# CARMIGNAC PORTFOLIO
## China New Economy (launched on 31/03/21)

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 34,496,141.05 |
| --- | --- |
| Securities portfolio at market value | 33,078,249.86 |
| Cost price | 31,403,707.39 |
| Unrealised profit on the securities portfolio | 1,674,542.47 |
| Cash at banks and liquidities | 1,175,005.34 |
| Brokers receivable | 166,536.05 |
| Dividends receivable | 49,607.97 |
| Unrealised net appreciation on forward foreign exchange contracts | 26,268.55 |
| Other assets | 473.28 |
| Liabilities | 1,483,152.25 |
| Bank overdrafts | 245,773.00 |
| Brokers payable | 934,687.62 |
| Unrealised net depreciation on financial futures | 87,549.00 |
| Other liabilities | 215,142.63 |
| Net asset value | 33,012,988.80 |


###### Key figures relating to the last 3 years
Total Net Assets
Class A EUR - Capitalisation
Number of shares
Period ending as at:	30/06/21
EUR	33,012,988.80
17,436
Net asset value per share	EUR
Class F EUR - Capitalisation
Number of shares
Net asset value per share	EUR
103.46
301,208
103.61

###### Securities portfolio as at 30/06/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing	 33,078,249.86 | 100.20 |
| --- | --- |
| Shares | 33,078,249.86 | 100.20 |

| Cayman Islands |  | 21,836,197.03 | 66.15 |
| --- | --- | --- | --- |
| 251 ANGELALIGN TECHNOLOGY INC | HKD | 10,918.14 | 0.03 |
| 109,956 CHINDATA GROUP HOLDINGS LTD | USD | 1,399,136.55 | 4.24 |
| 39,613 CLOOPEN GROUP HOLDING LIMITED | USD | 283,260.17 | 0.86 |
| 14,454 DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 792,477.51 | 2.40 |
| 79,011 EHANG HOLDINGS | USD | 2,864,889.96 | 8.68 |
| 32,388 ENN ENERGY HOLDINGS LTD | HKD | 519,783.53 | 1.57 |
| 85,022 FULL TRUCK ALLIANCE COMPANY LIMITED | USD | 1,461,125.19 | 4.43 |
| 70,650 HUAZHU GROUP LTD | HKD | 319,514.90 | 0.97 |
| 39,653 JD HEALTH INTERNATIONAL INC | HKD | 479,220.25 | 1.45 |
| 1,198 JD LOGISTICS INC | HKD | 5,502.51 | 0.02 |
| 1 JD.COM INC SADR REPR 2 SHS -A- | USD | 67.30 | 0.00 |
| 21,526 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 1,197,462.03 | 3.63 |
| 8,132 KANZHUN LTD SHS A SPONSORED US DEPOSITAR | USD | 271,889.54 | 0.82 |
| 32,157 MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 134,605.83 | 0.41 |
| 103,178 MINISO GROUP HOLDING LTD-ADR | USD | 1,808,812.40 | 5.48 |
| 47,887 NEW HORIZON HEALTH LTD | HKD | 411,819.36 | 1.25 |
| 138,399 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 955,803.87 | 2.90 |
| 10,050 NIU TECHNOLOGIES ADR | USD | 276,694.92 | 0.84 |
| 93,633 OCUMENSION THERAPEUTICS | HKD | 277,559.14 | 0.84 |
| 33,623 POP MART INTERNATIONAL GROUP LIMITED | HKD | 281,119.60 | 0.85 |
| 363,320 SHIMAO SERVICES -SHS UNITARY REG S/144A | HKD | 1,059,247.73 | 3.21 |
| 1,084,750 SINO BIOPHARMA | HKD | 897,529.18 | 2.72 |
| 51,071 TAL EDUCAT GR -A- ADR REPR 1/3 SH -A- | USD | 1,086,534.56 | 3.29 |
| 25,105 TENCENT MUSIC ADR REPR 2 SHS A | USD | 327,705.03 | 0.99 |
| 10,377 THE9 | USD | 124,779.51 | 0.38 |
| 29,518 TRIP COM GROUP LTD | USD | 882,627.78 | 2.67 |
| 5,979 TUYA INC | USD | 123,522.64 | 0.37 |
| 74,555 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 1,262,386.71 | 3.82 |
| 79,669 WUXI BIOLOGICS | HKD | 1,231,000.46 | 3.73 |
| 598,508 XINYI SOLAR HOLDINGS LTD | HKD | 1,089,200.73 | 3.30 |
| China |  | 10,812,634.10 | 32.75 |
| 2,944 BYD COMPANY LTD -H- | HKD | 74,227.35 | 0.22 |
| 149 CANSINO BIO --- REGISTERED SHS -H- UNITA | HKD | 6,675.43 | 0.02 |
| 3,130,175 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 1,318,755.52 | 3.99 |
| 74,201 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 1,808,193.34 | 5.48 |
| 1,724 CONTEMPORARY AMPEREX TECHN-A | CNY | 120,323.28 | 0.36 |
| 214,228 ENN NATURAL GAS CO LTD | CNY | 461,577.17 | 1.40 |
| 238,675 FLAT GLASS GROUP -H- REGS | HKD | 829,317.55 | 2.51 |
| 27,210 GANFENG LITHIUM CO., LTD. | HKD | 342,728.70 | 1.04 |
| 430,292 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 1,266,183.09 | 3.84 |
| 150,003 JOINN LABORATORIES (CHINA) CO | HKD | 2,035,981.87 | 6.16 |
| 29,174 PHARMARON BEIJING - REGISTERED SHS -H- | HKD | 655,737.88 | 1.99 |
| 5,000 SUNGROW POWER SUPPLY CO LTD | CNY | 75,078.47 | 0.23 |
| 304,456 TRAVELSKY TECHNOLOGY -H- | HKD | 554,067.27 | 1.68 |
| 29,240 XI AN LONGI SILICON MATERIALS CORP | CNY | 339,005.64 | 1.03 |
| 136,013 ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 924,781.54 | 2.80 |
| Hong Kong |  | 289,824.78 | 0.88 |
| 298,896 LENOVO GROUP LTD -RC- | HKD | 289,824.78 | 0.88 |
| United States of America |  | 139,593.95 | 0.42 |
| 4,879 KINGSOFT CLOUD HOLDINGS LTD | USD | 139,593.95 | 0.42 |

