# CARMIGNAC PORTFOLIO
## Patrimoine

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 1,677,420,999.29 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,514,937,913.82 |
| Cost price |  | 1,343,176,202.75 |
| Unrealised profit on the securities portfolio |  | 171,761,711.07 |
| Options purchased at market value | Note 2 | 10,711,330.83 |
| Options purchased at cost |  | 5,276,499.99 |
| Cash at banks and liquidities |  | 60,645,757.64 |
| Interest receivable |  | 7,591,990.36 |
| Brokers receivable |  | 74,824,521.71 |
| Subscriptions receivable |  | 3,010,538.33 |
| Dividends receivable |  | 273,267.28 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 2,932,952.04 |
| Unrealised net appreciation on swaps | Note 2 | 2,376,204.27 |
| Other assets | Note 12 | 116,523.01 |
| Liabilities |  | 85,351,502.17 |
| Options sold at market value | Note 2 | 5,571,445.12 |
| Options sold at cost |  | 697,595.36 |
| Bank overdrafts |  | 20,066,115.10 |
| Brokers payable |  | 40,920,849.20 |
| Redemptions payable |  | 2,089,620.21 |
| Unrealised net depreciation on financial futures | Note 2 | 2,855,092.51 |
| Other liabilities | Note 13 | 13,848,380.03 |
| Net asset value |  | 1,592,069,497.12 |

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 | 1,592,069,497.12 | 1,302,344,744.56 | 1,373,758,748.78 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 1,017,392 | 1,141,555 | 1,150,254 |
| Net asset value per share | EUR | 113.58 | 100.76 | 91.17 |
| Class Income A EUR - Distribution Number of shares |  | 800,727 | 999,569 | 1,519,566 |
| Net asset value per share | EUR | 85.37 | 79.60 | 75.69 |
| Class A EUR Y - Distribution Number of shares |  | 120,125 | 35,592 | 24,483 |
| Net asset value per share | EUR | 110.63 | 98.31 | 89.22 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 21,859 | 24,591 | 123,742 |
| Net asset value per share | CHF | 110.61 | 98.44 | 89.50 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 31,954 | 33,649 | 84,332 |
| Net asset value per share | CHF | 81.84 | 76.47 | 73.07 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 82.19 |

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
1,592,069,497.12	1,302,344,744.56	1,373,758,748.78
| Class A USD Hedged - Capitalisation Number of shares |  | 314,430 | 451,393 | 629,368 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 124.60 | 109.11 | 96.07 |
| Class Income A USD Hedged - Distribution Number of shares |  | 4,406 | 5,080 | 14,122 |
| Net asset value per share | USD | 101.93 | 93.59 | 86.81 |
| Class E EUR - Capitalisation Number of shares |  | 129,415 | 84,095 | 100,698 |
| Net asset value per share | EUR | 110.70 | 98.69 | 89.75 |
| Class Income E EUR - Distribution Number of shares |  | 140,834 | 147,998 | 199,311 |
| Net asset value per share | EUR | 83.03 | 77.79 | 74.24 |
| Class E USD Hedged - Capitalisation Number of shares |  | 20,697 | 31,267 | 51,774 |
| Net asset value per share | USD | 132.99 | 116.93 | 103.47 |
| Class Income E USD Hedged - Distribution Number of shares |  | 87,709 | 148,350 | 223,641 |
| Net asset value per share | USD | 97.96 | 90.42 | 84.13 |
| Class F EUR - Capitalisation Number of shares |  | 9,103,657 | 7,824,736 | 8,770,059 |
| Net asset value per share | EUR | 132.11 | 116.52 | 104.75 |
| Class Income F EUR - Distribution Number of shares |  | 121,342 | 96,888 | 106,157 |
| Net asset value per share | EUR | 88.94 | 82.41 | 77.82 |
| Class F EUR Y - Distribution Number of shares |  | 71,041 | 39,484 | 46,439 |
| Net asset value per share | EUR | 111.18 | 98.45 | 88.76 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 782,355 | 821,025 | 861,656 |
| Net asset value per share | CHF | 126.53 | 111.95 | 101.13 |
| Class F GBP - Capitalisation Number of shares |  | 7,469 | 8,947 | 73,339 |
| Net asset value per share | GBP | 141.28 | 117.95 | 112.32 |
| Class Income F GBP - Distribution Number of shares |  | 0 | 0 | 64 |
| Net asset value per share | GBP | 0.00 | 0.00 | 89.58 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 11,793 | 21,983 | 73,539 |
