# CARMIGNAC PORTFOLIO
## Euro-Entrepreneurs

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 22,711,091.25 |
| --- | --- |
| Securities portfolio at market value | 21,045,664.81 |
| Cost price | 21,427,401.82 |
| Unrealised loss on the securities portfolio | -381,737.01 |
| Cash at banks and liquidities | 1,317,176.38 |
| Subscriptions receivable | 17,806.99 |
| Dividends receivable | 35,462.13 |
| Unrealised net appreciation on forward foreign exchange contracts | 7,827.45 |
| Unrealised net appreciation on financial futures | 223,443.46 |
| Unrealised net appreciation on swaps | 59,761.77 |
| Other assets | 3,948.26 |
| Liabilities | 606,419.95 |
| Bank overdrafts | 393,041.51 |
| Brokers payable | 53,595.72 |
| Redemptions payable | 105,196.87 |
| Other liabilities | 54,585.85 |
| Net asset value | 22,104,671.30 |

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 | 22,104,671.30 | 39,528,369.77 | 39,907,377.45 |
| Class A EUR - Capitalisation Number of shares |  | 9,418 | 13,050 | 12,791 |
| Net asset value per share | EUR | 118.27 | 137.74 | 108.91 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 78.65 |
| Class A USD Hedged - Capitalisation Number of shares |  | 1,140 | 1,140 | 1,699 |
| Net asset value per share | USD | 97.60 | 112.00 | 86.19 |
| Class E EUR - Capitalisation Number of shares |  | 27,440 | 30,918 | 44,313 |
| Net asset value per share | EUR | 113.06 | 132.16 | 105.24 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1,047 | 1,047 | 1,800 |
| Net asset value per share | USD | 123.21 | 141.92 | 110.03 |
| Class F EUR - Capitalisation Number of shares |  | 90,508 | 155,221 | 155,588 |
| Net asset value per share | EUR | 157.69 | 183.04 | 143.87 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 1,067 |
| Net asset value per share | CHF | 0.00 | 0.00 | 140.51 |
| Class F USD Hedged - Capitalisation Number of shares |  | 2,690 | 3,688 | 8,919 |
| Net asset value per share | USD | 169.69 | 194.15 | 148.49 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 22,104,671.30 | 39,528,369.77 | 39,907,377.45 |

Key figures relating to the last 3 years
Total Net Assets
| Class W EUR - Capitalisation Number of shares |  | 10,913 | 11,471 | 69,730 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 102.22 | 118.67 | 93.20 |
| Class W GBP - Capitalisation Number of shares |  | 2,424 | 4,507 | 10,770 |
| Net asset value per share | GBP | 160.25 | 173.42 | 144.28 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 8,187 | 9,260 | 9,987 |
| Net asset value per share | GBP | 161.40 | 189.00 | 147.14 |

