# CARMIGNAC PORTFOLIO
## Emerging Patrimoine

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 491,794,926.34 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 443,847,211.82 |
| Cost price |  | 424,506,267.74 |
| Unrealised profit on the securities portfolio |  | 19,340,944.08 |
| Cash at banks and liquidities |  | 34,265,009.10 |
| Interest receivable |  | 6,378,032.89 |
| Brokers receivable |  | 23,749.44 |
| Subscriptions receivable |  | 1,258,561.73 |
| Dividends receivable |  | 264,639.61 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 2,397,046.11 |
| Unrealised net appreciation on swaps | Note 2 | 3,360,675.64 |
| Liabilities |  | 5,173,221.59 |
| Bank overdrafts |  | 2,458,593.25 |
| Redemptions payable |  | 437,635.19 |
| Unrealised net depreciation on financial futures | Note 2 | 797,074.74 |
| Other liabilities | Note 14 | 1,479,918.41 |
| Net asset value |  | 486,621,704.75 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 486,621,704.75 | 561,332,339.51 | 846,313,603.04 |
| Class A EUR - Capitalisation Number of shares |  | 1,967,040 | 2,723,711 | 3,973,339 |
| Net asset value per share | EUR | 122.24 | 103.10 | 120.39 |
| Class A EUR Y - Distribution Number of shares |  | 138,402 | 165,405 | 177,430 |
| Net asset value per share | EUR | 94.21 | 81.58 | 97.07 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 21,635 | 23,348 | 61,860 |
| Net asset value per share | CHF | 103.72 | 87.84 | 103.09 |
| Class A USD - Capitalisation Number of shares |  | 0 | 100 | 0 |
| Net asset value per share | USD | 0.00 | 79.63 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 53,422 | 100,431 | 139,817 |
| Net asset value per share | USD | 114.45 | 94.37 | 107.40 |
| Class E EUR - Capitalisation Number of shares |  | 620,719 | 835,329 | 1,031,844 |
| Net asset value per share | EUR | 115.07 | 97.71 | 114.96 |
| Class E USD Hedged - Capitalisation Number of shares |  | 997 | 823 | 1,270 |
| Net asset value per share | USD | 126.42 | 104.89 | 120.28 |
| Class F EUR - Capitalisation Number of shares |  | 1,182,035 | 1,596,318 | 1,671,794 |
| Net asset value per share | EUR | 128.36 | 107.71 | 124.96 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 486,621,704.75 | 561,332,339.51 | 846,313,603.04 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR Y - Distribution Number of shares |  | 0 | 6,654 | 0 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 0.00 | 85.99 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 5,230 | 4,230 | 11,231 |
| Net asset value per share | CHF | 123.16 | 103.70 | 120.93 |
| Class F GBP - Capitalisation Number of shares |  | 5,249 | 9,703 | 9,706 |
| Net asset value per share | GBP | 130.55 | 115.96 | 133.05 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 1,309 | 6,844 |
| Net asset value per share | GBP | 0.00 | 100.82 | 116.11 |
| Class F USD Hedged - Capitalisation Number of shares |  | 7,730 | 9,238 | 15,208 |
| Net asset value per share | USD | 137.44 | 112.70 | 127.43 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable securities admitted to an official stock exchange listing | 432,786,887.61 | 88.94 |
| --- | --- | --- |
| Shares | 154,704,336.57 | 31.79 |

| Cayman Islands |  | 48,361,913.60 | 9.93 |
| --- | --- | --- | --- |
| 4,114,482 DALI FOODS GRP UNITARY 144A/REGS | HKD | 2,714,354.77 | 0.56 |
| 495,989 ENN ENERGY HOLDINGS LTD | HKD | 4,828,723.39 | 0.99 |
| 289,585 JD COM ADR REPR 2SHS -A- | USD | 9,088,712.29 | 1.87 |
| 100,839 SEA -A- ADR REPR1 SHS | USD | 3,613,135.48 | 0.74 |
| 269,696 TENCENT HLDG | HKD | 11,581,790.88 | 2.38 |
