# CARMIGNAC PORTFOLIO
## Unconstrained Euro Fixed Income

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 965,236,101.04 |
| --- | --- |
| Securities portfolio at market value | 873,591,738.87 |
| Cost price | 868,421,276.44 |
| Unrealised profit on the securities portfolio | 5,170,462.43 |
| Options purchased at market value | 881,727.72 |
| Options purchased at cost | 2,289,824.44 |
| Cash at banks and liquidities | 71,707,555.73 |
| Interest receivable | 12,732,048.70 |
| Brokers receivable | 494,145.93 |
| Subscriptions receivable | 2,539,489.60 |
| Unrealised net appreciation on financial futures | 351,191.25 |
| Unrealised net appreciation on swaps | 2,937,124.91 |
| Other assets | 1,078.33 |
| Liabilities | 24,071,873.21 |
| Options sold at market value | 1,945,501.04 |
| Options sold at cost | 2,253,395.32 |
| Bank overdrafts | 10,117,493.56 |
| Brokers payable | 2,896,538.50 |
| Redemptions payable | 4,396,229.12 |
| Unrealised net depreciation on forward foreign exchange contracts | 461,893.10 |
| Other liabilities | 4,254,217.89 |
| Net asset value | 941,164,227.83 |

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 | 941,164,227.83 | 883,252,316.57 | 1,161,933,228.89 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 367,198 | 338,610 | 452,202 |
| Net asset value per share | EUR | 1,224.09 | 1,192.12 | 1,135.49 |
| Class Income A EUR - Distribution Number of shares |  | 357 | 325 | 337 |
| Net asset value per share | EUR | 983.56 | 965.10 | 933.11 |
| Class A EUR Y - Distribution Number of shares |  | 9,562 | 10,310 | 13,718 |
| Net asset value per share | EUR | 1,050.54 | 1,023.61 | 978.60 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 6,805 | 7,135 | 8,224 |
| Net asset value per share | CHF | 1,092.96 | 1,066.72 | 1,020.82 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | CHF | 0.00 | 0.00 | 918.75 |
| Class A USD Hedged - Capitalisation Number of shares |  | 13,740 | 14,831 | 23,129 |
| Net asset value per share | USD | 1,240.37 | 1,197.73 | 1,112.50 |

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 | 941,164,227.83 | 883,252,316.57 | 1,161,933,228.89 |
| --- | --- | --- | --- | --- |
| Class F EUR - Capitalisation Number of shares |  | 404,543 | 404,563 | 557,290 |
| Net asset value per share | EUR | 1,105.83 | 1,074.78 | 1,019.57 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 10,944 | 10,746 | 36,870 |
| Net asset value per share | CHF | 1,070.08 | 1,042.32 | 993.37 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 554 | 539 | 1,055 |
| Net asset value per share | GBP | 1,251.47 | 1,214.39 | 1,141.26 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | GBP | 0.00 | 0.00 | 4,864.01 |
| Class F USD Hedged - Capitalisation Number of shares |  | 0 | 0 | 2,875 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,081.31 |

| Quantity	Denomination |  | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchang | e listing	 873,517,324.29 | 92.81 |
