# CARMIGNAC PORTFOLIO
## China New Economy (launched on 31/03/21)

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 38,659,408.36 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 36,437,220.30 |
| Cost price |  | 44,785,010.93 |
| Unrealised loss on the securities portfolio |  | (8,347,790.63) |
| Cash at banks and liquidities |  | 966,201.85 |
| Brokers receivable |  | 1,135,066.68 |
| Subscriptions receivable |  | 30,180.19 |
| Dividends receivable |  | 4,694.79 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 60,452.46 |
| Unrealised net appreciation on financial futures | Note 2 | 25,592.09 |
| Liabilities |  | 746,632.99 |
| Bank overdrafts |  | 118,473.93 |
| Brokers payable |  | 542,816.30 |
| Redemptions payable |  | 3,088.00 |
| Unrealised net depreciation on swaps | Note 2 | 13,637.87 |
| Other liabilities | Note 13 | 68,616.89 |
| Net asset value |  | 37,912,775.37 |

Key figures relating to the last 3 years
Total Net Assets
Class A EUR - Capitalisation
Number of shares
Period ending as at:
EUR
31/12/21
37,912,775.37
55,240
Net asset value per share	EUR
Class F EUR - Capitalisation
Number of shares
Net asset value per share	EUR
64.40
530,619
64.75
Securities portfolio as at 31/12/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
34,624,836.46	91.33
| Shares |  | 34,624,836.46 | 91.33 |
| --- | --- | --- | --- |
|  | Cayman Islands | 17,128,342.59 | 45.18 |
| 97,033 ANTA SPORTS PRODUCTS | HKD | 1,279,406.91 | 3.37 |
| 193,005 CHINDATA GROUP HOLDINGS LTD | USD | 1,118,451.42 | 2.95 |
| 149,469 EHANG HOLDINGS | USD | 1,961,024.87 | 5.18 |
| 81,459 EVEREST MEDICINES LTD | HKD | 319,737.11 | 0.84 |
| 365,852 HELENS INTL --- REGISTERED SHS REG | HKD | 779,080.16 | 2.05 |
| 24,747 JD.COM INC SADR REPR 2 SHS -A- | USD | 1,524,817.35 | 4.02 |
| 1,861,806 KINDSTAR GLOBALGENE TECHNOLOGY INC REGIS | HKD | 1,203,271.89 | 3.17 |
| 191,611 MINISO GROUP HOLDING LTD-ADR | USD | 1,742,224.53 | 4.60 |
| 62,205 NEW HORIZON HEALTH LTD | HKD | 155,057.33 | 0.41 |
| 399,394 NEW ORIENTAL EDUCATION & TECH.GR ADR RE1 | USD | 737,537.28 | 1.95 |
| 50,506 NIO INC - SHS -A- ADR | USD | 1,406,990.93 | 3.71 |
| 1,209,760 SHIMAO SERVICES -SHS UNITARY REG S/144A | HKD | 739,559.69 | 1.95 |
| 577,074 SUNAC SERVICES HOLDINGS LIMITED | HKD | 517,455.92 | 1.36 |
| 244,908 TUYA INC | USD | 1,346,003.34 | 3.55 |
| 176,635 WUXI BIOLOGICS | HKD | 1,843,859.85 | 4.87 |
| 10,255 XPENG INC | USD | 453,864.01 | 1.20 |
| China	 16,507,311.35 | 43.54 |
| 22,350 BEIJING KINGSOFT OFFICE SOFTWARE INC | CNY | 817,179.01 | 2.16 |
| 27,351 BYD COMPANY LTD -H- | HKD | 822,447.30 | 2.17 |
| 868,914 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 372,421.82 | 0.98 |
| 24,002 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 412,628.55 | 1.09 |
| 2,198 CONTEMPORARY AMPEREX TECHN-A | CNY | 178,319.49 | 0.47 |
| 181,712 ENN NATURAL GAS CO LTD | CNY | 460,309.66 | 1.21 |
| 41,900 ESTUN AUTO - SHS -A- | CNY | 150,018.63 | 0.40 |
| 32,086 FLAT GLASS GROUP -H- REGS | HKD | 143,312.97 | 0.38 |
| 516,800 FOCUS MEDIA --- SHS -A- | CNY | 583,983.00 | 1.54 |
| 12,644 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 46,990.99 | 0.12 |
| 29,700 HUIZHOU DESAY SV AUTOMOTIVE CO | CNY | 579,879.00 | 1.53 |
| 184,596 JOINN LABORATORIES (CHINA) CO | HKD | 1,366,884.25 | 3.61 |
| 90,357 LONGI GREEN ENE - REGISTERED SHS -A- | CNY | 1,074,639.67 | 2.83 |
| 366,985 LONGSHINE TECHNOLOGY GROUP CO LTD | CNY | 1,874,976.48 | 4.94 |
| 326,552 MICROTECH MEDICAL HANGZHOU CO LTD | HKD | 935,536.61 | 2.47 |
| 37,169 MILKYWAY CHEM - REG SHS -A- | CNY | 691,194.27 | 1.82 |
| 54,100 NINGBO ORIENT WIRES CABLES CO LTD | CNY | 381,875.33 | 1.01 |
| 27,956 PHARMARON BEIJING - REGISTERED SHS -H- | HKD | 379,328.42 | 1.00 |
| 84,806 SUNGROW POWER SUPPLY CO LTD | CNY | 1,705,995.58 | 4.50 |
| 64,200 THUNDER SOFTWARE TECHNOLOGY CO LTD-A- | CNY | 1,226,105.02 | 3.23 |
| 653,207 WOLONG ELECTRIC GROUP CO LTD | CNY | 1,648,383.79 | 4.35 |
| 402,100 XINTE ENERGY | HKD | 654,901.51 | 1.73 |
| Hong Kong |  | 989,182.52 | 2.61 |
| 203,096 CHINA RESOURCES POWER HOLDINGS -RC- | HKD | 597,883.54 | 1.58 |
| 7,618 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 391,298.98 | 1.03 |

