# CARMIGNAC PORTFOLIO
## Emergents

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 304,099,348.51 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 273,079,789.43 |
| Cost price |  | 211,404,779.29 |
| Unrealised profit on the securities portfolio |  | 61,675,010.14 |
| Cash at banks and liquidities |  | 29,237,168.47 |
| Interest receivable |  | 83.92 |
| Brokers receivable |  | 91,993.76 |
| Subscriptions receivable |  | 1,360,876.15 |
| Dividends receivable |  | 254,872.00 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 50,875.09 |
| Other assets | Note 12 | 23,689.69 |
| Liabilities |  | 28,536,015.51 |
| Bank overdrafts |  | 277,151.00 |
| Brokers payable |  | 21,008,850.19 |
| Redemptions payable |  | 267,851.59 |
| Other liabilities | Note 13 | 6,982,162.73 |
| Net asset value |  | 275,563,333.00 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 275,563,333.00 | 132,376,943.74 | 117,653,869.35 |
| Class A EUR - Capitalisation Number of shares |  | 36,741 | 14,536 | 10,405 |
| Net asset value per share | EUR | 168.26 | 116.98 | 93.66 |
| Class A EUR Y - Distribution Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | EUR | 0.00 | 0.00 | 83.41 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 10,236 | 11,124 | 8,235 |
| Net asset value per share | CHF | 164.69 | 114.35 | 91.89 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 77.65 |
| Class A USD Hedged - Capitalisation Number of shares |  | 11,224 | 1,495 | 1,825 |
| Net asset value per share | USD | 182.77 | 125.92 | 98.74 |
| Class E EUR - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | EUR | 0.00 | 0.00 | 90.36 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 1 |
| Net asset value per share | USD | 191.89 | 132.38 | 104.37 |
| Class F EUR - Capitalisation Number of shares |  | 609,164 | 375,195 | 541,639 |
| Net asset value per share | EUR | 199.57 | 137.72 | 109.71 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 275,563,333.00 | 132,376,943.74 | 117,653,869.35 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR Y - Distribution Number of shares |  | 0 | 0 | 100 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 0.00 | 0.00 | 83.85 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 112,039 | 70,062 | 24,097 |
| Net asset value per share | CHF | 194.96 | 133.78 | 106.97 |
| Class F USD Hedged - Capitalisation Number of shares |  | 7,210 | 2,776 | 6,407 |
| Net asset value per share | USD | 217.41 | 147.87 | 115.35 |
| Class W EUR - Capitalisation Number of shares |  | 610,559 | 557,904 | 547,207 |
| Net asset value per share | EUR | 170.47 | 108.57 | 85.58 |
| Class W GBP - Capitalisation Number of shares |  | 72,197 | 48,318 | 43,538 |
| Net asset value per share | GBP | 235.82 | 142.17 | 118.71 |
| Class W USD - Capitalisation Number of shares |  | 0 | 0 | 12,000 |
| Net asset value per share | USD | 0.00 | 0.00 | 83.89 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 268,806,125.41 | 97.55 |
| --- | --- | --- | --- |
| Shares |  | 268,806,125.41 | 97.55 |
|  | Bermuda | 1,204,537.16 | 0.44 |
| 353,432 DAIRY FARM INTERNATIONAL HOLDING | USD | 1,204,537.16 | 0.44 |
| Brazil |  | 27,054,444.31 | 9.82 |
| 2,382,663 HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | BRL | 5,721,075.53 | 2.08 |
| 6,911,899 ITAUSA INVESTIMENTOS ITAU SA-PREF | BRL | 12,757,216.40 | 4.63 |
| 878,311 TAESA - CTF CONS OF 2 PFD SHS + 1 SH | BRL | 4,606,214.55 | 1.67 |
