# CARMIGNAC PORTFOLIO
## Commodities

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 351,684,609.30 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 306,138,571.82 |
| Cost price |  | 313,277,809.90 |
| Unrealised loss on the securities portfolio |  | (7,139,238.08) |
| Cash at banks and liquidities |  | 44,535,818.68 |
| Interest receivable |  | 5,507.89 |
| Subscriptions receivable |  | 519,668.49 |
| Dividends receivable |  | 327,349.79 |
| Unrealised net appreciation on financial futures | Note 2 | 27,078.15 |
| Other assets | Note 13 | 130,614.48 |
| Liabilities |  | 11,476,943.88 |
| Bank overdrafts |  | 7,572,454.61 |
| Redemptions payable |  | 1,121,958.87 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 123,726.49 |
| Unrealised net depreciation on swaps | Note 2 | 1,862,237.52 |
| Other liabilities | Note 14 | 796,566.39 |
| Net asset value |  | 340,207,665.42 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 340,207,665.42 | 465,117,080.45 | 754,334,156.07 |
| Class A EUR - Capitalisation Number of shares |  | 945,686 | 1,441,412 | 2,025,256 |
| Net asset value per share | EUR | 291.60 | 254.02 | 308.64 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 4,487 | 18,560 |
| Net asset value per share | CHF | 0.00 | 83.83 | 102.32 |
| Class A USD Hedged - Capitalisation Number of shares |  | 119,064 | 146,680 | 151,905 |
| Net asset value per share | USD | 105.01 | 89.05 | 105.45 |
| Class E EUR - Capitalisation Number of shares |  | 177,631 | 209,140 | 182,317 |
| Net asset value per share | EUR | 84.53 | 74.19 | 90.88 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 191 |
| Net asset value per share | USD | 0.00 | 91.36 | 110.59 |
| Class F EUR - Capitalisation Number of shares |  | 276,197 | 673,456 | 754,012 |
| Net asset value per share | EUR | 111.71 | 96.68 | 116.96 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 1,016 | 1,036 |
| Net asset value per share | CHF | 0.00 | 94.85 | 114.98 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 86,793 |
| Net asset value per share | GBP | 0.00 | 0.00 | 72.85 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F USD Hedged - Capitalisation | 340,207,665.42 | 465,117,080.45 | 754,334,156.07 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 2,523 | 4,367 | 5,282 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 121.29 | 102.21 | 120.23 |
| Class W EUR - Capitalisation Number of shares |  | 11,081 | 11,001 | 10,000 |
| Net asset value per share | EUR | 105.24 | 91.07 | 109.89 |
| Class W GBP - Capitalisation Number of shares |  | 44,787 | 43,997 | 4,766 |
| Net asset value per share | GBP | 113.58 | 104.10 | 124.23 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchang | e listing | 306,138,571.82 | 89.99 |
| --- | --- | --- | --- |
| Shares |  | 306,138,571.82 | 89.99 |
| Belgium |  | 11,951,000.00 | 3.51 |
| 380,000 TESSENDERLO CHEMIE NV | EUR | 11,951,000.00 | 3.51 |
| Bermuda |  | 5,688,904.23 | 1.67 |
| 288,950 GEOPARK HOLDINGS USD | USD | 5,688,904.23 | 1.67 |
| Brazil |  | 7,388,060.58 | 2.17 |
| 628,265 VALE ADR REP 1SH | USD | 7,388,060.58 | 2.17 |
| Canada |  | 68,120,597.03 | 20.03 |
| 825,206 AFRICA OIL | SEK | 662,426.55 | 0.19 |
| 168,858 AGNICO EAGLE MINES LTD | USD | 9,268,010.14 | 2.72 |
