# CARMIGNAC PORTFOLIO
## Unconstrained Credit

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 525,745,307.38 |
| --- | --- |
| Securities portfolio at market value | 457,919,446.93 |
| Cost price | 464,458,251.16 |
| Unrealised loss on the securities portfolio | -6,538,804.23 |
| Options purchased at market value | 2,837,224.09 |
| Options purchased at cost | 2,945,432.25 |
| Cash at banks and liquidities | 13,922,853.31 |
| Interest receivable | 5,933,023.84 |
| Brokers receivable | 43,926,974.12 |
| Subscriptions receivable | 1,030,467.64 |
| Unrealised net appreciation on financial futures | 166,332.41 |
| Other assets | 8,985.04 |
| Liabilities | 67,310,183.11 |
| Options sold at market value | 1,462,772.63 |
| Options sold at cost | 1,361,161.65 |
| Brokers payable | 57,378,323.37 |
| Redemptions payable | 5,932,952.14 |
| Unrealised net depreciation on forward foreign exchange contracts | 296,487.16 |
| Unrealised net depreciation on swaps | 1,127,375.82 |
| Other liabilities | 1,112,271.99 |
| Net asset value | 458,435,124.27 |

Key figures relating to the last 3 years
|  | Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 458,435,124.27 | 302,689,899.13 | 20,723,938.78 |
| Class A EUR - Capitalisation Number of shares |  | 567,471 | 424,196 | 45,000 |
| Net asset value per share | EUR | 125.39 | 125.17 | 103.51 |
| Class Income A EUR - Distribution Number of shares |  | 6,683 | 6,683 | 5,000 |
| Net asset value per share | EUR | 117.35 | 118.68 | 100.08 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 11,600 | 1,000 | 0 |
| Net asset value per share | CHF | 101.54 | 101.60 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 114,992 | 107,111 | 10,000 |
| Net asset value per share | USD | 131.84 | 130.45 | 105.88 |
| Class F EUR - Capitalisation Number of shares |  | 1,386,755 | 1,262,280 | 0 |
| Net asset value per share | EUR | 121.34 | 120.91 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 12,174 | 10,092 | 0 |
| Net asset value per share | CHF | 101.86 | 101.71 | 0.00 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F USD Hedged - Capitalisation | 458,435,124.27 | 302,689,899.13 | 20,723,938.78 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 114,285 | 60,275 | 0 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 104.02 | 102.75 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 1,456,637 | 598,401 | 140,000 |
| Net asset value per share | EUR | 129.52 | 128.82 | 104.57 |
| Class W CHF Hedged - Capitalisation Number of shares |  | 33,485 | 1,000 | 0 |
| Net asset value per share | CHF | 102.15 | 101.84 | 0.00 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange listing | 454,119,446.93 | 99.06 |
| --- | --- | --- |
| Bonds | 277,991,573.12 | 60.65 |
| Bermuda | 11,759,379.04 | 2.57 |
| 5,750,000 GEOPARK LTD | 5.5000 20-27 17/01S | USD | 4,442,036.90 | 0.97 |
| 2,900,000 NCL CORPORATION	12.2500 20-24 15/05 | USD | 2,724,035.08 | 0.59 |
| 13,827,134 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 4,593,307.06 | 1.01 |
| Brazil |  | 2,220,956.68 | 0.48 |
| 2,450,000 AEGEA FINANCE SARL 5.75 17-24 10/10S | USD | 2,220,956.68 | 0.48 |
| Canada |  | 5,636,322.51 | 1.23 |