| Net asset value per share | GBP | 136.65 | 120.50 | 107.28 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 0 | 143 |
| Net asset value per share | GBP | 0.00 | 0.00 | 80.42 |
| Class F USD Hedged - Capitalisation Number of shares |  | 56,511 | 70,188 | 116,198 |
| Net asset value per share | USD | 143.59 | 124.96 | 109.32 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange listing	 1,339,021,010.07 | 84.11 |
| --- | --- | --- |
| Shares |  | 691,510,989.27 | 43.43 |
|  | Brazil | 7,612,178.96 | 0.48 |
| 1,529,373 ITAU UNIBANCO ADR REPR 1 PFD SHS | USD | 7,612,178.96 | 0.48 |
| Canada |  | 26,286,221.23 | 1.65 |
| 297,054 BARRICK GOLD CORPORATION | USD | 5,530,538.29 | 0.35 |
| 66,060 FRANCO-NEVADA CORP | CAD | 6,763,648.96 | 0.42 |
| 410,157 WHEATON PRECIOUS METAL - REGISTERED | USD | 13,992,033.98 | 0.88 |
| Cayman Islands |  | 67,901,020.84 | 4.26 |
| 131,926 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 10,096,482.07 | 0.63 |
| 430,560 JD HEALTH INTERNATIONAL INC | HKD | 6,807,452.11 | 0.43 |
| 561,461 JD.COM INC SADR REPR 2 SHS -A- | USD | 40,335,435.33 | 2.53 |
| 983,947 WUXI BIOLOGICS | HKD | 10,661,651.33 | 0.67 |
| China |  | 32,320,941.62 | 2.03 |
| 993,170 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 18,358,341.21 | 1.16 |
| 2,063,066 HAIER SMART HOME CO LTD - REG SHS -A- | CNY | 7,531,075.24 | 0.47 |
| 830,865 ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 6,431,525.17 | 0.40 |
| Denmark |  | 15,733,013.06 | 0.99 |
| 138,477 NOVO NORDISK | DKK | 7,937,342.50 | 0.50 |
| 46,664 ORSTED | DKK | 7,795,670.56 | 0.49 |
| France |  | 35,998,148.35 | 2.26 |
| 97,575 ESSILORLUXOTTICA SA | EUR | 12,445,691.25 | 0.78 |
| 134,808 SAFRAN SA | EUR | 15,630,987.60 | 0.98 |
| 100,145 WORLDLINE SA | EUR | 7,921,469.50 | 0.50 |
| Germany |  | 22,282,501.66 | 1.40 |
| 134,427 PUMA AG | EUR | 12,404,923.56 | 0.78 |
| 64,805 VOLKSWAGEN AG VORZ.AKT | EUR | 9,877,578.10 | 0.62 |
| India |  | 11,822,461.56 | 0.74 |
| 735,883 HDFC BANK - REGISTERED SHS | INR | 11,822,461.56 | 0.74 |
| Ireland |  | 9,731,365.65 | 0.61 |
| 101,646 MEDTRONIC HLD | USD | 9,731,365.65 | 0.61 |
| Italy |  | 2,565,728.10 | 0.16 |
| 335,477 UNICREDIT SPA REGS | EUR | 2,565,728.10 | 0.16 |
| Japan |  | 20,256,755.55 | 1.27 |
| 38,872 NINTENDO CO LTD | JPY | 20,256,755.55 | 1.27 |
| South Korea |  | 33,160,422.08 | 2.08 |
| 28,869 HYUNDAI MOTOR CO LTD | KRW | 4,170,243.91 | 0.26 |
| 14,277 LG CHEM | KRW | 8,851,006.48 | 0.56 |
| 330,467 SAMSUNG ELECTRONICS CO LTD | KRW | 20,139,171.69 | 1.26 |
| Spain |  | 11,123,213.36 | 0.70 |
| 52,000 AENA SME SA | EUR | 7,394,400.00 | 0.47 |
| 62,606 AMADEUS IT GROUP SA -A- | EUR | 3,728,813.36 | 0.23 |
| Switzerland |  | 6,155,221.38 | 0.39 |
| 114,144 ALCON - REGISTERED SHS | USD | 6,155,221.38 | 0.39 |
| The Netherlands |  | 19,441,398.91 | 1.22 |
| 95,188 ELASTIC NV | USD | 11,368,413.58 | 0.71 |
| 62,120 NXP SEMICONDUCTORS | USD | 8,072,985.33 | 0.51 |
| United States of America |  | 369,120,396.96 | 23.19 |
| 3,013 AIRBNB INC | USD | 361,495.97 | 0.02 |
| 14,058 ALPHABET INC -A- | USD | 20,136,989.19 | 1.27 |
| 7,369 AMAZON.COM INC | USD | 19,615,313.78 | 1.24 |
| 66,197 ANTHEM INC | USD | 17,371,741.84 | 1.09 |
| 301,930 BLACKSTONE MTG-A | USD | 6,793,455.85 | 0.43 |
| 7,023 BOOKING HOLDINGS INC | USD | 12,784,207.60 | 0.80 |
| 235,837 BOSTON SCIENTIFIC CORP | USD | 6,929,296.02 | 0.44 |
| 124,449 CAPITAL ONE FINANCIAL CORP | USD | 10,054,173.23 | 0.63 |
| 162,707 CENTENE CORP | USD | 7,982,756.09 | 0.50 |
| 103,581 CONSTELLATION BRANDS INC -A- | USD | 18,543,923.87 | 1.16 |
| 38,382 COSTCO WHOLESALE CORP | USD | 11,819,353.49 | 0.74 |
| 43,301 DOLLAR GENERAL | USD | 7,442,442.32 | 0.47 |
| 120,921 FACEBOOK -A- | USD | 26,995,856.61 | 1.71 |
| 13,432 FAIR ISAAC CORP | USD | 5,610,142.03 | 0.35 |
| 147,901 FIDELITY NATIONAL INFO SERVICES INC | USD | 17,099,485.48 | 1.07 |
| 147,560 FISERV INC | USD | 13,731,503.90 | 0.86 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 120,869 GODADDY -A- | USD | 8,194,257.32 | 0.51 |
