# CARMIGNAC PORTFOLIO
## Credit (formerly Unconstrained Credit)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 1,324,904,052.54 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,213,460,344.95 |
| Cost price |  | 1,175,624,481.00 |
| Unrealised profit on the securities portfolio |  | 37,835,863.95 |
| Cash at banks and liquidities |  | 81,977,427.72 |
| Interest receivable on bonds |  | 14,691,740.82 |
| Brokers receivable |  | 879,841.33 |
| Subscriptions receivable |  | 10,658,503.91 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 3,231,443.80 |
| Interest receivable on swaps |  | 4,750.01 |
| Liabilities |  | 45,216,147.91 |
| Bank overdrafts |  | 1,863,120.37 |
| Brokers payable |  | 4,950,000.00 |
| Redemptions payable |  | 1,949,024.52 |
| Unrealised net depreciation on financial futures | Note 2 | 1,061,619.27 |
| Unrealised net depreciation on swaps | Note 2 | 31,593,219.50 |
| Interest payable on swaps |  | 503,581.97 |
| Other liabilities | Note 13 | 3,295,582.28 |
| Net asset value |  | 1,279,687,904.63 |

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 | 1,279,687,904.63 | 668,980,707.36 | 302,689,899.13 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 2,685,618 | 957,042 | 424,196 |
| Net asset value per share | EUR | 142.27 | 138.18 | 125.17 |
| Class Income A EUR - Distribution (monthly) |
| Number of shares |  | 89,264 | 17,651 | 6,683 |
| Net asset value per share | EUR | 128.33 | 127.82 | 118.68 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 40,881 | 11,600 | 1,000 |
| Net asset value per share | CHF | 114.71 | 111.76 | 101.60 |
| Class A USD Hedged - Capitalisation Number of shares |  | 249,829 | 145,356 | 107,111 |
| Net asset value per share | USD | 151.20 | 145.99 | 130.45 |
| Class F EUR - Capitalisation Number of shares |  | 2,920,995 | 1,785,218 | 1,262,280 |
| Net asset value per share | EUR | 138.50 | 134.00 | 120.91 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 72,373 | 12,143 | 10,092 |
| Net asset value per share | CHF | 115.67 | 112.31 | 101.71 |
| Class F USD Hedged - Capitalisation Number of shares |  | 218,928 | 126,980 | 60,275 |
| Net asset value per share | USD | 119.92 | 115.40 | 102.75 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| EUR | 1,279,687,904.63 | 668,980,707.36 | 302,689,899.13 |

Key figures relating to the last 3 years
Total Net Assets
| Class W EUR - Capitalisation Number of shares |  | 2,740,716 | 1,807,783 | 598,401 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 148.79 | 143.72 | 128.82 |
| Class W CHF Hedged - Capitalisation Number of shares |  | 43,360 | 35,104 | 1,000 |
| Net asset value per share | CHF | 116.75 | 113.15 | 101.84 |

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	
1,203,068,843.44	94.01
| Bonds |  | 763,034,267.05 | 59.63 |
| --- | --- | --- | --- |
|  | Bermuda | 30,413,875.65 | 2.38 |
| 9,264,000 GEOPARK LTD | 5.5000 20-27 17/01S | USD | 7,881,690.96 | 0.62 |
| 6,750,000 GOLAR LNG LTD | 7.0000 21-25 20/10S | USD | 5,858,972.70 | 0.46 |
| 3,334,000 SAGICOR FINANCIAL COMPA 5.3 21-28 13/05S | USD | 3,001,021.12 | 0.23 |
| 18,995,633 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 13,672,190.87 | 1.07 |
| Brazil |  | 20,463,946.54 | 1.60 |
| 6,500,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 5,531,916.11 | 0.43 |
| 17,000,000 MC BRAZIL DWNSTRM  7.250 21-31 30/06S | USD | 14,932,030.43 | 1.17 |
| British Virgin Islands |  | 708,865.60 | 0.06 |
| 777,000 ARCOS DOR HDGS REGS 5.875 17-27 04/04S | USD | 708,865.60 | 0.06 |
| Canada |  | 4,448,569.66 | 0.35 |
| 2,449,000 CANACOL ENERGY LTD  5.75 21-28 24/11S | USD | 2,144,425.54 | 0.17 |
| 8,572,443 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 2,304,144.12 | 0.18 |
| Cayman Islands |  | 33,242,870.06 | 2.60 |
| 3,250,000 BCO DO BRASIL CAYMAN 9.00 14-XX 18/12S | USD | 3,054,634.19 | 0.24 |
| 3,500,000 GEMS MENASA 7.125	19-26 31/07S | USD | 3,178,746.04 | 0.25 |
| 11,237,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 9,429,184.89 | 0.73 |