| 1,150,000 CANACOL ENERGY LTD  7.25 18-25 03/05S | USD | 1,040,498.37 | 0.23 |
| 2,000,000 FAIRFAX FINANCIAL HOL 4.625 20-30 29/04S | USD | 1,932,119.48 | 0.42 |
| 8,572,443 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 2,663,704.66 | 0.58 |
| Cayman Islands |  | 11,988,703.63 | 2.62 |
| 3,250,000 BCO BARSIL CAYMAN REGS 9.00 14-XX 18/12S | USD | 2,995,677.33 | 0.66 |
| 1,500,000 ESIC SUKUK LTD 3.939	19-24 30/07S | USD | 1,310,728.75 | 0.29 |
| 3,500,000 GEMS MENASA 7.125	19-26 31/07S | USD | 2,974,462.45 | 0.65 |
| 3,737,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 2,212,620.75 | 0.48 |
| 5,900,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 2,495,214.35 | 0.54 |
| Czech Republic |  | 5,698,073.00 | 1.24 |
| 5,000,000 SAZKA GROUP A.S	3.875 20-27 15/02S | EUR | 4,531,775.00 | 0.99 |
| 1,200,000 SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 1,166,298.00 | 0.25 |
| France |  | 22,247,860.45 | 4.85 |
| 1,700,000 AEROPORTS DE PA	1.0000 20-29 05/01A | EUR | 1,674,772.00 | 0.37 |
| 1,700,000 AEROPORTS DE PARIS ADP 1.5 20-32 02/07A | EUR | 1,703,910.00 | 0.37 |
| 10,650,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 11,272,226.25 | 2.46 |
| 1,000,000 ALTICE FRANCE S	8.1250 18-27 01/02S | USD | 974,415.70 | 0.21 |
| 100,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 100,146.50 | 0.02 |
| 3,300,000 FFP	1.8750 19-26 30/10A | EUR | 3,105,069.00 | 0.68 |
| 600,000 IPSOS	2.875 18-25 21/09A | EUR | 570,183.00 | 0.12 |
| 2,800,000 JC DECAUX	2.625 20-28 24/04A | EUR | 2,847,138.00 | 0.62 |
| India |  | 720,626.81 | 0.16 |
| 800,000 RENEW POWER SYNTHETIC 6.67 19-24 12/03S | USD | 720,626.81 | 0.16 |
| Ireland |  | 1,888,788.48 | 0.41 |
| 1,300,000 ASG FINANCE	7.875 19-24 03/12S | USD | 813,126.48 | 0.18 |
| 1,050,000 JAMES HARDIE INTL FIN 3.625 18-26 01/10S | EUR | 1,075,662.00 | 0.23 |
| Italy |  | 7,084,216.53 | 1.55 |
| 3,000,000 ANIMA HOLDING S.P.A. 1.75 19-26 23/10A | EUR | 2,814,870.00 | 0.62 |
| 2,000,000 ATLANTIA SPA	6.25 04-22 09/06A | GBP | 2,245,346.53 | 0.49 |
| 2,000,000 EXOR NV	2.25 20-30 29/04A | EUR | 2,024,000.00 | 0.44 |
| Jersey Island |  | 3,074,200.77 | 0.67 |
| 3,100,000 ASTON MARTIN CAP	5.75 17-22 15/04S | GBP | 3,074,200.77 | 0.67 |
| Liberia |  | 923,184.78 | 0.20 |
| 500,000 ROYAL CARIBBEAN	11.5000 20-25 01/06 | USD | 464,652.98 | 0.10 |
| 500,000 ROYAL CARIBBEAN  10.875 20-23 01/06S | USD | 458,531.80 | 0.10 |
| Luxembourg |  | 21,717,426.09 | 4.74 |
| 1,577,000 ALROSA FINANCE SA	4.65 19-24 09/04S | USD | 1,499,262.74 | 0.33 |
| 3,000,000 ALTICE FRANCE HOLDING 4.0 20-28 15/02S | EUR | 2,716,590.00 | 0.59 |
| 1,500,000 CONTOURGLOBAL	4.125 18-25 26/07S | EUR | 1,546,012.49 | 0.34 |
| 2,500,000 EUROFINS SCIENT	3.7500 20-26 17/07A | EUR | 2,632,550.00 | 0.57 |
| 1,100,000 FS ENERGY AND POWER 7.5  18-23 15/08S | USD | 839,825.49 | 0.18 |
| 2,550,000 MILLICOM INTL CEL 6.25 19-29 25/03S | USD | 2,429,271.47 | 0.53 |
| 1,200,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,067,226.00 | 0.23 |
| 2,670,000 MOTION FINCO SARL	7.00 20-25 15/05S | EUR | 2,753,584.35 | 0.60 |
| 4,750,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 3,735,737.65 | 0.82 |
| 2,150,000 ULTRAPAR INTERN	5.25 19-29 06/06S | USD | 1,949,404.80 | 0.43 |
