# CARMIGNAC PORTFOLIO
## Sécurité

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 3,026,722,750.52 |
| --- | --- |
| Securities portfolio at market value | 2,749,739,520.70 |
| Cost price | 2,724,616,804.49 |
| Unrealised profit on the securities portfolio | 25,122,716.21 |
| Cash at banks and liquidities | 234,282,539.65 |
| Interest receivable | 14,045,729.31 |
| Brokers receivable | 7,032,640.07 |
| Subscriptions receivable | 21,567,437.45 |
| Other assets | 54,883.34 |
| Liabilities | 132,164,752.12 |
| Options sold at market value | 697,829.26 |
| Options sold at cost | 826,549.42 |
| Bank overdrafts | 10,200,976.23 |
| Brokers payable | 99,311,068.54 |
| Redemptions payable | 17,067,604.41 |
| Unrealised net depreciation on forward foreign exchange contracts | 1,802,068.96 |
| Unrealised net depreciation on financial futures | 202,681.42 |
| Unrealised net depreciation on swaps | 355,681.83 |
| Other liabilities | 2,526,841.47 |
| Net asset value | 2,894,557,998.40 |


###### 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 | 2,894,557,998.40 | 2,238,073,193.21 | 2,288,439,560.78 |
| Class A EUR - Capitalisation Number of shares |  | 3,555,981 | 2,415,410 | 2,786,184 |
| Net asset value per share | EUR | 104.71 | 104.20 | 101.98 |
| Class A EUR Y - Distribution Number of shares |  | 666,480 | 592,459 | 823,892 |
| Net asset value per share | EUR | 100.01 | 99.96 | 98.38 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 99,121 | 105,309 | 125,836 |
| Net asset value per share | CHF | 101.73 | 101.41 | 99.67 |
| Class A USD Hedged - Capitalisation Number of shares |  | 188,379 | 142,493 | 155,371 |
| Net asset value per share | USD | 115.96 | 115.00 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 21,192,092 | 16,422,385 | 16,806,123 |
| Net asset value per share | EUR | 111.11 | 110.37 | 107.64 |
| Class F EUR Y - Distribution Number of shares |  | 294,230 | 232,293 | 256,731 |
| Net asset value per share | EUR | 100.95 | 101.08 | 99.49 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 243,720 | 498,421 | 423,939 |
| Net asset value per share | CHF | 106.82 | 106.29 | 104.11 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 2,894,557,998.40 | 2,238,073,193.21 | 2,288,439,560.78 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 51,944 | 49,840 | 68,069 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 116.86 | 115.81 | 112.42 |
| Class F USD Hedged - Capitalisation Number of shares |  | 123,543 | 125,529 | 115,227 |
| Net asset value per share | USD | 123.33 | 122.10 | 117.60 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| ble securities admitted to an official stock exchange listing	 2,302,724,958.78	79.56 |
| --- |
| Bonds |  | 1,546,599,991.14 | 53.44 |
|  | Belgium | 149,831,304.44 | 5.18 |

Transfera
| 135,000,000 BELGIUM 0.00 21-31 22/10U | EUR | 133,610,175.00 | 4.62 |
| --- | --- | --- | --- |
| 6,600,000 COMMUNAUT FRANCAISE 0.625 21-35 11/06A | EUR | 6,653,031.00 | 0.23 |
| 9,583,000 EUROPEAN UNION	0.00 21-31 04/07A | EUR | 9,568,098.44 | 0.33 |
| Canada |  | 25,271,957.33 | 0.87 |
| 13,177,000 PROVINCE OF QUEBEC 0.00 20-30 29/10U | EUR | 12,918,137.84 | 0.44 |
| 12,366,000 PROVINCE OF QUEBEC 0.25 21-31 05/05A | EUR | 12,353,819.49 | 0.43 |
| China |  | 2,877,191.73 | 0.10 |
| 2,866,000 ICBC 0.25 19-22 25/04A | EUR | 2,877,191.73 | 0.10 |
| Czech Republic |  | 7,954,308.22 | 0.27 |
| 4,200,000 RAIFFEISENBANK	1 21-28 09/06A | EUR | 4,203,570.00 | 0.14 |
| 3,705,000 SAZKA GROUP AS	3.875 20-27 15/02S | EUR | 3,750,738.22 | 0.13 |
| Denmark |  | 3,869,986.78 | 0.13 |
| 3,703,000 DANSKE BANK A/S	1.625 19-24 15/03A | EUR | 3,869,986.78 | 0.13 |
| Finland |  | 20,871,093.40 | 0.72 |
| 5,900,000 NESTE OYJ	0.75 21-28 25/03A | EUR | 5,875,721.50 | 0.20 |
| 5,500,000 NESTE OYJ	1.50 17-24 07/06A | EUR | 5,693,132.50 | 0.20 |
| 1,000,000 NESTE OYJ	2.125 15-22 17/03A | EUR | 1,009,945.00 | 0.03 |
| 8,320,000 SBB TREASURY OYJ 1.125 21-29 26/11A | EUR | 8,292,294.40 | 0.29 |
| France |  | 121,000,345.15 | 4.18 |
| 2,400,000 ACCOR SA 1.25 17-24 25/01A | EUR | 2,516,436.00 | 0.09 |
| 2,400,000 ACCOR SA 3.625 15-23 17/09A | EUR | 2,565,276.00 | 0.09 |
| 2,300,000 ALD SA 0.375 19-23 18/07A | EUR | 2,324,035.00 | 0.08 |
| 3,600,000 ALD SA 0.375 19-23 19/10A | EUR | 3,635,658.00 | 0.13 |
