# CARMIGNAC PORTFOLIO
## Sécurité

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 2,247,190,740.96 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 2,106,188,398.38 |
| Cost price |  | 2,070,763,719.52 |
| Unrealised profit on the securities portfolio |  | 35,424,678.86 |
| Options purchased at market value | Note 2 | 249,588.20 |
| Options purchased at cost |  | 539,510.00 |
| Cash at banks and liquidities |  | 64,085,917.30 |
| Interest receivable |  | 13,478,893.45 |
| Brokers receivable |  | 48,755,102.70 |
| Subscriptions receivable |  | 13,470,527.80 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 813,054.04 |
| Unrealised net appreciation on swaps | Note 2 | 149,259.09 |
| Liabilities |  | 9,117,547.75 |
| Options sold at market value | Note 2 | 77,347.37 |
| Options sold at cost |  | 153,000.00 |
| Bank overdrafts |  | 3,434,221.22 |
| Redemptions payable |  | 2,687,089.26 |
| Unrealised net depreciation on financial futures | Note 2 | 1,262,443.48 |
| Other liabilities | Note 13 | 1,656,446.42 |
| Net asset value |  | 2,238,073,193.21 |

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 | 2,238,073,193.21 | 2,288,439,560.78 | 2,833,605,872.23 |
| Class A EUR - Capitalisation Number of shares |  | 2,415,410 | 2,786,184 | 2,345,575 |
| Net asset value per share | EUR | 104.20 | 101.98 | 98.46 |
| Class A EUR Y - Distribution Number of shares |  | 592,459 | 823,892 | 1,183,562 |
| Net asset value per share | EUR | 99.96 | 98.38 | 95.69 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 105,309 | 125,836 | 146,200 |
| Net asset value per share | CHF | 101.41 | 99.67 | 96.70 |
| Class A USD Hedged - Capitalisation Number of shares |  | 142,493 | 155,371 | 219,303 |
| Net asset value per share | USD | 115.00 | 111.15 | 104.36 |
| Class F EUR - Capitalisation Number of shares |  | 16,422,385 | 16,806,123 | 22,486,449 |
| Net asset value per share | EUR | 110.37 | 107.64 | 103.56 |
| Class F EUR Y - Distribution Number of shares |  | 232,293 | 256,731 | 324,304 |
| Net asset value per share | EUR | 101.08 | 99.49 | 96.50 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 498,421 | 423,939 | 474,932 |
| Net asset value per share | CHF | 106.29 | 104.11 | 100.66 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 2,238,073,193.21 | 2,288,439,560.78 | 2,833,605,872.23 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 49,840 | 68,069 | 186,382 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 115.81 | 112.42 | 107.07 |
| Class F USD Hedged - Capitalisation Number of shares |  | 125,529 | 115,227 | 334,927 |
| Net asset value per share | USD | 122.10 | 117.60 | 110.03 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchang | e listing	 1,882,724,044.24 | 84.12 |
| --- | --- | --- | --- |
| Bonds |  | 1,337,020,850.35 | 59.74 |
|  | Belgium | 1,116,610.00 | 0.05 |
| 1,100,000 ARGENTA SPAARBANK SUB 3.875 16-26 24/05A | EUR | 1,116,610.00 | 0.05 |
| Canada |  | 6,028,785.60 | 0.27 |
| 2,871,000 BANK OF NOVA SC	0.5000 19-24 30/04A | EUR | 2,933,243.28 | 0.13 |
| 3,081,000 ONTARIO TEACHERS FIN 0.05 20-30 25/11S | EUR | 3,095,542.32 | 0.14 |
| China |  | 2,876,446.57 | 0.13 |
| 2,866,000 ICBC 0.25 19-22 25/04A | EUR | 2,876,446.57 | 0.13 |
| Denmark |  | 6,094,414.38 | 0.27 |
| 3,703,000 DANSKE BANK A/S	1.625 19-24 15/03A | EUR | 3,887,464.94 | 0.17 |
| 2,192,000 NYKREDIT REALKR	0.2500 19-23 20/01A | EUR | 2,206,949.44 | 0.10 |
| Finland |  | 7,887,522.26 | 0.35 |
| 6,500,000 NESTE OYJ	2.125 15-22 17/03A | EUR | 6,626,457.50 | 0.29 |
| 1,259,000 SATO-OYJ	2.375 16-21 24/03A | EUR | 1,261,064.76 | 0.06 |
| France |  | 102,737,020.69 | 4.59 |
| 2,400,000 ACCOR SA	1.25 17-24 25/01A | EUR | 2,466,192.00 | 0.11 |
| 2,400,000 ACCOR SA	3.625 15-23 17/09A | EUR | 2,541,384.00 | 0.11 |
| 3,600,000 ALD SA | EUR | 3,632,868.00 | 0.16 |
| 2,300,000 ALD SA 0.375 19-23 18/07A | EUR | 2,321,585.50 | 0.10 |
| 1,400,000 BUREAU VERITAS SA  3.125 14-21 21/01A | EUR | 1,401,939.00 | 0.06 |
| 4,694,000 COVIVIO SA 1.625 17-24 17/10A | EUR | 4,935,107.31 | 0.22 |
| 4,200,000 DEXIA CREDIT LO	0.01 20-27 22/01A | EUR | 4,274,025.00 | 0.19 |
| 2,100,000 FFP	1.8750 19-26 30/10A | EUR | 2,020,882.50 | 0.09 |
