# CARMIGNAC PORTFOLIO
## Unconstrained Global Bond

##### Financial Statements as at 30/06/20
Statement of net assets as at 30/06/20
Expressed in EUR
| Assets | 865,752,635.67 |
| --- | --- |
| Securities portfolio at market value | 732,593,337.44 |
| Cost price | 738,126,449.70 |
| Unrealised loss on the securities portfolio | -5,533,112.26 |
| Cash at banks and liquidities | 24,524,312.12 |
| Interest receivable | 7,075,552.19 |
| Brokers receivable | 97,308,352.43 |
| Subscriptions receivable | 4,119,779.48 |
| Other assets | 131,302.01 |
| Liabilities | 32,765,031.99 |
| Bank overdrafts | 1,223,211.51 |
| Brokers payable | 24,240,196.39 |
| Redemptions payable | 3,134,720.84 |
| Unrealised net depreciation on forward foreign exchange contracts | 1,945,689.50 |
| Unrealised net depreciation on financial futures | 125,699.76 |
| Unrealised net depreciation on swaps | 1,252,743.54 |
| Other liabilities | 842,770.45 |
| Net asset value | 832,987,603.68 |

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 | 832,987,603.68 | 846,116,864.50 | 1,026,109,098.40 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 249,812 | 270,889 | 324,098 |
| Net asset value per share | EUR | 1,486.15 | 1,463.42 | 1,350.53 |
| Class Income A EUR - Distribution Number of shares |  | 40,251 | 40,054 | 55,878 |
| Net asset value per share | EUR | 98.10 | 98.30 | 93.86 |
| Class A EUR Y - Distribution Number of shares |  | 717,624 | 570,076 | 505,691 |
| Net asset value per share | EUR | 102.87 | 103.25 | 96.74 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 100,825 | 96,773 | 103,541 |
| Net asset value per share | CHF | 118.98 | 117.46 | 108.90 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 39,960 | 16,342 | 15,570 |
| Net asset value per share | CHF | 95.82 | 96.37 | 92.39 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 88.35 |
| Class A USD Hedged - Capitalisation Number of shares |  | 138,837 | 179,824 | 192,306 |
| Net asset value per share | USD | 131.95 | 128.89 | 116.04 |

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 | 832,987,603.68 | 846,116,864.50 | 1,026,109,098.40 |
| --- | --- | --- | --- | --- |
| Class E EUR - Capitalisation Number of shares |  | 95,746 | 88,604 | 130,239 |
| Net asset value per share | EUR | 112.20 | 110.71 | 102.54 |
| Class E USD Hedged - Capitalisation Number of shares |  | 4,035 | 18,557 | 14,656 |
| Net asset value per share | USD | 144.57 | 141.49 | 127.85 |
| Class Income E USD Hedged - Distribution Number of shares |  | 20,990 | 15,573 | 2,821 |
| Net asset value per share | USD | 116.19 | 115.73 | 108.14 |
| Class F EUR - Capitalisation Number of shares |  | 1,284,008 | 1,556,983 | 2,460,371 |
| Net asset value per share | EUR | 139.68 | 137.28 | 126.24 |
| Class F EUR Y - Distribution Number of shares |  | 25,580 | 37,635 | 22,735 |
| Net asset value per share | EUR | 101.63 | 102.18 | 95.21 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 798,031 | 791,649 | 811,542 |
| Net asset value per share | CHF | 135.15 | 133.15 | 122.99 |
| Class F USD Hedged - Capitalisation Number of shares |  | 30,126 | 53,724 | 29,200 |
