# CARMIGNAC PORTFOLIO
## Investissement

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 323,319,079.62 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 311,562,150.86 |
| Cost price |  | 287,382,688.38 |
| Unrealised profit on the securities portfolio |  | 24,179,462.48 |
| Cash at banks and liquidities |  | 10,544,802.09 |
| Interest receivable on bonds |  | 17.69 |
| Brokers receivable |  | 836,057.56 |
| Subscriptions receivable |  | 149,528.23 |
| Dividends receivable |  | 23,509.76 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 19,261.90 |
| Unrealised net appreciation on financial futures | Note 2 | 140,892.50 |
| Unrealised net appreciation on swaps | Note 2 | 41,104.50 |
| Other assets | Note 12 | 1,754.53 |
| Liabilities |  | 1,998,932.27 |
| Bank overdrafts |  | 36,391.34 |
| Brokers payable |  | 1,475,322.58 |
| Redemptions payable |  | 53,209.33 |
| Other liabilities | Note 13 | 434,009.02 |
| Net asset value |  | 321,320,147.35 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 321,320,147.35 | 271,454,839.42 | 229,966,793.91 |
| Class A EUR - Capitalisation Number of shares |  | 506,231 | 287,284 | 303,268 |
| Net asset value per share | EUR | 159.11 | 152.19 | 113.10 |
| Class A EUR - Distribution (annual) Number of shares |  | 42,203 | 44,143 | 61,903 |
| Net asset value per share | EUR | 156.32 | 149.51 | 111.16 |
| Class A USD Hedged - Capitalisation Number of shares |  | 27,870 | 18,930 | 32,128 |
| Net asset value per share | USD | 175.21 | 166.67 | 122.31 |
| Class E EUR - Capitalisation Number of shares |  | 15,935 | 12,815 | 10,842 |
| Net asset value per share | EUR | 151.54 | 146.04 | 109.27 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 1 | 1 |
| Net asset value per share | USD | 0.00 | 173.40 | 128.10 |
| Class F EUR - Capitalisation Number of shares |  | 1,177,222 | 1,164,868 | 1,339,758 |
| Net asset value per share | EUR | 193.15 | 183.56 | 135.67 |
| Class F GBP - Capitalisation Number of shares |  | 0 | 7,232 | 7,342 |
| Net asset value per share | GBP | 0.00 | 196.38 | 137.92 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F GBP Hedged - Capitalisation | 321,320,147.35 | 271,454,839.42 | 229,966,793.91 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 0 | 5,769 | 6,626 |
| --- | --- | --- | --- | --- |
| Net asset value per share | GBP | 0.00 | 186.91 | 138.69 |
| Class F USD Hedged - Capitalisation Number of shares |  | 450 | 450 | 450 |
| Net asset value per share | USD | 210.73 | 199.05 | 145.21 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 292,950,712.32 | 91.17 |
| Shares	 292,950,712.32 | 91.17 |
| Belgium	 645,643.31 | 0.20 |

| 12,143 ANHEUSER-BUSCH INBEV | EUR | 645,643.31 | 0.20 |
| --- | --- | --- | --- |
| Canada |  | 89,428.47 | 0.03 |
| 802,900 ORYX PETROLEUM CORPORATION LTD | CAD | 89,428.47 | 0.03 |
| Cayman Islands	 27,334,954.94 | 8.51 |
