# CARMIGNAC PORTFOLIO
## Emergents

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 346,836,080.10 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 325,676,633.67 |
| Cost price |  | 351,676,078.50 |
| Unrealised loss on the securities portfolio |  | (25,999,444.83) |
| Cash at banks and liquidities |  | 19,208,591.88 |
| Interest receivable on bonds |  | 146.36 |
| Brokers receivable |  | 1,006,331.42 |
| Subscriptions receivable |  | 613,320.42 |
| Dividends receivable |  | 258,951.59 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 72,104.76 |
| Liabilities |  | 1,444,487.36 |
| Brokers payable |  | 689,783.51 |
| Redemptions payable |  | 302,030.91 |
| Other liabilities | Note 13 | 452,672.94 |
| Net asset value |  | 345,391,592.74 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 345,391,592.74 | 275,563,333.00 | 132,376,943.74 |
| Class A EUR - Capitalisation Number of shares |  | 135,470 | 36,741 | 14,536 |
| Net asset value per share | EUR | 149.84 | 168.26 | 116.98 |
| Class A EUR - Distribution (annual) Number of shares |  | 7,356 | 0 | 0 |
| Net asset value per share | EUR | 85.20 | 0.00 | 0.00 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 9,793 | 10,236 | 11,124 |
| Net asset value per share | CHF | 146.54 | 164.69 | 114.35 |
| Class A USD Hedged - Capitalisation Number of shares |  | 13,618 | 11,224 | 1,495 |
| Net asset value per share | USD | 163.87 | 182.77 | 125.92 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | USD | 0.00 | 191.89 | 132.38 |
| Class F EUR - Capitalisation Number of shares |  | 946,538 | 609,164 | 375,195 |
| Net asset value per share | EUR | 179.04 | 199.57 | 137.72 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 180,414 | 112,039 | 70,062 |
| Net asset value per share | CHF | 174.49 | 194.96 | 133.78 |
| Class F USD Hedged - Capitalisation Number of shares |  | 9,821 | 7,210 | 2,776 |
| Net asset value per share | USD | 196.47 | 217.41 | 147.87 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| EUR | 345,391,592.74 | 275,563,333.00 | 132,376,943.74 |

Key figures relating to the last 3 years
Total Net Assets
| Class W EUR - Capitalisation Number of shares |  | 650,903 | 610,559 | 557,904 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 153.04 | 170.47 | 108.57 |
| Class W GBP - Capitalisation Number of shares |  | 84,379 | 72,197 | 48,318 |
| Net asset value per share | GBP | 198.58 | 235.82 | 142.17 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 309,566,841.09 | 89.63 |
| Shares	 309,566,841.09 | 89.63 |
| Brazil	 23,560,496.65 | 6.82 |

| 3,036,081 HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | BRL | 4,975,296.14 | 1.44 |
| --- | --- | --- | --- |
| 6,973,758 ITAUSA INVESTIMENTOS ITAU SA-PREF | BRL | 9,831,653.40 | 2.85 |
| 711,941 TAESA - CTF CONS OF 2 PFD SHS + 1 SH | BRL | 4,087,855.48 | 1.18 |
| 1,215,690 TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD | BRL | 4,665,691.63 | 1.35 |
| British Virgin Islands |  | 5,329,369.20 | 1.54 |
| 802,723 FIX PRICE --- SHS SPONSORED GLOBAL DEPOS | USD | 5,329,369.20 | 1.54 |
| Cayman Islands |  | 93,037,002.17 | 26.93 |
| 330,078 ANTA SPORTS PRODUCTS | HKD | 4,352,169.62 | 1.26 |
| 78,662 BAIDU INC -A- ADR REPR 8 SH -A- | USD | 10,292,049.75 | 2.98 |
