# CARMIGNAC PORTFOLIO
## Flexible Bond (formerly Unconstrained Euro Fixed
Income)

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 1,607,970,850.07 |
| --- | --- |
| Securities portfolio at market value | 1,428,891,068.77 |
| Cost price | 1,395,728,748.89 |
| Unrealised profit on the securities portfolio | 33,162,319.88 |
| Options purchased at market value | 517,841.30 |
| Options purchased at cost | 1,637,849.03 |
| Cash at banks and liquidities | 117,758,439.51 |
| Interest receivable | 13,789,295.31 |
| Subscriptions receivable | 46,827,987.35 |
| Other assets | 186,217.83 |
| Liabilities | 74,291,465.02 |
| Options sold at market value | 4,570,693.41 |
| Options sold at cost | 5,382,008.23 |
| Bank overdrafts | 15,970,041.21 |
| Brokers payable | 14,972,490.12 |
| Redemptions payable | 2,305,271.57 |
| Unrealised net depreciation on forward foreign exchange contracts | 7,517,210.60 |
| Unrealised net depreciation on financial futures | 3,210,018.49 |
| Unrealised net depreciation on swaps | 19,201,508.98 |
| Other liabilities | 6,544,230.64 |
| Net asset value | 1,533,679,385.05 |


###### 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 | 1,533,679,385.05 | 1,155,636,648.16 | 883,252,316.57 |
| Class A EUR - Capitalisation Number of shares |  | 487,544 | 419,270 | 338,610 |
| Net asset value per share | EUR | 1,308.84 | 1,302.30 | 1,192.12 |
| Class Income A EUR - Distribution Number of shares |  | 1,402 | 622 | 325 |
| Net asset value per share | EUR | 1,037.29 | 1,039.97 | 965.10 |
| Class A EUR Y - Distribution Number of shares |  | 13,582 | 10,746 | 10,310 |
| Net asset value per share | EUR | 1,113.03 | 1,117.68 | 1,023.61 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 6,501 | 7,152 | 7,135 |
| Net asset value per share | CHF | 1,164.90 | 1,160.82 | 1,066.72 |
| Class A USD Hedged - Capitalisation Number of shares |  | 13,253 | 13,596 | 14,831 |
| Net asset value per share | USD | 1,335.90 | 1,324.84 | 1,197.73 |
| Class F EUR - Capitalisation Number of shares |  | 715,487 | 476,254 | 404,563 |
| Net asset value per share | EUR | 1,186.95 | 1,178.80 | 1,074.78 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 1,533,679,385.05 | 1,155,636,648.16 | 883,252,316.57 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 7,569 | 11,974 | 10,746 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 1,144.90 | 1,138.81 | 1,042.32 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 370 | 539 |
| Net asset value per share | GBP | 0.00 | 1,337.03 | 1,214.39 |

Quantity	Denomination	Quotation
| Transferable securities admitted to an official stock exchange | isting	 1,252,481,292.32 | 81.67 |
| --- | --- | --- |
| Bonds |  | 951,378,943.03 | 62.04 |
|  | Belgium | 18,761,105.00 | 1.22 |

currency
Market value	% of net
assets
l
| 5,000,000 EUROPEAN UNION | 0.00 20-35 04/07A | EUR | 4,782,875.00 | 0.31 |
| --- | --- | --- | --- | --- |
| 14,000,000 EUROPEAN UNION | 0.00 21-31 04/07A | EUR | 13,978,230.00 | 0.91 |
| Benin |  |  | 12,183,258.79 | 0.79 |
| 12,147,000 BENIN 4.875 21-32 19/01A | EUR | 12,183,258.79 | 0.79 |