| 206,949 INTERCONTINENTAL EXCHANGE INC | USD | 19,499,938.87 | 1.22 |
| 194,300 KINGSOFT CLOUD HOLDINGS LTD | USD | 6,915,749.25 | 0.43 |
| 34,033 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 9,680,442.15 | 0.61 |
| 28,445 MASTERCARD INC -A- | USD | 8,298,114.75 | 0.52 |
| 70,986 MATCH GROUP INC | USD | 8,771,503.69 | 0.55 |
| 5,089 MERCADOLIBRE | USD | 6,967,589.87 | 0.44 |
| 47,581 MERCK & CO INC | USD | 3,181,010.83 | 0.20 |
| 50,514 MICROSOFT CORP | USD | 9,182,562.12 | 0.58 |
| 20,522 NETFLIX INC | USD | 9,069,397.29 | 0.57 |
| 382,358 NEWMONT CORPORATION | USD | 18,715,557.70 | 1.18 |
| 56,020 PAYPAL HOLDINGS | USD | 10,722,801.68 | 0.67 |
| 107,537 PLANET FITNESS INC | USD | 6,822,849.34 | 0.43 |
| 64,806 SALESFORCE.COM INC | USD | 11,786,424.08 | 0.74 |
| 3,979 SCHRODINGER INC | USD | 257,494.36 | 0.02 |
| 39,767 STRYKER CORP | USD | 7,964,125.44 | 0.50 |
| 98,867 T MOBILE USA INC | USD | 10,896,338.48 | 0.68 |
| 97,123 TRADEWEB MKTS/REGSH | USD | 4,957,158.56 | 0.31 |
| 13,834 UNITEDHEALTH GROUP INC | USD | 3,964,943.91 | 0.25 |
| Bonds |  | 479,186,143.51 | 30.10 |
| Bermuda |  | 176,870.69 | 0.01 |
| 534,346 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S | USD | 176,870.69 | 0.01 |
| Canada |  | 682,733.19 | 0.04 |

| 2,043,040 STONEWAY CAPITAL CORP | 10.00 17-27 01/03S | USD | 682,733.19 | 0.04 |
| --- | --- | --- | --- | --- |
| Cayman Islands |  |  | 5,030,819.12 | 0.32 |
| 4,770,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 3,954,864.29 | 0.25 |
| 2,854,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 1,075,954.83 | 0.07 |
| Czech Republic |  | 735,276.87 | 0.05 |
| 19,240,000 CZECH REPUBLIC	0.75 18-21 23/02A | CZK | 735,276.87 | 0.05 |
| Dominican Republic |  | 6,983,166.17 | 0.44 |
| 4,107,000 DOMINICAN REPUBLIC 5.875 20-60 30/01S | USD | 3,694,990.91 | 0.23 |
| 1,690,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 1,530,647.87 | 0.10 |
| 1,796,000 DOMINICAN REPUBLIC 6.00 18-28 19/07S | USD | 1,757,527.39 | 0.11 |
| Finland |  | 3,019,805.00 | 0.19 |
| 3,050,000 SBB TREASURY OY	0.7500 20-28 14/12A | EUR | 3,019,805.00 | 0.19 |
| France |  | 21,679,351.50 | 1.36 |
| 1,446,000 ALTICE FRANCE S	8.1250 18-27 01/02S | USD | 1,305,896.78 | 0.08 |
| 2,848,000 ALTICE FRANCE SA 5.8750 18-27 01/02S | EUR | 3,038,588.16 | 0.19 |
| 2,700,000 BNP PARIBAS SA	1.125 20-29 17/04A | EUR | 2,851,551.00 | 0.18 |
| 2,547,000 GETLINK SE	3.50 20-25 30/10S | EUR | 2,638,946.70 | 0.17 |
| 3,000,000 JC DECAUX	2.625 20-28 24/04A | EUR | 3,285,795.00 | 0.21 |
| 1,600,000 LA POSTE	5.3 16-43 01/12S | USD | 1,372,465.36 | 0.09 |
| 6,900,000 SOCIETE GENERALE SA 1.125 20-26 21/04A | EUR | 7,186,108.50 | 0.44 |
| Germany |  | 2,234,387.03 | 0.14 |
| 2,042,000 FRESENIUS SE & CO KGA 1.625 20-27 08/10A | EUR | 2,234,387.03 | 0.14 |
| Greece |  | 33,617,832.73 | 2.11 |
| 28,448,000 HELLENIC REPUBLIC  1.5 20-30 18/06A | EUR | 30,736,926.08 | 1.93 |
| 461 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 666.53 | 0.00 |
| 2,545,000 HELLENIC REPUBLIC 0.00 20-35 04/02A | EUR | 2,880,240.12 | 0.18 |
| Hungary |  | 2,299,149.00 | 0.14 |
| 2,175,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A | EUR | 2,299,149.00 | 0.14 |
| Ireland |  | 11,791,455.28 | 0.74 |
| 2,219,000 DAA FINANCE PLC	1.601 20-32 05/11A | EUR | 2,431,857.58 | 0.15 |
| 2,430,000 FCA BANK SPA IRISH BR 1.25 16-21 21/01A | EUR | 2,431,117.80 | 0.15 |
| 1,591,000 FCA BANK SPA IRISH BR 1.25 19-22 21/06A | EUR | 1,620,632.37 | 0.10 |
| 2,306,000 RYANAIR DAC	1.125 17-23 15/08A | EUR | 2,330,812.56 | 0.15 |
| 2,769,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 2,977,034.97 | 0.19 |
| Italy |  | 65,325,993.45 | 4.11 |
| 2,268,000 AMCO ASSET MA CO SPA 2.25 20-27 17/07A | EUR | 2,477,211.66 | 0.16 |
| 565,000 ATLANTIA EMTN	2.875 13-21 26/02A | EUR | 566,387.07 | 0.04 |
| 1,096,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 1,095,402.68 | 0.07 |
| 2,114,000 ATLANTIA SPA	6.25 04-22 09/06A | GBP | 2,504,703.86 | 0.16 |
| 155,000 INTESA SANPAOLO	5.25 14-24 12/01S | USD | 141,551.28 | 0.01 |