| 209,441 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 2,362,296.59 | 0.49 |
| 245,776 58.COM -A- ADR | USD | 14,172,900.20 | 2.90 |
| China |  | 19,477,679.83 | 4.00 |
| 2,536,919 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 4,733,718.04 | 0.97 |
| 651,661 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 4,138,826.61 | 0.85 |
| 599,845 FJ YAOHUA GLASS -A- | CNY | 1,840,424.80 | 0.38 |
| 830,706 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 2,071,718.51 | 0.43 |
| 546,768 PING AN INS (GRP) CO -H- | HKD | 5,757,558.37 | 1.18 |
| 513,274 ZHENGZHOU YUTONG COACH -A- | CNY | 935,433.50 | 0.19 |
| India |  | 25,045,443.79 | 5.15 |
| 165,280 AXIS BANK | INR | 1,555,598.31 | 0.32 |
| 288,961 DABUR INDIA LTD DEMATERIALISED | INR | 1,653,225.36 | 0.34 |
| 478,905 HDFC BANK - REGISTERED SHS | INR | 7,603,592.65 | 1.56 |
| 278,808 HOUSING DEVELOPMENT FINANCE CORP | INR | 8,395,175.36 | 1.73 |
| 2,906 SHREE CEMENTS LTD | INR | 738,594.13 | 0.15 |
| 681,449 UNITED SPIRITS -REGISTERED SHS | INR | 5,099,257.98 | 1.05 |
| Indonesia |  | 2,510,483.54 | 0.52 |
| 5,649,261 ASTRA INTERNATIONAL TBK | IDR | 2,510,483.54 | 0.52 |
| Mexico |  | 6,296,968.87 | 1.29 |
| 1,263,405 GRUPO FINANCIERO BANORTE -O- | MXN | 6,296,968.87 | 1.29 |
| South Korea |  | 33,605,497.48 | 6.91 |
| 68,085 HYUNDAI MOTOR CO LTD | KRW | 6,320,119.21 | 1.30 |
| 13,028 KAKAO | KRW | 1,540,539.76 | 0.32 |
| 305,612 KANGWON LAND | KRW | 6,968,653.90 | 1.43 |
| 6,635 NAVER | KRW | 953,249.41 | 0.20 |
| 387,533 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 13,553,495.77 | 2.78 |
| 23,484 SAMSUNG SDI CO LTD | KRW | 4,269,439.43 | 0.88 |
| Taiwan |  | 7,959,622.36 | 1.64 |
| 153,781 TAIWAN SEMICON ADR (REPR 5 SHS) | USD | 7,959,622.36 | 1.64 |
| The Netherlands |  | 5,091,526.37 | 1.05 |
| 131,415 YANDEX N.V. | USD | 5,091,526.37 | 1.05 |
| Turkey |  | 0.16 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.16 | 0.00 |
| United Arab Emirates |  | 2,694,275.05 | 0.55 |
| 2,763,408 EMAAR PROPERTIES | AED | 2,694,275.05 | 0.55 |
| United States of America |  | 3,660,925.52 | 0.75 |
| 7,185 MERCADOLIBRE | USD | 3,660,925.52 | 0.75 |
| Bonds |  | 257,925,180.12 | 53.01 |
| Brazil |  | 2,825,211.58 | 0.58 |
| 3,000,000 AEGEA FINANCE SARL 5.75 17-24 10/10S | USD | 2,825,211.58 | 0.58 |
| British Virgin Islands |  | 1,081,954.12 | 0.22 |
| 1,100,000 ARCOS DORADOS	6.625 13-23 27/09S | USD | 1,081,954.12 | 0.22 |
| Canada |  | 1,196,796.98 | 0.25 |
| 2,081,120 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,196,796.98 | 0.25 |
| Cayman Islands |  | 8,050,511.90 | 1.65 |
| 2,100,000 BANCO BTG PACTUAL	4.5 19-25 10/01S | USD | 1,893,975.50 | 0.39 |
| 5,880,000 IVORY COAST	6.8750 19-40 17/10A | EUR | 6,156,536.40 | 1.26 |
| Chile |  | 17,238,635.61 | 3.54 |
| 13,000,000,000 CHILE 4.50 15-26 01/03S | CLP | 17,238,635.61 | 3.54 |
| Egypt |  | 5,360,900.00 | 1.10 |
| 5,000,000 EGYPT 6.375 19-31 11/04A | EUR | 5,360,900.00 | 1.10 |
| Greece |  | 22,799,220.00 | 4.69 |
| 3,000,000 HELLENIC REPUBLIC  3.50 17-23 30/01A | EUR | 3,297,195.00 | 0.68 |
| 5,000,000 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 6,268,225.00 | 1.29 |
| 10,000,000 HELLENIC REPUBLIC  4.20 17-42 30/01A | EUR | 13,233,800.00 | 2.72 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Indonesia | 27,019,365.70 | 5.55 |
| 110,000,000,000 INDONESIA 6.625 12-33 15/05S | IDR | 6,548,742.38 | 1.35 |
| 140,000,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 8,889,305.86 | 1.82 |
| 77,256,000,000 INDONESIA 6.125 12-28 15/05M | IDR | 4,662,992.16 | 0.96 |
