# CARMIGNAC PORTFOLIO
## Patrimoine

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 1,364,734,775.02 |
| --- | --- |
| Securities portfolio at market value | 1,291,937,685.58 |
| Cost price | 1,198,504,306.48 |
| Unrealised profit on the securities portfolio | 93,433,379.10 |
| Options purchased at market value | 1,130,081.19 |
| Options purchased at cost | 1,775,205.79 |
| Cash at banks and liquidities | 61,694,585.10 |
| Interest receivable | 5,433,307.64 |
| Brokers receivable | 1,294,961.05 |
| Subscriptions receivable | 925,453.81 |
| Dividends receivable | 255,992.85 |
| Unrealised net appreciation on swaps | 2,033,384.50 |
| Other assets | 29,323.30 |
| Liabilities | 25,740,654.53 |
| Options sold at market value | 340,544.25 |
| Options sold at cost | 481,309.52 |
| Bank overdrafts | 6,655,544.87 |
| Brokers payable | 6,711,416.64 |
| Redemptions payable | 4,466,934.33 |
| Unrealised net depreciation on forward foreign exchange contracts | 1,615,666.10 |
| Unrealised net depreciation on financial futures | 311,654.98 |
| Other liabilities | 5,638,893.36 |
| Net asset value | 1,338,994,120.49 |

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 | 1,338,994,120.49 | 1,302,344,744.56 | 1,373,758,748.78 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 995,805 | 1,141,555 | 1,150,254 |
| Net asset value per share | EUR | 103.04 | 100.76 | 91.17 |
| Class Income A EUR - Distribution Number of shares |  | 839,543 | 999,569 | 1,519,566 |
| Net asset value per share | EUR | 79.32 | 79.60 | 75.69 |
| Class A EUR Y - Distribution Number of shares |  | 43,388 | 35,592 | 24,483 |
| Net asset value per share | EUR | 100.49 | 98.31 | 89.22 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 23,608 | 24,591 | 123,742 |
| Net asset value per share | CHF | 100.49 | 98.44 | 89.50 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 31,579 | 33,649 | 84,332 |
| Net asset value per share | CHF | 76.11 | 76.47 | 73.07 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 82.19 |

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
1,338,994,120.49	1,302,344,744.56	1,373,758,748.78
| Class A USD Hedged - Capitalisation Number of shares |  | 400,280 | 451,393 | 629,368 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 112.49 | 109.11 | 96.07 |
| Class Income A USD Hedged - Distribution Number of shares |  | 4,406 | 5,080 | 14,122 |
| Net asset value per share | USD | 94.15 | 93.59 | 86.81 |
| Class E EUR - Capitalisation Number of shares |  | 74,013 | 84,095 | 100,698 |
| Net asset value per share | EUR | 100.70 | 98.69 | 89.75 |
| Class Income E EUR - Distribution Number of shares |  | 139,158 | 147,998 | 199,311 |
| Net asset value per share | EUR | 77.32 | 77.79 | 74.24 |
| Class E USD Hedged - Capitalisation Number of shares |  | 28,030 | 31,267 | 51,774 |
| Net asset value per share | USD | 120.29 | 116.93 | 103.47 |
| Class Income E USD Hedged - Distribution Number of shares |  | 123,418 | 148,350 | 223,641 |
| Net asset value per share | USD | 90.75 | 90.42 | 84.13 |
| Class F EUR - Capitalisation Number of shares |  | 8,174,728 | 7,824,736 | 8,770,059 |
| Net asset value per share | EUR | 119.50 | 116.52 | 104.75 |
| Class Income F EUR - Distribution Number of shares |  | 90,113 | 96,888 | 106,157 |
| Net asset value per share | EUR | 82.39 | 82.41 | 77.82 |
| Class F EUR Y - Distribution Number of shares |  | 71,295 | 39,484 | 46,439 |
| Net asset value per share | EUR | 100.57 | 98.45 | 88.76 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 817,148 | 821,025 | 861,656 |
| Net asset value per share | CHF | 114.62 | 111.95 | 101.13 |
| Class F GBP - Capitalisation Number of shares |  | 6,890 | 8,947 | 73,339 |
| Net asset value per share | GBP | 129.78 | 117.95 | 112.32 |
