# CARMIGNAC PORTFOLIO
## Unconstrained Euro Fixed Income

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 1,172,931,313.04 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 1,071,830,429.65 |
| Cost price |  | 1,047,401,356.75 |
| Unrealised profit on the securities portfolio |  | 24,429,072.90 |
| Options purchased at market value | Note 2 | 2,249,745.64 |
| Options purchased at cost |  | 6,367,294.35 |
| Cash at banks and liquidities |  | 76,294,315.93 |
| Interest receivable |  | 9,039,830.95 |
| Subscriptions receivable |  | 13,516,990.87 |
| Liabilities |  | 17,294,664.88 |
| Options sold at market value | Note 2 | 199,698.42 |
| Options sold at cost |  | 701,740.38 |
| Bank overdrafts |  | 6,282,948.07 |
| Redemptions payable |  | 1,106,209.19 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 300,259.31 |
| Unrealised net depreciation on financial futures | Note 2 | 1,322,398.27 |
| Unrealised net depreciation on swaps | Note 2 | 1,130,888.84 |
| Other liabilities | Note 13 | 6,952,262.78 |
| Net asset value |  | 1,155,636,648.16 |

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 | 1,155,636,648.16 | 883,252,316.57 | 1,161,933,228.89 |
| --- | --- | --- | --- | --- |
| Class A EUR - Capitalisation Number of shares |  | 419,270 | 338,610 | 452,202 |
| Net asset value per share | EUR | 1,302.30 | 1,192.12 | 1,135.49 |
| Class Income A EUR - Distribution Number of shares |  | 622 | 325 | 337 |
| Net asset value per share | EUR | 1,039.97 | 965.10 | 933.11 |
| Class A EUR Y - Distribution Number of shares |  | 10,746 | 10,310 | 13,718 |
| Net asset value per share | EUR | 1,117.68 | 1,023.61 | 978.60 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 7,152 | 7,135 | 8,224 |
| Net asset value per share | CHF | 1,160.82 | 1,066.72 | 1,020.82 |
| Class Income A CHF Hedged - Distribution Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | CHF | 0.00 | 0.00 | 918.75 |
| Class A USD Hedged - Capitalisation Number of shares |  | 13,596 | 14,831 | 23,129 |
| Net asset value per share | USD | 1,324.84 | 1,197.73 | 1,112.50 |
| Class Income E USD Hedged - Distribution Number of shares |  | 0 | 0 | 0 |
| Net asset value per share | USD | 0.00 | 0.00 | 946.30 |

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 | 1,155,636,648.16 | 883,252,316.57 | 1,161,933,228.89 |
| --- | --- | --- | --- | --- |
| Class F EUR - Capitalisation Number of shares |  | 476,254 | 404,563 | 557,290 |
| Net asset value per share | EUR | 1,178.80 | 1,074.78 | 1,019.57 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 11,974 | 10,746 | 36,870 |
| Net asset value per share | CHF | 1,138.81 | 1,042.32 | 993.37 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 370 | 539 | 1,055 |
