# CARMIGNAC PORTFOLIO
## Family Governed

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 33,724,194.06 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 32,647,420.29 |
| Cost price |  | 24,556,773.76 |
| Unrealised profit on the securities portfolio |  | 8,090,646.53 |
| Cash at banks and liquidities |  | 1,054,097.30 |
| Subscriptions receivable |  | 14,403.05 |
| Dividends receivable |  | 8,273.42 |
| Liabilities |  | 68,792.68 |
| Other liabilities | Note 13 | 68,792.68 |
| Net asset value |  | 33,655,401.38 |

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 | 33,655,401.38 | 24,534,485.85 | 20,338,627.03 |
| Class A EUR - Capitalisation Number of shares |  | 184,535 | 169,783 | 162,900 |
| Net asset value per share | EUR | 163.77 | 128.95 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 10,356 | 10,127 | 10,001 |
| Net asset value per share | EUR | 166.45 | 130.27 | 111.58 |
| Class W EUR - Capitalisation Number of shares |  | 10,246 | 10,116 | 10,000 |
| Net asset value per share | EUR | 167.02 | 130.61 | 111.58 |

Securities portfolio as at 31/12/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
32,647,420.29	97.00
| Shares |  | 32,647,420.29 | 97.00 |
| --- | --- | --- | --- |
|  | Cayman Islands | 1,985,026.31 | 5.90 |
| 35,900 SHENZHOU INTERNATIONAL GROUP | HKD | 606,975.00 | 1.80 |
| 326,000 SINO BIOPHARMA | HKD | 200,763.60 | 0.60 |
| 15,500 SUNNY OPTICAL TECHNOLOGY (GRP) CO LTD | HKD | 431,121.31 | 1.28 |
| 71,480 WUXI BIOLOGICS | HKD | 746,166.40 | 2.22 |
| Denmark |  | 2,361,554.44 | 7.02 |
| 15,211 DEMANT A/S | DKK | 685,329.42 | 2.04 |
| 12,872 NOVO NORDISK | DKK | 1,272,039.37 | 3.78 |
| 5,596 NOVOZYMES -B- | DKK | 404,185.65 | 1.20 |
| France |  | 4,632,059.04 | 13.76 |
| 8,150 DASSAULT SYST. | EUR | 426,326.50 | 1.27 |
| 7,014 ESSILORLUXOTTICA SA | EUR | 1,313,301.36 | 3.90 |
| 715 HERMES INTERNATIONAL SA | EUR | 1,098,240.00 | 3.26 |
| 1,390 L'OREAL SA | EUR | 579,560.50 | 1.72 |
| 735 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 534,345.00 | 1.59 |
| 8,828 SODEXO SA | EUR | 680,285.68 | 2.02 |
| Germany	 840,214.70 | 2.50 |
| 3,729 HENKEL AG & CO KGAA | EUR | 256,182.30 | 0.76 |
| 4,676 SAP AG | EUR | 584,032.40 | 1.74 |
| Hong Kong |  | 978,239.22 | 2.91 |
| 346,000 CSPC PHARMACEUTICAL | HKD | 330,547.77 | 0.98 |
| 37,000 TECHTRONIC INDUSTRIES CO LTD | HKD | 647,691.45 | 1.93 |
| Italy |  | 328,704.35 | 0.98 |
| 1,963 DIASORIN | EUR | 328,704.35 | 0.98 |
| Japan |  | 923,281.22 | 2.74 |
| 10,700 CHUGAI PHARMACEUTICAL | JPY | 305,179.10 | 0.91 |
| 2,700 NITORI | JPY | 355,143.11 | 1.05 |
| 800 SYSMEX | JPY | 94,995.01 | 0.28 |
| 4,400 UNI CHARM | JPY | 167,964.00 | 0.50 |
| Switzerland |  | 3,242,270.11 | 9.63 |
| 8,449 GARMIN | USD | 1,011,695.68 | 3.00 |
| 391 PARTNERS GROUP HLDG NAMEN AKT | CHF | 570,754.72 | 1.70 |
| 2,922 ROCHE HOLDING LTD | CHF | 1,069,082.85 | 3.17 |
| 316 STRAUMANN HOLDING REG | CHF | 590,736.86 | 1.76 |
| The Netherlands |  | 679,581.00 | 2.02 |
| 294 ADYEN --- PARTS SOCIALES | EUR | 679,581.00 | 2.02 |
| United States of America |  | 16,676,489.90 | 49.54 |
| 364 ALPHABET INC -A- | USD | 927,297.36 | 2.76 |
| 594 AMAZON.COM INC | USD | 1,741,644.35 | 5.17 |
| 11,929 BROWN AND BROWN INC | USD | 737,223.11 | 2.19 |
| 3,755 CINTAS | USD | 1,463,333.93 | 4.35 |
| 11,168 COPART INC | USD | 1,489,001.20 | 4.42 |
| 6,159 DANAHER CORP | USD | 1,781,896.40 | 5.29 |
| 4,339 ESTEE LAUDER COMPANIES INC -A- | USD | 1,412,502.46 | 4.20 |
| 1,335 LENNOX INTL | USD | 380,777.88 | 1.13 |
| 11,323 MARRIOTT INTERNATIONAL -A- | USD | 1,645,280.09 | 4.89 |
| 2,928 MASTERCARD INC -A- | USD | 925,157.37 | 2.75 |
| 4,518 NORDSON | USD | 1,014,166.25 | 3.01 |
| 13,437 PAYCHEX INC | USD | 1,612,865.37 | 4.79 |
| 3,025 SS C TECHNOLOGIERS HOLDINGS | USD | 218,070.26 | 0.65 |
| 5,908 VEEVA SYSTEMS -A- | USD | 1,327,273.87 | 3.94 |

