# CARMIGNAC PORTFOLIO
## Alpha Themes (launched on 03/04/20)

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 55,222,839.52 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 48,533,160.95 |
| Cost price |  | 43,445,770.28 |
| Unrealised profit on the securities portfolio |  | 5,087,390.67 |
| Options purchased at market value | Note 2 | 21,904.00 |
| Options purchased at cost |  | 59,200.00 |
| Cash at banks and liquidities |  | 6,025,793.35 |
| Brokers receivable |  | 602,400.20 |
| Dividends receivable |  | 2,994.98 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 30,746.81 |
| Unrealised net appreciation on swaps | Note 2 | 5,839.23 |
| Liabilities |  | 1,282,710.18 |
| Options sold at market value | Note 2 | 8,732.00 |
| Options sold at cost |  | 25,604.00 |
| Bank overdrafts |  | 476,517.30 |
| Brokers payable |  | 454,237.78 |
| Unrealised net depreciation on financial futures | Note 2 | 251,103.01 |
| Other liabilities | Note 13 | 92,120.09 |
| Net asset value |  | 53,940,129.34 |

Key figures relating to the last 3 years
Total Net Assets
Class A EUR - Capitalisation
Number of shares
Period ending as at:
EUR
31/12/20
53,940,129.34
443,617
Net asset value per share	EUR
Class F EUR - Capitalisation
Number of shares
Net asset value per share	EUR
109.17
50,000
110.17
Quantity	Denomination	Quotation
currency
Market value
% of net assets
Transferable securities admitted to an official stock exchange listing	
43,484,708.45	80.62
Shares	
43,484,708.45	80.62
Belgium	
997,250.00	1.85
| 5,000 ANHEUSER-BUSCH INBEV | EUR | 285,050.00 | 0.53 |
| --- | --- | --- | --- |
| 7,500 KBC GROUPE SA | EUR | 429,600.00 | 0.80 |
| 10,000 WAREHOUSES DE PAUW SCA - REGISTERED SHS | EUR | 282,600.00 | 0.52 |
| Canada |  | 333,048.92 | 0.62 |
| 360 SHOPIFY -A- SUBORD VOTING | USD | 333,048.92 | 0.62 |
| Cayman Islands |  | 1,316,422.14 | 2.44 |
| 2,681 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 205,180.70 | 0.38 |
| 8,650 JD.COM INC SADR REPR 2 SHS -A- | USD | 621,417.19 | 1.15 |
| 5,179 NIO INC - SHS -A- ADR | USD | 206,304.98 | 0.38 |
| 10,000 2VIANET GROUP -A- ADR REPR 6SHS | USD | 283,519.27 | 0.53 |
| Denmark |  | 267,796.59 | 0.50 |
| 1,603 ORSTED | DKK | 267,796.59 | 0.50 |
| France |  | 13,790,243.06 | 25.57 |
| 16,500 ALSTOM SA | EUR | 769,065.00 | 1.43 |
| 12,500 BNP PARIBAS SA | EUR | 538,812.50 | 1.00 |
| 70,000 CREDIT AGRICOLE SA | EUR | 722,400.00 | 1.34 |
| 19,130 EIFFAGE | EUR | 1,512,035.20 | 2.80 |
| 87,000 ENGIE SA | EUR | 1,089,240.00 | 2.02 |
| 5,641 GECINA | EUR | 712,458.30 | 1.32 |
| 2,300 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 1,175,070.00 | 2.18 |
| 62,500 PEUGEOT SA | EUR | 1,398,125.00 | 2.59 |
| 9,607 SCHNEIDER ELECTRIC SE | EUR | 1,136,508.10 | 2.11 |
| 18,000 SOCIETE GENERALE SA | EUR | 306,396.00 | 0.57 |
| 24,036 SPIE SA | EUR | 428,081.16 | 0.79 |
| 20,000 TOTAL SE | EUR | 706,000.00 | 1.31 |
| 13,000 VINCI SA | EUR | 1,057,680.00 | 1.96 |
| 28,298 WORLDLINE SA | EUR | 2,238,371.80 | 4.15 |
| Germany |  | 5,552,620.00 | 10.29 |
