# CARMIGNAC PORTFOLIO
## Unconstrained Emerging Markets Debt

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 24,340,843.19 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 21,758,738.14 |
| Cost price |  | 21,258,700.13 |
| Unrealised profit on the securities portfolio |  | 500,038.01 |
| Options purchased at market value | Note 2 | 273,716.16 |
| Options purchased at cost |  | 239,060.86 |
| Cash at banks and liquidities |  | 1,864,796.34 |
| Interest receivable |  | 375,230.84 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 48,418.51 |
| Unrealised net appreciation on financial futures | Note 2 | 19,943.20 |
| Liabilities |  | 1,109,542.62 |
| Options sold at market value | Note 2 | 118.00 |
| Options sold at cost |  | 7,609.86 |
| Bank overdrafts |  | 172,904.97 |
| Brokers payable |  | 26,601.34 |
| Unrealised net depreciation on swaps | Note 2 | 854,787.32 |
| Other liabilities | Note 14 | 55,130.99 |
| Net asset value |  | 23,231,300.57 |

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 | 23,231,300.57 | 18,041,134.36 | 20,033,836.25 |
| Class A EUR - Capitalisation Number of shares |  | 45,000 | 45,000 | 45,000 |
| Net asset value per share | EUR | 115.62 | 90.28 | 100.83 |
| Class Income A EUR - Distribution Number of shares |  | 5,000 | 5,000 | 5,000 |
| Net asset value per share | EUR | 104.08 | 84.67 | 99.35 |
| Class E USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 121.72 | 92.84 | 101.49 |
| Class W EUR - Capitalisation Number of shares |  | 140,000 | 140,000 | 140,000 |
| Net asset value per share | EUR | 117.31 | 91.02 | 101.10 |

The accompanying notes form an integral part of these financial statements
Securities portfolio as at 31/12/19
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchan | ge listing	 19,505,680.53 | 83.96 |
| --- | --- | --- |
| Bonds | 17,936,697.87 | 77.21 |

| Brazil | 470,868.59 | 2.03 |
| --- | --- | --- |
| 500,000 AEGEA FINANCE SARL | 5.75 17-24 10/10S | USD | 470,868.59 | 2.03 |
| Chile |  |  | 1,310,739.63 | 5.64 |
| 320,000,000 BONOS TESORERIA	5.1000 19-50 15/07S	CLP | 469,302.86 | 2.02 |
| 520,000,000 CHILE -DY- | 6.00 13-43 01/01S | CLP | 841,436.77 | 3.62 |
| Greece |  |  | 1.25 | 0.00 |
| 1 HELLENIC REPUBLIC | 4.00 17-37 30/01A | EUR | 1.25 | 0.00 |
| Indonesia |  |  | 1,683,223.76 | 7.25 |
| 13,500,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 857,183.07 | 3.69 |
| 12,000,000,000 INDONESIA 8.375 18-39 15/04S | IDR | 826,040.69 | 3.56 |
| Ireland |  | 347,975.06 | 1.50 |
| 400,000 ASG FINANCE	7.875 19-24 03/12S | USD | 347,975.06 | 1.50 |
| Ivory Coast |  | 1,009,855.00 | 4.35 |
| 1,000,000 COTE D IVOIRE	6.625 18-48 22/03A | EUR | 1,009,855.00 | 4.35 |
| Japan |  | 1,492,837.39 | 6.43 |
| 180,000,000 JAPAN	0.1 19-29 20/09S	JPY | 1,492,837.39 | 6.43 |
| Luxembourg | 2,643,365.00 | 11.37 |
| 400,000 IVORY COAST	5.8750 19-31 17/10A	EUR | 416,900.00 | 1.79 |
| 1,800,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A	EUR | 2,226,465.00 | 9.58 |
| Mexico | 957,496.50 | 4.12 |
| 900,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 957,496.50 | 4.12 |
| Romania |  | 466,000.00 | 2.01 |
| 400,000 ROMANIA	3.875 15-35 29/10A	EUR | 466,000.00 | 2.01 |
| South Africa | 465,268.44 | 2.00 |
| 10,500,000 SOUTH AFRICA | 6.50 10-41 28/02S | ZAR | 465,268.44 | 2.00 |
| Thailand |  |  | 582,102.41 | 2.51 |
| 17,500,000 THAILAND 2.875 18-28 17/12S	THB | 582,102.41 | 2.51 |
| The Netherlands | 284,103.34 | 1.22 |
| 300,000 IHS NL HOLDCO	8.00 | 19-27 18/09S | USD | 284,103.34 | 1.22 |
| Turkey |  |  | 1,835,860.80 | 7.90 |
| 500,000 RONESANS	7.25 18-23 26/04S	USD | 407,808.46 | 1.76 |
| 1,000,000 TURKEY 4.625 19-25 31/03A | EUR | 1,059,500.00 | 4.55 |
| 500,000 TURKEY 4.875 13-43 16/04S | USD | 368,552.34 | 1.59 |
| United Arab Emirates |  | 2,310,585.75 | 9.94 |
| 1,750,000 ABU DHABI GOVERNMENT 2.125 19-24 30/09S | USD | 1,555,675.95 | 6.69 |
| 850,000 ABU DHABI GVT INTERN 2.50 19-29 30/09S | USD | 754,909.80 | 3.25 |
| United Kingdom | 318,398.67 | 1.37 |
| 350,000 KONDOR FINANCE  7.625 19-26 08/11S	USD | 318,398.67 | 1.37 |
| United States of America | 1,758,016.28 | 7.57 |
| 500,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 369,775.05 | 1.59 |
| 1,500,000 USA TREASURY BONDS | 2.5 18-25 31/01S | USD | 1,388,241.23 | 5.98 |
| Floating rate bonds |  |  | 1,568,982.66 | 6.75 |
| Argentina |  | 323,582.00 | 1.39 |
| 700,000 ARGENTINA STEP-UP  FL.R 05-38 31/12S | EUR | 323,582.00 | 1.39 |
| Greece |  | 375,777.50 | 1.62 |
| 350,000 PIRAEUS GROUP F  FL.R 19-29 26/06A | EUR | 375,777.50 | 1.62 |
| Mexico |  | 668,233.41 | 2.87 |
| 700,000 BANCO MERCANTILE DEL | FL.R 19-XX 31/12Q | USD | 668,233.41 | 2.87 |
| Turkey |  |  | 201,389.75 | 0.87 |
| 200,000 YAPI	FL.R  19-99 15/01S	USD | 201,389.75 | 0.87 |
| Money market instruments |  | 2,253,057.61 | 9.70 |
| Bonds |  | 2,253,057.61 | 9.70 |
| Greece |  | 2,253,057.61 | 9.70 |
| 2,253,000 HELLENIC T-BILL ZCP 070220 | EUR | 2,253,057.61 | 9.70 |
| Total securities portfolio | 21,758,738.14 | 93.66 |

