# CARMIGNAC PORTFOLIO
## Global Bond (formerly Unconstrained Global Bond)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 763,222,414.11 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 631,991,162.52 |
| Cost price |  | 631,099,294.89 |
| Unrealised profit on the securities portfolio |  | 891,867.63 |
| Options purchased at market value | Note 2 | 639,901.63 |
| Options purchased at cost |  | 2,539,223.38 |
| Cash at banks and liquidities |  | 112,123,437.84 |
| Interest receivable on bonds |  | 6,827,564.64 |
| Brokers receivable |  | 7,487,550.60 |
| Subscriptions receivable |  | 1,282,147.54 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 563,454.12 |
| Unrealised net appreciation on financial futures | Note 2 | 1,275,619.74 |
| Interest receivable on swaps |  | 1,031,575.48 |
| Liabilities |  | 20,490,119.29 |
| Options sold at market value | Note 2 | 1,072,899.55 |
| Options sold at cost |  | 1,743,961.46 |
| Bank overdrafts |  | 2,650,029.97 |
| Brokers payable |  | 6,980,000.00 |
| Redemptions payable |  | 915,515.67 |
| Unrealised net depreciation on swaps | Note 2 | 7,042,172.96 |
| Interest payable on swaps |  | 933,453.49 |
| Other liabilities | Note 13 | 896,047.65 |
| Net asset value |  | 742,732,294.82 |

Key figures relating to the last 3 years
Year ending as at:
31/12/21
31/12/20
31/12/19
| Total Net Assets | EUR | 742,732,294.82 | 859,243,546.78 | 846,116,864.50 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 233,912 | 254,136 | 270,889 |
| Net asset value per share | EUR | 1,534.11 | 1,532.20 | 1,463.42 |
| Class Income A EUR - Distribution (monthly) |
| Number of shares |  | 40,046 | 39,805 | 40,054 |
| Net asset value per share | EUR | 95.98 | 99.43 | 98.30 |
| Class A EUR - Distribution (annual) Number of shares |  | 767,679 | 780,063 | 570,076 |
| Net asset value per share | EUR | 104.89 | 106.07 | 103.25 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 90,481 | 104,631 | 96,773 |
| Net asset value per share | CHF | 122.21 | 122.49 | 117.46 |
| Class Income A CHF Hedged - Distribution (monthly) |
| Number of shares |  | 41,073 | 42,010 | 16,342 |
| Net asset value per share | CHF | 93.34 | 96.95 | 96.37 |
| Class A USD Hedged - Capitalisation Number of shares |  | 104,963 | 111,278 | 179,824 |
| Net asset value per share | USD | 137.60 | 136.57 | 128.89 |

Key figures relating to the last 3 years
Year ending as at:
31/12/21
31/12/20
31/12/19
| Total Net Assets | EUR | 742,732,294.82 | 859,243,546.78 | 846,116,864.50 |
| --- | --- | --- | --- | --- |
| Class E EUR - Capitalisation Number of shares |  | 98,126 | 111,020 | 88,604 |
| Net asset value per share | EUR | 115.18 | 115.50 | 110.71 |
| Class E USD Hedged - Capitalisation Number of shares |  | 4,129 | 5,032 | 18,557 |
| Net asset value per share | USD | 149.94 | 149.37 | 141.49 |
| Class Income E USD Hedged - Distribution (monthly) |
| Number of shares |  | 35,803 | 25,414 | 15,573 |
| Net asset value per share | USD | 114.27 | 118.05 | 115.73 |
| Class F EUR - Capitalisation Number of shares |  | 1,127,861 | 1,394,060 | 1,556,983 |
| Net asset value per share | EUR | 145.00 | 144.24 | 137.28 |
| Class F EUR - Distribution (annual) Number of shares |  | 39,881 | 36,815 | 37,635 |