| 1,810,000 INTESA SANPAOLO	5.71 16-26 15/01Q | USD | 1,685,568.51 | 0.11 |
| 18,889,000 ITALY	1.45 25 15-03S | EUR | 20,195,552.13 | 1.26 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 16,745,000 ITALY | 1.65 20-30 01/12S | EUR | 18,589,712.93 | 1.17 |
| --- | --- | --- | --- | --- |
| 7,546,000 ITALY | 1.70 20-51 01/09S | EUR | 8,037,961.47 | 0.50 |
| 7,600,000 ITALY | 1.25 20-30 25/11A | USD | 6,199,321.65 | 0.39 |
| 3,441,000 UNICREDIT SPA REGS  6.95 12-22 31/10A	EUR | 3,832,620.21 | 0.24 |
| Ivory Coast | 7,499,639.78 | 0.47 |
| 4,197,000 IVORY COAST | 6.625 18-48 22/03A | EUR | 4,660,978.35 | 0.29 |
| 1,510,000 IVORY COAST | 4.8750 20-32 30/01A | EUR | 1,554,998.00 | 0.10 |
| 1,194,000 IVORY COAST | 5.25 18-30 22/03A | EUR | 1,283,663.43 | 0.08 |
| Luxembourg | 6,938,750.52 | 0.44 |
| 2,362,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 2,571,131.48 | 0.16 |
| 1,052,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 894,627.75 | 0.06 |
| 1,093,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 1,163,126.88 | 0.07 |
| 1,552,000 GAZ CAPITAL	7.288 07-37 16/08S	USD | 1,867,524.50 | 0.12 |
| 500,000 MILLICOM INTERN	4.50 20-31 27/04S | USD | 442,339.91 | 0.03 |
| Mexico |  | 38,056,681.11 | 2.39 |
| 3,580,000 BANCO SANTANDER	5.375 20-25 17/04S	USD | 3,355,758.09 | 0.21 |
| 3,502,000 MEXICO | 3.771 20-61 24/05S | USD | 2,987,368.71 | 0.19 |
| 5,351,000 PEMEX | 6.95 20-60 28/01S | USD | 4,107,200.28 | 0.26 |
| 6,300,000 PEMEX | 7.69 20-50 23/01S | USD | 5,203,221.77 | 0.33 |
| 2,081,000 PEMEX | 2.75 15-27 21/04A | EUR | 1,961,727.48 | 0.12 |
| 3,840,000 PEMEX | 4.75 18-29 24/05A | EUR | 3,879,628.80 | 0.24 |
| 10,284,000 PEMEX | 4.875 17-28 21/02A | EUR | 10,520,686.26 | 0.66 |
| 6,007,000 PEMEX REGS | 3.75 14-26 16/04A | EUR | 6,041,089.72 | 0.38 |
| Norway |  |  | 15,022,298.82 | 0.94 |
| 369,000 ADEVINTA ASA | 3.00 20-27 15/11S | EUR | 382,075.52 | 0.02 |
| 1,033,000 ADEVINTA ASA | 2.625 20-25 25/11A | EUR | 1,056,975.93 | 0.07 |
| 2,035,000 AKER BP ASA | 4.75 19-24 15/06S | USD | 1,724,307.20 | 0.11 |
| 4,802,000 AKER BP ASA | 4.000 20-31 15/01S | USD | 4,256,594.91 | 0.27 |
| 76,600,000 NORWAY 2.00 12-23 24/05A	NOK | 7,602,345.26 | 0.47 |
| Panama | 8,728,087.55 | 0.55 |
| 1,054,000 CARNIVAL CORPORATION 10.50 20-26 01/02S | USD | 1,003,128.38 | 0.06 |
| 4,555,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 4,301,021.19 | 0.28 |
| 1,659,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | USD | 1,471,615.91 | 0.09 |
| 1,683,000 CARNIVAL CORPORATION 10.125 20-26 01/02S | EUR | 1,952,322.07 | 0.12 |
| Romania | 30,769,088.72 | 1.93 |
| 1,549,000 GLOBALWORTH RE ESTATE 2.95 20-26 29/07A | EUR | 1,632,475.61 | 0.10 |
| 1,466,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 1,556,913.99 | 0.10 |
| 10,140,000 ROMANIA	3.875 15-35 29/10A | EUR | 12,431,589.30 | 0.78 |
| 11,217,000 ROMANIA	4.625 19-49 03/04A | EUR | 15,148,109.82 | 0.95 |
| Russia |  | 8,486,352.00 | 0.53 |
| 8,400,000 RUSSIA	1.85 20-32 20/11A | EUR | 8,486,352.00 | 0.53 |
| Singapore |  | 2,459,687.97 | 0.15 |
| 2,972,000 VENA ENERGY CAP	3.1330 20-25 26/02S | USD | 2,459,687.97 | 0.15 |
| Spain |  | 1,327,807.00 | 0.08 |
| 1,300,000 BANKINTER SA	0.6250 20-27 06/10A | EUR | 1,327,807.00 | 0.08 |
| Sweden |  | 336,370.04 | 0.02 |
| 334,600 INTRUM AB  2.75 17-22 15/07S | EUR | 336,370.04 | 0.02 |
| Switzerland |  | 3,579,291.79 | 0.22 |
| 4,346,000 UBS GROUP FDG REGS  3.00 16-21 15/04S	USD | 3,579,291.79 | 0.22 |
| The Netherlands | 34,860,295.30 | 2.19 |
| 1,151,000 AIRBUS SE	2.3750 20-40 09/06A	EUR | 1,380,900.74 | 0.09 |
| 2,377,000 AIRBUS SE 2.00 20-28 07/04A | EUR | 2,660,849.45 | 0.17 |
| 3,100,000 JAB HOLDINGS	3.375 20-35 17/04A | EUR | 3,947,958.50 | 0.24 |
| 3,300,000 JAB HOLDINGS BV	2.5000 20-27 17/04A | EUR | 3,706,246.50 | 0.23 |
| 800,000 JAB HOLDINGS B.V.  2.25 19-39 19/12A | EUR | 895,276.00 | 0.06 |
| 604,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 620,280.82 | 0.04 |
| 3,215,000 NE PROPERTY BV	1.8750 19-26 09/10A | EUR | 3,238,694.55 | 0.20 |