Total securities portfolio	
32,647,420.29	97.00
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 49.54 |
| France |  | 13.76 |
| Switzerland |  | 9.63 |
| Denmark |  | 7.02 |
| Cayman Islands |  | 5.90 |
| Hong Kong |  | 2.91 |
| Japan |  | 2.74 |
| Germany |  | 2.50 |
| The Netherlands |  | 2.02 |
| Italy |  | 0.98 |
|  |  | 97.00 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Pharmaceuticals and cosmetics | 24.32 |
| Internet and internet services | 14.50 |
| Textiles and garments | 11.00 |
| Machine and apparatus construction | 8.30 |
| Holding and finance companies | 7.37 |
| Retail trade, department stores | 6.22 |
| Hotels and restaurants | 4.89 |
| Banks and credit institutions | 4.77 |
| Road vehicles | 4.42 |
| Biotechnology | 2.22 |
| Insurance | 2.19 |
| Electrical engineering and electronics | 1.93 |
| Photographics and optics | 1.28 |
| Miscellaneous consumer goods | 1.26 |
| Chemicals | 1.20 |
| Building materials and trade | 1.13 |
|  | 97.00 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 182,797.09 |
| --- | --- | --- |
| Net dividends | Note 2 | 182,791.22 |
| Bank interest on cash account |  | 5.87 |
| Expenses |  | 568,384.87 |
| Management fees | Note 3 | 421,879.96 |
| Custodian & sub-custodian fees | Note 4 | 15,093.00 |
| Taxe d'abonnement | Note 5 | 15,142.00 |
| Performance fees | Note 3 | 1,802.19 |
| Bank interest on overdrafts |  | 9,544.89 |
| Transaction fees | Note 6 | 46,745.76 |
| Operating and establishment fees | Note 4 | 58,177.07 |
| Net loss from investments |  | (385,587.78) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 3,731,864.47 |
| - financial futures |  | 103,133.43 |
| - foreign exchange |  | (312,211.18) |
| Net realised profit |  | 3,137,198.94 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 3,767,928.54 |
| Increase in net assets as a result of operations |  | 6,905,127.48 |
| Subscription capitalisation shares |  | 2,785,350.18 |
| Redemption capitalisation shares |  | (569,562.13) |
| Increase in net assets |  | 9,120,915.53 |
| Net assets at the beginning of the year |  | 24,534,485.85 |
| Net assets at the end of the year |  | 33,655,401.38 |

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 |