# CARMIGNAC PORTFOLIO
## Emerging Discovery

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 200,905,217.03 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 173,837,184.20 |
| Cost price |  | 166,837,332.13 |
| Unrealised profit on the securities portfolio |  | 6,999,852.07 |
| Cash at banks and liquidities |  | 26,769,599.35 |
| Brokers receivable |  | 9,966.73 |
| Subscriptions receivable |  | 288,466.75 |
| Liabilities |  | 3,362,750.00 |
| Bank overdrafts |  | 191,422.17 |
| Brokers payable |  | 738,061.93 |
| Redemptions payable |  | 322,381.94 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 10,991.25 |
| Other liabilities | Note 13 | 2,099,892.71 |
| Net asset value |  | 197,542,467.03 |

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 | 197,542,467.03 | 198,299,830.62 | 259,564,975.68 |
| Class A EUR - Capitalisation Number of shares |  | 40,682 | 53,317 | 73,891 |
| Net asset value per share | EUR | 1,924.95 | 1,533.27 | 1,535.69 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 3,522 | 3,049 | 3,425 |
| Net asset value per share | CHF | 173.39 | 138.73 | 139.51 |
| Class A USD Hedged - Capitalisation Number of shares |  | 12,542 | 9,739 | 13,003 |
| Net asset value per share | USD | 194.76 | 154.36 | 152.60 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 1,428 |
| Net asset value per share | USD | 0.00 | 141.91 | 140.91 |
| Class F EUR - Capitalisation Number of shares |  | 418,173 | 471,671 | 660,383 |
| Net asset value per share | EUR | 190.96 | 151.03 | 149.75 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 3,867 | 961 | 437 |
| Net asset value per share | CHF | 184.96 | 146.88 | 146.25 |
| Class F USD Hedged - Capitalisation Number of shares |  | 6,500 | 10,250 | 24,101 |
| Net asset value per share | USD | 207.01 | 162.67 | 159.26 |
| Class W EUR - Capitalisation Number of shares |  | 97,658 | 98,174 | 96,887 |
| Net asset value per share | EUR | 139.30 | 108.87 | 107.96 |
| Class W GBP - Capitalisation Number of shares |  | 87,582 | 162,624 | 159,881 |
| Net asset value per share | GBP | 197.13 | 164.26 | 154.19 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| EUR | 197,542,467.03 | 198,299,830.62 | 259,564,975.68 |

Key figures relating to the last 3 years
Total Net Assets
| Class W USD - Capitalisation |  |
| --- | --- |
| Number of shares |  | 5,000 | 17,864 | 19,236 |
| Net asset value per share | USD | 135.83 | 114.23 | 103.91 |

| 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	 173,837,184.20 | 88.00 |
| Shares	 173,837,184.20 | 88.00 |
| Brazil	 9,383,925.61 | 4.75 |

