# CARMIGNAC PORTFOLIO
## Emerging Discovery

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 261,672,194.83 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 245,221,970.40 |
| Cost price |  | 250,582,143.68 |
| Unrealised loss on the securities portfolio |  | (5,360,173.28) |
| Cash at banks and liquidities |  | 14,760,393.54 |
| Interest receivable |  | 5,113.78 |
| Brokers receivable |  | 905,999.99 |
| Subscriptions receivable |  | 170,454.84 |
| Dividends receivable |  | 107,650.49 |
| Other assets | Note 13 | 500,611.79 |
| Liabilities |  | 2,107,219.15 |
| Bank overdrafts |  | 9,606.30 |
| Redemptions payable |  | 147,262.04 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 440,293.68 |
| Other liabilities | Note 14 | 1,510,057.13 |
| Net asset value |  | 259,564,975.68 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 259,564,975.68 | 226,217,162.64 | 365,054,748.60 |
| Class A EUR - Capitalisation Number of shares |  | 73,891 | 95,802 | 134,153 |
| Net asset value per share | EUR | 1,535.69 | 1,396.33 | 1,532.48 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 3,425 | 2,044 | 1,787 |
| Net asset value per share | CHF | 139.51 | 127.44 | 140.71 |
| Class A USD - Capitalisation Number of shares |  | 0 | 100 | 0 |
| Net asset value per share | USD | 0.00 | 85.16 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 13,003 | 10,742 | 17,030 |
| Net asset value per share | USD | 152.60 | 135.11 | 144.74 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1,428 | 1 | 1 |
| Net asset value per share | USD | 140.91 | 126.24 | 137.08 |
| Class F EUR - Capitalisation Number of shares |  | 660,383 | 394,871 | 657,791 |
| Net asset value per share | EUR | 149.75 | 135.23 | 146.93 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 437 | 2,700 | 221 |
| Net asset value per share | CHF | 146.25 | 131.91 | 144.29 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 42,576 |
| Net asset value per share | GBP | 0.00 | 0.00 | 128.48 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F USD Hedged - Capitalisation | 259,564,975.68 | 226,217,162.64 | 365,054,748.60 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 24,101 | 30,034 | 50,387 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 159.26 | 140.41 | 148.93 |
| Class W EUR - Capitalisation Number of shares |  | 96,887 | 46,426 | 157,052 |
| Net asset value per share | EUR | 107.96 | 96.84 | 105.21 |
| Class W GBP - Capitalisation Number of shares |  | 159,881 | 175,358 | 175,565 |
| Net asset value per share | GBP | 154.19 | 146.50 | 157.42 |
| Class W USD - Capitalisation Number of shares |  | 19,236 | 5,000 | 5,000 |
| Net asset value per share | USD | 103.91 | 94.92 | 108.34 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing |  | 236,978,685.81 | 91.30 |
| --- | --- | --- | --- |
| Shares |  | 228,499,174.27 | 88.03 |
| Argentina |  | 5,471,549.19 | 2.11 |
| 436,058 CRESUD SP ADR REPR 10 SHS | USD | 2,734,831.47 | 1.05 |
| 244,768 GRUPO SUPERVIELLE ADR REP 5 SHS B | USD | 802,446.54 | 0.31 |
| 302,820 TRANSPORT.DE GAS DEL SUR ADR 5 SHS B REG | USD | 1,934,271.18 | 0.75 |
| Brazil |  | 22,940,497.72 | 8.84 |

