# CARMIGNAC PORTFOLIO
## Unconstrained Credit

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 311,637,084.32 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 286,167,007.11 |
| Cost price |  | 278,662,340.47 |
| Unrealised profit on the securities portfolio |  | 7,504,666.64 |
| Options purchased at market value | Note 2 | 58,752.00 |
| Options purchased at cost |  | 380,160.00 |
| Cash at banks and liquidities |  | 20,237,304.75 |
| Interest receivable |  | 3,111,338.79 |
| Subscriptions receivable |  | 1,044,122.10 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 1,014,857.73 |
| Other assets | Note 13 | 3,701.84 |
| Liabilities |  | 8,947,185.19 |
| Options sold at market value | Note 2 | 484,272.00 |
| Options sold at cost |  | 149,040.00 |
| Bank overdrafts |  | 2,909.78 |
| Redemptions payable |  | 221,785.15 |
| Unrealised net depreciation on swaps | Note 2 | 6,268,217.35 |
| Other liabilities | Note 14 | 1,970,000.91 |
| Net asset value |  | 302,689,899.13 |

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 | 302,689,899.13 | 20,723,938.78 | 20,223,021.78 |
| Class A EUR - Capitalisation Number of shares |  | 424,196 | 45,000 | 45,000 |
| Net asset value per share | EUR | 125.17 | 103.51 | 101.79 |
| Class Income A EUR - Distribution Number of shares |  | 6,683 | 5,000 | 5,000 |
| Net asset value per share | EUR | 118.68 | 100.08 | 100.99 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 1,000 | 0 | 0 |
| Net asset value per share | CHF | 101.60 | 0.00 | 0.00 |
| Class A USD Hedged - Capitalisation Number of shares |  | 107,111 | 10,000 | 10,000 |
| Net asset value per share | USD | 130.45 | 105.88 | 102.36 |
| Class F EUR - Capitalisation Number of shares |  | 1,262,280 | 0 | 0 |
| Net asset value per share | EUR | 120.91 | 0.00 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 10,092 | 0 | 0 |
| Net asset value per share | CHF | 101.71 | 0.00 | 0.00 |
| Class F USD Hedged - Capitalisation Number of shares |  | 60,275 | 0 | 0 |
| Net asset value per share | USD | 102.75 | 0.00 | 0.00 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 302,689,899.13 | 20,723,938.78 | 20,223,021.78 |

Key figures relating to the last 3 years
Total Net Assets
| Class W EUR - Capitalisation Number of shares |  | 598,401 | 140,000 | 140,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 128.82 | 104.57 | 102.04 |
| Class W CHF Hedged - Capitalisation Number of shares |  | 1,000 | 0 | 0 |
| Net asset value per share | CHF | 101.84 | 0.00 | 0.00 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 278,138,679.05 | 91.89 |
| --- | --- | --- | --- |
| Shares |  | 222,590.84 | 0.07 |
|  | Bermuda | 222,590.84 | 0.07 |

| 20,000 SEADRILL | NOK | 41,566.34 | 0.01 |
| --- | --- | --- | --- |
| 80,000 SEADRILL -REGISTERED SHS | USD | 181,024.50 | 0.06 |
