# CARMIGNAC PORTFOLIO
## Emerging Patrimoine

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 536,129,755.32 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 475,117,801.76 |
| Cost price |  | 483,301,329.36 |
| Unrealised loss on the securities portfolio |  | (8,183,527.60) |
| Options purchased at market value | Note 2 | 4,506,668.06 |
| Options purchased at cost |  | 6,633,270.98 |
| Cash at banks and liquidities |  | 41,030,110.03 |
| Interest receivable on bonds |  | 6,053,713.29 |
| Brokers receivable |  | 6,261,893.30 |
| Subscriptions receivable |  | 280,596.59 |
| Dividends receivable |  | 19,036.59 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 1,052,522.05 |
| Unrealised net appreciation on financial futures | Note 2 | 610,736.61 |
| Interest receivable on swaps |  | 1,196,677.04 |
| Liabilities |  | 31,782,039.98 |
| Options sold at market value | Note 2 | 438,561.38 |
| Options sold at cost |  | 887,601.25 |
| Bank overdrafts |  | 18,929,964.25 |
| Redemptions payable |  | 1,152,391.76 |
| Unrealised net depreciation on swaps | Note 2 | 9,904,046.03 |
| Interest payable on swaps |  | 446,175.30 |
| Other liabilities | Note 13 | 910,901.26 |
| Net asset value |  | 504,347,715.34 |

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 | 504,347,715.34 | 540,479,015.73 | 486,621,704.75 |
| Class A EUR - Capitalisation Number of shares |  | 2,004,137 | 1,883,147 | 1,967,040 |
| Net asset value per share | EUR | 139.49 | 147.18 | 122.24 |
| Class A EUR - Distribution (annual) Number of shares |  | 213,160 | 169,782 | 138,402 |
| Net asset value per share | EUR | 104.14 | 109.89 | 94.21 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 28,757 | 21,050 | 21,635 |
| Net asset value per share | CHF | 117.54 | 124.38 | 103.72 |
| Class A USD Hedged - Capitalisation Number of shares |  | 59,476 | 47,056 | 53,422 |
| Net asset value per share | USD | 132.81 | 139.24 | 114.45 |
| Class E EUR - Capitalisation Number of shares |  | 768,987 | 668,817 | 620,719 |
| Net asset value per share | EUR | 129.49 | 137.66 | 115.07 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 28 | 997 |
| Net asset value per share | USD | 0.00 | 152.78 | 126.42 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| EUR | 504,347,715.34 | 540,479,015.73 | 486,621,704.75 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 588,537 | 900,646 | 1,182,035 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 148.23 | 155.39 | 128.36 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 17,320 | 17,870 | 5,230 |
| Net asset value per share | CHF | 141.02 | 148.27 | 123.16 |
| Class F GBP - Capitalisation Number of shares |  | 12,317 | 7,150 | 5,249 |
| Net asset value per share | GBP | 149.29 | 166.84 | 130.55 |
| Class F USD Hedged - Capitalisation Number of shares |  | 7,207 | 7,845 | 7,730 |
| Net asset value per share | USD | 161.76 | 168.51 | 137.44 |

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	
464,199,956.81	92.04
| Shares |  | 182,928,136.26 | 36.27 |
| --- | --- | --- | --- |
|  | British Virgin Islands | 3,075,403.40 | 0.61 |
| 463,225 FIX PRICE --- SHS SPONSORED GLOBAL DEPOS | USD | 3,075,403.40 | 0.61 |
| Cayman Islands |  | 57,748,734.95 | 11.44 |
