# CARMIGNAC PORTFOLIO
## Family Governed

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 21,413,697.21 |
| --- | --- |
| Securities portfolio at market value | 21,182,229.05 |
| Cost price | 18,873,413.17 |
| Unrealised profit on the securities portfolio | 2,308,815.88 |
| Cash at banks and liquidities | 208,208.55 |
| Interest receivable | 0.01 |
| Subscriptions receivable | 14,999.95 |
| Dividends receivable | 8,259.65 |
| Liabilities | 615,491.48 |
| Bank overdrafts | 102.24 |
| Brokers payable | 237,653.27 |
| Other liabilities | 377,735.97 |
| Net asset value | 20,798,205.73 |

Key figures relating to the last 3 years
|  | Period ending as at: | 30/06/20 | 31/12/19 |
| --- | --- | --- | --- |
| Total Net Assets | EUR | 20,798,205.73 | 20,338,627.03 |
| Class A EUR - Capitalisation Number of shares |  | 165,177 | 162,900 |
| Net asset value per share | EUR | 112.08 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 10,001 | 10,001 |
| Net asset value per share | EUR | 112.77 | 111.58 |
| Class W EUR - Capitalisation Number of shares |  | 10,073 | 10,000 |
| Net asset value per share | EUR | 114.85 | 111.58 |

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 listing	 21,182,229.05 | 101.85 |
| --- | --- | --- |
| Shares |  | 21,182,229.05 | 101.85 |
|  | Canada | 95,328.42 | 0.46 |
| 1,705 CGI GROUP --- REGISTERED SHS -A- | CAD | 95,328.42 | 0.46 |
| Cayman Islands |  | 852,763.09 | 4.10 |
| 42,900 SHENZHOU INTERNATIONAL GROUP | HKD | 460,296.73 | 2.21 |
| 234,000 SINO BIOPHARMACEUTICAL | HKD | 392,466.36 | 1.89 |
| Denmark |  | 1,164,879.99 | 5.60 |
| 4,851 DEMANT A/S | DKK | 113,836.42 | 0.55 |
| 10,741 NOVO NORDISK | DKK | 618,823.64 | 2.97 |
| 8,400 NOVOZYMES -B- | DKK | 432,219.93 | 2.08 |
| Finland |  | 254,185.44 | 1.22 |
| 4,152 KONE -B- | EUR | 254,185.44 | 1.22 |
| France |  | 3,031,642.30 | 14.58 |
| 2,015 DASSAULT SYSTEMES SA | EUR | 309,504.00 | 1.49 |
| 3,805 ESSILORLUXOTTICA SA | EUR | 434,721.25 | 2.09 |
| 561 HERMES INTERNATIONAL SA | EUR | 417,271.80 | 2.01 |
| 1,762 L'OREAL SA | EUR | 503,403.40 | 2.42 |
| 804 LVMH | EUR | 313,962.00 | 1.51 |
| 2,457 PERNOD RICARD SA | EUR | 344,102.85 | 1.65 |
| 9,655 UBISOFT ENTERTAINMENT | EUR | 708,677.00 | 3.41 |
| Germany |  | 1,099,734.72 | 5.29 |
| 5,895 HENKEL AG & CO KGAA | EUR | 488,577.60 | 2.35 |
| 4,916 SAP AG | EUR | 611,157.12 | 2.94 |
| Hong Kong |  | 313,476.81 | 1.51 |
| 36,000 TECHTRONIC INDUSTRIES CO LTD | HKD | 313,476.81 | 1.51 |
| Japan |  | 1,745,326.13 | 8.39 |
| 16,200 CHUGAI PHARMACEUTICAL | JPY | 770,753.41 | 3.71 |
| 3,000 NITORI | JPY | 523,020.97 | 2.51 |
| 4,500 SYSMEX | JPY | 305,642.31 | 1.47 |
| 4,000 UNI CHARM | JPY | 145,909.44 | 0.70 |
| Liberia |  | 228,447.05 | 1.10 |
| 5,101 ROYAL CARIBBEAN CRUISES | USD | 228,447.05 | 1.10 |
| Norway |  | 93,828.32 | 0.45 |
| 5,566 MOWI ASA | NOK | 93,828.32 | 0.45 |
| Switzerland |  | 1,476,438.50 | 7.10 |
| 2,396 GARMIN | USD | 207,995.37 | 1.00 |
| 879 PARTNERS GROUP HLDG NAMEN AKT | CHF | 709,807.47 | 3.42 |
| 1,000 ROCHE HOLDING AG GENUSSSCHEIN | CHF | 308,527.13 | 1.48 |
| 327 STRAUMANN HOLDING REG | CHF | 250,108.53 | 1.20 |
| The Netherlands |  | 1,023,029.56 | 4.92 |
| 560 ADYEN --- PARTS SOCIALES | EUR | 725,480.00 | 3.49 |
| 3,626 HEINEKEN NV | EUR | 297,549.56 | 1.43 |
| United States of America |  | 9,803,148.72 | 47.13 |
| 888 ALPHABET -A- | USD | 1,121,157.82 | 5.40 |
| 12,967 BROWN-FORMAN CORP -B- NON VOTING | USD | 734,967.92 | 3.53 |
| 2,374 CINTAS | USD | 563,004.62 | 2.71 |
| 5,246 CONSTELLATION BRANDS INC -A- | USD | 817,155.05 | 3.93 |
| 6,356 COPART INC | USD | 471,231.91 | 2.27 |
| 5,481 DANAHER CORP | USD | 862,934.81 | 4.15 |
| 4,759 ESTEE LAUDER COMPANIES INC -A- | USD | 799,473.02 | 3.84 |
| 4,056 FACEBOOK -A- | USD | 820,011.50 | 3.94 |
| 13,775 KNIGHT SWIFT TRANSPORTATION HLDG | USD | 511,557.00 | 2.46 |
| 2,328 LENNOX INTL | USD | 482,928.12 | 2.32 |
| 1,421 MARRIOTT INTERNATIONAL -A- | USD | 108,464.88 | 0.52 |
| 3,367 MASTERCARD INC -A- | USD | 886,454.97 | 4.26 |
| 6,569 PAYCHEX INC | USD | 443,041.22 | 2.13 |
| 4,438 SS C TECHNOLOGIERS HOLDINGS | USD | 223,174.32 | 1.07 |
| 4,588 VEEVA SYSTEMS -A- | USD | 957,591.56 | 4.60 |

Total securities portfolio	
21,182,229.05	101.85
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 108,205.94 |
| --- | --- |
| Net dividends | 108,200.59 |
| Bank interest on cash account | 5.35 |
| Expenses | 523,475.61 |
| Management fees | 139,722.08 |
| Performance fees | 348,091.96 |
| Bank interest on overdrafts | 993.96 |
| Transaction fees | 5,330.02 |
| Operating and establishment fees | 29,337.59 |
| Net loss from investments | -415,269.67 |
| Net realised profit / loss on: - sales of investment securities | -251,145.28 |
| - foreign exchange | 14,946.32 |
| Net realised loss | -651,468.63 |
| Movement in net unrealised appreciation / depreciation on: - investments | 866,857.17 |
| Increase in net assets as a result of operations | 215,388.54 |
| Subscription capitalisation shares | 245,043.44 |
| Redemption capitalisation shares | -853.28 |
| Increase in net assets | 459,578.70 |
| Net assets at the beginning of the period | 20,338,627.03 |
| Net assets at the end of the period | 20,798,205.73 |

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 |