# CARMIGNAC PORTFOLIO
## EM Debt (formerly Unconstrained EM Debt)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 141,677,600.18 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 122,364,277.08 |
| Cost price |  | 128,376,403.79 |
| Unrealised loss on the securities portfolio |  | (6,012,126.71) |
| Options purchased at market value | Note 2 | 1,839,989.99 |
| Options purchased at cost |  | 1,997,500.76 |
| Cash at banks and liquidities |  | 12,599,057.17 |
| Interest receivable on bonds |  | 2,936,438.79 |
| Subscriptions receivable |  | 49,489.43 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 636,748.79 |
| Unrealised net appreciation on financial futures | Note 2 | 1,185,630.30 |
| Interest receivable on swaps |  | 65,968.63 |
| Liabilities |  | 8,576,643.12 |
| Options sold at market value | Note 2 | 170,940.04 |
| Options sold at cost |  | 198,763.03 |
| Bank overdrafts |  | 4,393,834.62 |
| Redemptions payable |  | 240,448.83 |
| Unrealised net depreciation on swaps | Note 2 | 3,455,688.55 |
| Interest payable on swaps |  | 133,378.65 |
| Other liabilities | Note 13 | 182,352.43 |
| Net asset value |  | 133,100,957.06 |

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 | 133,100,957.06 | 25,623,283.29 | 23,231,300.57 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 194,476 | 45,000 | 45,000 |
| Net asset value per share | EUR | 131.11 | 127.52 | 115.62 |
| Class Income A EUR - Distribution (monthly) |
| Number of shares |  | 0 | 5,000 | 5,000 |
| Net asset value per share | EUR | 0.00 | 109.58 | 104.08 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 10,000 | 10,000 |
| Net asset value per share | USD | 0.00 | 135.64 | 121.72 |
| Class F EUR - Capitalisation Number of shares |  | 345,792 | 0 | 0 |
| Net asset value per share | EUR | 102.84 | 0.00 | 0.00 |
| Class F USD Hedged - Distribution (annual) Number of shares |  | 20,610 | 0 | 0 |
| Net asset value per share | USD | 102.26 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 520,806 | 140,000 | 140,000 |
| Net asset value per share | EUR | 134.77 | 130.20 | 117.31 |

| 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	 122,219,003.68 | 91.82 |
| Bonds	 115,366,213.13 | 86.67 |
| Angola	 1,878,519.24 | 1.41 |

| 2,224,000 ANGOLA 9.125 19-49 26/11S | USD | 1,878,519.24 | 1.41 |
| --- | --- | --- | --- |
| Belarus |  | 210,348.22 | 0.16 |
| 300,000 BELARUS 6.378 20-31 24/02S | USD | 210,348.22 | 0.16 |
| Benin |  | 6,083,280.63 | 4.57 |
| 2,258,000 BENIN 4.875 21-32 19/01A | EUR | 2,215,910.88 | 1.66 |
| 2,086,000 BENIN 4.95 21-35 22/01A | EUR | 1,996,771.35 | 1.50 |
| 1,870,000 BENIN 6.875 21-52 19/01A | EUR | 1,870,598.40 | 1.41 |
| Bermuda |  | 728,409.89 | 0.55 |
| 571,000 GEOPARK LTD	5.5000 20-27 17/01S | USD | 485,799.39 | 0.37 |
| 337,074 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 242,610.50 | 0.18 |
| Brazil |  | 2,212,766.44 | 1.66 |
| 2,600,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 2,212,766.44 | 1.66 |
| Canada |  | 881,138.62 | 0.66 |