| Bonds |  | 169,256,547.05 | 55.93 |
| Belgium |  | 3,670,765.00 | 1.21 |
| 3,500,000 GRP BRUXELLES L	1.8750 18-25 19/06A | EUR | 3,670,765.00 | 1.21 |
| Bermuda |  | 1,915,343.81 | 0.63 |
| 2,590,189 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 1,915,343.81 | 0.63 |
| Brazil | 2,513,907.93 | 0.83 |
| 1,450,000 AEGEA FINANCE SARL 5.75 17-24 10/10S	USD | 1,365,518.93 | 0.45 |
| 1,100,000 BRF SA REGS	2.75 15-22 03/06A | EUR | 1,148,389.00 | 0.38 |
| Canada |  | 4,961,851.44 | 1.64 |
| 1,150,000 CANACOL ENERGY LTD 7.25 18-25 03/05S | USD | 1,082,623.83 | 0.36 |
| 1,100,000 ENTERTAINMENT ONE 4.625 19-26 15/07S | GBP | 1,409,242.34 | 0.47 |
| 4,295,078 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 2,469,985.27 | 0.81 |
| Cayman Islands | 6,498,271.70 | 2.15 |
| 750,000 BCO BARSIL CAYMAN REGS 9.00 14-XX 18/12S	USD | 762,915.37 | 0.25 |
| 1,500,000 ESIC SUKUK LTD 3.939  19-24 30/07S	USD | 1,333,930.95 | 0.44 |
| 2,500,000 GEMS MENASA 7.125	19-26 31/07S	USD | 2,354,209.35 | 0.78 |
| 2,400,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S	USD | 2,047,216.03 | 0.68 |
| Czech Republic |  | 2,594,920.25 | 0.86 |
| 2,470,000 SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 2,594,920.25 | 0.86 |
| Denmark | 2,395,926.00 | 0.79 |
| 850,000 DANSKE	1.625 19-24 15/03A	EUR | 886,303.50 | 0.29 |
| 1,500,000 NYKREDIT REALKR	0.6250 19-25 17/01A	EUR | 1,509,622.50 | 0.50 |
| Finland | 521,515.00 | 0.17 |
| 500,000 NESTE OYJ	1.50 17-24 07/06A | EUR | 521,515.00 | 0.17 |
| France |  | 13,011,364.02 | 4.30 |
| 900,000 ACCOR SA	2.625 19-XX 31/12A | EUR | 917,073.00 | 0.30 |
| 1,000,000 ALTICE FRANCE S	8.1250 18-27 01/02S | USD | 1,009,474.38 | 0.33 |
| 750,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 762,633.75 | 0.25 |
| 750,000 EUROFINS SCIENTIFIC 3.375 15-23 30/01A | EUR | 785,366.25 | 0.26 |
| 3,300,000 FFP	1.8750 19-26 30/10A	EUR | 3,300,115.50 | 1.10 |
| 1,500,000 ICADE SANTE SAS	0.875 19-29 04/11A	EUR | 1,474,725.00 | 0.49 |
| 600,000 IPSOS	2.875 18-25 21/09A	EUR | 616,077.00 | 0.20 |
| 800,000 LA BANQUE POSTALE  1.375 19-29 24/04A	EUR | 845,504.00 | 0.28 |
| 1,400,000 LA POSTE	5.3 16-43 01/12S	USD | 1,269,042.31 | 0.42 |
| 450,000 PSA BANQUE FRAN	0.5000 19-22 12/04A | EUR | 454,590.00 | 0.15 |
| 800,000 SOCIETE GENERALE SA 3.875 19-24 28/03S | USD | 749,070.83 | 0.25 |
| 800,000 SOCIETE GENERALE SA 1.25 19-24 15/02A | EUR | 827,692.00 | 0.27 |
| Germany |  | 5,581,510.00 | 1.84 |
| 3,000,000 DEUTSCHE BANK AG	0.05 19-24 12/02A | EUR | 2,980,710.00 | 0.98 |
| 2,500,000 SYMRISE AG	1.2500 19-25 29/11A | EUR | 2,600,800.00 | 0.86 |
| Guernsey | 2,964,761.25 | 0.98 |
| 2,750,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A	EUR | 2,964,761.25 | 0.98 |
| India | 743,255.23 | 0.25 |
