# CARMIGNAC PORTFOLIO
## Grande Europe

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 465,295,305.24 |
| --- | --- |
| Securities portfolio at market value | 440,286,540.70 |
| Cost price | 399,067,291.13 |
| Unrealised profit on the securities portfolio | 41,219,249.57 |
| Cash at banks and liquidities | 6,886,978.87 |
| Interest receivable | 16.85 |
| Brokers receivable | 7,227,858.13 |
| Subscriptions receivable | 10,515,757.14 |
| Dividends receivable | 365,621.17 |
| Unrealised net appreciation on forward foreign exchange contracts | 7,826.84 |
| Other assets | 4,705.54 |
| Liabilities | 18,076,139.93 |
| Bank overdrafts | 2,994,075.48 |
| Brokers payable | 2,617,992.57 |
| Redemptions payable | 5,454,520.61 |
| Other liabilities | 7,009,551.27 |
| Net asset value | 447,219,165.31 |

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 | 447,219,165.31 | 408,200,629.40 | 155,494,506.34 |
| Class A EUR - Capitalisation Number of shares |  | 528,809 | 569,663 | 585,778 |
| Net asset value per share | EUR | 241.58 | 241.73 | 179.34 |
| Class A EUR Y - Distribution Number of shares |  | 11,238 | 19,037 | 2,047 |
| Net asset value per share | EUR | 167.90 | 168.75 | 125.90 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 2,977 | 2,460 | 2,338 |
| Net asset value per share | CHF | 169.34 | 169.79 | 126.41 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 594 |
| Net asset value per share | USD | 0.00 | 0.00 | 85.49 |
| Class A USD Hedged - Capitalisation Number of shares |  | 6,006 | 5,103 | 11,900 |
| Net asset value per share | USD | 185.15 | 183.59 | 133.36 |
| Class E EUR - Capitalisation Number of shares |  | 34,909 | 33,539 | 47,623 |
| Net asset value per share | EUR | 132.28 | 132.87 | 99.17 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 1 |
| Net asset value per share | USD | 157.14 | 156.31 | 114.25 |
| Class F EUR - Capitalisation Number of shares |  | 492,187 | 919,017 | 358,025 |
| Net asset value per share | EUR | 159.30 | 160.13 | 118.19 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 447,219,165.31 | 408,200,629.40 | 155,494,506.34 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR Y - Distribution Number of shares |  | 10,279 | 0 | 0 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 130.43 | 0.00 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 4,315 | 671 | 844 |
| Net asset value per share | CHF | 157.85 | 158.15 | 117.15 |
| Class F USD Hedged - Capitalisation Number of shares |  | 1 | 859 | 477 |
| Net asset value per share | USD | 175.40 | 173.44 | 125.58 |
| Class X EUR - Capitalisation Number of shares |  | 13,439 | 0 | 0 |
| Net asset value per share | EUR | 11,827.79 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 549,573 | 897,722 | 10,000 |
| Net asset value per share | EUR | 131.30 | 127.23 | 92.33 |
| Class W GBP - Capitalisation Number of shares |  | 0 | 0 | 1,739 |
| Net asset value per share | GBP | 0.00 | 0.00 | 133.10 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 951 |
| Net asset value per share | GBP | 0.00 | 0.00 | 121.24 |

