# CARMIGNAC PORTFOLIO
## Sécurité

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 2,418,957,859.17 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 2,190,295,140.30 |
| Cost price |  | 2,153,759,442.01 |
| Unrealised profit on the securities portfolio |  | 36,535,698.29 |
| Cash at banks and liquidities |  | 205,966,076.66 |
| Interest receivable |  | 13,181,791.28 |
| Subscriptions receivable |  | 7,663,134.13 |
| Unrealised net appreciation on financial futures | Note 2 | 1,851,716.80 |
| Liabilities |  | 130,518,298.39 |
| Bank overdrafts |  | 495,377.44 |
| Brokers payable |  | 108,003,272.40 |
| Redemptions payable |  | 13,101,854.50 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 817,230.73 |
| Unrealised net depreciation on swaps | Note 2 | 4,253,798.25 |
| Other liabilities | Note 14 | 3,846,765.07 |
| Net asset value |  | 2,288,439,560.78 |

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 | 2,288,439,560.78 | 2,833,605,872.23 | 2,667,465,625.27 |
| Class A EUR - Capitalisation Number of shares |  | 2,786,184 | 2,345,575 | 1,994,095 |
| Net asset value per share | EUR | 101.98 | 98.46 | 101.58 |
| Class A EUR Y - Distribution Number of shares |  | 823,892 | 1,183,562 | 1,848,081 |
| Net asset value per share | EUR | 98.38 | 95.69 | 99.47 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 125,836 | 146,200 | 94,918 |
| Net asset value per share | CHF | 99.67 | 96.70 | 100.27 |
| Class A USD Hedged - Capitalisation Number of shares |  | 155,371 | 219,303 | 124,410 |
| Net asset value per share | USD | 111.15 | 104.36 | 104.94 |
| Class F EUR - Capitalisation Number of shares |  | 16,806,123 | 22,486,449 | 20,663,677 |
| Net asset value per share | EUR | 107.64 | 103.56 | 106.47 |
| Class F EUR Y - Distribution Number of shares |  | 256,731 | 324,304 | 0 |
| Net asset value per share | EUR | 99.49 | 96.50 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 423,939 | 474,932 | 316,036 |
| Net asset value per share | CHF | 104.11 | 100.66 | 104.01 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 68,069 | 186,382 | 73,740 |
| Net asset value per share | GBP | 112.42 | 107.07 | 109.02 |

| Year ending as at: | 31/12/19 | 31/12/18 | 31/12/17 |
| --- | --- | --- | --- |
| EUR | 2,288,439,560.78 | 2,833,605,872.23 | 2,667,465,625.27 |

Key figures relating to the last 3 years
Total Net Assets
Class F USD Hedged - Capitalisation
| Number of shares |  | 115,227 | 334,927 | 269,676 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 117.60 | 110.03 | 110.25 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| sferable securities admitted to an official stock exchan | ge listing	 1,803,185,158.78 | 78.80 |
| --- | --- | --- |
| Bonds | 1,370,980,252.37 | 59.92 |
| Australia |  | 79,216,696.36 | 3.46 |
