# CARMIGNAC PORTFOLIO
## Grande Europe

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 689,429,796.54 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 664,970,725.60 |
| Cost price |  | 558,052,944.34 |
| Unrealised profit on the securities portfolio |  | 106,917,781.26 |
| Cash at banks and liquidities |  | 23,111,354.50 |
| Subscriptions receivable |  | 1,347,716.44 |
| Liabilities |  | 9,868,902.57 |
| Bank overdrafts |  | 100.64 |
| Redemptions payable |  | 144,182.26 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 441,832.25 |
| Other liabilities | Note 13 | 9,282,787.42 |
| Net asset value |  | 679,560,893.97 |

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 | 679,560,893.97 | 408,200,629.40 | 155,494,506.34 |
| Class A EUR - Capitalisation Number of shares |  | 559,627 | 569,663 | 585,778 |
| Net asset value per share | EUR | 276.68 | 241.73 | 179.34 |
| Class A EUR Y - Distribution Number of shares |  | 18,029 | 19,037 | 2,047 |
| Net asset value per share | EUR | 191.94 | 168.75 | 125.90 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 4,613 | 2,460 | 2,338 |
| Net asset value per share | CHF | 193.51 | 169.79 | 126.41 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 594 |
| Net asset value per share | USD | 0.00 | 0.00 | 85.49 |
| Class A USD Hedged - Capitalisation Number of shares |  | 6,588 | 5,103 | 11,900 |
| Net asset value per share | USD | 213.04 | 183.59 | 133.36 |
| Class E EUR - Capitalisation Number of shares |  | 74,335 | 33,539 | 47,623 |
| Net asset value per share | EUR | 150.65 | 132.87 | 99.17 |
| Class E USD Hedged - Capitalisation Number of shares |  | 944 | 1 | 1 |
| Net asset value per share | USD | 179.30 | 156.31 | 114.25 |
| Class F EUR - Capitalisation Number of shares |  | 484,334 | 919,017 | 358,025 |
| Net asset value per share | EUR | 183.24 | 160.13 | 118.19 |
| Class F EUR Y - Distribution Number of shares |  | 35,005 | 0 | 0 |
| Net asset value per share | EUR | 149.17 | 0.00 | 0.00 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 679,560,893.97 | 408,200,629.40 | 155,494,506.34 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 5,388 | 671 | 844 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 181.60 | 158.15 | 117.15 |
| Class F USD Hedged - Capitalisation Number of shares |  | 2,771 | 859 | 477 |
| Net asset value per share | USD | 201.57 | 173.44 | 125.58 |
| Class X EUR - Capitalisation Number of shares |  | 15,102 | 0 | 0 |
| Net asset value per share | EUR | 13,716.87 | 0.00 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 1,304,159 | 897,722 | 10,000 |
| Net asset value per share | EUR | 152.11 | 127.23 | 92.33 |
| Class W GBP - Capitalisation Number of shares |  | 57,430 | 0 | 1,739 |
| Net asset value per share | GBP | 109.74 | 0.00 | 133.10 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 951 |
| Net asset value per share | GBP | 0.00 | 0.00 | 121.24 |
| Class W USD Hedged - Capitalisation Number of shares |  | 500 | 0 | 0 |
| Net asset value per share | USD | 112.64 | 0.00 | 0.00 |