| 816,000 CANACOL ENERGY LTD  5.75 21-28 24/11S | USD | 714,516.63 | 0.53 |
| 619,908 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 166,621.99 | 0.13 |
| Cayman Islands |  | 3,842,778.28 | 2.89 |
| 2,674,000 MEITUAN DIANPING	3.05 20-30 28/10S | USD | 2,186,615.77 | 1.65 |
| 700,000 STONECO LTD 3.95 21-28 16/06S | USD | 543,774.18 | 0.41 |
| 1,100,000 SUNAC CHINA HOLDINGS 6.5 21-26 26/01S | USD | 615,659.52 | 0.46 |
| 2,000,000 YUZHOU GROUP HOLDING 6.35 21-27 13/01S | USD | 496,728.81 | 0.37 |
| Chile |  | 9,371,502.87 | 7.04 |
| 1,320,000,000 CHILE	5.10 19-50 15/07S | CLP | 1,230,908.01 | 0.92 |
| 7,755,000,000 CHILE 6.00 13-43 01/01S | CLP | 8,140,594.86 | 6.12 |
| China |  | 2,310,014.64 | 1.74 |
| 4,400,000 CHINA 2.68 20-30 21/05S | CNY | 598,129.66 | 0.45 |
| 12,000,000 CHINA 3.27 20-30 19/11S | CNY | 1,711,884.98 | 1.29 |
| Colombia |  | 3,058,848.49 | 2.30 |
| 4,500,000 COLOMBIA 3.875 21-61 15/02S | USD | 3,058,848.49 | 2.30 |
| Czech Republic |  | 2,592,733.81 | 1.95 |
| 78,780,000 CZECH REPUBLIC 1.50 20-40 24/04A | CZK | 2,592,733.81 | 1.95 |
| Dominican Republic	 4,998,393.68 | 3.76 |
| 281,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 251,865.90 | 0.19 |
| 2,860,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 2,426,586.26 | 1.83 |
| 2,500,000 DOMINICAN REPUBLIC 6.40 19-49 05/06S | USD | 2,319,941.52 | 1.74 |
| Egypt |  | 1,355,901.28 | 1.02 |
| 1,881,000 EGYPT 7.5 21-60 16/02S | USD | 1,355,901.28 | 1.02 |
| El Salvador |  | 1,170,300.28 | 0.88 |
| 2,408,000 EL SALVADOR 7.1246 19-50 05/50S | USD | 1,170,300.28 | 0.88 |
| Ghana |  | 2,100,357.27 | 1.58 |
| 3,002,000 GHANA 8.75 20-61 11/03S | USD | 2,100,357.27 | 1.58 |
| Greece |  | 1.39 | 0.00 |
| 1 GREECE 4.00 17-37 30/01A | EUR | 1.39 | 0.00 |
| Indonesia |  | 840,365.72 | 0.63 |
| 12,000,000,000 INDONESIA 8.375 18-39 15/04S | IDR | 840,365.72 | 0.63 |
| Ireland |  | 3,271,736.50 | 2.46 |
| 3,750,000 METALLOINVEST FINANCE 3.375 21-28 22/10S | USD | 3,271,736.50 | 2.46 |
| Ivory Coast	 4,056,773.31 | 3.05 |
| 3,342,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 3,222,439.95 | 2.42 |
| 400,000 IVORY COAST 5.8750 19-31 17/10A | EUR | 411,970.00 | 0.31 |
| 424,000 IVORY COAST 6.625 18-48 22/03A | EUR | 422,363.36 | 0.32 |
| Luxembourg |  | 1,586,353.41 | 1.19 |
| 200,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 158,858.60 | 0.12 |
| 360,000 JSM GLOBAL S.A R.L. 4.75 20-30 06/10S | USD | 292,672.52 | 0.22 |
| 1,389,000 MOVIDA EUROPE S.A. 5.25 21-31 08/02S | USD | 1,134,822.29 | 0.85 |
| Malaysia |  | 4,956,981.06 | 3.72 |
| 20,433,000 MALAYSIA 2.6320 20-31 15/04S | MYR | 3,989,429.39 | 2.99 |
| 4,680,000 MALAYSIA 4.065 20-50 15/06S | MYR | 967,551.67 | 0.73 |
| Mexico |  | 7,862,443.94 | 5.91 |
| 5,800,000 PEMEX	6.95 20-60 28/01S | USD | 4,536,107.98 | 3.41 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
1,500,000 PEMEX	4.75 18-29 24/05A
EUR
1,481,092.50	1.11
| 2,084,000 PETROLEOS MEXICANOS 6.70 21-32 16/02S	USD | 1,845,243.46 | 1.39 |
| --- | --- | --- |
| Montenegro | 3,072,652.66 | 2.31 |
