# CARMIGNAC PORTFOLIO
## Emergents

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 142,752,177.54 |
| --- | --- |
| Securities portfolio at market value | 133,621,366.75 |
| Cost price | 117,786,596.81 |
| Unrealised profit on the securities portfolio | 15,834,769.94 |
| Cash at banks and liquidities | 7,414,390.50 |
| Interest receivable | 11.40 |
| Brokers receivable | 976,935.43 |
| Subscriptions receivable | 47,458.10 |
| Dividends receivable | 119,354.99 |
| Unrealised net appreciation on forward foreign exchange contracts | 568,769.84 |
| Other assets | 3,890.53 |
| Liabilities | 8,225,051.26 |
| Bank overdrafts | 1,605,731.43 |
| Brokers payable | 4,043,821.14 |
| Redemptions payable | 317,553.44 |
| Other liabilities | 2,257,945.25 |
| Net asset value | 134,527,126.28 |

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 | 134,527,126.28 | 132,376,943.74 | 117,653,869.35 |
| Class A EUR - Capitalisation Number of shares |  | 15,661 | 14,536 | 10,405 |
| Net asset value per share | EUR | 120.90 | 116.98 | 93.66 |
| Class A EUR Y - Distribution Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | EUR | 0.00 | 0.00 | 83.41 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 7,912 | 11,124 | 8,235 |
| Net asset value per share | CHF | 118.00 | 114.35 | 91.89 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 77.65 |
| Class A USD Hedged - Capitalisation Number of shares |  | 10,695 | 1,495 | 1,825 |
| Net asset value per share | USD | 130.21 | 125.92 | 98.74 |
| Class E EUR - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | EUR | 0.00 | 0.00 | 90.36 |
| Class E USD Hedged - Capitalisation Number of shares |  | 201 | 1 | 1 |
| Net asset value per share | USD | 137.36 | 132.38 | 104.37 |
| Class F EUR - Capitalisation Number of shares |  | 341,382 | 375,195 | 541,639 |
| Net asset value per share | EUR | 142.61 | 137.72 | 109.71 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 134,527,126.28 | 132,376,943.74 | 117,653,869.35 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR Y - Distribution Number of shares |  | 0 | 0 | 100 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 0.00 | 0.00 | 83.85 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 77,856 | 70,062 | 24,097 |
| Net asset value per share | CHF | 138.41 | 133.78 | 106.97 |
| Class F USD Hedged - Capitalisation Number of shares |  | 2,776 | 2,776 | 6,407 |
| Net asset value per share | USD | 154.45 | 147.87 | 115.35 |
| Class W EUR - Capitalisation Number of shares |  | 554,168 | 557,904 | 547,207 |
| Net asset value per share | EUR | 116.29 | 108.57 | 85.58 |
| Class W GBP - Capitalisation Number of shares |  | 38,152 | 48,318 | 43,538 |
| Net asset value per share | GBP | 163.37 | 142.17 | 118.71 |
| Class W USD - Capitalisation Number of shares |  | 0 | 0 | 12,000 |
| Net asset value per share | USD | 0.00 | 0.00 | 83.89 |