| 300,000 VTR COMUNICACIO	5.1250 20-28 15/01S | USD | 272,751.19 | 0.06 |
| 300,000 VTR FINANCE BV	6.3750 20-28 15/07S | USD | 275,209.91 | 0.06 |
| Mauritius |  | 1,395,764.60 | 0.30 |
| 1,700,000 BAYPORT MANAGEMENT  11.5 19-20 14/12S | USD | 1,395,764.60 | 0.30 |
| Mexico |  | 6,633,222.19 | 1.45 |
| 3,000,000 BANCO SANTANDER	5.375 20-25 17/04S | USD | 2,924,168.63 | 0.64 |
| 1,800,000 GFB  5.875	19-34 13/09S | USD | 1,572,217.43 | 0.34 |
| 2,500,000 PLA ADMINISTRAD	4.9620 19-29 18/07S | USD | 2,136,836.13 | 0.47 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| Norway |  | 7,529,702.64 | 1.64 |
| 4,200,000 AKER BP	4.75 19-24 15/06S | USD | 3,778,635.09 | 0.82 |
| 4,470,000 EXPLORER II AS	3.375 20-25 24/02S | EUR | 3,751,067.55 | 0.82 |
| Panama |  | 17,753,333.75 | 3.87 |

| 18,400,000 CARNIVAL CORP	11.5 20-23 01/04S | USD | 17,753,333.75 | 3.87 |
| --- | --- | --- | --- |
| Peru |  | 1,757,752.75 | 0.38 |
| 2,000,000 CAMPOSOL SA | 6.0000 20-27 03/02S | USD | 1,757,752.75 | 0.38 |
| Romania |  |  | 5,131,356.25 | 1.12 |
| 2,750,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 2,772,618.75 | 0.61 |
| 2,500,000 RCS & RDS SA	3.25 20-28 05/02S | EUR | 2,358,737.50 | 0.51 |
| Singapore |  | 3,374,402.35 | 0.74 |
| 4,000,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 3,374,402.35 | 0.74 |
| Sweden |  | 8,883,073.50 | 1.94 |
| 1,000,000 INTRUM AB	3.00 19-27 15/09A | EUR | 841,875.00 | 0.18 |
| 100,000 INTRUM JUSTITIA AB | 2.75 17-22 15/07S | EUR | 95,428.50 | 0.02 |
| 1,200,000 INTRUM JUSTITIA AB | 3.125 17-24 15/07S | EUR | 1,090,854.00 | 0.24 |
| 7,400,000 SAMHALLSBYGGNAD	1.0000 20-27 12/08A	EUR | 6,854,916.00 | 1.50 |
| The Netherlands | 35,499,691.20 | 7.74 |
| 1,770,000 AIRBUS SE	2.3750 20-40 09/06A | EUR | 1,837,153.80 | 0.40 |
| 2,000,000 HEINEKEN NV	1.7500 20-40 07/05A | EUR | 2,009,910.00 | 0.44 |
| 1,600,000 IHS NL HOLDCO	8.00 19-27 18/09S	USD | 1,454,836.84 | 0.32 |
| 2,700,000 IMCD NV	2.50 18-25 26/03A	EUR | 2,625,655.50 | 0.57 |
| 6,800,000 JAB HOLDINGS	3.375 20-35 17/04A	EUR | 7,891,264.00 | 1.72 |
| 3,500,000 LUKOIL SECURITIES  3.875 20-30 06/05S	USD | 3,253,240.89 | 0.71 |
| 2,000,000 NE PROPERTY BV	1.8750 19-26 09/10A	EUR | 1,864,110.00 | 0.41 |
| 800,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 812,848.00 | 0.18 |
| 1,800,000 NE PROPERTY COOP	1.75 17-24 23/11A	EUR | 1,746,333.00 | 0.38 |
| 800,000 PROSUS NV	3.6800 20-30 21/01S	USD | 749,317.55 | 0.16 |
| 3,000,000 SUMMER BIDCO B.V. | 9 19-25 17/11S | EUR | 2,841,270.00 | 0.62 |
| 1,900,000 SYNGENTA FINANCE | 3.375 20-26 16/04 | EUR | 1,975,268.50 | 0.43 |
| 4,775,000 TEVA PHARMA | 1.625 16-28 15/10A | EUR | 3,908,624.00 | 0.85 |
| 375,000 TEVA PHARMA | 1.875 15-27 31/03A | EUR | 318,133.12 | 0.07 |
| 2,350,000 UNITED GROUP BV	3.625 20-28 15/02A | EUR | 2,211,726.00 | 0.48 |
| Turkey |  | 3,095,781.50 | 0.68 |
| 2,200,000 GLOBAL LIMAN ISLET 8.125 14-21 14/11S	USD | 1,399,859.32 | 0.31 |
| 2,180,000 RONESANS	7.25 18-23 26/04S	USD | 1,695,922.18 | 0.37 |
| United Kingdom | 28,083,749.71 | 6.13 |
| 24,207,000 CARNIVAL PLC | 1.0 19-29 28/10A | EUR | 12,820,148.24 | 2.79 |
| 500,000 EASYJET PLC | 1.125 16-23 18/10A | EUR | 440,890.00 | 0.10 |
