# CARMIGNAC PORTFOLIO
## China New Economy (launched on 31/03/21)

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 34,496,141.05 |
| --- | --- |
| Securities portfolio at market value | 33,078,249.86 |
| Cost price | 31,403,707.39 |
| Unrealised profit on the securities portfolio | 1,674,542.47 |
| Cash at banks and liquidities | 1,175,005.34 |
| Brokers receivable | 166,536.05 |
| Dividends receivable | 49,607.97 |
| Unrealised net appreciation on forward foreign exchange contracts | 26,268.55 |
| Other assets | 473.28 |
| Liabilities | 1,483,152.25 |
| Bank overdrafts | 245,773.00 |
| Brokers payable | 934,687.62 |
| Unrealised net depreciation on financial futures | 87,549.00 |
| Other liabilities | 215,142.63 |
| Net asset value | 33,012,988.80 |


###### Key figures relating to the last 3 years
Total Net Assets
Class A EUR - Capitalisation
Number of shares
Period ending as at:	30/06/21
EUR	33,012,988.80
17,436
Net asset value per share	EUR
Class F EUR - Capitalisation
Number of shares
Net asset value per share	EUR
103.46
301,208
103.61

###### Securities portfolio as at 30/06/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing	 33,078,249.86 | 100.20 |
| --- | --- |
| Shares | 33,078,249.86 | 100.20 |

| Cayman Islands |  | 21,836,197.03 | 66.15 |
| --- | --- | --- | --- |
| 251 ANGELALIGN TECHNOLOGY INC | HKD | 10,918.14 | 0.03 |
| 109,956 CHINDATA GROUP HOLDINGS LTD | USD | 1,399,136.55 | 4.24 |
| 39,613 CLOOPEN GROUP HOLDING LIMITED | USD | 283,260.17 | 0.86 |
| 14,454 DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 792,477.51 | 2.40 |
| 79,011 EHANG HOLDINGS | USD | 2,864,889.96 | 8.68 |
| 32,388 ENN ENERGY HOLDINGS LTD | HKD | 519,783.53 | 1.57 |
| 85,022 FULL TRUCK ALLIANCE COMPANY LIMITED | USD | 1,461,125.19 | 4.43 |
| 70,650 HUAZHU GROUP LTD | HKD | 319,514.90 | 0.97 |
| 39,653 JD HEALTH INTERNATIONAL INC | HKD | 479,220.25 | 1.45 |
| 1,198 JD LOGISTICS INC | HKD | 5,502.51 | 0.02 |
| 1 JD.COM INC SADR REPR 2 SHS -A- | USD | 67.30 | 0.00 |
| 21,526 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 1,197,462.03 | 3.63 |
| 8,132 KANZHUN LTD SHS A SPONSORED US DEPOSITAR | USD | 271,889.54 | 0.82 |
| 32,157 MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 134,605.83 | 0.41 |
| 103,178 MINISO GROUP HOLDING LTD-ADR | USD | 1,808,812.40 | 5.48 |
| 47,887 NEW HORIZON HEALTH LTD | HKD | 411,819.36 | 1.25 |
| 138,399 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 955,803.87 | 2.90 |
| 10,050 NIU TECHNOLOGIES ADR | USD | 276,694.92 | 0.84 |
| 93,633 OCUMENSION THERAPEUTICS | HKD | 277,559.14 | 0.84 |
| 33,623 POP MART INTERNATIONAL GROUP LIMITED | HKD | 281,119.60 | 0.85 |
| 363,320 SHIMAO SERVICES -SHS UNITARY REG S/144A | HKD | 1,059,247.73 | 3.21 |
| 1,084,750 SINO BIOPHARMA | HKD | 897,529.18 | 2.72 |
| 51,071 TAL EDUCAT GR -A- ADR REPR 1/3 SH -A- | USD | 1,086,534.56 | 3.29 |
| 25,105 TENCENT MUSIC ADR REPR 2 SHS A | USD | 327,705.03 | 0.99 |
| 10,377 THE9 | USD | 124,779.51 | 0.38 |
| 29,518 TRIP COM GROUP LTD | USD | 882,627.78 | 2.67 |
| 5,979 TUYA INC | USD | 123,522.64 | 0.37 |
| 74,555 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 1,262,386.71 | 3.82 |
| 79,669 WUXI BIOLOGICS | HKD | 1,231,000.46 | 3.73 |
| 598,508 XINYI SOLAR HOLDINGS LTD | HKD | 1,089,200.73 | 3.30 |
| China |  | 10,812,634.10 | 32.75 |
| 2,944 BYD COMPANY LTD -H- | HKD | 74,227.35 | 0.22 |
| 149 CANSINO BIO --- REGISTERED SHS -H- UNITA | HKD | 6,675.43 | 0.02 |
| 3,130,175 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 1,318,755.52 | 3.99 |
| 74,201 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 1,808,193.34 | 5.48 |
| 1,724 CONTEMPORARY AMPEREX TECHN-A | CNY | 120,323.28 | 0.36 |
| 214,228 ENN NATURAL GAS CO LTD | CNY | 461,577.17 | 1.40 |
| 238,675 FLAT GLASS GROUP -H- REGS | HKD | 829,317.55 | 2.51 |
| 27,210 GANFENG LITHIUM CO., LTD. | HKD | 342,728.70 | 1.04 |
| 430,292 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 1,266,183.09 | 3.84 |
| 150,003 JOINN LABORATORIES (CHINA) CO | HKD | 2,035,981.87 | 6.16 |
| 29,174 PHARMARON BEIJING - REGISTERED SHS -H- | HKD | 655,737.88 | 1.99 |
| 5,000 SUNGROW POWER SUPPLY CO LTD | CNY | 75,078.47 | 0.23 |
| 304,456 TRAVELSKY TECHNOLOGY -H- | HKD | 554,067.27 | 1.68 |
| 29,240 XI AN LONGI SILICON MATERIALS CORP | CNY | 339,005.64 | 1.03 |
| 136,013 ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 924,781.54 | 2.80 |
| Hong Kong |  | 289,824.78 | 0.88 |
| 298,896 LENOVO GROUP LTD -RC- | HKD | 289,824.78 | 0.88 |
| United States of America |  | 139,593.95 | 0.42 |
| 4,879 KINGSOFT CLOUD HOLDINGS LTD | USD | 139,593.95 | 0.42 |