| 5,085,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 4,503,346.12 | 0.35 |
| 5,900,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 3,787,009.32 | 0.30 |
| 7,001,000 SHELF DRILL HOLD LTD 8.875 21-24 15/11S | USD | 6,338,032.51 | 0.50 |
| 3,800,000 STONECO LTD 3.95 21-28 16/06S | USD | 2,951,916.99 | 0.23 |
| Chile |  | 7,455,232.15 | 0.58 |
| 9,000,000 CAP S.A.	3.9 21-31 27/04S | USD | 7,455,232.15 | 0.58 |
| Czech Republic |  | 6,721,359.50 | 0.53 |
| 1,700,000 SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 1,723,434.50 | 0.13 |
| 5,000,000 SAZKA GROUP A.S 3.875 20-27 05/02S | EUR | 4,997,925.00 | 0.40 |
| Finland |  | 15,782,629.70 | 1.23 |
| 12,715,000 FINNAIR OYJ	4.2500 21-25 19/05S | EUR | 12,913,099.70 | 1.01 |
| 3,000,000 SBB TREASURY OYJ 0.75 20-28 14/12A | EUR | 2,869,530.00 | 0.22 |
| France |  | 56,057,377.20 | 4.38 |
| 4,000,000 ALTICE FRANCE SA 4 21-29 27/04S | EUR | 3,957,920.00 | 0.31 |
| 3,500,000 CGG 7.75 21-27 01/04S | EUR | 3,482,955.00 | 0.27 |
| 2,000,000 COMP GLE GEOPHYSIQUE 8.75 21-27 01/04S | USD | 1,741,303.20 | 0.14 |
| 600,000 IPSOS	2.875 18-25 21/09A | EUR | 639,843.00 | 0.05 |
| 14,600,000 KORIAN	2.25 21-28 15/10A | EUR | 14,488,529.00 | 1.14 |
| 11,000,000 LA BANQUE POSTALE 3.00 21-99 31/12S | EUR | 10,336,975.00 | 0.81 |
| 2,500,000 MACIF 0.625 21-27 21/06A | EUR | 2,451,725.00 | 0.19 |
| 4,000,000 MACIF 2.125 21-52 21/06A | EUR | 4,015,460.00 | 0.31 |
| 6,200,000 ORPEA SA 2.00 21-28 01/04A | EUR | 6,229,512.00 | 0.49 |
| 3,500,000 PEUGEOT INVEST SA  1.8750 19-26 30/10A | EUR | 3,610,775.00 | 0.28 |
| 3,000,000 TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 3,129,330.00 | 0.24 |
| 2,000,000 TIKEHAU CAPITAL SCA 1.625 21-29 31/03A | EUR | 1,973,050.00 | 0.15 |
| Germany |  | 13,839,625.00 | 1.08 |
| 3,500,000 STD PROFIL AUTOMOTIVE 6.25 21-26 30/04S | EUR | 2,871,085.00 | 0.22 |
| 11,000,000 TUI CRUISES GMBH 6.5 21-26 14/05S | EUR | 10,968,540.00 | 0.86 |
| India |  | 3,526,351.81 | 0.28 |
| 3,000,000 ADANI GREEN ENERGY LT 4.375 21-24 08/09S | USD | 2,679,528.67 | 0.21 |
| 965,000 JSW HYDRO ENERGY LIM 4.125 21-31 18/05S | USD | 846,823.14 | 0.07 |
| Indonesia |  | 12,220,572.02 | 0.95 |
| 8,000,000 PT INDOFOOD CBP SUKS 3.541 21-32 27/04S | USD | 7,102,532.54 | 0.55 |
| 1,000,000 PT TOWER BERSAMA INF 2.75 21-26 20/01S | USD | 880,069.47 | 0.07 |
| 4,900,000 PT TOWER BERSAMA INFRAS 2.8 21-27 02/05S | USD | 4,237,970.01 | 0.33 |
| Ireland |  | 40,487,175.23 | 3.16 |
| 8,523,000 DME AIRPORT	5.35 21-28 08/02S | USD | 7,650,651.61 | 0.60 |
| 1,050,000 JAMES HARDIE INTL 3.625 18-26 01/10S | EUR | 1,070,039.25 | 0.08 |
| 6,667,000 LUKOIL CAPITAL DAC  3.6 21-31 26/10S | USD | 5,742,812.62 | 0.45 |
| 10,500,000 METALLOINVEST FINANCE 3.375 21-28 22/10S | USD | 9,160,862.20 | 0.72 |
| 16,029,000 SCF CAPITAL LTD	3.85 21-28 26/04S | USD | 14,292,971.35 | 1.11 |
| 3,000,000 ZURICH FINANCE (IREL 3 21-51 19/01A | USD | 2,569,838.20 | 0.20 |
| Israel |  | 4,523,686.75 | 0.35 |
| 4,565,000 TEVA PHARMACEUTICAL I 4.375 21-30 09/05S | EUR | 4,523,686.75 | 0.35 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Italy |  | 11,311,713.60 | 0.88 |
| --- | --- | --- | --- |
| 3,000,000 ANIMA HOLDING S.P.A. 1.75 19-26 23/10A | EUR | 3,058,545.00 | 0.24 |
| 5,000,000 ENI SPA	1.50 17-27 17/01A | EUR | 5,285,450.00 | 0.41 |
| 3,080,000 POSTE ITALIANE	21-XX 24/06A | EUR | 2,967,718.60 | 0.23 |
| Jersey Island |  | 3,520,801.57 | 0.28 |
| 3,000,000 GATWICK FUNDING	2.5000 21-30 15/04A | GBP | 3,520,801.57 | 0.28 |
| Luxembourg |  | 70,555,828.18 | 5.51 |
| 2,450,000 AEGEA FINANCE SARL 5.75 17-24 10/10S | USD | 2,219,617.70 | 0.17 |
| 3,000,000 ALTICE FRANCE HOLDIN 4 20-28 06/02S | EUR | 2,869,275.00 | 0.22 |
| 8,500,000 BK LC LUX FINCO 1 S. 5.25 21-29 29/04S | EUR | 8,810,250.00 | 0.69 |
| 6,000,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 4,765,758.01 | 0.37 |
| 4,000,000 CPI PROPERTY GROUP 3.75 21-99 31/12A | EUR | 3,769,580.00 | 0.29 |
