# CARMIGNAC PORTFOLIO
## Emerging Patrimoine

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 426,379,900.25 |
| --- | --- |
| Securities portfolio at market value | 396,314,209.16 |
| Cost price | 387,814,275.65 |
| Unrealised profit on the securities portfolio | 8,499,933.51 |
| Options purchased at market value | 3,069,426.18 |
| Options purchased at cost | 1,841,973.81 |
| Cash at banks and liquidities | 11,896,944.47 |
| Interest receivable | 4,966,201.90 |
| Brokers receivable | 4,120,043.78 |
| Subscriptions receivable | 328,961.47 |
| Dividends receivable | 175,871.17 |
| Unrealised net appreciation on swaps | 5,506,544.64 |
| Other assets | 1,697.48 |
| Liabilities | 23,328,138.76 |
| Bank overdrafts | 5,603,314.16 |
| Brokers payable | 6,152,841.83 |
| Redemptions payable | 3,367,996.88 |
| Unrealised net depreciation on forward foreign exchange contracts | 1,107,747.20 |
| Other liabilities | 7,096,238.69 |
| Net asset value | 403,051,761.49 |

Key figures relating to the last 3 years
|  | Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 403,051,761.49 | 486,621,704.75 | 561,332,339.51 |
| Class A EUR - Capitalisation Number of shares |  | 1,723,388 | 1,967,040 | 2,723,711 |
| Net asset value per share | EUR | 122.71 | 122.24 | 103.10 |
| Class A EUR Y - Distribution Number of shares |  | 140,440 | 138,402 | 165,405 |
| Net asset value per share | EUR | 91.59 | 94.21 | 81.58 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 18,608 | 21,635 | 23,348 |
| Net asset value per share | CHF | 103.91 | 103.72 | 87.84 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 79.63 |
| Class A USD Hedged - Capitalisation Number of shares |  | 47,378 | 53,422 | 100,431 |
| Net asset value per share | USD | 115.63 | 114.45 | 94.37 |
| Class E EUR - Capitalisation Number of shares |  | 580,392 | 620,719 | 835,329 |
| Net asset value per share | EUR | 115.14 | 115.07 | 97.71 |
| Class E USD Hedged - Capitalisation Number of shares |  | 997 | 997 | 823 |
| Net asset value per share | USD | 127.29 | 126.42 | 104.89 |

