# CARMIGNAC PORTFOLIO
## Green Gold

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 390,336,641.92 |
| --- | --- |
| Securities portfolio at market value | 339,133,571.37 |
| Cost price | 277,880,336.20 |
| Unrealised profit on the securities portfolio | 61,253,235.17 |
| Cash at banks and liquidities | 50,060,245.92 |
| Interest receivable | 19.93 |
| Subscriptions receivable | 969,846.79 |
| Dividends receivable | 127,791.24 |
| Unrealised net appreciation on swaps | 45,166.67 |
| Liabilities | 7,060,871.76 |
| Bank overdrafts | 1,887,645.41 |
| Redemptions payable | 3,483,539.49 |
| Unrealised net depreciation on forward foreign exchange contracts | 53,990.96 |
| Unrealised net depreciation on financial futures | 898,668.48 |
| Other liabilities | 737,027.42 |
| Net asset value | 383,275,770.16 |


###### 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 | 383,275,770.16 | 355,679,216.77 | 340,207,665.42 |
| Class A EUR - Capitalisation Number of shares |  | 839,405 | 871,620 | 945,686 |
| Net asset value per share | EUR | 326.72 | 304.77 | 291.60 |
| Class A USD - Capitalisation Number of shares |  | 35,473 | 38,438 | 119,064 |
| Net asset value per share | USD | 129.81 | 124.88 | 105.01 |
| Class E EUR - Capitalisation Number of shares |  | 158,376 | 165,643 | 177,631 |
| Net asset value per share | EUR | 93.79 | 87.82 | 84.53 |
| Class F EUR - Capitalisation Number of shares |  | 503,593 | 562,285 | 276,197 |
| Net asset value per share | EUR | 126.25 | 117.42 | 111.71 |
| Class F USD - Capitalisation Number of shares |  | 0 | 804 | 2,523 |
| Net asset value per share | USD | 0.00 | 144.94 | 121.29 |
| Class W EUR - Capitalisation Number of shares |  | 173,793 | 10,863 | 11,081 |
| Net asset value per share | EUR | 123.77 | 115.03 | 105.24 |
| Class W GBP - Capitalisation Number of shares |  | 32,954 | 28,689 | 44,787 |
| Net asset value per share | GBP | 135.32 | 131.14 | 113.58 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange lis | ting	 336,344,391.00 | 87.76 |
| --- | --- | --- | --- |
| Shares |  | 336,344,391.00 | 87.76 |
|  | Bermuda | 4,332,136.98 | 1.13 |