| Net asset value per share | EUR | 103.81 | 104.95 | 102.18 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 479,391 | 838,608 | 791,649 |
| Net asset value per share | CHF | 139.61 | 139.37 | 133.15 |
| Class F USD Hedged - Capitalisation Number of shares |  | 26,695 | 24,309 | 53,724 |
| Net asset value per share | USD | 157.85 | 156.13 | 146.83 |
| Class F USD Hedged - Distribution (annual) Number of shares |  | 43,325 | 0 | 0 |
| Net asset value per share | USD | 100.99 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 103,700 | 153,254 | 92,646 |
| Net asset value per share | EUR | 111.66 | 111.07 | 105.19 |
| Class W GBP - Capitalisation Number of shares |  | 14,308 | 13,562 | 12,327 |
| Net asset value per share | GBP | 144.82 | 153.59 | 137.70 |
| Class Income W GBP - Distribution (monthly) Number of shares |  | 5,255 | 7,760 | 38,470 |
| Net asset value per share | GBP | 91.94 | 101.15 | 93.78 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 13,389 | 15,692 | 16,310 |
| Net asset value per share | GBP | 160.28 | 158.72 | 149.77 |
| Class Income W GBP Hedged - Distribution (monthly) |
| Number of shares |  | 0 | 960 | 821 |
| Net asset value per share | GBP | 0.00 | 105.14 | 102.63 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 449,857,389.19 | 60.57 |
| Bonds	 405,839,315.84 | 54.64 |
| Angola	 2,233,073.29 | 0.30 |

| 2,587,000 ANGOLA 9.375 18-48 09/05S | USD | 2,233,073.29 | 0.30 |
| --- | --- | --- | --- |
| Australia |  | 24,407,023.46 | 3.29 |
| 36,389,000 AUSTRALIA 2.75 12-24 21/04S | AUD | 24,407,023.46 | 3.29 |
| Benin |  | 3,501,120.00 | 0.47 |
| 3,500,000 BENIN 6.875 21-52 19/01A | EUR | 3,501,120.00 | 0.47 |
| Bermuda |  | 5,802,312.52 | 0.78 |
| 8,061,517 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 5,802,312.52 | 0.78 |
| Brazil	 14,601,483.98 | 1.97 |
| 12,282,000 BRAZIL 5.625 09-41 07/01S | USD | 11,069,568.31 | 1.49 |
| 4,150,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 3,531,915.67 | 0.48 |
| Cameroun	 1,408,350.00 | 0.19 |
| 1,500,000 CAMEROON 5.95 21-32 07/07A | EUR | 1,408,350.00 | 0.19 |
| Canada |  | 56,571,023.23 | 7.62 |
| 81,925,000 CANADA GOVT	0.5 21-23 01/11S | CAD | 56,571,023.23 | 7.62 |
| Cayman Islands |  | 12,278,360.62 | 1.65 |
| 2,718,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 2,280,726.56 | 0.31 |
| 9,205,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 5,908,376.40 | 0.79 |
| 4,517,000 SHELF DRILL HOLD LTD 8.875 21-24 15/11S | USD | 4,089,257.66 | 0.55 |
| Chile |  | 1,627,069.25 | 0.22 |
| 1,550,000,000 CHILE 6.00 13-43 01/01S | CLP | 1,627,069.25 | 0.22 |
| Colombia	 5,673,053.12 | 0.76 |
| 7,910,000 COLOMBIA 4.125 20-51 15/05S | USD | 5,673,053.12 | 0.76 |
| Dominican Republic |  | 6,118,846.15 | 0.82 |
| 2,862,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 2,428,283.17 | 0.33 |
| 3,977,000 DOMINICAN REPUBLIC 6.40 19-49 05/06S | USD | 3,690,562.98 | 0.49 |
| Egypt |  | 5,379,658.70 | 0.72 |
| 6,861,000 EGYPT 8.7002 19-49 01/03S | USD | 5,379,658.70 | 0.72 |
| El Salvador |  | 1,392,404.62 | 0.19 |
| 2,865,000 EL SALVADOR 7.1246 19-50 05/50S | USD | 1,392,404.62 | 0.19 |
| Finland |  | 9,518,015.76 | 1.28 |
| 9,372,000 FINNAIR OYJ	4.2500 21-25 19/05S | EUR | 9,518,015.76 | 1.28 |
| France |  | 26,127,755.51 | 3.52 |
| 1,958,376 FRANCE ZCP 250522 | EUR | 1,964,094.46 | 0.26 |
