# CARMIGNAC PORTFOLIO
## Emerging Patrimoine

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 557,578,579.52 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 507,403,827.22 |
| Cost price |  | 442,276,169.61 |
| Unrealised profit on the securities portfolio |  | 65,127,657.61 |
| Options purchased at market value | Note 2 | 5,819,891.01 |
| Options purchased at cost |  | 4,113,622.99 |
| Cash at banks and liquidities |  | 28,273,589.82 |
| Interest receivable |  | 5,620,356.37 |
| Brokers receivable |  | 184,133.03 |
| Subscriptions receivable |  | 4,209,603.04 |
| Dividends receivable |  | 30,044.97 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 1,254,346.95 |
| Unrealised net appreciation on financial futures | Note 2 | 521,590.27 |
| Unrealised net appreciation on swaps | Note 2 | 4,261,196.84 |
| Liabilities |  | 17,099,563.79 |
| Bank overdrafts |  | 531,933.10 |
| Brokers payable |  | 708,282.54 |
| Redemptions payable |  | 867,212.30 |
| Other liabilities | Note 13 | 14,992,135.85 |
| Net asset value |  | 540,479,015.73 |

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 | 540,479,015.73 | 486,621,704.75 | 561,332,339.51 |
| Class A EUR - Capitalisation Number of shares |  | 1,883,147 | 1,967,040 | 2,723,711 |
| Net asset value per share | EUR | 147.18 | 122.24 | 103.10 |
| Class A EUR Y - Distribution Number of shares |  | 169,782 | 138,402 | 165,405 |
| Net asset value per share | EUR | 109.89 | 94.21 | 81.58 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 21,050 | 21,635 | 23,348 |
| Net asset value per share | CHF | 124.38 | 103.72 | 87.84 |
| Class A USD - Capitalisation Number of shares |  | 0 | 0 | 100 |
| Net asset value per share | USD | 0.00 | 0.00 | 79.63 |
| Class A USD Hedged - Capitalisation Number of shares |  | 47,056 | 53,422 | 100,431 |
| Net asset value per share | USD | 139.24 | 114.45 | 94.37 |
| Class E EUR - Capitalisation Number of shares |  | 668,817 | 620,719 | 835,329 |
| Net asset value per share | EUR | 137.66 | 115.07 | 97.71 |
| Class E USD Hedged - Capitalisation Number of shares |  | 28 | 997 | 823 |
| Net asset value per share | USD | 152.78 | 126.42 | 104.89 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 540,479,015.73 | 486,621,704.75 | 561,332,339.51 |

Key figures relating to the last 3 years
Total Net Assets
| Class F EUR - Capitalisation Number of shares |  | 900,646 | 1,182,035 | 1,596,318 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 155.39 | 128.36 | 107.71 |
| Class F EUR Y - Distribution Number of shares |  | 0 | 0 | 6,654 |
| Net asset value per share | EUR | 0.00 | 0.00 | 85.99 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 17,870 | 5,230 | 4,230 |
| Net asset value per share | CHF | 148.27 | 123.16 | 103.70 |
| Class F GBP - Capitalisation Number of shares |  | 7,150 | 5,249 | 9,703 |
| Net asset value per share | GBP | 166.84 | 130.55 | 115.96 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 0 | 0 | 1,309 |