| 3,078,000 FIRMENICH PRODUCTIONS 1.75 20-30 30/04A | EUR | 3,426,614.28 | 0.15 |
| 3,698,000 FIRMENICH PRODUCTIONS 1.375 20-26 30/10A | EUR | 3,959,781.42 | 0.18 |
| 9,900,000 FONCIERE LYONNAISE 1.875 14-21 26/11A | EUR | 10,031,769.00 | 0.46 |
| 3,900,000 FONCIERE LYONNAISE 2.25 15-22 16/11A | EUR | 4,045,821.00 | 0.18 |
| 2,100,000 IPSEN	1.875 16-23 16/06A | EUR | 2,150,022.00 | 0.10 |
| 6,100,000 IPSOS	2.875 18-25 21/09A | EUR | 6,176,250.00 | 0.28 |
| 4,300,000 JCDECAUX SA	2.0000 20-24 24/10A | EUR | 4,564,622.00 | 0.20 |
| 1,100,000 ORPEA SA	2.625 18-25 10/03A | EUR | 1,149,527.50 | 0.05 |
| 2,572,000 PSA BANQUE FRAN	0.5000 19-22 12/04A | EUR | 2,594,299.24 | 0.12 |
| 6,357,000 RCI BANQUE SA 1.375 17-24 08/03A | EUR | 6,513,954.33 | 0.29 |
| 7,966,000 RCI BANQUE SA 0.75 19-23 10/04A | EUR | 8,064,260.61 | 0.36 |
| 4,200,000 SOCIETE GENERALE SA  1.25 19-24 15/02A | EUR | 4,361,448.00 | 0.19 |
| 6,600,000 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 6,952,176.00 | 0.31 |
| 3,600,000 VERITAS SA	1.25 16-23 07/09A | EUR | 3,708,990.00 | 0.17 |
| 5,300,000 WORLDLINE SA	0.5 20-23 30/06A | EUR | 5,383,952.00 | 0.24 |
| 6,000,000 WORLDLINE SA 0.25 19-24 18/09A | EUR | 6,059,550.00 | 0.27 |
| Germany |  | 22,652,088.62 | 1.01 |
| 5,600,000 BAYER AG	0.3750 20-24 06/07A | EUR | 5,679,632.00 | 0.25 |
| 2,900,000 SANTANDER CONS BK 0.75 17-22 17/10A | EUR | 2,947,560.00 | 0.13 |
| 2,416,000 SCHAEFFLER AG	1.1250 19-22 26/03A | EUR | 2,442,322.32 | 0.11 |
| 10,494,000 VOLKSWAGEN FIN SERV 0.625 19-22 01/04A | EUR | 10,591,856.55 | 0.48 |
| 990,000 VOLKSWAGEN LEASING 0.2500 18-21 16/02A | EUR | 990,717.75 | 0.04 |
| Greece |  | 112,321,279.26 | 5.02 |
| 4,691,000 HELLENIC REPUBLIC  1.5 20-30 18/06A | EUR | 5,068,437.86 | 0.23 |
| 37,542,000 HELLENIC REPUBLIC  1.875 19-26 23/07A | EUR | 41,027,586.99 | 1.83 |
| 13,817,000 HELLENIC REPUBLIC  3.375 18-25 15/02A | EUR | 15,687,821.80 | 0.70 |
| 9,259,000 HELLENIC REPUBLIC  3.450 19-24 02/04A | EUR | 10,318,646.25 | 0.46 |
| 32,508,678 HELLENIC REPUBLIC  3.50 17-23 30/01A | EUR | 34,945,203.41 | 1.56 |
| 3,340,000 HELLENIC REPUBLIC  4.375 17-22 01/08A | EUR | 3,578,258.90 | 0.16 |
| 1,498,000 HELLENIC REPUBLIC 0.00 20-35 04/02A | EUR | 1,695,324.05 | 0.08 |
| Iceland |  | 4,551,820.00 | 0.20 |
| 4,550,000 ARION BANK	0.625 20-24 27/05A | EUR | 4,551,820.00 | 0.20 |
| Ireland |  | 119,264,635.82 | 5.33 |
| 1,818,000 FCA BANK SPA IRISH BR 0.50 19-24 13/09A | EUR | 1,838,607.03 | 0.08 |
| 4,626,000 FCA BANK SPA IRISH BR 0.50 20-23 18/09A | EUR | 4,672,676.34 | 0.21 |
| 7,057,000 FCA BANK SPA IRISH BR 0.625 19-22 24/11A | EUR | 7,137,132.23 | 0.32 |
| 95,004,729 IRLANDE	0.2 20-30 18/10A | EUR | 99,814,818.74 | 4.46 |
| 5,396,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 5,801,401.48 | 0.26 |
| Italy |  | 351,431,997.56 | 15.70 |
| 17,852,000 AMCO ASSET MA CO SPA 1.5 20-23 17/07A | EUR | 18,515,469.58 | 0.83 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 15,525,000 AMCO ASSET MA CO SPA 2.25 20-27 17/07A | EUR | 16,957,103.63 | 0.76 |
| --- | --- | --- | --- |
| 2,424,000 ASSET MANAGEMENT COMP 1.375 19-25 27/01A | EUR | 2,526,704.88 | 0.11 |
| 676,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 675,631.58 | 0.03 |
| 3,444,000 ATLANTIA SPA	4.375 10-25 16/09A | EUR | 3,883,058.34 | 0.17 |
| 8,990,000 AUTOSTRADE PER I'ITAL 2.65 20-28 08/03A | EUR | 9,063,403.35 | 0.40 |
| 9,499,000 BANCA MONTE DEI	0.8750 19-26 08/10A | EUR | 10,034,126.17 | 0.45 |
| 9,600,000 CASSA DEPOSITI	1.0 20-28 21/09A | EUR | 9,948,960.00 | 0.44 |
| 2,300,000 CASSA DEPOSITI	1.875 18-26 07/02A | EUR | 2,498,064.50 | 0.11 |
| 5,200,000 CASSA DEPOSITI 1.50 17-24 21/06A | EUR | 5,478,148.00 | 0.24 |
| 6,519,000 EXOR NV	2.25 20-30 29/04A | EUR | 7,195,183.27 | 0.32 |
| 1,067,000 INTESA SANPAOLO	2.125 18-23 30/08A | EUR | 1,127,200.14 | 0.05 |
| 4,449,000 INTESA SANPAOLO	1.0000 19-24 04/07A | EUR | 4,590,900.85 | 0.21 |
| 59,588,000 ITALIY	0.95 20-27 15/09S | EUR | 62,590,639.32 | 2.81 |
| 29,267,000 ITALY	0.50 20-26 01/02S | EUR | 30,026,478.65 | 1.34 |
| 18,934,000 ITALY	1.25 20-30 25/11A | USD | 15,444,467.90 | 0.69 |
| 55,336,000 ITALY	1.60 16-26 01/06S | EUR | 60,118,690.48 | 2.69 |