Total securities portfolio	
33,078,249.86100.20

###### Statement of operations and changes in net assets from 31/03/21 to 30/06/21
Expressed in EUR
| Income | 163,202.93 |
| --- | --- |
| Net dividends | 51,572.06 |
| Other financial income | 111,630.87 |
| Expenses | 320,286.65 |
| Management fees | 54,059.50 |
| Performance fees | 178,664.89 |
| Bank interest on overdrafts | 6,658.35 |
| Transaction fees | 59,978.27 |
| Operating and establishment fees | 20,925.64 |
| Net loss from investments | (157,083.72) |
| Net realised profit / loss on: - sales of investment securities | 499,472.56 |
| - forward foreign exchange contracts | 11,850.00 |
| - financial futures | (65,801.90) |
| - foreign exchange | (270,731.84) |
| Net realised profit | 17,705.10 |
| Movement in net unrealised appreciation / depreciation on: - investments | 1,674,542.47 |
| - forward foreign exchange contracts | 26,268.55 |
| - financial futures | (87,549.00) |
| Increase in net assets as a result of operations | 1,630,967.12 |
| Subscription capitalisation shares | 31,382,021.68 |
| Increase in net assets | 33,012,988.80 |
| Net assets at the beginning of the period | 0.00 |
| Net assets at the end of the period | 33,012,988.80 |


### Additional Information 

##### General Information
The CARMIGNAC PORTFOLIO Unconstrained Global Bond sub-fund was renamed CARMIGNAC PORTFOLIO Global Bond on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained Credit sub-fund was renamed CARMIGNAC PORTFOLIO Credit on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained EM Debt sub-fund was renamed CARMIGNAC PORTFOLIO EM Debt on 10 March 2021.
The CARMIGNAC PORTFOLIO Unconstrained Euro Fixed Income sub-fund was renamed CARMIGNAC PORTFOLIO Flexible Bond on 10 March 2021.
The CARMIGNAC PORTFOLIO Alpha Themes sub-fund was liquidated on 5 May 2021.
The CARMIGNAC PORTFOLIO Long-Short Global Equities sub-fund was merged into the CARMIGNAC PORTFOLIO Long-Short Europe Equities sub-fund on 22 June 2021.

##### Dividend distribution
The amounts paid per share class are as follows:
| Sub-fund | Class | Payment date | Currency | Dividend |
| --- | --- | --- | --- | --- |
| Global Bond | Income A EUR | 22/01/21 | EUR | 0.36 |
| (formerly Unconstrained Global Bond) |  | 19/02/21 | EUR | 0.29 |
|  |  | 19/03/21 | EUR | 0.29 |
|  |  | 23/04/21 | EUR | 0.29 |
|  |  | 25/05/21 | EUR | 0.29 |
|  |  | 21/06/21 | EUR | 0.29 |
|  | A EUR Y | 12/05/21 | EUR | 1.29 |
|  | Income A CHF Hedged | 22/01/21 | CHF | 0.29 |
|  |  | 19/02/21 | CHF | 0.28 |
|  |  | 19/03/21 | CHF | 0.28 |
|  |  | 23/04/21 | CHF | 0.28 |
|  |  | 25/05/21 | CHF | 0.28 |
|  |  | 21/06/21 | CHF | 0.28 |
|  | Income E USD Hedged | 22/01/21 | USD | 0.42 |
|  |  | 19/02/21 | USD | 0.34 |
|  |  | 19/03/21 | USD | 0.34 |
|  |  | 23/04/21 | USD | 0.34 |
|  |  | 25/05/21 | USD | 0.34 |
|  |  | 21/06/21 | USD | 0.34 |
|  | F EUR Y | 12/05/21 | EUR | 1.64 |
|  | Income W GBP | 22/01/21 | GBP | 0.31 |
|  |  | 19/02/21 | GBP | 0.29 |
|  |  | 19/03/21 | GBP | 0.29 |
|  |  | 23/04/21 | GBP | 0.29 |
|  |  | 25/05/21 | GBP | 0.29 |
|  |  | 21/06/21 | GBP | 0.29 |
| Flexible Bond | Income A EUR | 22/01/21 | EUR | 1.27 |
| (formerly Unconstrained Euro Fixed |  | 19/02/21 | EUR | 1.29 |
| Income) |  | 19/03/21 | EUR | 1.29 |
|  |  | 23/04/21 | EUR | 1.29 |
|  |  | 25/05/21 | EUR | 1.29 |
|  |  | 21/06/21 | EUR | 1.29 |
|  | A EUR Y | 12/05/21 | EUR | 10.20 |


