# CARMIGNAC PORTFOLIO
## Unconstrained Euro Fixed Income (formerly Capital
Plus)

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 916,866,422.29 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 862,008,168.54 |
| Cost price |  | 851,594,075.75 |
| Unrealised profit on the securities portfolio |  | 10,414,092.79 |
| Options purchased at market value | Note 2 | 664,889.67 |
| Options purchased at cost |  | 677,492.39 |
| Cash at banks and liquidities |  | 40,712,477.66 |
| Interest receivable |  | 8,955,212.23 |
| Subscriptions receivable |  | 1,980,152.04 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 2,545,522.15 |
| Liabilities |  | 33,614,105.72 |
| Options sold at market value | Note 2 | 1,359,898.44 |
| Options sold at cost |  | 1,381,561.70 |
| Bank overdrafts |  | 2,184,095.89 |
| Brokers payable |  | 12,382,655.53 |
| Redemptions payable |  | 1,567,719.34 |
| Unrealised net depreciation on financial futures | Note 2 | 889,457.01 |
| Unrealised net depreciation on swaps | Note 2 | 4,509,953.02 |
| Other liabilities | Note 14 | 10,720,326.49 |
| Net asset value |  | 883,252,316.57 |

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 | 883,252,316.57 | 1,161,933,228.89 | 1,824,934,172.40 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 338,610 | 452,202 | 870,249 |
| Net asset value per share | EUR | 1,192.12 | 1,135.49 | 1,175.46 |
| Class Income A EUR - Distribution Number of shares |  | 325 | 337 | 367 |
| Net asset value per share | EUR | 965.10 | 933.11 | 980.82 |
| Class A EUR Y - Distribution Number of shares |  | 10,310 | 13,718 | 15,059 |
| Net asset value per share | EUR | 1,023.61 | 978.60 | 1,019.32 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 7,135 | 8,224 | 9,912 |
| Net asset value per share | CHF | 1,066.72 | 1,020.82 | 1,062.09 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | CHF | 0.00 | 918.75 | 971.81 |
| Class A USD Hedged - Capitalisation Number of shares |  | 14,831 | 23,129 | 30,291 |
| Net asset value per share | USD | 1,197.73 | 1,112.50 | 1,122.30 |
| Class Income E USD Hedged - Distribution Number of shares |  | 0 | 0 | 0 |
| Net asset value per share | USD | 0.00 | 946.30 | 981.20 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 883,252,316.57 | 1,161,933,228.89 | 1,824,934,172.40 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 404,563 | 557,290 | 674,433 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,074.78 | 1,019.57 | 1,050.80 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 10,746 | 36,870 | 36,890 |
| Net asset value per share | CHF | 1,042.32 | 993.37 | 1,028.88 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 539 | 1,055 | 1,033 |
| Net asset value per share | GBP | 1,214.39 | 1,141.26 | 1,164.53 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | GBP | 0.00 | 4,864.01 | 5,040.05 |