| 2,349,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 2,446,765.38 | 0.15 |
| 560,000 PROSUS NV | 1.539 20-28 03/08A | EUR | 578,379.20 | 0.04 |
| 2,550,000 PROSUS NV | 2.031 20-32 03/08A | EUR | 2,660,274.75 | 0.17 |
| 4,007,000 PROSUS NV | 1.539 20-28 03/08A | EUR | 4,140,553.31 | 0.25 |
| 3,472,000 PROSUS NV | 3.8320 20-51 08/02S | USD | 2,807,338.52 | 0.18 |
| 1,688,000 TEVA PHARMA | 6.00 20-25 31/01A | EUR | 1,839,413.60 | 0.12 |
| 1,549,000 TEVA PHARMA | 1.625 16-28 15/10A | EUR | 1,370,152.46 | 0.09 |
| 1,490,000 TEVA PHARMA  1.125 16-24 15/10A	EUR | 1,387,622.10 | 0.09 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 1,217,000 TEVA PHARMA | 1.25 15-23 31/03A | EUR | 1,179,589.42 | 0.07 |
| --- | --- | --- | --- | --- |
| Ukraine |  |  | 6,529,653.31 | 0.41 |
| 4,022,000 UKRAINE 4.375 20-30 27/01A | EUR | 3,859,812.85 | 0.24 |
| 1,198,000 UKRAINE 7.375 17-32 25/09S | USD | 1,079,580.56 | 0.07 |
| 1,780,000 UKRAINE 7.253 20-33 15/03S | USD | 1,590,259.90 | 0.10 |
| United Kingdom |  | 43,659,589.49 | 2.75 |
| 2,166,000 BAE SYSTEMS PLC	3.4 20-3015/04S | USD | 2,004,092.14 | 0.13 |
| 3,686,000 BP CAPITAL MARKETS FL.R 20-XX 22/06A | EUR | 3,935,615.92 | 0.25 |
| 3,834,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 2,770,793.46 | 0.17 |
| 2,019,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 1,987,988.16 | 0.12 |
| 4,475,000 EASYJET PLC	1.75 16-23 09/02A | EUR | 4,488,335.50 | 0.28 |
| 5,983,000 EASYJET PLC	0.8750 19-25 11/06A | EUR | 5,740,568.84 | 0.36 |
| 4,371,000 GAZ FINANCE PLC	2.95 20-25 15/04A | EUR | 4,667,091.54 | 0.29 |
| 7,695,000 GAZ FINANCE PLC	3.00 20-27 29/06S | USD | 6,460,359.88 | 0.41 |
| 7,696,000 GAZ FINANCE PLC	3.25 20-30 25/02S | USD | 6,524,381.41 | 0.41 |
| 2,340,000 INFORMA PLC	2.1250 20-25 06/10A | EUR | 2,469,097.80 | 0.16 |
| 1,525,000 NATWEST MARKETS PLC  2.75 20-25 02/04A | EUR | 1,696,135.50 | 0.11 |
| 1,100,000 UBS AG LONDON	1.7500 20-22 21/04S | USD | 915,129.34 | 0.06 |
| United States of America |  | 117,355,710.08 | 7.38 |
| 606,000 AMERICAN HONDA	2.2000 19-22 27/06S | USD | 509,264.36 | 0.03 |
| 3,659,000 BOEING CO	5.15 20-30 01/05S | USD | 3,623,413.31 | 0.23 |
| 8,117,000 BOEING CO	5.705 20-40 01/05S | USD | 8,631,066.72 | 0.54 |
| 1,950,000 CARNIVAL CORPORATION 9.875 20-27 01/08S | USD | 1,857,643.74 | 0.12 |
| 3,049,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 1,781,729.39 | 0.11 |
| 350,000 CITIBANK NA	3.4000 18-21 23/07S | USD | 290,259.29 | 0.02 |
| 927,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 946,124.01 | 0.06 |
| 7,574,000 FORD MOTOR CO	8.50 20-23 21/04S | USD | 6,973,273.57 | 0.44 |
| 2,638,000 FORD MOTOR CO	9.625 20-30 22/04S | USD | 3,051,859.09 | 0.19 |
| 7,343,000 FORD MOTOR CO 9.00 20-25 22/04S | USD | 7,349,541.51 | 0.46 |
| 4,455,000 HP ENTERPRISE CO  4.4500 20-23 02/10S | USD | 4,011,174.88 | 0.25 |
| 2,168,000 HP ENTERPRISE CO 4.65 20-24 01/10S | USD | 2,013,561.79 | 0.13 |
| 2,466,000 LYB INTL FINANCE III 4.20 20-50 01/05S | USD | 2,373,430.53 | 0.15 |
| 3,951,000 LYB INTL FINANCE III 3.375 20-30 01/05S | USD | 3,630,541.30 | 0.23 |
| 4,533,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 3,664,829.82 | 0.23 |
| 2,465,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 1,995,329.41 | 0.13 |
| 5,221,000 NETFLIX INC	4.625 18-29 15/05S | EUR | 6,334,900.35 | 0.40 |
| 3,055,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 3,488,397.58 | 0.22 |
| 6,178,000 NETFLIX INC	3.8750 19-29 15/11S | EUR | 7,165,213.51 | 0.45 |
| 3,777,000 ORACLE CORP	2.9500 20-30 01/04S | USD | 3,454,540.42 | 0.22 |
| 7,174,000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 6,169,153.35 | 0.39 |
| 2,164,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 2,197,996.44 | 0.14 |
| 3,295,000 SYSCO CORP	1.25 16-23 23/06A | EUR | 3,388,116.70 | 0.21 |
| 300 UNITED STATES	1.25 20-50 15/11S | USD | 222.36 | 0.00 |
| 36,617,000 UNITED STATES	0.125 20-25 15/04S | USD | 32,454,126.65 | 2.03 |
| Convertible bonds |  | 2,199,693.94 | 0.14 |
| The Netherlands |  | 2,199,693.94 | 0.14 |
