# CARMIGNAC PORTFOLIO
## Investissement Latitude

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 26,657,072.95 |
| --- | --- |
| Securities portfolio at market value | 23,120,783.89 |
| Cost price | 19,720,382.21 |
| Unrealised profit on the securities portfolio | 3,400,401.68 |
| Options purchased at market value | 1,602.47 |
| Options purchased at cost | 22,285.00 |
| Cash at banks and liquidities | 3,313,842.70 |
| Interest receivable | 12,535.59 |
| Brokers receivable | 198,449.49 |
| Dividends receivable | 9,733.85 |
| Other assets | 124.96 |
| Liabilities | 555,490.41 |
| Bank overdrafts | 100,983.65 |
| Brokers payable | 212,937.59 |
| Unrealised net depreciation on forward foreign exchange contracts | 5,116.65 |
| Unrealised net depreciation on financial futures | 16,471.53 |
| Unrealised net depreciation on swaps | 35,050.99 |
| Other liabilities | 184,930.00 |
| Net asset value | 26,101,582.54 |

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 | 26,101,582.54 | 35,571,745.72 | 99,209,970.29 |
| Class A EUR - Capitalisation Number of shares |  | 76,954 | 92,059 | 226,402 |
| Net asset value per share | EUR | 109.82 | 101.36 | 91.40 |
| Class E EUR - Capitalisation Number of shares |  | 1,111 | 1,092 | 1,470 |
| Net asset value per share | EUR | 104.44 | 96.71 | 87.78 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 0 | 10 |
| Net asset value per share | USD | 0.00 | 0.00 | 92.41 |
| Class F EUR - Capitalisation Number of shares |  | 153,138 | 248,067 | 829,588 |
| Net asset value per share | EUR | 114.50 | 105.36 | 94.49 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 10 |
| Net asset value per share | CHF | 0.00 | 0.00 | 90.56 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange l | isting	 23,113,480.03 | 88.55 |
| --- | --- | --- | --- |
| Shares |  | 23,113,480.03 | 88.55 |
|  | Canada | 2,561.53 | 0.01 |
| 46,100 ORYS PETROLEUM CORPORATION LTD | CAD | 2,561.53 | 0.01 |
| Cayman Islands |  | 2,697,366.24 | 10.33 |
| 3,022 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 214,336.93 | 0.82 |
| 21,274 JD COM ADR REPR 2SHS -A- | USD | 1,139,891.66 | 4.36 |
| 2,520 JD.COM INC - CL A | HKD | 67,103.89 | 0.26 |
| 41 LEGEND BIOTECH CORP | USD | 1,553.63 | 0.01 |
| 9,200 PING AN HEALTHCARE AND TECHNOLOGY COMPAN | HKD | 124,604.97 | 0.48 |
| 2,339 SEA -A- ADR REPR1 SHS | USD | 223,331.13 | 0.86 |
| 9,053 TENCENT HLDG | HKD | 518,535.52 | 1.98 |
| 24,888 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 405,415.13 | 1.55 |
| 54 58.COM -A- ADR | USD | 2,593.38 | 0.01 |
| China |  | 574,914.76 | 2.20 |
| 45,610 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 574,914.76 | 2.20 |
| Denmark |  | 266,698.48 | 1.02 |
| 2,597 ORSTED | DKK | 266,698.48 | 1.02 |
| France |  | 1,369,590.13 | 5.25 |
| 3,135 ESSILORLUXOTTICA SA | EUR | 358,173.75 | 1.37 |
| 4,657 SAFRAN | EUR | 415,497.54 | 1.60 |
| 4,352 SANOFI | EUR | 394,508.80 | 1.51 |
| 2,613 WORLDLINE SA | EUR | 201,410.04 | 0.77 |
| Germany |  | 1,428,214.26 | 5.47 |
| 2,969 BAYER AG REG SHS | EUR | 195,330.51 | 0.75 |
| 3,516 DELIVERY HERO SE | EUR | 319,815.36 | 1.23 |
| 4,005 HELLOFRESH SE | EUR | 189,837.00 | 0.73 |
| 3,867 KNORR-BREMSE - BEARER SHS | EUR | 348,919.41 | 1.34 |
| 5,439 PUMA AG | EUR | 374,311.98 | 1.42 |
| Hong Kong |  | 147,846.91 | 0.57 |
| 3,900 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 147,846.91 | 0.57 |
| India |  | 410,304.87 | 1.57 |
| 32,645 HDFC BANK - REGISTERED SHS | INR | 410,304.87 | 1.57 |
| Ireland |  | 259,387.35 | 0.99 |
| 3,177 MEDTRONIC HLD | USD | 259,387.35 | 0.99 |
| Italy |  | 419,266.54 | 1.61 |
| 51,205 UNICREDIT -REGISTERD SHARE | EUR | 419,266.54 | 1.61 |
| Japan |  | 673,568.48 | 2.58 |
| 1,700 NINTENDO CO LTD | JPY | 673,568.48 | 2.58 |
| South Korea |  | 550,831.73 | 2.11 |
| 14,094 SAMSUNG ELECTRONICS CO LTD | KRW | 550,831.73 | 2.11 |
| Spain |  | 499,723.88 | 1.91 |
| 1,873 AENA | EUR | 222,325.10 | 0.85 |
| 5,981 AMADEUS IT -A- | EUR | 277,398.78 | 1.06 |
| Switzerland |  | 435,910.86 | 1.67 |
| 4,511 ALCON - REGISTERED SHS | USD | 230,219.04 | 0.88 |
| 2,656 NOVARTIS AG REG SHS | CHF | 205,691.82 | 0.79 |
| The Netherlands |  | 1,125,341.90 | 4.31 |
| 192 ADYEN --- PARTS SOCIALES | EUR | 248,736.00 | 0.95 |
| 6,678 ELASTIC NV | USD | 548,260.14 | 2.10 |
| 718 FERRARI | EUR | 109,028.30 | 0.42 |
| 2,160 NXP SEMICONDUCTORS | USD | 219,317.46 | 0.84 |
| United States of America |  | 12,251,952.11 | 46.95 |
| 708 ALPHABET -A- | USD | 893,896.10 | 3.41 |
| 393 AMAZON.COM INC | USD | 965,335.23 | 3.69 |
| 1,181 AMEDISYS INC | USD | 208,766.18 | 0.80 |
| 1,851 ANTHEM | USD | 433,402.47 | 1.66 |
| 3,908 BAXTER INTERNATIONAL INC | USD | 299,584.92 | 1.15 |
| 707 BECTON DICKINSON | USD | 150,615.58 | 0.58 |
| 10,206 BLACKSTONE MTG-A | USD | 218,904.46 | 0.84 |
| 257 BOOKING HLDG | USD | 364,360.40 | 1.40 |
| 8,181 BOSTON SCIENTIFIC CORP | USD | 255,740.47 | 0.98 |
| 7,210 CENTENE | USD | 407,955.75 | 1.56 |
| 4,687 CONSTELLATION BRANDS INC -A- | USD | 730,081.16 | 2.80 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 411 COSTCO WHOLESALE CORP | USD | 110,955.18 | 0.43 |
| --- | --- | --- | --- |
| 1,320 DOLLAR GENERAL | USD | 223,899.92 | 0.86 |
| 4,274 FACEBOOK -A- | USD | 864,085.10 | 3.30 |
| 5,009 FIDELITY NATIONAL | USD | 598,011.67 | 2.29 |
| 7,599 GODADDY -A- | USD | 496,135.57 | 1.90 |
| 5,400 INTERCONEXCH GR INC WI | USD | 440,404.22 | 1.69 |
| 16,323 KINGSOFT CLOUD HOLDINGS LTD | USD | 458,087.49 | 1.76 |
| 796 LAMB WESTON HOLDINGS REG WI | USD | 45,308.53 | 0.17 |
| 881 MASTERCARD INC -A- | USD | 231,947.38 | 0.89 |
| 216 MERCADOLIBRE | USD | 189,579.59 | 0.73 |
| 5,634 MERCK AND CO | USD | 387,906.53 | 1.49 |
| 915 NETFLIX INC | USD | 370,708.81 | 1.42 |
| 2,300 PAYPAL HOLDINGS INC WI | USD | 356,790.28 | 1.37 |
| 2,126 PLANET FITNESS INC | USD | 114,652.38 | 0.44 |
| 2,139 PROCTER AND GAMBLE CO | USD | 227,716.89 | 0.87 |
| 4,281 SALESFORCE COM.INC | USD | 714,027.27 | 2.74 |
| 970 STRYKER CORP | USD | 155,619.73 | 0.60 |
| 3,676 T MOBILE US INC | USD | 340,876.46 | 1.31 |
| 9,748 THE KRAFT HEINZ | USD | 276,778.45 | 1.06 |
| 4,197 TRADEWEB MKTS/REGSH | USD | 217,258.23 | 0.83 |
| 7,983 TWITTER INC | USD | 211,738.03 | 0.81 |
| 9,255 URBAN OUTFITTERS INC | USD | 125,416.11 | 0.48 |
| 692 VISA INC -A- | USD | 119,016.73 | 0.46 |
| 1,021 ZOOMINFO TECHNOLOGIES INC-A | USD | 46,388.84 | 0.18 |
| Shares/Units of UCITS/UCIS |  | 7,303.86 | 0.03 |
| Shares/Units in investment funds |  | 7,303.86 | 0.03 |
| France |  | 7,303.86 | 0.03 |
| 2 CARMIGNAC COURT TERME A EUR ACC | EUR | 6,726.55 | 0.03 |
| 0 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 577.31 | 0.00 |

