# CARMIGNAC PORTFOLIO
## Family Governed

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 24,781,827.06 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 23,818,048.81 |
| Cost price |  | 19,495,330.82 |
| Unrealised profit on the securities portfolio |  | 4,322,717.99 |
| Cash at banks and liquidities |  | 952,348.11 |
| Subscriptions receivable |  | 4,999.97 |
| Dividends receivable |  | 6,347.47 |
| Other assets | Note 12 | 82.70 |
| Liabilities |  | 247,341.21 |
| Brokers payable |  | 207,312.03 |
| Other liabilities | Note 13 | 40,029.18 |
| Net asset value |  | 24,534,485.85 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| Total Net Assets | EUR | 24,534,485.85 | 20,338,627.03 |
| Class A EUR - Capitalisation Number of shares |  | 169,783 | 162,900 |
| Net asset value per share | EUR | 128.95 | 111.15 |
| Class F EUR - Capitalisation Number of shares |  | 10,127 | 10,001 |
| Net asset value per share | EUR | 130.27 | 111.58 |
| Class W EUR - Capitalisation Number of shares |  | 10,116 | 10,000 |
| Net asset value per share | EUR | 130.61 | 111.58 |

Securities portfolio as at 31/12/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange listing	 23,818,048.81 | 97.08 |
| --- | --- |
| Shares | 23,818,048.81 | 97.08 |
| Cayman Islands |  | 738,264.51 | 3.01 |
| 33,300 SHENZHOU INTERNATIONAL GROUP | HKD | 533,516.03 | 2.18 |
| 259,000 SINO BIOPHARMA | HKD | 204,748.48 | 0.83 |
| Denmark |  | 1,100,348.30 | 4.48 |
| 9,014 DEMANT A/S | DKK | 291,366.02 | 1.19 |
| 10,511 NOVO NORDISK | DKK | 602,478.44 | 2.45 |
| 4,398 NOVOZYMES -B- | DKK | 206,503.84 | 0.84 |
| Finland |  | 230,483.28 | 0.94 |
| 3,468 KONE -B- | EUR | 230,483.28 | 0.94 |
| France |  | 4,484,237.90 | 18.28 |
| 1,740 DASSAULT SYSTEMES SA | EUR | 289,101.00 | 1.18 |
| 4,682 ESSILORLUXOTTICA SA | EUR | 597,189.10 | 2.43 |
| 836 HERMES INTERNATIONAL SA | EUR | 735,345.60 | 3.00 |
| 2,010 L'OREAL SA | EUR | 624,708.00 | 2.55 |
| 1,156 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 590,600.40 | 2.41 |
| 2,485 PERNOD RICARD SA | EUR | 389,648.00 | 1.59 |
| 6,500 SODEXO SA | EUR | 449,930.00 | 1.83 |
| 10,245 UBISOFT ENTERTAINMENT | EUR | 807,715.80 | 3.29 |
| Germany |  | 962,266.50 | 3.92 |
| 5,895 HENKEL AG & CO KGAA | EUR | 544,108.50 | 2.22 |
| 3,900 SAP AG | EUR | 418,158.00 | 1.70 |
| Hong Kong |  | 419,679.04 | 1.71 |
| 36,000 TECHTRONIC INDUSTRIES CO LTD | HKD | 419,679.04 | 1.71 |
| India |  | 613,853.41 | 2.50 |
| 19,858 AVENUE SUPER REGISTERED | INR | 613,853.41 | 2.50 |
| Japan |  | 1,251,198.40 | 5.10 |
| 7,400 CHUGAI PHARMACEUTICAL | JPY | 322,359.43 | 1.31 |
| 2,400 NITORI | JPY | 410,748.59 | 1.68 |
| 3,700 SYSMEX | JPY | 363,188.89 | 1.48 |
| 4,000 UNI CHARM | JPY | 154,901.49 | 0.63 |
| Liberia |  | 428,099.36 | 1.74 |
| 7,013 ROYAL CARIBBEAN CRUISES | USD | 428,099.36 | 1.74 |
| Switzerland |  | 1,700,103.05 | 6.93 |
| 3,928 GARMIN | USD | 384,148.16 | 1.57 |
| 723 PARTNERS GROUP HLDG NAMEN AKT | CHF | 695,224.45 | 2.83 |
| 804 ROCHE HOLDING LTD | CHF | 229,703.67 | 0.94 |
| 410 STRAUMANN HOLDING REG | CHF | 391,026.77 | 1.59 |
| The Netherlands |  | 823,576.30 | 3.36 |
| 185 ADYEN --- PARTS SOCIALES | EUR | 352,425.00 | 1.44 |
| 5,165 HEINEKEN NV | EUR | 471,151.30 | 1.92 |
| United States of America |  | 11,065,938.76 | 45.11 |
| 544 ALPHABET INC -A- | USD | 779,237.60 | 3.18 |
| 11,702 BROWN-FORMAN CORP -B- NON VOTING | USD | 759,666.43 | 3.10 |
| 2,460 CINTAS | USD | 710,646.56 | 2.90 |
| 4,698 CONSTELLATION BRANDS INC -A- | USD | 841,074.66 | 3.43 |
| 7,829 COPART INC | USD | 814,221.12 | 3.32 |
| 4,517 DANAHER CORP | USD | 820,077.95 | 3.34 |
| 4,759 ESTEE LAUDER COMPANIES INC -A- | USD | 1,035,346.50 | 4.21 |
| 3,050 FACEBOOK -A- | USD | 680,918.64 | 2.78 |
| 20,370 KNIGHT SWIFT TRANSPORTATION HLDG | USD | 696,230.97 | 2.84 |
| 2,707 LENNOX INTL | USD | 606,135.25 | 2.47 |
| 5,249 MARRIOTT INTERNATIONAL -A- | USD | 565,933.62 | 2.31 |
| 2,997 MASTERCARD INC -A- | USD | 874,299.52 | 3.56 |
| 9,660 PAYCHEX INC | USD | 735,661.64 | 3.00 |
| 5,260 SS C TECHNOLOGIERS HOLDINGS | USD | 312,749.79 | 1.27 |
| 3,747 VEEVA SYSTEMS -A- | USD | 833,738.51 | 3.40 |