| Class Income F GBP - Distribution Number of shares |  | 0 | 0 | 64 |
| Net asset value per share | GBP | 0.00 | 0.00 | 89.58 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 13,015 | 21,983 | 73,539 |
| Net asset value per share | GBP | 123.52 | 120.50 | 107.28 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 0 | 143 |
| Net asset value per share | GBP | 0.00 | 0.00 | 80.42 |
| Class F USD Hedged - Capitalisation Number of shares |  | 61,171 | 70,188 | 116,198 |
| Net asset value per share | USD | 129.22 | 124.96 | 109.32 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange l | isting	 1,202,503,072.18 | 89.81 |
| --- | --- | --- |
| Shares | 576,206,605.98 | 43.03 |
| Canada |  | 28,316,707.38 | 2.11 |
| 261,954 BARRICK GOLD | USD | 6,283,257.59 | 0.47 |
| 59,960 FRANCO-NEVADA CORP | CAD | 7,433,511.36 | 0.56 |
| 372,257 WHEATON PRECIOUS METAL - REGISTERED | USD | 14,599,938.43 | 1.08 |
| Cayman Islands |  | 62,516,864.00 | 4.66 |
| 76,495 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 5,425,447.80 | 0.41 |
| 577,204 JD COM ADR REPR 2SHS -A- | USD | 30,927,424.40 | 2.30 |
| 59,758 JD.COM INC - CL A | HKD | 1,591,267.54 | 0.12 |
| 277,300 PING AN HEALTHCARE AND TECHNOLOGY COMPAN | HKD | 3,755,756.21 | 0.28 |
| 250,977 TENCENT HLDG | HKD | 14,375,399.31 | 1.07 |
| 395,441 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 6,441,568.74 | 0.48 |
| China |  | 22,863,185.06 | 1.71 |
| 1,214,641 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 15,310,568.72 | 1.15 |
| 3,390,250 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 7,552,616.34 | 0.56 |
| Denmark |  | 7,636,593.23 | 0.57 |
| 74,362 ORSTED | DKK | 7,636,593.23 | 0.57 |
| France |  | 37,802,643.90 | 2.82 |
| 88,556 ESSILORLUXOTTICA SA | EUR | 10,117,523.00 | 0.76 |
| 122,348 SAFRAN | EUR | 10,915,888.56 | 0.82 |
| 126,902 SANOFI | EUR | 11,503,666.30 | 0.85 |
| 68,313 WORLDLINE SA | EUR | 5,265,566.04 | 0.39 |
| Germany |  | 13,324,094.22 | 1.00 |
| 48,790 BAYER AG REG SHS | EUR | 3,209,894.10 | 0.24 |
| 146,966 PUMA AG | EUR | 10,114,200.12 | 0.76 |
| Hong Kong |  | 3,692,381.92 | 0.28 |
| 97,400 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 3,692,381.92 | 0.28 |
| India |  | 11,204,496.44 | 0.84 |
| 891,461 HDFC BANK - REGISTERED SHS | INR | 11,204,496.44 | 0.84 |
| Ireland |  | 6,627,154.88 | 0.49 |
| 81,170 MEDTRONIC HLD | USD | 6,627,154.88 | 0.49 |
| Italy |  | 11,597,303.06 | 0.87 |
| 1,416,378 UNICREDIT -REGISTERD SHARE | EUR | 11,597,303.06 | 0.87 |
| Japan |  | 15,084,764.22 | 1.13 |
| 38,072 NINTENDO CO LTD | JPY | 15,084,764.22 | 1.13 |
| South Korea |  | 15,281,926.24 | 1.14 |
| 391,015 SAMSUNG ELECTRONICS CO LTD | KRW | 15,281,926.24 | 1.14 |
| Spain |  | 13,067,581.26 | 0.98 |
| 46,563 AENA | EUR | 5,527,028.10 | 0.41 |
| 162,582 AMADEUS IT -A- | EUR | 7,540,553.16 | 0.57 |
| Switzerland |  | 11,067,813.15 | 0.83 |
| 115,902 ALCON - REGISTERED SHS | USD | 5,915,062.67 | 0.45 |
| 66,535 NOVARTIS AG REG SHS | CHF | 5,152,750.48 | 0.38 |
| The Netherlands |  | 26,426,827.14 | 1.97 |
| 5,595 ADYEN --- PARTS SOCIALES | EUR | 7,248,322.50 | 0.54 |
| 117,921 ELASTIC NV | USD | 9,681,249.53 | 0.72 |
| 22,158 FERRARI | EUR | 3,364,692.30 | 0.25 |
| 60,398 NXP SEMICONDUCTORS | USD | 6,132,562.81 | 0.46 |
| United States of America |  | 289,696,269.88 | 21.63 |
| 12,758 ALPHABET -A- | USD | 16,107,805.64 | 1.20 |
| 10,808 AMAZON.COM INC | USD | 26,547,946.90 | 1.97 |
| 57,260 ANTHEM | USD | 13,407,144.90 | 1.00 |
| 107,743 BAXTER INTERNATIONAL INC | USD | 8,259,513.24 | 0.62 |
| 16,759 BECTON DICKINSON | USD | 3,570,249.68 | 0.27 |
| 273,530 BLACKSTONE MTG-A | USD | 5,866,836.75 | 0.44 |
| 6,811 BOOKING HLDG | USD | 9,656,259.40 | 0.72 |