| 115,039,000 AUSTRALIA 2.75 12-24 21/04S | AUD | 77,357,126.72 | 3.38 |
| 1,822,000 CNOOC CURTIS	2.75 13-20 03/10A | EUR | 1,859,569.64 | 0.08 |
| Austria |  | 19,787,051.76 | 0.86 |
| 9,732,000 AUSTRIA	1.50 16-47 20/02A | EUR | 11,862,626.76 | 0.51 |
| 5,000,000 AUSTRIA 2.10 17-17 20/09A | EUR | 7,924,425.00 | 0.35 |
| British Virgin Islands |  | 2,442,894.05 | 0.11 |
| 2,393,000 SINOPEC GR OVER REGS 2.625 13-20 17/10A | EUR | 2,442,894.05 | 0.11 |
| Canada |  | 11,011,080.12 | 0.48 |
| 10,893,000 BANK OF NOVA SC	0.5000 19-24 30/04A | EUR | 11,011,080.12 | 0.48 |
| China |  | 27,891,047.07 | 1.22 |
| 25,000,000 CHINA EXIMBANK | 0.25 17-20 14/03A | EUR | 25,016,750.00 | 1.09 |
| 2,866,000 IND & COMM BK C | 0.2500 19-22 25/04A | EUR | 2,874,297.07 | 0.13 |
| Cyprus | 70,019,215.61 | 3.06 |
| 20,140,000 CHYPRE | 2.375 18-28 25/09A | EUR | 23,239,948.80 | 1.02 |
| 2,313,000 CHYPRE | 3.75 16-23 26/07A | EUR | 2,626,804.71 | 0.11 |
| 5,237,000 CHYPRUS | 3.875 15-22 06/05A | EUR | 5,731,529.91 | 0.25 |
| 2,100,000 CHYPRUS | 4.625 10-20 03/02A | EUR | 2,112,348.00 | 0.09 |
| 12,361,000 CYPRUS GOVE 2.75 19-34 26/02U | EUR | 15,211,446.60 | 0.66 |
| 1,160,000 CYPRUS 2.75 17-24 27/06A | EUR | 1,301,491.00 | 0.06 |
| 11,708,000 REPUBLIC OF CYP	2.7500 19-49 03/05A | EUR | 15,008,485.20 | 0.66 |
| 4,673,000 REPUBLIC OF CYPRUS 0.625 19-24 03/12A | EUR | 4,787,161.39 | 0.21 |
| Denmark | 47,352,138.67 | 2.07 |
| 3,703,000 DANSKE	1.625 19-24 15/03A	EUR | 3,861,155.13 | 0.17 |
| 2,228,000 DANSKE BANK A/S	0.50 16-21 06/05A | EUR | 2,246,826.60 | 0.10 |
| 27,260,000 DANSKE BANK A/S	1.375 19-22 24/05A | EUR | 27,967,669.60 | 1.22 |
| 7,733,000 NYKREDIT REALKREDIT 0.375 17-20 16/06A | EUR | 7,751,056.56 | 0.34 |
| 5,457,000 NYKREDIT REALKREDIT 0.75 16-21 14/07A | EUR | 5,525,430.78 | 0.24 |
| Finland | 8,037,127.47 | 0.35 |
| 6,500,000 NESTE OYJ | 2.125 15-22 17/03A | EUR | 6,748,755.00 | 0.29 |
| 1,259,000 SATO-OYJ | 2.375 16-21 24/03A | EUR | 1,288,372.47 | 0.06 |
| France | 193,428,067.38 | 8.46 |
| 1,900,000 ACCOR SA	2.625 19-XX 31/12A	EUR | 1,936,043.00 | 0.08 |
| 10,700,000 ATOS	2.375 15-20 02/07A	EUR | 10,765,537.50 | 0.47 |
| 1,400,000 BUREAU VERITAS SA  3.125 14-21 21/01A	EUR | 1,446,039.00 | 0.06 |
| 6,100,000 CAPGEMINI SE	1.75 15-20 01/07A	EUR | 6,130,134.00 | 0.27 |
| 2,100,000 CHRISTIAN DIOR SA  0.75 16-21 24/06A | EUR | 2,116,569.00 | 0.09 |
| 4,694,000 COVIVIO SA 1.625 17-24 17/10A | EUR | 4,937,947.18 | 0.22 |
| 11,200,000 DASSAULT SYSTEM  0.00 19-22 16/09A | EUR | 11,220,776.00 | 0.49 |
| 14,000,000 ESSILORLUXOTTIC	0.00 19-23 27/05A | EUR | 14,024,080.00 | 0.62 |
| 10,400,000 ESSILORLUXOTTIC	0.1250 19-25 27/05A | EUR | 10,382,944.00 | 0.45 |
| 11,983,000 EUROFINS SCIENTIFIC 2.25 15-22 27/01A | EUR | 12,269,693.27 | 0.54 |