Total securities portfolio	
23,818,048.81	97.08
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 45.11 |
| France |  | 18.28 |
| Switzerland |  | 6.93 |
| Japan |  | 5.10 |
| Denmark |  | 4.48 |
| Germany |  | 3.92 |
| The Netherlands |  | 3.36 |
| Cayman Islands |  | 3.01 |
| India |  | 2.50 |
| Liberia |  | 1.74 |
| Hong Kong |  | 1.71 |
| Finland |  | 0.94 |
|  |  | 97.08 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Pharmaceuticals and cosmetics | 18.98 |
| Internet and internet services | 18.53 |
| Textiles and garments | 10.49 |
| Holding and finance companies | 10.34 |
| Tobacco and alcoholic drinks | 10.04 |
| Banks and credit institutions | 5.00 |
| Machine and apparatus construction | 4.28 |
| Retail trade, department stores | 4.18 |
| Hotels and restaurants | 4.05 |
| Road vehicles | 3.32 |
| Miscellaneous consumer goods | 2.85 |
| Building materials and trade | 2.47 |
| Electrical engineering and electronics | 1.71 |
| Chemicals | 0.84 |
|  | 97.08 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 175,630.97 |
| --- | --- | --- |
| Net dividends | Note 2 | 175,568.68 |
| Bank interest on cash account |  | 62.29 |
| Expenses |  | 382,535.18 |
| Management fees | Note 3 | 301,073.20 |
| Custodian & sub-custodian fees | Note 4 | 3,584.88 |
| Taxe d'abonnement | Note 5 | 10,611.61 |
| Performance fees | Note 3 | 3,574.54 |
| Bank interest on overdrafts |  | 2,341.31 |
| Transaction fees | Note 6 | 12,330.63 |
| Operating and establishment fees | Note 4 | 49,019.01 |
| Net loss from investments |  | (206,904.21) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 812,303.70 |
| - foreign exchange |  | (103,728.44) |
| Net realised profit |  | 501,671.05 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 2,880,759.28 |
| Increase in net assets as a result of operations |  | 3,382,430.33 |
| Subscription capitalisation shares |  | 1,011,106.42 |
| Redemption capitalisation shares |  | (197,677.93) |
| Increase in net assets |  | 4,195,858.82 |
| Net assets at the beginning of the year |  | 20,338,627.03 |
| Net assets at the end of the year |  | 24,534,485.85 |

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 |