# CARMIGNAC PORTFOLIO
## Patrimoine Europe

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 786,359,326.58 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 733,595,281.25 |
| Cost price |  | 681,042,921.50 |
| Unrealised profit on the securities portfolio |  | 52,552,359.75 |
| Cash at banks and liquidities |  | 47,089,565.12 |
| Interest receivable on bonds |  | 296,963.53 |
| Subscriptions receivable |  | 2,084,531.38 |
| Unrealised net appreciation on financial futures | Note 2 | 3,292,985.30 |
| Liabilities |  | 25,886,666.93 |
| Bank overdrafts |  | 407,452.17 |
| Brokers payable |  | 24,046,200.00 |
| Redemptions payable |  | 442,202.46 |
| Other liabilities | Note 13 | 990,812.30 |
| Net asset value |  | 760,472,659.65 |

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 | 760,472,659.65 | 323,166,317.92 | 102,174,085.25 |
| Class A EUR - Capitalisation Number of shares |  | 1,395,574 | 183,571 | 94,086 |
| Net asset value per share | EUR | 140.85 | 128.67 | 113.01 |
| Class A EUR - Distribution (annual) Number of shares |  | 262 | 200 | 0 |
| Net asset value per share | EUR | 122.95 | 112.19 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 0 | 10,000 | 10,000 |
| Net asset value per share | USD | 0.00 | 136.69 | 118.37 |
| Class AW EUR - Capitalisation Number of shares |  | 5,865 | 1,975 | 1,000 |
| Net asset value per share | EUR | 149.28 | 136.47 | 118.47 |
| Class F EUR - Capitalisation Number of shares |  | 3,796,482 | 2,279,057 | 791,256 |
| Net asset value per share | EUR | 144.27 | 130.82 | 114.21 |
| Class F EUR - Distribution (annual) Number of shares |  | 150,576 | 0 | 0 |
| Net asset value per share | EUR | 101.53 | 0.00 | 0.00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
419,013,087.34	55.10
| Shares |  | 300,949,099.41 | 39.58 |
| --- | --- | --- | --- |
|  | Belgium | 3,929,449.60 | 0.52 |
| 155,776 AKITA MIDCO 1 NV | EUR | 3,929,449.60 | 0.52 |
| Denmark |  | 37,693,516.15 | 4.96 |
| 114,486 GN GREAT NORDIC | DKK | 6,331,086.88 | 0.83 |
| 159,748 NOVO NORDISK | DKK | 15,786,648.92 | 2.08 |
| 64,922 ORSTED | DKK | 7,290,369.80 | 0.96 |
| 190,264 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 5,116,274.07 | 0.67 |
| 162,445 ZEALAND PHARMA | DKK | 3,169,136.48 | 0.42 |
| France	 55,871,358.73 | 7.36 |
| 55,000 ANTIN INF PARTN --- SHS | EUR | 1,897,500.00 | 0.25 |
| 59,293 ESSILORLUXOTTICA SA | EUR | 11,102,021.32 | 1.47 |
| 14,125 L'OREAL SA | EUR | 5,889,418.75 | 0.77 |
| 11,652 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 8,471,004.00 | 1.11 |
| 711,357 ORANGE | EUR | 6,696,003.44 | 0.88 |
| 88,607 SCHNEIDER ELECTRIC SE | EUR | 15,281,163.22 | 2.02 |
| 16,669 TELEPERFORMANCE SE | EUR | 6,534,248.00 | 0.86 |
| Germany	 29,898,437.00 | 3.93 |
| 59,501 DELIVERY HERO | EUR | 5,831,098.00 | 0.77 |
| 131,067 PUMA AG | EUR | 14,089,702.50 | 1.85 |
| 79,885 SAP AG | EUR | 9,977,636.50 | 1.31 |
| Ireland |  | 8,059,905.00 | 1.06 |
| 76,761 KINGSPAN GROUP | EUR | 8,059,905.00 | 1.06 |
| Italy |  | 5,756,436.95 | 0.76 |
| 372,947 FINECOBANK | EUR | 5,756,436.95 | 0.76 |
| Jersey Island |  | 9,905,851.74 | 1.30 |
| 228,991 EXPERIAN GROUP | GBP | 9,905,851.74 | 1.30 |
| Luxembourg |  | 4,813,628.40 | 0.63 |
| 119,742 SUSE SA | EUR | 4,813,628.40 | 0.63 |
| Spain |  | 16,257,359.28 | 2.14 |
| 223,226 AMADEUS IT GROUP SA -A- | EUR | 13,313,198.64 | 1.75 |
| 171,972 SOLARIA ENERGIA | EUR | 2,944,160.64 | 0.39 |
| Sweden |  | 21,251,394.91 | 2.79 |
| 412,240 ASSA ABLOY -B- NEW I | SEK | 11,058,730.38 | 1.45 |