| Net asset value per share | USD | 150.61 | 146.83 | 131.70 |
| Class W EUR - Capitalisation Number of shares |  | 402,921 | 92,646 | 773,300 |
| Net asset value per share | EUR | 107.04 | 105.19 | 96.65 |
| Class W GBP - Capitalisation Number of shares |  | 11,628 | 12,327 | 10,090 |
| Net asset value per share | GBP | 150.31 | 137.70 | 134.01 |
| Class Income W GBP - Distribution Number of shares |  | 37,240 | 38,470 | 48,970 |
| Net asset value per share | GBP | 100.60 | 93.78 | 94.46 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 16,316 | 16,310 | 10,261 |
| Net asset value per share | GBP | 152.66 | 149.77 | 136.25 |
| Class Income W GBP Hedged - Distribution Number of shares |  | 835 | 821 | 4,855 |
| Net asset value per share | GBP | 102.83 | 102.63 | 96.67 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchang | e listing	 722,340,493.93 | 86.72 |
| --- | --- | --- |
| Bonds | 557,371,422.54 | 66.92 |
| Australia |  | 92,618,034.69 | 11.11 |
| 30,000,000 AUSTRALIA 2.50 10-30 20/09Q | AUD | 28,633,145.34 | 3.44 |
| 50,000,000 AUSTRALIA 2.75 12-24 21/04S | AUD | 33,476,675.04 | 4.01 |
| 30,000,000 AUSTRALIA 3.00 16-47 21/03S | AUD | 23,440,936.68 | 2.81 |
| 10,000,000 NSW TREASURY	3.00 16-30 20/02S | AUD | 7,067,277.63 | 0.85 |
| Austria |  | 7,415,686.08 | 0.89 |
| 6,712,000 AUSTRIA	0.85 30/06 20-2120A | EUR | 7,415,686.08 | 0.89 |
| Belgium |  | 28,551,670.00 | 3.43 |
| 14,000,000 BELGIUM 1.60 16-47 22/06A | EUR | 17,586,030.00 | 2.11 |
| 7,000,000 BELGIUM 2.15 16-66 22/06A | EUR | 10,965,640.00 | 1.32 |
| Bermuda |  | 4,636,400.48 | 0.56 |
| 2,300,000 NCL CORPORATION	12.2500 20-24 15/05 | USD | 2,160,441.61 | 0.26 |
| 7,453,326 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 2,475,958.87 | 0.30 |
| Brazil |  | 3,124,750.07 | 0.38 |
| 3,447,000 AEGEA FINANCE SARL 5.75 17-24 10/10S | USD | 3,124,750.07 | 0.38 |
| Cayman Islands |  | 5,502,243.69 | 0.66 |
| 2,718,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 1,609,286.38 | 0.19 |
| 9,205,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 3,892,957.31 | 0.47 |
| France |  | 17,128,741.70 | 2.06 |
| 5,000,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 5,292,125.00 | 0.64 |
| 3,870,000 RENAULT CREDIT INTERN 2 19-24 11/07A | EUR | 3,904,094.70 | 0.47 |
| 7,800,000 SOCIETE DU GRAND PARIS 1.0 20-70 18/02A | EUR | 7,932,522.00 | 0.95 |
| Germany |  | 52,183,822.66 | 6.26 |
| 42,042,000 GERMANY 0.50 14-30 15/04A | EUR | 52,183,822.66 | 6.26 |
| Greece |  | 26,068,325.00 | 3.13 |
| 15,000,000 HELLENIC REPUBLIC  1.5 20-30 18/06A | EUR | 15,419,625.00 | 1.85 |
| 10,000,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A | EUR | 10,648,700.00 | 1.28 |
| Indonesia |  | 9,640,403.86 | 1.16 |
| 7,000,000 INDONESIA 5.25 12-42 17/01S | USD | 7,716,297.91 | 0.93 |
| 1,860,000 PERTAMINA 5.625 13-43 20/05S | USD | 1,924,105.95 | 0.23 |
| Ireland |  | 4,714,925.00 | 0.57 |
| 5,000,000 FCA BANK SPA IR	0.5000 19-24 13/09A | EUR | 4,714,925.00 | 0.57 |
| Jersey Island |  | 5,632,907.45 | 0.68 |
| 7,000,000 ASTON MARTIN CAPIT 6.50 17-22 15/04S | USD | 5,632,907.45 | 0.68 |
