# CARMIGNAC PORTFOLIO
## Notes to the financial statements - Schedule of derivative
instruments
As at 31/12/21, the following option contracts were outstanding :
CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
|  | Commitment | Market value | Unrealised |
| --- | --- | --- | --- |
| Quantity Denomination	Currency | (in absolute value) | (in EUR) | (in EUR) |

OTC Options long positions at market value OTC options
Options on currency
| 1,930,000.00 | EUR(P)/KRW(C)OTC FEB 1300 28.02.22 PUT | EUR | 0.00 | 84,891.05 | (315,583.95) |
| --- | --- | --- | --- | --- | --- |
| 3,800,000.00 | EUR(P)/RUB(C)OTC MAR 80.00 11.03.22 PUT | EUR | 0.00 | 294,389.80 | (433,310.20) |
| 2,100,000.00 | USD(P)/BRL(C)OTC JAN 5.350 27.01.22 PUT | USD | 0.00 | 231,273.30 | (130,425.99) |
| 43,500,000.00 | USD(P)/BRL(C)OTC JAN 5.450 05.01.22 PUT | USD | 0.00 | 25,359.83 | (508,916.52) |
| 4,250,000.00 | USD(P)/RUB(C)OTC JAN 70.00 17.01.22 PUT | USD | 0.00 | 3,987.65 | (511,085.09) |

Total OTC Options long positions at market value OTC Options short positions at market value OTC options
639,901.63	(1,899,321.75)
Options on currency
| 26,100,000.00 | USD(C)/PEN(P)OTC MAR 4.300 22.03.22 CALL | USD | 2,954,725.64 | (91,529.02) | 265,329.00 |
| --- | --- | --- | --- | --- | --- |
| 26,100,000.00 | USD(C)/PEN(P)OTC MAR 4.300 22.03.22 CALL | USD | 2,954,725.64 | (91,529.02) | 245,378.64 |
| 43,500,000.00 | USD(P)/BRL(C)OTC JAN 5.150 05.01.22 PUT | USD | 6,028.11 | (32.90) | 121,529.98 |
| 26,100,000.00 | USD(P)/PEN(C)OTC MAR 4.000 22.03.22 PUT | USD | 11,286,207.35 | (442,910.48) | (118,659.66) |
| 26,100,000.00 | USD(P)/PEN(C)OTC MAR 4.000 22.03.22 PUT | USD | 11,286,207.35 | (442,910.48) | (180,007.51) |
| 4,250,000.00 | USD(P)/RUB(C)OTC JAN 70.00 17.01.22 PUT | USD | 2,387,504.40 | (3,987.65) | 337,491.46 |

Total OTC Options short positions at market value	(1,072,899.55)	671,061.91
The counterparties to OTC options are BofA Securities Europe SA, HSBC Bank, JP Morgan AG Frankfurt, Goldman Sachs International Paris and Morgan Stanley Bank AG.
CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
|  | Commitment | Market value | Unrealised |
| --- | --- | --- | --- |
| Quantity Denomination | Currency | (in absolute value) | (in EUR) | (in EUR) |

OTC Options long positions at market value OTC options
Options on interest rates
| 50,000,000.00 USDLIB3M	OTC MAR 2.500 02.03.22 PUT | USD | 0.00 | 24,723.88 | (1,160,768.35) |
| --- | --- | --- | --- | --- |
| Total OTC Options long positions at market value |  |  | 24,723.88 | (1,160,768.35) |
| OTC Options short positions at market value |  |  |  |  |
| OTC options |  |  |  |  |
| Options on interest rates 50,000,000.00 USDLIB3M	OTC MAR 1.500 02.03.22 CALL | USD | 11,557,693.02 | (450,780.87) | 479,789.08 |
| Total OTC Options short positions at market value |  |  | (450,780.87) | 479,789.08 |
| Long positions |  |  |  |  |
| Listed options |  |  |  |  |
| Options on futures 550.00 IEURO BUND	FEB 173.00 21.01.22 PUT | EUR | 0.00 | 624,250.00 | 624,250.00 |
| Total Purchase of options |  |  | 624,250.00 | 624,250.00 |

CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
|  | Commitment | Market value | Unrealised |
| --- | --- | --- | --- |
| Quantity Denomination | Currency | (in absolute value) | (in EUR) | (in EUR) |

Short positions Listed options
Options on futures
| 3,700.00 EURO$ 1YR MID- MAR 98.750 11.03.22 CALL | USD | 381,536,064.44 | (1,464,122.41) | 304,662.06 |
| --- | --- | --- | --- | --- |
| 3,700.00 EURO$ 1YR MID- MAR 98.750 11.03.22 PUT | USD | 421,697,755.43 | (1,138,761.87) | 683,894.21 |
| 1,100.00 IEURO BUND	FEB 171.00 21.01.22 PUT | EUR | 81,447,300.00 | (440,000.00) | (440,000.00) |
| Total Sale of options |  |  | (3,042,884.28) | 548,556.27 |
| The counterparty to OTC options is Morgan Stanley Bank AG. |  |  |  |  |
| The counterparty to listed options is Société Générale. |  |  |  |  |
| CARMIGNAC PORTFOLIO Emerging Patrimoine |  |  |  |  |
| Quantity Denomination	Currency | Commitment (in absolute value) | Market value (in EUR) | Unrealised (in EUR) |

OTC Options long positions at market value OTC options
Options on currency
| 2,000,000.00 EUR(C)/CNY(P)OTC FEB 7.550 24.02.22 CALL | EUR | 0.00 | 70,200.00 | (155,940.00) |
| --- | --- | --- | --- | --- |
| 25,000,000.00 EUR(C)/IDR(P)OTC JAN 16800 28.01.22 CALL | EUR | 0.00 | 24,540.25 | (84,834.75) |
| 50,000,000.00 EUR(C)/KRW(P)OTC JAN 1388 27.01.22 CALL | EUR | 0.00 | 49,469.00 | (154,781.00) |
| 12,650,000.00 EUR(C)/USD(P)OTC MAR 1.250 28.03.23 CALL | EUR | 0.00 | 2,323,979.70 | (85,845.30) |
| 2,500,000.00 EUR(P)/HUF(C)OTC MAY 360.0 12.05.22 PUT | EUR | 0.00 | 377,575.00 | (106,500.00) |
| 2,000,000.00 EUR(P)/RUB(C)OTC MAR 78.00 11.03.22 PUT | EUR | 0.00 | 59,016.00 | (130,984.00) |
| 20,000,000.00 USD(P)/CLP(C)OTC JAN 850.0 13.01.22 PUT Options on index | USD | 0.00 | 173,971.16 | (283,942.01) |
| 5,000,000.00 EUR/USD_USD OTC JAN 1.134 27.01.22 PUT | USD | 0.00 | 770,380.89 | 409,298.08 |
| Total OTC Options long positions at market value |  |  | 3,849,132.00 | (593,528.98) |
| OTC Options short positions at market value |  |  |  |  |
| OTC options |  |  |  |  |
| Options on currency |  |  |  |  |
| 40,000,000.00 USD(P)/CLP(C)OTC JAN 800.0 13.01.22 PUT | USD | 411,853.68 | (4,080.20) | 179,787.48 |
| Total OTC Options short positions at market value |  |  | (4,080.20) | 179,787.48 |
| Long positions |  |  |  |  |
| Listed options |  |  |  |  |
| Options on equities |  |  |  |  |
| 1,223.00 ALIBABA Options on index | AVR 140.0 14.04.22 CALL | USD | 0.00 | 656,023.57 | (319,052.50) |
| 344.00 SP 500 | DEC 4540.0 31.12.21 PUT | USD | 0.00 | 1,512.49 | (1,214,021.44) |
| Total Purchase of options |  |  |  | 657,536.06 | (1,533,073.94) |

OPTIONS AND SWAPTIONS
CARMIGNAC PORTFOLIO Emerging Patrimoine
Quantity Denomination Short positions
Listed options
Currency
Commitment (in absolute value)
Market value
(in EUR)
Unrealised (in EUR)
Options on equities
1,223.00 ALIBABA	AVR 90.0 14.04.22 PUT	USD	1,538,966.76	(434,481.18)	269,252.39
Total Sale of options	(434,481.18)	269,252.39
The counterparties to OTC options are BofA Securities Europe SA, HSBC Bank, Morgan Stanley Bank AG, Goldman Sachs International Paris and Crédit Agricole CIB.
The counterparty to listed options is Société Générale.
CARMIGNAC PORTFOLIO Long-Short European Equities
Quantity Denomination Long positions
Listed options
Currency
Commitment (in absolute value)
Market value
(in EUR)
Unrealised (in EUR)
Options on equities
| 185.00 ADYEN NV | JAN 2300.0 21.01.22 PUT | EUR | 0.00 | 114,996.00 | (140,711.00) |
| --- | --- | --- | --- | --- | --- |
| 34.00 CLEARSIDE BIOM JAN 5.000 21.01.22 CALL | USD | 0.00 | 149.49 | (2,794.13) |
| 3,726.00 CLEARSIDE BIOM JAN 7.500 21.01.22 CALL | USD | 0.00 | 16,382.34 | (365,574.61) |
| 1,158.00 DELIVERY HEROJ JAN 94.000 21.01.22 PUT | EUR | 0.00 | 340,452.00 | (359,952.72) |
| 379.00 FREEDOM HOLDING MAR 50.00 18.03.22 PUT | USD | 0.00 | 104,981.53 | (33,369.66) |
| Total Purchase of options |  |  | 576,961.36 | (902,402.12) |
| Short positions |  |  |  |  |
| Listed options |  |  |  |  |
| Options on equities |
| 185.00 | ADYEN NV | JAN 2040.0 21.01.22 PUT | EUR | 436,180.05 | (22,126.00) | 69,800.50 |
| 1,158.00 | DELIVERY HEROJ JAN 84.000 21.01.22 PUT | EUR | 1,429,898.40 | (108,852.00) | 172,542.00 |
| 610.00 | DELIVERY HEROJAN 110.0 21.01.22 CALL | EUR | 1,291,248.00 | (78,690.00) | 104,249.00 |

Total Sale of options
The counterparty to listed options is Société Générale.
(209,668.00)	346,591.50
CARMIGNAC PORTFOLIO Patrimoine
Quantity Denomination
OTC Options long positions at market value OTC options
Currency
Commitment (in absolute value)
Market value
(in EUR)
Unrealised (in EUR)
Options on currency
7,500,000.00 EUR(C)/USD(P)OTC MAR 1.400 28.03.23 CALL	EUR	0.00	68,396.03	(852,228.97)
Total OTC Options long positions at market value
The counterparty to OTC options is BofA Securities Europe SA.
68,396.03	(852,228.97)
OPTIONS AND SWAPTIONS
CARMIGNAC PORTFOLIO EM Debt (formerly Unconstrained EM Debt)
|  | Commitment | Market value | Unrealised |
| --- | --- | --- | --- |
| Quantity Denomination	Currency | (in absolute value) | (in EUR) | (in EUR) |

OTC Options long positions at market value OTC options
Options on currency
| 1,000,000.00 | EUR(C)/CNY(P)OTC FEB 7.550 24.02.22 CALL | EUR | 0.00 | 35,100.00 | (77,970.00) |
| --- | --- | --- | --- | --- | --- |
| 13,500,000.00 | EUR(C)/IDR(P)OTC JAN 16800 28.01.22 CALL | EUR | 0.00 | 13,251.74 | (45,810.76) |
| 27,000,000.00 | EUR(C)/KRW(P)OTC JAN 1388 27.01.22 CALL | EUR | 0.00 | 26,713.26 | (83,581.74) |
| 1,200,000.00 | EUR(C)/USD(P)OTC MAR 1.250 28.03.23 CALL | EUR | 0.00 | 220,456.57 | (8,143.43) |
| 1,000,000.00 | EUR(P)/HUF(C)OTC MAY 360.0 12.05.22 PUT | EUR | 0.00 | 151,030.00 | (42,600.00) |
| 1,000,000.00 | EUR(P)/RUB(C)OTC MAR 78.00 11.03.22 PUT | EUR | 0.00 | 29,508.00 | (65,492.00) |
| 1,500,000.00 | USD(C)/HUF(P)OTC JAN 325.0 20.01.22 CALL | USD | 0.00 | 12,475.01 | (15,300.26) |
| 10,000,000.00 | USD(P)/CLP(C)OTC JAN 850.0 13.01.22 PUT Options on index | USD | 0.00 | 86,985.58 | (141,971.01) |
| 2,500,000.00 | EUR/USD_USD OTC JAN 1.134 27.01.22 PUT | USD | 0.00 | 385,190.45 | 204,649.05 |

240,000,000,000.
00
250,000,000,000.
00
Options on interest rates
KRWCD3M	OTC OCT 2.000 12.10.22 CALL	KRW	0.00	401,969.29	20,602.57
KRWCD3M	OTC OCT 2.050 20.10.22 CALL	KRW	0.00	477,310.09	98,106.81
Total OTC Options long positions at market value OTC Options short positions at market value OTC options
1,839,989.99	(157,510.77)
Options on currency
20,000,000.00 USD(P)/CLP(C)OTC JAN 800.0 13.01.22 PUT	USD	205,926.84	(2,040.10)	89,893.74
Options on interest rates
240,000,000,000.
00
250,000,000,000.
00
KRWCD3M	OTC OCT 1.500 12.10.22 CALL	KRW	32,039,594.97	(74,133.27)	(22,128.72)
KRWCD3M	OTC OCT 1.550 20.10.22 CALL	KRW	38,692,147.03	(94,766.67)	(39,942.03)
Total OTC Options short positions at market value	(170,940.04)	27,822.99
The counterparties to OTC options are BofA Securities Europe SA, HSBC Bank, Morgan Stanley Bank AG, Goldman Sachs International Paris and Crédit Agricole CIB.
As at 31/12/21, the following forward foreign exchange contracts were outstanding :
The contracts marked with an asterisk are those specifically related to the hedging of a class of shares.
CARMIGNAC PORTFOLIO Grande Europe
Currency
Quantity Currency
Quantity
Maturity
Unrealised
purchased
purchased
sold
sold
date
(in EUR)	Counterparty
USD	64,571.05    EUR	57,057.19  31/01/22	(306.94) * CACEIS Bank, Luxembourg Branch
USD				1,977.36   EUR				1,747.26  31/01/22				(9.40) * CACEIS Bank, Luxembourg Branch CHF			28,773.11   EUR			27,669.51  31/01/22			 104.11 * CACEIS Bank, Luxembourg Branch USD				5,420.74   EUR				4,789.95  31/01/22			(25.77) * CACEIS Bank, Luxembourg Branch CHF			37,263.14   EUR			35,833.90  31/01/22			 134.83 * CACEIS Bank, Luxembourg Branch USD			 15,218.16   EUR			 13,447.29  31/01/22			(72.34) * CACEIS Bank, Luxembourg Branch USD		573,002.36   EUR		505,801.56  31/01/22	(2,200.82) * CACEIS Bank, Luxembourg Branch USD		206,552.50   EUR		182,328.35  31/01/22		 (793.34) * CACEIS Bank, Luxembourg Branch USD	 2,456,794.91   EUR	 2,168,665.95  31/01/22	(9,436.21) * CACEIS Bank, Luxembourg Branch USD			 74,451.95   EUR			 65,720.34  31/01/22		 (285.95) * CACEIS Bank, Luxembourg Branch CHF	1,108,385.53   EUR	1,067,191.92  31/01/22		2,691.71 * CACEIS Bank, Luxembourg Branch CHF	1,443,576.59   EUR	1,389,925.47  31/01/22       3,505.72 * CACEIS Bank, Luxembourg Branch
EUR	 21,383.29   USD	 24,223.97  31/01/22			 93.36 * CACEIS Bank, Luxembourg Branch CHF	15,547.74   EUR	14,968.13  31/01/22			39.53 * CACEIS Bank, Luxembourg Branch USD		2,182.85   EUR		1,930.85  31/01/22	(12.39) * CACEIS Bank, Luxembourg Branch USD	 53,626.86   EUR	 47,138.94  31/01/22		 (7.33) * CACEIS Bank, Luxembourg Branch USD		4,503.96   EUR		3,959.06  31/01/22		 (0.62) * CACEIS Bank, Luxembourg Branch USD	 12,682.78   EUR	 11,148.38  31/01/22		 (1.73) * CACEIS Bank, Luxembourg Branch USD		1,647.92   EUR		1,448.55  31/01/22		 (0.22) * CACEIS Bank, Luxembourg Branch CHF	23,828.37   EUR	23,007.42  31/01/22		(6.77) * CACEIS Bank, Luxembourg Branch CHF	30,958.68    EUR	29,892.07  31/01/22		(8.80) * CACEIS Bank, Luxembourg Branch
(6,599.37)
CARMIGNAC PORTFOLIO Green Gold
Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| JPY | 887,127,000.00 | CAD | 10,037,656.76 | 25/01/22 | (212,001.79) | Morgan Stanley Europe SE |
| NOK | 31,724,348.00 | USD | 3,487,016.13 | 25/01/22 | 96,035.73 | Morgan Stanley Europe SE |
| CAD | 9,869,640.38 | JPY | 887,127,000.00 | 25/01/22 | 95,060.38 | HSBC Bank |
| USD | 3,587,993.52 | NOK | 31,724,348.00 | 25/01/22 | (7,206.92) | Deutsche Bank AG |
|  |  |  |  |  | (28,112.60) |  |