| Bermuda |  | 10,211,910.95 | 0.67 |
| 6,608,000 GEOPARK LTD	5.5000 20-27 17/01S | USD | 5,665,054.72 | 0.37 |
| 9,619,583 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 4,546,856.23 | 0.30 |
| Canada |  | 1,050,420.78 | 0.07 |
| 4,295,078 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,050,420.78 | 0.07 |
| Cayman Islands |  | 30,167,281.71 | 1.97 |
| 3,150,000 GEMS MENASA 7.125	19-26 31/07S | USD | 2,757,425.38 | 0.18 |
| 9,450,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 6,882,553.57 | 0.45 |
| 8,085,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 6,930,881.42 | 0.46 |
| 8,500,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 5,730,931.37 | 0.37 |
| 5,834,000 SHELF DRILL HOLD LTD 8.875 21-24 15/11S | USD | 5,086,452.53 | 0.33 |
| 3,300,000 STONECO LTD	3.95 21-28 16/06S | USD | 2,779,037.44 | 0.18 |
| Czech Republic |  | 6,074,070.00 | 0.40 |
| 6,000,000 SAZKA GROUP AS	3.875 20-27 15/02S | EUR | 6,074,070.00 | 0.40 |
| Dominican Republic |  | 11,980,020.82 | 0.78 |
| 2,113,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 1,847,311.49 | 0.12 |
| 12,000,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 10,132,709.33 | 0.66 |
| Egypt |  | 2,521,315.96 | 0.16 |
| 3,077,000 EGYPT 5.875 21-31 16/02S | USD | 2,521,315.96 | 0.16 |
| France |  | 34,298,637.61 | 2.24 |
| 4,000,000 ALTICE FRANCE SA 4.0 21-29 15/07S | EUR | 3,986,720.00 | 0.26 |
| 3,500,000 COMP GLE GEOPHYSIQUE 7.75 21-27 01/04S | EUR | 3,632,160.00 | 0.24 |
| 5,500,000 FRANCE 0.50 21-72 25/05A | EUR | 4,250,097.50 | 0.28 |
| 5,271,000 GETLINK SE	3.50 20-25 30/10S | EUR | 5,480,654.02 | 0.36 |
| 2,200,000 IPSEN	1.875 16-23 16/06A | EUR | 2,262,667.00 | 0.15 |
| 4,000,000 LA POSTE 5.3 16-43 01/12S | USD | 3,587,638.09 | 0.23 |
| 6,700,000 PEUGEOT INVEST SA 1.8750 19-26 30/10A | EUR | 7,055,301.00 | 0.46 |
| 4,000,000 RCI BANQUE SA 0.50 16-23 15/09A | EUR | 4,043,400.00 | 0.26 |
| Germany |  | 1,299,198.32 | 0.08 |
| 1,000,000 GERMANY 0.50 14-30 15/04A | EUR | 1,299,198.32 | 0.08 |
| Greece |  | 26,989,772.25 | 1.76 |
| 16,934,000 GREECE 0.00 21-26 12/02A | EUR | 16,911,223.77 | 1.10 |
| 9,614,000 PUBLIC POWER CORP GR 3.875 21-26 30/03S | EUR | 10,078,548.48 | 0.66 |
| Indonesia |  | 3,708,479.71 | 0.24 |
| 4,338,000 INDOFOOD CBP SUKSES 3.398 21-31 09/06S | USD | 3,708,479.71 | 0.24 |
| Ireland |  | 22,907,885.13 | 1.49 |
| 8,523,000 DME AIRPORT	5.35 21-28 08/02S | USD | 7,537,418.08 | 0.49 |
| 4,697,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 5,145,187.74 | 0.34 |
| 11,731,000 SCF CAPITAL LTD	3.85 21-28 26/04S | USD | 10,225,279.31 | 0.66 |
| Italy |  | 299,600,022.05 | 19.54 |
| 15,134,000 AMCO AM COMPANY SPA 0.75 21-28 20/04A | EUR | 15,081,712.03 | 0.98 |
| 18,875,000 AMCO AM COMPANY SPA 2.25 20-27 17/07A | EUR | 20,657,460.62 | 1.35 |
| 18,479,000 ATLANTIA SPA	1.8750 21-28 12/02 | EUR | 19,055,175.22 | 1.24 |
| 24,000,000 ITALY	1.25 20-30 25/11A | USD | 19,991,904.88 | 1.30 |
| 40,000,000 ITALY	1.60 16-26 01/06S | EUR | 42,925,400.00 | 2.80 |
| 20,000,000 ITALY	2.375 19-24 17/10S | USD | 17,541,782.62 | 1.14 |
| 50,000,000 ITALY 1.35 15-22 15/04S | EUR | 50,727,000.00 | 3.31 |