| Luxembourg |  | 34,663,303.13 | 4.16 |
| 5,000,000 ALTICE FRANCE HOLDING 4.0 20-28 15/02S | EUR | 4,527,650.00 | 0.54 |
| 3,140,000 MOTION FINCO SARL	7.00 20-25 15/05S | EUR | 3,238,297.70 | 0.39 |
| 5,000,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 3,932,355.43 | 0.47 |
| 20,000,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 22,965,000.00 | 2.76 |
| Mexico |  | 26,723,707.00 | 3.21 |
| 4,900,000 PEMEX REGS	3.125 13-20 27/11A | EUR | 4,861,682.00 | 0.58 |
| 5,000,000 PETROLEOS MEXIC	3.6250 18-25 24/11A | EUR | 4,451,800.00 | 0.53 |
| 9,000,000 PETROLEOS MEXIC	6.9500 20-60 28/01S | USD | 6,163,175.00 | 0.74 |
| 6,800,000 PETROLEOS MEXICANO 2.50 17-21 21/08A | EUR | 6,595,150.00 | 0.80 |
| 5,500,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 4,651,900.00 | 0.56 |
| Morocco |  | 4,531,718.75 | 0.54 |
| 4,850,000 MOROCCO	1.50 19-31 27/11A | EUR | 4,531,718.75 | 0.54 |
| Panama |  | 964,855.09 | 0.12 |
| 1,000,000 CARNIVAL CORP	11.5 20-23 01/04S | USD | 964,855.09 | 0.12 |
| Qatar |  | 9,858,305.65 | 1.18 |
| 9,700,000 STATE OF QATAR	3.75 20-30 16/04S | USD | 9,858,305.65 | 1.18 |
| The Netherlands |  | 58,001,724.17 | 6.96 |
| 6,110,000 AIRBUS SE	2.3750 20-40 09/06A | EUR | 6,341,813.40 | 0.76 |
| 9,700,000 JAB HOLDINGS	3.375 20-35 17/04A | EUR | 11,256,656.00 | 1.35 |
| 6,800,000 MDGH GMTN B.V	3.95 20-50 21/05S | USD | 6,712,150.65 | 0.81 |
| 6,500,000 MDGH GMTN B.V.	2.875 20-30 21/05S | USD | 6,057,879.63 | 0.73 |
| 5,000,000 PETROBRAS GLB FIN  6.85 15-15 05/06S | USD | 4,432,555.76 | 0.53 |
| 9,500,000 PETROBRAS GLOBAL FINAN 6.75 20-50 03/06S | USD | 8,698,824.73 | 1.04 |
| 5,000,000 TEVA PHARM FIN II  1.125 16-24 15/10A | EUR | 4,399,150.00 | 0.53 |
| 9,900,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 8,103,744.00 | 0.97 |
| 2,000,000 TEVA PHARMA	3.25 18-22 14/03S | EUR | 1,998,950.00 | 0.24 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
United Kingdom	
75,224,742.03	9.03
| 17,000,000 CARNIVAL PLC | 1.0 19-29 28/10A | EUR | 9,003,285.00 | 1.08 |
| --- | --- | --- | --- | --- |
| 4,732,000 EASYJET PLC | 1.125 16-23 18/10A | EUR | 4,172,582.96 | 0.50 |
| 5,000,000 EASYJET PLC | 1.75 16-23 09/02A | EUR | 4,511,375.00 | 0.54 |
| 4,025,000 EASYJET PLC | 0.8750 19-25 11/06A | EUR | 3,361,760.50 | 0.40 |
| 97,000,000,000 EUROPEAN BK REC	6.4500 17-22 13/12A	IDR | 5,938,482.23 | 0.71 |
| 12,960,000 NATWEST MARKETS PLC  2.75 20-25 02/04A	EUR | 13,897,850.40 | 1.67 |
| 31,000,000 UNITED KINGDOM	3.75 10-20 07/09S	GBP | 34,339,405.94 | 4.13 |
| United States of America | 90,185,156.04 | 10.83 |
| 5,000,000 BOEING	5.93 20-60 01/05S	USD | 5,286,671.41 | 0.63 |
| 5,000,000 EXPEDIA GROUP I	6.2500 20-25 01/05S	USD | 4,772,908.78 | 0.57 |
| 8,000,000 FORD MOTOR	9.625 20-30 22/04S	USD | 8,475,840.27 | 1.03 |
| 5,000,000 HILTON DOMESTIC	5.3750 20-25 01/05S | USD | 4,455,103.95 | 0.53 |
| 220,500,000,000 INTER-AM.DEV.BK | 7.875 16-23 14/03A | IDR | 14,005,979.19 | 1.69 |
| 97,000,000,000 INTL BK RECON & | 7.4500 18-21 20/08A | IDR | 6,035,184.72 | 0.72 |
| 4,000,000 MARRIOTT INTERNATIONAL5.750 20-25 01/05S	USD | 3,885,596.76 | 0.47 |