| 9,000,000 IDEAL STANDARD INTER 6.375 21-26 30/07S | EUR | 8,085,690.00 | 0.63 |
| 3,770,000 JSM GLOBAL S.A R.L. 4.75 20-30 06/10S | USD | 3,064,931.77 | 0.24 |
| 1,200,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,151,646.00 | 0.09 |
| 2,670,000 MOTION FINCO S.A R.L 7 20-25 29/04S | EUR | 2,800,536.30 | 0.22 |
| 8,595,000 MOVIDA EUROPE S.A. 5.25 21-31 08/02S | USD | 7,022,172.45 | 0.55 |
| 2,538,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 2,178,100.35 | 0.17 |
| 3,000,000 REDE D'OR FIN SARL  4.95 18-28 17/01S | USD | 2,692,718.95 | 0.21 |
| 16,150,000 SANI/IKOS FINAN	5.6250 21-26 15/12S | EUR | 16,429,233.50 | 1.29 |
| 5,150,000 ULTRAPAR INTL 5.25 19-29 06/06S | USD | 4,696,318.15 | 0.37 |
| Malaysia |  | 4,307,465.70 | 0.34 |
| 5,000,000 GENM CAPITAL LABUAN 3.882 21-31 19/04S | USD | 4,307,465.70 | 0.34 |
| Mauritius |  | 5,996,790.55 | 0.47 |
| 1,200,000 AZURE POWER ENERGY LT 3.575 21-26 19/08S | USD | 1,068,160.39 | 0.08 |
| 1,700,000 BAYPORT MANAGEMENT  11.5 19-20 14/12S | USD | 1,482,214.19 | 0.12 |
| 1,833,000 CLEAN RENEWABLE POWE 4.25 21-27 25/03S | USD | 1,655,825.05 | 0.13 |
| 2,000,000 INDIA CLEANTECH ENER 4.7 21-26 10/08S | USD | 1,790,590.92 | 0.14 |
| Mexico |  | 14,429,631.36 | 1.13 |
| 3,000,000 BANCO SANTANDER 5.375 20-25 17/04S | USD | 2,883,134.01 | 0.23 |
| 11,630,000 CIBANCO SA INSTITUT 4.375 21-31 22/07S | USD | 9,810,230.21 | 0.76 |
| 1,800,000 GFB  5.875	19-34 13/09S | USD | 1,736,267.14 | 0.14 |
| Norway |  | 10,067,391.36 | 0.79 |
| 6,136,000 AKER BP ASA	4.000 20-31 15/01S | USD | 5,848,985.31 | 0.46 |
| 4,470,000 EXPLORER II AS	3.375 20-25 24/02S | EUR | 4,218,406.05 | 0.33 |
| Panama |  | 8,648,343.12 | 0.68 |
| 1,551,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 1,634,730.74 | 0.13 |
| 8,000,000 CARNIVAL CORPORATION 4 21-28 01/08S | USD | 7,013,612.38 | 0.55 |
| Peru |  | 4,238,489.19 | 0.33 |
| 2,667,000 AUNA SA	6.50 20-25 20/11S | USD | 2,414,852.18 | 0.19 |
| 2,000,000 CAMPOSOL SA 6 20-27 03/02S | USD | 1,823,637.01 | 0.14 |
| Portugal |  | 988,500.00 | 0.08 |
| 1,000,000 NOVO BANCO	3.5 21-24 23/07A | EUR | 988,500.00 | 0.08 |
| Romania |  | 2,455,787.50 | 0.19 |
| 2,500,000 RCS RDS SA 3.25 20-28 05/02S | EUR | 2,455,787.50 | 0.19 |
| South Korea |  | 9,461,286.49 | 0.74 |
| 11,000,000 GUNVOR GROUP LT	6.2500 21-26 30/09S | USD | 9,461,286.49 | 0.74 |
| Spain |  | 19,428,925.25 | 1.52 |
| 6,000,000 CELLNEX FINANCE	2.0000 21-32 15/09A | EUR | 5,777,520.00 | 0.45 |
| 6,100,000 CELLNEX FINANCE CO SA 1.5 21-28 08/06A | EUR | 5,986,021.50 | 0.47 |
| 4,500,000 CELLNEX FINANCE COMP 2 21-33 15/02A | EUR | 4,288,680.00 | 0.34 |
| 3,325,000 NEINOR HOMES SA 4.5 21-26 29/04S | EUR | 3,376,703.75 | 0.26 |
| Sweden |  | 25,567,718.25 | 2.00 |
| 18,750,000 SAMHALLSBYGGNAD 2.8750 21-49 31/12A | EUR | 18,234,281.25 | 1.43 |
| 7,400,000 SAMHALLSBYGGNADSBOLA 1 20-27 12/02A | EUR | 7,333,437.00 | 0.57 |
| The Netherlands |  | 78,019,372.77 | 6.10 |
| 2,270,000 EASYJET FINCO B.V. 1.875 21-28 03/03A | EUR | 2,282,483.80 | 0.18 |
| 2,700,000 IMCD NV	2.50 18-25 26/03A | EUR | 2,815,398.00 | 0.22 |
| 1,800,000 JAB HOLDINGS B.V. 3.375 20-35 17/04A | EUR | 2,154,528.00 | 0.17 |
| 2,000,000 LUKOIL SECURITIES B. 3.875 20-30 06/05S | USD | 1,798,909.60 | 0.14 |
| 15,000,000 LUNDIN ENERGY FINANCE 3.10 21-31 15/07S | USD | 13,320,677.98 | 1.04 |
| 11,500,000 MAS REAL ESTATE INC 4.25 21-26 15/05A | EUR | 11,021,542.50 | 0.86 |
| 2,500,000 PROSUS NV	3.8320 20-51 08/02S | USD | 2,055,783.94 | 0.16 |
| 1,878,000 PROSUS NV	4.0270 20-50 03/08S | USD | 1,593,979.75 | 0.12 |
| 7,500,000 PROSUS N.V. 1.985 21-33 13/07A | EUR | 7,328,400.00 | 0.57 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 800,000 PROSUS NV 3.6800 20-30 21/01S | USD | 726,173.06 | 0.06 |
| --- | --- | --- | --- |
| 8,560,000 PROSUS NV 3.8320 20-51 08/02S | USD | 7,038,627.86 | 0.55 |
| 3,143,000 REPSOL INTL FINANCE 2.50 21-XX 22/03A | EUR | 3,141,349.93 | 0.25 |
| 5,010,000 STEDIN HOLDING NV	0.0 21-26 16/11A | EUR | 4,970,771.70 | 0.39 |
