# CARMIGNAC PORTFOLIO
## Sécurité

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 3,761,559,414.84 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 3,235,555,438.61 |
| Cost price |  | 3,237,787,337.98 |
| Unrealised loss on the securities portfolio |  | (2,231,899.37) |
| Cash at banks and liquidities |  | 484,520,010.84 |
| Interest receivable on bonds |  | 16,729,427.04 |
| Brokers receivable |  | 7,018.66 |
| Subscriptions receivable |  | 17,773,312.46 |
| Unrealised net appreciation on financial futures | Note 2 | 6,600,065.07 |
| Interest receivable on swaps |  | 374,118.66 |
| Other assets | Note 12 | 23.50 |
| Liabilities |  | 129,521,034.75 |
| Bank overdrafts |  | 5,482,043.10 |
| Brokers payable |  | 109,233,752.14 |
| Redemptions payable |  | 5,242,229.79 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 290,203.83 |
| Unrealised net depreciation on swaps | Note 2 | 6,518,769.59 |
| Interest payable on swaps |  | 265,701.11 |
| Other liabilities | Note 13 | 2,488,335.19 |
| Net asset value |  | 3,632,038,380.09 |

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 | 3,632,038,380.09 | 2,238,073,193.21 | 2,288,439,560.78 |
| Class AW EUR - Capitalisation Number of shares |  | 4,748,643 | 2,415,410 | 2,786,184 |
| Net asset value per share | EUR | 104.30 | 104.20 | 101.98 |
| Class A EUR- Distribution (annual) Number of shares |  | 681,715 | 592,459 | 823,892 |
| Net asset value per share | EUR | 99.61 | 99.96 | 98.38 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 90,370 | 105,309 | 125,836 |
| Net asset value per share | CHF | 101.17 | 101.41 | 99.67 |
| Class A USD Hedged - Capitalisation Number of shares |  | 236,148 | 142,493 | 155,371 |
| Net asset value per share | USD | 115.90 | 115.00 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 26,604,364 | 16,422,385 | 16,806,123 |
| Net asset value per share | EUR | 110.86 | 110.37 | 107.64 |
| Class F EUR - Distribution (annual) Number of shares |  | 351,920 | 232,293 | 256,731 |
| Net asset value per share | EUR | 100.73 | 101.08 | 99.49 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 229,744 | 498,421 | 423,939 |
| Net asset value per share | CHF | 106.42 | 106.29 | 104.11 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 3,632,038,380.09 | 2,238,073,193.21 | 2,288,439,560.78 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 53,096 | 49,840 | 68,069 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 116.90 | 115.81 | 112.42 |
| Class F USD Hedged - Capitalisation Number of shares |  | 185,064 | 125,529 | 115,227 |
| Net asset value per share | USD | 123.49 | 122.10 | 117.60 |

| 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	 2,379,356,329.02 | 65.51 |
| Bonds	 1,628,625,130.94 | 44.83 |
| Belgium	 14,628,912.44 | 0.40 |

| 14,682,872 COMMUNAUTE EUROPEENN 0.45 21-41 20/07A | EUR | 14,628,912.44 | 0.40 |
| --- | --- | --- | --- |
| Canada |  | 41,740,848.37 | 1.15 |
| 12,300,000 ONTARIO TEACHERS FINAN 0.9 21-41 20/05A | EUR | 12,181,858.50 | 0.34 |
| 15,177,000 PROVINCE OF QUEBEC 0.00 20-30 29/10U | EUR | 14,648,688.63 | 0.40 |
| 15,166,000 PROVINCE OF QUEBEC 0.25 21-31 05/05A | EUR | 14,910,301.24 | 0.41 |
| Chile |  | 5,026,490.16 | 0.14 |
| 5,118,000 CHILE GOVERNMENT	0.10 21-27 26/01A | EUR | 5,026,490.16 | 0.14 |
| China |  | 2,869,080.95 | 0.08 |
| 2,866,000 ICBC 0.25 19-22 25/04A | EUR | 2,869,080.95 | 0.08 |
| Czech Republic |  | 24,263,893.84 | 0.67 |
| 497,490,000 CZECH REPUBLIC 1.50 20-40 24/04A | CZK | 16,372,926.42 | 0.45 |
| 4,200,000 RAIFFEISENBANK A.S. 1 21-28 09/06A | EUR | 4,187,505.00 | 0.12 |
| 3,705,000 SAZKA GROUP A.S 3.875 20-27 05/02S | EUR | 3,703,462.42 | 0.10 |
| Finland |  | 30,451,910.02 | 0.84 |
| 9,171,000 ELENIA FINANCE OYJ 0.375 20-27 06/02A | EUR | 9,129,409.52 | 0.25 |
| 5,900,000 NESTE OYJ	0.75 21-28 25/03A | EUR | 5,872,742.00 | 0.16 |
| 5,500,000 NESTE OYJ	1.50 17-24 07/06A | EUR | 5,656,887.50 | 0.16 |
| 10,120,000 SBB TREASURY OYJ 1.125 21-29 26/11A | EUR | 9,792,871.00 | 0.27 |
| France	 161,922,718.19 | 4.45 |
| 4,200,000 ACCOR SA 2.375 21-28 29/11A | EUR | 4,216,254.00 | 0.12 |
| 15,300,000 AEROPORTS DE PARIS A 2.125 20-26 02/04A | EUR | 16,589,407.50 | 0.46 |
| 2,300,000 ALD SA 0.375 19-23 18/07A | EUR | 2,317,917.00 | 0.06 |
| 10,500,000 BFCM BQUE FED CRED MUT 0.01 21-25 07/03A | EUR | 10,480,837.50 | 0.29 |
| 6,121,000 BNP PARIBAS SA  1.125  18-26 11/06A | EUR | 6,345,304.04 | 0.17 |
| 4,500,000 BPCE S.A. 0.25 20-26 15/01A | EUR | 4,495,365.00 | 0.12 |
| 15,000,000 BPCE SFH	2.75 12-17 16/02A | EUR | 14,954,400.00 | 0.41 |
| 1,400,000 BUREAU VERITAS	1.8750 18-25 06/01A | EUR | 1,463,553.00 | 0.04 |
| 4,694,000 COVIVIO SA 1.625 17-24 17/10A | EUR | 4,895,818.53 | 0.13 |
| 4,200,000 DEXIA CREDIT LOCAL 0.01 20-27 22/01A | EUR | 4,190,970.00 | 0.12 |
| 3,900,000 FONCIERE LYONNAISE 2.25 15-22 16/11A | EUR | 3,960,976.50 | 0.11 |
| 6,200,000 ICADE SA 1.75 16-26 10/06A | EUR | 6,552,067.00 | 0.18 |
| 2,100,000 IPSEN	1.875 16-23 16/06A | EUR | 2,144,793.00 | 0.06 |
