# CARMIGNAC PORTFOLIO
## EM Debt (formerly Unconstrained EM Debt)

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 118,624,329.52 |
| --- | --- |
| Securities portfolio at market value | 96,238,161.04 |
| Cost price | 96,755,889.61 |
| Unrealised loss on the securities portfolio | (517,728.57) |
| Options purchased at market value | 253,855.00 |
| Options purchased at cost | 553,754.50 |
| Cash at banks and liquidities | 7,513,067.58 |
| Interest receivable | 1,560,374.85 |
| Brokers receivable | 4,968,963.84 |
| Subscriptions receivable | 7,562,196.73 |
| Unrealised net appreciation on forward foreign exchange contracts | 357,085.64 |
| Other assets | 170,624.84 |
| Liabilities | 15,518,140.34 |
| Bank overdrafts | 991,878.10 |
| Brokers payable | 11,054,150.17 |
| Redemptions payable | 36,909.65 |
| Unrealised net depreciation on financial futures | 61,666.78 |
| Unrealised net depreciation on swaps | 3,093,307.43 |
| Other liabilities | 280,228.21 |
| Net asset value | 103,106,189.18 |


###### 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 | 103,106,189.18 | 25,623,283.29 | 23,231,300.57 |
| Class A EUR - Capitalisation Number of shares |  | 237,188 | 45,000 | 45,000 |
| Net asset value per share | EUR | 132.94 | 127.52 | 115.62 |
| Class Income A EUR - Distribution Number of shares |  | 0 | 5,000 | 5,000 |
| Net asset value per share | EUR | 0.00 | 109.58 | 104.08 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 10,000 | 10,000 |
| Net asset value per share | USD | 0.00 | 135.64 | 121.72 |
| Class F EUR - Capitalisation Number of shares |  | 132,028 | 0 | 0 |
| Net asset value per share | EUR | 104.26 | 0.00 | 0.00 |
| Class F USD Y Hedged - Distribution Number of shares |  | 20,310 | 0 | 0 |
| Net asset value per share | USD | 103.13 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 409,958 | 140,000 | 140,000 |
| Net asset value per share | EUR | 136.70 | 130.20 | 117.31 |

Quantity	Denomination	Quotation
| sferable securities admitted to an official stock exchan | ge listing	 96,118,420.76 | 93.22 |
| --- | --- | --- |
| Bonds | 91,048,989.02 | 88.30 |