| 2,282,250 ALUPAR INVESTIMENTO SA UNITS CONS | BRL | 13,949,750.86 | 5.38 |
| --- | --- | --- | --- |
| 677,532 SUL AMERICA CDAC OF 1 SH+2 PFD SHS | BRL | 8,990,746.86 | 3.46 |
| British Virgin Islands |  | 15,663,495.59 | 6.03 |
| 1,134,516 ARCOS DORADOS HOLDINGS INC A | USD | 8,186,707.88 | 3.15 |
| 376,354 MAIL.RU GROUP GDR REPR 1 SH REGS | USD | 7,476,787.71 | 2.88 |
| Cayman Islands |  | 12,947,447.06 | 4.99 |
| 275,308 YY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 12,947,447.06 | 4.99 |
| China |  | 14,477,872.75 | 5.58 |
| 22,293,630 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 14,477,872.75 | 5.58 |
| Colombia |  | 4,470,883.07 | 1.72 |
| 358,165 BANCO DAVIVIENDA SA PREF SHS | COP | 4,470,883.07 | 1.72 |
| Cyprus |  | 8,177,118.62 | 3.15 |
| 429,610 GLOBAL PORTS INVEST GDR REPR 3 SHS REG-S | USD | 1,454,359.02 | 0.56 |
| 852,689 GLOBALTRANS INV -GDR- REP 1 SH REG -S | USD | 6,722,759.60 | 2.59 |
| India |  | 17,021,667.86 | 6.56 |
| 280,224 DR. LAL PATHLABS LTD | INR | 5,225,039.87 | 2.01 |
| 765,625 LIC HOUSING FINANCE LTD | INR | 4,148,624.52 | 1.60 |
| 6,405,000 NIYOGIN FINTECH LTD | INR | 4,064,979.03 | 1.57 |
| 887,965 STERL AND WILS - SHS 144A REGS | INR | 3,583,024.44 | 1.38 |
| Indonesia |  | 6,301,689.64 | 2.43 |
| 2,943,273 INDOCEMENT TUNGGAL PRAKARSA | IDR | 3,593,363.67 | 1.39 |
| 11,658,600 PROD WIDYAHUSAD REGISTERED | IDR | 2,708,325.97 | 1.04 |
| Kenya |  | 8,314,719.59 | 3.20 |
| 1,429,282 EAST AFRICAN BREW | KES | 2,493,837.99 | 0.96 |
| 21,022,696 SAFARICOM | KES | 5,820,881.60 | 2.24 |
| Mexico |  | 12,938,426.57 | 4.98 |
| 6,154,887 BKNY MELLON MEX-CERT BURSATILES FID IMM | MXN | 9,007,024.23 | 3.47 |
| 2,681,310 UNIFIN FINANCIERA SAB DE CV | MXN | 3,931,402.34 | 1.51 |
| Panama |  | 8,983,531.85 | 3.46 |
| 244,165 INTERCORP FINANCIAL SERVICES INC | USD | 8,983,531.85 | 3.46 |
| Philippines |  | 11,331,067.71 | 4.37 |
| 29,886,756 CEMEX HOLDINGS PHILIPPINES | PHP | 1,056,700.73 | 0.41 |
| 5,688,385 HOLCIM (PHP) SHS | PHP | 1,360,833.72 | 0.52 |
| 2,650,289 INTERNATIONAL CONTAINER TERMINAL SERVICE | PHP | 5,995,306.26 | 2.32 |
| 4,808,646 PHILIPPINE NATIONAL BANK PNB | PHP | 2,918,227.00 | 1.12 |
| South Korea |  | 14,236,677.78 | 5.48 |
| 155,129 INNOCEAN WORLDWIDE | KRW | 8,472,781.56 | 3.26 |
| 187,995 SILICON WORKS | KRW | 5,763,896.22 | 2.22 |
| Spain |  | 2,801,694.94 | 1.08 |
| 2,342,792 CEMEX LATAM HOLDINGS SA | COP | 2,801,694.94 | 1.08 |
| Taiwan |  | 39,093,244.62 | 15.06 |
| 3,630,500 CHICONY ELECTRONICS | TWD | 9,602,456.53 | 3.70 |
| 213,000 MOMO.COM INC | TWD | 1,835,707.59 | 0.71 |
| 1,186,981 PRESIDENT CHAIN STORE CORP | TWD | 10,723,665.35 | 4.13 |
| 6,253,602 PRIMAX ELECTRO | TWD | 11,782,715.66 | 4.54 |
| 1,380,473 TRIPOD TECHNOLOGY CO LTD | TWD | 5,148,699.49 | 1.98 |
| Turkey |  | 3,602,804.83 | 1.39 |
| 1,726,452 AVIVASA EMEKLI | TRY | 3,602,804.83 | 1.39 |
| United Arab Emirates |  | 14,642,855.80 | 5.64 |
| 11,436,476 ARAMEX | AED | 9,902,191.12 | 3.81 |
| 10,681,132 EMAAR MALLS GROUP PJSC | AED | 4,740,664.68 | 1.83 |
| Vietnam |  | 5,081,929.08 | 1.96 |
| 1,134,650 VINAMILK | VND | 5,081,929.08 | 1.96 |
| Warrants, Rights |  | 8,479,511.54 | 3.27 |
| Singapore |  | 684,721.89 | 0.26 |
| 873,608 CLSA (PRISM CEMENT)	06.04.20 WAR | USD | 684,721.89 | 0.26 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| United Kingdom |  |  | 7,794,789.65 | 3.01 |
| --- | --- | --- | --- | --- |
| 5,479,215 DB (JOHN KELLS HLDG) | 28.06.22 WAR | USD | 4,510,772.90 | 1.74 |

