# CARMIGNAC PORTFOLIO
## Patrimoine Europe

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 345,461,638.80 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 314,709,403.07 |
| Cost price |  | 291,913,532.17 |
| Unrealised profit on the securities portfolio |  | 22,795,870.90 |
| Cash at banks and liquidities |  | 16,324,202.75 |
| Interest receivable |  | 1,123,675.54 |
| Brokers receivable |  | 13,025,013.81 |
| Subscriptions receivable |  | 240,888.74 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 38,454.89 |
| Liabilities |  | 22,295,320.88 |
| Bank overdrafts |  | 135,452.04 |
| Brokers payable |  | 18,764,327.66 |
| Redemptions payable |  | 5,154.19 |
| Unrealised net depreciation on financial futures | Note 2 | 532,409.37 |
| Unrealised net depreciation on swaps | Note 2 | 13,419.20 |
| Other liabilities | Note 13 | 2,844,558.42 |
| Net asset value |  | 323,166,317.92 |

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 | 323,166,317.92 | 102,174,085.25 | 38,131,347.08 |
| Class A EUR - Capitalisation Number of shares |  | 183,571 | 94,086 | 52,635 |
| Net asset value per share | EUR | 128.67 | 113.01 | 95.23 |
| Class A EUR Y - Distribution Number of shares |  | 200 | 0 | 0 |
| Net asset value per share | EUR | 112.19 | 0.00 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 10,000 | 10,000 | 10,000 |
| Net asset value per share | USD | 136.69 | 118.37 | 97.13 |
| Class AW EUR - Capitalisation Number of shares |  | 1,975 | 1,000 | 0 |
| Net asset value per share | EUR | 136.47 | 118.47 | 0.00 |
| Class F EUR - Capitalisation Number of shares |  | 2,279,057 | 791,256 | 337,078 |
| Net asset value per share | EUR | 130.82 | 114.21 | 95.73 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange listing	 277,665,828.07 | 85.92 |
| --- | --- | --- |
| Shares |  | 128,829,711.67 | 39.86 |
|  | Austria | 2,253,227.98 | 0.70 |
| 125,877 AMS AG | CHF | 2,253,227.98 | 0.70 |
| Denmark |  | 14,789,637.21 | 4.58 |
| 11,990 CHRISTIAN HANSEN | DKK | 1,009,012.76 | 0.31 |
| 93,410 NOVO NORDISK | DKK | 5,354,153.85 | 1.67 |
| 17,378 NOVOZYMES -B- | DKK | 815,967.19 | 0.25 |
| 15,121 ORSTED | DKK | 2,526,108.66 | 0.78 |
| 17,937 VESTAS WIND SYSTEMS AS | DKK | 3,468,863.43 | 1.07 |
| 54,511 ZEALAND PHARMA | DKK | 1,615,531.32 | 0.50 |
| France |  | 20,433,511.65 | 6.32 |
| 35,970 ESSILORLUXOTTICA SA | EUR | 4,587,973.50 | 1.42 |
| 11,170 L'OREAL SA | EUR | 3,471,636.00 | 1.07 |
| 7,599 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 3,882,329.10 | 1.20 |
| 16,273 ORPEA SA | EUR | 1,750,161.15 | 0.54 |
