# CARMIGNAC PORTFOLIO
## Patrimoine

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 1,318,787,132.17 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,234,289,531.24 |
| Cost price |  | 1,148,990,274.77 |
| Unrealised profit on the securities portfolio |  | 85,299,256.47 |
| Options purchased at market value | Note 2 | 2,478,506.95 |
| Options purchased at cost |  | 2,695,817.02 |
| Cash at banks and liquidities |  | 70,111,542.72 |
| Interest receivable |  | 6,330,225.66 |
| Subscriptions receivable |  | 417,684.30 |
| Dividends receivable |  | 92,257.72 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 4,923,020.61 |
| Unrealised net appreciation on financial futures | Note 2 | 114,502.87 |
| Other assets | Note 13 | 29,860.10 |
| Liabilities |  | 16,442,387.61 |
| Options sold at market value | Note 2 | 73,137.65 |
| Options sold at cost |  | 556,008.41 |
| Bank overdrafts |  | 8,352,249.08 |
| Brokers payable |  | 25,400.00 |
| Redemptions payable |  | 2,081,862.16 |
| Unrealised net depreciation on swaps | Note 2 | 3,857,421.70 |
| Other liabilities | Note 14 | 2,052,317.02 |
| Net asset value |  | 1,302,344,744.56 |

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 | 1,302,344,744.56 | 1,373,758,748.78 | 2,279,668,056.31 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 1,141,555 | 1,150,254 | 1,825,062 |
| Net asset value per share | EUR | 100.76 | 91.17 | 102.83 |
| Class Income A EUR - Distribution Number of shares |  | 999,569 | 1,519,566 | 2,301,334 |
| Net asset value per share | EUR | 79.60 | 75.69 | 90.02 |
| Class A EUR Y - Distribution Number of shares |  | 35,592 | 24,483 | 7,595 |
| Net asset value per share | EUR | 98.31 | 89.22 | 101.17 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 24,591 | 123,742 | 135,676 |
| Net asset value per share | CHF | 98.44 | 89.50 | 101.50 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 33,649 | 84,332 | 80,154 |
| Net asset value per share | CHF | 76.47 | 73.07 | 87.40 |
| Class A USD - Capitalisation Number of shares |  | 0 | 100 | 0 |
| Net asset value per share | USD | 0.00 | 82.19 | 0.00 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 1,302,344,744.56 | 1,373,758,748.78 | 2,279,668,056.31 |

Key figures relating to the last 3 years
Total Net Assets
Class A USD Hedged - Capitalisation
| Number of shares |  | 451,393 | 629,368 | 481,803 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 109.11 | 96.07 | 105.69 |
| Class Income A USD Hedged - Distribution Number of shares |  | 5,080 | 14,122 | 0 |
| Net asset value per share | USD | 93.59 | 86.81 | 0.00 |
| Class E EUR - Capitalisation Number of shares |  | 84,095 | 100,698 | 60,145 |
| Net asset value per share | EUR | 98.69 | 89.75 | 101.82 |
| Class Income E EUR - Distribution Number of shares |  | 147,998 | 199,311 | 265,821 |
| Net asset value per share | EUR | 77.79 | 74.24 | 88.79 |
| Class E USD Hedged - Capitalisation Number of shares |  | 31,267 | 51,774 | 264,798 |
| Net asset value per share | USD | 116.93 | 103.47 | 114.39 |
| Class Income E USD Hedged - Distribution Number of shares |  | 148,350 | 223,641 | 203,934 |
| Net asset value per share | USD | 90.42 | 84.13 | 98.01 |
| Class F EUR - Capitalisation Number of shares |  | 7,824,736 | 8,770,059 | 13,702,510 |
| Net asset value per share | EUR | 116.52 | 104.75 | 117.38 |
| Class Income F EUR - Distribution Number of shares |  | 96,888 | 106,157 | 129,919 |
| Net asset value per share | EUR | 82.41 | 77.82 | 91.92 |