currency
Market value	% of net
assets
Tran
| Angola |  | 1,622,661.40 | 1.57 |
| --- | --- | --- | --- |
| 1,870,000 ANGOLA 8.00 19-29 26/11S | USD | 1,622,661.40 | 1.57 |
| Belarus |  | 219,662.28 | 0.21 |
| 300,000 BELARUS 6.378 20-31 24/02S | USD | 219,662.28 | 0.21 |
| Benin |  | 3,720,629.24 | 3.61 |
| 1,764,000 BENIN 4.875 21-32 19/01A | EUR | 1,769,265.54 | 1.72 |
| 1,870,000 BENIN 6.875 21-52 19/01A | EUR | 1,951,363.70 | 1.89 |
| Bermuda | 648,843.35 | 0.63 |
| 571,000 GEOPARK LTD	5.5000 20-27 17/01S	USD | 489,519.71 | 0.48 |
| 337,074 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 159,323.64 | 0.15 |
| Canada | 331,514.37 | 0.32 |
| 200,000 CANACOL ENERGY LTD  7.25 18-25 03/05S | USD | 179,907.24 | 0.17 |
| 619,908 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 151,607.13 | 0.15 |
| Cayman Islands | 589,492.79 | 0.57 |
| 700,000 STONECO LTD	3.95 21-28 16/06S | USD | 589,492.79 | 0.57 |
| Chile |  | 5,743,730.64 | 5.57 |
| 320,000,000 CHILE	5.10 19-50 15/07S | CLP | 366,571.13 | 0.36 |
| 4,205,000,000 CHILE 6.00 13-43 01/01S	CLP | 5,377,159.51 | 5.21 |
| China | 2,140,573.51 | 2.08 |
| 4,400,000 CHINA 2.68 20-30 21/05S | CNY | 553,096.59 | 0.54 |
| 12,000,000 CHINA 3.27 20-30 19/11S | CNY | 1,587,476.92 | 1.54 |
| Dominican Republic |  | 5,785,989.95 | 5.61 |
| 281,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 245,667.07 | 0.24 |
| 3,860,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 3,259,354.84 | 3.16 |
| 2,500,000 DOMINICAN REPUBLIC 6.40 19-49 05/06S | USD | 2,280,968.04 | 2.21 |
| Ghana |  | 700,379.54 | 0.68 |
| 862,000 GHANA 8.75 20-61 11/03S | USD | 700,379.54 | 0.68 |
| Greece |  | 1.43 | 0.00 |
| 1 GREECE 4.00 17-37 30/01A	EUR | 1.43 | 0.00 |
| Indonesia | 6,226,255.47 | 6.04 |
| 200,000 BANK RAKYAT INDONESIA 3.95 19-24 28/03S | USD | 180,494.14 | 0.18 |
| 878,000 INDOFOOD CBP SUKSES 3.398 21-31 09/06S | USD | 750,586.72 | 0.73 |
| 64,000,000,000 INDONESIA 6.625 12-33 15/05S | IDR | 3,712,476.66 | 3.60 |
| 13,500,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 805,636.46 | 0.78 |
| 12,000,000,000 INDONESIA 8.375 18-39 15/04S | IDR | 777,061.49 | 0.75 |
| Ireland |  | 2,469,247.91 | 2.39 |
| 200,000 ASG FINANCE	7.875 19-24 03/12S | USD | 164,992.96 | 0.16 |
| 930,000 DME AIRPORT	5.35 21-28 08/02S | USD | 822,456.74 | 0.80 |
| 1,700,000 SCF CAPITAL LTD	3.85 21-28 26/04S | USD | 1,481,798.21 | 1.43 |
| Ivory Coast |  | 1,378,678.94 | 1.34 |
| 500,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 500,902.50 | 0.49 |
| 400,000 IVORY COAST 5.8750 19-31 17/10A | EUR | 431,014.00 | 0.42 |
| 424,000 IVORY COAST 6.625 18-48 22/03A | EUR | 446,762.44 | 0.43 |
| Japan | 5,430,563.76 | 5.27 |
| 421,300,000 JAPAN 0.10 19-29 10/03S | JPY | 3,297,384.56 | 3.20 |
| 270,000,000 JAPAN 0.20 20-30 10/03S | JPY | 2,133,179.20 | 2.07 |
| Kazakhstan |  | 1,725,137.00 | 1.67 |
| 1,726,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 1,725,137.00 | 1.67 |
| Luxembourg |  | 4,056,687.79 | 3.93 |
| 200,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S	USD | 168,754.53 | 0.16 |
| 2,510,000 JSM GLOBAL SARL | 4.75 20-30 20/10S | USD | 2,201,652.46 | 2.13 |
| 1,980,000 MOVIDA EUROPE | 5.25 21-31 08/02S | USD | 1,686,280.80 | 1.64 |
| Mexico | 6,522,122.15 | 6.33 |
| 2,850,000 PEMEX | 6.95 20-60 28/01S | USD | 2,132,284.97 | 2.07 |
| 4,000,000 PEMEX | 4.75 18-29 24/05A | EUR | 3,978,420.00 | 3.86 |
| 550,000 PEMEX  6.95 20-60 28/01S	USD | 411,417.18 | 0.40 |
| Montenegro | 3,136,390.27 | 3.04 |
| 1,103,000 MONTENEGRO | 2.55 19-29 03/10A | EUR | 1,005,268.69 | 0.97 |
| 2,255,000 MONTENEGRO | 2.875 20-27 16/12A | EUR | 2,131,121.58 | 2.07 |
| Mozambique |  | 1,025,146.85 | 0.99 |
| 1,430,000 MOZAMBIQUE	5.0 19-31 15/09S | USD | 1,025,146.85 | 0.99 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Peru |  | 1,473,146.47 | 1.43 |
| --- | --- | --- | --- |
| 880,000 INRETAIL CONSUMER3.25 21-28 22/03S | USD | 731,432.74 | 0.71 |
| 3,000,000 PERU 6.95 08-31 12/08S | PEN | 741,713.73 | 0.72 |
| Romania |  | 7,996,809.71 | 7.76 |
| 572,000 ROMANIA	4.625 19-49 03/04A | EUR | 727,972.96 | 0.71 |
| 5,250,000 ROMANIA 3.3750 20-50 28/01A | EUR | 5,620,728.75 | 5.45 |
| 1,400,000 ROMANIA 3.875 15-35 29/10A | EUR | 1,648,108.00 | 1.60 |
| Russia |  | 9,906,555.94 | 9.60 |
| 455,504,000 RUSSIA	7.7 19-39 16/03S | RUB | 5,565,480.84 | 5.39 |
| 2,500,000 RUSSIA 2.65 21-36 27/05A | EUR | 2,537,912.50 | 2.46 |
| 150,000,000 RUSSIA 7.65 19-30 10/04S | RUB | 1,803,162.60 | 1.75 |
| Singapore |  | 583,238.37 | 0.57 |
| 675,000 VENA ENERGY CAP  3.1330 20-25 26/02S | USD | 583,238.37 | 0.57 |
| The Netherlands |  | 1,629,127.04 | 1.58 |
| 600,000 PROSUS NV	4.027 20-50 03/08S | USD | 486,799.90 | 0.47 |
| 400,000 PROSUS NV	3.8320 20-51 08/02S | USD | 313,431.14 | 0.30 |
| 800,000 PROSUS NV 1.539 20-28 03/08A | EUR | 828,896.00 | 0.81 |
| Togo |  | 3,704,066.08 | 3.59 |
| 3,536,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A | EUR | 3,704,066.08 | 3.59 |
| Tunesia |  | 666,806.40 | 0.65 |
| 720,000 CENTRAL BK TUNISIA 6.375 19-26 15/07A | EUR | 666,806.40 | 0.65 |
| Turkey |  | 4,592,989.80 | 4.45 |
| 950,000 ARCELIK AS 3.00 21-26 27/05A | EUR | 962,910.50 | 0.93 |
| 800,000 PEGASUS HAVA TAS  9.25 21-26 30/04S | USD | 712,188.21 | 0.69 |
| 2,777,000 TURKEY 5.20 18-26 16/02A | EUR | 2,917,891.09 | 2.83 |
| Ukraine |  | 2,576,137.50 | 2.50 |
| 2,400,000 UKRAINE 4.375 20-30 27/01A | EUR | 2,247,948.00 | 2.18 |
| 300,000 UKRAINE 6.75 19-26 20/06A | EUR | 328,189.50 | 0.32 |
| United Kingdom |  | 842,482.51 | 0.82 |
| 1,000,000 GAZ FINANCE PLC	3.25 20-30 25/02S | USD | 842,482.51 | 0.82 |
| United States of America |  | 3,603,920.56 | 3.50 |
| 2,900,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 1,978,122.01 | 1.92 |
| 1,900,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 1,625,798.55 | 1.58 |
| Floating rate bonds |  | 5,069,431.74 | 4.92 |
| Cayman Islands |  | 542,194.15 | 0.53 |
| 530,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 542,194.15 | 0.53 |
| Greece |  | 2,185,867.45 | 2.12 |
| 1,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 964,465.00 | 0.93 |
| 348,000 PIRAEUS FINANCIAL  FL.R 19-29 26/06A | EUR | 377,501.70 | 0.37 |
| 857,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 843,900.75 | 0.82 |
| Mexico |  | 1,046,288.89 | 1.01 |
| 1,200,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 1,046,288.89 | 1.01 |
| United Kingdom |  | 1,295,081.25 | 1.26 |
| 1,250,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 1,295,081.25 | 1.26 |
| Other transferable securities |  | 119,740.28 | 0.12 |
| Bonds |  | 119,740.28 | 0.12 |
| Mexico |  | 119,740.28 | 0.12 |
| 142,000 SEAMEX LTD	0.0 21-22 15/06U | USD | 119,740.28 | 0.12 |
| Total securities portfolio |  | 96,238,161.04 | 93.34 |

