# CARMIGNAC PORTFOLIO
## Unconstrained EM Debt (formerly Unconstrained
Emerging Markets Debt)

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 25,822,292.99 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 23,151,691.47 |
| Cost price |  | 23,272,626.11 |
| Unrealised loss on the securities portfolio |  | (120,934.64) |
| Options purchased at market value | Note 2 | 327,748.39 |
| Options purchased at cost |  | 250,705.31 |
| Cash at banks and liquidities |  | 1,762,203.25 |
| Interest receivable |  | 430,811.83 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 83,643.95 |
| Unrealised net appreciation on swaps | Note 2 | 66,194.10 |
| Liabilities |  | 199,009.70 |
| Bank overdrafts |  | 70,905.17 |
| Unrealised net depreciation on financial futures | Note 2 | 89,984.07 |
| Other liabilities | Note 13 | 38,120.46 |
| Net asset value |  | 25,623,283.29 |

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 | 25,623,283.29 | 23,231,300.57 | 18,041,134.36 |
| Class A EUR - Capitalisation Number of shares |  | 45,000 | 45,000 | 45,000 |
| Net asset value per share | EUR | 127.52 | 115.62 | 90.28 |
| Class Income A EUR - Distribution Number of shares |  | 5,000 | 5,000 | 5,000 |
| Net asset value per share | EUR | 109.58 | 104.08 | 84.67 |
| Class E USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 135.64 | 121.72 | 92.84 |
| Class W EUR - Capitalisation Number of shares |  | 140,000 | 140,000 | 140,000 |
| Net asset value per share | EUR | 130.20 | 117.31 | 91.02 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchange listing	 23,151,691.47 | 90.35 |
| --- | --- |
| Bonds | 21,277,339.62 | 83.03 |
| Benin |  | 264,846.25 | 1.03 |
| 250,000 BENIN	5.75 19-26 26/03A | EUR | 264,846.25 | 1.03 |
| Bermuda |  | 107,281.72 | 0.42 |
| 324,110 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 107,281.72 | 0.42 |
| Canada | 383,036.27 | 1.49 |
| 200,000 CANACOL ENERGY LTD  7.25 18-25 03/05S | USD | 175,878.39 | 0.69 |
| 619,908 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 207,157.88 | 0.80 |
| Chile | 1,284,882.51 | 5.01 |
| 320,000,000 CHILE	5.10 19-50 15/07S	CLP | 467,490.68 | 1.82 |
| 520,000,000 CHILE -DY- | 6.00 13-43 01/01S | CLP | 817,391.83 | 3.19 |
| China |  |  | 527,650.27 | 2.06 |
| 4,400,000 CHINA 2.68 20-30 21/05S	CNY | 527,650.27 | 2.06 |
| Dominican Republic | 794,312.92 | 3.10 |
| 600,000 DOMINICAN REPUBLIC | 5.875 20-60 30/01S | USD | 539,808.75 | 2.11 |
| 281,000 DOMINICAN REPUBLIC | 4.875 20-32 23/09S | USD | 254,504.17 | 0.99 |
| Greece |  |  | 1.44 | 0.00 |
| 1 HELLENIC REPUBLIC | 4.00 17-37 30/01A | EUR | 1.44 | 0.00 |
| Indonesia |  |  | 1,851,404.73 | 7.23 |
| 200,000 BANK RAKYAT INDONESIA 3.95 19-24 28/03S | USD | 175,686.32 | 0.69 |
| 13,500,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 849,596.61 | 3.32 |
| 12,000,000,000 INDONESIA 8.375 18-39 15/04S | IDR | 826,121.80 | 3.22 |
| Ireland |  | 142,542.60 | 0.56 |
| 200,000 ASG FINANCE	7.875 19-24 03/12S | USD | 142,542.60 | 0.56 |
| Ivory Coast |  | 659,258.00 | 2.57 |
| 210,000 IVORY COAST | 4.8750 20-32 30/01A | EUR | 216,258.00 | 0.84 |
| 400,000 IVORY COAST | 5.8750 19-31 17/10A | EUR | 443,000.00 | 1.73 |
| Japan | 3,350,892.39 | 13.07 |
| 421,300,000 JAPAN 0.10 19-29 10/03S	JPY | 3,350,892.39 | 13.07 |
| Luxembourg | 840,366.47 | 3.28 |
| 200,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S	USD | 170,081.32 | 0.66 |