| Period ending as at: | 30/06/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 403,051,761.49 | 486,621,704.75 | 561,332,339.51 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 794,898 | 1,182,035 | 1,596,318 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 129.18 | 128.36 | 107.71 |
| Class F EUR Y - Distribution Number of shares |  | 0 | 0 | 6,654 |
| Net asset value per share | EUR | 0.00 | 0.00 | 85.99 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 5,530 | 5,230 | 4,230 |
| Net asset value per share | CHF | 123.71 | 123.16 | 103.70 |
| Class F GBP - Capitalisation Number of shares |  | 5,042 | 5,249 | 9,703 |
| Net asset value per share | GBP | 140.85 | 130.55 | 115.96 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 1,309 |
| Net asset value per share | GBP | 0.00 | 0.00 | 100.82 |
| Class F USD Hedged - Capitalisation Number of shares |  | 7,813 | 7,730 | 9,238 |
| Net asset value per share | USD | 139.16 | 137.44 | 112.70 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange l | isting	 386,061,365.65 | 95.79 |
| --- | --- | --- | --- |
| Shares |  | 169,704,183.76 | 42.10 |
|  | Bermuda | 1,100,669.06 | 0.27 |
| 265,853 DAIRY FARM INTERNATIONAL HOLDING | USD | 1,100,669.06 | 0.27 |
| Cayman Islands |  | 71,123,861.95 | 17.64 |
| 4,114,482 DALI FOODS GRP UNITARY 144A/REGS | HKD | 2,221,502.18 | 0.55 |
| 472,362 ENN ENERGY HOLDINGS LTD | HKD | 4,731,786.67 | 1.17 |
| 34,841 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 2,471,116.11 | 0.61 |
| 242,160 JD COM ADR REPR 2SHS -A- | USD | 12,975,282.73 | 3.22 |
| 354,555 NIO INC - SHS -A- ADR | USD | 2,437,042.78 | 0.60 |
| 439,797 PING AN HEALTHCARE AND TECHNOLOGY COMPAN | HKD | 5,956,618.51 | 1.48 |
| 57,576 SEA -A- ADR REPR1 SHS | USD | 5,497,440.45 | 1.36 |
| 194,274 TENCENT HLDG | HKD | 11,127,578.72 | 2.76 |
| 144,453 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 2,560,708.04 | 0.64 |
| 590,790 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 9,623,722.36 | 2.39 |
| 239,894 58.COM -A- ADR | USD | 11,521,063.40 | 2.86 |
| China |  | 18,542,887.53 | 4.60 |
| 2,496,324 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 4,020,524.24 | 1.00 |
| 519,936 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 6,553,801.38 | 1.62 |
| 599,845 FJ YAOHUA GLASS -A- | CNY | 1,575,628.85 | 0.39 |
| 684,579 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 1,525,068.22 | 0.38 |
| 546,768 PING AN INS (GRP) CO -H- | HKD | 4,867,864.84 | 1.21 |
| Hong Kong |  | 2,312,477.38 | 0.57 |
| 61,000 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 2,312,477.38 | 0.57 |
| India |  | 15,624,077.31 | 3.88 |
| 77,715 AVENUE SUPER REGISTERED | INR | 2,123,503.13 | 0.53 |
| 288,961 DABUR INDIA LTD DEMATERIALISED | INR | 1,587,714.65 | 0.39 |
| 197,976 HDFC BANK - REGISTERED SHS | INR | 2,488,298.86 | 0.62 |
| 317,705 ICICI BANK | INR | 1,316,683.83 | 0.33 |
| 169,484 ICICI LOMBARD | INR | 2,531,407.68 | 0.63 |
| 136,862 KOTAK MAHINDRA BANK | INR | 2,195,631.09 | 0.54 |
| 37,158 MARUTI SUZUKI | INR | 2,558,189.09 | 0.64 |
| 117,782 UNITED SPIRITS -REGISTERED SHS | INR | 822,648.98 | 0.20 |
| Malaysia |  | 1,365,820.29 | 0.34 |
| 1,195,130 IHH HEALHCARE BHD | MYR | 1,365,820.29 | 0.34 |
| Mexico |  | 3,720,148.92 | 0.92 |
| 1,211,083 GRUPO FINANCIERO BANORTE -O- | MXN | 3,720,148.92 | 0.92 |
| South Korea |  | 34,966,601.22 | 8.68 |
| 55,455 HYUNDAI MOTOR CO LTD | KRW | 4,010,384.68 | 1.00 |
| 11,710 KAKAO | KRW | 2,318,629.94 | 0.58 |
| 180,838 KANGWON LAND | KRW | 2,877,921.30 | 0.71 |
| 10,030 LG CHEM | KRW | 3,641,587.11 | 0.90 |
| 13,720 NAVER | KRW | 2,711,540.72 | 0.67 |
| 125,838 SAMSUNG ELECTRONICS CO LTD | KRW | 4,918,090.19 | 1.22 |
| 420,938 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 14,488,447.28 | 3.60 |
| Taiwan |  | 6,875,755.05 | 1.71 |
| 183,360 MEDIA TEK INCORPORATION | TWD | 3,203,737.10 | 0.79 |
| 72,648 TAIWAN SEMICON ADR (REPR 5 SHS) | USD | 3,672,017.95 | 0.92 |
| The Netherlands |  | 8,109,181.00 | 2.01 |
| 24,377 PROSUS N.V. | EUR | 2,016,952.98 | 0.50 |
| 136,795 YANDEX N.V. | USD | 6,092,228.02 | 1.51 |
| Turkey |  | 0.15 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.15 | 0.00 |
| United States of America |  | 5,962,703.90 | 1.48 |
| 125,901 KINGSOFT CLOUD HOLDINGS LTD | USD | 3,533,276.52 | 0.88 |
