# CARMIGNAC PORTFOLIO
## Grandchildren

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 125,264,237.47 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 118,870,842.02 |
| Cost price |  | 94,933,873.97 |
| Unrealised profit on the securities portfolio |  | 23,936,968.05 |
| Cash at banks and liquidities |  | 2,644,598.37 |
| Subscriptions receivable |  | 3,741,822.19 |
| Dividends receivable |  | 6,634.43 |
| Other assets | Note 12 | 340.46 |
| Liabilities |  | 2,228,844.97 |
| Brokers payable |  | 245,237.10 |
| Redemptions payable |  | 1,801,867.61 |
| Other liabilities | Note 13 | 181,740.26 |
| Net asset value |  | 123,035,392.50 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 123,035,392.50 | 66,515,440.07 | 20,832,390.01 |
| Class A EUR - Capitalisation Number of shares |  | 184,304 | 167,645 | 160,347 |
| Net asset value per share | EUR | 178.31 | 138.89 | 115.47 |
| Class F EUR - Capitalisation Number of shares |  | 453,718 | 300,857 | 10,001 |
| Net asset value per share | EUR | 179.37 | 138.91 | 115.87 |
| Class W EUR - Capitalisation Number of shares |  | 48,379 | 10,216 | 10,000 |
| Net asset value per share | EUR | 181.69 | 140.68 | 115.89 |

Securities portfolio as at 31/12/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
118,870,842.02	96.62
| Shares |  | 118,870,842.02 | 96.62 |
| --- | --- | --- | --- |
|  | Denmark | 7,733,890.65 | 6.29 |
| 30,843 GN GREAT NORDIC | DKK | 1,705,620.89 | 1.39 |
| 41,120 NOVO NORDISK | DKK | 4,063,568.89 | 3.30 |
| 17,496 ORSTED | DKK | 1,964,700.87 | 1.60 |
| France	 4,727,597.60 | 3.84 |
| 6,908 L'OREAL SA | EUR | 2,880,290.60 | 2.34 |
| 2,541 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 1,847,307.00 | 1.50 |
| Germany	 3,778,898.80 | 3.07 |
| 6,884 ADIDAS AG NAMEN AKT | EUR | 1,743,028.80 | 1.42 |
| 16,300 SAP AG | EUR | 2,035,870.00 | 1.65 |
| Hong Kong |  | 2,735,702.77 | 2.22 |
| 53,260 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 2,735,702.77 | 2.22 |
| Ireland |  | 2,999,535.00 | 2.44 |
| 28,567 KINGSPAN GROUP | EUR | 2,999,535.00 | 2.44 |
| Spain |  | 3,056,192.16 | 2.48 |
| 51,244 AMADEUS IT GROUP SA -A- | EUR | 3,056,192.16 | 2.48 |
| Sweden |  | 3,150,788.52 | 2.56 |
| 117,453 ASSA ABLOY -B- NEW I | SEK | 3,150,788.52 | 2.56 |
| Switzerland |  | 2,416,774.41 | 1.96 |
| 3,288 LONZA GROUP (CHF) | CHF | 2,416,774.41 | 1.96 |
| The Netherlands |  | 5,076,228.40 | 4.13 |
| 1,104 ADYEN --- PARTS SOCIALES | EUR | 2,551,896.00 | 2.08 |
| 3,572 ASML HOLDING NV | EUR | 2,524,332.40 | 2.05 |
| United Kingdom |  | 11,339,459.19 | 9.22 |
| 205,139 COMPASS GROUP | GBP | 4,033,879.10 | 3.28 |
| 118,133 RELX PLC | GBP | 3,379,650.62 | 2.75 |
| 72,371 SENSATA TECH(S) -REGISTERED SHS | USD | 3,925,929.47 | 3.19 |
| United States of America |  | 71,855,774.52 | 58.41 |
| 8,377 ADOBE INC | USD | 4,177,155.84 | 3.40 |
| 1,295 ALPHABET INC -A- | USD | 3,299,038.69 | 2.68 |
| 7,398 ANSYS INC | USD | 2,609,466.90 | 2.12 |
| 1,682 ANTHEM INC | USD | 685,608.76 | 0.56 |
| 13,767 AUTODESK INC | USD | 3,404,100.18 | 2.77 |
| 22,433 ELECTRONIC ARTS - REGISTERED | USD | 2,601,928.16 | 2.11 |
| 12,346 ESTEE LAUDER COMPANIES INC -A- | USD | 4,019,072.46 | 3.27 |
| 12,180 INTERCONTINENTAL EXCHANGE INC | USD | 1,464,877.42 | 1.19 |
| 6,156 INTUIT | USD | 3,481,940.13 | 2.83 |
| 6,041 INTUITIVE SURGICAL | USD | 1,908,662.77 | 1.55 |
| 3,435 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 1,182,404.81 | 0.96 |
| 11,977 MASIMO | USD | 3,083,561.43 | 2.51 |
| 9,249 MASTERCARD INC -A- | USD | 2,922,397.71 | 2.38 |
| 27,974 MICROSOFT CORP | USD | 8,273,140.77 | 6.72 |
| 13,382 NVIDIA CORP | USD | 3,460,939.17 | 2.81 |
| 5,665 PALO ALTO NETWORKS | USD | 2,773,518.64 | 2.25 |
| 9,699 PAYPAL HOLDINGS | USD | 1,608,369.17 | 1.31 |
| 17,862 RESMED | USD | 4,091,359.27 | 3.33 |
| 7,020 STRYKER CORP | USD | 1,650,798.80 | 1.34 |
| 7,230 THERMO FISHER SCIENT SHS | USD | 4,242,125.57 | 3.45 |
| 38,348 TRANSUNION | USD | 3,998,686.11 | 3.25 |
| 19,968 WALT DISNEY CO | USD | 2,719,700.60 | 2.21 |
| 19,558 ZOETIS INC -A- | USD | 4,196,921.16 | 3.41 |