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 exc | hange listing	 440,286,540.70 | 98.45 |
| --- | --- | --- | --- |
| Shares |  | 440,286,540.70 | 98.45 |
|  | Austria | 12,736,028.88 | 2.85 |
| 964,377 AMS AG | CHF | 12,736,028.88 | 2.85 |
| Belgium |  | 8,063,379.66 | 1.80 |
| 4,833 GALAPAGOS GENOMICS NV | EUR | 846,016.65 | 0.19 |
| 172,211 UMICORE SA | EUR | 7,217,363.01 | 1.61 |
| Denmark |  | 65,571,244.63 | 14.66 |
| 80,455 CHRISTIAN HANSEN | DKK | 7,383,619.01 | 1.65 |
| 356,691 NOVO NORDISK | DKK | 20,550,118.46 | 4.59 |
| 120,600 NOVOZYMES -B- | DKK | 6,205,443.34 | 1.39 |
| 192,059 ORSTED | DKK | 19,723,467.07 | 4.41 |
| 69,351 VESTAS WIND SYSTEMS AS | DKK | 6,284,546.19 | 1.41 |
| 177,776 ZEALAND PHARMA | DKK | 5,424,050.56 | 1.21 |
| France |  | 83,480,573.98 | 18.67 |
| 129,037 ESSILORLUXOTTICA SA | EUR | 14,742,477.25 | 3.30 |
| 45,309 LEGRAND SA | EUR | 3,063,794.58 | 0.69 |
| 42,799 L'OREAL SA | EUR | 12,227,674.30 | 2.73 |
| 46,608 ORPEA SA | EUR | 4,795,963.20 | 1.07 |
| 170,767 SANOFI | EUR | 15,480,028.55 | 3.46 |
| 223,055 SCHNEIDER ELECTRIC SE | EUR | 22,055,678.40 | 4.93 |
| 49,203 TELEPERFORMANCE SA | EUR | 11,114,957.70 | 2.49 |
| Germany |  | 89,330,238.82 | 19.97 |
| 139,523 BEIERSDORF AG | EUR | 14,105,775.30 | 3.15 |
| 82,347 DEUTSCHE BOERSE AG REG SHS | EUR | 13,261,984.35 | 2.97 |
| 83,973 KNORR-BREMSE - BEARER SHS | EUR | 7,576,883.79 | 1.69 |
| 109,426 MORPHOSYS | EUR | 12,304,953.70 | 2.75 |
| 252,700 PUMA AG | EUR | 17,390,814.00 | 3.89 |
| 198,599 SAP AG | EUR | 24,689,827.68 | 5.52 |
| Ireland |  | 16,767,137.00 | 3.75 |
| 45,866 KERRY GROUP -A- | EUR | 5,059,019.80 | 1.13 |
| 204,152 KINGSPAN GROUP | EUR | 11,708,117.20 | 2.62 |
| Jersey Island |  | 10,223,387.26 | 2.29 |
| 329,658 EXPERIAN GROUP | GBP | 10,223,387.26 | 2.29 |
| Spain |  | 33,733,814.98 | 7.54 |
| 245,833 AMADEUS IT -A- | EUR | 11,401,734.54 | 2.55 |
| 3,844,175 BANKINTER REG.SHS | EUR | 16,318,522.88 | 3.65 |
| 531,233 SOLARIA ENERGIA | EUR | 6,013,557.56 | 1.34 |
| Sweden |  | 17,027,573.66 | 3.81 |
| 603,178 ASSA ABLOY -B- NEW I | SEK | 10,920,496.19 | 2.44 |
| 550,426 EPIROC- REGISTERED SHS | SEK | 6,107,077.47 | 1.37 |
| Switzerland |  | 4,394,048.16 | 0.98 |
| 25,645 SIKA - REGISTERED SHS | CHF | 4,394,048.16 | 0.98 |
| The Netherlands |  | 68,971,282.50 | 15.42 |
| 10,315 ADYEN --- PARTS SOCIALES | EUR | 13,363,082.50 | 2.99 |
| 57,268 ARGENX SE | EUR | 11,356,244.40 | 2.54 |
| 23,639 ASML HLDG | EUR | 7,727,589.10 | 1.73 |
| 90,277 IMCD | EUR | 7,554,379.36 | 1.69 |
| 377,007 ROYAL PHILIPS ELECTRONIC | EUR | 15,653,330.64 | 3.49 |
| 281,834 UNILEVER NV | EUR | 13,316,656.50 | 2.98 |
| United Kingdom |  | 29,987,831.17 | 6.71 |
| 321,837 ASHTEAD GROUP | GBP | 9,626,785.51 | 2.15 |
| 621,036 COMPASS GROUP | GBP | 7,597,272.08 | 1.70 |
| 2,466,469 INFORMA PLC | GBP | 12,763,773.58 | 2.86 |

Total securities portfolio	
440,286,540.70	98.45
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 2,852,454.86 |
| --- | --- |
| Net dividends | 2,851,496.14 |
| Bank interest on cash account | 939.28 |
| Other financial income | 19.44 |
| Expenses | 10,126,383.50 |
| Management fees | 1,936,810.17 |
| Performance fees | 6,561,047.16 |
| Bank interest on overdrafts | 36,563.76 |
| Transaction fees | 1,054,239.58 |
| Operating and establishment fees | 537,722.83 |
| Net loss from investments | -7,273,928.64 |
| Net realised profit / loss on: - sales of investment securities | 2,597,439.22 |
| - forward foreign exchange contracts | 3,875.95 |
| - financial futures | 7,198,367.17 |
| - foreign exchange | -206,340.34 |
| Net realised profit | 2,319,413.36 |
| Movement in net unrealised appreciation / depreciation on: - investments | -423,756.04 |
| - forward foreign exchange contracts | 28,348.99 |
| Increase in net assets as a result of operations | 1,924,006.31 |
| Dividends paid | -747.21 |
| Subscription capitalisation shares | 331,561,512.12 |
| Subscription distribution shares | 2,680,676.89 |
| Redemption capitalisation shares | -294,578,056.51 |
| Redemption distribution shares | -2,568,855.69 |
| Increase in net assets | 39,018,535.91 |
| Net assets at the beginning of the period | 408,200,629.40 |
| Net assets at the end of the period | 447,219,165.31 |

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 |