# CARMIGNAC PORTFOLIO
## Investissement

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 224,628,745.84 |
| --- | --- |
| Securities portfolio at market value | 218,104,697.07 |
| Cost price | 186,082,908.34 |
| Unrealised profit on the securities portfolio | 32,021,788.73 |
| Options purchased at market value | 9,506.65 |
| Options purchased at cost | 132,280.00 |
| Cash at banks and liquidities | 5,720,936.79 |
| Interest receivable | 5.52 |
| Brokers receivable | 595,636.61 |
| Subscriptions receivable | 58,715.76 |
| Dividends receivable | 83,401.63 |
| Unrealised net appreciation on forward foreign exchange contracts | 11,896.96 |
| Other assets | 43,948.85 |
| Liabilities | 3,683,340.42 |
| Bank overdrafts | 260,869.28 |
| Brokers payable | 1,639,801.63 |
| Redemptions payable | 219,458.69 |
| Unrealised net depreciation on financial futures | 84,040.00 |
| Unrealised net depreciation on swaps | 277,291.59 |
| Other liabilities | 1,201,879.23 |
| Net asset value | 220,945,405.42 |

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 | 220,945,405.42 | 229,966,793.91 | 195,644,790.42 |
| Class A EUR - Capitalisation Number of shares |  | 253,580 | 303,268 | 467,102 |
| Net asset value per share | EUR | 122.47 | 113.10 | 90.44 |
| Class A EUR Y - Distribution Number of shares |  | 45,040 | 61,903 | 96 |
| Net asset value per share | EUR | 120.31 | 111.16 | 89.12 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | CHF | 0.00 | 0.00 | 94.68 |
| Class A USD Hedged - Capitalisation Number of shares |  | 32,128 | 32,128 | 33,430 |
| Net asset value per share | USD | 133.63 | 122.31 | 95.52 |
| Class E EUR - Capitalisation Number of shares |  | 10,416 | 10,842 | 18,886 |
| Net asset value per share | EUR | 117.94 | 109.27 | 87.84 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 1 |
| Net asset value per share | USD | 139.57 | 128.10 | 100.76 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 220,945,405.42 | 229,966,793.91 | 195,644,790.42 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 1,202,152 | 1,339,758 | 1,363,460 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 147.27 | 135.67 | 107.88 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 340 |
| Net asset value per share | CHF | 0.00 | 0.00 | 104.91 |
| Class F GBP - Capitalisation Number of shares |  | 6,815 | 7,342 | 6,795 |
| Net asset value per share | GBP | 159.65 | 137.92 | 115.51 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 6,751 | 6,626 | 7,325 |
| Net asset value per share | GBP | 150.00 | 138.69 | 109.43 |
| Class F USD Hedged - Capitalisation Number of shares |  | 450 | 450 | 450 |
| Net asset value per share | USD | 159.12 | 145.21 | 112.75 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange l | isting	 211,610,696.85 | 95.77 |
| --- | --- | --- | --- |
| Shares |  | 211,610,696.85 | 95.77 |
|  | Canada | 44,612.85 | 0.02 |
| 802,900 ORYS PETROLEUM CORPORATION LTD | CAD | 44,612.85 | 0.02 |
| Cayman Islands |  | 24,102,159.58 | 10.91 |
| 27,527 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 1,952,366.84 | 0.88 |
| 185,720 JD COM ADR REPR 2SHS -A- | USD | 9,951,145.97 | 4.50 |
| 19,280 JD.COM INC - CL A | HKD | 513,398.01 | 0.23 |
