# CARMIGNAC PORTFOLIO
## Patrimoine Europe

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

###### Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 663,182,666.20 |
| --- | --- |
| Securities portfolio at market value | 572,611,821.48 |
| Cost price | 536,594,442.89 |
| Unrealised profit on the securities portfolio | 36,017,378.59 |
| Cash at banks and liquidities | 87,231,685.20 |
| Interest receivable | 146,903.55 |
| Subscriptions receivable | 2,994,764.99 |
| Dividends receivable | 197,490.98 |
| Liabilities | 59,199,409.54 |
| Bank overdrafts | 1,741,178.16 |
| Brokers payable | 55,092,555.49 |
| Redemptions payable | 159,306.95 |
| Unrealised net depreciation on financial futures | 864,025.81 |
| Other liabilities | 1,342,343.13 |
| Net asset value | 603,983,256.66 |


###### 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 | 603,983,256.66 | 323,166,317.92 | 102,174,085.25 |
| Class A EUR - Capitalisation Number of shares |  | 756,976 | 183,571 | 94,086 |
| Net asset value per share | EUR | 137.62 | 128.67 | 113.01 |
| Class A EUR Y - Distribution Number of shares |  | 200 | 200 | 0 |
| Net asset value per share | EUR | 120.07 | 112.19 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 0 | 10,000 | 10,000 |
| Net asset value per share | USD | 0.00 | 136.69 | 118.37 |
| Class AW EUR - Capitalisation Number of shares |  | 4,199 | 1,975 | 1,000 |
| Net asset value per share | EUR | 146.07 | 136.47 | 118.47 |
| Class F EUR - Capitalisation Number of shares |  | 3,555,103 | 2,279,057 | 791,256 |
| Net asset value per share | EUR | 140.41 | 130.82 | 114.21 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange listing	 281,533,020.98 | 46.61 |
| --- | --- | --- |
| Shares |  | 227,915,008.75 | 37.73 |
|  | Denmark | 28,707,352.63 | 4.75 |

