# CARMIGNAC PORTFOLIO
## Global Bond (formerly Unconstrained Global Bond)

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 766,740,535.28 |
| --- | --- |
| Securities portfolio at market value | 718,071,343.39 |
| Cost price | 719,464,333.48 |
| Unrealised loss on the securities portfolio | (1,392,990.09) |
| Options purchased at market value | 2,257,529.69 |
| Options purchased at cost | 2,314,321.50 |
| Cash at banks and liquidities | 38,704,064.69 |
| Interest receivable | 4,711,749.39 |
| Subscriptions receivable | 2,995,848.12 |
| Liabilities | 33,717,558.13 |
| Options sold at market value | 382,045.50 |
| Options sold at cost | 1,090,700.79 |
| Bank overdrafts | 13,406,656.17 |
| Brokers payable | 7,229,604.00 |
| Redemptions payable | 1,842,961.17 |
| Unrealised net depreciation on forward foreign exchange contracts | 6,784,589.00 |
| Unrealised net depreciation on financial futures | 918,665.32 |
| Unrealised net depreciation on swaps | 1,775,336.24 |
| Other liabilities | 1,377,700.73 |
| Net asset value | 733,022,977.15 |


###### 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 | 733,022,977.15 | 859,243,546.78 | 846,116,864.50 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 245,080 | 254,136 | 270,889 |
| Net asset value per share | EUR | 1,516.34 | 1,532.20 | 1,463.42 |
| Class Income A EUR - Distribution Number of shares |  | 39,632 | 39,805 | 40,054 |
| Net asset value per share | EUR | 96.59 | 99.43 | 98.30 |
| Class A EUR Y - Distribution Number of shares |  | 764,060 | 780,063 | 570,076 |
| Net asset value per share | EUR | 103.68 | 106.07 | 103.25 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 91,694 | 104,631 | 96,773 |
| Net asset value per share | CHF | 121.00 | 122.49 | 117.46 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 42,213 | 42,010 | 16,342 |
| Net asset value per share | CHF | 94.08 | 96.95 | 96.37 |
| Class A USD Hedged - Capitalisation Number of shares |  | 100,990 | 111,278 | 179,824 |
| Net asset value per share | USD | 135.62 | 136.57 | 128.89 |
| Class E EUR - Capitalisation Number of shares |  | 103,917 | 111,020 | 88,604 |
| Net asset value per share | EUR | 114.08 | 115.50 | 110.71 |


###### Key figures relating to the last 3 years
Total Net Assets
Period ending as at:	30/06/21	31/12/20	31/12/19
EUR	733,022,977.15	859,243,546.78	846,116,864.50
| Class E USD Hedged - Capitalisation Number of shares |  | 4,156 | 5,032 | 18,557 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 148.05 | 149.37 | 141.49 |
| Class Income E USD Hedged - Distribution Number of shares |  | 34,813 | 25,414 | 15,573 |
| Net asset value per share | USD | 114.85 | 118.05 | 115.73 |
| Class F EUR - Capitalisation Number of shares |  | 1,034,000 | 1,394,060 | 1,556,983 |
| Net asset value per share | EUR | 143.03 | 144.24 | 137.28 |
| Class F EUR Y - Distribution Number of shares |  | 41,122 | 36,815 | 37,635 |
| Net asset value per share | EUR | 102.41 | 104.95 | 102.18 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 477,751 | 838,608 | 791,649 |
