# CARMIGNAC PORTFOLIO
## Green Gold

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 379,958,198.68 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 341,823,271.35 |
| Cost price |  | 294,867,037.41 |
| Unrealised profit on the securities portfolio |  | 46,956,233.94 |
| Cash at banks and liquidities |  | 34,292,868.18 |
| Interest receivable on bonds |  | 14,931.95 |
| Brokers receivable |  | 2,705,631.25 |
| Subscriptions receivable |  | 734,186.88 |
| Dividends receivable |  | 64,750.85 |
| Unrealised net appreciation on financial futures | Note 2 | 225,000.69 |
| Unrealised net appreciation on swaps | Note 2 | 97,557.53 |
| Liabilities |  | 4,385,826.61 |
| Bank overdrafts |  | 2,123,209.05 |
| Brokers payable |  | 843,621.95 |
| Redemptions payable |  | 572,056.09 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 28,112.60 |
| Other liabilities | Note 13 | 818,826.92 |
| Net asset value |  | 375,572,372.07 |

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 | 375,572,372.07 | 355,679,216.77 | 340,207,665.42 |
| Class A EUR - Capitalisation Number of shares |  | 771,808 | 871,620 | 945,686 |
| Net asset value per share | EUR | 336.43 | 304.77 | 291.60 |
| Class A USD - Capitalisation Number of shares |  | 33,967 | 38,438 | 119,064 |
| Net asset value per share | USD | 128.18 | 124.88 | 105.01 |
| Class E EUR - Capitalisation Number of shares |  | 144,129 | 165,643 | 177,631 |
| Net asset value per share | EUR | 96.21 | 87.82 | 84.53 |
| Class F EUR - Capitalisation Number of shares |  | 489,962 | 562,285 | 276,197 |
| Net asset value per share | EUR | 130.43 | 117.42 | 111.71 |
| Class F USD - Capitalisation Number of shares |  | 0 | 804 | 2,523 |
| Net asset value per share | USD | 0.00 | 144.94 | 121.29 |
| Class W EUR - Capitalisation Number of shares |  | 248,406 | 10,863 | 11,081 |
| Net asset value per share | EUR | 127.86 | 115.03 | 105.24 |
| Class W GBP - Capitalisation Number of shares |  | 15,653 | 28,689 | 44,787 |
| Net asset value per share | GBP | 136.73 | 131.14 | 113.58 |

| 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	 332,482,353.06 | 88.53 |
| Shares	 332,482,353.06 | 88.53 |
| Bermuda	 4,089,105.92 | 1.09 |

