# CARMIGNAC PORTFOLIO
## Unconstrained Credit

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 697,152,933.68 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 634,772,850.26 |
| Cost price |  | 614,595,558.34 |
| Unrealised profit on the securities portfolio |  | 20,177,291.92 |
| Options purchased at market value | Note 2 | 2,920,950.76 |
| Options purchased at cost |  | 2,356,742.25 |
| Cash at banks and liquidities |  | 42,740,550.11 |
| Interest receivable |  | 7,506,568.46 |
| Brokers receivable |  | 3,823,589.47 |
| Subscriptions receivable |  | 4,377,834.82 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 936,216.05 |
| Unrealised net appreciation on financial futures | Note 2 | 74,373.75 |
| Liabilities |  | 28,172,226.32 |
| Options sold at market value | Note 2 | 1,427,003.45 |
| Options sold at cost |  | 1,092,316.65 |
| Brokers payable |  | 11,097,590.47 |
| Redemptions payable |  | 306,384.45 |
| Unrealised net depreciation on swaps | Note 2 | 11,958,599.91 |
| Other liabilities | Note 13 | 3,382,648.04 |
| Net asset value |  | 668,980,707.36 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 668,980,707.36 | 302,689,899.13 | 20,723,938.78 |
| Class A EUR - Capitalisation Number of shares |  | 957,042 | 424,196 | 45,000 |
| Net asset value per share | EUR | 138.18 | 125.17 | 103.51 |
| Class Income A EUR - Distribution Number of shares |  | 17,651 | 6,683 | 5,000 |
| Net asset value per share | EUR | 127.82 | 118.68 | 100.08 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 11,600 | 1,000 | 0 |
| Net asset value per share | CHF | 111.76 | 101.60 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 145,356 | 107,111 | 10,000 |
| Net asset value per share | USD | 145.99 | 130.45 | 105.88 |
| Class F EUR - Capitalisation Number of shares |  | 1,785,218 | 1,262,280 | 0 |
| Net asset value per share | EUR | 134.00 | 120.91 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 12,143 | 10,092 | 0 |
| Net asset value per share | CHF | 112.31 | 101.71 | 0.00 |
| Class F USD Hedged - Capitalisation Number of shares |  | 126,980 | 60,275 | 0 |
| Net asset value per share | USD | 115.40 | 102.75 | 0.00 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 668,980,707.36 | 302,689,899.13 | 20,723,938.78 |

Key figures relating to the last 3 years
Total Net Assets
| Class W EUR - Capitalisation Number of shares |  | 1,807,783 | 598,401 | 140,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 143.72 | 128.82 | 104.57 |
| Class W CHF Hedged - Capitalisation Number of shares |  | 35,104 | 1,000 | 0 |
| Net asset value per share | CHF | 113.15 | 101.84 | 0.00 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitt | ed to an official stock exchange listing	 634,772,850.26 | 94.89 |
| --- | --- | --- |
| Bonds | 338,790,053.86 | 50.64 |
| Bermuda | 9,988,985.88 | 1.49 |
| 5,750,000 GEOPARK LTD	5.5000 20-27 17/01S	USD | 4,733,088.15 | 0.71 |
| 15,878,651 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 5,255,897.73 | 0.78 |
| British Virgin Islands | 671,567.91 | 0.10 |
| 777,000 ARCOS DOR HDGS REGS 5.875 17-27 04/04S | USD | 671,567.91 | 0.10 |
| Canada |  | 3,875,998.26 | 0.58 |
| 1,150,000 CANACOL ENERGY LTD  7.25 18-25 03/05S | USD | 1,011,300.72 | 0.15 |
| 8,572,443 STONEWAY CAPITAL CORP 10.00 17-27 01/03S	USD | 2,864,697.54 | 0.43 |
| Cayman Islands | 18,937,730.04 | 2.83 |
| 3,250,000 BCO BARSIL CAYMAN REGS 9.00 14-XX 18/12S | USD | 2,971,536.72 | 0.44 |
| 1,500,000 ESIC SUKUK LTD 3.939	19-24 30/07S | USD | 1,272,128.23 | 0.19 |
| 3,500,000 GEMS MENASA 7.125 | 19-26 31/07S | USD | 2,972,976.17 | 0.44 |