| 37,387 SCHNEIDER ELECTRIC SE | EUR | 4,422,882.10 | 1.37 |
| 8,546 TELEPERFORMANCE SE | EUR | 2,318,529.80 | 0.72 |
| Germany |  | 18,998,750.51 | 5.88 |
| 25,327 BEIERSDORF AG | EUR | 2,391,881.88 | 0.74 |
| 28,301 DEUTSCHE BOERSE AG REG SHS | EUR | 3,940,914.25 | 1.22 |
| 19,101 KNORR-BREMSE - BEARER SHS | EUR | 2,133,199.68 | 0.66 |
| 20,929 MORPHOSYS | EUR | 1,963,558.78 | 0.61 |
| 41,886 PUMA AG | EUR | 3,865,240.08 | 1.20 |
| 43,872 SAP AG | EUR | 4,703,955.84 | 1.45 |
| Ireland |  | 3,134,336.60 | 0.97 |
| 10,800 KERRY GROUP -A- | EUR | 1,279,800.00 | 0.40 |
| 32,309 KINGSPAN GROUP | EUR | 1,854,536.60 | 0.57 |
| Italy |  | 1,529,600.00 | 0.47 |
| 200,000 UNICREDIT SPA REGS | EUR | 1,529,600.00 | 0.47 |
| Jersey Island |  | 3,534,400.30 | 1.09 |
| 113,923 EXPERIAN GROUP | GBP | 3,534,400.30 | 1.09 |
| Luxembourg |  | 4,252,529.13 | 1.32 |
| 228,891 ALLEGRO EU | PLN | 4,252,529.13 | 1.32 |
| Norway |  | 1,167,619.32 | 0.36 |
| 422,375 NEL ASA | NOK | 1,167,619.32 | 0.36 |
| Spain |  | 5,096,035.92 | 1.58 |
| 67,161 AMADEUS IT GROUP SA -A- | EUR | 4,000,109.16 | 1.24 |
| 46,359 SOLARIA ENERGIA | EUR | 1,095,926.76 | 0.34 |
| Sweden |  | 11,742,984.77 | 3.63 |
| 172,813 ASSA ABLOY -B- NEW I | SEK | 3,482,572.77 | 1.08 |
| 243,897 EPIROC- REGISTERED SHS | SEK | 3,632,301.94 | 1.12 |
| 360,229 NORDNET AB PUBL | SEK | 4,628,110.06 | 1.43 |
| Switzerland |  | 5,766,447.34 | 1.78 |
| 58,369 CIE FINANCIERE RICHEMONT NAMEN AKT | CHF | 4,321,750.75 | 1.33 |
| 6,462 SIKA - REGISTERED SHS | CHF | 1,444,696.59 | 0.45 |
| The Netherlands |  | 14,804,282.26 | 4.58 |
| 864 ADYEN --- PARTS SOCIALES | EUR | 1,645,920.00 | 0.51 |
| 10,628 ARGENX SE | EUR | 2,571,976.00 | 0.80 |
| 9,312 ASML HOLDING NV | EUR | 3,701,985.60 | 1.15 |
| 23,802 IMCD | EUR | 2,481,358.50 | 0.77 |
| 100,572 ROYAL PHILIPS NV | EUR | 4,403,042.16 | 1.35 |
| United Kingdom |  | 21,326,348.68 | 6.60 |
| 120,741 ASHTEAD GROUP | GBP | 4,637,555.11 | 1.44 |
| 94,394 BURBERRY GROUP PLC | GBP | 1,887,141.81 | 0.58 |
| 317,692 COMPASS GROUP | GBP | 4,837,606.93 | 1.50 |
| 665,905 INFORMA PLC | GBP | 4,084,257.01 | 1.26 |
| 1,841,818 TAYLOR WIMPEY PLC | GBP | 3,411,612.38 | 1.06 |
| 50,302 UNILEVER | GBP | 2,468,175.44 | 0.76 |
| Bonds |  | 138,026,436.84 | 42.72 |
| France |  | 15,031,690.65 | 4.65 |
| 11,000,000 FRANCE 0.70 13-30 25/07A | EUR | 14,001,415.65 | 4.33 |
| 1,000,000 VERITAS SA	1.25 16-23 07/09A | EUR | 1,030,275.00 | 0.32 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Germany | 15,578,041.39 | 4.82 |
| 700,000 FRAPORT AG FRANKFURT 1.625 20-27 09/07A	EUR | 750,039.50 | 0.23 |