| 406,125 GEOPARK LTD USD | USD | 4,089,105.92 | 1.09 |
| --- | --- | --- | --- |
| Canada	 12,717,838.17 | 3.39 |
| 80,069 AGNICO EAGLE MINES LTD | USD | 3,741,528.90 | 1.00 |
| 39,883 BARRICK GOLD CORPORATION | USD | 666,353.32 | 0.18 |
| 86,353 ERO COPPER CORP | CAD | 1,160,189.98 | 0.31 |
| 332,403 FIRST QUANTUM MINERALS LTD | CAD | 7,004,412.68 | 1.86 |
| 480,000 VALEURA ENERGY - REGISTERED SHS | CAD | 145,353.29 | 0.04 |
| Cayman Islands	 14,226,767.72 | 3.79 |
| 58,006 BAIDU INC -A- ADR REPR 8 SH -A- | USD | 7,589,441.38 | 2.03 |
| 234,980 CHINDATA GROUP HOLDINGS LTD | USD | 1,361,693.81 | 0.36 |
| 189,350 EHANG HOLDINGS | USD | 2,484,261.34 | 0.66 |
| 274,858 TUYA INC | USD | 1,510,607.19 | 0.40 |
| 161,294 VNET GRP -A- ADR REPR 6SHS | USD | 1,280,764.00 | 0.34 |
| China |  | 5,435,170.51 | 1.45 |
| 180,750 BYD COMPANY LTD -H- | HKD | 5,435,170.51 | 1.45 |
| Denmark |  | 25,829,695.60 | 6.88 |
| 98,470 ORSTED | DKK | 11,057,618.59 | 2.94 |
| 549,344 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 14,772,077.01 | 3.94 |
| France |  | 18,418,926.15 | 4.90 |
| 65,410 CARBIOS | EUR | 2,445,025.80 | 0.65 |
| 51,180 SCHNEIDER ELECTRIC SE | EUR | 8,826,502.80 | 2.35 |
| 19,408 SOITEC SA RGPT | EUR | 4,176,601.60 | 1.11 |
| 66,565 TOTALENERGIES SE | EUR | 2,970,795.95 | 0.79 |
| Germany |  | 16,864,792.16 | 4.49 |
| 240,373 RWE AG | EUR | 8,586,123.56 | 2.29 |
| 58,881 SILTRONIC | EUR | 8,278,668.60 | 2.20 |
| India	 5,852,932.72 | 1.56 |
| 1,293,867 STERLING & WILS --- REGISTERED SHS | INR | 5,852,932.72 | 1.56 |
| Ireland |  | 6,906,375.00 | 1.84 |
| 65,775 KINGSPAN GROUP | EUR | 6,906,375.00 | 1.84 |
| Norway |  | 1,936,314.15 | 0.52 |
| 1,276,637 NEL ASA | NOK | 1,936,314.15 | 0.52 |
| Russia |  | 3,155,991.45 | 0.84 |
| 116,036 MMC NORILSK NICADR REPR SHS | USD | 3,155,991.45 | 0.84 |
| South Korea |  | 32,493,974.56 | 8.65 |
| 21,905 HYUNDAI MOTOR CO LTD PREF NVTG | KRW | 1,596,070.57 | 0.42 |
| 23,567 HYUNDAI MOTOR CO LTD PREF 2 NVTG | KRW | 1,760,752.36 | 0.47 |
| 11,813 LG CHEM | KRW | 5,374,126.97 | 1.43 |
| 20,380 LG CHEMICAL LTD PREF./ISSUE 01 | KRW | 4,326,718.89 | 1.15 |
| 189,267 SAMSUNG ELECTRONICS CO LTD | KRW | 10,962,491.34 | 2.92 |
| 160,889 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,473,814.43 | 2.26 |
| Sweden |  | 5,418,625.78 | 1.44 |
| 407,972 NIBE INDUSTRIER | SEK | 5,418,625.78 | 1.44 |
| Taiwan |  | 13,022,086.95 | 3.47 |
| 123,088 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 13,022,086.95 | 3.47 |
| The Netherlands |  | 9,945,955.36 | 2.65 |
| 229,328 STMICROELECTRONICS NV | EUR | 9,945,955.36 | 2.65 |
| United Kingdom |  | 12,215,197.91 | 3.25 |
| 89,330 ASHTEAD GROUP | GBP | 6,322,044.55 | 1.68 |
| 496,527 CERES POWER HOLDINGS PLC | GBP | 5,893,153.36 | 1.57 |
| United States of America |  | 143,952,602.95 | 38.32 |
| 397,989 AEVA TECHNOLOGIES | USD | 2,645,793.91 | 0.70 |
| 2,391 ALBEMARLE - REGISTERED SHS | USD | 491,509.03 | 0.13 |
| 22,988 ANSYS INC | USD | 8,108,465.14 | 2.16 |
| 33,182 AUTODESK INC | USD | 8,204,754.29 | 2.18 |
| 53,431 DANAHER CORP | USD | 15,458,435.90 | 4.12 |
| 104,908 DARLING INGREDIENT INC | USD | 6,392,081.71 | 1.70 |
| 34,843 ECOLAB INC | USD | 7,187,670.92 | 1.91 |
| 94,770 HEXCEL CORPORATION | USD | 4,316,818.50 | 1.15 |
| 48,695 KINGSOFT CLOUD HOLDINGS LTD | USD | 674,416.33 | 0.18 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 97,721 MASTEC INC | USD | 7,929,734.33 | 2.11 |
| --- | --- | --- | --- |
| 76,923 MICROSOFT CORP | USD | 22,749,510.52 | 6.05 |
| 10,931 NEWMONT CORPORATION | USD | 596,148.98 | 0.16 |
| 25,000 NOV - REGISTERED SHS | USD | 297,880.76 | 0.08 |
| 155,380 ON SEMICONDUCTOR CORP | USD | 9,280,170.24 | 2.47 |
| 96,032 PROTERRA | USD | 745,658.25 | 0.20 |
| 7,133 SOLAREDGE TECHNOLOGIES INC | USD | 1,759,853.86 | 0.47 |
| 311,152 SUNNOVA ENERGY INTERNATIONAL INC | USD | 7,639,257.69 | 2.03 |
| 441,871 SUNRUN INC | USD | 13,327,625.13 | 3.55 |
| 24,505 THERMO FISHER SCIENT SHS | USD | 14,378,048.01 | 3.83 |
| 39,197 TPI COMPOSITES | USD | 515,641.15 | 0.14 |
| 76,675 WASTE MANAGEMENT | USD | 11,253,128.30 | 3.00 |
| Shares/Units of UCITS/UCIS | 9,340,918.29 | 2.49 |
| Shares/Units in investment funds | 9,340,918.29 | 2.49 |
| Ireland | 9,340,918.29 | 2.49 |
| 430,758 KRANESHARES CSI CHINA INTERNET USD | USD | 9,340,918.29 | 2.49 |

