |
| 7,690 AVENUE SUPER REGISTERED | INR | 291,738.25 | 0.97 |
| Japan |  | 630,072.01 | 2.10 |
| 3,000 CHUGAI PHARMACEUTICAL | JPY | 100,331.97 | 0.34 |
| 2,100 NITORI | JPY | 313,668.46 | 1.04 |
| 800 SYSMEX | JPY | 80,229.11 | 0.27 |
| 4,000 UNI CHARM | JPY | 135,842.47 | 0.45 |
| Switzerland |  | 2,207,859.61 | 7.38 |
| 6,164 GARMIN | USD | 751,801.13 | 2.52 |
| 565 PARTNERS GROUP HLDG NAMEN AKT | CHF | 722,356.78 | 2.41 |
| 856 ROCHE HOLDING LTD | CHF | 272,175.52 | 0.91 |
| 343 STRAUMANN HOLDING REG | CHF | 461,526.18 | 1.54 |
| The Netherlands |  | 702,011.60 | 2.34 |
| 192 ADYEN --- PARTS SOCIALES | EUR | 395,616.00 | 1.32 |
| 2,998 HEINEKEN NV | EUR | 306,395.60 | 1.02 |
| United States of America |  | 13,808,176.77 | 46.13 |
| 595 ALPHABET INC -A- | USD | 1,225,115.99 | 4.09 |
| 548 AMAZON.COM INC | USD | 1,589,685.20 | 5.32 |
| 3,299 CINTAS | USD | 1,062,668.02 | 3.55 |
| 5,601 CONSTELLATION BRANDS INC -A- | USD | 1,104,661.35 | 3.69 |
| 9,377 COPART INC | USD | 1,042,389.67 | 3.48 |
| 5,331 DANAHER CORP | USD | 1,206,364.08 | 4.03 |
| 3,751 ESTEE LAUDER COMPANIES INC -A- | USD | 1,006,086.58 | 3.36 |
| 3,826 FACEBOOK -A- | USD | 1,121,796.49 | 3.75 |
| 1,449 LENNOX INTL | USD | 428,627.37 | 1.43 |
| 7,502 MARRIOTT INTERNATIONAL -A- | USD | 863,625.13 | 2.88 |
| 2,643 MASTERCARD INC -A- | USD | 813,671.36 | 2.72 |
| 11,001 PAYCHEX INC | USD | 995,368.33 | 3.32 |
| 4,809 SS C TECHNOLOGIERS HOLDINGS | USD | 292,213.96 | 0.98 |
| 4,027 VEEVA SYSTEMS -A- | USD | 1,055,903.24 | 3.53 |

Total securities portfolio	
28,300,096.1494.53

###### Statement of operations and changes in net assets from 01/01/21 to 30/06/21
Expressed in EUR
| Income | 111,337.18 |
| --- | --- |
| Net dividends | 111,337.18 |
| Expenses | 320,694.83 |
| Management fees | 189,608.42 |
| Performance fees | 70,779.53 |
| Bank interest on overdrafts | 3,213.47 |
| Transaction fees | 17,304.46 |
| Operating and establishment fees | 39,788.95 |
| Net loss from investments | (209,357.65) |
| Net realised profit / loss on: - sales of investment securities | 1,793,835.72 |
| - financial futures | 65,047.15 |
| - foreign exchange | (318,361.36) |
| Net realised profit | 1,331,163.86 |
| Movement in net unrealised appreciation / depreciation on: - investments | 2,961,829.88 |
| Increase in net assets as a result of operations | 4,292,993.74 |
| Subscription capitalisation shares | 1,325,650.75 |
| Redemption capitalisation shares | (214,244.73) |
| Increase in net assets | 5,404,399.76 |
| Net assets at the beginning of the period | 24,534,485.85 |
| Net assets at the end of the period | 29,938,885.61 |