| Net asset value per share | GBP | 1,337.03 | 1,214.39 | 1,141.26 |
| Class Income F GBP Hedged - Distribution Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | GBP | 0.00 | 0.00 | 4,864.01 |
| Class F USD Hedged - Capitalisation Number of shares |  | 0 | 0 | 2,875 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,081.31 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| sferable securities admitted to an official stock exchange listing	 971,785,712.47 | 84.09 |
| --- | --- |
| Bonds | 695,046,459.49 | 60.14 |
| Australia | 36,650,637.77 | 3.17 |
| 33,000,000 AUSTRALIA | 1.00 20-30 21/12S | AUD | 20,871,417.76 | 1.80 |
| 26,250,000 AUSTRALIA | 1.75 20-51 21/06S | AUD | 15,779,220.01 | 1.37 |
| Austria |  |  | 3,679,445.38 | 0.32 |
| 2,782,000 AUSTRIA | 0.85 30/06 20-2120A | EUR | 3,679,445.38 | 0.32 |
| Bermuda |  |  | 6,148,451.31 | 0.53 |
| 3,750,000 GEOPARK LTD | 5.5000 20-27 17/01S | USD | 3,086,796.62 | 0.27 |
| 9,249,599 SEADRILL NEW FINANCE LTD 12.00 18-25 15/07S	USD | 3,061,654.69 | 0.26 |
| Canada | 1,435,308.17 | 0.12 |
| 4,295,078 STONEWAY CAPITAL CORP 10.00 17-27 01/03S | USD | 1,435,308.17 | 0.12 |
| Cayman Islands |  | 17,024,510.65 | 1.47 |
| 3,150,000 GEMS MENASA 7.125	19-26 31/07S	USD | 2,675,678.55 | 0.23 |
| 9,450,000 OFFSHORE GROUP INVES 9.25 18-23 15/11S | USD | 4,440,970.95 | 0.38 |
| 8,085,000 PERSHING SQUARE INT 3.25 20-30 15/11S | USD | 6,703,370.60 | 0.58 |
| 8,500,000 SHELF DRILL HOLD LTD 8.25 18-25 15/02S | USD | 3,204,490.55 | 0.28 |
| Czech Republic | 5,815,230.00 | 0.50 |
| 6,000,000 SAZKA GROUP A.S	3.875 20-27 15/02S	EUR | 5,815,230.00 | 0.50 |
| Dominican Republic |  | 1,913,762.69 | 0.17 |
| 2,113,000 DOMINICAN REPUBLIC 4.875 20-32 23/09S | USD | 1,913,762.69 | 0.17 |
| Finland |  | 1,847,024.16 | 0.16 |
| 1,844,000 SATO-OYJ	2.375 16-21 24/03A | EUR | 1,847,024.16 | 0.16 |
| France |  | 21,617,808.02 | 1.87 |
| 6,700,000 FFP	1.8750 19-26 30/10A | EUR | 6,447,577.50 | 0.56 |
| 5,271,000 GETLINK SE	3.50 20-25 30/10S	EUR | 5,461,283.10 | 0.47 |
| 2,200,000 IPSEN	1.875 16-23 16/06A | EUR | 2,252,404.00 | 0.19 |
| 4,000,000 LA POSTE	5.3 16-43 01/12S | USD | 3,431,163.42 | 0.30 |
| 4,000,000 RCI BANQUE SA	0.50 16-23 15/09A | EUR | 4,025,380.00 | 0.35 |
| Germany |  | 64,713,978.35 | 5.60 |
| 51,000,000 GERMANY 0.50 14-30 15/04A | EUR | 64,713,978.35 | 5.60 |
| Greece |  | 9,661,473.32 | 0.84 |
| 8,942,000 HELLENIC REPUBLIC  1.5 20-30 18/06A | EUR | 9,661,473.32 | 0.84 |
| Ireland |  | 59,119,702.24 | 5.12 |
| 445,000 DAA FINANCE PLC	1.601 20-32 05/11A | EUR | 487,686.63 | 0.04 |
| 51,000,000 IRLANDE	0.2 20-30 18/10A	EUR | 53,582,130.00 | 4.64 |
| 4,697,000 RYANAIR DAC	2.875 20-25 15/09A | EUR | 5,049,885.61 | 0.44 |