| Bonds | 587,694,039.56 | 62.44 |
| Austria | 8,363,612.88 | 0.89 |
| 2,782,000 AUSTRIA	0.85 30/06 20-2120A	EUR | 3,073,664.88 | 0.33 |
| 2,700,000 AUSTRIA 2.10 17-17 20/09A	EUR | 5,289,948.00 | 0.56 |
| Bermuda | 8,481,576.06 | 0.90 |
| 3,750,000 GEOPARK LTD	5.5000 20-27 17/01S	USD | 2,896,980.59 | 0.31 |
| 2,800,000 NCL CORPORATION	12.2500 20-24 15/05 | USD | 2,630,102.83 | 0.28 |
| 8,893,846 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 2,954,492.64 | 0.31 |
| Canada |  | 1,334,604.09 | 0.14 |
| 4,295,078 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,334,604.09 | 0.14 |
| Cayman Islands |  | 14,630,244.92 | 1.55 |
| 3,150,000 GEMS MENASA 7.125	19-26 31/07S	USD | 2,677,016.20 | 0.28 |
| 6,080,000 IVORY COAST	6.8750 19-40 17/10A	EUR | 5,723,651.20 | 0.61 |
| 4,450,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 2,634,777.19 | 0.28 |
| 8,500,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 3,594,800.33 | 0.38 |
| Czech Republic 6,000,000 SAZKA GROUP A.S	3.875 20-27 15/02S | EUR | 5,438,130.00 5,438,130.00 | 0.58 0.58 |
| Finland |  | 1,857,857.66 | 0.20 |
| 1,844,000 SATO-OYJ	2.375 16-21 24/03A | EUR | 1,857,857.66 | 0.20 |
| France |  | 48,221,707.26 | 5.12 |
| 1,300,000 AEROPORTS DE PARIS  2.75 20-30 02/04A | EUR | 1,477,151.00 | 0.16 |
| 12,000,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 12,701,100.00 | 1.35 |
| 4,400,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 4,406,446.00 | 0.47 |
| 6,700,000 FFP	1.8750 19-26 30/10A | EUR | 6,304,231.00 | 0.67 |
| 2,200,000 IPSEN	1.875 16-23 16/06A | EUR | 2,202,266.00 | 0.23 |
| 4,100,000 JC DECAUX	2.625 20-28 24/04A | EUR | 4,169,023.50 | 0.44 |
| 4,000,000 LA POSTE	5.3 16-43 01/12S | USD | 3,668,254.47 | 0.39 |
| 1,150,000 PSA BANQUE FRAN	0.5000 19-22 12/04A	EUR | 1,134,607.25 | 0.12 |
| 4,000,000 RCI BANQUE SA	0.50 16-23 15/09A	EUR | 3,873,740.00 | 0.41 |
| 8,700,000 SOCIETE GENERALE SA 3.875 19-24 28/03S	USD | 8,284,888.04 | 0.88 |
| Germany | 145,394,661.42 | 15.46 |
| 113,000,000 GERMANY 0.50 14-30 15/04A	EUR | 140,259,073.17 | 14.91 |
| 4,350,000 LAND NORDRHEIN-	1.3750 20-20 15/01A	EUR | 5,135,588.25 | 0.55 |
| Greece | 8,638,360.00 | 0.92 |
| 8,000,000 REPUBLIQUE HELLENIQUE 0.00 20-35 04/02A	EUR | 8,638,360.00 | 0.92 |
| Honduras | 1,706,998.74 | 0.18 |
| 1,875,000 HONDURAS GOVERN	5.6250 20-30 24/06S | USD | 1,706,998.74 | 0.18 |
| Ireland |  | 10,982,557.50 | 1.17 |
| 6,100,000 FCA BANK SPA IRELAND 1.25 19-22 21/06A | EUR | 6,077,216.50 | 0.65 |
| 4,900,000 FCA CAPITAL IRELAND P 1.25 16-20 23/09A | EUR | 4,905,341.00 | 0.52 |
| Italy | 48,704,739.76 | 5.17 |
| 4,000,000 ANIMA HOLDING S.P.A. 1.75 19-26 23/10A	EUR | 3,753,160.00 | 0.40 |
| 5,000,000 CITY OF ROME	5.375 03-33 27/11A	EUR | 7,668,399.65 | 0.81 |
| 22,400,000 ITALY 2.55 09-41 15/09S | EUR | 31,979,564.11 | 3.40 |
| 1,200,000 MEDIOBANCA DI C	1.1250 20-25 23/04A | EUR | 1,154,580.00 | 0.12 |
| 4,100,000 MEDIOBANCA-BCA CREDI 1.625 19-25 07/01A | EUR | 4,149,036.00 | 0.44 |