| 2,775,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 2,429,429.25 | 0.19 |
| 375,000 TEVA PHARMA 1.875 15-27 31/03A | EUR | 346,085.63 | 0.03 |
| 4,850,000 UNITED GROUP B.V. 3.625 20-28 06/02S | EUR | 4,721,305.25 | 0.37 |
| 3,411,000 UNITED GROUP B.V. 4.625 21-28 23/07S | EUR | 3,418,401.87 | 0.27 |
| 2,875,000 UNITED GROUP BV 4.00 20-27 15/11S | EUR | 2,856,384.37 | 0.22 |
| 1,909,000 VIA OUTLETS BV	1.75 21-28 15/11A | EUR | 1,907,978.68 | 0.15 |
| 2,068,000 WABTEC TRAN	1.2500 21-27 03/12U | EUR | 2,091,161.60 | 0.16 |
| Turkey |  | 9,579,145.38 | 0.75 |
| 3,675,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 3,148,035.63 | 0.25 |
| 5,200,000 PEGASUS HAVA TAS	9.25 21-26 30/04S | USD | 4,609,970.11 | 0.36 |
| 2,180,000 RONESANS	7.25 18-23 26/04S | USD | 1,821,139.64 | 0.14 |
| United Kingdom |  | 79,836,792.50 | 6.23 |
| 3,300,000 CANARY WHARF GROUP I 1.75 21-26 07/04S | EUR | 3,335,211.00 | 0.26 |
| 4,420,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 3,340,083.50 | 0.26 |
| 2,500,000 ENDEAVOUR MINING PLC 5.00 21-26 14/10S | USD | 2,185,609.39 | 0.17 |
| 3,800,000 GATWICK AIRPORT FINA 4.375 21-26 07/04S | GBP | 4,454,092.43 | 0.35 |
| 4,000,000 GAZ FINANCE PLC 1.50 21-27 17/02A | EUR | 3,917,460.00 | 0.31 |
| 3,000,000 INFORMA PLC	1.2500 19-28 22/04A | EUR | 3,013,350.00 | 0.24 |
| 4,050,000 INFORMA PLC 2.125 20-25 06/10A | EUR | 4,245,979.50 | 0.33 |
| 500,000 INTERCONT HOTELS	2.125 16-26 24/08A | GBP | 595,179.25 | 0.05 |
| 12,077,273 KCA DEUTAG UK FINANCE 9.875 20-25 01/12S | USD | 11,479,515.96 | 0.89 |
| 3,836,000 MCLAREN FINANCE PLC  7.5 21-26 01/08S | USD | 3,421,079.87 | 0.27 |
| 5,040,000 POLYUS FINANCE PLC  3.25 21-28 14/10S | USD | 4,322,003.87 | 0.34 |
| 6,462,000 STANDARD CHARTE	4.3000 21-XX XX/XXS | USD | 5,467,527.07 | 0.43 |
| 10,000,000 STANDARD CHARTERED 1.2 21-31 23/03A | EUR | 9,985,500.00 | 0.77 |
| 6,989,000 TECHNIPFMC PLC 6.5 21-26 29/01S | USD | 6,578,583.69 | 0.51 |
| 5,800,000 WALDORF PRODUCT	9.7500 21-24 01/10Q | USD | 5,171,522.16 | 0.40 |
| 2,000,000 WHITBREAD GROUP PLC 3 21-31 10/02A | GBP | 2,408,599.34 | 0.19 |
| 5,000,000 WHITBREAD GRP	2.375 21-27 31/05A | GBP | 5,915,495.47 | 0.46 |
| United States of America |  | 154,728,147.41 | 12.08 |
| 4,444,000 BLACKSTONE PRIVATE CRE 1.75 21-26 30/11A | EUR | 4,405,648.28 | 0.34 |
| 3,000,000 BOEING CO	5.93 20-60 01/05S | USD | 3,657,641.58 | 0.29 |
| 9,000,000 BRISTOW GROUP I	6.8750 21-28 01/03S | USD | 8,247,444.40 | 0.64 |
| 10,000,000 CITADEL FINANCE LLC 3.375 21-26 09/03S | USD | 8,794,143.51 | 0.69 |
| 9,000,000 COMPASS GROUP D	5.0000 21-32 15/01S | USD | 8,151,600.42 | 0.64 |
| 3,700,000 COMPASS GROUP D	5.2500 21-29 15/04S | USD | 3,429,684.97 | 0.27 |
| 5,000,000 DRAWBRIDGE SPEC	3.8750 21-26 15/02S | USD | 4,490,535.97 | 0.35 |
| 4,000,000 ENCORE CAPITAL GROUP 4.25 21-28 01/06S | GBP | 4,719,961.89 | 0.37 |
| 875,000 FAIR ISAAC CORP	4.0000 19-28 15/06S | USD | 791,389.56 | 0.06 |
| 3,534,000 FORTRESS TRANSPORT  6.50 18-25 01/10S | USD | 3,222,470.29 | 0.25 |
| 1,000,000 FORTRESS TRANSPORT  9.75 20-27 01/08S | USD | 986,741.38 | 0.08 |
| 2,900,000 FORTRESS TRANSPORT 5.50 21-28 01/05S | USD | 2,599,763.89 | 0.20 |
| 1,100,000 FS ENERGY AND POWER 7.5  18-23 15/08S | USD | 1,013,222.33 | 0.08 |
| 4,000,000 GENTING NEW YORK LLC 3.3 21-26 10/02S | USD | 3,486,968.00 | 0.27 |
| 2,000,000 GOLUB CAPITAL BDC INC 2.05 21-27 15/02S | USD | 1,694,187.48 | 0.13 |
| 6,000,000 GOLUB CAPITAL BDC INC 2.5 21-26 24/08S | USD | 5,195,181.15 | 0.41 |
| 3,000,000 HAT HOLDINGS I LLC  3.75 20-30 15/09S | USD | 2,639,693.98 | 0.21 |
| 220,000 HOWARD MIDSTREAM ENE 6.75 21-27 15/01S | USD | 197,326.77 | 0.02 |
| 3,000,000 JANE STREET GRP	4.5000 21-29 15/11S | USD | 2,681,084.20 | 0.21 |
| 8,500,000 KOSMOS ENERGY PLC	7.5 21-28 01/03S | USD | 7,061,457.96 | 0.55 |
| 1,450,000 KOSMOS ENERGY PLC	7.75 21-27 01/05S | USD | 1,229,752.24 | 0.10 |
| 1,000,000 LGI HOMES INC	4.0 21-29 15/07S | USD | 880,240.95 | 0.07 |