### Additional Information 
| Sub-fund | Class | Payment date | Currency | Dividend |
| --- | --- | --- | --- | --- |
| Patrimoine | Income A EUR | 22/01/21 | EUR | 0.35 |
|  |  | 19/02/21 | EUR | 0.35 |
|  |  | 19/03/21 | EUR | 0.35 |
|  |  | 23/04/21 | EUR | 0.35 |
|  |  | 25/05/21 | EUR | 0.35 |
|  |  | 21/06/21 | EUR | 0.35 |
|  | Income A CHF Hedged | 22/01/21 | CHF | 0.41 |
|  |  | 19/02/21 | CHF | 0.34 |
|  |  | 19/03/21 | CHF | 0.34 |
|  |  | 23/04/21 | CHF | 0.34 |
|  |  | 25/05/21 | CHF | 0.34 |
|  |  | 21/06/21 | CHF | 0.34 |
|  | Income A USD Hedged | 22/01/21 | USD | 0.49 |
|  |  | 19/02/21 | USD | 0.42 |
|  |  | 19/03/21 | USD | 0.42 |
|  |  | 23/04/21 | USD | 0.42 |
|  |  | 25/05/21 | USD | 0.42 |
|  |  | 21/06/21 | USD | 0.42 |
|  | Income E EUR | 22/01/21 | EUR | 0.36 |
|  |  | 19/02/21 | EUR | 0.34 |
|  |  | 19/03/21 | EUR | 0.34 |
|  |  | 23/04/21 | EUR | 0.34 |
|  |  | 25/05/21 | EUR | 0.34 |
|  |  | 21/06/21 | EUR | 0.34 |
|  | Income E USD Hedged | 22/01/21 | USD | 0.45 |
|  |  | 19/02/21 | USD | 0.40 |
|  |  | 19/03/21 | USD | 0.40 |
|  |  | 23/04/21 | USD | 0.40 |
|  |  | 25/05/21 | USD | 0.40 |
|  |  | 21/06/21 | USD | 0.40 |
|  | Income F EUR | 22/01/21 | EUR | 0.38 |
|  |  | 19/02/21 | EUR | 0.37 |
|  |  | 19/03/21 | EUR | 0.37 |
|  |  | 23/04/21 | EUR | 0.37 |
|  |  | 25/05/21 | EUR | 0.37 |
|  |  | 21/06/21 | EUR | 0.37 |
| Sécurité | A EUR Y | 12/05/21 | EUR | 0.45 |
|  | F EUR Y | 12/05/21 | EUR | 0.80 |
| Credit (formerly Unconstrained Credit) | Income A EUR | 22/01/21 | EUR | 0.32 |
|  |  | 19/02/21 | EUR | 0.26 |
|  |  | 19/03/21 | EUR | 0.26 |
|  |  | 23/04/21 | EUR | 0.26 |
|  |  | 25/05/21 | EUR | 0.26 |
|  |  | 21/06/21 | EUR | 0.26 |

Additional Information 

##### Exchange rates at 30 June 2021
| 1 EUR | = | 4.35600 | AED | 1 EUR | = | 351.03000 | HUF | 1 EUR | = | 57.88970 | PHP |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | = | 1.57965 | AUD |  | = | 17195.55050 | IDR |  | = | 4.41475 | PLN |
|  | = | 0.44710 | BHD |  | = | 3.86425 | ILS |  | = | 117.61165 | RSD |
|  | = | 5.95070 | BRL |  | = | 88.14795 | INR |  | = | 86.63445 | RUB |
|  | = | 1.46850 | CAD |  | = | 131.62305 | JPY |  | = | 10.14200 | SEK |
|  | = | 1.09620 | CHF |  | = | 127.95860 | KES |  | = | 1.59410 | SGD |
|  | = | 863.46570 | CLP |  | = | 1335.50130 | KRW |  | = | 38.00810 | THB |
|  | = | 7.66195 | CNH |  | = | 506.66990 | KZT |  | = | 10.30250 | TRY |
|  | = | 7.66265 | CNY |  | = | 50.99370 | MUR |  | = | 33.04215 | TWD |
|  | = | 4428.15090 | COP |  | = | 23.61185 | MXN |  | = | 32.35130 | UAH |
|  | = | 25.50700 | CZK |  | = | 4.92330 | MYR |  | = | 1.18590 | USD |
|  | = | 7.43625 | DKK |  | = | 10.20490 | NOK |  | = | 27294.67460 | VND |
|  | = | 0.85845 | GBP |  | = | 1.69715 | NZD |  | = | 16.93315 | ZAR |
|  | = | 9.20950 | HKD |  | = | 4.54495 | PEN |  |  |  |  |

Changes in the composition of the securities portfolio
Details of the changes in the securities portfolio are available on request free of charge from the Fund's registered office.