| Jersey Island |  | 4,828,206.39 | 0.51 |
| 6,000,000 ASTON MARTIN CAPIT 6.50 17-22 15/04S | USD | 4,828,206.39 | 0.51 |
| Luxembourg |  | 28,452,251.39 | 3.02 |
| 1,333,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,185,510.21 | 0.13 |
| 1,740,000 MOTION FINCO SARL	7.00 20-25 15/05S | EUR | 1,794,470.70 | 0.19 |
| 2,750,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 2,162,795.48 | 0.23 |
| 20,300,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 23,309,475.00 | 2.47 |
| Mexico | 23,912,619.45 | 2.54 |
| 4,500,000 GFB  5.875	19-34 13/09S	USD | 3,930,543.55 | 0.42 |
| 5,000,000 MEXICO 4.00 15-2115 15/03A | EUR | 4,710,825.00 | 0.50 |
| 2,100,000 MEXICO 4.50 19-29 22/04S | USD | 2,033,044.56 | 0.22 |
| 5,000,000 PEMEX PROJ FDG | 6.625 05-35 15/06S | USD | 3,624,938.79 | 0.39 |
| 4,500,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 3,806,100.00 | 0.40 |
| 2,000,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 1,741,090.00 | 0.18 |
| 5,500,000 PETROLEOS MEXICANOS 7.69 19-50 23/01S | USD | 4,066,077.55 | 0.43 |
| Norway | 6,709,262.82 | 0.71 |
| 3,400,000 AKER BP	4.75 19-24 15/06S	USD | 3,058,895.07 | 0.33 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 4,350,000 EXPLORER II AS	3.375 20-25 24/02S | EUR | 3,650,367.75 | 0.38 |
| Panama |  | 27,884,312.25 | 2.96 |
| 28,900,000 CARNIVAL CORP	11.5 20-23 01/04S | USD | 27,884,312.25 | 2.96 |
| Romania |  | 4,728,684.11 | 0.50 |

4,714,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A
EUR
4,728,684.11	0.50
Russia	
7,412,187.00	0.79
| 7,100,000 GAZPROM PJSC	2.95 20-25 15/04A | EUR | 7,412,187.00 | 0.79 |
| --- | --- | --- | --- |
| South Korea |  | 3,194,614.50 | 0.34 |
| 3,300,000 POSCO | 0.5 20-24 17/01A | EUR | 3,194,614.50 | 0.34 |
| Spain |  |  | 4,290,837.50 | 0.46 |
| 2,000,000 BANKIA SA | 1.0000 19-24 25/06A | EUR | 1,925,400.00 | 0.20 |
| 2,500,000 BANKINTER SA	0.6250 20-27 06/10A | EUR | 2,365,437.50 | 0.26 |
| Sweden |  | 22,057,406.50 | 2.34 |
| 7,500,000 INTRUM JUSTITIA AB  3.125 17-24 15/07S | EUR | 6,817,837.50 | 0.72 |
| 3,100,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A | EUR | 2,937,312.00 | 0.31 |
| 8,000,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 7,772,200.00 | 0.83 |
| 4,600,000 VOLVO CAR AB	2.1250 19-24 02/04A | EUR | 4,530,057.00 | 0.48 |
| The Netherlands | 30,883,984.15 | 3.28 |
| 2,236,000 AIRBUS SE | 2.3750 20-40 09/06A | EUR | 2,320,833.84 | 0.25 |
| 4,023,000 FERRARI | 0.25 17-21 16/01A | EUR | 4,018,594.81 | 0.43 |
| 2,700,000 JAB HOLDINGS	3.375 20-35 17/04A	EUR | 3,133,296.00 | 0.33 |
| 4,400,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 4,470,664.00 | 0.48 |
| 4,300,000 NE PROPERTY COOP	1.75 17-24 23/11A	EUR | 4,171,795.50 | 0.44 |
| 11,000,000 TEVA PHARMA	1.625 16-28 15/10A	EUR | 9,004,160.00 | 0.95 |
| 4,000,000 UNITED GROUP BV	3.625 20-28 15/02A | EUR | 3,764,640.00 | 0.40 |
| Turkey |  | 11,151,940.64 | 1.18 |