CARMIGNAC PORTFOLIO Emerging Discovery
Currency
Quantity Currency
Quantity
Maturity
Unrealised
purchased
purchased
sold
sold
date
(in EUR)	Counterparty
USD	45,305.72   EUR	40,028.56  31/01/22	(210.24) * CACEIS Bank, Luxembourg Branch USD	73,834.40   EUR	65,115.16  31/01/22	(223.53) * CACEIS Bank, Luxembourg Branch USD	38,943.01    EUR	34,344.16  31/01/22	(117.90) * CACEIS Bank, Luxembourg Branch
CHF	 18,214.55   EUR	 17,504.23  31/01/22		 77.60 * CACEIS Bank, Luxembourg Branch CHF	21,117.17   EUR	20,293.65  31/01/22		89.97 * CACEIS Bank, Luxembourg Branch USD	 73,138.06   EUR	 64,566.25  31/01/22	(286.62) * CACEIS Bank, Luxembourg Branch USD	 38,339.57    EUR	 33,846.15  31/01/22	(150.24) * CACEIS Bank, Luxembourg Branch
CHF			 20,851.02   EUR			 20,082.85  31/01/22			 43.87 * CACEIS Bank, Luxembourg Branch CHF			17,973.71   EUR			17,311.54  31/01/22			37.82 * CACEIS Bank, Luxembourg Branch USD	2,338,380.10   EUR	2,064,138.64  31/01/22	(8,981.40) * CACEIS Bank, Luxembourg Branch USD	1,244,520.96   EUR	1,098,565.54  31/01/22	(4,780.03) * CACEIS Bank, Luxembourg Branch CHF		685,461.99   EUR		659,986.51  31/01/22		1,664.64 * CACEIS Bank, Luxembourg Branch CHF		585,046.57    EUR		563,303.07  31/01/22		1,420.78 * CACEIS Bank, Luxembourg Branch
EUR	26,256.71   USD	29,691.35  31/01/22	 161.64 * CACEIS Bank, Luxembourg Branch EUR	50,567.19   USD	57,181.88  31/01/22	 311.30 * CACEIS Bank, Luxembourg Branch EUR	15,666.87   CHF	16,257.81  31/01/22	(26.19) * CACEIS Bank, Luxembourg Branch EUR	13,590.03    CHF	14,102.63  31/01/22	(22.72) * CACEIS Bank, Luxembourg Branch
(10,991.25)
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| NOK | 138,430,763.71 | EUR | 13,397,860.12 | 21/10/22 | 225,709.40 | BofA Securities Europe SA |
| PEN | 21,386,715.00 | USD | 5,215,000.00 | 24/03/22 | 107,380.63 | Morgan Stanley Europe SE |
| PEN | 20,800,000.00 | USD | 5,200,000.00 | 24/03/22 | (8,655.66) | Goldman Sachs International Paris |
| PEN | 21,337,270.00 | USD | 5,300,000.00 | 24/03/22 | 21,425.23 | Citibank Dublin |
| USD | 3,500,000.00 | PEN | 13,923,000.00 | 24/03/22 | 22,792.81 | Credit Agricole CIB |
| PEN | 24,310,950.00 | USD | 6,150,000.00 | 24/03/22 | (73,928.93) | Barclays Bank Ireland PLC |
| USD | 6,500,000.00 | PEN | 25,905,100.00 | 24/03/22 | 31,730.72 | JP Morgan AG Frankfurt |
| USD | 4,350,000.00 | PEN | 17,538,330.00 | 24/03/22 | (23,240.12) | JP Morgan AG Frankfurt |
| BRL | 49,208,940.00 | USD | 8,700,000.00 | 07/01/22 | 113,897.17 | Morgan Stanley Europe SE |
| PEN | 35,000,100.00 | USD | 8,700,000.00 | 24/03/22 | 29,610.30 | BofA Securities Europe SA |
| USD | 4,350,000.00 | COP | 16,511,001,375.00 | 13/01/22 | 262,078.79 | BNP Paribas |
| USD | 8,700,000.00 | BRL | 49,208,940.00 | 07/01/22 | (113,897.17) | Morgan Stanley Europe SE |
| COP | 9,169,493,750.00 | USD | 2,417,000.00 | 13/01/22 | (146,602.47) | JP Morgan AG Frankfurt |
| COP | 7,204,800,000.00 | USD | 1,900,000.00 | 13/01/22 | (115,962.37) | Morgan Stanley Europe SE |
| USD | 3,500,000.00 | PEN | 14,174,045.55 | 24/03/22 | (32,524.89) | Goldman Sachs International Paris |
| PEN | 16,912,560.00 | USD | 4,200,000.00 | 24/03/22 | 17,811.40 | JP Morgan AG Frankfurt |
| PEN | 16,902,060.00 | USD | 4,200,000.00 | 24/03/22 | 15,497.73 | JP Morgan AG Frankfurt |
| MXN | 394,011,547.50 | USD | 16,789,883.22 | 21/12/22 | 1,131,039.53 | HSBC Bank |
| USD | 16,972,159.35 | MXN | 394,011,547.50 | 21/12/22 | (959,519.75) | Goldman Sachs International Paris |
| COP | 35,666,637,303.00 | EUR | 7,673,545.03 | 21/12/22 | (415,506.14) | Goldman Sachs International Paris |
| EUR | 11,200,000.00 | HUF | 4,150,496,000.00 | 25/01/22 | (34,343.06) | HSBC Bank |
| HUF | 3,472,136,909.00 | EUR | 9,360,994.20 | 25/01/22 | 37,222.68 | Credit Agricole CIB |
| USD | 1,552,406.00 | EUR | 1,376,575.10 | 25/01/22 | (12,036.42) | Credit Agricole CIB |
| BRL | 48,704,512.50 | EUR | 7,500,000.00 | 25/01/22 | 148,705.25 | BofA Securities Europe SA |
| NOK | 152,056,328.11 | EUR | 14,891,936.55 | 25/01/22 | 259,088.15 | Morgan Stanley Europe SE |
| SEK | 152,887,727.68 | EUR | 14,890,955.82 | 25/01/22 | (45,430.99) | Morgan Stanley Europe SE |
| NOK | 75,560,715.33 | EUR | 7,437,312.38 | 25/01/22 | 91,593.25 | Morgan Stanley Europe SE |
| PHP | 419,922,550.35 | USD | 8,394,253.88 | 25/01/22 | (146,931.83) | BNP Paribas |
| MYR | 56,734,773.88 | USD | 13,429,143.47 | 25/01/22 | 155,367.50 | Morgan Stanley Europe SE |
| MYR | 40,773,770.48 | EUR | 8,525,618.50 | 25/01/22 | 69,226.11 | Morgan Stanley Europe SE |
| ZAR | 227,594,551.61 | USD | 14,165,610.13 | 25/01/22 | 46,150.68 | JP Morgan AG Frankfurt |
| NOK | 73,400,000.00 | SEK | 73,980,740.80 | 25/01/22 | 129,976.50 | Morgan Stanley Europe SE |
| NZD | 12,387,729.37 | USD | 8,430,655.04 | 25/01/22 | 42,555.25 | Morgan Stanley Europe SE |
| SEK | 152,630,986.34 | USD | 16,865,656.44 | 25/01/22 | (4,076.95) | BofA Securities Europe SA |
| SEK | 304,780,021.52 | EUR | 29,729,105.47 | 25/01/22 | (134,724.26) | Morgan Stanley Europe SE |
| EUR | 35,635,570.85 | NZD | 59,350,223.64 | 25/01/22 | (72,014.90) | Morgan Stanley Europe SE |
| USD | 38,378,338.09 | CHF | 35,342,530.95 | 25/01/22 | (379,570.14) | Morgan Stanley Europe SE |
| CAD | 72,005,240.93 | USD | 56,308,727.14 | 25/01/22 | 609,289.06 | JP Morgan AG Frankfurt |
| EUR | 12,875,786.00 | NOK | 131,048,545.99 | 25/01/22 | (181,971.97) | Goldman Sachs International Paris |
| EUR | 46,777,752.65 | ZAR | 851,659,761.70 | 25/01/22 | 12,594.12 | JP Morgan AG Frankfurt |
| EUR | 1,394,750.74 | USD | 1,580,630.84 | 25/01/22 | 5,400.04 | JP Morgan AG Frankfurt |
| EUR | 31,727,782.92 | AUD | 49,967,482.50 | 25/01/22 | (206,504.94) | Morgan Stanley Europe SE |
| CHF | 61,918,944.01 | EUR | 59,333,026.77 | 25/01/22 | 432,913.79 | Morgan Stanley Europe SE |
| EUR | 83,288,489.55 | CAD | 120,680,357.20 | 25/01/22 | (685,190.11) | Morgan Stanley Europe SE |
| USD | 9,443,154.94 | AUD | 13,126,190.82 | 25/01/22 | (88,580.28) | Morgan Stanley Europe SE |
| GBP | 25,279,946.06 | EUR | 29,684,464.58 | 25/01/22 | 411,285.04 | Morgan Stanley Europe SE |
| AUD | 22,922,625.84 | NZD | 24,232,745.60 | 25/01/22 | 70,478.71 | Morgan Stanley Europe SE |
| USD | 8,716,899.11 | NOK | 78,285,255.79 | 25/01/22 | (138,379.90) | HSBC Bank |
| MXN | 122,921,655.19 | USD | 5,808,931.78 | 25/01/22 | 155,676.48 | BNP Paribas |
| EUR | 8,115,488.15 | IDR | 132,460,997,561.00 | 25/01/22 | (41,305.30) | BNP Paribas |
| USD | 26,673,101.21 | PHP | 1,333,628,387.38 | 25/01/22 | 478,841.43 | HSBC Bank |
| IDR | 277,368,024,563.00 | USD | 19,257,094.81 | 25/01/22 | 153,408.65 | HSBC Bank |
| USD | 25,501,161.01 | GBP | 19,167,344.58 | 25/01/22 | (403,555.07) | HSBC Bank |
| INR | 323,472,283.49 | EUR | 3,737,403.62 | 25/01/22 | 79,281.40 | HSBC Bank |
| JPY | 1,103,790,094.00 | EUR | 8,544,160.41 | 25/01/22 | (117,535.18) | HSBC Bank |
| JPY | 4,327,956,685.00 | USD | 37,966,890.27 | 25/01/22 | (331,581.25) | HSBC Bank |
| EUR | 7,613,700.20 | CZK | 193,153,254.79 | 25/01/22 | (141,217.14) | HSBC Bank |
| BRL | 78,879,720.25 | USD | 13,775,561.68 | 25/01/22 | 279,195.49 | BofA Securities Europe SA |
| EUR | 1,501,566.53 | CLP | 1,454,368,988.00 | 25/01/22 | 5,273.40 | HSBC Bank |
| BRL | 47,209,631.95 | EUR | 7,270,739.59 | 25/01/22 | 143,200.01 | BofA Securities Europe SA |
| KZT | 10,346,950,794.33 | USD | 23,324,956.70 | 25/01/22 | 302,075.78 | Morgan Stanley Europe SE |
| USD | 8,424,517.03 | PEN | 34,098,232.67 | 25/01/22 | (98,861.48) | BofA Securities Europe SA |
| PEN | 33,873,046.23 | EUR | 7,415,290.33 | 25/01/22 | 38,972.93 | Morgan Stanley Europe SE |
| PEN | 41,461,125.59 | EUR | 9,030,208.03 | 25/01/22 | 93,984.05 | BofA Securities Europe SA |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 7,406,002.83 | RUB | 624,505,020.92 | 25/01/22 | 123,210.86 | JP Morgan AG Frankfurt |
| EUR | 7,413,491.15 | ILS | 26,195,256.66 | 25/01/22 | 14,944.48 | JP Morgan AG Frankfurt |
| EUR | 7,440,982.32 | COP | 35,666,637,303.00 | 21/12/22 | 169,366.04 | Goldman Sachs International Paris |
| EUR | 7,407,057.25 | MXN | 174,687,321.93 | 25/01/22 | (69,816.97) | JP Morgan AG Frankfurt |
| COP | 50,498,125,199.97 | USD | 12,621,685.11 | 25/01/22 | (216,688.18) | JP Morgan AG Frankfurt |
| EUR | 14,857,696.18 | SEK | 153,151,940.64 | 25/01/22 | (13,498.65) | Goldman Sachs International Paris |
| EUR | 14,856,729.74 | MXN | 353,109,895.80 | 25/01/22 | (257,349.32) | JP Morgan AG Frankfurt |
| EUR | 11,143,200.10 | NOK | 114,508,966.16 | 25/01/22 | (266,630.04) | Goldman Sachs International Paris |
| CLP | 7,221,305,827.00 | USD | 8,363,116.91 | 25/01/22 | 78,739.11 | Goldman Sachs International Paris |
| CLP | 7,267,260,173.00 | USD | 8,363,266.21 | 25/01/22 | 126,037.14 | Citibank Dublin |
| NOK | 37,612,160.37 | USD | 4,186,619.77 | 25/01/22 | 67,729.78 | Goldman Sachs International Paris |
| EUR | 7,416,047.90 | BRL | 48,482,331.57 | 25/01/22 | (198,033.49) | BofA Securities Europe SA |
| ILS | 26,099,468.00 | EUR | 7,323,642.39 | 25/01/22 | 47,871.02 | JP Morgan AG Frankfurt |
| ZAR | 329,004,440.00 | EUR | 18,188,966.21 | 25/01/22 | (123,532.85) | Goldman Sachs International Paris |
| CZK | 560,244,528.00 | EUR | 22,200,000.00 | 25/01/22 | 293,006.06 | BNP Paribas |
| EUR | 5,259.53 | CHF | 5,473.51 | 31/01/22 | (23.85) | * CACEIS Bank, Luxembourg Branch |
| EUR | 15,104.67 | CHF | 15,719.20 | 31/01/22 | (68.49) | * CACEIS Bank, Luxembourg Branch |
| EUR | 90,826.47 | CHF | 94,521.75 | 31/01/22 | (411.82) | * CACEIS Bank, Luxembourg Branch |
| EUR | 2.84 | GBP | 2.40 | 31/01/22 | (0.01) | * CACEIS Bank, Luxembourg Branch |
| EUR | 2,948.21 | USD | 3,337.01 | 31/01/22 | 15.39 | * CACEIS Bank, Luxembourg Branch |
| CHF | 12,703.44 | EUR | 12,213.72 | 31/01/22 | 48.44 | * CACEIS Bank, Luxembourg Branch |
| CHF | 237,153.65 | EUR | 228,011.31 | 31/01/22 | 904.35 | * CACEIS Bank, Luxembourg Branch |
| CHF | 6,971.23 | EUR | 6,699.37 | 31/01/22 | 29.70 | * CACEIS Bank, Luxembourg Branch |
| CHF | 122,051.46 | EUR | 117,291.76 | 31/01/22 | 520.01 | * CACEIS Bank, Luxembourg Branch |
| CHF | 20,020.40 | EUR | 19,239.65 | 31/01/22 | 85.30 | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,920.47 | GBP | 1,623.37 | 31/01/22 | (11.88) | * CACEIS Bank, Luxembourg Branch |
| RUB | 1,113,393,344.41 | USD | 15,150,783.37 | 25/01/22 | (333,855.64) | Citibank Dublin |
| GBP | 2,146,465.63 | EUR | 2,542,979.75 | 31/01/22 | 12,024.81 | * CACEIS Bank, Luxembourg Branch |
| USD | 617,560.28 | EUR | 545,133.80 | 31/01/22 | (2,371.96) | * CACEIS Bank, Luxembourg Branch |
| USD | 14,361,570.72 | EUR | 12,677,268.79 | 31/01/22 | (55,160.83) | * CACEIS Bank, Luxembourg Branch |
| USD | 4,209,630.51 | EUR | 3,715,931.81 | 31/01/22 | (16,168.61) | * CACEIS Bank, Luxembourg Branch |
| USD | 4,064,984.44 | EUR | 3,588,249.60 | 31/01/22 | (15,613.05) | * CACEIS Bank, Luxembourg Branch |
| USD | 4,308,033.18 | EUR | 3,802,793.97 | 31/01/22 | (16,546.56) | * CACEIS Bank, Luxembourg Branch |
| CHF | 66,676,902.36 | EUR | 64,198,827.61 | 31/01/22 | 161,924.55 | * CACEIS Bank, Luxembourg Branch |
| CHF | 11,007,235.88 | EUR | 10,598,147.39 | 31/01/22 | 26,731.02 | * CACEIS Bank, Luxembourg Branch |
| CHF | 3,832,788.91 | EUR | 3,690,341.72 | 31/01/22 | 9,307.91 | * CACEIS Bank, Luxembourg Branch |
| USD | 20,681.74 | EUR | 18,257.19 | 31/01/22 | (80.41) | * CACEIS Bank, Luxembourg Branch |
| EUR | 27,144.70 | CHF | 28,197.18 | 31/01/22 | (72.99) | * CACEIS Bank, Luxembourg Branch |
| PEN | 16,637,870.78 | EUR | 3,717,939.18 | 25/01/22 | (56,628.75) | BNP Paribas |
| CHF | 24,674.52 | EUR | 23,795.54 | 31/01/22 | 21.86 | * CACEIS Bank, Luxembourg Branch |
| CHF | 929.32 | EUR | 896.21 | 31/01/22 | 0.83 | * CACEIS Bank, Luxembourg Branch |
| CHF | 323.35 | EUR | 311.83 | 31/01/22 | 0.29 | * CACEIS Bank, Luxembourg Branch |
| CHF | 11,795.06 | EUR | 11,370.45 | 31/01/22 | 14.89 | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,499.78 | USD | 1,695.63 | 31/01/22 | 9.53 | * CACEIS Bank, Luxembourg Branch |
| USD | 10,709,284.36 | INR | 803,586,144.95 | 25/01/22 | (67,950.83) | BofA Securities Europe SA |
| CZK | 186,065,632.00 | EUR | 7,432,413.14 | 25/01/22 | 37,712.99 | HSBC Bank |
| CHF | 2,765.02 | EUR | 2,668.18 | 31/01/22 | 0.79 | * CACEIS Bank, Luxembourg Branch |
| CHF | 48,993.01 | EUR | 47,277.18 | 31/01/22 | 13.96 | * CACEIS Bank, Luxembourg Branch |
| CHF | 7,949.95 | EUR | 7,671.53 | 31/01/22 | 2.26 | * CACEIS Bank, Luxembourg Branch |
| EUR | 11,154,428.90 | COP | 50,908,813,499.60 | 25/01/22 | 188,277.91 | BofA Securities Europe SA |
| EUR | 2,249.11 | CHF | 2,331.49 | 31/01/22 | (1.39) | * CACEIS Bank, Luxembourg Branch |
| USD | 5,486.63 | EUR | 4,831.15 | 31/01/22 | (9.06) | * CACEIS Bank, Luxembourg Branch |
| EUR | 40.38 | GBP | 34.01 | 31/01/22 | (0.11) | * CACEIS Bank, Luxembourg Branch |
| EUR | 7,362,745.38 | BRL | 47,115,076.49 | 25/01/22 | (35,770.49) | BNP Paribas |
| EUR | 4,319.65 | CHF | 4,473.00 | 31/01/22 | 2.03 | * CACEIS Bank, Luxembourg Branch |
| EUR | 12,434.34 | CHF | 12,875.76 | 31/01/22 | 5.84 | * CACEIS Bank, Luxembourg Branch |
| EUR | 74,697.83 | CHF | 77,349.60 | 31/01/22 | 35.11 | * CACEIS Bank, Luxembourg Branch |
| CHF | 25,580.46 | EUR | 24,711.00 | 31/01/22 | (19.13) | * CACEIS Bank, Luxembourg Branch |
| EUR | 6.30 | GBP | 5.29 | 31/01/22 | 0.00 | * CACEIS Bank, Luxembourg Branch |
| EUR | 102,080.13 | USD | 115,731.82 | 31/01/22 | 365.86 | * CACEIS Bank, Luxembourg Branch |