| 314 LEGEND BIOTECH CORP | USD | 11,898.54 | 0.01 |
| 86,100 PING AN HEALTHCARE AND TECHNOLOGY COMPAN | HKD | 1,166,139.95 | 0.53 |
| 21,283 SEA -A- ADR REPR1 SHS | USD | 2,032,131.88 | 0.92 |
| 79,287 TENCENT HLDG | HKD | 4,541,381.42 | 2.06 |
| 213,200 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 3,472,938.96 | 1.57 |
| 9,594 58.COM -A- ADR | USD | 460,758.01 | 0.21 |
| China |  | 5,074,867.51 | 2.30 |
| 402,607 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 5,074,867.51 | 2.30 |
| Denmark |  | 2,312,379.57 | 1.05 |
| 22,517 ORSTED | DKK | 2,312,379.57 | 1.05 |
| France |  | 19,959,506.11 | 9.03 |
| 27,085 ESSILORLUXOTTICA SA | EUR | 3,094,461.25 | 1.40 |
| 10,751 HERMES INTERNATIONAL SA | EUR | 7,996,593.80 | 3.61 |
| 40,355 SAFRAN | EUR | 3,600,473.10 | 1.63 |
| 39,388 SANOFI | EUR | 3,570,522.20 | 1.62 |
| 22,022 WORLDLINE SA | EUR | 1,697,455.76 | 0.77 |
| Germany |  | 12,476,044.59 | 5.65 |
| 26,764 BAYER AG REG SHS | EUR | 1,760,803.56 | 0.80 |
| 30,464 DELIVERY HERO SE | EUR | 2,771,005.44 | 1.25 |
| 35,411 HELLOFRESH SE | EUR | 1,678,481.40 | 0.76 |
| 33,531 KNORR-BREMSE - BEARER SHS | EUR | 3,025,502.13 | 1.37 |
| 47,083 PUMA AG | EUR | 3,240,252.06 | 1.47 |
| Hong Kong |  | 1,178,984.37 | 0.53 |
| 31,100 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 1,178,984.37 | 0.53 |
| India |  | 3,557,756.07 | 1.61 |
| 283,065 HDFC BANK - REGISTERED SHS | INR | 3,557,756.07 | 1.61 |
| Ireland |  | 2,296,112.81 | 1.04 |
| 28,123 MEDTRONIC HLD | USD | 2,296,112.81 | 1.04 |
| Italy |  | 3,604,767.00 | 1.63 |
| 440,250 UNICREDIT -REGISTERD SHARE | EUR | 3,604,767.00 | 1.63 |
| Japan |  | 5,745,142.92 | 2.60 |
| 14,500 NINTENDO CO LTD | JPY | 5,745,142.92 | 2.60 |
| South Korea |  | 4,776,454.44 | 2.16 |
| 122,214 SAMSUNG ELECTRONICS CO LTD | KRW | 4,776,454.44 | 2.16 |
| Spain |  | 4,214,688.02 | 1.91 |
| 16,342 AENA | EUR | 1,939,795.40 | 0.88 |
| 49,049 AMADEUS IT -A- | EUR | 2,274,892.62 | 1.03 |
| Switzerland |  | 3,811,203.54 | 1.72 |
| 39,834 ALCON - REGISTERED SHS | USD | 2,032,929.60 | 0.92 |
| 22,962 NOVARTIS AG REG SHS | CHF | 1,778,273.94 | 0.80 |
| The Netherlands |  | 10,221,489.16 | 4.63 |
| 1,784 ADYEN --- PARTS SOCIALES | EUR | 2,311,172.00 | 1.05 |
| 60,252 ELASTIC NV | USD | 4,946,656.21 | 2.24 |
| 6,977 FERRARI | EUR | 1,059,457.45 | 0.48 |
| 18,754 NXP SEMICONDUCTORS | USD | 1,904,203.50 | 0.86 |
| United States of America |  | 108,234,528.31 | 48.98 |
| 6,258 ALPHABET -A- | USD | 7,901,132.44 | 3.57 |
| 3,597 AMAZON.COM INC | USD | 8,835,396.47 | 3.99 |
| 10,568 AMEDISYS INC | USD | 1,868,112.65 | 0.85 |
| 16,566 ANTHEM | USD | 3,878,846.71 | 1.76 |
| 34,500 BAXTER INTERNATIONAL INC | USD | 2,644,749.14 | 1.20 |
| 5,806 BECTON DICKINSON | USD | 1,236,879.86 | 0.56 |
| 86,159 BLACKSTONE MTG-A | USD | 1,847,990.30 | 0.84 |
| 2,267 BOOKING HLDG | USD | 3,214,027.32 | 1.45 |
| 72,963 BOSTON SCIENTIFIC CORP | USD | 2,280,844.88 | 1.03 |
| 62,104 CENTENE | USD | 3,513,964.47 | 1.59 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 40,432 CONSTELLATION BRANDS INC -A- | USD | 6,297,981.93 | 2.85 |
| --- | --- | --- | --- |
| 3,741 COSTCO WHOLESALE CORP | USD | 1,009,935.10 | 0.46 |
