# CARMIGNAC PORTFOLIO
## Grandchildren

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 67,440,406.41 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 64,652,029.56 |
| Cost price |  | 53,692,933.98 |
| Unrealised profit on the securities portfolio |  | 10,959,095.58 |
| Cash at banks and liquidities |  | 2,648,763.85 |
| Subscriptions receivable |  | 128,918.17 |
| Dividends receivable |  | 8,293.03 |
| Other assets | Note 12 | 2,401.80 |
| Liabilities |  | 924,966.34 |
| Brokers payable |  | 595,351.32 |
| Redemptions payable |  | 1,609.94 |
| Other liabilities | Note 13 | 328,005.08 |
| Net asset value |  | 66,515,440.07 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| Total Net Assets | EUR | 66,515,440.07 | 20,832,390.01 |
| Class A EUR - Capitalisation Number of shares |  | 167,645 | 160,347 |
| Net asset value per share | EUR | 138.89 | 115.47 |
| Class F EUR - Capitalisation Number of shares |  | 300,857 | 10,001 |
| Net asset value per share | EUR | 138.91 | 115.87 |
| Class W EUR - Capitalisation Number of shares |  | 10,216 | 10,000 |
| Net asset value per share | EUR | 140.68 | 115.89 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Transferable securities admitted to an official stock exchang | e listing	 64,652,029.56 | 97.20 |
| --- | --- | --- |
| Shares | 64,652,029.56 | 97.20 |
| Denmark |  | 3,084,996.35 | 4.64 |
| 27,917 NOVO NORDISK | DKK | 1,600,170.36 | 2.41 |
| 8,888 ORSTED | DKK | 1,484,825.99 | 2.23 |
| France |  | 2,915,926.20 | 4.38 |
| 4,513 L'OREAL SA | EUR | 1,402,640.40 | 2.11 |
| 2,962 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 1,513,285.80 | 2.27 |
| Germany |  | 2,793,055.88 | 4.20 |
| 3,401 ADIDAS AG NAMEN AKT | EUR | 1,013,157.90 | 1.53 |
| 8,761 KNORR-BREMSE - BEARER SHS | EUR | 978,428.48 | 1.47 |
| 7,475 SAP AG | EUR | 801,469.50 | 1.20 |
| Hong Kong |  | 1,495,501.86 | 2.25 |
| 33,384 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 1,495,501.86 | 2.25 |
| Ireland |  | 1,884,057.40 | 2.83 |
| 6,148 KERRY GROUP -A- | EUR | 728,538.00 | 1.10 |
| 20,131 KINGSPAN GROUP | EUR | 1,155,519.40 | 1.73 |
| Spain |  | 1,813,006.40 | 2.73 |
| 30,440 AMADEUS IT GROUP SA -A- | EUR | 1,813,006.40 | 2.73 |
| Sweden |  | 1,735,250.78 | 2.61 |
| 86,107 ASSA ABLOY -B- NEW I | SEK | 1,735,250.78 | 2.61 |
| Switzerland |  | 965,048.31 | 1.45 |
| 1,835 LONZA GROUP (CHF) | CHF | 965,048.31 | 1.45 |
| The Netherlands |  | 1,858,957.35 | 2.79 |
| 413 ADYEN --- PARTS SOCIALES | EUR | 786,765.00 | 1.18 |
| 2,697 ASML HOLDING NV | EUR | 1,072,192.35 | 1.61 |
| United Kingdom |  | 6,949,233.16 | 10.45 |
| 120,268 COMPASS GROUP | GBP | 1,831,362.80 | 2.76 |
| 28,411 DIAGEO PLC | GBP | 913,494.11 | 1.37 |
| 77,525 RELX PLC | GBP | 1,552,492.05 | 2.33 |
| 42,426 SENSATA TECH(S) -REGISTERED SHS | USD | 1,828,733.80 | 2.75 |
| 16,776 UNILEVER | GBP | 823,150.40 | 1.24 |
| United States of America |  | 39,156,995.87 | 58.87 |
| 3,208 ADOBE INC | USD | 1,311,254.10 | 1.97 |
| 1,476 ALPHABET INC -A- | USD | 2,114,254.95 | 3.17 |
| 3,364 ANSYS INC | USD | 1,000,223.28 | 1.50 |
| 3,597 ANTHEM INC | USD | 943,942.41 | 1.42 |
| 3,617 AUTODESK INC | USD | 902,631.51 | 1.36 |
| 973 BOOKING HOLDINGS INC | USD | 1,771,185.25 | 2.66 |
| 18,105 BROWN-FORMAN CORP -B- NON VOTING | USD | 1,175,334.19 | 1.77 |
| 8,711 EDWARDS LIFESCIENCES CORP | USD | 649,507.20 | 0.98 |
| 10,326 ELECTRONIC ARTS - REGISTERED | USD | 1,211,894.57 | 1.82 |
| 8,597 ESTEE LAUDER COMPANIES INC -A- | USD | 1,870,324.41 | 2.81 |
| 6,582 FACEBOOK -A- | USD | 1,469,444.75 | 2.21 |
| 2,561 FAIR ISAAC CORP | USD | 1,069,652.60 | 1.61 |
| 6,121 FIDELITY NATIONAL INFO SERVICES INC | USD | 707,675.75 | 1.06 |
| 1,675 ILLUMINA INC | USD | 506,517.92 | 0.76 |
| 18,025 INTERCONTINENTAL EXCHANGE INC | USD | 1,698,420.38 | 2.55 |
| 4,348 INTUIT | USD | 1,349,832.70 | 2.03 |
| 1,970 INTUITIVE SURGICAL | USD | 1,317,197.50 | 1.98 |
| 6,758 MASIMO | USD | 1,482,335.86 | 2.23 |
| 5,786 MASTERCARD INC -A- | USD | 1,687,920.26 | 2.54 |
| 7,776 MICROSOFT CORP | USD | 1,413,540.86 | 2.13 |
| 2,991 NETFLIX INC | USD | 1,321,828.64 | 1.99 |
| 1,333 NVIDIA CORP | USD | 568,912.26 | 0.86 |
| 7,505 PAYPAL HOLDINGS | USD | 1,436,533.86 | 2.16 |
| 9,961 RESMED | USD | 1,730,464.76 | 2.60 |
| 7,806 STRYKER CORP | USD | 1,563,305.33 | 2.35 |
| 3,063 THERMO FISHER SCIEN SHS | USD | 1,166,020.30 | 1.75 |
| 21,134 TRANSUNION | USD | 1,713,796.31 | 2.58 |
| 2,965 VISA INC -A- | USD | 530,043.28 | 0.80 |
| 13,036 WALT DISNEY CO | USD | 1,930,335.89 | 2.90 |
| 11,405 ZOETIS INC -A- | USD | 1,542,664.79 | 2.32 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
Total securities portfolio	
64,652,029.56	97.20
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 58.87 |
| United Kingdom |  | 10.45 |
| Denmark |  | 4.64 |
| France |  | 4.38 |
| Germany |  | 4.20 |
| Ireland |  | 2.83 |
| The Netherlands |  | 2.79 |
| Spain |  | 2.73 |
| Sweden |  | 2.61 |
| Hong Kong |  | 2.25 |
| Switzerland |  | 1.45 |
|  |  | 97.20 |