Total securities portfolio	
33,078,249.86100.20

###### Statement of operations and changes in net assets from 31/03/21 to 30/06/21
Expressed in EUR
| Income | 163,202.93 |
| --- | --- |
| Net dividends | 51,572.06 |
| Other financial income | 111,630.87 |
| Expenses | 320,286.65 |
| Management fees | 54,059.50 |
| Performance fees | 178,664.89 |
| Bank interest on overdrafts | 6,658.35 |
| Transaction fees | 59,978.27 |
| Operating and establishment fees | 20,925.64 |
| Net loss from investments | (157,083.72) |
| Net realised profit / loss on: - sales of investment securities | 499,472.56 |
| - forward foreign exchange contracts | 11,850.00 |
| - financial futures | (65,801.90) |
| - foreign exchange | (270,731.84) |
| Net realised profit | 17,705.10 |
| Movement in net unrealised appreciation / depreciation on: - investments | 1,674,542.47 |
| - forward foreign exchange contracts | 26,268.55 |
| - financial futures | (87,549.00) |
| Increase in net assets as a result of operations | 1,630,967.12 |
| Subscription capitalisation shares | 31,382,021.68 |
| Increase in net assets | 33,012,988.80 |
| Net assets at the beginning of the period | 0.00 |
| Net assets at the end of the period | 33,012,988.80 |


### Additional Information 

##### General Information
The CARMIGNAC PORTFOLIO Unconstrained Global Bond sub-fund was renamed CARMIGNAC PORTFOLIO Global Bond on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained Credit sub-fund was renamed CARMIGNAC PORTFOLIO Credit on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained EM Debt sub-fund was renamed CARMIGNAC PORTFOLIO EM Debt on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained Euro Fixed Income sub-fund was renamed CARMIGNAC PORTFOLIO Flexible Bond on 10 March 2021.
The CARMIGNAC PORTFOLIO Alpha Themes sub-fund was liquidated on 5 May 2021.
The CARMIGNAC PORTFOLIO Long-Short Global Equities sub-fund was merged into the CARMIGNAC PORTFOLIO Long-Short Europe Equities sub-fund on 22 June 2021.

##### Dividend distribution
The amounts paid per share class are as follows:
| Sub-fund | Class | Payment date | Currency | Dividend |
| --- | --- | --- | --- | --- |
| Global Bond | Income A EUR | 22/01/21 | EUR | 0.36 |
| (formerly Unconstrained Global Bond) |  | 19/02/21 | EUR | 0.29 |
|  |  | 19/03/21 | EUR | 0.29 |
|  |  | 23/04/21 | EUR | 0.29 |
|  |  | 25/05/21 | EUR | 0.29 |
|  |  | 21/06/21 | EUR | 0.29 |
|  | A EUR Y | 12/05/21 | EUR | 1.29 |
|  | Income A CHF Hedged | 22/01/21 | CHF | 0.29 |
|  |  | 19/02/21 | CHF | 0.28 |
|  |  | 19/03/21 | CHF | 0.28 |
|  |  | 23/04/21 | CHF | 0.28 |
|  |  | 25/05/21 | CHF | 0.28 |
|  |  | 21/06/21 | CHF | 0.28 |
|  | Income E USD Hedged | 22/01/21 | USD | 0.42 |
|  |  | 19/02/21 | USD | 0.34 |
|  |  | 19/03/21 | USD | 0.34 |
|  |  | 23/04/21 | USD | 0.34 |
|  |  | 25/05/21 | USD | 0.34 |
|  |  | 21/06/21 | USD | 0.34 |
|  | F EUR Y | 12/05/21 | EUR | 1.64 |
|  | Income W GBP | 22/01/21 | GBP | 0.31 |
|  |  | 19/02/21 | GBP | 0.29 |
|  |  | 19/03/21 | GBP | 0.29 |
|  |  | 23/04/21 | GBP | 0.29 |
|  |  | 25/05/21 | GBP | 0.29 |
|  |  | 21/06/21 | GBP | 0.29 |
| Flexible Bond | Income A EUR | 22/01/21 | EUR | 1.27 |
| (formerly Unconstrained Euro Fixed |  | 19/02/21 | EUR | 1.29 |
| Income) |  | 19/03/21 | EUR | 1.29 |
|  |  | 23/04/21 | EUR | 1.29 |
|  |  | 25/05/21 | EUR | 1.29 |
|  |  | 21/06/21 | EUR | 1.29 |
|  | A EUR Y | 12/05/21 | EUR | 10.20 |