| 215,037 BOSTON SCIENTIFIC CORP | USD | 6,722,119.99 | 0.50 |
| 192,982 CENTENE | USD | 10,919,294.93 | 0.82 |
| 125,676 CONSTELLATION BRANDS INC -A- | USD | 19,576,206.38 | 1.46 |
| 11,906 COSTCO WHOLESALE CORP | USD | 3,214,190.68 | 0.24 |
| 38,601 DOLLAR GENERAL | USD | 6,547,546.20 | 0.49 |
| 97,925 FACEBOOK -A- | USD | 19,797,738.28 | 1.47 |
| 134,113 FIDELITY NATIONAL | USD | 16,011,407.35 | 1.20 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 115,648 GODADDY -A- | USD | 7,550,610.19 | 0.56 |
| 154,293 INTERCONEXCH GR INC WI | USD | 12,583,571.92 | 0.94 |
| 27,546 LAMB WESTON HOLDINGS REG WI | USD | 1,567,925.73 | 0.12 |
| 21,941 MASTERCARD INC -A- | USD | 5,776,569.20 | 0.43 |
| 4,589 MERCADOLIBRE | USD | 4,027,688.67 | 0.30 |
| 149,698 MERCK AND CO | USD | 10,306,856.91 | 0.77 |
| 19,522 NETFLIX INC | USD | 7,909,264.91 | 0.59 |
| 347,058 NEWMONT CORPORATION | USD | 19,077,915.61 | 1.42 |
| 62,219 PAYPAL HOLDINGS INC WI | USD | 9,651,797.51 | 0.72 |
| 51,046 PLANET FITNESS INC | USD | 2,752,843.54 | 0.21 |
| 63,666 PROCTER AND GAMBLE CO | USD | 6,777,851.24 | 0.51 |
| 65,210 SALESFORCE COM.INC | USD | 10,876,364.96 | 0.81 |
| 28,335 STRYKER CORP | USD | 4,545,860.88 | 0.34 |
| 96,206 T MOBILE US INC | USD | 8,921,208.12 | 0.67 |
| 262,102 THE KRAFT HEINZ | USD | 7,441,955.91 | 0.56 |
| 71,935 TRADEWEB MKTS/REGSH | USD | 3,723,724.26 | 0.28 |

|  | 479,883,911.29 | 35.84 |
| --- | --- | --- |
| 170,680.21 | 0.01 |
| USD | 170,680.21 | 0.01 |
|  | 5,704,237.47 | 0.43 |

Bonds
Bermuda
513,795 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S
Brazil
| 2.75 15-22 03/06A | EUR | 5,704,237.47 | 0.43 |
| --- | --- | --- | --- |
|  |  | 512,102.73 | 0.04 |

5,721,000 BRF SA REGS
Canada
| 10.00 17-27 01/03S | USD | 512,102.73 | 0.04 |
| --- | --- | --- | --- |
|  |  | 1,046,298.36 | 0.08 |

1,648,070 STONEWAY CAPITAL CORP
Cayman Islands
| 2,474,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S	USD | 1,046,298.36 | 0.08 |
| --- | --- | --- |
| Cyprus | 3,010,082.00 | 0.22 |
| 1,484,000 REPUBLIC OF CYP	2.7500 19-49 03/05A | EUR | 1,839,232.50 | 0.13 |
| 1,150,000 REPUBLIC OF CYPRUS  0.625 19-24 03/12A | EUR | 1,170,849.50 | 0.09 |
| Czech Republic | 726,610.15 | 0.05 |
| 19,240,000 TCHEQUE	0.75 18-21 23/02A | CZK | 726,610.15 | 0.05 |
| France |  | 27,140,959.06 | 2.03 |
| 700,000 AEROPORTS DE PARIS | 2.125 20-26 02/10A | EUR | 752,545.50 | 0.06 |
| 1,300,000 AEROPORTS DE PARIS | 2.75 20-30 02/04A | EUR | 1,477,151.00 | 0.11 |
| 2,188,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 2,315,833.90 | 0.17 |
| 2,585,000 ALTICE FRANCE S	5.8750 18-27 01/02S | EUR | 2,731,091.28 | 0.20 |
| 1,091,000 ALTICE FRANCE S	8.1250 18-27 01/02S | USD | 1,063,087.53 | 0.08 |
| 1,900,000 CAPGEMINI S	2.375 20-32 15/04A | EUR | 2,091,453.50 | 0.16 |
| 1,900,000 CAPGEMINI SE	2.0 20-29 15/04A | EUR | 2,044,428.50 | 0.15 |
| 2,741,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A	EUR | 2,745,015.56 | 0.21 |
| 2,200,000 JC DECAUX | 2.625 20-28 24/04A | EUR | 2,237,037.00 | 0.17 |
| 1,600,000 LA POSTE | 5.3 16-43 01/12S | USD | 1,467,301.79 | 0.11 |
| 1,900,000 LA POSTE | 1.375 20-32 21/04A | EUR | 2,005,535.50 | 0.15 |
| 6,200,000 SOCIETE GENERALE SA 1.125 20-26 21/04A	EUR | 6,210,478.00 | 0.46 |
| Germany | 1,840,440.00 | 0.14 |
| 1,750,000 FRESENIUS SE & CO KGA 1.625 20-27 08/10A	EUR | 1,840,440.00 | 0.14 |
| Greece | 25,287,902.82 | 1.89 |
| 1,809,000 GREECE 3.9 19-29 12/03A	EUR | 2,217,390.80 | 0.17 |
| 16,870,000 HELLENIC REPUBLIC  1.5 20-30 18/06A	EUR | 17,341,938.25 | 1.29 |
| 461 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 638.04 | 0.00 |
| 5,379,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A | EUR | 5,727,935.73 | 0.43 |
| Hungary |  | 1,835,561.00 | 0.14 |