| 65,000,000 ITALY 2.10 19-26 15/07S | EUR | 71,458,725.00 | 4.67 |
| 20,000,000 ITALY 4.50 13-24 01/03S | EUR | 22,527,500.00 | 1.47 |
| 10,000,000 ITALY 6.875 93-23 27/09S | USD | 9,553,714.48 | 0.62 |
| 10,080,000 POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 10,079,647.20 | 0.66 |
| Ivory Coast |  | 8,241,915.29 | 0.54 |
| 1,577,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 1,579,846.49 | 0.10 |
| 6,080,000 IVORY COAST 6.8750 19-40 17/10A | EUR | 6,662,068.80 | 0.44 |
| Kazakhstan |  | 4,029,984.00 | 0.26 |
| 4,032,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 4,029,984.00 | 0.26 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Luxembourg |  | 36,106,985.13 | 2.35 |
| --- | --- | --- | --- |
| 12,000,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 12,967,500.00 | 0.84 |
| 4,300,000 ANDORRA INTERNAT BOND 1.25 21-31 06/05A | EUR | 4,388,300.50 | 0.29 |
| 1,400,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 1,181,281.73 | 0.08 |
| 3,770,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 3,306,864.45 | 0.22 |
| 1,078,000 MILLICOM INTL CELL 4.50 20-31 27/04S | USD | 947,865.52 | 0.06 |
| 1,333,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,305,813.46 | 0.09 |
| 1,740,000 MOTION FINCO SARL  7.00 20-25 15/05S | EUR | 1,844,800.20 | 0.12 |
| 9,145,000 MOVIDA EUROPE	5.25 21-31 08/02S | USD | 7,788,402.98 | 0.50 |
| 2,750,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 2,376,156.29 | 0.15 |
| Mauritius |  | 715,896.03 | 0.05 |
| 833,000 CLEAN REN POWER MAUR 4.25 21-27 25/03S | USD | 715,896.03 | 0.05 |
| Mexico |  | 52,257,702.03 | 3.41 |
| 4,500,000 GFB  5.875	19-34 13/09S | USD | 4,170,250.44 | 0.27 |
| 18,000,000 PEMEX	6.95 20-60 28/01S | USD | 13,467,062.99 | 0.87 |
| 10,500,000 PEMEX	7.69 20-50 23/01S | USD | 8,538,078.67 | 0.56 |
| 11,500,000 PEMEX	4.75 18-29 24/05A | EUR | 11,437,957.50 | 0.75 |
| 3,334,000 PEMEX	6.875 20-25 16/10S | USD | 3,110,243.31 | 0.20 |
| 5,000,000 PEMEX 6.625 05-35 15/06S | USD | 4,076,355.51 | 0.27 |
| 10,000,000 PEMEX 6.75 16-47 21/09S | USD | 7,457,753.61 | 0.49 |
| Montenegro |  | 11,243,438.30 | 0.73 |
| 11,897,000 MONTENEGRO	2.875 20-27 16/12A | EUR | 11,243,438.30 | 0.73 |
| Mozambique |  | 3,584,429.54 | 0.23 |
| 5,000,000 MOZAMBIQUE	5.0 19-31 15/09S | USD | 3,584,429.54 | 0.23 |
| Norway |  | 4,146,768.00 | 0.27 |
| 4,350,000 EXPLORER II AS	3.375 20-25 24/02S | EUR | 4,146,768.00 | 0.27 |
| Panama |  | 17,820,645.04 | 1.16 |
| 15,218,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 14,488,995.04 | 0.94 |
| 3,000,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 3,331,650.00 | 0.22 |
| Peru |  | 9,014,901.36 | 0.59 |
| 4,800,000 AUNA SA	6.50 20-25 20/11S | USD | 4,185,782.95 | 0.27 |
| 5,810,000 INRETAIL CONSUMER3.25 21-28 22/03S | USD | 4,829,118.41 | 0.32 |
| Portugal |  | 18,255,519.45 | 1.19 |
| 15,000,000 GOVERNO REGIONAL MAD 1.141 20-34 04/12A | EUR | 14,538,900.00 | 0.95 |
| 4,071,000 PORTUGAL 1.00 21-52 12/04A | EUR | 3,716,619.45 | 0.24 |
| Romania |  | 20,697,433.45 | 1.35 |
| 3,300,000 ROMANIA	4.625 19-49 03/04A | EUR | 4,199,844.00 | 0.27 |