| 11,178,324 FRANCE 0.00 18-22 25/02A | EUR | 11,192,799.93 | 1.51 |
| 10,645,906 FRANCE 1.10 10-22 25/07A | EUR | 12,970,861.12 | 1.75 |
| Germany |  | 20,730,880.93 | 2.79 |
| 13,672,246 GERMANY 0.50 14-30 15/04A | EUR | 18,611,925.32 | 2.50 |
| 2,066,820 GERMANY 1.50 13-23 15/02A | EUR | 2,118,955.61 | 0.29 |
| Ghana |  | 1,244,599.01 | 0.17 |
| 1,800,000 GHANA 7.875 20-35 11/02S | USD | 1,244,599.01 | 0.17 |
| Greece |  | 13,184,137.89 | 1.78 |
| 13,069,000 PUBLIC POWER CORPORAT 3.375 21-28 31/07S | EUR | 13,184,137.89 | 1.78 |
| Ivory Coast |  | 8,769,817.50 | 1.18 |
| 2,900,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 2,796,252.50 | 0.38 |
| 5,800,000 IVORY COAST 5.8750 19-31 17/10A | EUR | 5,973,565.00 | 0.80 |
| Luxembourg |  | 5,182,500.00 | 0.70 |
| 5,000,000 BK LC LUX FINCO 1 S. 5.25 21-29 29/04S | EUR | 5,182,500.00 | 0.70 |
| Mexico |  | 26,054,877.07 | 3.51 |
| 7,300,000 CIBANCO SA INSTITUT 4.375 21-31 22/07S | USD | 6,157,754.14 | 0.83 |
| 6,908,000 INDUSTRIAS PENOLES SA 4.75 20-50 06/08S | USD | 6,664,166.79 | 0.90 |
| 1,723,400 MEXICO 8.00 17-47 07/11S | MXN | 7,356,336.84 | 0.99 |
| 5,000,000 PEMEX	3.625 18-25 24/11A | EUR | 5,081,500.00 | 0.68 |
| 898,000 PETROLEOS MEXICANOS 6.70 21-32 16/02S | USD | 795,119.30 | 0.11 |
| New Zealand |  | 27,940,970.50 | 3.76 |
| 48,000,000 NEW ZEALAND 0.50 20-24 15/05S | NZD | 27,940,970.50 | 3.76 |
| Oman |  | 4,575,626.54 | 0.62 |
| 5,100,000 OMAN 6.75 18-48 17/01S | USD | 4,575,626.54 | 0.62 |
| Panama |  | 3,366,533.94 | 0.45 |
| 3,840,000 CARNIVAL CORPORATION 4 21-28 01/08S | USD | 3,366,533.94 | 0.45 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Peru | 7,671,278.88 | 1.03 |
| 40,610,000 PERU 5.35 19-40 12/08S	PEN | 7,671,278.88 | 1.03 |
| Portugal | 8,303,400.00 | 1.12 |

| 3.5 21-24 23/07A | EUR | 8,303,400.00 | 1.12 |
| --- | --- | --- | --- |
|  |  | 10,310,037.92 | 1.39 |

8,400,000 NOVO BANCO
Romania
| 11,495,000 ROMANIA 2.75 21-41 14/04A	EUR | 10,310,037.92 | 1.39 |
| --- | --- | --- |
| San Marino | 16,919,470.00 | 2.28 |
| 16,400,000 SAN MARINO | 3.25 21-24 24/02A | EUR | 16,919,470.00 | 2.28 |
| Senegal |  |  | 5,169,116.82 | 0.70 |
| 5,439,000 SENEGAL GOVERNEMENT 5.375 21-37 08/06A | EUR | 5,169,116.82 | 0.70 |
| South Africa |  | 16,054,685.57 | 2.16 |
| 142,348,620 SOUTH AFRICA 8.00 13-30 31/01S | ZAR | 7,252,695.43 | 0.98 |
| 191,015,749 SOUTH AFRICA 8.75 12-48 28/02S | ZAR | 8,801,990.14 | 1.18 |
| Sweden |  | 7,074,901.13 | 0.95 |
| 7,275,000 SAMHALLSBYGGNAD 2.8750 21-49 31/12A	EUR | 7,074,901.13 | 0.95 |
| The Netherlands | 11,893,320.72 | 1.60 |
| 7,700,000 MAS REAL ESTATE INC 4.25 21-26 15/05A	EUR | 7,379,641.50 | 0.99 |
| 5,489,000 PROSUS NV	3.8320 20-51 08/02S	USD | 4,513,679.22 | 0.61 |
| United Kingdom | 6,645,915.77 | 0.89 |
| 6,000,000 CARNIVAL PLC	1.0 19-29 28/10A	EUR | 4,534,050.00 | 0.61 |
| 2,368,000 MCLAREN FINANCE PLC  7.5 21-26 01/08S	USD | 2,111,865.77 | 0.28 |
| United States of America | 28,107,695.44 | 3.78 |
| 220,500,000,000 INTER-AM.DEV.BK	7.875 16-23 14/03A | IDR | 14,128,619.62 | 1.89 |
| 5,000,000 KOSMOS ENERGY PLC	7.5 21-28 01/03S | USD | 4,153,798.81 | 0.56 |
| 6,400,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 5,322,574.75 | 0.72 |