### Additional Information 
| Sub-fund | Class | Payment date | Currency | Dividend |
| --- | --- | --- | --- | --- |
| Patrimoine | Income A EUR | 22/01/21 | EUR | 0.35 |
|  |  | 19/02/21 | EUR | 0.35 |
|  |  | 19/03/21 | EUR | 0.35 |
|  |  | 23/04/21 | EUR | 0.35 |
|  |  | 25/05/21 | EUR | 0.35 |
|  |  | 21/06/21 | EUR | 0.35 |
|  | Income A CHF Hedged | 22/01/21 | CHF | 0.41 |
|  |  | 19/02/21 | CHF | 0.34 |
|  |  | 19/03/21 | CHF | 0.34 |
|  |  | 23/04/21 | CHF | 0.34 |
|  |  | 25/05/21 | CHF | 0.34 |
|  |  | 21/06/21 | CHF | 0.34 |
|  | Income A USD Hedged | 22/01/21 | USD | 0.49 |
|  |  | 19/02/21 | USD | 0.42 |
|  |  | 19/03/21 | USD | 0.42 |
|  |  | 23/04/21 | USD | 0.42 |
|  |  | 25/05/21 | USD | 0.42 |
|  |  | 21/06/21 | USD | 0.42 |
|  | Income E EUR | 22/01/21 | EUR | 0.36 |
|  |  | 19/02/21 | EUR | 0.34 |
|  |  | 19/03/21 | EUR | 0.34 |
|  |  | 23/04/21 | EUR | 0.34 |
|  |  | 25/05/21 | EUR | 0.34 |
|  |  | 21/06/21 | EUR | 0.34 |
|  | Income E USD Hedged | 22/01/21 | USD | 0.45 |
|  |  | 19/02/21 | USD | 0.40 |
|  |  | 19/03/21 | USD | 0.40 |
|  |  | 23/04/21 | USD | 0.40 |
|  |  | 25/05/21 | USD | 0.40 |
|  |  | 21/06/21 | USD | 0.40 |
|  | Income F EUR | 22/01/21 | EUR | 0.38 |
|  |  | 19/02/21 | EUR | 0.37 |
|  |  | 19/03/21 | EUR | 0.37 |
|  |  | 23/04/21 | EUR | 0.37 |
|  |  | 25/05/21 | EUR | 0.37 |
|  |  | 21/06/21 | EUR | 0.37 |
| Sécurité | A EUR Y | 12/05/21 | EUR | 0.45 |
|  | F EUR Y | 12/05/21 | EUR | 0.80 |
| Credit (formerly Unconstrained Credit) | Income A EUR | 22/01/21 | EUR | 0.32 |
|  |  | 19/02/21 | EUR | 0.26 |
|  |  | 19/03/21 | EUR | 0.26 |
|  |  | 23/04/21 | EUR | 0.26 |
|  |  | 25/05/21 | EUR | 0.26 |
|  |  | 21/06/21 | EUR | 0.26 |

Additional Information 

##### Exchange rates at 30 June 2021
| 1 EUR | = | 4.35600 | AED | 1 EUR | = | 351.03000 | HUF | 1 EUR | = | 57.88970 | PHP |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | = | 1.57965 | AUD |  | = | 17195.55050 | IDR |  | = | 4.41475 | PLN |
|  | = | 0.44710 | BHD |  | = | 3.86425 | ILS |  | = | 117.61165 | RSD |
|  | = | 5.95070 | BRL |  | = | 88.14795 | INR |  | = | 86.63445 | RUB |
|  | = | 1.46850 | CAD |  | = | 131.62305 | JPY |  | = | 10.14200 | SEK |
|  | = | 1.09620 | CHF |  | = | 127.95860 | KES |  | = | 1.59410 | SGD |
|  | = | 863.46570 | CLP |  | = | 1335.50130 | KRW |  | = | 38.00810 | THB |
|  | = | 7.66195 | CNH |  | = | 506.66990 | KZT |  | = | 10.30250 | TRY |
|  | = | 7.66265 | CNY |  | = | 50.99370 | MUR |  | = | 33.04215 | TWD |
|  | = | 4428.15090 | COP |  | = | 23.61185 | MXN |  | = | 32.35130 | UAH |
|  | = | 25.50700 | CZK |  | = | 4.92330 | MYR |  | = | 1.18590 | USD |
|  | = | 7.43625 | DKK |  | = | 10.20490 | NOK |  | = | 27294.67460 | VND |
|  | = | 0.85845 | GBP |  | = | 1.69715 | NZD |  | = | 16.93315 | ZAR |
|  | = | 9.20950 | HKD |  | = | 4.54495 | PEN |  |  |  |  |

Changes in the composition of the securities portfolio
Details of the changes in the securities portfolio are available on request free of charge from the Fund's registered office.