Securities portfolio as at 30/06/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange l | isting	 133,352,829.43 | 99.13 |
| --- | --- | --- | --- |
| Shares |  | 133,352,829.43 | 99.13 |
|  | Bermuda | 1,179,658.82 | 0.88 |
| 284,932 DAIRY FARM INTERNATIONAL HOLDING | USD | 1,179,658.82 | 0.88 |
| Brazil |  | 5,697,478.80 | 4.24 |
| 1,218,927 CIELO | BRL | 913,157.57 | 0.68 |
| 600,655 TAESA - CTF CONS OF 2 PFD SHS + 1 SH | BRL | 2,736,890.79 | 2.04 |
| 603,850 TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD | BRL | 2,047,430.44 | 1.52 |
| Cayman Islands |  | 50,933,664.88 | 37.85 |
| 2,015,451 DALI FOODS GRP UNITARY 144A/REGS | HKD | 1,088,187.72 | 0.81 |
| 366,609 ENN ENERGY HOLDINGS LTD | HKD | 3,672,428.31 | 2.73 |
| 26,783 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 1,899,598.25 | 1.41 |
| 178,611 JD COM ADR REPR 2SHS -A- | USD | 9,570,235.48 | 7.11 |
| 368,834 NIO INC - SHS -A- ADR | USD | 2,535,189.85 | 1.88 |
| 328,185 PING AN HEALTHCARE AND TECHNOLOGY COMPAN | HKD | 4,444,943.57 | 3.30 |
| 52,561 SEA -A- ADR REPR1 SHS | USD | 5,018,600.93 | 3.73 |
| 138,846 TENCENT HLDG | HKD | 7,952,787.28 | 5.91 |
| 159,573 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 2,828,739.20 | 2.10 |
| 309,295 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 5,038,286.38 | 3.75 |
| 143,354 58.COM -A- ADR | USD | 6,884,667.91 | 5.12 |
| China |  | 10,747,381.13 | 7.99 |
| 2,764,769 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 4,452,875.82 | 3.31 |
| 247,365 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 3,118,039.68 | 2.32 |
| 529,539 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 1,179,678.46 | 0.88 |
| 224,283 PING AN INS (GRP) CO -H- | HKD | 1,996,787.17 | 1.48 |
| Hong Kong |  | 2,865,955.58 | 2.13 |
| 75,600 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 2,865,955.58 | 2.13 |
| India |  | 12,689,393.38 | 9.43 |
| 61,117 AVENUE SUPER REGISTERED | INR | 1,669,975.43 | 1.24 |
| 360,849 DABUR INDIA LTD DEMATERIALISED | INR | 1,982,707.86 | 1.47 |
| 116,215 HDFC BANK - REGISTERED SHS | INR | 1,460,670.24 | 1.09 |
| 313,912 ICICI BANK | INR | 1,300,964.27 | 0.97 |
| 144,708 ICICI LOMBARD | INR | 2,161,354.13 | 1.60 |
| 126,629 KOTAK MAHINDRA BANK | INR | 2,031,466.51 | 1.51 |
| 30,245 MARUTI SUZUKI | INR | 2,082,254.94 | 1.55 |
| Malaysia |  | 1,439,579.13 | 1.07 |
| 1,259,671 IHH HEALHCARE BHD | MYR | 1,439,579.13 | 1.07 |
| Mexico |  | 2,623,099.66 | 1.95 |
| 853,942 GRUPO FINANCIERO BANORTE -O- | MXN | 2,623,099.66 | 1.95 |
| Russia |  | 1,902,226.89 | 1.41 |
| 1,344,824 MOSCOW EXCHANGE | RUB | 1,902,226.89 | 1.41 |
| South Korea |  | 24,088,430.47 | 17.91 |
| 36,003 HYUNDAI MOTOR CO LTD | KRW | 2,603,658.45 | 1.94 |
| 12,580 KAKAO | KRW | 2,490,893.65 | 1.85 |
| 113,080 KANGWON LAND | KRW | 1,799,596.00 | 1.34 |
| 9,391 LG CHEM | KRW | 3,409,585.70 | 2.53 |
| 12,584 NAVER | KRW | 2,487,028.31 | 1.85 |
| 81,391 SAMSUNG ELECTRONICS CO LTD | KRW | 3,180,980.93 | 2.36 |
| 235,817 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,116,687.43 | 6.04 |
| Taiwan |  | 7,179,678.70 | 5.34 |
| 165,097 MEDIA TEK INCORPORATION | TWD | 2,884,638.87 | 2.14 |
| 84,974 TAIWAN SEMICON ADR (REPR 5 SHS) | USD | 4,295,039.83 | 3.20 |
| The Netherlands |  | 7,110,053.73 | 5.29 |
| 24,183 PROSUS N.V. | EUR | 2,000,901.42 | 1.49 |
| 114,721 YANDEX N.V. | USD | 5,109,152.31 | 3.80 |
| Turkey |  | 0.06 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.06 | 0.00 |
| United States of America |  | 4,896,228.20 | 3.64 |
| 114,983 KINGSOFT CLOUD HOLDINGS LTD | USD | 3,226,874.56 | 2.40 |
| 1,902 MERCADOLIBRE | USD | 1,669,353.64 | 1.24 |

Securities portfolio as at 30/06/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Shares/Units of UCITS/UCIS |  | 268,537.32 | 0.20 |
| --- | --- | --- | --- |
| Shares/Units in investment funds |  | 268,537.32 | 0.20 |
| France |  | 268,537.32 | 0.20 |
| 269 CARMIGNAC EMERGENTS A EUR ACC | EUR | 268,537.32 | 0.20 |

Total securities portfolio	
133,621,366.75	99.33
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 874,462.96 |
| --- | --- |
| Net dividends | 827,459.96 |
| Bank interest on cash account | 1,842.07 |
| Other financial income | 43,623.87 |
| Securities lending income | 1,537.06 |
| Expenses | 3,262,276.03 |
| Management fees | 546,656.95 |
| Performance fees | 2,110,643.58 |
| Bank interest on overdrafts | 29,781.10 |
| Transaction fees | 325,737.01 |
| Operating and establishment fees | 249,457.39 |
| Net loss from investments | -2,387,813.07 |
| Net realised profit / loss on: - sales of investment securities | 89,193.26 |
| - forward foreign exchange contracts | 794,127.40 |
| - financial futures | -311,135.13 |
| - swaps | -2,575,534.69 |
| - foreign exchange | 3,084,864.72 |
| Net realised loss | -1,306,297.51 |
| Movement in net unrealised appreciation / depreciation on: - investments | 5,506,932.48 |
| - forward foreign exchange contracts | 915,550.09 |
| Increase in net assets as a result of operations | 5,116,185.06 |
| Subscription capitalisation shares | 27,281,593.93 |
| Redemption capitalisation shares | -30,247,596.45 |
| Increase in net assets | 2,150,182.54 |
| Net assets at the beginning of the period | 132,376,943.74 |
| Net assets at the end of the period | 134,527,126.28 |

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 |