# CARMIGNAC PORTFOLIO
## Grande Europe

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 419,023,467.98 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 388,410,555.63 |
| Cost price |  | 346,767,550.02 |
| Unrealised profit on the securities portfolio |  | 41,643,005.61 |
| Cash at banks and liquidities |  | 24,342,429.71 |
| Interest receivable |  | 255.16 |
| Brokers receivable |  | 4,998,224.15 |
| Subscriptions receivable |  | 1,268,737.05 |
| Other assets | Note 13 | 3,266.28 |
| Liabilities |  | 10,822,838.58 |
| Bank overdrafts |  | 106.17 |
| Brokers payable |  | 4,904,708.05 |
| Redemptions payable |  | 1,094,915.77 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 20,522.15 |
| Other liabilities | Note 14 | 4,802,586.44 |
| Net asset value |  | 408,200,629.40 |

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 | 408,200,629.40 | 155,494,506.34 | 286,472,825.40 |
| Class A EUR - Capitalisation Number of shares |  | 569,663 | 585,778 | 1,040,619 |
| Net asset value per share | EUR | 241.73 | 179.34 | 198.28 |
| Class A EUR Y - Distribution Number of shares |  | 19,037 | 2,047 | 6,127 |
| Net asset value per share | EUR | 168.75 | 125.90 | 139.78 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 2,460 | 2,338 | 2,568 |
| Net asset value per share | CHF | 169.79 | 126.41 | 140.38 |
| Class A USD - Capitalisation Number of shares |  | 0 | 594 | 0 |
| Net asset value per share | USD | 0.00 | 85.49 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 5,103 | 11,900 | 9,959 |
| Net asset value per share | USD | 183.59 | 133.36 | 144.15 |
| Class E EUR - Capitalisation Number of shares |  | 33,539 | 47,623 | 60,422 |
| Net asset value per share | EUR | 132.87 | 99.17 | 110.51 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 92 |
| Net asset value per share | USD | 156.31 | 114.25 | 126.39 |
| Class F EUR - Capitalisation Number of shares |  | 919,017 | 358,025 | 532,606 |
| Net asset value per share | EUR | 160.13 | 118.19 | 130.74 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 408,200,629.40 | 155,494,506.34 | 286,472,825.40 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 671 | 844 | 994 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 158.15 | 117.15 | 129.26 |
| Class F USD Hedged - Capitalisation Number of shares |  | 859 | 477 | 477 |
| Net asset value per share | USD | 173.44 | 125.58 | 134.53 |
| Class W EUR - Capitalisation Number of shares |  | 897,722 | 10,000 | 10,000 |
| Net asset value per share | EUR | 127.23 | 92.33 | 101.40 |
| Class W GBP - Capitalisation Number of shares |  | 0 | 1,739 | 698 |
| Net asset value per share | GBP | 0.00 | 133.10 | 144.57 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 0 | 951 | 1,099 |
| Net asset value per share | GBP | 0.00 | 121.24 | 132.26 |

Securities portfolio as at 31/12/19
Expressed in EUR
Quantity	Denomination	Quotation
| Transferable sec | urities admitted to an official stock exchange l | sting	 388,410,555.63 | 95.15 |
| --- | --- | --- | --- |
| Shares |  | 388,410,555.63 | 95.15 |
|  | Belgium | 4,138,435.00 | 1.01 |