| Class F EUR Y - Distribution Number of shares |  | 39,484 | 46,439 | 0 |
| Net asset value per share | EUR | 98.45 | 88.76 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 821,025 | 861,656 | 959,212 |
| Net asset value per share | CHF | 111.95 | 101.13 | 113.94 |
| Class F GBP - Capitalisation Number of shares |  | 8,947 | 73,339 | 73,438 |
| Net asset value per share | GBP | 117.95 | 112.32 | 124.48 |
| Class Income F GBP - Distribution Number of shares |  | 0 | 64 | 67 |
| Net asset value per share | GBP | 0.00 | 89.58 | 104.69 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 21,983 | 73,539 | 101,886 |
| Net asset value per share | GBP | 120.50 | 107.28 | 119.17 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 143 | 201 |
| Net asset value per share | GBP | 0.00 | 80.42 | 94.21 |
| Class F USD Hedged - Capitalisation Number of shares |  | 70,188 | 116,198 | 146,014 |
| Net asset value per share | USD | 124.96 | 109.32 | 119.51 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
Transferable securities admitted to an official stock exchange listing	
1,048,007,058.36	80.47
Shares	
503,004,791.74	38.63
Canada	
12,752,945.57	0.98
| 48,472 FRANCO-NEVADA CORP | CAD | 4,465,244.90 | 0.34 |
| --- | --- | --- | --- |
| 312,704 WHEATON PRECIOUS METAL - REGISTERED | USD | 8,287,700.67 | 0.64 |
| Cayman Islands |  | 45,052,067.68 | 3.46 |
| 681,709 JD COM ADR REPR 2SHS -A- | USD | 21,395,641.93 | 1.64 |
| 253,500 TENCENT HLDG | HKD | 10,886,271.91 | 0.84 |
| 19,825 XP INC - REGS -A - | USD | 680,319.82 | 0.05 |
| 209,653 58.COM -A- ADR | USD | 12,089,834.02 | 0.93 |
| China |  | 26,041,174.79 | 2.00 |
| 1,438,579 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 9,136,696.91 | 0.70 |
| 4,128,752 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 10,296,798.06 | 0.79 |
| 627,500 PING AN INS (GRP) CO -H- | HKD | 6,607,679.82 | 0.51 |
| France |  | 15,694,976.11 | 1.21 |
| 23,979 SAFRAN | EUR | 3,300,709.35 | 0.25 |
| 138,298 SANOFI | EUR | 12,394,266.76 | 0.96 |
| Germany |  | 17,821,975.21 | 1.37 |
| 140,843 PUMA AG | EUR | 9,626,619.05 | 0.74 |
| 68,113 SAP AG | EUR | 8,195,356.16 | 0.63 |
| India |  | 23,931,306.53 | 1.84 |
| 933,851 HDFC BANK - REGISTERED SHS | INR | 14,826,787.36 | 1.14 |
| 1,353,632 ICICI BANK | INR | 9,104,519.17 | 0.70 |
| Italy |  | 12,840,766.68 | 0.99 |
| 986,234 UNICREDIT -REGISTERD SHARE | EUR | 12,840,766.68 | 0.99 |
| Japan |  | 13,048,151.58 | 1.00 |
| 36,200 NINTENDO CO LTD | JPY | 13,048,151.58 | 1.00 |
| South Korea |  | 3,304,244.77 | 0.25 |
| 76,869 SAMSUNG ELECTRONICS CO LTD | KRW | 3,304,244.77 | 0.25 |
| Switzerland |  | 13,652,972.87 | 1.05 |
| 170,870 ALCON - REGISTERED SHS | USD | 8,611,239.11 | 0.66 |
| 59,634 NOVARTIS AG REG SHS | CHF | 5,041,733.76 | 0.39 |
| The Netherlands |  | 15,698,527.71 | 1.21 |
| 3,680 ADYEN --- PARTS SOCIALES | EUR | 2,690,080.00 | 0.21 |
| 119,544 ELASTIC NV | USD | 6,847,821.11 | 0.53 |
| 41,654 FERRARI | EUR | 6,160,626.60 | 0.47 |
| United States of America |  | 303,165,682.24 | 23.27 |
| 14,357 ALPHABET -A- | USD | 17,131,066.57 | 1.32 |
| 4,054 AMAZON.COM INC | USD | 6,673,624.37 | 0.51 |
| 61,770 ANTHEM | USD | 16,620,394.74 | 1.28 |
| 25,607 BECTON DICKINSON | USD | 6,204,308.05 | 0.48 |
| 4,427 BOOKING HLDG | USD | 8,099,654.98 | 0.62 |
| 172,128 CENTENE | USD | 9,640,701.43 | 0.74 |
| 111,460 CONSTELLATION BRANDS INC -A- | USD | 18,841,456.57 | 1.44 |
| 22,195 COSTCO WHOLESALE CORP | USD | 5,811,629.76 | 0.45 |