| 424,179 EHANG HOLDINGS | USD | 5,565,204.61 | 1.61 |
| 601,809 ENN ENERGY HOLDINGS LTD | HKD | 9,964,590.51 | 2.89 |
| 123,196 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 5,108,972.35 | 1.48 |
| 127,210 JD.COM INC SADR REPR 2 SHS -A- | USD | 7,838,203.22 | 2.27 |
| 273,016 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 10,906,715.51 | 3.16 |
| 824,395 MINISO GROUP HOLDING LTD-ADR | USD | 7,495,818.06 | 2.17 |
| 2,646,351 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 4,886,859.92 | 1.41 |
| 36,566 SEA -A- ADR REPR1 SHS | USD | 7,193,264.03 | 2.08 |
| 507,861 TUYA INC | USD | 2,791,181.19 | 0.81 |
| 1,151,883 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 8,508,456.91 | 2.46 |
| 779,161 WUXI BIOLOGICS | HKD | 8,133,516.49 | 2.35 |
| China |  | 23,342,677.89 | 6.76 |
| 352,572 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 6,061,214.60 | 1.75 |
| 1,538,965 FLAT GLASS GROUP -H- REGS | HKD | 6,873,827.85 | 1.99 |
| 2,800,412 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 10,407,635.44 | 3.02 |
| Hong Kong |  | 15,667,986.42 | 4.54 |
| 163,652 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 8,405,993.81 | 2.44 |
| 7,185,766 LENOVO GROUP LTD -RC- | HKD | 7,261,992.61 | 2.10 |
| India |  | 34,923,926.89 | 10.11 |
| 120,479 AVENUE SUPER REGISTERED | INR | 6,657,774.34 | 1.93 |
| 1,126,411 DABUR INDIA LTD DEMATERIALISED | INR | 7,729,089.31 | 2.24 |
| 578,883 ICICI LOMBARD | INR | 9,595,606.57 | 2.77 |
| 239,843 KOTAK MAHINDRA BANK | INR | 5,095,931.39 | 1.48 |
| 66,539 MARUTI SUZUKI | INR | 5,845,525.28 | 1.69 |
| Japan |  | 1,445,003.88 | 0.42 |
| 2,855 TOKYO ELECTRON LTD | JPY | 1,445,003.88 | 0.42 |
| Malaysia	 6,170,644.55 | 1.79 |
| 3,982,840 IHH HEALHCARE BHD | MYR | 6,170,644.55 | 1.79 |
| Mexico |  | 11,694,172.02 | 3.39 |
| 2,045,979 GRUPO FINANCIERO BANORTE -O- | MXN | 11,694,172.02 | 3.39 |
| Russia |  | 7,209,635.77 | 2.09 |
| 4,014,630 MOSCOW EXCHANGE | RUB | 7,209,635.77 | 2.09 |
| South Korea |  | 55,487,997.97 | 16.06 |
| 77,639 HYUNDAI MOTOR CO LTD | KRW | 12,003,249.19 | 3.48 |
| 11,292 HYUNDAI MOTOR CO LTD PREF NVTG | KRW | 822,772.38 | 0.24 |
| 21,400 HYUNDAI MOTOR CO LTD PREF 2 NVTG | KRW | 1,598,850.11 | 0.46 |
| 16,136 LG CHEM | KRW | 7,340,803.58 | 2.13 |
| 22,400 LG CHEMICAL LTD PREF./ISSUE 01 | KRW | 4,755,569.34 | 1.38 |
| 254,128 SAMSUNG ELECTRONICS CO LTD | KRW | 14,719,290.74 | 4.25 |
| 270,511 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 14,247,462.63 | 4.12 |
| Taiwan |  | 10,445,868.71 | 3.02 |
| 534,403 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 10,445,868.71 | 3.02 |
| The Netherlands |  | 8,965,087.06 | 2.60 |
| 168,514 YANDEX NV | USD | 8,965,087.06 | 2.60 |
| United States of America |  | 12,286,971.91 | 3.56 |
| 222,547 KINGSOFT CLOUD HOLDINGS LTD | USD | 3,082,232.90 | 0.89 |
| 7,763 MERCADOLIBRE | USD | 9,204,739.01 | 2.67 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
Shares/Units of UCITS/UCIS	
16,109,792.58	4.66
Shares/Units in investment funds	
16,109,792.58	4.66
France	
16,109,792.58	4.66
12,929 CARMIGNAC EMERGENTS A EUR ACC
EUR
16,109,792.58	4.66
Total securities portfolio	
325,676,633.67	94.29
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Cayman Islands |  | 26.93 |
| South Korea |  | 16.06 |