| 11,237,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 5,280,760.90 | 0.80 |
| 5,085,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 4,216,034.57 | 0.63 |
| 5,900,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 2,224,293.45 | 0.33 |
| Chile | 892,950.84 | 0.13 |
| 1,000,000 VTR FINANCE BV	6.3750 20-28 15/07S	USD | 892,950.84 | 0.13 |
| Czech Republic | 6,555,307.00 | 0.98 |
| 5,000,000 SAZKA GROUP A.S | 3.875 20-27 15/02S | EUR | 4,846,025.00 | 0.72 |
| 1,700,000 SAZKA GROUP AS | 4.1250 19-24 20/11S | EUR | 1,709,282.00 | 0.26 |
| Finland | 4,950,500.00 | 0.74 |
| 5,000,000 SBB TREASURY OY	0.7500 20-28 14/12A	EUR | 4,950,500.00 | 0.74 |
| France | 10,010,019.50 | 1.50 |
| 3,300,000 FFP	1.8750 19-26 30/10A	EUR | 3,175,672.50 | 0.48 |
| 3,050,000 GETLINK SE	3.50 20-25 30/10S	EUR | 3,160,105.00 | 0.47 |
| 600,000 IPSOS	2.875 18-25 21/09A	EUR | 607,500.00 | 0.09 |
| 2,800,000 JC DECAUX | 2.625 20-28 24/04A | EUR | 3,066,742.00 | 0.46 |
| India |  |  | 690,472.80 | 0.10 |
| 800,000 RENEW POWER SYNTHETIC 6.67 19-24 12/03S	USD | 690,472.80 | 0.10 |
| Ireland | 10,320,313.29 | 1.54 |
| 1,300,000 ASG FINANCE	7.875 19-24 03/12S	USD | 926,526.91 | 0.14 |
| 2,973,000 DAA FINANCE PLC	1.601 20-32 05/11A	EUR | 3,258,185.02 | 0.49 |
| 1,050,000 JAMES HARDIE INTL 3.625 18-26 01/10S	EUR | 1,085,715.75 | 0.16 |
| 4,697,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 5,049,885.61 | 0.75 |
| Italy |  | 5,246,660.00 | 0.78 |
| 3,000,000 ANIMA HOLDING S.P.A. 1.75 19-26 23/10A	EUR | 3,039,210.00 | 0.45 |
| 2,000,000 EXOR NV	2.25 20-30 29/04A	EUR | 2,207,450.00 | 0.33 |
| Luxembourg | 40,299,061.76 | 6.03 |
| 2,450,000 AEGEA FINANCE SARL | 5.75 17-24 10/10S | USD | 2,099,925.63 | 0.31 |
| 1,577,000 ALROSA FINANCE SA | 4.65 19-24 09/04S | USD | 1,396,035.86 | 0.21 |
| 3,000,000 ALTICE FRANCE HOLDING 4.0 20-28 15/02S | EUR | 2,863,380.00 | 0.43 |
| 8,650,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 9,415,871.00 | 1.42 |
| 6,000,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 5,102,439.62 | 0.76 |
| 3,770,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 3,324,967.14 | 0.50 |
| 800,000 MILLICOM INTERN	4.50 20-31 27/04S	USD | 707,743.86 | 0.11 |
| 1,200,000 MOTION BONDCO DAC  4.5 19-27 15/11S	EUR | 1,169,796.00 | 0.17 |
| 2,670,000 MOTION FINCO SARL	7.00 20-25 15/05S	EUR | 2,828,598.00 | 0.42 |
| 4,750,000 REDE D OR FIN SARL | 4.5 20-30 22/01S | USD | 4,059,133.26 | 0.61 |
| 3,000,000 REDE D'OR FIN SARL | 4.95 18-28 17/01S | USD | 2,639,475.30 | 0.39 |
| 5,150,000 ULTRAPAR INTL 5.25 19-29 06/06S	USD | 4,691,696.09 | 0.70 |
| Mauritius | 1,386,999.69 | 0.21 |
| 1,700,000 BAYPORT MANAGEMENT | 11.5 19-20 14/12S | USD | 1,386,999.69 | 0.21 |
| Mexico |  |  | 6,787,663.76 | 1.01 |
| 3,000,000 BANCO SANTANDER	5.375 20-25 17/04S	USD | 2,812,087.77 | 0.42 |
| 1,800,000 GFB  5.875	19-34 13/09S	USD | 1,689,738.88 | 0.25 |
| 2,800,000 TOTAL PLAY TELECOMUN 7.50 20-25 12/11S	USD | 2,285,837.11 | 0.34 |
| Norway | 12,929,592.54 | 1.93 |
| 4,200,000 AKER BP ASA | 4.75 19-24 15/06S | USD | 3,558,766.70 | 0.53 |
| 6,136,000 AKER BP ASA | 4.000 20-31 15/01S | USD | 5,439,080.89 | 0.81 |
| 4,470,000 EXPLORER II AS | 3.375 20-25 24/02S | EUR | 3,931,744.95 | 0.59 |
| Panama | 25,256,210.12 | 3.78 |
| 3,651,000 CARNIVAL CORPORATION 10.50 20-26 01/02S	USD | 3,474,783.41 | 0.52 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 15,592,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 14,722,617.46 | 2.21 |
| --- | --- | --- | --- |
| 3,000,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 3,190,425.00 | 0.48 |
| 936,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | USD | 830,278.78 | 0.12 |