| 10,684,000 EUROFINS SCIENTIFIC 2.125 17-24 25/07A | EUR | 10,863,971.98 | 0.47 |
| 10,553,000 EUROFINS SCIENTIFIC 3.375 15-23 30/01A | EUR | 11,050,626.72 | 0.48 |
| 2,100,000 FFP	1.8750 19-26 30/10A	EUR | 2,100,073.50 | 0.09 |
| 3,900,000 FONCIERE LYONNAISE 2.25 15-22 16/11A	EUR | 4,118,283.00 | 0.18 |
| 16,644,616 FRANCE	1.25 18-34 25/05A	EUR | 18,656,866.85 | 0.83 |
| 16,639,975 FRANCE (GOVT OF)	1.25 16-36 25/05A	EUR | 18,605,988.05 | 0.82 |
| 2,100,000 IPSEN | 1.875 16-23 16/06A | EUR | 2,135,920.50 | 0.09 |
| 6,100,000 IPSOS | 2.875 18-25 21/09A | EUR | 6,263,449.50 | 0.27 |
| 200,000 KERING	2.50 13-20 15/07A	EUR | 202,923.00 | 0.01 |
| 2,572,000 PSA BANQUE FRAN	0.5000 19-22 12/04A	EUR | 2,598,234.40 | 0.11 |
| 6,651,000 RCI BANQUE SA	0.75 17-22 12/01A	EUR | 6,718,175.10 | 0.29 |
| 7,966,000 RENAULT CREDIT INTER 0.75 19-23 10/04A	EUR | 8,017,818.83 | 0.35 |
| 650,000 SCHNEIDER ELECTRIC 3.625 10-20 20/07A | EUR | 664,007.50 | 0.03 |
| 9,900,000 SOCIETE FONCIERE L 1.875 14-21 26/11A | EUR | 10,205,761.50 | 0.45 |
| 4,200,000 SOCIETE GENERALE SA 1.25 19-24 15/02A | EUR | 4,345,383.00 | 0.19 |
| 6,600,000 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 7,038,933.00 | 0.31 |
| 900,000 UNIBAIL-RODAMCO	0.1250 18-21 14/05A | EUR | 903,384.00 | 0.04 |
| 3,600,000 VERITAS SA	1.25 16-23 07/09A | EUR | 3,708,504.00 | 0.16 |
| Germany |  |  | 45,225,370.53 | 1.98 |
| 7,666,000 DAIMLER EMTN | 0.25 16-20 11/05A | EUR | 7,682,060.27 | 0.34 |

Tran
Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 8,104,000 DEUTSCHE POST AG	0.375 16-21 01/04A | EUR | 8,149,585.00 | 0.36 |
| --- | --- | --- | --- |
| 2,167,000 E ON SE 0.00 19-22 24/10U | EUR | 2,166,425.75 | 0.09 |
| 5,034,000 FRESENIUS MEDICAL C 0.25 19-23 29/11A | EUR | 5,034,000.00 | 0.22 |
| 3,373,000 MERCK FIN SERVICES 4.50 10-20 24/03A | EUR | 3,408,821.26 | 0.15 |
| 2,416,000 SCHAEFFLER AG	1.1250 19-22 26/03A | EUR | 2,470,033.84 | 0.11 |
| 10,494,000 VOLKSWAGEN FIN SERV 0.625 19-22 01/04A | EUR | 10,604,711.70 | 0.47 |
| 990,000 VOLKSWAGEN FINANCIAL 0.25 18-20 16/10A | EUR | 993,143.25 | 0.04 |
| 2,460,000 VOLKSWAGEN LEAS	0.75 15-20 11/08A | EUR | 2,474,550.90 | 0.11 |
| 1,244,000 VOLKSWAGEN LEASING 0.25 17-20 05/10A | EUR | 1,248,217.16 | 0.05 |
| 990,000 VOLKSWAGEN LEASING 0.2500 18-21 16/02A | EUR | 993,821.40 | 0.04 |
| Greece |  | 147,085,163.95 | 6.43 |
| 6,381,000 EUROBANK ERGASIAS SA 2.75 17-20 02/11A | EUR | 6,521,477.71 | 0.28 |
| 8,236,000 GREECE 3.9 19-29 12/03A | EUR | 9,957,118.10 | 0.44 |
| 13,468,000 HELLENIC REPUBLIC 3.375 18-25 15/02A | EUR | 15,340,590.72 | 0.67 |
| 4,245,564 HELLENIC REPUBLIC  3.75 17-28 30/01A | EUR | 5,029,040.38 | 0.22 |
| 16,943,657 HELLENIC REPUBLIC  3.90 17-33 30/01A | EUR | 20,866,028.88 | 0.91 |
