# CARMIGNAC PORTFOLIO
## Unconstrained Global Bond

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 874,116,160.20 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 801,386,984.55 |
| Cost price |  | 836,244,651.21 |
| Unrealised loss on the securities portfolio |  | (34,857,666.66) |
| Options purchased at market value | Note 2 | 1,454,063.99 |
| Options purchased at cost |  | 788,239.77 |
| Cash at banks and liquidities |  | 58,373,634.23 |
| Interest receivable |  | 5,774,052.43 |
| Subscriptions receivable |  | 4,803,099.66 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 259,358.45 |
| Unrealised net appreciation on financial futures | Note 2 | 766,110.91 |
| Unrealised net appreciation on swaps | Note 2 | 1,298,855.98 |
| Liabilities |  | 14,872,613.42 |
| Bank overdrafts |  | 8,454,265.95 |
| Redemptions payable |  | 1,148,249.46 |
| Other liabilities | Note 13 | 5,270,098.01 |
| Net asset value |  | 859,243,546.78 |

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 | 859,243,546.78 | 846,116,864.50 | 1,026,109,098.40 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 254,136 | 270,889 | 324,098 |
| Net asset value per share | EUR | 1,532.20 | 1,463.42 | 1,350.53 |
| Class Income A EUR - Distribution Number of shares |  | 39,805 | 40,054 | 55,878 |
| Net asset value per share | EUR | 99.43 | 98.30 | 93.86 |
| Class A EUR Y - Distribution Number of shares |  | 780,063 | 570,076 | 505,691 |
| Net asset value per share | EUR | 106.07 | 103.25 | 96.74 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 104,631 | 96,773 | 103,541 |
| Net asset value per share | CHF | 122.49 | 117.46 | 108.90 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 42,010 | 16,342 | 15,570 |
| Net asset value per share | CHF | 96.95 | 96.37 | 92.39 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 88.35 |
| Class A USD Hedged - Capitalisation Number of shares |  | 111,278 | 179,824 | 192,306 |
| Net asset value per share | USD | 136.57 | 128.89 | 116.04 |
| Class E EUR - Capitalisation Number of shares |  | 111,020 | 88,604 | 130,239 |
| Net asset value per share | EUR | 115.50 | 110.71 | 102.54 |

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
859,243,546.78	846,116,864.50	1,026,109,098.40
| Class E USD Hedged - Capitalisation Number of shares |  | 5,032 | 18,557 | 14,656 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 149.37 | 141.49 | 127.85 |
| Class Income E USD Hedged - Distribution Number of shares |  | 25,414 | 15,573 | 2,821 |
| Net asset value per share | USD | 118.05 | 115.73 | 108.14 |
| Class F EUR - Capitalisation Number of shares |  | 1,394,060 | 1,556,983 | 2,460,371 |
| Net asset value per share | EUR | 144.24 | 137.28 | 126.24 |
| Class F EUR Y - Distribution Number of shares |  | 36,815 | 37,635 | 22,735 |
| Net asset value per share | EUR | 104.95 | 102.18 | 95.21 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 838,608 | 791,649 | 811,542 |
| Net asset value per share | CHF | 139.37 | 133.15 | 122.99 |
| Class F USD Hedged - Capitalisation Number of shares |  | 24,309 | 53,724 | 29,200 |
| Net asset value per share | USD | 156.13 | 146.83 | 131.70 |
| Class W EUR - Capitalisation Number of shares |  | 153,254 | 92,646 | 773,300 |
| Net asset value per share | EUR | 111.07 | 105.19 | 96.65 |
| Class W GBP - Capitalisation Number of shares |  | 13,562 | 12,327 | 10,090 |
| Net asset value per share | GBP | 153.59 | 137.70 | 134.01 |
| Class Income W GBP - Distribution Number of shares |  | 7,760 | 38,470 | 48,970 |
| Net asset value per share | GBP | 101.15 | 93.78 | 94.46 |
| Class W GBP Hedged - Capitalisation Number of shares |  | 15,692 | 16,310 | 10,261 |
| Net asset value per share | GBP | 158.72 | 149.77 | 136.25 |
| Class Income W GBP Hedged - Distribution Number of shares |  | 960 | 821 | 4,855 |
| Net asset value per share | GBP | 105.14 | 102.63 | 96.67 |

