# CARMIGNAC PORTFOLIO
## Flexible Bond (formerly Unconstrained Euro Fixed
Income)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 1,758,386,660.06 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,603,297,430.01 |
| Cost price |  | 1,586,801,355.25 |
| Unrealised profit on the securities portfolio |  | 16,496,074.76 |
| Options purchased at market value | Note 2 | 648,973.88 |
| Options purchased at cost |  | 1,185,492.23 |
| Cash at banks and liquidities |  | 119,992,127.98 |
| Interest receivable on bonds |  | 17,920,713.33 |
| Subscriptions receivable |  | 6,898,212.09 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 3,936,243.74 |
| Unrealised net appreciation on financial futures | Note 2 | 4,896,907.60 |
| Interest receivable on swaps |  | 770,506.59 |
| Other assets | Note 12 | 25,544.84 |
| Liabilities |  | 29,360,785.20 |
| Options sold at market value | Note 2 | 3,493,665.15 |
| Options sold at cost |  | 4,522,010.50 |
| Bank overdrafts |  | 10,053,497.37 |
| Redemptions payable |  | 5,903,137.60 |
| Unrealised net depreciation on swaps | Note 2 | 3,119,233.56 |
| Interest payable on swaps |  | 551,207.10 |
| Other liabilities | Note 13 | 6,240,044.42 |
| Net asset value |  | 1,729,025,874.86 |

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 | 1,729,025,874.86 | 1,155,636,648.16 | 883,252,316.57 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 549,789 | 419,270 | 338,610 |
| Net asset value per share | EUR | 1,302.43 | 1,302.30 | 1,192.12 |
| Class Income A EUR - Distribution (monthly) |
| Number of shares |  | 3,496 | 622 | 325 |
| Net asset value per share | EUR | 1,023.97 | 1,039.97 | 965.10 |
| Class A EUR - Distribution (annual) Number of shares |  | 16,290 | 10,746 | 10,310 |
| Net asset value per share | EUR | 1,107.60 | 1,117.68 | 1,023.61 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 6,693 | 7,152 | 7,135 |
| Net asset value per share | CHF | 1,159.05 | 1,160.82 | 1,066.72 |
| Class A USD Hedged - Capitalisation Number of shares |  | 14,138 | 13,596 | 14,831 |
| Net asset value per share | USD | 1,331.51 | 1,324.84 | 1,197.73 |
| Class F EUR - Capitalisation Number of shares |  | 812,291 | 476,254 | 404,563 |
| Net asset value per share | EUR | 1,180.53 | 1,178.80 | 1,074.78 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 1,729,025,874.86 | 1,155,636,648.16 | 883,252,316.57 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 7,610 | 11,974 | 10,746 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 1,138.95 | 1,138.81 | 1,042.32 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 370 | 539 |
| Net asset value per share | GBP | 0.00 | 1,337.03 | 1,214.39 |

| 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	 1,399,821,171.33 | 80.96 |
| Bonds	 1,066,583,142.21 | 61.68 |
| Angola	 2,533,973.79 | 0.15 |

| 3,000,000 ANGOLA 9.125 19-49 26/11S | USD | 2,533,973.79 | 0.15 |
| --- | --- | --- | --- |
| Benin |  | 14,921,539.92 | 0.86 |
| 12,147,000 BENIN 4.875 21-32 19/01A | EUR | 11,920,579.92 | 0.69 |
| 3,000,000 BENIN 6.875 21-52 19/01A | EUR | 3,000,960.00 | 0.17 |
| Bermuda |  | 12,545,738.05 | 0.73 |
| 6,608,000 GEOPARK LTD	5.5000 20-27 17/01S | USD | 5,622,000.63 | 0.33 |
| 9,619,583 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 6,923,737.42 | 0.40 |