| 6,100,000 IPSOS	2.875 18-25 21/09A | EUR | 6,505,070.50 | 0.18 |
| 4,700,000 ORPEA SA	2.625 18-25 10/03A | EUR | 4,907,787.00 | 0.14 |
| 9,100,000 ORPEA SA 2.00 21-28 01/04A | EUR | 9,143,316.00 | 0.25 |
| 2,100,000 PEUGEOT INVEST SA  1.8750 19-26 30/10A | EUR | 2,166,465.00 | 0.06 |
| 10,966,000 RCI BANQUE SA 0.75 19-23 10/04A | EUR | 11,043,255.47 | 0.30 |
| 9,357,000 RCI BANQUE SA 1.375 17-24 08/03A | EUR | 9,585,451.15 | 0.26 |
| 2,200,000 SAFRAN SA 0.125 21-26 16/03A | EUR | 2,182,147.00 | 0.06 |
| 5,000,000 SOCIETE GENERALE 0.8750 19-26 01/07A | EUR | 5,094,125.00 | 0.14 |
| 8,100,000 SUEZ SA 0 21-26 09/03A | EUR | 8,045,608.50 | 0.22 |
| 1,700,000 TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 1,773,287.00 | 0.05 |
| 1,200,000 TIKEHAU CAPITAL SCA 1.625 21-29 31/03A | EUR | 1,183,830.00 | 0.03 |
| 6,600,000 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 6,918,747.00 | 0.19 |
| 10,700,000 WORLDLINE SA 0.25 19-24 18/09A | EUR | 10,765,965.50 | 0.30 |
| Germany	 60,342,575.34 | 1.66 |
| 8,200,000 BAYER AG 0.375 20-24 06/07A | EUR | 8,279,417.00 | 0.22 |
| 6,400,000 HOWOGE WOHNUNGS	0.0000 21-24 01/11A | EUR | 6,394,368.00 | 0.18 |
| 6,550,000 LANXESS AG	0.00 21-27 08/09A | EUR | 6,377,800.50 | 0.18 |
| 7,600,000 VANTAGE TOWERS	0.0000 21-25 31/03A | EUR | 7,526,622.00 | 0.21 |
| 8,000,000 VANTAGE TOWERS AG 0.375 21-27 31/03A | EUR | 7,899,080.00 | 0.22 |
| 6,072,000 VOLKSWAGEN FIN	0.1250 21-27 12/02A | EUR | 5,945,277.36 | 0.16 |
| 3,000,000 VOLKSWAGEN LEASING G 0.375 21-26 19/05A | EUR | 2,996,040.00 | 0.08 |
| 7,192,000 VOLKSWAGEN LEASING 0.00 21-23 12/07A | EUR | 7,204,154.48 | 0.20 |
| 7,800,000 VONOVIA SE	0.0 21-25 01/12A | EUR | 7,719,816.00 | 0.21 |
| Greece |  | 90,444,087.40 | 2.49 |
| 9,259,000 GREECE  3.450 19-24 02/04A | EUR | 10,025,413.73 | 0.28 |
| 22,946,623 GREECE 3.50 17-23 30/01A | EUR | 23,902,464.58 | 0.65 |
| 18,433,000 GREECE 0.00 21-26 12/02A | EUR | 18,017,612.35 | 0.50 |
| 18,339,000 GREECE 3.375 18-25 15/02A | EUR | 20,221,406.66 | 0.56 |
| 595,000 HELLENIC REPUBL	2.0000 20-27 22/04A | EUR | 635,284.48 | 0.02 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 9,196,000 PUBLIC POWER CORP GR 3.875 21-26 30/03S | EUR | 9,486,685.56 | 0.26 |
| --- | --- | --- | --- |
| 8,084,000 PUBLIC POWER CORPORAT 3.375 21-28 31/07S | EUR | 8,155,220.04 | 0.22 |
| Iceland |  | 4,569,405.75 | 0.13 |
| 4,550,000 ARION BANK 0.625 20-24 27/11A | EUR | 4,569,405.75 | 0.13 |
| Ireland |  | 69,260,775.86 | 1.91 |
| 4,096,000 CYRUSONE EUROPE FINA 1.125 21-28 26/05A | EUR | 4,113,899.52 | 0.11 |
| 15,310,000 EATON CAPITAL UNLIMI 0.128 21-26 08/03A | EUR | 15,245,621.45 | 0.43 |
| 1,818,000 FCA BANK SPA IRISH BR 0.50 19-24 13/09A | EUR | 1,834,761.96 | 0.05 |
| 4,626,000 FCA BANK SPA IRISH BR 0.50 20-23 18/09A | EUR | 4,661,041.95 | 0.13 |
| 10,557,000 FCA BANK SPA IRISH BR 0.625 19-22 24/11A | EUR | 10,628,893.17 | 0.29 |
| 9,570,000 LUKOIL CAPITAL DAC  2.8 21-27 26/04S | USD | 8,309,498.37 | 0.23 |
| 13,100,000 MMC NORILSK (MM	2.8000 21-26 27/10S | USD | 11,414,809.18 | 0.31 |
| 7,220,000 RYANAIR DAC	0.875 21-26 25/05A | EUR | 7,230,721.70 | 0.20 |
| 5,396,000 RYANAIR DAC 2.875 20-25 15/09A | EUR | 5,821,528.56 | 0.16 |
| Israel |  | 8,674,465.50 | 0.24 |
| 8,700,000 TEVA PHARMACEUTICAL 3.75 21-27 09/05S | EUR | 8,674,465.50 | 0.24 |
| Italy |  | 143,907,856.21 | 3.96 |
| 5,827,000 ACQUIRENTE UNICO S.P. 2.8 19-26 20/02A | EUR | 6,340,562.65 | 0.17 |
| 3,470,000 AMCO - ASSET MANAGEM 2.25 20-27 17/07A | EUR | 3,688,054.80 | 0.10 |
| 21,589,000 ASSET MANAGEMENT COMP 1.375 19-25 27/01A | EUR | 22,132,179.24 | 0.61 |
| 5,550,000 ASTM SPA	1.0 21-26 25/11A | EUR | 5,570,007.75 | 0.15 |
| 20,419,000 ATLANTIA S.P.A. 1.875 21-28 12/02A | EUR | 20,992,161.33 | 0.58 |
| 14,130,000 AUTOSTRADE PER I'ITA 2 20-28 04/12A | EUR | 14,664,608.55 | 0.40 |
| 16,100,000 CASSA DEPOSITI	1.0 20-28 21/09A | EUR | 16,372,653.50 | 0.45 |
| 3,500,000 CASSA DEPOSITI	1.875 18-26 07/02A | EUR | 3,711,067.50 | 0.10 |
| 6,800,000 CASSA DEPOSITI 1.00 20-30 11/02A | EUR | 6,795,206.00 | 0.19 |
| 1,200,000 CASSA DEPOSITI 2.125 19.26 21/03A | EUR | 1,288,014.00 | 0.04 |
| 6,588,000 ENEL SPA 1.375 21-99 31/12A | EUR | 6,449,223.78 | 0.18 |
| 1,500,000 ENI SPA	1.50 17-27 17/01A | EUR | 1,585,635.00 | 0.04 |
| 1,475,000 ENI SPA 0.625 16-24 19/09A | EUR | 1,498,282.88 | 0.04 |
| 5,558,000 INTESA SANPAOLO 1.00 19-26 19/11A | EUR | 5,659,044.44 | 0.16 |
| 4,426,000 MEDIOBANCA	1.625 19-25 07/01A | EUR | 4,600,074.58 | 0.13 |
| 2,356,000 MEDIOBANCA	1.1250 19-25 15/07A | EUR | 2,413,839.80 | 0.07 |
| 1,076,000 MEDIOBANCA - BANCA D 1.125 20-25 23/01A | EUR | 1,098,865.00 | 0.03 |
| 2,760,000 MEDIOBANCA 0.875 19-26 15/01A | EUR | 2,792,526.60 | 0.08 |
| 11,732,000 POSTE ITALIANE	21-XX 24/06A | EUR | 11,304,309.94 | 0.31 |
| 2,339,000 UNICREDIT SPA	0.50 08-25 09/04A | EUR | 2,353,326.37 | 0.06 |
| 2,500,000 UNICREDIT SPA	9.25 16-XX 03/06S | EUR | 2,598,212.50 | 0.07 |
| Japan |  | 10,351,559.64 | 0.29 |
| 2,949,000 ASAHI GROUP HLD 0.0100 21-24 19/04A | EUR | 2,950,312.30 | 0.08 |
