# CARMIGNAC PORTFOLIO
## Grandchildren

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 95,767,406.98 |
| --- | --- |
| Securities portfolio at market value | 84,169,902.90 |
| Cost price | 66,274,905.80 |
| Unrealised profit on the securities portfolio | 17,894,997.10 |
| Cash at banks and liquidities | 4,391,884.63 |
| Brokers receivable | 172,960.37 |
| Subscriptions receivable | 7,026,436.39 |
| Dividends receivable | 6,222.69 |
| Liabilities | 8,849,058.84 |
| Brokers payable | 7,632,688.66 |
| Redemptions payable | 1,124,048.86 |
| Other liabilities | 92,321.32 |
| Net asset value | 86,918,348.14 |


###### 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 | 86,918,348.14 | 66,515,440.07 | 20,832,390.01 |
| Class A EUR - Capitalisation Number of shares |  | 172,625 | 167,645 | 160,347 |
| Net asset value per share | EUR | 158.63 | 138.89 | 115.47 |
| Class F EUR - Capitalisation Number of shares |  | 342,758 | 300,857 | 10,001 |
| Net asset value per share | EUR | 159.13 | 138.91 | 115.87 |
| Class W EUR - Capitalisation Number of shares |  | 30,987 | 10,216 | 10,000 |
| Net asset value per share | EUR | 161.15 | 140.68 | 115.89 |

Securities portfolio as at 30/06/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange lis | ting	 84,169,902.90 | 96.84 |
| --- | --- | --- | --- |
| Shares |  | 84,169,902.90 | 96.84 |
|  | Denmark | 4,865,822.20 | 5.60 |

