# CARMIGNAC PORTFOLIO
## Long-Short European Equities

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 871,630,433.78 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 764,383,938.26 |
| Cost price |  | 700,090,932.12 |
| Unrealised profit on the securities portfolio |  | 64,293,006.14 |
| Options purchased at market value | Note 2 | 576,961.36 |
| Options purchased at cost |  | 1,479,363.48 |
| Cash at banks and liquidities |  | 99,915,436.47 |
| Interest receivable on bonds |  | 150.08 |
| Brokers receivable |  | 1,654.08 |
| Subscriptions receivable |  | 6,111,509.26 |
| Dividends receivable |  | 113,632.17 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 527,152.10 |
| Liabilities |  | 31,102,493.40 |
| Options sold at market value | Note 2 | 209,668.00 |
| Options sold at cost |  | 556,259.50 |
| Bank overdrafts |  | 13,019,959.90 |
| Redemptions payable |  | 367,059.77 |
| Unrealised net depreciation on financial futures | Note 2 | 682,901.70 |
| Unrealised net depreciation on swaps | Note 2 | 2,780,554.96 |
| Other liabilities | Note 13 | 14,042,349.07 |
| Net asset value |  | 840,527,940.38 |

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 | 840,527,940.38 | 397,686,140.00 | 369,618,718.60 |
| Class A EUR - Capitalisation Number of shares |  | 844,314 | 397,305 | 396,061 |
| Net asset value per share | EUR | 157.32 | 139.28 | 130.26 |
| Class E EUR - Capitalisation Number of shares |  | 217,936 | 180,986 | 214,856 |
| Net asset value per share | EUR | 151.24 | 134.57 | 126.57 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 977 | 858 |
| Net asset value per share | USD | 0.00 | 144.53 | 134.95 |
| Class F EUR - Capitalisation Number of shares |  | 4,018,961 | 2,121,280 | 1,992,930 |
| Net asset value per share | EUR | 156.28 | 137.61 | 128.11 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 19,096 | 14,553 | 12,730 |
| Net asset value per share | CHF | 151.61 | 133.78 | 124.96 |
| Class F GBP - Capitalisation Number of shares |  | 0 | 387 | 5,024 |
| Net asset value per share | GBP | 0.00 | 186.36 | 162.68 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 840,527,940.38 | 397,686,140.00 | 369,618,718.60 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 174,803 | 140,161 | 195,280 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 162.18 | 142.22 | 132.12 |
| Class F USD Hedged - Capitalisation Number of shares |  | 67,951 | 15,087 | 20,800 |
| Net asset value per share | USD | 168.71 | 148.09 | 136.58 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
579,789,635.44	68.98
| Shares |  | 579,789,635.44 | 68.98 |
| --- | --- | --- | --- |
|  | Belgium | 7,071,778.30 | 0.84 |
| 280,348 AKITA MIDCO 1 NV | EUR | 7,071,778.30 | 0.84 |
| Bermuda |  | 11,496,270.54 | 1.37 |
| 3,314,254 AUTOSTORE HLDG --- REGISTERED SHS REG S | NOK | 11,496,270.54 | 1.37 |
| France |  | 13,652,333.00 | 1.62 |
| 18,779 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 13,652,333.00 | 1.62 |