| 3,750,000 ASAHI GROUP HLD 0.3360 21-27 19/04A | EUR | 3,732,918.75 | 0.11 |
| 3,690,000 NIDEC CORP 0.046 21-26 30/03A | EUR | 3,668,328.59 | 0.10 |
| Kazakhstan |  | 2,805,708.78 | 0.08 |
| 2,807,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 2,805,708.78 | 0.08 |
| Lettonia |  | 16,068,394.44 | 0.44 |
| 5,521,000 LATVIA	0.00 21-31 17/03A | EUR | 5,364,617.68 | 0.15 |
| 6,662,000 LATVIA GOVERNMENT INTE 0.25 21-30 23/01A | EUR | 6,651,707.21 | 0.18 |
| 4,110,000 LATVIA GOVT INTL BOND 0.0 21-29 24/01A | EUR | 4,052,069.55 | 0.11 |
| Luxembourg |  | 103,935,745.92 | 2.86 |
| 11,000,000 ANDORRA 1.25 21-31 06/05A | EUR | 11,094,490.00 | 0.31 |
| 5,520,000 BECTON DICKINSON 0.334 21-28 13/08A | EUR | 5,430,631.20 | 0.15 |
| 9,163,000 BECTON DICKINSON 1.208 19-26 04/06A | EUR | 9,487,370.20 | 0.26 |
| 11,514,000 BLACKSTONE PROPERTY P 0.50 19-23 12/09A | EUR | 11,579,054.10 | 0.32 |
| 1,500,000 BLACKSTONE PROPERTY PARTN 1 21-26 20/10A | EUR | 1,505,032.50 | 0.04 |
| 5,782,000 DANFOSS FIN I BV 0.375 21-28 28/10A | EUR | 5,694,026.87 | 0.16 |
| 7,542,000 DANFOSS FINANCE I B. 0.125 21-26 28/04A | EUR | 7,484,077.44 | 0.21 |
| 1,770,000 DH EUROPE FIN 0.20 19-26 18/03A | EUR | 1,769,707.95 | 0.05 |
| 1,654,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 1,732,631.16 | 0.05 |
| 6,075,000 GAZ CAPITAL	2.25 17-22 19/07A | CHF | 5,909,251.56 | 0.16 |
| 3,473,000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 3,626,315.59 | 0.10 |
| 11,598,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 12,092,364.75 | 0.32 |
| 5,920,000 HIGHLAND HOLDIN	0.0000 21-23 12/11A | EUR | 5,928,021.60 | 0.16 |
| 3,000,000 MOHAWK CAPITAL FINANC 1.75 20-27 12/06A | EUR | 3,183,555.00 | 0.09 |
| 7,200,000 SIX FINANCE (LUXEMBO 0 20-25 02/12A | EUR | 7,171,128.00 | 0.20 |
| 10,300,000 TRATON FINANCE LUXEM 0.125 21-25 24/03A | EUR | 10,248,088.00 | 0.28 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Mexico |  |  | 27,226,148.95 | 0.75 |
| --- | --- | --- | --- | --- |
| 14,705,000 PEMEX | 3.625 18-25 24/11A | EUR | 14,944,691.50 | 0.41 |
| 4,244,000 PEMEX 1.875 15-22 21/04A | EUR | 4,258,005.20 | 0.12 |
| 2,101,000 PEMEX 2.75 15-27 21/04A | EUR | 1,953,541.31 | 0.05 |
| 411,000 PEMEX 3.75 14-26 16/04A | EUR | 411,341.13 | 0.01 |
| 5,503,000 PEMEX 3.75 17-24 21/02A | EUR | 5,658,569.81 | 0.16 |
| Norway |  | 10,869,256.62 | 0.30 |
| 731,000 ADEVINTA ASA 3 20-27 05/11S | EUR | 750,769.89 | 0.02 |
| 3,000,000 AKER BP ASA	2.875 20-25 15/01S | USD | 2,738,739.88 | 0.08 |
| 4,699,000 AKER BP ASA 1.125 21-29 12/05A | EUR | 4,676,209.85 | 0.13 |
| 2,700,000 SANTANDER CONS BK 0.125  19-24 11/09A | EUR | 2,703,537.00 | 0.07 |
| Panama |  | 5,090,484.43 | 0.14 |
| 2,168,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 2,285,039.48 | 0.06 |
| 3,200,000 CARNIVAL CORPORATION 4 21-28 01/08S | USD | 2,805,444.95 | 0.08 |
| Portugal |  | 7,372,171.50 | 0.20 |
| 5,100,000 GOVERNO REGIONAL MAD 1.141 20-34 04/12A | EUR | 4,900,921.50 | 0.13 |
| 2,500,000 NOVO BANCO	3.5 21-24 23/07A | EUR | 2,471,250.00 | 0.07 |
| Romania |  | 28,381,348.80 | 0.78 |
| 5,000,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 5,268,550.00 | 0.15 |
| 4,519,000 GLOBALWORTH REAL EST 2.95 20-26 29/07A | EUR | 4,785,575.81 | 0.13 |
| 2,510,000 ROMANIA 1.3750 20-29 02/12A | EUR | 2,401,417.40 | 0.07 |
| 4,093,000 ROMANIA 1.7500 21-30 13/07A | EUR | 3,830,966.14 | 0.11 |
| 6,892,000 ROMANIA 2.75 20-26 26/02A | EUR | 7,419,479.22 | 0.19 |
| 4,947,000 ROMANIA 3.3750 20-50 28/01A | EUR | 4,675,360.23 | 0.13 |
| Russia |  | 46,933,601.00 | 1.29 |
| 26,300,000 RUSSIA	1.125 20-27 20/11A | EUR | 26,189,671.50 | 0.72 |
| 19,300,000 RUSSIA 2.875 18-25 04/12A | EUR | 20,743,929.50 | 0.57 |
| San Marino |  | 2,724,653.67 | 0.08 |
| 2,641,000 SAN MARINO	3.25 21-24 24/02A | EUR | 2,724,653.67 | 0.08 |
| Saudi Arabia |  | 3,709,743.76 | 0.10 |
| 4,260,000 ARAB PETROLEUM INVES 1.483 21-26 06/10S | USD | 3,709,743.76 | 0.10 |
| Slovenia |  | 19,146,943.09 | 0.53 |
| 14,238,000 SLOVENIA	21-31 12/02A | EUR | 13,744,368.54 | 0.38 |
| 5,521,000 SLOVENIA 0.125 21-31 01/07A | EUR | 5,402,574.55 | 0.15 |
| South Korea |  | 12,087,187.10 | 0.33 |
| 2,902,000 LG CHEM LTD	0.50 19-23 15/04A | EUR | 2,920,006.91 | 0.08 |
| 9,114,000 POSCO 0.5 20-24 17/01A | EUR | 9,167,180.19 | 0.25 |
| Spain |  | 144,849,645.28 | 3.99 |
| 2,100,000 BANCO DE SABADELL SA 1.75 19-24 10/05A | EUR | 2,151,145.50 | 0.06 |
| 10,600,000 BANKIA SA	1.125 19-26 12/11A | EUR | 10,848,199.00 | 0.30 |
| 1,800,000 BANKINTER SA	0.8750 19-26 08/07A | EUR | 1,827,783.00 | 0.05 |
| 2,400,000 CAIXABANK SA 0.625 19-24 01/10A | EUR | 2,429,256.00 | 0.07 |
| 3,300,000 CAIXABANK SA 1.00 19-24 25/06A | EUR | 3,370,554.00 | 0.09 |
| 9,300,000 CELLNEX FINANCE	1.0000 21-27 15/09A | EUR | 9,014,536.50 | 0.25 |
| 8,000,000 CELLNEX FINANCE CO SA 1.5 21-28 08/06A | EUR | 7,850,520.00 | 0.22 |
| 4,500,000 CELLNEX FINANCE COMP 0.75 21-26 15/02A | EUR | 4,421,295.00 | 0.12 |
| 8,000,000 CELLNEX FINANCE COMP 1.25 21-29 15/02A | EUR | 7,650,200.00 | 0.21 |