| 4,000 KION GROUP AG | EUR | 284,640.00 | 0.53 |
| 3,243 LEG IMMOBILIEN - NAMEN AKT | EUR | 412,055.58 | 0.76 |
| 2,750 NEMETSCHEK | EUR | 166,100.00 | 0.31 |
| 9,080 PUMA AG | EUR | 837,902.40 | 1.55 |
| 62,068 RWE AG | EUR | 2,145,690.76 | 3.98 |
| 23,305 TAG IMMOBILIEN AG | EUR | 603,599.50 | 1.12 |
| 18,451 VONOVIA SE | EUR | 1,102,631.76 | 2.04 |
| Ireland |  | 258,300.00 | 0.48 |
| 4,500 KINGSPAN GROUP | EUR | 258,300.00 | 0.48 |
| Italy |  | 666,334.70 | 1.24 |
| 50,000 ENEL SPA | EUR | 413,800.00 | 0.77 |
| 15,455 NEXI SPA | EUR | 252,534.70 | 0.47 |
| Jersey Island |  | 1,434,726.46 | 2.66 |
| 46,245 EXPERIAN GROUP | GBP | 1,434,726.46 | 2.66 |
| Luxembourg |  | 408,734.47 | 0.76 |
| 22,000 ALLEGRO EU | PLN | 408,734.47 | 0.76 |
| South Korea |  | 681,943.48 | 1.26 |
| 1,100 LG CHEM | KRW | 681,943.48 | 1.26 |
| Spain |  | 895,860.00 | 1.66 |
| 6,300 AENA SME SA | EUR | 895,860.00 | 1.66 |
| Sweden |  | 322,077.92 | 0.60 |
| 12,000 NIBE INDUSTRIER -B- | SEK | 322,077.92 | 0.60 |
| Switzerland |  | 1,387,434.70 | 2.57 |
| 710 PARTNERS GROUP HLDG NAMEN AKT | CHF | 682,723.87 | 1.26 |
| 50 SGS SA REG SHS | CHF | 123,433.96 | 0.23 |
| 2,600 SIKA - REGISTERED SHS | CHF | 581,276.87 | 1.08 |
| The Netherlands |  | 1,014,380.00 | 1.88 |
| 33,500 STMICROELECTRONICS NV | EUR | 1,014,380.00 | 1.88 |
| United Kingdom |  | 3,760,810.39 | 6.97 |
| 13,455 DERWENT LONDON PLC | GBP | 465,385.77 | 0.86 |
| 131,106 RENTOKIL INITIAL PLC | GBP | 746,415.13 | 1.38 |
| 141,129 SEGRO (REIT) | GBP | 1,494,065.91 | 2.77 |
| 21,500 UNILEVER | GBP | 1,054,943.58 | 1.96 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| United States of America |  | 10,396,725.62 | 19.27 |
| --- | --- | --- | --- |
| 307 ALPHABET INC -A- | USD | 439,753.57 | 0.82 |
| 5,000 AMERICAN EXPRESS | USD | 494,095.05 | 0.92 |
| 2,950 BILL COM HOLDINGS INC | USD | 329,103.84 | 0.61 |
| 125 BOOKING HOLDINGS INC | USD | 227,541.78 | 0.42 |
| 1,450 BRIGHT HORIZONS FAMILY SOLUTION | USD | 205,006.33 | 0.38 |
| 1,000 BURLINGTON STORES INC | USD | 213,763.23 | 0.40 |
| 9,585 CARRIER GLOBAL CORP-WI | USD | 295,489.52 | 0.55 |
| 8,350 CHEGG INC | USD | 616,448.45 | 1.14 |
| 2,000 CONSTELLATION BRANDS INC -A- | USD | 358,056.48 | 0.66 |
| 3,900 FIDELITY NATIONAL INFO SERVICES INC | USD | 450,896.16 | 0.84 |
| 16,250 INTERCONTINENTAL EXCHANGE INC | USD | 1,531,169.55 | 2.83 |
| 9,694 KINGSOFT CLOUD HOLDINGS LTD | USD | 345,040.01 | 0.64 |
| 2,500 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 711,107.02 | 1.32 |
| 3,500 MASTERCARD INC -A- | USD | 1,021,037.15 | 1.89 |
| 3,450 MICROSOFT CORP | USD | 627,149.69 | 1.16 |
| 4,000 MOLSON COORS - REGISTERED SHS -B- | USD | 147,734.05 | 0.27 |
| 10,900 ROSS STORES INC | USD | 1,094,053.37 | 2.03 |
| 23,100 TJX COS INC | USD | 1,289,280.37 | 2.39 |
| Shares/Units of UCITS/UCIS |  | 5,048,452.50 | 9.36 |
| Shares/Units in investment funds |  | 5,048,452.50 | 9.36 |
| France |  | 5,048,452.50 | 9.36 |
| 1,365 CARMIGNAC COURT TERME A EUR ACC | EUR | 5,048,452.50 | 9.36 |