| Italy |  | 155,287,076.42 | 13.43 |
| 8,875,000 AMCO ASSET MA CO SPA 2.25 20-27 17/07A | EUR | 9,693,674.37 | 0.84 |
| 5,051,000 AUTOSTRADE PER I'ITAL 2.65 20-28 08/03A | EUR | 5,092,241.41 | 0.44 |
| 5,000,000 CITY OF ROME	5.375 03-33 27/11A	EUR | 8,912,522.40 | 0.77 |
| 20,000,000 ITALY | 1.65 20-30 01/12S | EUR | 22,203,300.00 | 1.92 |
| 3,984,000 ITALY | 1.70 20-51 01/09S | EUR | 4,243,736.88 | 0.37 |
| 17,500,000 ITALY | 1.80 20-41 01/03S | EUR | 19,379,062.50 | 1.68 |
| 24,000,000 ITALY | 1.25 20-30 25/11A | USD | 19,576,805.20 | 1.69 |
| 20,000,000 ITALY | 2.375 19-24 17/10S | USD | 17,219,484.29 | 1.49 |
| 10,000,000 ITALY | 6.875 93-23 27/09S | USD | 9,501,246.37 | 0.82 |
| 9,000,000 ITALY 2.80 16-67 01/03S | EUR | 12,093,975.00 | 1.05 |
| 20,000,000 ITALY 4.50 13-24 01/03S | EUR | 23,037,000.00 | 1.98 |
| 4,100,000 MEDIOBANCA	1.625 19-25 07/01A | EUR | 4,334,028.00 | 0.38 |
| Ivory Coast |  | 8,570,759.40 | 0.74 |
| 1,577,000 IVORY COAST | 4.8750 20-32 30/01A | EUR | 1,623,994.60 | 0.14 |
| 6,080,000 IVORY COAST | 6.8750 19-40 17/10A | EUR | 6,946,764.80 | 0.60 |
| Luxembourg | 29,167,930.15 | 2.52 |
| 12,000,000 ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 13,062,480.00 | 1.13 |
| 1,400,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 1,190,569.24 | 0.10 |
| 5,000,000 COMMUNAUTE EUROPEENNE BRU 20-35 04/07A | EUR | 5,143,400.00 | 0.45 |
| 3,770,000 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 3,324,967.14 | 0.29 |
| 1,078,000 MILLICOM INTERN	4.50 20-31 27/04S	USD | 953,684.86 | 0.08 |
| 1,333,000 MOTION BONDCO DAC  4.5 19-27 15/11S	EUR | 1,299,448.39 | 0.11 |
| 1,740,000 MOTION FINCO SARL	7.00 20-25 15/05S	EUR | 1,843,356.00 | 0.16 |
| 2,750,000 REDE D OR FIN SARL  4.5 20-30 22/01S | USD | 2,350,024.52 | 0.20 |
| Mexico |  | 34,728,212.90 | 3.01 |
| 4,500,000 GFB  5.875	19-34 13/09S	USD | 4,224,347.18 | 0.37 |

Tran
| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| 4,891,000 MEXICO	3.771 20-61 24/05S | USD | 4,172,250.26 | 0.36 |

| 2,100,000 MEXICO 4.50 19-29 22/04S	USD | 2,015,926.19 | 0.17 |
| --- | --- | --- |
| 8,000,000 PEMEX | 6.95 20-60 28/01S | USD | 6,140,460.14 | 0.54 |
| 5,500,000 PEMEX | 7.69 20-50 23/01S | USD | 4,542,495.20 | 0.39 |
| 4,500,000 PEMEX | 4.75 18-29 24/05A | EUR | 4,546,440.00 | 0.39 |
| 2,000,000 PEMEX | 4.875 17-28 21/02A | EUR | 2,046,030.00 | 0.18 |
| 3,334,000 PEMEX | 6.875 20-25 16/10S | USD | 2,990,245.54 | 0.26 |
| 5,000,000 PEMEX  6.625 05-35 15/06S	USD | 4,050,018.39 | 0.35 |
| Montenegro | 6,782,130.47 | 0.59 |
| 6,897,000 MONTENEGRO | 2.875 20-27 16/12A | EUR | 6,782,130.47 | 0.59 |
| Norway |  |  | 5,120,488.50 | 0.44 |
