# CARMIGNAC PORTFOLIO
## Long-Short European Equities

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 538,661,519.65 |
| --- | --- |
| Securities portfolio at market value | 371,441,850.41 |
| Cost price | 318,038,106.85 |
| Unrealised profit on the securities portfolio | 53,403,743.56 |
| Options purchased at market value | 14,957,933.98 |
| Options purchased at cost | 13,880,602.38 |
| Cash at banks and liquidities | 99,886,160.56 |
| Interest receivable | 277,570.84 |
| Brokers receivable | 49,654,637.10 |
| Subscriptions receivable | 2,095,778.88 |
| Dividends receivable | 108,367.31 |
| Unrealised net appreciation on financial futures | 237,266.23 |
| Other assets | 1,954.34 |
| Liabilities | 44,481,183.65 |
| Options sold at market value | 3,447,169.57 |
| Options sold at cost | 4,991,931.13 |
| Bank overdrafts | 16,912,057.85 |
| Brokers payable | 8,470,371.54 |
| Redemptions payable | 889,004.67 |
| Unrealised net depreciation on forward foreign exchange contracts | 668,412.52 |
| Unrealised net depreciation on swaps | 1,605,946.29 |
| Other liabilities | 12,488,221.21 |
| Net asset value | 494,180,336.00 |


###### 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 | 494,180,336.00 | 397,686,140.00 | 369,618,718.60 |
| Class A EUR - Capitalisation Number of shares |  | 531,925 | 397,305 | 396,061 |
| Net asset value per share | EUR | 148.02 | 139.28 | 130.26 |
| Class E EUR - Capitalisation Number of shares |  | 180,704 | 180,986 | 214,856 |
| Net asset value per share | EUR | 142.61 | 134.57 | 126.57 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 977 | 858 |
| Net asset value per share | USD | 0.00 | 144.53 | 134.95 |
| Class F EUR - Capitalisation Number of shares |  | 2,394,697 | 2,121,280 | 1,992,930 |
| Net asset value per share | EUR | 146.65 | 137.61 | 128.11 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 14,957 | 14,553 | 12,730 |
| Net asset value per share | CHF | 142.29 | 133.78 | 124.96 |
| Class F GBP - Capitalisation Number of shares |  | 0 | 387 | 5,024 |
| Net asset value per share | GBP | 0.00 | 186.36 | 162.68 |

| Period ending as at: | 30/06/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 494,180,336.00 | 397,686,140.00 | 369,618,718.60 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 179,522 | 140,161 | 195,280 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 151.87 | 142.22 | 132.12 |
| Class F USD Hedged - Capitalisation Number of shares |  | 35,873 | 15,087 | 20,800 |
| Net asset value per share | USD | 158.11 | 148.09 | 136.58 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange l | isting	 268,282,944.28 | 54.28 |
| --- | --- | --- | --- |
| Shares |  | 268,282,944.28 | 54.28 |
|  | France | 17,454,912.96 | 3.53 |

| 12,754 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 8,434,220.20 | 1.71 |
| --- | --- | --- | --- |
| 38,131 SAFRAN SA | EUR | 4,458,276.52 | 0.90 |
| 57,796 WORLDLINE SA | EUR | 4,562,416.24 | 0.92 |
| Germany |  | 119,977,599.58 | 24.29 |
| 99,918 AUTO1 GROUP --- BEARER SHS | EUR | 3,701,961.90 | 0.75 |
| 110,136 DELIVERY HERO | EUR | 12,269,150.40 | 2.48 |
| 191,851 DERMAPHARM HLDG - BEARER SHS | EUR | 12,901,979.75 | 2.61 |
| 657,991 DEUTSCHE WOHNEN SE | EUR | 33,939,175.78 | 6.88 |
| 82,542 HELLA GMBH & CO. KGAA | EUR | 4,767,625.92 | 0.96 |
| 26,327 KNORR-BREMSE - BEARER SHS | EUR | 2,553,719.00 | 0.52 |
| 334,347 PUMA AG | EUR | 33,618,590.85 | 6.80 |
| 103,254 RIB SOFTWARE AG NAM.AKT | EUR | 4,078,533.00 | 0.83 |
| 350 SAP AG | EUR | 41,594.00 | 0.01 |
| 47,849 SCOUT24 | EUR | 3,403,020.88 | 0.69 |
| 85,358 ZALANDO SE | EUR | 8,702,248.10 | 1.76 |
| Ireland |  | 6,784,947.12 | 1.37 |
| 425,122 RYANAIR HLDGS | EUR | 6,784,947.12 | 1.37 |
| Israel |  | 2,342,048.29 | 0.47 |
| 11,813 MONDAY.COM | USD | 2,227,227.14 | 0.45 |
| 6,912 SIMILARWEB LTD | USD | 114,821.15 | 0.02 |
| Italy |  | 11,435,007.00 | 2.31 |
| 1,786,441 PRADA SPA | HKD | 11,435,007.00 | 2.31 |
| Luxembourg |  | 18,695,327.40 | 3.78 |
| 565,668 SUSE SA | EUR | 18,695,327.40 | 3.78 |
| Norway |  | 613,262.75 | 0.12 |
| 37,929 ADEVINTA ASA - REGISTERED SHS | NOK | 613,262.75 | 0.12 |
| Sweden |  | 7,733,257.88 | 1.56 |
| 93,601 ATLAS COPCO AB - REGS -A- | SEK | 4,836,020.90 | 0.97 |
| 152,643 HEMNET GRP | SEK | 2,897,236.98 | 0.59 |
| The Netherlands |  | 45,312,747.77 | 9.18 |
| 1,439 ADYEN --- PARTS SOCIALES | EUR | 2,965,059.50 | 0.60 |
| 78,349 ASM INTERNATIONAL NV | EUR | 21,702,673.00 | 4.40 |
| 233,345 ASR NEDERLAND NV | EUR | 7,604,713.55 | 1.55 |
| 83,913 BESI -REGISTERED SHS | EUR | 6,003,136.02 | 1.21 |
| 52,477 IMCD | EUR | 7,037,165.70 | 1.42 |
| United Kingdom |  | 12,312,803.78 | 2.49 |
| 180,556 ALLFUNDS GROUP PLC | EUR | 2,650,200.97 | 0.54 |
| 142,821 INFORMA PLC | GBP | 834,515.86 | 0.17 |
| 640,344 JET2 PLC | GBP | 8,828,086.95 | 1.78 |
| United States of America |  | 25,621,029.75 | 5.18 |
| 92,569 CARA THERAPEUTICS | USD | 1,113,887.87 | 0.23 |
| 1,943,340 CLEARSIDE BIOMEDIAL INC | USD | 7,980,492.28 | 1.61 |
| 6,053 MATCH GROUP INC | USD | 823,042.63 | 0.17 |
| 72,308 REGENXBIO INC | USD | 2,368,804.96 | 0.48 |
| 87,534 SENTINELONE INC -CLASS A | USD | 3,137,022.51 | 0.63 |
| 79,635 SPLUNK INC | USD | 9,708,768.28 | 1.96 |
| 8,537 UIPATH INC | USD | 489,011.22 | 0.10 |