| 1,000,000 EASYJET PLC | 1.75 16-23 09/02A | EUR | 902,275.00 | 0.20 |
| 7,486,000 EASYJET PLC | 0.8750 19-25 11/06A | EUR | 6,252,456.92 | 1.36 |
| 3,000,000 INFORMA PLC | 1.2500 19-28 22/04A | EUR | 2,734,770.00 | 0.60 |
| 1,900,000 INFORMA PLC | 1.5000 18-23 05/07A | EUR | 1,870,645.00 | 0.41 |
| 500,000 INTERCONT HOTELS	2.125 16-26 24/08A	GBP | 528,435.10 | 0.12 |
| 3,500,000 KCA DEUTAG	9.625 18-23 01/04S	USD | 1,480,211.90 | 0.32 |
| 2,000,000 KCA DEUTAG UK F	9.8750 17-22 01/04S	USD | 858,095.53 | 0.19 |
| 450,000 KCA DEUTAG UK FINANCE 7.25 14-21 15/05S	USD | 195,822.02 | 0.04 |
| United States of America | 63,894,003.91 | 13.94 |
| 2,000,000 BAKER HUGHES A GE CO 4.486 20-30 01/05S	USD | 2,058,282.51 | 0.45 |
| 3,000,000 BOEING	5.93 20-60 01/05S	USD | 3,172,002.85 | 0.69 |
| 4,198,000 BOEING CO	5.705 20-40 01/05S	USD | 4,277,650.43 | 0.93 |
| 2,000,000 CAMPBELL SOUP CO  3.1250 20-50 24/04S | USD | 1,824,945.02 | 0.40 |
| 1,000,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 648,841.29 | 0.14 |
| 200,000 CGG HOLDING US	7.8750 18-23 01/05S | EUR | 203,284.00 | 0.04 |
| 1,500,000 CGG HOLDING US	9.0000 18-23 01/05S | USD | 1,374,754.04 | 0.30 |
| 900,000 COMPASS DIVERSIF HLD 8  18-26 01/05S | USD | 819,162.53 | 0.18 |
| 680,000 COMPASS GROUP DIVERS 8.0 18-26 01/05S | USD | 619,062.46 | 0.14 |
| 2,000,000 EXPEDIA GROUP I	7.0000 20-25 01/05S	USD | 1,863,954.95 | 0.41 |
| 8,700,000 FORD MOTOR	9.625 20-30 22/04S	USD | 9,217,476.29 | 2.02 |
| 1,000,000 FORTRESS TRANSP	6.5 18-25 01/10S	USD | 810,221.25 | 0.18 |
| 600,000 FORTRESS TRANSPORTATI 6.75 17-22 15/03S	USD | 518,185.47 | 0.11 |
| 200,000 KOSMOS ENERGY L	7.1250 19-26 04/04S | USD | 158,928.02 | 0.03 |
| 1,000,000 LEVEL 3 FINANCING INC 4.25 20-28 01/07S | USD | 891,123.18 | 0.19 |
| 4,000,000 LYB INTERNATIONAL FIN 4.2 20-50 01/05S | USD | 3,861,639.14 | 0.84 |
| 3,000,000 MURPHY OIL CORP	5.75 17-25 15/08S	USD | 2,428,740.60 | 0.53 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 6,110,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 4,853,727.64 | 1.06 |
| --- | --- | --- | --- |
| 3,300,000 MURPHY OIL CORP	6.125 12-42 01/12S | USD | 2,288,095.98 | 0.50 |
| 3,330,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 3,425,354.55 | 0.75 |
| 2,000,000 ONEOK INC.	7.15 20-51 15/01S | USD | 2,161,064.86 | 0.47 |
| 167,000 ORACLE CORP	3.6 20-50 01/04S	USD | 167,970.94 | 0.04 |
| 2,300,000 PERSHING SQUARE HO  5.50 15-22 15/07U	USD | 2,165,368.56 | 0.47 |
| 3,000,000 PROLOGIS	1.625 20-32 17/06A	EUR | 3,136,140.00 | 0.68 |
| 4,850,000 STANDARD INDUST	2.2500 19-26 21/11A	EUR | 4,586,499.50 | 1.00 |
| 3,000,000 STARBUCKS CORP	3.5 20-50 15/11S	USD | 2,835,729.87 | 0.62 |
| 4,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S	USD | 3,525,797.98 | 0.77 |
| Floating rate bonds | 94,871,369.69 | 20.69 |
| Bermuda | 525,459.14 | 0.11 |
| 1,604,451 SEADRILL NEW FINANCE FL.R 18-25 15/07S	USD | 525,459.14 | 0.11 |
| Cayman Islands | 156,643.37 | 0.03 |
| 200,000 BCO DO BRASIL CAYMAN FL.R 13-XX 15/04S	USD | 156,643.37 | 0.03 |
| France | 25,934,904.76 | 5.67 |
| 5,800,000 ACCOR SA | FL.R 19-XX 31/12A | EUR | 4,780,070.00 | 1.04 |