##### Swing pricing
In relation to the Sub-Funds CARMIGNAC PORTFOLIO – Credit (formerly Unconstrained Credit) and CARMIGNAC PORTFOLIO – EM Debt (formerly Unconstrained EM Debt), the Board of Directors retains the right, in order to protect the interests of the Shareholders, to adjust the Net Asset Value per Share in certain circumstances to prevent or reduce dilution (“swing pricing”). A Sub-Fund may suffer a dilution of Net Asset Value per Share in case that subscriptions, conversions or redemptions are effected at the price that does not reflect the actual cost of selling or purchasing the underlying assets of the Sub-Fund. The price difference may be due to trading charges, taxes and other costs as well as the spread between buying and selling prices of the underlying assets. The Net Asset Value per Share may be adjusted on any Valuation day when the aggregate net subscriptions, conversions and redemptions exceed a predetermined threshold, as set by the Board of Directors. The adjustment (“swing factor”) is determined by the Board of Director (or any delegate duly appointed by the Board of Directors). The adjustment will reflect the trading costs and will not, in normal circumstances, exceed 2% of the Net Asset Value per Share. For the period ended 30 June 2021, the maximum swing factor applied was 0.63% for CARMIGNAC PORTFOLIO – Credit (formerly Unconstrained Credit) and 0.41% for CARMIGNAC PORTFOLIO - EM Debt (formerly Unconstrained EM Debt). Swing factor does not impact any performance fee calculation as any performance fee will be charged on the basis of the unswung Net Asset Value. Information on the application of swing pricing will be made available to Shareholders on the following website https://www.carmignac.lu/en/regulatory-information and upon request.
The NAV and the NAV per Share disclosed in the financial statements and in the “Key figures” do not include Swing Pricing adjustment.
For the NAV dated 30 June 2021, there were no swing adjustments.

### Additional Information 
SFTR (Securities Financing Transaction Regulation)
| Securities Lending | CARMIGNAC PORTFOLIO Long-Short European Equities |
| --- | --- |
| Assets* Absolute value % of lendable assets % of total net asset value | In EUR 486,891.81 0.13% 0.10% |
| Maturity of the transactions Less than 1 day 1 day to 1 week 1 week to 1 month 1 month to 3 months 3 months to 1 year More than 1 year Open maturity | In EUR |
| - |
| - |
| - |
| - |
| - |
| - |
| 486,891.81 |
| Collateral received** Type: Bonds Rating of the issuer Currency: EUR | In EUR AA |
| Maturity of SFT: 3 months to 1 year More than 1 year Open maturity | 517,272.35 |
| The 10 largest collateral issuers across all SFT First issuer Amount | In EUR France 517,272.35 |
| Data on income and costs for each type of SFT Income of the fund Absolute value % of gross income | In EUR |
| 5,683.56 |
| 90% |
| Third party income: |  |
| Absolute value | 631.51 |
| % of gross income | 10% |

* clean price valuation
** dirty price valuation
CACEIS Bank, Luxembourg Branch is the only counterparty to securities lending positions for all sub-funds and BNP Paribas Securities Services, Luxembourg Branch is the custodian bank for the guarantees received. All transactions are bilateral.

### Additional Information 
Details on the reinvestment of collateral
Carmignac’s internal policies do not allow portfolio managers to reuse collateral received in securities financing transactions for the portfolios concerned. Collateral received is deposited in special, separate securities accounts and cash accounts for the relevant portfolios.
Details on the holding of collateral received or provided by the fund
As indicated above, all collateral received or provided is transferred with full ownership and must be held by the Custodian of the fund or by one of its agents or a third party under its supervision, or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the collateral.
Details on income and costs broken down
The management company or “investment manager” receives no payment for performing securities financing transactions. All income resulting from these transactions is returned to the fund, minus operating costs linked to the involvement of CACEIS Bank Luxembourg (or “third parties”) as lending agent in securities lending/borrowing transactions. The lending agent’s charges may not exceed 15% of income generated on these lending/borrowing transactions. With respect to repurchase agreements, the fund is the direct counterparty in such transactions and receives the full amount of the remuneration.

Translation (ENDE, 2021-06-30):
# CARMIGNAC PORTFOLIO
## China New Economy (aufgelegt am 31.03.21)

#### Abschluss zum 30.06.2021

###### Aufstellung des Nettovermögens zum 30.06.2021
Ausgedrückt in EUR
| Aktiva | 34.496.141,05 |
| --- | --- |
| Wertpapierportfolio zum Bewertungskurs | 33.078.249,86 |
| Anschaffungskosten | 31.403.707,39 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio | 1.674.542,47 |
| Bankguthaben und liquide Mittel | 1.175.005,34 |
| Forderungen gegenüber Brokern | 166.536,05 |
| Dividendenforderungen | 49.607,97 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | 26.268,55 |
| Sonstige Aktiva | 473,28 |
| Passiva | 1.483.152,25 |
| Kontoüberziehungen | 245.773,00 |
| Verbindlichkeiten gegenüber Brokern | 934.687,62 |
| Nicht realisierter Nettoverlust aus Futures | 87.549,00 |
| Sonstige Passiva | 215.142,63 |
| Nettoinventarwert | 33.012.988,80 |


###### Kennzahlen für die vergangenen 3 Geschäftsjahre
Ende des Berichtszeitraums:
30/06/21
Gesamtnettovermögen	
EUR	33.012.988,80
| Klasse A EUR – Thesaurierend Anzahl der Aktien |  | 17.436 |
| --- | --- | --- |
| Nettoinventarwert pro Aktie | EUR | 103,46 |
| Klasse F EUR – Thesaurierend Anzahl der Aktien |  | 301.208 |
| Nettoinventarwert pro Aktie | EUR | 103,61 |