| 406,125 GEOPARK LTD USD | USD | 4,332,136.98 | 1.13 |
| --- | --- | --- | --- |
| Canada |  | 18,242,952.49 | 4.76 |
| 80,069 AGNICO EAGLE MINES LTD | USD | 4,081,432.71 | 1.06 |
| 107,080 BARRICK GOLD CORPORATION | USD | 1,867,285.94 | 0.49 |
| 86,353 ERO COPPER CORP | CAD | 1,529,480.10 | 0.40 |
| 332,403 FIRST QUANTUM MINERALS LTD | CAD | 6,466,975.63 | 1.70 |
| 65,608 NUTRIEN - REGISTERED | USD | 3,353,150.25 | 0.87 |
| 880,000 VALEURA ENERGY - REGISTERED SHS | CAD | 284,644.19 | 0.07 |
| 13,905 WHEATON PRECIOUS METAL - REGISTERED | USD | 516,732.73 | 0.13 |
| 3,850 WHEATON PRECIOUS METAL - REGISTERED | CAD | 143,250.94 | 0.04 |
| Cayman Islands |  | 3,961,130.64 | 1.03 |
| 36,238 EHANG HOLDINGS | USD | 1,313,967.45 | 0.34 |
| 5,151 NIO INC - SHS -A- ADR | USD | 231,076.14 | 0.06 |
| 4,172 XPENG INC | USD | 156,269.70 | 0.04 |
| 116,772 2VIANET GROUP -A- ADR REPR 6SHS | USD | 2,259,817.35 | 0.59 |
| China |  | 7,091,183.02 | 1.85 |
| 281,250 BYD COMPANY LTD -H- | HKD | 7,091,183.02 | 1.85 |
| Denmark |  | 19,254,644.75 | 5.02 |
| 72,134 ORSTED | DKK | 8,536,281.06 | 2.23 |
| 325,590 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 10,718,363.69 | 2.79 |
| France |  | 21,411,826.40 | 5.59 |
| 65,410 CARBIOS | EUR | 2,779,925.00 | 0.73 |
| 77,384 SCHNEIDER ELECTRIC SE | EUR | 10,267,309.12 | 2.68 |
| 31,333 SOITEC SA RGPT | EUR | 5,824,804.70 | 1.52 |
| 66,565 TOTALENERGIES SE | EUR | 2,539,787.58 | 0.66 |
| Germany |  | 14,810,389.62 | 3.86 |
| 213,927 RWE AG | EUR | 6,537,609.12 | 1.71 |
| 58,881 SILTRONIC | EUR | 8,272,780.50 | 2.15 |
| India |  | 3,993,246.78 | 1.04 |
| 1,293,867 STERL AND WILS - SHS 144A REGS | INR | 3,993,246.78 | 1.04 |
| Ireland |  | 8,636,639.44 | 2.25 |
| 108,446 KINGSPAN GROUP | EUR | 8,636,639.44 | 2.25 |
| Jersey Island |  | 442,562.54 | 0.12 |
| 344,753 PETROFAC LTD | GBP | 442,562.54 | 0.12 |
| Norway |  | 2,001,416.14 | 0.52 |
| 1,017,144 NEL ASA | NOK | 2,001,416.14 | 0.52 |
| Russia |  | 3,333,625.53 | 0.87 |
| 116,036 MMC NORILSK NICADR REPR SHS | USD | 3,333,625.53 | 0.87 |
| South Korea |  | 34,133,448.39 | 8.91 |
| 21,905 HYUNDAI MOTOR CO LTD PREF NVTG | KRW | 1,894,440.31 | 0.49 |
| 23,567 HYUNDAI MOTOR CO LTD PREF 2 NVTG | KRW | 2,029,354.07 | 0.53 |
| 8,148 LG CHEM | KRW | 5,185,917.83 | 1.35 |
| 16,396 LG CHEMICAL LTD PREF./ISSUE 01 | KRW | 4,708,244.01 | 1.23 |
| 189,267 SAMSUNG ELECTRONICS CO LTD | KRW | 11,436,789.24 | 2.99 |
| 160,889 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,878,702.93 | 2.32 |
| Sweden |  | 4,490,632.88 | 1.17 |
| 505,932 NIBE INDUSTRIER | SEK | 4,490,632.88 | 1.17 |
| Taiwan |  | 11,342,702.76 | 2.96 |
| 111,945 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 11,342,702.76 | 2.96 |
| The Netherlands |  | 8,993,799.54 | 2.35 |
| 293,867 STMICROELECTRONICS NV | EUR | 8,993,799.54 | 2.35 |
| United Kingdom |  | 14,274,368.22 | 3.72 |
| 131,142 ASHTEAD GROUP | GBP | 8,194,369.95 | 2.13 |
| 367,680 CERES POWER HOLDINGS PLC | GBP | 4,527,203.22 | 1.18 |
| 868,968 HOCHSCHILD MINING PLC | GBP | 1,552,795.05 | 0.41 |
| United States of America |  | 155,597,684.88 | 40.61 |
| 397,989 AEVA TECHNOLOGIES | USD | 3,547,300.56 | 0.93 |
| 32,076 ALBEMARLE - REGISTERED SHS | USD | 4,556,474.37 | 1.19 |
| 22,988 ANSYS INC | USD | 6,727,561.58 | 1.76 |
| 30,164 AUTODESK INC | USD | 7,424,632.43 | 1.94 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 44,597 DANAHER CORP | USD | 10,091,956.25 | 2.63 |
| 114,893 DARLING INGREDIENT INC | USD | 6,539,571.21 | 1.71 |
| 34,089 ECOLAB INC | USD | 5,920,660.54 | 1.54 |
| 94,770 HEXCEL CORPORATION | USD | 4,986,632.94 | 1.30 |
| 48,695 KINGSOFT CLOUD HOLDINGS LTD | USD | 1,393,221.48 | 0.36 |
| 97,721 MASTEC INC | USD | 8,742,894.09 | 2.28 |
| 138,937 MICROSOFT CORP | USD | 31,737,948.65 | 8.29 |
| 10,931 NEWMONT CORPORATION | USD | 584,203.37 | 0.15 |
| 25,000 NOV - REGISTERED SHS | USD | 322,961.46 | 0.08 |
| 250,712 ON SEMICONDUCTOR CORP | USD | 8,092,803.24 | 2.11 |
| 247,420 PROTERRA | USD | 3,569,741.29 | 0.93 |
| 13,077 SOLAREDGE TECHNOLOGIES INC | USD | 3,047,550.80 | 0.80 |
| 411,689 SUNNOVA ENERGY INTERNATIONAL INC | USD | 13,073,790.15 | 3.42 |
| 276,090 SUNRUN INC | USD | 12,986,171.01 | 3.39 |
| 20,309 THERMO FISHER SCIENT SHS | USD | 8,639,245.49 | 2.25 |
| 39,197 TPI COMPOSITES | USD | 1,600,403.69 | 0.42 |
| 101,670 WASTE MANAGEMENT | USD | 12,011,960.28 | 3.13 |