| MXN | 340,942,614.52 | EUR | 14,718,062.15 | 25/01/22 | (126,247.70) | Goldman Sachs International Paris |
| CHF | 68,490.09 | EUR | 66,130.41 | 31/01/22 | (19.45) | * CACEIS Bank, Luxembourg Branch |
| CHF | 11,172.03 | EUR | 10,787.12 | 31/01/22 | (3.17) | * CACEIS Bank, Luxembourg Branch |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 3,881.38 | EUR | 3,747.66 | 31/01/22 | (1.11) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 563,454.12 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 16,955,084.64 | GBP | 14,410,465.54 | 25/01/22 | (200,543.96) | UBS Europe SE |
| EUR | 545,430,198.51 | USD | 615,771,276.80 | 25/01/22 | 4,177,386.87 | Credit Agricole CIB |
| USD | 16,265.33 | EUR | 14,372.60 | 31/01/22 | (77.31) | * CACEIS Bank, Luxembourg Branch |
| CHF | 9,499.47 | EUR | 9,135.12 | 31/01/22 | 34.37 | * CACEIS Bank, Luxembourg Branch |
| CHF | 8,524.82 | EUR | 8,197.85 | 31/01/22 | 30.84 | * CACEIS Bank, Luxembourg Branch |
| CHF | 67,111.32 | EUR | 64,524.16 | 31/01/22 | 255.92 | * CACEIS Bank, Luxembourg Branch |
| USD | 20,685.68 | EUR | 18,242.87 | 31/01/22 | (62.62) | * CACEIS Bank, Luxembourg Branch |
| CHF | 12,858.07 | EUR | 12,356.64 | 31/01/22 | 54.78 | * CACEIS Bank, Luxembourg Branch |
| EUR | 6,404.15 | CHF | 6,666.32 | 31/01/22 | (30.59) | * CACEIS Bank, Luxembourg Branch |
| EUR | 52,144.19 | USD | 59,133.86 | 31/01/22 | 172.66 | * CACEIS Bank, Luxembourg Branch |
| USD | 18,388.72 | EUR | 16,233.55 | 31/01/22 | (72.06) | * CACEIS Bank, Luxembourg Branch |
| EUR | 7,844.53 | CHF | 8,151.25 | 31/01/22 | (23.57) | * CACEIS Bank, Luxembourg Branch |
| CHF | 11,321.55 | EUR | 10,904.45 | 31/01/22 | 23.82 | * CACEIS Bank, Luxembourg Branch |
| USD | 17,993,245.16 | EUR | 15,883,026.29 | 31/01/22 | (69,109.59) | * CACEIS Bank, Luxembourg Branch |
| CHF | 8,579,862.58 | EUR | 8,260,988.43 | 31/01/22 | 20,836.15 | * CACEIS Bank, Luxembourg Branch |
| CHF | 7,720,302.14 | EUR | 7,433,373.91 | 31/01/22 | 18,748.71 | * CACEIS Bank, Luxembourg Branch |
| EUR | 12,281.82 | USD | 13,888.40 | 31/01/22 | 75.62 | * CACEIS Bank, Luxembourg Branch |
| CHF | 9,055.24 | EUR | 8,732.66 | 31/01/22 | 8.03 | * CACEIS Bank, Luxembourg Branch |
| EUR | 9,993.68 | CHF | 10,370.63 | 31/01/22 | (16.70) | * CACEIS Bank, Luxembourg Branch |
| USD | 1,220.32 | EUR | 1,079.44 | 31/01/22 | (6.92) | * CACEIS Bank, Luxembourg Branch |
| USD | 1,840,682.00 | EUR | 1,627,950.97 | 25/01/22 | (10,020.78) | HSBC Bank |
| USD | 925.37 | EUR | 814.74 | 31/01/22 | (1.45) | * CACEIS Bank, Luxembourg Branch |
| EUR | 523.23 | CHF | 542.55 | 31/01/22 | (0.47) | * CACEIS Bank, Luxembourg Branch |
| EUR | 279.11 | CHF | 289.42 | 31/01/22 | (0.26) | * CACEIS Bank, Luxembourg Branch |
| USD | 814,019.54 | EUR | 716,769.67 | 31/01/22 | (1,343.57) | * CACEIS Bank, Luxembourg Branch |
| USD | 13,088.50 | EUR | 11,545.90 | 31/01/22 | (42.67) | * CACEIS Bank, Luxembourg Branch |
| CHF | 6,054.94 | EUR | 5,850.67 | 31/01/22 | (6.06) | * CACEIS Bank, Luxembourg Branch |
| CHF | 9,047.28 | EUR | 8,742.06 | 31/01/22 | (9.05) | * CACEIS Bank, Luxembourg Branch |
| USD | 3,617.25 | EUR | 3,190.69 | 31/01/22 | (11.56) | * CACEIS Bank, Luxembourg Branch |
| USD | 13,906.25 | EUR | 12,223.83 | 31/01/22 | (1.89) | * CACEIS Bank, Luxembourg Branch |
| CHF | 5,233.63 | EUR | 5,053.32 | 31/01/22 | (1.49) | * CACEIS Bank, Luxembourg Branch |
| CHF | 5,134.48 | EUR | 4,957.58 | 31/01/22 | (1.46) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 3,936,243.74 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Emerging Patrimoine
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 1,983,981.47 | CZK | 52,681,870.12 | 21/12/22 | (44,955.04) | BNP Paribas |
| USD | 33,248,610.74 | EUR | 29,454,212.99 | 25/01/22 | (229,233.23) | Morgan Stanley Europe SE |
| RUB | 1,845,581,473.57 | EUR | 21,959,149.47 | 25/01/22 | (436,905.47) | JP Morgan AG Frankfurt |
| RUB | 1,511,749,565.92 | USD | 20,305,135.82 | 25/01/22 | (217,934.45) | JP Morgan AG Frankfurt |
| CZK | 1,110,067,474.53 | EUR | 43,779,782.72 | 25/01/22 | 788,303.88 | HSBC Bank |
| KRW | 39,134,502,212.00 | USD | 32,958,700.85 | 25/01/22 | (47,526.22) | JP Morgan AG Frankfurt |
| KRW | 41,056,388,240.00 | EUR | 30,632,466.29 | 25/01/22 | (289,574.66) | HSBC Bank |
| HUF | 2,865,803,271.00 | EUR | 7,731,247.88 | 25/01/22 | 25,761.75 | JP Morgan AG Frankfurt |
| USD | 13,106,083.68 | PHP | 660,402,450.51 | 25/01/22 | 147,139.04 | HSBC Bank |
| KZT | 6,382,877,394.82 | USD | 14,364,526.60 | 25/01/22 | 207,819.64 | JP Morgan AG Frankfurt |
| IDR | 264,136,902,397.00 | EUR | 16,267,392.31 | 25/01/22 | (2,315.10) | BofA Securities Europe SA |
| KZT | 4,048,849,308.28 | EUR | 8,078,310.67 | 25/01/22 | 62,289.85 | JP Morgan AG Frankfurt |
| BRL | 119,330,011.44 | USD | 20,728,398.50 | 25/01/22 | 520,821.62 | BofA Securities Europe SA |
| BRL | 239,475,169.20 | EUR | 36,920,150.04 | 25/01/22 | 687,527.20 | Morgan Stanley Europe SE |
| CLP | 4,942,341,962.00 | EUR | 5,148,467.02 | 25/01/22 | (63,800.60) | BofA Securities Europe SA |
| UAH | 159,996,926.70 | EUR | 5,201,460.56 | 25/01/22 | (89,706.36) | Morgan Stanley Europe SE |
| EUR | 8,154.68 | USD | 9,230.08 | 31/01/22 | 42.56 | * CACEIS Bank, Luxembourg Branch |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1,178,374.46 | EUR | 1,040,176.60 | 31/01/22 | (4,525.98) | * CACEIS Bank, Luxembourg Branch |
| USD | 7,908,767.35 | EUR | 6,981,239.83 | 31/01/22 | (30,376.49) | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,445,775.97 | EUR | 2,354,877.69 | 31/01/22 | 5,939.56 | * CACEIS Bank, Luxembourg Branch |
| CHF | 3,385,610.76 | EUR | 3,259,783.13 | 31/01/22 | 8,221.94 | * CACEIS Bank, Luxembourg Branch |
| USD | 553.65 | EUR | 489.73 | 31/01/22 | (3.14) | * CACEIS Bank, Luxembourg Branch |
| PHP | 705,436,545.48 | USD | 13,758,172.67 | 25/01/22 | 55,511.75 | Morgan Stanley Europe SE |
|  |  |  |  |  | 1,052,522.05 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Emergents
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 578,367.41 | HKD | 5,093,536.60 | 25/01/22 | 4,082.05 | Standard Chartered Bank |
| EUR | 601,679.64 | CNY | 4,341,624.00 | 25/01/22 | 4,025.23 | BofA Securities Europe SA |
| CHF | 17,388.55 | EUR | 16,718.22 | 31/01/22 | 66.31 | * CACEIS Bank, Luxembourg Branch |
| USD | 1,956,277.53 | EUR | 1,726,848.45 | 31/01/22 | (7,513.80) | * CACEIS Bank, Luxembourg Branch |
| USD | 2,226,596.31 | EUR | 1,965,464.67 | 31/01/22 | (8,552.05) | * CACEIS Bank, Luxembourg Branch |
| CHF | 31,332,347.32 | EUR | 30,167,867.63 | 31/01/22 | 76,090.46 | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,432,568.96 | EUR | 1,379,326.94 | 31/01/22 | 3,478.99 | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,408.42 | EUR | 2,321.72 | 31/01/22 | 3.04 | * CACEIS Bank, Luxembourg Branch |
| EUR | 27,475.59 | USD | 31,204.80 | 31/01/22 | 50.31 | * CACEIS Bank, Luxembourg Branch |
| EUR | 40,254.13 | USD | 45,643.60 | 31/01/22 | 138.93 | * CACEIS Bank, Luxembourg Branch |
| EUR | 46,089.70 | USD | 52,260.46 | 31/01/22 | 159.08 | * CACEIS Bank, Luxembourg Branch |
| EUR | 715,913.94 | CHF | 741,328.89 | 31/01/22 | 336.47 | * CACEIS Bank, Luxembourg Branch |
| EUR | 32,912.92 | CHF | 34,081.33 | 31/01/22 | 15.48 | * CACEIS Bank, Luxembourg Branch |
| CHF | 68,711.08 | EUR | 66,375.65 | 31/01/22 | (51.38) | * CACEIS Bank, Luxembourg Branch |
| USD | 50,854.29 | EUR | 44,701.80 | 31/01/22 | (6.94) | * CACEIS Bank, Luxembourg Branch |
| USD | 44,582.02 | EUR | 39,188.37 | 31/01/22 | (6.09) | * CACEIS Bank, Luxembourg Branch |
| CHF | 711,358.54 | EUR | 686,850.24 | 31/01/22 | (202.10) | * CACEIS Bank, Luxembourg Branch |
| CHF | 32,473.68 | EUR | 31,354.87 | 31/01/22 | (9.23) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 72,104.76 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Long-Short European Equities
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 59,652,794.84 | USD | 67,339,379.58 | 25/01/22 | 462,591.55 | Morgan Stanley Europe SE |
| EUR | 21,897,429.86 | HKD | 192,845,168.53 | 25/01/22 | 154,549.48 | Standard Chartered Bank |
| EUR | 6,989,827.77 | GBP | 5,940,885.29 | 25/01/22 | (82,783.59) | Morgan Stanley Europe SE |
| EUR | 20,284,000.00 | CHF | 21,130,335.70 | 25/01/22 | (111,610.45) | Société Générale |
| GBP | 221,121.00 | EUR | 259,284.79 | 25/01/22 | 3,959.70 | JP Morgan AG Frankfurt |
| NOK | 19,398,563.56 | EUR | 1,910,000.00 | 25/01/22 | 22,881.60 | Credit Agricole CIB |
| USD | 7,563,830.56 | EUR | 6,676,000.00 | 25/01/22 | (27,507.58) | HSBC Bank |
| EUR | 20,783,917.55 | USD | 23,537,558.00 | 25/01/22 | 94,764.64 | Natwest Markets NV |
| EUR | 3,250,000.00 | USD | 3,679,652.60 | 25/01/22 | 15,642.08 | Morgan Stanley Europe SE |
| USD | 12,169,996.45 | EUR | 10,782,869.75 | 25/01/22 | (85,644.57) | Morgan Stanley Europe SE |
| EUR | 1,978,000.00 | USD | 2,230,566.07 | 25/01/22 | 17,370.09 | HSBC Bank |
| USD | 38,991,000.00 | EUR | 34,474,983.95 | 25/01/22 | (202,511.23) | Natwest Markets NV |
| GBP | 742,742.75 | EUR | 869,047.00 | 25/01/22 | 15,188.92 | JP Morgan AG Frankfurt |
| EUR | 18,582,998.00 | USD | 20,998,397.50 | 25/01/22 | 125,745.45 | Natwest Markets NV |
| HKD | 14,013,777.90 | EUR | 1,589,495.00 | 25/01/22 | (9,470.84) | HSBC Bank |
| EUR | 1,646,000.00 | USD | 1,859,971.11 | 25/01/22 | 11,115.39 | HSBC Bank |
| EUR | 19,064.96 | GBP | 16,091.93 | 31/01/22 | (89.82) | * CACEIS Bank, Luxembourg Branch |
| EUR | 148.39 | USD | 168.28 | 31/01/22 | 0.49 | * CACEIS Bank, Luxembourg Branch |
| GBP | 28,612,586.88 | EUR | 33,898,157.01 | 31/01/22 | 160,291.85 | * CACEIS Bank, Luxembourg Branch |
| USD | 11,563,105.43 | EUR | 10,207,003.01 | 31/01/22 | (44,412.30) | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,915,895.49 | EUR | 2,807,525.02 | 31/01/22 | 7,081.24 | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 527,152.10 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 4,638,997.15 | USD | 5,236,756.98 | 25/01/22 | 35,974.20 | Morgan Stanley Europe SE |
| EUR | 453,000.00 | USD | 512,731.04 | 25/01/22 | 2,317.38 | State Street Bank |
| USD | 94,273.93 | EUR | 83,217.64 | 31/01/22 | (362.10) | * CACEIS Bank, Luxembourg Branch |
| USD | 4,860,257.22 | EUR | 4,290,254.06 | 31/01/22 | (18,667.58) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 19,261.90 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Patrimoine
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 15,158,327.77 | RUB | 1,272,116,425.20 | 25/01/22 | 323,662.22 | Natwest Markets NV |
| EUR | 5,305,414.72 | RUB | 445,336,511.60 | 25/01/22 | 112,159.08 | Natwest Markets NV |
| EUR | 212,096,858.86 | USD | 239,426,684.45 | 25/01/22 | 1,644,754.70 | Morgan Stanley Europe SE |
| USD | 190,692,612.98 | EUR | 168,925,632.97 | 25/01/22 | (1,309,973.32) | Morgan Stanley Europe SE |
| NOK | 270,659,106.65 | EUR | 26,374,682.46 | 25/01/22 | 594,132.56 | Morgan Stanley Europe SE |
| CZK | 683,969,180.73 | EUR | 26,945,265.19 | 25/01/22 | 515,475.39 | HSBC Bank |
| CNY | 56,539,346.43 | EUR | 7,835,449.02 | 25/01/22 | (52,418.94) | BofA Securities Europe SA |
| KRW | 35,220,164,819.00 | EUR | 26,320,054.26 | 25/01/22 | (290,485.43) | BofA Securities Europe SA |
| EUR | 1,553,539.08 | RUB | 130,659,764.27 | 25/01/22 | 29,844.89 | BNP Paribas |
| EUR | 5,900,039.14 | RUB | 496,186,630.53 | 25/01/22 | 113,740.55 | BNP Paribas |
| USD | 3,532,673.68 | EUR | 3,133,000.00 | 25/01/22 | (27,839.62) | HSBC Bank |
| USD | 18,298,228.00 | EUR | 16,225,238.04 | 25/01/22 | (141,404.17) | JP Morgan AG Frankfurt |
| NOK | 134,177,393.77 | EUR | 13,209,816.86 | 25/01/22 | 159,680.12 | Natwest Markets NV |
| NOK | 149,238,187.59 | EUR | 14,688,115.63 | 25/01/22 | 182,049.31 | BNP Paribas |
| USD | 1,925,609.63 | EUR | 1,704,000.00 | 25/01/22 | (11,420.17) | Société Générale |
| USD | 6,787,466.00 | EUR | 6,001,508.45 | 25/01/22 | (35,433.18) | HSBC Bank |
| EUR | 11,504,881.84 | NOK | 117,961,566.86 | 25/01/22 | (248,949.58) | Goldman Sachs International Paris |
| USD | 3,595,000.00 | EUR | 3,180,859.98 | 25/01/22 | (20,912.74) | HSBC Bank |
| USD | 2,428,927.68 | EUR | 2,148,000.00 | 25/01/22 | (13,011.12) | Credit Agricole CIB |
| USD | 2,768,163.39 | EUR | 2,448,000.00 | 25/01/22 | (14,828.32) | Credit Agricole CIB |
| EUR | 29,478,132.67 | NOK | 300,544,036.34 | 25/01/22 | (468,301.31) | BNP Paribas |
| EUR | 15,339,842.45 | NOK | 156,658,141.02 | 25/01/22 | (269,713.12) | Citibank Dublin |
| EUR | 2,713,853.98 | USD | 3,072,594.00 | 25/01/22 | 13,091.22 | JP Morgan AG Frankfurt |
| USD | 179.98 | EUR | 159.02 | 31/01/22 | (0.84) | * CACEIS Bank, Luxembourg Branch |
| EUR | 40,138.69 | USD | 45,431.98 | 31/01/22 | 209.51 | * CACEIS Bank, Luxembourg Branch |
| EUR | 150,411.28 | USD | 170,573.16 | 31/01/22 | 498.08 | * CACEIS Bank, Luxembourg Branch |
| EUR | 14,888.60 | USD | 16,884.34 | 31/01/22 | 49.31 | * CACEIS Bank, Luxembourg Branch |
| EUR | 4,610,543.17 | USD | 5,222,229.00 | 25/01/22 | 20,283.57 | Morgan Stanley Europe SE |
| NOK | 22,696,973.60 | EUR | 2,262,000.00 | 25/01/22 | (485.15) | Barclays Bank Ireland PLC |
| GBP | 1,278,181.09 | EUR | 1,514,298.01 | 31/01/22 | 7,160.55 | * CACEIS Bank, Luxembourg Branch |
| USD | 3,608,468.82 | EUR | 3,185,273.40 | 31/01/22 | (13,859.64) | * CACEIS Bank, Luxembourg Branch |
| USD | 2,235,510.80 | EUR | 1,973,333.69 | 31/01/22 | (8,586.29) | * CACEIS Bank, Luxembourg Branch |
| USD | 37,630,619.10 | EUR | 33,217,360.57 | 31/01/22 | (144,534.05) | * CACEIS Bank, Luxembourg Branch |