| 5,000,000 SOTHEBYS / BIDFAIR HO 5.875 21-29 01/06S | USD | 4,502,181.94 | 0.61 |
| 400 UNITED STATES	1.50 20-27 31/01S	USD | 355.83 | 0.00 |
| 200 UNITED STATES 0.625 20-30 15/05S | USD | 164.49 | 0.00 |
| Floating rate bonds |  | 10,015,945.96 | 1.35 |
| Greece | 6,468,414.46 | 0.88 |
| 4,000,000 PIRAEUS FINANCIAL  FL.R 19-29 26/06A	EUR | 4,330,420.00 | 0.59 |
| 2,142,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S	EUR | 2,137,994.46 | 0.29 |
| Mexico | 1,520,371.50 | 0.20 |
| 1,666,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 1,520,371.50 | 0.20 |
| United Kingdom |  | 2,027,160.00 | 0.27 |
| 2,000,000 GAZ FINANCE PLC	FL.R 20-99 31/12A	EUR | 2,027,160.00 | 0.27 |
| Mortgage and asset backed securities | 34,002,127.39 | 4.58 |
| Ireland | 24,027,108.59 | 3.23 |
| 5,000,000 CARLYLE EURO	FL.R 22-36 15/02Q	EUR | 4,990,000.00 | 0.66 |
| 2,000,000 CARLYLE EURO CLO 2021- FL.R 22-36 15/02Q | EUR | 1,976,000.00 | 0.27 |
| 2,500,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 2,497,749.00 | 0.34 |
| 3,100,000 CRNCL 2016-7X F	FL.R 17-30 31/01Q | EUR | 3,113,026.82 | 0.41 |
| 2,000,000 HENLEY CLO III DAC  FL.R 21-35 25/12Q | EUR | 1,978,281.20 | 0.27 |
| 1,700,000 PALMER SQUARE EUROP FL.R 21-35 21/01Q | EUR | 1,696,078.44 | 0.23 |
| 2,000,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,999,946.00 | 0.27 |
| 2,900,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 2,808,440.33 | 0.38 |
| 3,000,000 TIKEH 2X ER MTGE	FL.R 21-35 07/09Q | EUR | 2,967,586.80 | 0.40 |
| Morocco |  | 5,032,897.50 | 0.68 |
| 5,000,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 5,032,897.50 | 0.68 |
| The Netherlands |  | 4,942,121.30 | 0.67 |
| 3,000,000 JUBILEE CLO 2019-XXIII FL.R 19-32 15/06Q	EUR | 3,012,624.90 | 0.41 |
| 2,000,000 TIKEHAU CLO III BV | FL.R 17-30 01/12Q | EUR | 1,929,496.40 | 0.26 |
| Other transferable securities |  |  | 8,627,371.92 | 1.16 |
| Bonds | 8,627,371.92 | 1.16 |
| Mexico | 3,486,571.42 | 0.47 |
| 3,945,203 SEAMEX LTD	12.00 21-24 31/08Q	USD | 3,486,571.42 | 0.47 |
| The Netherlands | 5,140,800.50 | 0.69 |
| 2,500,000,000 JPM STRUCT PROD | 0.00 17-46 10/10U | INR | 5,140,800.50 | 0.69 |
| Money market instruments |  |  | 173,506,401.41 | 23.36 |
| Bonds |  |  | 173,506,401.41 | 23.36 |
| United States of America |  | 173,506,401.41 | 23.36 |
| 89,000,000 UNIT STAT TREA BIL ZCP 06-01-22 | USD | 78,262,251.74 | 10.54 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
108,323,100 US TREASURY BILL ZCP 310322
USD
95,244,149.67	12.82
Total securities portfolio	
631,991,162.52	85.09
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 27.14 |
| Canada |  | 7.62 |
| Mexico |  | 4.18 |
| New Zealand |  | 3.76 |
| France |  | 3.52 |
| Australia |  | 3.29 |
| Ireland |  | 3.23 |
| The Netherlands |  | 2.96 |
| Germany |  | 2.79 |
| Greece |  | 2.66 |
| San Marino |  | 2.28 |
| South Africa |  | 2.16 |
| Brazil |  | 1.97 |
| Cayman Islands |  | 1.65 |
| Romania |  | 1.39 |
| Finland |  | 1.28 |
| Ivory Coast |  | 1.18 |
| United Kingdom |  | 1.16 |
| Portugal |  | 1.12 |
| Peru |  | 1.03 |
| Sweden |  | 0.95 |
| Dominican Republic |  | 0.82 |
| Bermuda |  | 0.78 |
| Colombia |  | 0.76 |
| Egypt |  | 0.72 |
| Senegal |  | 0.70 |
| Luxembourg |  | 0.70 |
| Morocco |  | 0.68 |
| Oman |  | 0.62 |
| Other |  | 1.99 |