| 3,400,000 REPUBLIC OF TURKEY 5.6 | 19-24 14/11S | USD | 2,987,453.14 | 0.32 |
| 5,000,000 TURKEY 3.25 17-25 14/06A |  | EUR | 4,709,250.00 | 0.49 |
| 5,000,000 TURKEY 4.875 13-43 16/04S |  | USD | 3,455,237.50 | 0.37 |
| Ukraine |  |  | 5,188,140.00 | 0.55 |
| 6,000,000 UKRAINE GOVERNM	4.3750 20-30 27/01A	EUR | 5,188,140.00 | 0.55 |
| United Kingdom | 28,040,856.60 | 2.98 |
| 3,000,000 BARCLAYS BANK PLC  6.00 10-21 14/01A | EUR | 3,086,475.00 | 0.33 |
| 6,214,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 3,290,965.47 | 0.35 |
| 3,000,000 EASYJET PLC	0.8750 19-25 11/06A	EUR | 2,505,660.00 | 0.27 |
| 14,011,000 GAZPROM PJSC (G	3.0000 20-27 29/06S | USD | 12,445,046.36 | 1.32 |
| 2,000,000 LLOYDS BANK PLC	9.625 93-23 06/04A | GBP | 2,637,722.77 | 0.28 |
| 3,800,000 NATWEST MARKETS PLC  2.75 20-25 02/04A | EUR | 4,074,987.00 | 0.43 |
| United States of America | 75,203,685.97 | 8.00 |
| 9,300,000 BOEING CO	5.15 20-30 01/05S	USD | 9,293,003.16 | 0.99 |
| 4,500,000 CGG HOLDING US | 9.0000 18-23 01/05S | USD | 4,124,262.12 | 0.44 |
| 1,265,000 EXPEDIA GROUP I | 6.2500 20-25 01/05S | USD | 1,207,545.92 | 0.13 |
| 8,300,000 FORD MOTOR | 9.625 20-30 22/04S | USD | 8,793,684.28 | 0.93 |
| 200,000 HILTON DOMESTIC	5.3750 20-25 01/05S	USD | 178,204.16 | 0.02 |
| 3,650,000 HP ENTERPRISE C	4.6500 20-24 01/10S	USD | 3,653,769.75 | 0.39 |
| 375,000 MARRIOTT INTERNATIONAL5.750 20-25 01/05S	USD | 364,274.70 | 0.04 |
| 7,090,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 5,739,923.61 | 0.61 |
| 2,410,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 1,914,481.77 | 0.20 |
| 5,000,000 MURPHY OIL CORP	6.125 12-42 01/12S | USD | 3,466,812.10 | 0.37 |
| 12,000,000 NETFLIX INC	4.625 18-29 15/05S | EUR | 13,358,580.00 | 1.42 |
| 2,000,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 2,057,270.00 | 0.22 |
| 4,000,000 NETFLIX INC	3.8750 19-29 15/11S | EUR | 4,209,840.00 | 0.45 |
| 7,400,000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 6,966,837.93 | 0.74 |
| 4,850,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 4,586,499.50 | 0.49 |
| 6,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 5,288,696.97 | 0.56 |
| Floating rate bonds |  | 199,916,587.30 | 21.24 |
| Argentina |  | 3,777,650.00 | 0.40 |
| 10,000,000 ARGENTINA (DEFAULT) FL.R 05-38 31/12S | EUR | 3,777,650.00 | 0.40 |
| France |  | 46,126,541.45 | 4.90 |
| 8,000,000 ACCOR SA	FL.R 19-XX 31/12A	EUR | 6,593,200.00 | 0.70 |
| 5,600,000 BNP PARIBAS REGS	FL.R 16-XX 14/03S | USD | 5,085,497.04 | 0.54 |
| 3,500,000 BNP PARIBAS SUB	FL.R 15-XX 17/06S | EUR | 3,597,685.00 | 0.38 |
| 5,000,000 CA ASSURANCES SUB  FL.R 14-XX 14/10A | EUR | 5,490,700.00 | 0.58 |
| 2,955,000 EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 2,832,190.20 | 0.30 |
| 1,400,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 1,371,216.00 | 0.15 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
11,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S
EUR
10,902,840.00	1.16