| 4,694,000 COVIVIO SA 1.625 17-24 17/10A | EUR | 4,939,120.68 | 0.17 |
| 4,900,000 DANONE SA 0.00 21-25 01/12A | EUR | 4,923,691.50 | 0.17 |
| 4,200,000 DEXIA CREDIT LOCAL 0.01 20-27 22/01A | EUR | 4,232,235.00 | 0.15 |
| 3,698,000 FIRMENICH PRODUCTIONS 1.375 20-26 30/10A | EUR | 3,948,206.68 | 0.14 |
| 9,900,000 FONCIERE LYONNAISE  1.875 14-21 26/11A | EUR | 9,933,957.00 | 0.33 |
| 3,900,000 FONCIERE LYONNAISE  2.25 15-22 16/11A | EUR | 4,006,821.00 | 0.14 |
| 2,100,000 IPSEN	1.875 16-23 16/06A | EUR | 2,159,818.50 | 0.07 |
| 6,100,000 IPSOS	2.875 18-25 21/09A | EUR | 6,537,004.00 | 0.23 |
| 2,300,000 ORPEA SA	2.625 18-25 10/03A | EUR | 2,427,121.00 | 0.08 |
| 7,700,000 ORPEA SA 2.00 21-28 01/04A | EUR | 7,800,523.50 | 0.27 |
| 2,100,000 PEUGEOT INVEST SA 1.8750 19-26 30/10A | EUR | 2,211,363.00 | 0.08 |
| 7,966,000 RCI BANQUE SA 0.75 19-23 10/04A | EUR | 8,071,868.14 | 0.27 |
| 6,357,000 RCI BANQUE SA 1.375 17-24 08/03A | EUR | 6,569,419.15 | 0.23 |
| 6,100,000 SAFRAN SA	0.1250 21-26 16/03A | EUR | 6,114,609.50 | 0.21 |
| 5,100,000 SAFRAN SA	0.7500 21-31 17/03A | EUR | 5,186,164.50 | 0.18 |
| 5,000,000 SOCIETE GENERALE 0.8750 19-26 01/07A | EUR | 5,120,350.00 | 0.18 |
| 6,100,000 SUEZ ENVIRONNEMENT  0.00 21-26 09/06U | EUR | 6,085,817.50 | 0.21 |
| 1,200,000 TIKEHAU CAPITAL SCA 1.625 21-29 31/03A | EUR | 1,185,306.00 | 0.04 |
| 1,700,000 TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 1,780,078.50 | 0.06 |
| 6,600,000 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 6,987,585.00 | 0.24 |
| 3,600,000 VERITAS SA	1.25 16-23 07/09A | EUR | 3,687,750.00 | 0.13 |
| 6,000,000 WORLDLINE SA 0.25 19-24 18/09A | EUR | 6,050,130.00 | 0.21 |
| Germany |  | 21,840,491.14 | 0.75 |
| 5,600,000 BAYER AG	0.3750 20-24 06/07A | EUR | 5,664,932.00 | 0.20 |
| 6,100,000 VANTAGE TOWERS	0.0000 21-25 31/03A | EUR | 6,081,883.00 | 0.20 |
| 4,900,000 VANTAGE TOWERS	0.3750 21-27 31/03A | EUR | 4,893,654.50 | 0.17 |
| 5,192,000 VOLKSWAGEN LEASING 0.00 21-23 12/07A | EUR | 5,200,021.64 | 0.18 |
| Greece |  | 117,128,217.46 | 4.05 |
| 9,259,000 GREECE  3.450 19-24 02/04A | EUR | 10,212,352.94 | 0.35 |
| 32,508,678 GREECE 3.50 17-23 30/01A | EUR | 34,503,573.02 | 1.20 |
| 3,340,000 GREECE 4.375 17-22 01/08A | EUR | 3,512,227.10 | 0.12 |
| 21,790,000 GREECE 0.00 21-26 12/02A | EUR | 21,760,692.45 | 0.75 |
| 22,067,000 GREECE 0.7500 21-31 18/06A | EUR | 21,926,433.21 | 0.76 |
| 13,817,000 GREECE 3.375 18-25 15/02A | EUR | 15,572,588.02 | 0.54 |
| 9,196,000 PUBLIC POWER CORP GR 3.875 21-26 30/03S | EUR | 9,640,350.72 | 0.33 |
| Iceland |  | 4,590,017.25 | 0.16 |
| 4,550,000 ARION BANK 0.625 20-24 27/05A | EUR | 4,590,017.25 | 0.16 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Ireland |  |  | 42,135,776.41 | 1.46 |
| --- | --- | --- | --- | --- |
| 4,096,000 CYRUSONE EUROPE | 1.1250 21-28 26/05A | EUR | 4,075,540.48 | 0.14 |
| 12,740,000 EATON CAPITAL UNLIMI 0.128 21-26 08/03A | EUR | 12,751,975.60 | 0.45 |
| 1,818,000 FCA BANK SPA IRISH BR 0.50 19-24 13/09A | EUR | 1,843,888.32 | 0.06 |
| 4,626,000 FCA BANK SPA IRISH BR 0.50 20-23 18/09A | EUR | 4,677,140.43 | 0.16 |
| 7,057,000 FCA BANK SPA IRISH BR 0.625 19-22 24/11A | EUR | 7,130,004.66 | 0.25 |
| 5,720,000 RYANAIR DAC	0.875 21-26 25/05A | EUR | 5,746,340.60 | 0.20 |
| 5,396,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 5,910,886.32 | 0.20 |
| Italy |  | 362,065,980.01 | 12.52 |
| 11,691,000 AMCO AM COMPANY SPA 0.75 21-28 20/04A | EUR | 11,650,607.60 | 0.40 |
| 10,679,000 AMCO AM COMPANY SPA 1.5 20-23 17/07A | EUR | 11,027,028.61 | 0.38 |
| 23,265,000 AMCO AM COMPANY SPA 2.25 20-27 17/07A | EUR | 25,462,030.28 | 0.88 |
| 9,597,000 ASSET MANAGEMENT COMP 1.375 19-25 27/01A | EUR | 10,005,208.39 | 0.35 |
| 13,156,000 ATLANTIA SPA	1.8750 21-28 12/02 | EUR | 13,566,204.08 | 0.47 |
| 8,990,000 AUTOSTRADE PER I'ITAL 2.65 20-28 08/03A | EUR | 9,382,997.85 | 0.32 |
| 5,080,000 BANCA MONTE DEI  0.8750 19-26 08/10A | EUR | 5,288,864.20 | 0.18 |
| 14,000,000 CASSA DEPOSITI	1.0 20-28 21/09A | EUR | 14,436,660.00 | 0.50 |
| 3,500,000 CASSA DEPOSITI	1.875 18-26 07/02A | EUR | 3,765,667.50 | 0.13 |
| 6,800,000 CASSA DEPOSITI 1.00 20-30 11/02A | EUR | 6,932,974.00 | 0.24 |
| 1,200,000 CASSA DEPOSITI 2.125 19.26 21/03A | EUR | 1,310,004.00 | 0.05 |
| 6,588,000 ENEL SPA 1.375 21-99 31/12A | EUR | 6,525,084.60 | 0.23 |