| Net asset value per share | GBP | 0.00 | 0.00 | 100.82 |
| Class F USD Hedged - Capitalisation Number of shares |  | 7,845 | 7,730 | 9,238 |
| Net asset value per share | USD | 168.51 | 137.44 | 112.70 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 496,749,273.23 | 91.91 |
| --- | --- | --- | --- |
| Shares |  | 213,352,051.70 | 39.47 |
|  | Bermuda | 906,057.79 | 0.17 |
| 265,853 DAIRY FARM INTERNATIONAL HOLDING | USD | 906,057.79 | 0.17 |
| Cayman Islands |  | 63,202,407.28 | 11.68 |
| 2,691,951 DALI FOODS GRP UNITARY 144A/REGS | HKD | 1,256,986.26 | 0.23 |
| 472,362 ENN ENERGY HOLDINGS LTD | HKD | 5,666,003.91 | 1.05 |
| 32,676 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 2,500,740.17 | 0.46 |
| 170,122 JD HEALTH INTERNATIONAL INC | HKD | 2,689,746.77 | 0.50 |
| 245,232 JD.COM INC SADR REPR 2 SHS -A- | USD | 17,617,500.55 | 3.25 |
| 26,636 JOYY INC -A- SPONS ADR REPR 20 SHS -A- | USD | 1,741,119.92 | 0.32 |
| 516,246 MING YUAN CLOUD GROUP HOLDINGS LTD | HKD | 2,601,023.35 | 0.48 |
| 132,073 MINISO GROUP HOLDING LTD-ADR | USD | 2,848,601.59 | 0.53 |
| 97,047 NIO INC - SHS -A- ADR | USD | 3,865,858.18 | 0.72 |
| 50,892 SEA -A- ADR REPR1 SHS | USD | 8,279,230.60 | 1.53 |
| 92,484 VIPSHOP HOLDINGS ADR 1/5 REPR | USD | 2,124,739.68 | 0.39 |
| 1,108,463 WUXI BIOLOGICS | HKD | 12,010,856.30 | 2.22 |
| China |  | 28,636,585.10 | 5.30 |
| 2,665,427 CHINA COMMUNICATION SERCICES CORP -H- | HKD | 960,843.27 | 0.18 |
| 2,473,284 CHINA EAST EDUCATION HOLDINGS LTD | HKD | 4,859,365.33 | 0.90 |
| 319,842 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 5,912,148.54 | 1.09 |
| 1,528,676 HAIER SMART HOME CO LTD - REG SHS -H- | HKD | 4,527,739.40 | 0.84 |
| 1,192,639 NONGFU SPRING - REGISTERED SHS -H- UNI | HKD | 6,901,460.50 | 1.28 |
| 546,768 PING AN INS (GRP) CO -H- | HKD | 5,475,028.06 | 1.01 |
| Hong Kong |  | 4,616,489.52 | 0.85 |
| 61,000 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 2,732,614.83 | 0.50 |
| 2,441,638 LENOVO GROUP LTD -RC- | HKD | 1,883,874.69 | 0.35 |
| India |  | 21,667,467.74 | 4.01 |
| 163,719 AVENUE SUPER REGISTERED | INR | 5,060,905.72 | 0.93 |
| 439,427 DABUR INDIA LTD DEMATERIALISED | INR | 2,624,713.92 | 0.49 |
| 197,976 HDFC BANK - REGISTERED SHS | INR | 3,180,619.27 | 0.59 |
| 251,220 ICICI LOMBARD | INR | 4,273,606.91 | 0.79 |
| 136,862 KOTAK MAHINDRA BANK | INR | 3,054,993.97 | 0.57 |
| 40,585 MARUTI SUZUKI | INR | 3,472,627.95 | 0.64 |
| Luxembourg |  | 1,993,639.52 | 0.37 |
| 107,307 ALLEGRO EU | PLN | 1,993,639.52 | 0.37 |
| Malaysia |  | 2,135,546.60 | 0.40 |
| 1,911,023 IHH HEALHCARE BHD | MYR | 2,135,546.60 | 0.40 |
| Mexico |  | 5,460,835.66 | 1.01 |
| 1,211,083 GRUPO FINANCIERO BANORTE -O- | MXN | 5,460,835.66 | 1.01 |
| South Korea |  | 53,322,453.19 | 9.87 |
| 57,959 HYUNDAI MOTOR CO LTD | KRW | 8,372,412.17 | 1.55 |
| 154,470 KANGWON LAND | KRW | 2,731,118.20 | 0.51 |