| 2,466,376 ALUPAR INVESTIMENTO SA UNITS CONS | BRL | 9,383,925.61 | 4.75 |
| --- | --- | --- | --- |
| British Virgin Islands |  | 5,003,415.27 | 2.53 |
| 753,627 FIX PRICE --- SHS SPONSORED GLOBAL DEPOS | USD | 5,003,415.27 | 2.53 |
| Cayman Islands	 12,590,507.28 | 6.37 |
| 317,746 CHINDATA GROUP HOLDINGS LTD | USD | 1,841,317.39 | 0.93 |
| 76,494 DAQO NEW ENERGY SPONS ADR REPR 5 SHS | USD | 2,712,133.38 | 1.37 |
| 46,154 EHANG HOLDINGS | USD | 605,537.88 | 0.31 |
| 2,699,000 KINDSTAR GLOBALGENE TECHNOLOGY INC REGIS | HKD | 1,744,344.37 | 0.88 |
| 310,792 MOMO | USD | 2,454,196.41 | 1.24 |
| 197,651 NIU TECHNOLOGIES ADR | USD | 2,799,997.90 | 1.42 |
| 25,712 TDCX INC | USD | 432,979.95 | 0.22 |
| Chile |  | 2,441,768.90 | 1.24 |
| 217,209 PB FINTECH LIMITED | INR | 2,441,768.90 | 1.24 |
| China |  | 12,891,246.10 | 6.53 |
| 17,300,528 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 7,415,111.34 | 3.76 |
| 935,651 ENN NATURAL GAS CO LTD | CNY | 2,370,174.72 | 1.20 |
| 419,456 JOINN LABORATORIES (CHINA) CO | HKD | 3,105,960.04 | 1.57 |
| Colombia |  | 2,077,846.72 | 1.05 |
| 302,425 BANCO DAVIVIENDA SA PREF SHS | COP | 2,077,846.72 | 1.05 |
| Cyprus |  | 12,246,276.02 | 6.20 |
| 1,119,789 GLOBALTRANS INV -GDR- REP 1 SH REG -S | USD | 8,389,555.29 | 4.25 |
| 148,121 OZON HOLDINGS PLC | USD | 3,856,720.73 | 1.95 |
| India |  | 41,422,467.54 | 20.96 |
| 63,637 APOLLO HOSPITALS | INR | 3,774,053.62 | 1.91 |
| 746,704 DEVYANI INTERNATIONAL LIMITED | INR | 1,457,907.66 | 0.74 |
| 61,439 DR. LAL PATHLABS LTD | INR | 2,777,980.80 | 1.41 |
| 255,048 FSN E-COMMERCE VENTURES LTD | INR | 6,340,560.65 | 3.21 |
| 54,973 INDIGO PAINTS - REGISTERED SHS 144A REG | INR | 1,385,632.14 | 0.70 |
| 839,620 KPIT TECHNOLOGIES LTD | INR | 6,087,988.68 | 3.08 |
| 93,869 MEDPLUS HEALTH SERVICES LIMITED | INR | 1,151,896.65 | 0.58 |
| 24,323 METROPOLIS HEALTHCARE LTD | INR | 990,045.61 | 0.50 |
| 4,788,819 NIYOGIN FINTECH LTD | INR | 4,169,387.39 | 2.11 |
| 246,384 SAPPHIRE --- REGISTERED SH | INR | 3,553,330.93 | 1.80 |
| 847,292 STERLING & WILS --- REGISTERED SHS | INR | 3,832,807.44 | 1.94 |
| 418,256 VARUN BEVERAGES LTD | INR | 4,395,090.82 | 2.22 |
| 926,425 ZOMATO --- REGISTERED SHS 144A REG S | INR | 1,505,785.15 | 0.76 |
| Indonesia |  | 4,918,962.29 | 2.49 |
| 8,665,898 PROD WIDYAHUSAD REGISTERED | IDR | 4,918,962.29 | 2.49 |
| Kazakhstan |  | 2,008,272.95 | 1.02 |
| 19,688 KASPI --- SHS SPONSORED GDR | USD | 2,008,272.95 | 1.02 |
| Kenya |  | 4,852,377.38 | 2.46 |
| 857,071 EAST AFRICAN BREWERIES PLC | KES | 1,099,029.29 | 0.56 |
| 12,726,194 SAFARICOM | KES | 3,753,348.09 | 1.90 |
| Mexico |  | 9,593,326.57 | 4.86 |
| 4,593,352 BKNY MELLON MEX-CERT BURSATILES FID IMM | MXN | 5,658,597.24 | 2.87 |
| 2,444,532 UNIFIN FINANCIERA SAB DE CV | MXN | 3,934,729.33 | 1.99 |
| Philippines	 4,045,332.97 | 2.05 |
| 1,172,918 INTERNATIONAL CONTAINER TERMINAL SERVICE | PHP | 4,045,332.97 | 2.05 |
| South Korea |  | 10,788,237.02 | 5.46 |
| 80,544 HANA MATERIALS --- REGISTERED SHS | KRW | 3,741,669.64 | 1.89 |
| 25,411 LEENO INDUSTRIAL - REGISTERED SHS | KRW | 3,727,495.03 | 1.89 |
| 10,202 SK IE TECH --- REGISTERED SHS | KRW | 1,267,848.04 | 0.64 |
| 18,673 TOKAI CARBON KOREA CO LTD | KRW | 2,051,224.31 | 1.04 |
| Spain |  | 842,931.73 | 0.43 |
| 1,364,136 CEMEX LATAM HOLDINGS SA | COP | 842,931.73 | 0.43 |
| Taiwan |  | 16,645,516.49 | 8.42 |
| 1,179,402 CHICONY ELECTRONICS | TWD | 3,085,050.34 | 1.56 |
| 77,297 MOMO.COM INC | TWD | 3,992,239.28 | 2.02 |
| 607,851 PRESIDENT CHAIN STORE CORP | TWD | 5,283,905.31 | 2.67 |
| 1,082,710 TRIPOD TECHNOLOGY CO LTD | TWD | 4,284,321.56 | 2.17 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Turkey |  | 2,381,520.72 | 1.21 |
| --- | --- | --- | --- |
| 1,752,687 AGESA HAY EMEK | TRY | 2,381,520.72 | 1.21 |
| United Arab Emirates |  | 7,612,261.02 | 3.85 |
| 7,755,223 ARAMEX | AED | 7,612,261.02 | 3.85 |
| United States of America |  | 6,519,992.68 | 3.30 |
| 137,408 TASKUS INC-A | USD | 6,519,992.68 | 3.30 |
| Vietnam |  | 5,570,998.94 | 2.82 |
| 342,300 SAIGON BEER | VND | 1,994,355.86 | 1.01 |
| 1,072,860 VINAMILK | VND | 3,576,643.08 | 1.81 |