| USD | 509,344.54 | EUR | 449,609.43 | 31/01/22 | (1,956.32) | * CACEIS Bank, Luxembourg Branch |
| USD | 8,509,599.52 | EUR | 7,511,607.37 | 31/01/22 | (32,684.21) | * CACEIS Bank, Luxembourg Branch |
| CHF | 99,059,134.38 | EUR | 95,377,560.54 | 31/01/22 | 240,564.64 | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,135,500.40 | EUR | 2,056,133.64 | 31/01/22 | 5,186.05 | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,104,105.38 | EUR | 2,025,905.43 | 31/01/22 | 5,109.81 | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,044,450.63 | USD | 1,184,127.00 | 25/01/22 | 3,620.65 | JP Morgan AG Frankfurt |
| USD | 1,188.87 | EUR | 1,049.50 | 31/01/22 | (4.63) | * CACEIS Bank, Luxembourg Branch |
| EUR | 818,324.24 | USD | 926,109.00 | 25/01/22 | 4,288.85 | Standard Chartered Bank |
| EUR | 4,678,844.32 | USD | 5,298,437.00 | 25/01/22 | 21,599.47 | Morgan Stanley Europe SE |
| EUR | 11,374.58 | USD | 12,859.91 | 31/01/22 | 72.29 | * CACEIS Bank, Luxembourg Branch |
| EUR | 941,887.32 | USD | 1,065,216.92 | 25/01/22 | 5,578.50 | Morgan Stanley Europe SE |
| EUR | 2,003.91 | USD | 2,275.90 | 31/01/22 | 3.67 | * CACEIS Bank, Luxembourg Branch |
| EUR | 499,772.28 | USD | 567,605.37 | 31/01/22 | 915.35 | * CACEIS Bank, Luxembourg Branch |
| EUR | 3,740.87 | USD | 4,248.61 | 31/01/22 | 6.85 | * CACEIS Bank, Luxembourg Branch |
| EUR | 11,718.19 | USD | 13,285.32 | 31/01/22 | 42.00 | * CACEIS Bank, Luxembourg Branch |
| EUR | 7,096.47 | USD | 8,045.52 | 31/01/22 | 25.43 | * CACEIS Bank, Luxembourg Branch |
| EUR | 22,452.20 | USD | 25,454.85 | 31/01/22 | 80.47 | * CACEIS Bank, Luxembourg Branch |
| RUB | 393,374,595.27 | EUR | 4,608,010.78 | 25/01/22 | (20,294.94) | BNP Paribas |
| RUB | 393,892,761.47 | EUR | 4,608,010.78 | 25/01/22 | (14,220.10) | BofA Securities Europe SA |
| RUB | 394,630,043.20 | EUR | 4,608,010.78 | 25/01/22 | (5,576.41) | BofA Securities Europe SA |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| RUB | 394,261,402.34 | EUR | 4,608,010.78 | 25/01/22 | (9,898.26) | Natwest Markets NV |
| USD | 3,052,387.00 | EUR | 2,681,816.07 | 25/01/22 | 1,190.96 | HSBC Bank |
| RUB | 725,426,328.53 | EUR | 8,472,980.74 | 25/01/22 | (12,595.34) | BNP Paribas |
|  |  |  |  |  | 835,688.85 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO Sécurité
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 76,235,630.56 | GBP | 64,795,178.19 | 25/01/22 | (902,891.91) | Morgan Stanley Europe SE |
| EUR | 60,819,429.72 | USD | 68,656,341.66 | 25/01/22 | 471,638.49 | Morgan Stanley Europe SE |
| EUR | 16,726,683.94 | CZK | 424,584,290.68 | 25/01/22 | (319,989.20) | HSBC Bank |
| EUR | 3,391,466.50 | CHF | 3,532,305.63 | 25/01/22 | (18,017.02) | Société Générale |
| GBP | 30,228,112.00 | EUR | 35,432,011.53 | 25/01/22 | 554,553.61 | Natwest Markets NV |
| GBP | 648.69 | EUR | 768.80 | 31/01/22 | 3.36 | * CACEIS Bank, Luxembourg Branch |
| USD | 2,468.95 | EUR | 2,181.65 | 31/01/22 | (11.74) | * CACEIS Bank, Luxembourg Branch |
| USD | 2,688.56 | EUR | 2,375.70 | 31/01/22 | (12.78) | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,905.98 | EUR | 1,832.88 | 31/01/22 | 6.89 | * CACEIS Bank, Luxembourg Branch |
| CHF | 686.23 | EUR | 659.91 | 31/01/22 | 2.48 | * CACEIS Bank, Luxembourg Branch |
| CHF | 637,459.95 | EUR | 612,885.69 | 31/01/22 | 2,430.86 | * CACEIS Bank, Luxembourg Branch |
| USD | 76,901.38 | EUR | 67,943.98 | 31/01/22 | (356.84) | * CACEIS Bank, Luxembourg Branch |
| CHF | 131,547.00 | EUR | 126,475.83 | 31/01/22 | 501.63 | * CACEIS Bank, Luxembourg Branch |
| GBP | 1,504.98 | EUR | 1,780.69 | 31/01/22 | 10.73 | * CACEIS Bank, Luxembourg Branch |
| USD | 4,320.45 | EUR | 3,810.24 | 31/01/22 | (13.08) | * CACEIS Bank, Luxembourg Branch |
| USD | 3,813.67 | EUR | 3,363.31 | 31/01/22 | (11.55) | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,532.45 | EUR | 1,472.69 | 31/01/22 | 6.53 | * CACEIS Bank, Luxembourg Branch |
| CHF | 4,280.84 | EUR | 4,113.90 | 31/01/22 | 18.24 | * CACEIS Bank, Luxembourg Branch |
| USD | 3,093.04 | EUR | 2,727.54 | 31/01/22 | (9.13) | * CACEIS Bank, Luxembourg Branch |
| GBP | 1,484.88 | EUR | 1,759.55 | 31/01/22 | 7.95 | * CACEIS Bank, Luxembourg Branch |
| USD | 4,212.66 | EUR | 3,718.93 | 31/01/22 | (16.50) | * CACEIS Bank, Luxembourg Branch |
| USD | 4,529.57 | EUR | 3,998.70 | 31/01/22 | (17.75) | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,076.78 | EUR | 1,037.11 | 31/01/22 | 2.27 | * CACEIS Bank, Luxembourg Branch |
| CHF | 3,386.17 | EUR | 3,261.42 | 31/01/22 | 7.12 | * CACEIS Bank, Luxembourg Branch |
| GBP | 6,205,349.74 | EUR | 7,351,656.83 | 31/01/22 | 34,763.27 | * CACEIS Bank, Luxembourg Branch |
| USD | 22,717,300.24 | EUR | 20,053,051.78 | 31/01/22 | (87,254.04) | * CACEIS Bank, Luxembourg Branch |
| USD | 27,280,082.97 | EUR | 24,080,718.69 | 31/01/22 | (104,779.06) | * CACEIS Bank, Luxembourg Branch |
| CHF | 23,810,689.47 | EUR | 22,925,755.31 | 31/01/22 | 57,824.15 | * CACEIS Bank, Luxembourg Branch |
| CHF | 9,004,197.25 | EUR | 8,669,552.52 | 31/01/22 | 21,866.65 | * CACEIS Bank, Luxembourg Branch |
| USD | 120,004.23 | EUR | 105,935.94 | 31/01/22 | (466.53) | * CACEIS Bank, Luxembourg Branch |
| CHF | 7,691.20 | EUR | 7,404.48 | 31/01/22 | 19.55 | * CACEIS Bank, Luxembourg Branch |
| EUR | 3,606.93 | GBP | 3,038.19 | 31/01/22 | (9.53) | * CACEIS Bank, Luxembourg Branch |
| EUR | 6,909.79 | USD | 7,813.66 | 31/01/22 | 42.54 | * CACEIS Bank, Luxembourg Branch |
| EUR | 5,359.91 | USD | 6,061.04 | 31/01/22 | 33.00 | * CACEIS Bank, Luxembourg Branch |
| EUR | 3,904.40 | CHF | 4,051.67 | 31/01/22 | (6.52) | * CACEIS Bank, Luxembourg Branch |
| EUR | 9,944.26 | CHF | 10,319.35 | 31/01/22 | (16.63) | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,597.77 | GBP | 1,346.11 | 31/01/22 | (4.55) | * CACEIS Bank, Luxembourg Branch |
| EUR | 4,552.34 | USD | 5,172.06 | 31/01/22 | 6.71 | * CACEIS Bank, Luxembourg Branch |
| EUR | 5,675.93 | USD | 6,448.61 | 31/01/22 | 8.37 | * CACEIS Bank, Luxembourg Branch |
| EUR | 3,007.74 | CHF | 3,118.82 | 31/01/22 | (2.74) | * CACEIS Bank, Luxembourg Branch |
| EUR | 7,810.68 | CHF | 8,099.13 | 31/01/22 | (7.11) | * CACEIS Bank, Luxembourg Branch |
| GBP | 7.71 | EUR | 9.15 | 31/01/22 | 0.03 | * CACEIS Bank, Luxembourg Branch |
| GBP | 1,617.49 | EUR | 1,926.16 | 31/01/22 | (0.81) | * CACEIS Bank, Luxembourg Branch |
| USD | 7,276.87 | EUR | 6,419.22 | 31/01/22 | (23.72) | * CACEIS Bank, Luxembourg Branch |
| USD | 8,452.84 | EUR | 7,456.59 | 31/01/22 | (27.55) | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,504.49 | EUR | 2,420.00 | 31/01/22 | (2.51) | * CACEIS Bank, Luxembourg Branch |
| CHF | 6,931.46 | EUR | 6,697.62 | 31/01/22 | (6.94) | * CACEIS Bank, Luxembourg Branch |
| GBP | 692.91 | EUR | 825.06 | 31/01/22 | (0.27) | * CACEIS Bank, Luxembourg Branch |
| USD | 6,087.92 | EUR | 5,351.39 | 31/01/22 | (0.83) | * CACEIS Bank, Luxembourg Branch |
| USD | 5,302.34 | EUR | 4,660.85 | 31/01/22 | (0.73) | * CACEIS Bank, Luxembourg Branch |
| CHF | 591.53 | EUR | 571.15 | 31/01/22 | (0.17) | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,816.18 | EUR | 1,753.61 | 31/01/22 | (0.52) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | (290,203.83) |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
FORWARD FOREIGN EXCHANGE CONTRACTS
CARMIGNAC PORTFOLIO Credit (formerly Unconstrained Credit)
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 32,431,890.57 | GBP | 27,564,512.43 | 25/01/22 | (383,602.90) | UBS Europe SE |
| EUR | 486,122,906.44 | USD | 548,815,455.40 | 25/01/22 | 3,723,159.16 | Credit Agricole CIB |
| EUR | 6,100,000.00 | USD | 6,884,083.02 | 25/01/22 | 49,005.36 | HSBC Bank |
| EUR | 6,901,182.41 | USD | 7,800,000.00 | 25/01/22 | 45,107.61 | HSBC Bank |
| CHF | 476.36 | EUR | 458.09 | 31/01/22 | 1.72 | * CACEIS Bank, Luxembourg Branch |
| CHF | 422.61 | EUR | 406.40 | 31/01/22 | 1.53 | * CACEIS Bank, Luxembourg Branch |
| CHF | 188.77 | EUR | 181.53 | 31/01/22 | 0.68 | * CACEIS Bank, Luxembourg Branch |
| CHF | 40,052.11 | EUR | 38,508.09 | 31/01/22 | 152.73 | * CACEIS Bank, Luxembourg Branch |
| CHF | 10,761.96 | EUR | 10,347.08 | 31/01/22 | 41.04 | * CACEIS Bank, Luxembourg Branch |
| EUR | 2,740.01 | CHF | 2,852.18 | 31/01/22 | (13.10) | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,214.40 | CHF | 1,264.11 | 31/01/22 | (5.80) | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,618.95 | CHF | 1,685.23 | 31/01/22 | (7.74) | * CACEIS Bank, Luxembourg Branch |
| USD | 49,980.17 | EUR | 44,074.03 | 31/01/22 | (147.42) | * CACEIS Bank, Luxembourg Branch |
| EUR | 2,142.38 | CHF | 2,226.15 | 31/01/22 | (6.43) | * CACEIS Bank, Luxembourg Branch |
| EUR | 3,610.32 | CHF | 3,751.48 | 31/01/22 | (10.85) | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,823.74 | CHF | 1,895.05 | 31/01/22 | (5.48) | * CACEIS Bank, Luxembourg Branch |
| USD | 37,605,149.93 | EUR | 33,194,878.39 | 31/01/22 | (144,436.23) | * CACEIS Bank, Luxembourg Branch |
| USD | 25,297,344.96 | EUR | 22,330,513.00 | 31/01/22 | (97,163.63) | * CACEIS Bank, Luxembourg Branch |
| CHF | 4,691,893.61 | EUR | 4,517,517.44 | 31/01/22 | 11,394.24 | * CACEIS Bank, Luxembourg Branch |
| CHF | 5,022,610.09 | EUR | 4,835,942.70 | 31/01/22 | 12,197.39 | * CACEIS Bank, Luxembourg Branch |
| CHF | 8,363,932.57 | EUR | 8,053,083.55 | 31/01/22 | 20,311.77 | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,140.48 | EUR | 1,099.85 | 31/01/22 | 1.01 | * CACEIS Bank, Luxembourg Branch |
| CHF | 917.13 | EUR | 884.46 | 31/01/22 | 0.81 | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,128.57 | EUR | 2,052.74 | 31/01/22 | 1.89 | * CACEIS Bank, Luxembourg Branch |
| USD | 801,700.02 | EUR | 709,148.99 | 31/01/22 | (4,550.28) | * CACEIS Bank, Luxembourg Branch |
| CHF | 120.38 | EUR | 116.16 | 31/01/22 | 0.04 | * CACEIS Bank, Luxembourg Branch |
| CHF | 138.78 | EUR | 133.92 | 31/01/22 | 0.04 | * CACEIS Bank, Luxembourg Branch |
| CHF | 297.30 | EUR | 286.89 | 31/01/22 | 0.08 | * CACEIS Bank, Luxembourg Branch |
| USD | 129,308.61 | EUR | 113,860.28 | 31/01/22 | (213.43) | * CACEIS Bank, Luxembourg Branch |
| EUR | 259.48 | CHF | 268.69 | 31/01/22 | 0.12 | * CACEIS Bank, Luxembourg Branch |
| EUR | 1,326.99 | CHF | 1,374.10 | 31/01/22 | 0.62 | * CACEIS Bank, Luxembourg Branch |
| EUR | 789.87 | CHF | 817.91 | 31/01/22 | 0.38 | * CACEIS Bank, Luxembourg Branch |
| USD | 49,993.33 | EUR | 44,097.88 | 31/01/22 | (159.70) | * CACEIS Bank, Luxembourg Branch |
| CHF | 1,757.36 | EUR | 1,696.81 | 31/01/22 | (0.50) | * CACEIS Bank, Luxembourg Branch |
| CHF | 3,220.01 | EUR | 3,109.07 | 31/01/22 | (0.91) | * CACEIS Bank, Luxembourg Branch |
| CHF | 2,224.76 | EUR | 2,148.11 | 31/01/22 | (0.63) | * CACEIS Bank, Luxembourg Branch |
| USD | 1,001,111.00 | EUR | 879,572.47 | 25/01/22 | 390.61 | HSBC Bank |
|  |  |  |  |  | 3,231,443.80 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
CARMIGNAC PORTFOLIO EM Debt (formerly Unconstrained EM Debt)
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| RUB | 716,848,857.21 | USD | 9,628,389.34 | 25/01/22 | (103,341.23) | JP Morgan AG Frankfurt |
| CZK | 529,030,085.79 | EUR | 20,864,337.29 | 25/01/22 | 375,685.70 | HSBC Bank |
| RUB | 771,349,084.43 | EUR | 9,177,687.40 | 25/01/22 | (182,601.88) | JP Morgan AG Frankfurt |
| EUR | 18,106,603.37 | USD | 20,439,161.20 | 25/01/22 | 140,918.21 | Morgan Stanley Europe SE |
| USD | 6,150,771.62 | PHP | 309,931,231.04 | 25/01/22 | 69,053.32 | HSBC Bank |
| KRW | 15,818,616,975.00 | EUR | 11,802,383.79 | 25/01/22 | (111,570.22) | HSBC Bank |
| HUF | 1,421,052,216.00 | EUR | 3,833,657.06 | 25/01/22 | 12,774.36 | JP Morgan AG Frankfurt |
| KRW | 17,906,609,365.00 | USD | 15,080,773.94 | 25/01/22 | (21,746.37) | JP Morgan AG Frankfurt |
| CNY | 77,447,998.18 | EUR | 10,739,788.09 | 25/01/22 | (78,553.59) | Société Générale |
| KZT | 2,436,142,666.20 | USD | 5,482,486.03 | 25/01/22 | 79,318.19 | JP Morgan AG Frankfurt |
| IDR | 128,672,046,963.00 | EUR | 7,924,521.90 | 25/01/22 | (1,127.78) | BofA Securities Europe SA |
| KZT | 1,935,447,126.46 | EUR | 3,861,626.35 | 25/01/22 | 29,776.04 | JP Morgan AG Frankfurt |
| BRL | 56,566,272.80 | USD | 9,825,929.20 | 25/01/22 | 246,886.25 | BofA Securities Europe SA |
| BRL | 83,544,562.69 | EUR | 12,880,157.05 | 25/01/22 | 239,854.35 | Morgan Stanley Europe SE |
| CLP | 2,439,653,116.00 | EUR | 2,541,401.16 | 25/01/22 | (31,493.43) | BofA Securities Europe SA |
| UAH | 78,469,142.14 | EUR | 2,551,012.42 | 25/01/22 | (43,995.71) | Morgan Stanley Europe SE |
| USD | 2,063,989.66 | EUR | 1,821,928.27 | 31/01/22 | (7,927.50) | * CACEIS Bank, Luxembourg Branch |
| PHP | 316,908,612.92 | USD | 6,180,688.32 | 25/01/22 | 24,937.97 | Morgan Stanley Europe SE |
| USD | 30,642.00 | EUR | 27,028.55 | 31/01/22 | (97.89) | * CACEIS Bank, Luxembourg Branch |
|  |  |  |  |  | 636,748.79 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
FORWARD FOREIGN EXCHANGE CONTRACTS
CARMIGNAC PORTFOLIO China New Economy (launched on 31/03/21)
| purchased | purchased | sold | sold | date | (in EUR) | Counterparty |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 7,977,258.60 | USD | 9,005,374.07 | 25/01/22 | 61,683.35 | HSBC Bank |
| USD | 1,077,161.85 | EUR | 948,376.33 | 25/01/22 | (1,566.41) | BofA Securities Europe SA |
| EUR | 713,000.00 | USD | 807,207.69 | 25/01/22 | 3,476.90 | HSBC Bank |
| USD | 844,305.87 | EUR | 745,273.42 | 25/01/22 | (3,141.38) | BofA Securities Europe SA |
|  |  |  |  |  | 60,452.46 |  |