| ansferable securities admitted to an official stock exchange listing	 790,732,430.56 | 92.03 |
| --- | --- |
| Bonds | 689,976,519.40 | 80.31 |
| Australia | 78,799,252.90 | 9.17 |
| 72,435,000 AUSTRALIA	1.00 20-30 21/12S	AUD | 45,812,761.98 | 5.33 |
| 30,000,000 AUSTRALIA 3.00 16-47 21/03S | AUD | 23,333,722.25 | 2.72 |
| 15,000,000 AUSTRALIA 5.75 07-21 15/05S | AUD | 9,652,768.67 | 1.12 |
| Bermuda |  | 2,565,764.30 | 0.30 |
| 7,751,459 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 2,565,764.30 | 0.30 |
| Cayman Islands | 4,747,582.62 | 0.55 |
| 2,718,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 1,277,307.84 | 0.15 |
| 9,205,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 3,470,274.78 | 0.40 |
| Ireland | 41,085,332.96 | 4.78 |
| 1,359,842 ISHS PHY MET (COMDTY GOLD)	USD | 41,085,332.96 | 4.78 |
| Italy | 12,687,040.44 | 1.48 |
| 12,000,000 INTESA SANPAOLO SPA 2.925 20-30 14/10A | EUR | 12,687,040.44 | 1.48 |
| Japan |  | 105,191,952.25 | 12.25 |
| 5,655,500,000 JAPAN 10 YEAR ISSUE 0.1 20-30 20/03S	JPY | 45,218,544.19 | 5.27 |
| 4,550,000,000 JAPAN 127 | 1.90 11-31 20/03S | JPY | 42,838,281.99 | 4.99 |
| 1,821,550,000 JAPAN -141- | 1.70 12-32 20/12S | JPY | 17,135,126.07 | 1.99 |
| Luxembourg | 12,126,525.28 | 1.41 |
| 7,000,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S	USD | 5,952,846.23 | 0.69 |
| 7,000,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 6,173,679.05 | 0.72 |
| Mexico |  | 11,847,236.00 | 1.38 |
| 6,800,000 PEMEX | 2.50 17-21 21/08A | EUR | 6,824,786.00 | 0.80 |
| 5,000,000 PEMEX | 3.625 18-25 24/11A | EUR | 5,022,450.00 | 0.58 |
| Morocco | 42,455,890.00 | 4.94 |
| 22,300,000 MOROCCO | 1.50 19-31 27/11A | EUR | 21,784,870.00 | 2.53 |
| 10,700,000 MOROCCO | 2.00 20-30 30/09A | EUR | 10,875,426.50 | 1.27 |
| 9,700,000 MOROCCO | 1.375 20-26 30/03A | EUR | 9,795,593.50 | 1.14 |
| Norway | 25,037,705.23 | 2.91 |
| 250,000,000 NORWAY 1.75 15-25 13/03A | NOK | 25,037,705.23 | 2.91 |
| Russia |  | 33,992,521.76 | 3.96 |
| 30,000,000 RUSSIA 5.25 17-47 23/06S | USD | 33,992,521.76 | 3.96 |
| United Kingdom |  | 48,483,470.96 | 5.64 |
| 12,000,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 8,672,280.00 | 1.01 |
| 4,732,000 EASYJET PLC	1.125 16-23 18/10A | EUR | 4,659,316.48 | 0.54 |
| 4,025,000 EASYJET PLC	0.8750 19-25 11/06A | EUR | 3,861,907.00 | 0.45 |
| 97,000,000,000 EUROPEAN BK REC	6.4500 17-22 13/12A	IDR | 5,862,529.20 | 0.68 |
| 22,000,000 UNITED KINGDOM	8.00 96-21 07/06S	GBP | 25,427,438.28 | 2.96 |
| United States of America | 270,956,244.70 | 31.54 |
| 220,500,000,000 INTER-AM.DEV.BK | 7.875 16-23 14/03A | IDR | 13,746,747.33 | 1.60 |
| 97,000,000,000 INTL BK RECON & | 7.4500 18-21 20/08A | IDR | 5,771,317.74 | 0.67 |
| 46,200,000 UNITED STATES | 0.00 20-50 15/05U | USD | 22,956,582.71 | 2.67 |
| 92,000,000 UNITED STATES | 1.25 20-50 15/11S | USD | 68,188,876.63 | 7.94 |
| 81,053,400 UNITED STATES | 1.50 20-27 31/01S | USD | 70,198,418.38 | 8.17 |
| 50,000,000 UNITED STATES 0.625 20-30 15/05S | USD | 39,945,241.31 | 4.65 |
| 56,500,000 UNITED STATES 2.00 20-50 15/02S | USD | 50,149,060.60 | 5.84 |
| Floating rate bonds | 60,785,880.77 | 7.07 |
| Greece | 15,549,315.50 | 1.81 |
| 6,000,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 5,662,170.00 | 0.66 |
| 3,700,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 2,772,465.50 | 0.32 |
| 8,000,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 7,114,680.00 | 0.83 |
| Italy | 6,308,995.00 | 0.73 |
| 7,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 6,308,995.00 | 0.73 |
| Luxembourg |  | 15,846,451.66 | 1.84 |
| 31,000,000 MITSUBISHI UFJ INV  FL.R 09-50 15/12Q | EUR | 15,846,451.66 | 1.84 |
| Portugal |  | 2,411,100.00 | 0.28 |
| 2,500,000 BCP	FL.R 19-30 27/03A	EUR | 2,411,100.00 | 0.28 |
| The Netherlands | 3,036,525.00 | 0.35 |
| 3,000,000 RABOBANK FL.R 19-XX 29/06S	EUR | 3,036,525.00 | 0.35 |
| United Kingdom | 17,633,493.61 | 2.06 |
| 8,000,000 GAZ FINANCE PLC	FL.R 20-99 31/12A	EUR | 8,287,320.00 | 0.96 |
| 8,000,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q	GBP | 9,346,173.61 | 1.10 |

