# CARMIGNAC PORTFOLIO
## Human Xperience (launched on 31/03/21)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 23,989,954.89 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 23,876,250.89 |
| Cost price |  | 20,735,018.81 |
| Unrealised profit on the securities portfolio |  | 3,141,232.08 |
| Cash at banks and liquidities |  | 112,376.17 |
| Dividends receivable |  | 1,327.83 |
| Liabilities |  | 31,800.42 |
| Bank overdrafts |  | 1.34 |
| Other liabilities | Note 13 | 31,799.08 |
| Net asset value |  | 23,958,154.47 |

Key figures relating to the last 3 years
Total Net Assets
Class A EUR - Capitalisation
Number of shares
Period ending as at:
EUR
31/12/21
23,958,154.47
10,000
Net asset value per share	EUR
Class F EUR - Capitalisation
Number of shares
Net asset value per share	EUR
119.24
190,000
119.82
Securities portfolio as at 31/12/21
Expressed in EUR
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	
23,876,250.89	99.66
| Shares |  | 23,876,250.89 | 99.66 |
| --- | --- | --- | --- |
|  | Cayman Islands | 383,006.61 | 1.60 |
| 6,216 JD.COM INC SADR REPR 2 SHS -A- | USD | 383,006.61 | 1.60 |
| Denmark |  | 863,211.92 | 3.60 |
| 8,735 NOVO NORDISK | DKK | 863,211.92 | 3.60 |
| France	 2,249,419.13 | 9.39 |
| 2,015 L'OREAL SA | EUR | 840,154.25 | 3.50 |
| 1,096 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 796,792.00 | 3.33 |
| 7,948 SODEXO SA | EUR | 612,472.88 | 2.56 |
| Germany	 1,717,533.00 | 7.17 |
| 1,883 ADIDAS AG NAMEN AKT | EUR | 476,775.60 | 1.99 |
| 4,192 PUMA AG | EUR | 450,640.00 | 1.88 |
| 6,326 SAP AG | EUR | 790,117.40 | 3.30 |
| Hong Kong |  | 681,149.79 | 2.84 |
| 674,000 LENOVO GROUP LTD -RC- | HKD | 681,149.79 | 2.84 |
| Ireland |  | 899,674.11 | 3.76 |
| 2,468 ACCENTURE - SHS CLASS A | USD | 899,674.11 | 3.76 |
| Jersey Island |  | 605,535.21 | 2.53 |
| 13,998 EXPERIAN GROUP | GBP | 605,535.21 | 2.53 |
| South Korea |  | 978,345.73 | 4.08 |
| 2,128 HYUNDAI MOTOR CO LTD | KRW | 328,995.92 | 1.37 |
| 11,211 SAMSUNG ELECTRONICS CO LTD | KRW | 649,349.81 | 2.71 |
| Spain |  | 238,482.27 | 1.00 |
| 8,359 INDITEX SHARE FROM SPLIT | EUR | 238,482.27 | 1.00 |
| Switzerland |  | 1,416,308.30 | 5.91 |
| 1,940 GARMIN | USD | 232,298.45 | 0.97 |
| 1,128 LONZA GROUP (CHF) | CHF | 829,112.39 | 3.46 |
| 970 ROCHE HOLDING LTD | CHF | 354,897.46 | 1.48 |
| The Netherlands |  | 270,579.82 | 1.13 |
| 2,737 HEINEKEN NV | EUR | 270,579.82 | 1.13 |
| United Kingdom |  | 1,116,666.19 | 4.66 |
| 12,875 COMPASS GROUP | GBP | 253,175.62 | 1.06 |
| 17,963 DIAGEO PLC | GBP | 863,490.57 | 3.60 |
| United States of America |  | 12,456,338.81 | 51.99 |
| 1,351 ADOBE INC | USD | 673,670.47 | 2.81 |
| 367 ALPHABET INC -A- | USD | 934,939.92 | 3.91 |
| 266 AMAZON.COM INC | USD | 779,928.28 | 3.26 |
| 655 ANTHEM INC | USD | 266,987.95 | 1.11 |
| 9,474 CISCO SYSTEMS INC | USD | 527,934.73 | 2.20 |
| 1,160 COSTCO WHOLESALE CORP | USD | 579,081.96 | 2.42 |
| 1,430 DANAHER CORP | USD | 413,721.68 | 1.73 |
| 1,209 ESTEE LAUDER COMPANIES INC -A- | USD | 393,573.51 | 1.64 |
| 6,554 HILTON WORLDWIDE HLDGS INC REG SHS | USD | 899,013.77 | 3.75 |
| 1,581 INTUIT | USD | 894,240.96 | 3.73 |
| 1,365 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 469,863.92 | 1.96 |
| 4,712 MARRIOTT INTERNATIONAL -A- | USD | 684,673.65 | 2.86 |
| 2,194 MASTERCARD INC -A- | USD | 693,236.09 | 2.89 |
| 3,069 MICROSOFT CORP | USD | 907,638.13 | 3.79 |
| 1,452 NETFLIX INC | USD | 769,207.60 | 3.21 |
| 2,644 PAYPAL HOLDINGS | USD | 438,450.16 | 1.83 |
| 3,194 SALESFORCE.COM INC | USD | 713,762.94 | 2.98 |
| 2,386 VISA INC -A- | USD | 454,687.00 | 1.90 |
| 2,763 WALT DISNEY CO | USD | 376,328.76 | 1.57 |
| 2,728 ZOETIS INC -A- | USD | 585,397.33 | 2.44 |

