# CARMIGNAC PORTFOLIO
## Patrimoine

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 1,937,305,931.01 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,728,037,413.84 |
| Cost price |  | 1,651,575,740.63 |
| Unrealised profit on the securities portfolio |  | 76,461,673.21 |
| Options purchased at market value | Note 2 | 68,396.03 |
| Options purchased at cost |  | 920,625.00 |
| Cash at banks and liquidities |  | 137,687,598.49 |
| Interest receivable on bonds |  | 8,696,411.71 |
| Brokers receivable |  | 57,075,648.91 |
| Subscriptions receivable |  | 1,604,309.10 |
| Dividends receivable |  | 65,033.13 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 835,688.85 |
| Unrealised net appreciation on financial futures | Note 2 | 3,235,430.95 |
| Liabilities |  | 74,565,308.23 |
| Bank overdrafts |  | 10,092,213.62 |
| Brokers payable |  | 57,443,783.54 |
| Redemptions payable |  | 1,284,079.20 |
| Unrealised net depreciation on swaps | Note 2 | 2,937,286.81 |
| Interest payable on swaps |  | 2,051.82 |
| Other liabilities | Note 13 | 2,805,893.24 |
| Net asset value |  | 1,862,740,622.78 |

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 | 1,862,740,622.78 | 1,592,069,497.12 | 1,302,344,744.56 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 1,582,116 | 1,017,392 | 1,141,555 |
| Net asset value per share | EUR | 112.53 | 113.58 | 100.76 |
| Class Income A EUR - Distribution (monthly) |
| Number of shares |  | 969,460 | 800,727 | 999,569 |
| Net asset value per share | EUR | 80.48 | 85.37 | 79.60 |
| Class A EUR - Distribution (annual) Number of shares |  | 209,519 | 120,125 | 35,592 |
| Net asset value per share | EUR | 109.61 | 110.63 | 98.31 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 19,755 | 21,859 | 24,591 |
| Net asset value per share | CHF | 109.20 | 110.61 | 98.44 |
| Class Income A CHF Hedged - Distribution (monthly) |
| Number of shares |  | 27,694 | 31,954 | 33,649 |
| Net asset value per share | CHF | 76.75 | 81.84 | 76.47 |
| Class A USD Hedged - Capitalisation Number of shares |  | 302,748 | 314,430 | 451,393 |
| Net asset value per share | USD | 124.21 | 124.60 | 109.11 |

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
1,862,740,622.78	1,592,069,497.12	1,302,344,744.56
| Class Income A USD Hedged - Distribution (monthly) |
| --- |
| Number of shares |  | 5,329 | 4,406 | 5,080 |
| Net asset value per share | USD | 96.61 | 101.93 | 93.59 |
| Class E EUR - Capitalisation Number of shares |  | 225,239 | 129,415 | 84,095 |
| Net asset value per share | EUR | 109.14 | 110.70 | 98.69 |
| Class Income E EUR - Distribution (monthly) |
| Number of shares |  | 152,339 | 140,834 | 147,998 |
| Net asset value per share | EUR | 77.87 | 83.03 | 77.79 |
| Class E USD Hedged - Capitalisation Number of shares |  | 17,051 | 20,697 | 31,267 |
| Net asset value per share | USD | 131.92 | 132.99 | 116.93 |
| Class Income E USD Hedged - Distribution (monthly) |
| Number of shares |  | 38,463 | 87,709 | 148,350 |
| Net asset value per share | USD | 92.44 | 97.96 | 90.42 |
| Class F EUR - Capitalisation Number of shares |  | 10,482,864 | 9,103,657 | 7,824,736 |
| Net asset value per share | EUR | 131.75 | 132.11 | 116.52 |
| Class Income F EUR - Distribution (monthly) Number of shares |  | 127,347 | 121,342 | 96,888 |
| Net asset value per share | EUR | 84.34 | 88.94 | 82.41 |
| Class F EUR - Distribution (annual) Number of shares |  | 72,194 | 71,041 | 39,484 |
| Net asset value per share | EUR | 110.87 | 111.18 | 98.45 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 786,779 | 782,355 | 821,025 |
| Net asset value per share | CHF | 125.74 | 126.53 | 111.95 |
| Class F GBP - Capitalisation Number of shares |  | 5,310 | 7,469 | 8,947 |
| Net asset value per share | GBP | 132.16 | 141.28 | 117.95 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 9,334 | 11,793 | 21,983 |
| Net asset value per share | GBP | 136.84 | 136.65 | 120.50 |
| Class F USD Hedged - Capitalisation Number of shares |  | 53,987 | 56,511 | 70,188 |
| Net asset value per share | USD | 144.08 | 143.59 | 124.96 |

| 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	 1,345,951,139.69 | 72.26 |