Total securities portfolio	
23,120,783.89	88.58
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 103,953.31 |
| --- | --- |
| Net dividends | 85,146.01 |
| Bank interest on cash account | 10,847.00 |
| Other financial income | 6,716.99 |
| Securities lending income | 1,243.31 |
| Expenses | 412,794.95 |
| Management fees | 151,306.13 |
| Performance fees | 137,385.28 |
| Bank interest on overdrafts | 17,403.45 |
| Transaction fees | 49,138.12 |
| Dividend expenses | 14,300.23 |
| Interest on swaps | 3.59 |
| Operating and establishment fees | 43,258.15 |
| Net loss from investments | -308,841.64 |
| Net realised profit / loss on: - sales of investment securities | 2,079,154.17 |
| - options | 743,679.93 |
| - forward foreign exchange contracts | -70,286.43 |
| - financial futures | -1,102,429.85 |
| - swaps | 24,482.88 |
| - foreign exchange | 342,191.06 |
| Net realised profit | 1,707,950.12 |
| Movement in net unrealised appreciation / depreciation on: - investments | 318,615.36 |
| - options | 99,888.29 |
| - forward foreign exchange contracts | -44,802.37 |
| - financial futures | 60,205.05 |
| - swaps | -91,240.12 |
| Increase in net assets as a result of operations | 2,050,616.33 |
| Subscription capitalisation shares | 1,550,909.76 |
| Redemption capitalisation shares | -13,071,689.27 |
| Decrease in net assets | -9,470,163.18 |
| Net assets at the beginning of the period | 35,571,745.72 |
| Net assets at the end of the period | 26,101,582.54 |

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 |