| 122,143 ELANCO ANIMAL HEALTH | USD | 3,204,553.54 | 0.25 |
| 34,443 ELECTRONIC ARTS - REGISTERED | USD | 3,298,856.95 | 0.25 |
| 42,418 EXACT SCIENCES CORP | USD | 3,494,714.16 | 0.27 |
| 131,288 FACEBOOK -A- | USD | 24,006,113.14 | 1.83 |
| 104,164 FIDELITY NATIONAL | USD | 12,907,056.36 | 0.99 |
| 132,782 FISERV INC | USD | 13,678,024.64 | 1.05 |
| 197,001 GODADDY -A- | USD | 11,920,096.14 | 0.92 |
| 138,892 GRUBHUB INC | USD | 6,018,447.11 | 0.46 |
| 21,042 ILLUMINA INC | USD | 6,218,684.26 | 0.48 |
| 246,146 INTERCONEXCH GR INC WI | USD | 20,294,710.29 | 1.55 |
| 17,955 INTUITIVE SURGICAL | USD | 9,455,766.82 | 0.73 |
| 33,782 MASTERCARD INC -A- | USD | 8,986,162.48 | 0.69 |
| 11,782 MERCADOLIBRE | USD | 6,003,204.53 | 0.46 |
| 83,729 MERCK AND CO | USD | 6,784,100.27 | 0.52 |
| 41,015 MICROSOFT CORP | USD | 5,762,196.44 | 0.44 |
| 294,346 NEWMONT GOLDCORP CORPORATION | USD | 11,393,615.77 | 0.87 |
| 57,847 PROCTER AND GAMBLE CO | USD | 6,436,606.06 | 0.49 |
| 144,105 PTC INC | USD | 9,614,274.79 | 0.74 |
| 103,199 SALESFORCE COM.INC | USD | 14,952,592.75 | 1.15 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 179,882 SPIRIT AIRLINES | USD | 6,459,726.88 | 0.50 |
| 35,922 STRYKER CORP | USD | 6,718,454.06 | 0.52 |
| 236,679 THE KRAFT HEINZ | USD | 6,774,606.92 | 0.52 |
| 33,724 THERMO FISHER SCIEN SHS | USD | 9,760,281.41 | 0.75 |
| Bonds | 436,154,919.12 | 33.49 |
| Bermuda | 365,318.90 | 0.03 |
| 494,034 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 365,318.90 | 0.03 |
| Brazil | 5,307,645.16 | 0.41 |
| 5,084,000 BRF SA REGS	2.75 15-22 03/06A | EUR | 5,307,645.16 | 0.41 |
| Canada |  | 947,761.36 | 0.07 |
| 1,648,070 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 947,761.36 | 0.07 |
| Chile |  | 15,115,458.86 | 1.16 |
| 5,120,000,000 CHILE -DY- | 5.00 15-35 01/03S | CLP | 7,235,079.90 | 0.56 |
| 4,870,000,000 CHILE -DY- | 6.00 13-43 01/01S | CLP | 7,880,378.96 | 0.60 |
| Cyprus |  | 18,650,180.78 | 1.43 |
| 3,464,000 CHYPRE	2.375 18-28 25/09A | EUR | 3,997,178.88 | 0.31 |
| 9,179,000 CYPRUS GOVE 2.75 19-34 26/02U | EUR | 11,295,677.40 | 0.86 |
| 1,700,000 REPUBLIC OF CYP	2.7500 19-49 03/05A | EUR | 2,179,230.00 | 0.17 |
| 1,150,000 REPUBLIC OF CYPRUS 0.625 19-24 03/12A | EUR | 1,178,094.50 | 0.09 |
| Czech Republic | 29,657,380.02 | 2.28 |
| 473,810,000 CZECH REPUBLIC	0.00 17-20 10/02U	CZK | 18,610,661.69 | 1.43 |
| 140,000,000 CZECH REPUBLIC 3.75 05-20 12/09A	CZK | 5,590,800.34 | 0.43 |
| 140,000,000 TCHEQUE	0.75 18-21 23/02A | CZK | 5,455,917.99 | 0.42 |
| France |  | 11,138,021.07 | 0.86 |
| 900,000 ACCOR SA	2.625 19-XX 31/12A | EUR | 917,073.00 | 0.07 |
| 1,091,000 ALTICE FRANCE S	8.1250 18-27 01/02S | USD | 1,101,336.56 | 0.08 |
| 1,708,000 EUROFINS SCIENTIFIC 2.25 15-22 27/01A | EUR | 1,748,863.90 | 0.13 |
| 2,741,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 2,787,172.14 | 0.22 |
| 467,000 EUROFINS SCIENTIFIC 3.375 15-23 30/01A	EUR | 489,021.38 | 0.04 |
| 1,600,000 LA POSTE	5.3 16-43 01/12S	USD | 1,450,334.08 | 0.11 |
| 2,824,000 SOCIETE GENERALE SA 3.875 19-24 28/03S	USD | 2,644,220.01 | 0.21 |
| Germany | 1,775,284.50 | 0.14 |
| 1,700,000 LAND BERLIN | 0.75 19-34 03/04A | EUR | 1,775,284.50 | 0.14 |
| Greece |  |  | 39,749,046.82 | 3.05 |
| 11,632,000 GREECE 3.9 19-29 12/03A | EUR | 14,062,797.20 | 1.07 |
| 1,600,613 HELLENIC REPUBLIC | 3.75 17-28 30/01A | EUR | 1,895,990.12 | 0.15 |
| 3,753,204 HELLENIC REPUBLIC | 3.90 17-33 30/01A | EUR | 4,622,051.96 | 0.35 |
| 3,586,543 HELLENIC REPUBLIC | 4.00 17-37 30/01A | EUR | 4,496,251.70 | 0.35 |