| 1,754,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A | EUR | 1,835,561.00 | 0.14 |
| Ireland |  | 5,550,204.21 | 0.41 |
| 1,283,000 FCA BANK SPA IRELAND 1.25 19-22 21/06A	EUR | 1,278,208.00 | 0.10 |
| 2,206,000 FCA CAPITAL | 1.25 16-21 21/01A | EUR | 2,205,636.01 | 0.16 |
| 2,206,000 RYANAIR DAC | 1.125 17-23 15/08A | EUR | 2,066,360.20 | 0.15 |
| Italy | 123,917,178.78 | 9.25 |
| 2,400,000 ASSICURAZ GENERALI 7.75 12-42 12/12A	EUR | 2,781,768.00 | 0.21 |
| 565,000 ATLANTIA EMTN	2.875 13-21 26/02A	EUR | 561,211.68 | 0.04 |
| 931,000 ATLANTIA SPA | 1.625 17-25 03/02A | EUR | 880,460.67 | 0.07 |
| 1,774,000 ATLANTIA SPA | 6.25 04-22 09/06A | GBP | 1,991,622.38 | 0.15 |
| 6,500,000 BANCA CARIGE CASSA DI 0.75 19-20 26/07U | EUR | 6,495,125.00 | 0.49 |
| 48,983,000 BUONI POLIENNAL	0.3500 19-25 01/02S | EUR | 48,448,350.56 | 3.61 |
| 892,000 INTESA SANPAOLO	5.017 14-24 26/06S	USD | 816,246.91 | 0.06 |
| 1,546,000 INTESA SANPAOLO SP  5.71 16-26 15/01Q	USD | 1,467,010.36 | 0.11 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| 155,000 INTESA SANPAOLO SPA 5.25 14-24 12/01S	USD | 148,909.85 | 0.01 |
| 20,902,000 ITAL BUON ORDI DEL ZCP 14-07-20	EUR | 20,907,818.62 | 1.56 |
| 33,530,000 ITALIE	1.45  25 15-03S	EUR | 34,790,895.65 | 2.59 |
| 4,197,000 UNICREDIT SPA REGS  6.95 12-22 31/10A	EUR | 4,627,759.10 | 0.35 |
| Ivory Coast | 3,283,115.12 | 0.25 |
| 2,483,000 COTE D IVOIRE	6.625 18-48 22/03A	EUR | 2,259,579.66 | 0.17 |
| 1,094,000 IVORY COAST	5.25 18-30 22/03A	EUR | 1,023,535.46 | 0.08 |

| Luxembourg |  |  | 12,250,308.42 | 0.91 |
| --- | --- | --- | --- | --- |
| 561,000 MEDTRONIC GL 0.00 | 19-21 07/03U | EUR | 561,123.42 | 0.04 |
| 10,180,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A	EUR | 11,689,185.00 | 0.87 |
| Mexico | 27,560,215.84 | 2.06 |
| 3,200,000 BANCO SANTANDER	5.375 20-25 17/04S	USD | 3,119,113.21 | 0.23 |
| 1,678,000 PEMEX	2.75 15-27 21/04A	EUR | 1,327,373.51 | 0.10 |
| 5,452,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 4,811,090.14 | 0.36 |
| 4,640,000 PETROLEOS MEXIC	6.9500 20-60 28/01S | USD | 3,177,459.11 | 0.24 |
| 3,485,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 2,947,613.00 | 0.22 |
| 9,333,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 8,124,796.48 | 0.61 |
| 5,482,000 PETROLEOS MEXICANOS 7.69 19-50 23/01S | USD | 4,052,770.39 | 0.30 |
| Norway |  | 1,441,279.38 | 0.11 |
| 1,602,000 AKER BP	4.75 19-24 15/06S | USD | 1,441,279.38 | 0.11 |
| Panama |  | 5,187,060.99 | 0.39 |
| 5,376,000 CARNIVAL CORP	11.5 20-23 01/04S | USD | 5,187,060.99 | 0.39 |
| Qatar |  | 2,335,503.75 | 0.17 |
| 2,298,000 STATE OF QATAR	3.75 20-30 16/04S | USD | 2,335,503.75 | 0.17 |
| Romania |  | 13,337,584.67 | 1.00 |
| 1,881,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A | EUR | 1,886,859.32 | 0.14 |
| 1,466,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 1,478,057.85 | 0.11 |
| 9,202,000 ROMANIA	3.875 15-35 29/10A | EUR | 9,972,667.50 | 0.75 |
| Russia |  | 4,100,714.16 | 0.31 |
| 3,928,000 GAZPROM PJSC | 2.95 20-25 15/04A | EUR | 4,100,714.16 | 0.31 |
| Singapore |  |  | 2,179,863.92 | 0.16 |
| 2,584,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 2,179,863.92 | 0.16 |
| Spain |  | 18,151,449.04 | 1.36 |
| 1,100,000 BANKINTER SA	0.6250 20-27 06/10A | EUR | 1,040,792.50 | 0.08 |
| 17,088,000 SPAI LETR DEL TESO ZCP 11-09-20	EUR | 17,110,656.54 | 1.28 |
| Sweden | 1,596,518.80 | 0.12 |
| 1,673,000 INTRUM JUSTITIA AB  2.75 17-22 15/07S | EUR | 1,596,518.80 | 0.12 |
| Switzerland |  | 3,945,490.07 | 0.29 |
| 4,346,000 UBS GROUP FDG REGS  3.00 16-21 15/04S	USD | 3,945,490.07 | 0.29 |
| The Netherlands | 28,770,465.71 | 2.15 |
| 2,072,000 AIRBUS GROUP	2.00 20-28 07/04A	EUR | 2,190,052.20 | 0.16 |