| Shares	 668,855,874.81 | 35.91 |
| Cayman Islands	 72,187,801.65 | 3.88 |

| 710,600 ANTA SPORTS PRODUCTS | HKD | 9,369,457.31 | 0.50 |
| --- | --- | --- | --- |
| 160,350 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 6,649,759.06 | 0.36 |
| 500,456 JD.COM INC SADR REPR 2 SHS -A- | USD | 30,836,222.23 | 1.66 |
| 212,620 MEITUAN - SHS 114A/REG S | HKD | 5,405,461.12 | 0.29 |
| 1,908,924 WUXI BIOLOGICS | HKD | 19,926,901.93 | 1.07 |
| China |  | 13,815,651.34 | 0.74 |
| 468,783 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 8,059,047.13 | 0.43 |
| 70,957 CONTEMPORARY AMPEREX TECHN-A | CNY | 5,756,604.21 | 0.31 |
| Denmark	 25,613,465.48 | 1.38 |
| 154,726 NOVO NORDISK | DKK | 15,290,363.83 | 0.83 |
| 91,929 ORSTED | DKK | 10,323,101.65 | 0.55 |
| France	 32,276,793.58 | 1.73 |
| 111,747 ESSILORLUXOTTICA SA | EUR | 20,923,508.28 | 1.12 |
| 105,455 SAFRAN SA | EUR | 11,353,285.30 | 0.61 |
| Germany |  | 27,711,502.88 | 1.49 |
| 6,535 BIONTECH --- SHS SPONSORED ADR | EUR | 1,400,450.50 | 0.08 |
| 164,595 PUMA AG | EUR | 17,693,962.50 | 0.95 |
| 1 VOLKSWAGEN AG | EUR | 258.40 | 0.00 |
| 48,551 VOLKSWAGEN AG VORZ.AKT | EUR | 8,616,831.48 | 0.46 |
| Hong Kong |  | 8,617,515.10 | 0.46 |
| 167,770 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 8,617,515.10 | 0.46 |
| India |  | 8,762,873.95 | 0.47 |
| 500,720 HDFC BANK - REGISTERED SHS | INR | 8,762,873.95 | 0.47 |
| Ireland |  | 4,408,012.50 | 0.24 |
| 289,050 RYANAIR HLDGS | EUR | 4,408,012.50 | 0.24 |
| South Korea |  | 35,461,470.53 | 1.90 |
| 57,796 HYUNDAI MOTOR CO LTD | KRW | 8,935,454.99 | 0.48 |
| 43,294 LG CHEM | KRW | 19,695,881.90 | 1.05 |
| 117,922 SAMSUNG ELECTRONICS CO LTD | KRW | 6,830,133.64 | 0.37 |
| Spain |  | 7,580,906.01 | 0.41 |
| 265,717 INDITEX SHARE FROM SPLIT | EUR | 7,580,906.01 | 0.41 |
| Switzerland |  | 4,697,127.93 | 0.25 |
| 35,538 CIE FINANCIERE RICHEMONT NAMEN AKT | CHF | 4,697,127.93 | 0.25 |
| Taiwan |  | 4,671,685.27 | 0.25 |
| 239,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 4,671,685.27 | 0.25 |
| The Netherlands |  | 8,458,380.42 | 0.45 |
| 341,339 UNIVERSAL MUSIC GROUP N.V. | EUR | 8,458,380.42 | 0.45 |
| United Kingdom |  | 45,053,334.15 | 2.42 |
| 301,526 ASTRAZENECA PLC | GBP | 31,165,348.12 | 1.68 |
| 97,133 DIAGEO PLC | GBP | 4,669,232.83 | 0.25 |
| 16,192,605 LLOYDS BANKING GROUP PLC | GBP | 9,218,753.20 | 0.49 |
| United States of America |  | 369,539,354.02 | 19.84 |
| 7,092 ALPHABET INC -A- | USD | 18,067,013.44 | 0.97 |
| 12,460 AMAZON.COM INC | USD | 36,533,482.59 | 1.97 |
| 63,524 ANTHEM INC | USD | 25,893,347.66 | 1.39 |
| 21,521 CONSTELLATION BRANDS INC -A- | USD | 4,749,494.70 | 0.25 |
| 13,670 COSTCO WHOLESALE CORP | USD | 6,824,181.32 | 0.37 |
| 56,218 DANAHER CORP | USD | 16,264,759.22 | 0.87 |
| 36,122 ELI LILLY & CO | USD | 8,773,847.03 | 0.47 |
| 135,848 GOODRX HOLDINGS | USD | 3,903,897.85 | 0.21 |
| 138,026 INTERCONTINENTAL EXCHANGE INC | USD | 16,600,260.31 | 0.89 |
| 193,328 KINGSOFT CLOUD HOLDINGS LTD | USD | 2,677,555.40 | 0.14 |
| 29,916 MASTERCARD INC -A- | USD | 9,452,530.00 | 0.51 |
| 36,533 MATCH GROUP INC | USD | 4,248,583.58 | 0.23 |
| 12,344 MERCADOLIBRE | USD | 14,636,519.17 | 0.79 |
| 87,071 META PLATFOR -A- | USD | 25,753,016.93 | 1.38 |
| 57,662 MICROSOFT CORP | USD | 17,053,186.63 | 0.92 |
| 25,008 NETFLIX INC | USD | 13,248,170.52 | 0.71 |
| 124,205 NEW YORK TIMES -A- | USD | 5,275,326.68 | 0.28 |
| 41,734 PALO ALTO NETWORKS | USD | 20,432,484.91 | 1.10 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 206,560 PFIZER INC | USD | 10,725,789.66 | 0.58 |
| --- | --- | --- | --- |
| 102,647 SALESFORCE.COM INC | USD | 22,938,517.51 | 1.23 |
| 7,069 SERVICENOW INC | USD | 4,034,961.83 | 0.22 |
| 50,123 STRYKER CORP | USD | 11,786,750.49 | 0.63 |
| 172,804 SUNRUN INC | USD | 5,212,079.85 | 0.28 |
| 203,064 T MOBILE USA INC | USD | 20,709,956.67 | 1.11 |
| 911,415 UBER TECH/REGSH | USD | 33,605,021.94 | 1.80 |
| 22,961 UNITEDHEALTH GROUP INC | USD | 10,138,618.13 | 0.54 |
| Bonds |  | 493,221,232.18 | 26.48 |
| Belgium |  | 5,107,326.45 | 0.27 |
| 5,141,000 EURO UNIO BILL 0 21-31 22/06A | EUR | 5,107,326.45 | 0.27 |