| Brazil	 23,074,587.59 | 1.33 |
| 20,000,000 BRAZIL 4.75 19-50 14/01S | USD | 15,670,330.64 | 0.90 |
| 8,700,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 7,404,256.95 | 0.43 |
| Canada |  | 1,154,452.37 | 0.07 |
| 4,295,078 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,154,452.37 | 0.07 |
| Cayman Islands |  | 31,251,648.03 | 1.81 |
| 3,150,000 GEMS MENASA 7.125	19-26 31/07S | USD | 2,860,871.44 | 0.17 |
| 9,450,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 7,929,678.48 | 0.45 |
| 8,085,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 7,160,187.48 | 0.41 |
| 8,500,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 5,455,860.89 | 0.32 |
| 5,834,000 SHELF DRILL HOLD LTD 8.875 21-24 15/11S | USD | 5,281,542.88 | 0.31 |
| 3,300,000 STONECO LTD 3.95 21-28 16/06S | USD | 2,563,506.86 | 0.15 |
| Colombia	 11,475,202.25 | 0.66 |
| 16,000,000 COLOMBIA 4.125 20-51 15/05S | USD | 11,475,202.25 | 0.66 |
| Czech Republic |  | 5,997,510.00 | 0.35 |
| 6,000,000 SAZKA GROUP A.S 3.875 20-27 05/02S | EUR | 5,997,510.00 | 0.35 |
| Dominican Republic |  | 18,541,096.86 | 1.07 |
| 13,113,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 11,753,442.97 | 0.68 |
| 8,000,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 6,787,653.89 | 0.39 |
| Egypt |  | 7,028,156.49 | 0.41 |
| 3,077,000 EGYPT 5.875 21-31 16/02S | USD | 2,405,306.49 | 0.14 |
| 5,000,000 EGYPT 6.375 19-31 11/04A | EUR | 4,622,850.00 | 0.27 |
| El Salvador |  | 874,809.19 | 0.05 |
| 1,800,000 EL SALVADOR 7.1246 19-50 05/50S | USD | 874,809.19 | 0.05 |
| France	 65,878,299.91 | 3.81 |
| 4,200,000 ACCOR SA 2.375 21-28 29/11A | EUR | 4,216,254.00 | 0.24 |
| 15,000,000 BNP PARIBAS SA  1.125  18-26 11/06A | EUR | 15,549,675.00 | 0.91 |
| 3,500,000 CGG 7.75 21-27 01/04S | EUR | 3,482,955.00 | 0.20 |
| 5,271,000 GETLINK SE 3.5 20-25 30/10S | EUR | 5,440,937.04 | 0.31 |
| 2,200,000 IPSEN	1.875 16-23 16/06A | EUR | 2,246,926.00 | 0.13 |
| 4,000,000 LA POSTE 5.3 16-43 01/12S | USD | 3,734,417.87 | 0.22 |
| 8,000,000 ORPEA SA 2.00 21-28 01/04A | EUR | 8,038,080.00 | 0.46 |
| 6,700,000 PEUGEOT INVEST SA  1.8750 19-26 30/10A | EUR | 6,912,055.00 | 0.40 |
| 4,000,000 RCI BANQUE SA 0.50 16-23 15/09A | EUR | 4,031,100.00 | 0.23 |
| 12,000,000 SOCIETE GENERALE 0.8750 19-26 01/07A | EUR | 12,225,900.00 | 0.71 |
| Germany	 32,439,117.31 | 1.88 |
| 1,000,000 GERMANY 0.50 14-30 15/04A | EUR | 1,361,292.31 | 0.08 |
| 25,000,000 GERMANY 1.00 14-24 15/08A | EUR | 26,092,125.00 | 1.51 |
| 5,000,000 TUI CRUISES GMBH 6.5 21-26 14/05S | EUR | 4,985,700.00 | 0.29 |
| Ghana |  | 5,597,221.24 | 0.32 |
| 8,000,000 GHANA 8.75 20-61 11/03S | USD | 5,597,221.24 | 0.32 |
| Greece |  | 45,807,188.35 | 2.65 |
| 16,934,000 GREECE 0.00 21-26 12/02A | EUR | 16,552,392.31 | 0.96 |
| 10,000,000 GREECE 0.750 21-31 18/06A | EUR | 9,501,000.00 | 0.55 |
| 9,614,000 PUBLIC POWER CORP GR 3.875 21-26 30/03S | EUR | 9,917,898.54 | 0.57 |
| 9,750,000 PUBLIC POWER CORPORAT 3.375 21-28 31/07S | EUR | 9,835,897.50 | 0.57 |
| Indonesia |  | 7,265,091.46 | 0.42 |
| 8,400,000 PT TOWER BERSAMA INFRAS 2.8 21-27 02/05S | USD | 7,265,091.46 | 0.42 |
| Ireland |  | 43,031,006.99 | 2.49 |
| 8,523,000 DME AIRPORT	5.35 21-28 08/02S | USD | 7,650,651.61 | 0.44 |