Quantity	Denomination	Quotation
currency
Tr
Market value
% of net assets
Quantity	Denomination	Quotation
currency
Market value
% of net assets
Mortgage and asset backed securities	
39,970,030.39	4.65
Ireland	
21,977,151.38	2.56
| 2,500,000 CIFCE 1X E FL.R | 19-32 15/07Q | EUR | 2,482,502.50 | 0.29 |
| --- | --- | --- | --- | --- |
| 2,200,000 CORDA 8X F | FL.R 17-30 23/04Q | EUR | 2,146,857.68 | 0.25 |
| 1,000,000 NEWHAVEN CLO | FL.R 17-30 15/02Q | EUR | 1,000,251.70 | 0.12 |
| 5,000,000 OCPE 2019-3XE | FL.R 19-30 20/04Q | EUR | 4,975,758.00 | 0.58 |
| 2,000,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 2,012,058.00 | 0.23 |
| 2,900,000 RYE HARBOUR MBS	FL.R 17-31 21/04Q | EUR | 2,752,280.67 | 0.32 |
| 4,000,000 ST.PAULS'S CLO X DESIG FL.R 19-30 15/10Q | EUR | 4,041,500.80 | 0.47 |
| 2,700,000 TORO EUROPEAN CLO  FL.R 17-30 15/04Q | EUR | 2,565,942.03 | 0.30 |
| Morocco |  | 5,069,084.00 | 0.59 |
| 5,000,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 5,069,084.00 | 0.59 |
| The Netherlands |  | 12,923,795.01 | 1.50 |
| 3,100,000 CRNCL 2016-7X F	FL.R 17-30 31/01Q | EUR | 3,102,278.81 | 0.36 |
| 5,000,000 DRYD 2017-27X E	FL.R 17-30 15/05Q | EUR | 4,942,380.00 | 0.58 |
| 3,000,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 3,034,204.20 | 0.35 |
| 2,000,000 TIKEHAU CLO III BV  FL.R 17-30 09/11Q | EUR | 1,844,932.00 | 0.21 |
| Other transferable securities |  | 10,654,553.99 | 1.24 |
| Bonds |  | 10,654,553.99 | 1.24 |
| The Netherlands |  | 4,769,201.95 | 0.56 |
| 2,500,000,000 JPM STRUCT PROD	0.00 17-46 10/10U | INR | 4,769,201.95 | 0.56 |
| United States of America |  | 5,885,352.04 | 0.68 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U | MXN | 5,885,352.04 | 0.68 |