| 16,124,000 ITALY	2.375 19-24 17/10S | USD | 13,882,348.23 | 0.62 |
| 20,350,000 ITALY	6.875 93-23 27/09S | USD | 19,335,036.37 | 0.86 |
| 35,330,000 ITALY 3.50 14-30 01/03S | EUR | 45,073,484.05 | 2.01 |
| 2,834,000 MEDIOBANCA	1.625 19-25 07/01A | EUR | 2,995,764.72 | 0.13 |
| 2,356,000 MEDIOBANCA	1.1250 19-25 15/07A | EUR | 2,447,047.62 | 0.11 |
| 3,028,000 MEDIOBANCA 1.1250 20-25 23/04A | EUR | 3,102,973.28 | 0.14 |
| 2,339,000 UNICREDIT SPA	0.50 08-25 09/04A | EUR | 2,371,406.84 | 0.11 |
| 1,523,000 UNIONE DI BANCH	1.0000 19-22 22/07A | EUR | 1,549,705.81 | 0.07 |
| Japan |  | 16,118,191.33 | 0.72 |
| 4,162,000 ASAHI GROUP HOL	0.1550 20-24 23/10A | EUR | 4,188,407.89 | 0.19 |
| 10,800,000 MERCEDES-BENZ FINE  0.00 19-22 21/08U | EUR | 10,822,626.00 | 0.48 |
| 1,104,000 NIDEC CORP	0.4870 18-21 27/09A | EUR | 1,107,157.44 | 0.05 |
| Luxembourg |  | 84,138,560.53 | 3.76 |
| 9,623,000 ALLERGAN FUNDING SCS 0.50 17-21 01/06A | EUR | 9,614,579.87 | 0.42 |
| 4,131,000 ALTICE FINCO SA	4.75 17-28 15/01S | EUR | 4,007,751.61 | 0.18 |
| 4,649,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 5,060,622.46 | 0.23 |
| 7,191,000 BECTON DICK EURO FIN 0.174 19-21 04/06A | EUR | 7,201,031.45 | 0.32 |
| 7,514,000 BLACKSTONE PROPERTY P 0.50 19-23 12/09A | EUR | 7,593,347.84 | 0.34 |
| 5,948,000 COMMUNAUTE EUROPEENNE BRU 20-35 04/07A | EUR | 6,118,588.64 | 0.27 |
| 4,220,000 EUROFINS SCIENTIFIC 3.75 20-26 17/07A | EUR | 4,956,579.90 | 0.22 |
| 3,341,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 3,555,358.56 | 0.16 |
| 3,483,000 EUROFINS SCIENTIFIC 3.375 15-23 30/01A | EUR | 3,701,453.76 | 0.17 |
| 3,455,000 GAZ CAPITAL	2.25 17-22 19/07A | CHF | 3,271,796.04 | 0.15 |
| 3,473,000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 3,702,652.12 | 0.17 |
| 6,381,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 6,735,273.12 | 0.30 |
| 5,336,000 MEDTRONIC GLOBAL 0.0	20-25 15/10A | EUR | 5,360,999.16 | 0.24 |
| 3,000,000 MOHAWK CAPITAL FINANCE 1.75 20-27 12/06A | EUR | 3,100,770.00 | 0.14 |
| 5,200,000 SIX FINANCE LUX	0.0000 20-25 02/12A | EUR | 5,202,236.00 | 0.23 |
| 4,800,000 UPJOHN FINANCE	1.0230 20-24 23/06A | EUR | 4,955,520.00 | 0.22 |
| Mexico |  | 32,855,022.90 | 1.47 |
| 4,244,000 PEMEX	1.875 15-22 21/04A | EUR | 4,219,533.34 | 0.19 |
| 15,957,000 PEMEX	2.50 17-21 21/08A | EUR | 16,015,163.27 | 0.71 |
| 2,101,000 PEMEX	2.75 15-27 21/04A | EUR | 1,980,581.19 | 0.09 |
| 7,024,000 PEMEX	3.625 18-25 24/11A | EUR | 7,055,537.76 | 0.32 |
| 3,122,000 PEMEX	3.75 17-24 21/02A | EUR | 3,170,874.91 | 0.14 |
| 411,000 PEMEX REGS	3.75 14-26 16/04A | EUR | 413,332.43 | 0.02 |
| New Zealand |  | 7,727,419.92 | 0.35 |
| 7,568,000 BNZ INT FUNDING 0.375 19-24 14/09A | EUR | 7,727,419.92 | 0.35 |
| Norway |  | 10,792,852.72 | 0.48 |
| 731,000 ADEVINTA ASA	3.00 20-27 15/11S | EUR | 756,902.99 | 0.03 |
| 2,046,000 ADEVINTA ASA	2.625 20-25 25/11A | EUR | 2,093,487.66 | 0.09 |
| 3,000,000 AKER BP ASA	2.875 20-25 15/01S | USD | 2,496,237.59 | 0.11 |
| 3,219,000 AKER BP ASA	4.75 19-24 15/06S | USD | 2,727,540.48 | 0.13 |
| 2,700,000 SANTANDER CONS BK 0.125  19-24 11/09A | EUR | 2,718,684.00 | 0.12 |
| Panama |  | 17,275,251.67 | 0.77 |
| 7,282,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 6,875,968.46 | 0.30 |
| 927,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | USD | 822,295.33 | 0.04 |
| 4,195,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 4,461,277.63 | 0.20 |
| 4,410,000 CARNIVAL CORPORATION 10.125 20-26 01/02S | EUR | 5,115,710.25 | 0.23 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Portugal |  |  | 11,734,131.67 | 0.52 |
| --- | --- | --- | --- | --- |
| 12,320,000 PORTUGAL REGS | 5.125 14-24 15/10S | USD | 11,734,131.67 | 0.52 |
| Romania |  |  | 37,527,717.48 | 1.68 |
| 3,262,000 GLOBALWORTH RE ESTATE 2.95 20-26 29/07A | EUR | 3,437,789.18 | 0.15 |
| 2,508,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A | EUR | 2,663,533.62 | 0.12 |
| 4,352,000 ROMANIA	3.875 15-35 29/10A | EUR | 5,335,530.24 | 0.24 |
| 8,065,000 ROMANIA	4.625 19-49 03/04A | EUR | 10,891,459.90 | 0.49 |
| 2,510,000 ROMANIA	1.3750 20-29 02/12A | EUR | 2,560,940.45 | 0.11 |
