# CARMIGNAC PORTFOLIO
## Emergents

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 134,174,286.76 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 124,765,964.91 |
| Cost price |  | 114,438,127.45 |
| Unrealised profit on the securities portfolio |  | 10,327,837.46 |
| Cash at banks and liquidities |  | 8,414,147.51 |
| Interest receivable |  | 76.23 |
| Brokers receivable |  | 52,248.78 |
| Subscriptions receivable |  | 639,613.56 |
| Dividends receivable |  | 53,667.98 |
| Other assets | Note 13 | 248,567.79 |
| Liabilities |  | 1,797,343.02 |
| Bank overdrafts |  | 5,816.89 |
| Brokers payable |  | 654,680.37 |
| Redemptions payable |  | 34,997.28 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 346,780.25 |
| Other liabilities | Note 14 | 755,068.23 |
| Net asset value |  | 132,376,943.74 |

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 | 132,376,943.74 | 117,653,869.35 | 228,673,794.20 |
| Class A EUR - Capitalisation Number of shares |  | 14,536 | 10,405 | 13,108 |
| Net asset value per share | EUR | 116.98 | 93.66 | 115.26 |
| Class A EUR Y - Distribution Number of shares |  | 0 | 100 | 0 |
| Net asset value per share | EUR | 0.00 | 83.41 | 0.00 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 11,124 | 8,235 | 9,825 |
| Net asset value per share | CHF | 114.35 | 91.89 | 113.74 |
| Class A USD - Capitalisation Number of shares |  | 0 | 100 | 0 |
| Net asset value per share | USD | 0.00 | 77.65 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 1,495 | 1,825 | 2,590 |
| Net asset value per share | USD | 125.92 | 98.74 | 118.30 |
| Class E EUR - Capitalisation Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | EUR | 0.00 | 90.36 | 112.64 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 4,247 |
| Net asset value per share | USD | 132.38 | 104.37 | 127.48 |
| Class F EUR - Capitalisation Number of shares |  | 375,195 | 541,639 | 466,399 |
| Net asset value per share | EUR | 137.72 | 109.71 | 134.14 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 132,376,943.74 | 117,653,869.35 | 228,673,794.20 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR Y - Distribution Number of shares |  | 0 | 100 | 0 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 0.00 | 83.85 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 70,062 | 24,097 | 247,947 |
| Net asset value per share | CHF | 133.78 | 106.97 | 131.54 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 62,214 |
| Net asset value per share | GBP | 0.00 | 0.00 | 136.11 |
| Class F USD Hedged - Capitalisation Number of shares |  | 2,776 | 6,407 | 16,889 |
| Net asset value per share | USD | 147.87 | 115.35 | 137.32 |
| Class W EUR - Capitalisation Number of shares |  | 557,904 | 547,207 | 973,551 |
| Net asset value per share | EUR | 108.57 | 85.58 | 104.64 |
| Class W GBP - Capitalisation Number of shares |  | 48,318 | 43,538 | 106,571 |
| Net asset value per share | GBP | 142.17 | 118.71 | 143.55 |
| Class W USD - Capitalisation Number of shares |  | 0 | 12,000 | 50,000 |
| Net asset value per share | USD | 0.00 | 83.89 | 107.75 |

Securities portfolio as at 31/12/19
Expressed in EUR
Quantity	Denomination	Quotation
| Transferable sec | urities admitted to an official stock exchange list | ing	 119,865,745.71 | 90.55 |
| --- | --- | --- | --- |
| Shares |  | 119,865,745.71 | 90.55 |
|  | Argentina | 1,261,350.33 | 0.95 |