| 2,619,000 CARNIVAL CORPORATION 10.125 20-26 01/02S | EUR | 3,038,105.47 | 0.45 |
| Peru |  | 9,531,543.46 | 1.42 |
| 9,000,000 AUNA SA	6.50 20-25 20/11S | USD | 7,802,500.92 | 1.16 |
| 2,000,000 CAMPOSOL SA	6.0000 20-27 03/02S | USD | 1,729,042.54 | 0.26 |
| Romania |  | 7,233,750.10 | 1.08 |
| 1,715,000 GLOBALWORTH RE ESTATE 2.95 20-26 29/07A | EUR | 1,807,421.35 | 0.27 |
| 2,750,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 2,920,541.25 | 0.44 |
| 2,500,000 RCS & RDS SA	3.25 20-28 05/02S | EUR | 2,505,787.50 | 0.37 |
| Singapore |  | 3,310,481.80 | 0.49 |
| 4,000,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 3,310,481.80 | 0.49 |
| Sweden | 7,511,950.90 | 1.12 |
| 10,000 INTRUM AB  2.75 17-22 15/07S	EUR | 10,052.90 | 0.00 |
| 7,400,000 SAMHALLSBYGGNAD 1.00 20-27 12/08A	EUR | 7,501,898.00 | 1.12 |
| The Netherlands | 42,770,367.68 | 6.40 |
| 1,770,000 AIRBUS SE | 2.3750 20-40 09/06A | EUR | 2,123,539.80 | 0.32 |
| 2,500,000 IHS NL HOLDCO | 8.00 19-27 18/09S | USD | 2,211,801.73 | 0.33 |
| 2,700,000 IMCD NV | 2.50 18-25 26/03A | EUR | 2,805,975.00 | 0.42 |
| 5,000,000 JAB HOLDINGS | 3.375 20-35 17/04A | EUR | 6,367,675.00 | 0.96 |
| 2,000,000 LUKOIL SECURITIES  3.875 20-30 06/05S | USD | 1,771,345.67 | 0.26 |
| 1,800,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 1,848,519.00 | 0.28 |
| 2,000,000 NE PROPERTY BV	1.8750 19-26 09/10A | EUR | 2,014,740.00 | 0.30 |
| 800,000 NE PROPERTY BV 2.625	19-23 22/05A | EUR | 833,296.00 | 0.12 |
| 1,000,000 NE PROPERTY BV 3.375 20-27 14/07A | EUR | 1,087,370.00 | 0.16 |
| 3,000,000 PROSUS NV	2.031 20-32 03/08A | EUR | 3,129,735.00 | 0.47 |
| 3,200,000 PROSUS NV	1.539 20-28 03/08A | EUR | 3,306,656.00 | 0.49 |
| 800,000 PROSUS NV	3.6800 20-30 21/01S | USD | 711,689.75 | 0.11 |
| 4,560,000 PROSUS NV	3.8320 20-51 08/02S | USD | 3,687,057.49 | 0.55 |
| 3,000,000 SUMMER BIDCO FL.R 19-25 17/11S | EUR | 3,119,385.00 | 0.47 |
| 4,775,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 4,223,678.50 | 0.63 |
| 375,000 TEVA PHARMA	1.875 15-27 31/03A | EUR | 341,769.37 | 0.05 |
| 2,350,000 UNITED GROUP BV	3.625 20-28 15/02A | EUR | 2,310,578.75 | 0.35 |
| 875,000 UNITED GROUP BV	4.00 20-27 15/11S | EUR | 875,555.62 | 0.13 |
| Turkey |  | 3,032,784.11 | 0.45 |
| 2,200,000 GLOBAL LIMAN ISLET 8.125 14-21 14/11S | USD | 1,400,300.76 | 0.21 |
| 2,180,000 RONESANS	7.25 18-23 26/04S | USD | 1,632,483.35 | 0.24 |
| United Kingdom |  | 44,510,389.51 | 6.66 |
| 2,800,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 2,989,616.00 | 0.45 |
| 24,207,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 17,494,156.83 | 2.62 |
| 3,700,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 3,643,168.00 | 0.54 |
| 1,000,000 EASYJET PLC	1.75 16-23 09/02A | EUR | 1,002,980.00 | 0.15 |
| 7,486,000 EASYJET PLC	0.8750 19-25 11/06A | EUR | 7,182,667.28 | 1.07 |
| 3,000,000 INFORMA PLC	1.2500 19-28 22/04A | EUR | 3,014,505.00 | 0.45 |
| 1,900,000 INFORMA PLC	1.5000 18-23 05/07A | EUR | 1,949,628.00 | 0.29 |
| 4,050,000 INFORMA PLC	2.1250 20-25 06/10A | EUR | 4,273,438.50 | 0.64 |
| 500,000 INTERCONT HOTELS	2.125 16-26 24/08A | GBP | 571,316.06 | 0.09 |
| 450,000 KCA DEUTAG UK FIN  7.25 14-21 15/05S | USD | 180,529.32 | 0.03 |
| 3,500,000 KCA DEUTAG UK FIN  9.625 18-23 01/04S | USD | 1,408,682.42 | 0.21 |
| 2,000,000 KCA DEUTAG UK FIN  9.875 17-22 01/04S | USD | 799,702.10 | 0.12 |
| United States of America |  | 62,088,752.91 | 9.29 |
| 3,000,000 BOEING CO	5.93 20-60 01/05S | USD | 3,478,349.88 | 0.52 |
| 3,639,000 BOEING CO	5.705 20-40 01/05S | USD | 3,869,465.54 | 0.58 |