| 10,958,000 ROMANIA	3.3750 20-50 28/01A | EUR | 12,638,464.09 | 0.57 |
| Russia |  | 22,197,040.50 | 0.99 |
| 7,000,000 RUSSIA	1.125 20-27 20/11A | EUR | 7,027,510.00 | 0.31 |
| 13,700,000 RUSSIA 2.875 18-25 04/12A | EUR | 15,169,530.50 | 0.68 |
| South Korea |  | 15,115,558.64 | 0.68 |
| 8,421,000 LG CHEM 0.50	19-23 15/04A | EUR | 8,521,757.27 | 0.39 |
| 6,571,000 POSCO	0.5 20-24 17/01A | EUR | 6,593,801.37 | 0.29 |
| Spain |  | 39,320,013.00 | 1.76 |
| 3,400,000 BANCO DE SABADELL SA 0.875 17-23 05/03A | EUR | 3,463,801.00 | 0.15 |
| 4,600,000 BANCO DE SABADELL SA 1.75 19-24 10/05A | EUR | 4,768,222.00 | 0.21 |
| 4,600,000 BANKIA SA	1.125 19-26 12/11A | EUR | 4,804,585.00 | 0.22 |
| 3,900,000 BANKIA SA	0.8750 19-24 25/03A | EUR | 4,012,671.00 | 0.18 |
| 3,300,000 BANKIA SA	1.0000 19-24 25/06A | EUR | 3,403,158.00 | 0.15 |
| 1,800,000 BANKINTER SA	0.8750 19-26 08/07A | EUR | 1,859,634.00 | 0.08 |
| 2,400,000 CAIXABANK SA	0.625 19-24 01/10A | EUR | 2,443,704.00 | 0.11 |
| 2,300,000 CAIXABANK SA 1.75 18-23 24/10A | EUR | 2,412,343.50 | 0.11 |
| 5,900,000 FERROVIAL EMISIONES 1.382 20-26 14/05A | EUR | 6,277,275.50 | 0.29 |
| 3,900,000 INTL CONSOLIDAT	0.5000 19-23 04/07A | EUR | 3,641,586.00 | 0.16 |
| 2,200,000 SANTAN CONSUMER	0.3750 20-25 17/01A | EUR | 2,233,033.00 | 0.10 |
| Sweden |  | 32,151,794.10 | 1.44 |
| 10,336,000 AB SAGAX	2 18-24 17/01A | EUR | 10,806,598.08 | 0.48 |
| 2,245,000 CASTELLUM AB	0.7500 19-26 04/09A | EUR | 2,257,605.67 | 0.10 |
| 335,900 INTRUM AB  2.75 17-22 15/07S | EUR | 337,676.92 | 0.02 |
| 2,441,000 INTRUM AB  3.125 17-24 15/07S | EUR | 2,451,679.38 | 0.11 |
| 5,690,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A | EUR | 5,868,125.45 | 0.26 |
| 5,895,000 SAMHALLSBYGGNAD 1.00 20-27 12/08A | EUR | 5,976,174.15 | 0.27 |
| 4,445,000 SCANIA CV AB	0.125 20-23 13/02A | EUR | 4,453,934.45 | 0.20 |
| The Netherlands |  | 103,627,961.30 | 4.63 |
| 4,383,000 AIRBUS SE	1.3750 20-26 09/06A | EUR | 4,663,687.32 | 0.21 |
| 3,224,000 CONTI-GUMMI FINANCE 2.1250 20-23 27/11A | EUR | 3,410,879.16 | 0.15 |
| 6,960,000 DAVIDE CAMPARI-	1.2500 20-27 06/10A | EUR | 7,214,805.60 | 0.32 |
| 1,079,000 DIGITAL DUTCH FINCO 0.125 20-22 15/10A | EUR | 1,083,904.05 | 0.05 |
| 5,700,000 DIGITAL DUTCH FINCO 0.625 20-25 15/07A | EUR | 5,841,559.50 | 0.26 |
| 6,734,000 FERRARI NV	0.25 17-21 16/01A | EUR | 6,733,730.64 | 0.30 |
| 4,426,000 IMCD NV	2.50 18-25 26/03A | EUR | 4,599,720.50 | 0.21 |
| 8,650,000 NE PROPERTY BV	1.75 17-24 23/11A | EUR | 8,883,160.75 | 0.40 |
| 4,598,000 NE PROPERTY BV 2.625	19-23 22/05A | EUR | 4,789,368.76 | 0.21 |
| 1,110,000 PROSUS NV	1.539 20-28 03/08A | EUR | 1,146,430.20 | 0.05 |
| 4,987,000 PROSUS NV	2.031 20-32 03/08A | EUR | 5,202,662.82 | 0.23 |
| 7,837,000 PROSUS NV	1.539 20-28 03/08A | EUR | 8,098,207.21 | 0.36 |
| 2,383,000 SYNGENTA FIN NV 3.375 20-26 16/04 | EUR | 2,580,443.46 | 0.12 |
| 5,928,000 TEVA PHARMA	6.00 20-25 31/01A | EUR | 6,459,741.60 | 0.29 |
| 1,081,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 956,187.74 | 0.04 |
| 271,000 TEVA PHARMA	3.25 18-22 14/03S | EUR | 275,409.17 | 0.01 |
| 1,464,000 TEVA PHARMA  1.125 16-24 15/10A | EUR | 1,363,408.56 | 0.06 |
| 18,251,000 TEVA PHARMA  1.25 15-23 31/03A | EUR | 17,689,964.26 | 0.80 |
| 4,000,000 UPJOHN FINANCE	0.8160 20-22 23/06A | EUR | 4,055,640.00 | 0.18 |
| 8,500,000 WINTERSHALL DEA SCHWE 0.452 19-23 25/09A | EUR | 8,579,050.00 | 0.38 |
| United Kingdom |  | 30,683,643.43 | 1.37 |
| 6,527,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 4,716,997.63 | 0.21 |
| 4,200,000 CHANEL CERES PL	0.5000 20-26 31/07A | EUR | 4,266,318.00 | 0.19 |
| 4,877,000 FCE BANK PLC	0.869 17-21 13/09A | EUR | 4,875,097.97 | 0.22 |
| 1,899,000 FIAT CHRYSLER AUTO 3.75 16-24 29/03A | EUR | 2,088,596.16 | 0.09 |
| 7,700,000 GAZ FINANCE PLC	2.95 20-25 15/04A | EUR | 8,221,598.00 | 0.37 |
| 4,680,000 INFORMA PLC	2.1250 20-25 06/10A | EUR | 4,938,195.60 | 0.22 |
| 1,345,000 LLOYDS BANKING GROUP 2.707 20-35 12/03S | GBP | 1,576,840.07 | 0.07 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
United States of America	
138,793,070.40	6.20
| 8,743,000 ATHENE GLOBAL FUNDING 1.875 20-23 23/06A | EUR | 9,143,429.40 | 0.41 |