| 1,067,000 INTESA SANPAOLO	2.125 18-23 30/08A | EUR | 1,119,293.67 | 0.04 |
| 2,627,000 INTESA SANPAOLO  1.3500 21-31 24/02A | EUR | 2,627,328.37 | 0.09 |
| 6,428,000 INTESA SANPAOLO 0.6250 21-26 24/02A | EUR | 6,424,786.00 | 0.22 |
| 4,449,000 INTESA SANPAOLO 1.0000 19-24 04/07A | EUR | 4,582,714.70 | 0.16 |
| 81,832,000 ITALIY	0.95 20-27 15/09S | EUR | 85,011,582.36 | 2.95 |
| 82,255,000 ITALY 0.95 21-31 01/12S | EUR | 82,982,545.48 | 2.87 |
| 24,150,000 ITALY 6.875 93-23 27/09S | USD | 23,072,220.46 | 0.80 |
| 19,800,000 ITALY 0.95 21-37 01/03S | EUR | 18,867,222.00 | 0.65 |
| 2,834,000 MEDIOBANCA	1.625 19-25 07/01A | EUR | 2,984,017.79 | 0.10 |
| 2,356,000 MEDIOBANCA	1.1250 19-25 15/07A | EUR | 2,443,654.98 | 0.08 |
| 10,232,000 POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 10,231,641.88 | 0.35 |
| 2,339,000 UNICREDIT SPA	0.50 08-25 09/04A | EUR | 2,365,641.21 | 0.08 |
| Japan |  | 16,261,131.40 | 0.56 |
| 3,500,000 ASAHI GROUP HLD 0.0100 21-24 19/04A | EUR | 3,509,607.50 | 0.12 |
| 3,750,000 ASAHI GROUP HLD 0.3360 21-27 19/04A | EUR | 3,764,400.00 | 0.13 |
| 4,162,000 ASAHI GROUP HOL  0.1550 20-24 23/10A | EUR | 4,189,656.49 | 0.14 |
| 3,690,000 NIDEC CORP	0.046 21-26 30/03A | EUR | 3,691,629.25 | 0.13 |
| 1,104,000 NIDEC CORP	0.4870 18-21 27/09A | EUR | 1,105,838.16 | 0.04 |
| Kazakhstan |  | 2,805,596.50 | 0.10 |
| 2,807,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 2,805,596.50 | 0.10 |
| Luxembourg |  | 82,180,596.45 | 2.84 |
| 4,131,000 ALTICE FINCO SA 4.75 17-28 15/01S | EUR | 4,045,777.47 | 0.14 |
| 7,649,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 8,265,700.62 | 0.29 |
| 6,800,000 ANDORRA INTERNAT BOND 1.25 21-31 06/05A | EUR | 6,939,638.00 | 0.24 |
| 7,688,000 BECTON DICKINSON 1.208 19-26 04/06A | EUR | 8,051,873.04 | 0.28 |
| 7,514,000 BLACKSTONE PROPERTY P 0.50 19-23 12/09A | EUR | 7,581,438.15 | 0.26 |
| 7,542,000 DANFOSS FIN I BV  0.125 21-26 28/04A | EUR | 7,534,646.55 | 0.26 |
| 5,782,000 DANFOSS FIN I BV 0.375 21-28 28/10A | EUR | 5,740,340.69 | 0.20 |
| 1,654,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 1,752,925.74 | 0.06 |
| 6,075,000 GAZ CAPITAL	2.25 17-22 19/07A | CHF | 5,643,011.08 | 0.19 |
| 3,473,000 GAZ CAPITAL REGS  3.125 16-23 17/11A | EUR | 3,668,199.96 | 0.13 |
| 6,381,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 6,720,150.15 | 0.23 |
| 3,000,000 MOHAWK CAPITAL FINANC 1.75 20-27 12/06A | EUR | 3,217,005.00 | 0.11 |
| 5,200,000 SIX FINANCE LUX  0.0000 20-25 02/12A | EUR | 5,198,128.00 | 0.18 |
| 7,800,000 TRATON FINANCE LUX 0.125 21-25 24/03A | EUR | 7,821,762.00 | 0.27 |
| Mexico |  | 45,186,336.91 | 1.56 |
| 11,905,000 PEMEX	3.625 18-25 24/11A | EUR | 12,056,253.03 | 0.42 |
| 4,244,000 PEMEX 1.875 15-22 21/04A | EUR | 4,262,312.86 | 0.15 |
| 20,757,000 PEMEX 2.50 17-21 21/08A | EUR | 20,806,816.80 | 0.71 |
| 2,101,000 PEMEX 2.75 15-27 21/04A | EUR | 1,965,496.00 | 0.07 |
| 411,000 PEMEX 3.75 14-26 16/04A | EUR | 415,206.59 | 0.01 |
| 5,503,000 PEMEX 3.75 17-24 21/02A | EUR | 5,680,251.63 | 0.20 |
| Norway |  | 10,855,830.86 | 0.38 |
| 731,000 ADEVINTA ASA	3.00 20-27 15/11S | EUR | 757,535.30 | 0.03 |
| 4,699,000 AKER ASA	1.125 21-29 12/05A | EUR | 4,712,674.09 | 0.17 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 3,000,000 AKER BP ASA | 2.875 20-25 15/01S | USD | 2,672,337.47 | 0.09 |
| --- | --- | --- | --- | --- |
| 2,700,000 SANTANDER CONS BK 0.125  19-24 11/09A | EUR | 2,713,284.00 | 0.09 |
| Panama |  | 8,092,636.88 | 0.28 |
| 5,971,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 5,684,964.48 | 0.20 |
| 2,168,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 2,407,672.40 | 0.08 |
| Portugal |  | 3,683,188.00 | 0.13 |
| 3,800,000 GOVERNO REGIONAL MAD 1.141 20-34 04/12A | EUR | 3,683,188.00 | 0.13 |
| Romania |  | 27,230,679.67 | 0.94 |
| 4,519,000 GLOBALWORTH RE ESTATE 2.95 20-26 29/07A | EUR | 4,901,194.42 | 0.17 |
| 5,000,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 5,386,000.00 | 0.19 |
| 2,510,000 ROMANIA 1.3750 20-29 02/12A | EUR | 2,508,305.75 | 0.09 |
| 4,892,000 ROMANIA 2.75 20-26 26/02A | EUR | 5,419,161.92 | 0.18 |
| 3,636,000 ROMANIA 3.3750 20-50 28/01A | EUR | 3,892,756.14 | 0.13 |
| 4,352,000 ROMANIA 3.875 15-35 29/10A | EUR | 5,123,261.44 | 0.18 |
| Russia |  | 37,312,081.00 | 1.29 |