| 4,403,703 HELLENIC REPUBLIC | 4.20 17-42 30/01A | EUR | 5,827,772.48 | 0.45 |
| 8,352,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A	EUR | 8,844,183.36 | 0.68 |
| Guernsey | 1,580,487.27 | 0.12 |
| 1,466,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A	EUR | 1,580,487.27 | 0.12 |
| Hungary | 1,882,261.25 | 0.14 |
| 1,754,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A | EUR | 1,882,261.25 | 0.14 |
| Indonesia |  | 9,659,224.96 | 0.74 |
| 151,230,000,000 INDONESIA 7.00 19-30 15/09S	IDR | 9,659,224.96 | 0.74 |
| Ireland | 7,519,287.15 | 0.58 |
| 1,283,000 FCA BANK SPA IRELAND 1.25 19-22 21/06A	EUR | 1,317,012.33 | 0.10 |
| 1,960,000 FCA CAPITAL	1.25 16-21 21/01A	EUR | 1,988,116.20 | 0.15 |
| 4,178,000 FCA CAPITAL IRELAND 1.375 15-20 17/04A	EUR | 4,197,177.02 | 0.33 |
| 14,900 IRELAND 3.90 13-23 20/03A	EUR | 16,981.60 | 0.00 |
| Italy | 119,304,904.72 | 9.17 |
| 2,100,000 ASSICURAZ GENERALI 7.75 12-42 12/12A | EUR | 2,534,805.00 | 0.19 |
| 6,500,000 BANCA CARIGE CASSA DI 0.75 19-20 26/07U | EUR | 6,508,905.00 | 0.50 |
| 892,000 INTESA SANPAOLO | 5.017 14-24 26/06S | USD | 833,453.81 | 0.06 |
| 1,546,000 INTESA SANPAOLO SP 5.71 16-26 15/01Q | USD | 1,491,046.41 | 0.11 |
| 155,000 INTESA SANPAOLO SPA 5.25 14-24 12/01S | USD | 149,151.16 | 0.01 |
| 19,161,000 ITALIE	1.45  25 15-03S | EUR | 19,886,627.07 | 1.54 |
| 32,000,000 ITALY	0.05 18-21 15/04S | EUR | 32,097,280.00 | 2.47 |
| 14,213,000 ITALY 2.45 18-23 01/08S | EUR | 15,309,390.82 | 1.18 |
| 9,682,000 ITALY BTP	3.25 14-46 01/09S | EUR | 11,446,350.86 | 0.88 |
| 19,165,000 REPUBLIQUE ITALIENNE 2.5 18-25 15/11S | EUR | 21,014,614.15 | 1.62 |
| 3,122,000 UNICREDIT SPA | 1.00 18-23 18/01A | EUR | 3,155,858.09 | 0.24 |
| 446,000 UNICREDIT SPA | 9.25 16-XX 03/06S | EUR | 518,898.70 | 0.04 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
3,730,000 UNICREDIT SPA REGS 6.95 12-22 31/10A	EUR	4,358,523.65	0.33
Ivory Coast	
3,031,584.71	0.23
| 6.625 18-48 22/03A | EUR | 3,031,584.71 | 0.23 |
| --- | --- | --- | --- |
|  |  | 17,736,355.37 | 1.36 |
| 0.1 18-20 01/12S | JPY | 17,736,355.37 | 1.36 |

3,002,000 COTE D IVOIRE
Japan
2,158,900,000 JAPON
| Lithuania | 4,498,495.37 | 0.35 |
| --- | --- | --- |
| 3,791,000 REPUBLIC OF LIT	1.6250 19-49 19/06A	EUR | 4,498,495.37 | 0.35 |
| Luxembourg | 27,221,020.49 | 2.09 |
| 1,837,000 ALLERGAN FUNDING | 0.50 17-21 01/06A | EUR | 1,851,549.04 | 0.14 |
| 2,646,000 ALTICE FINANCE 144A | 7.625 15-25 15/02S | USD | 2,448,581.29 | 0.19 |
| 2,127,000 ALTICE REGS	7.625 15-25 15/02S	USD | 1,968,304.00 | 0.15 |
| 1,391,000 BECTON DICKINSO	0.1740 19-21 04/06A	EUR | 1,395,326.01 | 0.11 |
| 8,289,000 MEDTRONIC GL 0.00	19-21 07/03U	EUR | 8,312,374.98 | 0.64 |
| 9,091,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A	EUR | 11,244,885.17 | 0.86 |
| Mexico | 17,284,314.15 | 1.33 |
| 1,678,000 PEMEX | 2.75 15-27 21/04A | EUR | 1,610,812.88 | 0.12 |
| 1,450,000 PEMEX | 6.75 16-47 21/09S | USD | 1,300,136.53 | 0.10 |
| 4,845,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 5,005,732.88 | 0.39 |
| 1,405,000 PETROLEOS MEXICANOS | 4.75 18-29 24/05A | EUR | 1,494,758.42 | 0.11 |
| 7,328,000 PETROLEOS MEXICANOS | 4.875 17-28 21/02A | EUR | 7,872,873.44 | 0.61 |
| Norway |  | 1,489,560.28 | 0.11 |
| 1,602,000 AKER BP	4.75 19-24 15/06S | USD | 1,489,560.28 | 0.11 |
| Romania |  | 11,068,030.89 | 0.85 |
| 1,449,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A	EUR | 1,526,680.89 | 0.12 |
