# CARMIGNAC PORTFOLIO
## Patrimoine Europe

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 103,357,232.50 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 97,564,653.62 |
| Cost price |  | 94,452,026.71 |
| Unrealised profit on the securities portfolio |  | 3,112,626.91 |
| Cash at banks and liquidities |  | 4,741,347.37 |
| Interest receivable |  | 473,119.09 |
| Brokers receivable |  | 374,453.18 |
| Subscriptions receivable |  | 100,052.73 |
| Unrealised net appreciation on financial futures | Note 2 | 99,520.00 |
| Other assets | Note 13 | 4,086.51 |
| Liabilities |  | 1,183,147.25 |
| Bank overdrafts |  | 55.48 |
| Brokers payable |  | 306,917.18 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 9,038.24 |
| Unrealised net depreciation on swaps | Note 2 | 2,004.46 |
| Other liabilities | Note 14 | 865,131.89 |
| Net asset value |  | 102,174,085.25 |

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 | 102,174,085.25 | 38,131,347.08 | 19,831,297.85 |
| Class A EUR - Capitalisation Number of shares |  | 94,086 | 52,635 | 50,000 |
| Net asset value per share | EUR | 113.01 | 95.23 | 99.99 |
| Class A USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 118.37 | 97.13 | 99.99 |
| Class AW EUR - Capitalisation Number of shares |  | 1,000 | 0 | 0 |
| Net asset value per share | EUR | 118.47 | 0.00 | 0.00 |
| Class F EUR - Capitalisation Number of shares |  | 791,256 | 337,078 | 140,000 |
| Net asset value per share | EUR | 114.21 | 95.73 | 99.99 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 83,035,526.34 | 81.27 |
| --- | --- | --- | --- |
| Shares |  | 25,645,959.14 | 25.10 |
|  | Belgium | 293,924.00 | 0.29 |

| 1,576 GALAPAGOS GENOMICS NV | EUR | 293,924.00 | 0.29 |
| --- | --- | --- | --- |
| Denmark |  | 4,981,216.60 | 4.87 |
| 4,714 CHRISTIAN HANSEN | DKK | 333,970.10 | 0.33 |
| 26,938 NOVO NORDISK | DKK | 1,393,854.49 | 1.36 |
| 15,484 NOVOZYMES -B- | DKK | 675,514.75 | 0.66 |
| 11,844 ORSTED | DKK | 1,092,073.07 | 1.07 |
| 10,000 VESTAS WIND SYSTEMS AS | DKK | 900,903.31 | 0.88 |
| 18,567 ZEALAND PHARMA | DKK | 584,900.88 | 0.57 |
| France |  | 4,034,056.46 | 3.95 |
| 8,908 CAPGEMINI SE | EUR | 970,081.20 | 0.95 |
| 4,755 ESSILORLUXOTTICA SA | EUR | 645,729.00 | 0.63 |
| 5,676 FAURECIA | EUR | 272,618.28 | 0.27 |
| 3,922 LEGRAND SA | EUR | 284,894.08 | 0.28 |
| 1,159 L'OREAL SA | EUR | 305,976.00 | 0.30 |
| 12,145 SANOFI | EUR | 1,088,434.90 | 1.06 |
| 2,145 TELEPERFORMANCE SA | EUR | 466,323.00 | 0.46 |
| Germany |  | 4,536,338.04 | 4.44 |
| 5,035 BEIERSDORF AG | EUR | 536,982.75 | 0.53 |
| 6,094 FRESENIUS SE & CO KGAA | EUR | 305,796.92 | 0.30 |
| 5,454 KNORR-BREMSE - BEARER SHS | EUR | 494,950.50 | 0.48 |
| 5,719 MORPHOSYS | EUR | 725,169.20 | 0.71 |
| 14,745 PUMA AG | EUR | 1,007,820.75 | 0.99 |
| 12,181 SAP AG | EUR | 1,465,617.92 | 1.43 |