| 11,050 LG CHEM | KRW | 6,850,432.28 | 1.27 |
| 22,380 NAVER | KRW | 4,925,093.05 | 0.91 |
| 237,204 SAMSUNG ELECTRONICS CO LTD | KRW | 14,455,579.78 | 2.67 |
| 288,724 SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG | KRW | 15,987,817.71 | 2.96 |
| Taiwan |  | 8,062,700.52 | 1.49 |
| 523,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 8,062,700.52 | 1.49 |
| The Netherlands |  | 14,217,161.95 | 2.63 |
| 72,861 PROSUS NV | EUR | 6,437,997.96 | 1.19 |
| 136,795 YANDEX NV | USD | 7,779,163.99 | 1.44 |
| Turkey |  | 0.15 | 0.00 |
| 0 ENKA INSAAT VE SANAY A.S | TRY | 0.15 | 0.00 |
| United States of America |  | 9,130,706.68 | 1.69 |
| 161,402 KINGSOFT CLOUD HOLDINGS LTD | USD | 5,744,805.77 | 1.06 |
| 2,473 MERCADOLIBRE | USD | 3,385,900.91 | 0.63 |
| Bonds |  | 278,341,251.53 | 51.50 |
| British Virgin Islands |  | 1,002,598.17 | 0.19 |
| 1,160,000 ARCOS DOR HDGS REGS 5.875 17-27 04/04S | USD | 1,002,598.17 | 0.19 |
| Canada |  | 695,458.60 | 0.13 |
| 2,081,120 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 695,458.60 | 0.13 |

| 6,298,000 DOMINICAN REPUBLIC | 5.875 20-60 30/01S | USD | 5,666,192.55 | 1.04 |
| --- | --- | --- | --- | --- |
| 2,657,000 DOMINICAN REPUBLIC | 4.875 20-32 23/09S | USD | 2,406,468.28 | 0.45 |
| Indonesia | 26,528,323.97 | 4.91 |
| 110,000,000,000 INDONESIA 6.625 12-33 15/05S | IDR | 6,507,328.68 | 1.20 |
| 140,000,000,000 INDONESIA 7.50 17-38 15/05S | IDR | 8,810,631.50 | 1.64 |
| 77,256,000,000 INDONESIA 6.125 12-28 15/05M | IDR | 4,540,838.63 | 0.84 |
| 100,000,000,000 INDONESIA 8.375 10-26 15/09S | IDR | 6,669,525.16 | 1.23 |
| Israel |  | 12,487,516.46 | 2.31 |
| 39,000,000 ISRAEL 2.25 18-28 28/09A | ILS | 11,242,951.69 | 2.08 |
| 3,500,000 ISRAEL -DY-	3.75 17-47 31/03A	ILS | 1,244,564.77 | 0.23 |
| Ivory Coast | 10,212,289.15 | 1.89 |
| 1,861,000 IVORY COAST | 6.625 18-48 22/03A | EUR | 2,066,733.55 | 0.38 |
| 1,386,000 IVORY COAST | 4.8750 20-32 30/01A | EUR | 1,427,302.80 | 0.26 |
| 5,880,000 IVORY COAST | 6.8750 19-40 17/10A | EUR | 6,718,252.80 | 1.25 |
| Japan | 25,279,040.50 | 4.68 |
| 3,151,800,000 JAPAN 0.20 20-30 10/03S	JPY | 25,279,040.50 | 4.68 |
| Luxembourg | 20,678,202.55 | 3.83 |
| 1,600,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 1,360,650.56 | 0.25 |
| 5,000,000 GAZ CAPITAL	4.25 17-24 06/04S | GBP | 5,986,649.54 | 1.11 |
| 4,000,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 4,222,080.00 | 0.78 |
| 10,328,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 9,108,822.45 | 1.69 |
| Malaysia | 4,142,156.84 | 0.77 |
| 3,800,000 PETRONAS CAPITAL LTD 4.5500 20-50 21/04S	USD | 4,142,156.84 | 0.77 |
| Mexico | 30,970,374.00 | 5.74 |
| 20,700,000 PEMEX	4.75 18-29 24/05A	EUR | 20,913,624.00 | 3.88 |
| 10,000,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 10,056,750.00 | 1.86 |
| Montenegro |  | 6,395,675.88 | 1.18 |
| 6,504,000 MONTENEGRO	2.875 20-27 16/12A | EUR | 6,395,675.88 | 1.18 |