| Shares/Units of UCITS/UCIS | 33,694,319.24 | 6.82 |
| --- | --- | --- |
| Shares/Units in investment funds | 33,694,319.24 | 6.82 |
| France | 33,694,319.24 | 6.82 |
| 2,163 CARMIGNAC COURT TERME A EUR ACC | EUR | 7,977,310.82 | 1.61 |
| 62,703 CARMIGNAC LONG-SHORT EUROPEAN EQUITIES A EUR ACC | EUR | 25,717,008.42 | 5.21 |
| Money market instruments |  | 69,464,586.89 | 14.06 |
| Bonds |  | 69,464,586.89 | 14.06 |
| Italy |  | 40,107,961.64 | 8.12 |
| 16,000,000 ITALY ZCP 140721 | EUR | 16,003,280.00 | 3.24 |
| 8,072,000 ITALY ZCP 301121 | EUR | 8,090,121.64 | 1.64 |
| 16,000,000 ITALY ZCP 310821 | EUR | 16,014,560.00 | 3.24 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Spain |  | 29,356,625.25 | 5.94 |
| --- | --- | --- | --- |
| 12,087,000 SPAIN ZCP 060522 | EUR | 12,144,413.25 | 2.46 |
| 17,200,000 SPAIN ZCP 130821 | EUR | 17,212,212.00 | 3.48 |
| Total securities portfolio |  | 371,441,850.41 | 75.16 |

| Income | 3,194,729.55 |
| --- | --- |
| Net dividends | 3,029,663.51 |
| Bank interest on cash account | 22,060.29 |
| Other financial income | 137,322.19 |
| Securities lending income | 5,683.56 |
| Expenses | 11,034,885.30 |
| Management fees | 2,163,023.67 |
| Performance fees | 4,838,009.92 |
| Bank interest on overdrafts | 997,621.85 |
| Transaction fees | 896,313.45 |
| Dividend expenses | 781,762.61 |
| Interest on swaps | 3,594.36 |
| Operating and establishment fees | 1,354,559.44 |
| Net loss from investments | (7,840,155.75) |
| Net realised profit / loss on: - sales of investment securities | 59,126,233.42 |
| - options | (912,035.03) |
| - forward foreign exchange contracts | 178,556.84 |
| - financial futures | (24,211,595.07) |
| - swaps | (67,392.88) |
| - foreign exchange | (2,213,629.36) |
| Net realised profit | 24,059,982.17 |
| Movement in net unrealised appreciation / depreciation on: - investments | 3,112,293.46 |
| - options | 893,036.14 |
| - forward foreign exchange contracts | (985,825.70) |
| - financial futures | 3,718,649.77 |
| - swaps | (2,382,064.73) |
| Increase in net assets as a result of operations | 28,416,071.11 |
| Subscription capitalisation shares | 119,670,626.17 |
| Redemption capitalisation shares | (51,592,501.28) |
| Increase in net assets | 96,494,196.00 |
| Net assets at the beginning of the period | 397,686,140.00 |
| Net assets at the end of the period | 494,180,336.00 |

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 |