| 6,000,000 LIBERTY MUTUAL GROUP IN 4.3 21-61 01/02S | USD | 4,952,506.16 | 0.39 |
| 2,000,000 LYB INTL FINANCE III 4.20 20-50 01/05S | USD | 2,034,875.13 | 0.16 |
| 2,000,000 MICROSTRATEGY	6.125 21-28 15/06S | USD | 1,766,461.49 | 0.14 |
| 12,110,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 10,997,998.72 | 0.85 |
| 13,183,000 MURPHY OIL CORP	6.125 12-42 01/12S | USD | 11,610,575.88 | 0.90 |
| 3,600,000 MURPHY OIL CORP	6.375 21-28 15/07S | USD | 3,379,954.28 | 0.26 |
| 2,700,000 MURPHY OIL CORP	7.0500 99-29 01/05S | USD | 2,646,721.77 | 0.21 |
| 7,000,000 PERSHING SQUARE	1.3750 21-27 01/10A | EUR | 6,891,500.00 | 0.54 |
| 7,000,000 PERSHING SQUARE HOLD 3.25 21-31 01/10S | USD | 6,161,840.49 | 0.48 |
| 3,000,000 RESORTS WORLD LAS VE 4.625 21-31 06/04S | USD | 2,621,504.57 | 0.20 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 10,800,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 8,981,844.88 | 0.70 |
| --- | --- | --- | --- |
| 5,000,000 SOTHEBYS / BIDFAIR HO 5.875 21-29 01/06S | USD | 4,502,181.94 | 0.35 |
| 4,850,000 STANDARD INDUSTRIES 2.25 19-26 21/11A | EUR | 4,767,816.75 | 0.37 |
| 4,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 3,602,930.75 | 0.28 |
| 250,000 TRIPADVISOR INC	7.0000 20-25 15/07S | USD | 233,293.40 | 0.02 |
| Convertible bonds |  | 13,699,233.88 | 1.07 |
| Austria | 5,247,300.00 | 0.41 |
| 5,000,000 ERSTE GRP BK AG CV FL.R 20-XX 15/04S	EUR | 5,247,300.00 | 0.41 |
| France | 1,929,423.34 | 0.15 |
| 45,167 KORIAN SA CV 1.875 21-XX 08/03S	EUR | 1,929,423.34 | 0.15 |
| Israel | 1,543,522.47 | 0.12 |
| 1,750,000 BANK LEUMI-ISRAEL CV | FL.R 20-31 29/01S | USD | 1,543,522.47 | 0.12 |
| Italy |  |  | 1,635,645.00 | 0.13 |
| 1,500,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S	EUR | 1,635,645.00 | 0.13 |
| United Kingdom | 3,343,343.07 | 0.26 |
| 2,667,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q	GBP | 3,343,343.07 | 0.26 |
| Floating rate bonds | 227,714,068.24 | 17.79 |
| Belgium | 7,082,077.50 | 0.55 |
| 2,700,000 BELFIUS BANQUE	FLR 21-34 06/04A	EUR | 2,656,327.50 | 0.21 |
| 4,500,000 KBC GROUP NV | FL.R 21-31 07/12A | EUR | 4,425,750.00 | 0.34 |
| Bermuda |  |  | 6,269,577.80 | 0.49 |
| 8,710,718 SEADRILL NEW FINANCE FL.R 18-25 15/07S	USD | 6,269,577.80 | 0.49 |
| Cayman Islands | 3,069,820.02 | 0.24 |
| 3,032,000 BANCO MERCANTILE FL.R 20-XX 14/01Q	USD | 3,069,820.02 | 0.24 |
| France | 20,024,143.09 | 1.56 |
| 1,500,000 BNP PARIBAS SA	FL.R 15-XX 17/06S	EUR | 1,540,537.50 | 0.12 |
| 3,000,000 BPCE FL.R 21-46 13/10A | EUR | 2,923,395.00 | 0.23 |
| 4,500,000 CREDIT AGRICOLE FL.R 20-49 31/12Q | EUR | 4,889,070.00 | 0.38 |
| 1,300,000 CREDIT AGRICOLE SA  FL.R 19-XX 23/03S | USD | 1,248,603.59 | 0.10 |
| 4,000,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 4,134,780.00 | 0.32 |
| 2,200,000 MACIF FL.R 21-XX 21/06S | EUR | 2,201,760.00 | 0.17 |
| 500,000 ORANGE SA FL.R	19-XX 15/04A	EUR | 521,825.00 | 0.04 |
| 2,600,000 ORANGE SA FL.R 21-XX 11/05A | EUR | 2,564,172.00 | 0.20 |
| Germany |  | 7,426,522.50 | 0.58 |
| 2,000,000 MERCK KGAA FL.R 19-79 25/06A | EUR | 2,162,390.00 | 0.17 |
| 5,500,000 MUNICH REINSURANCE C FL.R 21-42 26/05A	EUR | 5,264,132.50 | 0.41 |
| Ireland | 10,996,368.13 | 0.86 |
| 5,000,000 AIB GROUP PLC FL.R 20-31 30/09A	EUR | 5,280,775.00 | 0.42 |
| 200,000 BANK OF IRELAND GROUP FL.R 17-27 19/09S	USD | 177,964.30 | 0.01 |
| 3,000,000 BANK OF IRELAND GRP FL.R 21-31 11/08A | EUR | 2,970,585.00 | 0.23 |
| 1,500,000 BANK OF IRELAND GRP FL.R 19-29 14/10A | EUR | 1,545,967.50 | 0.12 |
| 1,200,000 TCS FINANCE DESIGNATED AC 6 21-99 31/12Q | USD | 1,021,076.33 | 0.08 |
| Israel |  | 1,324,423.82 | 0.10 |
| 1,514,000 BANK HAPOALIM	FL.R 21-32 21/01S | USD | 1,324,423.82 | 0.10 |
| Italy |  |  | 43,432,122.28 | 3.40 |
| 4,000,000 ENEL SPA | FL.R 13-73 24/09S | USD | 3,929,475.91 | 0.31 |
| 6,000,000 ENEL SPA FL.R 21-XX 08/09A | EUR | 5,832,810.00 | 0.46 |
| 16,782,000 ENI SPA FL.R 20-XX 13/10A | EUR | 17,639,476.29 | 1.38 |
