# CARMIGNAC PORTFOLIO
## Investissement

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 235,013,059.69 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 219,331,714.24 |
| Cost price |  | 201,661,230.00 |
| Unrealised profit on the securities portfolio |  | 17,670,484.24 |
| Options purchased at market value | Note 2 | 165,142.89 |
| Options purchased at cost |  | 132,280.00 |
| Cash at banks and liquidities |  | 8,054,577.23 |
| Interest receivable |  | 104.49 |
| Brokers receivable |  | 321,775.29 |
| Subscriptions receivable |  | 6,079,073.62 |
| Dividends receivable |  | 37,046.97 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 241,664.76 |
| Unrealised net appreciation on swaps | Note 2 | 355,871.75 |
| Other assets | Note 13 | 426,088.45 |
| Liabilities |  | 5,046,265.78 |
| Bank overdrafts |  | 863,471.85 |
| Brokers payable |  | 547,159.19 |
| Redemptions payable |  | 368,186.93 |
| Unrealised net depreciation on financial futures | Note 2 | 762.28 |
| Other liabilities | Note 14 | 3,266,685.53 |
| Net asset value |  | 229,966,793.91 |

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 | 229,966,793.91 | 195,644,790.42 | 493,021,258.47 |
| Class A EUR - Capitalisation Number of shares |  | 303,268 | 467,102 | 943,282 |
| Net asset value per share | EUR | 113.10 | 90.44 | 105.13 |
| Class A EUR Y - Distribution Number of shares |  | 61,903 | 96 | 96 |
| Net asset value per share | EUR | 111.16 | 89.12 | 104.03 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | CHF | 0.00 | 94.68 | 109.76 |
| Class A USD Hedged - Capitalisation Number of shares |  | 32,128 | 33,430 | 34,452 |
| Net asset value per share | USD | 122.31 | 95.52 | 108.26 |
| Class E EUR - Capitalisation Number of shares |  | 10,842 | 18,886 | 11,610 |
| Net asset value per share | EUR | 109.27 | 87.84 | 103.03 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 1 |
| Net asset value per share | USD | 128.10 | 100.76 | 116.96 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 229,966,793.91 | 195,644,790.42 | 493,021,258.47 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 1,339,758 | 1,363,460 | 1,599,413 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 135.67 | 107.88 | 124.69 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 340 | 1,632,294 |
| Net asset value per share | CHF | 0.00 | 104.91 | 121.68 |
| Class F GBP - Capitalisation Number of shares |  | 7,342 | 6,795 | 10,128 |
| Net asset value per share | GBP | 137.92 | 115.51 | 131.94 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 6,626 | 7,325 | 11,323 |
| Net asset value per share | GBP | 138.69 | 109.43 | 125.45 |
| Class F USD Hedged - Capitalisation Number of shares |  | 450 | 450 | 163,246 |
| Net asset value per share | USD | 145.21 | 112.75 | 127.10 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 208,869,187.24 | 90.83 |
| --- | --- | --- | --- |
| Shares |  | 208,869,187.24 | 90.83 |
|  | Canada | 137,898.46 | 0.06 |