| 1,000,000 ACCOR SA | FL.R 19-XX 31/01A | EUR | 917,000.00 | 0.20 |
| 1,500,000 BNP PARIBAS SUB	FL.R 15-XX 17/06S | EUR | 1,541,865.00 | 0.34 |
| 2,400,000 CNP ASSURANCES	2.5 20-51 30/06A | EUR | 2,389,032.00 | 0.52 |
| 1,300,000 CREDIT AGRICOLE SA  FL.R 19-XX 23/03S | USD | 1,199,393.67 | 0.26 |
| 3,125,000 EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 2,995,125.00 | 0.65 |
| 1,850,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 1,811,964.00 | 0.40 |
| 5,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 5,263,440.00 | 1.16 |
| 500,000 ORANGE SA FL.R	19-XX 15/04A | EUR | 507,720.00 | 0.11 |
| 4,700,000 RCI BANQUE SA	FL.R 19-30 18/02A | EUR | 4,304,777.00 | 0.94 |
| 250,000 SOCIETE GENERALE REGS FL.R 18-XX 04/04S	USD | 224,518.09 | 0.05 |
| Germany | 5,143,950.00 | 1.12 |
| 3,000,000 ALLIANZ SE	FL.R 20-50 08/07A	EUR | 3,052,590.00 | 0.66 |
| 2,000,000 MERCK KGAA | FL.R 19-79 25/06A | EUR | 2,091,360.00 | 0.46 |
| Hungary |  |  | 1,933,340.00 | 0.42 |
| 2,000,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 1,933,340.00 | 0.42 |
| Ireland |  | 1,626,122.45 | 0.35 |
| 200,000 BANK OF IRELAND GR FL.R 17-27 19/09S | USD | 174,872.45 | 0.04 |
| 1,500,000 BANK OF IRELAND GROUP FL.R 19-29 14/10A | EUR | 1,451,250.00 | 0.31 |
| Israel | 1,520,411.34 | 0.33 |
| 1,750,000 BANK LEUMI LE-ISRAEL FL.R 20-31 29/01S	USD | 1,520,411.34 | 0.33 |
| Italy | 9,534,925.34 | 2.08 |
| 4,000,000 ENEL 144A SUB	FL.R 13-73 24/09S	USD | 4,066,420.34 | 0.88 |
| 1,500,000 FINECO BANK SPA	FL.R 19-XX 03/12S	EUR | 1,490,550.00 | 0.33 |
| 3,000,000 INTESA SANPAOLO | FL.R 20-XX 31/12S | EUR | 2,424,600.00 | 0.53 |
| 1,500,000 UNICREDIT SPA FL.R | 19-29 20/02A | EUR | 1,553,355.00 | 0.34 |
| Luxembourg |  | 836,669.16 | 0.18 |
| 851,000 CPI PROPERTY GROUP  FLR 19-XX 31/12A | EUR | 836,669.16 | 0.18 |
| Mexico |  | 1,947,981.13 | 0.42 |
| 2,300,000 BANCO MERCANTILE DEL FL.R 19-XX 31/12Q | USD | 1,947,981.13 | 0.42 |
| Sweden |  | 9,505,515.20 | 2.07 |
| 6,120,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 5,648,515.20 | 1.23 |
| 3,800,000 SSB I NORDEN FL.R	19-49 31/12A | EUR | 3,857,000.00 | 0.84 |
| Switzerland | 201,502.00 | 0.04 |
| 200,000 CREDIT SUISSE	FL.R 13-25 18/09A	EUR | 201,502.00 | 0.04 |
| The Netherlands | 14,317,928.00 | 3.12 |
| 5,500,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 5,361,015.00 | 1.17 |
| 1,000,000 COOP RABOBANK FL.R 19-XX 29/06S | EUR | 921,900.00 | 0.20 |
| 700,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 709,919.00 | 0.15 |
| 1,300,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 1,296,906.00 | 0.28 |
| 2,200,000 TELEFONICA EUROPE BV FL.R 20-XX 02/05A | EUR | 2,088,108.00 | 0.46 |
| 4,000,000 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 3,940,080.00 | 0.86 |
| Turkey | 1,680,726.08 | 0.37 |
| 1,750,000 YAPI	FL.R  19-99 15/01S	USD | 1,680,726.08 | 0.37 |
| United Kingdom | 17,588,041.72 | 3.85 |
| 1,500,000 AVIVA PLC FL.R 20-55 03/06S	GBP | 1,666,155.12 | 0.36 |
| 900,000 BARCLAYS	FL.R 19-99 27/03Q	USD | 836,760.01 | 0.18 |
| 2,400,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A	EUR | 2,416,656.00 | 0.53 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,800,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 2,816,772.00 | 0.61 |