| 907,240 TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD | BRL | 3,969,937.83 | 1.44 |
| Cayman Islands |  | 71,117,070.55 | 25.80 |
| 390,996 DALI FOODS GRP UNITARY 144A/REGS | HKD | 182,572.64 | 0.07 |
| 477,409 ENN ENERGY HOLDINGS LTD | HKD | 5,726,542.91 | 2.08 |
| 31,451 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 2,406,989.20 | 0.87 |
| 250,582 JD HEALTH INTERNATIONAL INC | HKD | 3,961,875.15 | 1.44 |
| 265,835 JD.COM INC SADR REPR 2 SHS -A- | USD | 19,097,622.90 | 6.92 |
| 49,368 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 3,227,046.41 | 1.17 |
| 735,739 MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 3,706,903.92 | 1.35 |
| 245,960 MINISO GROUP HOLDING LTD-ADR | USD | 5,304,960.48 | 1.93 |
| 144,628 NIO INC - SHS -A- ADR | USD | 5,761,242.88 | 2.09 |
| 57,896 SEA -A- ADR REPR1 SHS | USD | 9,418,657.84 | 3.41 |
| 168,292 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 3,866,362.73 | 1.40 |
| 780,418 WUXI BIOLOGICS | HKD | 8,456,293.49 | 3.07 |
| China |  | 28,367,481.44 | 10.29 |
| 3,514,432 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 6,904,952.70 | 2.51 |
| 143,119 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 2,645,496.17 | 0.96 |
| 2,554,315 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 7,565,548.66 | 2.75 |
| 1,438,593 NONGFU SPRING - REGISTERED SHS -H- UNI | HKD | 8,324,725.89 | 3.01 |
| 292,283 PING AN INS (GRP) CO -H- | HKD | 2,926,758.02 | 1.06 |
| Hong Kong |  | 7,769,148.05 | 2.82 |
| 95,100 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 4,260,191.31 | 1.55 |
| 4,547,862 LENOVO GROUP LTD -RC- | HKD | 3,508,956.74 | 1.27 |
| India |  | 28,483,814.53 | 10.34 |
| 217,842 AVENUE SUPER REGISTERED | INR | 6,733,963.83 | 2.44 |
| 771,035 DABUR INDIA LTD DEMATERIALISED | INR | 4,605,420.92 | 1.67 |
| 155,253 HDFC BANK - REGISTERED SHS | INR | 2,494,245.18 | 0.91 |
| 417,232 ICICI LOMBARD | INR | 7,097,705.44 | 2.58 |
| 164,571 KOTAK MAHINDRA BANK | INR | 3,673,506.25 | 1.33 |
| 45,334 MARUTI SUZUKI | INR | 3,878,972.91 | 1.41 |
| Luxembourg |  | 2,513,568.34 | 0.91 |
| 135,292 ALLEGRO EU | PLN | 2,513,568.34 | 0.91 |
| Malaysia |  | 3,302,732.26 | 1.20 |
| 2,955,495 IHH HEALHCARE BHD | MYR | 3,302,732.26 | 1.20 |
| Mexico |  | 5,064,305.16 | 1.84 |
| 1,123,142 GRUPO FINANCIERO BANORTE -O- | MXN | 5,064,305.16 | 1.84 |
| Russia |  | 4,336,282.30 | 1.57 |
| 2,459,296 MOSCOW EXCHANGE | RUB | 4,336,282.30 | 1.57 |
| South Korea |  | 51,882,545.09 | 18.83 |
| 61,595 HYUNDAI MOTOR CO LTD | KRW | 8,897,647.08 | 3.23 |
| 112,174 KANGWON LAND | KRW | 1,983,300.66 | 0.72 |
| 13,510 LG CHEM | KRW | 8,375,505.89 | 3.04 |
| 28,717 NAVER | KRW | 6,319,655.82 | 2.29 |
| 236,663 SAMSUNG ELECTRONICS CO LTD | KRW | 14,422,610.40 | 5.24 |
| 214,610 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 11,883,825.24 | 4.31 |
| Taiwan |  | 11,824,266.35 | 4.29 |
| 767,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 11,824,266.35 | 4.29 |
| The Netherlands |  | 15,701,821.36 | 5.70 |
| 82,889 PROSUS NV | EUR | 7,324,072.04 | 2.66 |
| 147,321 YANDEX NV | USD | 8,377,749.32 | 3.04 |
| Turkey |  | 0.06 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.06 | 0.00 |
| United States of America |  | 10,184,108.45 | 3.70 |
| 206,692 KINGSOFT CLOUD HOLDINGS LTD | USD | 7,356,819.58 | 2.67 |