| 1,250,000 ADEVINTA ASA | 3.00 20-27 15/11S | EUR | 1,294,293.75 | 0.11 |
| 4,350,000 EXPLORER II AS | 3.375 20-25 24/02S | EUR | 3,826,194.75 | 0.33 |
| Panama | 21,469,544.46 | 1.86 |
| 18,560,000 CARNIVAL CORPORATION 11.50 20-23 01/04S | USD | 17,525,126.98 | 1.51 |
| 850,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | USD | 753,992.48 | 0.07 |
| 3,000,000 CARNIVAL CORPORATION 7.625 20-26 01/03S | EUR | 3,190,425.00 | 0.28 |
| Peru | 11,691,843.52 | 1.01 |
| 4,800,000 AUNA SA	6.50 20-25 20/11S	USD | 4,161,333.83 | 0.36 |
| 9,131,000 PERU	2.78 20-60 01/12S	USD | 7,530,509.69 | 0.65 |
| Romania | 14,058,332.18 | 1.22 |
| 4,082,000 GLOBALWORTH RE ESTATE 2.95 20-26 29/07A	EUR | 4,301,978.98 | 0.37 |
| 1,300,000 ROMANIA | 4.625 19-49 03/04A | EUR | 1,755,598.00 | 0.15 |
| 3,170,000 ROMANIA | 2.6250 20-40 02/12A | EUR | 3,387,335.20 | 0.29 |
| 4,000,000 ROMANIA | 3.3750 20-50 28/01A | EUR | 4,613,420.00 | 0.41 |
| Russia |  | 10,102,800.00 | 0.87 |
| 10,000,000 RUSSIA	1.85 20-32 20/11A | EUR | 10,102,800.00 | 0.87 |
| South Korea | 3,311,451.00 | 0.29 |

| 3,300,000 POSCO	0.5 20-24 17/01A | EUR | 3,311,451.00 | 0.29 |
| --- | --- | --- | --- |
| Spain |  |  | 4,615,995.00 | 0.40 |
| 2,000,000 BANKIA SA | 1.0000 19-24 25/06A | EUR | 2,062,520.00 | 0.18 |
| 2,500,000 BANKINTER SA	0.6250 20-27 06/10A | EUR | 2,553,475.00 | 0.22 |
| Sweden |  | 18,745,938.00 | 1.62 |
| 7,500,000 INTRUM AB  3.125 17-24 15/07S | EUR | 7,532,812.50 | 0.65 |
| 3,100,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A | EUR | 3,197,045.50 | 0.28 |
| 8,000,000 SCANIA CV AB	0.125 20-23 13/02A	EUR | 8,016,080.00 | 0.69 |
| The Netherlands | 27,270,696.37 | 2.36 |
| 4,300,000 NE PROPERTY BV	1.75 17-24 23/11A	EUR | 4,415,906.50 | 0.38 |
| 4,400,000 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 4,583,128.00 | 0.40 |
| 5,700,000 PROSUS NV	3.8320 20-51 08/02S	USD | 4,608,821.87 | 0.40 |
| 11,000,000 TEVA PHARMA	1.625 16-28 15/10A	EUR | 9,729,940.00 | 0.84 |
| 4,000,000 UNITED GROUP BV	3.625 20-28 15/02A | EUR | 3,932,900.00 | 0.34 |
| Ukraine |  | 5,758,050.00 | 0.50 |
| 6,000,000 UKRAINE 4.375 20-30 27/01A	EUR | 5,758,050.00 | 0.50 |
| United Kingdom | 51,031,659.97 | 4.42 |
| 3,000,000 BARCLAYS BANK PLC  6.00 10-21 14/01A | EUR | 3,004,470.00 | 0.26 |
| 6,214,000 CARNIVAL PLC	1.0 19-29 28/10A | EUR | 4,490,795.66 | 0.39 |
| 11,000,000 EASYJET PLC	0.8750 19-25 11/06A	EUR | 10,554,280.00 | 0.91 |
| 2,100,000 GAZ FINANCE PLC | 2.95 20-25 15/04A | EUR | 2,242,254.00 | 0.19 |
| 14,011,000 GAZ FINANCE PLC | 3.00 20-27 29/06S | USD | 11,762,976.25 | 1.02 |
| 1,428,000 LLOYDS BANKING GROUP 2.707 20-35 12/03S	GBP | 1,674,146.94 | 0.14 |
| 16,000,000 UNITED KINGDOM	0.625 20-50 22/10S	GBP | 17,302,737.12 | 1.51 |