| 200,000 CELLNEX TELECOM S.A. 1 20-27 20/01A | EUR | 195,205.00 | 0.01 |
| 1,500,000 CELLNEX TELECOM SA 2.375 16-24 16/01A | EUR | 1,558,650.00 | 0.04 |
| 8,100,000 FERROVIAL EMISIONES 1.382 20-26 14/05A | EUR | 8,466,808.50 | 0.23 |
| 6,900,000 INTERNATIONAL CONSOL 0.50 19-23 04/07A | EUR | 6,681,235.50 | 0.18 |
| 2,200,000 SANTANDER CONSUMER F 0.375 20-25 17/01A | EUR | 2,213,530.00 | 0.06 |
| 57,600,000 SPAIN 0.7 17-33 30/11A | EUR | 75,273,940.28 | 2.08 |
| 900,000 WERFENLIFE SA	0.5000 21-26 28/10A | EUR | 896,787.00 | 0.02 |
| Sweden |  | 38,032,230.34 | 1.05 |
| 11,436,000 AB SAGAX	2 18-24 17/01A | EUR | 11,823,337.32 | 0.33 |
| 2,245,000 CASTELLUM AB	0.7500 19-26 04/09A | EUR | 2,257,414.85 | 0.06 |
| 8,190,000 SAMHALLSBYGGNAD 1.1250 19-26 04/09A | EUR | 8,266,003.20 | 0.23 |
| 7,895,000 SAMHALLSBYGGNADSBOLA 1 20-27 12/02A | EUR | 7,823,984.47 | 0.22 |
| 4,445,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 4,455,979.15 | 0.12 |
| 3,429,000 VOLVO TREASURY AB 0 21-26 18/05A | EUR | 3,405,511.35 | 0.09 |
| The Netherlands |  | 210,291,778.10 | 5.78 |
| 3,224,000 CONTI-GUMMI FINANCE 2.125 20-23 27/05A | EUR | 3,351,202.92 | 0.09 |
| 8,860,000 DAVIDE CAMPARI-MILAN 1.25 20-27 06/10A | EUR | 8,928,310.60 | 0.25 |
| 8,600,000 DIGITAL DUTCH FINCO 0.625 20-25 17/01A | EUR | 8,705,651.00 | 0.24 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 6,171,000 EDP FINANCE	2.00 15-25 22/04A | EUR | 6,572,886.37 | 0.18 |
| --- | --- | --- | --- |
| 5,680,000 ENEL FINANCE IN  0.00  21-26 28/05A | EUR | 5,608,545.60 | 0.15 |
| 4,426,000 IMCD NV	2.50 18-25 26/03A | EUR | 4,615,167.24 | 0.13 |
| 2,500,000 JAB HOLDINGS BV	1.7500 18-26 25/06A | EUR | 2,637,687.50 | 0.07 |
| 6,231,000 JDE PEET'S B.V.	0.625 21-28 09/02A | EUR | 6,177,444.56 | 0.17 |
| 14,838,000 JDE PEET'S B.V. 0 21-26 16/06A | EUR | 14,602,446.75 | 0.39 |
| 4,920,000 LSEG NETHERLANDS B.V 0 21-25 06/04A | EUR | 4,910,725.80 | 0.14 |
| 14,850,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 15,267,730.50 | 0.41 |
| 4,598,000 NE PROPERTY BV 2.625 19-23 22/05A | EUR | 4,744,929.09 | 0.13 |
| 12,340,000 PROSUS N.V. 1.288 21-29 13/07A | EUR | 12,162,365.70 | 0.33 |
| 14,085,000 PROSUS N.V. 1.539 20-28 03/08A | EUR | 14,231,484.00 | 0.39 |
| 10,350,000 PROSUS N.V. 1.985 21-33 13/07A | EUR | 10,113,192.00 | 0.28 |
| 8,686,000 PROSUS NV 2.031 20-32 03/08A | EUR | 8,628,194.67 | 0.24 |
| 9,956,000 REPSOL INTL FINANCE 2.50 21-XX 22/03A | EUR | 9,950,773.10 | 0.27 |
| 1,475,000 SIGNIFY N.V. 2 20-24 11/05A | EUR | 1,536,780.37 | 0.04 |
| 3,720,000 STEDIN HOLDING NV	0.0 21-26 16/11A | EUR | 3,690,872.40 | 0.10 |
| 6,185,000 STEDIN HOLDING NV  0.875 17-25 24/10A | EUR | 6,362,323.95 | 0.18 |
| 2,361,000 STELLANTIS N.V. 3.875 20-26 07/07A | EUR | 2,661,944.87 | 0.07 |
| 2,610,000 STELLANTIS 3.75 16-24 29/03A | EUR | 2,819,021.85 | 0.08 |
| 4,744,000 SYNGENTA FIN NV 3.375 20-26 16/04A | EUR | 5,184,859.92 | 0.14 |
| 5,928,000 TEVA PHARMA	6.00 20-25 31/01A | EUR | 6,391,243.56 | 0.18 |
| 1,081,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 946,383.07 | 0.03 |
| 3,100,000 THERMO FISHER SCIENT 0.00 21-25 18/11A | EUR | 3,089,987.00 | 0.09 |
| 7,749,000 UPJOHN FINANCE B.V. 1.023 20-24 23/06A | EUR | 7,924,437.36 | 0.22 |
| 5,650,000 VIA OUTLETS BV	1.75 21-28 15/11A | EUR | 5,646,977.25 | 0.16 |
| 3,363,000 WABTEC TRAN	1.2500 21-27 03/12U | EUR | 3,400,665.60 | 0.09 |
| 7,800,000 WINTERSHALL DEA FINA 0.452 19-23 25/09A | EUR | 7,857,330.00 | 0.22 |
| 4,700,000 WINTERSHALL DEA FINA 0.8400 19-25 25/09A | EUR | 4,773,390.50 | 0.13 |
| 6,725,000 WIZZ AIR FINANCE COM 1.35 21-24 19/01A | EUR | 6,796,823.00 | 0.19 |
| Togo |  | 6,067,200.09 | 0.17 |
| 5,753,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A | EUR | 6,067,200.09 | 0.17 |
| United Kingdom |  | 115,119,430.60 | 3.17 |
| 5,100,000 CANARY WHARF GROUP I 1.75 21-26 07/04S | EUR | 5,154,417.00 | 0.14 |
| 1,194,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 902,275.95 | 0.02 |
| 5,713,000 CHANEL CERES PL	0.5000 20-26 31/07A | EUR | 5,710,714.80 | 0.16 |
| 7,569,000 CREDIT SUISSE AG L  1.50 16-26 10/04A | EUR | 7,931,782.17 | 0.22 |
| 2,949,000 EASYJET PLC	0.8750 19-25 11/06A | EUR | 2,967,018.39 | 0.08 |
| 4,437,000 EC FINANCE PLC	3.0000 21-26 15/10S | EUR | 4,553,848.39 | 0.13 |
| 15,973,000 GAZ FINANCE PLC	2.95 20-25 15/04A | EUR | 16,800,641.00 | 0.46 |
| 12,345,000 GAZ FINANCE PLC 1.50 21-27 17/02A | EUR | 12,090,260.93 | 0.33 |
| 1,146,000 INFORMA PLC	1.2500 19-28 22/04A | EUR | 1,151,099.70 | 0.03 |
| 6,597,000 INFORMA PLC 2.125 20-25 06/10A | EUR | 6,916,228.83 | 0.19 |
| 7,805,000 STANDARD CHARTERED 1.2 21-31 23/03A | EUR | 7,793,682.75 | 0.21 |
| 30,119,467 UNITED KINGDOM 0.375 21-26 22/10S | GBP | 35,143,024.99 | 0.98 |
| 7,713,000 VODAFONE GROUP 1.125 17-25 20/11A | EUR | 8,004,435.70 | 0.22 |
| United States of America |  | 159,458,878.80 | 4.38 |
| 4,686,000 AMERICAN TOWER	0.4000 21-27 15/02A | EUR | 4,618,006.14 | 0.13 |
| 8,060,000 AMERICAN TOWER	0.45 21-27 21/05A | EUR | 7,972,025.10 | 0.22 |