Total securities portfolio	
173,837,184.20	88.00
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| India |  | 20.96 |
| Taiwan |  | 8.42 |
| China |  | 6.53 |
| Cayman Islands |  | 6.37 |
| Cyprus |  | 6.20 |
| South Korea |  | 5.46 |
| Mexico |  | 4.86 |
| Brazil |  | 4.75 |
| United Arab Emirates |  | 3.85 |
| United States of America |  | 3.30 |
| Vietnam |  | 2.82 |
| British Virgin Islands |  | 2.53 |
| Indonesia |  | 2.49 |
| Kenya |  | 2.46 |
| Philippines |  | 2.05 |
| Chile |  | 1.24 |
| Turkey |  | 1.21 |
| Colombia |  | 1.05 |
| Kazakhstan |  | 1.02 |
| Spain |  | 0.43 |
|  |  | 88.00 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Transportation | 11.57 |
| Electrical engineering and electronics | 11.01 |
| Internet and internet services | 7.64 |
| Communications | 5.66 |
| Foods and non alcoholic drinks | 5.52 |
| Holding and finance companies | 5.12 |
| Miscellaneous consumer goods | 5.02 |
| Pharmaceuticals and cosmetics | 4.94 |
| Retail trade, department stores | 4.69 |
| Healthcare and social services | 4.40 |
| Banks and credit institutions | 3.92 |
| Utilities | 3.31 |
| Machine and apparatus construction | 3.08 |
| Chemicals | 2.94 |
| Miscellaneous sectors | 2.53 |
| Electronics and semiconductors | 1.89 |
| Tobacco and alcoholic drinks | 1.57 |
| Miscellaneous services | 1.24 |
| Insurance | 1.21 |
| Building materials and trade | 0.43 |
| Aerospace industry | 0.31 |
|  | 88.00 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 1,959,210.86 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,929,999.61 |
| Bank interest on cash account |  | 28,897.64 |
| Other financial income |  | 313.61 |
| Expenses |  | 6,175,682.72 |
| Management fees | Note 3 | 2,716,901.00 |
| Custodian & sub-custodian fees | Note 4 | 121,610.00 |
| Taxe d'abonnement | Note 5 | 96,008.00 |
| Performance fees | Note 3 | 1,779,963.96 |
| Bank interest on overdrafts |  | 217,986.42 |
| Transaction fees | Note 6 | 610,194.72 |
| Operating and establishment fees | Note 4 | 633,018.62 |
| Net loss from investments |  | (4,216,471.86) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 41,026,714.67 |
| - forward foreign exchange contracts |  | 307,672.03 |
| - financial futures |  | 1,728,903.30 |
| - swaps |  | 370,037.78 |
| - foreign exchange |  | (3,416,992.11) |
| Net realised profit |  | 35,799,863.81 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 9,509,104.04 |
| - forward foreign exchange contracts |  | (4,292.23) |
| Increase in net assets as a result of operations |  | 45,304,675.62 |
| Subscription capitalisation shares |  | 48,319,106.82 |
| Redemption capitalisation shares |  | (94,381,146.03) |
| Decrease in net assets |  | (757,363.59) |
| Net assets at the beginning of the year |  | 198,299,830.62 |
| Net assets at the end of the year |  | 197,542,467.03 |

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 |