| 254,943 EPIROC --- REGISTERED SHS -A- | SEK | 5,675,304.55 | 0.75 |
| 267,919 NORDNET AB PUBL | SEK | 4,517,359.98 | 0.59 |
| Switzerland |  | 19,274,326.98 | 2.53 |
| 35,102 CIE FINANCIERE RICHEMONT NAMEN AKT | CHF | 4,639,500.94 | 0.61 |
| 33,216 POLYPEPTIDE GROUP AG | CHF | 4,391,827.44 | 0.58 |
| 27,915 SIKA - REGISTERED SHS | CHF | 10,242,998.60 | 1.34 |
| The Netherlands	 46,693,955.36 | 6.14 |
| 4,547 ADYEN --- PARTS SOCIALES | EUR | 10,510,390.50 | 1.38 |
| 32,859 ARGENX SE | EUR | 10,360,442.70 | 1.36 |
| 12,667 ASML HOLDING NV | EUR | 8,951,768.90 | 1.18 |
| 38,475 IMCD | EUR | 7,491,082.50 | 0.99 |
| 378,542 UNIVERSAL MUSIC GROUP N.V. | EUR | 9,380,270.76 | 1.23 |
| United Kingdom	 41,543,479.31 | 5.46 |
| 334,773 ALLFUNDS GROUP PLC | EUR | 5,790,233.81 | 0.76 |
| 79,688 ASHTEAD GROUP | GBP | 5,639,662.89 | 0.74 |
| 81,681 ASTRAZENECA PLC | GBP | 8,442,445.43 | 1.11 |
| 888,973 COMPASS GROUP | GBP | 17,480,876.88 | 2.30 |
| 276,041 PRUDENTIAL PLC | GBP | 4,190,260.30 | 0.55 |
| Bonds |  | 100,110,347.41 | 13.16 |
| Belgium |  | 31,426,205.00 | 4.13 |
| 25,000,000 BELGIUM 0.00 21-31 22/10U | EUR | 24,562,125.00 | 3.23 |
| 3,000,000 BELGIUM 1.7 19-50 05/02A | EUR | 3,583,020.00 | 0.47 |
| 4,000,000 BELGIUM 0.65 21-71 22/06A | EUR | 3,281,060.00 | 0.43 |
| France |  | 30,269,337.99 | 3.98 |
| 2,800,000 ACCOR SA 2.375 21-28 29/11A | EUR | 2,810,836.00 | 0.37 |
| 7,000,000 FRANCE 0.1 20-26 01/03A | EUR | 7,979,788.06 | 1.05 |
| 10,000,000 FRANCE 0.10 15-25 01/03A | EUR | 11,408,009.66 | 1.50 |
| 6,000,000 FRANCE 0.70 13-30 25/07A | EUR | 8,070,704.27 | 1.06 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Germany |  | 6,659,826.88 | 0.88 |
| --- | --- | --- | --- |
| 5,481,158 GERMANY 0.10 15-26 15/04A | EUR | 6,659,826.88 | 0.88 |
| Israel |  | 6,936,650.00 | 0.91 |
| 7,000,000 TEVA PHARMACEUTICAL I 4.375 21-30 09/05S | EUR | 6,936,650.00 | 0.91 |
| Italy |  | 14,935,402.54 | 1.96 |
| 9,134,000 AMCO - ASSET MANAGEM 0.75 21-28 20/04A | EUR | 8,877,654.29 | 1.16 |
| 5,923,000 AMCO - ASSET MANAGEM 1.5 20-23 17/07A | EUR | 6,057,748.25 | 0.80 |
| The Netherlands |  | 9,882,925.00 | 1.30 |
| 5,000,000 PROSUS N.V. 1.985 21-33 13/07A | EUR | 4,885,600.00 | 0.64 |
| 5,000,000 VIA OUTLETS BV	1.75 21-28 15/11A | EUR | 4,997,325.00 | 0.66 |
| Mortgage and asset backed securities |  | 17,889,867.90 | 2.35 |
| Ireland |  | 9,605,867.90 | 1.26 |
| 2,200,000 CABINTEELY PARK CLO FL.R 21-34 15/08Q | EUR | 2,195,202.24 | 0.29 |
| 4,000,000 CARLYLE EURO	FL.R 22-36 15/02Q | EUR | 3,992,000.00 | 0.52 |
| 3,400,000 PALMER SQUARE EUROPEA FL.R 21-35 21/01Q | EUR | 3,418,665.66 | 0.45 |
| Luxembourg |  | 2,744,000.00 | 0.36 |
| 2,800,000 CAIRN CLO XII DAC	FL.R 21-34 15/07Q | EUR | 2,744,000.00 | 0.36 |
| The Netherlands |  | 5,540,000.00 | 0.73 |
| 3,000,000 TIKEHAU	FL.R 21-35 15/01Q | EUR | 2,940,000.00 | 0.39 |
| 2,600,000 TIKEHAU	FL.R 21-35 15/01Q | EUR | 2,600,000.00 | 0.34 |
| Warrants, Rights |  | 63,772.62 | 0.01 |
| Switzerland |  | 63,772.62 | 0.01 |
| 66,078 COMPAGNIE FINANCIERE RICHE 22.11.23 WAR | CHF | 63,772.62 | 0.01 |
| Money market instruments |  | 314,582,193.91 | 41.37 |
| Bonds |  | 314,582,193.91 | 41.37 |
| France |  | 63,926,293.91 | 8.41 |
| 28,767,874 FRANCE TREASURY BILL ZCP 050122 | EUR | 28,769,743.91 | 3.78 |
| 10,000,000 FRANCE TREASURY BILL ZCP 260122 | EUR | 10,005,300.00 | 1.32 |
| 25,000,000 FRANCE TREASURY BILL ZCP 301122 | EUR | 25,151,250.00 | 3.31 |
| Greece |  | 20,039,000.00 | 2.64 |
| 20,000,000 HELLENIC T-BILL ZCP 010722 | EUR | 20,039,000.00 | 2.64 |