| 1,388,000 AIRBUS SE | 1.6250 20-30 09/06A | EUR | 1,407,334.84 | 0.11 |
| 1,036,000 AIRBUS SE | 2.3750 20-32 07/04A | EUR | 1,138,294.64 | 0.09 |
| 1,051,000 AIRBUS SE | 2.3750 20-40 09/06A | EUR | 1,090,874.94 | 0.08 |
| 2,800,000 JAB HOLDINGS | 3.375 20-35 17/04A | EUR | 3,249,344.00 | 0.24 |
| 2,900,000 JAB HOLDINGS BV	2.5000 20-27 17/04A | EUR | 3,091,313.00 | 0.23 |
| 700,000 JAB HOLDINGS B.V.  2.25 19-39 19/12A | EUR | 690,830.00 | 0.05 |
| 2,800,000 NATIONALE-NEDERLANDEN 0.375 19-23 31/05A	EUR | 2,784,026.00 | 0.21 |
| 2,923,000 NE PROPERTY BV	1.8750 19-26 09/10A	EUR | 2,724,396.76 | 0.20 |
| 2,398,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 2,436,511.88 | 0.18 |
| 504,000 NE PROPERTY COOP	1.75 17-24 23/11A	EUR | 488,973.24 | 0.04 |
| 2,200,000 SCHLUMBERGER FINANCE 2.0000 20-32 06/05A | EUR | 2,352,933.00 | 0.18 |
| 1,261,000 TEVA PHARM FIN II  1.125 16-24 15/10A | EUR | 1,109,465.63 | 0.08 |
| 1,470,000 TEVA PHARM FNC	6.0000 19-25 31/01S | EUR | 1,557,046.05 | 0.12 |
| 21,905 TEVA PHARMA	0.375 16-20 25/07A | EUR | 21,868.67 | 0.00 |
| 1,315,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 1,076,406.40 | 0.08 |
| 506,000 TEVA PHARMA NE	2.20 16-21 21/07S | USD | 444,249.67 | 0.03 |
| 982,000 THEVA PHARMAC	1.25 15-23 31/03A | EUR | 916,544.79 | 0.07 |
| Ukraine |  | 1,754,456.01 | 0.13 |
| 2,029,000 UKRAINE GOVERNM	4.3750 20-30 27/01A | EUR | 1,754,456.01 | 0.13 |
| United Kingdom |  | 26,637,699.71 | 1.99 |
| 800,000 BAE SYSTEMS PLC	3.4 20-3015/04S | USD | 780,479.90 | 0.06 |
| 3,834,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 2,030,505.57 | 0.15 |
| 464,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 409,145.92 | 0.03 |
| 2,367,000 EASYJET PLC	1.75 16-23 09/02A | EUR | 2,135,684.92 | 0.16 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,843,000 EASYJET PLC | 0.8750 19-25 11/06A | EUR | 2,374,530.46 | 0.18 |
| --- | --- | --- | --- | --- |
| 1,354,000 FCE BANK PLC | 1.528 15-20 09/11 | EUR | 1,346,668.09 | 0.10 |
| 5,460,000 GAZPROM	3.25 20-30 25/02S	USD | 4,850,024.93 | 0.36 |
| 7,348,000 GAZPROM PJSC (G	3.0000 20-27 29/06S	USD | 6,526,743.32 | 0.50 |
| 2,286,000 MONDI FINANCE	2.375 20-28 01/04A	EUR | 2,470,411.62 | 0.18 |
| 1,300,000 NATWEST MARKETS PLC  2.75 20-25 02/04A	EUR | 1,394,074.50 | 0.10 |
| 1,300,000 UBS AG LONDON | 0.7500 20-23 21/04A | EUR | 1,321,066.50 | 0.10 |
| 1,100,000 UBS AG LONDON | 1.7500 20-22 21/04S | USD | 998,363.98 | 0.07 |
| United States of America | 130,609,928.91 | 9.75 |
| 606,000 AMERICAN HONDA	2.2000 19-22 27/06S	USD | 555,629.94 | 0.04 |
| 3,400,000 BOEING CO | 5.15 20-30 01/05S | USD | 3,397,442.01 | 0.25 |
| 5,037,000 BOEING CO | 5.705 20-40 01/05S | USD | 5,132,569.13 | 0.38 |
| 3,049,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 1,978,317.08 | 0.15 |
| 8,086,000 CITIBANK NA	3.4000 18-21 23/07S | USD | 7,413,324.57 | 0.55 |
| 500,000 DANAHER CORP	2.5 20-30 30/03A | EUR | 573,552.50 | 0.04 |
| 2,966,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 2,988,215.34 | 0.22 |
| 955,000 FISERV INC	0.3750 19-23 01/07A	EUR | 951,113.15 | 0.07 |
| 2,427,000 FORD MOTOR	9.625 20-30 22/04S	USD | 2,571,358.03 | 0.19 |
| 10,550,000 FORD MOTOR COMPANY 8.5000 20-23 21/04S | USD | 9,958,085.96 | 0.74 |
| 10,350,000 FORD MOTOR COMPANY 9.0000 20-25 22/04S | USD | 10,019,590.66 | 0.76 |
| 1,203,000 FORD MOTOR CREDIT CO 2.33 19-25 25/11A | EUR | 1,065,070.04 | 0.08 |
| 1,900,000 HP ENTERPRISE C	4.6500 20-24 01/10S | USD | 1,901,962.34 | 0.14 |
| 3,900,000 HP ENTERPRISE CO  4.4500 20-23 02/10S | USD | 3,799,700.40 | 0.28 |
| 1,173,000 JPMORGAN CHASE	4.35 11-21 15/08S | USD | 1,089,934.91 | 0.08 |
| 2,200,000 LYB INTERNATIONAL FIN 4.2 20-50 01/05S | USD | 2,123,901.53 | 0.16 |