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	 664,970,725.60 | 97.85 |
| --- | --- | --- |
| Shares |  | 664,970,725.60 | 97.85 |
|  | Austria | 15,168,856.70 | 2.23 |
| 847,411 AMS AG | CHF | 15,168,856.70 | 2.23 |
| Denmark |  | 87,454,788.50 | 12.87 |
| 81,313 CHRISTIAN HANSEN | DKK | 6,842,856.90 | 1.01 |
| 528,621 NOVO NORDISK | DKK | 30,299,948.23 | 4.45 |
| 110,286 NOVOZYMES -B- | DKK | 5,178,372.53 | 0.76 |
| 99,948 ORSTED | DKK | 16,697,275.86 | 2.46 |
| 93,372 VESTAS WIND SYSTEMS AS | DKK | 18,057,351.63 | 2.66 |
| 350,206 ZEALAND PHARMA | DKK | 10,378,983.35 | 1.53 |
| France |  | 113,857,218.70 | 16.75 |
| 190,303 ESSILORLUXOTTICA SA | EUR | 24,273,147.65 | 3.56 |
| 60,511 L'OREAL SA | EUR | 18,806,818.80 | 2.77 |
| 43,577 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 22,263,489.30 | 3.28 |
| 102,959 ORPEA SA | EUR | 11,073,240.45 | 1.63 |
| 191,667 SCHNEIDER ELECTRIC SE | EUR | 22,674,206.10 | 3.34 |
| 54,428 TELEPERFORMANCE SE | EUR | 14,766,316.40 | 2.17 |
| Germany |  | 110,735,315.11 | 16.30 |
| 179,470 BEIERSDORF AG | EUR | 16,949,146.80 | 2.49 |
| 158,281 DEUTSCHE BOERSE AG REG SHS | EUR | 22,040,629.25 | 3.25 |
| 131,636 KNORR-BREMSE - BEARER SHS | EUR | 14,701,108.48 | 2.16 |
| 134,746 MORPHOSYS | EUR | 12,641,869.72 | 1.86 |
| 204,007 PUMA AG | EUR | 18,825,765.96 | 2.77 |
| 238,545 SAP AG | EUR | 25,576,794.90 | 3.77 |
| Ireland |  | 19,815,519.20 | 2.92 |
| 59,558 KERRY GROUP -A- | EUR | 7,057,623.00 | 1.04 |
| 222,263 KINGSPAN GROUP | EUR | 12,757,896.20 | 1.88 |
| Jersey Island |  | 18,213,874.84 | 2.68 |
| 587,081 EXPERIAN GROUP | GBP | 18,213,874.84 | 2.68 |
| Luxembourg |  | 7,162,569.91 | 1.05 |
| 385,523 ALLEGRO EU | PLN | 7,162,569.91 | 1.05 |
| Norway |  | 8,279,718.18 | 1.22 |
| 2,995,108 NEL ASA | NOK | 8,279,718.18 | 1.22 |
| Spain |  | 29,686,548.68 | 4.37 |
| 365,144 AMADEUS IT GROUP SA -A- | EUR | 21,747,976.64 | 3.20 |
| 335,811 SOLARIA ENERGIA | EUR | 7,938,572.04 | 1.17 |
| Sweden |  | 46,985,843.56 | 6.91 |
| 920,342 ASSA ABLOY -B- NEW I | SEK | 18,546,972.68 | 2.73 |
| 1,372,643 EPIROC- REGISTERED SHS | SEK | 20,442,456.58 | 3.00 |
| 622,401 NORDNET AB PUBL | SEK | 7,996,414.30 | 1.18 |
| Switzerland |  | 8,647,611.30 | 1.27 |
| 38,680 SIKA - REGISTERED SHS | CHF | 8,647,611.30 | 1.27 |
| The Netherlands |  | 89,812,648.25 | 13.22 |
| 4,837 ADYEN --- PARTS SOCIALES | EUR | 9,214,485.00 | 1.36 |
| 77,676 ARGENX SE | EUR | 18,797,592.00 | 2.77 |
| 53,758 ASML HOLDING NV | EUR | 21,371,492.90 | 3.14 |
| 155,819 IMCD | EUR | 16,244,130.75 | 2.39 |
| 552,420 ROYAL PHILIPS NV | EUR | 24,184,947.60 | 3.56 |
| United Kingdom |  | 109,150,212.67 | 16.06 |
| 458,363 ASHTEAD GROUP | GBP | 17,605,317.77 | 2.59 |
| 686,946 BURBERRY GROUP PLC | GBP | 13,733,547.84 | 2.02 |
| 1,513,446 COMPASS GROUP | GBP | 23,045,770.28 | 3.39 |
| 3,348,533 INFORMA PLC | GBP | 20,537,868.58 | 3.02 |
| 9,386,345 TAYLOR WIMPEY PLC | GBP | 17,386,392.59 | 2.56 |
| 343,230 UNILEVER | GBP | 16,841,315.61 | 2.48 |

Total securities portfolio	
664,970,725.60	97.85
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| France |  | 16.75 |
| Germany |  | 16.30 |
| United Kingdom |  | 16.06 |
| The Netherlands |  | 13.22 |
| Denmark |  | 12.87 |
| Sweden |  | 6.91 |
| Spain |  | 4.37 |
| Ireland |  | 2.92 |
| Jersey Island |  | 2.68 |
| Austria |  | 2.23 |
| Switzerland |  | 1.27 |
| Norway |  | 1.22 |
| Luxembourg |  | 1.05 |
|  |  | 97.85 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Pharmaceuticals and cosmetics | 13.27 |
| Internet and internet services | 10.53 |
| Machine and apparatus construction | 10.48 |
| Biotechnology | 8.34 |
| Textiles and garments | 8.07 |
| Holding and finance companies | 7.15 |
| Electronics and semiconductors | 5.37 |
| Utilities | 5.12 |
| Building materials and trade | 4.44 |
| Foods and non alcoholic drinks | 3.52 |
| Hotels and restaurants | 3.39 |
| Electrical engineering and electronics | 3.34 |
| Graphic art and publishing | 3.02 |
| Banks and credit institutions | 2.54 |
| Miscellaneous trading companies | 2.39 |
| Communications | 2.17 |
| Chemicals | 2.03 |
| Healthcare and social services | 1.63 |
| Retail trade, department stores | 1.05 |
|  | 97.85 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 4,302,182.67 |
| --- | --- | --- |
| Net dividends | Note 2 | 4,301,001.22 |
| Bank interest on cash account |  | 1,133.27 |
| Other financial income |  | 48.18 |
| Expenses |  | 16,426,014.74 |
| Management fees | Note 3 | 4,664,254.93 |
| Custodian & sub-custodian fees | Note 4 | 77,498.69 |
| Taxe d'abonnement | Note 5 | 190,800.10 |
| Performance fees | Note 3 | 8,510,093.73 |
| Bank interest on overdrafts |  | 104,044.24 |
| Transaction fees | Note 6 | 1,770,441.29 |
| Operating and establishment fees | Note 4 | 1,108,881.76 |
| Net loss from investments |  | (12,123,832.07) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 20,006,774.68 |
| - forward foreign exchange contracts |  | (106,401.22) |
| - financial futures |  | 7,458,092.18 |
| - swaps |  | 4,687.28 |
| - foreign exchange |  | (39,225.85) |
| Net realised profit |  | 15,200,095.00 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 65,274,775.65 |
| - forward foreign exchange contracts |  | (421,310.10) |
| Increase in net assets as a result of operations |  | 80,053,560.55 |
| Dividends paid | Note 10 | (747.21) |
| Subscription capitalisation shares |  | 567,006,375.16 |
| Subscription distribution shares |  | 7,855,670.97 |
| Redemption capitalisation shares |  | (380,343,607.55) |
| Redemption distribution shares |  | (3,210,987.35) |
| Increase in net assets |  | 271,360,264.57 |
| Net assets at the beginning of the year |  | 408,200,629.40 |
| Net assets at the end of the year |  | 679,560,893.97 |

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 |