Translation (ENDE, 2021-06-30):
# CARMIGNAC PORTFOLIO
## Konsolidiert

#### Abschluss zum 30.06.2021

###### Aufstellung des Nettovermögens zum 30.06.2021
Ausgedrückt in EUR
| Aktiva | 13.149.490.262,90 |
| --- | --- |
| Wertpapierportfolio zum Bewertungskurs | 11.694.212.488,64 |
| Anschaffungskosten | 10.913.684.805,46 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio | 780.527.683,18 |
| Zum Bewertungskurs erworbene Optionen | 23.433.358,70 |
| Zum Einstandspreis erworbene Optionen | 26.662.421,68 |
| Bankguthaben und liquide Mittel | 951.158.249,12 |
| Zinsforderungen | 57.853.894,24 |
| Forderungen gegenüber Brokern | 219.933.023,84 |
| Forderungen aus Zeichnungen | 192.335.429,44 |
| Dividendenforderungen | 2.176.351,73 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | 1.667.847,62 |
| Nicht realisierter Nettogewinn aus Futures | 237.266,23 |
| Nicht realisierter Nettogewinn aus Swaps | 4.209.453,39 |
| Sonstige Aktiva | 1.141.244,01 |
| Passiva | 777.310.797,87 |
| Zum Bewertungskurs verkaufte Optionen | 12.087.218,05 |
| Zum Einstandspreis verkaufte Optionen | 15.401.313,38 |
| Kontoüberziehungen | 98.574.660,55 |
| Verbindlichkeiten gegenüber Brokern | 414.058.426,21 |
| Verbindlichkeiten aus Rücknahmen | 107.523.320,84 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | 29.661.082,62 |
| Nicht realisierter Nettoverlust aus Futures | 11.765.200,57 |
| Nicht realisierter Nettoverlust aus Swaps | 67.706.325,22 |
| Sonstige Passiva | 35.934.563,81 |
| Nettoinventarwert | 12.372.179.465,03 |


###### Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2021 bis 30.06.2021
Ausgedrückt in EUR
| Erträge | 114.524.076,87 |
| --- | --- |
| Nettodividenden | 22.535.782,60 |
| Nettozinsen aus Anleihen | 80.326.116,97 |
| Bankzinsen aus Sichteinlagen | 256.502,92 |
| Sonstige Finanzerträge | 1.948.419,92 |
| Zinsen aus Swapverträgen | 9.393.535,06 |
| Erträge aus Wertpapierleihe | 63.719,40 |
| Aufwand | 105.772.440,46 |
| Verwaltungsgebühren | 47.333.492,70 |
| Performancegebühren | 12.235.758,25 |
| Überziehungszinsen | 3.544.279,77 |
| Transaktionskosten | 6.896.184,15 |
| Dividendenaufwand | 1.543.766,54 |
| Zinsen aus Swapverträgen | 20.849.922,15 |
| Betriebs- und Gründungskosten | 13.369.036,90 |
| Nettoertrag aus Anlagen | 8.751.636,41 |
| Realisierter Nettogewinn/-verlust aus: - Wertpapierverkäufen | 378.987.776,60 |
| - Optionen | 13.900.184,68 |
| - Devisenterminkontrakten | (8.220.805,64) |
| - Futures | (36.460.151,65) |
| - Swaps | 90.450.247,38 |
| - Wechselkursgeschäften | (45.965.371,15) |
| Realisierter Nettogewinn | 401.443.516,63 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: - Anlagen | 88.440.067,37 |
| - Optionen | (1.033.462,86) |
| - Devisenterminkontrakten | (33.086.594,64) |
| - Futures | (1.936.490,25) |
| - Swaps | (56.656.482,91) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung | 397.170.553,34 |
| Ausgeschüttete Dividenden | (4.441.137,03) |
| Zeichnungen von thesaurierenden Aktien | 4.566.890.449,80 |
| Zeichnungen von ausschüttenden Aktien | 91.883.949,47 |
| Rücknahmen von thesaurierenden Aktien | (2.558.694.657,11) |
| Rücknahmen von ausschüttenden Aktien | (46.964.378,08) |
| Zunahme des Nettovermögens | 2.445.844.780,39 |
| Nettovermögen zu Beginn des Berichtszeitraums | 9.926.334.684,64 |
| Nettovermögen am Ende des Berichtszeitraums | 12.372.179.465,03 |