| --- | --- | --- | --- |
| 5,947,000 BECTON DICK EURO FIN 0.632 19-23 04/06A | EUR | 6,035,253.48 | 0.27 |
| 4,576,000 BOEING CO	5.15 20-30 01/05S | USD | 4,531,494.75 | 0.20 |
| 6,145,000 BOEING CO	5.705 20-40 01/05S | USD | 6,534,175.80 | 0.29 |
| 7,453,000 CARNIVAL CORPORATION 9.875 20-27 01/08S | USD | 7,100,009.64 | 0.32 |
| 1,250,000 EXPEDIA GROUP INC 6.25 20-25 01/05S | USD | 1,186,262.31 | 0.05 |
| 5,590,000 EXXON MOBIL CORP	0.142 20-24 26/06A | EUR | 5,648,722.95 | 0.25 |
| 8,047,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 8,213,009.61 | 0.37 |
| 1,907,000 FISERV INC	0.3750 19-23 01/07A	EUR | 1,931,886.35 | 0.09 |
| 17,754,000 FORD MOTOR CO	8.50 20-23 21/04S	USD | 16,345,854.08 | 0.73 |
| 15,502,000 FORD MOTOR CO 9.00 20-25 22/04S | USD | 15,515,809.97 | 0.69 |
| 3,020,000 GOLDMAN SACHS GROUP 4.75 06-21 12/10A | EUR | 3,128,508.60 | 0.14 |
| 4,100,000 HONEYWELL INTERNATIONAL 0.0 20-24 10/03A | EUR | 4,123,267.50 | 0.18 |
| 8,100,000 HP ENTERPRISE CO  4.4500 20-23 02/10S | USD | 7,293,045.23 | 0.33 |
| 3,950,000 HP ENTERPRISE CO 4.65 20-24 01/10S | USD | 3,668,620.41 | 0.16 |
| 9,067,000 NETFLIX INC	3.6250 19-30 15/06S	EUR | 10,353,289.96 | 0.46 |
| 2,167,000 PRICELINE GROUP IN  2.15 15-22 25/11A | EUR | 2,248,717.57 | 0.10 |
| 3,925,000 STANDARD INDUST	2.2500 19-26 21/11A | EUR | 3,986,661.75 | 0.18 |
| 11,196,000 STRYKER CORP	0.25 19-24 03/12A	EUR | 11,339,420.76 | 0.51 |
| 10,178,000 SYSCO CORP	1.25 16-23 23/06A	EUR | 10,465,630.28 | 0.47 |
| Floating rate bonds | 410,446,037.24 | 18.34 |
| Australia | 8,687,156.00 | 0.39 |
| 7,430,000 BHP BILLITON FINANCE FL.R 15-79 22/10A | EUR | 8,687,156.00 | 0.39 |
| Austria |  | 12,127,065.50 | 0.54 |
| 5,800,000 ERSTE GROUP BANK AG FL.R 16-XX 15/10S	EUR | 6,170,533.00 | 0.28 |
| 2,200,000 OMV AG | FL.R 20-49 31/12A | EUR | 2,294,127.00 | 0.10 |
| 1,300,000 OMV AG | FL.R 20-49 31/12A | EUR | 1,368,542.50 | 0.06 |
| 2,200,000 RAIFFEISEN BANK SUB FL.R 17-XX 15/12S	EUR | 2,293,863.00 | 0.10 |
| Belgium | 2,940,238.00 | 0.13 |
| 2,800,000 KBC GROUPE SA | FL.R 18-XX 24/04S | EUR | 2,940,238.00 | 0.13 |
| Denmark |  |  | 30,639,106.82 | 1.37 |
| 15,348,000 DANSKE BANK A/S | FL.R 20-23 24/05A | EUR | 15,654,499.56 | 0.69 |
| 3,547,000 DANSKE BANK A/S | FL.R 15-XX 06/04S | EUR | 3,718,373.31 | 0.17 |
| 4,200,000 DANSKE BANK A/S | FL.R 19-22 20/09S | USD | 3,488,843.94 | 0.16 |
| 7,718,000 DANSKE BANK A/S | FL.R 19-25 27/08A | EUR | 7,777,390.01 | 0.35 |
| France | 35,114,679.52 | 1.57 |
| 6,000,000 ACCOR SA	FL.R 19-XX 31/01A	EUR | 6,000,540.00 | 0.27 |
| 5,097,000 BNP PARIBAS SA | FL.R 14-26 20/03A | EUR | 5,127,454.58 | 0.23 |
| 1,150,000 BNP PARIBAS SA | FL.R 15-XX 17/06S | EUR | 1,223,013.50 | 0.05 |
| 7,288,000 CASA TIER 1 EUR | FL.R 14-49 08/04Q | EUR | 7,472,204.20 | 0.33 |
| 601,000 EUROFINS SCIENTIFIC FL.R 15-49 29/04A | EUR | 650,489.34 | 0.03 |
| 2,600,000 LA BANQUE POSTALE	FL.R 20-31 26/01A | EUR | 2,625,571.00 | 0.12 |
| 7,500,000 SAFRAN SA	FL.R 17-21 28/06Q | EUR | 7,503,037.50 | 0.34 |
| 4,345,000 TOTAL SE	FL.R 20-XX 04/09A | EUR | 4,512,369.40 | 0.20 |
| Germany |  | 22,477,050.50 | 1.00 |
| 3,800,000 MUNICH RE	FLR 20-41 26/05A | EUR | 3,951,791.00 | 0.18 |
| 11,700,000 VOLKSWAGEN LEASING  FL.R 20-22 16/11Q | EUR | 11,716,555.50 | 0.52 |
| 6,800,000 VOLKSWAGEN LEASING FL.R 17-21 06/07Q | EUR | 6,808,704.00 | 0.30 |
| Ireland |  | 4,596,570.59 | 0.21 |
| 2,666,000 AIB GROUP PLC	FL.R 19-25 10/04S | USD | 2,379,920.59 | 0.11 |
| 2,000,000 AIB GROUP PLC	FL.R 20-49 31/12S | EUR | 2,216,650.00 | 0.10 |
| Italy | 158,401,194.75 | 7.09 |
| 10,786,000 CASSA DEPOSITI	FL.R 19-26 28/06Q	EUR | 11,455,433.09 | 0.51 |
| 11,541,000 ENI SPA	FL.R 20-49 31/12A	EUR | 12,073,905.67 | 0.54 |
| 1,028,000 FINECO BANK SPA CV  FL.R 19-XX 03/12S | EUR | 1,094,403.66 | 0.05 |
| 4,100,000 INTESA SANPAOLO	FL.R 16-23 03/03Q | EUR | 4,198,420.50 | 0.19 |
| 57,528,000 ITALY	FL.R 19-25 15/01S | EUR | 60,839,311.68 | 2.73 |
| 59,477,000 ITALY	FL.R 20-26 15/04S | EUR | 59,705,986.45 | 2.67 |
| 684,000 MEDIOBANCA	FL.R 16-22 04/03Q	USD | 553,489.08 | 0.02 |
| 1,099,000 UNICREDIT	FL.R 14-XX 10/09S	EUR | 1,121,452.57 | 0.05 |
| 3,562,000 UNICREDIT SPA | FL.R 19-29 23/09A | EUR | 3,531,812.05 | 0.16 |