currency
Market value	% of net
assets
i
| 22,190 GALAPAGOS GENOMICS NV | EUR | 4,138,435.00 | 1.01 |
| --- | --- | --- | --- |
| Denmark |  | 80,074,578.64 | 19.62 |
| 78,426 CHRISTIAN HANSEN | DKK | 5,556,202.66 | 1.36 |
| 441,910 NOVO NORDISK | DKK | 22,865,774.71 | 5.61 |
| 253,990 NOVOZYMES -B- | DKK | 11,080,728.00 | 2.71 |
| 204,077 ORSTED | DKK | 18,816,868.92 | 4.61 |
| 135,017 VESTAS WIND SYSTEMS AS | DKK | 12,163,726.25 | 2.98 |
| 304,464 ZEALAND PHARMA | DKK | 9,591,278.10 | 2.35 |
| France |  | 62,281,719.30 | 15.26 |
| 144,442 CAPGEMINI SE | EUR | 15,729,733.80 | 3.85 |
| 76,278 ESSILORLUXOTTICA SA | EUR | 10,358,552.40 | 2.54 |
| 78,236 FAURECIA | EUR | 3,757,675.08 | 0.92 |
| 67,850 LEGRAND SA | EUR | 4,928,624.00 | 1.21 |
| 18,520 L'OREAL SA | EUR | 4,889,280.00 | 1.20 |
| 171,351 SANOFI | EUR | 15,356,476.62 | 3.76 |
| 33,401 TELEPERFORMANCE SA | EUR | 7,261,377.40 | 1.78 |
| Germany |  | 75,981,753.47 | 18.61 |
| 81,002 BEIERSDORF AG | EUR | 8,638,863.30 | 2.12 |
| 95,681 FRESENIUS SE & CO KGAA | EUR | 4,801,272.58 | 1.18 |
| 96,725 KNORR-BREMSE - BEARER SHS | EUR | 8,777,793.75 | 2.15 |
| 81,288 MORPHOSYS | EUR | 10,307,318.40 | 2.53 |
| 243,408 PUMA AG | EUR | 16,636,936.80 | 4.07 |
| 222,902 SAP AG | EUR | 26,819,568.64 | 6.56 |
| Ireland |  | 18,426,581.25 | 4.51 |
| 45,151 KERRY GROUP -A- | EUR | 5,016,276.10 | 1.23 |
| 180,195 KINGSPAN GROUP | EUR | 9,811,617.75 | 2.40 |
| 245,980 RYANAIR HLDGS | EUR | 3,598,687.40 | 0.88 |
| Italy |  | 696,729.94 | 0.17 |
| 119,267 NEWRON PHARMACEUTICALS S.P.A. | CHF | 696,729.94 | 0.17 |
| Spain |  | 26,676,460.05 | 6.54 |
| 2,982,464 BANKINTER REG.SHS | EUR | 19,481,454.85 | 4.78 |
| 1,058,089 SOLARIA ENERGIA | EUR | 7,195,005.20 | 1.76 |
| Sweden |  | 21,404,374.83 | 5.24 |
| 562,955 ASSA ABLOY -B- NEW I | SEK | 11,732,972.81 | 2.87 |
| 888,716 EPIROC- REGISTERED SHS | SEK | 9,671,402.02 | 2.37 |
| Switzerland |  | 8,039,376.03 | 1.97 |
| 48,055 SIKA - REGISTERED SHS | CHF | 8,039,376.03 | 1.97 |
| The Netherlands |  | 60,314,263.44 | 14.78 |
| 66,129 ARGENX SE | EUR | 9,496,124.40 | 2.33 |
| 40,856 ASML HLDG | EUR | 10,773,727.20 | 2.64 |
| 134,408 IMCD | EUR | 10,456,942.40 | 2.56 |
| 344,830 ROYAL PHILIPS ELECTRONIC | EUR | 15,007,001.60 | 3.68 |
| 284,608 UNILEVER NV | EUR | 14,580,467.84 | 3.57 |
| United Kingdom |  | 30,376,283.68 | 7.44 |
| 622,632 AVAST PLC | GBP | 3,327,170.24 | 0.82 |
| 73,845 LSE GROUP | GBP | 6,753,983.01 | 1.65 |
| 115,821 OXFORD BIOMEDICA -REGISTERED SHS | GBP | 881,625.60 | 0.22 |
| 1,135,268 PRUDENTIAL PLC | GBP | 19,413,504.83 | 4.75 |
| Total securities portfolio |  | 388,410,555.63 | 95.15 |


#### Geographical breakdown

###### Breakdown per country	% of net assets
Denmark	19.62
Germany	18.61
France	15.26
The Netherlands	14.78
United Kingdom	7.44
Spain	6.54
Sweden	5.24
Ireland	4.51
Switzerland	1.97
Belgium	1.01
Italy	0.17

###### 	95.15

#### Economical breakdown

###### Breakdown per sector	% of net assets
Pharmaceuticals and cosmetics	17.59
Internet and internet services	11.23
Biotechnology	10.55
Utilities	7.59
Machine and apparatus construction	7.39
Electronics and semiconductors	6.32
Banks and credit institutions	4.78
Insurance	4.75
Chemicals	4.68
Textiles and garments	4.07
Miscellaneous consumer goods	3.57
Miscellaneous trading companies	2.56
Building materials and trade	2.40
Communications	1.78
Holding and finance companies	1.65
Foods and non alcoholic drinks	1.23
Electrical engineering and electronics	1.21
Road vehicles	0.92
Transportation	0.88
95.15
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 3,104,861.91 |
| --- | --- | --- |
| Net dividends |  | 3,079,488.26 |
| Bank interest on cash account |  | 24,134.36 |
| Other financial income |  | 1,239.29 |
| Expenses |  | 9,678,912.28 |
| Management fees | Note 3 | 2,821,483.41 |
| Custodian & sub-custodian fees | Note 4 | 40,542.44 |
| Taxe d'abonnement | Note 5 | 125,671.00 |
| Performance fees | Note 3 | 4,288,797.94 |
| Bank interest on overdrafts |  | 111,066.39 |
| Transaction fees | Note 6 | 1,762,900.56 |
| Operating and establishment fees | Note 4 | 528,450.54 |
| Net loss from investments |  | (6,574,050.37) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 16,734,637.98 |
| - options |  | 28,578.03 |
| - forward foreign exchange contracts |  | 549,243.42 |
| - financial futures |  | 168,420.40 |
| - swaps |  | (8,993.10) |
| - foreign exchange |  | 319,560.05 |
| Net realised profit |  | 11,217,396.41 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 52,380,279.53 |
| - forward foreign exchange contracts |  | (24,439.10) |
| - financial futures |  | 162,780.00 |
| Increase in net assets as a result of operations |  | 63,736,016.84 |
| Dividends paid | Note 10 | (641.56) |
| Subscription capitalisation shares |  | 402,770,058.91 |
| Subscription distribution shares |  | 2,945,830.39 |
| Redemption capitalisation shares |  | (216,667,321.42) |
| Redemption distribution shares |  | (77,820.10) |
| Increase in net assets |  | 252,706,123.06 |
| Net assets at the beginning of the year |  | 155,494,506.34 |
| Net assets at the end of the year |  | 408,200,629.40 |

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 |