| United States of America | 57,706,219.09 | 4.99 |
| 10,833,000 CARNIVAL CORPORATION 9.875 20-27 01/08S	USD | 10,319,925.46 | 0.89 |
| 4,500,000 CGG HOLDING US | 9.0000 18-23 01/05S | USD | 3,727,528.51 | 0.32 |
| 8,300,000 FORD MOTOR CO | 9.625 20-30 22/04S | USD | 9,602,134.36 | 0.83 |
| 7,090,000 MURPHY OIL CORP | 5.75 17-25 15/08S | USD | 5,732,107.53 | 0.50 |
| 4,410,000 MURPHY OIL CORP | 5.875 19-27 01/12S | USD | 3,569,737.40 | 0.31 |
| 5,000,000 MURPHY OIL CORP | 6.125 12-42 01/12S | USD | 3,633,611.26 | 0.31 |
| 8,000,000 NETFLIX INC	4.625 18-29 15/05S	EUR | 9,706,800.00 | 0.84 |
| 7,400,000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 6,363,498.02 | 0.55 |
| 6,000,000 TERRAFORM GLOBAL OPE 6.125 18-26 01/03S | USD | 5,050,876.55 | 0.44 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| Floating rate bonds | 193,475,170.98 | 16.74 |
| Austria | 12,228,088.00 | 1.06 |

| 7,600,000 ERSTE GROUP BANK AG FL.R 20-XX 23/05S | EUR | 7,879,148.00 | 0.68 |
| --- | --- | --- | --- |
| 4,000,000 RAIFFEISEN BANK CV  FL.R 20-XX 15/06S | EUR | 4,348,940.00 | 0.38 |
| Cayman Islands |  | 7,571,015.40 | 0.66 |
| 7,732,000 BANCO MERCANTILE FL.R 20-XX 14/01Q | USD | 7,571,015.40 | 0.66 |
| France |  | 32,294,629.43 | 2.79 |
| 5,600,000 BNP PARIBAS SA	FL.R 16-XX 14/03S | USD | 4,803,262.64 | 0.42 |
| 5,000,000 CREDIT AGRICOLE ASSUR FL.R 14-XX 14/10A | EUR | 5,729,575.00 | 0.49 |
| 2,300,000 CREDIT AGRICOLE SA  FL.R 20-49 31/12Q | EUR | 2,495,212.50 | 0.22 |
| 3,000,000 LA BANQUE POSTALE	FL.R 20-31 26/01A | EUR | 3,029,505.00 | 0.26 |
| 11,600,000 LA BANQUE POSTALE  FL.R 19-XX 20/05S | EUR | 11,896,148.00 | 1.02 |
| 1,500,000 ORANGE SA FL.R	19-XX 15/04A | EUR | 1,585,942.50 | 0.14 |
| 1,200,000 RCI BANQUE SA	FL.R 19-30 18/02A | EUR | 1,214,994.00 | 0.11 |
| 1,700,000 SOCIETE GENERAL SA  FL.R 13-XX 18/12S | USD | 1,539,989.79 | 0.13 |
| Germany |  | 2,631,396.00 | 0.23 |
| 2,400,000 COMMERZBANK AG	FL.R 20-30 05/12A | EUR | 2,631,396.00 | 0.23 |
| Greece |  | 11,829,159.25 | 1.02 |
| 5,150,000 ALPHA BANK AE FL.R 20-30 13/02A | EUR | 4,860,029.25 | 0.42 |
| 4,000,000 BANK OF PIRAEUS FL.R 20-30 19/02A | EUR | 2,997,260.00 | 0.26 |
| 3,500,000 HELLENIC REPUBLIC	FL.R 12-24 24/02A | EUR | 3,971,870.00 | 0.34 |
| Ireland |  | 1,662,487.50 | 0.14 |
| 1,500,000 AIB GROUP PLC	FL.R 20-49 31/12S | EUR | 1,662,487.50 | 0.14 |
| Italy |  | 38,471,094.88 | 3.32 |
| 13,900,000 CASSA DEPOSITI	FL.R 19-26 28/06Q | EUR | 14,762,703.50 | 1.27 |
| 4,000,000 ENEL SPA	FL.R 13-73 24/09S | USD | 3,822,614.52 | 0.33 |
| 3,521,000 ENI SPA	FL.R 20-49 31/12A | EUR | 3,786,395.38 | 0.33 |
| 2,250,000 INTESA SANPAOLO	FL.R 20-XX 31/12S | EUR | 2,155,016.25 | 0.19 |