| 8,334,000 ENI SPA FL.R 21-XX 11/06A | EUR | 8,340,833.88 | 0.65 |
| 3,180,000 FINECO BANK SPA	FL.R 21-27 21/10A | EUR | 3,105,556.20 | 0.24 |
| 3,000,000 INTESA SANPAOLO	FL.R 20-XX 31/12S	EUR | 2,972,625.00 | 0.23 |
| 1,500,000 UNICREDIT SPA FL.R 19-29 20/02A	EUR | 1,611,345.00 | 0.13 |
| Mexico | 11,431,858.63 | 0.89 |
| 4,025,000 BANCO MERCANTILE DEL N FL.R 21-99 31/12S | USD | 3,522,459.00 | 0.28 |
| 8,667,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 7,909,399.63 | 0.61 |
| Norway |  | 7,639,164.00 | 0.60 |
| 7,800,000 AXACTOR SE	FL.R 21-26 15/09Q | EUR | 7,639,164.00 | 0.60 |
| Portugal |  | 8,243,451.00 | 0.64 |
| 8,100,000 NOVO BANCO SA	FL.R 18-28 06/07A | EUR | 8,243,451.00 | 0.64 |
| Sweden |  | 15,491,075.70 | 1.21 |
| 9,140,000 SAMHALLSBYGGNAD | FL.R 20-XX 14/003A | EUR | 8,890,523.70 | 0.69 |
| 6,720,000 SAMHALLSBYGGNAD | FL.R 20-XX 30/04A | EUR | 6,600,552.00 | 0.52 |
| Switzerland | 4,552,123.63 | 0.36 |
| 5,000,000 EFG INTERNATIONAL AG FL.R 21-XX 24/03A	USD | 4,552,123.63 | 0.36 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| The Netherlands |  | 28,365,468.00 | 2.22 |
| --- | --- | --- | --- |
| 12,000,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 12,882,840.00 | 1.01 |
| 1,000,000 COOPERATIEVE RABOBANK FL.R 19-XX 29/06S | EUR | 1,027,535.00 | 0.08 |
| 2,000,000 RABOBANK FL.R 20-XX 29/06S | EUR | 2,205,500.00 | 0.17 |
| 1,200,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 1,301,148.00 | 0.10 |
| 3,500,000 STEDIN HOLDING NV FL.R 21-XX 31/03A | EUR | 3,522,820.00 | 0.28 |
| 3,000,000 SUMMER BIDCO FL.R 19-25 17/11S | EUR | 3,071,265.00 | 0.24 |
| 4,000,000 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 4,354,360.00 | 0.34 |
| United Kingdom |  | 33,435,209.96 | 2.61 |
| 1,500,000 AVIVA PLC FL.R 20-55 03/06S | GBP | 1,932,420.20 | 0.15 |
| 900,000 BARCLAYS PLC	FL.R 19-99 27/03Q | USD | 876,158.55 | 0.07 |
| 7,400,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A | EUR | 7,971,576.00 | 0.62 |
| 2,800,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 2,971,864.00 | 0.23 |
| 270,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 276,820.20 | 0.02 |
| 8,005,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 8,113,707.90 | 0.64 |
| 3,750,000 INVESTEC PLC	FL.R 21-32 04/01A | GBP | 4,392,649.78 | 0.34 |
| 1,400,000 LEGAL AND GENERAL GROUP FL.R 20-50 01/11S | GBP | 1,840,684.85 | 0.14 |
| 2,400,000 PHOENIX GROUP HOLDINGS FL.R 20-31 04/09S | USD | 2,240,840.66 | 0.18 |
| 1,630,000 STANDARD CHARTERED FL.R 21-99 31/12S | USD | 1,425,232.32 | 0.11 |
| 1,300,000 SWISS RE FINANCE (UK FL.R 20-52 04/06A | EUR | 1,393,255.50 | 0.11 |
| United States of America |  | 18,930,662.18 | 1.48 |
| 2,700,000 ENCORE CAPITAL GROUP FL.R 20-28 21/12Q | EUR | 2,752,015.50 | 0.22 |
| 8,000,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 8,260,000.00 | 0.64 |
| 9,000,000 ZURICH FINANCE	FL.R 21-52 02/05A | USD | 7,918,646.68 | 0.62 |
| Mortgage and asset backed securities |  | 198,621,274.27 | 15.52 |
| Ireland |  | 141,192,060.53 | 11.03 |
| 1,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 994,861.90 | 0.08 |
| 3,000,000 ARES EUROPEAN CLO  FL.R 20-33 21/10Q | EUR | 3,007,392.60 | 0.24 |
| 7,000,000 AURIUM CLO V DAC	FL.R 21-34 17/04Q | EUR | 7,031,627.40 | 0.54 |
| 1,900,000 AURIUM CLO VI DAC	FL.R 21-34 22/05Q | EUR | 1,907,406.77 | 0.15 |
| 2,750,000 AVOCA 14X FR	FL.R 17-31 12/01Q | EUR | 2,618,210.65 | 0.20 |
| 4,000,000 BABSON EURO CLO	FL.R 21-34 15/10Q | EUR | 4,009,908.40 | 0.31 |
| 2,500,000 BAIN CAPITAL EURO CLO FL.R 17-30 17/10Q | EUR | 2,498,262.00 | 0.20 |
| 3,500,000 BAIN CAPITAL EURO CLO FL.R 20-33 24/01Q | EUR | 3,521,126.00 | 0.28 |
| 1,400,000 CABINTEELY PARK CLO FL.R 21-34 15/08Q | EUR | 1,396,946.88 | 0.11 |
| 4,250,000 CARLYLE EURO CLO  FL.R 21-34 15/07Q | EUR | 4,258,121.32 | 0.33 |
| 3,950,000 CARLYLE EURO CLO 2020-2 DAC 21-34 15/01Q | EUR | 3,971,540.14 | 0.31 |
| 3,500,000 CARLYLE EURO CLO 2020-2 DAC 21-34 15/01Q | EUR | 3,544,585.80 | 0.28 |