| 8,654,341 HELLENIC REPUBLIC  4.00 17-37 30/01A | EUR | 10,849,471.33 | 0.47 |
| 9,054,999 HELLENIC REPUBLIC  4.20 17-42 30/01A | EUR | 11,983,204.58 | 0.52 |
| 37,585,000 HELLENIC REPUBLIC  4.375 17-22 01/08A | EUR | 41,663,536.27 | 1.83 |
| 13,154,000 HELLENIC REPUBLIC GOVER 1.875 19-26 23/07A | EUR | 13,929,165.22 | 0.61 |
| 10,953,000 HELLENIC TBILL ZCP 31-01-20 | EUR | 10,945,530.76 | 0.48 |
| Ireland |  | 55,304,789.91 | 2.42 |
| 4,857,000 FCA BANK S.P.A	0.625 19-22 24/11A | EUR | 4,911,422.69 | 0.21 |
| 4,991,000 FCA BANK SPA IR  0.5000 19-24 13/09A | EUR | 4,978,422.68 | 0.22 |
| 6,833,000 FCA BANK SPA IRL	0.25 17-20 12/10A | EUR | 6,854,113.97 | 0.30 |
| 3,528,000 FCA CAPITAL	1.25 16-21 21/01A | EUR | 3,578,609.16 | 0.16 |
| 1,970,000 FCA CAPITAL IRELAND 1.375 15-20 17/04A | EUR | 1,979,042.30 | 0.09 |
| 2,442,000 FCA CAPITAL IRELAND P 1.25 16-20 23/09A | EUR | 2,467,433.43 | 0.11 |
| 9,395,000 GE CAP EUR FD EMTN  2.25 13-20 20/07A | EUR | 9,513,470.95 | 0.42 |
| 5,220,000 GECC EMTN	5.375 09-20 23/01A | EUR | 5,236,573.50 | 0.23 |
| 11,250,000 JOHNSON CONT INTL PLC 0.00 17-20 04/12U | EUR | 11,256,637.50 | 0.48 |
| 4,402,000 RYANAIR DAC 1.875 14-21 17 06A | EUR | 4,529,063.73 | 0.20 |
| Italy |  | 171,721,953.51 | 7.51 |
| 10,180,000 BUONI POLIENNAL	3.8500 18-49 01/09S | EUR | 13,178,519.00 | 0.58 |
| 9,992,000 INTESA SANPAOLO 1.125 15-20 14/01A | EUR | 9,999,244.20 | 0.44 |
| 19,031,000 ITALY 3.00 19-29 01/02S | EUR | 21,930,468.00 | 0.96 |
| 108,000,000 ITALY BUONI POLIENNA 1.35 19-30 01/04S | EUR | 107,442,720.00 | 4.69 |
| 8,728,000 MEDIOBANCA EMTN	0.75 17-20 17/02A | EUR | 8,738,517.24 | 0.38 |
| 2,834,000 MEDIOBANCA-BCA CREDI 1.625 19-25 07/01A | EUR | 2,955,663.62 | 0.13 |
| 987,000 UNICREDIT SPA	9.25 16-XX 03/06S | EUR | 1,148,325.15 | 0.05 |
| 4,097,000 UNICREDIT SPA REGS 6.95 12-22 31/10A | EUR | 4,787,364.99 | 0.21 |
| 1,523,000 UNIONE DI BANCH	1.0000 19-22 22/07A | EUR | 1,541,131.31 | 0.07 |
| Japan |  | 1,113,063.84 | 0.05 |
| 1,104,000 NIDEC CORP	0.4870 18-21 27/09A | EUR | 1,113,063.84 | 0.05 |
| Jersey Island |  | 6,076,781.52 | 0.27 |
| 6,009,000 GLENCORE FINANCE EURO 1.25 15-21 17/03A | EUR | 6,076,781.52 | 0.27 |
| Luxembourg |  | 77,752,938.09 | 3.40 |
| 5,325,000 ALLERGAN FUNDING	0.50 17-21 01/06A | EUR | 5,367,174.00 | 0.23 |
| 2,961,000 ALTICE FINANCING REGS 6.625 15-23 15/02S | USD | 2,693,916.48 | 0.12 |
| 6,306,000 ALTICE FINCO REGS  6.25 15-25 15/02S | EUR | 6,547,582.86 | 0.29 |
| 1,834,000 ALTICE FINCO SA	4.75 17-28 15/01S | EUR | 1,858,740.66 | 0.08 |
| 4,649,000 ALTICE LUXEMBOURG SA 8.00 19-27 15/05S | EUR | 5,225,150.57 | 0.23 |
| 2,520,000 ALTICE REGS	7.625 15-25 15/02S | USD | 2,331,982.19 | 0.10 |
| 3,852,000 BECTON DICKINSO	0.1740 19-21 04/06A | EUR | 3,863,979.72 | 0.17 |