| 354,127 CHINDATA GROUP HOLDINGS LTD | USD | 2,052,142.92 | 0.64 |
| 75,767 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 3,142,078.54 | 0.98 |
| 188,069 JD.COM INC SADR REPR 2 SHS -A- | USD | 11,588,106.60 | 3.60 |
| 70,327 MEITUAN - SHS 114A/REG S | HKD | 1,787,930.88 | 0.56 |
| 669,909 WUXI BIOLOGICS | HKD | 6,993,055.22 | 2.18 |
| 40,030 XPENG INC | USD | 1,771,640.78 | 0.55 |
| China	 5,185,606.72 | 1.61 |
| 181,774 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 3,124,953.83 | 0.97 |
| 25,400 CONTEMPORARY AMPEREX TECHN-A | CNY | 2,060,652.89 | 0.64 |
| Denmark	 9,374,462.24 | 2.92 |
| 55,770 NOVO NORDISK | DKK | 5,511,314.13 | 1.72 |
| 34,402 ORSTED | DKK | 3,863,148.11 | 1.20 |
| France	 24,736,786.90 | 7.70 |
| 37,281 ESSILORLUXOTTICA SA | EUR | 6,980,494.44 | 2.17 |
| 8,933 HERMES INTERNATIONAL SA | EUR | 13,721,088.00 | 4.27 |
| 37,481 SAFRAN SA | EUR | 4,035,204.46 | 1.26 |
| Germany |  | 8,718,680.92 | 2.71 |
| 2,373 BIONTECH --- SHS SPONSORED ADR | EUR | 508,533.90 | 0.16 |
| 47,617 DELIVERY HERO | EUR | 4,666,466.00 | 1.44 |
| 4,699 PUMA AG | EUR | 505,142.50 | 0.16 |
| 1 VOLKSWAGEN AG | EUR | 258.40 | 0.00 |
| 17,119 VOLKSWAGEN AG VORZ.AKT | EUR | 3,038,280.12 | 0.95 |
| Hong Kong |  | 3,617,127.10 | 1.13 |
| 70,420 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 3,617,127.10 | 1.13 |
| India |  | 3,887,799.04 | 1.21 |
| 222,153 HDFC BANK - REGISTERED SHS | INR | 3,887,799.04 | 1.21 |
| Ireland |  | 4,104,080.00 | 1.28 |
| 269,120 RYANAIR HLDGS | EUR | 4,104,080.00 | 1.28 |
| South Korea |  | 12,403,020.74 | 3.86 |
| 19,434 HYUNDAI MOTOR CO LTD | KRW | 3,004,561.43 | 0.94 |
| 15,330 LG CHEM | KRW | 6,974,127.35 | 2.17 |
| 41,856 SAMSUNG ELECTRONICS CO LTD | KRW | 2,424,331.96 | 0.75 |
| Spain |  | 3,110,169.42 | 0.97 |
| 109,014 INDITEX SHARE FROM SPLIT | EUR | 3,110,169.42 | 0.97 |
| Switzerland |  | 2,318,250.98 | 0.72 |
| 12,617 CIE FINANCIERE RICHEMONT NAMEN AKT | CHF | 1,667,613.91 | 0.52 |
| 5,290 NESTLE SA REG SHS | CHF | 650,637.07 | 0.20 |
| Taiwan |  | 1,661,478.02 | 0.52 |
| 85,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 1,661,478.02 | 0.52 |
| The Netherlands |  | 7,210,247.06 | 2.24 |
| 904 ADYEN --- PARTS SOCIALES | EUR | 2,089,596.00 | 0.65 |
| 9,146 FERRARI NV | EUR | 2,080,715.00 | 0.65 |
| 122,677 UNIVERSAL MUSIC GROUP N.V. | EUR | 3,039,936.06 | 0.94 |
| United Kingdom |  | 16,608,508.44 | 5.17 |
| 109,440 ASTRAZENECA PLC | GBP | 11,311,580.75 | 3.52 |
| 30,840 DIAGEO PLC | GBP | 1,482,494.52 | 0.46 |
| 6,699,996 LLOYDS BANKING GROUP PLC | GBP | 3,814,433.17 | 1.19 |
| United States of America |  | 161,944,468.02 | 50.39 |
| 3,456 ALPHABET INC -A- | USD | 8,804,229.90 | 2.74 |
| 4,001 AMAZON.COM INC | USD | 11,731,176.87 | 3.66 |
| 11,258 AMEDISYS INC | USD | 1,602,572.14 | 0.50 |
| 109,287 AMYRIS INC | USD | 519,910.90 | 0.16 |
| 21,104 ANTHEM INC | USD | 8,602,311.08 | 2.68 |
| 87,917 AVIDXCHANGE HOLDINGS INC | USD | 1,164,289.50 | 0.36 |