| 4,333,000 CARNIVAL CORPORATION 9.875 20-27 01/08S | USD | 4,127,779.66 | 0.62 |
| 1,000,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 584,365.17 | 0.09 |
| 200,000 CGG HOLDING US	7.8750 18-23 01/05S | EUR | 203,389.00 | 0.03 |
| 1,500,000 CGG HOLDING US	9.0000 18-23 01/05S | USD | 1,242,509.51 | 0.19 |
| 900,000 COMPASS DIV	8.0000 20-26 01/05U | USD | 776,020.60 | 0.12 |
| 680,000 COMPASS GROUP DIVERS 8.0 18-26 01/05S | USD | 586,326.67 | 0.09 |
| 6,500,000 ENCORE CAPITAL GROUP 4.875 20-25 15/10S | EUR | 6,771,277.50 | 1.01 |
| 5,200,000 FORD MOTOR CO	9.625 20-30 22/04S | USD | 6,015,795.02 | 0.90 |
| 3,534,000 FORTRESS TRANSPORT  6.50 18-25 01/10S | USD | 3,039,953.41 | 0.45 |
| 307,000 FORTRESS TRANSPORT  6.75 17-22 15/03S | USD | 254,045.60 | 0.04 |
| 1,000,000 FORTRESS TRANSPORT  9.75 20-27 01/08S | USD | 939,888.03 | 0.14 |
| 1,100,000 FS ENERGY AND POWER 7.5  18-23 15/08S | USD | 868,681.30 | 0.13 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
2,000,000 LYB INTL FINANCE III 4.20 20-50 01/05S
USD
1,924,923.38	0.29
| 3,000,000 MURPHY OIL CORP | 5.75 17-25 15/08S | USD | 2,425,433.37 | 0.36 |
| --- | --- | --- | --- | --- |
| 12,110,000 MURPHY OIL CORP | 5.875 19-27 01/12S | USD | 9,802,612.23 | 1.46 |
| 3,300,000 MURPHY OIL CORP | 6.125 12-42 01/12S | USD | 2,398,183.42 | 0.36 |
| 2,000,000 ONEOK INC.	7.15 20-51 15/01S	USD | 2,286,518.73 | 0.34 |
| 2,300,000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 1,977,843.98 | 0.30 |
| 4,850,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 4,926,193.50 | 0.74 |
| 4,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 3,367,251.03 | 0.50 |
| 250,000 TRIPADVISOR INC	7.0000 20-25 15/07S | USD | 221,946.38 | 0.03 |
| Floating rate bonds |  | 179,813,895.14 | 26.88 |
| Austria | 5,183,650.00 | 0.77 |
| 5,000,000 ERSTE GROUP BANK AG FL.R 20-XX 23/05S	EUR | 5,183,650.00 | 0.77 |
| Belgium | 7,019,565.00 | 1.05 |
| 7,000,000 KBC GROUPE SA | FL.R 20-26 10/09A | EUR | 7,019,565.00 | 1.05 |
| Bermuda |  |  | 552,322.95 | 0.08 |
| 1,668,629 SEADRILL NEW FINANCE FL.R 18-25 15/07S	USD | 552,322.95 | 0.08 |
| Cayman Islands | 6,074,533.46 | 0.91 |
| 6,032,000 BANCO MERCANTILE FL.R 20-XX 14/01Q	USD | 5,906,410.37 | 0.88 |
| 200,000 BCO DO BRASIL CAYMAN FL.R 13-XX 15/04S	USD | 168,123.09 | 0.03 |
| France | 31,454,544.31 | 4.71 |
| 6,300,000 ACCOR SA | FL.R 19-XX 31/12A | EUR | 5,874,309.00 | 0.88 |
| 1,000,000 ACCOR SA | FL.R 19-XX 31/01A | EUR | 1,000,090.00 | 0.15 |
| 1,500,000 BNP PARIBAS SA	FL.R 15-XX 17/06S	EUR | 1,595,235.00 | 0.24 |
| 3,200,000 CCR RE SA	FL.R 20-40 15/07A	EUR | 3,426,160.00 | 0.51 |
| 1,300,000 CREDIT AGRICOLE SA | FL.R 19-XX 23/03S | USD | 1,185,198.81 | 0.18 |
| 4,500,000 CREDIT AGRICOLE SA | FL.R 20-49 31/12Q | EUR | 4,881,937.50 | 0.73 |
| 8,000,000 LA BANQUE POSTALE | FL.R 19-XX 20/05S | EUR | 8,204,240.00 | 1.23 |
| 500,000 ORANGE SA FL.R | 19-XX 15/04A | EUR | 528,647.50 | 0.08 |
| 4,700,000 RCI BANQUE SA | FL.R 19-30 18/02A | EUR | 4,758,726.50 | 0.71 |
| Germany |  |  | 5,640,468.50 | 0.84 |
| 2,000,000 MERCK KGAA	FL.R 19-79 25/06A | EUR | 2,208,650.00 | 0.33 |
| 3,300,000 MUNICH RE	FLR 20-41 26/05A | EUR | 3,431,818.50 | 0.51 |
| Hungary |  | 2,038,570.00 | 0.30 |
| 2,000,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 2,038,570.00 | 0.30 |
| Ireland |  | 7,038,801.37 | 1.05 |
| 5,000,000 AIB GROUP PLC	FL.R 20-31 30/05A | EUR | 5,333,950.00 | 0.80 |
| 200,000 BANK OF IRELAND GROUP FL.R 17-27 19/09S | USD | 167,021.37 | 0.02 |
| 1,500,000 BANK OF IRELAND GROUP FL.R 19-29 14/10A | EUR | 1,537,830.00 | 0.23 |
| Israel | 1,480,066.20 | 0.22 |
| 1,750,000 BANK LEUMI-ISRAEL CV FL.R 20-31 29/01S | USD | 1,480,066.20 | 0.22 |