| 20,100,000 RUSSIA	1.125 20-27 20/11A | EUR | 20,022,615.00 | 0.69 |
| 15,800,000 RUSSIA 2.875 18-25 04/12A | EUR | 17,289,466.00 | 0.60 |
| San Marino |  | 2,726,132.64 | 0.09 |
| 2,641,000 SAN MARINO	3.25 21-24 24/02A | EUR | 2,726,132.64 | 0.09 |
| South Korea |  | 17,351,603.11 | 0.60 |
| 10,621,000 LG CHEM 0.50	19-23 15/04A | EUR | 10,724,979.59 | 0.37 |
| 6,571,000 POSCO	0.5 20-24 17/01A | EUR | 6,626,623.52 | 0.23 |
| Spain |  | 53,652,986.50 | 1.85 |
| 2,100,000 BANCO DE SABADELL SA 1.75 19-24 10/05A | EUR | 2,180,398.50 | 0.08 |
| 10,600,000 BANKIA SA	1.125 19-26 12/11A | EUR | 10,950,012.00 | 0.37 |
| 1,800,000 BANKINTER SA	0.8750 19-26 08/07A | EUR | 1,844,442.00 | 0.06 |
| 2,400,000 CAIXABANK SA 0.625 19-24 01/10A | EUR | 2,439,828.00 | 0.08 |
| 3,900,000 CAIXABANK SA 0.8750 19-24 25/03A | EUR | 4,003,486.50 | 0.14 |
| 3,300,000 CAIXABANK SA 1.00 19-24 25/06A | EUR | 3,388,819.50 | 0.12 |
| 8,000,000 CELLNEX FINANCE CO SA 1.5 21-28 08/06A | EUR | 8,018,600.00 | 0.28 |
| 5,700,000 CELLNEX FINANCE 1.25 21-29 15/01A | EUR | 5,585,601.00 | 0.19 |
| 3,000,000 CELLNEX TELECOM  1.00 20-27 20/04A | EUR | 2,974,185.00 | 0.10 |
| 5,900,000 FERROVIAL EMISIONES 1.382 20-26 14/05A | EUR | 6,242,554.00 | 0.22 |
| 3,900,000 INTL CONSOLIDATED 0.5000 19-23 04/07A | EUR | 3,798,132.00 | 0.13 |
| 2,200,000 SANTAN CONSUMER  0.3750 20-25 17/01A | EUR | 2,226,928.00 | 0.08 |
| Sweden |  | 33,074,143.07 | 1.14 |
| 10,336,000 AB SAGAX	2 18-24 17/01A | EUR | 10,786,494.56 | 0.37 |
| 2,245,000 CASTELLUM AB	0.7500 19-26 04/09A | EUR | 2,260,569.08 | 0.08 |
| 335,900 INTRUM AB	2.75 17-22 15/07S | EUR | 336,607.07 | 0.01 |
| 5,895,000 SAMHALLSBYGGNAD 1.00 20-27 12/08A | EUR | 5,964,118.87 | 0.21 |
| 5,690,000 SAMHALLSBYGGNAD 1.1250 19-26 04/09A | EUR | 5,839,760.80 | 0.20 |
| 4,445,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 4,461,913.23 | 0.15 |
| 3,429,000 VOLVO TREASURY 0.00 21-26 18/05A | EUR | 3,424,679.46 | 0.12 |
| The Netherlands |  | 152,325,728.42 | 5.26 |
| 3,224,000 CONTI-GUMMI FINANCE 2.1250 20-23 27/11A | EUR | 3,387,327.84 | 0.12 |
| 6,960,000 DAVIDE CAMPARI-	1.2500 20-27 06/10A | EUR | 7,122,168.00 | 0.25 |
| 5,700,000 DIGITAL DUTCH FINCO 0.625 20-25 15/07A | EUR | 5,814,427.50 | 0.20 |
| 5,573,000 EURONEXT NV	0.125 21-26 17/05A | EUR | 5,590,889.33 | 0.19 |
| 4,426,000 IMCD NV	2.50 18-25 26/03A | EUR | 4,637,651.32 | 0.16 |
| 14,838,000 JDE PEET'S NV	0.00  21-26 16/01A | EUR | 14,758,245.75 | 0.51 |
| 4,920,000 LSEG NETHERLAND  0.0000 21-25 06/04A | EUR | 4,922,853.60 | 0.17 |
| 8,650,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 8,906,688.75 | 0.31 |
| 4,598,000 NE PROPERTY BV 2.625 19-23 22/05A | EUR | 4,784,035.08 | 0.17 |
| 11,835,000 PROSUS NV 1.539 20-28 03/08A | EUR | 12,262,480.20 | 0.42 |
| 7,486,000 PROSUS NV 2.031 20-32 03/08A | EUR | 7,712,488.93 | 0.27 |
| 7,556,000 REPSOL INTL FINANCE 2.50 21-XX 22/03A | EUR | 7,613,652.28 | 0.26 |
| 3,100,000 SGS NEDERLAND H  0.1250 21-27 21/04A | EUR | 3,095,567.00 | 0.11 |
| 2,610,000 STELLANTIS 3.75 16-24 29/03A | EUR | 2,872,787.85 | 0.10 |
| 2,361,000 STELLANTIS 3.875 20-26 05/01A | EUR | 2,713,579.94 | 0.09 |
| 4,744,000 SYNGENTA FIN NV 3.375 20-26 16/04 | EUR | 5,287,188.00 | 0.18 |
| 5,928,000 TEVA PHARMA	6.00 20-25 31/01A | EUR | 6,398,831.40 | 0.22 |
| 1,464,000 TEVA PHARMA 1.125 16-24 15/10A | EUR | 1,375,025.40 | 0.05 |
| 21,451,000 TEVA PHARMA 1.25 15-23 31/03A | EUR | 21,016,080.97 | 0.72 |
| 1,081,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 957,414.67 | 0.03 |
| 271,000 TEVA PHARMA 3.25 18-22 14/03S | EUR | 273,872.60 | 0.01 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 4,800,000 UPJOHN FINANCE | 1.0230 20-24 23/06A | EUR | 4,936,512.00 | 0.17 |
| --- | --- | --- | --- | --- |
| 3,363,000 WABTEC TRAN | 1.2500 21-27 03/12U | EUR | 3,395,789.25 | 0.12 |
| 3,800,000 WINTERSHALL DEA FINA 0.452 19-23 25/09A | EUR | 3,837,202.00 | 0.13 |
| 4,700,000 WINTERSHALL DEA FINA 0.8400 19-25 25/09A | EUR | 4,793,859.00 | 0.17 |
| 3,776,000 WIZZ AIR FINANCE  1.35 21-24 19/01A | EUR | 3,859,109.76 | 0.13 |
| Turkey |  | 8,400,429.66 | 0.29 |
| 8,286,000 TURKEY 4.35 13-21 12/11A | EUR | 8,400,429.66 | 0.29 |
| United Kingdom |  | 50,875,675.56 | 1.76 |
| 5,100,000 CANARY WHARF GROUP  1.750 21-26 07/04S | EUR | 5,139,754.50 | 0.18 |