| 5,360,000 GERMANY 0.10 15-46 15/04A | EUR | 8,483,494.19 | 2.63 |
| --- | --- | --- | --- |
| 5,000,000 GERMANY 0.50 14-30 15/04A | EUR | 6,344,507.70 | 1.96 |
| Greece |  | 7,005,999.85 | 2.17 |
| 2,700,000 HELLENIC REPUBLIC  3.50 17-23 30/01A | EUR | 2,902,365.00 | 0.90 |
| 3,626,000 HELLENIC REPUBLIC 0.00 20-35 04/02A | EUR | 4,103,634.85 | 1.27 |
| Ireland | 16,753,034.29 | 5.18 |
| 533,141 ISHS PHY MET (COMDTY GOLD)	USD | 16,107,956.29 | 4.98 |
| 600,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 645,078.00 | 0.20 |
| Italy |  | 45,799,185.33 | 14.18 |
| 2,000,000 AEROPORTI DI ROMA SPA 1.625 20-29 02/02A | EUR | 2,020,140.00 | 0.63 |
| 9,923,000 AMCO ASSET MA CO SPA 1.5 20-23 17/07A | EUR | 10,291,788.29 | 3.18 |
| 13,875,000 AMCO ASSET MA CO SPA 2.25 20-27 17/07A | EUR | 15,154,899.38 | 4.69 |
| 3,030,000 AUTOSTRADE PER I'ITAL 2.65 20-28 08/03A | EUR | 3,054,739.95 | 0.95 |
| 1,000,000 CASSA DEPOSITI	1.0 20-28 21/09A	EUR | 1,036,350.00 | 0.32 |
| 1,000,000 ITALY	0.95 20-30 01/08S	EUR | 1,045,910.00 | 0.32 |
| 1,150,000 ITALY 1.35 19-30 01/04S | EUR | 1,245,473.00 | 0.39 |
| 3,979,000 ITALY 2.00 15-25 01/12S | EUR | 4,385,872.65 | 1.36 |
| 3,000,000 ITALY 2.55 09-41 15/09S | EUR | 5,131,332.06 | 1.59 |
| 2,000,000 ITALY 5.00 09-25 01/03S | EUR | 2,432,680.00 | 0.75 |
| Norway | 12,079,392.20 | 3.74 |
| 121,710,000 NORWAY 2.00 12-23 24/05A	NOK | 12,079,392.20 | 3.74 |
| Panama | 10,972,853.13 | 3.40 |
| 8,000,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 8,507,800.00 | 2.64 |
| 2,125,000 CARNIVAL CORPORATION 10.125 20-26 01/02S | EUR | 2,465,053.13 | 0.76 |
| Romania | 7,041,555.00 | 2.18 |
| 3,000,000 ROMANIA | 4.625 19-49 03/04A | EUR | 4,051,380.00 | 1.25 |
| 2,500,000 ROMANIA | 3.6240 20-30 26/05A | EUR | 2,990,175.00 | 0.93 |
| Spain |  |  | 3,146,535.00 | 0.97 |
| 3,000,000 CAIXABANK SA 1.75 18-23 24/10A	EUR | 3,146,535.00 | 0.97 |
| United Kingdom | 4,618,150.00 | 1.43 |
| 5,000,000 CARNIVAL PLC | 1.0 19-29 28/10A | EUR | 3,613,450.00 | 1.12 |
| 1,000,000 FCE BANK PLC | 1.615 16-23 11/05A | EUR | 1,004,700.00 | 0.31 |

Convertible bonds	
3,106,420.02	0.96
Germany	
3,106,420.02	0.96
| 3,000,000 MORPHOSYS AG CV | 0.625 20-25 16/10S | EUR | 3,106,420.02 | 0.96 |
| --- | --- | --- | --- | --- |
| Floating rate bonds |  |  | 7,689,207.54 | 2.38 |
| Denmark |  | 713,979.00 | 0.22 |
| 700,000 DANSKE BANK A/S	FL.R 20-23 24/05A | EUR | 713,979.00 | 0.22 |
| Germany |  | 1,206,056.50 | 0.37 |
| 1,100,000 COMMERZBANK AG	FL.R 20-30 05/12A | EUR | 1,206,056.50 | 0.37 |
| Sweden |  | 3,189,467.04 | 1.00 |
| 3,200,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 3,189,467.04 | 1.00 |
| The Netherlands | 529,975.00 | 0.16 |
| 500,000 VOLKSWAGEN INTL FIN  FL.R 15-XX 20/03A	EUR | 529,975.00 | 0.16 |
| United Kingdom | 2,049,730.00 | 0.63 |
| 2,000,000 NATWEST GROUP PLC  FL.R 17-23 08/03A | EUR | 2,049,730.00 | 0.63 |
| Warrants, Rights |  | 14,052.00 | 0.00 |
| Switzerland |  | 14,052.00 | 0.00 |
| 66,078 COMPAGNIE FINANCIERE RICHE 29.11.23 WAR	CHF | 14,052.00 | 0.00 |

| arket instruments	 37,043,575.00	11.46 |
| --- |
| Bonds | 37,043,575.00 | 11.46 |