Securities portfolio as at 30/06/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange | listing	 20,237,793.82 | 91.55 |
| --- | --- | --- |
| Shares | 20,237,793.82 | 91.55 |
| Austria |  | 834,424.50 | 3.77 |
| 18,339 DO CO RESTAURANTS | EUR | 834,424.50 | 3.77 |
| Belgium |  | 549,856.35 | 2.49 |
| 1,077 GALAPAGOS GENOMICS NV | EUR | 188,528.85 | 0.85 |
| 13,635 TESSENDERLO CHEMIE NV | EUR | 361,327.50 | 1.64 |
| France |  | 1,673,588.76 | 7.57 |
| 3,595 ALTEN SA | EUR | 275,197.25 | 1.24 |
| 17,567 RUBIS | EUR | 751,516.26 | 3.40 |
| 6,937 TRIGANO | EUR | 646,875.25 | 2.93 |
| Germany |  | 8,766,415.08 | 39.66 |
| 15,497 BRENNTAG - NAMEN AKT | EUR | 724,794.69 | 3.28 |
| 15,922 CANCOM IT SYSTEME | EUR | 751,518.40 | 3.40 |
| 308,200 COMMERZBK | EUR | 1,222,629.40 | 5.53 |
| 9,810 DELIVERY HERO SE | EUR | 892,317.60 | 4.04 |
| 30,163 DERMAPHARM HLDG - BEARER SHS | EUR | 1,335,768.46 | 6.04 |
| 16,693 INSTONE RE -BEARER SHS | EUR | 322,174.90 | 1.46 |
| 29,772 JENOPTIK -REGISTERED SHS | EUR | 620,448.48 | 2.81 |
| 23,703 LPKF LASER AND ELECTRONICS | EUR | 457,467.90 | 2.07 |
| 5,847 MORPHOSYS | EUR | 657,495.15 | 2.97 |
| 4,965 ROCKET INTERNET AG | EUR | 94,781.85 | 0.43 |
| 7,753 SCOUT24 | EUR | 535,344.65 | 2.42 |
| 182,400 THYSSENKRUPP AG | EUR | 1,151,673.60 | 5.21 |
| Italy |  | 438,736.27 | 1.98 |
| 109,356 ENAV SPA | EUR | 438,736.27 | 1.98 |
| Luxembourg |  | 437,914.00 | 1.98 |
| 12,620 BEFESA SA | EUR | 437,914.00 | 1.98 |
| Norway |  | 480,864.01 | 2.18 |
| 61,805 ORKLA ASA | NOK | 480,864.01 | 2.18 |
| The Netherlands |  | 5,515,228.91 | 24.95 |
| 48,573 ASR | EUR | 1,327,985.82 | 6.01 |
| 19,737 BESI -REGISTERED SHS | EUR | 782,572.05 | 3.54 |
| 23,747 IMCD | EUR | 1,987,148.96 | 8.99 |
| 57,003 OCI REG.SHS | EUR | 528,987.84 | 2.39 |
| 68,772 VAN LANSCH KEMP - CERT. OF SHS | EUR | 888,534.24 | 4.02 |
| United Kingdom |  | 873,463.35 | 3.95 |
| 332,321 GOCO GROUP PLC | GBP | 352,428.43 | 1.60 |
| 50,961 INFORMA PLC | GBP | 263,718.97 | 1.19 |
| 24,883 UNITE GROUP PLC | GBP | 257,315.95 | 1.16 |
| United States of America |  | 667,302.59 | 3.02 |
| 827 CARA THERAPEUTICS | USD | 12,591.11 | 0.06 |
| 4,931 CHEMOCENTRYX | USD | 252,619.63 | 1.14 |
| 12,262 REGENXBIO INC | USD | 402,091.85 | 1.82 |
| Shares/Units of UCITS/UCIS |  | 807,870.99 | 3.65 |
| Shares/Units in investment funds |  | 807,870.99 | 3.65 |
| France |  | 807,870.99 | 3.65 |
| 2,377 CARMIGNAC EURO-ENTREPRENEURS A EUR ACC | EUR | 807,870.99 | 3.65 |

Total securities portfolio	
21,045,664.81	95.21
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 181,388.33 |
| --- | --- |
| Net dividends | 156,091.43 |
| Bank interest on cash account | 8,724.28 |
| Other financial income | 13,231.62 |
| Securities lending income | 3,341.00 |
| Expenses | 249,028.29 |
| Management fees | 138,359.85 |
| Performance fees | 8,294.26 |
| Bank interest on overdrafts | 30,688.54 |
| Transaction fees | 32,007.81 |
| Dividend expenses | 177.21 |
| Operating and establishment fees | 39,500.62 |
| Net loss from investments | -67,639.96 |
| Net realised profit / loss on: - sales of investment securities | -2,414,449.79 |
| - options | -10,934.43 |
| - forward foreign exchange contracts | 117,871.54 |
| - financial futures | 1,690,383.77 |
| - swaps | -823,715.55 |
| - foreign exchange | -33,257.14 |
| Net realised loss | -1,541,741.56 |
| Movement in net unrealised appreciation / depreciation on: - investments | -4,380,691.03 |
| - forward foreign exchange contracts | -14,690.07 |
| - financial futures | 241,035.82 |
| - swaps | -178,820.59 |
| Decrease in net assets as a result of operations | -5,874,907.43 |
| Subscription capitalisation shares | 4,362,730.42 |
| Redemption capitalisation shares | -15,911,521.46 |
| Decrease in net assets | -17,423,698.47 |
| Net assets at the beginning of the period | 39,528,369.77 |
| Net assets at the end of the period | 22,104,671.30 |

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 |