| 2,065 MERCADOLIBRE | USD | 2,827,288.87 | 1.03 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Shares/Units of UCITS/UCIS |  | 4,273,664.02 | 1.55 |
| --- | --- | --- | --- |
| Shares/Units in investment funds |  | 4,273,664.02 | 1.55 |
| France |  | 4,273,664.02 | 1.55 |
| 3,062 CARMIGNAC EMERGENTS A EUR ACC | EUR | 4,273,664.02 | 1.55 |

Total securities portfolio	
273,079,789.43	99.10
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Cayman Islands |  | 25.80 |
| South Korea |  | 18.83 |
| India |  | 10.34 |
| China |  | 10.29 |
| Brazil |  | 9.82 |
| The Netherlands |  | 5.70 |
| Taiwan |  | 4.29 |
| United States of America |  | 3.70 |
| Hong Kong |  | 2.82 |
| Mexico |  | 1.84 |
| Russia |  | 1.57 |
| France |  | 1.55 |
| Malaysia |  | 1.20 |
| Luxembourg |  | 0.91 |
| Bermuda Turkey |  | 0.44 - |
|  |  | 99.10 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 17.14 |
| Retail trade, department stores | 12.64 |
| Electronics and semiconductors | 9.55 |
| Electrical engineering and electronics | 8.48 |
| Holding and finance companies | 7.60 |
| Road vehicles | 6.73 |
| Insurance | 5.72 |
| Banks and credit institutions | 5.63 |
| Healthcare and social services | 5.15 |
| Utilities | 3.75 |
| Foods and non alcoholic drinks | 3.08 |
| Biotechnology | 3.07 |
| Chemicals | 3.04 |
| Pharmaceuticals and cosmetics | 2.63 |
| Unit trusts | 1.55 |
| Real estate companies | 1.35 |
| Office supplies and computing | 1.27 |
| Hotels and restaurants | 0.72 |
| Building materials and trade | - |
|  | 99.10 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 1,903,317.42 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,759,121.85 |
| Bank interest on cash account |  | 4,479.02 |
| Other financial income |  | 100,716.09 |
| Securities lending income | Note 2, 7 | 39,000.46 |
| Expenses |  | 9,327,509.34 |
| Management fees | Note 3 | 1,367,886.22 |
| Custodian & sub-custodian fees | Note 4 | 26,747.14 |
| Taxe d'abonnement | Note 5 | 85,722.76 |
| Performance fees | Note 3 | 6,706,606.87 |
| Bank interest on overdrafts |  | 65,480.56 |
| Transaction fees | Note 6 | 710,317.56 |
| Operating and establishment fees | Note 4 | 364,748.23 |
| Net loss from investments |  | (7,424,191.92) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 30,777,246.28 |
| - forward foreign exchange contracts |  | 927,545.03 |
| - financial futures |  | (1,901,070.82) |
| - swaps |  | (2,491,310.01) |
| - foreign exchange |  | 1,538,567.72 |
| Net realised profit |  | 21,426,786.28 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 51,347,172.68 |
| - forward foreign exchange contracts |  | 397,655.34 |
| Increase in net assets as a result of operations |  | 73,171,614.30 |
| Subscription capitalisation shares |  | 117,991,529.89 |
| Redemption capitalisation shares |  | (47,976,754.93) |
| Increase in net assets |  | 143,186,389.26 |
| Net assets at the beginning of the year |  | 132,376,943.74 |
| Net assets at the end of the year |  | 275,563,333.00 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2020-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidierter

### Abschluss zum 31.12.2020
Aufstellung des Nettovermögens zum 31.12.2020
Ausgedrückt in EUR
| Aktiva |  | 10.231.162.360,04 |
| --- | --- | --- |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 9.328.681.984,85 |
| Anschaffungskosten |  | 8.636.594.369,04 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 692.087.615,81 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 36.533.654,95 |
