# CARMIGNAC PORTFOLIO
## Green Gold (formerly Commodities)

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 373,640,251.30 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 315,963,902.65 |
| Cost price |  | 251,847,533.83 |
| Unrealised profit on the securities portfolio |  | 64,116,368.82 |
| Cash at banks and liquidities |  | 54,764,631.52 |
| Interest receivable |  | 147.13 |
| Brokers receivable |  | 2,029,934.05 |
| Subscriptions receivable |  | 688,441.58 |
| Dividends receivable |  | 147,234.91 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 45,661.24 |
| Other assets | Note 12 | 298.22 |
| Liabilities |  | 17,961,034.53 |
| Bank overdrafts |  | 2,311,570.73 |
| Redemptions payable |  | 525,736.93 |
| Unrealised net depreciation on financial futures | Note 2 | 152,838.18 |
| Unrealised net depreciation on swaps | Note 2 | 1,533,155.78 |
| Other liabilities | Note 13 | 13,437,732.91 |
| Net asset value |  | 355,679,216.77 |

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 | 355,679,216.77 | 340,207,665.42 | 465,117,080.45 |
| Class A EUR - Capitalisation Number of shares |  | 871,620 | 945,686 | 1,441,412 |
| Net asset value per share | EUR | 304.77 | 291.60 | 254.02 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 4,487 |
| Net asset value per share | CHF | 0.00 | 0.00 | 83.83 |
| Class A USD - Capitalisation Number of shares |  | 38,438 | 119,064 | 146,680 |
| Net asset value per share | USD | 124.88 | 105.01 | 89.05 |
| Class E EUR - Capitalisation Number of shares |  | 165,643 | 177,631 | 209,140 |
| Net asset value per share | EUR | 87.82 | 84.53 | 74.19 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | USD | 0.00 | 0.00 | 91.36 |
| Class F EUR - Capitalisation Number of shares |  | 562,285 | 276,197 | 673,456 |
| Net asset value per share | EUR | 117.42 | 111.71 | 96.68 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 1,016 |
| Net asset value per share | CHF | 0.00 | 0.00 | 94.85 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 355,679,216.77 | 340,207,665.42 | 465,117,080.45 |