| Italy |  | 230,616,900.00 | 30.32 |
| 30,000,000 ITAL BUON ORDI DEL ZCP 13-05-22 | EUR | 30,070,800.00 | 3.95 |
| 20,000,000 ITAL BUON ORDI DEL ZCP 14-06-22 | EUR | 20,067,700.00 | 2.64 |
| 30,000,000 ITAL BUON ORDI DEL ZCP 14-07-22 | EUR | 30,107,250.00 | 3.96 |
| 35,000,000 ITAL BUON ORDI DEL ZCP 14-11-22 | EUR | 35,167,650.00 | 4.62 |
| 40,000,000 ITAL BUON ORDI DEL ZCP 28-02-22 | EUR | 40,045,200.00 | 5.27 |
| 5,000,000 ITAL BUON ORDI DEL ZCP 31-01-22 | EUR | 5,002,850.00 | 0.66 |
| 30,000,000 ITAL BUON ORDI DEL ZCP 31-03-22 | EUR | 30,050,850.00 | 3.95 |
| 40,000,000 ITAL BUON ORDI DEL ZCP 31-05-22 | EUR | 40,104,600.00 | 5.27 |

Total securities portfolio	
733,595,281.25	96.47
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Italy |  | 33.04 |
| France |  | 19.75 |
| The Netherlands |  | 8.17 |
| United Kingdom |  | 5.46 |
| Denmark |  | 4.96 |
| Germany |  | 4.81 |
| Belgium |  | 4.65 |
| Sweden |  | 2.79 |
| Greece |  | 2.64 |
| Switzerland |  | 2.54 |
| Ireland |  | 2.32 |
| Spain |  | 2.14 |
| Jersey Island |  | 1.30 |
| Luxembourg |  | 0.99 |
| Israel |  | 0.91 |
|  |  | 96.47 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 49.99 |
| Holding and finance companies | 8.76 |
| Pharmaceuticals and cosmetics | 6.34 |
| Internet and internet services | 4.33 |
| Banks and credit institutions | 3.02 |
| Textiles and garments | 2.96 |
| Machine and apparatus construction | 2.94 |
| Hotels and restaurants | 2.67 |
| Communications | 2.57 |
| Electrical engineering and electronics | 2.02 |
| Utilities | 2.02 |
| Chemicals | 1.86 |
| Biotechnology | 1.78 |
| Electronics and semiconductors | 1.18 |
| Building materials and trade | 1.06 |
| Miscellaneous trading companies | 0.99 |
| Miscellaneous services | 0.77 |
| Retail trade, department stores | 0.66 |
| Insurance | 0.55 |
|  | 96.47 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 2,967,737.29 |
| --- | --- | --- |
| Net dividends | Note 2 | 2,551,139.93 |
| Net interest on bonds | Note 2 | 407,455.05 |
| Bank interest on cash account |  | 4,122.36 |
| Interest on swaps |  | 5,019.95 |
| Expenses |  | 8,798,013.44 |
| Management fees | Note 3 | 5,699,769.66 |
| Custodian & sub-custodian fees | Note 4 | 81,959.00 |
| Taxe d'abonnement | Note 5 | 316,943.00 |
| Performance fees | Note 3 | 47,972.80 |
| Bank interest on overdrafts |  | 282,530.66 |
| Transaction fees | Note 6 | 988,310.66 |
| Interest on swaps |  | 26.89 |
| Operating and establishment fees | Note 4 | 1,380,500.77 |
| Net loss from investments |  | (5,830,276.15) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 20,148,765.88 |
| - options |  | (481,879.77) |
| - forward foreign exchange contracts |  | (117,814.62) |
| - financial futures |  | 1,132,590.25 |
| - swaps |  | 1,047,700.70 |
| - foreign exchange |  | 1,661,808.67 |
| Net realised profit |  | 17,560,894.96 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 29,756,488.85 |
| - forward foreign exchange contracts |  | (38,454.89) |
| - financial futures |  | 3,825,394.67 |
| - swaps |  | 13,419.20 |
| Increase in net assets as a result of operations |  | 51,117,742.79 |
| Subscription capitalisation shares |  | 456,290,617.07 |
| Subscription distribution shares |  | 15,027,521.27 |
| Redemption capitalisation shares |  | (85,129,539.40) |
| Increase in net assets |  | 437,306,341.73 |
| Net assets at the beginning of the year |  | 323,166,317.92 |
| Net assets at the end of the year |  | 760,472,659.65 |

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 |