| Peru |  | 7,939,990.29 | 1.47 |
| 30,000,000 PERU	5.70 14-24 12/08S	PEN | 7,939,990.29 | 1.47 |
| Romania | 15,533,078.86 | 2.87 |
| 9,137,000 ROMANIA | 4.625 19-49 03/04A | EUR | 12,339,153.02 | 2.28 |
| 2,989,000 ROMANIA | 2.6250 20-40 02/12A | EUR | 3,193,925.84 | 0.59 |
| Russia | 17,373,182.90 | 3.21 |
| 581,223,000 RUSSIA | 7.7 19-39 16/03S | RUB | 7,333,882.90 | 1.36 |
| 10,000,000 RUSSIA | 1.125 20-27 20/11A | EUR | 10,039,300.00 | 1.85 |
| Singapore |  | 10,851,369.74 | 2.01 |
| 15,000,000 SINGAPORE	2.875 14-29 01/07S | SGD | 10,851,369.74 | 2.01 |
| The Netherlands | 12,510,790.52 | 2.31 |
| 4,050,000 MDGH GMTN B.V.	2.875 20-30 21/05S	USD | 3,581,149.32 | 0.66 |
| 4,000,000 PETROBRAS GLOBAL FIN 6.85 15-15 05/06S	USD | 4,075,387.20 | 0.75 |
| 4,700,000 PROSUS NV	1.539 20-28 03/08A | EUR | 4,854,254.00 | 0.90 |
| Ukraine |  | 9,906,725.02 | 1.83 |
| 10,323,000 UKRAINE 4.375 20-30 27/01A	EUR | 9,906,725.02 | 1.83 |
| United Kingdom | 15,025,050.17 | 2.78 |
| 4,319,050 AFREN PLC DEF | 10.25 12-19 08/04S | USD | 5,947.94 | 0.00 |
| 19,516,720 AFREN REGS DEF | 6.625 13-20 09/12S | USD | 70,742.23 | 0.01 |
| 14,000,000 GAZ FINANCE PLC | 2.95 20-25 15/04A | EUR | 14,948,360.00 | 2.77 |
| United States of America | 25,582,543.85 | 4.73 |
| 4,800,000 CEDC FIN CORP INTL 10.00 17-22 31/12S	USD | 2,804,952.80 | 0.52 |
| 27,754,600 UNITED STATES	1.375 16-21 30/04S | USD | 22,777,591.05 | 4.21 |
| Floating rate bonds |  | 5,055,970.00 | 0.94 |
| Greece |  | 5,055,970.00 | 0.94 |
| 2,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A	EUR | 1,498,630.00 | 0.28 |
| 4,000,000 PIRAEUS GROUP F	FL.R 19-29 26/06A | EUR | 3,557,340.00 | 0.66 |
| ther transferable securities |  | 10,654,553.99 | 1.97 |
| Bonds |  | 10,654,553.99 | 1.97 |
| The Netherlands |  | 4,769,201.95 | 0.88 |
| 2,500,000,000 JPM STRUCT PROD	0.00 17-46 10/10U	INR | 4,769,201.95 | 0.88 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Chile | 17,154,223.23 | 3.17 |
| 13,000,000,000 CHILE 4.50 15-26 01/03S	CLP | 17,154,223.23 | 3.17 |
| Dominican Republic | 8,072,660.83 | 1.49 |

O
Quantity	Denomination	Quotation
| United States of America |  | 5,885,352.04 | 1.09 |
| --- | --- | --- | --- |
| 1,500,000,000 JPMORGAN CHASE & CO 0.00 17-47 22/02U | MXN | 5,885,352.04 | 1.09 |

currency
Market value
% of net assets
Total securities portfolio	
507,403,827.22	93.88
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Cayman Islands |  | 11.68 |
| South Korea |  | 9.87 |
| United States of America |  | 7.51 |
| Mexico |  | 6.75 |
| The Netherlands |  | 5.82 |
| China |  | 5.30 |
| Indonesia |  | 4.91 |
| Japan |  | 4.68 |
| Luxembourg |  | 4.20 |
| India |  | 4.01 |
| Russia |  | 3.21 |
| Chile |  | 3.17 |
| Romania |  | 2.87 |
| United Kingdom |  | 2.78 |
| Israel |  | 2.31 |
| Singapore |  | 2.01 |
| Ivory Coast |  | 1.89 |
| Ukraine |  | 1.83 |
| Dominican Republic |  | 1.49 |
| Taiwan |  | 1.49 |
| Peru |  | 1.47 |
| Montenegro |  | 1.18 |