| 2,000,000 LA POSTE SA | FL.R | 18-XX 29/01A | EUR | 2,062,960.00 | 0.22 |
| --- | --- | --- | --- | --- | --- |
| 1,500,000 ORANGE SA FL.R |  | 19-XX 15/04A | EUR | 1,523,160.00 | 0.16 |
| 1,200,000 RCI BANQUE SA | FL.R 19-30 18/02A | EUR | 1,099,092.00 | 0.12 |
| 1,700,000 SOCIETE GENERAL REGS FL.R 13-XX 18/12S | USD | 1,588,841.21 | 0.17 |
| 4,000,000 SOCIETE GENERALE REGS FL.R 14-XX 07/04S | EUR | 3,979,160.00 | 0.42 |
| Germany |  | 2,417,688.00 | 0.26 |
| 2,400,000 COMMERZBANK AG	FL.R 20-30 05/12A | EUR | 2,417,688.00 | 0.26 |
| Greece |  | 7,228,302.00 | 0.77 |
| 5,150,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 4,378,942.00 | 0.47 |
| 4,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 2,849,360.00 | 0.30 |
| Ireland |  | 7,984,179.33 | 0.85 |
| 3,100,000 AIB GROUP PLC | FL.R 19-25 10/04S | USD | 2,946,014.33 | 0.31 |
| 1,500,000 AIB GROUP PLC | FL.R 20-49 31/12S | EUR | 1,495,290.00 | 0.16 |
| 3,500,000 ALLIED IRISH BANKS FL.R 15-XX 03/12S	EUR | 3,542,875.00 | 0.38 |
| Italy | 18,859,318.61 | 2.00 |
| 4,000,000 ENEL 144A SUB	FL.R 13-73 24/09S	USD | 4,066,420.34 | 0.43 |
| 2,250,000 INTESA SANPAOLO	FL.R 20-XX 31/12S	EUR | 1,818,450.00 | 0.19 |
| 3,200,000 UNICREDIT	FL.R 19-49 19/03S	EUR | 3,359,328.00 | 0.36 |
| 3,550,000 UNICREDIT SPA	FL.R 17-49 03/12S	EUR | 3,490,857.00 | 0.37 |
| 3,400,000 UNICREDIT SPA FL.R 17-32 19/06S | USD | 3,145,503.27 | 0.33 |
| 4,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 2,978,760.00 | 0.32 |
| Luxembourg |  | 3,787,880.64 | 0.40 |
| 2,174,000 CPI PROPERTY GROUP  FLR 19-XX 31/12A | EUR | 2,137,389.84 | 0.22 |
| 3,000,000 MITSUBISHI UFJ INV  FL.R 09-50 15/12Q | EUR | 1,650,490.80 | 0.18 |
| Norway | 1,403,780.44 | 0.15 |
| 1,600,000 DNB BANK ASA FL.R 19-XX 11/12A	USD | 1,403,780.44 | 0.15 |
| Spain | 9,425,179.00 | 1.00 |
| 2,600,000 BANCO BILBAO	FL.R 19-XX 29/06Q | EUR | 2,569,736.00 | 0.27 |
| 2,600,000 BANCO BILBAO VI	FL.R 18-XX 24/03Q | EUR | 2,536,118.00 | 0.27 |
| 4,500,000 BANCO SANT REGS SUB FL.R 14-XX 11/09Q | EUR | 4,319,325.00 | 0.46 |
| Sweden |  | 17,211,911.49 | 1.83 |
| 8,120,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 7,494,435.20 | 0.79 |
| 6,000,000 SSB I NORDEN FL.R	19-49 31/12A | EUR | 6,090,000.00 | 0.65 |
| 4,000,000 SWEDBANK AB FL.R	19-XX 17/03S | USD | 3,627,476.29 | 0.39 |
| Switzerland |  | 9,631,913.49 | 1.02 |
| 900,000 CREDIT SUISSE G	FL.R 20-26 02/04A | EUR | 997,902.00 | 0.11 |
| 3,000,000 CS GROUP REGS | FL.R 13-XX 11/12S | USD | 2,886,266.31 | 0.31 |
| 3,000,000 CS GROUP REGS | FL.R 14-XX 18/06S | USD | 2,795,290.03 | 0.30 |
| 3,000,000 UBS GROUP SUB | FL.R 15-XX 19/02A | USD | 2,952,455.15 | 0.30 |
| The Netherlands |  | 22,175,708.08 | 2.36 |
| 3,400,000 ABN AMRO BANK FL.R 17-28 27/03S | USD | 3,152,980.46 | 0.34 |
| 2,500,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 2,436,825.00 | 0.26 |
| 3,600,000 COOP RABOBANK FL.R 19-XX 29/06S | EUR | 3,318,840.00 | 0.35 |
