# CARMIGNAC PORTFOLIO
## Investissement

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 366,387,244.13 |
| --- | --- |
| Securities portfolio at market value | 351,473,308.34 |
| Cost price | 288,227,477.51 |
| Unrealised profit on the securities portfolio | 63,245,830.83 |
| Cash at banks and liquidities | 9,247,904.62 |
| Interest receivable | 3.85 |
| Brokers receivable | 4,875,136.97 |
| Subscriptions receivable | 341,209.68 |
| Dividends receivable | 48,362.93 |
| Unrealised net appreciation on forward foreign exchange contracts | 20,875.26 |
| Unrealised net appreciation on swaps | 375,157.12 |
| Other assets | 5,285.36 |
| Liabilities | 10,044,520.78 |
| Bank overdrafts | 1,123,510.85 |
| Brokers payable | 4,278,132.81 |
| Redemptions payable | 4,215,994.55 |
| Other liabilities | 426,882.57 |
| Net asset value | 356,342,723.35 |


###### 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 | 356,342,723.35 | 271,454,839.42 | 229,966,793.91 |
| Class A EUR - Capitalisation Number of shares |  | 484,956 | 287,284 | 303,268 |
| Net asset value per share | EUR | 169.05 | 152.19 | 113.10 |
| Class A EUR Y - Distribution Number of shares |  | 45,229 | 44,143 | 61,903 |
| Net asset value per share | EUR | 166.08 | 149.51 | 111.16 |
| Class A USD Hedged - Capitalisation Number of shares |  | 23,050 | 18,930 | 32,128 |
| Net asset value per share | USD | 185.60 | 166.67 | 122.31 |
| Class E EUR - Capitalisation Number of shares |  | 14,927 | 12,815 | 10,842 |
| Net asset value per share | EUR | 161.61 | 146.04 | 109.27 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | USD | 0.00 | 173.40 | 128.10 |
| Class F EUR - Capitalisation Number of shares |  | 1,274,789 | 1,164,868 | 1,339,758 |
| Net asset value per share | EUR | 204.54 | 183.56 | 135.67 |
| Class F GBP - Capitalisation Number of shares |  | 0 | 7,232 | 7,342 |
| Net asset value per share | GBP | 0.00 | 196.38 | 137.92 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 356,342,723.35 | 271,454,839.42 | 229,966,793.91 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 0 | 5,769 | 6,626 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 0.00 | 186.91 | 138.69 |
| Class F USD Hedged - Capitalisation Number of shares |  | 450 | 450 | 450 |
| Net asset value per share | USD | 222.50 | 199.05 | 145.21 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 342,778,656.86 | 96.19 |
| --- | --- | --- | --- |
| Shares |  | 342,778,656.86 | 96.19 |
|  | Canada | 54,674.84 | 0.02 |

