# CARMIGNAC PORTFOLIO
## Grande Europe

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 910,317,568.04 |
| --- | --- |
| Securities portfolio at market value | 792,944,960.41 |
| Cost price | 650,263,157.74 |
| Unrealised profit on the securities portfolio | 142,681,802.67 |
| Cash at banks and liquidities | 50,831,668.88 |
| Brokers receivable | 59,175,960.57 |
| Subscriptions receivable | 6,567,993.63 |
| Dividends receivable | 785,791.29 |
| Unrealised net appreciation on forward foreign exchange contracts | 11,193.26 |
| Liabilities | 64,935,721.81 |
| Bank overdrafts | 49,498.82 |
| Brokers payable | 5,986,758.42 |
| Redemptions payable | 57,516,799.71 |
| Unrealised net depreciation on financial futures | 45,120.00 |
| Other liabilities | 1,337,544.86 |
| Net asset value | 845,381,846.23 |


###### 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 | 845,381,846.23 | 679,560,893.97 | 408,200,629.40 |
| Class A EUR - Capitalisation Number of shares |  | 546,465 | 559,627 | 569,663 |
| Net asset value per share | EUR | 308.21 | 276.68 | 241.73 |
| Class A EUR Y - Distribution Number of shares |  | 32,184 | 18,029 | 19,037 |
| Net asset value per share | EUR | 213.81 | 191.94 | 168.75 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 5,314 | 4,613 | 2,460 |
| Net asset value per share | CHF | 215.14 | 193.51 | 169.79 |
| Class A USD Hedged - Capitalisation Number of shares |  | 6,692 | 6,588 | 5,103 |
| Net asset value per share | USD | 238.40 | 213.04 | 183.59 |
| Class E EUR - Capitalisation Number of shares |  | 104,277 | 74,335 | 33,539 |
| Net asset value per share | EUR | 167.20 | 150.65 | 132.87 |
| Class E USD Hedged - Capitalisation Number of shares |  | 883 | 944 | 1 |
| Net asset value per share | USD | 199.90 | 179.30 | 156.31 |
| Class F EUR - Capitalisation Number of shares |  | 626,525 | 484,334 | 919,017 |
| Net asset value per share | EUR | 204.78 | 183.24 | 160.13 |
| Class F EUR Y - Distribution Number of shares |  | 38,051 | 35,005 | 0 |
| Net asset value per share | EUR | 166.71 | 149.17 | 0.00 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 845,381,846.23 | 679,560,893.97 | 408,200,629.40 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 4,789 | 5,388 | 671 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 202.55 | 181.60 | 158.15 |
| Class F USD Hedged - Capitalisation Number of shares |  | 2,481 | 2,771 | 859 |
| Net asset value per share | USD | 226.30 | 201.57 | 173.44 |
| Class X EUR - Capitalisation Number of shares |  | 13,224 | 15,102 | 0 |
| Net asset value per share | EUR | 15,334.41 | 13,716.87 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 1,764,510 | 1,304,159 | 897,722 |
| Net asset value per share | EUR | 170.00 | 152.11 | 127.23 |
| Class W USD Hedged - Capitalisation Number of shares |  | 646 | 500 | 0 |
| Net asset value per share | USD | 126.45 | 112.64 | 0.00 |
| Class W GBP - Capitalisation Number of shares |  | 82,390 | 57,430 | 0 |
| Net asset value per share | GBP | 117.62 | 109.74 | 0.00 |


###### Securities portfolio as at 30/06/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange listing	 792,944,960.41 | 93.80 |
| --- | --- | --- |
| Shares |  | 792,944,960.41 | 93.80 |
|  | Denmark | 113,748,623.00 | 13.46 |

