# CARMIGNAC PORTFOLIO
## Grandchildren (launched on 31/05/19)

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 20,862,468.58 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 20,815,113.21 |
| Cost price |  | 19,050,528.13 |
| Unrealised profit on the securities portfolio |  | 1,764,585.08 |
| Cash at banks and liquidities |  | 40,798.21 |
| Dividends receivable |  | 6,557.16 |
| Liabilities |  | 30,078.57 |
| Bank overdrafts |  | 35.56 |
| Other liabilities | Note 14 | 30,043.01 |
| Net asset value |  | 20,832,390.01 |

Key figures relating to the last 3 years
|  | Period ending as at: | 31/12/19 |
| --- | --- | --- |
| Total Net Assets | EUR | 20,832,390.01 |
| Class A EUR - Capitalisation Number of shares |  | 160,347 |
| Net asset value per share | EUR | 115.47 |
| Class F EUR - Capitalisation Number of shares |  | 10,001 |
| Net asset value per share | EUR | 115.87 |
| Class W EUR - Capitalisation Number of shares |  | 10,000 |
| Net asset value per share | EUR | 115.89 |

Securities portfolio as at 31/12/19
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stoc | k exchange listing | 20,815,113.21 | 99.92 |
| --- | --- | --- | --- | --- |
| Shares |  |  | 20,815,113.21 | 99.92 |
|  | Denmark |  | 1,182,324.01 | 5.68 |

| 11,611 NOVO NORDISK | DKK | 600,788.65 | 2.89 |
| --- | --- | --- | --- |
| 6,307 ORSTED | DKK | 581,535.36 | 2.79 |
| France |  | 768,226.00 | 3.69 |
| 1,796 L'OREAL SA | EUR | 474,144.00 | 2.28 |
| 710 LVMH | EUR | 294,082.00 | 1.41 |
| Germany |  | 926,907.78 | 4.45 |
| 853 ADIDAS NAMEN AKT | EUR | 247,199.40 | 1.19 |
| 1,810 KNORR-BREMSE - BEARER SHS | EUR | 164,257.50 | 0.79 |
| 4,284 SAP AG | EUR | 515,450.88 | 2.47 |
| Ireland |  | 245,975.40 | 1.18 |
| 2,214 KERRY GROUP -A- | EUR | 245,975.40 | 1.18 |
| Sweden |  | 465,625.75 | 2.24 |
| 22,341 ASSA ABLOY -B- NEW I | SEK | 465,625.75 | 2.24 |
| Switzerland |  | 546,858.88 | 2.63 |
| 1,683 LONZA GROUP (CHF) | CHF | 546,858.88 | 2.63 |
| The Netherlands |  | 1,178,124.62 | 5.66 |
| 2,258 ASML HLDG | EUR | 595,434.60 | 2.86 |
| 11,374 UNILEVER NV | EUR | 582,690.02 | 2.80 |
| United Kingdom |  | 1,377,884.31 | 6.61 |
| 21,192 COMPASS GROUP | GBP | 472,684.01 | 2.27 |
| 9,618 DIAGEO PLC | GBP | 363,278.56 | 1.74 |
| 2,479 LSE GROUP | GBP | 226,733.35 | 1.09 |
| 14,016 RELX PLC | GBP | 315,188.39 | 1.51 |
| United States of America |  | 14,123,186.46 | 67.78 |
| 1,486 ADOBE INC | USD | 436,612.61 | 2.10 |
| 533 ALPHABET -A- | USD | 635,986.52 | 3.05 |
| 2,884 ANSYS INC | USD | 661,354.51 | 3.17 |
| 2,778 ANTHEM | USD | 747,473.80 | 3.58 |
| 1,403 AUTODESK INC | USD | 229,304.57 | 1.10 |
| 222 BOOKING HLDG | USD | 406,171.99 | 1.95 |
| 6,885 BROWN-FORMAN CORP -B- NON VOTING | USD | 414,633.41 | 1.99 |
| 4,405 CHURCH AND DWIGHT CO | USD | 276,033.59 | 1.33 |
| 4,422 ELECTRONIC ARTS - REGISTERED | USD | 423,527.14 | 2.03 |
| 3,761 ESTEE LAUDER COMPANIES INC -A- | USD | 692,024.00 | 3.32 |
| 4,197 FACEBOOK -A- | USD | 767,424.72 | 3.67 |
| 3,758 FIDELITY NATIONAL | USD | 465,657.21 | 2.24 |
| 2,025 ILLUMINA INC | USD | 598,461.92 | 2.87 |
| 4,681 INTERCONEXCH GR INC WI | USD | 385,947.93 | 1.85 |
| 2,023 INTUIT | USD | 472,057.36 | 2.27 |
| 1,210 INTUITIVE SURGICAL | USD | 637,230.73 | 3.06 |
| 2,554 MASIMO | USD | 359,630.50 | 1.73 |
| 2,132 MASTERCARD INC -A- | USD | 567,121.50 | 2.72 |
| 3,054 NVIDIA CORP | USD | 640,183.70 | 3.07 |
| 4,592 PAYPAL HOLDINGS INC WI | USD | 442,509.26 | 2.12 |
| 4,555 PEPSICO INC | USD | 554,594.08 | 2.66 |
| 3,847 RESMED | USD | 531,108.77 | 2.55 |
| 1,955 STRYKER CORP | USD | 365,641.60 | 1.76 |
| 1,494 THERMO FISHER SCIEN SHS | USD | 432,388.22 | 2.08 |
| 7,189 TRANSUNION | USD | 548,285.34 | 2.63 |
| 2,374 VISA INC -A- | USD | 397,393.85 | 1.91 |
| 2,579 WALT DISNEY CO | USD | 332,294.67 | 1.60 |
| 5,955 ZOETIS INC -A- | USD | 702,132.96 | 3.37 |