| Italy |  | 27,978,682.77 | 4.19 |
| 4,000,000 ENEL SPA	FL.R 13-73 24/09S | USD | 3,822,614.52 | 0.57 |
| 16,782,000 ENI SPA	FL.R 20-49 31/12A | EUR | 18,046,943.25 | 2.71 |
| 1,500,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S	EUR | 1,596,892.50 | 0.24 |
| 3,000,000 INTESA SANPAOLO | FL.R 20-XX 31/12S | EUR | 2,873,355.00 | 0.43 |
| 1,500,000 UNICREDIT SPA FL.R | 19-29 20/02A | EUR | 1,638,877.50 | 0.24 |
| Luxembourg | 2,999,745.37 | 0.45 |
| 2,000,000 CPI PROPERTY GROUP | FL.R 20-XX 16/11A | EUR | 2,098,430.00 | 0.32 |
| 851,000 CPI PROPERTY GROUP | FLR 19-XX 31/12A | EUR | 901,315.37 | 0.13 |
| Spain |  |  | 2,436,049.00 | 0.36 |
| 2,200,000 BBVA SA	FL.R 20-XX 15/01Q | EUR | 2,436,049.00 | 0.36 |
| Sweden |  | 19,321,511.04 | 2.89 |
| 9,140,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A	EUR | 9,109,915.24 | 1.36 |
| 6,120,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 6,132,637.80 | 0.92 |
| 3,800,000 SAMHALLSBYGGNAD FL.R	19-49 31/12A | EUR | 4,078,958.00 | 0.61 |
| The Netherlands |  | 21,676,033.00 | 3.24 |
| 12,000,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 12,777,600.00 | 1.91 |
| 1,000,000 RABOBANK FL.R 19-XX 29/06S | EUR | 1,012,175.00 | 0.15 |
| 2,000,000 RABOBANK CV	FL.R 20-XX 29/06S	EUR | 2,216,810.00 | 0.33 |
| 1,200,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 1,336,968.00 | 0.20 |
| 4,000,000 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 4,332,480.00 | 0.65 |
| United Kingdom | 27,940,671.18 | 4.18 |
| 1,500,000 AVIVA PLC FL.R 20-55 03/06S	GBP | 1,948,726.39 | 0.29 |
| 900,000 BARCLAYS PLC	FL.R 19-99 27/03Q	USD | 821,585.14 | 0.12 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 7,400,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A | EUR | 8,107,847.00 | 1.21 |
| --- | --- | --- | --- |
| 270,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 276,625.80 | 0.04 |
| 8,005,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 8,292,499.57 | 1.24 |
| 1,400,000 LEGAL AND GENERAL GROUP FL.R 20-50 01/11S | GBP | 1,812,625.40 | 0.27 |
| 2,667,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 3,115,780.63 | 0.47 |
| 2,400,000 PHOENIX GROUP HOLDINGS FL.R 20-31 04/09S | USD | 2,108,981.25 | 0.32 |
| 1,300,000 SWISS RE FINANCE (UK) FL.R 20-52 04/06A | EUR | 1,456,000.00 | 0.22 |
| United States of America |  | 10,978,680.99 | 1.64 |
| 2,700,000 ENCORE CAPITAL	FL.R 20-28 15/01Q | EUR | 2,721,680.99 | 0.41 |
| 8,000,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 8,257,000.00 | 1.23 |
| Mortgage and asset backed securities |  | 116,168,901.26 | 17.37 |
| Ireland |  | 68,568,349.02 | 10.26 |
| 1,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 974,689.80 | 0.15 |
| 3,300,000 ARBOUR CLO VIII DAC	20-33 15/07Q | EUR | 3,346,466.31 | 0.50 |
| 2,200,000 AURIUM CLO VI DAC	4.31 20-32 22/11Q | EUR | 2,217,065.62 | 0.33 |
| 2,750,000 AVOCA 14X FR	FL.R 17-31 12/01Q | EUR | 2,531,708.85 | 0.38 |
| 2,500,000 BAIN CAPITAL EURO CLO FL.R 17-30 17/10Q | EUR | 2,412,792.75 | 0.36 |
| 3,500,000 BAIN CAPITAL EURO CLO FL.R 20-33 24/01Q | EUR | 3,392,347.35 | 0.51 |
| 3,950,000 CARLYLE EURO CLO 2020-2 DAC 21-34 15/01Q | EUR | 3,831,500.00 | 0.57 |
| 3,500,000 CARLYLE EURO CLO 2020-2 DAC 21-34 15/01Q | EUR | 3,500,000.00 | 0.52 |
| 4,000,000 CIFCE 1X B1 FL.R	19-32 15/07Q | EUR | 4,030,524.00 | 0.61 |
| 3,750,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 3,723,753.75 | 0.56 |
| 2,600,000 HARVEST CLO	FL.R 18-30 22/11Q | EUR | 2,488,074.68 | 0.37 |
| 100,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 96,169.31 | 0.01 |
| 500,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 502,857.70 | 0.08 |