| 3,170,000 ROMANIA 2.6250 20-40 02/12A | EUR | 3,155,513.10 | 0.21 |
| 3,719,000 ROMANIA 2.75 21-41 14/04A | EUR | 3,706,541.35 | 0.24 |
| 9,000,000 ROMANIA 3.3750 20-50 28/01A | EUR | 9,635,535.00 | 0.63 |
| Russia |  | 20,303,300.00 | 1.32 |
| 20,000,000 RUSSIA 2.65 21-36 27/05A | EUR | 20,303,300.00 | 1.32 |
| San Marino |  | 6,812,751.00 | 0.44 |
| 6,600,000 SAN MARINO	3.25 21-24 24/02A | EUR | 6,812,751.00 | 0.44 |
| South Korea |  | 3,327,934.50 | 0.22 |
| 3,300,000 POSCO	0.5 20-24 17/01A | EUR | 3,327,934.50 | 0.22 |
| Sweden |  | 19,202,646.25 | 1.25 |
| 11,250,000 SAMHALLSBYGGNAD	2.8750 21-49 31/12A | EUR | 11,172,206.25 | 0.73 |
| 8,000,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 8,030,440.00 | 0.52 |
| The Netherlands |  | 26,735,810.02 | 1.74 |
| 5,700,000 PROSUS NV 3.8320 20-51 08/02S | USD | 4,470,239.06 | 0.29 |
| 6,142,000 REPSOL INTL FINANCE 2.50 21-XX 22/03A | EUR | 6,188,863.46 | 0.40 |
| 11,000,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 9,742,425.00 | 0.64 |
| 6,500,000 UNITED GROUP BV 3.625 20-28 15/02S | EUR | 6,334,282.50 | 0.41 |
| Togo |  | 6,279,942.35 | 0.41 |
| 5,995,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A | EUR | 6,279,942.35 | 0.41 |
| Turkey |  | 35,982,059.28 | 2.35 |
| 7,351,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 6,216,798.78 | 0.41 |
| 3,450,000 ARCELIK AS 3.00 21-26 27/05A | EUR | 3,496,885.50 | 0.23 |
| 25,000,000 TURKEY 5.20 18-26 16/02A | EUR | 26,268,375.00 | 1.71 |
| Ukraine |  | 15,922,965.00 | 1.04 |
| 17,000,000 UKRAINE 4.375 20-30 27/01A | EUR | 15,922,965.00 | 1.04 |
| United Kingdom |  | 57,103,713.04 | 3.73 |
| 1,136,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 935,865.20 | 0.06 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 6,833,000 EASYJET PLC	0.8750 19-25 11/06 | EUR | 6,852,986.53 | 0.45 |
| --- | --- | --- | --- |
| 4,000,000 GATWICK AIRPORT	4.375 21-26 07/04S | GBP | 4,723,792.88 | 0.31 |
| 2,100,000 GAZ FINANCE PLC | 2.95 20-25 15/04A | EUR | 2,236,195.50 | 0.15 |
| 14,011,000 GAZ FINANCE PLC | 3.00 20-27 29/06S | USD | 12,026,019.73 | 0.78 |
| 15,790,000 GAZ FINANCE PLC 1.50 21-27 17/02A | EUR | 15,785,973.55 | 1.04 |
| 4,000,000 KCA DEUTAG UK FINANCE 9.875 20-25 01/12S | USD | 3,728,965.34 | 0.24 |
| 1,428,000 LLOYDS BANKING GROUP 2.707 20-35 12/03 | GBP | 1,704,292.92 | 0.11 |
| 10,000,000 TECHNIPFMC PLC	6.5000 21-26 01/02S | USD | 9,109,621.39 | 0.59 |
| United States of America |  | 91,838,824.89 | 6.00 |
| 7,000,000 BRISTOW GROUP I  6.8750 21-28 01/03S | USD | 6,022,072.91 | 0.39 |
| 10,000,000 CITADEL FINANCE LLC 3.375 21-26 09/03S | USD | 8,460,494.14 | 0.56 |
| 7,500,000 COMPASS GROUP D  5.2500 21-29 15/04S | USD | 6,591,422.78 | 0.43 |
| 8,300,000 FORD MOTOR CO	9.625 20-30 22/04S | USD | 10,052,035.59 | 0.67 |
| 6,500,000 KOSMOS ENERGY PLC	7.5 21-28 01/03S | USD | 5,421,681.85 | 0.35 |
| 830,000 MERCADOLIBRE INC 3.125 21-31 14/01S | USD | 686,819.92 | 0.04 |
| 7,090,000 MURPHY OIL CORP  5.75 17-25 15/08S | USD | 6,166,906.99 | 0.40 |
| 4,410,000 MURPHY OIL CORP  5.875 19-27 01/12S | USD | 3,879,193.52 | 0.25 |