Currency
Quantity Currency
Quantity
Maturity
Unrealised
As at 31/12/21, the following future contracts were outstanding :
CARMIGNAC PORTFOLIO Green Gold
Quantity (purchase/(sale)) Denomination
Futures on index
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
| 595 DJ.STOXX600.OIL(EUX) 03/22 | EUR | 8,169,350.00 | 84,790.47 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| 1,957 EURO STOX BANK IDX 03/22 | EUR | 9,828,054.00 | 406,077.50 | Morgan Stanley Bank |
| 318 MSCI CHINA INDEX 03/22 | USD | 12,980,619.06 | (261,431.59) | Morgan Stanley Bank |
| 23 NASDAQ 100 E-MINI 03/22 | USD | 6,601,509.67 | (4,435.69) | Morgan Stanley Bank |
|  |  |  | 225,000.69 |  |

CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
Commitment
| Quantity |  | (in EUR) | Unrealised |  |
| --- | --- | --- | --- | --- |
| (purchase/(sale)) Denomination | Currency | (in absolute value) | (in EUR) | Broker |

Futures on interest rates
272
Futures on bonds
3M BANK ACCEPT-BAX- 12/22
CAD	473,372.78
(28,106.51)
(28,106.51)
Morgan Stanley Bank
| (651) CAN 10YR BOND (MSE) 03/22 | CAD | 44,971,116.25 | (153,786.36) | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| 151 EURO BTP FUTURE -EUX 03/22 | EUR | 15,884,596.00 | (79,395.80) | Morgan Stanley Bank |
| (85) EURO BUXL FUTURE 03/22 | EUR | 13,553,547.50 | 803,540.70 | Morgan Stanley Bank |
| (152) LONG GILT FUTURE-LIF 03/22 | GBP | 24,068,265.84 | 351,302.64 | Morgan Stanley Bank |
| 19 US ULTRA BD CBT 30YR 03/22 | USD | 2,029,724.87 | 3,743.57 | Morgan Stanley Bank |
| 435 US 10YR ULTRA (CBOT) 03/22 | USD | 37,415,087.50 | (219,410.61) | Morgan Stanley Bank |
| 331 US 5 YEARS NOTE-CBT 03/22 | USD | 28,522,172.20 | (32,726.21) | Morgan Stanley Bank |
|  |  |  | 673,267.93 |  |

Futures on currency
| 180 EUR/GBP (CME) 03/22 | GBP | 26,798,475.46 | (397,183.18) | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| 297 EUR/JPY (CME) 03/22 | JPY | 283,495.95 | 837,050.34 | Morgan Stanley Bank |
| 119 EUR/SEK-CME 03/22 | SEK | 1,444,735.82 | (7,657.10) | Morgan Stanley Bank |
| 177 EUR/SWISS FRANC(CME) 03/22 | CHF | 21,353,085.94 | (98,224.20) | Morgan Stanley Bank |
| 331 EUR/USD (CME) 03/22 | USD | 36,383,221.95 | 211,050.17 | Morgan Stanley Bank |
| (3) USD/CAD (CME) 03/22 | USD | 263,805.84 | (2,707.44) | Morgan Stanley Bank |
| 202 USD/GBP (CME) 03/22 | USD | 15,036,922.34 | 291,278.69 | Morgan Stanley Bank |
| (342) USD/MXN (CME) 03/22 | USD | 7,347,633.29 | (203,148.96) | Morgan Stanley Bank |

630,458.32
CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
Commitment
| Quantity (purchase/(sale)) Denomination | Currency | (in EUR) (in absolute value) | Unrealised (in EUR) | Broker |
| --- | --- | --- | --- | --- |
| Futures on interest rates |  |  |  |  |
| 1,900 | 3M BANK ACCEPT-BAX- 12/22 | CAD | 3,306,648.10 | (657,030.98) | Morgan Stanley Bank |
| Futures on bonds |  |  |  | (657,030.98) |  |
| (38) | EURO BTP FUTURE -EUX 03/22 | EUR | 3,997,448.00 | 100,054.00 | Morgan Stanley Bank |
| (1,175) | EURO BUND FUTURE 03/22 | EUR | 119,871,150.00 | 3,795,250.00 | Morgan Stanley Bank |
| (80) | EURO BUXL FUTURE 03/22 | EUR | 12,756,280.00 | 908,800.00 | Morgan Stanley Bank |
| (539) | EURO-OAT-FUTURES-EUX 03/22 | EUR | 60,821,568.50 | 1,773,310.00 | Morgan Stanley Bank |
| 421 | US ULTRA BD CBT 30YR 03/22 | USD | 44,974,430.07 | (620,870.34) | Morgan Stanley Bank |
| (930) | US 10 YEARS NOTE 03/22 | USD | 90,935,315.77 | 392,136.39 | Morgan Stanley Bank |
| (776) | US 10YR ULTRA (CBOT) 03/22 | USD | 66,745,075.62 | (1,929,849.63) | Morgan Stanley Bank |
| (1,763) | US 2 YEARS NOTE- CBT 03/22 | USD | 321,656,757.90 | 158,905.65 | Morgan Stanley Bank |
| (1,100) | US 5 YEARS NOTE-CBT 03/22 | USD | 94,786,674.99 | 778,364.62 | Morgan Stanley Bank |
|  |  |  |  | 5,356,100.69 |  |

CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
Commitment
| Quantity |  | (in EUR) | Unrealised |  |
| --- | --- | --- | --- | --- |
| (purchase/(sale)) Denomination | Currency | (in absolute value) | (in EUR) | Broker |