| 2,000,000 HARVEST CLO IX DESIGNATED 17-30 15/02Q | EUR | 1,851,271.60 | 0.28 |
| 3,800,000 HARVT II	FL.R 20-33 15/07Q | EUR | 3,823,563.04 | 0.57 |
| 100,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 98,285.85 | 0.01 |
| 1,500,000 HENLEY CLO II DAC  FL.R 20-32 15/12Q | EUR | 1,507,126.95 | 0.23 |
| 2,500,000 HENLEY CLO II DAC  FL.R 20-32 15/12Q | EUR | 2,551,657.75 | 0.38 |
| 3,000,000 HENLEY CLO III DAC  FL.R 20-34 25/01Q | EUR | 3,016,294.50 | 0.45 |
| 1,000,000 HENLEY FUNDING LTD. FL.R 20-32 15/12Q | EUR | 974,054.00 | 0.15 |
| 2,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 2,015,223.00 | 0.30 |
| 2,630,500 MADISON PARK EURO FUN FL.R 20-32 25/11Q | EUR | 2,651,791.53 | 0.40 |
| 2,000,000 NEWHAVEN CLO	FL.R 17-30 15/02Q | EUR | 2,000,503.40 | 0.30 |
| 2,000,000 NEWHAVEN CLO LIMITED FL.R 17-30 15/02Q | EUR | 2,000,726.60 | 0.30 |
| 2,000,000 RYE HARBOUR ABS	FL.R 17-31 21/04Q | EUR | 1,971,008.60 | 0.29 |
| 1,250,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,257,536.25 | 0.19 |
| 1,000,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 949,062.30 | 0.14 |
| 550,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 545,186.62 | 0.08 |
| 1,800,000 TORO EUROPEAN CLO  FL.R 17-30 15/04Q | EUR | 1,710,628.02 | 0.26 |
| 2,500,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 2,503,636.75 | 0.37 |
| 100,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 97,487.45 | 0.01 |
| 3,950,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 3,995,354.69 | 0.60 |
| Luxembourg |  | 12,527,797.72 | 1.87 |
| 1,800,000 BBAM EUROPEAN CLO	FL.R 20-33 22/01Q | EUR | 1,809,704.88 | 0.27 |
| 3,000,000 BBAM EUROPEAN CLO	FL.R 20-33 22/01Q | EUR | 3,019,345.20 | 0.45 |
| 4,000,000 CAIRN CLO XII DAC  FL.R 20-33 15/04Q | EUR | 4,047,617.20 | 0.60 |
| 3,600,000 CAIRN CLO XII DAC  FL.R 20-33 15/04Q | EUR | 3,651,130.44 | 0.55 |
| Morocco |  | 9,231,446.76 | 1.38 |
| 3,125,000 OCP EURO CLO	FL.R 20-33 22/01Q | EUR | 3,138,205.63 | 0.46 |
| 2,000,000 OCP EURO CLO	FL.R 2 0-33 22/01Q | EUR | 1,978,615.60 | 0.30 |
| 943,012 OCP EURO 2017-1 DAC  FL.R 19-32 15/07Q | EUR | 946,706.77 | 0.14 |
| 2,200,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 2,189,927.96 | 0.33 |
| 1,000,000 OCP EURO 2019-3 DAC FL.R 19-30 20/04Q | EUR | 977,990.80 | 0.15 |
| The Netherlands |  | 25,841,307.76 | 3.86 |
| 3,000,000 ARES EUROPEAN CLO  FL.R 20-33 21/10Q | EUR | 3,015,658.80 | 0.45 |
| 1,500,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,498,189.65 | 0.22 |
| 1,500,000 DRYD 2017-27X E	FL.R 17-30 15/05Q | EUR | 1,482,714.00 | 0.22 |
| 1,000,000 DRYDEN XXVII ABS FL.R  17-30 24/05Q | EUR | 998,249.10 | 0.15 |
| 1,500,000 DRYDEN 2017	FL.R 17-30 24/05Q | EUR | 1,481,890.20 | 0.22 |
| 1,000,000 HALCYON LOAN ADVISORS 1.9 18-31 18/10Q | EUR | 974,003.70 | 0.15 |
| 3,200,000 HALCYON LOAN ADVISORS FL.R 18-31 18/10Q | EUR | 3,162,302.40 | 0.47 |
| 1,050,000 JUBILEE CDO BV	FL.R 18-29 15/12Q | EUR | 1,043,158.62 | 0.16 |
| 2,000,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 2,022,802.80 | 0.30 |
| 3,500,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 3,537,003.05 | 0.53 |

Quantity	Denomination	Quotation
| 3,200,000 TIKEH 5X B1 | FL.R 19-32 15/04Q | EUR | 3,212,410.24 | 0.48 |
| --- | --- | --- | --- | --- |
| 3,000,000 TIKEHAU | FL.R 17-28 04/08Q | EUR | 2,951,692.20 | 0.44 |
| 500,000 TIKEHAU CLO III BV  FL.R 17-30 09/11Q | EUR | 461,233.00 | 0.07 |

currency
Market value
% of net assets
Total securities portfolio	
634,772,850.26	94.89
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| The Netherlands |  | 13.50 |