| 9,743,000 ATHENE GLOBAL FUNDIN 1.875 20-23 23/06A | EUR | 10,016,242.44 | 0.28 |
| 3,100,000 AT&T INC 2.875 20-XX 01/05A | EUR | 3,113,113.00 | 0.09 |
| 100,000 BECTON DICK EURO FIN 0.632 19-23 04/06A | EUR | 100,968.00 | 0.00 |
| 5,520,000 BECTON DICKINSO	0.0340 21-25 13/08A | EUR | 5,487,542.40 | 0.15 |
| 10,311,000 BLACKSTONE PRIVATE CRE 1.75 21-26 30/11A | EUR | 10,222,016.07 | 0.28 |
| 12,220,000 BOOKING HOLDINGS INC 0.1 21-25 08/03A | EUR | 12,232,460.37 | 0.34 |
| 7,860,000 COMCAST CORP	0.00  21-26 14/09A | EUR | 7,760,767.50 | 0.21 |
| 3,085,000 DOW CHEMICAL CO 0.5 20-27 25/02A | EUR | 3,076,485.40 | 0.08 |
| 549,000 EXPEDIA GROUP INC 6.25 20-25 05/05S | USD | 545,188.57 | 0.02 |
| 11,547,000 FIDELITY NATIONAL INF 0.75 19-23 21/05A | EUR | 11,677,769.78 | 0.32 |
| 4,628,000 FIDELITY NATIONAL INF 1.5 19-27 21/05A | EUR | 4,842,692.92 | 0.13 |
| 3,552,000 GENERAL MILLS INC 0.1250 21-25 15/11A | EUR | 3,541,965.60 | 0.10 |
| 2,874,000 GOLDMAN SACHS GROUP 3.375 20-25 27/03U | EUR | 3,168,197.01 | 0.09 |
| 2,661,000 MYLAN INC 2.125 18/25 23/05A | EUR | 2,818,664.25 | 0.08 |
| 1,475,000 MYLAN NV 2.25 16-24 22/11A | EUR | 1,559,414.25 | 0.04 |
| 4,622,000 NETFLIX INC 3 20-25 28/04S | EUR | 5,014,638.90 | 0.14 |
| 3,057,000 NETFLIX INC 3.625 17-27 05/02S | EUR | 3,516,253.11 | 0.10 |
| 14,200,000 PERSHING SQUARE	1.3750 21-27 01/10A | EUR | 13,979,900.00 | 0.37 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,167,000 PRICELINE GROUP IN  2.15 15-22 25/11A | EUR | 2,202,246.25 | 0.06 |
| --- | --- | --- | --- |
| 3,093,000 PROCTER & GAMBLE CO 4.875 07-27 11/05A | EUR | 3,874,106.22 | 0.11 |
| 3,925,000 STANDARD INDUSTRIES 2.25 19-26 21/11A | EUR | 3,858,490.88 | 0.11 |
| 19,946,000 STRYKER CORP	0.25 19-24 03/12A | EUR | 20,051,414.61 | 0.54 |
| 13,378,000 SYSCO CORP 1.25 16-23 23/06A | EUR | 13,606,563.13 | 0.37 |
| 590,000 THERMO FISHER SCIENT 0.75 16-24 12/09A | EUR | 601,746.90 | 0.02 |
| Convertible bonds |  | 2,435,690.32 | 0.07 |
| Italy |  | 1,120,962.04 | 0.03 |
| 1,028,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S | EUR | 1,120,962.04 | 0.03 |
| Sweden |  | 1,314,728.28 | 0.04 |
| 1,400,000 SWEDBANK AB CV FL.R 19-XX 17/03S | USD | 1,314,728.28 | 0.04 |
| Floating rate bonds |  | 537,451,225.57 | 14.80 |
| Australia |  | 5,513,724.58 | 0.15 |
| 4,452,000 BHP BILLITON FINAN  FL.R 15-77 22/10A | GBP | 5,513,724.58 | 0.15 |
| Austria |  | 12,856,466.00 | 0.35 |
| 5,800,000 ERSTE GROUP BK SUB FL.R 17-XX 15/04S | EUR | 6,404,157.00 | 0.18 |
| 6,200,000 RAIFFEISEN BANK SUB FL.R 17-XX 15/12S | EUR | 6,452,309.00 | 0.17 |
| Belgium |  | 2,956,422.00 | 0.08 |
| 2,800,000 KBC GROUP SA FL.R 18-XX 24/04S | EUR | 2,956,422.00 | 0.08 |
| Denmark |  | 43,447,659.26 | 1.20 |
| 2,361,000 DANSKE BANK FL.R 19-29 21/06A | EUR | 2,471,884.37 | 0.07 |
| 10,006,000 DANSKE BANK A/S	FL.R 20-23 24/05A | EUR | 10,064,935.34 | 0.28 |
| 3,547,000 DANSKE BANK A/S	FL.R 15-XX 06/04S | EUR | 3,595,505.23 | 0.10 |
| 6,391,000 DANSKE BANK A/S	FL.R 19-25 27/08A | EUR | 6,439,092.28 | 0.18 |
| 8,516,000 DANSKE BANK A/S	FL.R 19-30 12/02A | EUR | 8,641,100.04 | 0.24 |
| 12,400,000 JYSKE BANK DNK	FL.R 21-26 02/09A | EUR | 12,235,142.00 | 0.33 |
| Finland |  | 4,775,551.55 | 0.13 |
| 4,774,000 SBB TREASURY OYJ	FL.R 21-23 01/02Q | EUR | 4,775,551.55 | 0.13 |
| France |  | 57,463,656.64 | 1.58 |
| 3,800,000 ACCOR SA	FL.R 19-XX 31/01A | EUR | 3,874,955.00 | 0.11 |
| 4,786,000 BNP PARIBAS SA	FL.R 16-XX 14/03S | USD | 4,254,161.44 | 0.12 |
| 1,150,000 BNP PARIBAS SA	FL.R 15-XX 17/06S | EUR | 1,181,078.75 | 0.03 |
| 6,200,000 BPCE FL.R 21-42 13/01A | EUR | 6,158,305.00 | 0.17 |
| 2,200,000 CREDIT LOGEMENT	FL.R 17-29 28/11A | EUR | 2,253,669.00 | 0.06 |
| 329,000 EUROFINS SCIENTIFIC FL.R 15-XX 29/04A | EUR | 345,394.07 | 0.01 |
| 7,500,000 LA BANQUE POSTALE FL.R 21-32 02/02A | EUR | 7,263,525.00 | 0.19 |
| 6,597,000 ORANGE FL.R 14-XX 07/02A | EUR | 7,260,163.42 | 0.20 |
| 4,200,000 RCI BANQUE SA FL.R 19-30 18/02A | EUR | 4,226,523.00 | 0.12 |
| 3,300,000 SOCIETE GENERALE FL.R 20-30 24/11A | EUR | 3,299,290.50 | 0.09 |
| 1,471,000 TOTAL SE FL.R 21-XX XX/XXA | EUR | 1,461,982.77 | 0.04 |
| 3,778,000 TOTALENERGIES FL.R 16-XX 06/10A | EUR | 4,119,455.64 | 0.11 |
| 6,195,000 TOTALENERGIES FL.R 20-XX 04/09A | EUR | 6,113,226.00 | 0.17 |
| 5,390,000 TOTALENERGIES SE FL.R 15-XX 26/02A | EUR | 5,651,927.05 | 0.16 |
| Germany |  | 24,924,004.00 | 0.69 |
| 9,000,000 ALLIANZ SE FL.R 13-XX 24/10A | EUR | 9,717,435.00 | 0.27 |
| 5,000,000 DEUT PFANDBRIEF	FL.R 17-27 28/06 | EUR | 5,027,675.00 | 0.14 |
| 6,000,000 EVONIK INDUSTRIES  FL.R 21-81 02/12A | EUR | 5,978,280.00 | 0.16 |
| 4,100,000 MERCK KGAA FL.R 20-80 09/09A | EUR | 4,200,614.00 | 0.12 |
| Hungary |  | 12,806,615.97 | 0.35 |
| 12,365,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 12,806,615.97 | 0.35 |
| Ireland |  | 12,944,622.99 | 0.36 |
| 2,666,000 AIB GROUP PLC	FL.R 19-25 10/04S | USD | 2,472,825.19 | 0.07 |
| 2,000,000 AIB GROUP PLC FL.R 20-49 31/12S | EUR | 2,219,500.00 | 0.06 |