| 3,500,000 LYB INTERNATIONAL FIN 3.375 20-30 01/05S | USD | 3,348,363.98 | 0.25 |
| 4,114,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 3,330,612.94 | 0.25 |
| 2,074,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 1,647,566.47 | 0.12 |
| 6,876,000 NETFLIX INC	4.625 18-29 15/05S | EUR | 7,654,466.33 | 0.57 |
| 3,836,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 3,945,843.86 | 0.29 |
| 5,607,000 NETFLIX INC	3.8750 19-29 15/11S | EUR | 5,901,143.22 | 0.44 |
| 3,312,000 ORACLE CORP | 2.9500 20-30 01/04S | USD | 3,289,795.17 | 0.25 |
| 7,174,000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 6,754,066.93 | 0.50 |
| 1,825,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 1,725,847.75 | 0.13 |
| 2,961,000 SYSCO	1.25 16-23 23/06A	EUR | 2,947,527.45 | 0.22 |
| 600,000 THERMO FISHER S	2.3750 20-32 15/04A	EUR | 685,062.00 | 0.05 |
| 14,223,000 UNIT STAT TREA BIL ZCP 20-08-20 | USD | 12,659,860.94 | 0.96 |
| 23,825,000 US TREASURY BILL ZCP 151020 | USD | 21,200,004.28 | 1.59 |

Convertible bonds	
2,179,971.38	0.16
The Netherlands	
2,179,971.38	0.16
| 2,200,000 AIRBUS GROUP SE CV | 0.00 16-21 14/06U | EUR | 2,179,971.38 | 0.16 |
| --- | --- | --- | --- | --- |
| Floating rate bonds |  |  | 98,486,977.51 | 7.36 |
| Canada |  | 1,963,987.43 | 0.15 |
| 2,132,000 CANADIAN IMPERI	FL.R 19-23 22/07S | USD | 1,963,987.43 | 0.15 |
| Denmark |  | 1,991,045.28 | 0.15 |
| 1,968,000 DANSKE BANK EMTN	FL.R 15-XX 06/04S | EUR | 1,991,045.28 | 0.15 |
| Finland |  | 1,001,278.28 | 0.07 |
| 1,103,000 NORDEA BK 11 REGS  FL.R 14-XX 23/09S	USD | 1,001,278.28 | 0.07 |
| France | 14,317,394.93 | 1.07 |
| 3,400,000 ACCOR SA	FL.R 19-XX 31/12A	EUR | 2,802,110.00 | 0.21 |
| 2,400,000 BNP PARIBAS FL.R 20-29 17/04A	EUR | 2,429,160.00 | 0.18 |
| 437,000 BNP PARIBAS REGS	FL.R 16-XX 14/03S	USD | 396,850.39 | 0.03 |
| 1,469,000 EUROFINS SCIENTIFIC | FL.R 15-49 29/04A | EUR | 1,520,018.37 | 0.11 |
| 114,000 EUROFINS SCIENTIFIC | FL.R 17-XX 13/11A | EUR | 109,262.16 | 0.01 |
| 4,600,000 LA BANQUE POSTALE | FL.R 19-XX 20/05S | EUR | 4,323,540.00 | 0.32 |
| 1,500,000 LA POSTE SA	FL.R | 18-XX 29/01A | EUR | 1,547,220.00 | 0.12 |
| 1,200,000 RCI BANQUE SA	FL.R 19-30 18/02A	EUR | 1,099,092.00 | 0.08 |
| 100,000 SOCIETE GENERALE	FL.R 16-XX 13/09S	USD | 90,142.01 | 0.01 |
| Greece | 694,678.76 | 0.05 |
| 817,000 ALPHA BANK AE FL.R 20-30 13/02A	EUR | 694,678.76 | 0.05 |
| Ireland | 2,226,649.52 | 0.17 |
| 1,000,000 AIB GROUP PLC	FL.R 20-49 31/12S	EUR | 996,860.00 | 0.07 |
| 1,224,000 ALLIED IRISH BK SUB FL.R 15-25 26/11A	EUR | 1,229,789.52 | 0.10 |
| Israel | 1,225,017.14 | 0.09 |
| 1,410,000 BANK LEUMI LE-ISRAEL FL.R 20-31 29/01S	USD | 1,225,017.14 | 0.09 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Italy |  |  | 14,181,240.05 | 1.06 |
| --- | --- | --- | --- | --- |
| 514,000 ENEL 144A SUB | FL.R 13-73 24/09S | USD | 522,535.01 | 0.04 |
| 813,000 FINECO BANK SPA | FL.R 19-XX 03/12S | EUR | 807,878.10 | 0.06 |
| 1,314,000 INTESA SAN PAOLO | FL.R 17-XX 16/05S | EUR | 1,319,374.26 | 0.10 |
| 1,154,000 INTESA SAN PAOLO | FL.R 17-XX 11/07S | EUR | 1,264,980.18 | 0.09 |
| 200,000 INTESA SANPAOLO SP  FL.R 15-49 17/03S	USD | 178,800.70 | 0.01 |
| 1,545,000 UNICREDIT	FL.R 19-49 19/03S	EUR | 1,621,925.55 | 0.12 |
| 908,000 UNICREDIT SPA | FL.R 17-32 19/06S | USD | 839,993.99 | 0.06 |
| 1,213,000 UNICREDIT SPA | FL.R 17-49 03/12S | EUR | 1,192,791.42 | 0.09 |
| 6,212,000 UNICREDIT SPA FL.R | 19-29 20/02A | EUR | 6,432,960.84 | 0.49 |
| Luxembourg |  |  | 2,915,867.08 | 0.22 |
| 5,300,000 MITSUBISHI UFJ INV | FL.R 09-50 15/12Q | EUR | 2,915,867.08 | 0.22 |
| Portugal | 932,040.00 | 0.07 |
| 1,000,000 BCP	FL.R 19-30 27/03A	EUR | 932,040.00 | 0.07 |
| Spain | 4,901,155.00 | 0.37 |
| 2,800,000 BANCO BILBAO VI	FL.R 18-XX 24/03Q	EUR | 2,731,204.00 | 0.20 |