| Bermuda |  | 399,981.93 | 0.02 |
| 555,720 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 399,981.93 | 0.02 |
| Brazil |  | 2,641,702.71 | 0.14 |
| 3,104,000 B3 SA BRASIL BOLSA 4.125 21-31 20/09S | USD | 2,641,702.71 | 0.14 |
| Canada |  | 549,138.48 | 0.03 |
| 2,043,040 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 549,138.48 | 0.03 |
| Cayman Islands |  | 7,688,465.05 | 0.41 |
| 6,039,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 5,348,221.66 | 0.28 |
| 3,646,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 2,340,243.39 | 0.13 |
| China |  | 45,435,304.15 | 2.44 |
| 168,860,000 CHINA GOVERNEMENT BOND 2.56 21-23 21/10A | CNY | 23,381,744.45 | 1.26 |
| 159,720,000 CHINA GOVERNMEN	2.4700 21-24 02/09A | CNY | 22,053,559.70 | 1.18 |
| Dominican Republic |  | 12,346,169.64 | 0.66 |
| 2,099,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 1,881,375.48 | 0.10 |
| 7,286,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 6,181,855.78 | 0.33 |
| 2,236,000 DOMINICAN REPUBLIC 6.00 18-28 19/07S | USD | 2,198,798.88 | 0.12 |
| 2,224,000 DOMINICAN REPUBLIC 6.50 18-48 15/12S | USD | 2,084,139.50 | 0.11 |
| Finland |  | 3,555,347.67 | 0.19 |
| 3,717,000 SBB TREASURY OYJ 0.75 20-28 14/12A | EUR | 3,555,347.67 | 0.19 |
| France |  | 20,268,440.27 | 1.09 |
| 3,288,000 GETLINK SE 3.5 20-25 30/10S | EUR | 3,394,005.12 | 0.18 |
| 2,400,000 JC DECAUX SA 2.625 20-28 24/04A | EUR | 2,634,036.00 | 0.14 |
| 1,600,000 LA POSTE 5.3 16-43 01/12S | USD | 1,493,767.15 | 0.08 |
| 3,700,000 ORPEA SA 2.00 21-28 01/04A | EUR | 3,717,612.00 | 0.20 |
| 8,800,000 SOCIETE GENERALE SA 1.125 20-26 21/04A | EUR | 9,029,020.00 | 0.49 |
| Germany |  | 2,771,847.60 | 0.15 |
| 2,608,000 FRESENIUS SE CO. KG 1.625 20-27 08/04A | EUR | 2,771,847.60 | 0.15 |
| Greece |  | 12,855,747.81 | 0.69 |
| 461 GREECE 4.00 17-37 30/01A | EUR | 643.02 | 0.00 |
| 4,625,000 GREECE 0.750 21-31 18/06A | EUR | 4,394,212.50 | 0.24 |
| 6,991,000 PUBLIC POWER CORP GR 3.875 21-26 30/03S | EUR | 7,211,985.51 | 0.38 |
| 1,238,000 PUBLIC POWER CORPORAT 3.375 21-28 31/07S | EUR | 1,248,906.78 | 0.07 |
| Hungary |  | 2,872,618.68 | 0.15 |
| 2,778,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A | EUR | 2,872,618.68 | 0.15 |
| Ireland |  | 23,962,622.33 | 1.29 |
| 2,788,000 DAA FINANCE PLC 1.601 20-32 05/11A | EUR | 2,952,380.48 | 0.16 |
| 2,032,000 FCA BANK SPA IRISH BR 1.25 19-22 21/06A | EUR | 2,043,846.56 | 0.11 |
| 4,866,000 LUKOIL CAPITAL DAC  3.6 21-31 26/10S | USD | 4,191,469.36 | 0.23 |
| 6,500,000 MMC NORILSK (MM	2.8000 21-26 27/10S | USD | 5,663,836.62 | 0.31 |
| 2,706,000 PHOSAGRO(PHOS B	2.6000 21-28 16/09S | USD | 2,317,803.70 | 0.12 |
| 2,929,000 RYANAIR DAC	1.125 17-23 15/08A | EUR | 2,977,357.79 | 0.16 |
| 3,537,000 RYANAIR DAC 2.875 20-25 15/09A | EUR | 3,815,927.82 | 0.20 |
| Israel |  | 9,584,313.00 | 0.51 |
| 4,350,000 TEVA PHARMACEUTICAL 3.75 21-27 09/05S | EUR | 4,337,232.75 | 0.23 |
| 5,295,000 TEVA PHARMACEUTICAL I 4.375 21-30 09/05S | EUR | 5,247,080.25 | 0.28 |
| Italy |  | 23,020,343.17 | 1.24 |
| 2,897,000 AMCO - ASSET MANAGEM 2.25 20-27 17/07A | EUR | 3,079,047.48 | 0.17 |
| 1,400,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 1,424,955.00 | 0.08 |
| 2,700,000 ATLANTIA SPA	6.25 04-22 09/06A | GBP | 3,285,343.02 | 0.18 |
| 155,000 INTESA SANPAOLO	5.25 14-24 12/01S | USD | 146,335.16 | 0.01 |
| 2,312,000 INTESA SANPAOLO	5.71 16-26 15/01Q | USD | 2,250,997.93 | 0.12 |
| 9,552,000 ITALY	1.25 20-30 25/11A | USD | 8,191,730.36 | 0.43 |
| 4,396,000 UNICREDIT SPA 6.95 12-22 31/10A | EUR | 4,641,934.22 | 0.25 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Ivory Coast |  |  | 8,697,806.14 | 0.47 |
| --- | --- | --- | --- | --- |
| 1,508,000 IVORY COAST | 5.25 18-30 22/03A | EUR | 1,543,792.38 | 0.08 |
| 1,881,000 IVORY COAST 4.8750 20-32 30/01A | EUR | 1,813,707.22 | 0.10 |
| 5,361,000 IVORY COAST 6.625 18-48 22/03A | EUR | 5,340,306.54 | 0.29 |
| Luxembourg |  | 4,603,292.43 | 0.25 |
| 1,252,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 994,454.84 | 0.05 |
| 676,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 708,137.04 | 0.04 |