| Net asset value per share | CHF | 137.94 | 139.37 | 133.15 |
| Class F USD Hedged - Capitalisation Number of shares |  | 21,858 | 24,309 | 53,724 |
| Net asset value per share | USD | 155.35 | 156.13 | 146.83 |
| Class F USD Y Hedged - Distribution Number of shares |  | 44,513 | 0 | 0 |
| Net asset value per share | USD | 99.35 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 103,966 | 153,254 | 92,646 |
| Net asset value per share | EUR | 110.14 | 111.07 | 105.19 |
| Class W GBP - Capitalisation Number of shares |  | 14,577 | 13,562 | 12,327 |
| Net asset value per share | GBP | 146.06 | 153.59 | 137.70 |
| Class Income W GBP - Distribution Number of shares |  | 7,115 | 7,760 | 38,470 |
| Net asset value per share | GBP | 94.46 | 101.15 | 93.78 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 20,599 | 15,692 | 16,310 |
| Net asset value per share | GBP | 157.78 | 158.72 | 149.77 |
| Class Income W GBP Hedged - Distribution Number of shares |  | 0 | 960 | 821 |
| Net asset value per share | GBP | 0.00 | 105.14 | 102.63 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing | 419,870,269.71 | 57.28 |
| --- | --- | --- |
| Bonds | 365,417,242.87 | 49.85 |
| Bermuda | 3,810,410.37 | 0.52 |

| 8,061,517 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 3,810,410.37 | 0.52 |
| --- | --- | --- | --- |
| Cayman Islands |  | 12,124,023.16 | 1.65 |
| 2,718,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 1,979,553.51 | 0.27 |
| 9,205,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 6,206,261.56 | 0.84 |
| 4,517,000 SHELF DRILL HOLD LTD 8.875 21-24 15/11S | USD | 3,938,208.09 | 0.54 |
| Finland |  | 9,579,870.96 | 1.31 |
| 9,372,000 FINNAIR OYJ	4.2500 21-25 19/05S | EUR | 9,579,870.96 | 1.31 |
| France |  | 71,862,581.99 | 9.80 |
| 11,178,324 FRANCE 0.00 18-22 25/02A | EUR | 11,227,452.73 | 1.53 |
| 50,645,906 FRANCE 1.10 10-22 25/07A | EUR | 60,635,129.26 | 8.27 |
| Greece |  | 43,147,707.65 | 5.89 |
| 13,905,000 GREECE 0.00 21-26 12/02A | EUR | 13,886,297.78 | 1.89 |
| 29,449,000 GREECE 0.7500 21-31 18/06A | EUR | 29,261,409.87 | 4.00 |
| Italy |  | 23,193,766.59 | 3.16 |
| 18,697,000 ITALY 0.6 21-31 01/08S | EUR | 18,305,937.67 | 2.49 |
| 4,888,000 POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 4,887,828.92 | 0.67 |
| Ivory Coast |  | 9,154,937.50 | 1.25 |
| 2,900,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 2,905,234.50 | 0.40 |
| 5,800,000 IVORY COAST 5.8750 19-31 17/10A | EUR | 6,249,703.00 | 0.85 |
| Japan |  | 40,008,329.99 | 5.46 |
| 5,260,600,000 JAPAN 0.10 20-22 01/01S | JPY | 40,008,329.99 | 5.46 |
| Luxembourg |  | 14,004,479.50 | 1.91 |
| 8,700,000 ANDORRA INTERNAT BOND 1.25 21-31 06/05A | EUR | 8,878,654.50 | 1.21 |
| 5,000,000 BK LC LUX FINCO1  5.25 21-29 30/04S | EUR | 5,125,825.00 | 0.70 |
| Mexico |  | 22,857,374.73 | 3.12 |
| 13,500,000 PEMEX	7.69 20-50 23/01S | USD | 10,977,529.73 | 1.50 |
| 5,000,000 PEMEX	3.625 18-25 24/11A | EUR | 5,063,525.00 | 0.69 |
| 6,800,000 PEMEX 2.50 17-21 21/08A | EUR | 6,816,320.00 | 0.93 |
| Peru |  | 2,244,168.62 | 0.31 |