| 1,194,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 983,647.05 | 0.03 |
| 4,200,000 CHANEL CERES PL  0.5000 20-26 31/07A | EUR | 4,236,855.00 | 0.15 |
| 7,569,000 CREDIT SUISSE AG L  1.50 16-26 10/04A | EUR | 8,042,251.72 | 0.28 |
| 4,877,000 FCE BANK PLC 0.869 17-21 13/09A | EUR | 4,884,876.36 | 0.17 |
| 7,700,000 GAZ FINANCE PLC	2.95 20-25 15/04A | EUR | 8,199,383.50 | 0.28 |
| 9,395,000 GAZ FINANCE PLC 1.50 21-27 17/02A | EUR | 9,392,604.27 | 0.33 |
| 1,146,000 INFORMA PLC	1.2500 19-28 22/04A | EUR | 1,167,900.06 | 0.04 |
| 3,534,000 INFORMA PLC	2.1250 20-25 06/10A | EUR | 3,766,413.51 | 0.13 |
| 5,047,000 STANDARD CHARTERED 1.2000 21-31 23/09A | EUR | 5,061,989.59 | 0.17 |
| United States of America |  | 115,148,545.19 | 3.98 |
| 8,060,000 AMERICAN TOWER	0.45 21-27 15/01A | EUR | 8,068,825.70 | 0.28 |
| 8,743,000 ATHENE GLOBAL FUNDING 1.875 20-23 23/06A | EUR | 9,078,818.63 | 0.31 |
| 100,000 BECTON DICK EURO FIN 0.632 19-23 04/06A | EUR | 101,426.50 | 0.00 |
| 9,720,000 BOOKING HOLDING  0.1000 21-25 08/03A | EUR | 9,752,464.12 | 0.34 |
| 549,000 EXPEDIA GROUP 6.25 20-25 01/05S | USD | 538,014.44 | 0.02 |
| 8,047,000 FIDELITY NATIONAL INF 0.75 19-23 21/05A | EUR | 8,180,338.79 | 0.28 |
| 17,112,000 FORD MOTOR CO	8.50 20-23 21/04S | USD | 16,106,332.71 | 0.55 |
| 15,502,000 FORD MOTOR CREDIT CO 9.00 20-25 22/04S | USD | 16,094,942.68 | 0.56 |
| 3,020,000 GOLDMAN SACHS GROUP 4.75 06-21 12/10A | EUR | 3,060,860.60 | 0.11 |
| 2,431,000 GOLDMAN SACHS GROUP 0.1250 19-24 19/08A | EUR | 2,438,767.05 | 0.08 |
| 9,067,000 NETFLIX INC 3.6250 19-30 15/06S | EUR | 10,804,373.21 | 0.37 |
| 2,167,000 PRICELINE GROUP IN 2.15 15-22 25/11A | EUR | 2,228,098.57 | 0.08 |
| 3,925,000 STANDARD INDUSTRIES 2.25 19-26 21/11A | EUR | 3,913,853.00 | 0.14 |
| 14,196,000 STRYKER CORP	0.25 19-24 03/12A | EUR | 14,344,348.20 | 0.50 |
| 10,178,000 SYSCO CORP 1.25 16-23 23/06A | EUR | 10,437,080.99 | 0.36 |
| Convertible bonds |  | 1,120,509.72 | 0.04 |
| Italy |  | 1,120,509.72 | 0.04 |
| 1,028,000 FINECO BANK SPA CV FL.R 19-XX 03/12S | EUR | 1,120,509.72 | 0.04 |
| Floating rate bonds |  | 608,786,633.71 | 21.03 |
| Austria |  | 21,181,030.00 | 0.73 |
| 4,800,000 ERSTE GROUP BANK AG FL.R 16-XX 15/10S | EUR | 4,921,656.00 | 0.17 |
| 3,600,000 ERSTE GROUP BK SUB FL.R 17-XX 15/04S | EUR | 4,047,426.00 | 0.14 |
| 6,400,000 OMV AG FL.R 20-49 31/12A | EUR | 6,708,736.00 | 0.23 |
| 5,200,000 RAIFFEISEN BANK SUB FL.R 17-XX 15/12S | EUR | 5,503,212.00 | 0.19 |
| Belgium |  | 2,977,758.00 | 0.10 |
| 2,800,000 KBC GROUP SA FL.R 18-XX 24/04S | EUR | 2,977,758.00 | 0.10 |
| Denmark |  | 28,457,680.65 | 0.98 |
| 2,361,000 DANSKE BANK FL.R 19-29 21/06A | EUR | 2,489,473.82 | 0.09 |
| 10,006,000 DANSKE BANK A/S	FL.R 20-23 24/05A | EUR | 10,135,627.73 | 0.34 |
| 3,547,000 DANSKE BANK A/S	FL.R 15-XX 06/04S | EUR | 3,676,110.80 | 0.13 |
| 4,200,000 DANSKE BANK A/S  FL.R 19-22 20/09S | USD | 3,558,826.21 | 0.12 |
| 8,507,000 DANSKE BANK A/S  FL.R 19-25 27/08A | EUR | 8,597,642.09 | 0.30 |
| Finland |  | 7,567,481.60 | 0.26 |
| 7,552,000 SBB TREASURY OYJ  FL.R 21-23 01/02Q | EUR | 7,567,481.60 | 0.26 |
| France |  | 36,456,568.25 | 1.26 |
| 6,000,000 ACCOR SA	FL.R 19-XX 31/01A | EUR | 6,310,830.00 | 0.22 |
| 1,150,000 BNP PARIBAS SA	FL.R 15-XX 17/06S | EUR | 1,210,846.50 | 0.04 |
| 2,200,000 CREDIT LOGEMENT	FL.R 17-29 28/11A | EUR | 2,268,497.00 | 0.08 |
| 601,000 EUROFINS SCIENTIFIC FL.R 15-XX 29/04A | EUR | 646,456.63 | 0.02 |
| 2,600,000 LA BANQUE POSTALE	FL.R 20-31 26/01A | EUR | 2,608,710.00 | 0.09 |
| 7,976,000 ORANGE FL.R 14-XX 07/02A | EUR | 8,968,054.88 | 0.31 |
| 1,200,000 SOCIETE GENERALE FL.R 14-26 16/09A | EUR | 1,206,480.00 | 0.04 |
| 3,778,000 TOTALENERGIES FL.R 16-XX 06/10A | EUR | 4,198,019.15 | 0.15 |
| 4,345,000 TOTALENERGIES FL.R 20-XX 04/09A | EUR | 4,382,193.20 | 0.15 |
| 4,717,000 TOTALENERGIES FL.R 21-XX 25/01A | EUR | 4,656,480.89 | 0.16 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Germany |  |  | 14,951,665.00 | 0.52 |
| --- | --- | --- | --- | --- |
| 5,000,000 DEUT PFANDBRIEF | FL.R 17-27 28/06 | EUR | 5,106,575.00 | 0.19 |
| 2,600,000 MERCK KGAA	FL.R 20-80 09/09A | EUR | 2,682,615.00 | 0.09 |
| 3,800,000 MUNICH RE	FLR 20-41 26/05A | EUR | 3,862,244.00 | 0.13 |
| 3,300,000 VOLKSWAGEN LEASING FL.R 17-21 06/07Q | EUR | 3,300,231.00 | 0.11 |