| --- | --- | --- | --- |
| 1,400,000 LEGAL AND GENERAL GROUP FL.R 20-50 01/11S | GBP | 1,587,482.95 | 0.35 |
| 1,500,000 METRO BANK PLC	FL.R 19-25 08/10S | GBP | 1,421,848.18 | 0.31 |
| 3,000,000 NATIONWIDE BUILDING FL.R 20-99 31/12S | GBP | 3,334,818.48 | 0.74 |
| 2,400,000 PHOENIX GROUP HOLDINGS FL.R 20-31 04/09S | USD | 2,154,924.98 | 0.47 |
| 1,300,000 SWISS RE FINANCE (UK) FL.R 20-52 04/06A | EUR | 1,352,624.00 | 0.30 |
| United States of America |  | 2,417,250.00 | 0.53 |
| 2,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 2,417,250.00 | 0.53 |
| Mortgage and asset backed securities |  | 81,256,504.12 | 17.72 |
| Ireland |  | 42,142,730.78 | 9.19 |
| 1,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 961,427.30 | 0.21 |
| 2,200,000 AURIUM CLO VI DAC	4.31 20-32 22/11Q | EUR | 2,188,340.00 | 0.48 |
| 2,750,000 AVOCA 14X FR	FL.R 17-31 12/01Q | EUR | 2,272,985.55 | 0.50 |
| 2,500,000 BAIN CAPITAL EURO CLO FL.R 17-30 17/10Q | EUR | 2,313,078.75 | 0.50 |
| 500,000 BOPHO 3X B	FL.R 17-27 15/04Q | EUR | 498,960.10 | 0.11 |
| 4,000,000 CIFCE 1X B1 FL.R	19-32 15/07Q | EUR | 4,007,941.60 | 0.88 |
| 3,750,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 3,444,466.87 | 0.75 |
| 3,200,000 HALCYON	FL.R 18-31 18/10Q | EUR | 3,173,301.44 | 0.69 |
| 2,600,000 HARVEST CLO	FL.R 18-30 22/11Q | EUR | 2,395,257.28 | 0.52 |
| 100,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 96,777.91 | 0.02 |
| 500,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 503,978.35 | 0.11 |
| 2,000,000 HARVEST CLO IX DESIGNATED 17-30 15/02Q | EUR | 1,529,431.40 | 0.33 |
| 100,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 96,939.12 | 0.02 |
| 1,500,000 HENLEY CLO II DAC  FL.R 20-32 15/12Q | EUR | 1,380,000.00 | 0.30 |
| 1,000,000 HENLEY FUNDING LTD. FL.R 20-32 15/12Q | EUR | 880,000.00 | 0.19 |
| 2,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 1,918,465.00 | 0.42 |
| 2,630,500 MADISON PARK EURO FUN FL.R 20-32 25/11Q | EUR | 2,649,576.12 | 0.58 |
| 2,000,000 NEWHAVEN CLO	FL.R 17-30 15/02Q | EUR | 1,725,685.60 | 0.38 |
| 2,000,000 NEWHAVEN CLO LIMITED FL.R 17-30 15/02Q | EUR | 1,917,697.60 | 0.42 |
| 2,000,000 RYE HARBOUR ABS	FL.R 17-31 21/04Q | EUR | 1,895,991.60 | 0.41 |
| 1,250,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,164,513.00 | 0.25 |
| 1,000,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 730,197.80 | 0.16 |
| 550,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 544,794.80 | 0.12 |
| 1,800,000 TORO EUROPEAN CLO  FL.R 17-30 15/04Q | EUR | 1,362,501.00 | 0.30 |
| 2,500,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 2,394,161.00 | 0.52 |
| 100,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 96,261.59 | 0.02 |
| Luxembourg |  | 11,144,796.23 | 2.43 |
| 1,800,000 BBAM EUROPEAN CLO	20-33 22/01Q | EUR | 1,764,000.00 | 0.38 |
| 3,000,000 BBAM EUROPEAN CLO	20-33 22/01Q | EUR | 3,000,000.00 | 0.65 |
| 2,500,000 HENLEY CLO II DAC  FL.R 20-32 15/12Q | EUR | 2,425,000.00 | 0.53 |
| 3,950,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 3,955,796.23 | 0.87 |
| Morocco |  | 8,851,397.74 | 1.93 |
| 3,125,000 OCP EURO CLO	FL.R 20-33 22/01Q | EUR | 3,125,000.00 | 0.68 |