| 33,209 BLOCK INC -A- | USD | 4,716,483.99 | 1.47 |
| 10,052 BROWN-FORMAN CORP -B- NON VOTING | USD | 644,028.07 | 0.20 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 7,184 CHURCH AND DWIGHT CO | USD | 647,520.23 | 0.20 |
| --- | --- | --- | --- |
| 8,676 COLGATE-PALMOLIVE CO | USD | 651,081.46 | 0.20 |
| 5,962 CONSTELLATION BRANDS INC -A- | USD | 1,315,760.76 | 0.41 |
| 4,777 COSTCO WHOLESALE CORP | USD | 2,384,719.40 | 0.74 |
| 17,541 DANAHER CORP | USD | 5,074,889.56 | 1.58 |
| 44,530 DERMTECH --- REGISTERED SHS | USD | 619,457.25 | 0.19 |
| 5,292 ELI LILLY & CO | USD | 1,285,399.44 | 0.40 |
| 65,029 GOODRX HOLDINGS | USD | 1,868,754.59 | 0.58 |
| 54,635 INTERCONTINENTAL EXCHANGE INC | USD | 6,570,901.29 | 2.04 |
| 146,389 KINGSOFT CLOUD HOLDINGS LTD | USD | 2,027,459.33 | 0.63 |
| 4,113 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 1,415,787.77 | 0.44 |
| 14,587 MASTERCARD INC -A- | USD | 4,609,040.49 | 1.43 |
| 35,875 MATCH GROUP INC | USD | 4,172,061.86 | 1.30 |
| 4,882 MERCADOLIBRE | USD | 5,788,681.67 | 1.80 |
| 34,141 META PLATFOR -A- | USD | 10,097,894.26 | 3.14 |
| 31,084 MICROSOFT CORP | USD | 9,192,904.40 | 2.86 |
| 10,697 NATERA | USD | 878,467.14 | 0.27 |
| 8,860 NETFLIX INC | USD | 4,693,649.67 | 1.46 |
| 43,861 NEW YORK TIMES -A- | USD | 1,862,896.85 | 0.58 |
| 15,219 PALO ALTO NETWORKS | USD | 7,451,046.82 | 2.32 |
| 41,688 PFIZER INC | USD | 2,164,682.03 | 0.67 |
| 4,513 PROCTER & GAMBLE CO | USD | 649,170.37 | 0.20 |
| 3,874 RIVIAN AUTOMOTIVE INC | USD | 353,231.67 | 0.11 |
| 38,380 SALESFORCE.COM INC | USD | 8,576,775.77 | 2.67 |
| 23,140 SCHRODINGER INC | USD | 708,728.63 | 0.22 |
| 39,582 SENTINELONE INC -CLASS A | USD | 1,757,382.33 | 0.55 |
| 4,606 SERVICENOW INC | USD | 2,629,089.57 | 0.82 |
| 41,194 SNAP INC-A- | USD | 1,703,617.50 | 0.53 |
| 16,772 STRYKER CORP | USD | 3,944,045.23 | 1.23 |
| 87,718 SUNRUN INC | USD | 2,645,732.85 | 0.82 |
| 75,378 T MOBILE USA INC | USD | 7,687,601.51 | 2.39 |
| 2,297 TESLA MOTORS INC | USD | 2,134,561.78 | 0.66 |
| 354,338 UBER TECH/REGSH | USD | 13,064,889.50 | 4.08 |
| 7,998 UNITEDHEALTH GROUP INC | USD | 3,531,582.59 | 1.10 |
| Shares/Units of UCITS/UCIS |  | 18,611,438.54 | 5.79 |
| Shares/Units in investment funds |  | 18,611,438.54 | 5.79 |
| France |  | 4,869,645.09 | 1.52 |
| 2,713 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 4,869,645.09 | 1.52 |
| Ireland |  | 11,736,724.50 | 3.65 |
| 990,909 ISHARES S&P U.S. BANKS UCITS ETF USD CAP | USD | 5,547,068.84 | 1.73 |
| 285,437 KRANESHARES CSI CHINA INTERNET USD | USD | 6,189,655.66 | 1.92 |
| Luxembourg |  | 2,005,068.95 | 0.62 |
| 20,453 MULTIUNIT LUX LYXOR EURO STOXX BANKS ACC | EUR | 2,005,068.95 | 0.62 |

Total securities portfolio	
311,562,150.86	96.96
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 50.39 |
| France |  | 9.22 |
| Cayman Islands |  | 8.51 |
| United Kingdom |  | 5.17 |