| Germany |  | 337,265,161.22 | 40.14 |
| 130,000 ALLIANZ SE REG SHS | EUR | 26,994,500.00 | 3.21 |
| 315,071 BASF SE REG SHS | EUR | 19,465,086.38 | 2.32 |
| 277,276 BIOTEST | EUR | 11,839,685.20 | 1.41 |
| 95,990 BIOTEST VORZUG | EUR | 3,705,214.00 | 0.44 |
| 141,295 DELIVERY HERO | EUR | 13,846,910.00 | 1.65 |
| 214,755 DERMAPHARM HLDG - BEARER SHS | EUR | 19,177,621.50 | 2.28 |
| 762,254 DEUTSCHE WOHNEN SE | EUR | 28,188,152.92 | 3.35 |
| 550,000 HELLA --- BEARER SHS BR SHARES SUBMITTED | EUR | 32,780,000.00 | 3.90 |
| 383,261 HELLA GMBH & CO. KGAA | EUR | 23,762,182.00 | 2.83 |
| 344,964 OSRAM LICHT AG | EUR | 19,662,948.00 | 2.34 |
| 336,185 PUMA AG | EUR | 36,139,887.50 | 4.30 |
| 429,355 SAP AG | EUR | 53,626,439.50 | 6.38 |
| 65,349 SCHALTBAU HLDG --- REGISTERED SHS | EUR | 3,757,567.50 | 0.45 |
| 277,244 SIEMENS AG REG | EUR | 42,329,613.92 | 5.04 |
| 14,064 SILTRONIC AG | EUR | 1,989,352.80 | 0.24 |
| Ireland |  | 6,003,585.00 | 0.71 |
| 57,177 KINGSPAN GROUP | EUR | 6,003,585.00 | 0.71 |
| Italy |  | 21,575,658.10 | 2.57 |
| 3,833,441 PRADA SPA | HKD | 21,575,658.10 | 2.57 |
| Luxembourg |  | 3,312,439.80 | 0.39 |
| 82,399 SUSE SA | EUR | 3,312,439.80 | 0.39 |
| Sweden	 16,591,474.96 | 1.97 |
| 173,708 ATLAS COPCO AB - REGS -A- | SEK | 10,558,126.11 | 1.25 |
| 251,225 HEMNET GRP | SEK | 4,082,162.25 | 0.49 |
| 121,917 OLINK HOLDING AB | USD | 1,951,186.60 | 0.23 |
| Switzerland |  | 22,942,987.79 | 2.73 |
| 237,974 MEDMIX --- REGISTERED SHS | CHF | 10,371,959.50 | 1.23 |
| 87,564 NESTLE SA REG SHS | CHF | 10,769,826.92 | 1.29 |
| 2,124 SIKA - REGISTERED SHS | CHF | 779,370.55 | 0.09 |
| 11,950 SKAN GROUP AG | CHF | 1,021,830.82 | 0.12 |
| The Netherlands |  | 79,946,190.74 | 9.51 |
| 3,916 ADYEN --- PARTS SOCIALES | EUR | 9,051,834.00 | 1.08 |
| 45,394 ASM INTERNATIONAL NV | EUR | 17,644,647.80 | 2.10 |
| 175,969 ASR NEDERLAND NV | EUR | 7,126,744.50 | 0.85 |
| 52,598 IMCD | EUR | 10,240,830.60 | 1.22 |
| 1,448,028 UNIVERSAL MUSIC GROUP N.V. | EUR | 35,882,133.84 | 4.26 |
| United Kingdom |  | 6,257,870.49 | 0.74 |
| 1,065,742 BRIDGEPOINT GROUP PLC | GBP | 6,257,870.49 | 0.74 |
| United States of America |  | 53,673,885.50 | 6.39 |
| 530 AMAZON.COM INC | USD | 1,553,992.44 | 0.18 |
| 1,559,680 CLEARSIDE BIOMEDIAL INC | USD | 3,771,649.67 | 0.45 |
| 154,700 DELL TECHNOLOGIES-REGISTERED SHS C W/I | USD | 7,641,135.24 | 0.91 |
| 57,973 MICROSOFT CORP | USD | 17,145,163.00 | 2.05 |
| 302,523 PERSHING SQUARE TONTINE HOLDINGS LTD | USD | 5,246,002.08 | 0.62 |
| 12,728 REGENXBIO INC | USD | 365,991.56 | 0.04 |
| 5,976 SWEETGREEN INC | USD | 168,160.39 | 0.02 |
| 313,355 UBER TECH/REGSH | USD | 11,553,794.54 | 1.38 |
| 9,343 VMWARE INC -A- | USD | 952,046.11 | 0.11 |
| 40,278 10X GENOMICS - REGS- A | USD | 5,275,950.47 | 0.63 |

| nits of UCITS/UCIS | 38,830,009.92 | 4.62 |
| --- | --- | --- |
| Shares/Units in investment funds | 38,830,009.92 | 4.62 |
| France | 38,830,009.92 | 4.62 |