| Class F USD Hedged - Capitalisation Number of shares |  | 0 | 2,875 | 7,171 |
| Net asset value per share | USD | 0.00 | 1,081.31 | 1,085.98 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchan | ge listing	 691,143,171.39 | 78.25 |
| --- | --- | --- |
| Bonds | 464,059,328.59 | 52.54 |

| Australia |  | 46,689,072.23 | 5.29 |
| --- | --- | --- | --- |
| 9,000,000 AUSTRALIA 3.00 16-47 21/03S | AUD | 6,826,467.73 | 0.77 |
| 60,000,000 TREASURY CORP VICT 2.50  19-29 22/10S | AUD | 39,862,604.50 | 4.52 |
| Bermuda | 4,190,643.94 | 0.47 |
| 5,667,160 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 4,190,643.94 | 0.47 |
| Canada | 1,502,362.18 | 0.17 |
| 2,612,470 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,502,362.18 | 0.17 |
| Cayman Islands |  | 16,711,223.26 | 1.89 |
| 2,150,000 GEMS MENASA 7.125	19-26 31/07S	USD | 2,024,620.04 | 0.23 |
| 5,880,000 IVORY COAST	6.8750 19-40 17/10A	EUR | 6,156,536.40 | 0.70 |
| 10,000,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S	USD | 8,530,066.82 | 0.96 |
| Czech Republic |  | 3,708,529.75 | 0.42 |
| 3,530,000 SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 3,708,529.75 | 0.42 |
| Finland |  | 1,887,020.52 | 0.21 |
| 1,844,000 SATO-OYJ	2.375 16-21 24/03A | EUR | 1,887,020.52 | 0.21 |
| France |  | 51,150,044.35 | 5.79 |
| 500,000 ACCOR SA	2.625 19-XX 31/12A | EUR | 509,485.00 | 0.06 |
| 2,000,000 CHRISTIAN DIOR SA  0.75 16-21 24/06A | EUR | 2,015,780.00 | 0.23 |
| 2,000,000 EUROFINS SCIENTIFIC 2.25 15-22 27/01A | EUR | 2,047,850.00 | 0.23 |
| 8,400,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 8,541,498.00 | 0.97 |
| 6,700,000 FFP	1.8750 19-26 30/10A | EUR | 6,700,234.50 | 0.76 |
| 2,200,000 IPSEN	1.875 16-23 16/06A | EUR | 2,237,631.00 | 0.25 |
| 4,000,000 LA POSTE	5.3 16-43 01/12S | USD | 3,625,835.19 | 0.41 |
| 1,150,000 PSA BANQUE FRAN	0.5000 19-22 12/04A | EUR | 1,161,730.00 | 0.13 |
| 2,900,000 SOCIETE GENERALE	0.75 15-20 25/11A | EUR | 2,926,999.00 | 0.33 |
| 10,000,000 SOCIETE GENERALE REGS 3.25 17-22 12/01S | USD | 9,098,396.44 | 1.03 |
| 8,700,000 SOCIETE GENERALE SA 3.875 19-24 28/03S | USD | 8,146,145.22 | 0.92 |
| 4,000,000 SOCIETE GENERALE SA 1.25 19-24 15/02A | EUR | 4,138,460.00 | 0.47 |
| Germany |  | 3,654,997.50 | 0.41 |
| 3,500,000 LAND BERLIN | 0.75 19-34 03/04A | EUR | 3,654,997.50 | 0.41 |
| Greece |  |  | 15,458,965.50 | 1.75 |
| 5,000,000 HELLENIC REPUBLIC  4.20 17-42 30/01A | EUR | 6,616,900.00 | 0.75 |
| 8,350,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A | EUR | 8,842,065.50 | 1.00 |
| Ireland |  | 13,185,289.50 | 1.49 |
| 3,100,000 FCA BANK SPA IRELAND 1.25 19-22 21/06A | EUR | 3,182,181.00 | 0.36 |
| 9,900,000 FCA CAPITAL IRELAND P 1.25 16-20 23/09A | EUR | 10,003,108.50 | 1.13 |