| 3,600,000 UNICREDIT SPA | FL.R 20-27 22/07A | EUR | 3,826,980.00 | 0.17 |
| Luxembourg | 11,265,384.65 | 0.50 |
| 5,065,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A	EUR | 5,191,675.65 | 0.23 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 6,100,000 MOHAWK CAPITAL FINANC FL.R 19-21 04/09Q | EUR | 6,073,709.00 | 0.27 |
| --- | --- | --- | --- |
| Mexico |  | 4,822,991.50 | 0.22 |
| 4,195,000 AMERICA MOVIL FL.R 13-73 06/09A | EUR | 4,822,991.50 | 0.22 |
| Portugal |  | 2,647,248.00 | 0.12 |
| 2,400,000 CAIXA GERAL DEPOS. FL.R 17-XX 30/03Q | EUR | 2,647,248.00 | 0.12 |
| Spain |  | 32,421,620.00 | 1.45 |
| 4,600,000 BANCO DE SABADELL SA FL.R 17-XX 18/02Q | EUR | 4,587,051.00 | 0.20 |
| 3,800,000 BANCO DE SABADELL SA FL.R 19-25 07/11A | EUR | 3,835,226.00 | 0.17 |
| 3,700,000 BANKIA SA	FL.R 17-27 15/03A | EUR | 3,810,149.00 | 0.17 |
| 3,100,000 BANKIA SA	FL.R 19-29 15/02A | EUR | 3,344,404.00 | 0.15 |
| 4,600,000 BANKINTER SA	FL.R 17-27 06/04A | EUR | 4,705,340.00 | 0.21 |
| 2,200,000 BBVA SA	FL.R 18-XX 24/03Q | EUR | 2,304,500.00 | 0.10 |
| 3,000,000 BBVA SA	FL.R 20-XX 15/01Q | EUR | 3,321,885.00 | 0.15 |
| 6,500,000 SANTAN CONSUMER	FL.R 20-21 10/07Q | EUR | 6,513,065.00 | 0.30 |
| Sweden |  | 31,380,781.15 | 1.40 |
| 5,712,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 5,693,198.67 | 0.25 |
| 2,891,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 2,896,969.92 | 0.13 |
| 9,584,000 SCANIA CV AB	FL.R 19-21 10/12Q | EUR | 9,598,567.68 | 0.44 |
| 1,400,000 SWEDBANK AB	FL.R 16-XX 17/03S | USD | 1,181,993.38 | 0.05 |
| 5,900,000 VOLVO TREASURY AB	FL.R 19-21 08/02Q | EUR | 5,901,298.00 | 0.26 |
| 6,100,000 VOLVO TREASURY AB	FL.R 19-21 09/08Q | EUR | 6,108,753.50 | 0.27 |
| Switzerland |  | 1,006,856.01 | 0.04 |
| 1,217,000 UBS GROUP SUB	FL.R 16-XX 16/03A | USD | 1,006,856.01 | 0.04 |
| The Netherlands |  | 10,380,732.52 | 0.46 |
| 1,900,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 1,627,170.53 | 0.07 |
| 1,799,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 2,004,337.86 | 0.09 |
| 6,274,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 6,749,224.13 | 0.30 |
| United Kingdom |  | 35,692,437.86 | 1.59 |
| 936,000 BARCLAYS PLC	FL.R 20-26 03/11A | GBP | 1,081,021.96 | 0.05 |
| 2,560,000 BP CAPITAL MARKETS  FL.R 20-XX 22/06A | EUR | 2,804,876.80 | 0.13 |
| 4,588,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 4,700,589.52 | 0.21 |
| 5,664,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 5,636,331.36 | 0.25 |
| 7,022,000 NATWEST GROUP PLC FL.R 18-25 04/03A | EUR | 7,423,904.17 | 0.32 |
| 6,535,000 SANTANDER UK GROUP  FL.R 17-23 18/05Q | EUR | 6,567,642.33 | 0.29 |
| 3,451,000 SANTANDER UK GROUP FL.R 18-24 27/03Q | EUR | 3,471,274.62 | 0.16 |
| 1,400,000 SWISS RE FINANCE (UK) FL.R 20-52 04/06A | EUR | 1,568,000.00 | 0.07 |
| 2,331,000 VODAFONE GROUP PLC  3.0 20-80 27/08A | EUR | 2,438,797.10 | 0.11 |
| United States of America |  | 5,844,923.87 | 0.26 |
| 5,663,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 5,844,923.87 | 0.26 |
| Mortgage and asset backed securities |  | 135,257,156.65 | 6.04 |
| Ireland |  | 84,023,537.82 | 3.75 |
| 2,100,000 ADAGI V-X B1R	FL.R 18-31 15/10Q | EUR | 2,099,750.52 | 0.09 |
| 1,645,000 ADAGIO CLO	FL.R 17-31 30/04Q | EUR | 1,627,052.89 | 0.07 |
| 2,335,000 AVOCA 14X A1R	FL.R 17-31 12/01Q | EUR | 2,330,852.34 | 0.10 |
| 9,146,000 BCCE 2018-2X A  FL.R 18-32 20/01Q | EUR | 9,145,972.56 | 0.41 |
| 2,770,000 BECLO 4X A	FL.R 17-30 15/07Q | EUR | 2,771,896.06 | 0.12 |
| 2,239,000 BECLO 4X B2 2.05 17-30 15/07Q | EUR | 2,227,064.11 | 0.10 |
| 1,500,000 BLACK 2017-2X A1	FL.R 17-32 01/20Q | EUR | 1,496,459.10 | 0.07 |
| 1,154,000 CARLYLE GM STRAT EURO FL.R 16-30 06/06Q | EUR | 1,152,951.59 | 0.05 |
| 4,764,834 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 4,773,645.91 | 0.21 |
| 843,000 GLGE 2X B	FL.R 16-30 15/01Q | EUR | 835,818.49 | 0.04 |
| 2,902,000 HARVEST	FL.R 18-31 15/10Q | EUR | 2,910,646.22 | 0.13 |
| 500,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 480,846.55 | 0.02 |
| 5,900,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 5,933,720.86 | 0.27 |