| 21,813 GN GREAT NORDIC | DKK | 1,606,880.00 | 1.85 |
| --- | --- | --- | --- |
| 32,835 NOVO NORDISK | DKK | 2,319,920.52 | 2.67 |
| 7,935 ORSTED | DKK | 939,021.68 | 1.08 |
| France |  | 4,292,420.00 | 4.94 |
| 5,337 L'OREAL SA | EUR | 2,005,644.60 | 2.31 |
| 3,458 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 2,286,775.40 | 2.63 |
| Germany |  | 4,468,762.80 | 5.14 |
| 4,442 ADIDAS AG NAMEN AKT | EUR | 1,394,343.80 | 1.60 |
| 9,581 KNORR-BREMSE - BEARER SHS | EUR | 929,357.00 | 1.07 |
| 18,050 SAP AG | EUR | 2,145,062.00 | 2.47 |
| Hong Kong |  | 1,776,273.59 | 2.04 |
| 35,347 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 1,776,273.59 | 2.04 |
| Ireland |  | 2,646,811.12 | 3.05 |
| 5,244 KERRY GROUP -A- | EUR | 617,743.20 | 0.71 |
| 25,478 KINGSPAN GROUP | EUR | 2,029,067.92 | 2.34 |
| Spain |  | 1,892,130.04 | 2.18 |
| 31,897 AMADEUS IT GROUP SA -A- | EUR | 1,892,130.04 | 2.18 |
| Sweden |  | 2,276,148.79 | 2.62 |
| 89,545 ASSA ABLOY -B- NEW I | SEK | 2,276,148.79 | 2.62 |
| Switzerland |  | 1,385,543.51 | 1.59 |
| 2,316 LONZA GROUP (CHF) | CHF | 1,385,543.51 | 1.59 |
| The Netherlands |  | 2,905,527.80 | 3.34 |
| 386 ADYEN --- PARTS SOCIALES | EUR | 795,353.00 | 0.92 |
| 3,642 ASML HOLDING NV | EUR | 2,110,174.80 | 2.42 |
| United Kingdom |  | 6,793,590.02 | 7.82 |
| 107,232 COMPASS GROUP | GBP | 1,901,183.58 | 2.19 |
| 21,980 DIAGEO PLC | GBP | 886,164.37 | 1.02 |
| 72,987 RELX PLC | GBP | 1,631,569.14 | 1.88 |
| 48,579 SENSATA TECH(S) -REGISTERED SHS | USD | 2,374,672.93 | 2.73 |
| United States of America |  | 50,866,873.03 | 58.52 |
| 5,038 ADOBE INC | USD | 2,487,945.29 | 2.86 |
| 1,550 ALPHABET INC -A- | USD | 3,191,478.62 | 3.67 |
| 2,725 ANSYS INC | USD | 797,485.88 | 0.92 |
| 2,483 ANTHEM INC | USD | 799,400.79 | 0.92 |
| 6,472 AUTODESK INC | USD | 1,593,032.13 | 1.83 |
| 1,072 BOOKING HOLDINGS INC | USD | 1,977,934.46 | 2.28 |
| 13,803 BROWN-FORMAN CORP -B- NON VOTING | USD | 872,246.24 | 1.00 |
| 15,139 ELECTRONIC ARTS - REGISTERED | USD | 1,836,109.60 | 2.11 |
| 9,195 ESTEE LAUDER COMPANIES INC -A- | USD | 2,466,266.63 | 2.84 |
| 9,885 FACEBOOK -A- | USD | 2,898,316.34 | 3.33 |
| 8,543 FIDELITY NATIONAL INFO SERVICES INC | USD | 1,020,563.97 | 1.17 |
| 13,703 INTERCONTINENTAL EXCHANGE INC | USD | 1,371,571.04 | 1.58 |
| 5,185 INTUIT | USD | 2,143,124.59 | 2.47 |
| 1,190 INTUITIVE SURGICAL | USD | 922,819.46 | 1.06 |
| 8,883 MASIMO | USD | 1,816,075.01 | 2.09 |
| 4,209 MASTERCARD INC -A- | USD | 1,295,778.57 | 1.49 |
| 19,909 MICROSOFT CORP | USD | 4,547,894.51 | 5.24 |
| 4,452 NETFLIX INC | USD | 1,982,958.87 | 2.28 |
| 4,814 NVIDIA CORP | USD | 3,247,897.29 | 3.74 |
| 11,581 PAYPAL HOLDINGS | USD | 2,846,470.93 | 3.27 |
| 7,071 RESMED | USD | 1,469,890.31 | 1.69 |
| 3,758 STRYKER CORP | USD | 823,058.72 | 0.95 |
| 4,359 THERMO FISHER SCIENT SHS | USD | 1,854,275.01 | 2.13 |
| 23,804 TRANSUNION | USD | 2,204,163.29 | 2.54 |
| 13,971 WALT DISNEY CO | USD | 2,070,733.34 | 2.38 |
| 14,823 ZOETIS INC -A- | USD | 2,329,382.14 | 2.68 |

Total securities portfolio	
84,169,902.9096.84

###### Statement of operations and changes in net assets from 01/01/21 to 30/06/21
Expressed in EUR
| Income | 234,421.45 |
| --- | --- |
| Net dividends | 234,421.45 |
| Expenses | 487,762.50 |
| Management fees | 350,080.41 |
| Bank interest on overdrafts | 7,108.61 |
| Transaction fees | 26,996.21 |
| Operating and establishment fees | 103,577.27 |
| Net loss from investments | (253,341.05) |
| Net realised profit / loss on: - sales of investment securities | 3,569,597.85 |
| - financial futures | 12,140.66 |
| - foreign exchange | (536,837.19) |
| Net realised profit | 2,791,560.27 |
| Movement in net unrealised appreciation / depreciation on: - investments | 6,935,901.52 |
| Increase in net assets as a result of operations | 9,727,461.79 |
| Subscription capitalisation shares | 23,432,330.33 |
| Redemption capitalisation shares | (12,756,884.05) |
| Increase in net assets | 20,402,908.07 |
| Net assets at the beginning of the period | 66,515,440.07 |
| Net assets at the end of the period | 86,918,348.14 |