| 2,200,000 AIRBUS SE CV	0.00 16-21 14/06U | EUR | 2,199,693.94 | 0.14 |
| Floating rate bonds |  | 125,125,081.63 | 7.86 |
| Austria |  | 10,215,234.00 | 0.64 |
| 4,400,000 ERSTE GROUP BANK AG FL.R 20-XX 23/05S | EUR | 4,561,612.00 | 0.29 |
| 5,200,000 RAIFFEISEN BANK CV  FL.R 20-XX 15/06S | EUR | 5,653,622.00 | 0.35 |
| Canada |  | 2,001,815.17 | 0.13 |
| 2,369,000 CANADIAN IMPERIAL FL.R 19-23 22/07S | USD | 2,001,815.17 | 0.13 |
| Cayman Islands |  | 2,977,684.67 | 0.19 |
| 3,041,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 2,977,684.67 | 0.19 |
| Denmark |  | 2,506,521.17 | 0.16 |
| 2,391,000 DANSKE BANK A/S	FL.R 15-XX 06/04S | EUR | 2,506,521.17 | 0.16 |
| France |  | 15,828,858.00 | 0.99 |
| 3,400,000 ACCOR SA	FL.R 19-XX 31/12A | EUR | 3,170,262.00 | 0.20 |
| 1,800,000 CREDIT AGRICOLE SA  FL.R 20-49 31/12Q | EUR | 1,952,775.00 | 0.12 |
| 2,200,000 LA BANQUE POSTALE	FL.R 20-31 26/01A | EUR | 2,221,637.00 | 0.14 |
| 5,000,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 5,127,650.00 | 0.32 |
| 1,800,000 LA POSTE	FL.R 18-XX 29/01A | EUR | 1,939,041.00 | 0.12 |
| 1,400,000 RCI BANQUE SA	FL.R 19-30 18/02A | EUR | 1,417,493.00 | 0.09 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Greece | 890,848.08 | 0.06 |
| 944,000 ALPHA BANK AE FL.R 20-30 13/02A	EUR | 890,848.08 | 0.06 |
| Ireland | 1,108,325.00 | 0.07 |

| 1,000,000 AIB GROUP PLC	FL.R 20-49 31/12S | EUR | 1,108,325.00 | 0.07 |
| --- | --- | --- | --- |
| Israel |  | 1,382,804.71 | 0.09 |
| 1,635,000 BANK LEUMI-ISRAEL CV | FL.R 20-31 29/01S | USD | 1,382,804.71 | 0.09 |
| Italy |  |  | 28,817,537.66 | 1.80 |
| 514,000 ENEL SPA	FL.R 13-73 24/09S | USD | 491,205.96 | 0.03 |
| 6,420,000 ENI SPA	FL.R 20-49 31/12A | EUR | 6,903,907.50 | 0.43 |
| 1,034,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S | EUR | 1,100,791.23 | 0.07 |
| 808,000 INTESA SANPAOLO | FL.R 15-49 17/03S | USD | 750,006.00 | 0.05 |
| 1,438,000 INTESA SANPAOLO | FL.R 17-XX 11/07S | EUR | 1,724,888.19 | 0.11 |
| 1,514,000 INTESA SANPAOLO | FL.R 17-XX 16/05S | EUR | 1,655,324.33 | 0.10 |
| 1,810,000 UNICREDIT SPA | FL.R 19-49 19/03S | EUR | 2,102,143.05 | 0.13 |
| 1,205,000 UNICREDIT SPA | FL.R 17-32 19/06S | USD | 1,106,215.70 | 0.07 |
| 1,413,000 UNICREDIT SPA | FL.R 17-49 03/12S | EUR | 1,490,234.58 | 0.09 |
| 3,776,000 UNICREDIT SPA | FL.R 20-27 22/07A | EUR | 4,014,076.80 | 0.25 |
| 6,845,000 UNICREDIT SPA FL.R	19-29 20/02A | EUR | 7,478,744.32 | 0.47 |
| Ivory Coast |  | 410,966.50 | 0.03 |
| 498,000 IVORY COAST FL.R 10-32 31/12S | USD | 410,966.50 | 0.03 |
| Luxembourg |  | 2,760,349.65 | 0.17 |
| 5,400,000 MITSUBISHI UFJ INV  FL.R 09-50 15/12Q | EUR | 2,760,349.65 | 0.17 |
| Portugal |  | 964,440.00 | 0.06 |
| 1,000,000 BCP	FL.R 19-30 27/03A	EUR | 964,440.00 | 0.06 |
| Spain | 10,849,434.00 | 0.68 |
| 1,000,000 BANCO SANTANDER SA FL.R 17-49 01/12Q	EUR | 1,046,660.00 | 0.07 |
| 3,200,000 BBVA SA | FL.R 18-XX 24/03Q | EUR | 3,352,000.00 | 0.21 |
| 4,200,000 BBVA SA | FL.R 20-XX 15/01Q | EUR | 4,650,639.00 | 0.29 |
| 1,800,000 BBVA SA | FL.R 20-30 16/01A | EUR | 1,800,135.00 | 0.11 |
| Sweden | 7,532,348.21 | 0.47 |
| 2,752,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A	EUR | 2,757,682.88 | 0.17 |
| 2,502,000 SAMHALLSBYGGNAD FL.R	19-49 31/12A	EUR | 2,685,671.82 | 0.17 |
| 2,400,000 SWEDBANK AB CV | FL.R 19-XX 17/03S | USD | 2,088,993.51 | 0.13 |
| Switzerland |  |  | 1,133,827.51 | 0.07 |
| 1,295,000 UBS GROUP AG CV | FL.R 20-XX 29/07A | USD | 1,133,827.51 | 0.07 |
| The Netherlands |  | 11,932,172.46 | 0.75 |
| 3,200,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 3,407,360.00 | 0.21 |
| 2,652,000 ELM BV	FL.R 20-99 31/12A	EUR | 2,873,044.20 | 0.18 |
| 3,586,000 ING GROEP NV	FL.R 19-XX 16/04S	USD | 3,202,649.26 | 0.20 |
| 600,000 RABOBANK FL.R 19-XX 29/06S	EUR | 607,305.00 | 0.04 |
| 1,800,000 TELEFONICA EUROPE BV FL.R 20-XX 02/05A	EUR | 1,841,814.00 | 0.12 |
| United Kingdom | 20,465,765.59 | 1.29 |
| 4,983,000 BARCLAYS PLC	FL.R 19-99 27/03Q	USD | 4,548,843.06 | 0.29 |
