# CARMIGNAC PORTFOLIO
## Long-Short Global Equities

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 104,266,470.83 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 89,215,059.61 |
| Cost price |  | 75,657,410.19 |
| Unrealised profit on the securities portfolio |  | 13,557,649.42 |
| Cash at banks and liquidities |  | 7,459,918.77 |
| Brokers receivable |  | 7,313,780.11 |
| Subscriptions receivable |  | 68,755.29 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 193,153.81 |
| Other assets | Note 12 | 15,803.24 |
| Liabilities |  | 10,403,257.16 |
| Bank overdrafts |  | 3,597,115.76 |
| Brokers payable |  | 3,494,852.63 |
| Redemptions payable |  | 859.53 |
| Unrealised net depreciation on financial futures | Note 2 | 1,012,209.03 |
| Unrealised net depreciation on swaps | Note 2 | 1,594,902.71 |
| Other liabilities | Note 13 | 703,317.50 |
| Net asset value |  | 93,863,213.67 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 93,863,213.67 | 45,896,914.64 | 19,988,919.90 |
| Class A EUR - Capitalisation Number of shares |  | 222,464 | 76,346 | 50,000 |
| Net asset value per share | EUR | 113.52 | 96.16 | 100.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 119.37 | 98.86 | 100.00 |
| Class F EUR - Capitalisation Number of shares |  | 572,475 | 377,467 | 130,000 |
| Net asset value per share | EUR | 115.83 | 96.75 | 100.00 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | GBP | 118.43 | 97.78 | 100.00 |

Securities portfolio as at 31/12/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange listing	 89,215,059.61 | 95.05 |
| --- | --- | --- |
| Shares |  | 89,215,059.61 | 95.05 |
|  | Cayman Islands | 10,846,464.58 | 11.56 |
| 88,295 FARFETCH-REGISTERED SHS -A- | USD | 4,604,719.01 | 4.91 |
| 152,429 JD HEALTH INTERNATIONAL INC | HKD | 2,410,008.17 | 2.57 |
| 53,337 JD.COM INC SADR REPR 2 SHS -A- | USD | 3,831,737.40 | 4.08 |
| France |  | 1,739,945.70 | 1.85 |
| 15,006 SAFRAN SA | EUR | 1,739,945.70 | 1.85 |
| Germany |  | 9,239,377.00 | 9.84 |
| 72,751 DELIVERY HERO | EUR | 9,239,377.00 | 9.84 |
| India |  | 2,738,352.50 | 2.92 |
| 88,585 AVENUE SUPER REGISTERED | INR | 2,738,352.50 | 2.92 |
| Ireland |  | 1,721,193.19 | 1.83 |
| 105,887 RYANAIR HLDGS | EUR | 1,721,193.19 | 1.83 |
| Kazakhstan |  | 3,374,769.97 | 3.60 |
| 61,538 KASPI --- SHS SPONSORED GDR | USD | 3,374,769.97 | 3.60 |
| Luxembourg |  | 928,941.97 | 0.99 |
| 50,000 ALLEGRO EU | PLN | 928,941.97 | 0.99 |
| Spain |  | 3,931,545.60 | 4.19 |
| 27,648 AENA SME SA | EUR | 3,931,545.60 | 4.19 |
| Switzerland |  | 8,357,963.09 | 8.90 |
| 126,881 DUFRY GROUP | CHF | 6,520,314.35 | 6.94 |
| 7,023 ZUR ROSE GROUP NAMEN-AKT. | CHF | 1,837,648.74 | 1.96 |
| The Netherlands |  | 1,920,672.00 | 2.05 |
| 12,960 SHOP APOTHEKE EUROPE NV | EUR | 1,920,672.00 | 2.05 |
| United Kingdom |  | 5,710,970.96 | 6.08 |
| 256,638 JET2 PLC | GBP | 4,100,014.97 | 4.36 |
| 52,113 PERSIMMON PLC | GBP | 1,610,955.99 | 1.72 |
| United States of America |  | 38,704,863.05 | 41.24 |
| 1,199 AIRBNB INC | USD | 143,854.52 | 0.15 |
| 1,339 AMAZON.COM INC | USD | 3,564,242.79 | 3.80 |
| 2,193 BOOKING HOLDINGS INC | USD | 3,991,993.06 | 4.25 |
| 16,263 FACEBOOK -A- | USD | 3,630,747.48 | 3.87 |
| 34,224 MATCH GROUP INC | USD | 4,228,945.74 | 4.51 |
| 38,141 MICROSOFT CORP | USD | 6,933,367.02 | 7.38 |
| 6,069 NETFLIX INC | USD | 2,682,105.65 | 2.86 |
| 31,653 SALESFORCE.COM INC | USD | 5,756,807.72 | 6.13 |
| 86,864 SPIRIT AIRLINES | USD | 1,735,789.14 | 1.85 |
| 43,390 TWITTER INC | USD | 1,920,288.10 | 2.05 |
| 98,765 UBER TECH/REGSH | USD | 4,116,721.83 | 4.39 |

