# CARMIGNAC PORTFOLIO
## Family Governed (launched on 31/05/19)

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 20,369,041.16 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 20,308,308.85 |
| Cost price |  | 18,866,350.14 |
| Unrealised profit on the securities portfolio |  | 1,441,958.71 |
| Cash at banks and liquidities |  | 52,145.23 |
| Dividends receivable |  | 8,587.08 |
| Liabilities |  | 30,414.13 |
| Bank overdrafts |  | 118.63 |
| Other liabilities | Note 14 | 30,295.50 |
| Net asset value |  | 20,338,627.03 |

Key figures relating to the last 3 years
|  | Period ending as at: | 31/12/19 |
| --- | --- | --- |
| Total Net Assets | EUR | 20,338,627.03 |
| Class A EUR - Capitalisation Number of shares |  | 162,900 |
| Net asset value per share | EUR | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 10,001 |
| Net asset value per share | EUR | 111.58 |
| Class W EUR - Capitalisation Number of shares |  | 10,000 |
| Net asset value per share | EUR | 111.58 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 20,308,308.85 | 99.85 |
| --- | --- | --- | --- |
| Shares |  | 20,308,308.85 | 99.85 |
|  | Canada | 349,691.04 | 1.72 |

| 4,684 CGI GROUP --- REGISTERED SHS -A- | CAD | 349,691.04 | 1.72 |
| --- | --- | --- | --- |
| Cayman Islands |  | 850,292.13 | 4.18 |
| 42,900 SHENZHOU INTERNATIONAL GROUP | HKD | 558,671.67 | 2.75 |
| 234,000 SINO BIOPHARMACEUTICAL | HKD | 291,620.46 | 1.43 |
| Denmark |  | 1,461,445.18 | 7.19 |
| 1,103 CARLSBERG AS -B- | DKK | 146,692.73 | 0.72 |
| 10,300 DEMANT A/S | DKK | 289,185.68 | 1.42 |
| 12,738 NOVO NORDISK | DKK | 659,103.07 | 3.25 |
| 8,400 NOVOZYMES -B- | DKK | 366,463.70 | 1.80 |
| Finland |  | 200,541.48 | 0.99 |
| 3,441 KONE -B- | EUR | 200,541.48 | 0.99 |
| France |  | 2,780,375.54 | 13.66 |
| 2,280 DASSAULT SYSTEMES SA | EUR | 334,134.00 | 1.64 |
| 3,489 ESSILORLUXOTTICA SA | EUR | 473,806.20 | 2.32 |
| 561 HERMES INTERNATIONAL SA | EUR | 373,738.20 | 1.84 |
| 1,611 L'OREAL SA | EUR | 425,304.00 | 2.09 |
| 629 LVMH | EUR | 260,531.80 | 1.28 |
| 2,460 PERNOD RICARD SA | EUR | 392,124.00 | 1.93 |
| 1,870 SODEXO SA | EUR | 197,565.50 | 0.97 |
| 5,248 UBISOFT ENTERTAINMENT | EUR | 323,171.84 | 1.59 |
| Germany |  | 1,222,326.48 | 6.01 |
| 5,762 FRESENIUS SE & CO KGAA | EUR | 289,137.16 | 1.42 |
| 4,613 HENKEL AG & CO KGAA | EUR | 425,318.60 | 2.09 |
| 4,221 SAP AG | EUR | 507,870.72 | 2.50 |
| Hong Kong |  | 261,573.47 | 1.29 |
| 36,000 TECHTRONIC INDUSTRIES CO LTD | HKD | 261,573.47 | 1.29 |
| Japan |  | 1,212,762.43 | 5.96 |
| 5,200 CHUGAI PHARMACEUTICAL | JPY | 429,682.66 | 2.11 |
| 3,000 NITORI | JPY | 423,608.28 | 2.08 |
| 3,900 SYSMEX | JPY | 238,147.78 | 1.17 |
| 4,000 UNI CHARM | JPY | 121,323.71 | 0.60 |
| Liberia |  | 589,109.16 | 2.90 |
| 4,953 ROYAL CARIBBEAN CRUISES | USD | 589,109.16 | 2.90 |
| Norway |  | 336,987.58 | 1.66 |
| 14,566 MOWI ASA | NOK | 336,987.58 | 1.66 |
| Switzerland |  | 1,668,477.60 | 8.20 |
| 2,638 GARMIN | USD | 229,276.86 | 1.13 |
| 731 PARTNERS GROUP HLDG NAMEN AKT | CHF | 596,770.38 | 2.93 |
| 727 ROCHE HOLDING AG GENUSSSCHEIN | CHF | 210,007.36 | 1.03 |
| 778 SONOVA HOLDING NAM-AKT | CHF | 158,534.50 | 0.78 |
| 542 STRAUMANN HOLDING REG | CHF | 473,888.50 | 2.33 |
| The Netherlands |  | 555,328.40 | 2.73 |
| 400 ADYEN --- PARTS SOCIALES | EUR | 292,400.00 | 1.44 |
| 2,770 HEINEKEN NV | EUR | 262,928.40 | 1.29 |
| United Kingdom |  | 172,296.87 | 0.85 |
| 7,545 HARGREAVES LANS - REGISTERED SHS | GBP | 172,296.87 | 0.85 |
| United States of America |  | 8,647,101.49 | 42.51 |
| 810 ALPHABET -A- | USD | 966,508.60 | 4.74 |
| 633 ARISTA NETWORKS INC | USD | 114,701.29 | 0.56 |
| 8,817 BROWN-FORMAN CORP -B- NON VOTING | USD | 530,983.70 | 2.61 |
| 2,087 CINTAS | USD | 500,285.04 | 2.46 |
| 4,004 CONSTELLATION BRANDS INC -A- | USD | 676,845.43 | 3.33 |
| 3,394 COPART INC | USD | 274,966.91 | 1.35 |
| 4,864 DANAHER CORP | USD | 665,057.21 | 3.27 |
| 3,859 ESTEE LAUDER COMPANIES INC -A- | USD | 710,056.00 | 3.49 |
| 4,274 FACEBOOK -A- | USD | 781,504.23 | 3.84 |
| 12,081 KNIGHT SWIFT TRANSPORTATION HLDG | USD | 385,730.99 | 1.90 |
| 2,328 LENNOX INTL | USD | 505,979.65 | 2.49 |
| 4,486 MARRIOTT INTERNATIONAL -A- | USD | 605,180.38 | 2.98 |
| 2,628 MASTERCARD INC -A- | USD | 699,059.71 | 3.44 |
| 4,432 PAYCHEX INC | USD | 335,844.92 | 1.65 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 4,689 SS C TECHNOLOGIERS HOLDINGS | USD | 256,485.17 | 1.26 |
| 4,263 VEEVA SYSTEMS -A- | USD | 534,194.73 | 2.63 |
| 767 WMWARE | USD | 103,717.53 | 0.51 |