| 7,514,000 BLACKSTONE PROPERTY P 0.50 19-23 12/09A | EUR | 7,495,290.14 | 0.33 |
| 4,998,000 CPI PROPERTY GROUP 2.125 17-24 04/10A | EUR | 5,219,611.32 | 0.23 |
| 3,473,000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 3,811,825.88 | 0.17 |
| 6,381,000 GAZ CAPITAL SA	2.949 18-24 24/01A | EUR | 6,943,612.77 | 0.30 |
| 10,800,000 MERCEDES-BENZ FINE 0.00 19-22 21/08U | EUR | 10,757,448.00 | 0.47 |
| 6,100,000 ROMANIAN GOVERNMENT 4.625 19-49 03/04A | EUR | 7,545,242.50 | 0.33 |
| 2,100,000 VOLKSWAGEN BK	0.625 18-21 08/09A | EUR | 2,122,701.00 | 0.09 |
| 6,000,000 WORLDLINE SA/FR	0.2500 19-24 18/09A | EUR | 5,968,680.00 | 0.26 |
| Mexico |  | 56,526,409.21 | 2.47 |
| 4,244,000 PEMEX	1.875 15-22 21/04A | EUR | 4,337,771.18 | 0.19 |
| 2,101,000 PEMEX	2.75 15-27 21/04A | EUR | 2,016,875.96 | 0.09 |
| 3,122,000 PEMEX	3.75 17-24 21/02A | EUR | 3,338,276.55 | 0.15 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| 1,022,000 PEMEX PROJECT REG S 5.50 05-25 24/02A	EUR | 1,169,413.28 | 0.05 |
| 411,000 PEMEX REGS	3.75 14-26 16/04A	EUR | 424,634.93 | 0.02 |
| 7,024,000 PETROLEOS MEXIC	3.6250 18-25 24/11A | EUR | 7,291,403.68 | 0.32 |
| 15,957,000 PETROLEOS MEXICANO 2.50 17-21 21/08A | EUR | 16,429,885.69 | 0.71 |
| 13,350,000 PETROLEOS MEXICANOS 4.75 18-29 24/05A | EUR | 14,202,864.75 | 0.62 |
| 6,809,000 PETROLEOS MEXICANOS 4.875 17-28 21/02A | EUR | 7,315,283.19 | 0.32 |
| New Zealand |  | 25,148,250.00 | 1.10 |
| 25,000,000 BNZ INT FUNDING LON 0.375 19-24 14/09A | EUR | 25,148,250.00 | 1.10 |
| Norway |  | 8,473,825.29 | 0.37 |
| 3,219,000 AKER BP	4.75 19-24 15/06S	USD | 2,993,067.79 | 0.13 |
| 2,700,000 SANTANDER CONS BK 0.125 19-24 11/09A | EUR | 2,678,251.50 | 0.12 |
| 2,800,000 SANTANDER CONSUMER 0.375 17-20 17/02A | EUR | 2,802,506.00 | 0.12 |
| Portugal | 476.11 | 0.00 |
| 465 PORTUGAL 4.80 10-20 15/06A	EUR | 476.11 | 0.00 |
| Romania | 5,801,760.38 | 0.25 |
| 3,158,000 GLOBALWORTH RE ESTATE 2.875 17-22 20/06A	EUR | 3,327,300.38 | 0.14 |
| 2,124,000 ROMANIA	3.875 15-35 29/10A | EUR | 2,474,460.00 | 0.11 |
| Russia |  | 2,394,157.50 | 0.10 |
| 2,100,000 MINISTRY FIN RUSSIA 2.875 18-25 04/12A | EUR | 2,394,157.50 | 0.10 |
| Slovakia |  | 9,638,487.64 | 0.42 |
| 9,122,000 REPUBLIQUE SLOVAQUE 0.75 19-30 09/04A	EUR | 9,638,487.64 | 0.42 |
| South Korea | 8,492,199.55 | 0.37 |
| 8,421,000 LG CHEM 0.50 | 19-23 15/04A | EUR | 8,492,199.55 | 0.37 |
| Spain |  |  | 25,469,893.00 | 1.11 |
| 5,500,000 BANKIA SA | 0.8750 19-24 25/03A | EUR | 5,628,150.00 | 0.25 |
| 3,300,000 BANKIA SA | 1.0000 19-24 25/06A | EUR | 3,342,735.00 | 0.15 |
| 3,900,000 INTL CONSOLIDAT	0.5000 19-23 04/07A | EUR | 3,896,743.50 | 0.17 |
| 6,300,000 SANTAN CONSUMER FI 0.875 17-22 24/01A | EUR | 6,418,156.50 | 0.27 |