| 100,000,000,000 INDONESIA 8.375 10-26 15/09S | IDR | 6,918,325.30 | 1.42 |
| Ivory Coast |  | 5,049,275.00 | 1.04 |
| 5,000,000 COTE D IVOIRE	6.625 18-48 22/03A | EUR | 5,049,275.00 | 1.04 |
| Luxembourg |  | 23,138,965.46 | 4.76 |
| 5,000,000 GAZ CAPITAL	4.25 17-24 06/04S	GBP | 6,417,035.46 | 1.32 |
| 4,000,000 GAZ CAPITAL SA	2.949 18-24 24/01A	EUR | 4,352,680.00 | 0.89 |
| 10,000,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A	EUR | 12,369,250.00 | 2.55 |
| Malaysia |  | 11,277,005.84 | 2.32 |
| 50,000,000 MALAYSIA 3.899 17-27 16/11S | MYR | 11,277,005.84 | 2.32 |
| Mexico |  | 45,172,153.08 | 9.28 |
| 4,800,000 GFB  5.875	19-34 13/09S	USD | 4,482,451.67 | 0.92 |
| 1,800,000 MEX BONOS DESARR FIX 10.00 05-24 05/12S	MXN | 9,642,945.09 | 1.98 |
| 10,000,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 10,331,750.00 | 2.12 |
| 16,000,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A	EUR | 17,022,160.00 | 3.50 |
| 4,000,000 PLA ADMINISTRAD	4.9620 19-29 18/07S | USD | 3,692,846.32 | 0.76 |
| Peru |  | 9,011,905.73 | 1.85 |
| 30,000,000 PERU (REF OF) REGS 5.70 14-24 12/08S | PEN | 9,011,905.73 | 1.85 |
| South Africa |  | 10,811,952.22 | 2.22 |
| 244,000,000 SOUTH AFRICA | 6.50 10-41 28/02S | ZAR | 10,811,952.22 | 2.22 |
| Thailand |  |  | 6,652,598.95 | 1.37 |
| 200,000,000 THAILAND 2.875 18-28 17/12S	THB | 6,652,598.95 | 1.37 |
| The Netherlands |  | 3,285,178.50 | 0.68 |
| 3,100,000 TEVA PHARM FNC	6.0000 19-25 31/01S | EUR | 3,285,178.50 | 0.68 |
| Turkey |  | 27,845,800.00 | 5.72 |
| 14,000,000 TURKEY 4.625 19-25 31/03A | EUR | 14,833,000.00 | 3.05 |
| 12,000,000 TURKEY 5.20 18-26 16/02A | EUR | 13,012,800.00 | 2.67 |
| United Kingdom | 4,023,335.49 | 0.83 |
| 4,319,050 AFREN PLC DEF | 10.25 12-19 08/04S | USD | 20,238.93 | 0.00 |
| 19,516,720 AFREN REGS DEF | 6.625 13-20 09/12S | USD | 91,341.55 | 0.02 |
| 4,300,000 KONDOR FINANCE | 7.625  19-26 08/11S | USD | 3,911,755.01 | 0.81 |
| United States of America | 26,084,413.96 | 5.36 |
| 4,800,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 3,549,840.54 | 0.73 |
| 25,300,000 USA TREASURY NOTES | 1.25 15-20 31/01S | USD | 22,534,573.42 | 4.63 |
| Floating rate bonds |  |  | 20,157,370.92 | 4.14 |
| Argentina | 1,386,780.00 | 0.28 |
| 3,000,000 ARGENTINA STEP-UP  FL.R 05-38 31/12S	EUR | 1,386,780.00 | 0.28 |
| Brazil | 5,487,608.02 | 1.14 |
| 6,000,000 ITAU UNIBANCO HOLDING FL.R 19-29 21/11S	USD | 5,487,608.02 | 1.14 |
| Greece | 4,294,600.00 | 0.88 |
| 4,000,000 PIRAEUS GROUP F  FL.R 19-29 26/06A | EUR | 4,294,600.00 | 0.88 |
| Hungary |  | 3,456,801.60 | 0.71 |
| 3,360,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 3,456,801.60 | 0.71 |
| Turkey |  | 4,631,964.37 | 0.95 |
| 4,600,000 YAPI	FL.R  19-99 15/01S | USD | 4,631,964.37 | 0.95 |
| United States of America | 899,616.93 | 0.18 |
| 1,000,000 BBVA BANCOMER SA FL.R  18-33 18/01S	USD | 899,616.93 | 0.18 |
| Other transferable securities | 11,060,324.21 | 2.27 |
| Bonds | 11,060,324.21 | 2.27 |
| The Netherlands | 4,588,627.34 | 0.94 |
| 2,500,000,000 JPM STRUCT PROD	0.00 17-46 10/10U	INR | 4,588,627.34 | 0.94 |
| United States of America | 6,471,696.87 | 1.33 |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U	MXN | 6,471,696.87 | 1.33 |
| Total securities portfolio | 443,847,211.82 | 91.21 |

	The accompanying notes form an integral part of these financial statements	
|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Cayman Islands |  |  | 11.58 |
| Mexico |  |  | 10.57 |
| United States of America |  |  | 7.62 |
| South Korea |  |  | 6.91 |