| 4,863,000 AIB GROUP PLC FL.R 19-29 19/11A | EUR | 4,956,928.84 | 0.14 |
| 3,328,000 BANK OF IRELAND GRP FL.R 21-31 11/08A | EUR | 3,295,368.96 | 0.09 |
| Italy |  | 141,959,388.37 | 3.92 |
| 15,286,000 CASSA DEPOSITI	FL.R 19-26 28/06Q | EUR | 16,144,308.90 | 0.44 |
| 5,058,000 ENEL SPA	FL.R 13-73 24/09S | USD | 4,968,822.29 | 0.14 |
| 2,622,000 ENEL SPA FL.R 20-XX 10.03A | EUR | 2,711,344.65 | 0.07 |
| 16,291,000 ENI SPA FL.R 20-49 31/12A | EUR | 16,908,754.72 | 0.47 |
| 10,752,000 ENI SPA FL.R 21-99 31/12A | EUR | 10,718,507.52 | 0.30 |
| 2,625,000 ENI SPA FL.R 21-XX 11/06A | EUR | 2,627,152.50 | 0.07 |
| 5,088,000 FINECO BANK SPA	FL.R 21-27 21/10A | EUR | 4,968,889.92 | 0.14 |
| 4,536,000 INTESA SANPAOLO	FL.R 17-XX 16/05S | EUR | 4,945,759.56 | 0.14 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 4,100,000 INTESA SANPAOLO	FL.R 16-23 03/03Q | EUR | 4,166,112.50 | 0.11 |
| --- | --- | --- | --- |
| 1,056,000 INTESA SANPAOLO FL.R 19-29 12/07A | EUR | 1,136,625.60 | 0.03 |
| 37,040,000 ITALY FL.R 17-25 15/04S | EUR | 37,776,170.00 | 1.04 |
| 24,793,000 ITALY FL.R 20-23 15/12S | EUR | 24,931,097.01 | 0.69 |
| 684,000 MEDIOBANCA	FL.R 16-22 04/03Q | USD | 601,167.55 | 0.02 |
| 1,530,000 UNICREDIT SPA	FL.R 19-49 19/03S | EUR | 1,800,672.30 | 0.05 |
| 5,879,000 UNICREDIT SPA	FL.R 17-49 03/12S | EUR | 6,238,177.51 | 0.17 |
| 1,246,000 UNICREDIT SPA FL.R 20-27 22/07A | EUR | 1,315,825.84 | 0.04 |
| Jersey Island |  | 1,411,352.99 | 0.04 |
| 982,000 HSBC CAPITAL FUNDING FL.R 00-XX 30/06S | USD | 1,411,352.99 | 0.04 |
| Luxembourg |  | 5,138,746.40 | 0.14 |
| 5,065,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 5,138,746.40 | 0.14 |
| Mexico |  | 10,920,932.61 | 0.30 |
| 9,926,000 AMERICA MOVIL FL.R 13-73 06/09A | EUR | 10,920,932.61 | 0.30 |
| Portugal |  | 17,168,518.00 | 0.47 |
| 6,100,000 BC PORTUGUES FL.R 21-28 07/04A | EUR | 5,861,673.00 | 0.16 |
| 11,000,000 CAIXA GERAL DEPOS. FL.R 17-XX 30/03Q | EUR | 11,306,845.00 | 0.31 |
| Spain |  | 50,620,011.50 | 1.39 |
| 6,000,000 BANCO DE SABADELL FL.R 17-XX 23/11Q | EUR | 6,209,850.00 | 0.17 |
| 2,600,000 BANCO DE SABADELL SA FL.R 17-XX 18/02Q | EUR | 2,652,533.00 | 0.07 |
| 2,600,000 BANCO SANTANDER SA FL.R 17-49 01/12Q | EUR | 2,728,765.00 | 0.08 |
| 4,700,000 BANCO SANTANDER SA FL.R 21-26 29/01Q | EUR | 4,744,908.50 | 0.13 |
| 7,100,000 BANKINTER SA	FL.R 17-27 06/04A | EUR | 7,144,233.00 | 0.20 |
| 1,200,000 BBVA FL.R 18-XX 24/03Q | EUR | 1,276,848.00 | 0.04 |
| 2,200,000 BBVA FL.R 20-XX 15/01Q | EUR | 2,450,624.00 | 0.07 |
| 6,300,000 CAIXABANK S.A. FL.R 20-26 18/11A | EUR | 6,273,603.00 | 0.17 |
| 4,200,000 CAIXABANK SA FL.R 18-XX 19/03Q | EUR | 4,537,344.00 | 0.12 |
| 6,600,000 CAIXABANK SUB	FL.R 17-XX 13/06A | EUR | 7,343,853.00 | 0.20 |
| 5,000,000 IBERCAJA	7 18 06/04Q | EUR | 5,257,450.00 | 0.14 |
| Sweden |  | 9,111,869.46 | 0.25 |
| 5,712,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 5,556,090.96 | 0.15 |
| 2,891,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 2,839,612.47 | 0.08 |
| 800,000 SKANDINAV ENSKIL BK FL.R 17-XX 13/05S | USD | 716,166.03 | 0.02 |
| Switzerland |  | 4,234,162.62 | 0.12 |
| 4,196,000 UBS GROUP SUB	FL.R 15-XX 19/02A | EUR | 4,234,162.62 | 0.12 |
| The Netherlands |  | 52,020,098.65 | 1.43 |
| 1,400,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 1,502,998.00 | 0.04 |
| 4,000,000 IBERDROLA INTL BV FL.R -49 31/12A | EUR | 4,300,720.00 | 0.12 |
| 1,500,000 IBERDROLA INTL BV 1.874 20-99 31/12A | EUR | 1,530,690.00 | 0.04 |
| 4,892,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 4,380,000.49 | 0.12 |
| 2,700,000 ING GROUP NV FL.R 17-29 26/09A | EUR | 2,775,262.50 | 0.08 |
| 1,400,000 NATURGY FINANCE BV FL.R 14-XX 30/11A | EUR | 1,449,609.00 | 0.04 |
| 8,774,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 9,290,481.51 | 0.26 |
| 7,003,000 TENNET HOLDING BV FL.R 17-49 12/04A | EUR | 7,339,494.15 | 0.20 |
| 2,800,000 VOLKSWAGEN INTL FIN FL.R 17-XX 14/12A | EUR | 2,861,124.00 | 0.08 |
| 15,700,000 VOLKSWAGEN INTL FIN FL.R 18-XX 27/06A | EUR | 16,589,719.00 | 0.45 |
| United Kingdom |  | 49,846,902.09 | 1.37 |
| 1,256,000 BARCLAYS PLC FL.R 17-28 07/02A | EUR | 1,279,166.92 | 0.04 |
| 3,659,000 BARCLAYS PLC FL.R 20-25 02/04A | EUR | 3,925,192.25 | 0.11 |
| 4,588,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 4,703,892.88 | 0.13 |
| 5,664,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 5,677,536.96 | 0.16 |
| 8,145,000 HSBC HLDGS	FL.R 14-XX 16/09S | EUR | 8,407,391.17 | 0.22 |
| 13,088,000 NATWEST GROUP PLC FL.R 18-26 02/03A | EUR | 13,647,381.12 | 0.37 |
| 6,706,000 SANTANDER UK GROUP  FL.R 17-23 18/05Q | EUR | 6,721,759.10 | 0.19 |
| 6,131,000 SSE PLC FL.R 17-77 16/09S | USD | 5,484,581.69 | 0.15 |
| United States of America |  | 17,330,519.89 | 0.48 |
| 9,163,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 9,460,797.50 | 0.26 |
| 7,581,000 MORGAN STANLEY FL.R 17-26 23/10A | EUR | 7,869,722.39 | 0.22 |
| Mortgage and asset backed securities |  | 210,844,282.19 | 5.81 |
| Ireland |  | 156,993,965.04 | 4.32 |
