# CARMIGNAC PORTFOLIO
## Green Gold (formerly Commodities)

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 285,116,189.50 |
| --- | --- |
| Securities portfolio at market value | 248,845,560.24 |
| Cost price | 227,697,095.23 |
| Unrealised profit on the securities portfolio | 21,148,465.01 |
| Cash at banks and liquidities | 34,421,056.82 |
| Interest receivable | 983,557.62 |
| Subscriptions receivable | 400,191.60 |
| Dividends receivable | 463,437.08 |
| Other assets | 2,386.14 |
| Liabilities | 9,417,070.77 |
| Bank overdrafts | 2,381,382.65 |
| Brokers payable | 4,318,373.08 |
| Redemptions payable | 671,873.72 |
| Unrealised net depreciation on forward foreign exchange contracts | 22,351.82 |
| Unrealised net depreciation on financial futures | 1,177,936.82 |
| Unrealised net depreciation on swaps | 320,276.81 |
| Other liabilities | 524,875.87 |
| Net asset value | 275,699,118.73 |

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 | 275,699,118.73 | 340,207,665.42 | 465,117,080.45 |
| Class A EUR - Capitalisation Number of shares |  | 921,750 | 945,686 | 1,441,412 |
| Net asset value per share | EUR | 235.72 | 291.60 | 254.02 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 4,487 |
| Net asset value per share | CHF | 0.00 | 0.00 | 83.83 |
| Class A USD - Capitalisation Number of shares |  | 34,591 | 119,064 | 146,680 |
| Net asset value per share | USD | 89.05 | 105.01 | 89.05 |
| Class E EUR - Capitalisation Number of shares |  | 172,049 | 177,631 | 209,140 |
| Net asset value per share | EUR | 68.07 | 84.53 | 74.19 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | USD | 0.00 | 0.00 | 91.36 |
| Class F EUR - Capitalisation Number of shares |  | 463,296 | 276,197 | 673,456 |
| Net asset value per share | EUR | 90.59 | 111.71 | 96.68 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 1,016 |
| Net asset value per share | CHF | 0.00 | 0.00 | 94.85 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 275,699,118.73 | 340,207,665.42 | 465,117,080.45 |