###### Wertpapierportfolio zum 30.06.2021
Ausgedrückt in EUR
| Anzahl | Bezeichnung	Notierungswähru	Bewertungskurs		% des ng		Nettovermög |
| --- | --- |
| Zur amtlichen Notierung an einer Wertpapierbörse zugelassene Wertpapiere | 33.078.249,86 | 100,20 |
| Aktien | 33.078.249,86 | 100,20 |
| Kaiman-Inseln | 21.836.197,03 | 66,15 |
| 251 | ANGELALIGN TECHNOLOGY INC | HKD | 10.918,14 | 0,03 |
| 109.956 | CHINDATA GROUP HOLDINGS LTD | USD | 1.399.136,55 | 4,24 |
| 39.613 | CLOOPEN GROUP HOLDING LIMITED | USD | 283.260,17 | 0,86 |
| 14.454 | DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 792.477,51 | 2,40 |
| 79.011 | EHANG HOLDINGS | USD | 2.864.889,96 | 8,68 |
| 32.388 | ENN ENERGY HOLDINGS LTD | HKD | 519.783,53 | 1,57 |
| 85.022 | FULL TRUCK ALLIANCE COMPANY LIMITED | USD | 1.461.125,19 | 4,43 |
| 70.650 | HUAZHU GROUP LTD | HKD | 319.514,90 | 0,97 |
| 39.653 | JD HEALTH INTERNATIONAL INC | HKD | 479.220,25 | 1,45 |
| 1.198 | JD LOGISTICS INC | HKD | 5.502,51 | 0,02 |
| 1 | JD.COM INC SADR REPR 2 SHS -A- | USD | 67,30 | 0,00 |
| 21.526 | JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 1.197.462,03 | 3,63 |
| 8.132 | KANZHUN LTD SHS A SPONSORED US DEPOSITAR | USD | 271.889,54 | 0,82 |
| 32.157 | MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 134.605,83 | 0,41 |
| 103.178 | MINISO GROUP HOLDING LTD-ADR | USD | 1.808.812,40 | 5,48 |
| 47.887 | NEW HORIZON HEALTH LTD | USD | 411.819,36 | 1,25 |
| 138.399 | NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | HKD | 955.803,87 | 2,90 |
| 10.050 | NIU TECHNOLOGIES ADR | HKD | 276.694,92 | 0,84 |
| 93.633 | OCUMENSION THERAPEUTICS | HKD | 277.559,14 | 0,84 |
| 33.623 | POP MART INTERNATIONAL GROUP LIMITED | HKD | 281.119,60 | 0,85 |
| 363.320 | SHIMAO SERVICES -SHS UNITARY REG S/144A | USD | 1.059.247,73 | 3,21 |
| 1.084.750 | SINO BIOPHARMA | USD | 897.529,18 | 2,72 |
| 51.071 | TAL EDUCAT GR -A- ADR REPR 1/3 SH -A- | USD | 1.086.534,56 | 3,29 |
| 25.105 | TENCENT MUSIC ADR REPR 2 SHS A | USD | 327.705,03 | 0,99 |
| 10.377 | THE9 | USD | 124.779,51 | 0,38 |
| 29.518 | TRIP COM GROUP LTD | USD | 882.627,78 | 2,67 |
| 5.979 | TUYA INC | USD | 123.522,64 | 0,37 |
| 74.555 | VIPSHOP HOLDINGS ADR 1/5 REPR | HKD | 1.262.386,71 | 3,82 |
| 79.669 | WUXI BIOLOGICS | HKD | 1.231.000,46 | 3,73 |
| 598.508 | XINYI SOLAR HOLDINGS LTD |  | 1.089.200,73 | 3,30 |
|  | China |  | 10.812.634,10 | 32,75 |
| 2.944 | BYD COMPANY LTD -H- | HKD | 74.227,35 | 0,22 |
| 149 | CANSINO BIO --- REGISTERED SHS -H- UNITA | HKD | 6.675,43 | 0,02 |
| 3.130.175 | CHINA COMMUNICATION SERCICES CORP -H- | HKD | 1.318.755,52 | 3,99 |
| 74.201 | CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 1.808.193,34 | 5,48 |
| 1.724 | CONTEMPORARY AMPEREX TECHN-A | CNY | 120.323,28 | 0,36 |
| 214.228 | ENN NATURAL GAS CO LTD | CNY | 461.577,17 | 1,40 |
| 238.675 | FLAT GLASS GROUP -H- REGS | HKD | 829.317,55 | 2,51 |
| 27.210 | GANFENG LITHIUM CO., LTD. | HKD | 342.728,70 | 1,04 |
| 430.292 | HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 1.266.183,09 | 3,84 |
| 150.003 | JOINN LABORATORIES (CHINA) CO | HKD | 2.035.981,87 | 6,16 |
| 29.174 | PHARMARON BEIJING - REGISTERED SHS -H- | HKD | 655.737,88 | 1,99 |
| 5.000 | SUNGROW POWER SUPPLY CO LTD | CNY | 75.078,47 | 0,23 |
| 304.456 | TRAVELSKY TECHNOLOGY -H- | HKD | 554.067,27 | 1,68 |
| 29.240 | XI AN LONGI SILICON MATERIALS CORP | CNY | 339.005,64 | 1,03 |
| 136.013 | ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 924.781,54 | 2,80 |
|  | Hongkong |  | 289.824,78 | 0,88 |
| 298.896 | LENOVO GROUP LTD -RC- | HKD | 289.824,78 | 0,88 |
|  | USA |  | 139.593,95 | 0,42 |
| 4.879 | KINGSOFT CLOUD HOLDINGS LTD | USD | 139.593,95 | 0,42 |