| Greece |  | 641,104.88 | 0.02 |
| 596,818 GREECE  FL.R 12-23 24/02A | EUR | 641,104.88 | 0.02 |
| Hungary |  | 9,594,670.50 | 0.33 |
| 9,300,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 9,594,670.50 | 0.33 |
| Ireland |  | 9,698,736.53 | 0.34 |
| 2,666,000 AIB GROUP PLC	FL.R 19-25 10/04S | USD | 2,428,681.27 | 0.08 |
| 2,000,000 AIB GROUP PLC FL.R 20-49 31/12S | EUR | 2,280,520.00 | 0.08 |
| 4,863,000 AIB GROUP PLC FL.R 19-29 19/11A | EUR | 4,989,535.26 | 0.18 |
| Italy |  | 303,013,334.44 | 10.47 |
| 10,786,000 CASSA DEPOSITI	FL.R 19-26 28/06Q | EUR | 11,418,275.32 | 0.39 |
| 2,622,000 ENEL SPA	FL.R 13-73 24/09S | USD | 2,572,275.08 | 0.09 |
| 2,622,000 ENEL SPA FL.R 20-XX 10.03A | EUR | 2,749,258.77 | 0.09 |
| 7,752,000 ENI SPA FL.R 21-99 31/12A | EUR | 7,758,356.64 | 0.27 |
| 11,541,000 ENI SPA FL.R 20-49 31/12A | EUR | 12,141,593.64 | 0.42 |
| 2,625,000 ENI SPA FL.R 21-XX 11/06A | EUR | 2,645,238.75 | 0.09 |
| 4,100,000 INTESA SANPAOLO  FL.R 16-23 03/03Q | EUR | 4,180,688.00 | 0.14 |
| 3,907,000 INTESA SANPAOLO FL.R 19-29 12/07A | EUR | 4,265,603.99 | 0.15 |
| 66,528,000 ITALY	FL.R 19-25 15/01S | EUR | 70,181,052.48 | 2.43 |
| 65,477,000 ITALY	FL.R 20-26 15/04S | EUR | 65,861,677.38 | 2.28 |
| 64,943,000 ITALY	FL.R 14-22 15/06S | EUR | 65,246,283.81 | 2.25 |
| 25,040,000 ITALY FL.R 17-25 15/04S | EUR | 25,626,436.80 | 0.89 |
| 24,793,000 ITALY FL.R 20-23 15/12S | EUR | 24,989,236.59 | 0.86 |
| 684,000 MEDIOBANCA	FL.R 16-22 04/03Q | USD | 575,727.40 | 0.02 |
| 1,368,000 UNICREDIT SPA	FL.R 17-49 03/12S | EUR | 1,475,381.16 | 0.05 |
| 1,246,000 UNICREDIT SPA FL.R 20-27 22/07A | EUR | 1,326,248.63 | 0.05 |
| Jersey Island |  | 1,372,444.16 | 0.05 |
| 982,000 HSBC CAPITAL FUNDING FL.R 00-XX 30/06S | USD | 1,372,444.16 | 0.05 |
| Luxembourg |  | 11,295,714.53 | 0.39 |
| 5,065,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 5,189,523.03 | 0.18 |
| 6,100,000 MOHAWK CAPITAL FINANC FL.R 19-21 04/09Q | EUR | 6,106,191.50 | 0.21 |
| Mexico |  | 7,824,336.83 | 0.27 |
| 6,926,000 AMERICA MOVIL FL.R 13-73 06/09A | EUR | 7,824,336.83 | 0.27 |
| Portugal |  | 6,002,388.00 | 0.21 |
| 5,600,000 CAIXA GERAL DEPOS. FL.R 17-XX 30/03Q | EUR | 6,002,388.00 | 0.21 |
| Spain |  | 29,060,186.00 | 1.00 |
| 4,600,000 BANCO DE SABADELL SA FL.R 17-XX 18/02Q | EUR | 4,734,343.00 | 0.16 |
| 4,700,000 BANCO SANTANDER  FL.R 21-26 29/01Q | EUR | 4,717,437.00 | 0.16 |
| 2,600,000 BANCO SANTANDER SA FL.R 17-49 01/12Q | EUR | 2,757,846.00 | 0.10 |
| 4,600,000 BANKINTER SA	FL.R 17-27 06/04A | EUR | 4,686,273.00 | 0.16 |
| 2,200,000 BBVA FL.R 18-XX 24/03Q | EUR | 2,380,499.00 | 0.08 |
| 6,300,000 CAIXABANK SA FL.R 20-26 18/11A | EUR | 6,311,655.00 | 0.22 |
| 1,400,000 CAIXABANK SA FL.R 18-XX 19/03Q | EUR | 1,530,599.00 | 0.05 |
| 1,800,000 CAIXABANK SA FL.R 19-29 15/02A | EUR | 1,941,534.00 | 0.07 |
| Sweden |  | 25,552,885.95 | 0.88 |
| 5,712,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 5,728,736.16 | 0.20 |
| 2,891,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 2,905,050.26 | 0.10 |
| 9,584,000 SCANIA CV AB	FL.R 19-21 10/12Q | EUR | 9,598,903.12 | 0.33 |
| 1,400,000 SWEDBANK AB	FL.R 16-XX 17/03S | USD | 1,217,878.41 | 0.04 |
| 6,100,000 VOLVO TREASURY AB  FL.R 19-21 09/08Q | EUR | 6,102,318.00 | 0.21 |
| Switzerland |  | 1,238,620.96 | 0.04 |
| 1,199,000 UBS GROUP SUB	FL.R 15-XX 19/02A | EUR | 1,238,620.96 | 0.04 |
| The Netherlands |  | 31,124,787.20 | 1.08 |
| 4,000,000 IBERDROLA INTL BV FL.R -49 31/12A | EUR | 4,356,560.00 | 0.15 |
| 1,900,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 1,669,441.36 | 0.06 |
| 2,700,000 ING GROUP NV FL.R 17-29 26/09A | EUR | 2,802,033.00 | 0.10 |
| 1,799,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 1,983,109.66 | 0.07 |
| 6,274,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 6,726,167.18 | 0.23 |
| 12,700,000 VOLKSWAGEN INTL FIN FL.R 18-XX 27/06A | EUR | 13,587,476.00 | 0.47 |
| United Kingdom |  | 46,892,995.77 | 1.62 |
| 1,256,000 BARCLAYS PLC FL.R 17-28 07/02A | EUR | 1,288,254.08 | 0.04 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 3,659,000 BARCLAYS PLC FL.R 20-25 02/04A | EUR | 3,988,035.57 | 0.14 |
| --- | --- | --- | --- |
| 4,588,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 4,688,454.26 | 0.16 |