| Turkey |  |  | 6.67 |
| Indonesia |  |  | 6.07 |
| Greece |  |  | 5.57 |
| India |  |  | 5.15 |
| Luxembourg |  |  | 4.76 |
| China |  |  | 4.00 |
| Chile |  |  | 3.54 |
| The Netherlands |  |  | 2.67 |
| Malaysia |  |  | 2.32 |
| South Africa |  |  | 2.22 |
| Peru |  |  | 1.85 |
| Brazil |  |  | 1.72 |
| Taiwan |  |  | 1.64 |
| Thailand |  |  | 1.37 |
| Egypt |  |  | 1.10 |
| Ivory Coast |  |  | 1.04 |
| United Kingdom |  |  | 0.83 |
| Hungary |  |  | 0.71 |
| United Arab Emirates |  |  | 0.55 |
| Argentina |  |  | 0.28 |
| Canada |  |  | 0.25 |
| British Virgin Islands |  |  | 0.22 |
|  |  |  | 91.21 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Countries and central government	36.29
Banks and credit institutions	10.10
Holding and finance companies	7.56
Petroleum	5.64
Electronics and semiconductors	5.30
Healthcare and social services	3.52
Internet and internet services	3.06
Miscellaneous services	2.90
Graphic art and publishing	2.38
Miscellaneous sectors	2.18
Road vehicles	2.01
Retail trade, department stores	1.87
Hotels and restaurants	1.43
Pharmaceuticals and cosmetics	1.19
Insurance	1.18
Miscellaneous trading companies	1.05
Utilities	0.99
Foods and non alcoholic drinks	0.56
Real estate companies	0.55
Biotechnology	0.49
Electrical engineering and electronics	0.43
Miscellaneous consumer goods	0.38
Building materials and trade	0.15
91.21
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 25,627,197.50 |
| --- | --- | --- |
| Net dividends |  | 2,991,911.04 |
| Net interest on bonds |  | 22,180,750.62 |
| Bank interest on cash account |  | 83,035.63 |
| Other financial income |  | 1,533.55 |
| Interest on swaps |  | 369,667.63 |
| Securities lending income | Note 2, 7 | 299.03 |
| Expenses |  | 10,098,172.30 |
| Management fees | Note 3 | 6,921,943.16 |
| Custodian & sub-custodian fees | Note 4 | 83,645.88 |
| Taxe d'abonnement | Note 5 | 226,310.00 |
| Performance fees | Note 3 | 345,416.86 |
| Bank interest on overdrafts |  | 322,891.91 |
| Transaction fees | Note 6 | 658,310.27 |
| Interest on swaps |  | 435,192.15 |
| Operating and establishment fees | Note 4 | 1,104,462.07 |
| Net income from investments |  | 15,529,025.20 |
| Net realised profit / loss on: |  |  |
| - sales of investment securities | Note 2 | (35,416,155.90) |
| - options |  | (7,767,512.51) |
| - forward foreign exchange contracts |  | (15,943,339.97) |
| - financial futures |  | 3,032,117.00 |
| - swaps |  | (253,045.26) |
| - foreign exchange |  | 64,768,787.06 |
| Net realised profit |  | 23,949,875.62 |
| Movement in net unrealised appreciation / depreciation on: |  |  |
| - investments | Note 2 | 48,248,322.69 |
| - options |  | 950,543.08 |
| - forward foreign exchange contracts |  | 8,492,786.71 |
| - financial futures |  | (797,074.74) |
| - swaps |  | 1,929,450.94 |
| Increase in net assets as a result of operations |  | 82,773,904.30 |
| Dividends paid | Note 10 | (356,293.35) |
| Subscription capitalisation shares |  | 299,437,480.24 |
| Subscription distribution shares |  | 1,162,345.47 |
| Redemption capitalisation shares |  | (453,656,942.97) |
| Redemption distribution shares |  | (4,071,128.45) |
| Decrease in net assets |  | (74,710,634.76) |
| Net assets at the beginning of the year |  | 561,332,339.51 |
| Net assets at the end of the year |  | 486,621,704.75 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2019-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert

##### Abschluss zum 31.12.2019
Aufstellung des Nettovermögens zum 31.12.2019
Ausgedrückt in EUR
| Aktiva |  | 8.526.201.846,34 |