| 1,939,000 GAZ CAPITAL	7.288 07-37 16/08S | USD | 2,277,668.55 | 0.13 |
| 700,000 MILLICOM INTL CELL 4.50 20-31 27/04S | USD | 623,032.00 | 0.03 |
| Mexico |  | 43,303,634.12 | 2.32 |
| 4,573,000 BANCO SANTANDER 5.375 20-25 17/04S | USD | 4,394,857.28 | 0.24 |
| 6,835,000 PEMEX	6.95 20-60 28/01S | USD | 5,345,568.64 | 0.29 |
| 6,354,000 PEMEX	7.69 20-50 23/01S | USD | 5,379,556.11 | 0.29 |
| 4,906,000 PEMEX	4.75 18-29 24/05A | EUR | 4,844,159.87 | 0.26 |
| 13,136,000 PEMEX	4.875 17-28 21/02A | EUR | 13,188,675.36 | 0.70 |
| 2,658,000 PEMEX 2.75 15-27 21/04A | EUR | 2,471,448.27 | 0.13 |
| 7,673,000 PEMEX 3.75 14-26 16/04A | EUR | 7,679,368.59 | 0.41 |
| Norway |  | 2,667,122.30 | 0.14 |
| 1,307,000 ADEVINTA ASA 2.625 20-25 05/11S | EUR | 1,338,021.64 | 0.06 |
| 469,000 ADEVINTA ASA 3 20-27 05/11S | EUR | 481,684.11 | 0.03 |
| 889,000 AKER BP ASA	4.000 20-31 15/01S | USD | 847,416.55 | 0.05 |
| Panama |  | 2,561,286.07 | 0.14 |
| 94,000 CARNIVAL CORPORATIO 10.125 20-26 20/07S | EUR | 106,521.74 | 0.01 |
| 2,800,000 CARNIVAL CORPORATION 4 21-28 01/08S | USD | 2,454,764.33 | 0.13 |
| Romania |  | 26,016,501.53 | 1.40 |
| 2,321,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 2,445,660.91 | 0.13 |
| 1,966,000 GLOBALWORTH REAL EST 2.95 20-26 29/07A | EUR | 2,081,974.34 | 0.11 |
| 11,812,000 ROMANIA	4.625 19-49 03/04A | EUR | 13,370,416.22 | 0.72 |
| 7,476,000 ROMANIA 3.875 15-35 29/10A | EUR | 8,118,450.06 | 0.44 |
| Russia |  | 36,489,273.84 | 1.96 |
| 1,473,692,000 MINISTRY OF FINANCE OF 5.9 20-31 12/03S | RUB | 14,678,333.14 | 0.78 |
| 10,400,000 RUSSIA	1.85 20-32 20/11A | EUR | 10,352,160.00 | 0.56 |
| 1,182,714,000 RUSSIA 6.1 20-35 18/07S | RUB | 11,458,780.70 | 0.62 |
| Singapore |  | 2,666,345.53 | 0.14 |
| 2,972,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 2,666,345.53 | 0.14 |
| Spain |  | 1,596,976.00 | 0.09 |
| 1,600,000 BANKINTER SA 0.625 20-27 06/02A | EUR | 1,596,976.00 | 0.09 |
| Sweden |  | 5,360,392.44 | 0.29 |
| 5,512,000 SAMHALLSBYGGNAD 2.8750 21-49 31/12A | EUR | 5,360,392.44 | 0.29 |
| The Netherlands |  | 41,874,380.29 | 2.25 |
| 6,664,000 EASYJET FINCO B.V. 1.875 21-28 03/03A | EUR | 6,700,648.47 | 0.37 |
| 1,000,000 JAB HOLDINGS B.V.  2.25 19-39 19/12A | EUR | 1,038,500.00 | 0.06 |
| 1,500,000 JAB HOLDINGS B.V. 3.375 20-35 17/04A | EUR | 1,795,440.00 | 0.10 |
| 804,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 826,616.52 | 0.04 |
| 3,001,000 NE PROPERTY BV 2.625 19-23 22/05A | EUR | 3,096,896.96 | 0.17 |
| 4,960,000 NE PROPERTY BV 1.8750 19-26 09/10A | EUR | 5,088,538.40 | 0.27 |
| 2,005,000 PROSUS NV	4.0270 20-50 03/08S | USD | 1,701,772.85 | 0.09 |
| 5,662,000 PROSUS N.V. 1.539 20-28 03/08A | EUR | 5,720,884.80 | 0.31 |
| 413,000 PROSUS N.V. 1.985 21-33 13/07A | EUR | 403,550.56 | 0.02 |
| 4,585,000 PROSUS NV 2.031 20-32 03/08A | EUR | 4,554,486.82 | 0.24 |
| 4,256,000 PROSUS NV 3.8320 20-51 08/02S | USD | 3,499,579.46 | 0.19 |
| 1,860,000 STEDIN HOLDING NV	0.0 21-26 16/11A | EUR | 1,845,436.20 | 0.10 |
| 2,156,000 TEVA PHARMA	6.00 20-25 31/01A | EUR | 2,324,480.62 | 0.12 |
| 1,979,000 TEVA PHARMA 1.625 16-28 15/10A | EUR | 1,732,555.13 | 0.09 |
| 1,550,000 THERMO FISHER SCIENT 0.00 21-25 18/11A | EUR | 1,544,993.50 | 0.08 |
| Ukraine |  | 4,453,236.72 | 0.24 |
| 2,630,000 UKRAINE 4.375 20-30 27/01A | EUR | 2,123,133.25 | 0.12 |
| 1,780,000 UKRAINE 7.253 20-33 15/03S | USD | 1,386,488.84 | 0.07 |
| 1,198,000 UKRAINE 7.375 17-32 25/09S | USD | 943,614.63 | 0.05 |
| United Kingdom |  | 53,094,037.30 | 2.85 |
| 892,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 674,062.10 | 0.04 |
| 2,554,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 2,594,889.54 | 0.14 |
| 4,259,000 EASYJET PLC	1.75 16-23 09/02A | EUR | 4,323,097.95 | 0.23 |
| 5,584,000 GAZ FINANCE PLC	2.95 20-25 15/04A | EUR | 5,873,334.96 | 0.32 |
| 9,829,000 GAZ FINANCE PLC	3.00 20-27 29/06S | USD | 8,520,944.37 | 0.46 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 9,831,000 GAZ FINANCE PLC	3.25 20-30 25/02S | USD | 8,373,207.59 | 0.45 |
| --- | --- | --- | --- |
| 11,699,000 GAZ FINANCE PLC 1.50 21-27 17/02A | EUR | 11,457,591.14 | 0.61 |
| 6,879,000 GAZPROM PJSC | 1.85 21-28 17/11A | EUR | 6,775,058.31 | 0.36 |