|  |  | 85.09 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Countries and central government |  | 60.02 |
| Holding and finance companies |  | 8.99 |
| Petroleum |  | 3.94 |
| Banks and credit institutions |  | 1.95 |
| Supranational |  | 1.89 |
| Utilities |  | 1.78 |
| Transportation |  | 1.28 |
| Hotels and restaurants |  | 1.06 |
| Real estate companies |  | 0.95 |
| Precious metals and stones |  | 0.90 |
| Chemicals |  | 0.68 |
| Internet and internet services |  | 0.61 |
| Miscellaneous sectors |  | 0.56 |
| Miscellaneous services |  | 0.28 |
| Building materials and trade |  | 0.20 |
|  |  | 85.09 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 31,150,581.78 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 28,422,911.25 |
| Bank interest on cash account |  | 77,127.85 |
| Other financial income |  | 562.15 |
| Interest on swaps |  | 2,649,980.53 |
| Expenses |  | 13,037,541.57 |
| Management fees | Note 3 | 6,583,985.19 |
| Custodian & sub-custodian fees | Note 4 | 106,075.00 |
| Taxe d'abonnement | Note 5 | 367,837.00 |
| Performance fees | Note 3 | 16,628.76 |
| Bank interest on overdrafts |  | 452,705.47 |
| Transaction fees | Note 6 | 433,140.17 |
| Interest on swaps |  | 4,008,730.26 |
| Operating and establishment fees | Note 4 | 1,068,439.72 |
| Net income from investments |  | 18,113,040.21 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (55,839,690.77) |
| - options |  | 2,852,136.58 |
| - forward foreign exchange contracts |  | (13,910,899.58) |
| - financial futures |  | 10,242,279.64 |
| - swaps |  | 11,362,076.35 |
| - foreign exchange |  | 5,275,280.73 |
| Net realised loss |  | (21,905,776.84) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 35,749,534.29 |
| - options |  | (1,894,084.06) |
| - forward foreign exchange contracts |  | 304,095.67 |
| - financial futures |  | 509,508.83 |
| - swaps |  | (8,341,028.94) |
| Increase in net assets as a result of operations |  | 4,422,248.95 |
| Dividends paid | Note 10 | (1,453,601.69) |
| Subscription capitalisation shares |  | 171,185,616.72 |
| Subscription distribution shares |  | 20,723,978.39 |
| Redemption capitalisation shares |  | (293,763,273.38) |
| Redemption distribution shares |  | (17,626,220.95) |
| Decrease in net assets |  | (116,511,251.96) |
| Net assets at the beginning of the year |  | 859,243,546.78 |
| Net assets at the end of the year |  | 742,732,294.82 |

The accompanying notes form an integral part of these financial statements

Translation (ENFR, 2021-12-31):
# CARMIGNAC PORTFOLIO
## Combiné
Etats financiers au 31/12/2021
| Etat des actifs nets au 31/12/2021 |  |  |
| --- | --- | --- |
| Exprimé en EUR |  |  |
| Actifs |  | 14.296.102.296,03 |
| Portefeuille-titres à la valeur de marché | Note 2 | 12.786.958.345,89 |
| Coût |  | 12.302.732.055,55 |
| Plus-value non réalisée sur portefeuille titres |  | 484.226.290,34 |
| Options achetées à la valeur d'évaluation | Note 2 | 8.280.890,95 |
| Options achetées au coût d’acquisition |  | 14.755.475,83 |
| Avoirs bancaires et liquidités |  | 1.258.035.503,41 |
| Intérêts à recevoir sur obligations |  | 74.168.219,23 |
| Brokers à recevoir |  | 77.406.660,52 |
| Souscriptions à recevoir |  | 54.525.076,75 |
| Dividendes à recevoir |  | 565.844,56 |
