# CARMIGNAC PORTFOLIO
## Unconstrained Emerging Markets Debt

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 27,549,304.11 |
| --- | --- |
| Securities portfolio at market value | 20,836,307.08 |
| Cost price | 21,849,244.18 |
| Unrealised loss on the securities portfolio | -1,012,937.10 |
| Options purchased at market value | 269,192.47 |
| Options purchased at cost | 257,776.76 |
| Cash at banks and liquidities | 2,107,352.59 |
| Interest receivable | 300,394.49 |
| Brokers receivable | 3,948,782.26 |
| Unrealised net appreciation on swaps | 87,275.22 |
| Liabilities | 4,932,996.69 |
| Bank overdrafts | 560,323.76 |
| Brokers payable | 4,122,639.37 |
| Redemptions payable | 35,361.35 |
| Unrealised net depreciation on forward foreign exchange contracts | 94,118.65 |
| Unrealised net depreciation on financial futures | 96,703.47 |
| Other liabilities | 23,850.09 |
| Net asset value | 22,616,307.42 |

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 | 22,616,307.42 | 23,231,300.57 | 18,041,134.36 |
| Class A EUR - Capitalisation Number of shares |  | 45,000 | 45,000 | 45,000 |
| Net asset value per share | EUR | 112.38 | 115.62 | 90.28 |
| Class Income A EUR - Distribution Number of shares |  | 5,000 | 5,000 | 5,000 |
| Net asset value per share | EUR | 98.79 | 104.08 | 84.67 |
| Class E USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 119.18 | 121.72 | 92.84 |
| Class W EUR - Capitalisation Number of shares |  | 140,000 | 140,000 | 140,000 |
| Net asset value per share | EUR | 114.31 | 117.31 | 91.02 |