| 753,000 INFORMA PLC | 1.2500 19-28 22/04A | EUR | 756,350.85 | 0.04 |
| 2,290,000 INFORMA PLC 2.125 20-25 06/10A | EUR | 2,400,813.10 | 0.13 |
| 1,525,000 UBS AG LONDON	1.7500 20-22 21/04S | USD | 1,344,687.39 | 0.07 |
| United States of America |  | 86,777,578.53 | 4.66 |
| 780,000 AMERICAN HONDA	2.2000 19-22 27/06S | USD | 691,526.38 | 0.04 |
| 2,816,000 BOEING CO 5.705 20-40 04/05S | USD | 3,170,736.26 | 0.17 |
| 7,401,000 CITADEL FINANCE LLC 3.375 21-26 09/03S | USD | 6,508,545.62 | 0.35 |
| 1,184,000 FIDELITY NATIONAL INF 0.75 19-23 21/05A | EUR | 1,197,408.80 | 0.06 |
| 5,690,000 HEWLETT PACKARD ENTE 4.45 20-23 09/04S | USD | 5,280,912.41 | 0.28 |
| 3,150,000 LYB INTL FINANCE III 4.20 20-50 01/05S | USD | 3,204,928.33 | 0.17 |
| 401,000 MERCADOLIBRE INC 2.375 21-26 14/01S | USD | 342,378.61 | 0.02 |
| 815,000 MERCADOLIBRE INC 3.125 21-31 14/01S | USD | 679,437.80 | 0.04 |
| 5,790,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 5,251,400.68 | 0.28 |
| 3,149,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 2,859,842.93 | 0.15 |
| 3,258,000 MURPHY OIL CORP	6.375 21-28 15/07S | USD | 3,058,858.62 | 0.16 |
| 6,444,000 NETFLIX INC 3.8750 19-29 15/11S | EUR | 7,787,380.68 | 0.42 |
| 6,670,000 NETFLIX INC 4.625 18-29 15/05S | EUR | 8,329,529.35 | 0.45 |
| 4,825,000 ORACLE CORP	2.9500 20-30 01/04S | USD | 4,293,515.99 | 0.23 |
| 3,600,000 PERSHING SQUARE	1.3750 21-27 01/10A | EUR | 3,544,200.00 | 0.19 |
| 3,600,000 PERSHING SQUARE HOLD 3.25 21-31 01/10S | USD | 3,168,946.53 | 0.17 |
| 2,765,000 STANDARD INDUSTRIES 2.25 19-26 21/11A | EUR | 2,718,147.07 | 0.15 |
| 4,208,000 SYSCO CORP 1.25 16-23 23/06A | EUR | 4,279,893.68 | 0.23 |
| 23,365,400 UNITED STATES TREA  1.875 21-51 15/11S | USD | 20,409,988.79 | 1.10 |
| Convertible bonds |  | 10,601,206.12 | 0.57 |
| Austria |  | 4,405,340.00 | 0.24 |
| 4,000,000 RAIFFEISEN BANK CV  FL.R 20-XX 15/06S | EUR | 4,405,340.00 | 0.24 |
| Israel |  | 1,841,642.81 | 0.10 |
| 2,088,000 BANK LEUMI-ISRAEL CV FL.R 20-31 29/01S | USD | 1,841,642.81 | 0.10 |
| Italy |  | 1,345,590.62 | 0.07 |
| 1,234,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S | EUR | 1,345,590.62 | 0.07 |
| United Kingdom |  | 3,008,632.69 | 0.16 |
| 2,400,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 3,008,632.69 | 0.16 |
| Floating rate bonds |  | 104,107,690.35 | 5.59 |
| Canada |  | 2,689,040.85 | 0.14 |
| 3,026,000 CANADIAN IMPERIAL FL.R 19-23 22/07S | USD | 2,689,040.85 | 0.14 |
| Cayman Islands |  | 3,933,460.01 | 0.21 |
| 3,885,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 3,933,460.01 | 0.21 |
| Denmark |  | 3,095,763.45 | 0.17 |
| 3,054,000 DANSKE BANK A/S	FL.R 15-XX 06/04S | EUR | 3,095,763.45 | 0.17 |
| France |  | 11,890,191.00 | 0.64 |
| 4,400,000 ACCOR SA	FL.R 19-XX 31/12A | EUR | 4,190,692.00 | 0.22 |
| 3,200,000 BPCE FL.R 21-46 13/10A | EUR | 3,118,288.00 | 0.17 |
| 2,800,000 LA BANQUE POSTALE	FL.R 20-31 26/01A | EUR | 2,769,844.00 | 0.15 |
| 1,800,000 RCI BANQUE SA FL.R 19-30 18/02A | EUR | 1,811,367.00 | 0.10 |
| Greece |  | 916,586.24 | 0.05 |
| 944,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 916,586.24 | 0.05 |
| Ireland |  | 1,553,650.00 | 0.08 |
| 1,400,000 AIB GROUP PLC FL.R 20-49 31/12S | EUR | 1,553,650.00 | 0.08 |
| Israel |  | 2,466,983.89 | 0.13 |
| 2,816,000 MIZRAHI TEFAHOT BANK FL.R 21-31 07/04S | USD | 2,466,983.89 | 0.13 |
| Italy |  | 34,221,736.61 | 1.83 |
| 714,000 ENEL SPA	FL.R 13-73 24/09S | USD | 701,411.45 | 0.04 |
| 8,263,000 ENI SPA FL.R 20-XX 13/10A | EUR | 8,685,197.98 | 0.47 |
| 3,012,000 ENI SPA FL.R 21-99 31/12A | EUR | 3,002,617.62 | 0.16 |
| 3,077,000 ENI SPA FL.R 21-XX 11/06A | EUR | 3,079,523.14 | 0.17 |
| 2,313,000 UNICREDIT SPA	FL.R 19-49 19/03S | EUR | 2,722,192.83 | 0.15 |
| 1,605,000 UNICREDIT SPA FL.R 17-32 19/06S | USD | 1,544,445.55 | 0.08 |
| 8,744,000 UNICREDIT SPA FL.R 19-29 20/02A | EUR | 9,393,067.12 | 0.49 |
| 4,823,000 UNICREDIT SPA FL.R 20-27 22/07A | EUR | 5,093,280.92 | 0.27 |
| Ivory Coast |  | 899,911.09 | 0.05 |
| 1,016,780 IVORY COAST FL.R 10-32 31/12S | USD | 899,911.09 | 0.05 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Mexico |  | 2,627,136.82 | 0.14 |