| Income | 1,247,575.57 |
| --- | --- |
| Net interest on bonds | 996,334.53 |
| Bank interest on cash account | 7,711.37 |
| Other financial income | 1,975.26 |
| Interest on swaps | 241,554.41 |
| Expenses | 1,409,562.44 |
| Management fees | 255,454.72 |
| Performance fees | 113,877.00 |
| Bank interest on overdrafts | 27,712.14 |
| Transaction fees | 29,060.50 |
| Interest on swaps | 919,454.73 |
| Operating and establishment fees | 64,003.35 |
| Net loss from investments | (161,986.87) |
| Net realised profit / loss on: |  |
| - sales of investment securities | 570,368.38 |
| - options | 1,005,222.59 |
| - forward foreign exchange contracts | 938,175.14 |
| - financial futures | (54,188.32) |
| - swaps | 4,713,242.52 |
| - foreign exchange | (148,020.64) |
| Net realised profit | 6,862,812.80 |
| Movement in net unrealised appreciation / depreciation on: |  |
| - investments | (396,793.93) |
| - options | (376,942.58) |
| - forward foreign exchange contracts | 273,441.69 |
| - financial futures | 28,317.29 |
| - swaps | (3,159,501.53) |
| Increase in net assets as a result of operations | 3,231,333.74 |
| Subscription capitalisation shares | 75,141,954.41 |
| Subscription distribution shares | 1,679,517.11 |
| Redemption capitalisation shares | (2,024,249.37) |
| Redemption distribution shares | (545,650.00) |
| Increase in net assets | 77,482,905.89 |
| Net assets at the beginning of the period | 25,623,283.29 |
| Net assets at the end of the period | 103,106,189.18 |

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 |