Total securities portfolio	
341,823,271.35	91.02
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 38.32 |
| South Korea |  | 8.65 |
| Denmark |  | 6.88 |
| France |  | 4.90 |
| Germany |  | 4.49 |
| Ireland |  | 4.33 |
| Cayman Islands |  | 3.79 |
| Taiwan |  | 3.47 |
| Canada |  | 3.39 |
| United Kingdom |  | 3.25 |
| The Netherlands |  | 2.65 |
| India |  | 1.56 |
| China |  | 1.45 |
| Sweden |  | 1.44 |
| Bermuda |  | 1.09 |
| Russia |  | 0.84 |
| Norway |  | 0.52 |
|  |  | 91.02 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Electronics and semiconductors | 22.36 |
| Utilities | 19.58 |
| Internet and internet services | 13.30 |
| Machine and apparatus construction | 8.53 |
| Electrical engineering and electronics | 4.93 |
| Chemicals | 4.62 |
| Environmental services and recycling | 3.00 |
| Unit trusts | 2.49 |
| Holding and finance companies | 2.19 |
| Coal mining and steel industry | 1.86 |
| Building materials and trade | 1.84 |
| Precious metals and stones | 1.34 |
| Biotechnology | 1.17 |
| Non-ferrous metals | 1.15 |
| Road vehicles | 1.09 |
| Petroleum | 0.91 |
| Aerospace industry | 0.66 |
|  | 91.02 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 2,806,548.32 |
| --- | --- | --- |
| Net dividends | Note 2 | 2,720,688.71 |
| Bank interest on cash account |  | 81,408.31 |
| Securities lending income | Note 2, 7 | 4,451.30 |
| Expenses |  | 8,001,742.04 |
| Management fees | Note 3 | 5,198,359.38 |
| Custodian & sub-custodian fees | Note 4 | 55,467.00 |
| Taxe d'abonnement | Note 5 | 187,470.00 |
| Performance fees | Note 3 | 85,556.53 |
| Bank interest on overdrafts |  | 233,724.76 |
| Transaction fees | Note 6 | 642,909.81 |
| Dividends paid on CFDs |  | 703,417.03 |
| Operating and establishment fees | Note 4 | 894,837.53 |
| Net loss from investments |  | (5,195,193.72) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 54,235,044.00 |
| - forward foreign exchange contracts |  | (806,006.15) |
| - financial futures |  | 4,837,998.42 |
| - swaps |  | (1,186,279.41) |
| - foreign exchange |  | (1,404,931.05) |
| Net realised profit |  | 50,480,632.09 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (17,160,134.88) |
| - forward foreign exchange contracts |  | (73,773.84) |
| - financial futures |  | 377,838.87 |
| - swaps |  | 1,630,713.31 |
| Increase in net assets as a result of operations |  | 35,255,275.55 |
| Subscription capitalisation shares |  | 121,254,175.39 |
| Redemption capitalisation shares |  | (136,616,295.64) |
| Increase in net assets |  | 19,893,155.30 |
| Net assets at the beginning of the year |  | 355,679,216.77 |
| Net assets at the end of the year |  | 375,572,372.07 |

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 |