Total securities portfolio	
118,870,842.02	96.62
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 58.41 |
| United Kingdom |  | 9.22 |
| Denmark |  | 6.29 |
| The Netherlands |  | 4.13 |
| France |  | 3.84 |
| Germany |  | 3.07 |
| Sweden |  | 2.56 |
| Spain |  | 2.48 |
| Ireland |  | 2.44 |
| Hong Kong |  | 2.22 |
| Switzerland |  | 1.96 |
|  |  | 96.62 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 29.01 |
| Pharmaceuticals and cosmetics | 21.05 |
| Electronics and semiconductors | 8.31 |
| Banks and credit institutions | 6.68 |
| Graphic art and publishing | 4.96 |
| Holding and finance companies | 4.44 |
| Textiles and garments | 3.88 |
| Hotels and restaurants | 3.28 |
| Electrical engineering and electronics | 3.19 |
| Machine and apparatus construction | 2.56 |
| Building materials and trade | 2.44 |
| Chemicals | 1.96 |
| Utilities | 1.60 |
| Communications | 1.39 |
| Miscellaneous services | 1.31 |
| Healthcare and social services | 0.56 |
|  | 96.62 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 410,515.26 |
| --- | --- | --- |
| Net dividends | Note 2 | 410,161.59 |
| Bank interest on cash account |  | 341.63 |
| Other financial income |  | 12.04 |
| Expenses |  | 1,286,336.65 |
| Management fees | Note 3 | 871,540.74 |
| Custodian & sub-custodian fees | Note 4 | 19,035.00 |
| Taxe d'abonnement | Note 5 | 47,530.00 |
| Performance fees | Note 3 | 1,933.09 |
| Bank interest on overdrafts |  | 23,000.73 |
| Transaction fees | Note 6 | 125,164.00 |
| Operating and establishment fees | Note 4 | 198,133.09 |
| Net loss from investments |  | (875,821.39) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 9,581,788.27 |
| - forward foreign exchange contracts |  | (3.80) |
| - financial futures |  | 90,604.44 |
| - foreign exchange |  | (550,123.18) |
| Net realised profit |  | 8,246,444.34 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 12,977,872.47 |
| Increase in net assets as a result of operations |  | 21,224,316.81 |
| Subscription capitalisation shares |  | 79,269,913.13 |
| Redemption capitalisation shares |  | (43,974,277.51) |
| Increase in net assets |  | 56,519,952.43 |
| Net assets at the beginning of the year |  | 66,515,440.07 |
| Net assets at the end of the year |  | 123,035,392.50 |

The accompanying notes form an integral part of these financial statements

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 |