| 10,001,000 LUKOIL CAPITAL DAC  3.6 21-31 26/10S | USD | 8,614,649.63 | 0.50 |
| 7,500,000 METALLOINVEST FINANCE 3.375 21-28 22/10S | USD | 6,543,473.00 | 0.38 |
| 10,000,000 MMC NORILSK (MM	2.8000 21-26 27/10S | USD | 8,713,594.79 | 0.51 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 5,718,000 PHOSAGRO(PHOS B	2.6000 21-28 16/09S | USD | 4,897,709.35 | 0.28 |
| --- | --- | --- | --- |
| 4,697,000 RYANAIR DAC 2.875 20-25 15/09A | EUR | 5,067,405.42 | 0.29 |
| 1,731,000 SCF CAPITAL LTD	3.85 21-28 26/04S | USD | 1,543,523.19 | 0.09 |
| Italy |  | 85,725,392.42 | 4.95 |
| 24,000,000 ITALY	1.25 20-30 25/11A | USD | 20,582,237.07 | 1.19 |
| 40,000,000 ITALY	1.60 16-26 01/06S | EUR | 42,208,600.00 | 2.44 |
| 20,000,000 ITALY	2.375 19-24 17/10S | USD | 18,039,746.75 | 1.04 |
| 5,080,000 POSTE ITALIANE	21-XX 24/06A | EUR | 4,894,808.60 | 0.28 |
| Ivory Coast |  | 12,003,732.42 | 0.69 |
| 1,577,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 1,520,582.82 | 0.09 |
| 4,000,000 IVORY COAST 5.8750 19-31 17/10A | EUR | 4,119,700.00 | 0.24 |
| 6,080,000 IVORY COAST 6.8750 19-40 17/10A | EUR | 6,363,449.60 | 0.36 |
| Kazakhstan |  | 4,030,145.28 | 0.23 |
| 4,032,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 4,030,145.28 | 0.23 |
| Luxembourg |  | 34,483,347.22 | 1.99 |
| 10,300,000 ANDORRA 1.25 21-31 06/05A | EUR | 10,388,477.00 | 0.60 |
| 1,400,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 1,112,010.20 | 0.06 |
| 3,770,000 JSM GLOBAL S.A R.L. 4.75 20-30 06/10S | USD | 3,064,931.77 | 0.18 |
| 1,078,000 MILLICOM INTL CELL 4.50 20-31 27/04S | USD | 959,469.29 | 0.06 |
| 1,333,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,279,286.76 | 0.07 |
| 1,740,000 MOTION FINCO S.A R.L 7 20-25 29/04S | EUR | 1,825,068.60 | 0.11 |
| 9,145,000 MOVIDA EUROPE S.A. 5.25 21-31 08/02S | USD | 7,471,526.11 | 0.43 |
| 1,470,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 1,261,547.49 | 0.07 |
| 7,000,000 SANI/IKOS FINAN	5.6250 21-26 15/12S | EUR | 7,121,030.00 | 0.41 |
| Mauritius |  | 752,483.50 | 0.04 |
| 833,000 CLEAN RENEWABLE POWE 4.25 21-27 25/03S | USD | 752,483.50 | 0.04 |
| Mexico |  | 55,867,875.76 | 3.23 |
| 10,900,000 CIBANCO SA INSTITUT 4.375 21-31 22/07S | USD | 9,194,454.81 | 0.53 |
| 12,000,000 PEMEX	6.95 20-60 28/01S | USD | 9,385,051.00 | 0.54 |
| 5,500,000 PEMEX	7.69 20-50 23/01S | USD | 4,656,524.80 | 0.27 |
| 11,500,000 PEMEX	4.75 18-29 24/05A | EUR | 11,355,042.50 | 0.67 |
| 5,000,000 PEMEX 6.625 05-35 15/06S | USD | 4,223,157.75 | 0.24 |
| 10,000,000 PEMEX 6.75 16-47 21/09S | USD | 7,805,267.32 | 0.45 |
| 1,854,000 PETROLEOS MEXICANOS 6.7 21-32 16/02S | USD | 1,641,618.20 | 0.09 |
| 8,591,000 PETROLEOS MEXICANOS 6.70 21-32 16/02S | USD | 7,606,759.38 | 0.44 |
| Montenegro |  | 20,034,128.04 | 1.16 |
| 3,505,000 MONTENEGRO	2.55 19-29 03/10A | EUR | 3,108,952.52 | 0.18 |
| 18,224,000 MONTENEGRO	2.875 20-27 16/12A | EUR | 16,925,175.52 | 0.98 |
| Mozambique |  | 3,730,038.69 | 0.22 |
| 5,000,000 MOZAMBIQUE	5.0 19-31 15/09S | USD | 3,730,038.69 | 0.22 |
| Norway |  | 4,105,160.25 | 0.24 |
| 4,350,000 EXPLORER II AS	3.375 20-25 24/02S | EUR | 4,105,160.25 | 0.24 |
| Panama |  | 8,422,164.28 | 0.49 |