| nsferable securities | 2,789,180.37 | 0.73 |
| --- | --- | --- |
| Shares | 2,789,180.37 | 0.73 |

| Cayman Islands |  | 2,789,180.37 | 0.73 |
| --- | --- | --- | --- |
| 153,846 EHANG HOLDINGS LTD - CLASS A | USD | 2,789,180.37 | 0.73 |

Other tra
Total securities portfolio	
339,133,571.3788.48
| Income | 2,133,561.99 |
| --- | --- |
| Net dividends | 2,088,410.29 |
| Bank interest on cash account | 45,151.70 |
| Expenses | 3,990,116.59 |
| Management fees | 2,583,389.85 |
| Performance fees | 85,525.03 |
| Bank interest on overdrafts | 106,733.30 |
| Transaction fees | 295,318.62 |
| Dividend expenses | 352,164.32 |
| Operating and establishment fees | 566,985.47 |
| Net loss from investments | (1,856,554.60) |
| Net realised profit / loss on: - sales of investment securities | 28,453,216.41 |
| - forward foreign exchange contracts | (627,880.78) |
| - financial futures | 4,584,062.66 |
| - swaps | (1,161,933.31) |
| - foreign exchange | (2,109,283.38) |
| Net realised profit | 27,281,627.00 |
| Movement in net unrealised appreciation / depreciation on: - investments | (2,863,133.65) |
| - forward foreign exchange contracts | (99,652.20) |
| - financial futures | (745,830.30) |
| - swaps | 1,578,322.45 |
| Increase in net assets as a result of operations | 25,151,333.30 |
| Subscription capitalisation shares | 72,123,846.24 |
| Redemption capitalisation shares | (69,678,626.15) |
| Increase in net assets | 27,596,553.39 |
| Net assets at the beginning of the period | 355,679,216.77 |
| Net assets at the end of the period | 383,275,770.16 |