| Zum Einstandspreis erworbene Optionen |  | 32.855.421,76 |
| Bankguthaben und liquide Mittel |  | 578.725.758,38 |
| Zinsforderungen |  | 51.402.242,98 |
| Forderungen gegenüber Brokern |  | 162.219.256,48 |
| Forderungen aus Zeichnungen |  | 54.717.994,24 |
| Dividendenforderungen |  | 920.908,96 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 6.973.806,16 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 1.392.042,37 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 9.405.416,38 |
| Sonstige Aktiva | Erläuterung 12 | 189.294,29 |
| Passiva |  | 304.827.675,40 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 10.515.744,48 |
| Zum Einstandspreis verkaufte Optionen |  | 7.956.006,50 |
| Kontoüberziehungen |  | 61.630.265,93 |
| Verbindlichkeiten gegenüber Brokern |  | 100.270.860,87 |
| Verbindlichkeiten aus Rücknahmen |  | 10.815.018,34 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 748.790,58 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 10.983.486,46 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 16.245.805,30 |
| Sonstige Passiva | Erläuterung 13 | 93.617.703,44 |
| Nettoinventarwert |  | 9.926.334.684,64 |

Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2020 bis 31.12.2020
Ausgedrückt in EUR
| Erträge |  | 186.269.961,62 |
| --- | --- | --- |
| Nettodividenden | Erläuterung 2 | 29.190.387,88 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 134.713.038,22 |
| Bankzinsen aus Sichteinlagen |  | 870.433,48 |
| Sonstige Finanzerträge |  | 2.996.618,72 |
| Zinsen aus Swapverträgen |  | 17.881.964,73 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 617.518,59 |
| Aufwand |  | 217.610.392,56 |
| Verwaltungsgebühren | Erläuterung 3 | 73.252.586,88 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.424.633,33 |
| Taxe d’abonnement | Erläuterung 5 | 4.164.458,57 |
| Performancegebühren | Erläuterung 3 | 80.418.853,29 |
| Überziehungszinsen |  | 6.634.135,02 |
| Rechtskosten |  | 1.871,08 |
| Transaktionskosten | Erläuterung 6 | 10.696.542,49 |
| Dividendenaufwand |  | 602.845,09 |
| Zinsen aus Swapverträgen |  | 25.072.609,25 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 15.341.857,56 |
| Nettoverlust aus Anlagen |  | (31.340.430,94) |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 405.742.230,64 |
| - Optionen |  | 3.619.218,81 |
| - Devisenterminkontrakten |  | 120.468.899,22 |
| - Futures |  | (98.490.647,22) |
| - Swaps |  | 35.565.404,53 |
| - Wechselkursgeschäften |  | (56.102.278,25) |
| Realisierter Nettogewinn |  | 379.462.396,79 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |  |  |
| - Anlagen | Erläuterung 2 | 438.545.926,58 |
| - Optionen |  | 1.287.437,66 |
| - Devisenterminkontrakten |  | (368.006,24) |
| - Futures |  | (10.500.505,07) |
| - Swaps |  | 5.873.065,01 |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 814.300.314,73 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.803.785,60) |
| Zeichnungen von thesaurierenden Aktien |  | 4.618.946.329,76 |
| Zeichnungen von ausschüttenden Aktien |  | 98.503.930,10 |
| Rücknahmen von thesaurierenden Aktien |  | (3.736.134.334,49) |
| Rücknahmen von ausschüttenden Aktien |  | (105.403.873,52) |
| Zunahme des Nettovermögens |  | 1.680.408.580,98 |
| Nettovermögen am Jahresanfang |  | 8.245.926.103,66 |
| Nettovermögen am Jahresende |  | 9.926.334.684,64 |