| 3,111,000 INTESA SANPAOLO	5.875 20-99 31/12S | EUR | 3,497,121.77 | 0.30 |
| 3,200,000 UNICREDIT SPA	FL.R 19-49 19/03S | EUR | 3,716,496.00 | 0.32 |
| 3,400,000 UNICREDIT SPA FL.R 17-32 19/06S | USD | 3,125,607.46 | 0.27 |
| 4,000,000 UNICREDIT SPA FL.R 20-XX 03/06S | EUR | 3,605,140.00 | 0.31 |
| Luxembourg |  | 5,271,079.33 | 0.46 |
| 2,174,000 CPI PROPERTY GROUP  FLR 19-XX 31/12A | EUR | 2,302,537.75 | 0.21 |
| 1,400,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 1,435,014.00 | 0.12 |
| 3,000,000 MITSUBISHI UFJ INV  FL.R 09-50 15/12Q | EUR | 1,533,527.58 | 0.13 |
| Spain |  | 10,696,024.00 | 0.93 |
| 2,600,000 BBVA SA	FL.R 18-XX 24/03Q | EUR | 2,723,500.00 | 0.24 |
| 7,200,000 BBVA SA	FL.R 20-XX 15/01Q | EUR | 7,972,524.00 | 0.69 |
| Sweden |  | 18,794,724.48 | 1.63 |
| 7,200,000 SAMHALLSBYGGNAD	FL.R 20-XX 14/003A | EUR | 7,176,300.84 | 0.62 |
| 8,120,000 SAMHALLSBYGGNAD	FL.R 20-XX 30/04A | EUR | 8,136,767.80 | 0.71 |
| 4,000,000 SWEDBANK AB CV	FL.R 19-XX 17/03S | USD | 3,481,655.84 | 0.30 |
| Switzerland |  | 2,733,198.48 | 0.24 |
| 3,000,000 CS GROUP REGS	FL.R 13-XX 11/12S | USD | 2,733,198.48 | 0.24 |
| The Netherlands |  | 16,308,014.08 | 1.41 |
| 2,500,000 ABN AMRO BANK NV FL.R 20-XX 22/09S | EUR | 2,662,000.00 | 0.23 |
| 3,400,000 ING GROEP NV	FL.R 16-XX 21/11S | USD | 2,911,778.84 | 0.25 |
| 5,500,000 ING GROEP NV	FL.R 19-XX 16/04S | USD | 4,912,038.74 | 0.42 |
| 3,600,000 RABOBANK FL.R 19-XX 29/06S | EUR | 3,643,830.00 | 0.32 |
| 700,000 REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 779,898.00 | 0.07 |
| 1,300,000 REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 1,398,468.50 | 0.12 |
| United Kingdom |  | 25,315,607.65 | 2.19 |
| 1,750,000 BARCLAYS PLC	FL.R 19-XX 15/03Q | GBP | 2,117,214.55 | 0.18 |
| 2,000,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 2,049,080.00 | 0.18 |
| 8,537,000 GAZ FINANCE PLC	FL.R 20-99 31/12A | EUR | 8,843,606.35 | 0.77 |
| 4,000,000 NATIONWIDE BUILDING FL.R 20-99 31/12S | GBP | 4,898,156.63 | 0.42 |
| 5,200,000 NATWEST GROUP PLC FL.R 17-23 15/05Q | USD | 4,292,937.76 | 0.37 |
| 2,666,000 NATWEST GROUP PLC CV FL.R 20-XX 31/03Q | GBP | 3,114,612.36 | 0.27 |
| United States of America |  | 7,668,652.50 | 0.66 |
| 3,000,000 ENCORE CAPITAL	FL.R 20-28 15/01Q | EUR | 3,024,090.00 | 0.26 |
| 4,500,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 4,644,562.50 | 0.40 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
Mortgage and asset backed securities	
83,264,082.00	7.21
Cayman Islands	
6,135,582.94	0.53
| 7,500,000 OFSBS 2017-1X A | FL.R 17-29 16/08Q | USD | 6,135,582.94 | 0.53 |
| --- | --- | --- | --- | --- |
| Ireland |  |  | 63,421,582.77 | 5.49 |
| 2,000,000 ADAGIO VI CLO DAC	FL.R 17-31 30/04Q | EUR | 1,949,379.60 | 0.17 |