Securities portfolio as at 30/06/20
Expressed in EUR
| Quantity	Denomination |  |  |  | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing	 20,836,307.08 | 92.13 |
| Bonds | 19,281,939.08 | 85.26 |
| Angola |  | 291,421.45 | 1.29 |
| 400,000 REPUBLIC OF ANG	9.1250 19-49 26/11S | USD | 291,421.45 | 1.29 |
| Benin |  | 233,595.00 | 1.03 |
| 250,000 BENIN GOVERNMENT INTER5.75 19-26 26/03A	EUR | 233,595.00 | 1.03 |
| Bermuda | 103,526.96 | 0.46 |
| 311,645 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 103,526.96 | 0.46 |
| Canada | 373,579.51 | 1.65 |
| 200,000 CANACOL ENERGY LTD  7.25 18-25 03/05S | USD | 180,956.24 | 0.80 |
| 619,908 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 192,623.27 | 0.85 |
| Chile | 1,358,430.45 | 6.01 |
| 320,000,000 BONOS TESORERIA	5.1000 19-50 15/07S	CLP | 495,445.10 | 2.19 |
| 520,000,000 CHILE -DY-	6.00 13-43 01/01S | CLP | 862,985.35 | 3.82 |
| Greece |  | 1.38 | 0.00 |
| 1 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 1.38 | 0.00 |
| Indonesia |  | 1,619,749.38 | 7.16 |
| 13,500,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 830,002.75 | 3.67 |
| 12,000,000,000 INDONESIA 8.375 18-39 15/04S | IDR | 789,746.63 | 3.49 |
| Ireland |  | 125,096.38 | 0.55 |
| 200,000 ASG FINANCE	7.875 19-24 03/12S | USD | 125,096.38 | 0.55 |
| Ivory Coast |  | 864,519.00 | 3.82 |
| 950,000 COTE D IVOIRE	6.625 18-48 22/03A | EUR | 864,519.00 | 3.82 |
| Japan |  | 3,486,672.70 | 15.42 |
| 421,300,000 JAPAN 0.10 19-29 10/03S	JPY | 3,486,672.70 | 15.42 |
| Luxembourg | 2,005,592.39 | 8.87 |
| 400,000 IVORY COAST	5.8750 19-31 17/10A	EUR | 377,210.00 | 1.67 |
| 1,100,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A	EUR | 1,263,075.00 | 5.59 |
| 200,000 VTR COMUNICACIO	5.1250 20-28 15/01S	USD | 181,834.13 | 0.80 |
| 200,000 VTR FINANCE BV	6.3750 20-28 15/07S | USD | 183,473.26 | 0.81 |
| Mexico |  | 3,012,442.78 | 13.32 |
| 1,000,000 MEXICO 4.00 15-2115 15/03A | EUR | 942,165.00 | 4.17 |
| 800,000 PETROLEOS MEXIC	6.9500 20-60 28/01S | USD | 547,837.78 | 2.42 |
| 1,800,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 1,522,440.00 | 6.73 |
| Romania |  | 822,470.00 | 3.64 |
| 400,000 ROMANIA | 3.875 15-35 29/10A | EUR | 433,500.00 | 1.92 |
| 400,000 ROMANIA | 3.3750 20-50 28/01A | EUR | 388,970.00 | 1.72 |
| Russia | 819,046.69 | 3.62 |
| 60,000,000 MINISTRY OF FINANCE OF 2.5 18-28 02/02S	RUB | 819,046.69 | 3.62 |
| Thailand |  | 572,378.74 | 2.53 |
| 17,500,000 THAILAND 2.875 18-28 17/12S | THB | 572,378.74 | 2.53 |
| The Netherlands	 272,781.91	1.21 |
| 300,000 IHS NL HOLDCO	8.00 | 19-27 18/09S | USD | 272,781.91 | 1.21 |
| Turkey |  |  | 1,168,585.68 | 5.17 |
| 500,000 RONESANS	7.25 18-23 26/04S | USD | 388,972.98 | 1.72 |
| 370,000 TURKEY 4.625 19-25 31/03A | EUR | 369,916.75 | 1.64 |
| 500,000 TURKIYE VAKIFLAR BANKA 5.25 20-25 05/02S | USD | 409,695.95 | 1.81 |
| Ukraine | 998,017.50 | 4.41 |
| 300,000 UKRAINE	6.75 19-26 20/06A	EUR | 306,265.50 | 1.35 |
| 800,000 UKRAINE GOVERNM	4.3750 20-30 27/01A	EUR | 691,752.00 | 3.06 |
| United Kingdom | 829,610.54 | 3.67 |
| 934,000 GAZPROM PJSC (G	3.0000 20-27 29/06S	USD | 829,610.54 | 3.67 |
| United States of America | 324,420.64 | 1.43 |
| 500,000 CEDC FIN CORP INTL | 10.00 17-22 31/12S | USD | 324,420.64 | 1.43 |
| Floating rate bonds |  |  | 1,554,368.00 | 6.87 |
| Argentina |  |  | 264,435.50 | 1.17 |
| 700,000 ARGENTINA (DEFAULT) | FL.R 05-38 31/12S | EUR | 264,435.50 | 1.17 |
| Greece |  |  | 1,289,932.50 | 5.70 |
| 800,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 569,872.00 | 2.52 |
| 850,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 720,060.50 | 3.18 |

Total securities portfolio	
20,836,307.08	92.13
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 510,103.34 |
| --- | --- |
| Net interest on bonds | 468,454.03 |
| Bank interest on cash account | 5,080.28 |
| Other financial income | 112.30 |
| Interest on swaps | 36,456.73 |
| Expenses | 338,508.22 |
| Management fees | 91,698.60 |
| Bank interest on overdrafts | 11,193.30 |
| Transaction fees | 27,814.57 |
| Interest on swaps | 184,418.60 |
| Operating and establishment fees | 23,383.15 |
| Net income from investments | 171,595.12 |
| Net realised profit / loss on: - sales of investment securities | 960,953.96 |
| - options | -71,637.57 |
| - forward foreign exchange contracts | 229,162.86 |
| - financial futures | 119,031.00 |
| - swaps | -1,006,843.26 |
| - foreign exchange | -144,677.41 |
| Net realised profit | 257,584.70 |
| Movement in net unrealised appreciation / depreciation on: - investments | -1,512,975.11 |
| - options | -30,731.45 |
| - forward foreign exchange contracts | -142,537.16 |
| - financial futures | -116,646.67 |
| - swaps | 942,062.54 |
| Decrease in net assets as a result of operations | -603,243.15 |
| Dividends paid | -11,750.00 |
| Decrease in net assets | -614,993.15 |
| Net assets at the beginning of the period | 23,231,300.57 |
| Net assets at the end of the period | 22,616,307.42 |

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 |