| Italy |  | 64,925,077.73 | 7.36 |
| 10,000,000 BANCA POP DI VICENZA 2.75 15-20 20/03A | EUR | 10,063,400.00 | 1.14 |
| 5,426,000 BUONI POLIENNAL	3.8500 18-49 01/09S | EUR | 7,024,228.30 | 0.80 |
| 5,000,000 ITALY	0.35 17-20 15/06S	EUR | 5,013,275.00 | 0.57 |
| 7,500,000 ITALY BTP	3.45 17-48 01/03S	EUR | 9,137,400.00 | 1.03 |
| 12,000,000 ITALY BUONI POLIENNA 1.35 19-30 01/04S	EUR | 11,938,080.00 | 1.36 |
| 10,000,000 ITALY CPI INDEX	0.65 19-27 28/10S	EUR | 9,963,643.93 | 1.13 |
| 7,500,000 MEDIOBANCA EMTN	0.75 17-20 17/02A	EUR | 7,509,037.50 | 0.85 |
| 4,100,000 MEDIOBANCA-BCA CREDI 1.625 19-25 07/01A	EUR | 4,276,013.00 | 0.48 |
| Jersey Island | 4,251,915.37 | 0.48 |
| 5,000,000 ASTON MARTIN CAPIT 6.50 17-22 15/04S | USD | 4,251,915.37 | 0.48 |
| Luxembourg |  | 39,707,644.05 | 4.50 |
| 2,290,000 ALLERGAN FUNDING	0.50 17-21 01/06A | EUR | 2,308,136.80 | 0.26 |
| 10,250,000 ALTICE REGS | 7.625 15-25 15/02S | USD | 9,485,244.99 | 1.07 |
| 3,318,000 CPI PROPERTY GROUP 2.125 17-24 04/10A | EUR | 3,465,120.12 | 0.39 |
| 1,333,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,402,402.64 | 0.16 |
| 16,300,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 20,161,877.50 | 2.29 |
| 2,900,000 WORLDLINE SA/FR	0.2500 19-24 18/09A | EUR | 2,884,862.00 | 0.33 |
| Mexico | 14,073,319.45 | 1.59 |
| 4,500,000 GFB  5.875	19-34 13/09S	USD | 4,202,298.44 | 0.48 |
| 2,100,000 MEXICO 4.50 19-29 22/04S | USD | 2,056,653.01 | 0.23 |
| 4,500,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 4,787,482.50 | 0.54 |
| 2,000,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 2,148,710.00 | 0.24 |
| 900,000 PETROLEOS MEXICANOS 7.69 19-50 23/01S | USD | 878,175.50 | 0.10 |
| Norway | 3,161,363.92 | 0.36 |
| 3,400,000 AKER BP	4.75 19-24 15/06S	USD | 3,161,363.92 | 0.36 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Romania | 4,966,717.54 | 0.56 |
| 4,714,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A	EUR | 4,966,717.54 | 0.56 |
| Spain | 6,218,700.00 | 0.70 |
| 2,000,000 BANKIA SA	1.0000 19-24 25/06A	EUR | 2,025,900.00 | 0.23 |
| 4,000,000 TASTY BONDCO 1 SA	6.25 19-26 15/05S | EUR | 4,192,800.00 | 0.47 |
| Sweden |  | 15,539,430.50 | 1.76 |
| 7,500,000 INTRUM JUSTITIA AB 3.125 17-24 15/07S | EUR | 7,672,462.50 | 0.87 |
| 3,100,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A	EUR | 3,065,373.00 | 0.35 |
| 4,600,000 VOLVO CAR AB	2.1250 19-24 02/04A	EUR | 4,801,595.00 | 0.54 |
| The Netherlands |  | 29,665,700.52 | 3.36 |
| 11,133,000 BMW FINANCE NV 0.125 16-20 15/04A | EUR | 11,148,029.55 | 1.26 |
| 4,023,000 FERRARI	0.25 17-21 16/01A	EUR | 4,034,364.97 | 0.46 |
| 4,400,000 NE PROPERTY BV 2.625	19-23 22/05A | EUR | 4,628,162.00 | 0.52 |
| 4,300,000 NE PROPERTY COOP	1.75 17-24 23/11A | EUR | 4,379,464.00 | 0.50 |