| Ireland |  | 12.85 |
| United States of America |  | 10.93 |
| United Kingdom |  | 10.84 |
| Luxembourg |  | 8.35 |
| France |  | 6.21 |
| Italy |  | 4.97 |
| Sweden |  | 4.01 |
| Panama |  | 3.78 |
| Cayman Islands |  | 3.74 |
| Norway |  | 1.93 |
| Bermuda |  | 1.57 |
| Peru |  | 1.42 |
| Morocco |  | 1.38 |
| Romania |  | 1.08 |
| Belgium |  | 1.05 |
| Mexico |  | 1.01 |
| Czech Republic |  | 0.98 |
| Germany |  | 0.84 |
| Austria |  | 0.77 |
| Finland |  | 0.74 |
| Canada |  | 0.58 |
| Singapore |  | 0.49 |
| Turkey |  | 0.45 |
| Spain |  | 0.36 |
| Hungary |  | 0.30 |
| Israel |  | 0.22 |
| Mauritius |  | 0.21 |
| Chile |  | 0.13 |
| Other |  | 0.20 |
|  |  | 94.89 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Holding and finance companies | 30.70 |
| Banks and credit institutions | 13.46 |
| Petroleum | 8.59 |
| Hotels and restaurants | 8.14 |
| Real estate companies | 5.60 |
| Miscellaneous sectors | 4.83 |
| Transportation | 3.82 |
| Insurance | 2.81 |
| Communications | 2.38 |
| Graphic art and publishing | 1.93 |
| Internet and internet services | 1.65 |
| Miscellaneous services | 1.63 |
| Utilities | 1.50 |
| Aerospace industry | 1.42 |
| Chemicals | 1.38 |
| Healthcare and social services | 1.14 |
| Road vehicles | 0.90 |
| Textiles and garments | 0.74 |
| Unit trusts | 0.63 |
| Electrical engineering and electronics | 0.50 |
| Miscellaneous trading companies | 0.42 |
| Pharmaceuticals and cosmetics | 0.33 |
| Agriculture and fishery | 0.26 |
| Countries and central government | 0.13 |
|  | 94.89 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 20,066,571.25 |
| --- | --- | --- |
| Net dividends | Note 2 | 2,746.64 |
| Net interest on bonds | Note 2 | 19,762,981.52 |
| Bank interest on cash account |  | 11,837.80 |
| Interest on swaps |  | 249,261.75 |
| Securities lending income | Note 2, 7 | 39,743.54 |
| Expenses |  | 9,050,598.12 |
| Management fees | Note 3 | 3,453,227.86 |
| Custodian & sub-custodian fees | Note 4 | 77,416.45 |
| Taxe d'abonnement | Note 5 | 249,567.22 |
| Performance fees | Note 3 | 2,641,635.50 |
| Bank interest on overdrafts |  | 160,225.12 |
| Transaction fees | Note 6 | 8,354.59 |
| Interest on swaps |  | 1,877,108.06 |
| Operating and establishment fees | Note 4 | 583,063.32 |
| Net income from investments |  | 11,015,973.13 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 15,874,480.17 |
| - options |  | (231,120.00) |
| - forward foreign exchange contracts |  | 13,844,580.36 |
| - financial futures |  | 196,078.80 |
| - swaps |  | 14,329,683.38 |
| - foreign exchange |  | (2,254,982.03) |
| Net realised profit |  | 52,774,693.81 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 12,672,625.28 |
| - options |  | 886,161.71 |
| - forward foreign exchange contracts |  | (78,641.68) |
| - financial futures |  | 74,373.75 |
| - swaps |  | (5,690,382.56) |
| Increase in net assets as a result of operations |  | 60,638,830.31 |
| Dividends paid | Note 10 | (32,861.76) |
| Subscription capitalisation shares |  | 462,777,865.01 |
| Subscription distribution shares |  | 1,514,546.71 |
| Redemption capitalisation shares |  | (158,392,814.04) |
| Redemption distribution shares |  | (214,758.00) |
| Increase in net assets |  | 366,290,808.23 |
| Net assets at the beginning of the year |  | 302,689,899.13 |
| Net assets at the end of the year |  | 668,980,707.36 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2020-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidierter

### Abschluss zum 31.12.2020
Aufstellung des Nettovermögens zum 31.12.2020
Ausgedrückt in EUR
| Aktiva |  | 10.231.162.360,04 |