| --- | --- | --- | --- |
| 3,000,000 BANCO MERCANTIL	FL.R 21-49 31/12U | USD | 2,627,136.82 | 0.14 |
| Portugal |  | 1,489,672.50 | 0.08 |
| 1,500,000 BCP	FL.R 19-30 27/03A | EUR | 1,489,672.50 | 0.08 |
| Spain |  | 5,728,398.00 | 0.31 |
| 1,200,000 BANCO SANTANDER SA FL.R 17-49 01/12Q | EUR | 1,259,430.00 | 0.07 |
| 4,200,000 BBVA FL.R 18-XX 24/03Q | EUR | 4,468,968.00 | 0.24 |
| Sweden |  | 3,452,520.88 | 0.19 |
| 3,515,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 3,452,520.88 | 0.19 |
| The Netherlands |  | 5,909,663.27 | 0.32 |
| 3,387,000 ELM BV FL.R 20-99 31/12A | EUR | 3,588,848.27 | 0.20 |
| 2,300,000 TELEFONICA EUROPE BV FL.R 20-XX 02/05A | EUR | 2,320,815.00 | 0.12 |
| United Kingdom |  | 18,956,360.74 | 1.02 |
| 3,977,000 BARCLAYS PLC	FL.R 19-99 27/03Q | USD | 3,871,647.26 | 0.21 |
| 1,717,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 1,822,389.46 | 0.10 |
| 1,667,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 1,709,108.42 | 0.09 |
| 2,034,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 2,038,861.26 | 0.11 |
| 1,373,000 STANDARD CHARTERED FL.R 20-30 09/06A | EUR | 1,439,968.07 | 0.08 |
| 8,551,000 VODAFONE GROUP PLC  FL.R 18-78 03/10A | USD | 8,074,386.27 | 0.43 |
| United States of America |  | 4,276,615.00 | 0.23 |
| 4,142,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,276,615.00 | 0.23 |
| Mortgage and asset backed securities |  | 69,165,136.23 | 3.71 |
| Ireland |  | 57,842,517.67 | 3.10 |
| 1,006,000 ADAGIO CLO	FL.R 21-34 15/04Q | EUR | 1,007,661.92 | 0.05 |
| 1,257,000 ADAGIO CLO	FL.R 21-34 15/04Q | EUR | 1,265,862.10 | 0.07 |
| 1,509,000 ADAGIO CLO FL.R	21-34 15/04S | EUR | 1,508,591.06 | 0.08 |
| 300,000 ARBOUR CLO V DAC	FL.R 18-31 15/09Q | EUR | 299,463.72 | 0.02 |
| 1,100,000 AURIUM CLO VI DAC	FL.R 21-34 22/05Q | EUR | 1,104,288.13 | 0.06 |
| 1,075,000 AURIUM CLO VI DAC	FL.R 21-34 22/05Q | EUR | 1,077,523.45 | 0.06 |
| 1,012,000 AURIUM CLO VI DAC FL.R	21-34 22/05Q | EUR | 1,009,411.71 | 0.05 |
| 1,394,000 AVOCA 12X B1RR	FL.R 21-34 15/04Q | EUR | 1,400,441.81 | 0.08 |
| 697,000 AVOCA 12X DRR	FL.R 21-34 15/04Q | EUR | 699,067.23 | 0.04 |
| 302,000 BAIN CAPITAL EURO CLO FL.R 18-32 20/04Q | EUR | 301,005.73 | 0.02 |
| 1,330,000 BAIN CAPITAL EURO CLO FL.R 21-34 15/07Q | EUR | 1,328,334.44 | 0.07 |
| 1,195,000 BAIN CAPITAL EUROC  FL. R 21-34 15/07Q | EUR | 1,202,177.41 | 0.06 |
| 1,328,000 BCCE 2021-1X C	FL.R 21-34 15/07Q | EUR | 1,332,138.31 | 0.07 |
| 1,131,000 BECLO 4X A	FL.R 17-30 15/07Q | EUR | 1,131,500.47 | 0.06 |
| 319,676 BLACK 2015-1X A1	FL.R 17-29 03/10Q | EUR | 319,695.72 | 0.02 |
| 1,634,000 BLACK 2015-1X B1R  FL.R 18-29 03/10M | EUR | 1,630,933.47 | 0.09 |
| 177,000 BLACKROCK EUROPEAN  FL.R 21-34 15/04Q | EUR | 178,265.61 | 0.01 |
| 478,000 BLACKROCK EUROPEAN FL.R 21-34 15/03Q | EUR | 481,129.65 | 0.03 |
| 1,229,000 BLACKROCK EUROPEAN FL.R 21-34 15/04Q | EUR | 1,229,667.84 | 0.07 |
| 1,301,296 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 1,303,126.30 | 0.07 |
| 1,012,000 FAIR OAKS LOAN FUNDING FL.R 21-34 15/04Q | EUR | 1,013,534.60 | 0.05 |
| 1,265,000 FAIR OAKS LOAN FUNDING FL.R 21-34 15/04Q | EUR | 1,271,961.42 | 0.07 |
| 1,012,000 FAIR OAKS LOAN FUNDING FL.R 21-34 15/04Q | EUR | 1,015,748.65 | 0.05 |
| 200,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 194,747.02 | 0.01 |
| 400,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 396,481.08 | 0.02 |
| 863,000 INVESCO EURO CLO	FL.R 21-34 15-07Q | EUR | 857,122.45 | 0.05 |
| 1,328,000 INVESCO EURO CLO	FL.R 21-34 15/07Q | EUR | 1,325,721.82 | 0.07 |
| 1,328,000 INVESCO EURO CLO  FL.R 21-34 15/07Q | EUR | 1,328,803.97 | 0.07 |
| 1,072,000 MADISON PARK EURO FUND FL.R 21-34 27/07Q | EUR | 1,075,042.87 | 0.06 |
| 978,000 MADISON PARK EURO FUND FL.R 21-34 27/07Q | EUR | 978,949.83 | 0.05 |
| 1,106,000 MADISON PARK EURO FUND FL.R 21-34 27/07Q | EUR | 1,105,034.57 | 0.06 |
| 600,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 594,756.48 | 0.03 |
| 500,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 491,015.00 | 0.03 |
| 1,200,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 1,199,261.76 | 0.06 |