| nits of UCITS/UCIS | 1,812,383.84 | 4.78 |
| --- | --- | --- |
| Shares/Units in investment funds | 1,812,383.84 | 4.78 |
| France | 1,812,383.84 | 4.78 |

Shares/U
28,528 CARMIGNAC CHINA NEW ECONOMY F EUR ACC
EUR
1,812,383.84	4.78
Total securities portfolio	
36,437,220.30	96.11
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Cayman Islands |  | 45.17 |
| China |  | 43.54 |
| France |  | 4.78 |
| Hong Kong |  | 2.61 |
|  |  | 96.11 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 13.28 |
| Pharmaceuticals and cosmetics | 11.59 |
| Retail trade, department stores | 8.62 |
| Holding and finance companies | 8.33 |
| Machine and apparatus construction | 7.36 |
| Utilities | 6.08 |
| Biotechnology | 5.87 |
| Aerospace industry | 5.18 |
| Electronics and semiconductors | 5.00 |
| Road vehicles | 4.91 |
| Textiles and garments | 3.37 |
| Real estate companies | 3.31 |
| Electrical engineering and electronics | 2.25 |
| Tobacco and alcoholic drinks | 2.05 |
| Miscellaneous services | 1.95 |
| Transportation | 1.82 |
| Office supplies and computing | 1.54 |
| Chemicals | 1.21 |
| Banks and credit institutions | 1.03 |
| Communications | 0.98 |
| Building materials and trade | 0.38 |
|  | 96.11 |