| 1,103,000 MONTENEGRO | 2.55 19-29 03/10A | EUR | 978,366.51 | 0.74 |
| 2,255,000 MONTENEGRO | 2.875 20-27 16/12A | EUR | 2,094,286.15 | 1.57 |
| Mozambique |  | 1,514,395.71 | 1.14 |
| 2,030,000 MOZAMBIQUE	5.0 19-31 15/09S | USD | 1,514,395.71 | 1.14 |
| Peru |  | 711,160.02 | 0.53 |
| 3,000,000 PERU 6.95 08-31 12/08S | PEN | 711,160.02 | 0.53 |
| Romania |  | 14,143,202.61 | 10.62 |
| 1,072,000 ROMANIA	4.625 19-49 03/04A	EUR | 1,213,434.32 | 0.91 |
| 534,000 ROMANIA 1.7500 21-30 13/07A | EUR | 499,813.32 | 0.38 |
| 3,253,000 ROMANIA 2.875 21-42 13/04A | EUR | 2,922,690.38 | 2.20 |
| 8,451,000 ROMANIA 3.3750 20-50 28/01A | EUR | 7,986,955.59 | 5.99 |
| 1,400,000 ROMANIA 3.875 15-35 29/10A | EUR | 1,520,309.00 | 1.14 |
| Russia | 12,034,306.69 | 9.03 |
| 734,811,000 RUSSIA	7.7 19-39 16/03S	RUB | 8,175,976.39 | 6.13 |
| 1,000,000 RUSSIA 2.65 21-36 27/05A | EUR | 1,009,885.00 | 0.76 |
| 150,000,000 RUSSIA 7.65 19-30 10/04S | RUB | 1,696,710.67 | 1.27 |
| 110,466,000 RUSSIAN FEDERAL BOND O 7.1 21-41 15/05S | RUB | 1,151,734.63 | 0.87 |
| The Netherlands | 4,870,180.59 | 3.66 |
| 600,000 PROSUS NV | 4.027 20-50 03/08S | USD | 509,047.66 | 0.38 |
| 4,812,000 PROSUS NV | 3.8320 20-51 08/02S | USD | 3,956,972.93 | 2.98 |
| 400,000 PROSUS N.V. 1.539 20-28 03/08A	EUR | 404,160.00 | 0.30 |
| Togo | 3,729,118.64 | 2.80 |
| 3,536,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A	EUR | 3,729,118.64 | 2.80 |
| Tunesia | 1,455,591.45 | 1.09 |
| 1,905,000 CENTRAL BK TUNISIA 6.375 | 19-26 15/07A | EUR | 1,455,591.45 | 1.09 |
| Ukraine |  |  | 3,721,365.29 | 2.80 |
| 2,570,000 UKRAINE 4.375 20-30 27/01A |  | EUR | 2,074,696.75 | 1.57 |
| 300,000 UKRAINE 6.75 19-26 20/06A |  | EUR | 286,102.50 | 0.21 |
| 1,000,000 UKRAINE 6.8760 21-29 21/05S |  | USD | 781,823.78 | 0.59 |
| 743,000 UKRAINE 7.253 20-33 15/03S |  | USD | 578,742.26 | 0.43 |
| United States of America | 4,744,290.50 | 3.56 |
| 2,900,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 2,550,123.11 | 1.91 |
| 724,000 KOSMOS ENERGY PLC	7.75 21-27 01/05S	USD | 614,028.02 | 0.46 |
| 1,900,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 1,580,139.37 | 1.19 |
| Floating rate bonds |  | 6,852,790.55 | 5.15 |
| Cayman Islands |  | 536,611.02 | 0.40 |
| 530,000 BANCO MERCANTILE FL.R 20-XX 14/01Q	USD | 536,611.02 | 0.40 |
| Greece | 1,806,186.95 | 1.36 |
| 1,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A	EUR | 973,295.00 | 0.74 |
| 348,000 PIRAEUS FINANCIAL  FL.R 19-29 26/06A | EUR | 376,746.54 | 0.28 |
| 457,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 456,145.41 | 0.34 |
| Ireland | 255,269.08 | 0.19 |
| 300,000 TCS FINANCE DESIGNATED AC 6 21-99 31/12Q	USD | 255,269.08 | 0.19 |
| Mexico | 1,872,810.50 | 1.41 |
| 2,140,000 BANCO MERCANTILE DEL N FL.R 21-99 31/12S	USD | 1,872,810.50 | 1.41 |
| United Kingdom | 2,381,913.00 | 1.79 |
| 2,350,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 2,381,913.00 | 1.79 |
| er transferable securities	 145,273.40	0.11 |
| Bonds |  | 145,273.40 | 0.11 |
| Mexico |  | 145,273.40 | 0.11 |