| Ireland |  | 1,134,143.34 | 1.11 |
| 2,482 KERRY GROUP -A- | EUR | 275,750.20 | 0.27 |
| 11,199 KINGSPAN GROUP | EUR | 609,785.55 | 0.60 |
| 16,993 RYANAIR HLDGS | EUR | 248,607.59 | 0.24 |
| Italy |  | 1,042,892.08 | 1.02 |
| 202,787 INTESA SANPAOLO SPA | EUR | 476,245.27 | 0.47 |
| 11,929 NEWRON PHARMACEUTICALS S.P.A. | CHF | 69,686.43 | 0.07 |
| 38,169 UNICREDIT -REGISTERD SHARE | EUR | 496,960.38 | 0.48 |
| Spain |  | 1,625,426.69 | 1.59 |
| 182,881 BANKINTER REG.SHS | EUR | 1,194,578.69 | 1.17 |
| 63,360 SOLARIA ENERGIA | EUR | 430,848.00 | 0.42 |
| Sweden |  | 1,366,769.57 | 1.34 |
| 36,486 ASSA ABLOY -B- NEW I | SEK | 760,432.44 | 0.75 |
| 55,717 EPIROC- REGISTERED SHS | SEK | 606,337.13 | 0.59 |
| Switzerland |  | 568,302.16 | 0.56 |
| 3,397 SIKA - REGISTERED SHS | CHF | 568,302.16 | 0.56 |
| The Netherlands |  | 4,026,158.15 | 3.94 |
| 4,398 ARGENX SE | EUR | 631,552.80 | 0.62 |
| 3,027 ASML HLDG | EUR | 798,219.90 | 0.78 |
| 8,736 IMCD | EUR | 679,660.80 | 0.67 |
| 24,498 ROYAL PHILIPS ELECTRONIC | EUR | 1,066,152.96 | 1.04 |
| 16,603 UNILEVER NV | EUR | 850,571.69 | 0.83 |
| United Kingdom |  | 2,036,732.05 | 1.99 |
| 45,090 AVAST PLC | GBP | 240,948.27 | 0.24 |
| 4,161 LSE GROUP | GBP | 380,571.78 | 0.37 |
| 8,055 OXFORD BIOMEDICA -REGISTERED SHS | GBP | 61,314.39 | 0.06 |
| 67,770 PRUDENTIAL PLC | GBP | 1,158,892.19 | 1.13 |
| 2,696 RECKITT BENCKISER GROUP PLC | GBP | 195,005.42 | 0.19 |
| Bonds |  | 52,783,229.41 | 51.66 |
| Cyprus |  | 2,307,840.00 | 2.26 |
| 2,000,000 CHYPRE	2.375 18-28 25/09A | EUR | 2,307,840.00 | 2.26 |
| Denmark |  | 718,172.00 | 0.70 |
| 700,000 DANSKE BANK A/S	1.375 19-22 24/05A | EUR | 718,172.00 | 0.70 |
| France |  | 7,617,272.50 | 7.46 |
| 2,000,000 ATOS SE	0.7500 18-22 07/05A | EUR | 2,034,770.00 | 1.99 |
| 500,000 EUROFINS SCIENTIFIC 2.25 15-22 27/01A | EUR | 511,962.50 | 0.50 |
| 4,000,000 RCI BANQUE SA	0.75 17-22 12/01A | EUR | 4,040,400.00 | 3.96 |
| 1,000,000 VERITAS SA	1.25 16-23 07/09A | EUR | 1,030,140.00 | 1.01 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Germany |  |  | 10,255,900.00 | 10.03 |
| --- | --- | --- | --- | --- |
| 5,000,000 VOLKSWAGEN BANK | 1.2500 18-24 10/06A | EUR | 5,142,175.00 | 5.03 |

| 5,000,000 VOLKSWAGEN LEASING 1.125 17-24 04/04A | EUR | 5,113,725.00 | 5.00 |
| --- | --- | --- | --- |
| Greece |  | 6,489,428.50 | 6.35 |
| 1,500,000 EUROBANK ERGASIAS SA 2.75 17-20 02/11A | EUR | 1,533,022.50 | 1.50 |
| 700,000 GREECE 3.9 19-29 12/03A | EUR | 846,282.50 | 0.83 |
| 500,000 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 626,822.50 | 0.61 |
| 1,000,000 HELLENIC REPUBLIC  4.20 17-42 30/01A | EUR | 1,323,380.00 | 1.30 |
| 1,000,000 HELLENIC REPUBLIC  4.375 17-22 01/08A | EUR | 1,108,515.00 | 1.08 |
| 800,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A | EUR | 847,144.00 | 0.83 |