Translation (ENFR, 2021-06-30):
# CARMIGNAC PORTFOLIO
## Combiné

#### Etats financiers au 30/06/2021
Etat des actifs nets au 30/06/2021
Exprimé en EUR
| Actifs | 13 149 490 262,90 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 11 694 212 488,64 |
| Coût | 10 913 684 805,46 |
| Plus-value non réalisée sur portefeuille titres | 780 527 683,18 |
| Options achetées à la valeur d'évaluation | 23 433 358,70 |
| Options achetées au coût d’acquisition | 26 662 421,68 |
| Avoirs bancaires et liquidités | 951 158 249,12 |
| Intérêts à recevoir | 57 853 894,24 |
| Brokers à recevoir | 219 933 023,84 |
| Souscriptions à recevoir | 192 335 429,44 |
| Dividendes à recevoir | 2 176 351,73 |
| 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 | 237 266,23 |
| Plus-value non réalisée nette sur swaps | 4 209 453,39 |
| Autres actifs | 1 141 244,01 |
| Passifs | 777 310 797,87 |
| Options vendues à la valeur de marché | 12 087 218,05 |
| Options vendues au coût d'acquisition | 15 401 313,38 |
| Découverts bancaires | 98 574 660,55 |
| Brokers à payer | 414 058 426,21 |
| Rachats à payer | 107 523 320,84 |
| Moins-value non réalisée nette sur contrats de change à terme | 29 661 082,62 |
| Moins-value non réalisée nette sur instruments financiers à terme | 11 765 200,57 |
| Moins-value non réalisée nette sur swaps | 67 706 325,22 |
| Autres passifs | 35 934 563,81 |
| Valeur nette d’inventaire | 12 372 179 465,03 |

Etat des opérations et des changements des actifs nets du 01/01/21 au 30/06/21
Exprimé en EUR
| Revenus | 114 524 076,87 |
| --- | --- |
| Dividendes nets | 22 535 782,60 |
| Intérêts nets sur obligations | 80 326 116,97 |
| Intérêts bancaires sur comptes courants | 256 502,92 |
| Autres revenus financiers | 1 948 419,92 |
| Intérêts sur swaps | 9 393 535,06 |
| Revenu des prêts de titres | 63 719,40 |
| Dépenses | 105 772 440,46 |
| Commissions de gestion | 47 333 492,70 |
| Commission de performance | 12 235 758,25 |
| Intérêts bancaires | 3 544 279,77 |
| Frais de transactions | 6 896 184,15 |
| Charges pour dividendes | 1 543 766,54 |
| Intérêts sur swaps | 20 849 922,15 |
| Frais de fonctionnement et d'établissement | 13 369 036,90 |
| Montant net total des revenus d’investissement | 8 751 636,41 |
| Bénéfice/perte net(te) réalisé(e) sur : - ventes d’investissements en titres | 378 987 776,60 |
| - options | 13 900 184,68 |
| - contrats de change à terme | (8 220 805,64) |
| - Produits sur instruments financiers à terme | (36 460 151,65) |
| - swaps | 90 450 247,38 |
| - change | (45 965 371,15) |
| Bénéfice net réalisé | 401 443 516,63 |
| Variation de la plus-value/moins-value non réalisée nette sur : - placements | 88 440 067,37 |
| - options | (1 033 462,86) |
| - contrats de change à terme | (33 086 594,64) |
| - Produits sur instruments financiers à terme | (1 936 490,25) |
| - swaps | (56 656 482,91) |
| Augmentation des actifs nets issue du résultat d’exploitation | 397 170 553,34 |
| Dividendes versés | (4 441 137,03) |
| Souscription d'actions de capitalisation | 4 566 890 449,80 |
| Souscription d'actions de distribution | 91 883 949,47 |
| Rachat d'actions de capitalisation | (2 558 694 657,11) |
| Rachat d’actions de distribution | (46 964 378,08) |
| Augmentation des actifs nets | 2 445 844 780,39 |
| Actifs nets, début de la période | 9 926 334 684,64 |
| Actifs nets à la fin de la période | 12 372 179 465,03 |