Wertpapierportfolio insgesamt	
33.078.249,86	100,20

###### Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 31.03.2021 bis 30.06.2021
Ausgedrückt in EUR
| Erträge | 163.202,93 |
| --- | --- |
| Nettodividenden | 51.572,06 |
| Sonstige Finanzerträge | 111.630,87 |
| Aufwand | 320.286,65 |
| Verwaltungsgebühren | 54.059,50 |
| Performancegebühren | 178.664,89 |
| Überziehungszinsen | 6.658,35 |
| Transaktionskosten | 59.978,27 |
| Betriebs- und Gründungskosten | 20.925,64 |
| Nettoverlust aus Anlagen | (157.083,72) |
| Realisierter Nettogewinn/-verlust aus: - Wertpapierverkäufen | 499.472,56 |
| - Devisenterminkontrakten | 11.850,00 |
| - Futures | (65.801,90) |
| - Wechselkursgeschäften | (270.731,84) |
| Realisierter Nettogewinn | 17.705,10 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: - Anlagen | 1.674.542,47 |
| - Devisenterminkontrakten | 26.268,55 |
| - Futures | (87.549,00) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung | 1.630.967,12 |
| Zeichnungen von thesaurierenden Aktien | 31.382.021,68 |
| Zunahme des Nettovermögens | 33.012.988,80 |
| Nettovermögen zu Beginn des Berichtszeitraums | 0,00 |
| Nettovermögen am Ende des Berichtszeitraums | 33.012.988,80 |

Zusätzliche Informationen

##### Allgemeine Informationen
Der Teilfonds CARMIGNAC PORTFOLIO Unconstrained Global Bond wurde am 10. März 2021 in CARMIGNAC PORTFOLIO Global Bond umbenannt.
Der Teilfonds CARMIGNAC PORTFOLIO Unconstrained Credit wurde am 10. März 2021 in CARMIGNAC PORTFOLIO Credit umbenannt.
Der Teilfonds CARMIGNAC PORTFOLIO Unconstrained EM Debt wurde am 10. März 2021 in CARMIGNAC PORTFOLIO EM Debt umbenannt.
Der Teilfonds CARMIGNAC PORTFOLIO Unconstrained Euro Fixed Income wurde am 10. März 2021 in CARMIGNAC PORTFOLIO Flexible Bond umbenannt.
Der Teilfonds CARMIGNAC PORTFOLIO Alpha Themes wurde am 5. Mai 2021 aufgelöst.
Der Teilfonds CARMIGNAC PORTFOLIO Long-Short Global Equities wurde am 22. Juni 2021 mit dem Teilfonds CARMIGNAC PORTFOLIO Long-Short Europe Equities zusammengelegt.

##### Dividendenausschüttungen
Folgende Beträge wurden pro Aktie gezahlt:
| Teilfonds | Klasse | Zahlungsdatum | Währung | Dividende |
| --- | --- | --- | --- | --- |
| Global Bond | Income A EUR | 22/01/21 | EUR | 0,36 |
| (früher Unconstrained Global Bond) |  | 19/02/21 | EUR | 0,29 |
|  |  | 19/03/21 | EUR | 0,29 |
|  |  | 23/04/21 | EUR | 0,29 |
|  |  | 25/05/21 | EUR | 0,29 |
|  |  | 21/06/21 | EUR | 0,29 |
|  | A EUR Y | 12/05/21 | EUR | 1,29 |
|  | Income A CHF | 22/01/21 | CHF | 0,29 |
|  | abgesichert |  |  |  |
|  |  | 19/02/21 | CHF | 0,28 |
|  |  | 19/03/21 | CHF | 0,28 |
|  |  | 23/04/21 | CHF | 0,28 |
|  |  | 25/05/21 | CHF | 0,28 |
|  |  | 21/06/21 | CHF | 0,28 |
|  | Income E USD | 22/01/21 | USD | 0,42 |
|  | abgesichert | 19/02/21 | USD | 0,34 |
|  |  | 19/03/21 | USD | 0,34 |
|  |  | 23/04/21 | USD | 0,34 |
|  |  | 25/05/21 | USD | 0,34 |
|  |  | 21/06/21 | USD | 0,34 |
|  | F EUR Y | 12/05/21 | EUR | 1,64 |
|  | Income W GBP | 22/01/21 | GBP | 0,31 |
|  |  | 19/02/21 | GBP | 0,29 |
|  |  | 19/03/21 | GBP | 0,29 |
|  |  | 23/04/21 | GBP | 0,29 |
|  |  | 25/05/21 | GBP | 0,29 |
|  |  | 21/06/21 | GBP | 0,29 |
| Flexible Bond | Income A EUR | 22/01/21 | EUR | 1,27 |
| (früher Unconstrained Euro Fixed Income) |  | 19/02/21 | EUR | 1,29 |
|  |  | 19/03/21 | EUR | 1,29 |
|  |  | 23/04/21 | EUR | 1,29 |
|  |  | 25/05/21 | EUR | 1,29 |
|  |  | 21/06/21 | EUR | 1,29 |
|  | A EUR Y | 12/05/21 | EUR | 10,20 |
| Patrimoine | Income A EUR | 22/01/21 | EUR | 0,35 |