| 2,000,000 CARLYLE EURO CLO 2017-1 D 17-30 15/07Q | EUR | 1,990,402.20 | 0.17 |
| 300,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 288,507.93 | 0.02 |
| 2,600,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 2,614,860.04 | 0.23 |
| 1,500,000 HARVEST CLO XV DESIGN FL.R 18-30 22/11Q | EUR | 1,463,259.45 | 0.13 |
| 600,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 589,715.10 | 0.05 |
| 3,000,000 INVESCO EURO CLO III DAC  19-32 15/07Q | EUR | 3,022,834.50 | 0.26 |
| 7,887,000 MADISON PARK EURO FUN FL.R 20-32 25/11Q | EUR | 7,950,838.17 | 0.69 |
| 2,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 1,930,806.40 | 0.17 |
| 3,000,000 MAN GLG EURO CLO	FL.R 18-31 15/05Q | EUR | 2,934,386.10 | 0.25 |
| 4,750,000 PENTA 2018-4X D	FL.R 18-30 17/12Q | EUR | 4,501,693.75 | 0.39 |
| 4,650,000 PROVIDUS CLO I DACFL.R	18-31 14/05Q | EUR | 4,366,844.29 | 0.38 |
| 1,115,000 PRVD 1X C1	FL.R 18-31 14/05Q | EUR | 1,068,354.98 | 0.09 |
| 5,900,000 SPAUL 3RX B1R FL.R	18-32 15/01Q | EUR | 5,820,337.61 | 0.50 |
| 1,750,000 SPAUL 3RX CR	FL.R 18-32 15/01Q | EUR | 1,694,793.10 | 0.15 |
| 5,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 4,782,216.00 | 0.41 |
| 3,975,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 3,980,782.43 | 0.34 |
| 2,625,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 2,559,045.56 | 0.22 |
| 9,800,000 VESEY PARK CLO DAC FL.R 20-32 16/11Q | EUR | 9,912,525.56 | 0.87 |
| The Netherlands |  | 13,706,916.29 | 1.19 |
| 1,750,000 BABSN 2018-1X C	FL.R 18-31 15/04Q | EUR | 1,685,755.05 | 0.15 |
| 12,100,000 JUBILEE CDO BV	FL.R 18-29 15/12Q | EUR | 12,021,161.24 | 1.04 |
| Shares/Units of UCITS/UCIS |  | 100,044,717.18 | 8.66 |
| Shares/Units in investment funds	 100,044,717.18 | 8.66 |
| France |  | 100,044,717.18 | 8.66 |
| 27,050 CARMIGNAC COURT TERME A EUR ACC | EUR | 100,044,717.18 | 8.66 |

Total securities portfolio	
1,071,830,429.65	92.75
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Italy |  | 16.75 |
| France |  | 13.32 |
| Ireland |  | 10.75 |
| United Kingdom |  | 6.61 |
| Germany |  | 5.83 |
| United States of America |  | 5.65 |
| The Netherlands |  | 4.96 |
| Sweden |  | 3.25 |
| Australia |  | 3.17 |
| Mexico |  | 3.01 |
| Luxembourg |  | 2.98 |
| Cayman Islands |  | 2.66 |
| Greece |  | 1.86 |
| Panama |  | 1.86 |
| Austria |  | 1.38 |
| Spain |  | 1.33 |
| Romania |  | 1.22 |
| Peru |  | 1.01 |
| Russia |  | 0.87 |
| Ivory Coast |  | 0.74 |
| Montenegro |  | 0.59 |
| Bermuda |  | 0.53 |
| Czech Republic |  | 0.50 |
| Ukraine |  | 0.50 |
| Norway |  | 0.44 |
| South Korea |  | 0.29 |
| Switzerland |  | 0.24 |
| Dominican Republic |  | 0.17 |
| Finland |  | 0.16 |
| Canada |  | 0.12 |