Total securities portfolio	
23,876,250.89	99.66
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 51.99 |
| France |  | 9.39 |
| Germany |  | 7.17 |
| Switzerland |  | 5.91 |
| United Kingdom |  | 4.66 |
| South Korea |  | 4.08 |
| Ireland |  | 3.76 |
| Denmark |  | 3.60 |
| Hong Kong |  | 2.84 |
| Jersey Island |  | 2.53 |
| Cayman Islands |  | 1.60 |
| The Netherlands |  | 1.13 |
| Spain |  | 1.00 |
|  |  | 99.66 |


##### Economical breakdown
Breakdown per sector	% of net assets
Internet and internet services	23.73
Pharmaceuticals and cosmetics	12.66
Textiles and garments	9.16
Retail trade, department stores	8.28
Hotels and restaurants	7.67
Miscellaneous services	7.49
Holding and finance companies	6.06
Office supplies and computing	5.04
Tobacco and alcoholic drinks	4.73
Chemicals	3.46
Banks and credit institutions	2.89
Electronics and semiconductors	2.71
Machine and apparatus construction	1.73
Graphic art and publishing	1.57
Road vehicles	1.37
Healthcare and social services	1.11
99.66
Statement of operations and changes in net assets from 31/03/21 to 31/12/21
Expressed in EUR
| Income |  | 300,628.62 |
| --- | --- | --- |
| Net dividends | Note 2 | 137,061.62 |
| Other financial income |  | 163,567.00 |
| Expenses |  | 236,557.24 |
| Management fees | Note 3 | 146,046.17 |
| Custodian & sub-custodian fees | Note 4 | 7,264.00 |
| Taxe d'abonnement | Note 5 | 2,182.00 |
| Bank interest on overdrafts |  | 3,749.49 |
| Transaction fees | Note 6 | 37,110.72 |
| Operating and establishment fees | Note 4 | 40,204.86 |
| Net income from investments |  | 64,071.38 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 896,694.04 |
| - forward foreign exchange contracts |  | (865.12) |
| - foreign exchange |  | (142,977.91) |
| Net realised profit |  | 816,922.39 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 3,141,232.08 |
| Increase in net assets as a result of operations |  | 3,958,154.47 |
| Subscription capitalisation shares |  | 20,000,000.00 |
| Increase in net assets |  | 23,958,154.47 |
| Net assets at the beginning of the period |  | 0.00 |
| Net assets at the end of the period |  | 23,958,154.47 |

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 |