| 802,900 ORYS PETROLEUM CORPORATION LTD | CAD | 137,898.46 | 0.06 |
| --- | --- | --- | --- |
| Cayman Islands |  | 21,792,910.33 | 9.49 |
| 245,927 JD COM ADR REPR 2SHS -A- | USD | 7,718,492.84 | 3.37 |
| 87,307 SEA -A- ADR REPR1 SHS | USD | 3,128,273.98 | 1.36 |
| 84,346 TENCENT HLDG | HKD | 3,622,143.95 | 1.58 |
| 245,665 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 2,770,869.08 | 1.20 |
| 6,547 XP INC - REGS -A - | USD | 224,668.54 | 0.10 |
| 75,061 58.COM -A- ADR | USD | 4,328,461.94 | 1.88 |
| China |  | 5,110,440.72 | 2.22 |
| 466,414 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 2,962,286.64 | 1.29 |
| 204,000 PING AN INS (GRP) CO -H- | HKD | 2,148,154.08 | 0.93 |
| France |  | 14,083,706.55 | 6.12 |
| 13,068 HERMES INTERNATIONAL SA | EUR | 8,705,901.60 | 3.78 |
| 7,967 SAFRAN | EUR | 1,096,657.55 | 0.48 |
| 47,770 SANOFI | EUR | 4,281,147.40 | 1.86 |
| Germany |  | 13,025,123.33 | 5.66 |
| 48,732 DELIVERY HERO SE | EUR | 3,438,529.92 | 1.50 |
| 34,333 KNORR-BREMSE - BEARER SHS | EUR | 3,115,719.75 | 1.35 |
| 47,842 PUMA AG | EUR | 3,270,000.70 | 1.42 |
| 26,603 SAP AG | EUR | 3,200,872.96 | 1.39 |
| India |  | 8,026,978.72 | 3.49 |
| 320,116 HDFC BANK - REGISTERED SHS | INR | 5,082,493.74 | 2.21 |
| 437,777 ICICI BANK | INR | 2,944,484.98 | 1.28 |
| Italy |  | 4,305,427.56 | 1.87 |
| 330,678 UNICREDIT -REGISTERD SHARE | EUR | 4,305,427.56 | 1.87 |
| Japan |  | 4,433,487.97 | 1.93 |
| 12,300 NINTENDO CO LTD | JPY | 4,433,487.97 | 1.93 |
| South Korea |  | 2,211,813.80 | 0.96 |
| 51,455 SAMSUNG ELECTRONICS CO LTD | KRW | 2,211,813.80 | 0.96 |
| Switzerland |  | 4,007,580.79 | 1.74 |
| 46,283 ALCON - REGISTERED SHS | USD | 2,332,498.27 | 1.01 |
| 19,813 NOVARTIS AG REG SHS | CHF | 1,675,082.52 | 0.73 |
| The Netherlands |  | 5,611,430.66 | 2.44 |
| 1,223 ADYEN --- PARTS SOCIALES | EUR | 894,013.00 | 0.39 |
| 44,879 ELASTIC NV | USD | 2,570,797.06 | 1.12 |
| 14,514 FERRARI | EUR | 2,146,620.60 | 0.93 |
| United States of America |  | 126,122,388.35 | 54.85 |
| 7,224 ALPHABET -A- | USD | 8,619,824.82 | 3.76 |
| 1,342 AMAZON.COM INC | USD | 2,209,177.09 | 0.96 |
| 22,443 ANTHEM | USD | 6,038,716.52 | 2.63 |
| 9,056 BECTON DICKINSON | USD | 2,194,174.00 | 0.95 |
| 4,405 BILL COM HOLDINGS INC | USD | 149,318.71 | 0.06 |
| 3,065 BOOKING HLDG | USD | 5,607,734.92 | 2.44 |
| 67,508 CENTENE | USD | 3,781,049.41 | 1.64 |
| 38,072 CONSTELLATION BRANDS INC -A- | USD | 6,435,779.06 | 2.81 |
| 7,816 COSTCO WHOLESALE CORP | USD | 2,046,573.47 | 0.89 |
| 49,196 CROWDSTRIKE HOLDINGS INC | USD | 2,185,661.04 | 0.95 |
| 61,266 ELANCO ANIMAL HEALTH | USD | 1,607,379.69 | 0.70 |
| 12,178 ELECTRONIC ARTS - REGISTERED | USD | 1,166,375.75 | 0.51 |
| 28,044 EXACT SCIENCES CORP | USD | 2,310,475.83 | 1.00 |
| 54,452 FACEBOOK -A- | USD | 9,956,590.65 | 4.34 |
| 35,225 FIDELITY NATIONAL | USD | 4,364,761.92 | 1.90 |
| 45,323 FISERV INC | USD | 4,668,773.71 | 2.03 |
| 74,390 GODADDY -A- | USD | 4,501,174.88 | 1.96 |
| 75,897 GRUBHUB INC | USD | 3,288,757.31 | 1.43 |
| 7,159 ILLUMINA INC | USD | 2,115,747.58 | 0.92 |
| 90,490 INTERCONEXCH GR INC WI | USD | 7,460,890.42 | 3.25 |
| 6,207 INTUITIVE SURGICAL | USD | 3,268,835.68 | 1.42 |
| 11,545 MASTERCARD INC -A- | USD | 3,071,021.43 | 1.34 |
| 3,853 MERCADOLIBRE | USD | 1,963,193.60 | 0.85 |
| 27,802 MERCK AND CO | USD | 2,252,643.12 | 0.98 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 18,374 PINTEREST REGISTERED SHS -A- | USD | 305,114.80 | 0.13 |
| --- | --- | --- | --- |
| 19,661 PROCTER AND GAMBLE CO | USD | 2,187,669.40 | 0.95 |
| 57,369 PTC INC | USD | 3,827,496.13 | 1.66 |
| 36,236 SALESFORCE COM.INC | USD | 5,250,265.51 | 2.28 |
| 59,823 SPIRIT AIRLINES | USD | 2,148,298.56 | 0.93 |
| 42,248 SQUARE -A- | USD | 2,354,596.78 | 1.02 |
| 11,959 STRYKER CORP | USD | 2,236,679.25 | 0.97 |
| 78,422 THE KRAFT HEINZ | USD | 2,244,720.59 | 0.98 |
| 11,476 THERMO FISHER SCIEN SHS | USD | 3,321,343.54 | 1.44 |
| 69,891 TRADEWEB MKTS/REGSH | USD | 2,885,922.36 | 1.25 |
| 77,315 TWITTER INC | USD | 2,207,524.05 | 0.96 |
| 93,630 URBAN OUTFITTERS INC | USD | 2,316,351.98 | 1.01 |
| 15,032 VISA INC -A- | USD | 2,516,269.76 | 1.09 |
| 82,680 ZUORA INC | USD | 1,055,505.03 | 0.46 |
| Shares/Units of UCITS/UCIS |  | 10,462,527.00 | 4.55 |
| Shares/Units in investment funds |  | 10,462,527.00 | 4.55 |
| France |  | 10,462,527.00 | 4.55 |
| 8,100 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 10,462,527.00 | 4.55 |