Statement of operations and changes in net assets from 31/03/21 to 31/12/21
Expressed in EUR
| Income |  | 306,675.13 |
| --- | --- | --- |
| Net dividends | Note 2 | 193,287.19 |
| Bank interest on cash account |  | 1,757.07 |
| Other financial income |  | 111,630.87 |
| Expenses |  | 528,831.24 |
| Management fees | Note 3 | 211,773.46 |
| Custodian & sub-custodian fees | Note 4 | 45,636.00 |
| Taxe d'abonnement | Note 5 | 14,670.00 |
| Performance fees | Note 3 | 23.33 |
| Bank interest on overdrafts |  | 15,315.26 |
| Transaction fees | Note 6 | 223,299.09 |
| Interest on swaps |  | 950.03 |
| Operating and establishment fees | Note 4 | 17,164.07 |
| Net loss from investments |  | (222,156.11) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (5,580,626.81) |
| - forward foreign exchange contracts |  | (121,823.31) |
| - financial futures |  | (532,257.12) |
| - swaps |  | (1,452,549.00) |
| - foreign exchange |  | 1,059,181.42 |
| Net realised loss |  | (6,850,230.93) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (8,347,790.63) |
| - forward foreign exchange contracts |  | 60,452.46 |
| - financial futures |  | 25,592.09 |
| - swaps |  | (13,637.87) |
| Decrease in net assets as a result of operations |  | (15,125,614.88) |
| Subscription capitalisation shares |  | 54,338,148.89 |
| Redemption capitalisation shares |  | (1,299,758.64) |
| Increase in net assets |  | 37,912,775.37 |
| Net assets at the beginning of the period |  | 0.00 |
| Net assets at the end of the period |  | 37,912,775.37 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2021-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert
Abschluss zum 31.12.2021
| Aufstellung des Nettovermögens zum 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Aktiva |  | 14.296.102.296,03 |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 12.786.958.345,89 |
| Anschaffungskosten |  | 12.302.732.055,55 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 484.226.290,34 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 8.280.890,95 |
| Zum Einstandspreis erworbene Optionen |  | 14.755.475,83 |
| Bankguthaben und liquide Mittel |  | 1.258.035.503,41 |
| Zinsforderungen aus Anleihen |  | 74.168.219,23 |
| Forderungen gegenüber Brokern |  | 77.406.660,52 |
| Forderungen aus Zeichnungen |  | 54.525.076,75 |
| Dividendenforderungen |  | 565.844,56 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 10.935.072,57 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 21.488.860,85 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 264.908,10 |
| Zinsforderungen aus Swaps |  | 3.443.596,41 |
| Sonstige Aktiva | Erläuterung 12 | 29.316,79 |
| Passiva |  | 425.145.214,16 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 5.385.734,12 |
| Zum Einstandspreis verkaufte Optionen |  | 7.908.595,74 |
| Kontoüberziehungen |  | 69.365.864,40 |
| Verbindlichkeiten gegenüber Brokern |  | 208.033.990,04 |
| Verbindlichkeiten aus Rücknahmen |  | 32.103.047,20 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 335.907,05 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 1.744.520,97 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 67.364.609,83 |
| Zinszahlungen aus Swaps |  | 2.835.549,44 |
| Sonstige Passiva | Erläuterung 13 | 	37.975.991,11 |
| Nettoinventarwert |  | 13.870.957.081,87 |

| Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2021 bis 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Erträge |  | 238.876.085,31 |
| Nettodividenden | Erläuterung 2 | 33.290.577,92 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 187.797.104,56 |
| Bankzinsen aus Sichteinlagen |  | 910.786,09 |
| Sonstige Finanzerträge |  | 3.621.582,78 |
| Zinsen aus Swapverträgen |  | 12.964.152,42 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 291.881,54 |
| Aufwand |  | 224.526.672,96 |
| Verwaltungsgebühren | Erläuterung 3 | 103.791.127,08 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.711.582,00 |
| Taxe d’abonnement | Erläuterung 5 | 6.134.656,00 |
| Erfolgsabhängige Provisionen | Erläuterung 3 | 21.773.994,22 |
| Überziehungszinsen |  | 8.236.713,27 |
| Transaktionskosten | Erläuterung 6 | 12.767.436,38 |
| Ausgeschüttete Dividenden für CFDs |  | 2.932.636,85 |
| Zinsen aus Swapverträgen |  | 46.964.509,04 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 	20.214.018,12 |
| Nettoertrag aus Anlagen |  | 14.349.412,35 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 664.298.477,71 |
| - Optionen |  | (17.351.397,51) |
| - Devisenterminkontrakte |  | (98.690.966,07) |
| - Futures |  | (126.308.762,85) |
| - Swaps |  | 158.315.890,67 |
| - Wechselkursgeschäften |  | (11.687.065,43) |
| Realisierter Nettogewinn |  | 582.925.588,87 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |
| - Anlagen | Erläuterung 2 | (207.861.325,47) |
| - Optionen |  | (5.070.218,47) |
| - Devisenterminkontrakte |  | 4.374.149,94 |
| - Futures |  | 29.335.783,97 |
| - Swaps |  | 	(60.259.312,81) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 343.444.666,03 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.163.404,50) |
| Zeichnungen von thesaurierenden Anteilen |  | 8.017.737.966,77 |
| Zeichnungen von ausschüttenden Anteilen |  | 180.507.224,95 |
| Rücknahmen von thesaurierenden Anteilen |  | (4.494.408.844,44) |
| Rücknahmen von ausschüttenden Anteilen |  | 	(93.495.211,58) |
| Zunahme des Nettovermögens |  | 3.944.622.397,23 |
| Nettovermögen am Jahresanfang |  | 9.926.334.684,64 |
| Nettovermögen am Jahresende |  | 13.870.957.081,87 |