Shares/U
89,076 CARMIGNAC LONG-SHORT EUROPEAN EQUITIES A EUR ACC
EUR
38,830,009.92	4.62
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Money market i | nstruments | 145,764,292.90 | 17.34 |
| --- | --- | --- | --- |
| Bonds |  | 145,764,292.90 | 17.34 |
|  | Italy | 73,979,722.06 | 8.80 |
| 26,782,000 ITAL BUON ORDI DEL ZCP 14-12-22 | EUR | 26,911,357.06 | 3.20 |
| 20,000,000 ITAL BUON ORDI DEL ZCP 28-02-22 | EUR | 20,022,600.00 | 2.38 |
| 27,000,000 ITAL BUON ORDI DEL ZCP 31-03-22 | EUR | 27,045,765.00 | 3.22 |
| Spain |  | 71,784,570.84 | 8.54 |
| 35,590,000 ROYAUME D SPAIN ZCP 07-10-22 | EUR | 35,756,205.30 | 4.25 |
| 23,780,000 SPAIN LETRAS DEL TES ZCP 091222 | EUR | 23,914,713.70 | 2.85 |
| 12,087,000 SPAIN ZCP 060522 | EUR | 12,113,651.84 | 1.44 |

Total securities portfolio	
764,383,938.26	90.94
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Germany |  | 40.14 |
| Italy |  | 11.37 |
| The Netherlands |  | 9.51 |
| Spain |  | 8.54 |
| United States of America |  | 6.39 |
| France |  | 6.24 |
| Switzerland |  | 2.73 |
| Sweden |  | 1.97 |
| Bermuda |  | 1.37 |
| Belgium |  | 0.84 |
| United Kingdom |  | 0.74 |
| Ireland |  | 0.71 |
| Luxembourg |  | 0.39 |
|  |  | 90.94 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 17.34 |
| Holding and finance companies | 12.64 |
| Internet and internet services | 10.31 |
| Textiles and garments | 8.49 |
| Electrical engineering and electronics | 7.83 |
| Road vehicles | 6.73 |
| Insurance | 4.06 |
| Pharmaceuticals and cosmetics | 3.96 |
| Real estate companies | 3.84 |
| Chemicals | 3.25 |
| Biotechnology | 2.75 |
| Electronics and semiconductors | 2.34 |
| Miscellaneous services | 1.65 |
| Foods and non alcoholic drinks | 1.29 |
| Machine and apparatus construction | 1.25 |
| Miscellaneous trading companies | 1.22 |
| Banks and credit institutions | 1.08 |
| Building materials and trade | 0.71 |
| Retail trade, department stores | 0.18 |
| Hotels and restaurants | 0.02 |
|  | 90.94 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 4,564,667.40 |
| --- | --- | --- |
| Net dividends | Note 2 | 3,893,368.60 |
| Bank interest on cash account |  | 187,911.38 |
| Other financial income |  | 426,509.98 |
| Securities lending income | Note 2, 7 | 56,877.44 |
| Expenses |  | 25,589,702.44 |
| Management fees | Note 3 | 5,473,197.95 |
| Custodian & sub-custodian fees | Note 4 | 88,949.00 |
| Taxe d'abonnement | Note 5 | 297,796.00 |
| Performance fees | Note 3 | 12,270,188.62 |
| Bank interest on overdrafts |  | 2,486,282.48 |
| Transaction fees | Note 6 | 1,157,981.38 |
| Dividends paid on CFDs |  | 1,811,012.66 |
| Interest on swaps |  | 37,130.63 |
| Operating and establishment fees | Note 4 | 1,967,163.72 |
| Net loss from investments |  | (21,025,035.04) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 96,175,708.34 |
| - options |  | (20,682,020.05) |
| - forward foreign exchange contracts |  | (4,578,830.82) |
| - financial futures |  | (31,341,813.31) |
| - swaps |  | 33,285,930.35 |
| - foreign exchange |  | 1,023,758.24 |
| Net realised profit |  | 52,857,697.71 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 14,001,556.04 |
| - options |  | (2,284,867.64) |
| - forward foreign exchange contracts |  | 209,738.92 |
| - financial futures |  | 2,798,481.84 |
| - swaps |  | (3,556,673.40) |
| Increase in net assets as a result of operations |  | 64,025,933.47 |
| Subscription capitalisation shares |  | 480,250,297.09 |
| Redemption capitalisation shares |  | (101,434,430.18) |
| Increase in net assets |  | 442,841,800.38 |
| Net assets at the beginning of the year |  | 397,686,140.00 |
| Net assets at the end of the year |  | 840,527,940.38 |

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 |