| 5,664,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 5,652,587.04 | 0.20 |
| 3,810,000 HSBC HLDGS	FL.R 14-XX 16/09S | EUR | 3,993,470.55 | 0.14 |
| 13,088,000 NATWEST GROUP PLC FL.R 18-26 02/03A | EUR | 13,801,426.88 | 0.47 |
| 6,535,000 SANTANDER UK GROUP  FL.R 17-23 18/05Q | EUR | 6,567,969.08 | 0.23 |
| 6,131,000 SSE PLC FL.R 17-77 16/09S | USD | 5,368,696.31 | 0.19 |
| 1,400,000 SWISS RE FINANCE UK FL.R 20-52 04/06A | EUR | 1,544,102.00 | 0.05 |
| United States of America |  | 13,882,244.46 | 0.48 |
| 5,663,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 5,913,021.45 | 0.20 |
| 7,581,000 MORGAN STANLEY FL.R 17-26 23/10A | EUR | 7,969,223.01 | 0.28 |
| Mortgage and asset backed securities |  | 146,217,824.21 | 5.05 |
| Ireland |  | 99,145,896.33 | 3.42 |
| 1,645,000 ADAGIO CLO	FL.R 17-31 30/04Q | EUR | 1,640,223.41 | 0.06 |
| 2,335,000 AVOCA 14X A1R	FL.R 17-31 12/01Q | EUR | 2,335,325.96 | 0.08 |
| 2,770,000 BECLO 4X A	FL.R 17-30 15/07Q | EUR | 2,770,391.67 | 0.10 |
| 2,239,000 BECLO 4X B2 2.05 17-30 15/07Q | EUR | 2,248,306.63 | 0.08 |
| 1,500,000 BLACK 2017-2X A1  FL.R 17-32 01/20Q | EUR | 1,501,307.10 | 0.05 |
| 3,583,236 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 3,585,137.13 | 0.12 |
| 2,975,000 CRNCL 2017-8X B1  FL.R 17-30 30/10Q | EUR | 2,971,207.76 | 0.10 |
| 500,000 CRNCL 2017-8X C  FL.R 17-30 30/10Q | EUR | 498,942.75 | 0.02 |
| 843,000 GLGE 2X B	FL.R 16-30 15/01Q | EUR | 844,427.96 | 0.03 |
| 500,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 496,402.85 | 0.02 |
| 5,900,000 HARVEST CLO	0.0 18-30 22/05 | EUR | 5,990,473.55 | 0.21 |
| 15,000,000 HARVEST CLO	FL.R 21-34 15/01Q | EUR | 15,000,000.00 | 0.51 |
| 729,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 726,619.74 | 0.03 |
| 886,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 887,769.07 | 0.03 |
| 384,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 382,514.53 | 0.01 |
| 960,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 938,643.36 | 0.03 |
| 3,122,000 OAK HILL EUROPEAN CR FL.R 21-31 20/10Q | EUR | 3,121,949.11 | 0.11 |
| 480,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 476,365.06 | 0.02 |
| 1,373,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 1,375,123.06 | 0.05 |
| 824,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 803,165.40 | 0.03 |
| 927,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 927,295.71 | 0.03 |
| 1,709,000 PENTA 2017-3X A	FL.R 17-30 17/04Q | EUR | 1,709,443.83 | 0.06 |
| 589,000 PENTA 2017-3X C	FL.R 17-30 17/04Q | EUR | 586,713.98 | 0.02 |
| 8,000,000 SPAUL 9X A	FL.R 18-30 15/11Q | EUR | 8,005,425.60 | 0.28 |
| 900,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 890,964.27 | 0.03 |
| 975,000 ST PAULS CLO IV DAC 2.05 18-30 25/04Q | EUR | 985,484.17 | 0.03 |
| 3,810,000 ST PAULS CLO IV DAC FL.R 18-30 15/04Q | EUR | 3,811,159.38 | 0.13 |
| 1,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 991,605.90 | 0.03 |
| 1,436,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 1,434,528.39 | 0.05 |
| 925,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 918,638.87 | 0.03 |
| 5,924,131 TYMON PARK	FL.R	18-29 21/01Q | EUR | 5,924,245.80 | 0.20 |
| 20,000,000 VENDM 1X A1R	FL.R 21-34 20/07Q | EUR | 20,000,000.00 | 0.68 |
| 1,324,000 WILPK 1X A1	FL.R  17-31 15/01Q | EUR | 1,324,117.84 | 0.05 |
| 2,226,000 WILPK 1X A2A	FL.R 17-31 15/01Q | EUR | 2,216,933.06 | 0.08 |
| 824,000 WILPK 1X B	FL.R 17-31 15/01Q | EUR | 825,043.43 | 0.03 |
| The Netherlands |  | 43,095,053.95 | 1.49 |
| 10,000,000 BABSE 2018 2 BV 182X FL.R 18-31 15/10Q | EUR | 10,007,322.00 | 0.35 |
| 1,000,000 CRNCL 2017-8X A  FL.R 17-30 30/10Q | EUR | 1,000,087.70 | 0.03 |
| 2,671,000 DRYD 2015-39X AR  FL.R 17-31 15/10Q | EUR | 2,674,103.70 | 0.09 |
| 455,000 DRYD 2015-39X B1R  FL.R 17-31 15/10Q | EUR | 454,324.23 | 0.02 |
| 1,365,000 DRYD 2015-39X B2R  2.05 17-31 15/10Q | EUR | 1,373,791.42 | 0.05 |
| 1,251,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,253,192.75 | 0.04 |
| 1,094,000 DRYD 2017-56 A	FL.R 17-32 15/01Q | EUR | 1,098,015.96 | 0.04 |
| 1,504,000 DRYD 2017-56X B2  FL.R 17-32 15/01Q | EUR | 1,523,758.95 | 0.05 |
| 937,000 DRYD 2017-56X C FL.R  17-32 15/01Q | EUR | 936,958.02 | 0.03 |
| 10,000,000 GROSVENOR PLACE  FL.R 18-29 30/10Q | EUR | 9,976,166.00 | 0.34 |
| 4,226,000 JUBIL 2017-19X B FL.R 17-30 15/07Q | EUR | 4,217,499.82 | 0.15 |