Translation (ENFR, 2021-06-30):
# CARMIGNAC PORTFOLIO
## Combiné

#### Etats financiers au 30/06/2021
Etat des actifs nets au 30/06/2021
Exprimé en EUR
| Actifs | 13 149 490 262,90 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 11 694 212 488,64 |
| Coût | 10 913 684 805,46 |
| Plus-value non réalisée sur portefeuille titres | 780 527 683,18 |
| Options achetées à la valeur d'évaluation | 23 433 358,70 |
| Options achetées au coût d’acquisition | 26 662 421,68 |
| Avoirs bancaires et liquidités | 951 158 249,12 |
| Intérêts à recevoir | 57 853 894,24 |
| Brokers à recevoir | 219 933 023,84 |
| Souscriptions à recevoir | 192 335 429,44 |
| Dividendes à recevoir | 2 176 351,73 |
| 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 | 237 266,23 |
| Plus-value non réalisée nette sur swaps | 4 209 453,39 |
| Autres actifs | 1 141 244,01 |
| Passifs | 777 310 797,87 |
| Options vendues à la valeur de marché | 12 087 218,05 |
| Options vendues au coût d'acquisition | 15 401 313,38 |
| Découverts bancaires | 98 574 660,55 |
| Brokers à payer | 414 058 426,21 |
| Rachats à payer | 107 523 320,84 |
| Moins-value non réalisée nette sur contrats de change à terme | 29 661 082,62 |
| Moins-value non réalisée nette sur instruments financiers à terme | 11 765 200,57 |
| Moins-value non réalisée nette sur swaps | 67 706 325,22 |
| Autres passifs | 35 934 563,81 |
| Valeur nette d’inventaire | 12 372 179 465,03 |

Etat des opérations et des changements des actifs nets du 01/01/21 au 30/06/21
Exprimé en EUR
| Revenus | 114 524 076,87 |
| --- | --- |
| Dividendes nets | 22 535 782,60 |
| Intérêts nets sur obligations | 80 326 116,97 |
| Intérêts bancaires sur comptes courants | 256 502,92 |
| Autres revenus financiers | 1 948 419,92 |
| Intérêts sur swaps | 9 393 535,06 |
| Revenu des prêts de titres | 63 719,40 |
| Dépenses | 105 772 440,46 |
| Commissions de gestion | 47 333 492,70 |
| Commission de performance | 12 235 758,25 |
| Intérêts bancaires | 3 544 279,77 |
| Frais de transactions | 6 896 184,15 |
| Charges pour dividendes | 1 543 766,54 |
| Intérêts sur swaps | 20 849 922,15 |
| Frais de fonctionnement et d'établissement | 13 369 036,90 |
| Montant net total des revenus d’investissement | 8 751 636,41 |
| Bénéfice/perte net(te) réalisé(e) sur : - ventes d’investissements en titres | 378 987 776,60 |
| - options | 13 900 184,68 |
| - contrats de change à terme | (8 220 805,64) |
| - Produits sur instruments financiers à terme | (36 460 151,65) |
| - swaps | 90 450 247,38 |
| - change | (45 965 371,15) |
| Bénéfice net réalisé | 401 443 516,63 |
| Variation de la plus-value/moins-value non réalisée nette sur : - placements | 88 440 067,37 |
| - options | (1 033 462,86) |
| - contrats de change à terme | (33 086 594,64) |
| - Produits sur instruments financiers à terme | (1 936 490,25) |
| - swaps | (56 656 482,91) |
| Augmentation des actifs nets issue du résultat d’exploitation | 397 170 553,34 |
| Dividendes versés | (4 441 137,03) |
| Souscription d'actions de capitalisation | 4 566 890 449,80 |
| Souscription d'actions de distribution | 91 883 949,47 |
| Rachat d'actions de capitalisation | (2 558 694 657,11) |
| Rachat d’actions de distribution | (46 964 378,08) |
| Augmentation des actifs nets | 2 445 844 780,39 |
| Actifs nets, début de la période | 9 926 334 684,64 |
| Actifs nets à la fin de la période | 12 372 179 465,03 |