| 170,247 ANTA SPORTS PRODUCTS | HKD | 2,244,753.73 | 0.45 |
| 46,433 BAIDU INC -A- ADR REPR 8 SH -A- | USD | 6,075,242.76 | 1.20 |
| 188,650 EHANG HOLDINGS | USD | 2,475,077.38 | 0.49 |
| 358,662 ENN ENERGY HOLDINGS LTD | HKD | 5,938,628.30 | 1.18 |
| 78,304 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 3,247,288.64 | 0.64 |
| 92,144 JD.COM INC SADR REPR 2 SHS -A- | USD | 5,677,567.78 | 1.13 |
| 192,493 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 7,689,902.38 | 1.52 |
| 378,763 MINISO GROUP HOLDING LTD-ADR | USD | 3,443,905.58 | 0.68 |
| 1,691,818 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 3,124,180.27 | 0.62 |
| 20,443 SEA -A- ADR REPR1 SHS | USD | 4,021,547.25 | 0.80 |
| 317,881 TUYA INC | USD | 1,747,059.66 | 0.35 |
| 1,074,276 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 7,935,207.88 | 1.56 |
| 395,483 WUXI BIOLOGICS | HKD | 4,128,373.34 | 0.82 |
| China |  | 15,743,657.61 | 3.12 |
| 147,836 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 2,541,511.30 | 0.50 |
| 716,752 FLAT GLASS GROUP -H- REGS | HKD | 3,201,391.75 | 0.63 |
| 1,543,222 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 5,735,331.79 | 1.14 |
| 673,500 PING AN INS (GRP) CO -H- | HKD | 4,265,422.77 | 0.85 |
| Hong Kong |  | 7,946,989.29 | 1.58 |
| 93,675 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 4,811,621.43 | 0.96 |
| 3,102,457 LENOVO GROUP LTD -RC- | HKD | 3,135,367.86 | 0.62 |
| India |  | 21,377,627.94 | 4.24 |
| 83,861 AVENUE SUPER REGISTERED | INR | 4,634,231.80 | 0.92 |
| 529,122 DABUR INDIA LTD DEMATERIALISED | INR | 3,630,674.06 | 0.72 |
| 82,559 HDFC BANK - REGISTERED SHS | INR | 1,443,920.04 | 0.29 |
| 259,251 ICICI LOMBARD | INR | 4,297,363.37 | 0.85 |
| 136,862 KOTAK MAHINDRA BANK | INR | 2,907,899.59 | 0.58 |
| 41,393 MARUTI SUZUKI | INR | 3,636,421.16 | 0.72 |
| 950,000 NIYOGIN FINTECH LTD | INR | 827,117.92 | 0.16 |
| Japan	 1,359,467.75 | 0.27 |
| 2,686 TOKYO ELECTRON LTD | JPY | 1,359,467.75 | 0.27 |
| Malaysia |  | 2,897,240.97 | 0.57 |
| 1,870,023 IHH HEALHCARE BHD | MYR | 2,897,240.97 | 0.57 |
| Mexico |  | 5,288,220.59 | 1.05 |
| 925,212 GRUPO FINANCIERO BANORTE -O- | MXN | 5,288,220.59 | 1.05 |
| South Korea |  | 48,963,668.02 | 9.71 |
| 57,959 HYUNDAI MOTOR CO LTD | KRW | 8,960,655.33 | 1.78 |
| 4,865 HYUNDAI MOTOR CO LTD PREF NVTG | KRW | 354,479.95 | 0.07 |
| 9,072 HYUNDAI MOTOR CO LTD PREF 2 NVTG | KRW | 677,792.90 | 0.13 |
| 10,302 LG CHEM | KRW | 4,686,722.76 | 0.93 |
| 15,058 LG CHEMICAL LTD PREF./ISSUE 01 | KRW | 3,196,846.57 | 0.63 |
| 218,062 SAMSUNG ELECTRONICS CO LTD | KRW | 12,630,320.06 | 2.50 |
| 350,433 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 18,456,850.45 | 3.67 |
| Taiwan |  | 5,388,955.10 | 1.07 |
| 275,695 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 5,388,955.10 | 1.07 |
| The Netherlands |  | 6,443,792.65 | 1.28 |
| 121,122 YANDEX NV | USD | 6,443,792.65 | 1.28 |
| United States of America |  | 6,694,377.99 | 1.33 |
| 141,247 KINGSOFT CLOUD HOLDINGS LTD | USD | 1,956,243.62 | 0.39 |
| 3,996 MERCADOLIBRE | USD | 4,738,134.37 | 0.94 |
| Bonds |  | 268,017,921.99 | 53.14 |
| Angola |  | 2,533,973.79 | 0.50 |
| 3,000,000 ANGOLA 9.125 19-49 26/11S | USD | 2,533,973.79 | 0.50 |
| Belarus |  | 841,392.90 | 0.17 |