| 1,900,000 SANTANDER CONSUM FIN 0.90 15-20 18/02A | EUR | 1,903,230.00 | 0.08 |
| 2,900,000 SANTANDER CONSUMER 0.75 17-22 17/10A | EUR | 2,945,225.50 | 0.13 |
| 1,300,000 SANTANDER FIN	1.0 19-24 27/02A | EUR | 1,335,652.50 | 0.06 |
| Sweden |  | 23,108,871.71 | 1.01 |
| 9,336,000 AB SAGAX	2 18-24 17/01A | EUR | 9,747,110.76 | 0.43 |
| 1,679,500 INTRUM JUSTITIA AB | 2.75 17-22 15/07S | EUR | 1,707,556.05 | 0.07 |
| 2,441,000 INTRUM JUSTITIA AB | 3.125 17-24 15/07S | EUR | 2,497,130.79 | 0.11 |
| 3,500,000 SAMHALLSBYGGNAD	1.1250 19-26 04/09A	EUR | 3,460,905.00 | 0.15 |
| 3,534,000 SWEDBANK	1.00 15-22 01/06A | EUR | 3,618,957.36 | 0.16 |
| 1,990,000 VOLVO CAR AB	2.1250 19-24 02/04A | EUR | 2,077,211.75 | 0.09 |
| Switzerland | 8,525,457.50 | 0.37 |
| 8,500,000 WINTERSHALL DEA SCHWE 0.452 19-23 25/09A	EUR | 8,525,457.50 | 0.37 |
| The Netherlands |  | 111,383,681.43 | 4.87 |
| 594,000 BMW FINANCE	0.125 17-20 03/07A | EUR | 595,416.69 | 0.03 |
| 6,980,000 BMW FINANCE NV	0.125 17-21 12/01A	EUR | 7,007,675.70 | 0.31 |
| 4,842,000 BMW FINANCE NV 0.125 16-20 15/04A | EUR | 4,848,536.70 | 0.21 |
| 22,467,000 DAIMLER INTL FI	0.2500 18-21 09/08A | EUR | 22,577,874.64 | 0.98 |
| 6,734,000 FERRARI	0.25 17-21 16/01A | EUR | 6,753,023.55 | 0.30 |
| 4,426,000 IMCD NV	2.50 18-25 26/03A | EUR | 4,569,645.83 | 0.20 |
| 9,900,000 ING GROUP NV	0.75 17-22 09/03A	EUR | 10,064,340.00 | 0.44 |
| 5,300,000 NATIONALE-NEDERLANDEN 0.375 19-23 31/05A | EUR | 5,346,613.50 | 0.23 |
| 4,598,000 NE PROPERTY BV 2.625	19-23 22/05A | EUR | 4,836,429.29 | 0.21 |
| 8,650,000 NE PROPERTY COOP	1.75 17-24 23/11A | EUR | 8,809,852.00 | 0.38 |
| 594,000 NOMURA EUROPE FINANC 1.125 15-20 03/06A	EUR | 597,486.78 | 0.03 |
| 3,470,000 SIEMENS FIN NV 0.00 19-24 05/09A | EUR | 3,467,102.55 | 0.15 |
| 4,000,000 SIEMENS FINANCIERING 0.0 19-21 05/09A | EUR | 4,019,140.00 | 0.18 |
| 1,464,000 TEVA PHARM FIN II  1.125 16-24 15/10A | EUR | 1,282,010.16 | 0.06 |
| 5,928,000 TEVA PHARM FNC	6.0000 19-25 31/01S | EUR | 6,282,109.08 | 0.27 |
| 2,084,618 TEVA PHARMA	0.375 16-20 25/07A | EUR | 2,079,667.46 | 0.09 |
| 1,081,000 TEVA PHARMA	1.625 16-28 15/10A | EUR | 845,601.44 | 0.04 |
| 4,800,000 TEVA PHARMA	3.25 18-22 14/03S | EUR | 4,866,624.00 | 0.21 |
| 13,409,000 THEVA PHARMAC	1.25 15-23 31/03A | EUR | 12,534,532.06 | 0.55 |
| Turkey |  | 11,554,872.84 | 0.50 |
| 9,400,000 TURKEY GOVERNMENT BO 2.2 19-20 13/03S	EUR | 9,426,469.09 | 0.41 |
| 2,090,000 TURKEY GOVT	5.125 10-20 18/05A	EUR | 2,128,403.75 | 0.09 |
| United Kingdom | 44,703,881.17 | 1.95 |
| 6,535,000 BARCLAYS PLC	1.875 16-23 08/12A	EUR | 6,916,938.07 | 0.30 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 2,007,000 CS AG LDN | 1.125 15-20 15/09A | EUR | 2,027,521.58 | 0.09 |
| --- | --- | --- | --- | --- |