| 8,190,000 ROMANIA	3.875 15-35 29/10A | EUR | 9,541,350.00 | 0.73 |
| Slovakia |  | 2,113,240.00 | 0.16 |
| 2,000,000 REPUBLIQUE SLOVAQUE 0.75 19-30 09/04A	EUR | 2,113,240.00 | 0.16 |
| Sweden | 1,700,947.46 | 0.13 |
| 1,673,000 INTRUM JUSTITIA AB 2.75 17-22 15/07S | EUR | 1,700,947.46 | 0.13 |
| Switzerland |  | 3,921,911.70 | 0.30 |
| 4,346,000 UBS GROUP FDG REGS 3.00 16-21 15/04S	USD | 3,921,911.70 | 0.30 |
| The Netherlands | 21,223,722.94 | 1.63 |
| 2,297,000 ALTICE FRANCE S  5.8750 18-27 01/02S | EUR | 2,595,747.82 | 0.20 |
| 2,400,000 NATIONALE-NEDERLANDEN 0.375 19-23 31/05A | EUR | 2,421,108.00 | 0.19 |
| 1,413,000 NE PROPERTY BV	1.8750 19-26 09/10A | EUR | 1,411,629.39 | 0.11 |
| 2,079,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 2,186,806.54 | 0.17 |
| 7,664,000 PROSUS	6.00 13-20 18/07S	USD | 6,950,616.44 | 0.53 |
| 434,000 TEVA PHARM FINANCE 3.65 11-21 10/11S	USD | 380,796.82 | 0.03 |
| 1,248,000 TEVA PHARM FNC | 6.0000 19-25 31/01S | EUR | 1,322,549.28 | 0.10 |
| 211,139 TEVA PHARMA | 0.375 16-20 25/07A | EUR | 210,637.65 | 0.02 |
| 2,355,000 TEVA PHARMA | 3.25 18-22 14/03S | EUR | 2,387,687.40 | 0.18 |
| 506,000 TEVA PHARMA NE | 2.20 16-21 21/07S | USD | 438,184.73 | 0.03 |
| 982,000 THEVA PHARMAC | 1.25 15-23 31/03A | EUR | 917,958.87 | 0.07 |
| The Netherlands Antilles | 386,290.93 | 0.03 |
| 434,000 TEVA PHARMA FIN IV 2.25 12-20 18/03S	USD | 386,290.93 | 0.03 |
| Turkey |  | 22,680,861.05 | 1.74 |
| 6,779,000 TURKEY 3.25 17-25 14/06A | EUR | 6,769,339.92 | 0.53 |
| 1,277,000 TURKEY 4.875 13-43 16/04S | USD | 941,282.68 | 0.07 |
| 4,842,000 TURKEY 5.20 18-26 16/02A | EUR | 5,250,664.80 | 0.40 |
| 4,905,000 TURKEY 7.65 19-29 26/04S | USD | 4,840,874.49 | 0.37 |
| 4,865,000 TURKEY GOVERNMENT BO 2.2 19-20 13/03S | EUR | 4,878,699.16 | 0.37 |
| United Kingdom |  | 5,373,981.63 | 0.41 |
| 6,625,000 TULLOW OIL REGS	6.25 14-22 15/04S	USD | 5,373,981.63 | 0.41 |
| United States of America | 33,772,339.33 | 2.59 |
| 3,049,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 2,254,888.29 | 0.17 |
| 1,957,000 EBAY	2.15 17-20 05/06S	USD | 1,744,868.17 | 0.13 |
| 2,571,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 2,625,119.55 | 0.20 |
| 1,636,000 FIDELITY NATIONAL INF 0.125 19-21 21/05A | EUR | 1,641,603.30 | 0.13 |
| 955,000 FISERV INC	0.3750 19-23 01/07A	EUR | 961,828.25 | 0.07 |
| 3,656,000 MURPHY OIL | CORP	5.75 17-25 15/08S | USD | 3,418,612.42 | 0.26 |
| 1,209,000 MURPHY OIL | CORP	5.875 19-27 01/12S | USD | 1,128,886.91 | 0.09 |
| 3,338,000 NETFLIX INC | 4.625 18-29 15/05S | EUR | 3,723,956.25 | 0.29 |
| 2,496,000 NETFLIX INC | 3.6250 19-30 15/06S | EUR | 2,570,518.08 | 0.20 |
| 4,983,000 NETFLIX INC | 3.8750 19-29 15/11S | EUR | 5,286,589.28 | 0.41 |
| 6,924,000 PERSHING SQUARE HO 5.50 15-22 15/07U	USD | 6,530,827.83 | 0.50 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 1,825,000 STANDARD INDUST | 2.2500 19-26 21/11A | EUR | 1,884,641.00 | 0.14 |
| --- | --- | --- | --- | --- |
| Floating rate bonds |  |  | 55,916,030.26 | 4.29 |
| Denmark |  | 2,111,014.56 | 0.16 |
| 1,968,000 DANSKE BANK EMTN  FL.R 15-XX 06/04S | EUR | 2,111,014.56 | 0.16 |
| Finland |  | 800,062.60 | 0.06 |
| 841,000 NORDEA BK 11 REGS  FL.R 14-XX 23/09S | USD | 800,062.60 | 0.06 |
| France |  | 10,459,928.46 | 0.80 |
| 1,300,000 ACCOR SA | FL.R 19-XX 31/01A | EUR | 1,421,238.00 | 0.11 |
| 1,600,000 BNP PARIBAS | FL.R 19-99 31/12S | USD | 1,544,737.64 | 0.12 |
| 985,000 BNP PARIBAS REGS	FL.R 16-XX 14/03S	USD | 937,807.75 | 0.07 |