| 5,000,000 CARLYLE EURO CLO 2021- FL.R 22-36 15/02Q | EUR | 4,940,000.00 | 0.39 |
| 9,000,000 CARLYLE GLB MKT STRAT FL.R 21-34 15/04Q | EUR | 9,074,523.60 | 0.70 |
| 8,000,000 CGMSE	FL.R 21-34 15/04Q | EUR | 8,064,765.60 | 0.62 |
| 3,750,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 3,746,623.50 | 0.29 |
| 2,600,000 HARVEST CLO	FL.R 18-30 22/11Q | EUR | 2,603,175.12 | 0.20 |
| 100,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 97,373.51 | 0.01 |
| 500,000 HARVEST CLO	0.0 18-30 22/05 | EUR | 504,232.70 | 0.04 |
| 2,000,000 HARVEST CLO IX DESIGNATED 17-30 15/02Q | EUR | 1,852,667.00 | 0.14 |
| 100,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 99,120.27 | 0.01 |
| 4,000,000 HENLEY CLO III DAC  FL.R 21-35 25/12Q | EUR | 3,956,562.40 | 0.31 |
| 2,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 2,010,643.60 | 0.16 |
| 2,630,500 MADISON PARK EURO FUND FL.R 20-32 25/11Q | EUR | 2,655,829.08 | 0.21 |
| 3,575,000 OZLME VI DAC	FL.R 21-34 15/10Q | EUR | 3,579,644.28 | 0.28 |
| 4,300,000 PALMER SQUARE EUROP FL.R 21-35 21/01Q | EUR | 4,290,080.76 | 0.34 |
| 2,000,000 RYE HARBOUR ABS	FL.R 17-31 21/04Q | EUR | 2,006,173.80 | 0.16 |
| 1,250,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,249,966.25 | 0.10 |
| 1,000,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 968,427.70 | 0.08 |
| 4,900,000 SOUND POINT EURO CLO FL.R 21-35 25/01Q | EUR | 4,873,201.90 | 0.38 |
| 6,600,000 SOUND POINT EURO CLO FL.R 21-35 25/07Q | EUR | 6,646,818.42 | 0.52 |
| 550,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 550,584.43 | 0.04 |
| 10,000,000 ST PAULS CLO	FL.R 21-23 18/07Q | EUR | 10,062,657.00 | 0.78 |
| 3,700,000 TCLO 2X DRR	FL.R 21-34 15/07Q | EUR | 3,708,700.92 | 0.29 |
| 5,000,000 TIKEH 2X ER MTGE	FL.R 21-35 07/09Q | EUR | 4,945,978.00 | 0.39 |
| 7,000,000 TIKEHAU CLO II BV	FL.R 21-35 07/09Q | EUR | 7,010,215.80 | 0.55 |
| 5,000,000 TIKEHAU US CLO I LTD FL.R 21-35 18/01A | USD | 4,396,763.98 | 0.34 |
| 5,400,000 TIKEHAU US CLO I LTD FL.R 21-35 18/01Q | USD | 4,558,564.90 | 0.36 |
| 3,950,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 3,978,776.15 | 0.31 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Luxembourg |  |  | 21,964,282.04 | 1.72 |
| --- | --- | --- | --- | --- |
| 3,600,000 CAIRN CLO XII DAC | FL.R 21-34 15/07Q | EUR | 3,598,560.00 | 0.28 |
| 3,700,000 CAIRN CLO XII DAC | FL.R 21-34 15/07Q | EUR | 3,626,000.00 | 0.28 |
| 3,800,000 HARVEST CLO XXIV DAC FL.R 21-34 15/07Q | EUR | 3,812,940.14 | 0.30 |
| 7,000,000 PROVIDUS CLO V DAC  FL.R 21-35 15/02Q | EUR | 6,921,777.10 | 0.55 |
| 4,000,000 SEGOVIA EUROPEAN CLO FL.R 21-35 15/04Q | EUR | 4,005,004.80 | 0.31 |
| Morocco |  | 3,084,743.75 | 0.24 |
| 868,241 OCP EURO 2017-1 DAC  FL.R 19-32 15/07Q | EUR | 868,917.61 | 0.07 |
| 2,200,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 2,215,826.14 | 0.17 |
| The Netherlands |  | 32,380,187.95 | 2.53 |
| 6,000,000 CAIRN CLO IV BV	FL.R 21-31 30/04Q | EUR | 6,008,201.40 | 0.47 |
| 1,500,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,506,149.10 | 0.12 |
| 3,500,000 DRYDEN 44 EURO CLO 2015 BV 21-34 15/04Q | EUR | 3,518,480.35 | 0.27 |
| 3,200,000 HALCYON LOAN ADVISORS FL.R 18-31 18/10Q | EUR | 3,190,103.68 | 0.25 |
| 1,050,000 JUBILEE CDO BV	FL.R 18-29 15/12Q | EUR | 1,050,735.10 | 0.08 |
| 7,000,000 JUBILEE CLO BV	FL.R 21-35 15/10Q | EUR | 6,902,651.70 | 0.54 |
| 3,500,000 JUBILEE CLO 2019-XXIII FL.R 19-32 15/06Q | EUR | 3,509,609.60 | 0.27 |
| 2,000,000 JUBILEE CLO 2019-XXIII FL.R 19-32 15/06Q | EUR | 2,008,416.60 | 0.16 |
| 1,000,000 SEGOVIA EUROPEAN CLO  1.9 18-31 18/10Q | EUR | 998,296.40 | 0.08 |
| 3,200,000 TIKEH 5X B1	FL.R 19-32 15/04Q | EUR | 3,205,169.92 | 0.25 |
| 500,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 482,374.10 | 0.04 |
| Other transferable securities |  | 10,391,501.51 | 0.81 |
| Shares |  | 2,510,396.15 | 0.20 |
| Jersey Island |  | 2,510,396.15 | 0.20 |
| 31,545 KELLY TOPCO LIMITED | USD | 2,510,396.15 | 0.20 |
| Bonds |  | 7,881,105.36 | 0.61 |