| 5,359,000 FCE BANK | 1.114 15-20 13/05A | EUR | 5,380,382.41 | 0.24 |
| 4,877,000 FCE BANK PLC	0.869 17-21 13/09A	EUR | 4,904,335.58 | 0.21 |
| 8,018,000 GLAXOSMITHKLINE 0.00	17-20 12/09A	EUR | 8,031,710.78 | 0.34 |
| 3,830,000 LLOYDS BK CORP MKTS 0.25 19-22 04/10A	EUR | 3,846,794.55 | 0.17 |
| 6,535,000 RBS	2.50 16-23 22/03A	EUR | 6,986,895.25 | 0.31 |
| 6,535,000 ROYAL BANK OF SCOT 0.625 18-22 02/03A	EUR | 6,609,302.95 | 0.29 |
| United States of America | 66,292,649.20 | 2.90 |
| 4,147,000 BECTON DICKINSON EUR 0.632 19-23 04/06A | EUR | 4,192,741.41 | 0.18 |
| 2,300,000 COLGATE-PALMOLIVE CO 0.00 19-21 12/11A | EUR | 2,310,971.00 | 0.10 |
| 5,847,000 FIDELITY NATIONAL  0.75 19-23 21/05A | EUR | 5,970,079.35 | 0.26 |
| 1,287,000 FIDELITY NATIONAL 0.40 17-21 15/01A | EUR | 1,293,833.97 | 0.06 |
| 3,126,000 FIDELITY NATIONAL INF 0.125 19-21 21/05A | EUR | 3,136,706.55 | 0.14 |
| 8,700,000 FIDELITY NATL I	0.1250 19-22 03/12A | EUR | 8,718,705.00 | 0.38 |
| 5,400,000 FIDELITY NATL I	0.6250 19-25 03/12A | EUR | 5,438,583.00 | 0.24 |
| 1,907,000 FISERV INC | 0.3750 19-23 01/07A | EUR | 1,920,635.05 | 0.08 |
| 989,000 GOLDMAN SACHS GROUP 2.625 13-20 19/08A | EUR | 1,007,306.39 | 0.04 |
| 3,020,000 GOLDMAN SACHS GROUP 4.75 06-21 12/10A | EUR | 3,272,849.50 | 0.14 |
| 2,540,000 MET LIFE GLOB FUND 0.00 19-22 23/09A | EUR | 2,539,212.60 | 0.11 |
| 9,067,000 NETFLIX INC	3.6250 19-30 15/06S | EUR | 9,337,695.29 | 0.41 |
| 3,570,000 PFIZER INC	0.00 17-20 06/03U | EUR | 3,571,249.50 | 0.16 |
| 2,167,000 PRICELINE GROUP IN 2.15 15-22 25/11A | EUR | 2,287,658.56 | 0.10 |
| 3,925,000 STANDARD INDUST  2.2500 19-26 21/11A | EUR | 4,053,269.00 | 0.18 |
| 7,243,000 STRYKER CORP	0.25 19-24 03/12A | EUR | 7,241,153.03 | 0.32 |
| Floating rate bonds |  | 291,643,906.15 | 12.74 |
| Austria |  | 1,160,748.00 | 0.05 |
| 1,200,000 RAIFFEISEN BANK INTL FL.R 18-XX 15/06S	EUR | 1,160,748.00 | 0.05 |
| Denmark | 18,539,185.44 | 0.81 |
| 4,200,000 DANSKE BANK A/S | FL.R | 19-22 20/09S | USD | 3,774,275.28 | 0.16 |
| 14,924,000 DANSKE BANK A/S | FL.R | 19-25 27/08A | EUR | 14,764,910.16 | 0.65 |
| France | 30,294,604.84 | 1.32 |
| 1,194,000 CASA TIER 1 EUR	FL.R 14-49 08/04Q	EUR | 1,292,576.64 | 0.06 |
| 601,000 EUROFINS SCIENTIFIC FL.R 15-49 29/04A | EUR | 633,201.58 | 0.03 |
| 6,791,000 EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 6,667,743.35 | 0.28 |
| 5,065,000 EUROFINS SCIENTIFIC FL.R 19/XX 11/09A | EUR | 4,974,235.20 | 0.22 |
| 1,700,000 LA POSTE SA	FL.R 18-XX 29/01A | EUR | 1,809,939.00 | 0.08 |
| 2,600,000 RCI BANQUE SA	FL.R 19-30 18/02A | EUR | 2,634,684.00 | 0.12 |
| 7,500,000 SAFRAN SA	FL.R 17-21 28/06Q	EUR | 7,521,975.00 | 0.32 |
| 4,830,000 SOCIETE GENERALE  FL.R 18-99 06/04S	USD | 4,760,250.07 | 0.21 |
| Germany | 600,402.00 | 0.03 |