| 3,000,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 3,161,955.00 | 0.18 |
| 6,000,000 CARNIVAL CORPORATION 4 21-28 01/08S | USD | 5,260,209.28 | 0.31 |
| Peru |  | 7,019,002.61 | 0.41 |
| 2,133,000 AUNA SA	6.50 20-25 20/11S | USD | 1,931,338.47 | 0.11 |
| 5,810,000 INRETAIL CONSUMER 3.25 21-28 22/03S | USD | 5,087,664.14 | 0.30 |
| Portugal |  | 25,584,525.00 | 1.48 |
| 15,000,000 GOVERNO REGIONAL MAD 1.141 20-34 04/12A | EUR | 14,414,475.00 | 0.83 |
| 11,300,000 NOVO BANCO	3.5 21-24 23/07A | EUR | 11,170,050.00 | 0.65 |
| Romania |  | 34,086,559.47 | 1.97 |
| 9,300,000 ROMANIA	4.625 19-49 03/04A | EUR | 10,526,995.50 | 0.61 |
| 3,170,000 ROMANIA 2.6250 20-40 02/12A | EUR | 2,831,998.75 | 0.16 |
| 3,719,000 ROMANIA 2.75 21-41 14/04A | EUR | 3,335,626.88 | 0.19 |
| 3,579,000 ROMANIA 2.875 21-42 13/04A | EUR | 3,215,588.34 | 0.19 |
| 15,000,000 ROMANIA 3.3750 20-50 28/01A | EUR | 14,176,350.00 | 0.82 |
| Russia |  | 16,509,289.88 | 0.95 |
| 13,462,000 GAZPROM PJSC	3.5 21-31 14/07S | USD | 11,459,864.88 | 0.66 |
| 5,000,000 RUSSIA 2.65 21-36 27/05A | EUR | 5,049,425.00 | 0.29 |
| San Marino |  | 6,809,055.00 | 0.39 |
| 6,600,000 SAN MARINO	3.25 21-24 24/02A | EUR | 6,809,055.00 | 0.39 |
| Singapore |  | 2,863,719.70 | 0.17 |
| 3,192,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 2,863,719.70 | 0.17 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Spain |  |  | 5,392,352.00 | 0.31 |
| --- | --- | --- | --- | --- |
| 5,600,000 CELLNEX FINANCE | 2.0000 21-32 15/09A | EUR | 5,392,352.00 | 0.31 |
| Sweden |  |  | 18,960,328.75 | 1.10 |
| 11,250,000 SAMHALLSBYGGNAD 2.8750 21-49 31/12A | EUR | 10,940,568.75 | 0.64 |
| 8,000,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 8,019,760.00 | 0.46 |
| The Netherlands |  | 50,310,907.96 | 2.91 |
| 8,000,000 ABN AMRO BANK NV 1.25 20-25 28/05A | EUR | 8,293,200.00 | 0.48 |
| 24,000,000 ALLIANZ FINANCE	0.0000 21-26 22/11A | EUR | 23,910,480.00 | 1.38 |
| 2,500,000 PROSUS NV	3.8320 20-51 08/02S | USD | 2,055,783.94 | 0.12 |
| 5,700,000 PROSUS NV 3.8320 20-51 08/02S | USD | 4,686,936.77 | 0.27 |
| 1,000,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 875,470.00 | 0.05 |
| 4,175,000 THERMO FISHER SCIENT 0.00 21-25 18/11A | EUR | 4,161,514.75 | 0.24 |
| 6,500,000 UNITED GROUP B.V. 3.625 20-28 06/02S | EUR | 6,327,522.50 | 0.37 |
| Togo |  | 6,322,416.93 | 0.37 |
| 5,995,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A | EUR | 6,322,416.93 | 0.37 |
| Tunesia |  | 1,528,180.00 | 0.09 |
| 2,000,000 CENTRAL BK TUNISIA 6.375 19-26 15/07A | EUR | 1,528,180.00 | 0.09 |
| Turkey |  | 34,507,767.63 | 2.00 |
| 7,351,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 6,296,927.88 | 0.36 |
| 3,450,000 ARCELIK AS 3 21-26 27/05A | EUR | 3,370,839.75 | 0.19 |
| 25,000,000 TURKEY 5.20 18-26 16/02A | EUR | 24,840,000.00 | 1.45 |
| Ukraine |  | 26,443,907.83 | 1.53 |
| 23,000,000 UKRAINE 4.375 20-30 27/01A | EUR | 18,567,325.00 | 1.07 |
| 10,000,000 UKRAINE 7.375 17-32 25/09S | USD | 7,876,582.83 | 0.46 |
| United Kingdom |  | 36,562,768.97 | 2.11 |
| 1,136,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 858,446.80 | 0.05 |
| 4,688,000 EC FINANCE PLC	3.0000 21-26 15/10S | EUR | 4,811,458.48 | 0.28 |
| 4,000,000 GATWICK AIRPORT FINA 4.375 21-26 07/04S | GBP | 4,688,518.35 | 0.27 |
