# CARMIGNAC PORTFOLIO
## Emerging Discovery

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 198,774,292.54 |
| --- | --- |
| Securities portfolio at market value | 182,171,426.04 |
| Cost price | 162,854,555.97 |
| Unrealised profit on the securities portfolio | 19,316,870.07 |
| Cash at banks and liquidities | 15,472,666.38 |
| Interest receivable | 1,110.53 |
| Brokers receivable | 142,286.55 |
| Subscriptions receivable | 659,400.14 |
| Dividends receivable | 310,756.29 |
| Unrealised net appreciation on forward foreign exchange contracts | 16,646.61 |
| Liabilities | 6,093,019.37 |
| Bank overdrafts | 3,586,006.57 |
| Redemptions payable | 1,983,508.34 |
| Other liabilities | 523,504.46 |
| Net asset value | 192,681,273.17 |


###### 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 | 192,681,273.17 | 198,299,830.62 | 259,564,975.68 |
| Class A EUR - Capitalisation Number of shares |  | 41,882 | 53,317 | 73,891 |
| Net asset value per share | EUR | 1,839.23 | 1,533.27 | 1,535.69 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 3,472 | 3,049 | 3,425 |
| Net asset value per share | CHF | 165.96 | 138.73 | 139.51 |
| Class A USD Hedged - Capitalisation Number of shares |  | 9,834 | 9,739 | 13,003 |
| Net asset value per share | USD | 185.68 | 154.36 | 152.60 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 1,428 |
| Net asset value per share | USD | 0.00 | 141.91 | 140.91 |
| Class F EUR - Capitalisation Number of shares |  | 423,151 | 471,671 | 660,383 |
| Net asset value per share | EUR | 181.83 | 151.03 | 149.75 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 3,611 | 961 | 437 |
| Net asset value per share | CHF | 176.22 | 146.88 | 146.25 |
| Class F USD Hedged - Capitalisation Number of shares |  | 9,065 | 10,250 | 24,101 |
| Net asset value per share | USD | 196.46 | 162.67 | 159.26 |
| Class W EUR - Capitalisation Number of shares |  | 97,787 | 98,174 | 96,887 |
| Net asset value per share | EUR | 131.31 | 108.87 | 107.96 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| EUR | 192,681,273.17 | 198,299,830.62 | 259,564,975.68 |

Key figures relating to the last 3 years
Total Net Assets
| Class W GBP - Capitalisation Number of shares |  | 89,657 | 162,624 | 159,881 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 189.99 | 164.26 | 154.19 |
| Class W USD - Capitalisation Number of shares |  | 16,685 | 17,864 | 19,236 |
| Net asset value per share | USD | 133.53 | 114.23 | 103.91 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange | listing	 176,548,388.74 | 91.63 |
| --- | --- | --- | --- |
| Shares |  | 176,548,388.74 | 91.63 |
|  | Brazil | 9,760,298.55 | 5.07 |