| 800,000 RENEW POWER SYNTHETIC 6.67 19-24 12/03S	USD | 743,255.23 | 0.25 |
| Ireland | 5,625,582.37 | 1.86 |
| 500,000 AIB	2.25 18-25 03/07A	EUR | 540,837.50 | 0.18 |
| 2,100,000 ASG FINANCE	7.875 19-24 03/12S | USD | 1,826,869.05 | 0.61 |
| 365,000 FCA BANK S.P.A	0.625 19-22 24/11A | EUR | 369,089.82 | 0.12 |
| 950,000 FCA BANK SPA IR  0.5000 19-24 13/09A | EUR | 947,606.00 | 0.31 |
| 800,000 FCA BANK SPA IRELAND 1.25 19-22 21/06A | EUR | 821,208.00 | 0.27 |
| 1,050,000 JAMES HARDIE INTL FIN 3.625 18-26 01/10S | EUR | 1,119,972.00 | 0.37 |
| Italy | 2,967,720.00 | 0.98 |
| 3,000,000 ANIMA HOLDING S.P.A. 1.75 19-26 23/10A	EUR | 2,967,720.00 | 0.98 |
| Jersey Island | 2,379,268.90 | 0.79 |
| 2,100,000 ASTON MARTIN CAP | 5.75 17-22 15/04S | GBP | 2,379,268.90 | 0.79 |
| Luxembourg |  |  | 17,629,981.63 | 5.82 |
| 1,577,000 ALROSA FINANCE SA	4.65 19-24 09/04S | USD | 1,503,376.23 | 0.50 |
| 2,580,000 ALTICE FINANCE 144A 7.625 15-25 15/02S | USD | 2,387,505.57 | 0.79 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| 1,650,000 ALTICE LUXEMBOURG SA 8.00 19-27 15/05S	EUR | 1,854,484.50 | 0.61 |
| 550,000 ALTICE REGS	7.625 15-25 15/02S	USD | 508,964.36 | 0.17 |
| 2,800,000 BLACKSTONE PROPERTY 2.00 19-24 15/02A | EUR | 2,943,514.00 | 0.97 |
| 1,500,000 CPI PROPERTY GR	1.6250 19-27 23/04A | EUR | 1,478,955.00 | 0.49 |
| 100,000 CPI PROPERTY GROUP 2.125 17-24 04/10A | EUR | 104,434.00 | 0.03 |
| 455,000 CPI PROPERTY GROUP 4.75 19-23 08/03A | USD | 426,944.03 | 0.14 |
| 1,100,000 FS ENERGY AND POWER 7.5 18-23 15/08S | USD | 1,006,904.23 | 0.33 |
| 1,050,000 MILLICOM INTL CEL 6.25 19-29 25/03S | USD | 1,035,056.80 | 0.34 |
| 1,200,000 MOTION BONDCO DAC  4.5 19-27 15/11S | EUR | 1,262,478.00 | 0.42 |
| 2,150,000 ULTRAPAR INTERN	5.25 19-29 06/06S | USD | 2,023,106.91 | 0.67 |
| 1,100,000 WORLDLINE SA/FR	0.2500 19-24 18/09A | EUR | 1,094,258.00 | 0.36 |
| Mauritius |  | 1,601,559.02 | 0.53 |
| 1,700,000 BAYPORT MANAGEMENT | 11.5 19-20 14/12S | USD | 1,601,559.02 | 0.53 |
| Mexico |  |  | 3,988,948.33 | 1.32 |
| 1,800,000 GFB  5.875	19-34 13/09S	USD | 1,680,919.38 | 0.56 |
| 2,500,000 PLA ADMINISTRAD	4.9620 19-29 18/07S	USD | 2,308,028.95 | 0.76 |
| Norway | 2,510,494.88 | 0.83 |
| 2,700,000 AKER BP	4.75 19-24 15/06S | USD | 2,510,494.88 | 0.83 |
| Portugal |  | 908,730.00 | 0.30 |
| 900,000 CAIXA GERAL DE	1.2500 19-24 25/11S | EUR | 908,730.00 | 0.30 |
| Spain |  | 4,431,966.00 | 1.46 |
| 1,200,000 BANCO BILBAO VIZCAYA 1.125 19-24 28/02A | EUR | 1,235,760.00 | 0.41 |
| 200,000 BANCO SANTANDER SA 1.375 17-22 09/02A | EUR | 205,776.00 | 0.07 |
| 1,400,000 BANKIA SA | 1.0000 19-24 25/06A | EUR | 1,418,130.00 | 0.47 |
| 1,500,000 TASTY BONDCO 1 SA	6.25 19-26 15/05S | EUR | 1,572,300.00 | 0.51 |
| Sweden |  | 4,648,050.50 | 1.54 |
| 1,000,000 INTRUM AB	3.00 19-27 15/09A | EUR | 985,415.00 | 0.33 |