| India |  | 10.11 |
| Brazil |  | 6.82 |
| China |  | 6.76 |
| France |  | 4.66 |
| Hong Kong |  | 4.54 |
| United States of America |  | 3.56 |
| Mexico |  | 3.39 |
| Taiwan |  | 3.02 |
| The Netherlands |  | 2.60 |
| Russia |  | 2.09 |
| Malaysia |  | 1.79 |
| British Virgin Islands |  | 1.54 |
| Japan |  | 0.42 |
|  |  | 94.29 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 15.86 |
| Electronics and semiconductors | 8.79 |
| Holding and finance companies | 8.21 |
| Electrical engineering and electronics | 7.39 |
| Banks and credit institutions | 7.31 |
| Retail trade, department stores | 6.37 |
| Road vehicles | 5.87 |
| Unit trusts | 4.66 |
| Insurance | 4.21 |
| Utilities | 4.07 |
| Pharmaceuticals and cosmetics | 3.99 |
| Chemicals | 3.51 |
| Biotechnology | 2.35 |
| Office supplies and computing | 2.10 |
| Building materials and trade | 1.99 |
| Healthcare and social services | 1.79 |
| Aerospace industry | 1.61 |
| Miscellaneous sectors | 1.54 |
| Miscellaneous services | 1.41 |
| Textiles and garments | 1.26 |
|  | 94.29 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 5,212,587.48 |
| --- | --- | --- |
| Net dividends | Note 2 | 4,997,704.14 |
| Bank interest on cash account |  | 14,800.91 |
| Other financial income |  | 200,082.43 |
| Expenses |  | 5,561,590.07 |
| Management fees | Note 3 | 3,267,172.79 |
| Custodian & sub-custodian fees | Note 4 | 127,809.00 |
| Taxe d'abonnement | Note 5 | 186,231.00 |
| Performance fees | Note 3 | 80,060.37 |
| Bank interest on overdrafts |  | 209,674.40 |
| Transaction fees | Note 6 | 899,130.77 |
| Operating and establishment fees | Note 4 | 791,511.74 |
| Net loss from investments |  | (349,002.59) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 38,816,459.91 |
| - forward foreign exchange contracts |  | 1,065,257.25 |
| - financial futures |  | (1,425,998.83) |
| - swaps |  | 1,735,810.47 |
| - foreign exchange |  | 198,259.82 |
| Net realised profit |  | 40,040,786.03 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (87,674,454.97) |
| - forward foreign exchange contracts |  | 21,229.67 |
| Decrease in net assets as a result of operations |  | (47,612,439.27) |
| Subscription capitalisation shares |  | 299,472,513.48 |
| Subscription distribution shares |  | 736,494.76 |
| Redemption capitalisation shares |  | (182,732,209.72) |
| Redemption distribution shares |  | (36,099.51) |
| Increase in net assets |  | 69,828,259.74 |
| Net assets at the beginning of the year |  | 275,563,333.00 |
| Net assets at the end of the year |  | 345,391,592.74 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2021-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert
Abschluss zum 31.12.2021
| Aufstellung des Nettovermögens zum 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Aktiva |  | 14.296.102.296,03 |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 12.786.958.345,89 |
| Anschaffungskosten |  | 12.302.732.055,55 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 484.226.290,34 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 8.280.890,95 |
| Zum Einstandspreis erworbene Optionen |  | 14.755.475,83 |
| Bankguthaben und liquide Mittel |  | 1.258.035.503,41 |
| Zinsforderungen aus Anleihen |  | 74.168.219,23 |
| Forderungen gegenüber Brokern |  | 77.406.660,52 |