| 3,000,000 ELM BV | FL.R 20-99 31/12A | EUR | 3,091,140.00 | 0.33 |
| 3,400,000 ING GROEP NV | FL.R 16-XX 21/11S | USD | 3,139,448.87 | 0.33 |
| 5,500,000 ING GROEP NV | FL.R 19-XX 16/04S | USD | 5,029,648.75 | 0.53 |
| 700,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 709,919.00 | 0.08 |
| 1,300,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 1,296,906.00 | 0.14 |
| Turkey | 4,225,825.58 | 0.45 |
| 4,400,000 YAPI	FL.R  19-99 15/01S	USD | 4,225,825.58 | 0.45 |
| United Kingdom |  | 38,315,059.19 | 4.07 |
| 3,700,000 BARCLAYS	FL.R 20-25 02/04A | EUR | 3,977,722.00 | 0.42 |
| 1,750,000 BARCLAYS PLC	FL.R 19-XX 15/03Q	GBP | 1,818,575.36 | 0.19 |
| 3,600,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A	EUR | 3,624,984.00 | 0.39 |
| 2,000,000 CHANNEL LINK | FL.R 17-50 30/06S | EUR | 2,066,160.00 | 0.22 |
| 1,000,000 HSBC HLDGS | FL.R 14-XX 16/09S | EUR | 997,710.00 | 0.11 |
| 2,150,000 LLOYDS BANKING GROUP PL FL.R 20-26 01/04A | EUR | 2,386,865.50 | 0.25 |
| 1,000,000 LLOYDS TSB B EMTN  FL.R 09-XX 21/01S | GBP | 1,886,952.69 | 0.20 |
| 2,000,000 METRO BANK PLC	FL.R 19-25 08/10S	GBP | 1,895,797.58 | 0.20 |
| 4,000,000 NATIONWIDE BUILDING FL.R 20-99 31/12S	GBP | 4,446,424.64 | 0.47 |
| 8,000,000 RBS SCOTLAND	FL.R 17-23 08/03A	EUR | 8,142,240.00 | 0.87 |
| 5,200,000 ROYAL BK OF SCOTL.  FL.R 17-23 15/05Q | USD | 4,632,891.42 | 0.49 |
| 2,400,000 STANDARD CHARTERED PLC FL.R 20-30 09/09A | EUR | 2,438,736.00 | 0.26 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| United States of America |  | 7,345,650.00 | 0.78 |
| --- | --- | --- | --- |
| 2,500,000 BANK OF AMERICA COR FL.R 20-29 31/03A | EUR | 2,994,600.00 | 0.32 |
| 4,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,351,050.00 | 0.46 |
| Mortgage and asset backed securities |  | 85,906,697.43 | 9.13 |
| Cayman Islands |  | 6,607,793.48 | 0.70 |
| 7,500,000 OFSBS 2017-1X A	FL.R 17-29 16/08Q | USD | 6,607,793.48 | 0.70 |
| Ireland |  | 52,247,826.59 | 5.56 |
| 2,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 1,922,854.60 | 0.20 |
| 2,000,000 CARLYLE EURO CLO 2017-1 D 17-30 15/07Q | EUR | 1,906,208.60 | 0.20 |
| 300,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 290,333.73 | 0.03 |
| 2,600,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 2,620,687.42 | 0.28 |
| 1,500,000 HARVEST CLO XV DESIGN FL.R 18-30 22/11Q | EUR | 1,462,078.35 | 0.16 |
| 600,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 581,634.72 | 0.06 |
| 3,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 2,877,697.50 | 0.31 |
| 7,887,000 MADISON PARK EURO FUN FL.R 20-32 25/11Q | EUR | 7,944,195.74 | 0.85 |
| 3,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 2,894,164.50 | 0.31 |
| 2,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 1,923,721.40 | 0.20 |
| 4,750,000 PENTA 2018-4X D	FL.R 18-30 17/12Q | EUR | 4,328,245.13 | 0.46 |
| 4,650,000 PROVIDUS CLO I DACFL.R	18-31 14/05Q | EUR | 4,200,758.85 | 0.45 |
| 1,115,000 PRVD 1X C1	FL.R 18-31 14/05Q | EUR | 1,059,798.92 | 0.11 |