| 161,634 CANADIAN NATURAL RESOURCES | CAD | 4,663,800.49 | 1.37 |
| 287,221 ENBRIDGE INC | CAD | 10,187,702.82 | 3.00 |
| 211,610 ERO COPPER CORP | CAD | 3,432,338.62 | 1.01 |
| 712,500 FIRST QUANTUM MINERALS LTD | CAD | 6,446,568.43 | 1.89 |
| 331,856 INTERFOR CORP | CAD | 3,344,550.37 | 0.98 |
| 132,375 NUTRIEN - REGISTERED | USD | 5,649,965.48 | 1.66 |
| 411,300 PRETIUM RESOURCES | CAD | 4,083,048.23 | 1.20 |
| 267,104 SUNCOR ENERGY INC | CAD | 7,809,800.93 | 2.30 |
| 50,674 TECK RESOURCES LTD -B- | USD | 784,149.11 | 0.23 |
| 900,000 VALEURA ENERGY - REGISTERED SHS | CAD | 395,713.11 | 0.12 |
| 368,884 WHEATON PRECIOUS METAL - REGISTERED | CAD | 9,792,304.04 | 2.89 |
| 60,378 WHEATON PRECIOUS METAL - REGISTERED | USD | 1,600,218.71 | 0.47 |
| Denmark |  | 22,260,636.53 | 6.54 |
| 158,134 ORSTED | DKK | 14,580,706.06 | 4.28 |
| 85,247 VESTAS WIND SYSTEMS AS | DKK | 7,679,930.47 | 2.26 |
| Germany |  | 61,637.64 | 0.02 |
| 687 SILTRONIC AG | EUR | 61,637.64 | 0.02 |
| India |  | 3,583,024.44 | 1.05 |
| 887,965 STERL AND WILS - SHS 144A REGS | INR | 3,583,024.44 | 1.05 |
| Japan |  | 5,016,735.29 | 1.47 |
| 370,000 NIPPON STEEL CORP | JPY | 5,016,735.29 | 1.47 |
| Jersey Island |  | 19,084,609.02 | 5.61 |
| 4,811,558 GLENCORE PLC | GBP | 13,364,019.30 | 3.93 |
| 1,265,955 PETROFAC LTD | GBP | 5,720,589.72 | 1.68 |
| Mexico |  | 3,494,879.54 | 1.03 |
| 1,428,500 GMEXICO -B- | MXN | 3,494,879.54 | 1.03 |
| United Kingdom |  | 27,074,133.83 | 7.96 |
| 1,600,000 HOCHSCHILD MINING PLC | GBP | 3,455,478.85 | 1.02 |
| 311,932 RIO TINTO PLC | GBP | 16,576,736.84 | 4.87 |
| 923,505 ROTORK NEW ISSUE | GBP | 3,651,078.95 | 1.07 |
| 190,343 WEIR GROUP PLC | GBP | 3,390,839.19 | 1.00 |
| United States of America |  | 132,414,353.69 | 38.93 |
| 79,222 ALBERMARLE CORPORATION | USD | 5,154,899.67 | 1.52 |
| 147,176 ALCOA WHEN ISSUED | USD | 2,820,272.39 | 0.83 |
| 232,142 CALLON PETROLEUM CO | USD | 998,882.73 | 0.29 |
| 93,991 CHEVRON CORP | USD | 10,090,739.79 | 2.97 |
| 13,947 CIMAREX ENERGY CO | USD | 652,185.33 | 0.19 |
| 319,756 DARLING INGREDIENT INC | USD | 7,998,885.06 | 2.35 |
| 103,615 EOG RESOURCES INC | USD | 7,731,663.61 | 2.27 |
| 255,885 EXXON MOBIL CORP | USD | 15,907,042.58 | 4.69 |
| 139,865 GARDNER DENVER HLDGS - REGISTERED | USD | 4,570,377.02 | 1.34 |
| 163,334 GRAFTECH INTL | USD | 1,690,816.11 | 0.50 |
| 296,893 HALLIBURTON | USD | 6,472,135.15 | 1.90 |
| 145,800 MARATHON PETROLEUM | USD | 7,825,790.65 | 2.30 |
| 41,480 MASTEC INC | USD | 2,370,919.20 | 0.70 |
| 93,035 MUELLER INDUSTRIES INC | USD | 2,631,502.23 | 0.77 |
| 25,000 NATIONAL OILWELL VARCO INC | USD | 557,906.46 | 0.16 |
| 372,016 NEWMONT GOLDCORP CORPORATION | USD | 14,400,084.81 | 4.24 |
| 81,585 PARSLEY ENERGY INC -A- | USD | 1,374,407.44 | 0.40 |
| 87,472 PDC ENERGY INC | USD | 2,039,324.94 | 0.60 |
| 86,771 PHILLIPS 66 | USD | 8,612,166.69 | 2.53 |
| 78,177 PIONER NATURAL RESOURCES COMPANY | USD | 10,542,229.39 | 3.10 |
| 263,123 PROPETRO HOLDING CORP | USD | 2,637,090.20 | 0.78 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 107,820 RPC | USD | 503,320.09 | 0.15 |
| 38,997 SM ENERGY | USD | 390,491.12 | 0.11 |
| 179,268 STEEL DYNAMICS | USD | 5,436,332.04 | 1.60 |
| 138,831 TPI COMPOSITES | USD | 2,289,320.10 | 0.67 |
| 66,148 WASTE MANAGEMENT INC | USD | 6,715,568.89 | 1.97 |