Total securities portfolio	
20,308,308.85	99.85
	The accompanying notes form an integral part of these financial statements	

#### Geographical breakdown

###### Breakdown per country	% of net assets
United States of America	42.51
France	13.66
Switzerland	8.20
Denmark	7.19
Germany	6.01
Japan	5.96
Cayman Islands	4.18
Liberia	2.90
The Netherlands	2.73
Canada	1.72
Norway	1.66
Hong Kong	1.29
Finland	0.99
United Kingdom	0.85

###### 	99.85

#### Economical breakdown

###### Breakdown per sector	% of net assets
Pharmaceuticals and cosmetics	22.84
Internet and internet services	21.38
Tobacco and alcoholic drinks	9.88
Holding and finance companies	9.04
Textiles and garments	8.33
Hotels and restaurants	5.88
Banks and credit institutions	4.88
Machine and apparatus construction	4.26
Miscellaneous consumer goods	2.69
Building materials and trade	2.49
Retail trade, department stores	2.08
Chemicals	1.80
Agriculture and fishery	1.66
Road vehicles	1.35
Electrical engineering and electronics	1.29
	99.85
Statement of Operations and Changes in Net Assets from 31/05/19 to 31/12/19
Expressed in EUR
| Income |  | 53,853.10 |
| --- | --- | --- |
| Net dividends |  | 53,847.21 |
| Bank interest on cash account |  | 5.89 |
| Expenses |  | 143,130.40 |
| Management fees | Note 3 | 101,659.06 |
| Custodian & sub-custodian fees | Note 4 | 1,278.85 |
| Taxe d'abonnement | Note 5 | 5,157.00 |
| Bank interest on overdrafts |  | 1,052.91 |
| Transaction fees | Note 6 | 18,472.07 |
| Operating and establishment fees | Note 4 | 15,510.51 |
| Net loss from investments |  | (89,277.30) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (37,094.68) |
| - financial futures |  | (1,293.32) |
| - foreign exchange |  | 8,213.67 |
| Net realised loss |  | (119,451.63) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 1,441,958.71 |
| Increase in net assets as a result of operations |  | 1,322,507.08 |
| Subscription capitalisation shares |  | 19,016,127.51 |
| Redemption capitalisation shares |  | (7.56) |
| Increase in net assets |  | 20,338,627.03 |
| Net assets at the beginning of the period |  | 0.00 |
| Net assets at the end of the period |  | 20,338,627.03 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2019-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert

##### Abschluss zum 31.12.2019
Aufstellung des Nettovermögens zum 31.12.2019
Ausgedrückt in EUR
| Aktiva |  | 8.526.201.846,34 |
| --- | --- | --- |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 7.827.728.767,13 |
| Anschaffungskosten |  | 7.574.187.077,90 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 253.541.689,23 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 4.905.489,62 |
| Zum Einstandspreis erworbene Optionen |  | 6.319.793,88 |
| Bankguthaben und liquide Mittel |  | 584.027.821,86 |
| Zinsforderungen |  | 47.336.199,83 |
| Forderungen gegenüber Brokern |  | 7.952.540,60 |
| Forderungen aus Zeichnungen |  | 24.854.209,26 |
| Dividendenforderungen |  | 903.261,09 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 12.082.754,38 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 4.768.852,79 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 10.262.544,49 |
| Sonstige Aktiva | Erläuterung 13 | 1.379.405,29 |
| Passiva |  | 280.275.742,68 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 2.075.821,47 |
| Zum Einstandspreis verkaufte Optionen |  | 3.321.183,28 |
| Kontoüberziehungen |  | 51.018.287,94 |
| Verbindlichkeiten gegenüber Brokern |  | 129.961.414,11 |
| Verbindlichkeiten aus Rücknahmen |  | 29.247.323,77 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 5.489.732,56 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 3.859.791,81 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 22.975.998,42 |
| Sonstige Passiva | Erläuterung 14 | 35.647.372,60 |
| Nettoinventarwert |  | 8.245.926.103,66 |

Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2019 bis 31.12.2019
| Ausgedrückt in EUR |
| --- |
| Erträge |  | 185.839.435,83 |
| Nettodividenden |  | 42.295.440,16 |
| Nettozinsen aus Anleihen |  | 130.734.190,92 |
| Bankzinsen aus Sichteinlagen |  | 2.958.153,85 |
| Sonstige Finanzerträge |  | 1.772.530,56 |
| Zinsen aus Swapverträgen |  | 7.225.187,54 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 853.932,80 |
| Aufwand |  | 151.660.030,11 |
| Verwaltungsgebühren | Erläuterung 3 | 73.779.033,82 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.433.760,21 |
| Taxe d’abonnement | Erläuterung 5 | 4.070.551,00 |
| Performancegebühren | Erläuterung 3 | 19.194.933,39 |
| Überziehungszinsen |  | 8.350.513,24 |
| Transaktionskosten | Erläuterung 6 | 8.728.597,47 |
| Dividendenaufwand |  | 7.174.546,51 |
| Zinsen aus Swapverträgen |  | 16.319.325,58 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 12.608.768,89 |
| Nettoertrag aus Anlagen |  | 34.179.405,72 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 162.737.293,80 |
| - Optionen |  | (48.838.499,42) |
| - Devisenterminkontrakten |  | (69.282.878,72) |
| - Futures |  | (100.808.487,30) |
| - Swaps |  | 28.325.334,64 |
| - Wechselkursgeschäften |  | 131.796.625,76 |
| Realisierter Nettogewinn |  | 138.108.794,48 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |  |  |
| - Anlagen | Erläuterung 2 | 623.979.147,64 |
| - Optionen |  | 12.767.859,44 |
| - Devisenterminkontrakten |  | 8.455.667,54 |
| - Futures |  | (2.301.369,48) |
| - Swaps |  | (55.596.231,44) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 725.413.868,18 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (11.427.110,20) |
| Zeichnungen von thesaurierenden Aktien |  | 4.590.307.917,13 |
| Zeichnungen von ausschüttenden Aktien |  | 56.652.617,32 |
| Rücknahmen von thesaurierenden Aktien |  | (6.261.392.201,49) |
| Rücknahmen von ausschüttenden Aktien |  | (149.100.700,46) |
| Rückgang des Nettovermögens |  | (1.049.545.609,52) |
| Nettovermögen am Jahresanfang |  | 9.295.471.713,18 |
| Nettovermögen am Jahresende |  | 8.245.926.103,66 |