| 2,768 MERCADOLIBRE | USD | 2,429,427.38 | 0.60 |
| Bonds |  | 203,583,192.99 | 50.52 |
| Brazil |  | 2,719,538.79 | 0.67 |
| 3,000,000 AEGEA FINANCE SARL 5.75 17-24 10/10S | USD | 2,719,538.79 | 0.67 |
| British Virgin Islands |  | 1,008,833.64 | 0.25 |
| 1,100,000 ARCOS DORADOS	6.625 13-23 27/09S | USD | 1,008,833.64 | 0.25 |
| Canada |  | 646,663.84 | 0.16 |
| 2,081,120 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 646,663.84 | 0.16 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 13,000,000,000 CHILE 4.50 15-26 01/03S	CLP | 16,538,323.83 | 4.10 |
| --- | --- | --- |
| Indonesia | 32,128,493.74 | 7.98 |
| 110,000,000,000 INDONESIA 6.625 12-33 15/05S | IDR | 6,299,378.79 | 1.56 |
| 140,000,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 8,607,435.87 | 2.15 |
| 3,400,000 INDONESIA GOVERNMENT 4.45 20-70 15/04S	USD | 3,484,458.89 | 0.86 |
| 77,256,000,000 INDONESIA 6.125 12-28 15/05M | IDR | 4,526,716.96 | 1.12 |
| 100,000,000,000 INDONESIA 8.375 10-26 15/09S | IDR | 6,731,213.74 | 1.67 |
| 2,800,000 PT PERTAMINA (PERSERO 4.175 20-50 21/01S	USD | 2,479,289.49 | 0.62 |
| Israel |  | 12,934,955.56 | 3.21 |
| 39,000,000 ISRAEL 2.25 18-28 28/09A | ILS | 11,596,358.52 | 2.88 |
| 3,500,000 ISRAEL -DY-	3.75 17-47 31/03A	ILS | 1,338,597.04 | 0.33 |
| Ivory Coast |  | 3,337,043.34 | 0.83 |
| 3,667,000 COTE D IVOIRE	6.625 18-48 22/03A | EUR | 3,337,043.34 | 0.83 |
| Luxembourg |  | 34,839,582.53 | 8.65 |
| 5,000,000 GAZ CAPITAL	4.25 17-24 06/04S	GBP | 5,819,251.93 | 1.44 |
| 4,000,000 GAZ CAPITAL SA	2.949 18-24 24/01A	EUR | 4,167,800.00 | 1.03 |
| 2,400,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 1,887,530.60 | 0.47 |
| 20,000,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 22,965,000.00 | 5.71 |
| Malaysia | 8,270,107.73 | 2.05 |
| 3,250,000 PETRONAS CAPITAL LTD 4.8 20-60 21/04S | USD | 3,962,589.59 | 0.98 |
| 3,800,000 PETRONAS CAPITAL LTD 4.5500 20-50 21/04S | USD | 4,307,518.14 | 1.07 |
| Mexico | 24,740,492.44 | 6.14 |
| 2,625,000 CEMEX SAB DE CV	7.375 20-27 05/06S	USD | 2,383,242.44 | 0.59 |
| 10,000,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 8,824,450.00 | 2.19 |
| 16,000,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A	EUR | 13,532,800.00 | 3.36 |
| Peru | 8,751,479.52 | 2.17 |
| 30,000,000 PERU (REF OF) REGS  5.70 14-24 12/08S | PEN | 8,751,479.52 | 2.17 |
| Russia |  | 14,615,580.00 | 3.63 |
| 14,000,000 GAZPROM PJSC	2.95 20-25 15/04A | EUR | 14,615,580.00 | 3.63 |
| The Netherlands | 11,636,102.34 | 2.89 |
| 4,050,000 MDGH GMTN B.V.	2.875 20-30 21/05S	USD | 3,774,524.99 | 0.94 |
| 4,000,000 PETROBRAS GLB FIN  6.85 15-15 05/06S | USD | 3,546,044.61 | 0.88 |
| 4,713,000 PETROBRAS GLOBAL FINAN 6.75 20-50 03/06S | USD | 4,315,532.74 | 1.07 |
| Turkey |  | 13,996,850.00 | 3.47 |
| 14,000,000 TURKEY 4.625 19-25 31/03A | EUR | 13,996,850.00 | 3.47 |
| Ukraine |  | 4,602,744.87 | 1.14 |
| 5,323,000 UKRAINE GOVERNM	4.3750 20-30 27/01A	EUR | 4,602,744.87 | 1.14 |
| United Kingdom |  | 72,000.09 | 0.02 |
| 4,319,050 AFREN PLC DEF	10.25 12-19 08/04S | USD | 15,612.64 | 0.00 |
| 19,516,720 AFREN REGS DEF	6.625 13-20 09/12S	USD | 56,387.45 | 0.02 |
| United States of America | 7,209,027.53 | 1.79 |
| 4,800,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 3,114,438.17 | 0.77 |
| 4,600,000 US TREASURY BILL ZCP 100920 | USD | 4,094,589.36 | 1.02 |
| Floating rate bonds |  | 12,773,988.90 | 3.17 |
| Argentina |  | 1,133,295.00 | 0.28 |
| 3,000,000 ARGENTINA (DEFAULT) FL.R 05-38 31/12S | EUR | 1,133,295.00 | 0.28 |
| Greece |  | 4,813,200.00 | 1.19 |
| 2,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A	EUR | 1,424,680.00 | 0.35 |
| 4,000,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 3,388,520.00 | 0.84 |
| Hungary |  | 3,248,011.20 | 0.81 |
| 3,360,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 3,248,011.20 | 0.81 |
| Israel |  | 3,579,482.70 | 0.89 |
| 4,120,000 BANK LEUMI LE-ISRAEL FL.R 20-31 29/01S	USD | 3,579,482.70 | 0.89 |
| ther transferable securities | 10,252,843.51 | 2.54 |
| Bonds | 10,252,843.51 | 2.54 |
| The Netherlands | 5,205,950.33 | 1.29 |
| 2,500,000,000 JPM STRUCT PROD	0.00 17-46 10/10U	INR | 5,205,950.33 | 1.29 |
| United States of America | 5,046,893.18 | 1.25 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U	MXN | 5,046,893.18 | 1.25 |