##### Swing pricing
In relation to the Sub-Funds CARMIGNAC PORTFOLIO – Credit (formerly Unconstrained Credit) and CARMIGNAC PORTFOLIO – EM Debt (formerly Unconstrained EM Debt), the Board of Directors retains the right, in order to protect the interests of the Shareholders, to adjust the Net Asset Value per Share in certain circumstances to prevent or reduce dilution (“swing pricing”). A Sub-Fund may suffer a dilution of Net Asset Value per Share in case that subscriptions, conversions or redemptions are effected at the price that does not reflect the actual cost of selling or purchasing the underlying assets of the Sub-Fund. The price difference may be due to trading charges, taxes and other costs as well as the spread between buying and selling prices of the underlying assets. The Net Asset Value per Share may be adjusted on any Valuation day when the aggregate net subscriptions, conversions and redemptions exceed a predetermined threshold, as set by the Board of Directors. The adjustment (“swing factor”) is determined by the Board of Director (or any delegate duly appointed by the Board of Directors). The adjustment will reflect the trading costs and will not, in normal circumstances, exceed 2% of the Net Asset Value per Share. For the period ended 30 June 2021, the maximum swing factor applied was 0.63% for CARMIGNAC PORTFOLIO – Credit (formerly Unconstrained Credit) and 0.41% for CARMIGNAC PORTFOLIO - EM Debt (formerly Unconstrained EM Debt). Swing factor does not impact any performance fee calculation as any performance fee will be charged on the basis of the unswung Net Asset Value. Information on the application of swing pricing will be made available to Shareholders on the following website https://www.carmignac.lu/en/regulatory-information and upon request.
The NAV and the NAV per Share disclosed in the financial statements and in the “Key figures” do not include Swing Pricing adjustment.
For the NAV dated 30 June 2021, there were no swing adjustments.

### Additional Information 
SFTR (Securities Financing Transaction Regulation)
| Securities Lending | CARMIGNAC PORTFOLIO Long-Short European Equities |
| --- | --- |
| Assets* Absolute value % of lendable assets % of total net asset value | In EUR 486,891.81 0.13% 0.10% |
| Maturity of the transactions Less than 1 day 1 day to 1 week 1 week to 1 month 1 month to 3 months 3 months to 1 year More than 1 year Open maturity | In EUR |
| - |
| - |
| - |
| - |
| - |
| - |
| 486,891.81 |
| Collateral received** Type: Bonds Rating of the issuer Currency: EUR | In EUR AA |
| Maturity of SFT: 3 months to 1 year More than 1 year Open maturity | 517,272.35 |
| The 10 largest collateral issuers across all SFT First issuer Amount | In EUR France 517,272.35 |
| Data on income and costs for each type of SFT Income of the fund Absolute value % of gross income | In EUR |
| 5,683.56 |
| 90% |
| Third party income: |  |
| Absolute value | 631.51 |
| % of gross income | 10% |

* clean price valuation
** dirty price valuation
CACEIS Bank, Luxembourg Branch is the only counterparty to securities lending positions for all sub-funds and BNP Paribas Securities Services, Luxembourg Branch is the custodian bank for the guarantees received. All transactions are bilateral.

### Additional Information 
Details on the reinvestment of collateral
Carmignac’s internal policies do not allow portfolio managers to reuse collateral received in securities financing transactions for the portfolios concerned. Collateral received is deposited in special, separate securities accounts and cash accounts for the relevant portfolios.
Details on the holding of collateral received or provided by the fund
As indicated above, all collateral received or provided is transferred with full ownership and must be held by the Custodian of the fund or by one of its agents or a third party under its supervision, or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the collateral.
Details on income and costs broken down
The management company or “investment manager” receives no payment for performing securities financing transactions. All income resulting from these transactions is returned to the fund, minus operating costs linked to the involvement of CACEIS Bank Luxembourg (or “third parties”) as lending agent in securities lending/borrowing transactions. The lending agent’s charges may not exceed 15% of income generated on these lending/borrowing transactions. With respect to repurchase agreements, the fund is the direct counterparty in such transactions and receives the full amount of the remuneration.

Translation (ENFR, 2021-06-30):
# CARMIGNAC PORTFOLIO
## China New Economy (lancé le 31/03/2021)

#### Etats financiers au 30/06/2021
Etat des actifs nets au 30/06/2021
Exprimé en EUR
| Actifs | 34 496 141,05 |
| --- | --- |
| Portefeuille-titres à la valeur de marché | 33 078 249,86 |
| Coût | 31 403 707,39 |
| Plus-value non réalisée sur portefeuille titres | 1 674 542,47 |
| Avoirs bancaires et liquidités | 1 175 005,34 |
| Brokers à recevoir | 166 536,05 |
| Dividendes à recevoir | 49 607,97 |
| Plus-value nette non réalisée sur contrats de change à terme | 26 268,55 |
| Autres actifs | 473,28 |
| Passifs | 1 483 152,25 |
| Découverts bancaires | 245 773,00 |
| Brokers à payer | 934 687,62 |
| Moins-value non réalisée nette sur instruments financiers à terme | 87 549,00 |
| Autres passifs | 215 142,63 |
| Valeur nette d’inventaire | 33 012 988,80 |