| 5,000,000 INFORMA PLC 2.125 20-25 06/10A | EUR | 5,241,950.00 | 0.30 |
| 6,500,000 KCA DEUTAG UK FINANCE 9.875 20-25 01/12S | USD | 6,178,286.58 | 0.36 |
| 1,428,000 LLOYDS BANKING GROUP 2.707 20-35 12/03 | GBP | 1,703,395.14 | 0.10 |
| 2,796,000 MCLAREN FINANCE PLC  7.5 21-26 01/08S | USD | 2,493,571.24 | 0.14 |
| 5,040,000 POLYUS FINANCE PLC  3.25 21-28 14/10S | USD | 4,322,003.87 | 0.25 |
| 6,656,000 TECHNIPFMC PLC 6.5 21-26 29/01S | USD | 6,265,138.51 | 0.36 |
| United States of America |  | 235,111,252.82 | 13.59 |
| 15,000,000 BECTON DICKINSON 1.90 16-26 15/12A | EUR | 16,060,575.00 | 0.93 |
| 10,000,000 BOOKING HOLDINGS INC 0.1 21-25 08/03A | EUR | 10,010,196.70 | 0.58 |
| 7,000,000 BRISTOW GROUP I	6.8750 21-28 01/03S | USD | 6,414,678.99 | 0.37 |
| 10,000,000 CITADEL FINANCE LLC 3.375 21-26 09/03S | USD | 8,794,143.51 | 0.51 |
| 12,000,000 COMCAST CORP	0.00  21-26 14/09A | EUR | 11,848,500.00 | 0.69 |
| 7,500,000 COMPASS GROUP D	5.2500 21-29 15/04S | USD | 6,952,064.12 | 0.40 |
| 15,000,000 FIDELITY NATIONAL INF 0.625 19-25 03/12A | EUR | 15,191,100.00 | 0.88 |
| 10,000,000 GOLDMAN SACHS GROUP 3.375 20-25 27/03U | EUR | 11,023,650.00 | 0.64 |
| 6,500,000 KOSMOS ENERGY PLC	7.5 21-28 01/03S | USD | 5,399,938.45 | 0.31 |
| 1,450,000 KOSMOS ENERGY PLC	7.75 21-27 01/05S | USD | 1,229,752.24 | 0.07 |
| 830,000 MERCADOLIBRE INC 3.125 21-31 14/01S | USD | 691,942.80 | 0.04 |
| 7,090,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 6,430,471.64 | 0.37 |
| 7,500,000 MURPHY OIL CORP	6.125 12-42 01/12S | USD | 6,605,425.10 | 0.38 |
| 4,000,000 MURPHY OIL CORP	6.375 21-28 15/07S | USD | 3,755,504.75 | 0.22 |
| 15,000,000 PERSHING SQUARE HOLD 3.25 21-31 01/10S | USD | 13,203,943.90 | 0.76 |
| 9,500,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 7,900,696.89 | 0.46 |
| 10,000,000 STRYKER CORP	0.25 19-24 03/12A | EUR | 10,052,850.00 | 0.58 |
| 6,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 5,404,396.11 | 0.31 |
| 80,000,000 US TREASURY N/B	2.8750 18-28 15/08S | USD | 76,871,922.62 | 4.44 |
| 10,000,000 VERIZON COMM 3.25 14-26 17/02A | EUR | 11,269,500.00 | 0.65 |
| Convertible bonds |  | 7,098,455.98 | 0.41 |
| Sweden |  | 3,756,366.51 | 0.22 |
| 4,000,000 SWEDBANK AB CV FL.R 19-XX 17/03S | USD | 3,756,366.51 | 0.22 |
| United Kingdom |  | 3,342,089.47 | 0.19 |
| 2,666,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 3,342,089.47 | 0.19 |
| Floating rate bonds |  | 251,349,035.78 | 14.54 |
| Cayman Islands |  | 7,828,446.03 | 0.45 |
| 7,732,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 7,828,446.03 | 0.45 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
France	
35,710,421.67	2.07
5,600,000 BNP PARIBAS SA	FL.R 16-XX 14/03S
USD
4,977,706.65	0.29
| 7,600,000 BPCE FL.R 21-46 13/10A | EUR | 7,405,934.00 | 0.43 |
| --- | --- | --- | --- |
| 5,000,000 CREDIT AGRICOLE FL.R 14-XX 14/10A | EUR | 5,637,100.00 | 0.33 |
| 2,300,000 CREDIT AGRICOLE FL.R 20-49 31/12Q | EUR | 2,498,858.00 | 0.14 |
| 11,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 11,990,862.00 | 0.70 |
| 1,500,000 ORANGE SA FL.R	19-XX 15/04A | EUR | 1,565,475.00 | 0.09 |
| 1,700,000 SOCIETE GENERAL SA  FL.R 13-XX 18/12S | USD | 1,634,486.02 | 0.09 |
| Greece | 11,460,814.36 | 0.66 |