Key figures relating to the last 3 years
Total Net Assets
| Class F USD - Capitalisation Number of shares |  | 804 | 2,523 | 4,367 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 144.94 | 121.29 | 102.21 |
| Class W EUR - Capitalisation Number of shares |  | 10,863 | 11,081 | 11,001 |
| Net asset value per share | EUR | 115.03 | 105.24 | 91.07 |
| Class W GBP - Capitalisation Number of shares |  | 28,689 | 44,787 | 43,997 |
| Net asset value per share | GBP | 131.14 | 113.58 | 104.10 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange | listing	 315,963,902.65 | 88.83 |
| --- | --- | --- | --- |
| Shares |  | 315,963,902.65 | 88.83 |
|  | Bermuda | 3,438,668.68 | 0.97 |
| 323,894 GEOPARK LTD USD | USD | 3,438,668.68 | 0.97 |
| Canada |  | 37,396,237.00 | 10.51 |
| 166,296 AGNICO EAGLE MINES LTD | USD | 9,583,205.39 | 2.69 |
| 514,743 BARRICK GOLD CORPORATION | USD | 9,583,462.50 | 2.70 |
| 200,553 ERO COPPER CORP | CAD | 2,627,208.28 | 0.74 |
| 453,253 FIRST QUANTUM MINERALS LTD | CAD | 6,644,105.11 | 1.87 |
| 41,962 NUTRIEN - REGISTERED | USD | 1,651,661.08 | 0.46 |
| 11,300 PRETIUM RESOURCES INC | CAD | 105,765.33 | 0.03 |
| 900,000 VALEURA ENERGY - REGISTERED SHS | CAD | 329,099.31 | 0.09 |
| 58,551 WHEATON PRECIOUS METAL - REGISTERED | USD | 1,997,399.98 | 0.56 |
| 142,929 WHEATON PRECIOUS METAL - REGISTERED | CAD | 4,874,330.02 | 1.37 |
| Cayman Islands |  | 5,546,209.46 | 1.56 |
| 5,151 NIO INC - SHS -A- ADR | USD | 205,189.60 | 0.06 |
| 4,172 XPENG INC | USD | 146,039.61 | 0.04 |
| 183,232 2VIANET GROUP -A- ADR REPR 6SHS | USD | 5,194,980.25 | 1.46 |
| Denmark |  | 21,785,040.74 | 6.12 |
| 72,134 ORSTED | DKK | 12,050,679.32 | 3.38 |
| 50,335 VESTAS WIND SYSTEMS AS | DKK | 9,734,361.42 | 2.74 |
| France |  | 24,133,020.70 | 6.79 |
| 77,384 SCHNEIDER ELECTRIC SE | EUR | 9,154,527.20 | 2.57 |
| 31,333 SOITEC SA RGPT | EUR | 4,991,346.90 | 1.40 |
| 282,922 TOTAL SE | EUR | 9,987,146.60 | 2.82 |
| Germany |  | 16,136,616.09 | 4.54 |
| 213,927 RWE AG | EUR | 7,395,456.39 | 2.08 |
| 68,237 SILTRONIC AG | EUR | 8,741,159.70 | 2.46 |
| India |  | 2,579,914.92 | 0.73 |
| 887,965 STERL AND WILS - SHS 144A REGS | INR | 2,579,914.92 | 0.73 |
| Ireland |  | 6,783,359.80 | 1.91 |
| 118,177 KINGSPAN GROUP | EUR | 6,783,359.80 | 1.91 |
| Jersey Island |  | 763,326.88 | 0.21 |
| 494,753 PETROFAC LTD | GBP | 763,326.88 | 0.21 |
| Norway |  | 2,811,807.01 | 0.79 |
| 1,017,144 NEL ASA | NOK | 2,811,807.01 | 0.79 |
| Russia |  | 2,098,793.18 | 0.59 |
| 82,307 MMC NORILSK NICADR REPR SHS | USD | 2,098,793.18 | 0.59 |
| South Korea |  | 20,443,300.43 | 5.75 |
| 189,267 SAMSUNG ELECTRONICS CO LTD | KRW | 11,534,224.62 | 3.25 |
| 160,889 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,909,075.81 | 2.50 |
| Sweden |  | 7,368,418.18 | 2.07 |
| 274,533 NIBE INDUSTRIER -B- | SEK | 7,368,418.18 | 2.07 |
| Taiwan |  | 9,976,284.42 | 2.80 |
| 111,945 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 9,976,284.42 | 2.80 |
| The Netherlands |  | 7,795,192.36 | 2.19 |
| 257,437 STMICROELECTRONICS NV | EUR | 7,795,192.36 | 2.19 |
| United Kingdom |  | 17,389,821.37 | 4.89 |
| 222,124 ASHTEAD GROUP | GBP | 8,531,586.55 | 2.41 |
| 372,347 CERES POWER HOLDINGS PLC | GBP | 5,490,984.69 | 1.54 |
| 1,197,917 HOCHSCHILD MINING PLC | GBP | 2,780,998.25 | 0.78 |
| 165,017 ROTORK NEW ISSUE | GBP | 586,251.88 | 0.16 |
| United States of America |  | 129,517,891.43 | 36.41 |
| 10,279 ALBEMARLE - REGISTERED SHS | USD | 1,239,310.27 | 0.35 |
| 28,658 ANSYS INC | USD | 8,520,927.14 | 2.40 |
| 30,164 AUTODESK INC | USD | 7,527,502.56 | 2.12 |
| 48,390 DANAHER CORP | USD | 8,785,382.37 | 2.47 |
| 122,638 DARLING INGREDIENT INC | USD | 5,781,341.05 | 1.63 |
| 34,089 ECOLAB INC | USD | 6,027,948.22 | 1.69 |
| 115,438 HEXCEL CORPORATION | USD | 4,574,875.26 | 1.29 |
| 48,695 KINGSOFT CLOUD HOLDINGS LTD | USD | 1,733,208.49 | 0.49 |
| 176,496 MICROSOFT CORP | USD | 32,083,887.31 | 9.01 |
| 25,000 NATIONAL OILWELL VARCO INC | USD | 280,536.14 | 0.08 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 243,490 NEWMONT CORPORATION | USD | 11,918,283.76 | 3.34 |
| 372,125 ON SEMICONDUCTOR CORP | USD | 9,954,355.16 | 2.80 |
| 13,893 SOLAREDGE TECHNOLOGIES INC | USD | 3,623,500.60 | 1.02 |
| 37,035 SUNNOVA ENERGY INTERNATIONAL INC | USD | 1,366,016.55 | 0.38 |
| 91,431 SUNRUN INC | USD | 5,184,490.03 | 1.46 |
| 20,309 THERMO FISHER SCIEN SHS | USD | 7,731,213.29 | 2.17 |
| 78,490 TPI COMPOSITES | USD | 3,385,805.40 | 0.95 |
| 101,670 WASTE MANAGEMENT | USD | 9,799,307.83 | 2.76 |