| 14,707 CHRISTIAN HANSEN | DKK | 1,119,403.19 | 0.19 |
| --- | --- | --- | --- |
| 83,195 GN GREAT NORDIC | DKK | 6,128,656.38 | 1.01 |
| 137,958 NOVO NORDISK | DKK | 9,747,269.55 | 1.61 |
| 26,514 ORSTED | DKK | 3,137,645.99 | 0.52 |
| 146,538 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 4,824,004.36 | 0.80 |
| 150,587 ZEALAND PHARMA | DKK | 3,750,373.16 | 0.62 |
| France |  | 42,532,312.71 | 7.04 |
| 38,483 ESSILORLUXOTTICA SA | EUR | 5,989,494.12 | 0.99 |
| 19,062 L'OREAL SA | EUR | 7,163,499.60 | 1.19 |
| 12,682 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 8,386,606.60 | 1.39 |
| 47,149 ORPEA SA | EUR | 5,056,730.25 | 0.84 |
| 45,699 SCHNEIDER ELECTRIC SE | EUR | 6,063,343.32 | 1.00 |
| 10,482 TELEPERFORMANCE SE | EUR | 3,587,988.60 | 0.59 |
| 79,613 WORLDLINE SA | EUR | 6,284,650.22 | 1.04 |
| Germany |  | 30,788,653.27 | 5.10 |
| 14,810 AUTO1 GROUP --- BEARER SHS | EUR | 548,710.50 | 0.09 |
| 52,586 DELIVERY HERO | EUR | 5,858,080.40 | 0.97 |
| 8,678 DEUTSCHE BOERSE AG REG SHS | EUR | 1,277,401.60 | 0.21 |
| 49,742 KNORR-BREMSE - BEARER SHS | EUR | 4,824,974.00 | 0.80 |
| 82,831 PUMA AG | EUR | 8,328,657.05 | 1.38 |
| 83,733 SAP AG | EUR | 9,950,829.72 | 1.65 |
| Ireland |  | 7,601,509.16 | 1.26 |
| 13,247 KERRY GROUP -A- | EUR | 1,560,496.60 | 0.26 |
| 75,854 KINGSPAN GROUP | EUR | 6,041,012.56 | 1.00 |
| Italy |  | 9,280,348.35 | 1.54 |
| 197,681 FINECOBANK | EUR | 2,905,910.70 | 0.48 |
| 640,647 UNICREDIT SPA REGS | EUR | 6,374,437.65 | 1.06 |
| Jersey Island |  | 7,895,467.85 | 1.31 |
| 243,283 EXPERIAN GROUP | GBP | 7,895,467.85 | 1.31 |
| Luxembourg |  | 5,823,843.26 | 0.96 |
| 43,485 INPOST SA | EUR | 736,027.11 | 0.12 |
| 153,943 SUSE SA | EUR | 5,087,816.15 | 0.84 |
| Norway |  | 436,471.26 | 0.07 |
| 221,820 NEL ASA | NOK | 436,471.26 | 0.07 |
| Spain |  | 8,363,587.60 | 1.38 |
| 126,382 AMADEUS IT GROUP SA -A- | EUR | 7,496,980.24 | 1.24 |
| 56,864 SOLARIA ENERGIA | EUR | 866,607.36 | 0.14 |
| Sweden |  | 17,247,075.51 | 2.86 |
| 302,507 ASSA ABLOY -B- NEW I | SEK | 7,689,440.41 | 1.28 |
| 182,306 EPIROC --- REGISTERED SHS -A- | SEK | 3,505,193.26 | 0.58 |
| 225,878 NORDNET AB PUBL | SEK | 3,217,124.54 | 0.53 |
| 139,659 VOLVO AB -B- | SEK | 2,835,317.30 | 0.47 |
| Switzerland |  | 14,622,389.89 | 2.42 |
| 71,596 CIE FINANCIERE RICHEMONT NAMEN AKT | CHF | 7,311,779.05 | 1.21 |
| 26,829 POLYPEPTIDE GROUP AG | CHF | 2,090,126.44 | 0.35 |
| 18,918 SIKA - REGISTERED SHS | CHF | 5,220,484.40 | 0.86 |
| The Netherlands |  | 20,443,534.80 | 3.38 |
| 1,224 ADYEN --- PARTS SOCIALES | EUR | 2,522,052.00 | 0.42 |
| 19,751 ARGENX SE | EUR | 5,038,480.10 | 0.83 |
| 15,478 ASML HOLDING NV | EUR | 8,967,953.20 | 1.48 |
| 29,195 IMCD | EUR | 3,915,049.50 | 0.65 |
| United Kingdom |  | 34,172,462.46 | 5.66 |
| 166,667 ALLFUNDS GROUP PLC | EUR | 2,446,338.23 | 0.41 |
| 69,922 ASHTEAD GROUP | GBP | 4,369,055.95 | 0.72 |
| 105,640 ASTRAZENECA PLC | GBP | 10,685,213.12 | 1.77 |
| 248,857 BURBERRY GROUP PLC | GBP | 5,989,149.77 | 0.99 |
| 431,095 COMPASS GROUP | GBP | 7,643,154.41 | 1.27 |
| 1,641,587 TAYLOR WIMPEY PLC | GBP | 3,039,550.98 | 0.50 |
| Bonds |  | 53,580,639.16 | 8.87 |
| Belgium |  | 6,989,115.00 | 1.16 |
| 7,000,000 EUROPEAN UNION	0.00 21-31 04/07A | EUR | 6,989,115.00 | 1.16 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| France |  | 15,361,366.60 | 2.54 |
| --- | --- | --- | --- |
| 7,000,000 FRANCE 0.1 20-26 01/03A | EUR | 7,615,685.00 | 1.26 |
| 6,000,000 FRANCE 0.70 13-30 25/07A | EUR | 7,745,681.60 | 1.28 |
| Germany |  | 16,011,684.96 | 2.65 |
| 5,481,158 GERMANY 0.10 15-26 15/04A | EUR | 6,438,031.96 | 1.07 |
| 5,360,000 GERMANY 0.10 15-46 15/04A | EUR | 8,274,454.51 | 1.36 |
| 1,000,000 GERMANY 0.50 14-30 15/04A | EUR | 1,299,198.49 | 0.22 |
| Italy |  | 15,218,472.60 | 2.52 |
| 9,134,000 AMCO AM COMPANY SPA 0.75 21-28 20/04A | EUR | 9,102,442.03 | 1.51 |
| 5,923,000 AMCO AM COMPANY SPA 1.5 20-23 17/07A | EUR | 6,116,030.57 | 1.01 |
| Warrants, Rights |  | 37,373.07 | 0.01 |
| Switzerland |  | 37,373.07 | 0.01 |
| 66,078 COMPAGNIE FINANCIERE RICHE 29.11.23 WAR | CHF | 37,373.07 | 0.01 |
| Money market instruments |  | 291,078,800.50 | 48.19 |
| Bonds |  | 291,078,800.50 | 48.19 |
| France |  | 167,881,515.50 | 27.79 |
| 40,000,000 FRANCE ZCP 070721 | EUR | 40,003,800.00 | 6.62 |
| 28,000,000 FRANCE ZCP 110821 | EUR | 28,019,880.00 | 4.64 |
| 15,000,000 FRANCE ZCP 140721 | EUR | 15,003,225.00 | 2.48 |
| 29,700,000 FRANCE ZCP 171121 | EUR | 29,773,210.50 | 4.93 |
| 55,000,000 FRANCE ZCP 220921 | EUR | 55,081,400.00 | 9.12 |
| Italy |  | 123,197,285.00 | 20.40 |
| 35,000,000 ITALY ZCP 140921 | EUR | 35,039,375.00 | 5.80 |
| 15,000,000 ITALY ZCP 141021 | EUR | 15,025,275.00 | 2.49 |
| 18,000,000 ITALY ZCP 141221 | EUR | 18,044,910.00 | 2.99 |
| 20,000,000 ITALY ZCP 291021 | EUR | 20,036,300.00 | 3.32 |
| 15,000,000 ITALY ZCP 300721 | EUR | 15,006,525.00 | 2.48 |
| 20,000,000 ITALY ZCP 301121 | EUR | 20,044,900.00 | 3.32 |
| Total securities portfolio |  | 572,611,821.48 | 94.81 |