Total securities portfolio	
89,215,059.61	95.05
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 41.24 |
| Cayman Islands |  | 11.56 |
| Germany |  | 9.84 |
| Switzerland |  | 8.90 |
| United Kingdom |  | 6.08 |
| Spain |  | 4.19 |
| Kazakhstan |  | 3.60 |
| India |  | 2.92 |
| The Netherlands |  | 2.05 |
| France |  | 1.85 |
| Ireland |  | 1.83 |
| Luxembourg |  | 0.99 |
|  |  | 95.05 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Internet and internet services |  | 30.93 |
| Retail trade, department stores |  | 23.64 |
| Transportation |  | 12.23 |
| Miscellaneous services |  | 9.99 |
| Holding and finance companies |  | 5.65 |
| Communications |  | 4.51 |
| Healthcare and social services |  | 2.57 |
| Pharmaceuticals and cosmetics |  | 1.96 |
| Aerospace industry |  | 1.85 |
| Building materials and trade |  | 1.72 |
|  |  | 95.05 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 245,901.86 |
| --- | --- | --- |
| Net dividends | Note 2 | 134,808.73 |
| Net interest on bonds | Note 2 | 39,641.80 |
| Bank interest on cash account |  | 8,830.44 |
| Other financial income |  | 62,620.89 |
| Expenses |  | 1,493,951.70 |
| Management fees | Note 3 | 546,895.70 |
| Custodian & sub-custodian fees | Note 4 | 9,638.13 |
| Taxe d'abonnement | Note 5 | 31,498.51 |
| Performance fees | Note 3 | 40,520.00 |
| Bank interest on overdrafts |  | 174,737.59 |
| Transaction fees | Note 6 | 275,180.19 |
| Interest on swaps |  | 148.33 |
| Operating and establishment fees | Note 4 | 415,333.25 |
| Net loss from investments |  | (1,248,049.84) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 19,911,344.11 |
| - options |  | (605,302.48) |
| - forward foreign exchange contracts |  | 3,167,508.12 |
| - financial futures |  | (15,319,489.02) |
| - swaps |  | (3,040,330.66) |
| - foreign exchange |  | (1,296,227.10) |
| Net realised profit |  | 1,569,453.13 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 10,969,452.62 |
| - forward foreign exchange contracts |  | (173,188.77) |
| - financial futures |  | (978,217.94) |
| - swaps |  | (1,162,631.44) |
| Increase in net assets as a result of operations |  | 10,224,867.60 |
| Subscription capitalisation shares |  | 55,723,723.57 |
| Redemption capitalisation shares |  | (17,982,292.14) |
| Increase in net assets |  | 47,966,299.03 |
| Net assets at the beginning of the year |  | 45,896,914.64 |
| Net assets at the end of the year |  | 93,863,213.67 |