| 200,000 INTRUM JUSTITIA AB | 2.75 17-22 15/07S | EUR | 203,341.00 | 0.07 |
| 1,400,000 INTRUM JUSTITIA AB | 3.125 17-24 15/07S | EUR | 1,432,193.00 | 0.47 |
| 2,050,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A	EUR | 2,027,101.50 | 0.67 |
| The Netherlands | 19,649,160.57 | 6.49 |
| 4,100,000 FERRARI	0.25 17-21 16/01A	EUR | 4,111,582.50 | 1.35 |
| 1,600,000 IHS NL HOLDCO	8.00 19-27 18/09S	USD | 1,515,217.82 | 0.50 |
| 2,000,000 IMCD NV	2.50 18-25 26/03A	EUR | 2,064,910.00 | 0.68 |
| 2,000,000 NATIONALE-NEDERLANDEN 0.375 19-23 31/05A	EUR | 2,017,590.00 | 0.67 |
| 2,000,000 NE PROPERTY BV	1.8750 19-26 09/10A	EUR | 1,998,060.00 | 0.66 |
| 800,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 841,484.00 | 0.28 |
| 1,800,000 NE PROPERTY COOP	1.75 17-24 23/11A	EUR | 1,833,264.00 | 0.61 |
| 1,750,000 SUMMER BIDCO B.V.	9 19-25 17/11S	EUR | 1,873,497.50 | 0.62 |
| 2,275,000 TEVA PHARMA | 1.625 16-28 15/10A | EUR | 1,779,596.00 | 0.59 |
| 375,000 TEVA PHARMA | 1.875 15-27 31/03A | EUR | 311,002.50 | 0.10 |
| 1,250,000 UNITED GROUP	4.875 19-24 01/07S | EUR | 1,302,956.25 | 0.43 |
| Turkey |  | 3,926,903.91 | 1.30 |
| 2,200,000 GLOBAL LIMAN ISLET 8.125 14-21 14/11S | USD | 1,920,203.12 | 0.63 |
| 250,000 KOC HLDG REGS	5.25 16-23 15/03S | USD | 228,655.90 | 0.08 |
| 2,180,000 RONESANS	7.25 18-23 26/04S	USD | 1,778,044.89 | 0.59 |
| United Kingdom | 12,867,501.99 | 4.25 |
| 2,500,000 EASYJET PLC | 0.8750 19-25 11/06A | EUR | 2,536,587.50 | 0.84 |
| 3,000,000 INFORMA PLC | 1.2500 19-28 22/04A | EUR | 2,962,590.00 | 0.98 |
| 1,900,000 INFORMA PLC | 1.5000 18-23 05/07A | EUR | 1,974,166.50 | 0.65 |
| 3,000,000 JAGUAR LAND ROVER AU 6.875 19-26 15/11S | EUR | 3,159,705.00 | 1.05 |
| 2,000,000 KCA DEUTAG UK F | 9.8750 17-22 01/04S | USD | 1,220,997.77 | 0.40 |
| 600,000 TULLOW OIL REGS | 6.25 14-22 15/04S | USD | 486,700.22 | 0.16 |
| 500,000 VODAFONE GROUP | 3.1  18-79 03/01A | EUR | 526,755.00 | 0.17 |
| United States of America 1,000,000 CEDC FIN CORP INTL 10.00 17-22 31/12S | USD | 38,747,287.32 739,550.11 | 12.81 0.24 |
| 200,000 CGG HOLDING US	7.8750 18-23 01/05S | EUR | 213,704.00 | 0.07 |
| 1,500,000 CGG HOLDING US | 9.0000 18-23 01/05S | USD | 1,423,282.86 | 0.47 |
| 2,200,000 COLGATE-PALMOLIVE CO 0.00 19-21 12/11A | EUR | 2,210,494.00 | 0.73 |
| 900,000 COMPASS DIVERSIF HLD 8 18-26 01/05S | USD | 871,937.64 | 0.29 |
| 430,000 COMPASS GROUP DIVERS 8.0 18-26 01/05S | USD | 416,592.43 | 0.14 |
| 1,300,000 FIDELITY NATL I	0.1250 19-22 03/12A | EUR | 1,302,795.00 | 0.43 |
| 1,200,000 FISERV INC | 1.125 19-27 01/07A | EUR | 1,237,146.00 | 0.41 |
| 1,630,000 FISERV INC | 0.3750 19-23 01/07A | EUR | 1,641,654.50 | 0.54 |
| 1,200,000 FISERV INC 1.625 | 19-30 01/07A | EUR | 1,255,980.00 | 0.41 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 1,000,000 FORTRESS TRANSP | 6.5 18-25 01/10S | USD | 944,320.71 | 0.31 |