Total securities portfolio	
20,815,113.21	99.92
The accompanying notes form an integral part of these financial statements

#### Geographical breakdown

###### Breakdown per country	% of net assets
United States of America	67.78
United Kingdom	6.61
Denmark	5.68
The Netherlands	5.66
Germany	4.45
France	3.69
Switzerland	2.63
Sweden	2.24
Ireland	1.18

###### 	99.92

#### Economical breakdown

###### Breakdown per sector	% of net assets
Internet and internet services	24.05
Pharmaceuticals and cosmetics	23.83
Holding and finance companies	9.29
Electronics and semiconductors	8.01
Miscellaneous consumer goods	4.13
Foods and non alcoholic drinks	3.84
Tobacco and alcoholic drinks	3.73
Healthcare and social services	3.58
Machine and apparatus construction	3.03
Utilities	2.79
Banks and credit institutions	2.72
Chemicals	2.63
Textiles and garments	2.60
Hotels and restaurants	2.27
Miscellaneous services	1.91
Graphic art and publishing	1.51
	99.92
Statement of Operations and Changes in Net Assets from 31/05/19 to 31/12/19
Expressed in EUR
| Income |  | 57,798.13 |
| --- | --- | --- |
| Net dividends |  | 57,798.13 |
| Expenses |  | 139,394.90 |
| Management fees | Note 3 | 97,250.16 |
| Custodian & sub-custodian fees | Note 4 | 1,309.95 |
| Taxe d'abonnement | Note 5 | 5,285.00 |
| Performance fees | Note 3 | 0.04 |
| Bank interest on overdrafts |  | 1,533.86 |
| Transaction fees | Note 6 | 18,128.92 |
| Operating and establishment fees | Note 4 | 15,886.97 |
| Net loss from investments |  | (81,596.77) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 97,678.29 |
| - financial futures |  | (1,293.32) |
| - foreign exchange |  | 26,006.73 |
| Net realised profit |  | 40,794.93 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 1,764,585.08 |
| Increase in net assets as a result of operations |  | 1,805,380.01 |
| Subscription capitalisation shares |  | 19,027,021.65 |
| Redemption capitalisation shares |  | (11.65) |
| Increase in net assets |  | 20,832,390.01 |
| Net assets at the beginning of the period |  | 0.00 |
| Net assets at the end of the period |  | 20,832,390.01 |

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 |