| 200,000 NATIONAL BANK GREECE 2.75 18-20 19/10S | EUR | 204,262.00 | 0.20 |
| Ireland |  | 448,866.00 | 0.44 |
| 450,000 FCA BANK SPA IR  0.5000 19-24 13/09A | EUR | 448,866.00 | 0.44 |
| Luxembourg |  | 5,676,536.50 | 5.56 |
| 550,000 ALTICE LUXEMBOURG SA 8.00 19-27 15/05S | EUR | 618,161.50 | 0.61 |
| 5,000,000 MEDTRONIC GLOBAL HOLD 0.375 19-23 07/03A | EUR | 5,058,375.00 | 4.95 |
| Mexico |  | 1,979,878.06 | 1.94 |
| 900,000 PEMEX	2.75 15-27 21/04A | EUR | 863,964.00 | 0.85 |
| 443,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 471,301.06 | 0.46 |
| 600,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 644,613.00 | 0.63 |
| Spain |  | 9,944,520.00 | 9.73 |
| 1,000,000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A | EUR | 1,120,965.00 | 1.10 |
| 3,000,000 CAIXABANK SA 1.75 18-23 24/10A | EUR | 3,142,080.00 | 3.08 |
| 5,000,000 SPAIN 2.75 14-24 31/10A | EUR | 5,681,475.00 | 5.55 |
| Sweden |  | 1,186,596.00 | 1.16 |
| 1,200,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A | EUR | 1,186,596.00 | 1.16 |
| United States of America |  | 6,158,219.85 | 6.03 |
| 1,070,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 1,101,944.85 | 1.08 |
| 5,000,000 WELLS FARGO 0.50 19-24 26/04A | EUR | 5,056,275.00 | 4.95 |
| Floating rate bonds |  | 4,543,819.27 | 4.45 |
| Italy |  | 436,352.00 | 0.43 |
| 200,000 UNICREDIT	FL.R 19-49 19/03S | EUR | 234,474.00 | 0.23 |
| 200,000 UNICREDIT SPA	FL.R 17-XX 03/06S | EUR | 201,878.00 | 0.20 |
| Luxembourg |  | 2,033,067.27 | 1.99 |
| 3,300,000 BANK OF NEW YORK	FL.R 09-50 15/12Q | EUR | 2,033,067.27 | 1.99 |
| United Kingdom |  | 2,074,400.00 | 2.03 |
| 2,000,000 RBS SCOTLAND	FL.R 17-23 08/03A | EUR | 2,074,400.00 | 2.03 |
| Mortgage and asset backed securities |  | 62,518.52 | 0.06 |
| Ireland |  | 62,518.52 | 0.06 |
| 62,500 CGMSE 2014-3X X	FL.R 18-32 25/01Q | EUR | 62,518.52 | 0.06 |
| Money market instruments |  | 14,529,127.28 | 14.22 |
| Bonds |  | 14,529,127.28 | 14.22 |
| Italy |  | 5,508,350.35 | 5.39 |
| 1,000,000 ITAL BUON ORDI DEL ZCP 13-03-20 | EUR | 1,001,759.30 | 0.98 |
| 1,000,000 ITAL BUON ORDI DEL ZCP 28-02-20 | EUR | 1,001,523.10 | 0.98 |
| 1,000,000 ITALY BUONI TES BOT ZCP 310120 | EUR | 1,001,166.10 | 0.98 |
| 2,500,000 ITALY BUONI TES BOT ZCP 310320 | EUR | 2,503,901.85 | 2.45 |
| Spain |  | 9,020,776.93 | 8.83 |
| 1,000,000 SPAIN LETRAS DEL TES ZCP 140820 | EUR | 1,003,571.81 | 0.98 |
| 2,000,000 SPAIN LETRAS DEL TES ZCP 170420 | EUR | 2,003,868.96 | 1.96 |
| 6,000,000 SPAIN LETRAS DEL TESO ZCP 12-06-20 | EUR | 6,013,336.16 | 5.89 |
| Total securities portfolio |  | 97,564,653.62 | 95.49 |

	The accompanying notes form an integral part of these financial statements	
|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Spain |  |  | 20.15 |
| Germany |  |  | 14.47 |