| 1,469,000 EUROFINS SCIENTIFIC | FL.R 15-49 29/04A | EUR | 1,547,709.02 | 0.12 |
| 114,000 EUROFINS SCIENTIFIC | FL.R 17-XX 13/11A | EUR | 111,930.90 | 0.01 |
| 1,400,000 LA BANQUE POSTALE | FL.R 19-XX 20/05S | EUR | 1,426,068.00 | 0.11 |
| 1,200,000 RCI BANQUE SA	FL.R 19-30 18/02A	EUR | 1,216,008.00 | 0.09 |
| 296,000 SOCIETE GENERAL REGS FL.R 13-XX 18/12S	USD | 296,920.30 | 0.02 |
| 2,067,000 SOCIETE GENERALE	FL.R 16-XX 13/09S | USD | 1,957,508.85 | 0.15 |
| Ireland |  | 1,265,334.48 | 0.10 |
| 1,224,000 ALLIED IRISH BK SUB FL.R 15-25 26/11A | EUR | 1,265,334.48 | 0.10 |
| Italy |  | 13,152,477.24 | 1.01 |
| 1,081,000 INTESA SAN PAOLO	FL.R 17-XX 16/05S | EUR | 1,176,192.86 | 0.09 |
| 1,154,000 INTESA SAN PAOLO  FL.R 17-XX 11/07S | EUR | 1,401,198.34 | 0.11 |
| 200,000 INTESA SANPAOLO SP FL.R 15-49 17/03S | USD | 193,756.79 | 0.01 |
| 1,545,000 UNICREDIT	FL.R 19-49 19/03S	EUR | 1,811,311.65 | 0.14 |
| 908,000 UNICREDIT SPA | FL.R 17-32 19/06S | USD | 845,689.77 | 0.06 |
| 1,456,000 UNICREDIT SPA | FL.R 17-49 03/12S | EUR | 1,579,730.88 | 0.12 |

| 19-29 20/02A | EUR | 6,144,596.95 | 0.48 |
| --- | --- | --- | --- |
|  |  | 3,511,661.64 | 0.27 |
| FL.R 09-50 15/12Q | EUR | 3,511,661.64 | 0.27 |
|  |  | 2,186,620.00 | 0.17 |
| FL.R 18-XX 24/03Q | EUR | 2,186,620.00 | 0.17 |
|  |  | 1,655,935.86 | 0.13 |

5,521,000 UNICREDIT SPA FL.R
Luxembourg
5,700,000 BANK OF NEW YORK
Spain
2,000,000 BANCO BILBAO VI
Sweden
| 19-XX 17/03S | USD | 1,655,935.86 | 0.13 |
| --- | --- | --- | --- |
|  |  | 2,859,692.48 | 0.22 |

1,800,000 SWEDBANK AB FL.R
The Netherlands
| FL.R | 19-XX 16/04S | USD | 2,859,692.48 | 0.22 |
| --- | --- | --- | --- | --- |
|  |  |  | 2,618,066.81 | 0.20 |

2,952,000 ING GROEP NV
Turkey
| 2,600,000 YAPI	FL.R  19-99 15/01S	USD | 2,618,066.81 | 0.20 |
| --- | --- | --- |
| United Kingdom | 12,638,065.93 | 0.97 |
| 1,814,000 BARCLAYS	FL.R 19-99 27/03Q	USD | 1,813,628.31 | 0.14 |
| 1,765,000 BARCLAYS PLC | FL.R 15-25 11/11A | EUR | 1,797,899.60 | 0.14 |
| 1,667,000 CHANNEL LINK | FL.R 17-50 30/06S | EUR | 1,747,466.09 | 0.13 |
| 1,088,000 CHANNEL LINK | FL.R 17-50 30/06S | EUR | 1,093,994.88 | 0.08 |
| 6,353,000 VODAFONE GROUP PLC FL.R 18-78 03/10A	USD | 6,185,077.05 | 0.48 |
| United States of America | 2,657,170.20 | 0.20 |
| 2,540,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 2,657,170.20 | 0.20 |
| Mortgage and asset backed securities |  | 52,931,317.24 | 4.06 |
| Cayman Islands |  | 21,450,881.43 | 1.64 |
| 1,518,878 BLACK 2014-1X A1R FL.R 17-26 17/10Q | USD | 1,354,296.15 | 0.10 |
| 5,471,591 HLA 2017-1X A1B	FL.R 17-29 25/04Q | USD | 4,897,499.49 | 0.38 |
| 3,385,000 JFIN 2017-1X A1	FL.R 17-29 24/04Q | USD | 3,014,124.03 | 0.23 |
| 800,000 MOUNTAIN VIEW CLO  FL.R 17-29 16/10Q	USD | 711,620.42 | 0.05 |
| 985,000 NCC 2017-IX A1A | FL.R 17-29 15/10Q | USD | 883,341.68 | 0.07 |
| 5,400,000 OFSBS 2017-1X A | FL.R 17-29 16/08Q | USD | 4,800,705.83 | 0.37 |
| 4,300,000 ROCKT 2017-2X A | FL.R 17-29 15/10Q | USD | 3,832,736.91 | 0.29 |
| 2,200,000 VENTR 2017-26X A | FL.R 17-29 20/01Q | USD | 1,956,556.92 | 0.15 |
| Ireland | 19,090,803.21 | 1.46 |
| 1,053,000 BLACK 2015-1X A1 | FL.R 17-29 03/10Q | EUR | 1,051,611.30 | 0.08 |
| 1,634,000 BLACK 2015-1X B1R | FL.R 18-29 03/10M | EUR | 1,636,642.18 | 0.13 |
| 3,202,370 BOSPHORUS CLO | FL.R 17-27 15/04Q | EUR | 3,207,821.53 | 0.25 |
| 3,419,000 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q	EUR | 3,418,973.67 | 0.26 |
| 200,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 195,136.86 | 0.01 |