| 5,150,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 5,000,444.00 | 0.28 |
| 4,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 3,893,180.00 | 0.23 |
| 2,572,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 2,567,190.36 | 0.15 |
| Ireland |  | 1,664,625.00 | 0.10 |
| 1,500,000 AIB GROUP PLC FL.R 20-49 31/12S | EUR | 1,664,625.00 | 0.10 |
| Israel |  | 7,581,359.39 | 0.44 |
| 4,857,000 BANK HAPOALIM	FL.R 21-32 21/01S | USD | 4,248,828.60 | 0.25 |
| 3,804,000 MIZRAHI TEFAHOT BANK FL.R 21-31 07/04S	USD | 3,332,530.79 | 0.19 |
| Italy | 76,708,832.15 | 4.43 |
| 13,900,000 CASSA DEPOSITI	FL.R 19-26 28/06Q	EUR | 14,680,485.00 | 0.85 |
| 4,000,000 ENEL SPA	FL.R 13-73 24/09S	USD | 3,929,475.91 | 0.23 |
| 3,521,000 ENI SPA FL.R 20-XX 13/10A | EUR | 3,700,905.49 | 0.21 |
| 5,416,000 ENI SPA FL.R 21-XX 11/06A | EUR | 5,420,441.12 | 0.31 |
| 5,300,000 FINECO BANK SPA	FL.R 21-27 21/10A | EUR | 5,175,927.00 | 0.30 |
| 5,000,000 INTESA SANPAOLO	FL.R 17-XX 16/05S	EUR | 5,451,675.00 | 0.32 |
| 3,111,000 INTESA SANPAOLO FL.R 20-XX 01/03S | EUR | 3,560,010.63 | 0.21 |
| 25,000,000 ITALY FL.R 20-23 15/12S | EUR | 25,139,250.00 | 1.44 |
| 8,200,000 UNICREDIT SPA	FL.R 19-49 19/03S | EUR | 9,650,662.00 | 0.56 |
| Luxembourg | 3,668,919.59 | 0.21 |
| 2,174,000 CPI PROPERTY GROUP  FLR 19-XX 31/12A | EUR | 2,248,535.59 | 0.13 |
| 1,400,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 1,420,384.00 | 0.08 |
| Mexico | 7,752,914.40 | 0.45 |
| 6,251,000 BANCO MERCANTILE DEL N FL.R 21-99 31/12S | USD | 5,470,531.98 | 0.32 |
| 2,501,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 2,282,382.42 | 0.13 |
| Norway |  | 3,819,582.00 | 0.22 |
| 3,900,000 AXACTOR SE	FL.R 21-26 15/09Q | EUR | 3,819,582.00 | 0.22 |
| Spain |  | 10,786,728.00 | 0.62 |
| 2,600,000 BBVA FL.R 18-XX 24/03Q | EUR | 2,766,504.00 | 0.16 |
| 7,200,000 BBVA FL.R 20-XX 15/01Q | EUR | 8,020,224.00 | 0.46 |
| Sweden |  | 7,003,476.00 | 0.41 |
| 7,200,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 7,003,476.00 | 0.41 |
| The Netherlands |  | 16,787,224.73 | 0.97 |
| 2,500,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 2,683,925.00 | 0.16 |
| 3,600,000 COOPERATIEVE RABOBANK FL.R 19-XX 29/06S | EUR | 3,699,126.00 | 0.21 |
| 3,400,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 3,044,154.06 | 0.18 |
| 5,500,000 ING GROEP NV	FL.R 19-XX 16/04S | USD | 5,224,492.17 | 0.30 |
| 700,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A	EUR | 759,003.00 | 0.04 |
| 1,300,000 REPSOL INTL FINANCE FL.R 20-49 31/12A	EUR | 1,376,524.50 | 0.08 |
| United Kingdom | 52,871,647.46 | 3.06 |
| 5,000,000 BARCLAYS PLC | FL.R 19-99 27/03Q | USD | 4,867,547.49 | 0.28 |
| 1,750,000 BARCLAYS PLC | FL.R 19-XX 15/03Q | GBP | 2,262,202.24 | 0.13 |
| 5,000,000 BARCLAYS PLC FL.R 20-XX XX/XXQ	USD | 4,775,061.55 | 0.28 |
| 2,000,000 CHANNEL LINK	FL.R 17-50 30/06S	EUR | 2,050,520.00 | 0.12 |
| 8,537,000 GAZ FINANCE PLC | FL.R 20-99 31/12A | EUR | 8,652,932.46 | 0.50 |
| 5,000,000 LLOYDS BANK GR | FL.R 14-XX 27/06Q | USD | 4,840,419.45 | 0.28 |
| 4,000,000 NATIONWIDE BUILDING FL.R 20-99 31/12S | GBP | 5,158,599.34 | 0.30 |
| 5,200,000 NATWEST GROUP PLC FL.R 17-23 15/05Q | USD | 4,589,050.30 | 0.27 |
| 15,000,000 NATWEST GROUP PLC FL.R 19-29 01/11S | USD | 13,777,919.45 | 0.79 |