Cayman Islands	
5,535,373.20	1.37
| 6.8750 19-40 17/10A | EUR | 5,535,373.20 | 1.37 |
| --- | --- | --- | --- |
|  |  | 16,538,323.83 | 4.10 |

5,880,000 IVORY COAST
Chile
O
Quantity	Denomination	Quotation
currency
Market value
% of net assets
Total securities portfolio	
396,314,209.16	98.33
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 8,380,634.63 |
| --- | --- |
| Net dividends | 656,340.40 |
| Net interest on bonds | 5,616,542.96 |
| Bank interest on cash account | 37,363.84 |
| Other financial income | 1,170.10 |
| Interest on swaps | 2,068,962.96 |
| Securities lending income | 254.37 |
| Expenses | 12,782,300.51 |
| Management fees | 3,014,757.53 |
| Performance fees | 6,289,032.66 |
| Bank interest on overdrafts | 196,273.84 |
| Transaction fees | 342,157.03 |
| Interest on swaps | 2,315,918.77 |
| Operating and establishment fees | 624,160.68 |
| Net loss from investments | -4,401,665.88 |
| Net realised profit / loss on: - sales of investment securities | 13,132,935.84 |
| - options | -7,707,416.88 |
| - forward foreign exchange contracts | 7,196,261.57 |
| - financial futures | 6,171,854.44 |
| - swaps | -223,602.66 |
| - foreign exchange | -2,031,842.61 |
| Net realised profit | 12,136,523.82 |
| Movement in net unrealised appreciation / depreciation on: - investments | -10,841,010.57 |
| - options | 1,227,452.37 |
| - forward foreign exchange contracts | -3,504,793.31 |
| - financial futures | 797,074.74 |
| - swaps | 2,145,869.00 |
| Increase in net assets as a result of operations | 1,961,116.05 |
| Dividends paid | -395,656.98 |
| Subscription capitalisation shares | 37,041,375.67 |
| Subscription distribution shares | 1,207,639.76 |
| Redemption capitalisation shares | -122,383,866.47 |
| Redemption distribution shares | -1,000,551.29 |
| Decrease in net assets | -83,569,943.26 |
| Net assets at the beginning of the period | 486,621,704.75 |
| Net assets at the end of the period | 403,051,761.49 |