| 5,900,000 SPAUL 3RX B1R FL.R	18-32 15/01Q | EUR | 5,712,294.45 | 0.61 |
| 1,750,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 1,683,537.45 | 0.18 |
| 5,000,000 SPAUL 4X DRRR	FL.R 18-30 25/04Q | EUR | 4,506,032.50 | 0.48 |
| 3,975,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 3,806,715.99 | 0.40 |
| 2,625,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 2,526,866.74 | 0.27 |
| Luxembourg |  | 9,814,380.52 | 1.04 |
| 9,800,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 9,814,380.52 | 1.04 |
| The Netherlands |  | 13,595,317.48 | 1.44 |
| 1,750,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 1,616,668.38 | 0.17 |
| 12,100,000 JUBILEE CDO BV 1.85 18-29 15/12Q | EUR | 11,978,649.10 | 1.27 |
| United States of America |  | 3,641,379.36 | 0.39 |
| 21,107 SOFI CONS LOAN PROG 3.05 16-25 26/12M | USD | 18,811.11 | 0.00 |
| 3,750,000 VOYA EURO CLO III  FL.R 20-33 15/04Q | EUR | 3,622,568.25 | 0.39 |
| Shares/Units of UCITS/UCIS |  | 74,414.58 | 0.01 |
| Shares/Units in investment funds |  | 74,414.58 | 0.01 |
| France |  | 74,414.58 | 0.01 |
| 20 CARMIGNAC COURT TERME A EUR ACC | EUR | 74,414.58 | 0.01 |

Total securities portfolio	
873,591,738.87	92.82
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 18,961,235.97 |
| --- | --- |
| Net dividends | 31,561.12 |
| Net interest on bonds | 12,044,325.98 |
| Bank interest on cash account | 21,233.19 |
| Other financial income | 2,403.05 |
| Interest on swaps | 6,800,828.25 |
| Securities lending income | 60,884.38 |
| Expenses | 13,867,452.72 |
| Management fees | 3,596,782.69 |
| Performance fees | 1,655,589.94 |
| Bank interest on overdrafts | 187,622.89 |
| Transaction fees | 153,078.35 |
| Interest on swaps | 7,352,130.02 |
| Operating and establishment fees | 922,248.83 |
| Net income from investments | 5,093,783.25 |
| Net realised profit / loss on: - sales of investment securities | -837,664.64 |
| - options | 3,169,149.93 |
| - forward foreign exchange contracts | 6,208,428.67 |
| - financial futures | -4,703,176.63 |
| - swaps | 13,745,802.12 |
| - foreign exchange | -2,968,603.56 |
| Net realised profit | 19,707,719.14 |
| Movement in net unrealised appreciation / depreciation on: - investments | -5,243,630.36 |
| - options | -1,109,262.98 |
| - forward foreign exchange contracts | -3,007,415.25 |
| - financial futures | 1,240,648.26 |
| - swaps | 7,447,077.93 |
| Increase in net assets as a result of operations | 19,035,136.74 |
| Dividends paid | -6,932.26 |
| Subscription capitalisation shares | 272,233,790.74 |
| Subscription distribution shares | 810,040.32 |
| Redemption capitalisation shares | -232,630,607.28 |
| Redemption distribution shares | -1,529,517.00 |
| Increase in net assets | 57,911,911.26 |
| Net assets at the beginning of the period | 883,252,316.57 |
| Net assets at the end of the period | 941,164,227.83 |

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 |