Total securities portfolio	
315,963,902.65	88.83
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 36.41 |
| Canada |  | 10.51 |
| France |  | 6.79 |
| Denmark |  | 6.12 |
| South Korea |  | 5.75 |
| United Kingdom |  | 4.89 |
| Germany |  | 4.54 |
| Taiwan |  | 2.80 |
| The Netherlands |  | 2.19 |
| Sweden |  | 2.07 |
| Ireland |  | 1.91 |
| Cayman Islands |  | 1.56 |
| Bermuda |  | 0.97 |
| Norway |  | 0.79 |
| India |  | 0.73 |
| Russia |  | 0.59 |
| Jersey Island |  | 0.21 |
|  |  | 88.83 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Electronics and semiconductors | 19.73 |
| Internet and internet services | 15.48 |
| Utilities | 13.94 |
| Precious metals and stones | 10.66 |
| Machine and apparatus construction | 9.19 |
| Electrical engineering and electronics | 3.59 |
| Petroleum | 3.20 |
| Environmental services and recycling | 2.76 |
| Coal mining and steel industry | 2.68 |
| Chemicals | 2.50 |
| Building materials and trade | 1.91 |
| Holding and finance companies | 1.76 |
| Non-ferrous metals | 1.33 |
| Road vehicles | 0.10 |
|  | 88.83 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 3,506,343.46 |
| --- | --- | --- |
| Net dividends | Note 2 | 3,401,903.98 |
| Bank interest on cash account |  | 104,439.48 |
| Expenses |  | 19,440,075.16 |
| Management fees | Note 3 | 4,140,924.74 |
| Custodian & sub-custodian fees | Note 4 | 49,233.44 |
| Taxe d'abonnement | Note 5 | 142,242.01 |
| Performance fees | Note 3 | 12,892,321.79 |
| Bank interest on overdrafts |  | 171,414.64 |
| Legal fees |  | 1,871.08 |
| Transaction fees | Note 6 | 895,210.21 |
| Dividend expenses |  | 470,874.60 |
| Operating and establishment fees | Note 4 | 675,982.65 |
| Net loss from investments |  | (15,933,731.70) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (22,599,429.20) |
| - forward foreign exchange contracts |  | 353,608.95 |
| - financial futures |  | (12,515,866.45) |
| - swaps |  | 1,070,899.84 |
| - foreign exchange |  | 2,625,810.71 |
| Net realised loss |  | (46,998,707.85) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 71,255,606.90 |
| - forward foreign exchange contracts |  | 169,387.73 |
| - financial futures |  | (179,916.33) |
| - swaps |  | 329,081.74 |
| Increase in net assets as a result of operations |  | 24,575,452.19 |
| Subscription capitalisation shares |  | 101,613,011.20 |
| Redemption capitalisation shares |  | (110,716,912.04) |
| Increase in net assets |  | 15,471,551.35 |
| Net assets at the beginning of the year |  | 340,207,665.42 |
| Net assets at the end of the year |  | 355,679,216.77 |

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 |