Chiffres clés concernant les 3 derniers exercices
Période se terminant
le :
30/06/21
Actifs Nets Totaux	
EUR	33 012 988,80
| Classe A EUR - Capitalisation Nombre d’actions |  | 17 436 |
| --- | --- | --- |
| Valeur nette d'inventaire par action | EUR | 103,46 |
| Classe F EUR - Capitalisation Nombre d’actions |  | 301 208 |
| Valeur nette d'inventaire par action | EUR | 103,61 |

Portefeuille-titres au 30/06/2021
Exprimé en EUR
Quantité	Dénomination	Devise de
cotation
Valeur de marché  % Actif Net
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs | 33 078 249,86 | 100,20 |
| --- | --- | --- |
| Actions | 33 078 249,86 | 100,20 |
| Iles Caïmans | 21 836 197,03 | 66,15 |
| 251 | ANGELALIGN TECHNOLOGY INC | HKD | 10 918,14 | 0,03 |
| 109 956 | CHINDATA GROUP HOLDINGS LTD | USD | 1 399 136,55 | 4,24 |
| 39 613 | CLOOPEN GROUP HOLDING LIMITED | USD | 283 260,17 | 0,86 |
| 14 454 | DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 792 477,51 | 2,40 |
| 79 011 | EHANG HOLDINGS | USD | 2 864 889,96 | 8,68 |
| 32 388 | ENN ENERGY HOLDINGS LTD | HKD | 519 783,53 | 1,57 |
| 85 022 | FULL TRUCK ALLIANCE COMPANY LIMITED | USD | 1 461 125,19 | 4,43 |
| 70 650 | HUAZHU GROUP LTD | HKD | 319 514,90 | 0,97 |
| 39 653 | JD HEALTH INTERNATIONAL INC | HKD | 479 220,25 | 1,45 |
| 1 198 | JD LOGISTICS INC | HKD | 5 502,51 | 0,02 |
| 1 | JD.COM INC SADR REPR 2 SHS -A- | USD | 67,30 | 0,00 |
| 21 526 | JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 1 197 462,03 | 3,63 |
| 8 132 | KANZHUN LTD SHS A SPONSORED US DEPOSITAR | USD | 271 889,54 | 0,82 |
| 32 157 | MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 134 605,83 | 0,41 |
| 103 178 | MINISO GROUP HOLDING LTD-ADR | USD | 1 808 812,40 | 5,48 |
| 47 887 | NEW HORIZON HEALTH LTD | USD | 411 819,36 | 1,25 |
| 138 399 | NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | HKD | 955 803,87 | 2,90 |
| 10 050 | NIU TECHNOLOGIES ADR | HKD | 276 694,92 | 0,84 |
| 93 633 | OCUMENSION THERAPEUTICS | HKD | 277 559,14 | 0,84 |
| 33 623 | POP MART INTERNATIONAL GROUP LIMITED | HKD | 281 119,60 | 0,85 |
| 363 320 | SHIMAO SERVICES -SHS UNITARY REG S/144A | USD | 1 059 247,73 | 3,21 |
| 1 084 750 | SINO BIOPHARMA | USD | 897 529,18 | 2,72 |
| 51 071 | TAL EDUCAT GR -A- ADR REPR 1/3 SH -A- | USD | 1 086 534,56 | 3,29 |
| 25 105 | TENCENT MUSIC ADR REPR 2 SHS A | USD | 327 705,03 | 0,99 |
| 10 377 | THE9 | USD | 124 779,51 | 0,38 |
| 29 518 | TRIP COM GROUP LTD | USD | 882 627,78 | 2,67 |
| 5 979 | TUYA INC | USD | 123 522,64 | 0,37 |
| 74 555 | VIPSHOP HOLDINGS ADR 1/5 REPR | HKD | 1 262 386,71 | 3,82 |
| 79 669 | WUXI BIOLOGICS | HKD | 1 231 000,46 | 3,73 |
| 598 508 | XINYI SOLAR HOLDINGS LTD |  | 1 089 200,73 | 3,30 |
|  | Chine |  | 10 812 634,10 | 32,75 |
| 2 944 | BYD COMPANY LTD -H- | HKD | 74 227,35 | 0,22 |
| 149 | CANSINO BIO --- REGISTERED SHS -H- UNITA | HKD | 6 675,43 | 0,02 |
| 3 130 175 | CHINA COMMUNICATION SERCICES CORP -H- | HKD | 1 318 755,52 | 3,99 |
| 74 201 | CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 1 808 193,34 | 5,48 |
| 1 724 | CONTEMPORARY AMPEREX TECHN-A | CNY | 120 323,28 | 0,36 |
| 214 228 | ENN NATURAL GAS CO LTD | CNY | 461 577,17 | 1,40 |
| 238 675 | FLAT GLASS GROUP -H- REGS | HKD | 829 317,55 | 2,51 |
| 27 210 | GANFENG LITHIUM CO., LTD. | HKD | 342 728,70 | 1,04 |
| 430 292 | HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 1 266 183,09 | 3,84 |
| 150 003 | JOINN LABORATORIES (CHINA) CO | HKD | 2 035 981,87 | 6,16 |
| 29 174 | PHARMARON BEIJING - REGISTERED SHS -H- | HKD | 655 737,88 | 1,99 |
| 5 000 | SUNGROW POWER SUPPLY CO LTD | CNY | 75 078,47 | 0,23 |
| 304 456 | TRAVELSKY TECHNOLOGY -H- | HKD | 554 067,27 | 1,68 |
| 29 240 | XI AN LONGI SILICON MATERIALS CORP | CNY | 339 005,64 | 1,03 |
| 136 013 | ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 924 781,54 | 2,80 |
|  | Hong Kong |  | 289 824,78 | 0,88 |
| 298 896 | LENOVO GROUP LTD -RC- | HKD | 289 824,78 | 0,88 |
|  | Etats-Unis d'Amérique |  | 139 593,95 | 0,42 |
| 4 879 | KINGSOFT CLOUD HOLDINGS LTD | USD | 139 593,95 | 0,42 |