| --- | --- | --- |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 9.328.681.984,85 |
| Anschaffungskosten |  | 8.636.594.369,04 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 692.087.615,81 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 36.533.654,95 |
| Zum Einstandspreis erworbene Optionen |  | 32.855.421,76 |
| Bankguthaben und liquide Mittel |  | 578.725.758,38 |
| Zinsforderungen |  | 51.402.242,98 |
| Forderungen gegenüber Brokern |  | 162.219.256,48 |
| Forderungen aus Zeichnungen |  | 54.717.994,24 |
| Dividendenforderungen |  | 920.908,96 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 6.973.806,16 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 1.392.042,37 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 9.405.416,38 |
| Sonstige Aktiva | Erläuterung 12 | 189.294,29 |
| Passiva |  | 304.827.675,40 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 10.515.744,48 |
| Zum Einstandspreis verkaufte Optionen |  | 7.956.006,50 |
| Kontoüberziehungen |  | 61.630.265,93 |
| Verbindlichkeiten gegenüber Brokern |  | 100.270.860,87 |
| Verbindlichkeiten aus Rücknahmen |  | 10.815.018,34 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 748.790,58 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 10.983.486,46 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 16.245.805,30 |
| Sonstige Passiva | Erläuterung 13 | 93.617.703,44 |
| Nettoinventarwert |  | 9.926.334.684,64 |

Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2020 bis 31.12.2020
Ausgedrückt in EUR
| Erträge |  | 186.269.961,62 |
| --- | --- | --- |
| Nettodividenden | Erläuterung 2 | 29.190.387,88 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 134.713.038,22 |
| Bankzinsen aus Sichteinlagen |  | 870.433,48 |
| Sonstige Finanzerträge |  | 2.996.618,72 |
| Zinsen aus Swapverträgen |  | 17.881.964,73 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 617.518,59 |
| Aufwand |  | 217.610.392,56 |
| Verwaltungsgebühren | Erläuterung 3 | 73.252.586,88 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.424.633,33 |
| Taxe d’abonnement | Erläuterung 5 | 4.164.458,57 |
| Performancegebühren | Erläuterung 3 | 80.418.853,29 |
| Überziehungszinsen |  | 6.634.135,02 |
| Rechtskosten |  | 1.871,08 |
| Transaktionskosten | Erläuterung 6 | 10.696.542,49 |
| Dividendenaufwand |  | 602.845,09 |
| Zinsen aus Swapverträgen |  | 25.072.609,25 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 15.341.857,56 |
| Nettoverlust aus Anlagen |  | (31.340.430,94) |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 405.742.230,64 |
| - Optionen |  | 3.619.218,81 |
| - Devisenterminkontrakten |  | 120.468.899,22 |
| - Futures |  | (98.490.647,22) |
| - Swaps |  | 35.565.404,53 |
| - Wechselkursgeschäften |  | (56.102.278,25) |
| Realisierter Nettogewinn |  | 379.462.396,79 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |  |  |
| - Anlagen | Erläuterung 2 | 438.545.926,58 |
| - Optionen |  | 1.287.437,66 |
| - Devisenterminkontrakten |  | (368.006,24) |
| - Futures |  | (10.500.505,07) |
| - Swaps |  | 5.873.065,01 |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 814.300.314,73 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.803.785,60) |
| Zeichnungen von thesaurierenden Aktien |  | 4.618.946.329,76 |
| Zeichnungen von ausschüttenden Aktien |  | 98.503.930,10 |
| Rücknahmen von thesaurierenden Aktien |  | (3.736.134.334,49) |
| Rücknahmen von ausschüttenden Aktien |  | (105.403.873,52) |
| Zunahme des Nettovermögens |  | 1.680.408.580,98 |
| Nettovermögen am Jahresanfang |  | 8.245.926.103,66 |
| Nettovermögen am Jahresende |  | 9.926.334.684,64 |