| 400,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 394,205.60 | 0.03 |
| 600,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 580,669.92 | 0.04 |
| 500,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 475,544.80 | 0.04 |
| 1,200,000 MAN GLG EURO CLO  FL.R 18-31 15/05Q | EUR | 1,194,628.92 | 0.09 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 3,135,085 ORWPK 1X | A1R | FL.R 17-29 18/07Q | EUR | 3,141,775.58 | 0.24 |
| --- | --- | --- | --- | --- | --- |
| 548,000 PURP 1X A | FL.R | 18-31 25/01Q | EUR | 547,971.88 | 0.04 |
| 667,000 PURP 1X B | FL.R | 18-31 25/01Q | EUR | 658,550.91 | 0.05 |
| 411,000 PURP 1X C | FL.R | 18-31 25/01Q | EUR | 400,650.90 | 0.03 |
| 1,179,000 SPAUL 3RX B1R FL.R	18-32 15/01Q | EUR | 1,159,069.00 | 0.09 |
| 307,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 297,563.01 | 0.02 |
| 730,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 729,987.15 | 0.06 |
| Jersey Island |  | 2,685,257.64 | 0.21 |
| 3,000,000 SRANC 2013-1X AR  FL.R 17-29 26/07Q | USD | 2,685,257.64 | 0.21 |
| The Netherlands |  | 5,944,216.92 | 0.46 |
| 1,364,000 ALME 4X BR	FL.R 18-32 15/01Q | EUR | 1,343,281.25 | 0.10 |
| 300,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 288,219.12 | 0.02 |
| 525,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 521,499.62 | 0.04 |
| 1,157,000 DRYD 2017-27X A2	FL.R 17-30 15/05Q | EUR | 1,166,405.60 | 0.09 |
| 1,350,000 DRYDEN LEV LOAN CDO 2.39 17-30 15/05Q | EUR | 1,369,177.16 | 0.11 |
| 1,237,000 MADISON PK X	FL.R 18-30 15/10Q | EUR | 1,255,634.17 | 0.10 |
| United States of America |  | 3,760,158.04 | 0.29 |
| 3,500,000 APEX CREDIT CLO LLC FL.R 17-29 20/09Q | USD | 3,124,516.57 | 0.24 |
| 536,000 BLACK 2015-1X CR	FL.R 18-29 03/10Q | EUR | 538,254.42 | 0.04 |
| 109,088 SOFI CONS LOAN PROG 3.05 16-25 26/12M | USD | 97,387.05 | 0.01 |
| Shares/Units of UCITS/UCIS | 54,572,774.74 | 4.19 |
| Shares/Units in investment funds | 54,572,774.74 | 4.19 |
| France | 54,572,774.74 | 4.19 |
| 85,646 CARMIGNAC PATRIMOINE A EUR ACC | EUR | 54,572,774.74 | 4.19 |
| Money market instruments |  | 131,709,698.14 | 10.11 |
| Bonds |  | 131,709,698.14 | 10.11 |
| Greece |  | 13,453,427.74 | 1.03 |
| 4,961,000 GRECE ZCP 030120 | EUR | 4,957,736.12 | 0.38 |
| 8,500,000 HELLENIC TBILL ZCP 28-02-20 | EUR | 8,495,691.62 | 0.65 |
| Italy |  | 35,051,341.69 | 2.69 |
| 10,000,000 ITAL BUON ORDI DEL ZCP 14-02-20 | EUR | 10,008,501.67 | 0.77 |
| 10,000,000 ITAL BUON ORDI DEL ZCP 14-05-20 | EUR | 10,013,183.45 | 0.77 |
| 5,000,000 ITALIE ZCP 14-09-20 | EUR | 5,009,452.12 | 0.38 |
| 10,000,000 ITALY BUONI TES BOT ZCP 131120 | EUR | 10,020,204.45 | 0.77 |
| Spain |  | 52,223,659.11 | 4.01 |
| 30,000,000 SPAI LETR DEL TESO ZCP 13-11-20 | EUR | 30,130,315.71 | 2.31 |
| 22,000,000 SPAIN LETRAS DEL TESO ZCP 12-06-20 | EUR | 22,093,343.40 | 1.70 |
| United States of America |  | 30,981,269.60 | 2.38 |
| 35,000,000 US TREASURY BILL ZCP 070520 | USD | 30,981,269.60 | 2.38 |
| Total securities portfolio |  | 1,234,289,531.24 | 94.77 |

	The accompanying notes form an integral part of these financial statements	
|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| United States of America |  |  | 28.73 |
| Italy |  |  | 13.86 |
| France |  |  | 7.06 |
| Cayman Islands |  |  | 5.10 |
| Spain |  |  | 4.18 |
| Greece |  |  | 4.08 |
| The Netherlands |  |  | 3.52 |
| Luxembourg |  |  | 2.36 |
| Japan |  |  | 2.36 |
| Czech Republic |  |  | 2.28 |
| Ireland |  |  | 2.14 |