| 9,500,000 MURPHY OIL CORP  6.125 12-42 01/12S | USD | 7,967,338.94 | 0.52 |
| 4,000,000 MURPHY OIL CORP  6.375 21-28 15/07S | USD | 3,564,432.08 | 0.23 |
| 7,400,000 PERSHING SQUARE HO 5.50 15-22 15/07U | USD | 6,484,063.58 | 0.42 |
| 9,500,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 8,128,992.75 | 0.53 |
| 6,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 5,224,020.90 | 0.34 |
| 16,455,000 UNITED STATES 1.875 21-51 15/02S | USD | 13,189,348.94 | 0.87 |
| Convertible bonds |  | 19,623,206.90 | 1.28 |
| Austria |  | 12,613,824.00 | 0.82 |
| 7,600,000 ERSTE GRP BK AG CV FL.R 20-XX 15/04S | EUR | 8,149,784.00 | 0.53 |
| 4,000,000 RAIFFEISEN BANK CV  FL.R 20-XX 15/06S | EUR | 4,464,040.00 | 0.29 |
| Sweden |  | 3,657,542.79 | 0.24 |
| 4,000,000 SWEDBANK AB CV FL.R 19-XX 17/03S | USD | 3,657,542.79 | 0.24 |
| United Kingdom |  | 3,351,840.11 | 0.22 |
| 2,666,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 3,351,840.11 | 0.22 |
| Floating rate bonds |  | 213,333,841.19 | 13.91 |
| Cayman Islands |  | 7,909,896.64 | 0.52 |
| 7,732,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 7,909,896.64 | 0.52 |
| France |  | 28,549,930.59 | 1.86 |
| 5,600,000 BNP PARIBAS SA	FL.R 16-XX 14/03S | USD | 4,893,707.73 | 0.32 |
| 5,000,000 CREDIT AGRICOLE FL.R 14-XX 14/10A | EUR | 5,714,575.00 | 0.37 |
| 2,300,000 CREDIT AGRICOLE FL.R 20-49 31/12Q | EUR | 2,517,373.00 | 0.16 |
| 11,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 12,239,682.00 | 0.81 |
| 1,500,000 ORANGE SA FL.R	19-XX 15/04A | EUR | 1,578,817.50 | 0.10 |
| 1,700,000 SOCIETE GENERAL SA FL.R 13-XX 18/12S | USD | 1,605,775.36 | 0.10 |
| Greece |  | 15,371,607.73 | 1.00 |
| 5,150,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 5,047,025.75 | 0.32 |
| 4,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 3,857,860.00 | 0.25 |
| 3,500,000 GREECE FL.R 12-24 24/02A | EUR | 3,934,035.00 | 0.26 |
| 2,572,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 2,532,686.98 | 0.17 |
| Ireland |  | 1,710,390.00 | 0.11 |
| 1,500,000 AIB GROUP PLC FL.R 20-49 31/12S | EUR | 1,710,390.00 | 0.11 |
| Israel |  | 3,252,116.87 | 0.21 |
| 3,804,000 MIZRAHI TEFAHOT BANK FL.R 21-31 07/04S | USD | 3,252,116.87 | 0.21 |
| Italy |  | 69,644,143.78 | 4.55 |
| 13,900,000 CASSA DEPOSITI	FL.R 19-26 28/06Q | EUR | 14,714,818.00 | 0.96 |
| 4,000,000 ENEL SPA	FL.R 13-73 24/09S | USD | 3,924,142.00 | 0.26 |
| 3,521,000 ENI SPA FL.R 20-49 31/12A | EUR | 3,748,157.32 | 0.24 |
| 5,416,000 ENI SPA FL.R 21-XX 11/06A | EUR | 5,457,757.36 | 0.36 |
| 2,250,000 INTESA SANPAOLO	FL.R 20-XX 31/12S | EUR | 2,247,030.00 | 0.15 |
| 3,111,000 INTESA SANPAOLO FL.R 20-XX 01/03S | EUR | 3,541,220.19 | 0.23 |
| 25,000,000 ITALY FL.R 20-23 15/12S | EUR | 25,197,875.00 | 1.64 |
| 3,200,000 UNICREDIT SPA	FL.R 19-49 19/03S | EUR | 3,803,504.00 | 0.25 |
| 4,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 3,834,400.00 | 0.25 |
| 3,400,000 UNICREDIT SPA FL.R 17-32 19/06S | USD | 3,175,239.91 | 0.21 |
| Luxembourg |  | 3,740,217.75 | 0.24 |
| 2,174,000 CPI PROPERTY GROUP  FLR 19-XX 31/12A | EUR | 2,305,798.75 | 0.15 |