| 82,145 CHRISTIAN HANSEN | DKK | 6,252,354.35 | 0.74 |
| --- | --- | --- | --- |
| 306,938 GN GREAT NORDIC | DKK | 22,610,944.55 | 2.67 |
| 488,340 NOVO NORDISK | DKK | 34,503,121.33 | 4.09 |
| 111,414 NOVOZYMES -B- | DKK | 7,082,252.18 | 0.84 |
| 98,850 ORSTED | DKK | 11,697,831.57 | 1.38 |
| 594,844 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 19,582,156.49 | 2.32 |
| 482,632 ZEALAND PHARMA | DKK | 12,019,962.53 | 1.42 |
| France |  | 158,685,287.83 | 18.76 |
| 141,030 ESSILORLUXOTTICA SA | EUR | 21,949,909.20 | 2.60 |
| 63,733 L'OREAL SA | EUR | 23,950,861.40 | 2.82 |
| 46,858 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 30,987,195.40 | 3.66 |
| 143,805 ORPEA SA | EUR | 15,423,086.25 | 1.82 |
| 178,365 SCHNEIDER ELECTRIC SE | EUR | 23,665,468.20 | 2.80 |
| 54,985 TELEPERFORMANCE SE | EUR | 18,821,365.50 | 2.23 |
| 302,602 WORLDLINE SA | EUR | 23,887,401.88 | 2.83 |
| Germany |  | 109,933,026.34 | 13.00 |
| 48,841 AUTO1 GROUP --- BEARER SHS | EUR | 1,809,559.05 | 0.21 |
| 190,453 DELIVERY HERO | EUR | 21,216,464.20 | 2.51 |
| 30,500 DEUTSCHE BOERSE AG REG SHS | EUR | 4,489,600.00 | 0.53 |
| 134,565 KNORR-BREMSE - BEARER SHS | EUR | 13,052,805.00 | 1.54 |
| 301,963 PUMA AG | EUR | 30,362,379.65 | 3.59 |
| 328,191 SAP AG | EUR | 39,002,218.44 | 4.62 |
| Ireland |  | 28,825,143.44 | 3.41 |
| 46,271 KERRY GROUP -A- | EUR | 5,450,723.80 | 0.64 |
| 293,501 KINGSPAN GROUP | EUR | 23,374,419.64 | 2.77 |
| Italy |  | 10,239,990.60 | 1.21 |
| 696,598 FINECOBANK | EUR | 10,239,990.60 | 1.21 |
| Jersey Island |  | 29,869,119.95 | 3.53 |
| 920,357 EXPERIAN GROUP | GBP | 29,869,119.95 | 3.53 |
| Luxembourg |  | 11,318,736.50 | 1.34 |
| 141,729 INPOST SA | EUR | 2,398,905.05 | 0.28 |
| 269,889 SUSE SA | EUR | 8,919,831.45 | 1.06 |
| Norway |  | 1,182,317.26 | 0.14 |
| 600,868 NEL ASA | NOK | 1,182,317.26 | 0.14 |
| Spain |  | 30,224,320.04 | 3.58 |
| 452,720 AMADEUS IT GROUP SA -A- | EUR | 26,855,350.40 | 3.18 |
| 221,061 SOLARIA ENERGIA | EUR | 3,368,969.64 | 0.40 |
| Sweden |  | 62,263,907.26 | 7.37 |
| 1,123,078 ASSA ABLOY -B- NEW I | SEK | 28,547,575.27 | 3.38 |
| 646,888 EPIROC --- REGISTERED SHS -A- | SEK | 12,437,700.65 | 1.47 |
| 694,629 NORDNET AB PUBL | SEK | 9,893,429.21 | 1.17 |
| 560,800 VOLVO AB -B- | SEK | 11,385,202.13 | 1.35 |
| Switzerland |  | 23,772,706.90 | 2.81 |
| 45,122 POLYPEPTIDE GROUP AG | CHF | 3,515,251.60 | 0.42 |
| 73,409 SIKA - REGISTERED SHS | CHF | 20,257,455.30 | 2.39 |
| The Netherlands |  | 85,602,847.40 | 10.13 |
| 4,761 ADYEN --- PARTS SOCIALES | EUR | 9,810,040.50 | 1.16 |
| 71,070 ARGENX SE | EUR | 18,129,957.00 | 2.14 |
| 63,089 ASML HOLDING NV | EUR | 36,553,766.60 | 4.33 |
| 157,413 IMCD | EUR | 21,109,083.30 | 2.50 |
| United Kingdom |  | 127,278,933.89 | 15.06 |
| 693,276 ALLFUNDS GROUP PLC | EUR | 10,175,905.13 | 1.20 |
| 243,568 ASHTEAD GROUP | GBP | 15,219,276.04 | 1.80 |
| 407,106 ASTRAZENECA PLC | GBP | 41,177,720.29 | 4.88 |
| 965,678 BURBERRY GROUP PLC | GBP | 23,240,616.79 | 2.75 |
| 1,570,697 COMPASS GROUP | GBP | 27,847,875.05 | 3.29 |
| 5,194,198 TAYLOR WIMPEY PLC | GBP | 9,617,540.59 | 1.14 |

Total securities portfolio	
792,944,960.4193.80

###### Statement of operations and changes in net assets from 01/01/21 to 30/06/21
Expressed in EUR
| Income | 6,111,365.38 |
| --- | --- |
| Net dividends | 6,111,222.34 |
| Bank interest on cash account | 143.04 |
| Expenses | 6,493,747.32 |
| Management fees | 3,511,236.56 |
| Performance fees | 425,209.15 |
| Bank interest on overdrafts | 66,360.86 |
| Transaction fees | 1,316,280.96 |
| Operating and establishment fees | 1,174,659.79 |
| Net loss from investments | (382,381.94) |
| Net realised profit / loss on: - sales of investment securities | 50,327,615.80 |
| - forward foreign exchange contracts | (414,444.53) |
| - financial futures | (603,747.58) |
| - foreign exchange | 4,093,024.43 |
| Net realised profit | 53,020,066.18 |
| Movement in net unrealised appreciation / depreciation on: - investments | 35,764,021.41 |
| - forward foreign exchange contracts | 453,025.51 |
| - financial futures | (45,120.00) |
| Increase in net assets as a result of operations | 89,191,993.10 |
| Subscription capitalisation shares | 230,170,109.79 |
| Subscription distribution shares | 4,661,779.97 |
| Redemption capitalisation shares | (156,833,116.15) |
| Redemption distribution shares | (1,369,814.45) |
| Increase in net assets | 165,820,952.26 |
| Net assets at the beginning of the period | 679,560,893.97 |
| Net assets at the end of the period | 845,381,846.23 |

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 |