currency
Market value	% of net
assets
| 181,057 LOMA NEGRA CIA INDUSTRIA ARGENTINA SA | USD | 1,261,350.33 | 0.95 |
| --- | --- | --- | --- |
| Brazil |  | 10,231,553.81 | 7.73 |
| 1,328,438 CIELO | BRL | 2,462,413.04 | 1.86 |
| 651,155 TAESA - CTF CONS OF 2 PFD SHS + 1 SH | BRL | 4,496,293.41 | 3.40 |
| 654,497 TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD | BRL | 3,272,847.36 | 2.47 |
| Cayman Islands |  | 35,138,414.69 | 26.55 |
| 2,055,451 DALI FOODS GRP UNITARY 144A/REGS | HKD | 1,355,996.51 | 1.02 |
| 415,858 ENN ENERGY HOLDINGS LTD | HKD | 4,048,604.40 | 3.06 |
| 221,296 JD COM ADR REPR 2SHS -A- | USD | 6,945,441.50 | 5.25 |
| 122,815 SEA -A- ADR REPR1 SHS | USD | 4,400,551.71 | 3.32 |
| 204,037 TENCENT HLDG | HKD | 8,762,139.10 | 6.63 |
| 107,358 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 1,210,896.80 | 0.91 |
| 145,923 58.COM -A- ADR | USD | 8,414,784.67 | 6.36 |
| China |  | 12,164,686.69 | 9.19 |
| 2,898,441 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 5,408,293.46 | 4.09 |
| 325,346 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 2,066,336.15 | 1.56 |
| 867,286 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 2,162,946.28 | 1.63 |
| 228,783 PING AN INS (GRP) CO -H- | HKD | 2,409,123.21 | 1.82 |
| 64,740 ZHENGZHOU YUTONG COACH -A- | CNY | 117,987.59 | 0.09 |
| India |  | 15,167,139.07 | 11.46 |
| 146,332 AXIS BANK | INR | 1,377,261.69 | 1.04 |
| 368,028 DABUR INDIA LTD DEMATERIALISED | INR | 2,105,589.42 | 1.59 |
| 279,228 HDFC BANK - REGISTERED SHS | INR | 4,433,313.43 | 3.35 |
| 153,305 HOUSING DEVELOPMENT FINANCE CORP | INR | 4,616,160.08 | 3.49 |
| 4,033 SHREE CEMENTS LTD | INR | 1,025,034.45 | 0.77 |
| 215,126 UNITED SPIRITS -REGISTERED SHS | INR | 1,609,780.00 | 1.22 |
| Indonesia |  | 2,209,926.02 | 1.67 |
| 4,972,926 ASTRA INTERNATIONAL TBK | IDR | 2,209,926.02 | 1.67 |
| Japan |  | 1,169,647.12 | 0.88 |
| 26,789 LINE ADR | USD | 1,169,647.12 | 0.88 |
| Mexico |  | 4,728,963.04 | 3.57 |
| 948,805 GRUPO FINANCIERO BANORTE -O- | MXN | 4,728,963.04 | 3.57 |
| Russia |  | 2,390,293.14 | 1.81 |
| 1,546,645 MOSCOW EXCHANGE | RUB | 2,390,293.14 | 1.81 |
| South Korea |  | 22,982,948.30 | 17.36 |
| 41,359 HYUNDAI MOTOR CO LTD | KRW | 3,839,227.59 | 2.90 |
| 14,197 KAKAO | KRW | 1,678,772.10 | 1.27 |
| 253,376 KANGWON LAND | KRW | 5,777,553.40 | 4.36 |
| 5,582 NAVER | KRW | 801,965.06 | 0.61 |
| 234,587 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 8,204,395.27 | 6.19 |
| 14,747 SAMSUNG SDI CO LTD | KRW | 2,681,034.88 | 2.03 |
| Taiwan |  | 3,714,000.45 | 2.81 |
| 71,755 TAIWAN SEMICON ADR (REPR 5 SHS) | USD | 3,714,000.45 | 2.81 |
| The Netherlands |  | 3,138,098.92 | 2.37 |
| 80,996 YANDEX N.V. | USD | 3,138,098.92 | 2.37 |
| Turkey |  | 0.06 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.06 | 0.00 |
| United Arab Emirates |  | 2,626,736.04 | 1.98 |
| 2,694,136 EMAAR PROPERTIES | AED | 2,626,736.04 | 1.98 |
| United States of America |  | 2,941,988.03 | 2.22 |
| 5,774 MERCADOLIBRE | USD | 2,941,988.03 | 2.22 |
| Shares/Units of UCITS/UCIS |  | 4,900,219.20 | 3.70 |
| Shares/Units in investment funds |  | 4,900,219.20 | 3.70 |
| France |  | 4,900,219.20 | 3.70 |
| 5,079 CARMIGNAC EMERGENTS A EUR ACC | EUR | 4,900,219.20 | 3.70 |
| Total securities portfolio |  | 124,765,964.91 | 94.25 |