| 802,900 ORYX PETROLEUM CORPORATION LTD | CAD | 54,674.84 | 0.02 |
| --- | --- | --- | --- |
| Cayman Islands |  | 38,737,875.38 | 10.87 |
| 273,430 CHINDATA GROUP HOLDINGS LTD | USD | 3,479,263.60 | 0.98 |
| 62,247 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 4,119,881.13 | 1.15 |
| 122,869 JD HEALTH INTERNATIONAL INC | HKD | 1,484,914.46 | 0.42 |
| 193,530 JD.COM INC SADR REPR 2 SHS -A- | USD | 13,024,394.38 | 3.65 |
| 96,820 MINISO GROUP HOLDING LTD-ADR | USD | 1,697,350.37 | 0.48 |
| 400,361 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 2,764,952.01 | 0.78 |
| 1,316 SEA -A- ADR REPR1 SHS | USD | 304,725.19 | 0.09 |
| 84,150 TUYA INC | USD | 1,738,489.75 | 0.49 |
| 655,208 WUXI BIOLOGICS | HKD | 10,123,904.49 | 2.83 |
| China |  | 13,089,652.41 | 3.67 |
| 34,545 BYD COMPANY LTD -H- | HKD | 870,986.37 | 0.24 |
| 375,153 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 9,142,048.73 | 2.57 |
| 452,496 ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 3,076,617.31 | 0.86 |
| Denmark |  | 4,614,401.08 | 1.29 |
| 38,993 ORSTED | DKK | 4,614,401.08 | 1.29 |
| France |  | 32,777,747.98 | 9.20 |
| 31,764 ESSILORLUXOTTICA SA | EUR | 4,943,748.96 | 1.39 |
| 12,859 HERMES INTERNATIONAL SA | EUR | 15,797,281.50 | 4.44 |
| 54,049 SAFRAN SA | EUR | 6,319,409.08 | 1.77 |
| 72,426 WORLDLINE SA | EUR | 5,717,308.44 | 1.60 |
| Germany |  | 13,532,197.50 | 3.80 |
| 50,053 DELIVERY HERO | EUR | 5,575,904.20 | 1.57 |
| 29,186 KNORR-BREMSE - BEARER SHS | EUR | 2,831,042.00 | 0.79 |
| 8,198 PUMA AG | EUR | 824,308.90 | 0.23 |
| 1 VOLKSWAGEN AG | EUR | 276.80 | 0.00 |
| 20,363 VOLKSWAGEN AG VORZ.AKT | EUR | 4,300,665.60 | 1.21 |
| India |  | 6,264,855.85 | 1.76 |
| 38,655 AVENUE SUPER REGISTERED | INR | 1,466,468.43 | 0.41 |
| 282,374 HDFC BANK - REGISTERED SHS | INR | 4,798,387.42 | 1.35 |
| Ireland |  | 6,801,783.59 | 1.91 |
| 25,055 MEDTRONIC HLD | USD | 2,622,545.87 | 0.74 |
| 261,857 RYANAIR HLDGS | EUR | 4,179,237.72 | 1.17 |
| Japan |  | 3,864,444.72 | 1.08 |
| 4,300 NINTENDO CO LTD | JPY | 2,111,074.01 | 0.59 |
| 4,800 TOKYO ELECTRON LTD | JPY | 1,753,370.71 | 0.49 |
| Panama |  | 418,772.58 | 0.12 |
| 18,840 CARNIVAL CORPORATION | USD | 418,772.58 | 0.12 |
| South Korea |  | 14,885,870.34 | 4.18 |
| 19,741 HYUNDAI MOTOR CO LTD | KRW | 3,540,220.81 | 0.99 |
| 8,610 LG CHEM | KRW | 5,479,964.71 | 1.54 |
| 97,071 SAMSUNG ELECTRONICS CO LTD | KRW | 5,865,684.82 | 1.65 |
| Spain |  | 7,636,673.33 | 2.14 |
| 19,297 AENA SME SA | EUR | 2,668,775.10 | 0.75 |
| 167,213 INDITEX SHARE FROM SPLIT | EUR | 4,967,898.23 | 1.39 |
| The Netherlands |  | 3,829,587.50 | 1.07 |
| 923 ADYEN --- PARTS SOCIALES | EUR | 1,901,841.50 | 0.53 |
| 11,079 FERRARI NV | EUR | 1,927,746.00 | 0.54 |
| United Kingdom |  | 16,247,531.52 | 4.56 |
| 75,809 ASTRAZENECA PLC | GBP | 7,667,884.52 | 2.15 |
| 214,067 BURBERRY GROUP PLC | GBP | 5,151,871.65 | 1.45 |
| 6,302,364 LLOYDS BANKING GROUP PLC | GBP | 3,427,775.35 | 0.96 |
| United States of America |  | 180,022,588.24 | 50.52 |
| 14,006 ACCELERON PHARMA | USD | 1,482,092.03 | 0.42 |
| 68,639 ADVANCED MICRO DEVICES INC | USD | 5,436,597.75 | 1.53 |
| 19,145 AFFIRM HOLDINGS INC | USD | 1,087,288.77 | 0.31 |
| 3,680 ALPHABET INC -A- | USD | 7,577,187.96 | 2.13 |
| 3,674 AMAZON.COM INC | USD | 10,657,852.97 | 2.98 |
| 15,909 AMEDISYS INC | USD | 3,285,767.24 | 0.92 |
| 110,987 AMYRIS INC | USD | 1,532,049.24 | 0.43 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 22,576 ANTHEM INC | USD | 7,268,333.59 | 2.04 |
| 51,810 CAPITAL ONE FINANCIAL CORP | USD | 6,758,149.00 | 1.90 |
| 44,153 CHEGG INC | USD | 3,094,321.47 | 0.87 |
| 10,083 COSTCO WHOLESALE CORP | USD | 3,364,145.89 | 0.94 |
| 29,020 DERMTECH --- REGISTERED SHS | USD | 1,017,253.90 | 0.29 |
| 22,299 ETSY | USD | 3,870,500.18 | 1.09 |
| 56,195 FACEBOOK -A- | USD | 16,476,569.23 | 4.61 |
| 59,668 FIDELITY NATIONAL INFO SERVICES INC | USD | 7,128,059.33 | 2.00 |
| 80,426 GAP INC | USD | 2,282,093.68 | 0.64 |
| 58,512 GENERATION BIO CO | USD | 1,327,239.06 | 0.37 |
| 54,344 GOODRX HOLDINGS | USD | 1,650,162.27 | 0.46 |
| 50,513 INTERCONTINENTAL EXCHANGE INC | USD | 5,055,985.41 | 1.42 |
| 136,592 KINGSOFT CLOUD HOLDINGS LTD | USD | 3,908,058.49 | 1.10 |
| 10,066 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 3,097,890.23 | 0.87 |
| 10,409 MASTERCARD INC -A- | USD | 3,204,504.44 | 0.90 |
| 27,062 MATCH GROUP INC | USD | 3,679,692.64 | 1.03 |
| 3,129 MERCADOLIBRE | USD | 4,110,232.66 | 1.15 |
| 42,085 MICROSOFT CORP | USD | 9,613,649.13 | 2.69 |
| 12,151 NETFLIX INC | USD | 5,412,159.30 | 1.52 |
| 13,699 NOVAVAX - REGISTERED SHS | USD | 2,452,512.60 | 0.69 |
| 52,880 SALESFORCE.COM INC | USD | 10,892,147.40 | 3.05 |
| 12,206 SENTINELONE INC -CLASS A | USD | 437,435.70 | 0.12 |
| 7,206 SERVICENOW INC | USD | 3,339,284.34 | 0.94 |
| 7,747 SQUARE INC -A- | USD | 1,592,645.75 | 0.45 |
| 13,918 STRYKER CORP | USD | 3,048,252.08 | 0.86 |
| 46,900 SUNRUN INC | USD | 2,205,988.70 | 0.62 |
| 63,481 T MOBILE USA INC | USD | 7,752,722.18 | 2.17 |
| 3,164 TWILIO INC | USD | 1,051,625.13 | 0.30 |
| 66,176 TWITTER INC | USD | 3,839,759.31 | 1.08 |
| 166,175 UBER TECH/REGSH | USD | 7,023,097.23 | 1.97 |
| 9,970 ULTA BEAUTY RG REGISTERED | USD | 2,906,928.83 | 0.82 |
| 13,181 UNITEDHEALTH GROUP INC | USD | 4,450,796.56 | 1.25 |
| 18,350 VISA INC -A- | USD | 3,618,009.11 | 1.02 |
| 6,231 ZOOM VIDEO COMMUNICATIONS INC | USD | 2,033,547.46 | 0.57 |