| Malaysia |  | 1.17 |
| Greece |  | 0.94 |
| Hong Kong |  | 0.85 |
| British Virgin Islands |  | 0.19 |
| Bermuda |  | 0.17 |
| Canada Turkey |  | 0.13 - |
|  |  | 93.88 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 31.10 |
| Holding and finance companies | 10.14 |
| Internet and internet services | 8.44 |
| Petroleum | 6.50 |
| Electronics and semiconductors | 5.63 |
| Retail trade, department stores | 5.25 |
| Banks and credit institutions | 4.70 |
| Healthcare and social services | 4.08 |
| Road vehicles | 2.91 |
| Electrical engineering and electronics | 2.33 |
| Biotechnology | 2.22 |
| Miscellaneous sectors | 1.85 |
| Insurance | 1.80 |
| Pharmaceuticals and cosmetics | 1.58 |
| Foods and non alcoholic drinks | 1.51 |
| Chemicals | 1.27 |
| Utilities | 1.05 |
| Hotels and restaurants | 0.51 |
| Real estate companies | 0.48 |
| Office supplies and computing | 0.35 |
| Communications | 0.18 |
| Building materials and trade | - |
|  | 93.88 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 16,411,771.62 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,272,919.48 |
| Net interest on bonds | Note 2 | 10,481,390.94 |
| Bank interest on cash account |  | 161,310.83 |
| Other financial income |  | 4,790.77 |
| Interest on swaps |  | 4,488,364.83 |
| Securities lending income | Note 2, 7 | 2,994.77 |
| Expenses |  | 26,616,252.70 |
| Management fees | Note 3 | 6,312,639.21 |
| Custodian & sub-custodian fees | Note 4 | 74,215.94 |
| Taxe d'abonnement | Note 5 | 218,138.62 |
| Performance fees | Note 3 | 13,700,633.78 |
| Bank interest on overdrafts |  | 354,604.14 |
| Transaction fees | Note 6 | 627,023.44 |
| Interest on swaps |  | 4,301,759.75 |
| Operating and establishment fees | Note 4 | 1,027,237.82 |
| Net loss from investments |  | (10,204,481.08) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 45,587,633.68 |
| - options |  | (8,756,581.23) |
| - forward foreign exchange contracts |  | 13,038,167.78 |
| - financial futures |  | 1,788,873.84 |
| - swaps |  | 2,291,881.53 |
| - foreign exchange |  | (6,463,502.63) |
| Net realised profit |  | 37,281,991.89 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 45,786,713.53 |
| - options |  | 1,706,268.02 |
| - forward foreign exchange contracts |  | (1,142,699.16) |
| - financial futures |  | 1,318,665.01 |
| - swaps |  | 900,521.20 |
| Increase in net assets as a result of operations |  | 85,851,460.49 |
| Dividends paid | Note 10 | (395,656.98) |
| Subscription capitalisation shares |  | 139,052,501.16 |
| Subscription distribution shares |  | 5,392,836.45 |
| Redemption capitalisation shares |  | (173,936,298.80) |
| Redemption distribution shares |  | (2,107,531.34) |
| Increase in net assets |  | 53,857,310.98 |
| Net assets at the beginning of the year |  | 486,621,704.75 |
| Net assets at the end of the year |  | 540,479,015.73 |

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 |