| 866,000 JUBIL 2017-19X C FL.R 17-30 15/07Q | EUR | 857,304.93 | 0.03 |
| 202,000 JUBILEE CDO BV	FL.R 17-28 12/07Q | EUR | 201,101.18 | 0.01 |
| 1,237,000 JUBILEE CLO 2017-XIX FL.R 17-30 15/07Q | EUR | 1,236,188.03 | 0.04 |
| 1,977,908 PENTA 2017-2X AR  FL.R 17-28 04/08Q | EUR | 1,978,674.96 | 0.07 |
| 1,049,000 TIKEHAU CLO III BV FL.R 17-30 01/12Q | EUR | 1,038,791.34 | 0.04 |
| 1,527,000 TIKEHAU CLO III BV FL.R 17-30 01/12Q | EUR | 1,526,408.89 | 0.05 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 1,748,000 TIKEHAU CLO III BV FL.R 17-30 01/12Q | EUR | 1,741,364.07 | 0.06 |
| --- | --- | --- | --- |
| United States of America |  | 3,976,873.93 | 0.14 |
| 2,700,000 BLACK 2017-2X B	FL.R 17-32 20/01Q | EUR | 2,681,759.07 | 0.10 |
| 1,300,000 BLACK 2017-2X C	FL.R 17-32 20/01Q | EUR | 1,295,114.86 | 0.04 |

| nsferable securities | 52,938,233.73 | 1.83 |
| --- | --- | --- |
| Mortgage and asset backed securities | 52,938,233.73 | 1.83 |
| Ireland | 52,938,233.73 | 1.83 |

Other tra
| 2,100,000 ADAGIO V CLO DAC | FL.R 21-31 15/10Q | EUR | 2,100,233.73 | 0.07 |
| --- | --- | --- | --- | --- |
| 15,000,000 AURIUM CLO II DAC | FL.R 21-34 22/06Q | EUR | 15,000,000.00 | 0.52 |
| 10,838,000 CARLYLE EURO CLO | FL.R 21-34 15/07Q | EUR | 10,838,000.00 | 0.37 |
| 10,000,000 INVESCO EURO CLO | FL.R 21-34 15/07Q | EUR | 10,000,000.00 | 0.35 |
| 15,000,000 VOYA EURO CLO II DAC FL.R 21-35 15/07Q | EUR | 15,000,000.00 | 0.52 |

| Shares/Units of UCITS/UCIS | 222,096,448.26 | 7.67 |
| --- | --- | --- |
| Shares/Units in investment funds | 222,096,448.26 | 7.67 |
| France | 222,096,448.26 | 7.67 |
| 0 BNP PARIBAS MONEY 3M SICAV CAP | EUR | 7,038.24 | 0.00 |
| 21,627 CARMIGNAC COURT TERME A EUR ACC | EUR | 79,746,920.92 | 2.76 |
| 78,847 CARMIGNAC SECURITE A EUR ACC | EUR | 142,342,489.10 | 4.91 |
| Money market instruments |  | 171,979,879.93 | 5.94 |
| Bonds |  | 171,979,879.93 | 5.94 |
| Greece |  | 115,237,327.95 | 3.98 |
| 12,437,000 GREECE ZCP 011021 | EUR | 12,446,949.60 | 0.43 |
| 13,500,000 GREECE ZCP 031221 | EUR | 13,517,617.50 | 0.47 |
| 14,000,000 GREECE ZCP 068021 | EUR | 14,004,970.00 | 0.48 |
| 14,442,000 GREECE ZCP 100921 | EUR | 14,451,459.51 | 0.50 |
| 10,111,000 GREECE ZCP 101221 | EUR | 10,124,649.85 | 0.35 |
| 24,000,000 GREECE ZCP 110322 | EUR | 24,044,880.00 | 0.83 |
| 6,110,000 GREECE ZCP 270821 | EUR | 6,113,391.05 | 0.21 |
| 20,513,000 GREECE ZCP 291021 | EUR | 20,533,410.44 | 0.71 |
| Italy |  | 56,742,551.98 | 1.96 |
| 20,000,000 ITALY ZCP 140122 | EUR | 20,061,700.00 | 0.69 |
| 36,548,000 ITALY ZCP 140222 | EUR | 36,680,851.98 | 1.27 |
| Total securities portfolio |  | 2,749,739,520.70 | 95.00 |

| Income | 19,665,590.69 |
| --- | --- |
| Net interest on bonds | 17,575,555.55 |
| Bank interest on cash account | 37,728.86 |
| Other financial income | 475,634.89 |
| Interest on swaps | 1,576,671.39 |
| Expenses | 11,352,337.04 |
| Management fees | 6,236,889.84 |
| Bank interest on overdrafts | 519,773.21 |
| Transaction fees | 64,859.10 |
| Interest on swaps | 3,290,275.07 |
| Operating and establishment fees | 1,240,539.82 |
| Net income from investments | 8,313,253.65 |
| Net realised profit / loss on: |  |
| - sales of investment securities | 5,351,591.08 |
| - options | 739,643.57 |
| - forward foreign exchange contracts | (1,211,368.97) |
| - financial futures | 8,287,325.62 |
| - swaps | 10,825,140.19 |
| - foreign exchange | (4,183,294.22) |
| Net realised profit | 28,122,290.92 |
| Movement in net unrealised appreciation / depreciation on: |  |
| - investments | (10,301,962.65) |
| - options | 342,989.33 |
| - forward foreign exchange contracts | (2,615,123.00) |
| - financial futures | 1,059,762.06 |
| - swaps | (504,940.92) |
| Increase in net assets as a result of operations | 16,103,015.74 |
| Dividends paid | (525,578.14) |
| Subscription capitalisation shares | 1,023,819,433.55 |
| Subscription distribution shares | 23,600,344.85 |
| Redemption capitalisation shares | (396,591,529.70) |
| Redemption distribution shares | (9,920,881.11) |
| Increase in net assets | 656,484,805.19 |
| Net assets at the beginning of the period | 2,238,073,193.21 |
| Net assets at the end of the period | 2,894,557,998.40 |

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 |