| Forderungen aus Zeichnungen |  | 54.525.076,75 |
| Dividendenforderungen |  | 565.844,56 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 10.935.072,57 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 21.488.860,85 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 264.908,10 |
| Zinsforderungen aus Swaps |  | 3.443.596,41 |
| Sonstige Aktiva | Erläuterung 12 | 29.316,79 |
| Passiva |  | 425.145.214,16 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 5.385.734,12 |
| Zum Einstandspreis verkaufte Optionen |  | 7.908.595,74 |
| Kontoüberziehungen |  | 69.365.864,40 |
| Verbindlichkeiten gegenüber Brokern |  | 208.033.990,04 |
| Verbindlichkeiten aus Rücknahmen |  | 32.103.047,20 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 335.907,05 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 1.744.520,97 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 67.364.609,83 |
| Zinszahlungen aus Swaps |  | 2.835.549,44 |
| Sonstige Passiva | Erläuterung 13 | 	37.975.991,11 |
| Nettoinventarwert |  | 13.870.957.081,87 |

| Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2021 bis 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Erträge |  | 238.876.085,31 |
| Nettodividenden | Erläuterung 2 | 33.290.577,92 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 187.797.104,56 |
| Bankzinsen aus Sichteinlagen |  | 910.786,09 |
| Sonstige Finanzerträge |  | 3.621.582,78 |
| Zinsen aus Swapverträgen |  | 12.964.152,42 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 291.881,54 |
| Aufwand |  | 224.526.672,96 |
| Verwaltungsgebühren | Erläuterung 3 | 103.791.127,08 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.711.582,00 |
| Taxe d’abonnement | Erläuterung 5 | 6.134.656,00 |
| Erfolgsabhängige Provisionen | Erläuterung 3 | 21.773.994,22 |
| Überziehungszinsen |  | 8.236.713,27 |
| Transaktionskosten | Erläuterung 6 | 12.767.436,38 |
| Ausgeschüttete Dividenden für CFDs |  | 2.932.636,85 |
| Zinsen aus Swapverträgen |  | 46.964.509,04 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 	20.214.018,12 |
| Nettoertrag aus Anlagen |  | 14.349.412,35 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 664.298.477,71 |
| - Optionen |  | (17.351.397,51) |
| - Devisenterminkontrakte |  | (98.690.966,07) |
| - Futures |  | (126.308.762,85) |
| - Swaps |  | 158.315.890,67 |
| - Wechselkursgeschäften |  | (11.687.065,43) |
| Realisierter Nettogewinn |  | 582.925.588,87 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |
| - Anlagen | Erläuterung 2 | (207.861.325,47) |
| - Optionen |  | (5.070.218,47) |
| - Devisenterminkontrakte |  | 4.374.149,94 |
| - Futures |  | 29.335.783,97 |
| - Swaps |  | 	(60.259.312,81) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 343.444.666,03 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.163.404,50) |
| Zeichnungen von thesaurierenden Anteilen |  | 8.017.737.966,77 |
| Zeichnungen von ausschüttenden Anteilen |  | 180.507.224,95 |
| Rücknahmen von thesaurierenden Anteilen |  | (4.494.408.844,44) |
| Rücknahmen von ausschüttenden Anteilen |  | 	(93.495.211,58) |
| Zunahme des Nettovermögens |  | 3.944.622.397,23 |
| Nettovermögen am Jahresanfang |  | 9.926.334.684,64 |
| Nettovermögen am Jahresende |  | 13.870.957.081,87 |