| --- | --- | --- | --- | --- |
| 600,000 FORTRESS TRANSPORTATI 6.75 17-22 15/03S | USD | 559,910.92 | 0.18 |
| 1,350,000 GO DADDY OPERATING COM 5.25 19-27 01/12S | USD | 1,271,826.28 | 0.42 |
| 2,500,000 HAT HOLDINGS I LLC 5.25 19-24 15/07S | USD | 2,349,665.93 | 0.78 |
| 1,200,000 KOSMOS ENERGY L  7.1250 19-26 04/04S | USD | 1,093,710.47 | 0.36 |
| 1,200,000 LEUCADIA NATIONAL  5.50 13-23 18/10S | USD | 1,165,860.14 | 0.39 |
| 4,246,000 MURPHY OIL CORP	5.75 17-25 15/08S | USD | 3,970,303.15 | 1.32 |
| 1,930,000 MURPHY OIL CORP	5.875 19-27 01/12S | USD | 1,802,110.62 | 0.60 |
| 2,300,000 MURPHY OIL CORP	6.125 12-42 01/12S | USD | 1,881,850.78 | 0.62 |
| 2,830,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 2,914,489.65 | 0.96 |
| 2,170,000 NETFLIX INC	3.8750 19-29 15/11S | EUR | 2,302,207.25 | 0.76 |
| 2,300,000 PERSHING SQUARE HO 5.50 15-22 15/07U	USD | 2,169,396.88 | 0.72 |
| 4,850,000 STANDARD INDUST | 2.2500 19-26 21/11A | EUR | 5,008,498.00 | 1.66 |
| Floating rate bonds |  |  | 53,285,237.23 | 17.60 |
| Brazil | 2,743,804.01 | 0.91 |
| 3,000,000 ITAU UNIBANCO HOLDING FL.R 19-29 21/11S	USD | 2,743,804.01 | 0.91 |
| Cayman Islands | 181,289.97 | 0.06 |
| 200,000 BCO DO BRASIL CAYMAN FL.R 13-XX 15/04S	USD | 181,289.97 | 0.06 |
| Denmark | 989,340.00 | 0.33 |
| 1,000,000 DANSKE BANK A/S  FL.R 19-25 27/08A | EUR | 989,340.00 | 0.33 |
| France |  | 18,246,264.37 | 6.03 |
| 2,000,000 ACCOR SA	FL.R 19-XX 31/01A	EUR | 2,186,520.00 | 0.72 |
| 1,300,000 CREDIT AGRICOLE SA  FL.R 19-XX 23/03S | USD | 1,280,751.89 | 0.42 |
| 3,125,000 EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 3,068,281.25 | 1.01 |
| 850,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 834,768.00 | 0.28 |
| 3,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 3,667,032.00 | 1.22 |
| 3,000,000 LA POSTE SA	FL.R 18-XX 29/01A | EUR | 3,194,010.00 | 1.06 |
| 500,000 ORANGE SA FL.R	19-XX 15/04A | EUR | 528,260.00 | 0.17 |
| 3,200,000 RCI BANQUE SA	FL.R 19-30 18/02A	EUR | 3,242,688.00 | 1.07 |
| 250,000 SOCIETE GENERALE REGS FL.R 18-XX 04/04S	USD | 243,953.23 | 0.08 |
| Germany | 2,151,320.00 | 0.71 |
| 2,000,000 MERCK KGAA | FL.R 19-79 25/06A | EUR | 2,151,320.00 | 0.71 |
| Hungary |  |  | 2,057,620.00 | 0.68 |
| 2,000,000 OTP BANK NYRT	FL.R 19-29 15/07A | EUR | 2,057,620.00 | 0.68 |
| Ireland |  | 1,739,072.06 | 0.57 |
| 200,000 BANK OF IRELAND GR FL.R 17-27 19/09S | USD | 180,677.06 | 0.06 |
| 1,500,000 BANK OF IRELAND GROUP FL.R 19-29 14/10A | EUR | 1,558,395.00 | 0.51 |
| Italy | 5,578,630.00 | 1.84 |
| 1,500,000 FINECO BANK SPA	FL.R 19-XX 03/12S	EUR | 1,614,075.00 | 0.53 |
| 250,000 UNICREDIT	FL.R 15-25 03/05Q	EUR | 251,250.00 | 0.08 |
| 2,000,000 UNICREDIT SPA	FL.R 19-25 25/06A	EUR | 2,043,880.00 | 0.68 |