| 2,700,000 INRETAIL CONSUMER3.25 21-28 22/03S | USD | 2,244,168.62 | 0.31 |
| Romania |  | 3,706,541.35 | 0.51 |
| 3,719,000 ROMANIA 2.75 21-41 14/04A | EUR | 3,706,541.35 | 0.51 |
| Russia |  | 7,430,365.12 | 1.01 |
| 7,000,000 RUSSIA 5.25 17-47 23/06S | USD | 7,430,365.12 | 1.01 |
| San Marino |  | 16,928,654.00 | 2.31 |
| 16,400,000 SAN MARINO	3.25 21-24 24/02A | EUR | 16,928,654.00 | 2.31 |
| Sweden |  | 7,224,693.38 | 0.99 |
| 7,275,000 SAMHALLSBYGGNAD	2.8750 21-49 31/12A | EUR | 7,224,693.38 | 0.99 |
| The Netherlands |  | 7,727,720.00 | 1.05 |
| 7,700,000 MAS REAL ESTATE INC 4.25 21-26 15/05A | EUR | 7,727,720.00 | 1.05 |
| Turkey |  | 17,934,539.96 | 2.45 |
| 3,564,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 3,014,102.96 | 0.41 |
| 14,200,000 TURKEY 5.20 18-26 16/02A | EUR | 14,920,437.00 | 2.04 |
| Ukraine |  | 9,630,098.07 | 1.31 |
| 5,338,000 UKRAINE 4.375 20-30 27/01A | EUR | 4,999,811.01 | 0.68 |
| 5,279,000 UKRAINE 6.8760 21-29 21/05S | USD | 4,630,287.06 | 0.63 |
| United Kingdom |  | 9,762,894.22 | 1.33 |
| 6,000,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 4,942,950.00 | 0.67 |
| 4,732,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 4,819,944.22 | 0.66 |
| United States of America |  | 33,084,085.71 | 4.51 |
| 5,000,000 BIDFAIR HOLDINGS INC 5.875 21-29 01/06S | USD | 4,289,990.72 | 0.59 |
| 220,500,000,000 INTER-AM.DEV.BK	7.875 16-23 14/03A | IDR | 13,491,680.30 | 1.83 |
| 97,000,000,000 INTL BK RECON & DEV 7.4500 18-21 20/08A | IDR | 5,655,012.03 | 0.77 |
| 5,000,000 KOSMOS ENERGY PLC	7.5 21-28 01/03S | USD | 4,170,524.49 | 0.57 |
| 6,400,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 5,476,374.06 | 0.75 |
| 400 UNITED STATES	1.50 20-27 31/01S | USD | 346.60 | 0.00 |
| 200 UNITED STATES 0.625 20-30 15/05S | USD | 157.51 | 0.00 |
| Convertible bonds |  | 7,323,141.92 | 1.00 |
| France |  | 7,323,141.92 | 1.00 |
| 40,000 SAFRAN SA	CV 0.00 21-28 01/04U | EUR | 7,323,141.92 | 1.00 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
Floating rate bonds	
19,935,404.152.72
Greece	
6,448,359.530.88
| 4,000,000 PIRAEUS FINANCIAL  FL.R 19-29 26/06A | EUR | 4,339,100.00 | 0.59 |
| --- | --- | --- | --- |
| 2,142,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 2,109,259.53 | 0.29 |
| Israel |  | 3,252,116.87 | 0.44 |
| 3,804,000 MIZRAHI TEFAHOT BANK FL.R 21-31 07/04S | USD | 3,252,116.87 | 0.44 |
| Italy |  | 6,710,200.00 | 0.92 |
| 7,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 6,710,200.00 | 0.92 |
| Mexico |  | 1,452,597.75 | 0.20 |
| 1,666,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 1,452,597.75 | 0.20 |
| United Kingdom |  | 2,072,130.00 | 0.28 |
| 2,000,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 2,072,130.00 | 0.28 |
| Mortgage and asset backed securities |  | 27,194,480.77 | 3.71 |
| Ireland |  | 17,096,760.47 | 2.33 |
| 2,500,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 2,487,096.50 | 0.34 |
| 3,100,000 CRNCL 2016-7X F  FL.R 17-30 31/01Q | EUR | 3,106,563.32 | 0.42 |
| 2,000,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,991,548.00 | 0.27 |