| 729,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 727,000.42 | 0.03 |
| 384,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 372,145.96 | 0.02 |
| 1,340,000 HARVEST CLO XVI DAC FL.R 18-31 15/10Q | EUR | 1,339,138.24 | 0.06 |
| 886,000 HARVT 12X AR	FL.R 17-30 18/11Q | EUR | 887,155.08 | 0.04 |
| 960,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 943,544.16 | 0.04 |
| 2,791,000 OAK HILL	FL.R 18-31 07/12Q | EUR | 2,784,482.18 | 0.12 |
| 927,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 924,458.91 | 0.04 |
| 824,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 795,083.13 | 0.04 |
| 480,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 471,460.70 | 0.02 |
| 1,373,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 1,363,538.93 | 0.06 |
| 1,943,453 ORWPK 1X A1R	FL.R 17-29 18/07Q | EUR | 1,944,062.12 | 0.09 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 340,000 ORWPK 1X A2R | FL.R 17-29 18/07Q | EUR | 339,477.18 | 0.02 |
| --- | --- | --- | --- | --- |
| 1,709,000 PENTA 2017-3X A | FL.R 17-30 17/04Q | EUR | 1,709,083.57 | 0.08 |
| 589,000 PENTA 2017-3X C | FL.R 17-30 17/04Q | EUR | 583,408.68 | 0.03 |
| 2,320,000 PROVIDUS | FL.R 18-31 20/12Q | EUR | 2,321,061.40 | 0.10 |
| 8,000,000 SPAUL 9X A | FL.R 18-30 15/11Q | EUR | 7,969,464.00 | 0.36 |
| 900,000 ST PAULS CLO IV DAC  FL.R 18-30 25/04Q | EUR | 870,564.87 | 0.04 |
| 975,000 ST PAULS CLO IV DAC 2.05 18-30 25/04Q | EUR | 971,196.43 | 0.04 |
| 3,810,000 ST PAULS CLO IV DAC FL.R 18-30 15/04Q | EUR | 3,808,379.61 | 0.17 |
| 1,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 984,461.60 | 0.04 |
| 1,436,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 1,434,916.97 | 0.06 |
| 925,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 901,758.92 | 0.04 |
| 7,461,580 TYMON PARK	FL.R	18-29 21/01Q | EUR | 7,454,437.53 | 0.33 |
| 1,324,000 WILPK 1X A1	FL.R  17-31 15/01Q | EUR | 1,321,292.29 | 0.06 |
| 2,226,000 WILPK 1X A2A	FL.R 17-31 15/01Q | EUR | 2,210,439.81 | 0.10 |
| 824,000 WILPK 1X B	FL.R 17-31 15/01Q | EUR | 804,847.93 | 0.04 |
| The Netherlands |  | 47,259,752.70 | 2.11 |
| 10,000,000 BABSE 2018 2 BV 182X FL.R 18-31 15/10Q | EUR | 9,949,611.00 | 0.43 |
| 1,000,000 CRNCL 2017-8X A	FL.R 17-30 30/10Q | EUR | 999,317.80 | 0.04 |
| 2,975,000 CRNCL 2017-8X B1  FL.R 17-30 30/10Q | EUR | 2,948,812.26 | 0.13 |
| 500,000 CRNCL 2017-8X C	FL.R 17-30 30/10Q | EUR | 496,911.95 | 0.02 |
| 2,671,000 DRYD 2015-39X AR	FL.R 17-31 15/10Q | EUR | 2,663,746.10 | 0.12 |
| 455,000 DRYD 2015-39X B1R  FL.R 17-31 15/10Q | EUR | 451,654.57 | 0.02 |
| 1,365,000 DRYD 2015-39X B2R  2.05 17-31 15/10Q | EUR | 1,359,365.28 | 0.06 |
| 1,251,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,249,490.16 | 0.06 |
| 1,094,000 DRYD 2017-56 A	FL.R 17-32 15/01Q | EUR | 1,091,479.31 | 0.05 |
| 1,504,000 DRYD 2017-56X B2  FL.R 17-32 15/01Q | EUR | 1,499,959.81 | 0.07 |
| 937,000 DRYD 2017-56X C  FL.R  17-32 15/01Q | EUR | 917,146.93 | 0.04 |
| 10,000,000 GROSVENOR PLACE	FL.R 18-29 30/10Q | EUR | 9,960,509.00 | 0.44 |
| 4,226,000 JUBIL 2017-19X B FL.R 17-30 15/07Q | EUR | 4,181,048.04 | 0.19 |
| 866,000 JUBIL 2017-19X C FL.R 17-30 15/07Q | EUR | 846,083.56 | 0.04 |
| 202,000 JUBILEE CDO BV	FL.R 17-28 12/07Q | EUR | 199,675.52 | 0.01 |
| 1,237,000 JUBILEE CLO 2017-XIX FL.R 17-30 15/07Q | EUR | 1,234,840.45 | 0.06 |
| 2,931,245 PENTA 2017-2X AR  FL.R 17-28 04/08Q | EUR | 2,928,423.30 | 0.13 |
| 1,527,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,533,316.13 | 0.07 |
| 1,049,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,016,787.83 | 0.05 |
| 1,748,000 TIKEHAU CLO III BV  FL.R 17-30 01/12Q | EUR | 1,731,573.70 | 0.08 |
| United States of America |  | 3,973,866.13 | 0.18 |
| 2,700,000 BLACK 2017-2X B	FL.R 17-32 20/01Q | EUR | 2,693,268.63 | 0.12 |
| 1,300,000 BLACK 2017-2X C	FL.R 17-32 20/01Q | EUR | 1,280,597.50 | 0.06 |
| Shares/Units of UCITS/UCIS |  | 181,483,333.05 | 8.11 |
| Shares/Units in investment funds	 181,483,333.05 | 8.11 |
| France |  | 181,483,333.05 | 8.11 |
| 0 BNP PARIBAS MONEY 3M SICAV CAP | EUR | 7,055.89 | 0.00 |
| 21,627 CARMIGNAC COURT TERME A EUR ACC | EUR | 79,988,931.50 | 3.57 |
| 56,526 CARMIGNAC SECURITE A EUR ACC | EUR | 101,487,345.66 | 4.54 |