| 1,500,000 UNICREDIT SPA FL.R	19-29 20/02A | EUR | 1,669,425.00 | 0.55 |
| Luxembourg |  | 1,713,084.16 | 0.57 |
| 1,151,000 CPI PROPERTY GROUP FLR 19-XX 31/12A | EUR | 1,213,073.43 | 0.40 |
| 500,000 MOHAWK	FL.R | 18-20 18/05Q | EUR | 500,010.73 | 0.17 |
| Mexico |  |  | 1,241,004.90 | 0.41 |
| 1,300,000 BANCO MERCANTILE DEL | FL.R 19-XX 31/12Q | USD | 1,241,004.90 | 0.41 |
| Spain |  |  | 1,195,381.00 | 0.39 |
| 1,100,000 BANKIA SA	FL.R 19-29 15/02A | EUR | 1,195,381.00 | 0.39 |
| Sweden |  | 2,329,648.00 | 0.77 |
| 400,000 SCANIA CV AB	FL.R 17-20 20/04Q | EUR | 400,228.00 | 0.13 |
| 1,800,000 SSB I NORDEN FL.R	19-49 31/12A | EUR | 1,929,420.00 | 0.64 |
| Switzerland |  | 208,156.00 | 0.07 |
| 200,000 CREDIT SUISSE	FL.R 13-25 18/09A	EUR | 208,156.00 | 0.07 |
| The Netherlands |  | 1,182,776.40 | 0.39 |
| 1,000,000 COOP RABOBANK FL.R 19-XX 29/06S | EUR | 1,001,970.00 | 0.33 |
| 180,000 PACCAR	FL.R 18-21 18/05Q | EUR | 180,806.40 | 0.06 |
| Turkey |  | 1,762,160.35 | 0.58 |
| 1,750,000 YAPI	FL.R  19-99 15/01S | USD | 1,762,160.35 | 0.58 |
| United Kingdom |  | 8,396,491.01 | 2.77 |
| 900,000 BARCLAYS	FL.R 19-99 27/03Q | USD | 899,815.59 | 0.30 |
| 1,000,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 1,048,270.00 | 0.35 |
| 1,500,000 METRO BANK PLC	FL.R 19-25 08/10S | GBP | 1,876,739.25 | 0.62 |
| 1,200,000 VODAFONE GROUP	FL.R 18-78 03/10A	EUR | 1,358,892.00 | 0.45 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 3,300,000 VODAFONE GROUP PLC FL.R 18-78 03/10A | USD | 3,212,774.17 | 1.05 |
| --- | --- | --- | --- |
| United States of America |  | 1,569,195.00 | 0.52 |
| 1,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 1,569,195.00 | 0.52 |
| Mortgage and asset backed securities |  | 55,374,303.93 | 18.29 |
| Cayman Islands |  | 2,671,306.37 | 0.88 |
| 3,000,000 JFIN 2017-1X A1	FL.R 17-29 24/04Q | USD | 2,671,306.37 | 0.88 |
| Ireland |  | 33,009,432.21 | 10.90 |
| 1,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 976,037.40 | 0.32 |
| 2,750,000 AVOCA CLO	FL.R 17-31 12/01Q | EUR | 2,412,018.68 | 0.80 |
| 500,000 BOPHO 3X B	FL.R 17-27 15/04Q | EUR | 502,000.95 | 0.17 |
| 2,000,000 CGMSE 2015-1X CR  FL.R 17-29 16/04Q | EUR | 2,003,272.80 | 0.66 |
| 4,000,000 CIFCE 1X B1 FL.R	19-32 15/07Q | EUR | 4,019,566.80 | 1.33 |
| 3,750,000 CIFCE 1X E FL.R	19-32 15/07Q | EUR | 3,671,780.25 | 1.21 |
| 3,200,000 HALCYON	FL.R 18-31 18/10Q | EUR | 3,177,802.88 | 1.05 |
| 100,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 97,568.43 | 0.03 |
| 500,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 501,649.15 | 0.17 |
| 100,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 98,551.40 | 0.03 |
| 2,000,000 NEWHAVEN CLO	FL.R 17-30 15/02Q | EUR | 1,978,827.20 | 0.65 |
| 3,000,000 NEWHAVEN II CLO	FL.R 18-32 16/02Q | EUR | 2,930,342.70 | 0.97 |