Total securities portfolio	
219,331,714.24	95.38
	The accompanying notes form an integral part of these financial statements	

#### Geographical breakdown

###### Breakdown per country	% of net assets
United States of America	54.85
France	10.67
Cayman Islands	9.49
Germany	5.66
India	3.49
The Netherlands	2.44
China	2.22
Japan	1.93
Italy	1.87
Switzerland	1.74
South Korea	0.96
Canada	0.06

###### 	95.38

#### Economical breakdown

###### Breakdown per sector	% of net assets
Internet and internet services	27.04
Pharmaceuticals and cosmetics	9.82
Banks and credit institutions	7.09
Holding and finance companies	6.74
Retail trade, department stores	6.23
Healthcare and social services	5.28
Textiles and garments	5.20
Unit trusts	4.55
Miscellaneous services	4.47
Electronics and semiconductors	4.33
Tobacco and alcoholic drinks	2.81
Foods and non alcoholic drinks	2.41
Biotechnology	2.20
Graphic art and publishing	1.58
Machine and apparatus construction	1.35
Miscellaneous consumer goods	0.95
Road vehicles	0.93
Transportation	0.93
Insurance	0.93
Aerospace industry	0.48
Petroleum	0.06
	95.38
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 2,062,888.71 |
| --- | --- | --- |
| Net dividends |  | 1,683,454.04 |
| Bank interest on cash account |  | 198,246.98 |
| Other financial income |  | 108,633.10 |
| Interest on swaps |  | 97.95 |
| Securities lending income | Note 2, 7 | 72,456.64 |
| Expenses |  | 6,692,963.97 |
| Management fees | Note 3 | 2,385,058.30 |
| Custodian & sub-custodian fees | Note 4 | 43,010.18 |
| Taxe d'abonnement | Note 5 | 124,425.00 |
| Performance fees | Note 3 | 2,554,796.80 |
| Bank interest on overdrafts |  | 164,033.09 |
| Transaction fees | Note 6 | 579,414.65 |
| Dividend expenses |  | 253,251.47 |
| Interest on swaps |  | 71.31 |
| Operating and establishment fees | Note 4 | 588,903.17 |
| Net loss from investments |  | (4,630,075.26) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 13,206,076.66 |
| - options |  | (532,821.66) |
| - forward foreign exchange contracts |  | (1,371,470.58) |
| - financial futures |  | (309,286.44) |
| - swaps |  | (524,198.68) |
| - foreign exchange |  | 4,796,027.92 |
| Net realised profit |  | 10,634,251.96 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 35,775,471.59 |
| - options |  | 32,862.89 |
| - forward foreign exchange contracts |  | 126,961.59 |
| - financial futures |  | 104,363.91 |
| - swaps |  | (76,376.75) |
| Increase in net assets as a result of operations |  | 46,597,535.19 |
| Dividends paid | Note 10 | (22.08) |
| Subscription capitalisation shares |  | 247,914,088.29 |
| Subscription distribution shares |  | 6,954,226.66 |
| Redemption capitalisation shares |  | (267,143,824.57) |
| Increase in net assets |  | 34,322,003.49 |
| Net assets at the beginning of the year |  | 195,644,790.42 |
| Net assets at the end of the year |  | 229,966,793.91 |

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 |