| 2,606,000 MURPHY OIL CORP	5.75 17-25 15/08S	USD | 2,109,766.00 | 0.25 |
| 3,900,000 NETFLIX INC | 4.625 18-29 15/05S | EUR | 4,341,538.50 | 0.52 |
| 3,000,000 NETFLIX INC | 3.6250 19-30 15/06S | EUR | 3,085,905.00 | 0.37 |
| 7,000,000 SABRE INC	9 | .25 20-25 15/04S | USD | 6,590,838.27 | 0.79 |
| 7,000,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 6,619,690.00 | 0.79 |
| 3,875,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 3,415,616.79 | 0.41 |
| 20,000,000 US TREASURY	1.25 20-50 15/11S | USD | 17,104,516.40 | 2.06 |
| Floating rate bonds |  | 127,812,850.15 | 15.34 |
| France |  | 4,511,520.00 | 0.54 |
| 4,800,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 4,511,520.00 | 0.54 |
| Germany |  | 12,300,590.00 | 1.48 |
| 7,000,000 COMMERZBANK AG | FL.R 20-30 05/12A | EUR | 7,051,590.00 | 0.85 |
| 5,000,000 DEUTSCHE BANK AG | FL.R 20-31 19/05A | EUR | 5,249,000.00 | 0.63 |
| Greece |  |  | 14,997,660.00 | 1.80 |
| 6,000,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 5,101,680.00 | 0.61 |
| 2,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 1,424,680.00 | 0.17 |
| 10,000,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 8,471,300.00 | 1.02 |
| Israel | 3,579,482.70 | 0.43 |
| 4,120,000 BANK LEUMI LE-ISRAEL FL.R 20-31 29/01S	USD | 3,579,482.70 | 0.43 |
| Italy | 19,512,182.00 | 2.34 |
| 2,800,000 INTESA SAN PAOLO | FL.R 17-XX 16/05S | EUR | 2,811,452.00 | 0.34 |
| 5,000,000 INTESA SANPAOLO | FL.R 20-XX 31/12S | EUR | 4,041,000.00 | 0.49 |
| 17,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 12,659,730.00 | 1.51 |
| Luxembourg |  | 11,828,517.40 | 1.42 |
| 21,500,000 MITSUBISHI UFJ INV  FL.R 09-50 15/12Q | EUR | 11,828,517.40 | 1.42 |
| Spain |  | 29,023,123.00 | 3.47 |
| 7,000,000 BANCO BILBAO | FL.R 19-XX 29/06Q | EUR | 6,918,520.00 | 0.82 |
| 7,000,000 BANCO BILBAO VI | FL.R 18-XX 24/03Q | EUR | 6,828,010.00 | 0.82 |
| 9,700,000 BANCO SANT REGS SUB FL.R 14-XX 11/09Q | EUR | 9,310,545.00 | 1.11 |
| 6,800,000 IBERCAJA BANCO | FL.R 20-30 23/07A | EUR | 5,966,048.00 | 0.72 |
| Switzerland |  |  | 5,543,900.00 | 0.67 |
| 5,000,000 CREDIT SUISSE G | FL.R 20-26 02/04A | EUR | 5,543,900.00 | 0.67 |
| The Netherlands |  | 10,542,018.00 | 1.27 |
| 3,600,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 3,509,028.00 | 0.42 |
| 3,000,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 3,042,510.00 | 0.37 |
| 4,000,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 3,990,480.00 | 0.48 |
| Turkey | 2,513,012.51 | 0.30 |
| 3,000,000 TUKIYE GARANT BANKASI FL.R 17-27 25/04S	USD | 2,513,012.51 | 0.30 |
| United Kingdom | 13,460,844.54 | 1.62 |
| 5,000,000 BARCLAYS	FL.R 20-25 02/04A	EUR | 5,375,300.00 | 0.65 |
| 3,200,000 LLOYDS BANKING GROUP PL FL.R 20-26 01/04A | EUR | 3,552,544.00 | 0.43 |
| 4,461,000 STANDARD CHARTERED PLC FL.R 20-30 09/09A | EUR | 4,533,000.54 | 0.54 |
| Mortgage and asset backed securities |  | 37,156,221.24 | 4.46 |
| Ireland | 20,074,613.69 | 2.41 |
| 2,500,000 CIFCE 1X E FL.R	19-32 15/07Q	EUR | 2,296,311.25 | 0.28 |
| 2,200,000 CORDA 8X F	FL.R 17-30 23/04Q	EUR | 2,044,821.02 | 0.25 |