| 2,000,000 OCP EURO CLO	FL.R 2 0-33 22/01Q | EUR | 1,860,000.00 | 0.41 |
| 1,000,000 OCP EURO CLO 2017-2 FL.R 19-30 20/04Q | EUR | 930,692.00 | 0.20 |
| 2,200,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 2,024,532.62 | 0.44 |
| 960,482 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 911,173.12 | 0.20 |
| The Netherlands |  | 19,117,579.37 | 4.17 |
| 1,500,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,456,792.80 | 0.32 |
| 1,500,000 DRYD 2017-27X E	FL.R 17-30 15/05Q | EUR | 1,402,610.70 | 0.31 |
| 1,000,000 DRYDEN XXVII ABS FL.R  17-30 24/05Q | EUR | 985,792.80 | 0.22 |
| 1,500,000 DRYDEN 2017	FL.R 17-30 24/05Q | EUR | 1,443,508.05 | 0.31 |
| 1,000,000 HALCYON LOAN ADVISORS 1.9 18-31 18/10Q | EUR | 967,639.20 | 0.21 |
| 2,000,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 1,977,874.20 | 0.43 |
| 3,500,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 3,412,429.30 | 0.74 |
| 1,050,000 JUBILEE CDO BV 1.85 18-29 15/12Q | EUR | 1,039,469.55 | 0.23 |
| 3,200,000 TIKEH 5X B1	FL.R 19-32 15/04Q | EUR | 3,230,472.32 | 0.70 |
| 3,000,000 TIKEHAU	17-28 04/08Q | EUR | 2,803,667.70 | 0.61 |
| 500,000 TIKEHAU	FLR  17-30 09/11Q | EUR | 397,322.75 | 0.09 |
| Other transferable securities | 3,800,000.00 | 0.83 |
| Mortgage and asset backed securities | 3,800,000.00 | 0.83 |
| Luxembourg | 3,800,000.00 | 0.83 |
| 3,800,000 HARVT II | FL.R 20-33 15/07Q | EUR | 3,800,000.00 | 0.83 |

Total securities portfolio	
457,919,446.93	99.89
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 8,054,551.94 |
| --- | --- |
| Net interest on bonds | 7,864,910.53 |
| Bank interest on cash account | 3,500.47 |
| Interest on swaps | 158,434.68 |
| Securities lending income | 27,706.26 |
| Expenses | 3,342,880.90 |
| Management fees | 1,379,825.44 |
| Performance fees | 713,812.30 |
| Bank interest on overdrafts | 76,514.33 |
| Transaction fees | 7,726.28 |
| Interest on swaps | 799,015.11 |
| Operating and establishment fees | 365,987.44 |
| Net income from investments | 4,711,671.04 |
| Net realised profit / loss on: - sales of investment securities | 6,240,977.43 |
| - options | -231,120.00 |
| - forward foreign exchange contracts | 3,825,129.18 |
| - financial futures | -146,020.09 |
| - swaps | 3,549,463.35 |
| - foreign exchange | 125,296.27 |
| Net realised profit | 18,075,397.18 |
| Movement in net unrealised appreciation / depreciation on: - investments | -14,043,470.87 |
| - options | 446,820.86 |
| - forward foreign exchange contracts | -1,311,344.89 |
| - financial futures | 166,332.41 |
| - swaps | 5,140,841.53 |
| Increase in net assets as a result of operations | 8,474,576.22 |
| Dividends paid | -10,023.81 |
| Subscription capitalisation shares | 251,189,697.82 |
| Redemption capitalisation shares | -103,909,025.09 |
| Increase in net assets | 155,745,225.14 |
| Net assets at the beginning of the period | 302,689,899.13 |
| Net assets at the end of the period | 458,435,124.27 |

Translation (ENFR, 2020-06-30):
# CARMIGNAC PORTFOLIO
## Combiné

### Etats financiers au 30/06/20

##### Etat des actifs nets au 30/06/20
Exprimé en EUR
| Actifs | 8.621.948.141,81 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 7.909.550.537,46 |