| 5,550,000 PROVIDUS CLO	FL.R 19-32 20/07Q | EUR | 5,563,001.43 | 1.83 |
| 2,000,000 RYE HARBOUR ABS  FL.R 17-31 21/04Q | EUR | 1,985,548.60 | 0.66 |
| 1,250,000 RYE HARBOUR CLO DAC FL.R 17-31 21/01Q | EUR | 1,221,597.13 | 0.40 |
| 1,000,000 RYE HARBOUR MBS  FL.R 17-31 21/04Q | EUR | 932,467.90 | 0.31 |
| 550,000 SPAUL 6X B	1.95  17-30 17/01Q | EUR | 549,990.32 | 0.18 |
| 300,000 TORO EUROPEAN CLO  FL.R 17-30 15/04Q | EUR | 287,660.64 | 0.10 |
| 100,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 99,747.55 | 0.03 |
| Morocco |  | 4,150,109.98 | 1.37 |
| 1,000,000 OCP EURO CLO 2017-2 FL.R 19-30 20/04Q | EUR | 978,956.10 | 0.32 |
| 2,200,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 2,188,699.48 | 0.73 |
| 1,000,000 OCP EURO 2017-1 DAC FL.R 19-32 15/07Q | EUR | 982,454.40 | 0.32 |
| The Netherlands |  | 15,543,455.37 | 5.14 |
| 1,500,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,475,569.65 | 0.49 |
| 1,500,000 DRYD 2017-27X E	FL.R 17-30 15/05Q | EUR | 1,485,838.05 | 0.49 |
| 1,000,000 DRYDEN XXVII ABS FL.R 17-30 24/05Q | EUR | 998,582.50 | 0.33 |
| 1,500,000 DRYDEN 2017	FL.R 17-30 24/05Q | EUR | 1,497,878.70 | 0.49 |
| 3,500,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 3,393,245.10 | 1.13 |
| 2,000,000 JUBILEE CDO BV FL.R	19-32 15/06Q | EUR | 1,997,449.80 | 0.66 |
| 1,050,000 JUBILEE CDO BV 1.85 18-29 15/12Q | EUR | 1,050,104.89 | 0.35 |
| 3,200,000 TIKEH 5X B1	FL.R 19-32 15/04Q | EUR | 3,193,359.68 | 1.05 |
| 500,000 TIKEHAU	FLR  17-30 09/11Q | EUR | 451,427.00 | 0.15 |
| Money market instruments |  | 8,028,328.06 | 2.65 |
| Bonds |  | 8,028,328.06 | 2.65 |
| Spain |  | 8,028,328.06 | 2.65 |
| 8,000,000 SPAIN LETRAS DEL TESO ZCP 12-06-20 | EUR | 8,028,328.06 | 2.65 |
| Total securities portfolio |  | 286,167,007.11 | 94.54 |

|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Ireland |  |  | 13.33 |
| United States of America |  |  | 13.33 |
| The Netherlands |  |  | 12.02 |
| France |  |  | 10.33 |
| United Kingdom |  |  | 7.02 |
| Luxembourg |  |  | 6.39 |
| Spain |  |  | 4.50 |
| Cayman Islands |  |  | 3.09 |
| Italy |  |  | 2.82 |
| Germany |  |  | 2.55 |
| Sweden |  |  | 2.31 |
| Turkey |  |  | 1.88 |
| Brazil |  |  | 1.74 |
| Mexico |  |  | 1.73 |
| Canada |  |  | 1.64 |
| Morocco |  |  | 1.37 |
| Belgium |  |  | 1.21 |
| Denmark |  |  | 1.12 |
| Guernsey |  |  | 0.98 |
| Czech Republic |  |  | 0.86 |
| Norway |  |  | 0.83 |
| Jersey Island |  |  | 0.79 |
| Bermuda |  |  | 0.70 |
| Hungary |  |  | 0.68 |
| Mauritius |  |  | 0.53 |
| Portugal |  |  | 0.30 |
| India |  |  | 0.25 |
| Finland |  |  | 0.17 |
| Switzerland |  |  | 0.07 |
|  |  |  | 94.54 |

|  | Economical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per sector |  |  | % of net assets |