| 760,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 670,285.15 | 2.62 |
| --- | --- | --- | --- |
| Mexico |  | 2,434,051.48 | 9.50 |
| 250,000 PEMEX | 6.95 20-60 28/01S | USD | 191,889.38 | 0.75 |
| 1,800,000 PEMEX | 4.75 18-29 24/05A | EUR | 1,818,576.00 | 7.10 |
| 550,000 PEMEX  6.95 20-60 28/01S	USD | 423,586.10 | 1.65 |
| Montenegro | 1,356,032.75 | 5.29 |
| 1,379,000 MONTENEGRO | 2.875 20-27 16/12A | EUR | 1,356,032.75 | 5.29 |
| Romania |  |  | 1,964,525.03 | 7.67 |
| 500,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 531,007.50 | 2.08 |
| 400,000 ROMANIA | 3.875 15-35 29/10A | EUR | 490,398.00 | 1.91 |
| 372,000 ROMANIA | 4.625 19-49 03/04A | EUR | 502,371.12 | 1.96 |
| 211,000 ROMANIA | 1.3750 20-29 02/12A | EUR | 215,282.25 | 0.84 |
| 211,000 ROMANIA | 2.6250 20-40 02/12A | EUR | 225,466.16 | 0.88 |
| Russia |  |  | 2,216,440.89 | 8.65 |
| 56,312,000 RUSSIA | 7.7 19-39 16/03S | RUB | 710,545.89 | 2.77 |
| 1,500,000 RUSSIA | 1.125 20-27 20/11A | EUR | 1,505,895.00 | 5.88 |
| The Netherlands	 924,370.37	3.61 |
| 600,000 PROSUS NV | 4.027 20-50 03/08S | USD | 511,038.37 | 2.00 |
| 400,000 PROSUS NV | 1.539 20-28 03/08A | EUR | 413,332.00 | 1.61 |
| Ukraine |  |  | 1,099,118.50 | 4.29 |
| 800,000 UKRAINE 4.375 20-30 27/01A | EUR | 767,740.00 | 3.00 |
| 300,000 UKRAINE 6.75 19-26 20/06A | EUR | 331,378.50 | 1.29 |
| United Kingdom | 784,142.44 | 3.06 |
| 934,000 GAZ FINANCE PLC	3.00 20-27 29/06S	USD | 784,142.44 | 3.06 |
| United States of America | 292,182.59 | 1.14 |
| 500,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 292,182.59 | 1.14 |
| Floating rate bonds | 1,874,351.85 | 7.32 |
| Cayman Islands | 518,965.10 | 2.03 |
| 530,000 BANCO MERCANTILE FL.R 20-XX 14/01Q	USD | 518,965.10 | 2.03 |

Quantity	Denomination	Quotation
| Greece | 1,355,386.75 | 5.29 |
| --- | --- | --- |
| 800,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 599,452.00 | 2.34 |
| 850,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 755,934.75 | 2.95 |

currency
Market value
% of net assets
Total securities portfolio	
23,151,691.47	90.35
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Japan |  | 13.07 |
| Mexico |  | 9.50 |
| Russia |  | 8.65 |
| Romania |  | 7.67 |
| Indonesia |  | 7.23 |
| Greece |  | 5.29 |
| Montenegro |  | 5.29 |
| Chile |  | 5.01 |
| Ukraine |  | 4.29 |
| The Netherlands |  | 3.61 |
| Luxembourg |  | 3.28 |
| Dominican Republic |  | 3.10 |
| United Kingdom |  | 3.06 |
| Ivory Coast |  | 2.57 |
| China |  | 2.06 |
| Cayman Islands |  | 2.03 |
| Canada |  | 1.49 |
| United States of America |  | 1.14 |
| Benin |  | 1.03 |
| Ireland |  | 0.56 |
| Bermuda |  | 0.42 |
|  |  | 90.35 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Countries and central government |  | 48.33 |
| Petroleum |  | 10.61 |
| Holding and finance companies |  | 8.84 |
| Banks and credit institutions |  | 8.01 |
| Miscellaneous sectors |  | 5.88 |
| Internet and internet services |  | 3.61 |
| Healthcare and social services |  | 2.99 |
| Real estate companies |  | 2.08 |
|  |  | 90.35 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 1,034,454.44 |
| --- | --- | --- |
| Net dividends | Note 2 | 168.72 |
| Net interest on bonds | Note 2 | 944,340.41 |
| Bank interest on cash account |  | 6,850.44 |
| Other financial income |  | 112.30 |
| Interest on swaps |  | 82,982.57 |
| Expenses |  | 530,350.30 |
| Management fees | Note 3 | 190,312.48 |
| Custodian & sub-custodian fees | Note 4 | 3,908.70 |
| Taxe d'abonnement | Note 5 | 4,838.23 |
| Performance fees | Note 3 | 73.82 |
| Bank interest on overdrafts |  | 28,168.58 |
| Transaction fees | Note 6 | 47,607.61 |
| Interest on swaps |  | 222,241.28 |
| Operating and establishment fees | Note 4 | 33,199.60 |
| Net income from investments |  | 504,104.14 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 1,366,037.71 |
| - options |  | 241,091.54 |
| - forward foreign exchange contracts |  | 771,133.81 |
| - financial futures |  | 595,174.02 |
| - swaps |  | (952,699.60) |
| - foreign exchange |  | (369,611.76) |
| Net realised profit |  | 2,155,229.86 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (620,972.65) |
| - options |  | 34,895.92 |
| - forward foreign exchange contracts |  | 35,225.44 |
| - financial futures |  | (109,927.27) |
| - swaps |  | 920,981.42 |
| Increase in net assets as a result of operations |  | 2,415,432.72 |
| Dividends paid | Note 10 | (23,450.00) |
| Increase in net assets |  | 2,391,982.72 |
| Net assets at the beginning of the year |  | 23,231,300.57 |
| Net assets at the end of the year |  | 25,623,283.29 |

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 |