| 7,000,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 5,475,680.00 | 0.62 |
| Turkey |  | 13,073,146.88 | 1.48 |
| 3,400,000 REPUBLIC OF TURKEY  5.6 19-24 14/11S | USD | 3,087,396.88 | 0.35 |
| 10,000,000 TURKEY 3.25 17-25 14/06A | EUR | 9,985,750.00 | 1.13 |
| United Arab Emirates |  | 3,019,639.19 | 0.34 |
| 3,400,000 ABU DHABI GVT INTERN 2.50 19-29 30/09S | USD | 3,019,639.19 | 0.34 |
| United Kingdom | 7,099,740.19 | 0.80 |
| 3,000,000 EASYJET PLC	0.8750 19-25 11/06A	EUR | 3,043,905.00 | 0.34 |
| 5,000,000 TULLOW OIL REGS	6.25 14-22 15/04S	USD | 4,055,835.19 | 0.46 |
| United States of America | 100,218,784.52 | 11.36 |
| 4,500,000 CGG HOLDING US | 9.0000 18-23 01/05S | USD | 4,269,848.56 | 0.48 |
| 4,000,000 KOSMOS ENERGY L | 7.1250 19-26 04/04S | USD | 3,645,701.56 | 0.41 |
| 7,090,000 MURPHY OIL CORP | 5.75 17-25 15/08S | USD | 6,629,639.51 | 0.75 |
| 2,410,000 MURPHY OIL CORP | 5.875 19-27 01/12S | USD | 2,250,303.92 | 0.25 |
| 5,000,000 MURPHY OIL CORP | 6.125 12-42 01/12S | USD | 4,090,979.95 | 0.46 |
| 8,000,000 NETFLIX INC	4.625 18-29 15/05S	EUR | 8,925,000.00 | 1.01 |
| 7,400,000 PERSHING SQUARE HO 5.50 15-22 15/07U | USD | 6,979,798.66 | 0.79 |
| 4,850,000 STANDARD INDUST  2.2500 19-26 21/11A | EUR | 5,008,498.00 | 0.57 |
| 50,000,000 UNITED STATES INDEXEE 0.125 19-24 15/10S | USD | 44,827,046.33 | 5.09 |
| 15,000,000 UNITED STATES 0.25 19-29 15/07S | USD | 13,591,968.03 | 1.55 |
| Floating rate bonds | 164,203,536.16 | 18.59 |
| Denmark | 13,181,006.00 | 1.49 |
| 4,400,000 DANSKE BANK A/S | FL.R 14-XX 06/04S | EUR | 4,453,900.00 | 0.50 |
| 3,400,000 DANSKE BANK A/S | FL.R 19-25 27/08A | EUR | 3,363,756.00 | 0.38 |
| 5,000,000 DANSKE BANK EMTN  FL.R 15-XX 06/04S	EUR | 5,363,350.00 | 0.61 |
| France | 30,307,285.16 | 3.43 |
| 3,200,000 ACCOR SA | FL.R 19-XX 31/01A | EUR | 3,498,432.00 | 0.40 |
| 3,300,000 BNP PARIBAS | FL.R 19-27 23/01A | EUR | 3,605,712.00 | 0.41 |
| 5,600,000 BNP PARIBAS REGS  FL.R 16-XX 14/03S	USD | 5,331,698.89 | 0.60 |
| 5,000,000 CA ASSURANCES SUB | FL.R 14-XX 14/10A | EUR | 5,778,350.00 | 0.65 |
| 2,955,000 EUROFINS SCIENTIFIC | FL.R 17-XX 13/11A | EUR | 2,901,366.75 | 0.33 |
| 4,600,000 LA BANQUE POSTALE | FL.R 19-XX 20/05S | EUR | 4,685,652.00 | 0.53 |
| 1,500,000 ORANGE SA FL.R | 19-XX 15/04A | EUR | 1,584,780.00 | 0.18 |
| 1,200,000 RCI BANQUE SA	FL.R 19-30 18/02A	EUR | 1,216,008.00 | 0.14 |
| 1,700,000 SOCIETE GENERAL REGS FL.R 13-XX 18/12S	USD | 1,705,285.52 | 0.19 |
| Germany | 3,002,430.00 | 0.34 |
| 3,000,000 SAP	FL.R 15-20 01/04Q	EUR | 3,002,430.00 | 0.34 |
| Ireland |  | 6,653,049.62 | 0.75 |
| 3,100,000 AIB GROUP PLC	FL.R 19-25 10/04S | USD | 2,925,129.62 | 0.33 |
| 3,500,000 ALLIED IRISH BANKS FL.R 15-XX 03/12S	EUR | 3,727,920.00 | 0.42 |
| Italy | 10,766,368.57 | 1.22 |