Money m
| France | 30,037,275.00 | 9.29 |
| --- | --- | --- |
| 5,000,000 FRANCE ZCP 030221 | EUR | 5,003,625.00 | 1.55 |
| 10,000,000 FRANCE ZCP 080421 | EUR | 10,018,150.00 | 3.09 |
| 10,000,000 FRANCE ZCP 100321 | EUR | 10,013,250.00 | 3.10 |
| 5,000,000 FRANCE ZCP 200121 | EUR | 5,002,250.00 | 1.55 |

|  | 7,006,300.00 | 2.17 |
| --- | --- | --- |
| EUR | 7,006,300.00 | 2.17 |
|  | 314,709,403.07 | 97.38 |

Italy
7,000,000 ITALY ZCP 260221
Total securities portfolio
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| France |  | 20.26 |
| Italy |  | 16.82 |
| Germany |  | 12.03 |
| United Kingdom |  | 8.66 |
| Ireland |  | 6.15 |
| Denmark |  | 4.80 |
| The Netherlands |  | 4.74 |
| Sweden |  | 4.63 |
| Norway |  | 4.10 |
| Panama |  | 3.40 |
| Spain |  | 2.55 |
| Romania |  | 2.18 |
| Greece |  | 2.17 |
| Switzerland |  | 1.78 |
| Luxembourg |  | 1.32 |
| Jersey Island |  | 1.09 |
| Austria |  | 0.70 |
|  |  | 97.38 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 30.70 |
| Holding and finance companies | 17.33 |
| Hotels and restaurants | 6.02 |
| Banks and credit institutions | 4.91 |
| Pharmaceuticals and cosmetics | 4.90 |
| Machine and apparatus construction | 4.30 |
| Internet and internet services | 4.04 |
| Biotechnology | 3.52 |
| Textiles and garments | 2.98 |
| Healthcare and social services | 2.72 |
| Transportation | 2.01 |
| Utilities | 1.85 |
| Electronics and semiconductors | 1.85 |
| Building materials and trade | 1.63 |
| Electrical engineering and electronics | 1.37 |
| Retail trade, department stores | 1.32 |
| Graphic art and publishing | 1.26 |
| Foods and non alcoholic drinks | 1.16 |
| Real estate companies | 1.00 |
| Miscellaneous trading companies | 0.77 |
| Communications | 0.72 |
| Chemicals | 0.70 |
| Miscellaneous services | 0.32 |
|  | 97.38 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 2,980,786.64 |
| --- | --- | --- |
| Net dividends | Note 2 | 638,722.93 |
| Net interest on bonds | Note 2 | 2,327,985.81 |
| Bank interest on cash account |  | 11,787.55 |
| Other financial income |  | 139.72 |
| Interest on swaps |  | 2,150.63 |
| Expenses |  | 5,860,072.55 |
| Management fees | Note 3 | 1,936,053.61 |
| Custodian & sub-custodian fees | Note 4 | 36,771.31 |
| Taxe d'abonnement | Note 5 | 120,329.15 |
| Performance fees | Note 3 | 2,496,087.98 |
| Bank interest on overdrafts |  | 93,514.79 |
| Transaction fees | Note 6 | 537,773.55 |
| Interest on swaps |  | 73,063.06 |
| Operating and establishment fees | Note 4 | 566,479.10 |
| Net loss from investments |  | (2,879,285.91) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 12,845,280.58 |
| - forward foreign exchange contracts |  | 558,594.02 |
| - financial futures |  | 8,445,356.63 |
| - swaps |  | (2,745,012.90) |
| - foreign exchange |  | (586,644.40) |
| Net realised profit |  | 15,638,288.02 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 19,683,243.99 |
| - forward foreign exchange contracts |  | 47,493.13 |
| - financial futures |  | (631,929.37) |
| - swaps |  | (11,414.74) |
| Increase in net assets as a result of operations |  | 34,725,681.03 |
| Subscription capitalisation shares |  | 260,741,060.03 |
| Subscription distribution shares |  | 20,000.00 |
| Redemption capitalisation shares |  | (74,494,508.39) |
| Increase in net assets |  | 220,992,232.67 |
| Net assets at the beginning of the year |  | 102,174,085.25 |
| Net assets at the end of the year |  | 323,166,317.92 |

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 |