| 1,200,000 BELARUS 6.378 20-31 24/02S | USD | 841,392.90 | 0.17 |
| Benin |  | 13,535,688.96 | 2.68 |
| 9,081,000 BENIN 4.875 21-32 19/01A | EUR | 8,911,730.16 | 1.76 |
| 2,960,000 BENIN 4.95 21-35 22/01A | EUR | 2,833,386.00 | 0.56 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
1,790,000 BENIN 6.875 21-52 19/01A
EUR
1,790,572.80	0.36
Bermuda	
2,260,541.12	0.45
| 5.5000 20-27 17/01S | USD | 2,260,541.12 | 0.45 |
| --- | --- | --- | --- |
|  |  | 4,171,064.75 | 0.83 |

2,657,000 GEOPARK LTD
Brazil
| 4,901,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 4,171,064.75 | 0.83 |
| --- | --- | --- | --- |
| Canada |  | 1,899,968.16 | 0.38 |
| 1,531,000 CANACOL ENERGY LTD  5.75 21-28 24/11S | USD | 1,340,594.33 | 0.27 |
| 2,081,120 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 559,373.83 | 0.11 |
| Cayman Islands 3,126,000 MEITUAN DIANPING	3.05 20-30 28/10S | USD | 5,601,499.79 2,556,230.70 | 1.11 0.50 |
| 2,200,000 STONECO LTD 3.95 21-28 16/06S | USD | 1,709,004.57 | 0.34 |
| 1,500,000 SUNAC CHINA HOLDINGS 6.5 21-26 26/01S | USD | 839,535.71 | 0.17 |
| 2,000,000 YUZHOU GROUP HOLDING 6.35 21-27 13/01S | USD | 496,728.81 | 0.10 |
| Chile |  | 24,167,539.05 | 4.79 |
| 13,000,000,000 CHILE 4.50 15-26 01/03S | CLP | 12,909,269.56 | 2.56 |
| 10,725,000,000 CHILE 6.00 13-43 01/01S | CLP | 11,258,269.49 | 2.23 |
| China | 19,632,467.65 | 3.89 |
| 137,620,000 CHINA 3.27 20-30 19/11S	CNY | 19,632,467.65 | 3.89 |
| Colombia |  | 2,107,206.74 | 0.42 |
| 3,100,000 COLOMBIA 3.875 21-61 15/02S | USD | 2,107,206.74 | 0.42 |
| Czech Republic | 12,584,533.57 | 2.50 |
| 382,380,000 CZECH REPUBLIC 1.50 20-40 24/04A	CZK | 12,584,533.57 | 2.50 |
| Dominican Republic | 12,771,819.24 | 2.53 |
| 15,053,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S	USD | 12,771,819.24 | 2.53 |
| Egypt | 2,276,414.81 | 0.45 |
| 3,158,000 EGYPT 7.5 21-60 16/02S	USD | 2,276,414.81 | 0.45 |
| El Salvador |  | 1,608,190.88 | 0.32 |
| 3,309,000 EL SALVADOR 7.1246 19-50 05/50S | USD | 1,608,190.88 | 0.32 |
| Ghana | 1,283,862.63 | 0.25 |
| 1,835,000 GHANA 8.75 20-61 11/03S	USD | 1,283,862.63 | 0.25 |
| Ireland | 11,548,264.34 | 2.29 |
| 6,266,000 LUKOIL CAPITAL DAC  3.6 21-31 26/10S | USD | 5,397,399.72 | 1.07 |
| 7,050,000 METALLOINVEST FINANCE 3.375 21-28 22/10S | USD | 6,150,864.62 | 1.22 |
| Ivory Coast |  | 8,007,942.14 | 1.59 |
| 5,880,000 IVORY COAST 6.8750 19-40 17/10A | EUR | 6,154,125.60 | 1.22 |
| 1,861,000 IVORY COAST 6.625 18-48 22/03A | EUR | 1,853,816.54 | 0.37 |
| Kazakhstan |  | 3,558,362.40 | 0.71 |
| 3,560,000 EURASIAN DEV BANK  1.0 21-26 17/03A | EUR | 3,558,362.40 | 0.71 |
| Luxembourg |  | 5,258,859.18 | 1.04 |
| 1,600,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 1,270,868.80 | 0.25 |
| 1,578,000 JSM GLOBAL S.A R.L. 4.75 20-30 06/10S | USD | 1,282,881.25 | 0.25 |
| 3,311,000 MOVIDA EUROPE S.A. 5.25 21-31 08/02S | USD | 2,705,109.13 | 0.54 |
| Malaysia |  | 10,196,288.41 | 2.02 |
| 41,089,000 MALAYSIA 2.6320 20-31 15/04S | MYR | 8,022,398.28 | 1.59 |
| 10,515,000 MALAYSIA 4.065 20-50 15/06S | MYR | 2,173,890.13 | 0.43 |
| Mauritius |  | 753,386.84 | 0.15 |
| 834,000 CLEAN RENEWABLE POWE 4.25 21-27 25/03S	USD | 753,386.84 | 0.15 |
| Mexico | 25,760,735.87 | 5.11 |
| 25,044,000 PEMEX	4.75 18-29 24/05A	EUR | 24,728,320.38 | 4.91 |