733,229 DEUTSCHE BANK AG LONDON GRE 06.08.29 WAR
| nsferable securities	 8,243,284.59	3.18 |
| --- |
| Warrants, Rights | 8,243,284.59 | 3.18 |
| Singapore | 8,243,284.59 | 3.18 |

Other tra
USD
3,284,016.75	1.27
| 337,449 CLSA FIN PROD	17.03.20 WAR | USD | 2,725,595.87 | 1.05 |
| --- | --- | --- | --- |
| 623,890 CLSA (VARUN BEVERAGES)  07.11.21 WAR | USD | 5,517,688.72 | 2.13 |

Total securities portfolio	
245,221,970.40	94.48
|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Taiwan |  |  | 15.06 |
| Brazil |  |  | 8.84 |
| India |  |  | 6.56 |
| British Virgin Islands |  |  | 6.03 |
| United Arab Emirates |  |  | 5.64 |
| China |  |  | 5.58 |
| South Korea |  |  | 5.48 |
| Cayman Islands |  |  | 4.99 |
| Mexico |  |  | 4.98 |
| Philippines |  |  | 4.37 |
| Panama |  |  | 3.46 |
| Singapore |  |  | 3.44 |
| Kenya |  |  | 3.20 |
| Cyprus |  |  | 3.15 |
| United Kingdom |  |  | 3.01 |
| Indonesia |  |  | 2.43 |
| Argentina |  |  | 2.11 |
| Vietnam |  |  | 1.96 |
| Colombia |  |  | 1.72 |
| Turkey |  |  | 1.39 |
| Spain |  |  | 1.08 |
|  |  |  | 94.48 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Electrical engineering and electronics	15.60
Holding and finance companies	15.04
Banks and credit institutions	9.32
Transportation	8.72
Internet and internet services	7.87
Communications	7.82
Insurance	4.85
Retail trade, department stores	4.84
Miscellaneous services	3.26
Healthcare and social services	3.05
Building materials and trade	2.99
Real estate companies	2.88
Electronics and semiconductors	2.22
Utilities	2.13
Miscellaneous consumer goods	1.96
Tobacco and alcoholic drinks	0.96
Petroleum	0.56
Paper and forest products	0.41
94.48
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 7,976,651.95 |
| --- | --- | --- |
| Net dividends |  | 7,947,897.40 |
| Bank interest on cash account |  | 27,967.45 |
| Other financial income |  | 787.10 |
| Expenses |  | 7,110,333.27 |
| Management fees | Note 3 | 4,292,763.61 |
| Custodian & sub-custodian fees | Note 4 | 51,139.48 |
| Taxe d'abonnement | Note 5 | 149,653.00 |
| Performance fees | Note 3 | 1,113,152.27 |
| Bank interest on overdrafts |  | 140,520.86 |
| Transaction fees | Note 6 | 623,910.54 |
| Interest on swaps |  | 55,662.24 |
| Operating and establishment fees | Note 4 | 683,531.27 |
| Net income from investments |  | 866,318.68 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 12,771,686.48 |
| - forward foreign exchange contracts |  | (1,321,572.74) |
| - financial futures |  | 271,211.71 |
| - swaps |  | 443,455.21 |
| - foreign exchange |  | (442,421.73) |
| Net realised profit |  | 12,588,677.61 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 14,455,506.24 |
| - forward foreign exchange contracts |  | (617,923.95) |
| Increase in net assets as a result of operations | 26,426,259.90 |
| Subscription capitalisation shares | 346,048,975.12 |
| Redemption capitalisation shares | (339,127,421.98) |
| Increase in net assets | 33,347,813.04 |
| Net assets at the beginning of the year | 226,217,162.64 |
| Net assets at the end of the year | 259,564,975.68 |

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 |