|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Cayman Islands |  |  | 26.55 |
| South Korea |  |  | 17.36 |
| India |  |  | 11.46 |
| China |  |  | 9.19 |
| Brazil |  |  | 7.73 |
| France |  |  | 3.70 |
| Mexico |  |  | 3.57 |
| Taiwan |  |  | 2.81 |
| The Netherlands |  |  | 2.37 |
| United States of America |  |  | 2.22 |
| United Arab Emirates |  |  | 1.98 |
| Russia |  |  | 1.81 |
| Indonesia |  |  | 1.67 |
| Argentina |  |  | 0.95 |
| Japan Turkey |  |  | 0.88 - |
|  |  |  | 94.25 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Banks and credit institutions	11.45
Electronics and semiconductors	11.03
Internet and internet services	10.67
Graphic art and publishing	6.63
Utilities	6.46
Miscellaneous services	6.36
Retail trade, department stores	5.25
Road vehicles	4.66
Hotels and restaurants	4.36
Electrical engineering and electronics	4.10
Healthcare and social services	4.09
Unit trusts	3.70
Holding and finance companies	3.67
Pharmaceuticals and cosmetics	3.15
Real estate companies	1.98
Insurance	1.82
Building materials and trade	1.72
Miscellaneous trading companies	1.22
Foods and non alcoholic drinks	1.02
Biotechnology	0.91
94.25
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 2,323,959.12 |
| --- | --- | --- |
| Net dividends |  | 2,174,278.13 |
| Bank interest on cash account |  | 19,905.80 |
| Other financial income |  | 112,703.53 |
| Securities lending income | Note 2, 7 | 17,071.66 |
| Expenses |  | 2,475,050.56 |
| Management fees | Note 3 | 1,049,957.34 |
| Custodian & sub-custodian fees | Note 4 | 21,196.57 |
| Taxe d'abonnement | Note 5 | 61,497.00 |
| Performance fees | Note 3 | 604,750.86 |
| Bank interest on overdrafts |  | 73,777.43 |
| Transaction fees | Note 6 | 378,724.87 |
| Operating and establishment fees | Note 4 | 285,146.49 |
| Net loss from investments |  | (151,091.44) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (14,852,348.91) |
| - forward foreign exchange contracts |  | (477,512.75) |
| - financial futures |  | (2,928.16) |
| - swaps |  | 229,572.70 |
| - foreign exchange |  | 17,074,826.51 |
| Net realised profit |  | 1,820,517.95 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 27,056,496.26 |
| - forward foreign exchange contracts |  | (573,074.88) |
| Increase in net assets as a result of operations |  | 28,303,939.33 |
| Dividends paid | Note 10 | (119.00) |
| Subscription capitalisation shares |  | 57,198,143.44 |
| Redemption capitalisation shares |  | (70,759,038.38) |
| Redemption distribution shares |  | (19,851.00) |
| Increase in net assets |  | 14,723,074.39 |
| Net assets at the beginning of the year |  | 117,653,869.35 |
| Net assets at the end of the year |  | 132,376,943.74 |

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 |