| Teilfonds | Klasse | Zahlungsdatum | Währung | Dividende |
| --- | --- | --- | --- | --- |
|  |  | 19/02/21 | EUR | 0,35 |
|  | 19/03/21 | EUR | 0,35 |
|  | 23/04/21 | EUR | 0,35 |
|  | 25/05/21 | EUR | 0,35 |
|  | 21/06/21 | EUR | 0,35 |
| Income A CHF | 22/01/21 | CHF | 0,41 |
| abgesichert | 19/02/21 | CHF | 0,34 |
|  | 19/03/21 | CHF | 0,34 |
|  | 23/04/21 | CHF | 0,34 |
|  | 25/05/21 | CHF | 0,34 |
|  | 21/06/21 | CHF | 0,34 |
| Income A USD | 22/01/21 | USD | 0,49 |
| abgesichert | 19/02/21 | USD | 0,42 |
|  | 19/03/21 | USD | 0,42 |
|  | 23/04/21 | USD | 0,42 |
|  | 25/05/21 | USD | 0,42 |
|  | 21/06/21 | USD | 0,42 |
| Income E EUR | 22/01/21 | EUR | 0,36 |
|  | 19/02/21 | EUR | 0,34 |
|  | 19/03/21 | EUR | 0,34 |
|  | 23/04/21 | EUR | 0,34 |
|  | 25/05/21 | EUR | 0,34 |
|  | 21/06/21 | EUR | 0,34 |
| Income E USD | 22/01/21 | USD | 0,45 |
| abgesichert | 19/02/21 | USD | 0,40 |
|  | 19/03/21 | USD | 0,40 |
|  | 23/04/21 | USD | 0,40 |
|  | 25/05/21 | USD | 0,40 |
|  | 21/06/21 | USD | 0,40 |
| Income F EUR | 22/01/21 | EUR | 0,38 |
|  | 19/02/21 | EUR | 0,37 |
|  | 19/03/21 | EUR | 0,37 |
|  | 23/04/21 | EUR | 0,37 |
|  | 25/05/21 | EUR | 0,37 |
|  | 21/06/21 | EUR | 0,37 |
| Sécurité | A EUR Y | 12/05/21 | EUR | 0,45 |
|  | F EUR Y | 12/05/21 | EUR | 0,80 |
| Credit (früher Unconstrained Credit) | Income A EUR | 22/01/21 | EUR | 0,32 |
|  |  | 19/02/21 | EUR | 0,26 |
|  |  | 19/03/21 | EUR | 0,26 |
|  |  | 23/04/21 | EUR | 0,26 |
|  |  | 25/05/21 | EUR | 0,26 |
|  |  | 21/06/21 | EUR | 0,26 |


##### Wechselkurse am 30. Juni 2020
| 1 EUR | = | 4,35600 | AED | 1 EUR | = | 351,03000 | HUF | 1 EUR | = | 57,88970 | PHP |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | = | 1,57965 | AUD |  | = | 17195,55050 | IDR |  | = | 4,41475 | PLN |
|  | = | 0,44710 | BHD |  | = | 3,86425 | ILS |  | = | 117,61165 | RSD |
|  | = | 5,95070 | BRL |  | = | 88,14795 | INR |  | = | 86,63445 | RUB |
|  | = | 1,46850 | CAD |  | = | 131,62305 | JPY |  | = | 10,14200 | SEK |
|  | = | 1,09620 | CHF |  | = | 127,95860 | KES |  | = | 1,59410 | SGD |
|  | = | 863,46570 | CLP |  | = | 1335,50130 | KRW |  | = | 38,00810 | THB |
|  | = | 7,66195 | CNH |  | = | 506,66990 | KZT |  | = | 10,30250 | TRY |
|  | = | 7,66265 | CNY |  | = | 50,99370 | MUR |  | = | 33,04215 | TWD |
|  | = | 4428,15090 | COP |  | = | 23,61185 | MXN |  | = | 32,35130 | UAH |
|  | = | 25,50700 | CZK |  | = | 4,92330 | MYR |  | = | 1,18590 | USD |
|  | = | 7,43625 | DKK |  | = | 10,20490 | NOK |  | = | 27294,67460 | VND |
|  | = | 0,85845 | GBP |  | = | 1,69715 | NZD |  | = | 16,93315 | ZAR |
|  | = | 9,20950 | HKD |  | = | 4,54495 | PEN |  |  |  |  |

Veränderungen in der Zusammensetzung des Wertpapierportfolios
Eine Aufstellung der Veränderungen des Wertpapierportfolios ist auf Anfrage kostenlos am Geschäftssitz des Fonds erhältlich.