| Plus-value nette non réalisée sur contrats de change à terme | Note 2 | 10.935.072,57 |
| Plus-value nette non réalisée nette sur instruments financiers à terme | Note 2 | 21.488.860,85 |
| Plus-value non réalisée nette sur swaps | Note 2 | 264.908,10 |
| Intérêts à recevoir sur swaps |  | 3.443.596,41 |
| Autres actifs | Note 12 | 29.316,79 |
| Passifs |  | 425.145.214,16 |
| Options vendues à la valeur de marché | Note 2 | 5.385.734,12 |
| Options vendues au coût d'acquisition |  | 7.908.595,74 |
| Découverts bancaires |  | 69.365.864,40 |
| Brokers à payer |  | 208.033.990,04 |
| Rachats à payer |  | 32.103.047,20 |
| Moins-value non réalisée nette sur contrats de change à terme | Note 2 | 335.907,05 |
| Moins-value non réalisée nette sur instruments financiers à terme | Note 2 | 1.744.520,97 |
| Moins-value non réalisée nette sur swaps | Note 2 | 67.364.609,83 |
| Intérêts à payer sur swaps |  | 2.835.549,44 |
| Autres passifs | Note 13 | 	37.975.991,11 |
| Valeur nette d’inventaire |  | 13.870.957.081,87 |

| Etat des opérations et des changements des actifs nets du 01/01/2021 au 31/12/2021 |
| --- |
| Exprimé en EUR |  |  |
| Revenus |  | 238.876.085,31 |
| Dividendes nets | Note 2 | 33.290.577,92 |
| Intérêts sur obligations | Note 2 | 187.797.104,56 |
| Intérêts bancaires sur comptes courants |  | 910.786,09 |
| Autres revenus financiers |  | 3.621.582,78 |
| Intérêts sur swaps |  | 12.964.152,42 |
| Revenu des prêts de titres | Note 2, 7 | 291.881,54 |
| Dépenses |  | 224.526.672,96 |
| Commissions de gestion | Note 3 | 103.791.127,08 |
| Droits de garde Banque Dépositaire | Note 4 | 1.711.582,00 |
| Taxe d'abonnement | Note 5 | 6.134.656,00 |
| Frais de gestion variables | Note 3 | 21.773.994,22 |
| Intérêts bancaires |  | 8.236.713,27 |
| Frais de transactions | Note 6 | 12.767.436,38 |
| Dividendes versés sur CFD |  | 2.932.636,85 |
| Intérêts sur swaps |  | 46.964.509,04 |
| Frais de fonctionnement et d'établissement | Note 4 | 	20.214.018,12 |
| Montant net total des revenus d’investissement |  | 14.349.412,35 |
| Bénéfice/perte net(te) réalisé(e) sur : |  |  |
| - ventes d’investissements en titres | Note 2 | 664.298.477,71 |
| - options |  | (17.351.397,51) |
| - contrats de change à terme |  | (98.690.966,07) |
| - produits sur instruments financiers à terme |  | (126.308.762,85) |
| - swaps |  | 158.315.890,67 |
| - change |  | (11.687.065,43) |
| Bénéfice net réalisé |  | 582.925.588,87 |
| Variation de la plus-value/moins-value non réalisée nette sur : |  |  |
| - - placements | Note 2 | (207.861.325,47) |
| - options |  | (5.070.218,47) |
| - contrats de change à terme |  | 4.374.149,94 |
| - produits sur instruments financiers à terme |  | 29.335.783,97 |
| - swaps |  | 	(60.259.312,81) |
| Augmentation des actifs nets issue du résultat d’exploitation |  | 343.444.666,03 |
| Dividendes versés | Note 10 | (9.163.404,50) |
| Souscription d'actions de capitalisation |  | 8.017.737.966,77 |
| Souscription d'actions de distribution |  | 180.507.224,95 |
| Rachat d'actions de capitalisation |  | (4.494.408.844,44) |
| Rachat d’actions de distribution |  | 	(93.495.211,58) |
| Augmentation des actifs nets |  | 3.944.622.397,23 |
| Actifs nets en début d’exercice |  | 9.926.334.684,64 |
| Actifs nets en fin d’exercice |  | 13.870.957.081,87 |