Futures on currency
169
EUR/USD (CME) 03/22
USD	18,576,327.82
197,837.89
197,837.89
Morgan Stanley Bank
CARMIGNAC PORTFOLIO Emerging Patrimoine
Quantity (purchase/(sale)) Denomination
Futures on bonds
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
| (131) | EURO BTP FUTURE -EUX 03/22 | EUR | 13,780,676.00 | 461,120.00 | Société Générale, Paris |
| --- | --- | --- | --- | --- | --- |
| (180) | EURO BUXL FUTURE 03/22 | EUR | 28,701,630.00 | 2,044,800.00 | Société Générale, Paris |
| 51 | US ULTRA BD CBT 30YR 03/22 | USD | 5,448,208.87 | (40,244.13) | Société Générale, Paris |
| (284) | US 3YR NOTE CBT 03/22 | USD | 51,845,624.00 | (58,848.49) | Société Générale, Paris |
| index |  |  |  | 2,406,827.38 |  |

Futures on
| 810 | H-SHARES IDX (HKG) 01/22 | HKD | 37,623,963.03 | 154,608.91 | Société Générale, Paris |
| --- | --- | --- | --- | --- | --- |
| 456 | MSCI CHINA INDEX 03/22 | USD | 18,613,717.90 | (431,337.35) | Société Générale, Paris |
| (91) | NASDAQ 100 E-MINI 03/22 | USD | 26,119,016.53 | (949,268.91) | Société Générale, Paris |
| (1,481) | SGX CNX NIFTY INDEX 01/22 | USD | 45,201,104.56 | (618,718.35) | Société Générale, Paris |
|  |  |  |  | (1,844,715.70) |  |

Other futures
41,332,000,000
BDF COLOMBI CHASDEFX 01/22
COP	7,334,673.33
48,624.93
48,624.93
BNP Paribas, Luxembourg
CARMIGNAC PORTFOLIO Long-Short European Equities
Quantity
Commitment
(in EUR)
Unrealised
(purchase/(sale)) Denomination Futures on bonds
Currency
(in absolute value)
(in EUR)
Broker
| (194) EURO BUXL FUTURE 03/22 | EUR | 30,933,979.00 | 2,005,906.50 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| (57) US TREASURY BOND 03/22 | USD | 7,299,177.81 | (121,281.99) | Morgan Stanley Bank |
|  |  |  | 1,884,624.51 |  |

Futures on index
| (169) | DJ EURO STOXX 50 03/22 | EUR | 7,264,312.90 | (409,110.40) | Morgan Stanley Bank |
| --- | --- | --- | --- | --- | --- |
| (563) | DJ EURO STOXX 600 03/22 | EUR | 22,666,380.00 | (653,625.06) | Morgan Stanley Bank |
| (119) | NASDAQ 100 E-MINI 03/22 | USD | 34,155,637.00 | (756,852.61) | Morgan Stanley Bank |
| (80) | S&P 500 EMINI INDEX 03/22 | USD | 16,764,614.84 | (207,149.14) | Morgan Stanley Bank |
| (732) | STOXX EUR 600 03/22 | EUR | 17,853,480.00 | (540,789.00) | Morgan Stanley Bank |
|  |  |  |  | (2,567,526.21) |  |

CARMIGNAC PORTFOLIO Investissement
Quantity (purchase/(sale)) Denomination
Futures on index
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
679
EURO STOX BANK IDX 03/22
EUR	3,409,938.00
140,892.50
140,892.50
Société Générale, Paris
CARMIGNAC PORTFOLIO Patrimoine
Quantity (purchase/(sale)) Denomination
Futures on interest rates
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
| (523) | 3MO EURO EURIBOR 12/23 | EUR | 523,000,000.00 | 170,713.00 | Société Générale, Paris |
| --- | --- | --- | --- | --- | --- |
| bonds |  |  |  | 170,713.00 |  |

| (123) | EURO BTP FUTURE -EUX 03/22 | EUR | 12,939,108.00 | 432,960.00 | Société Générale, Paris |
| --- | --- | --- | --- | --- | --- |
| (212) | EURO BUXL FUTURE 03/22 | EUR | 33,804,142.00 | 2,408,320.00 | Société Générale, Paris |
| (164) | US 10 YEARS NOTE 03/22 | USD | 16,035,905.15 | (29,338.51) | Société Générale, Paris |
| (146) | US 10YR ULTRA (CBOT) 03/22 | USD | 12,557,707.53 | (51,233.85) | Société Générale, Paris |
| (2,674) | US 5 YEARS NOTE-CBT 03/22 | USD | 230,417,789.93 | (559,268.38) | Société Générale, Paris |
| index |  |  |  | 2,201,439.26 |  |

Futures on
Futures on
| 466 | EM RUSS 2000 03/22 | USD | 46,004,038.78 | (221,784.37) | Société Générale, Paris |
| --- | --- | --- | --- | --- | --- |
| 3,946 | EURO STOX BANK IDX 03/22 | EUR | 19,816,812.00 | 818,795.00 | Société Générale, Paris |
| 39 | S&P 500 EMINI INDEX 03/22 | USD | 8,172,749.74 | 266,268.06 | Société Générale, Paris |
|  |  |  |  | 863,278.69 |  |

CARMIGNAC PORTFOLIO Sécurité
Quantity (purchase/(sale)) Denomination
Futures on bonds
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
| (431) EURO BOBL FUTURE 03/22 | EUR | 44,059,406.00 | 433,672.20 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| (909) EURO BTP FUTURE -EUX 03/22 | EUR | 95,623,164.00 | 1,586,679.40 | Morgan Stanley Bank |
| (120) EURO BUXL FUTURE 03/22 | EUR | 19,134,420.00 | 766,069.20 | Morgan Stanley Bank |
| (1,153) EURO-OAT-FUTURES-EUX 03/22 | EUR | 130,106,249.50 | 3,767,297.70 | Morgan Stanley Bank |
| (907) US 3YR NOTE CBT 03/22 | USD | 165,577,397.76 | 8,474.22 | Morgan Stanley Bank |
| 67 US 5 YEARS NOTE-CBT 03/22 | USD | 5,773,370.20 | 37,872.35 | Morgan Stanley Bank |
|  |  |  | 6,600,065.07 |  |

CARMIGNAC PORTFOLIO Credit (formerly Unconstrained Credit)
Quantity
Commitment
(in EUR)
Unrealised
| (125) US ULTRA BD CBT 30YR 03/22 | USD | 32,169,590.20 | (577,934.01) | Morgan Stanley Bank |
| --- | --- | --- | --- | --- |
| (329) US 10 YEARS NOTE 03/22 | USD | 13,353,453.11 | (483,685.26) | Morgan Stanley Bank |
|  |  |  | (1,061,619.27) |  |

(purchase/(sale)) Denomination Futures on bonds
Currency
(in absolute value)
(in EUR)
Broker
CARMIGNAC PORTFOLIO EM Debt (formerly Unconstrained EM Debt)
Commitment
| Quantity (purchase/(sale)) | Denomination | Currency | (in EUR) (in absolute value) | Unrealised (in EUR) | Broker |
| --- | --- | --- | --- | --- | --- |
| Futures on bonds |  |  |  |  |  |
| (60) | EURO BTP FUTURE -EUX 03/22 | EUR | 6,311,760.00 | 211,200.00 | Société Générale, Paris |
| (88) | EURO BUXL FUTURE 03/22 | EUR | 14,031,908.00 | 999,680.00 | Société Générale, Paris |
| 25 | US ULTRA BD CBT 30YR 03/22 | USD | 2,670,690.62 | (20,149.54) | Société Générale, Paris |
| (141) | US 3YR NOTE CBT 03/22 | USD | 25,740,256.98 | (28,677.35) | Société Générale, Paris |
| Other futures |  |  |  | 1,162,053.11 |  |

20,041,000,000
BDF COLOMBI CHASDEFX 01/22
COP	3,556,425.73
23,577.19
23,577.19
BNP Paribas, Luxembourg
CARMIGNAC PORTFOLIO Patrimoine Europe
Quantity (purchase/(sale)) Denomination
Futures on interest rates
Currency
Commitment
(in EUR)
(in absolute value)
Unrealised (in EUR)
Broker
| (448) | 3MO EURO EURIBOR 12/23 | EUR | 448,000,000.00 | 150,564.25 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | 150,564.25 |  |

Futures on bonds
| (48) | EURO BTP FUTURE -EUX 03/22 | EUR | 5,049,408.00 | 168,950.40 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- | --- |
| (100) | EURO BUND FUTURE 03/22 | EUR | 10,201,800.00 | 43,000.00 | Morgan Stanley Bank |
| (87) | EURO BUXL FUTURE 03/22 | EUR | 13,872,454.50 | 988,320.00 | Morgan Stanley Bank |
| (561) | US 5 YEARS NOTE-CBT 03/22 | USD | 48,341,204.25 | (34,844.35) | Morgan Stanley Bank |
|  |  |  |  | 1,165,426.05 |  |

Futures on index
| 900 | DJ EURO STOXX 50 03/22 | EUR | 38,685,690.00 | 938,250.00 | Morgan Stanley Bank |
| --- | --- | --- | --- | --- | --- |
| 5,006 | EURO STOX BANK IDX 03/22 | EUR | 25,140,132.00 | 1,038,745.00 | Morgan Stanley Bank |
|  |  |  |  | 1,976,995.00 |  |

CARMIGNAC PORTFOLIO China New Economy (launched on 31/03/21)
Quantity
Commitment
(in EUR)
Unrealised
(purchase/(sale)) Denomination Futures on index
Currency
(in absolute value)
(in EUR)
Broker
(189)
FTSE/XINHUA CHIN-SGX 01/22
USD	2,608,972.82
25,592.09
25,592.09
Société Générale, Paris

###### SWAPS
Interests Rate Swaps
The SICAV has entered into swap agreements whereby it exchanges fixed income (product of the notional amount and the fixed rate) for variable income (product of the notional amount and the variable rate) and vice versa. These amounts are calculated and recorded each time the Net Asset Value is calculated.
CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| BNP-PARIBAS SA PARIS | 1,630,000,000 | CNY | 15/06/24 | CNY SWAP HKSH 7D DEPO | 2.78% | 2,321,437.77 |
| JP MORGAN AG FRANKFURT | 2,925,000,000 | RUB | 26/10/24 | RUB MOSPRIME 3 MONTHS | 9.09% | (241,968.00) |
| NEWEDGE PARIS | 39,000,000,000 | KRW | 04/11/24 | KRW CERTIF DEPOSIT 3 MONTHS | 2.08% | 217,312.25 |
| GOLDMAN SACHS INTL SUCC PARIS | 1,330,265,000 | RUB | 12/11/24 | RUB MOSPRIME 3 MONTHS | 8.65% | (264,993.59) |
| NEWEDGE PARIS | 100,000,000 | CNY | 28/09/26 | 2.48% | CNY SWAP HKSH 7D DEPO | (73,613.57) |
| NEWEDGE PARIS | 50,254,000 | NZD | 17/11/23 | NZD BBR 3 MONTHS | 2.29% | 92,915.07 |
| NEWEDGE PARIS | 50,254,000 | NZD | 17/11/23 | NZD BBR 3 MONTHS | 2.29% | 95,695.81 |
| NEWEDGE PARIS | 18,850,000 | USD | 20/12/32 | 1.67% | USD LIBOR 3 MONTHS | 81,588.27 |
| NEWEDGE PARIS | 87,000,000 | USD | 20/12/24 | USD LIBOR 3 MONTHS | 1.44% | (46,690.84) |
| NEWEDGE PARIS | 18,850,000 | USD | 20/12/32 | 1.64% | USD LIBOR 3 MONTHS | 130,036.23 |
| NEWEDGE PARIS | 87,000,000 | USD | 20/12/24 | USD LIBOR 3 MONTHS | 1.42% | (81,259.44) |
| NEWEDGE PARIS | 165,000,000 | CNY | 29/09/26 | 2.51% | CNY SWAP HKSH 7D DEPO | (148,519.65) |
|  | Total: | 2,081,940.31 |

CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| GOLDMAN SACHS INTL SUCC PARIS | 28,000,000,000 | CLP | 12/05/31 | CLP OIS ON COMPOUND AV | 4.71% | (728,461.72) |
| NEWEDGE PARIS | 25,000,000,000 | CLP | 27/05/31 | CLP OIS ON COMPOUND AV | 4.96% | (428,275.40) |


###### SWAPS
CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income) (continued)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 275,000,000,000 | KRW | 28/06/23 | KRW CERTIF DEPOSIT 3 MONTHS | 1.26% | (1,216,295.49) |
| NEWEDGE PARIS | 450,000,000 | AUD | 15/07/25 | AUD BANK BILL 6 MONTHS | 1.16% | (2,799,223.80) |
| NEWEDGE PARIS | 85,000,000 | USD | 04/08/28 | 0.81% | USD OIS | 1,844,877.17 |
| NEWEDGE PARIS | 28,000,000,000 | CLP | 16/09/31 | CLP OIS ON COMPOUND AV | 5.58% | 130,799.61 |
| NEWEDGE PARIS | 3,500,000,000 | GBP | 21/05/23 | GBP OVERNIGHT COMPOUNDED RATE | 1.13% | (271,779.64) |
| NEWEDGE PARIS | 3,500,000,000 | GBP | 26/05/23 | GBP OVERNIGHT COMPOUNDED RATE | 1.10% | (381,096.62) |
| NEWEDGE PARIS | 140,000,000 | NZD | 29/10/23 | NZD BBR 3 MONTHS | 2.16% | 99,016.39 |
| NEWEDGE PARIS | 150,000,000 | NZD | 06/11/23 | NZD BBR 3 MONTHS | 2.23% | 199,506.78 |
| GOLDMAN SACHS INTL SUCC PARIS | 3,600,000,000 | RUB | 11/05/27 | RUB BANK OF RUSSIA KEY RATE 1W | 8.21% | (165,088.20) |
| NEWEDGE PARIS | 120,000,000 | AUD | 22/11/24 | AUD BANK BILL 3 MONTHS | 2.12% | 96,239.69 |
| NEWEDGE PARIS | 240,000,000 | CAD | 06/12/22 | CAD CDOR 3 MONTHS | 1.02% | 188,365.14 |
| NEWEDGE PARIS | 2,800,000,000 | NOK | 18/12/23 | 1.71% | NOK OIBOR 6 MONTHS | 407,182.75 |
|  | Total: | (3,024,233.34) |

CARMIGNAC PORTFOLIO Emerging Patrimoine
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| GOLDMAN SACHS INTERN. | 2,042,500,000 | RUB | 17/06/24 | RUB MOSPRIME 3 MONTHS | 7.57% | (1,001,994.06) |
| NEWEDGE PARIS | 11,250,000,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 4.96% | (190,968.73) |
| NEWEDGE PARIS | 237,430,000,000 | KRW | 18/06/23 | KRW CERTIF DEPOSIT 3 MONTHS | 1.24% | (1,075,739.75) |
| NEWEDGE PARIS | 248,100,000,000 | KRW | 23/06/23 | KRW CERTIF DEPOSIT 3 MONTHS | 1.23% | (1,179,944.72) |


###### SWAPS
CARMIGNAC PORTFOLIO Emerging Patrimoine (continued)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 12,000,000,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 4.90% | (229,301.70) |
| NEWEDGE PARIS | 13,300,000,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 5.35% | (42,510.71) |
| GOLDMAN SACHS INTL SUCC PARIS | 1,733,000,000 | RUB | 15/12/26 | RUB BANK OF RUSSIA KEY RATE 1W | 7.01% | (1,117,129.03) |
| BARCLAYS BANK IRELAND PLC.. | 1,140,000,000 | RUB | 15/12/26 | RUB BANK OF RUSSIA KEY RATE 1W | 6.98% | (749,930.60) |
| GOLDMAN SACHS INTL SUCC PARIS | 1,421,000,000 | RUB | 16/03/27 | RUB BANK OF RUSSIA KEY RATE 1W | 8.27% | (67,195.68) |
|  |  |  |  |  | INR OIS |  |
| NEWEDGE PARIS | 5,120,000,000 | INR | 16/03/27 | 5.67% | OVERNIGHT | (482,027.66) |
|  |  |  |  |  | COMPOUNDED |  |
|  | Total: | (6,136,742.64) |