| 2,201,691 ALUPAR INVESTIMENTO SA UNITS CONS | BRL | 9,760,298.55 | 5.07 |
| --- | --- | --- | --- |
| Cayman Islands |  | 23,117,953.80 | 12.00 |
| 701,857 BLUE MOON GRP - SHS UNITARY REGS/144A | HKD | 836,787.00 | 0.43 |
| 260,987 CHINDATA GROUP HOLDINGS LTD | USD | 3,320,932.48 | 1.72 |
| 49,634 DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 2,721,310.97 | 1.41 |
| 346,451 FULL TRUCK ALLIANCE COMPANY LIMITED | USD | 5,953,850.56 | 3.10 |
| 214,305 NIU TECHNOLOGIES ADR | USD | 5,900,209.33 | 3.06 |
| 1,504,000 SHIMAO SERVICES -SHS UNITARY REG S/144A | HKD | 4,384,863.46 | 2.28 |
| China |  | 17,679,246.96 | 9.18 |
| 17,300,528 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 7,288,783.17 | 3.79 |
| 1,858,804 ENN NATURAL GAS CO LTD | CNY | 4,004,992.27 | 2.08 |
| 470,456 JOINN LABORATORIES (CHINA) CO | HKD | 6,385,471.52 | 3.31 |
| Colombia |  | 1,880,871.88 | 0.98 |
| 302,425 BANCO DAVIVIENDA SA PREF SHS | COP | 1,880,871.88 | 0.98 |
| Cyprus |  | 10,455,851.53 | 5.43 |
| 1,119,789 GLOBALTRANS INV -GDR- REP 1 SH REG -S | USD | 6,770,290.18 | 3.52 |
| 74,560 OZON HOLDINGS PLC | USD | 3,685,561.35 | 1.91 |
| India |  | 29,011,714.77 | 15.05 |
| 97,559 APOLLO HOSPITALS | INR | 4,006,320.58 | 2.08 |
| 121,473 DR. LAL PATHLABS LTD | INR | 4,509,626.36 | 2.34 |
| 70,610 INDIGO PAINTS - REGISTERED SHS 144A REG | INR | 2,012,652.09 | 1.04 |
| 98,572 INFO EDGE (INDIA) SHS DEMATERIALISED | INR | 5,497,068.38 | 2.86 |
| 976,747 KPIT TECHNOLOGIES LTD | INR | 2,877,675.50 | 1.49 |
| 69,160 METROPOLIS HEALTHCARE LTD | INR | 2,224,901.09 | 1.15 |
| 5,269,624 NIYOGIN FINTECH LTD | INR | 4,928,991.53 | 2.56 |
| 957,292 STERL AND WILS - SHS 144A REGS | INR | 2,954,479.24 | 1.53 |
| Indonesia |  | 2,384,715.16 | 1.24 |
| 9,448,500 PROD WIDYAHUSAD REGISTERED | IDR | 2,384,715.16 | 1.24 |
| Kazakhstan |  | 5,242,883.89 | 2.72 |
| 58,656 KASPI --- SHS SPONSORED GDR | USD | 5,242,883.89 | 2.72 |
| Kenya |  | 5,333,102.46 | 2.77 |
| 857,071 EAST AFRICAN BREW | KES | 1,210,669.57 | 0.63 |
| 12,726,194 SAFARICOM | KES | 4,122,432.89 | 2.14 |
| Mexico |  | 9,122,128.42 | 4.73 |
| 4,593,352 BKNY MELLON MEX-CERT BURSATILES FID IMM | MXN | 5,886,655.71 | 3.05 |
| 2,544,820 UNIFIN FINANCIERA SAB DE CV | MXN | 3,235,472.71 | 1.68 |
| Philippines |  | 4,359,968.07 | 2.26 |
| 1,541,828 INTERNATIONAL CONTAINER TERMINAL SERVICE | PHP | 4,359,968.07 | 2.26 |
| South Korea |  | 12,571,806.63 | 6.52 |
| 80,544 HANA MATERIALS --- REGISTERED SHS | KRW | 2,786,319.11 | 1.45 |
| 20,653 LEENO INDUSTRIAL - REGISTERED SHS | KRW | 2,714,038.17 | 1.41 |
| 26,155 SK IE TECH --- REGISTERED SHS | KRW | 3,583,946.34 | 1.85 |
| 23,103 TOKAI CARBON KOREA CO LTD | KRW | 3,487,503.01 | 1.81 |
| Spain |  | 1,259,409.13 | 0.65 |
| 1,502,790 CEMEX LATAM HOLDINGS SA | COP | 1,259,409.13 | 0.65 |
| Taiwan |  | 23,812,613.25 | 12.36 |
| 1,745,402 CHICONY ELECTRONICS | TWD | 4,247,009.37 | 2.20 |
| 126,383 MOMO.COM INC | TWD | 7,209,941.09 | 3.74 |
| 911,851 PRESIDENT CHAIN STORE CORP | TWD | 7,257,905.83 | 3.77 |
| 1,247,710 TRIPOD TECHNOLOGY CO LTD | TWD | 5,097,756.96 | 2.65 |
| Turkey |  | 2,126,691.20 | 1.10 |
| 1,187,547 AVIVASA EMEKLI | TRY | 2,126,691.20 | 1.10 |
| United Arab Emirates |  | 7,934,909.92 | 4.12 |
| 8,862,684 ARAMEX | AED | 7,934,909.92 | 4.12 |
| United States of America |  | 5,006,102.23 | 2.60 |
| 173,386 TASKUS INC-A | USD | 5,006,102.23 | 2.60 |
| Vietnam |  | 5,488,120.89 | 2.85 |
| 312,300 SAIGON BEER | VND | 1,934,807.09 | 1.00 |
| 1,072,860 VINAMILK | VND | 3,553,313.80 | 1.85 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Other transferable securities | 5,623,037.30 | 2.92 |
| --- | --- | --- |
| Shares | 1,673,515.47 | 0.87 |

| Cayman Islands |  | 1,673,515.47 | 0.87 |
| --- | --- | --- | --- |
| 92,308 EHANG HOLDINGS LTD - CLASS A | USD | 1,673,515.47 | 0.87 |
| Warrants, Rights |  | 3,949,521.83 | 2.05 |
| Singapore |  | 3,949,521.83 | 2.05 |
| 477,168 CLSA (VARUN BEVERAGES)  07.11.21 WAR | USD | 3,949,521.83 | 2.05 |

Total securities portfolio	
182,171,426.0494.55
| Income | 1,943,487.50 |
| --- | --- |
| Net dividends | 1,942,019.13 |
| Bank interest on cash account | 1,468.37 |
| Expenses | 2,468,221.81 |
| Management fees | 1,313,598.51 |
| Performance fees | 238,996.95 |
| Bank interest on overdrafts | 42,975.90 |
| Transaction fees | 381,117.80 |
| Operating and establishment fees | 491,532.65 |
| Net loss from investments | (524,734.31) |
| Net realised profit / loss on: - sales of investment securities | 15,990,165.74 |
| - forward foreign exchange contracts | 65,887.96 |
| - financial futures | 1,728,903.30 |
| - swaps | 370,037.78 |
| - foreign exchange | (3,816,076.83) |
| Net realised profit | 13,814,183.64 |
| Movement in net unrealised appreciation / depreciation on: - investments | 21,826,122.04 |
| - forward foreign exchange contracts | 23,345.63 |
| Increase in net assets as a result of operations | 35,663,651.31 |
| Subscription capitalisation shares | 24,310,995.69 |
| Redemption capitalisation shares | (65,593,204.45) |
| Decrease in net assets | (5,618,557.45) |
| Net assets at the beginning of the period | 198,299,830.62 |
| Net assets at the end of the period | 192,681,273.17 |

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 |