Total securities portfolio	
48,533,160.95	89.98
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| France |  | 34.93 |
| United States of America |  | 19.27 |
| Germany |  | 10.29 |
| United Kingdom |  | 6.97 |
| Jersey Island |  | 2.66 |
| Switzerland |  | 2.57 |
| Cayman Islands |  | 2.44 |
| The Netherlands |  | 1.88 |
| Belgium |  | 1.85 |
| Spain |  | 1.66 |
| South Korea |  | 1.26 |
| Italy |  | 1.24 |
| Luxembourg |  | 0.76 |
| Canada |  | 0.62 |
| Sweden |  | 0.60 |
| Denmark |  | 0.50 |
| Ireland |  | 0.48 |
|  |  | 89.98 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 11.62 |
| Real estate companies | 9.39 |
| Unit trusts | 9.36 |
| Utilities | 7.27 |
| Holding and finance companies | 7.22 |
| Retail trade, department stores | 6.73 |
| Banks and credit institutions | 6.52 |
| Building materials and trade | 6.03 |
| Textiles and garments | 5.05 |
| Electrical engineering and electronics | 4.09 |
| Road vehicles | 2.97 |
| Chemicals | 2.34 |
| Foods and non alcoholic drinks | 1.96 |
| Electronics and semiconductors | 1.88 |
| Transportation | 1.66 |
| Miscellaneous services | 1.61 |
| Tobacco and alcoholic drinks | 1.46 |
| Petroleum | 1.31 |
| Machine and apparatus construction | 1.13 |
| Healthcare and social services | 0.38 |
|  | 89.98 |

Statement of operations and changes in net assets from 03/04/20 to 31/12/20
Expressed in EUR
| Income |  | 239,672.13 |
| --- | --- | --- |
| Net dividends | Note 2 | 225,562.14 |
| Bank interest on cash account |  | 13,698.47 |
| Other financial income |  | 411.52 |
| Expenses |  | 1,226,128.02 |
| Management fees | Note 3 | 509,965.27 |
| Custodian & sub-custodian fees | Note 4 | 5,403.81 |
| Taxe d'abonnement | Note 5 | 3,244.40 |
| Bank interest on overdrafts |  | 73,914.77 |
| Transaction fees | Note 6 | 299,272.26 |
| Operating and establishment fees | Note 4 | 334,327.51 |
| Net loss from investments |  | (986,455.89) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 7,666,176.59 |
| - options |  | 81,599.12 |
| - forward foreign exchange contracts |  | 921,470.41 |
| - financial futures |  | (4,970,985.40) |
| - swaps |  | (3,083,880.21) |
| - foreign exchange |  | (540,244.92) |
| Net realised loss |  | (912,320.30) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 5,087,390.67 |
| - options |  | (20,424.00) |
| - forward foreign exchange contracts |  | 30,746.81 |
| - financial futures |  | (251,103.01) |
| - swaps |  | 5,839.23 |
| Increase in net assets as a result of operations |  | 3,940,129.40 |
| Subscription capitalisation shares |  | 49,999,999.94 |
| Increase in net assets |  | 53,940,129.34 |
| Net assets at the beginning of the period |  | 0.00 |
| Net assets at the end of the period |  | 53,940,129.34 |

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 |