CARMIGNAC PORTFOLIO Sécurité
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 4,392,400,000 | CLP | 30/09/31 | CLP OIS ON COMPOUND AV | 5.30% | (22,454.92) |
| NEWEDGE PARIS | 8,534,600,000 | CLP | 30/09/31 | CLP OIS ON COMPOUND AV | 5.36% | (25,333.45) |
| NEWEDGE PARIS | 5,560,000,000 | CLP | 30/09/31 | CLP OIS ON COMPOUND AV | 5.32% | (24,515.74) |
| NEWEDGE PARIS | 5,560,000,000 | CLP | 30/09/31 | CLP OIS ON COMPOUND AV | 5.34% | (20,607.51) |
| NEWEDGE PARIS | 21,961,000 | NZD | 01/11/23 | NZD BBR 3 MONTHS | 2.35% | 59,848.26 |
| NEWEDGE PARIS | 43,921,000 | NZD | 01/11/23 | NZD BBR 3 MONTHS | 2.33% | 111,856.35 |
| NEWEDGE PARIS | 21,960,000 | NZD | 01/11/23 | NZD BBR 3 MONTHS | 2.35% | 59,489.31 |
| NEWEDGE PARIS | 44,563,000 | NZD | 29/10/23 | NZD BBR 3 MONTHS | 2.14% | 23,108.33 |
| NEWEDGE PARIS | 37,971,000 | EUR | 08/12/33 | 0.20% | EUR EURIBOR 6 MONTHS | 868,280.27 |
| NEWEDGE PARIS | 11,392,000 | EUR | 08/12/33 | 0.20% | EUR EURIBOR 6 MONTHS | 260,500.09 |


###### SWAPS
CARMIGNAC PORTFOLIO Sécurité (continued)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 7,594,000 | EUR | 08/12/33 | 0.18% | EUR EURIBOR 6 MONTHS | 193,493.78 |
| NEWEDGE PARIS | 15,225,000 | EUR | 13/12/33 | 0.21% | EUR EURIBOR 6 MONTHS | 335,133.99 |
| NEWEDGE PARIS | 186,094,000 | GBP | 21/10/23 | GBP OVERNIGHT COMPOUNDED RATE | 1.09% | (4,287.71) |
| NEWEDGE PARIS | 66,873,000 | USD | 30/12/32 | 1.68% | USD LIBOR 3 MONTHS | 246,295.59 |
| NEWEDGE PARIS | 309,595,000 | USD | 30/12/24 | USD LIBOR 3 MONTHS | 1.49% | 37,667.30 |
|  | Total: | 2,098,473.94 |

CARMIGNAC PORTFOLIO EM Debt (formerly Unconstrained EM Debt)
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 2,812,500,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 4.96% | (47,742.19) |
| NEWEDGE PARIS | 87,500,000,000 | KRW | 23/06/23 | KRW CERTIF DEPOSIT 3 MONTHS | 1.23% | (416,143.34) |
| NEWEDGE PARIS | 3,000,000,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 4.90% | (57,325.42) |
| NEWEDGE PARIS | 17,400,000,000 | KRW | 21/07/25 | KRW CERTIF DEPOSIT 3 MONTHS | 1.56% | (96,426.47) |
| NEWEDGE PARIS | 5,868,000,000 | CLP | 17/06/23 | CLP OIS ON COMPOUND AV | 5.35% | (18,755.85) |
| GOLDMAN SACHS INTL SUCC PARIS | 811,000,000 | RUB | 15/12/26 | RUB BANK OF RUSSIA KEY RATE 1W | 7.01% | (522,788.03) |
| BARCLAYS BANK IRELAND PLC. | 540,000,000 | RUB | 15/12/26 | RUB BANK OF RUSSIA KEY RATE 1W | 6.98% | (355,230.29) |
| GOLDMAN SACHS INTL SUCC PARIS | 687,500,000 | RUB | 16/03/27 | RUB BANK OF RUSSIA KEY RATE 1W | 8.27% | (32,510.22) |
|  |  |  |  |  | INR OIS |  |
| NEWEDGE PARIS | 2,470,000,000 | INR | 16/03/27 | 5.67% | OVERNIGHT | (232,540.69) |
|  |  |  |  |  | COMPOUNDED |  |
|  | Total: | (1,779,462.50) |


###### SWAPS
Inflation Swaps
An inflation swap is a contract used to transfer inflation risk from one party to another through an exchange of fixed cash flows. In an inflation swap, one party paid a fixed rate cash flow on a notional principal amount while the other party paid a floating rate linked to an inflation index, such as the Consumer Price Index (CPI).
CARMIGNAC PORTFOLIO Sécurité
| Counterparty | Nominal | Currency | Maturity | Sub-fund paid | Sub-fund received | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 9,113,000 | EUR | 15/12/33 | CPTFEMU EURO EX TOBACCO | 1.93% | (187,406.23) |
| NEWEDGE PARIS | 6,076,000 | EUR | 15/12/33 | CPTFEMU EURO EX TOBACCO | 1.94% | (116,186.66) |
| NEWEDGE PARIS | 12,151,000 | EUR | 15/12/33 | CPTFEMU EURO EX TOBACCO | 1.94% | (227,969.33) |
|  | Total: | (531,562.22) |

Credit Default Swap (CDS)
A Credit Default Swap (CDS) is a bilateral financial contract under which a counterparty (the protection buyer) paid a periodic commission in exchange for compensation by the protection seller in the event of the occurrence of a credit event affecting the reference issuer.
The protection buyer acquires the right either to sell at par a particular bond or other bonds of the reference issuer or to receive the difference between the par value and the market price of such reference bond or bonds (or any other previously defined reference value or exercise price) upon the occurrence of a credit event.
CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 77,300,000 21,300,000 43,500,000 21,750,000 43,500,000 450,000 | EUR USD USD USD USD USD | 20/12/26 20/12/26 20/12/26 20/12/26 20/12/26 20/12/26 | BUY BUY BUY SELL SELL BUY | ITRAXX XOVER S36 V1 MKT | (9,124,113.26) 3,553,695.91 442,328.41 (3,628,774.00) (442,328.41) 75,078.08 |
| BOFA SECURITIES | REP TURKEY USD |
| EUROPE SA FIC | SN CR M |
| JP MORGAN AG | RUSSIAN FEDN USD |
| FRANKFURT | CR SN M |
| JP MORGAN AG | REP TURKEY USD |
| FRANKFURT | SN CR M |
| BOFA SECURITIES | RUSSIAN FEDN USD |
| EUROPE SA FIC | CR SN M |
| BARCLAYS BANK | REP TURKEY USD |
| IRELAND PLC.. | SN CR M |
|  | Total: | (9,124,113.27) |

SWAPS
CARMIGNAC PORTFOLIO Flexible Bond (formerly Unconstrained Euro Fixed Income)
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| JP MORGAN AG FRANKFURT | 5,000,000 | EUR | 20/12/24 | SELL | TKOFP SENIOR TIKEHAU EUR MM SN | (95,000.22) |
|  | Total: | (95,000.22) |

CARMIGNAC PORTFOLIO Emerging Patrimoine
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 50,000,000 | EUR | 20/12/26 | BUY | ITRAXX XOVER S36 V1 MKT SULTANATE OMAN USD CR SNR KDOM SAUDI ARABI USD SN CR M KDOM SAUDI ARABI USD SN CR M RUSSIAN FEDN USD CR SN M REP SOUTH AFRICA USD SN CR M | (5,901,755.02) |
| JP MORGAN AG |  |  |  |  |  |
| FRANKFURT | 14,700,000 | USD | 20/12/26 | BUY | 905,192.50 |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 40,000,000 | USD | 20/12/26 | BUY | (827,910.92) |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 24,742,000 | USD | 20/12/26 | BUY | (512,104.34) |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 50,000,000 | USD | 20/12/26 | BUY | 508,423.41 |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 40,000,000 | USD | 20/12/26 | BUY | 1,668,470.99 |
|  | Total: | (4,159,683.38) |

CARMIGNAC PORTFOLIO Patrimoine
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| BARCLAYS BANK IRELAND PLC.. | 7,000,000 | USD | 20/12/26 | BUY | PEOPLES REP CHIN USD SN CR M | (175,606.29) |
|  | Total: | (175,606.29) |

SWAPS
CARMIGNAC PORTFOLIO Sécurité
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 75,628,000 | EUR | 20/12/26 | BUY | ITRAXX XOVER S36 V1 MKT | (8,926,758.57) |
| JP MORGAN AG FRANKFURT | 825,000 | EUR | 20/06/25 | SELL | EASYJET PLC EUR MM SN | (24,080.47) |
| CITIGROUP GLOBAL MARKETS LTD LDN | 3,300,000 | EUR | 20/06/25 | SELL | EASYJET PLC EUR MM SN | (96,321.87) |
| NEWEDGE PARIS | 6,893,000 | EUR | 20/06/22 | SELL | ASS GENERALI SPA EUR SN MM M | 24,549.64 |
| CITIGROUP GLOBAL MARKETS EUROPE | 6,893,000 | EUR | 20/06/22 | SELL | COMMERZBANK AG EUR SN MM M | 27,286.10 |
| CITIGROUP GLOBAL MARKETS EUROPE | 6,893,000 | EUR | 20/06/22 | SELL | BARCLAYS BK PLC EUR MM SN | 25,949.84 |
| CITIGROUP GLOBAL MARKETS EUROPE | 90,000,000 | EUR | 20/12/22 | SELL | BARCLAYS BK PLC EUR MM SN | 660,020.44 |
| CITIGROUP GLOBAL MARKETS EUROPE | 30,500,000 | EUR | 20/12/22 | SELL | BARCLAYS BK PLC EUR MM SN | 223,673.58 |
|  | Total: | (8,085,681.31) |

CARMIGNAC PORTFOLIO Credit (formerly Unconstrained Credit)
| Counterparty | Nominal | Currency | Maturity | Buy - Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| BOFA SECURITIES EUROPE SA FIC | 13,000,000 7,000,000 7,000,000 1,000,000 5,000,000 7,000,000 8,500,000 | USD USD USD USD USD USD USD | 20/12/25 20/12/25 20/12/25 20/12/25 20/12/25 20/12/25 20/12/25 | BUY BUY BUY BUY BUY BUY BUY | CDX NA HY S35 V1 MKT | (996,312.37) |
| JP MORGAN AG FRANKFURT | CDX NA HY S35 V1 MKT | (536,475.88) |
| BNP-PARIBAS SA PARIS | CDX NA HY S35 V1 MKT | (536,475.88) |
| BNP-PARIBAS SA PARIS | CDX EM S34 V1 MKT | 38,082.53 |
| GOLDMAN SACHS INTL SUCC PARIS | CDX EM S34 V1 MKT | 190,412.66 |
| BNP-PARIBAS SA PARIS | CDX NA HY S35 V1 MKT | (536,475.88) |
| BNP-PARIBAS SA PARIS | CDX NA HY S35 V1 MKT | (651,435.00) |

SWAPS
CARMIGNAC PORTFOLIO Credit (formerly Unconstrained Credit)
| Counterparty | Nominal | Currency | Maturity | Buy-Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| JP MORGAN AG | 5,000,000 10,000,000 8,000,000 15,000,000 10,000,000 20,000,000 10,000,000 5,975,000 6,000,000 186,005,000 400,000 200,000 4,000,000 5,000,000 1,250,000 5,000,000 10,000,000 | USD USD USD USD USD USD USD USD USD EUR EUR EUR EUR EUR EUR EUR EUR | 20/12/25 20/12/25 20/12/25 20/12/25 20/06/26 20/06/26 20/06/26 20/12/26 20/06/26 20/12/26 20/12/23 20/12/23 20/06/24 20/12/24 20/06/25 20/06/25 20/06/26 | BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL SELL SELL BUY | CDX NA HY S35 V1 | (383,197.06) (766,394.12) (613,115.30) (1,149,591.19) (793,944.57) (1,587,889.14) (793,944.57) 211,099.52 (476,366.74) (21,955,118.85) 24,626.43 12,313.24 (67,719.00) (95,000.22) (36,485.59) (145,942.22) 52,129.70 |
| FRANKFURT | MKT |
| JP MORGAN AG | CDX NA HY S35 V1 |
| FRANKFURT | MKT |
| BNP-PARIBAS SA | CDX NA HY S35 V1 |
| PARIS | MKT |
| BNP-PARIBAS SA | CDX NA HY S35 V1 |
| PARIS | MKT |
| JP MORGAN AG | CDX NA HY S36 V1 |
| FRANKFURT | MKT |
| BNP-PARIBAS SA | CDX NA HY S36 V1 |
| PARIS | MKT |
| JP MORGAN AG | CDX NA HY S36 V1 |
| FRANKFURT | MKT |
| BARCLAYS BANK IRELAND PLC.. | CDX EM S36 V1 MKT |
| BNP-PARIBAS SA | CDX NA HY S36 V1 |
| PARIS | MKT |
| NEWEDGE PARIS | ITRAXX XOVER S36 V1 MKT |
| JP MORGAN SECURITIES LD | ALTICE LUXEMBOURG EUR MM SN |
| CITIGROUP GLOBAL MARKETS LTD LDN | ALTICE LUXEMBOURG EUR MM SN |
| NEWEDGE PARIS | CARREFOUR EUR SN MM M |
| JP MORGAN AG FRANKFURT | TKOFP SENIOR TIKEHAU EUR MM SN |
| JP MORGAN AG | EASYJET PLC EUR |
| FRANKFURT | MM SN |
| CITIGROUP GLOBAL | EASYJET PLC EUR |
| MARKETS LTD LDN | MM SN |
| NEWEDGE PARIS | UNIBAIL RODAMCO EUR SN MM M |
|  | Total: | (31,593,219.50) |


###### SWAPS
CARMIGNAC PORTFOLIO EM Debt (formerly Unconstrained EM Debt)
| Counterparty | Nominal | Currency | Maturity | Buy-Sell | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- | --- | --- | --- |
| NEWEDGE PARIS | 25,000,000 | EUR | 20/12/26 | BUY | ITRAXX XOVER S36 V1 MKT SULTANATE OMAN USD CR SNR KDOM SAUDI ARABI USD SN CR M KDOM SAUDI ARABI USD SN CR M RUSSIAN FEDN USD CR SN M REP SOUTH AFRICA USD SN CR M | (2,950,877.51) |
| JP MORGAN AG |  |  |  |  |  |
| FRANKFURT | 9,500,000 | USD | 20/12/26 | BUY | 584,988.32 |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 15,000,000 | USD | 20/12/26 | BUY | (310,466.62) |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 4,267,000 | USD | 20/12/26 | BUY | (88,317.44) |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 25,000,000 | USD | 20/12/26 | BUY | 254,211.74 |
| GOLDMAN SACHS |  |  |  |  |  |
| INTL SUCC PARIS | 20,000,000 | USD | 20/12/26 | BUY | 834,235.46 |
|  | Total: | (1,676,226.05) |

Contracts for difference (CFD)
Interest on contracts for differences is included in the "Operating and establishment fees" item.
CARMIGNAC PORTFOLIO Green Gold
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| EUR | (9,867.00) | REPSOL SA | (6,364.22) |
| USD | (25,000.00) | NOV - REGISTERED SHS | (35,833.63) |
| USD | 52.54 | BS01H22 VEH2* | 139,755.38 |
|  | Total: | 97,557.53 |

*The positions above correspond to a basket of equities.
The counterparties are BofA Securities Europe SA,UBS Europe SE and JP Morgan AG Frankfurt.
Composition of baskets
| Basket | Underlying | Nature | Buy- Sale | Counterparty | Geographic sector |
| --- | --- | --- | --- | --- | --- |
| BS01H22 VEH2 | RTS FORTS INDEX | Index | Buy | BofA Securities Europe SA | Russia |


###### SWAPS
CARMIGNAC PORTFOLIO Emerging Patrimoine
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | 56,000,000.00 | BS00H22 KMH2* | 206,660.14 |
| USD | 69.82 | BS01H22 VEH2* | 185,719.85 |
|  | Total: | 392,379.99 |

The counterparty is BofA Securities Europe SA.
Composition of baskets
| Basket | Underlying | Nature | Buy-Sale | Counterparty | Geographic sector |
| --- | --- | --- | --- | --- | --- |
| BS00H22 KMH2 BS01H22 VEH2 | KOSPI RTS FORTS INDEX | Index Index | Buy Buy | BofA Securities Europe SA BofA Securities Europe SA | South Korea Russia |