| China |  |  | 2.00 |
| Turkey |  |  | 1.94 |
| India |  |  | 1.84 |
| Germany |  |  | 1.51 |
| Cyprus |  |  | 1.43 |
| United Kingdom |  |  | 1.38 |
| Switzerland |  |  | 1.35 |
| Mexico |  |  | 1.33 |
| Chile |  |  | 1.16 |
| Canada |  |  | 1.05 |
| Romania |  |  | 0.85 |
| Indonesia |  |  | 0.74 |
| Brazil |  |  | 0.41 |
| Lithuania |  |  | 0.35 |
| Sweden |  |  | 0.26 |
| South Korea |  |  | 0.25 |
| Ivory Coast |  |  | 0.23 |
| Jersey Island |  |  | 0.21 |
| Other |  |  | 0.81 |
|  |  |  | 94.77 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Countries and central government	30.17
Internet and internet services	12.23
Holding and finance companies	11.64
Banks and credit institutions	9.16
Pharmaceuticals and cosmetics	6.16
Healthcare and social services	4.86
Retail trade, department stores	2.73
Petroleum	2.37
Electronics and semiconductors	2.00
Precious metals and stones	1.51
Tobacco and alcoholic drinks	1.44
Miscellaneous services	1.16
Foods and non alcoholic drinks	0.98
Miscellaneous sectors	0.90
Insurance	0.90
Textiles and garments	0.88
Graphic art and publishing	0.84
Electrical engineering and electronics	0.79
Communications	0.76
Transportation	0.50
Miscellaneous consumer goods	0.49
Road vehicles	0.47
Agriculture and fishery	0.41
Coal mining and steel industry	0.34
Biotechnology	0.27
Aerospace industry	0.25
Hotels and restaurants	0.18
Cantons, Federal States, Provinces	0.14
Unit trusts	0.12
Real estate companies	0.12
94.77
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 24,239,939.45 |
| --- | --- | --- |
| Net dividends |  | 4,039,972.25 |
| Net interest on bonds |  | 17,325,020.15 |
| Bank interest on cash account |  | 657,937.43 |
| Other financial income |  | 865,925.93 |
| Interest on swaps |  | 1,240,209.08 |
| Securities lending income | Note 2, 7 | 110,874.61 |
| Expenses |  | 22,067,862.16 |
| Management fees | Note 3 | 13,593,281.24 |
| Custodian & sub-custodian fees | Note 4 | 233,196.89 |
| Taxe d'abonnement | Note 5 | 661,430.00 |
| Bank interest on overdrafts |  | 723,148.04 |
| Transaction fees | Note 6 | 1,254,144.10 |
| Dividend expenses |  | 723,193.57 |
| Interest on swaps |  | 1,724,509.34 |
| Operating and establishment fees | Note 4 | 3,154,958.98 |
| Net income from investments |  | 2,172,077.29 |
| Net realised profit / loss on: |  |  |
| - sales of investment securities | Note 2 | 78,548,585.22 |
| - options |  | (15,309,945.97) |
| - forward foreign exchange contracts |  | (18,646,959.56) |
| - financial futures |  | (20,381,983.46) |
| - swaps |  | 3,529,354.08 |
| - foreign exchange |  | 13,979,305.45 |
| Net realised profit |  | 43,890,433.05 |
| Movement in net unrealised appreciation / depreciation on: |  |  |
| - investments | Note 2 | 102,640,596.15 |
| - options |  | 3,994,074.41 |
| - forward foreign exchange contracts |  | 2,659,235.13 |
| - financial futures |  | (99,671.67) |
| - swaps |  | (6,892,291.46) |
| Increase in net assets as a result of operations |  | 146,192,375.61 |
| Dividends paid | Note 10 | (6,725,145.26) |
| Subscription capitalisation shares |  | 352,350,318.26 |
| Subscription distribution shares |  | 9,568,275.43 |
| Redemption capitalisation shares |  | (508,658,405.04) |
| Redemption distribution shares |  | (64,141,423.22) |
| Decrease in net assets |  | (71,414,004.22) |
| Net assets at the beginning of the year |  | 1,373,758,748.78 |
| Net assets at the end of the year |  | 1,302,344,744.56 |

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 |