	The accompanying notes form an integral part of these financial statements	

#### Geographical breakdown

###### Breakdown per country	% of net assets
Luxembourg	11.37
Greece	11.32
United Arab Emirates	9.94
Turkey	8.77
United States of America	7.57
Indonesia	7.25
Mexico	6.99
Japan	6.43
Chile	5.64
Ivory Coast	4.35
Thailand	2.51
Brazil	2.03
Romania	2.01
South Africa	2.00
Ireland	1.50
Argentina	1.39
United Kingdom	1.37
The Netherlands	1.22

###### 	93.66

#### Economical breakdown

###### Breakdown per sector	% of net assets
Countries and central government	53.40
Healthcare and social services	11.37
Cantons, Federal States, Provinces	9.94
Holding and finance companies	7.71
Banks and credit institutions	5.36
Petroleum	4.12
Real estate companies	1.76
	93.66
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 1,016,992.70 |
| --- | --- | --- |
| Net dividends |  | 4,759.44 |
| Net interest on bonds |  | 984,716.33 |
| Bank interest on cash account |  | 8,408.89 |
| Other financial income |  | 16.70 |
| Interest on swaps |  | 19,091.34 |
| Expenses |  | 599,967.43 |
| Management fees | Note 3 | 170,240.18 |
| Custodian & sub-custodian fees | Note 4 | 3,574.37 |
| Taxe d'abonnement | Note 5 | 2,121.00 |
| Bank interest on overdrafts |  | 27,375.12 |
| Transaction fees | Note 6 | 4,892.17 |
| Interest on swaps |  | 354,892.73 |
| Operating and establishment fees | Note 4 | 36,871.86 |
| Net income from investments |  | 417,025.27 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 2,448,856.15 |
| - options |  | 434,262.18 |
| - forward foreign exchange contracts |  | 472,828.64 |
| - financial futures |  | (128,430.87) |
| - swaps |  | 1,143,611.08 |
| - foreign exchange |  | 164,840.82 |
| Net realised profit |  | 4,952,993.27 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 674,782.21 |
| - options |  | 1,463.50 |
| - forward foreign exchange contracts |  | 79,346.05 |
| - financial futures |  | 61,687.56 |
| - swaps |  | (561,006.38) |
| Increase in net assets as a result of operations |  | 5,209,266.21 |
| Dividends paid | Note 10 | (19,100.00) |
| Increase in net assets |  | 5,190,166.21 |
| Net assets at the beginning of the year |  | 18,041,134.36 |
| Net assets at the end of the year |  | 23,231,300.57 |

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 |