| 2,900,000 RYE HARBOUR MBS  FL.R 17-31 21/04Q | EUR | 2,824,556.21 | 0.39 |
| 4,000,000 ST.PAULS'S CLO X DESIG FL.R 19-30 15/10Q | EUR | 3,979,541.20 | 0.54 |
| 2,700,000 TORO EUROPEAN CLO 3 FL.R 17-30 15/04Q | EUR | 2,707,455.24 | 0.37 |
| Morocco |  | 5,070,232.00 | 0.69 |
| 5,000,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 5,070,232.00 | 0.69 |
| The Netherlands |  | 5,027,488.30 | 0.69 |
| 3,000,000 JUBILEE CLO 2019-XXIII FL.R 19-32 15/06Q | EUR | 3,034,944.90 | 0.42 |
| 2,000,000 TIKEHAU CLO III BV FL.R 17-30 01/12Q | EUR | 1,992,543.40 | 0.27 |
| Other transferable securities |  | 12,773,777.74 | 1.74 |
| Bonds |  | 12,773,777.74 | 1.74 |
| Mexico |  | 2,880,512.69 | 0.39 |
| 3,416,000 SEAMEX LTD	0.0 21-22 15/06U | USD | 2,880,512.69 | 0.39 |
| The Netherlands |  | 4,898,866.05 | 0.67 |
| 2,500,000,000 JPM STRUCT PROD	0.00 17-46 10/10U | INR | 4,898,866.05 | 0.67 |
| United States of America |  | 4,994,399.00 | 0.68 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U | MXN | 4,994,399.00 | 0.68 |
| Money market instruments |  | 285,427,295.94 | 38.94 |
| Bonds |  | 285,427,295.94 | 38.94 |
| France |  | 24,054,922.22 | 3.28 |
| 23,915,376 FRANCE ZCP 250522 | EUR | 24,054,922.22 | 3.28 |
| United States of America |  | 261,372,373.72 | 35.66 |
| 155,000,000 UNITED STATES ZCP 141021 | USD | 130,686,218.23 | 17.83 |
| 155,000,000 UNITED STATES ZCP 211021 | USD | 130,686,155.49 | 17.83 |
| Total securities portfolio |  | 718,071,343.39 | 97.96 |

| Income | 12,630,120.22 |
| --- | --- |
| Net interest on bonds | 10,608,530.82 |
| Bank interest on cash account | 16,993.83 |
| Interest on swaps | 2,004,595.57 |
| Expenses | 5,805,602.54 |
| Management fees | 3,305,059.78 |
| Performance fees | 9,356.40 |
| Bank interest on overdrafts | 258,381.25 |
| Transaction fees | 173,888.52 |
| Interest on swaps | 1,294,586.95 |
| Operating and establishment fees | 764,329.64 |
| Net income from investments | 6,824,517.68 |
| Net realised profit / loss on: |  |
| - sales of investment securities | (46,663,732.46) |
| - options | 4,185,219.64 |
| - forward foreign exchange contracts | (8,577,401.42) |
| - financial futures | 13,277,968.72 |
| - swaps | 2,846,768.98 |
| - foreign exchange | (3,396,533.71) |
| Net realised loss | (31,503,192.57) |
| Movement in net unrealised appreciation / depreciation on: |  |
| - investments | 33,464,676.57 |
| - options | (13,960.74) |
| - forward foreign exchange contracts | (7,043,947.45) |
| - financial futures | (1,684,776.23) |
| - swaps | (3,074,192.22) |
| Decrease in net assets as a result of operations | (9,855,392.64) |
| Dividends paid | (1,243,107.09) |
| Subscription capitalisation shares | 94,489,561.74 |
| Subscription distribution shares | 13,366,272.90 |
| Redemption capitalisation shares | (212,737,752.23) |
| Redemption distribution shares | (10,240,152.31) |
| Decrease in net assets | (126,220,569.63) |
| Net assets at the beginning of the period | 859,243,546.78 |
| Net assets at the end of the period | 733,022,977.15 |

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 |