Total du portefeuille titres	
33 078 249,86	100,20
Etat des opérations et des changements des actifs nets du 31/03/21 au 30/06/21
Exprimé en EUR
| Revenus | 163 202,93 |
| --- | --- |
| Dividendes nets | 51 572,06 |
| Autres revenus financiers | 111 630,87 |
| Dépenses | 320 286,65 |
| Commissions de gestion | 54 059,50 |
| Commission de performance | 178 664,89 |
| Intérêts bancaires | 6 658,35 |
| Frais de transactions | 59 978,27 |
| Frais de fonctionnement et d'établissement | 20 925,64 |
| Perte nette sur investissements | (157 083,72) |
| Bénéfice/perte net(te) réalisé(e) sur : - ventes d’investissements en titres | 499 472,56 |
| - contrats de change à terme | 11 850,00 |
| - Produits sur instruments financiers à terme | (65 801,90) |
| - change | (270 731,84) |
| Bénéfice net réalisé | 17 705,10 |
| Variation de la plus-value/moins-value non réalisée nette sur : - placements | 1 674 542,47 |
| - contrats de change à terme | 26 268,55 |
| - Produits sur instruments financiers à terme | (87 549,00) |
| Augmentation des actifs nets issue du résultat d’exploitation | 1 630 967,12 |
| Souscription d'actions de capitalisation | 31 382 021,68 |
| Augmentation des actifs nets | 33 012 988,80 |
| Actifs nets, début de la période | 0,00 |
| Actifs nets à la fin de la période | 33 012 988,80 |

Informations supplémentaires

##### Informations générales
Le compartiment CARMIGNAC PORTFOLIO Unconstrained Global Bond a été renommé CARMIGNAC PORTFOLIO Global Bond le 10 mars 2021.
Le compartiment CARMIGNAC PORTFOLIO Unconstrained Credit a été renommé CARMIGNAC PORTFOLIO Credit le 10 mars 2021.
Le compartiment CARMIGNAC PORTFOLIO Unconstrained EM Debt a été renommé CARMIGNAC PORTFOLIO EM Debt le 10 mars 2021.
Le compartiment CARMIGNAC PORTFOLIO Unconstrained Euro Fixed Income a été renommé CARMIGNAC PORTFOLIO Flexible Bond le 10 mars 2021.
Le compartiment CARMIGNAC PORTFOLIO Alpha Themes a été liquidé le 5 mai 2021.
Le compartiment CARMIGNAC PORTFOLIO Long-Short Global Equities a été absorbé par le compartiment CARMIGNAC PORTFOLIO Long-Short Europe Equities le 22 juin 2021.

##### Versement de dividendes
Les montants payés par classe d’actions sont les suivants :
| Compartiment | Classe | Date de paiement | Devise | Dividende |
| --- | --- | --- | --- | --- |
| Global Bond | Income A EUR | 22/01/21 | EUR | 0,36 |
| (anciennement Unconstrained Global |  | 19/02/21 | EUR | 0,29 |
| Bond) |  | 19/03/21 | EUR | 0,29 |
|  |  | 23/04/21 | EUR | 0,29 |
|  |  | 25/05/21 | EUR | 0,29 |
|  |  | 21/06/21 | EUR | 0,29 |
|  | A EUR Y | 12/05/21 | EUR | 1,29 |
|  | Income A CHF hedgée | 22/01/21 | CHF | 0,29 |
|  |  | 19/02/21 | CHF | 0,28 |
|  |  | 19/03/21 | CHF | 0,28 |
|  |  | 23/04/21 | CHF | 0,28 |
|  |  | 25/05/21 | CHF | 0,28 |
|  |  | 21/06/21 | CHF | 0,28 |
|  | Income E USD hedgée | 22/01/21 | USD | 0,42 |
|  |  | 19/02/21 | USD | 0,34 |
|  |  | 19/03/21 | USD | 0,34 |
|  |  | 23/04/21 | USD | 0,34 |
|  |  | 25/05/21 | USD | 0,34 |
|  |  | 21/06/21 | USD | 0,34 |
|  | F EUR Y | 12/05/21 | EUR | 1,64 |
|  | Income W GBP | 22/01/21 | GBP | 0,31 |
|  |  | 19/02/21 | GBP | 0,29 |
|  |  | 19/03/21 | GBP | 0,29 |
|  |  | 23/04/21 | GBP | 0,29 |
|  |  | 25/05/21 | GBP | 0,29 |
|  |  | 21/06/21 | GBP | 0,29 |
| Flexible Bond | Income A EUR | 22/01/21 | EUR | 1,27 |
| (anciennement Unconstrained Euro Fixed |  | 19/02/21 | EUR | 1,29 |
| Income) |  | 19/03/21 | EUR | 1,29 |
|  |  | 23/04/21 | EUR | 1,29 |
|  |  | 25/05/21 | EUR | 1,29 |
|  |  | 21/06/21 | EUR | 1,29 |
|  | A EUR Y | 12/05/21 | EUR | 10,20 |
| Patrimoine | Income A EUR | 22/01/21 | EUR | 0,35 |