| 11,809 DOLLAR GENERAL | USD | 2,003,056.22 | 0.91 |
| 37,936 FACEBOOK -A- | USD | 7,669,614.49 | 3.47 |
| 45,128 FIDELITY NATIONAL | USD | 5,387,716.26 | 2.44 |
| 66,642 GODADDY -A- | USD | 4,351,028.68 | 1.97 |
| 48,761 INTERCONEXCH GR INC WI | USD | 3,976,768.55 | 1.80 |
| 149,865 KINGSOFT CLOUD HOLDINGS LTD | USD | 4,205,800.47 | 1.90 |
| 8,067 LAMB WESTON HOLDINGS REG WI | USD | 459,175.81 | 0.21 |
| 7,689 MASTERCARD INC -A- | USD | 2,024,339.85 | 0.92 |
| 1,846 MERCADOLIBRE | USD | 1,620,203.37 | 0.73 |
| 48,774 MERCK AND CO | USD | 3,358,138.65 | 1.52 |
| 8,539 NETFLIX INC | USD | 3,459,543.75 | 1.57 |
| 19,652 PAYPAL HOLDINGS INC WI | USD | 3,048,540.23 | 1.38 |
| 19,226 PLANET FITNESS INC | USD | 1,036,832.85 | 0.47 |
| 18,980 PROCTER AND GAMBLE CO | USD | 2,020,601.52 | 0.91 |
| 37,211 SALESFORCE COM.INC | USD | 6,206,416.44 | 2.81 |
| 8,822 STRYKER CORP | USD | 1,415,337.38 | 0.64 |
| 30,921 T MOBILE US INC | USD | 2,867,312.60 | 1.30 |
| 83,422 THE KRAFT HEINZ | USD | 2,368,630.71 | 1.07 |
| 37,712 TRADEWEB MKTS/REGSH | USD | 1,952,166.39 | 0.88 |
| 72,670 TWITTER INC | USD | 1,927,471.22 | 0.87 |
| 70,061 URBAN OUTFITTERS INC | USD | 949,408.73 | 0.43 |
| 6,050 VISA INC -A- | USD | 1,040,536.44 | 0.47 |
| 7,836 ZOOMINFO TECHNOLOGIES INC-A | USD | 356,026.43 | 0.16 |
| Shares/Units of UCITS/UCIS |  | 6,494,000.22 | 2.94 |
| Shares/Units in investment funds |  | 6,494,000.22 | 2.94 |
| France |  | 6,494,000.22 | 2.94 |
| 4,657 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 6,494,000.22 | 2.94 |

Total securities portfolio	
218,104,697.07	98.71
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 883,053.09 |
| --- | --- |
| Net dividends | 712,672.96 |
| Bank interest on cash account | 52,633.08 |
| Other financial income | 72,304.31 |
| Securities lending income | 45,442.74 |
| Expenses | 2,613,068.92 |
| Management fees | 1,050,531.35 |
| Performance fees | 908,290.38 |
| Bank interest on overdrafts | 33,828.28 |
| Transaction fees | 200,939.77 |
| Dividend expenses | 97,301.22 |
| Operating and establishment fees | 322,177.92 |
| Net loss from investments | -1,730,015.83 |
| Net realised profit / loss on: - sales of investment securities | 2,754,658.36 |
| - forward foreign exchange contracts | 223,111.70 |
| - financial futures | -922,676.77 |
| - swaps | -809,985.61 |
| - foreign exchange | 1,142,727.82 |
| Net realised profit | 657,819.67 |
| Movement in net unrealised appreciation / depreciation on: - investments | 14,351,304.49 |
| - options | -155,636.24 |
| - forward foreign exchange contracts | -229,767.80 |
| - financial futures | -83,277.72 |
| - swaps | -633,163.34 |
| Increase in net assets as a result of operations | 13,907,279.06 |
| Dividends paid | -1,786.58 |
| Subscription capitalisation shares | 84,606,645.54 |
| Subscription distribution shares | 1,382,514.36 |
| Redemption capitalisation shares | -105,932,253.92 |
| Redemption distribution shares | -2,983,786.95 |
| Decrease in net assets | -9,021,388.49 |
| Net assets at the beginning of the period | 229,966,793.91 |
| Net assets at the end of the period | 220,945,405.42 |

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 |