##### Economical breakdown
Breakdown per sector	% of net assets
Internet and internet services	27.44
Pharmaceuticals and cosmetics	20.55
Holding and finance companies	7.88
Banks and credit institutions	5.97
Graphic art and publishing	5.23
Electronics and semiconductors	4.22
Machine and apparatus construction	4.08
Textiles and garments	3.80
Tobacco and alcoholic drinks	3.14
Miscellaneous services	2.96
Hotels and restaurants	2.76
Foods and non alcoholic drinks	2.34
Utilities	2.23
Building materials and trade	1.73
Chemicals	1.45
Healthcare and social services	1.42
97.20
Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 353,121.06 |
| --- | --- | --- |
| Net dividends | Note 2 | 352,629.36 |
| Bank interest on cash account |  | 1.37 |
| Other financial income |  | 490.33 |
| Expenses |  | 1,069,087.29 |
| Management fees | Note 3 | 561,697.25 |
| Custodian & sub-custodian fees | Note 4 | 9,386.34 |
| Taxe d'abonnement | Note 5 | 31,175.01 |
| Performance fees | Note 3 | 253,015.18 |
| Bank interest on overdrafts |  | 9,408.83 |
| Transaction fees | Note 6 | 79,446.61 |
| Operating and establishment fees | Note 4 | 124,958.07 |
| Net loss from investments |  | (715,966.23) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 5,387,672.71 |
| - foreign exchange |  | (773,007.04) |
| Net realised profit |  | 3,898,699.44 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 9,194,510.50 |
| Increase in net assets as a result of operations |  | 13,093,209.94 |
| Subscription capitalisation shares |  | 50,689,430.34 |
| Redemption capitalisation shares |  | (18,099,590.22) |
| Increase in net assets |  | 45,683,050.06 |
| Net assets at the beginning of the year |  | 20,832,390.01 |
| Net assets at the end of the year |  | 66,515,440.07 |

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 |