Translation (ENFR, 2020-06-30):
# CARMIGNAC PORTFOLIO
## Combiné

### Etats financiers au 30/06/20

##### Etat des actifs nets au 30/06/20
Exprimé en EUR
| Actifs | 8.621.948.141,81 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 7.909.550.537,46 |
| Coût | 7.696.508.256,60 |
| Plus-value non réalisée sur portefeuille titres | 213.042.280,86 |
| Options achetées à la valeur d'évaluation | 33.879.213,07 |
| Options achetées au coût d’acquisition | 19.513.490,76 |
| Avoirs bancaires et liquidités | 375.007.246,21 |
| Intérêts à recevoir | 53.864.813,53 |
| Brokers à recevoir | 200.883.721,89 |
| Souscriptions à recevoir | 30.912.688,31 |
| Dividendes à recevoir | 2.210.086,19 |
| Plus-value nette non réalisée sur contrats de change à terme | 1.667.847,62 |
| Plus-value nette non réalisée nette sur instruments financiers à terme | 2.982.506,53 |
| Plus-value non réalisée nette sur swaps | 10.624.091,04 |
| Autres actifs | 365.389,96 |
| Passifs | 314.976.498,45 |
| Options vendues à la valeur d'évaluation | 6.184.101,09 |
| Options vendues au coût d'acquisition | 7.732.458,47 |
| Découverts bancaires | 53.484.051,60 |
| Brokers à payer | 155.225.437,49 |
| Rachats à payer | 39.711.476,55 |
| Moins-value non réalisée nette sur contrats de change à terme | 5.679.909,31 |
| Moins-value non réalisée nette sur instruments financiers à terme | 2.831.935,56 |
| Moins-value non réalisée nette sur swaps | 5.632.143,85 |
| Autres passifs | 46.227.443,00 |
| Valeur nette d’inventaire | 8.306.971.643,36 |


##### Etat des opérations et des changements des actifs nets du 01/01/20 au 30/06/20
Exprimé en EUR
| Revenus | 92.242.680,89 |
| --- | --- |
| Dividendes nets | 18.097.229,97 |
| Intérêts sur obligations | 61.071.047,66 |
| Intérêts bancaires sur comptes courants | 534.347,87 |
| Autres revenus financiers | 1.150.228,99 |
| Intérêts sur swaps | 10.956.610,33 |
| Revenu des prêts de titres | 433.216,07 |
| Dépenses | 101.456.877,76 |
| Commissions de gestion | 34.162.502,39 |
| Frais de gestion variables | 31.090.757,00 |
| Intérêts bancaires | 3.358.039,60 |
| Frais de transactions | 6.138.320,87 |
| Charges pour dividendes | 1.608.813,70 |
| Intérêts sur swaps | 16.489.794,90 |
| Frais de fonctionnement et d'établissement | 8.608.649,30 |
| Perte nette sur investissements | -9.214.196,87 |
| Bénéfice/perte net(te) réalisé(e) sur : |  |
| - sur ventes d’investissements en titres | 3.288.340,28 |
| - options | 3.634.470,51 |
| - contrats de change à terme | 45.363.478,87 |
| Produits sur instruments financiers à terme | -21.013.212,25 |
| - swaps | 14.702.271,76 |
| - change | -13.557.262,29 |
| Bénéfice net réalisé | 23.203.890,01 |
| Variation de la plus-value/moins-value non réalisée nette sur : |  |
| placements | -40.499.408,37 |
| - options | 16.083.022,14 |
| - contrats de change à terme | -10.605.083,51 |
| Produits sur instruments financiers à terme | -758.490,01 |
| - swaps | 17.705.401,12 |
| Augmentation des actifs nets issue du résultat d’exploitation | 5.129.331,38 |
| Dividendes versés | -5.275.885,02 |
| Émission d'actions | 2.447.480.746,44 |
| Souscription d'actions de distribution | 47.749.382,08 |
| Rachat d'actions | -2.371.340.066,87 |
| Rachat d’actions de distribution | -62.697.968,31 |
| Augmentation des actifs nets | 61.045.539,70 |
| Actifs nets, début de la période | 8.245.926.103,66 |
| Actifs nets à la fin de la période | 8.306.971.643,36 |