| 2,969,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A	EUR | 3,252,999.69 | 0.20 |
| 1,445,000 CHANNEL LINK | FL.R 17-50 30/06S | EUR | 1,437,941.17 | 0.09 |
| 1,667,000 CHANNEL LINK | FL.R 17-50 30/06S | EUR | 1,707,908.18 | 0.11 |
| 1,941,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 2,267,615.37 | 0.14 |
| 1,094,000 STANDARD CHARTERED FL.R 20-30 09/09A | EUR | 1,173,500.98 | 0.07 |
| 6,694,000 VODAFONE GROUP PLC  FL.R 18-78 03/10A | USD | 6,076,957.14 | 0.39 |
| United States of America 3,242,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 3,346,149.25 3,346,149.25 | 0.21 0.21 |
| Mortgage and asset backed securities |  | 40,999,101.72 | 2.58 |
| Cayman Islands |  | 8,929,192.88 | 0.56 |
| 3,315,317 JFIN 2017-1X A1	FL.R 17-29 24/04Q | USD | 2,709,083.89 | 0.17 |
| 5,400,000 OFSBS 2017-1X A	FL.R 17-29 16/08Q | USD | 4,417,619.71 | 0.28 |
| 2,200,000 VENTR 2017-26X A	FL.R 17-29 20/01Q | USD | 1,802,489.28 | 0.11 |
| Ireland |  | 15,914,429.51 | 1.01 |
| 300,000 ARBOUR CLO V DAC	FL.R 18-31 15/09Q | EUR | 300,968.22 | 0.02 |
| 302,000 BAIN CAPITAL EURO CLO FL.R 18-32 20/04Q | EUR | 292,943.92 | 0.02 |
| 1,131,000 BECLO 4X A | FL.R 17-30 15/07Q | EUR | 1,131,774.17 | 0.07 |
| 822,678 BLACK 2015-1X A1	FL.R 17-29 03/10Q | EUR | 822,760.79 | 0.05 |
| 1,634,000 BLACK 2015-1X B1R  FL.R 18-29 03/10M | EUR | 1,614,699.68 | 0.10 |
| 2,710,644 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 2,715,656.46 | 0.18 |
| 200,000 HARVEST CLO | FL.R 18-31 15/01Q | EUR | 192,338.62 | 0.01 |

| Quantity	Denomination |  | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 400,000 HARVT 8X B1RR | FL.R 18-31 15/01Q | EUR | 393,143.40 | 0.02 |

| 600,000 MAN GLG EURO CLO | FL.R 18-31 15/05Q | EUR | 586,877.22 | 0.04 |
| --- | --- | --- | --- | --- |
| 500,000 MAN GLG EURO CLO | FL.R 18-31 15/05Q | EUR | 482,701.60 | 0.03 |
| 1,200,000 MAN GLG EURO CLO | FL.R 18-31 15/05Q | EUR | 1,196,130.48 | 0.08 |
| 2,388,843 ORWPK 1X A1R | FL.R 17-29 18/07Q | EUR | 2,389,592.19 | 0.15 |
| 548,000 PURP 1X A	FL.R | 18-31 25/01Q | EUR | 547,854.95 | 0.03 |
| 667,000 PURP 1X B	FL.R | 18-31 25/01Q | EUR | 660,751.54 | 0.04 |
| 411,000 PURP 1X C	FL.R | 18-31 25/01Q | EUR | 402,228.77 | 0.03 |
| 1,179,000 SPAUL 3RX B1R FL.R | 18-32 15/01Q | EUR | 1,163,081.03 | 0.07 |
| 307,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 297,315.14 | 0.02 |
| 730,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 723,611.33 | 0.05 |
| Jersey Island |  | 2,410,143.77 | 0.15 |
| 2,950,844 SRANC 2013-1X AR	FL.R 17-29 26/07Q | USD | 2,410,143.77 | 0.15 |
| The Netherlands |  | 5,905,296.86 | 0.37 |
| 1,364,000 ALME 4X BR	FL.R 18-32 15/01Q | EUR | 1,365,547.73 | 0.08 |
| 300,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 288,986.58 | 0.02 |
| 525,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 512,535.30 | 0.03 |
| 1,157,000 DRYD 2017-27X A2	FL.R 17-30 15/05Q | EUR | 1,160,981.47 | 0.07 |
| 1,350,000 DRYDEN LEV LOAN CDO 2.39 17-30 15/05Q | EUR | 1,353,285.49 | 0.09 |
| 1,237,000 MADISON PK X	FL.R 18-30 15/10Q | EUR | 1,223,960.29 | 0.08 |
| United States of America |  | 7,840,038.70 | 0.49 |
| 3,480,382 APEX CREDIT CLO LLC FL.R 17-29 20/09Q | USD | 2,844,774.77 | 0.18 |
| 536,000 BLACK 2015-1X CR	FL.R 18-29 03/10Q | EUR | 528,220.01 | 0.03 |
| 5,471,591 HLA 2017-1X A1B	FL.R 17-29 25/04Q | USD | 4,467,043.92 | 0.28 |
| Shares/Units of UCITS/UCIS |  | 44,080,879.00 | 2.77 |
| Shares/Units in investment funds	 44,080,879.00 | 2.77 |
| France |  | 44,080,879.00 | 2.77 |
| 61,550 CARMIGNAC PATRIMOINE A EUR ACC | EUR | 44,080,879.00 | 2.77 |
| Money market instruments |  | 131,836,024.75 | 8.28 |
| Bonds |  | 131,836,024.75 | 8.28 |
| France |  | 14,215,519.00 | 0.89 |
| 14,173,000 FRANCE ZCP 160621 | EUR | 14,215,519.00 | 0.89 |
| Italy |  | 11,087,148.64 | 0.70 |
| 6,049,000 ITALY ZCP 121121 | EUR | 6,075,373.64 | 0.39 |
| 5,000,000 ITALY ZCP 310521 | EUR | 5,011,775.00 | 0.31 |
| Spain |  | 73,394,826.98 | 4.61 |
| 3,054,000 SPAIN ZCP 120221 | EUR | 3,056,595.90 | 0.19 |
| 6,072,000 SPAIN ZCP 090721 | EUR | 6,091,066.08 | 0.38 |