| France |  |  | 11.41 |
| Luxembourg |  |  | 7.55 |
| Italy |  |  | 6.84 |
| Greece |  |  | 6.35 |
| United States of America |  |  | 6.03 |
| Denmark |  |  | 5.57 |
| United Kingdom |  |  | 4.02 |
| The Netherlands |  |  | 3.94 |
| Sweden |  |  | 2.50 |
| Cyprus |  |  | 2.26 |
| Mexico |  |  | 1.94 |
| Ireland |  |  | 1.61 |
| Switzerland |  |  | 0.56 |
| Belgium |  |  | 0.29 |
|  |  |  | 95.49 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Countries and central government	26.68
Banks and credit institutions	26.43
Pharmaceuticals and cosmetics	9.99
Holding and finance companies	6.04
Internet and internet services	5.69
Biotechnology	2.71
Utilities	1.95
Petroleum	1.94
Machine and apparatus construction	1.82
Electronics and semiconductors	1.82
Transportation	1.34
Chemicals	1.22
Real estate companies	1.16
Insurance	1.13
Miscellaneous consumer goods	1.02
Miscellaneous services	1.01
Textiles and garments	0.99
Miscellaneous trading companies	0.67
Building materials and trade	0.60
Communications	0.46
Electrical engineering and electronics	0.28
Foods and non alcoholic drinks	0.27
Road vehicles	0.27
95.49
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 765,524.47 |
| --- | --- | --- |
| Net dividends |  | 230,583.59 |
| Net interest on bonds |  | 529,871.93 |
| Bank interest on cash account |  | 4,818.55 |
| Other financial income |  | 235.65 |
| Securities lending income | Note 2, 7 | 14.75 |
| Expenses |  | 727,920.51 |
| Management fees | Note 3 | 439,415.12 |
| Custodian & sub-custodian fees | Note 4 | 7,916.89 |
| Taxe d'abonnement | Note 5 | 29,147.00 |
| Performance fees | Note 3 | 1,839.79 |
| Bank interest on overdrafts |  | 28,230.11 |
| Transaction fees | Note 6 | 103,876.90 |
| Dividend expenses |  | 3,727.11 |
| Interest on swaps |  | 13,994.43 |
| Operating and establishment fees | Note 4 | 99,773.16 |
| Net income from investments |  | 37,603.96 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 4,019,163.47 |
| - options |  | (16,863.50) |
| - forward foreign exchange contracts |  | 34,485.91 |
| - financial futures |  | (678,356.50) |
| - swaps |  | (30,507.26) |
| - foreign exchange |  | 26,473.22 |
| Net realised profit |  | 3,391,999.30 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 4,181,159.44 |
| - options |  | 7,999.10 |
| - forward foreign exchange contracts |  | (9,636.83) |
| - financial futures |  | 189,965.20 |
| - swaps |  | (2,004.46) |
| Increase in net assets as a result of operations |  | 7,759,481.75 |
| Subscription capitalisation shares |  | 57,690,123.88 |
| Redemption capitalisation shares |  | (1,406,867.46) |
| Increase in net assets |  | 64,042,738.17 |
| Net assets at the beginning of the year |  | 38,131,347.08 |
| Net assets at the end of the year |  | 102,174,085.25 |

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 |