| 1,500,000 BANCO BILBAO VIZCAYA A 1.00 20-30 16/01A | EUR | 1,411,215.00 | 0.11 |
| 800,000 BANCO SANTANDER SA FL.R 17-49 01/12Q | EUR | 758,736.00 | 0.06 |
| Sweden | 6,328,878.88 | 0.47 |
| 2,352,000 SAMHALLSBYGGNAD | FL.R 20-XX 30/04A | EUR | 2,170,801.92 | 0.16 |
| 2,131,000 SSB I NORDEN FL.R | 19-49 31/12A | EUR | 2,162,965.00 | 0.16 |
| 2,200,000 SWEDBANK AB FL.R	19-XX 17/03S | USD | 1,995,111.96 | 0.15 |
| Switzerland |  | 997,902.00 | 0.07 |
| 900,000 CREDIT SUISSE G	FL.R 20-26 02/04A | EUR | 997,902.00 | 0.07 |
| The Netherlands |  | 10,744,402.06 | 0.80 |
| 3,200,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 3,119,136.00 | 0.24 |
| 600,000 COOP RABOBANK FL.R 19-XX 29/06S | EUR | 553,140.00 | 0.04 |
| 2,500,000 ELM BV	FL.R 20-99 31/12A	EUR | 2,575,950.00 | 0.19 |
| 3,256,000 ING GROEP NV	FL.R 19-XX 16/04S	USD | 2,977,552.06 | 0.22 |
| 1,600,000 TELEFONICA EUROPE BV FL.R 20-XX 02/05A	EUR | 1,518,624.00 | 0.11 |
| Turkey | 2,497,078.75 | 0.19 |
| 2,600,000 YAPI	FL.R  19-99 15/01S	USD | 2,497,078.75 | 0.19 |
| United Kingdom | 22,961,288.25 | 1.72 |
| 1,814,000 BARCLAYS | FL.R 19-99 27/03Q | USD | 1,686,536.28 | 0.13 |
| 1,900,000 BARCLAYS | FL.R 20-25 02/04A | EUR | 2,042,614.00 | 0.15 |
| 1,765,000 BARCLAYS PLC	FL.R 15-25 11/11A	EUR | 1,766,041.35 | 0.13 |
| 1,700,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A | EUR | 1,711,798.00 | 0.13 |
| 3,500,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 3,520,965.00 | 0.26 |
| 1,667,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 1,722,144.36 | 0.13 |
| 1,445,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 1,434,191.40 | 0.11 |
| 1,100,000 LLOYDS BANKING GROUP PL FL.R 20-26 01/04A | EUR | 1,221,187.00 | 0.09 |
| 994,000 STANDARD CHARTERED PLC FL.R 20-30 09/09A | EUR | 1,010,043.16 | 0.08 |
| 7,150,000 VODAFONE GROUP PLC FL.R 18-78 03/10A	USD | 6,845,767.70 | 0.51 |
| United States of America | 8,607,074.10 | 0.64 |
| 596,000 BANK OF AMERICA CORP FL.R 17-21 01/10S | USD | 532,834.56 | 0.04 |
| 2,943,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 2,845,586.70 | 0.21 |
| 5,864,000 WELLS FARGO BAN	FL.R 18-21 23/07Q | USD | 5,228,652.84 | 0.39 |
| Mortgage and asset backed securities |  | 45,745,606.02 | 3.42 |
| Cayman Islands | 10,021,007.20 | 0.75 |
| 402,474 BLACK 2014-1X A1R  FL.R 17-26 17/10Q	USD | 357,799.49 | 0.03 |
| 3,359,984 JFIN 2017-1X A1	FL.R 17-29 24/04Q	USD | 2,971,389.46 | 0.22 |
| 5,400,000 OFSBS 2017-1X A | FL.R 17-29 16/08Q | USD | 4,757,611.31 | 0.36 |
| 2,200,000 VENTR 2017-26X A | FL.R 17-29 20/01Q | USD | 1,934,206.94 | 0.14 |
| Ireland | 18,889,643.22 | 1.41 |
| 300,000 ARBOUR CLO V DAC	FL.R 18-31 15/09Q | EUR | 292,547.25 | 0.02 |
| 302,000 BAIN CAPITAL EURO CLO FL.R 18-32 20/04Q | EUR | 287,903.67 | 0.02 |
| 1,131,000 BECLO 4X A	FL.R 17-30 15/07Q	EUR | 1,119,981.79 | 0.08 |
| 1,041,415 BLACK 2015-1X A1 | FL.R 17-29 03/10Q | EUR | 1,035,457.44 | 0.08 |
| 1,634,000 BLACK 2015-1X B1R | FL.R 18-29 03/10M | EUR | 1,605,657.78 | 0.12 |
| 2,058,986 BOSPHORUS CLO | FL.R 17-27 15/04Q | EUR | 2,054,542.47 | 0.15 |
| 3,168,416 CGMSE 2015-2X AA1 | FL.R 17-29 21/09Q | EUR | 3,147,887.45 | 0.24 |
| 200,000 HARVEST CLO | FL.R 18-31 15/01Q | EUR | 193,555.82 | 0.01 |
| 400,000 HARVT 8X B1RR | FL.R 18-31 15/01Q | EUR | 387,756.48 | 0.03 |
| 500,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 480,930.35 | 0.04 |
| 600,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 578,832.90 | 0.04 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 1,200,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 1,180,150.56 | 0.09 |
| --- | --- | --- | --- |
| 2,790,912 ORWPK 1X A1R	FL.R 17-29 18/07Q | EUR | 2,776,962.03 | 0.21 |