Total securities portfolio	
306,138,571.82	89.99
	The accompanying notes form an integral part of these financial statements	

#### Geographical breakdown

###### Breakdown per country	% of net assets
United States of America	38.93
Canada	20.03
United Kingdom	7.96
Denmark	6.54
Jersey Island	5.61
Belgium	3.51
Brazil	2.17
Bermuda	1.67
Japan	1.47
India	1.05
Mexico	1.03
Germany	0.02

###### 	89.99

#### Economical breakdown

###### Breakdown per sector	% of net assets
Petroleum	27.13
Utilities	12.94
Coal mining and steel industry	11.44
Precious metals and stones	10.51
Chemicals	6.69
Non-ferrous metals	6.65
Miscellaneous trading companies	3.93
Holding and finance companies	3.79
Machine and apparatus construction	2.17
Environmental services and recycling	1.97
Electronics and semiconductors	1.09
Paper and forest products	0.98
Electrical engineering and electronics	0.70
	89.99
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 9,567,156.77 |
| --- | --- | --- |
| Net dividends |  | 8,602,538.58 |
| Net interest on bonds |  | 493,976.40 |
| Bank interest on cash account |  | 440,581.86 |
| Other financial income |  | 26,186.12 |
| Interest on swaps |  | 3,513.48 |
| Securities lending income | Note 2, 7 | 360.33 |
| Expenses |  | 9,639,793.31 |
| Management fees | Note 3 | 5,691,574.40 |
| Custodian & sub-custodian fees | Note 4 | 68,518.84 |
| Taxe d'abonnement | Note 5 | 194,592.00 |
| Performance fees | Note 3 | 131,303.58 |
| Bank interest on overdrafts |  | 1,125,586.03 |
| Transaction fees | Note 6 | 481,338.06 |
| Dividend expenses |  | 1,022,941.51 |
| Interest on swaps |  | 5,349.67 |
| Operating and establishment fees | Note 4 | 918,589.22 |
| Net loss from investments |  | (72,636.54) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (32,008,453.84) |
| - forward foreign exchange contracts |  | 3,088,876.16 |
| - financial futures |  | 363,511.87 |
| - swaps |  | (1,468,928.12) |
| - foreign exchange |  | 5,391,048.58 |
| Net realised loss |  | (24,706,581.89) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 91,756,163.49 |
| - forward foreign exchange contracts |  | (2,845,389.05) |
| - financial futures |  | (282,670.78) |
| - swaps |  | (3,328,813.91) |
| Increase in net assets as a result of operations |  | 60,592,707.86 |
| Subscription capitalisation shares |  | 104,532,991.20 |
| Redemption capitalisation shares |  | (290,035,114.09) |
| Decrease in net assets |  | (124,909,415.03) |
| Net assets at the beginning of the year |  | 465,117,080.45 |
| Net assets at the end of the year |  | 340,207,665.42 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2019-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert

##### Abschluss zum 31.12.2019
Aufstellung des Nettovermögens zum 31.12.2019
Ausgedrückt in EUR
| Aktiva |  | 8.526.201.846,34 |
| --- | --- | --- |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 7.827.728.767,13 |
| Anschaffungskosten |  | 7.574.187.077,90 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 253.541.689,23 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 4.905.489,62 |
| Zum Einstandspreis erworbene Optionen |  | 6.319.793,88 |
| Bankguthaben und liquide Mittel |  | 584.027.821,86 |
| Zinsforderungen |  | 47.336.199,83 |
| Forderungen gegenüber Brokern |  | 7.952.540,60 |
| Forderungen aus Zeichnungen |  | 24.854.209,26 |
| Dividendenforderungen |  | 903.261,09 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 12.082.754,38 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 4.768.852,79 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 10.262.544,49 |
| Sonstige Aktiva | Erläuterung 13 | 1.379.405,29 |
| Passiva |  | 280.275.742,68 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 2.075.821,47 |
| Zum Einstandspreis verkaufte Optionen |  | 3.321.183,28 |
| Kontoüberziehungen |  | 51.018.287,94 |
| Verbindlichkeiten gegenüber Brokern |  | 129.961.414,11 |
| Verbindlichkeiten aus Rücknahmen |  | 29.247.323,77 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 5.489.732,56 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 3.859.791,81 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 22.975.998,42 |
| Sonstige Passiva | Erläuterung 14 | 35.647.372,60 |
| Nettoinventarwert |  | 8.245.926.103,66 |

Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2019 bis 31.12.2019
| Ausgedrückt in EUR |
| --- |
| Erträge |  | 185.839.435,83 |
| Nettodividenden |  | 42.295.440,16 |
| Nettozinsen aus Anleihen |  | 130.734.190,92 |
| Bankzinsen aus Sichteinlagen |  | 2.958.153,85 |
| Sonstige Finanzerträge |  | 1.772.530,56 |
| Zinsen aus Swapverträgen |  | 7.225.187,54 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 853.932,80 |
| Aufwand |  | 151.660.030,11 |
| Verwaltungsgebühren | Erläuterung 3 | 73.779.033,82 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.433.760,21 |
| Taxe d’abonnement | Erläuterung 5 | 4.070.551,00 |
| Performancegebühren | Erläuterung 3 | 19.194.933,39 |
| Überziehungszinsen |  | 8.350.513,24 |
| Transaktionskosten | Erläuterung 6 | 8.728.597,47 |
| Dividendenaufwand |  | 7.174.546,51 |
| Zinsen aus Swapverträgen |  | 16.319.325,58 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 12.608.768,89 |
| Nettoertrag aus Anlagen |  | 34.179.405,72 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 162.737.293,80 |
| - Optionen |  | (48.838.499,42) |
| - Devisenterminkontrakten |  | (69.282.878,72) |
| - Futures |  | (100.808.487,30) |
| - Swaps |  | 28.325.334,64 |
| - Wechselkursgeschäften |  | 131.796.625,76 |
| Realisierter Nettogewinn |  | 138.108.794,48 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |  |  |
| - Anlagen | Erläuterung 2 | 623.979.147,64 |
| - Optionen |  | 12.767.859,44 |
| - Devisenterminkontrakten |  | 8.455.667,54 |
| - Futures |  | (2.301.369,48) |
| - Swaps |  | (55.596.231,44) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 725.413.868,18 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (11.427.110,20) |
| Zeichnungen von thesaurierenden Aktien |  | 4.590.307.917,13 |
| Zeichnungen von ausschüttenden Aktien |  | 56.652.617,32 |
| Rücknahmen von thesaurierenden Aktien |  | (6.261.392.201,49) |
| Rücknahmen von ausschüttenden Aktien |  | (149.100.700,46) |
| Rückgang des Nettovermögens |  | (1.049.545.609,52) |
| Nettovermögen am Jahresanfang |  | 9.295.471.713,18 |
| Nettovermögen am Jahresende |  | 8.245.926.103,66 |