| 3,200,000 UNICREDIT	FL.R 19-49 19/03S	EUR | 3,751,584.00 | 0.42 |
| 3,550,000 UNICREDIT SPA	FL.R 17-49 03/12S	EUR | 3,851,679.00 | 0.44 |
| 3,400,000 UNICREDIT SPA FL.R 17-32 19/06S | USD | 3,163,105.57 | 0.36 |
| Luxembourg |  | 18,421,483.82 | 2.09 |
| 4,174,000 CPI PROPERTY GROUP FLR 19-XX 31/12A	EUR | 4,399,103.82 | 0.50 |
| 6,000,000 JOHN DEERE BANK | FL.R 17-22 03/10Q | EUR | 6,006,780.00 | 0.68 |
| 8,000,000 JOHN DEERE CASH | FL.R 17-20 15/09Q | EUR | 8,015,600.00 | 0.91 |

Norway	
1,431,419.16	0.16
1,600,000 DNB BANK ASA	4.875 19-XX 31/12A	USD	1,431,419.16	0.16
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Spain |  | 13,707,936.00 | 1.55 |
| --- | --- | --- | --- |
| 9,600,000 BANCO BILBAO VI  FL.R 18-XX 24/03Q | EUR | 10,495,776.00 | 1.19 |
| 3,000,000 BBVA S5 REGS	FL.R 17-XX 24/08Q | EUR | 3,212,160.00 | 0.36 |
| Sweden |  | 3,679,857.46 | 0.42 |
| 4,000,000 SWEDBANK AB FL.R	19-XX 17/03S | USD | 3,679,857.46 | 0.42 |
| The Netherlands |  | 28,795,096.76 | 3.26 |
| 3,400,000 ABN AMRO BANK FL.R 17-28 27/03S | USD | 3,156,744.77 | 0.36 |
| 3,600,000 COOP RABOBANK FL.R 19-XX 29/06S | EUR | 3,607,092.00 | 0.41 |
| 13,450,000 DEUTSCHE TEL INT FIN FL.R 16-20 03/04Q | EUR | 13,459,415.00 | 1.52 |
| 3,400,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 3,243,827.17 | 0.37 |
| 5,500,000 ING GROEP NV	FL.R 19-XX 16/04S | USD | 5,328,017.82 | 0.60 |
| Turkey |  | 4,430,574.61 | 0.50 |
| 4,400,000 YAPI	FL.R  19-99 15/01S | USD | 4,430,574.61 | 0.50 |
| United Kingdom |  | 15,077,744.00 | 1.71 |
| 1,750,000 BARCLAYS PLC	FL.R 19-XX 15/03Q | GBP | 2,233,312.68 | 0.25 |
| 2,000,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 2,096,540.00 | 0.24 |
| 3,000,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 3,016,530.00 | 0.34 |
| 2,000,000 METRO BANK PLC	FL.R 19-25 08/10S | GBP | 2,502,319.00 | 0.28 |
| 5,000,000 VODAFONE GROUP	FL.R 19-79 04/04S | USD | 5,229,042.32 | 0.60 |
| United States of America |  | 14,749,285.00 | 1.67 |
| 4,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,707,585.00 | 0.53 |
| 10,000,000 MORGAN STANLEY	FL.R 16-22 27/01Q | EUR | 10,041,700.00 | 1.14 |
| Mortgage and asset backed securities |  | 62,880,306.64 | 7.12 |
| Cayman Islands |  | 21,835,788.20 | 2.47 |
| 11,000,000 JFIN 2017-1X A1	FL.R 17-29 24/04Q | USD | 9,794,790.02 | 1.11 |
| 3,010,000 NCC 2017-IX A1A  FL.R 17-29 15/10Q | USD | 2,699,348.69 | 0.31 |
| 7,500,000 OFSBS 2017-1X A	FL.R 17-29 16/08Q | USD | 6,667,646.99 | 0.75 |
| 3,000,000 ROCKT 2017-2X A  FL.R 17-29 15/10Q | USD | 2,674,002.50 | 0.30 |
| Ireland |  | 24,160,786.39 | 2.73 |
| 2,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 1,952,074.80 | 0.22 |
| 300,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 292,705.29 | 0.03 |
| 2,600,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 2,608,575.58 | 0.30 |