Key figures relating to the last 3 years
Total Net Assets
| Class F USD - Capitalisation Number of shares |  | 2,008 | 2,523 | 4,367 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 103.19 | 121.29 | 102.21 |
| Class W EUR - Capitalisation Number of shares |  | 11,508 | 11,081 | 11,001 |
| Net asset value per share | EUR | 85.35 | 105.24 | 91.07 |
| Class W GBP - Capitalisation Number of shares |  | 7,660 | 44,787 | 43,997 |
| Net asset value per share | GBP | 98.81 | 113.58 | 104.10 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange | listing	 248,845,560.24 | 90.26 |
| --- | --- | --- |
| Shares | 248,845,560.24 | 90.26 |
| Belgium |  | 6,360,000.00 | 2.31 |
| 240,000 TESSENDERLO CHEMIE NV | EUR | 6,360,000.00 | 2.31 |
| Bermuda |  | 2,823,240.23 | 1.02 |
| 323,894 GEOPARK HOLDINGS USD | USD | 2,823,240.23 | 1.02 |
| Canada |  | 58,681,438.39 | 21.29 |
| 249,416 AGNICO EAGLE MINES LTD | USD | 14,225,694.66 | 5.16 |
| 663,363 BARRICK GOLD | USD | 15,911,498.21 | 5.77 |
| 200,553 ERO COPPER CORP | CAD | 2,578,772.68 | 0.94 |
| 1,169,530 FIRST QUANTUM MINERALS LTD | CAD | 8,272,145.51 | 3.00 |
| 131,856 INTERFOR CORP | CAD | 986,064.81 | 0.36 |
| 65,651 NUTRIEN - REGISTERED | USD | 1,876,327.38 | 0.68 |
| 11,300 PRETIUM RESOURCES | CAD | 83,914.37 | 0.03 |
| 900,000 VALEURA ENERGY - REGISTERED SHS | CAD | 185,324.40 | 0.07 |
| 280,890 WHEATON PRECIOUS METAL - REGISTERED | CAD | 10,963,845.01 | 3.98 |
| 91,735 WHEATON PRECIOUS METAL - REGISTERED | USD | 3,597,851.36 | 1.30 |
| Denmark |  | 17,748,910.76 | 6.44 |
| 132,372 ORSTED | DKK | 13,593,920.53 | 4.93 |
| 45,851 VESTAS WIND SYSTEMS AS | DKK | 4,154,990.23 | 1.51 |
| France |  | 17,947,290.92 | 6.51 |
| 83,043 SCHNEIDER ELECTRIC SE | EUR | 8,211,291.84 | 2.98 |
| 35,613 SOITEC SA RGPT | EUR | 3,532,809.60 | 1.28 |
| 182,581 TOTAL SA | EUR | 6,203,189.48 | 2.25 |
| Germany |  | 5,323,097.97 | 1.93 |
| 169,101 RWE AG | EUR | 5,260,732.11 | 1.91 |
| 687 SILTRONIC AG | EUR | 62,365.86 | 0.02 |
| India |  | 2,299,963.59 | 0.83 |
| 887,965 STERL AND WILS - SHS 144A REGS | INR | 2,299,963.59 | 0.83 |
| Ireland |  | 7,620,725.35 | 2.76 |
| 132,881 KINGSPAN GROUP | EUR | 7,620,725.35 | 2.76 |
| Jersey Island |  | 970,456.11 | 0.35 |
| 494,753 PETROFAC LTD | GBP | 970,456.11 | 0.35 |
| Norway |  | 2,485,158.95 | 0.90 |
| 1,428,472 NEL ASA | NOK | 2,485,158.95 | 0.90 |
| Russia |  | 1,919,263.08 | 0.70 |
| 82,307 MMC NORILSK NICADR REPR SHS | USD | 1,919,263.08 | 0.70 |
| South Korea |  | 8,089,186.30 | 2.93 |
| 235,018 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,089,186.30 | 2.93 |
| Sweden |  | 5,401,982.48 | 1.96 |
| 274,533 NIBE INDUSTRIER -B- | SEK | 5,401,982.48 | 1.96 |
| The Netherlands |  | 6,291,419.20 | 2.28 |
| 259,976 STMICROELECTRONICS NV | EUR | 6,291,419.20 | 2.28 |
| United Kingdom |  | 11,994,972.87 | 4.35 |
| 231,115 ASHTEAD GROUP | GBP | 6,913,109.85 | 2.51 |
| 311,527 CERES POWER HOLDINGS PLC | GBP | 1,854,082.59 | 0.67 |
| 1,272,917 HOCHSCHILD MINING PLC | GBP | 2,719,477.24 | 0.99 |
| 165,017 ROTORK NEW ISSUE | GBP | 508,303.19 | 0.18 |
| United States of America |  | 92,888,454.04 | 33.70 |
| 81,795 ALBERMARLE CORPORATION | USD | 5,622,928.33 | 2.04 |
| 26,309 ANSYS INC | USD | 6,833,570.38 | 2.48 |
| 30,164 AUTODESK INC | USD | 6,423,832.22 | 2.33 |
| 48,390 DANAHER CORP | USD | 7,618,576.06 | 2.76 |
| 281,378 DARLING INGREDIENT INC | USD | 6,167,944.05 | 2.24 |
| 34,089 ECOLAB INC | USD | 6,038,380.05 | 2.19 |
| 115,438 HEXCEL CORPORATION | USD | 4,647,737.49 | 1.69 |
| 40,175 INGERSOLL RAND INC | USD | 1,005,850.51 | 0.36 |
| 41,480 MASTEC INC | USD | 1,657,131.82 | 0.60 |
| 28,035 MUELLER INDUSTRIES INC | USD | 663,464.63 | 0.24 |
| 25,000 NATIONAL OILWELL VARCO INC | USD | 272,670.61 | 0.10 |
| 345,808 NEWMONT CORPORATION | USD | 19,009,202.62 | 6.90 |
| 387,383 ON SEMICONDUCTOR CORP | USD | 6,836,069.14 | 2.48 |
| 19,373 THERMO FISHER SCIEN SHS | USD | 6,249,933.51 | 2.27 |
| 282,210 TPI COMPOSITES | USD | 5,872,098.74 | 2.13 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
84,510 WASTE MANAGEMENT INC
USD
7,969,063.88	2.89
Total securities portfolio	
248,845,560.24	90.26
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 2,501,168.61 |
| --- | --- |
| Net dividends | 2,448,492.65 |
| Bank interest on cash account | 52,675.26 |
| Other financial income | 0.70 |
| Expenses | 3,329,058.30 |
| Management fees | 1,906,625.12 |
| Bank interest on overdrafts | 89,085.09 |
| Transaction fees | 625,961.20 |
| Dividend expenses | 313,884.71 |
| Operating and establishment fees | 393,502.18 |
| Net loss from investments | -827,889.69 |
| Net realised profit / loss on: - sales of investment securities | -79,570,647.93 |
| - forward foreign exchange contracts | 210,923.30 |
| - financial futures | -11,109,113.48 |
| - swaps | 1,776,182.28 |
| - foreign exchange | 5,089,838.23 |
| Net realised loss | -84,430,707.29 |
| Movement in net unrealised appreciation / depreciation on: - investments | 28,287,703.09 |
| - forward foreign exchange contracts | 101,374.67 |
| - financial futures | -1,205,014.97 |
| - swaps | 1,541,960.71 |
| Decrease in net assets as a result of operations | -55,704,683.79 |
| Subscription capitalisation shares | 53,378,052.71 |
| Redemption capitalisation shares | -62,181,915.61 |
| Decrease in net assets | -64,508,546.69 |
| Net assets at the beginning of the period | 340,207,665.42 |
| Net assets at the end of the period | 275,699,118.73 |

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 |