| 1,645,000 ADAGIO CLO	FL.R 17-31 30/04Q | EUR | 1,642,230.97 | 0.05 |
| 2,100,000 ADAGIO V CLO DAC	FL.R 21-31 15/10Q | EUR | 2,103,820.53 | 0.06 |
| 15,000,000 AURIUM CLO II DAC  FL.R 21-34 22/06Q | EUR | 14,999,778.00 | 0.41 |
| 2,335,000 AVOCA 14X A1R	FL.R 17-31 12/01Q | EUR | 2,336,161.20 | 0.06 |
| 9,100,000 BECLO 11X A	FL.R 21-34 17/07Q | EUR | 9,093,205.94 | 0.25 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,770,000 BECLO 4X A | FL.R 17-30 15/07Q | EUR | 2,771,225.72 | 0.08 |
| --- | --- | --- | --- | --- |
| 2,239,000 BECLO 4X B2 2.05 17-30 15/07Q | EUR | 2,240,505.95 | 0.06 |
| 1,500,000 BLACK 2017-2X A1	FL.R 17-32 01/20Q | EUR | 1,500,841.80 | 0.04 |
| 10,838,000 CARLYLE EURO CLO  FL.R 21-34 15/07Q | EUR | 10,820,871.62 | 0.30 |
| 2,287,449 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 2,290,666.56 | 0.06 |
| 2,975,000 CRNCL 2017-8X B1  FL.R 17-30 30/10Q | EUR | 2,963,832.14 | 0.08 |
| 500,000 CRNCL 2017-8X C	FL.R 17-30 30/10Q | EUR | 497,998.90 | 0.01 |
| 843,000 GLGE 2X B	FL.R 16-30 15/01Q | EUR | 839,786.57 | 0.02 |
| 500,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 486,867.55 | 0.01 |
| 5,900,000 HARVEST CLO	0.0 18-30 22/05 | EUR | 5,949,945.86 | 0.16 |
| 15,000,000 HARVEST CLO	FL.R 21-34 15/01Q | EUR | 14,976,585.00 | 0.41 |
| 384,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 384,169.57 | 0.01 |
| 729,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 725,949.28 | 0.02 |
| 886,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 887,185.64 | 0.02 |
| 960,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 951,554.59 | 0.03 |
| 10,000,000 INVESCO EURO CLO  FL.R 21-34 15/07Q | EUR | 9,998,756.00 | 0.28 |
| 1,237,000 JUBILEE CLO 2017-XIX FL.R 17-30 15/07Q | EUR | 1,238,641.62 | 0.03 |
| 3,122,000 OAK HILL EUROPEAN CR FL.R 21-31 20/10Q | EUR | 3,126,991.14 | 0.09 |
| 480,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 480,384.77 | 0.01 |
| 1,373,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 1,369,675.00 | 0.04 |
| 824,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 804,724.83 | 0.02 |
| 927,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 927,002.59 | 0.03 |
| 9,000,000 OZLME VI DAC	FL.R 21-34 15/10Q | EUR | 9,046,082.70 | 0.25 |
| 1,709,000 PENTA 2017-3X A	FL.R 17-30 17/04Q | EUR | 1,710,250.81 | 0.05 |
| 589,000 PENTA 2017-3X C	FL.R 17-30 17/04Q | EUR | 590,027.28 | 0.02 |
| 8,000,000 SPAUL 9X A	FL.R 18-30 15/11Q | EUR | 8,000,328.80 | 0.22 |
| 900,000 ST PAULS CLO IV DAC  FL.R 18-30 25/04Q | EUR | 903,013.83 | 0.02 |
| 1,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 997,068.10 | 0.03 |
| 20,000,000 VENDM 1X A1R	FL.R 21-34 20/07Q | EUR | 19,971,418.00 | 0.56 |
| 15,000,000 VOYA EURO CLO II DAC FL.R 21-35 15/07Q | EUR | 15,005,341.50 | 0.41 |
| 1,324,000 WILPK 1X A1	FL.R  17-31 15/01Q | EUR | 1,324,645.85 | 0.04 |
| 2,226,000 WILPK 1X A2A	FL.R 17-31 15/01Q | EUR | 2,214,071.97 | 0.06 |
| 824,000 WILPK 1X B	FL.R 17-31 15/01Q | EUR | 822,356.86 | 0.02 |
| Luxembourg |  | 9,988,703.00 | 0.28 |
| 10,000,000 SEGOVIA EUROPEAN CLO FL.R 21-35 15/04Q | EUR | 9,988,703.00 | 0.28 |
| The Netherlands |  | 39,889,829.81 | 1.10 |
| 10,000,000 BABSE 2018 2 BV 182X FL.R 18-31 15/10Q | EUR | 9,993,712.00 | 0.28 |
| 1,000,000 CRNCL 2017-8X A	FL.R 17-30 30/10Q | EUR | 1,001,542.80 | 0.03 |
| 2,671,000 DRYD 2015-39X AR	FL.R 17-31 15/10Q | EUR | 2,675,462.71 | 0.07 |
| 455,000 DRYD 2015-39X B1R  FL.R 17-31 15/10Q | EUR | 453,832.61 | 0.01 |
| 1,365,000 DRYD 2015-39X B2R  2.05 17-31 15/10Q | EUR | 1,366,344.66 | 0.04 |
| 1,251,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,256,128.34 | 0.03 |
| 1,094,000 DRYD 2017-56 A	FL.R 17-32 15/01Q | EUR | 1,095,259.41 | 0.03 |
| 1,504,000 DRYD 2017-56X B2  FL.R 17-32 15/01Q | EUR | 1,509,021.86 | 0.04 |
| 937,000 DRYD 2017-56X C  FL.R  17-32 15/01Q | EUR | 931,762.54 | 0.03 |
| 10,000,000 GROSVENOR PLACE	FL.R 18-29 30/10Q | EUR | 10,015,265.00 | 0.27 |
| 4,226,000 JUBIL 2017-19X B FL.R 17-30 15/07Q | EUR | 4,201,874.62 | 0.12 |
| 866,000 JUBIL 2017-19X C FL.R 17-30 15/07Q | EUR | 860,669.60 | 0.02 |
| 202,000 JUBILEE CDO BV	FL.R 17-28 12/07Q | EUR | 202,087.04 | 0.01 |
| 1,049,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,047,304.19 | 0.03 |
| 1,527,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,529,401.21 | 0.04 |
| 1,748,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,750,161.22 | 0.05 |
| United States of America |  | 3,971,784.34 | 0.11 |
| 2,700,000 BLACK 2017-2X B	FL.R 17-32 20/01Q | EUR | 2,697,748.20 | 0.07 |
| 1,300,000 BLACK 2017-2X C	FL.R 17-32 20/01Q | EUR | 1,274,036.14 | 0.04 |
| Shares/Units of UCITS/UCIS |  | 250,554,975.95 | 6.90 |
| Shares/Units in investment funds	 250,554,975.95 | 6.90 |
| France |  | 250,554,975.95 | 6.90 |
| 21,627 CARMIGNAC COURT TERME A EUR ACC | EUR | 79,496,475.65 | 2.19 |
| 95,070 CARMIGNAC SECURITE A EUR ACC | EUR | 171,058,500.30 | 4.71 |
| Money market instruments |  | 605,644,133.64 | 16.68 |
| Bonds |  | 605,644,133.64 | 16.68 |
| France |  | 45,670,972.42 | 1.26 |