| 2,170,000 STANDARD CHARTERED FL.R 21-99 31/12S | USD | 1,897,395.18 | 0.11 |
| United States of America | 7,704,045.00 | 0.45 |
| 3,000,000 ENCORE CAPITAL GROUP FL.R 20-28 21/12Q | EUR | 3,057,795.00 | 0.18 |
| 4,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,646,250.00 | 0.27 |
| Mortgage and asset backed securities |  | 74,790,537.36 | 4.33 |
| Ireland | 66,957,002.40 | 3.88 |
| 2,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q	EUR | 1,989,723.80 | 0.12 |

| Quantity	Deno | mination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 4,000,000 BABSON EURO CLO | FL.R 21-34 15/10Q | EUR | 4,009,908.40 | 0.23 |
| 1,500,000 HARVEST CLO | FL.R 18-30 22/11 | EUR | 1,494,473.70 | 0.09 |
| 300,000 HARVEST CLO | FL.R 18-31 15/01Q | EUR | 292,120.53 | 0.02 |
| 2,600,000 HARVEST CLO | 0.0 18-30 22/05 | EUR | 2,622,010.04 | 0.15 |
| 600,000 HARVT 8X B1RR | FL.R 18-31 15/01Q | EUR | 594,721.62 | 0.03 |
| 3,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 3,015,965.40 | 0.17 |
| 7,887,000 MADISON PARK EURO FUND FL.R 20-32 25/11Q | EUR | 7,962,943.92 | 0.47 |
| 2,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 1,964,060.00 | 0.11 |
| 3,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 2,973,782.40 | 0.17 |
| 3,575,000 OZLME VI DAC	FL.R 21-34 15/10Q | EUR | 3,579,644.28 | 0.21 |
| 4,750,000 PENTA CLO 4 FL.R 18-30 17/12Q | EUR | 4,730,398.18 | 0.27 |
| 4,650,000 PROVIDUS CLO FL.R 18-31 14/05Q | EUR | 4,581,769.15 | 0.26 |
| 1,115,000 PRVD 1X C1	FL.R 18-31 14/05Q | EUR | 1,105,925.35 | 0.06 |
| 5,900,000 SPAUL 3RX B1R	FL.R 18-32 15/01Q | EUR | 5,857,515.28 | 0.35 |
| 1,750,000 SPAUL 3RX CR	FL.R 18-32 15/0 | EUR | 1,743,061.95 | 0.10 |
| 5,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 4,858,883.50 | 0.28 |
| 3,700,000 TCLO 2X DRR	FL.R 21-34 15/07Q | EUR | 3,708,700.92 | 0.21 |
| 9,800,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 9,871,393.98 | 0.58 |
| Luxembourg |  | 4,005,004.80 | 0.23 |
| 4,000,000 SEGOVIA EUROPEAN CLO FL.R 21-35 15/04Q | EUR | 4,005,004.80 | 0.23 |
| The Netherlands |  | 3,828,530.16 | 0.22 |
| 1,750,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 1,727,059.95 | 0.10 |
| 2,100,000 JUBILEE CDO BV	FL.R 18-29 15/12Q | EUR | 2,101,470.21 | 0.12 |
| Other transferable securities | 4,158,463.23 | 0.24 |
| Bonds | 4,158,463.23 | 0.24 |
|  | Mexico	 4,158,463.23 | 0.24 |
| 4,705,477 SEAMEX LTD	12.00 21-24 31/08Q	USD	4,158,463.23	0.24 |
| Shares/Units of UCITS/UCIS | 99,094,295.45 | 5.73 |
| Shares/Units in investment funds | 99,094,295.45 | 5.73 |
| France | 99,094,295.45 | 5.73 |
| 26,959 CARMIGNAC COURT TERME A EUR ACC | EUR | 99,094,295.45 | 5.73 |
| Money market instruments |  | 100,223,500.00 | 5.80 |
| Bonds |  | 100,223,500.00 | 5.80 |
| Greece |  | 100,223,500.00 | 5.80 |
| 100,000,000 HELLENIC T-BILL ZCP 090922 | EUR | 100,223,500.00 | 5.80 |

Total securities portfolio	
1,603,297,430.01	92.73
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 14.04 |
| France |  | 11.61 |
| Italy |  | 9.38 |
| Greece |  | 9.11 |
| Ireland |  | 6.47 |
| United Kingdom |  | 5.36 |
| The Netherlands |  | 4.10 |
| Mexico |  | 3.92 |
| Luxembourg |  | 2.43 |
| Cayman Islands |  | 2.26 |
| Turkey |  | 2.00 |
| Romania |  | 1.97 |