| 728,500 MDPKE 16X B1	FL.R 21-34 25/05Q | EUR | 727,344.75 | 0.04 |
| 1,255,000 MDPKE 16X C1	FL.R 21-34 25/05Q | EUR | 1,259,013.24 | 0.07 |
| 717,500 MDPKE 16X D	FL.R 21-34 25/05Q | EUR | 721,733.18 | 0.04 |
| 1,289,000 MONTMARTRE EURO CLO FL.R 21-34 15/07Q | EUR | 1,286,059.15 | 0.07 |
| 1,289,000 MONTMARTRE EURO CLO FL.R 21-34 15/07Q | EUR | 1,289,232.15 | 0.07 |
| 1,289,000 MONTMARTRE EURO CLO FL.R 21-34 15/07Q | EUR | 1,283,035.80 | 0.07 |
| 340,000 OCP EURO C 2019-3 DAC FL.R 21-33 20/04Q | EUR | 341,459.25 | 0.02 |
| 390,000 OCP EURO C 2019-3 DAC FL.R 21-33 20/04Q | EUR | 390,670.02 | 0.02 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 1,358,000 PENTA CLO S.A. | FL.R 21-34 25/07Q | EUR | 1,361,054.01 | 0.07 |
| --- | --- | --- | --- | --- |
| 1,358,000 PENTA CLO 6 DAC | FL.R 21-34 25/07Q | EUR | 1,359,457.95 | 0.07 |
| 950,000 PENTA 2019-6X CR | FL.R 21-34 25/07Q | EUR | 950,156.94 | 0.05 |
| 1,259,000 PROVIDUS CLO | FL.R 21-34 20/04Q | EUR | 1,259,455.51 | 0.07 |
| 944,000 PROVIDUS CLO | FL.R 21-34 20/04Q | EUR | 945,487.37 | 0.05 |
| 1,045,000 PROVIDUS CLO IV DAC FL.R 21-34 20/04Q | EUR | 1,048,196.76 | 0.06 |
| 548,000 PURP 1X A	FL.R	18-31 25/01Q | EUR | 548,344.15 | 0.03 |
| 667,000 PURP 1X B	FL.R	18-31 25/01Q | EUR | 663,549.08 | 0.04 |
| 411,000 PURP 1X C	FL.R	18-31 25/01Q | EUR | 409,845.42 | 0.02 |
| 1,179,000 SPAUL 3RX B1R	FL.R 18-32 15/01Q | EUR | 1,170,510.26 | 0.06 |
| 307,000 SPAUL 3RX CR	FL.R 18-32 15/0 | EUR | 305,782.87 | 0.02 |
| 730,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 730,775.69 | 0.04 |
| 2,438,000 TCLO 2X B1RR	FL.R 21-34 15/07Q | EUR | 2,438,251.84 | 0.12 |
| 2,438,000 TCLO 2X CRR	FL.R 21-34 15/07Q | EUR | 2,440,792.97 | 0.12 |
| 615,000 VOYA EURO CLO II DAC FL.R 21-35 15/07Q | EUR | 614,794.77 | 0.03 |
| 889,000 VOYA EURO CLO II DAC FL.R 21-35 15/07Q | EUR | 884,623.01 | 0.05 |
| 752,000 VOYA EURO CLO II DAC FL.R 21-35 15/07Q | EUR | 754,423.93 | 0.04 |
| Jersey Island |  | 2,571,356.02 | 0.14 |
| 2,922,167 SRANC 2013-1X AR	FL.R 17-29 26/07Q | USD | 2,571,356.02 | 0.14 |
| Luxembourg |  | 2,903,413.06 | 0.16 |
| 1,195,000 SCULPTOR EURO CLO VIII FL.R 21-34 17/07Q | EUR | 1,194,411.34 | 0.07 |
| 929,000 SCULPTOR EUROPEAN CLO FL.R 21-34 17/07Q | EUR | 927,709.99 | 0.05 |
| 783,000 SCULPTOR EUROPEAN CLO FL.R 21-34 17/07Q | EUR | 781,291.73 | 0.04 |
| The Netherlands |  | 5,312,240.22 | 0.28 |
| 1,364,000 ALME 4X BR	FL.R 18-32 15/01Q | EUR | 1,365,289.53 | 0.06 |
| 525,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 519,509.50 | 0.03 |
| 300,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 296,067.42 | 0.02 |
| 943,000 CAIRN CLO BV	FL.R 21-33 20/10Q | EUR | 949,839.39 | 0.05 |
| 943,000 CAIRN CLO BV	FL.R 21-33 20/10Q | EUR | 945,157.21 | 0.05 |
| 1,237,000 MADISON PK X	FL.R 18-30 15/10Q | EUR | 1,236,377.17 | 0.07 |
| United States of America |  | 535,609.26 | 0.03 |
| 536,000 BLACK 2015-1X CR	FL.R 18-29 03/10Q | EUR | 535,609.26 | 0.03 |
| Other transferable securitie | s	 236,069.83 | 0.01 |
| Bonds |  | 236,069.83 | 0.01 |
|  | Mexico | 236,069.83 | 0.01 |
| 267,123 SEAMEX LTD | 12.00 21-24 31/08Q | USD | 236,069.83 | 0.01 |
| Shares/Units of UCITS/UCIS | 86,031,153.26 | 4.62 |
| Shares/Units in investment funds | 86,031,153.26 | 4.62 |
| France | 86,031,153.26 | 4.62 |
| 121,186 CARMIGNAC PATRIMOINE A EUR ACC | EUR | 86,031,153.26 | 4.62 |
| Money market instruments |  | 295,819,051.06 | 15.88 |
| Bonds |  | 295,819,051.06 | 15.88 |
| France |  | 6,494,601.34 | 0.35 |
| 6,484,000 FRANCE ZCP 230322 | EUR | 6,494,601.34 | 0.35 |
| Italy |  | 153,724,215.61 | 8.25 |
| 10,000,000 ITAL BUON ORDI DEL ZCP 14-10-22 | EUR | 10,047,450.00 | 0.54 |
| 43,000,000 ITAL BUON ORDI DEL ZCP 14-12-22 | EUR | 43,207,690.00 | 2.32 |
| 44,710,000 ITAL BUON ORDI DEL ZCP 31-01-22 | EUR | 44,735,484.70 | 2.40 |
| 26,000,000 ITALY BUONI TES BOT ZCP 290422 | EUR | 26,054,210.00 | 1.40 |
| 29,637,000 ITALY ZCP 140322 | EUR | 29,679,380.91 | 1.59 |
| Spain |  | 85,650,727.54 | 4.60 |
| 26,250,000 ROYAUME D SPAIN ZCP 07-10-22 | EUR | 26,372,587.50 | 1.42 |
| 18,846,000 SPAI LETR DEL TESO ZCP 10-06-22 | EUR | 18,898,014.96 | 1.01 |
| 25,509,000 SPAIN ZCP 060522 | EUR | 25,565,247.34 | 1.37 |