CARMIGNAC PORTFOLIO Long-Short European Equities
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| NOK | 45,120.00 | ADEVINTA ASA - REGISTERED SHS | (55,341.81) |
| EUR | (9,406.00) | ADIDAS AG NAMEN AKT | 10,290.28 |
| EUR | (130,000.00) | ALLIANZ SE REG SHS | (1,977,300.00) |
| USD | 7,150.00 | ALPHABET INC -A- | 353,344.06 |
| GBP | (449,097.00) | ALPHAWAVE IP GROUP PLC | (91,115.26) |
| GBP | (1,982,398.00) | ALPHAWAVE IP GROUP PLC | (37,777.95) |
| EUR | (428,208.00) | ALSTOM SA | 74,015.51 |
| USD | 5,052.00 | AMAZON.COM INC | (734,669.17) |
| HKD | (185,000.00) | ASM PACIFIC TECHNOLOGY | (51,117.26) |
| GBP | (464,867.00) | ASTON MARTIN LAGONDA GLOBAL | 145,347.55 |
| NOK | (2,335,458.00) | AUTOSTORE HLDG | 2,425,551.58 |
| NOK | (978,796.00) | AUTOSTORE HLDG | 1,016,554.43 |
| GBP | (97,013.00) | AVEVA GROUP | (225,898.80) |
| EUR | (315,071.00) | BASF SE REG SHS | (1,228,776.90) |
| EUR | (92,327.71) | BC02H22 BNPCARM2* | (141,068.76) |
| USD | (79,981.59) | BC03F22 MSCMSPAC* | 101,498.00 |
| USD | (20,912.15) | BC04F22 MSCMSPAC* | 23,057.34 |
| USD | (78,738.71) | BC04G22 SOX* | (276,778.78) |
| EUR | (145,262.53) | BC12G22 UBCARM59* | (140,749.03) |
| USD | (82,480.35) | BC12H22 MLCCSPA2* | 377,335.33 |
| EUR | (19,601.71) | BC13H22 BNPCARM2* | (48,326.18) |
| USD | (106,160.17) | BC15H22 MLCCBIOT* | (492,082.46) |
| USD | (71,571.68) | BC17H22 MLCCSPAC* | 308,933.42 |
| USD | (196,326.58) | BC18H22 MLCCUS01* | 151,229.24 |
| GBP | (247,254.00) | BURBERRY GROUP PLC | (177,324.90) |
| USD | (92,254.00) | CAMPBELL SOUP CO | (238,115.30) |
| PLN | (21,195.00) | CD PROJEKT SA | (46,890.88) |


###### SWAPS
CARMIGNAC PORTFOLIO Long-Short European Equities (continued)
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | (18,588.00) | CERENCE INC | (179,364.34) |
| USD | 5,970.00 | CLEARSIDE BIOMEDIAL INC | (4,829.76) |
| USD | 503,073.00 | DELL TECHNOLOGIES-REGISTERED SHS C W/I | (82,191.72) |
| EUR | (90,802.00) | DEUTSCHE POST AG REG SHS | (396,804.74) |
| SEK | (93,317.00) | ELECTROLUX AB | (154,078.19) |
| EUR | (24,895.00) | EUROFINS SCIENTIFIC SE | 90,800.62 |
| EUR | (57,754.00) | FAGRON | (91,251.32) |
| USD | (4,775.00) | FEDEX CORP | (118,703.17) |
| EUR | (55,983.00) | FRAPORT AG | (218,845.98) |
| USD | (16,213.00) | GLOBALFOUNDRIES INC | 60,877.16 |
| USD | (322,709.00) | GUESS INC | (329,880.07) |
| USD | (131,012.00) | HP INC | (275,341.79) |
| DKK | (197,502.00) | ISS A/S | (191,192.64) |
| USD | (136,098.00) | JUNIPER NETWORKS INC | (506,955.66) |
| USD | (76,607.00) | KELLOGG CO | (210,076.22) |
| GBP | (1,660,800.00) | KINGFISHER PLC | (416,718.99) |
| CHF | 8,417.00 | LONZA GROUP (CHF) | 163,121.77 |
| EUR | (136,974.00) | LPKF LASER AND ELECTRONICS | (275,317.74) |
| EUR | (91,555.00) | LPKF LASER AND ELECTRONICS | (161,386.02) |
| USD | (112,730.00) | MASTEC INC | (18,823.67) |
| CHF | 171,608.00 | MEDMIX --- REGISTERED SHS | 58,398.71 |
| USD | 44,474.00 | META PLATFOR -A- | 434,370.31 |
| USD | 7,634.00 | MICROSOFT CORP | (7,489.97) |
| CHF | 46,118.00 | NESTLE SA REG SHS | 317,291.16 |
| EUR | (483,174.00) | NORDEX AG NACH KAPITALHERABSETZUNG | 875,662.75 |
| USD | (129,432.00) | PELOTON INTERAC - REGISTERED SHS -A- | 844,605.58 |
| EUR | (7,995.00) | QT GROUP PLC | 4,797.00 |
| USD | 200,639.00 | REGENXBIO INC | 121,794.33 |
| USD | 69,160.00 | SALESFORCE.COM INC | (1,735,980.36) |
| EUR | (429,355.00) | SAP AG | (1,257,739.98) |
| EUR | (178,969.00) | SCHAEFFLER AG | (78,746.36) |
| SEK | (230,163.00) | SECURITAS -B- FREE | 122,024.99 |
| EUR | (33,150.00) | SHOP APOTHEKE EUROPE NV | 62,112.59 |
| EUR | (277,244.00) | SIEMENS AG REG | (2,228,047.82) |
| EUR | (30,455.00) | SIGNIFY NV | (20,876.26) |
| EUR | (1,898.00) | SIGNIFY NV | (1,233.70) |
| CHF | 42,839.00 | SIKA - REGISTERED SHS | 759,388.34 |
| CHF | 321.00 | STADLER RAIL AG | 12.39 |
| CHF | (321.00) | STADLER RAIL AG | (12.39) |
| NOK | (228,861.00) | SUBSEA 7 SA | 7,302.99 |
| USD | (5,976.00) | SWEETGREEN INC | 32,475.98 |
| TWD | 1,253,000.00 | TAIWAN SEMICONDUCTOR CO | 748,022.67 |
| USD | (531,205.00) | TATTOOED CHEF INC | 255,127.18 |
| USD | (18,806.00) | TEXAS ROADHOUSE -A- | (104,845.27) |


###### SWAPS
CARMIGNAC PORTFOLIO Long-Short European Equities (continued)
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | 18,091.00 | THERMO FISHER SCIENT SHS | 543,546.97 |
| SEK | (32,799.00) | TRUECALLER AB-B W/I | 7,008.33 |
| USD | 440,017.00 | UBER TECH/REGSH | 1,537,596.17 |
| USD | (24,487.00) | UNITED PARCEL SERVICE INC | (338,761.91) |
| USD | (6,450.00) | WAYFAIR INC | 220,466.85 |
| GBP | (590,426.00) | WISE PLC | 382,334.90 |
| USD | 67,786.00 | WORKDAY INC -A- | (48,984.56) |
| USD | (4,775.00) | FEDEX CORP** | 18.81 |
| USD | (292,309.00) | GUESS INC** | 642.78 |
| USD | (131,012.00) | HP INC** | 320.10 |
| TWD | 1,253,000.00 | TAIWAN SEMI** | (57.47) |
| USD | (18,806.00) | TEXAS ROADHOUSE** | 73.52 |
| USD | 17,591.00 | THERMO FISHER SCIEN** | (35.14) |
|  | Total: | (2,780,554.96) |

*The positions above correspond to a basket of equities.
**These positions are dividends receivable.
The counterparties are BNP Paribas SA, BofA Securities Europe SA, Goldman Sachs International Paris, JP Morgan AG Frankfurt, Morgan Stanley Bank AG Germany, UBS Europe SE.
Composition of baskets
| Basket | Underlying | Nature | Buy-Sale | Counterparty | Geographic sector |
| --- | --- | --- | --- | --- | --- |
| BC02H22 BNPCARM2 | BNPCARM2 | Basket of Equities | Sale | BNP Paribas SA | Europe |
| BC03F22 MSCMSPAC BC04F22 MSCMSPAC BC04G22 SOX | MSCMSPAC MSCMSPAC SOX | Basket of Equities Basket of Equities Index | Sale Sale Buy | Morgan Stanley Bank AG Germany Morgan Stanley Bank AG Germany UBS Europe SE | United States United States United States |
| BC12G22 UBCARM59 | UBCARM59 | Basket of Equities | Sale | UBS Europe SE | International |
| BC12H22 MLCCSPA2 | MLCCSPA2 | Basket of Equities | Sale | BofA Securities Europe SA | United States |
| BC13H22 BNPCARM2 | BNPCARM2 | Basket of Equities | Sale | BNP Paribas SA | Europe |
| BC15H22 MLCCBIOT | MLCCBIOT | Basket of Equities | Sale | BofA Securities Europe SA | United States |
| BC17H22 MLCCSPAC | MLCCSPAC | Basket of Equities | Sale | BofA Securities Europe SA | United States |
| BC18H22 MLCCUS01 | MLCCUS01 | Basket of Equities | Sale | BofA Securities Europe SA | United States |


###### SWAPS
CARMIGNAC PORTFOLIO Investissement
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| EUR | 54,806.00 | PUMA AG | 41,104.50 |
|  | Total: | 41,104.50 |

The counterparty is BofA Securities Europe SA.
CARMIGNAC PORTFOLIO Patrimoine
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | (14,811.00) | ABERCROMBIE AND FITCH -A- | 2,483.51 |
| USD | (10,558.00) | ALASKA AIR GROUP INC | (32,626.95) |
| USD | (14,533.00) | ALBERTSONS COS INC | 73,636.41 |
| USD | 209,842.77 | BC14H22 UBCARSTP* | 643,124.68 |
| USD | (4,218.00) | FEDEX CORP | (40,361.87) |
| USD | (31,820.00) | HANESBRANDS | (6,849.55) |
| EUR | 25,646.00 | HERMES INTERNATIONAL SA | (3,000,582.00) |
| USD | (23,102.00) | KROGER CO | (736.18) |
| USD | (2,844.00) | MURPHY USA INC | (35,519.10) |
| USD | (128,068.00) | OLAPLEX HLDG --- REGISTERED SHS | (245,504.96) |
| USD | (2,296.00) | TRACTOR SUPPLY CO | (20,077.48) |
| USD | (3,279.00) | WINGSTOP INC | (53,309.27) |
| USD | (4,132.00) | YUM BRANDS INC | (45,366.51) |
| USD | (2,222.00) | FEDEX CORP** | 8.75 |
|  | Total: | (2,761,680.52) |

*The positions above correspond to a basket of equities.
**These positions are dividends receivable.
The counterparties are UBS Europe SE, BofA Securities Europe SA, Goldman Sachs International Paris, JP Morgan AG Frankfurt.
Composition of baskets
| Basket | Underlying | Nature | Buy- Sale | Counterparty | Geographic sector |
| --- | --- | --- | --- | --- | --- |
| BC14H22 UBCARSTP | UBCARSTP | Basket of Equities | Buy | UBS Europe SE | International |


###### SWAPS
CARMIGNAC PORTFOLIO Flexible Allocation 2024
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | 35,122.24 | BC10H22 GDMNTR* | 126,246.07 |
|  | Total: | 126,246.07 |

*The positions above correspond to a basket of equities. The counterparty is BofA Securities Europe SA. Composition of baskets
| Basket | Underlying | Nature | Buy- Sale | Counterparty | Geographic sector |
| --- | --- | --- | --- | --- | --- |
| BC10H22 GDMNTR | GDMNTR | Index | Buy | BofA Securities Europe SA | International |

CARMIGNAC PORTFOLIO China New Economy (launched on 31/03/21)
| Currency | Quantity | Underlying | Unrealised appreciation/ (depreciation) in EUR |
| --- | --- | --- | --- |
| USD | 26,298.00 | GDS HOLDINGS -A- ADR REP 8 SHS-A- | 13,713.36 |
| USD | 11,440.00 | JOYY INC -A- SPONS ADR REPR 20 | (55,397.53) |
| USD | 16,203.00 | KINGSOFT CLOUD HOLDINGS LTD | (18,061.25) |
| CNY | 102,609.00 | WENCAN GROUP CO LTD-A | 46,143.27 |
| USD | 10,440.00 | JOYY INC -A- SPONS** | (35.72) |
|  | Total: | (13,637.87) |

**These positions are dividends receivable. The counterparty is JP Morgan AG Frankfurt.

Translation (ENDE, 2021-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert
Abschluss zum 31.12.2021
| Aufstellung des Nettovermögens zum 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Aktiva |  | 14.296.102.296,03 |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 12.786.958.345,89 |
| Anschaffungskosten |  | 12.302.732.055,55 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 484.226.290,34 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 8.280.890,95 |
| Zum Einstandspreis erworbene Optionen |  | 14.755.475,83 |
| Bankguthaben und liquide Mittel |  | 1.258.035.503,41 |
| Zinsforderungen aus Anleihen |  | 74.168.219,23 |
| Forderungen gegenüber Brokern |  | 77.406.660,52 |
| Forderungen aus Zeichnungen |  | 54.525.076,75 |
| Dividendenforderungen |  | 565.844,56 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 10.935.072,57 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 21.488.860,85 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 264.908,10 |
| Zinsforderungen aus Swaps |  | 3.443.596,41 |
| Sonstige Aktiva | Erläuterung 12 | 29.316,79 |
| Passiva |  | 425.145.214,16 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 5.385.734,12 |
| Zum Einstandspreis verkaufte Optionen |  | 7.908.595,74 |
| Kontoüberziehungen |  | 69.365.864,40 |
| Verbindlichkeiten gegenüber Brokern |  | 208.033.990,04 |
| Verbindlichkeiten aus Rücknahmen |  | 32.103.047,20 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 335.907,05 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 1.744.520,97 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 67.364.609,83 |
| Zinszahlungen aus Swaps |  | 2.835.549,44 |
| Sonstige Passiva | Erläuterung 13 | 	37.975.991,11 |
| Nettoinventarwert |  | 13.870.957.081,87 |

| Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2021 bis 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Erträge |  | 238.876.085,31 |
| Nettodividenden | Erläuterung 2 | 33.290.577,92 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 187.797.104,56 |
| Bankzinsen aus Sichteinlagen |  | 910.786,09 |
| Sonstige Finanzerträge |  | 3.621.582,78 |
| Zinsen aus Swapverträgen |  | 12.964.152,42 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 291.881,54 |
| Aufwand |  | 224.526.672,96 |
| Verwaltungsgebühren | Erläuterung 3 | 103.791.127,08 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.711.582,00 |
| Taxe d’abonnement | Erläuterung 5 | 6.134.656,00 |
| Erfolgsabhängige Provisionen | Erläuterung 3 | 21.773.994,22 |
| Überziehungszinsen |  | 8.236.713,27 |
| Transaktionskosten | Erläuterung 6 | 12.767.436,38 |
| Ausgeschüttete Dividenden für CFDs |  | 2.932.636,85 |
| Zinsen aus Swapverträgen |  | 46.964.509,04 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 	20.214.018,12 |
| Nettoertrag aus Anlagen |  | 14.349.412,35 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 664.298.477,71 |
| - Optionen |  | (17.351.397,51) |
| - Devisenterminkontrakte |  | (98.690.966,07) |
| - Futures |  | (126.308.762,85) |
| - Swaps |  | 158.315.890,67 |
| - Wechselkursgeschäften |  | (11.687.065,43) |
| Realisierter Nettogewinn |  | 582.925.588,87 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |
| - Anlagen | Erläuterung 2 | (207.861.325,47) |
| - Optionen |  | (5.070.218,47) |
| - Devisenterminkontrakte |  | 4.374.149,94 |
| - Futures |  | 29.335.783,97 |
| - Swaps |  | 	(60.259.312,81) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 343.444.666,03 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.163.404,50) |
| Zeichnungen von thesaurierenden Anteilen |  | 8.017.737.966,77 |
| Zeichnungen von ausschüttenden Anteilen |  | 180.507.224,95 |
| Rücknahmen von thesaurierenden Anteilen |  | (4.494.408.844,44) |
| Rücknahmen von ausschüttenden Anteilen |  | 	(93.495.211,58) |
| Zunahme des Nettovermögens |  | 3.944.622.397,23 |
| Nettovermögen am Jahresanfang |  | 9.926.334.684,64 |
| Nettovermögen am Jahresende |  | 13.870.957.081,87 |