| 1,000,000 NEWHAVEN CLO	FL.R 17-30 15/02Q	EUR | 862,842.80 | 0.10 |
| 5,000,000 OCPE 2019-3XE	FL.R 19-30 20/04Q	EUR | 4,865,489.50 | 0.58 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,000,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,863,220.80 | 0.22 |
| --- | --- | --- | --- |
| 2,900,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 2,117,573.62 | 0.25 |
| 4,000,000 ST.PAULS'S CLO X DESIG FL.R 19-30 15/10Q | EUR | 3,980,603.20 | 0.48 |
| 2,700,000 TORO EUROPEAN CLO  FL.R 17-30 15/04Q | EUR | 2,043,751.50 | 0.25 |
| Morocco |  | 4,964,493.50 | 0.60 |
| 5,000,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 4,964,493.50 | 0.60 |
| The Netherlands |  | 12,117,114.05 | 1.45 |
| 3,100,000 CRNCL 2016-7X F	FL.R 17-30 31/01Q | EUR | 2,885,642.75 | 0.35 |
| 5,000,000 DRYD 2017-27X E	FL.R 17-30 15/05Q | EUR | 4,675,369.00 | 0.55 |
| 3,000,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 2,966,811.30 | 0.36 |
| 2,000,000 TIKEHAU	FLR  17-30 09/11Q | EUR | 1,589,291.00 | 0.19 |
| Other transferable securities | 10,252,843.51 | 1.23 |
| Bonds |  | 10,252,843.51 | 1.23 |
|  | The Netherlands | 5,205,950.33 | 0.62 |
| 2,500,000,000 JPM STRUCT PROD | 0.00 17-46 10/10U | INR | 5,205,950.33 | 0.62 |
| United States of America |  | 5,046,893.18 | 0.61 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U | MXN | 5,046,893.18 | 0.61 |

Total securities portfolio	
732,593,337.44	87.95
Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20
Expressed in EUR
| Income | 11,883,581.40 |
| --- | --- |
| Net interest on bonds | 10,961,971.03 |
| Bank interest on cash account | 59,777.77 |
| Interest on swaps | 850,323.66 |
| Securities lending income | 11,508.94 |
| Expenses | 6,370,311.12 |
| Management fees | 3,430,767.96 |
| Performance fees | 22,068.44 |
| Bank interest on overdrafts | 282,059.70 |
| Transaction fees | 62,583.88 |
| Interest on swaps | 1,756,602.88 |
| Operating and establishment fees | 816,228.26 |
| Net income from investments | 5,513,270.28 |
| Net realised profit / loss on: - sales of investment securities | 3,117,543.22 |
| - options | 5,684,179.27 |
| - forward foreign exchange contracts | 12,767,813.93 |
| - financial futures | 11,083,398.45 |
| - swaps | -10,045,092.17 |
| - foreign exchange | -16,958,049.58 |
| Net realised profit | 11,163,063.40 |
| Movement in net unrealised appreciation / depreciation on: - investments | 934,659.86 |
| - options | -397,600.00 |
| - forward foreign exchange contracts | 1,786,451.52 |
| - financial futures | 1,918,537.99 |
| - swaps | -7,503,969.15 |
| Increase in net assets as a result of operations | 7,901,143.62 |
| Dividends paid | -1,567,721.86 |
| Subscription capitalisation shares | 280,974,354.24 |
| Subscription distribution shares | 26,301,103.85 |
| Redemption capitalisation shares | -317,319,654.65 |
| Redemption distribution shares | -9,418,486.02 |
| Decrease in net assets | -13,129,260.82 |
| Net assets at the beginning of the period | 846,116,864.50 |
| Net assets at the end of the period | 832,987,603.68 |

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 |