| Mexico |  | 7,881,105.36 | 0.61 |
| 8,917,804 SEAMEX LTD	12.00 21-24 31/08Q | USD | 7,881,105.36 | 0.61 |

Total securities portfolio	
1,213,460,344.95	94.82
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Ireland |  | 15.05 |
| United States of America |  | 13.56 |
| The Netherlands |  | 10.85 |
| United Kingdom |  | 9.10 |
| Luxembourg |  | 7.23 |
| France |  | 6.09 |
| Italy |  | 4.41 |
| Sweden |  | 3.21 |
| Bermuda |  | 2.87 |
| Cayman Islands |  | 2.84 |
| Mexico |  | 2.63 |
| Germany |  | 1.66 |
| Brazil |  | 1.60 |
| Spain |  | 1.52 |
| Norway |  | 1.39 |
| Finland |  | 1.23 |
| Indonesia |  | 0.95 |
| Turkey |  | 0.75 |
| South Korea |  | 0.74 |
| Portugal |  | 0.72 |
| Panama |  | 0.68 |
| Chile |  | 0.58 |
| Israel |  | 0.57 |
| Belgium |  | 0.55 |
| Czech Republic |  | 0.53 |
| Jersey Island |  | 0.48 |
| Mauritius |  | 0.47 |
| Austria |  | 0.41 |
| Switzerland |  | 0.36 |
| Other |  | 1.79 |
|  |  | 94.82 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Holding and finance companies | 37.81 |
| Petroleum | 11.63 |
| Banks and credit institutions | 11.20 |
| Transportation | 5.32 |
| Real estate companies | 4.70 |
| Miscellaneous sectors | 3.49 |
| Miscellaneous services | 3.21 |
| Insurance | 2.63 |
| Internet and internet services | 1.68 |
| Electronics and semiconductors | 1.36 |
| Unit trusts | 1.23 |
| Hotels and restaurants | 1.19 |
| Communications | 1.17 |
| Utilities | 1.05 |
| Healthcare and social services | 0.99 |
| Tobacco and alcoholic drinks | 0.90 |
| Building materials and trade | 0.68 |
| Graphic art and publishing | 0.62 |
| Coal mining and steel industry | 0.58 |
| Foods and non alcoholic drinks | 0.55 |
| Pharmaceuticals and cosmetics | 0.52 |
| Textiles and garments | 0.37 |
| Aerospace industry | 0.29 |
| Electrical engineering and electronics | 0.28 |
| Chemicals | 0.24 |
| Office supplies and computing | 0.23 |
| Machine and apparatus construction | 0.22 |
| Miscellaneous trading companies | 0.22 |
| Precious metals and stones | 0.17 |
| Other | 0.29 |
|  | 94.82 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 41,822,950.72 |
| --- | --- | --- |
| Net dividends | Note 2 | 56,368.52 |
| Net interest on bonds | Note 2 | 41,406,773.06 |
| Bank interest on cash account |  | 8,684.87 |
| Other financial income |  | 375.11 |
| Interest on swaps |  | 331,426.73 |
| Securities lending income | Note 2, 7 | 19,322.43 |
| Expenses |  | 26,011,177.98 |
| Management fees | Note 3 | 8,149,731.11 |
| Custodian & sub-custodian fees | Note 4 | 102,576.00 |
| Taxe d'abonnement | Note 5 | 551,946.00 |
| Performance fees | Note 3 | 2,125,543.22 |
| Bank interest on overdrafts |  | 316,574.79 |
| Transaction fees | Note 6 | 75,595.64 |
| Interest on swaps |  | 13,224,577.67 |
| Operating and establishment fees | Note 4 | 1,464,633.55 |
| Net income from investments |  | 15,811,772.74 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 31,275,217.63 |
| - options |  | (1,256,605.16) |
| - forward foreign exchange contracts |  | (29,319,648.46) |
| - financial futures |  | (115,131.64) |
| - swaps |  | 19,833,840.06 |
| - foreign exchange |  | (3,284,070.95) |
| Net realised profit |  | 32,945,374.22 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 17,658,572.03 |
| - options |  | (229,521.71) |
| - forward foreign exchange contracts |  | 2,295,227.75 |
| - financial futures |  | (1,135,993.02) |
| - swaps |  | (19,634,619.59) |
| Increase in net assets as a result of operations |  | 31,899,039.68 |
| Dividends paid | Note 10 | (127,693.88) |
| Subscription capitalisation shares |  | 786,033,698.87 |
| Subscription distribution shares |  | 9,974,862.12 |
| Redemption capitalisation shares |  | (216,349,459.13) |
| Redemption distribution shares |  | (723,250.39) |
| Increase in net assets |  | 610,707,197.27 |
| Net assets at the beginning of the year |  | 668,980,707.36 |
| Net assets at the end of the year |  | 1,279,687,904.63 |

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 |