| 548,000 PURP 1X A	FL.R	18-31 25/01Q | EUR | 541,356.05 | 0.04 |
| 667,000 PURP 1X B	FL.R	18-31 25/01Q | EUR | 650,354.75 | 0.05 |
| 411,000 PURP 1X C	FL.R	18-31 25/01Q | EUR | 395,843.88 | 0.03 |
| 1,179,000 SPAUL 3RX B1R FL.R	18-32 15/01Q | EUR | 1,141,490.70 | 0.09 |
| 307,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 295,340.57 | 0.02 |
| 730,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 723,091.28 | 0.05 |
| Jersey Island |  | 2,598,043.74 | 0.19 |
| 2,968,757 SRANC 2013-1X AR	FL.R 17-29 26/07Q | USD | 2,598,043.74 | 0.19 |
| The Netherlands |  | 5,851,913.97 | 0.44 |
| 1,364,000 ALME 4X BR	FL.R 18-32 15/01Q | EUR | 1,332,449.73 | 0.10 |
| 300,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 277,143.15 | 0.02 |
| 525,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 506,799.20 | 0.04 |
| 1,157,000 DRYD 2017-27X A2	FL.R 17-30 15/05Q | EUR | 1,160,810.47 | 0.09 |
| 1,350,000 DRYDEN LEV LOAN CDO 2.39 17-30 15/05Q | EUR | 1,350,000.27 | 0.10 |
| 1,237,000 MADISON PK X	FL.R 18-30 15/10Q | EUR | 1,224,711.15 | 0.09 |
| United States of America |  | 8,384,997.89 | 0.63 |
| 3,480,382 APEX CREDIT CLO LLC FL.R 17-29 20/09Q | USD | 3,031,874.61 | 0.23 |
| 536,000 BLACK 2015-1X CR	FL.R 18-29 03/10Q | EUR | 522,830.96 | 0.04 |
| 5,471,591 HLA 2017-1X A1B	FL.R 17-29 25/04Q | USD | 4,817,751.59 | 0.36 |
| 14,071 SOFI CONS LOAN PROG 3.05 16-25 26/12M | USD | 12,540.73 | 0.00 |
| Shares/Units of UCITS/UCIS | 56,159,172.80 | 4.19 |
| Shares/Units in investment funds | 56,159,172.80 | 4.19 |
| France | 56,159,172.80 | 4.19 |
| 86,420 CARMIGNAC PATRIMOINE A EUR ACC | EUR | 56,159,172.80 | 4.19 |
| Money market instruments |  | 33,275,440.60 | 2.49 |
| Bonds |  | 33,275,440.60 | 2.49 |
| Spain |  | 33,275,440.60 | 2.49 |
| 26,948,000 SPAI LETR DEL TESO ZCP 04-12-20 | EUR | 27,024,888.38 | 2.02 |
| 2,273,000 SPAI LETR DEL TESO ZCP 13-11-20 | EUR | 2,277,495.97 | 0.17 |
| 3,968,000 SPAIN LETRAS DEL TES ZCP 140820 | EUR | 3,973,056.25 | 0.30 |

Total securities portfolio	
1,291,937,685.58	96.49
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 12,757,012.17 |
| --- | --- |
| Net dividends | 2,227,681.60 |
| Net interest on bonds | 9,028,751.72 |
| Bank interest on cash account | 164,435.05 |
| Other financial income | 636,664.84 |
| Interest on swaps | 699,478.96 |
| Expenses | 14,730,638.38 |
| Management fees | 6,298,059.71 |
| Performance fees | 3,768,828.92 |
| Bank interest on overdrafts | 432,061.82 |
| Transaction fees | 784,916.53 |
| Dividend expenses | 292,211.31 |
| Interest on swaps | 1,213,973.63 |
| Operating and establishment fees | 1,940,586.46 |
| Net loss from investments | -1,973,626.21 |
| Net realised profit / loss on: - sales of investment securities | 29,040,513.48 |
| - options | 5,387,102.25 |
| - forward foreign exchange contracts | 4,111,204.36 |
| - financial futures | -17,211,370.21 |
| - swaps | 11,045,002.96 |
| - foreign exchange | 478,865.21 |
| Net realised profit | 30,877,691.84 |
| Movement in net unrealised appreciation / depreciation on: - investments | 8,134,122.63 |
| - options | -769,920.02 |
| - forward foreign exchange contracts | -6,538,686.71 |
| - financial futures | -426,157.85 |
| - swaps | 5,890,806.20 |
| Increase in net assets as a result of operations | 37,167,856.09 |
| Dividends paid | -2,659,509.88 |
| Subscription capitalisation shares | 193,726,557.64 |
| Subscription distribution shares | 7,701,549.52 |
| Redemption capitalisation shares | -179,292,027.30 |
| Redemption distribution shares | -19,995,050.14 |
| Increase in net assets | 36,649,375.93 |
| Net assets at the beginning of the period | 1,302,344,744.56 |
| Net assets at the end of the period | 1,338,994,120.49 |

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 |