| 64,055,000 SPAIN ZCP 110621 | EUR | 64,247,165.00 | 4.04 |
| United States of America |  | 33,138,530.13 | 2.08 |
| 40,548,000 UNITED STATES ZCP 280121 | USD | 33,138,530.13 | 2.08 |

Total securities portfolio	
1,514,937,913.82	95.16
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 33.35 |
| France |  | 8.27 |
| Italy |  | 6.77 |
| Spain |  | 6.07 |
| Cayman Islands |  | 5.33 |
| The Netherlands |  | 4.67 |
| United Kingdom |  | 4.04 |
| Ireland |  | 2.43 |
| Mexico |  | 2.39 |
| Greece |  | 2.17 |
| South Korea |  | 2.08 |
| China |  | 2.03 |
| Romania |  | 1.93 |
| Canada |  | 1.82 |
| Germany |  | 1.54 |
| Japan |  | 1.27 |
| Denmark |  | 1.15 |
| Norway |  | 0.94 |
| India |  | 0.74 |
| Switzerland |  | 0.68 |
| Austria |  | 0.64 |
| Luxembourg |  | 0.61 |
| Panama |  | 0.55 |
| Russia |  | 0.53 |
| Ivory Coast |  | 0.50 |
| Sweden |  | 0.49 |
| Brazil |  | 0.48 |
| Dominican Republic |  | 0.44 |
| Ukraine |  | 0.41 |
| Other |  | 0.84 |
|  |  | 95.16 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 19.11 |
| Holding and finance companies | 12.84 |
| Internet and internet services | 12.77 |
| Banks and credit institutions | 8.74 |
| Retail trade, department stores | 4.98 |
| Pharmaceuticals and cosmetics | 4.42 |
| Healthcare and social services | 3.80 |
| Petroleum | 3.38 |
| Electronics and semiconductors | 3.04 |
| Precious metals and stones | 2.41 |
| Aerospace industry | 2.28 |
| Communications | 2.20 |
| Transportation | 2.01 |
| Road vehicles | 1.97 |
| Textiles and garments | 1.53 |
| Hotels and restaurants | 1.47 |
| Tobacco and alcoholic drinks | 1.16 |
| Real estate companies | 0.97 |
| Miscellaneous services | 0.90 |
| Electrical engineering and electronics | 0.87 |
| Biotechnology | 0.67 |
| Utilities | 0.67 |
| Chemicals | 0.56 |
| Miscellaneous sectors | 0.42 |
| Coal mining and steel industry | 0.42 |
| Unit trusts | 0.40 |
| Office supplies and computing | 0.38 |
| Graphic art and publishing | 0.37 |
| Miscellaneous trading companies | 0.21 |
| Insurance | 0.21 |
|  | 95.16 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 24,439,900.27 |
| --- | --- | --- |
| Net dividends | Note 2 | 4,353,122.34 |
| Net interest on bonds | Note 2 | 17,684,175.86 |
| Bank interest on cash account |  | 207,277.63 |
| Other financial income |  | 1,338,627.18 |
| Interest on swaps |  | 841,688.71 |
| Securities lending income | Note 2, 7 | 15,008.55 |
| Expenses |  | 33,363,694.02 |
| Management fees | Note 3 | 13,359,740.30 |
| Custodian & sub-custodian fees | Note 4 | 231,183.36 |
| Taxe d'abonnement | Note 5 | 690,210.41 |
| Performance fees | Note 3 | 11,719,352.05 |
| Bank interest on overdrafts |  | 687,419.46 |
| Transaction fees | Note 6 | 1,246,420.76 |
| Interest on swaps |  | 1,883,013.51 |
| Operating and establishment fees | Note 4 | 3,546,354.17 |
| Net loss from investments |  | (8,923,793.75) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 102,871,987.50 |
| - options |  | 4,415,662.54 |
| - forward foreign exchange contracts |  | 27,303,423.62 |
| - financial futures |  | (44,096,834.24) |
| - swaps |  | 18,036,797.27 |
| - foreign exchange |  | (11,851,890.83) |
| Net realised profit |  | 87,755,352.11 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 86,462,454.60 |
| - options |  | 295,420.39 |
| - forward foreign exchange contracts |  | (1,990,068.57) |
| - financial futures |  | (2,969,595.38) |
| - swaps |  | 6,233,625.97 |
| Increase in net assets as a result of operations |  | 175,787,189.12 |
| Dividends paid | Note 10 | (4,990,537.80) |
| Subscription capitalisation shares |  | 404,756,184.81 |
| Subscription distribution shares |  | 24,448,685.63 |
| Redemption capitalisation shares |  | (278,628,559.16) |
| Redemption distribution shares |  | (31,648,210.04) |
| Increase in net assets |  | 289,724,752.56 |
| Net assets at the beginning of the year |  | 1,302,344,744.56 |
| Net assets at the end of the year |  | 1,592,069,497.12 |

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 |