| 1,166,000 PETROLEOS MEXICANOS 6.70 21-32 16/02S	USD | 1,032,415.49 | 0.20 |
| Montenegro | 4,586,066.71 | 0.91 |
| 1,202,000 MONTENEGRO | 2.55 19-29 03/10A | EUR | 1,066,180.01 | 0.21 |
| 3,790,000 MONTENEGRO | 2.875 20-27 16/12A | EUR | 3,519,886.70 | 0.70 |
| Mozambique |  |  | 1,553,188.11 | 0.31 |
| 2,082,000 MOZAMBIQUE | 5.0 19-31 15/09S | USD | 1,553,188.11 | 0.31 |
| Romania |  |  | 29,144,462.96 | 5.77 |
| 12,837,000 ROMANIA | 4.625 19-49 03/04A | EUR | 14,530,649.60 | 2.87 |
| 7,461,000 ROMANIA 2.875 21-42 13/04A | EUR | 6,703,410.06 | 1.33 |
| 8,370,000 ROMANIA 3.3750 20-50 28/01A | EUR | 7,910,403.30 | 1.57 |
| Russia | 18,978,361.36 | 3.76 |
| 965,132,000 RUSSIA	7.7 19-39 16/03S	RUB | 10,738,674.90 | 2.13 |
| 5,800,000 RUSSIA 2.65 21-36 27/05A	EUR | 5,857,333.00 | 1.16 |
| 228,498,000 RUSSIAN FEDERAL BOND O 7.1 21-41 15/05S	RUB | 2,382,353.46 | 0.47 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Singapore |  | 10,638,444.98 | 2.11 |
| --- | --- | --- | --- |
| 15,000,000 SINGAPORE 2.875 14-29 01/07S | SGD | 10,638,444.98 | 2.11 |
| The Netherlands |  | 4,748,880.00 | 0.94 |
| 4,700,000 PROSUS N.V. 1.539 20-28 03/08A | EUR | 4,748,880.00 | 0.94 |
| Togo |  | 6,482,718.40 | 1.29 |
| 6,147,000 BANQUE OUEST AFRICAINE 2.75 21-33 22/01A | EUR | 6,482,718.40 | 1.29 |
| Tunesia |  | 2,353,397.20 | 0.47 |
| 3,080,000 CENTRAL BK TUNISIA 6.375 19-26 15/07A | EUR | 2,353,397.20 | 0.47 |
| Turkey |  | 3,589,188.93 | 0.71 |
| 4,190,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 3,589,188.93 | 0.71 |
| Ukraine |  | 6,762,932.13 | 1.34 |
| 6,907,000 UKRAINE 4.375 20-30 27/01A | EUR | 5,575,848.43 | 1.10 |
| 1,524,000 UKRAINE 7.253 20-33 15/03S | USD | 1,187,083.70 | 0.24 |
| United States of America |  | 6,820,277.99 | 1.35 |
| 2,400,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 2,110,446.71 | 0.42 |
| 1,376,000 KOSMOS ENERGY PLC	7.75 21-27 01/05S | USD | 1,166,992.47 | 0.23 |
| 4,260,000 SIERRACOL ENERGY AND 6.0 21-28 15/06S | USD | 3,542,838.81 | 0.70 |
| Floating rate bonds |  | 13,253,898.56 | 2.63 |
| Greece |  | 5,442,608.78 | 1.08 |
| 2,030,000 PIRAEUS FINANCIAL  FL.R 19-29 26/06A | EUR | 2,197,688.15 | 0.44 |
| 3,251,000 PIRAEUS FINANCIAL HOLD FL.R 21-49 31/12S | EUR | 3,244,920.63 | 0.64 |
| Mexico |  | 5,074,623.78 | 1.01 |
| 4,687,000 BANCO MERCANTILE DEL N FL.R 21-99 31/12S | USD | 4,101,805.04 | 0.82 |
| 1,066,000 CEMEX SAB DE CV FL.R 21-XX 08/03S | USD | 972,818.74 | 0.19 |
| United Kingdom |  | 2,736,666.00 | 0.54 |
| 2,700,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 2,736,666.00 | 0.54 |
| Other transferable securities | 10,917,844.95 | 2.16 |
| Bonds |  | 10,917,844.95 | 2.16 |
|  | The Netherlands | 5,140,800.50 | 1.02 |
| 2,500,000,000 JPM STRUCT PROD | 0.00 17-46 10/10U | INR | 5,140,800.50 | 1.02 |
| United States of America |  | 5,777,044.45 | 1.14 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U | MXN | 5,777,044.45 | 1.14 |

Total securities portfolio	
475,117,801.76	94.20
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Cayman Islands |  | 12.55 |
| South Korea |  | 9.71 |
| Mexico |  | 7.17 |
| China |  | 7.01 |
| Romania |  | 5.77 |
| Chile |  | 4.79 |
| India |  | 4.24 |
| United States of America |  | 3.82 |
| Russia |  | 3.76 |