| 600,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 591,308.40 | 0.07 |
| 2,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 1,902,179.20 | 0.22 |
| 3,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 2,903,349.60 | 0.33 |
| 1,115,000 PRVD 1X C1	FL.R 18-31 14/05Q | EUR | 1,083,590.78 | 0.12 |
| 5,900,000 SPAUL 3RX B1R FL.R	18-32 15/01Q | EUR | 5,800,260.50 | 0.65 |
| 1,750,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 1,696,206.05 | 0.19 |
| 5,000,000 SPAUL 4X DRRR	FL.R 18-30 25/04Q | EUR | 4,707,114.00 | 0.53 |
| 625,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 623,422.19 | 0.07 |
| The Netherlands |  | 16,737,651.48 | 1.90 |
| 2,975,000 BABSN 2018-1X C  FL.R 18-31 15/04Q | EUR | 2,955,164.49 | 0.33 |
| 1,750,000 BABSN 2018-1X C  FL.R 18-31 15/04Q | EUR | 1,681,278.20 | 0.19 |
| 12,100,000 JUBILEE CDO BV 1.85 18-29 15/12Q | EUR | 12,101,208.79 | 1.38 |
| United States of America |  | 146,080.57 | 0.02 |
| 163,631 SOFI CONS LOAN PROG 3.05 16-25 26/12M | USD | 146,080.57 | 0.02 |
| Shares/Units of UCITS/UCIS |  | 36,785,233.76 | 4.16 |
| Shares/Units in investment funds |  | 36,785,233.76 | 4.16 |
| France |  | 36,785,233.76 | 4.16 |
| 9,906 CARMIGNAC COURT TERME A EUR ACC | EUR | 36,785,233.76 | 4.16 |
| Money market instruments |  | 134,079,763.39 | 15.18 |
| Bonds |  | 134,079,763.39 | 15.18 |
| Greece |  | 80,302,840.73 | 9.10 |
| 80,350,000 HELLENIC TBILL ZCP 03-04-20 | EUR | 80,302,840.73 | 9.10 |
| Italy |  | 38,727,119.20 | 4.38 |
| 5,000,000 ITAL BUON ORDI DEL ZCP 14-02-20 | EUR | 5,003,161.69 | 0.57 |
| 18,690,000 ITAL BUON ORDI DEL ZCP 14-05-20 | EUR | 18,690,103.01 | 2.11 |
| 15,000,000 ITALIE ZCP 14-09-20 | EUR | 15,033,854.50 | 1.70 |
| United Kingdom |  | 15,049,803.46 | 1.70 |
| 15,000,000 BANCO DE SABADELL LN ZCP 070820 | EUR | 15,049,803.46 | 1.70 |

Total securities portfolio	
862,008,168.54	97.59
	The accompanying notes form an integral part of these financial statements	
|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| France |  |  | 13.38 |
| United States of America |  |  | 13.05 |
| Italy |  |  | 12.96 |
| Greece |  |  | 10.85 |
| The Netherlands |  |  | 8.52 |
| Luxembourg |  |  | 6.59 |
| Australia |  |  | 5.29 |
| Ireland |  |  | 4.97 |
| Cayman Islands |  |  | 4.36 |
| United Kingdom |  |  | 4.21 |
| Spain |  |  | 2.25 |
| Sweden |  |  | 2.18 |
| Turkey |  |  | 1.98 |
| Mexico |  |  | 1.59 |
| Denmark |  |  | 1.49 |
| Germany |  |  | 0.75 |
| Romania |  |  | 0.56 |
| Norway |  |  | 0.52 |
| Jersey Island |  |  | 0.48 |
| Bermuda |  |  | 0.47 |
| Czech Republic |  |  | 0.42 |
| United Arab Emirates |  |  | 0.34 |
| Finland |  |  | 0.21 |
| Canada |  |  | 0.17 |
|  |  |  | 97.59 |

|  | Economical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per sector |  |  | % of net assets |