| 164,383 SEAMEX LTD	12.00 21-24 31/08Q | USD | 145,273.40 | 0.11 |
| al securities portfolio	 122,364,277.08	91.93 |

Oth
Tot
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Romania |  | 10.62 |
| Russia |  | 9.03 |
| Mexico |  | 7.43 |
| Chile |  | 7.04 |
| Benin |  | 4.57 |
| Dominican Republic |  | 3.76 |
| Malaysia |  | 3.72 |
| The Netherlands |  | 3.66 |
| United States of America |  | 3.56 |
| Cayman Islands |  | 3.29 |
| Ivory Coast |  | 3.05 |
| Togo |  | 2.80 |
| Ukraine |  | 2.80 |
| Ireland |  | 2.65 |
| Montenegro |  | 2.31 |
| Colombia |  | 2.30 |
| Czech Republic |  | 1.95 |
| United Kingdom |  | 1.79 |
| China |  | 1.74 |
| Brazil |  | 1.66 |
| Ghana |  | 1.58 |
| Angola |  | 1.41 |
| Greece |  | 1.36 |
| Luxembourg |  | 1.19 |
| Mozambique |  | 1.14 |
| Tunesia |  | 1.09 |
| Egypt |  | 1.02 |
| El Salvador |  | 0.88 |
| Canada |  | 0.66 |
| Other |  | 1.87 |
|  |  | 91.93 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Countries and central government |  | 58.97 |
| Holding and finance companies |  | 12.44 |
| Petroleum |  | 8.27 |
| Internet and internet services |  | 5.31 |
| Banks and credit institutions |  | 2.90 |
| Supranational |  | 2.80 |
| Real estate companies |  | 0.83 |
| Office supplies and computing |  | 0.41 |
|  |  | 91.93 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 4,394,422.94 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 4,097,600.98 |
| Bank interest on cash account |  | 40,224.96 |
| Other financial income |  | 1,975.26 |
| Interest on swaps |  | 254,621.74 |
| Expenses |  | 3,723,984.38 |
| Management fees | Note 3 | 825,777.03 |
| Custodian & sub-custodian fees | Note 4 | 25,608.00 |
| Taxe d'abonnement | Note 5 | 52,957.00 |
| Performance fees | Note 3 | 51,076.91 |
| Bank interest on overdrafts |  | 88,067.62 |
| Transaction fees | Note 6 | 83,378.27 |
| Interest on swaps |  | 2,470,780.29 |
| Operating and establishment fees | Note 4 | 126,339.26 |
| Net income from investments |  | 670,438.56 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 1,560,038.36 |
| - options |  | (767,629.59) |
| - forward foreign exchange contracts |  | 95,756.02 |
| - financial futures |  | (1,104,058.46) |
| - swaps |  | 8,378,024.90 |
| - foreign exchange |  | 541,588.42 |
| Net realised profit |  | 9,374,158.21 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (5,891,192.07) |
| - options |  | (206,730.86) |
| - forward foreign exchange contracts |  | 553,104.84 |
| - financial futures |  | 1,275,614.37 |
| - swaps |  | (3,521,882.65) |
| Increase in net assets as a result of operations |  | 1,583,071.84 |
| Subscription capitalisation shares |  | 120,261,135.61 |
| Subscription distribution shares |  | 1,706,644.46 |
| Redemption capitalisation shares |  | (15,527,528.14) |
| Redemption distribution shares |  | (545,650.00) |
| Increase in net assets |  | 107,477,673.77 |
| Net assets at the beginning of the year |  | 25,623,283.29 |
| Net assets at the end of the year |  | 133,100,957.06 |

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 |