| Ireland |  | 4.93 |
| South Korea |  | 3.86 |
| Denmark |  | 2.92 |
| Germany |  | 2.71 |
| The Netherlands |  | 2.24 |
| China |  | 1.61 |
| India |  | 1.21 |
| Hong Kong |  | 1.13 |
| Spain |  | 0.97 |
| Switzerland |  | 0.72 |
| Luxembourg |  | 0.62 |
| Taiwan |  | 0.52 |
| Belgium |  | 0.20 |
| Canada |  | 0.03 |
|  |  | 96.96 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 25.83 |
| Pharmaceuticals and cosmetics | 11.59 |
| Retail trade, department stores | 8.97 |
| Unit trusts | 5.79 |
| Banks and credit institutions | 5.61 |
| Textiles and garments | 4.87 |
| Holding and finance companies | 3.86 |
| Road vehicles | 3.86 |
| Healthcare and social services | 3.78 |
| Communications | 3.69 |
| Miscellaneous services | 2.91 |
| Biotechnology | 2.77 |
| Machine and apparatus construction | 2.22 |
| Chemicals | 2.17 |
| Utilities | 2.02 |
| Transportation | 1.28 |
| Tobacco and alcoholic drinks | 1.27 |
| Aerospace industry | 1.26 |
| Graphic art and publishing | 1.11 |
| Electronics and semiconductors | 0.75 |
| Miscellaneous consumer goods | 0.60 |
| Electrical engineering and electronics | 0.52 |
| Foods and non alcoholic drinks | 0.20 |
| Petroleum | 0.03 |
|  | 96.96 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 1,483,861.14 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,313,716.34 |
| Bank interest on cash account |  | 3,470.64 |
| Other financial income |  | 166,674.16 |
| Expenses |  | 5,022,258.08 |
| Management fees | Note 3 | 3,320,393.88 |
| Custodian & sub-custodian fees | Note 4 | 70,425.00 |
| Taxe d'abonnement | Note 5 | 163,594.00 |
| Performance fees | Note 3 | 23,487.22 |
| Bank interest on overdrafts |  | 66,652.19 |
| Transaction fees | Note 6 | 626,277.95 |
| Dividends paid on CFDs |  | 2,026.36 |
| Interest on swaps |  | 35.62 |
| Operating and establishment fees | Note 4 | 749,365.86 |
| Net loss from investments |  | (3,538,396.94) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 47,240,672.31 |
| - forward foreign exchange contracts |  | 250,810.48 |
| - financial futures |  | 368,274.88 |
| - swaps |  | 2,764,060.35 |
| - foreign exchange |  | 112,865.53 |
| Net realised profit |  | 47,198,286.61 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | (33,720,143.45) |
| - forward foreign exchange contracts |  | 1,332.24 |
| - financial futures |  | 110,925.06 |
| - swaps |  | (430,643.93) |
| Increase in net assets as a result of operations |  | 13,159,756.53 |
| Subscription capitalisation shares |  | 172,157,692.52 |
| Subscription distribution shares |  | 1,402,189.79 |
| Redemption capitalisation shares |  | (135,146,358.45) |
| Redemption distribution shares |  | (1,707,972.46) |
| Increase in net assets |  | 49,865,307.93 |
| Net assets at the beginning of the year |  | 271,454,839.42 |
| Net assets at the end of the year |  | 321,320,147.35 |

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 |