##### Swing-Pricing
Bezüglich der Teilfonds CARMIGNAC PORTFOLIO – Credit (früher Unconstrained Credit) und CARMIGNAC PORTFOLIO – EM Debt (früher Unconstrained EM Debt) behält sich der Verwaltungsrat das Recht vor, zum Schutz der Aktionärsinteressen unter bestimmten Umständen den Nettoinventarwert pro Aktie anzupassen, um eine Verwässerung zu verhindern oder abzumildern („Swing-Pricing“). Ein Teilfonds kann eine Verwässerung des Nettoinventarwerts pro Aktie erleiden, wenn Zeichnungen, Umwandlungen oder Rücknahmen zu einem Preis ausgeführt werden, der nicht den tatsächlichen Kosten für den Verkauf oder Kauf der Basiswerte des Teilfonds entspricht. Die Preisdifferenz kann Handelskosten, Steuern und sonstigen Kosten wie auch dem Spread zwischen Kauf- und Verkaufspreisen der Basiswerte geschuldet sein. Der Nettoinventarwert pro Aktie darf an jedem Bewertungstag angepasst werden, an dem die Summe der Nettozeichnungen, -umwandlungen und -rücknahmen einen vorab vom Verwaltungsrat festgelegten Schwellenwert überschreitet. Die Anpassung („Swing-Faktor“) wird vom Verwaltungsrat (oder einem ordnungsgemäß von diesem ernannten Vertreter) bestimmt. Sie entspricht den Handelskosten und fällt unter normalen Umständen nicht höher als 2% des Nettoinventarwerts pro Aktie aus. Für den am 30. Juni 2021 endenden Berichtszeitraum betrug der maximal angewandte Swing-Faktor 0,63% für den CARMIGNAC PORTFOLIO – Credit (früher Unconstrained Credit) und 0,41% für den CARMIGNAC PORTFOLIO – EM Debt (früher Unconstrained EM Debt). Der Swing-Faktor wirkt sich nicht auf die Berechnung der Performancegebühr aus, da diese auf Basis des unangepassten Nettoinventarwerts („unswung Net Asset Value“) festgelegt wird. Informationen über die Anwendung des Swing-Pricings werden den Aktionären auf der Website https://www.carmignac.de/de_DE/article-page/verfahrenstechnische-informationen-1760 und auf Anfrage zur Verfügung gestellt.
Der NIW und der NIW pro Aktie, die im Jahresabschluss und in den „Kennzahlen“ offengelegt werden, enthalten keine Swing-Pricing-Anpassung.
Für den NIW vom 30. Juni 2021 ist keine Swing-Pricing-Anpassung erfolgt.
SFTR (Securities Financing Transaction Regulation)
| Wertpapierleihgeschäfte | CARMIGNAC PORTFOLIO Long-Short European Equities |
| --- | --- |
| Vermögenswerte* Absoluter Wert % der verleihbaren Vermögenswerte % des gesamten Nettoinventarwerts | In EUR 486.891,81 0,13% 0,10% |
| Laufzeit der Transaktionen | In EUR |
| Weniger als 1 Tag | - |
| 1 Tag bis 1 Woche | - |
| 1 Woche bis 1 Monat | - |
| 1 Monat bis 3 Monate | - |
| 3 Monate bis 1 Jahr | - |
| Mehr als 1 Jahr | - |
| Offene Laufzeit | 486.891,81 |
| Erhaltene Sicherheiten** Typ: Anleihen Rating des Emittenten Währung: EUR Laufzeit der SFT: 3 Monate bis 1 Jahr Mehr als 1 Jahr Offene Laufzeit | In EUR AA 517.272,35 |
| Die 10 größten Emittenten von Sicherheiten aller SFT Erster Emittent Betrag | In EUR Frankreich 517.272,35 |
| Daten über Erträge und Kosten jedes SFT-Typs Erträge des Fonds Absoluter Wert % der Bruttoerträge | In EUR |
| 5.683,56 |
| 90% |
| Erträge von Dritten: |  |
| Absoluter Wert | 631,51 |
| % der Bruttoerträge | 10% |

* Clean-Price-Bewertung
** Dirty-Price-Bewertung
CACEIS Bank, Luxembourg Branch ist der einzige Kontrahent bei den Wertpapierleihpositionen für alle Teilfonds, und BNP Paribas Securities Services, Luxembourg Branch ist die Depotbank für die erhaltenen Sicherheiten. Alle Transaktionen sind bilateral.
Angaben zur Weiterverwendung der Sicherheiten
Die Weiterverwendung von erhaltenen Sicherheiten durch die Portfoliomanager auf Rechnung der betreffenden Portfolios im Rahmen von Wertpapierfinanzierungsgeschäften ist gemäß der internen Politik von Carmignac nicht zulässig. Die erhaltenen Sicherheiten werden zudem auf speziellen und von den Wertpapier- und Bargeldkonten der betreffenden Portfolios getrennten Konten hinterlegt.
Angaben zur Verwahrung der vom Fonds erhaltenen oder gestellten Sicherheiten
Wie bereits erwähnt, werden erhaltene oder gestellte Sicherheiten als Volleigentum übertragen und müssen von der Depotbank des Fonds oder einem ihrer Aufsicht unterliegenden Vertreter oder Dritten oder einer anderen Depotbank gehalten werden, die einer Aufsicht unterliegt und die keine Verbindung zu dem Sicherheitengeber aufweist.
Angaben zu den aufgeschlüsselten Erträgen und Kosten
Die Verwaltungsgesellschaft oder der „Anlageverwalter“ erhält für die Abwicklung von Wertpapierfinanzierungsgeschäften keinerlei Vergütung. Alle aus diesen Geschäften resultierenden Erträge werden dem Fonds erstattet, mit Ausnahme der Betriebskosten von Wertpapierleihgeschäften im Zusammenhang mit der Vermittlung von CACEIS Bank Luxembourg (oder „Dritter“), die als Verleiher fungiert. Die vom Verleiher in Rechnung gestellten Beträge dürfen höchstens 15% der mit den betreffenden Wertpapierleihgeschäften erzielten Erträge ausmachen. Bei Pensionsgeschäften ist der Fonds unmittelbar Kontrahent der Transaktion und erhält die volle Vergütung.