| nits of UCITS/UCIS |  | 8,694,651.48 | 2.44 |
| --- | --- | --- | --- |
| Shares/Units in investment funds |  | 8,694,651.48 | 2.44 |
| France |  | 5,433,797.47 | 1.52 |
| 2,843 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 5,433,797.47 | 1.52 |
| Luxembourg |  | 3,260,854.01 | 0.92 |

Shares/U
36,415 MULTIUNIT LUX LYXOR EURO STOXX BANKS ACC	EUR	3,260,854.01	0.92
Total securities portfolio	
351,473,308.3498.63
| Income | 853,244.09 |
| --- | --- |
| Net dividends | 749,160.62 |
| Bank interest on cash account | 1,843.16 |
| Other financial income | 102,240.31 |
| Expenses | 2,420,760.18 |
| Management fees | 1,543,625.74 |
| Performance fees | 23,487.22 |
| Bank interest on overdrafts | 28,217.91 |
| Transaction fees | 355,024.11 |
| Dividend expenses | 2,026.36 |
| Interest on swaps | 35.62 |
| Operating and establishment fees | 468,343.22 |
| Net loss from investments | (1,567,516.09) |
| Net realised profit / loss on: - sales of investment securities | 30,905,824.60 |
| - forward foreign exchange contracts | 122,239.94 |
| - financial futures | 587,878.96 |
| - swaps | 2,020,408.47 |
| - foreign exchange | (3,464,643.45) |
| Net realised profit | 28,604,192.43 |
| Movement in net unrealised appreciation / depreciation on: - investments | 5,346,224.90 |
| - forward foreign exchange contracts | 2,945.60 |
| - financial futures | (29,967.44) |
| - swaps | (96,591.31) |
| Increase in net assets as a result of operations | 33,826,804.18 |
| Subscription capitalisation shares | 113,176,003.30 |
| Subscription distribution shares | 905,382.43 |
| Redemption capitalisation shares | (62,287,433.66) |
| Redemption distribution shares | (732,872.32) |
| Increase in net assets | 84,887,883.93 |
| Net assets at the beginning of the period | 271,454,839.42 |
| Net assets at the end of the period | 356,342,723.35 |

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 |