| Compartiment | Classe | Date de paiement | Devise | Dividende |
| --- | --- | --- | --- | --- |
|  |  | 19/02/21 | EUR | 0,35 |
|  | 19/03/21 | EUR | 0,35 |
|  | 23/04/21 | EUR | 0,35 |
|  | 25/05/21 | EUR | 0,35 |
|  | 21/06/21 | EUR | 0,35 |
| Income A CHF hedgée | 22/01/21 | CHF | 0,41 |
|  | 19/02/21 | CHF | 0,34 |
|  | 19/03/21 | CHF | 0,34 |
|  | 23/04/21 | CHF | 0,34 |
|  | 25/05/21 | CHF | 0,34 |
|  | 21/06/21 | CHF | 0,34 |
| Income A USD hedgée | 22/01/21 | USD | 0,49 |
|  | 19/02/21 | USD | 0,42 |
|  | 19/03/21 | USD | 0,42 |
|  | 23/04/21 | USD | 0,42 |
|  | 25/05/21 | USD | 0,42 |
|  | 21/06/21 | USD | 0,42 |
| Income E EUR | 22/01/21 | EUR | 0,36 |
|  | 19/02/21 | EUR | 0,34 |
|  | 19/03/21 | EUR | 0,34 |
|  | 23/04/21 | EUR | 0,34 |
|  | 25/05/21 | EUR | 0,34 |
|  | 21/06/21 | EUR | 0,34 |
| Income E USD hedgée | 22/01/21 | USD | 0,45 |
|  | 19/02/21 | USD | 0,40 |
|  | 19/03/21 | USD | 0,40 |
|  | 23/04/21 | USD | 0,40 |
|  | 25/05/21 | USD | 0,40 |
|  | 21/06/21 | USD | 0,40 |
| Income F EUR | 22/01/21 | EUR | 0,38 |
|  | 19/02/21 | EUR | 0,37 |
|  | 19/03/21 | EUR | 0,37 |
|  | 23/04/21 | EUR | 0,37 |
|  | 25/05/21 | EUR | 0,37 |
|  | 21/06/21 | EUR | 0,37 |
| Sécurité | A EUR Y | 12/05/21 | EUR | 0,45 |
|  | F EUR Y | 12/05/21 | EUR | 0,80 |
| Credit (anciennement Unconstrained | Income A EUR | 22/01/21 | EUR | 0,32 |
| Credit) |  | 19/02/21 | EUR | 0,26 |
|  |  | 19/03/21 | EUR | 0,26 |
|  |  | 23/04/21 | EUR | 0,26 |
|  |  | 25/05/21 | EUR | 0,26 |
|  |  | 21/06/21 | EUR | 0,26 |


##### Taux de change au 30 juin 2020
| 1 EUR | = | 4,35600 | AED | 1 EUR | = | 351,03000 | HUF | 1 EUR | = | 57,88970 | PHP |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | = | 1,57965 | AUD |  | = | 17195,55050 | IDR |  | = | 4,41475 | PLN |
|  | = | 0,44710 | BHD |  | = | 3,86425 | ILS |  | = | 117,61165 | RSD |
|  | = | 5,95070 | BRL |  | = | 88,14795 | INR |  | = | 86,63445 | RUB |
|  | = | 1,46850 | CAD |  | = | 131,62305 | JPY |  | = | 10,14200 | SEK |
|  | = | 1,09620 | CHF |  | = | 127,95860 | KES |  | = | 1,59410 | SGD |
|  | = | 863,46570 | CLP |  | = | 1335,50130 | KRW |  | = | 38,00810 | THB |
|  | = | 7,66195 | CNH |  | = | 506,66990 | KZT |  | = | 10,30250 | TRY |
|  | = | 7,66265 | CNY |  | = | 50,99370 | MUR |  | = | 33,04215 | TWD |
|  | = | 4428,15090 | COP |  | = | 23,61185 | MXN |  | = | 32,35130 | UAH |
|  | = | 25,50700 | CZK |  | = | 4,92330 | MYR |  | = | 1,18590 | USD |
|  | = | 7,43625 | DKK |  | = | 10,20490 | NOK |  | = | 27294,67460 | VND |
|  | = | 0,85845 | GBP |  | = | 1,69715 | NZD |  | = | 16,93315 | ZAR |
|  | = | 9,20950 | HKD |  | = | 4,54495 | PEN |  |  |  |  |

Changements dans la composition du portefeuille-titres
Les détails des changements intervenus dans la composition du portefeuille-titres sont disponibles gratuitement sur demande auprès du siège du Fonds.