| Germany |  | 1.88 |
| Sweden |  | 1.73 |
| Ukraine |  | 1.53 |
| Portugal |  | 1.48 |
| Brazil |  | 1.33 |
| Montenegro |  | 1.16 |
| Dominican Republic |  | 1.07 |
| Russia |  | 0.95 |
| Spain |  | 0.93 |
| Benin |  | 0.86 |
| Bermuda |  | 0.73 |
| Ivory Coast |  | 0.69 |
| Colombia |  | 0.66 |
| Panama |  | 0.49 |
| Norway |  | 0.46 |
| Israel |  | 0.44 |
| Indonesia |  | 0.42 |
| Other |  | 3.27 |
|  |  | 92.73 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 31.57 |
| Holding and finance companies | 14.19 |
| Banks and credit institutions | 13.42 |
| Petroleum | 7.56 |
| Unit trusts | 6.14 |
| Insurance | 2.26 |
| Internet and internet services | 1.89 |
| Pharmaceuticals and cosmetics | 1.72 |
| Transportation | 1.62 |
| Miscellaneous services | 1.59 |
| Utilities | 1.54 |
| Real estate companies | 1.48 |
| Communications | 1.22 |
| Healthcare and social services | 1.08 |
| Graphic art and publishing | 0.99 |
| Cantons, Federal States, Provinces | 0.83 |
| Hotels and restaurants | 0.78 |
| Miscellaneous sectors | 0.65 |
| Supranational | 0.60 |
| Road vehicles | 0.46 |
| Tobacco and alcoholic drinks | 0.36 |
| Electrical engineering and electronics | 0.31 |
| Miscellaneous consumer goods | 0.19 |
| Office supplies and computing | 0.15 |
| Building materials and trade | 0.13 |
|  | 92.73 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 45,685,260.27 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 42,295,817.36 |
| Bank interest on cash account |  | 79,744.33 |
| Other financial income |  | 1,269.74 |
| Interest on swaps |  | 3,278,265.91 |
| Securities lending income | Note 2, 7 | 30,162.93 |
| Expenses |  | 29,074,611.65 |
| Management fees | Note 3 | 11,202,721.66 |
| Custodian & sub-custodian fees | Note 4 | 126,179.00 |
| Taxe d'abonnement | Note 5 | 770,885.00 |
| Performance fees | Note 3 | 4,611,655.67 |
| Bank interest on overdrafts |  | 808,247.07 |
| Transaction fees | Note 6 | 709,528.79 |
| Interest on swaps |  | 8,748,216.89 |
| Operating and establishment fees | Note 4 | 2,097,177.57 |
| Net income from investments |  | 16,610,648.62 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 22,990,970.25 |
| - options |  | 7,793,012.77 |
| - forward foreign exchange contracts |  | (35,281,306.59) |
| - financial futures |  | (27,172,266.68) |
| - swaps |  | 12,763,975.68 |
| - foreign exchange |  | (2,644,562.63) |
| Net realised loss |  | (4,939,528.58) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (7,932,998.14) |
| - options |  | 4,107,333.75 |
| - forward foreign exchange contracts |  | 4,236,503.05 |
| - financial futures |  | 6,219,305.87 |
| - swaps |  | (1,988,344.72) |
| Decrease in net assets as a result of operations |  | (297,728.77) |
| Dividends paid | Note 10 | (153,543.80) |
| Subscription capitalisation shares |  | 1,132,577,470.71 |
| Subscription distribution shares |  | 13,301,790.83 |
| Redemption capitalisation shares |  | (567,883,645.68) |
| Redemption distribution shares |  | (4,155,116.59) |
| Increase in net assets |  | 573,389,226.70 |
| Net assets at the beginning of the year |  | 1,155,636,648.16 |
| Net assets at the end of the year |  | 1,729,025,874.86 |

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 |