| 1,400,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 1,434,419.00 | 0.09 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Mexico |  | 2,180,640.44 | 0.14 |
| --- | --- | --- | --- |
| 2,501,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 2,180,640.44 | 0.14 |
| Spain |  | 11,054,401.00 | 0.72 |
| 2,600,000 BBVA FL.R 18-XX 24/03Q | EUR | 2,813,317.00 | 0.18 |
| 7,200,000 BBVA FL.R 20-XX 15/01Q | EUR | 8,241,084.00 | 0.54 |
| Sweden |  | 7,221,096.00 | 0.47 |
| 7,200,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 7,221,096.00 | 0.47 |
| The Netherlands |  | 16,721,589.29 | 1.09 |
| 2,500,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 2,708,812.50 | 0.18 |
| 3,400,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 2,987,421.37 | 0.19 |
| 5,500,000 ING GROEP NV	FL.R 19-XX 16/04S | USD | 5,127,582.42 | 0.34 |
| 3,600,000 RABOBANK FL.R 19-XX 29/06S | EUR | 3,732,444.00 | 0.24 |
| 700,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 771,638.00 | 0.05 |
| 1,300,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 1,393,691.00 | 0.09 |
| United Kingdom |  | 38,186,136.10 | 2.49 |
| 1,750,000 BARCLAYS PLC	FL.R 19-XX 15/03Q | GBP | 2,284,530.26 | 0.15 |
| 2,000,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 2,043,790.00 | 0.13 |
| 8,537,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 8,844,886.90 | 0.58 |
| 4,000,000 NATIONWIDE BUILDING FL.R 20-99 31/12S | GBP | 5,247,970.18 | 0.34 |
| 5,200,000 NATWEST GROUP PLC FL.R 17-23 15/05Q | USD | 4,428,638.16 | 0.29 |
| 15,000,000 NATWEST GROUP PLC FL.R 19-29 01/11S | USD | 13,450,164.43 | 0.88 |
| 2,170,000 STANDARD CHARTERED FL.R 21-99 31/12S | USD | 1,886,156.17 | 0.12 |
| United States of America |  | 7,791,675.00 | 0.51 |
| 3,000,000 ENCORE CAPITAL	FL.R 20-28 15/01Q | EUR | 3,093,000.00 | 0.20 |
| 4,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,698,675.00 | 0.31 |
| Mortgage and asset backed securities |  | 68,145,301.20 | 4.44 |
| Ireland |  | 64,326,254.32 | 4.19 |
| 2,000,000 ADAGIO VI CLO DAC  FL.R 17-31 30/04Q | EUR | 1,995,445.80 | 0.13 |
| 2,000,000 CARLYLE EURO CLO 2017-1 D 17-30 15/07Q | EUR | 1,996,858.20 | 0.13 |
| 1,500,000 HARVEST CLO	FL.R 18-30 22/11 | EUR | 1,488,527.25 | 0.10 |
| 300,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 297,841.71 | 0.02 |
| 2,600,000 HARVEST CLO	0.0 18-30 22/05 | EUR | 2,639,869.70 | 0.17 |
| 600,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 586,652.10 | 0.04 |
| 3,000,000 INVESCO EURO CLO III DAC 19-32 15/07Q | EUR | 3,032,901.90 | 0.20 |
| 7,887,000 MADISON PARK EURO FUND FL.R 20-32 25/11Q | EUR | 8,056,833.93 | 0.52 |
| 2,000,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 1,959,461.20 | 0.13 |
| 3,000,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 2,954,181.60 | 0.19 |
| 4,750,000 PENTA CLO 4 FL.R 18-30 17/12Q | EUR | 4,713,966.03 | 0.31 |
| 4,650,000 PROVIDUS CLO FL.R 18-31 14/05Q | EUR | 4,547,887.39 | 0.30 |
| 1,115,000 PRVD 1X C1	FL.R 18-31 14/05Q | EUR | 1,100,114.75 | 0.07 |
| 5,900,000 SPAUL 3RX B1R	FL.R 18-32 15/01Q | EUR | 5,828,402.32 | 0.38 |