| 45,668,004 FRANCE TREASURY BILL ZCP 050122 | EUR | 45,670,972.42 | 1.26 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Greece |  | 215,549,459.37 | 5.93 |
| --- | --- | --- | --- |
| 24,000,000 GREECE ZCP 110322 | EUR | 24,019,320.00 | 0.66 |
| 22,697,000 HELLENIC T-BILL ZCP 010422 | EUR | 22,718,789.12 | 0.63 |
| 11,500,000 HELLENIC T-BILL ZCP 010722 | EUR | 11,522,425.00 | 0.32 |
| 16,327,000 HELLENIC T-BILL ZCP 030622 | EUR | 16,352,306.85 | 0.45 |
| 29,656,000 HELLENIC T-BILL ZCP 040222 | EUR | 29,670,383.16 | 0.82 |
| 40,295,000 HELLENIC T-BILL ZCP 070122 | EUR | 40,302,253.10 | 1.10 |
| 37,461,000 HELLENIC T-BILL ZCP 090922 | EUR | 37,544,725.34 | 1.03 |
| 16,000,000 HELLENIC T-BILL ZCP 091222 | EUR | 16,048,320.00 | 0.44 |
| 17,360,000 HELLENIC T-BILL ZCP 250222 | EUR | 17,370,936.80 | 0.48 |
| Italy |  | 344,423,701.85 | 9.49 |
| 195,031,000 ITAL BUON ORDI DEL ZCP 14-11-22 | EUR | 195,965,198.49 | 5.40 |
| 51,522,000 ITAL BUON ORDI DEL ZCP 14-12-22 | EUR | 51,770,851.26 | 1.43 |
| 40,000,000 ITAL BUON ORDI DEL ZCP 31-05-22 | EUR | 40,104,600.00 | 1.10 |
| 20,000,000 ITALY ZCP 140122 | EUR | 20,004,900.00 | 0.55 |
| 36,548,000 ITALY ZCP 140222 | EUR | 36,578,152.10 | 1.01 |

Total securities portfolio	
3,235,555,438.61	89.09
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Italy |  | 17.40 |
| France |  | 14.19 |
| Greece |  | 8.42 |
| The Netherlands |  | 8.31 |
| Ireland |  | 6.59 |
| Spain |  | 5.38 |
| United States of America |  | 4.97 |
| United Kingdom |  | 4.54 |
| Luxembourg |  | 3.28 |
| Germany |  | 2.35 |
| Sweden |  | 1.34 |
| Russia |  | 1.29 |
| Denmark |  | 1.20 |
| Canada |  | 1.15 |
| Mexico |  | 1.05 |
| Finland |  | 0.97 |
| Romania |  | 0.78 |
| Czech Republic |  | 0.67 |
| Portugal |  | 0.67 |
| Slovenia |  | 0.53 |
| Belgium |  | 0.48 |
| Lettonia |  | 0.44 |
| Austria |  | 0.35 |
| Hungary |  | 0.35 |
| South Korea |  | 0.33 |
| Norway |  | 0.30 |
| Japan |  | 0.29 |
| Israel |  | 0.24 |
| Togo |  | 0.17 |
| Other |  | 1.06 |
|  |  | 89.09 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 26.48 |
| Holding and finance companies | 25.20 |
| Banks and credit institutions | 11.16 |
| Petroleum | 2.91 |
| Internet and internet services | 2.67 |
| Unit trusts | 2.47 |
| Real estate companies | 2.32 |
| Transportation | 2.26 |
| Communications | 1.62 |
| Pharmaceuticals and cosmetics | 1.42 |
| Utilities | 1.41 |
| Miscellaneous sectors | 1.05 |
| Cantons, Federal States, Provinces | 0.94 |
| Insurance | 0.84 |
| Miscellaneous services | 0.75 |
| Supranational | 0.75 |
| Chemicals | 0.72 |
| Graphic art and publishing | 0.61 |
| Miscellaneous trading companies | 0.50 |
| Tobacco and alcoholic drinks | 0.44 |
| Healthcare and social services | 0.41 |
| Hotels and restaurants | 0.39 |
| Road vehicles | 0.27 |
| Coal mining and steel industry | 0.25 |
| Aerospace industry | 0.24 |
| Building materials and trade | 0.21 |
| Electrical engineering and electronics | 0.20 |
| Retail trade, department stores | 0.16 |
| Electronics and semiconductors | 0.12 |
| Other | 0.32 |
|  | 89.09 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 39,414,413.06 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,483.83 |
| Net interest on bonds | Note 2 | 36,085,121.89 |
| Bank interest on cash account |  | 79,322.01 |
| Other financial income |  | 1,018,634.74 |
| Interest on swaps |  | 2,113,601.29 |
| Securities lending income | Note 2, 7 | 116,249.30 |
| Expenses |  | 25,566,044.91 |
| Management fees | Note 3 | 14,475,474.26 |
| Custodian & sub-custodian fees | Note 4 | 220,632.00 |
| Taxe d'abonnement | Note 5 | 1,516,410.00 |
| Bank interest on overdrafts |  | 1,436,009.64 |
| Transaction fees | Note 6 | 280,788.75 |
| Interest on swaps |  | 6,512,168.87 |
| Operating and establishment fees | Note 4 | 1,124,561.39 |
| Net income from investments |  | 13,848,368.15 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 17,719,727.86 |
| - options |  | 1,029,172.01 |
| - forward foreign exchange contracts |  | (4,588,460.09) |
| - financial futures |  | (672,594.01) |
| - swaps |  | 25,543,302.58 |
| - foreign exchange |  | (5,057,753.66) |
| Net realised profit |  | 47,821,762.84 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (37,656,578.23) |
| - options |  | 214,269.17 |
| - forward foreign exchange contracts |  | (1,103,257.87) |
| - financial futures |  | 7,862,508.55 |
| - swaps |  | (6,668,028.68) |
| Increase in net assets as a result of operations |  | 10,470,675.78 |
| Dividends paid | Note 10 | (525,578.14) |
| Subscription capitalisation shares |  | 2,260,064,198.29 |
| Subscription distribution shares |  | 40,186,720.86 |
| Redemption capitalisation shares |  | (897,076,828.82) |
| Redemption distribution shares |  | (19,154,001.09) |
| Increase in net assets |  | 1,393,965,186.88 |
| Net assets at the beginning of the year |  | 2,238,073,193.21 |
| Net assets at the end of the year |  | 3,632,038,380.09 |

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 |