###### Swing pricing
En ce qui concerne les Compartiments CARMIGNAC PORTFOLIO – Credit (anciennement Unconstrained Credit) et CARMIGNAC PORTFOLIO – EM Debt (anciennement Unconstrained EM Debt), le Conseil d'administration se réserve le droit, dans le but de protéger les intérêts des Actionnaires, d'ajuster la Valeur nette d'inventaire par Action dans certaines circonstances afin d’empêcher une dilution ou d'en atténuer l'effet (« swing pricing »). Un compartiment peut subir une dilution de la Valeur nette d’inventaire par Action si les souscriptions, conversions ou rachats sont effectués à un prix qui ne reflète pas le prix de vente ou d’achat réel des actifs sous-jacents du compartiment. La différence de prix peut être due à des frais de transaction, à des taxes et autres coûts, ainsi qu'à l’écart entre les prix d’achat et de vente des actifs sous-jacents. La Valeur nette d’inventaire par Action peut être ajustée tout Jour de valorisation où le total des souscriptions, conversions et rachats nets dépasse un certain seuil défini par le Conseil d’administration. L’ajustement (« swing factor ») sera déterminé par le Conseil d’administration (ou tout délégué dûment nommé par celui-ci). Il reflétera les frais de transaction et n’excédera pas, dans des circonstances normales, 2% de la Valeur nette d’inventaire par Action. Pour la période clôturée le 30 juin 2021, le swing factor maximal appliqué était de 0,63% pour CARMIGNAC PORTFOLIO – Credit (anciennement Unconstrained Credit) et de 0,41% pour CARMIGNAC PORTFOLIO – EM Debt (anciennement Unconstrained EM Debt). L’ajustement (« swing factor ») n’a pas d’incidence sur le calcul de la commission de performance, car celle-ci est calculée sur la base de la Valeur nette d’inventaire non ajustée. Des informations sur l’application du mécanisme de swing pricing seront mises à la disposition des Actionnaires sur le site www.carmignac.lu/en/regulatory-information ainsi que sur demande.
La VNI et la VNI par action publiées dans les états financiers et dans les « Chiffres clés » n’incluent pas l’ajustement de swing pricing.
Pour la VNI datée du 30 juin 2021, il n’y a pas eu d'ajustement selon le swing pricing.

###### SFTR (Securities Financing Transaction Regulation)
| Prêts de titres | CARMIGNAC PORTFOLIO Long-Short European Equities |
| --- | --- |
| Actifs* Valeur absolue % des actifs prêtables % de la valeur nette d’inventaire totale | En EUR 486 891,81 0,13% 0,10% |
| Echéance des transactions | En EUR |
| Moins d'un jour | - |
| 1 jour à 1 semaine | - |
| 1 semaine à 1 mois | - |
| 1 mois à 3 mois | - |
| 3 mois à 1 an | - |
| Plus d'un an | - |
| Echéance indéterminée | 486 891,81 |
| Sûretés reçues** Type : Obligations Notation de l’émetteur Change : EUR Échéance des opérations de financement sur titres (SFT) : 3 mois à 1 an Plus d'un an Echéance indéterminée | En EUR AA 517 272,35 |
| Les 10 principaux émetteurs de garanties dans toutes les SFT Premier émetteur Montant | En EUR France 517 272,35 |
| Données de revenus et de coûts pour chaque type de SFT Revenus du fonds Valeur absolue % des revenus bruts | En EUR |
| 5 683,56 |
| 90% |
| Revenus de tiers : |  |
| Valeur absolue | 631,51 |
| % des revenus bruts | 10% |

* valorisation sur la base du cours pied de coupon
** valorisation sur la base du cours coupon couru
CACEIS Bank, Luxembourg Branch est la seule contrepartie des positions de prêts de titres pour tous les compartiments et BNP Paribas Securities Services, Luxembourg Branch est la banque dépositaire pour les garanties reçues. Toutes les transactions sont bilatérales.
Données sur la réutilisation des garanties
La réutilisation par les gérants, pour le compte des portefeuilles concernés, des garanties reçues, dans le cadre d’opérations de financement sur titres n’est pas autorisée par les politiques internes de Carmignac. Les garanties reçues sont d’ailleurs déposées sur des comptes dédiés et ségrégués des comptes-titres et compte-espèces des portefeuilles concernés.
Informations sur la conservation des garanties reçues ou fournies par le fonds
Comme indiqué précédemment, toutes les garanties financières, reçues ou données, sont transférées en pleine propriété et devront être détenues auprès du Dépositaire du fonds ou par l’un de ses agents ou tiers sous son contrôle, ou de tout dépositaire tiers faisant l'objet d'une surveillance prudentielle et qui n'a aucun lien avec le fournisseur des garanties financières.
Données sur les revenus et les coûts ventilés
La société de gestion ou « gestionnaire » ne perçoit aucune rémunération au titre de la mise en œuvre d’opérations de financement sur titres. Tous les revenus résultant de ces opérations sont restitués au fonds, à l’exception, pour les opérations de prêt/emprunt de titres, des coûts opérationnels liés à l’intermédiation de CACEIS Bank Luxembourg (ou
« tiers »), en sa qualité d’agent prêteur. La facturation de l’agent prêteur ne peut excéder 15% des revenus générés par ces opérations de prêt/emprunt. En ce qui concerne les opérations de pensions livrées, le fonds est directement contrepartie aux opérations et perçoit l’intégralité de la rémunération.