| 1,750,000 SPAUL 3RX CR	FL.R 18-32 15/0 | EUR | 1,726,701.38 | 0.11 |
| 5,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 4,836,221.50 | 0.32 |
| 3,975,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 3,976,294.26 | 0.26 |
| 2,625,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 2,606,948.14 | 0.17 |
| 9,800,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 9,981,145.16 | 0.64 |
| The Netherlands |  | 3,819,046.88 | 0.25 |
| 1,750,000 BABSN 2018-1X C  FL.R 18-31 15/04Q | EUR | 1,719,351.38 | 0.11 |
| 2,100,000 JUBILEE CDO BV	FL.R 18-29 15/12Q | EUR | 2,099,695.50 | 0.14 |

| Other transferable securities | 3,435,365.55 | 0.22 |
| --- | --- | --- |
| Bonds | 3,435,365.55 | 0.22 |
| Mexico | 3,435,365.55 | 0.22 |
| 4,074,000 SEAMEX LTD	0.0 21-22 15/06U	USD | 3,435,365.55 | 0.22 |
| Shares/Units of UCITS/UCIS | 34,845,370.80 | 2.27 |
| Shares/Units in investment funds | 34,845,370.80 | 2.27 |
| France | 34,845,370.80 | 2.27 |
| 9,450 CARMIGNAC COURT TERME A EUR ACC | EUR | 34,845,370.80 | 2.27 |
| Money market instruments |  | 138,129,040.10 | 9.01 |
| Bonds |  | 138,129,040.10 | 9.01 |
| Greece |  | 138,129,040.10 | 9.01 |
| 50,000,000 GREECE ZCP 068021 | EUR | 50,017,750.00 | 3.26 |
| 50,000,000 GREECE ZCP 110322 | EUR | 50,093,500.00 | 3.27 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
37,980,000 GREECE ZCP 291021	EUR	38,017,790.10	2.48
Total securities portfolio	
1,428,891,068.7793.17
| Income | 19,647,484.41 |
| --- | --- |
| Net interest on bonds | 18,060,960.25 |
| Bank interest on cash account | 12,536.04 |
| Other financial income | 652.21 |
| Interest on swaps | 1,533,342.22 |
| Securities lending income | 39,993.69 |
| Expenses | 14,162,582.29 |
| Management fees | 4,962,344.73 |
| Performance fees | 3,991,468.11 |
| Bank interest on overdrafts | 311,497.38 |
| Transaction fees | 217,501.47 |
| Interest on swaps | 3,385,931.39 |
| Operating and establishment fees | 1,293,839.21 |
| Net income from investments | 5,484,902.12 |
| Net realised profit / loss on: - sales of investment securities | 9,933,562.69 |
| - options | 4,670,169.49 |
| - forward foreign exchange contracts | (2,281,954.32) |
| - financial futures | (16,097,962.28) |
| - swaps | 23,211,867.26 |
| - foreign exchange | (2,300,107.22) |
| Net realised profit | 22,620,477.74 |
| Movement in net unrealised appreciation / depreciation on: - investments | 8,733,246.98 |
| - options | 3,306,813.84 |
| - forward foreign exchange contracts | (7,216,951.29) |
| - financial futures | (1,887,620.22) |
| - swaps | (18,070,620.14) |
| Increase in net assets as a result of operations | 7,485,346.91 |
| Dividends paid | (137,314.59) |
| Subscription capitalisation shares | 611,052,872.21 |
| Subscription distribution shares | 5,623,636.37 |
| Redemption capitalisation shares | (244,340,669.81) |
| Redemption distribution shares | (1,641,134.20) |
| Increase in net assets | 378,042,736.89 |
| Net assets at the beginning of the period | 1,155,636,648.16 |
| Net assets at the end of the period | 1,533,679,385.05 |

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 |