The accompanying notes form an integral part of these financial statements

Translation (ENFR, 2020-12-31):
# CARMIGNAC PORTFOLIO
## Etats

### Financiers consolidés au 31/12/2020

###### Etat des actifs nets au 31/12/2020
Exprimé en EUR
| Actifs |  | 10 231 162 360,04 |
| --- | --- | --- |
| Portefeuille-titres à la valeur de marché | Note 2 | 9 328 681 984,85 |
| Coût |  | 8 636 594 369,04 |
| Plus-value non réalisée sur portefeuille titres |  | 692 087 615,81 |
| Options achetées à la valeur d'évaluation | Note 2 | 36 533 654,95 |
| Options achetées au coût d’acquisition |  | 32 855 421,76 |
| Avoirs bancaires et liquidités |  | 578 725 758,38 |
| Intérêts à recevoir |  | 51 402 242,98 |
| Brokers à recevoir |  | 162 219 256,48 |
| Souscriptions à recevoir |  | 54 717 994,24 |
| Dividendes à recevoir |  | 920 908,96 |
| Plus-value nette non réalisée sur contrats de change à terme | Note 2 | 6 973 806,16 |
| Plus-value nette non réalisée nette sur instruments financiers à terme | Note 2 | 1 392 042,37 |
| Plus-value non réalisée nette sur swaps | Note 2 | 9 405 416,38 |
| Autres actifs | Note 12 | 189 294,29 |
| Passifs |  | 304 827 675,40 |
| Options vendues à la valeur d'évaluation | Note 2 | 10 515 744,48 |
| Options vendues au coût d'acquisition |  | 7 956 006,50 |
| Découverts bancaires |  | 61 630 265,93 |
| Brokers à payer |  | 100 270 860,87 |
| Rachats à payer |  | 10 815 018,34 |
| Moins-value non réalisée nette sur contrats de change à terme | Note 2 | 748 790,58 |
| Moins-value non réalisée nette sur instruments financiers à terme | Note 2 | 10 983 486,46 |
| Moins-value non réalisée nette sur swaps | Note 2 | 16 245 805,30 |
| Autres passifs | Note 13 | 93 617 703,44 |
| Valeur nette d’inventaire |  | 9 926 334 684,64 |


###### Etat des opérations et des changements des actifs nets du 01/01/2020 au 31/12/2020
Exprimé en EUR
| Revenus |  | 186 269 961,62 |
| --- | --- | --- |
| Dividendes nets | Note 2 | 29 190 387,88 |
| Intérêts sur obligations | Note 2 | 134 713 038,22 |
| Intérêts bancaires sur comptes courants |  | 870 433,48 |
| Autres revenus financiers |  | 2 996 618,72 |
| Intérêts sur swaps |  | 17 881 964,73 |
| Revenu des prêts de titres | Note 2, 7 | 617 518,59 |
| Dépenses |  | 217 610 392,56 |
| Commissions de gestion | Note 3 | 73 252 586,88 |
| Droits de garde Banque Dépositaire | Note 4 | 1 424 633,33 |
| Taxe d'abonnement | Note 5 | 4 164 458,57 |
| Frais de gestion variables | Note 3 | 80 418 853,29 |
| Intérêts bancaires |  | 6 634 135,02 |
| Frais juridiques |  | 1 871,08 |
| Frais de transactions | Note 6 | 10 696 542,49 |
| Charges pour dividendes |  | 602 845,09 |
| Intérêts sur swaps |  | 25 072 609,25 |
| Frais de fonctionnement et d'établissement | Note 4 | 15 341 857,56 |
| Perte nette sur investissements |  | (31 340 430,94) |
| Bénéfice/perte net(te) réalisé(e) sur : |  |  |
| - sur ventes d’investissements en titres | Note 2 | 405 742 230,64 |
| - options |  | 3 619 218,81 |
| - contrats de change à terme |  | 120 468 899,22 |
| Produits sur instruments financiers à terme |  | (98 490 647,22) |
| - swaps |  | 35 565 404,53 |
| - change |  | (56 102 278,25) |
| Bénéfice net réalisé |  | 379 462 396,79 |
| Variation de la plus-value/moins-value non réalisée nette sur : |  |  |
| placements | Note 2 | 438 545 926,58 |
| - options |  | 1 287 437,66 |
| - contrats de change à terme |  | (368 006,24) |
| Produits sur instruments financiers à terme |  | (10 500 505,07) |
| - swaps |  | 5 873 065,01 |
| Augmentation des actifs nets issue du résultat d’exploitation |  | 814 300 314,73 |
| Dividendes versés | Note 10 | (9 803 785,60) |
| Émission d'actions |  | 4 618 946 329,76 |
| Souscription d'actions de distribution |  | 98 503 930,10 |
| Rachat d'actions |  | (3 736 134 334,49) |
| Rachat d’actions de distribution |  | (105 403 873,52) |
| Augmentation des actifs nets |  | 1 680 408 580,98 |
| Actifs nets en début d’exercice |  | 8 245 926 103,66 |
| Actifs nets en fin d’exercice |  | 9 926 334 684,64 |