| Holding and finance companies |  |  | 33.61 |
| Banks and credit institutions |  |  | 15.53 |
| Petroleum |  |  | 6.34 |
| Internet and internet services |  |  | 3.93 |
| Real estate companies |  |  | 3.89 |
| Healthcare and social services |  |  | 3.01 |
| Communications |  |  | 2.98 |
| Miscellaneous sectors |  |  | 2.87 |
| Countries and central government |  |  | 2.65 |
| Road vehicles |  |  | 2.53 |
| Pharmaceuticals and cosmetics |  |  | 2.51 |
| Chemicals |  |  | 2.23 |
| Transportation |  |  | 1.96 |
| Miscellaneous services |  |  | 1.91 |
| Graphic art and publishing |  |  | 1.83 |
| Textiles and garments |  |  | 1.66 |
| Unit trusts |  |  | 1.13 |
| Hotels and restaurants |  |  | 1.02 |
| Insurance |  |  | 0.91 |
| Miscellaneous consumer goods |  |  | 0.73 |
| Miscellaneous trading companies |  |  | 0.68 |
| Agriculture and fishery |  |  | 0.38 |
| Utilities |  |  | 0.25 |
|  |  |  | 94.54 |

Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 6,011,841.03 |
| --- | --- | --- |
| Net interest on bonds |  | 5,933,823.17 |
| Bank interest on cash account |  | 8,834.36 |
| Other financial income |  | 4,576.02 |
| Interest on swaps |  | 53,355.85 |
| Securities lending income | Note 2, 7 | 11,251.63 |
| Expenses |  | 4,692,328.67 |
| Management fees | Note 3 | 1,158,041.97 |
| Custodian & sub-custodian fees | Note 4 | 28,039.53 |
| Taxe d'abonnement | Note 5 | 97,017.00 |
| Performance fees | Note 3 | 1,574,184.30 |
| Bank interest on overdrafts |  | 184,078.16 |
| Transaction fees | Note 6 | 3,469.21 |
| Interest on swaps |  | 1,449,954.52 |
| Operating and establishment fees | Note 4 | 197,543.98 |
| Net income from investments |  | 1,319,512.36 |
| Net realised profit / loss on: |  |  |
| - sales of investment securities | Note 2 | 5,655,045.04 |
| - options |  | (8,600.00) |
| - forward foreign exchange contracts |  | (2,623,054.43) |
| - financial futures |  | (17,030.63) |
| - swaps |  | 14,634,370.75 |
| - foreign exchange |  | 324,633.16 |
| Net realised profit |  | 19,284,876.25 |
| Movement in net unrealised appreciation / depreciation on: |  |  |
| - investments | Note 2 | 8,266,064.37 |
| - options |  | (648,640.90) |
| - forward foreign exchange contracts |  | 1,028,561.77 |
| - financial futures |  | 20,154.84 |
| - swaps |  | (6,419,009.89) |
| Increase in net assets as a result of operations |  | 21,532,006.44 |
| Dividends paid | Note 10 | (13,059.53) |
| Subscription capitalisation shares |  | 291,005,536.71 |
| Subscription distribution shares |  | 198,000.01 |
| Redemption capitalisation shares |  | (30,756,523.28) |
| Increase in net assets |  | 281,965,960.35 |
| Net assets at the beginning of the year |  | 20,723,938.78 |
| Net assets at the end of the year |  | 302,689,899.13 |

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 |