| 14,802,000 SPAIN ZCP 110222 | EUR | 14,814,877.74 | 0.80 |
| United States of America |  | 49,949,506.57 | 2.68 |
| 8,068,000 UNIT STAT TREA BIL ZCP 06-01-22 | USD | 7,094,605.02 | 0.38 |
| 48,735,000 UNIT STAT TREA BIL ZCP 27-01-22 | USD | 42,854,901.55 | 2.30 |
| Total securities portfolio | 1,728,037,413.84 | 92.77 |

|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 27.45 |
| Italy |  | 11.39 |
| France |  | 8.42 |
| United Kingdom |  | 6.45 |
| Spain |  | 5.41 |
| Ireland |  | 4.71 |
| Cayman Islands |  | 4.50 |
| The Netherlands |  | 3.30 |
| China |  | 3.18 |
| Mexico |  | 2.47 |
| Russia |  | 1.96 |
| South Korea |  | 1.90 |
| Germany |  | 1.64 |
| Denmark |  | 1.55 |
| Romania |  | 1.40 |
| Israel |  | 0.74 |
| Greece |  | 0.74 |
| Dominican Republic |  | 0.66 |
| Ivory Coast |  | 0.52 |
| Sweden |  | 0.48 |
| India |  | 0.47 |
| Hong Kong |  | 0.46 |
| Luxembourg |  | 0.41 |
| Belgium |  | 0.27 |
| Switzerland |  | 0.25 |
| Taiwan |  | 0.25 |
| Ukraine |  | 0.24 |
| Austria |  | 0.24 |
| Finland |  | 0.19 |
| Other |  | 1.12 |
|  |  | 92.77 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 24.63 |
| Holding and finance companies | 15.26 |
| Internet and internet services | 12.29 |
| Banks and credit institutions | 6.82 |
| Pharmaceuticals and cosmetics | 6.44 |
| Retail trade, department stores | 4.41 |
| Petroleum | 4.05 |
| Healthcare and social services | 2.24 |
| Communications | 1.92 |
| Textiles and garments | 1.60 |
| Utilities | 1.46 |
| Transportation | 1.41 |
| Machine and apparatus construction | 1.18 |
| Biotechnology | 1.15 |
| Chemicals | 1.05 |
| Road vehicles | 0.94 |
| Miscellaneous sectors | 0.80 |
| Aerospace industry | 0.78 |
| Real estate companies | 0.72 |
| Graphic art and publishing | 0.59 |
| Tobacco and alcoholic drinks | 0.50 |
| Unit trusts | 0.42 |
| Hotels and restaurants | 0.40 |
| Electronics and semiconductors | 0.37 |
| Office supplies and computing | 0.28 |
| Supranational | 0.27 |
| Electrical engineering and electronics | 0.25 |
| Miscellaneous trading companies | 0.23 |
| Insurance | 0.23 |
| Miscellaneous services | 0.08 |
|  | 92.77 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 27,434,199.08 |
| --- | --- | --- |
| Net dividends | Note 2 | 3,648,284.07 |
| Net interest on bonds | Note 2 | 21,932,900.09 |
| Bank interest on cash account |  | 77,917.86 |
| Other financial income |  | 1,444,608.04 |
| Interest on swaps |  | 265,670.88 |
| Securities lending income | Note 2, 7 | 64,818.14 |
| Expenses |  | 27,787,882.47 |
| Management fees | Note 3 | 17,413,201.58 |
| Custodian & sub-custodian fees | Note 4 | 229,128.00 |
| Taxe d'abonnement | Note 5 | 900,117.00 |
| Performance fees | Note 3 | 1,614.44 |
| Bank interest on overdrafts |  | 735,405.97 |
| Transaction fees | Note 6 | 1,960,856.24 |
| Dividends paid on CFDs |  | 72,654.85 |
| Interest on swaps |  | 2,187,752.96 |
| Operating and establishment fees | Note 4 | 4,287,151.43 |
| Net loss from investments |  | (353,683.39) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 150,509,685.50 |
| - options |  | 1,207,707.87 |
| - forward foreign exchange contracts |  | (18,329,578.20) |
| - financial futures |  | (60,491,989.12) |
| - swaps |  | 24,707,278.72 |
| - foreign exchange |  | (5,330,340.57) |
| Net realised profit |  | 91,919,080.81 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (95,300,037.86) |
| - options |  | (1,413,210.05) |
| - forward foreign exchange contracts |  | (2,097,263.19) |
| - financial futures |  | 6,090,523.46 |
| - swaps |  | (5,313,491.08) |
| Decrease in net assets as a result of operations |  | (6,114,397.91) |
| Dividends paid | Note 10 | (5,055,146.58) |
| Subscription capitalisation shares |  | 1,172,082,221.02 |
| Subscription distribution shares |  | 51,867,154.92 |
| Redemption capitalisation shares |  | (911,661,100.99) |
| Redemption distribution shares |  | (30,447,604.80) |
| Increase in net assets |  | 270,671,125.66 |
| Net assets at the beginning of the year |  | 1,592,069,497.12 |
| Net assets at the end of the year |  | 1,862,740,622.78 |

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 |