| Coût | 7.696.508.256,60 |
| Plus-value non réalisée sur portefeuille titres | 213.042.280,86 |
| Options achetées à la valeur d'évaluation | 33.879.213,07 |
| Options achetées au coût d’acquisition | 19.513.490,76 |
| Avoirs bancaires et liquidités | 375.007.246,21 |
| Intérêts à recevoir | 53.864.813,53 |
| Brokers à recevoir | 200.883.721,89 |
| Souscriptions à recevoir | 30.912.688,31 |
| Dividendes à recevoir | 2.210.086,19 |
| Plus-value nette non réalisée sur contrats de change à terme | 1.667.847,62 |
| Plus-value nette non réalisée nette sur instruments financiers à terme | 2.982.506,53 |
| Plus-value non réalisée nette sur swaps | 10.624.091,04 |
| Autres actifs | 365.389,96 |
| Passifs | 314.976.498,45 |
| Options vendues à la valeur d'évaluation | 6.184.101,09 |
| Options vendues au coût d'acquisition | 7.732.458,47 |
| Découverts bancaires | 53.484.051,60 |
| Brokers à payer | 155.225.437,49 |
| Rachats à payer | 39.711.476,55 |
| Moins-value non réalisée nette sur contrats de change à terme | 5.679.909,31 |
| Moins-value non réalisée nette sur instruments financiers à terme | 2.831.935,56 |
| Moins-value non réalisée nette sur swaps | 5.632.143,85 |
| Autres passifs | 46.227.443,00 |
| Valeur nette d’inventaire | 8.306.971.643,36 |


##### Etat des opérations et des changements des actifs nets du 01/01/20 au 30/06/20
Exprimé en EUR
| Revenus | 92.242.680,89 |
| --- | --- |
| Dividendes nets | 18.097.229,97 |
| Intérêts sur obligations | 61.071.047,66 |
| Intérêts bancaires sur comptes courants | 534.347,87 |
| Autres revenus financiers | 1.150.228,99 |
| Intérêts sur swaps | 10.956.610,33 |
| Revenu des prêts de titres | 433.216,07 |
| Dépenses | 101.456.877,76 |
| Commissions de gestion | 34.162.502,39 |
| Frais de gestion variables | 31.090.757,00 |
| Intérêts bancaires | 3.358.039,60 |
| Frais de transactions | 6.138.320,87 |
| Charges pour dividendes | 1.608.813,70 |
| Intérêts sur swaps | 16.489.794,90 |
| Frais de fonctionnement et d'établissement | 8.608.649,30 |
| Perte nette sur investissements | -9.214.196,87 |
| Bénéfice/perte net(te) réalisé(e) sur : |  |
| - sur ventes d’investissements en titres | 3.288.340,28 |
| - options | 3.634.470,51 |
| - contrats de change à terme | 45.363.478,87 |
| Produits sur instruments financiers à terme | -21.013.212,25 |
| - swaps | 14.702.271,76 |
| - change | -13.557.262,29 |
| Bénéfice net réalisé | 23.203.890,01 |
| Variation de la plus-value/moins-value non réalisée nette sur : |  |
| placements | -40.499.408,37 |
| - options | 16.083.022,14 |
| - contrats de change à terme | -10.605.083,51 |
| Produits sur instruments financiers à terme | -758.490,01 |
| - swaps | 17.705.401,12 |
| Augmentation des actifs nets issue du résultat d’exploitation | 5.129.331,38 |
| Dividendes versés | -5.275.885,02 |
| Émission d'actions | 2.447.480.746,44 |
| Souscription d'actions de distribution | 47.749.382,08 |
| Rachat d'actions | -2.371.340.066,87 |
| Rachat d’actions de distribution | -62.697.968,31 |
| Augmentation des actifs nets | 61.045.539,70 |
| Actifs nets, début de la période | 8.245.926.103,66 |
| Actifs nets à la fin de la période | 8.306.971.643,36 |