|  |  | 92.75 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Countries and central government | 32.94 |
| Holding and finance companies | 16.76 |
| Banks and credit institutions | 11.43 |
| Unit trusts | 9.24 |
| Petroleum | 4.80 |
| Hotels and restaurants | 3.14 |
| Real estate companies | 2.77 |
| Transportation | 2.26 |
| Road vehicles | 1.52 |
| Internet and internet services | 1.35 |
| Communications | 1.35 |
| Miscellaneous sectors | 1.15 |
| Healthcare and social services | 1.03 |
| Insurance | 0.89 |
| Supranational | 0.45 |
| Electrical engineering and electronics | 0.44 |
| Utilities | 0.33 |
| Pharmaceuticals and cosmetics | 0.31 |
| Miscellaneous services | 0.30 |
| Coal mining and steel industry | 0.29 |
|  | 92.75 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 36,715,274.04 |
| --- | --- | --- |
| Net dividends | Note 2 | 30,872.21 |
| Net interest on bonds | Note 2 | 27,488,339.00 |
| Bank interest on cash account |  | 41,810.40 |
| Other financial income |  | 2,410.03 |
| Interest on swaps |  | 9,030,270.98 |
| Securities lending income | Note 2, 7 | 121,571.42 |
| Expenses |  | 26,092,120.51 |
| Management fees | Note 3 | 7,509,506.08 |
| Custodian & sub-custodian fees | Note 4 | 163,013.47 |
| Taxe d'abonnement | Note 5 | 490,433.88 |
| Performance fees | Note 3 | 5,695,498.37 |
| Bank interest on overdrafts |  | 444,928.92 |
| Transaction fees | Note 6 | 279,305.95 |
| Interest on swaps |  | 10,245,750.86 |
| Operating and establishment fees | Note 4 | 1,263,682.98 |
| Net income from investments |  | 10,623,153.53 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 25,427,189.40 |
| - options |  | 4,256,223.05 |
| - forward foreign exchange contracts |  | 18,217,540.65 |
| - financial futures |  | (8,056,604.64) |
| - swaps |  | 24,072,747.57 |
| - foreign exchange |  | (5,829,012.30) |
| Net realised profit |  | 68,711,237.26 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 14,014,980.11 |
| - options |  | (3,624,567.29) |
| - forward foreign exchange contracts |  | (2,845,781.46) |
| - financial futures |  | (432,941.26) |
| - swaps |  | 3,379,064.18 |
| Increase in net assets as a result of operations |  | 79,201,991.54 |
| Dividends paid | Note 10 | (9,457.09) |
| Subscription capitalisation shares |  | 598,389,170.64 |
| Subscription distribution shares |  | 4,116,945.00 |
| Redemption capitalisation shares |  | (406,059,474.24) |
| Redemption distribution shares |  | (3,254,844.26) |
| Increase in net assets |  | 272,384,331.59 |
| Net assets at the beginning of the year |  | 883,252,316.57 |
| Net assets at the end of the year |  | 1,155,636,648.16 |

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 |