| --- | --- | --- |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 7.827.728.767,13 |
| Anschaffungskosten |  | 7.574.187.077,90 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 253.541.689,23 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 4.905.489,62 |
| Zum Einstandspreis erworbene Optionen |  | 6.319.793,88 |
| Bankguthaben und liquide Mittel |  | 584.027.821,86 |
| Zinsforderungen |  | 47.336.199,83 |
| Forderungen gegenüber Brokern |  | 7.952.540,60 |
| Forderungen aus Zeichnungen |  | 24.854.209,26 |
| Dividendenforderungen |  | 903.261,09 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 12.082.754,38 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 4.768.852,79 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 10.262.544,49 |
| Sonstige Aktiva | Erläuterung 13 | 1.379.405,29 |
| Passiva |  | 280.275.742,68 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 2.075.821,47 |
| Zum Einstandspreis verkaufte Optionen |  | 3.321.183,28 |
| Kontoüberziehungen |  | 51.018.287,94 |
| Verbindlichkeiten gegenüber Brokern |  | 129.961.414,11 |
| Verbindlichkeiten aus Rücknahmen |  | 29.247.323,77 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 5.489.732,56 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 3.859.791,81 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 22.975.998,42 |
| Sonstige Passiva | Erläuterung 14 | 35.647.372,60 |
| Nettoinventarwert |  | 8.245.926.103,66 |

Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2019 bis 31.12.2019
| Ausgedrückt in EUR |
| --- |
| Erträge |  | 185.839.435,83 |
| Nettodividenden |  | 42.295.440,16 |
| Nettozinsen aus Anleihen |  | 130.734.190,92 |
| Bankzinsen aus Sichteinlagen |  | 2.958.153,85 |
| Sonstige Finanzerträge |  | 1.772.530,56 |
| Zinsen aus Swapverträgen |  | 7.225.187,54 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 853.932,80 |
| Aufwand |  | 151.660.030,11 |
| Verwaltungsgebühren | Erläuterung 3 | 73.779.033,82 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.433.760,21 |
| Taxe d’abonnement | Erläuterung 5 | 4.070.551,00 |
| Performancegebühren | Erläuterung 3 | 19.194.933,39 |
| Überziehungszinsen |  | 8.350.513,24 |
| Transaktionskosten | Erläuterung 6 | 8.728.597,47 |
| Dividendenaufwand |  | 7.174.546,51 |
| Zinsen aus Swapverträgen |  | 16.319.325,58 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 12.608.768,89 |
| Nettoertrag aus Anlagen |  | 34.179.405,72 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 162.737.293,80 |
| - Optionen |  | (48.838.499,42) |
| - Devisenterminkontrakten |  | (69.282.878,72) |
| - Futures |  | (100.808.487,30) |
| - Swaps |  | 28.325.334,64 |
| - Wechselkursgeschäften |  | 131.796.625,76 |
| Realisierter Nettogewinn |  | 138.108.794,48 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |  |  |
| - Anlagen | Erläuterung 2 | 623.979.147,64 |
| - Optionen |  | 12.767.859,44 |
| - Devisenterminkontrakten |  | 8.455.667,54 |
| - Futures |  | (2.301.369,48) |
| - Swaps |  | (55.596.231,44) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 725.413.868,18 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (11.427.110,20) |
| Zeichnungen von thesaurierenden Aktien |  | 4.590.307.917,13 |
| Zeichnungen von ausschüttenden Aktien |  | 56.652.617,32 |
| Rücknahmen von thesaurierenden Aktien |  | (6.261.392.201,49) |
| Rücknahmen von ausschüttenden Aktien |  | (149.100.700,46) |
| Rückgang des Nettovermögens |  | (1.049.545.609,52) |
| Nettovermögen am Jahresanfang |  | 9.295.471.713,18 |
| Nettovermögen am Jahresende |  | 8.245.926.103,66 |