| Countries and central government |  |  | 28.44 |
| Banks and credit institutions |  |  | 19.64 |
| Holding and finance companies |  |  | 17.60 |
| Petroleum |  |  | 5.48 |
| State |  |  | 4.52 |
| Healthcare and social services |  |  | 4.51 |
| Unit trusts |  |  | 4.29 |
| Real estate companies |  |  | 2.01 |
| Pharmaceuticals and cosmetics |  |  | 1.78 |
| Miscellaneous sectors |  |  | 1.77 |
| Road vehicles |  |  | 1.48 |
| Internet and internet services |  |  | 1.35 |
| Insurance |  |  | 1.18 |
| Textiles and garments |  |  | 0.80 |
| Communications |  |  | 0.78 |
| Cantons, Federal States, Provinces |  |  | 0.75 |
| Hotels and restaurants |  |  | 0.46 |
| Miscellaneous services |  |  | 0.41 |
| Transportation |  |  | 0.34 |
|  |  |  | 97.59 |

Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 20,828,714.93 |
| --- | --- | --- |
| Net interest on bonds |  | 17,176,681.09 |
| Bank interest on cash account |  | 157,882.61 |
| Other financial income |  | 43,958.05 |
| Interest on swaps |  | 3,406,208.75 |
| Securities lending income | Note 2, 7 | 43,984.43 |
| Expenses |  | 21,796,295.05 |
| Management fees | Note 3 | 7,406,409.01 |
| Custodian & sub-custodian fees | Note 4 | 166,532.45 |
| Taxe d'abonnement | Note 5 | 475,690.00 |
| Performance fees | Note 3 | 7,673,604.60 |
| Bank interest on overdrafts |  | 472,370.67 |
| Transaction fees | Note 6 | 253,276.95 |
| Interest on swaps |  | 4,077,892.74 |
| Operating and establishment fees | Note 4 | 1,270,518.63 |
| Net loss from investments |  | (967,580.12) |
| Net realised profit / loss on: |  |  |
| - sales of investment securities | Note 2 | 9,355,980.27 |
| - options |  | (13,674,469.07) |
| - forward foreign exchange contracts |  | (12,479,496.13) |
| - financial futures |  | 8,092,341.08 |
| - swaps |  | 32,804,082.40 |
| - foreign exchange |  | 7,649,048.44 |
| Net realised profit |  | 30,779,906.87 |
| Movement in net unrealised appreciation / depreciation on: |  |  |
| - investments | Note 2 | 23,629,515.89 |
| - options |  | 8,936,050.46 |
| - forward foreign exchange contracts |  | 2,813,563.83 |
| - financial futures |  | (607,669.66) |
| - swaps |  | (14,332,500.02) |
| Increase in net assets as a result of operations |  | 51,218,867.37 |
| Dividends paid | Note 10 | (43,830.70) |
| Subscription capitalisation shares |  | 378,588,561.76 |
| Subscription distribution shares |  | 1,306,641.82 |
| Redemption capitalisation shares |  | (705,057,558.27) |
| Redemption distribution shares |  | (4,693,594.30) |
| Decrease in net assets |  | (278,680,912.32) |
| Net assets at the beginning of the year |  | 1,161,933,228.89 |
| Net assets at the end of the year |  | 883,252,316.57 |

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 |