| Money market instruments |  | 41,981,021.09 | 1.88 |
| Bonds |  | 41,981,021.09 | 1.88 |
| Greece |  | 41,981,021.09 | 1.88 |
| 10,000,000 HELLENIC REPUBLIC ZCP 040521 | EUR | 10,006,500.00 | 0.45 |
| 13,500,000 HELLENIC REPUBLIC ZCP 040621 | EUR | 13,511,205.00 | 0.60 |
| 14,442,000 HELLENIC REPUBLIC ZCP 100921 | EUR | 14,458,536.09 | 0.65 |
| 4,000,000 HELLENIC REPUBLIC ZCP 101221 | EUR | 4,004,780.00 | 0.18 |

Total securities portfolio	
2,106,188,398.38	94.11
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Italy |  | 22.79 |
| France |  | 14.27 |
| Ireland |  | 9.29 |
| The Netherlands |  | 7.20 |
| Greece |  | 6.90 |
| United States of America |  | 6.64 |
| Luxembourg |  | 4.26 |
| Spain |  | 3.21 |
| United Kingdom |  | 2.96 |
| Sweden |  | 2.84 |
| Germany |  | 2.01 |
| Mexico |  | 1.69 |
| Romania |  | 1.68 |
| Denmark |  | 1.64 |
| Russia |  | 0.99 |
| Panama |  | 0.77 |
| Japan |  | 0.72 |
| South Korea |  | 0.68 |
| Portugal |  | 0.64 |
| Austria |  | 0.54 |
| Norway |  | 0.48 |
| Australia |  | 0.39 |
| New Zealand |  | 0.35 |
| Finland |  | 0.35 |
| Canada |  | 0.27 |
| Iceland |  | 0.20 |
| Belgium |  | 0.18 |
| China |  | 0.13 |
| Switzerland |  | 0.04 |
|  |  | 94.11 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Countries and central government |  | 27.31 |
| Holding and finance companies |  | 24.63 |
| Banks and credit institutions |  | 10.35 |
| Miscellaneous sectors |  | 4.60 |
| Unit trusts |  | 3.69 |
| Petroleum |  | 3.15 |
| Road vehicles |  | 2.56 |
| Real estate companies |  | 2.20 |
| Internet and internet services |  | 2.10 |
| Hotels and restaurants |  | 1.79 |
| Pharmaceuticals and cosmetics |  | 1.63 |
| Aerospace industry |  | 1.38 |
| Miscellaneous services |  | 1.29 |
| Transportation |  | 1.15 |
| Communications |  | 1.04 |
| Chemicals |  | 0.82 |
| Healthcare and social services |  | 0.81 |
| Graphic art and publishing |  | 0.70 |
| Miscellaneous trading companies |  | 0.68 |
| Tobacco and alcoholic drinks |  | 0.51 |
| Office supplies and computing |  | 0.49 |
| Insurance |  | 0.44 |
| Coal mining and steel industry |  | 0.29 |
| Supranational |  | 0.27 |
| Textiles and garments |  | 0.18 |
| Electronics and semiconductors |  | 0.05 |
|  |  | 94.11 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 34,619,609.72 |
| --- | --- | --- |
| Net dividends | Note 2 | 142,299.78 |
| Net interest on bonds | Note 2 | 32,298,670.28 |
| Bank interest on cash account |  | 23,700.47 |
| Other financial income |  | 710,105.00 |
| Interest on swaps |  | 1,095,839.63 |
| Securities lending income | Note 2, 7 | 348,994.56 |
| Expenses |  | 18,005,614.00 |
| Management fees | Note 3 | 11,010,234.21 |
| Custodian & sub-custodian fees | Note 4 | 373,017.69 |
| Taxe d'abonnement | Note 5 | 1,082,594.16 |
| Bank interest on overdrafts |  | 682,562.06 |
| Transaction fees | Note 6 | 57,556.27 |
| Interest on swaps |  | 4,062,199.70 |
| Operating and establishment fees | Note 4 | 737,449.91 |
| Net income from investments |  | 16,613,995.72 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 44,953,692.20 |
| - options |  | (652,639.39) |
| - forward foreign exchange contracts |  | 12,024,213.23 |
| - financial futures |  | (23,677,591.74) |
| - swaps |  | (801,933.68) |
| - foreign exchange |  | (5,010,650.13) |
| Net realised profit |  | 43,449,086.21 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (1,111,019.43) |
| - options |  | (214,269.17) |
| - forward foreign exchange contracts |  | 1,630,284.77 |
| - financial futures |  | (3,114,160.28) |
| - swaps |  | 4,403,057.34 |
| Increase in net assets as a result of operations |  | 45,042,979.44 |
| Dividends paid | Note 10 | (621,756.44) |
| Subscription capitalisation shares |  | 1,015,327,281.04 |
| Subscription distribution shares |  | 12,427,931.40 |
| Redemption capitalisation shares |  | (1,085,249,857.39) |
| Redemption distribution shares |  | (37,292,945.62) |
| Decrease in net assets |  | (50,366,367.57) |
| Net assets at the beginning of the year |  | 2,288,439,560.78 |
| Net assets at the end of the year |  | 2,238,073,193.21 |

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 |