| The Netherlands |  | 3.24 |
| Benin |  | 2.68 |
| Malaysia |  | 2.59 |
| Dominican Republic |  | 2.53 |
| Czech Republic |  | 2.50 |
| Ireland |  | 2.29 |
| Singapore |  | 2.11 |
| Ivory Coast |  | 1.59 |
| Hong Kong |  | 1.58 |
| Ukraine |  | 1.34 |
| Togo |  | 1.29 |
| Greece |  | 1.08 |
| Taiwan |  | 1.07 |
| Luxembourg |  | 1.04 |
| Montenegro |  | 0.91 |
| Brazil |  | 0.83 |
| Turkey |  | 0.71 |
| Kazakhstan |  | 0.71 |
| British Virgin Islands |  | 0.61 |
| United Kingdom |  | 0.54 |
| Other |  | 4.14 |
|  |  | 94.20 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 36.31 |
| Holding and finance companies | 8.93 |
| Internet and internet services | 8.21 |
| Petroleum | 7.38 |
| Electronics and semiconductors | 6.44 |
| Banks and credit institutions | 5.31 |
| Retail trade, department stores | 2.73 |
| Road vehicles | 2.70 |
| Electrical engineering and electronics | 2.21 |
| Supranational | 2.00 |
| Insurance | 1.70 |
| Chemicals | 1.56 |
| Pharmaceuticals and cosmetics | 1.22 |
| Utilities | 1.18 |
| Office supplies and computing | 0.96 |
| Building materials and trade | 0.82 |
| Biotechnology | 0.82 |
| Tobacco and alcoholic drinks | 0.71 |
| Miscellaneous services | 0.62 |
| Miscellaneous sectors | 0.61 |
| Healthcare and social services | 0.57 |
| Aerospace industry | 0.49 |
| Textiles and garments | 0.45 |
| Real estate companies | 0.27 |
|  | 94.20 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 19,908,070.71 |
| --- | --- | --- |
| Net dividends | Note 2 | 2,492,421.62 |
| Net interest on bonds | Note 2 | 13,130,396.28 |
| Bank interest on cash account |  | 220,594.85 |
| Other financial income |  | 39.80 |
| Interest on swaps |  | 4,064,618.16 |
| Expenses |  | 21,723,161.23 |
| Management fees | Note 3 | 8,707,525.78 |
| Custodian & sub-custodian fees | Note 4 | 141,659.00 |
| Taxe d'abonnement | Note 5 | 284,177.00 |
| Performance fees | Note 3 | 17,015.81 |
| Bank interest on overdrafts |  | 558,163.87 |
| Transaction fees | Note 6 | 914,091.58 |
| Interest on swaps |  | 9,771,646.94 |
| Operating and establishment fees | Note 4 | 1,328,881.25 |
| Net loss from investments |  | (1,815,090.52) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 49,873,970.89 |
| - options |  | (6,439,960.92) |
| - forward foreign exchange contracts |  | 7,822,934.17 |
| - financial futures |  | (13,585,313.33) |
| - swaps |  | 31,414,605.34 |
| - foreign exchange |  | (4,716,068.99) |
| Net realised profit |  | 62,555,076.64 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (73,311,185.21) |
| - options |  | (3,383,831.07) |
| - forward foreign exchange contracts |  | (201,824.90) |
| - financial futures |  | 89,146.34 |
| - swaps |  | (14,165,242.87) |
| Decrease in net assets as a result of operations |  | (28,417,861.07) |
| Subscription capitalisation shares |  | 216,688,744.67 |
| Subscription distribution shares |  | 17,090,507.95 |
| Redemption capitalisation shares |  | (229,512,578.18) |
| Redemption distribution shares |  | (11,980,113.76) |
| Decrease in net assets |  | (36,131,300.39) |
| Net assets at the beginning of the year |  | 540,479,015.73 |
| Net assets at the end of the year |  | 504,347,715.34 |

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 |