| Income | 1,596,599.36 |
| --- | --- |
| Net dividends | 1,533,426.39 |
| Net interest on bonds | 57,045.52 |
| Bank interest on cash account | 1,107.50 |
| Interest on swaps | 5,019.95 |
| Expenses | 4,268,507.45 |
| Management fees | 2,218,395.14 |
| Performance fees | 678,867.82 |
| Bank interest on overdrafts | 117,479.58 |
| Transaction fees | 526,678.29 |
| Interest on swaps | 26.89 |
| Operating and establishment fees | 727,059.73 |
| Net loss from investments | (2,671,908.09) |
| Net realised profit / loss on: - sales of investment securities | 10,879,033.87 |
| - forward foreign exchange contracts | (117,814.62) |
| - financial futures | 10,093,496.29 |
| - swaps | 1,047,700.70 |
| - foreign exchange | 1,123,449.26 |
| Net realised profit | 20,353,957.41 |
| Movement in net unrealised appreciation / depreciation on: - investments | 13,221,507.69 |
| - forward foreign exchange contracts | (38,454.89) |
| - financial futures | (331,616.44) |
| - swaps | 13,419.20 |
| Increase in net assets as a result of operations | 33,218,812.97 |
| Subscription capitalisation shares | 267,952,151.34 |
| Redemption capitalisation shares | (20,354,025.57) |
| Increase in net assets | 280,816,938.74 |
| Net assets at the beginning of the period | 323,166,317.92 |
| Net assets at the end of the period | 603,983,256.66 |

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 |