Total securities portfolio	
801,386,984.55	93.27
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 32.22 |
| Japan |  | 12.25 |
| Australia |  | 9.17 |
| United Kingdom |  | 7.70 |
| Ireland |  | 7.34 |
| Morocco |  | 5.53 |
| Russia |  | 3.96 |
| Luxembourg |  | 3.25 |
| Norway |  | 2.91 |
| The Netherlands |  | 2.41 |
| Italy |  | 2.21 |
| Greece |  | 1.81 |
| Mexico |  | 1.38 |
| Cayman Islands |  | 0.55 |
| Bermuda |  | 0.30 |
| Portugal |  | 0.28 |
|  |  | 93.27 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Countries and central government |  | 65.46 |
| Holding and finance companies |  | 13.00 |
| Banks and credit institutions |  | 6.79 |
| Supranational |  | 2.95 |
| Petroleum |  | 2.23 |
| Hotels and restaurants |  | 1.01 |
| Transportation |  | 0.99 |
| Chemicals |  | 0.59 |
| Unit trusts |  | 0.25 |
|  |  | 93.27 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 25,868,498.16 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 23,685,512.60 |
| Bank interest on cash account |  | 78,855.16 |
| Interest on swaps |  | 2,091,275.73 |
| Securities lending income | Note 2, 7 | 12,854.67 |
| Expenses |  | 15,604,335.80 |
| Management fees | Note 3 | 7,084,120.18 |
| Custodian & sub-custodian fees | Note 4 | 142,677.05 |
| Taxe d'abonnement | Note 5 | 407,423.75 |
| Performance fees | Note 3 | 3,775,772.72 |
| Bank interest on overdrafts |  | 554,349.36 |
| Transaction fees | Note 6 | 104,562.85 |
| Interest on swaps |  | 2,407,045.70 |
| Operating and establishment fees | Note 4 | 1,128,384.19 |
| Net income from investments |  | 10,264,162.36 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 34,473,593.80 |
| - options |  | 6,700,633.73 |
| - forward foreign exchange contracts |  | 21,671,226.65 |
| - financial futures |  | 11,375,616.03 |
| - swaps |  | (6,952,636.46) |
| - foreign exchange |  | (20,720,763.30) |
| Net realised profit |  | 56,811,832.81 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (28,389,894.54) |
| - options |  | 268,224.22 |
| - forward foreign exchange contracts |  | 3,991,499.47 |
| - financial futures |  | 2,810,348.66 |
| - swaps |  | (4,952,369.63) |
| Increase in net assets as a result of operations |  | 30,539,640.99 |
| Dividends paid | Note 10 | (1,770,971.58) |
| Subscription capitalisation shares |  | 436,120,197.79 |
| Subscription distribution shares |  | 40,760,886.42 |
| Redemption capitalisation shares |  | (473,630,458.51) |
| Redemption distribution shares |  | (18,892,612.83) |
| Increase in net assets |  | 13,126,682.28 |
| Net assets at the beginning of the year |  | 846,116,864.50 |
| Net assets at the end of the year |  | 859,243,546.78 |

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 |