| 600,000 VOLKSWAGEN LEASING | FL.R 17-21 06/07Q | EUR | 600,402.00 | 0.03 |
| Ireland |  |  | 20,527,095.60 | 0.90 |
| 2,666,000 AIB GROUP PLC	FL.R 19-25 10/04S	USD | 2,515,611.47 | 0.11 |
| 2,272,000 ALLIED IRISH BANKS FL.R 15-XX 03/12S	EUR | 2,419,952.64 | 0.11 |
| 5,372,000 BK IRELAND | FL.R 15-XX 18/06S | EUR | 5,547,234.64 | 0.24 |
| 10,045,000 FCA BANK SPA | FL.R	18-21 17/06Q | EUR | 10,044,296.85 | 0.44 |
| Italy |  |  | 25,396,300.01 | 1.11 |
| 1,028,000 FINECO BANK SPA | FL.R 19-XX 03/12S | EUR | 1,106,179.40 | 0.05 |
| 3,353,000 INTESA SAN PAOLO | FL.R 17-XX 11/07S | EUR | 4,071,246.13 | 0.18 |
| 6,400,000 INTESA SANPAOLO | FL.R 19-22 14/10Q | EUR | 6,388,224.00 | 0.28 |
| 3,700,000 MERCEDES BENZ FIN FL.R 17-20 22/06Q | EUR | 3,703,626.00 | 0.16 |
| 4,060,000 UNICREDIT | FL.R 15-25 03/05Q | EUR | 4,080,300.00 | 0.18 |
| 2,326,000 UNICREDIT | FL.R 19-49 19/03S | EUR | 2,726,932.62 | 0.12 |
| 1,444,000 UNICREDIT SPA	FL.R 17-XX 03/06S	EUR | 1,457,559.16 | 0.06 |
| 1,787,000 UNICREDIT SPA EMTN FL.R 13-25 28/10A	EUR | 1,862,232.70 | 0.08 |
| Luxembourg | 18,209,345.98 | 0.80 |
| 10,400,000 INTESA SAN PAOLO LUX FL.R 18-20 13/04Q	EUR | 10,400,312.00 | 0.46 |
| 1,700,000 MOHAWK	FL.R 18-20 18/05Q	EUR | 1,700,036.48 | 0.07 |
| 6,100,000 MOHAWK CAPITAL FINANC FL.R 19-21 04/09Q	EUR | 6,108,997.50 | 0.27 |
| Spain | 20,928,018.00 | 0.91 |
| 10,900,000 BBVA	FL.R 17-22 12/04Q	EUR | 10,983,712.00 | 0.48 |
| 6,000,000 BCO BILBAO VIZCAYA FL.R 15-XX 18/05Q	EUR | 6,053,220.00 | 0.26 |
| 3,800,000 CAIXABANK SA	FL.R 18-XX 23/03Q	EUR | 3,891,086.00 | 0.17 |
| Sweden |  |  | 29,980,832.45 | 1.31 |
| 5,700,000 SCANIA CV AB | FL.R 17-20 20/04Q | EUR | 5,703,249.00 | 0.25 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 12,221,000 SCANIA CV AB FL.R 18-20 19/10Q | EUR | 12,233,343.21 | 0.53 |
| --- | --- | --- | --- |
| 5,900,000 VOLVO TREASURY | FL.R | 19-21 08/02Q | EUR | 5,919,474.24 | 0.26 |
| 6,100,000 VOLVO TREASURY | FL.R | 19-21 09/08Q | EUR | 6,124,766.00 | 0.27 |
| The Netherlands |  | 27,668,872.00 | 1.21 |
| 6,500,000 ABN AMRO	FL.R 15-XX 22/03S | EUR | 6,731,335.00 | 0.29 |
| 10,100,000 BMW FINANCE	FL.R 19-21 15/01Q | EUR | 10,127,169.00 | 0.44 |
| 10,800,000 DAIMLER INTL FIN BV FL.R 18-20 09/04Q | EUR | 10,810,368.00 | 0.48 |
| Turkey |  | 1,812,507.80 | 0.08 |
| 1,800,000 YAPI	FL.R  19-99 15/01S | USD | 1,812,507.80 | 0.08 |
| United Kingdom |  | 64,571,690.99 | 2.81 |
| 3,250,000 BARCLAYS PLC	FL.R 13-XX 15/12Q | EUR | 3,474,315.00 | 0.15 |
| 5,664,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 5,695,208.64 | 0.25 |
| 4,588,000 CHANNEL LINK	FL.R 17-50 30/06S | EUR | 4,809,462.76 | 0.21 |
| 908,000 GOLDMAN SACHS GROUP FL.R 16-21 27/07Q | EUR | 919,014.04 | 0.04 |
| 2,057,000 LLOYDS BANKING GR  FL.R 14-XX 27/06Q | EUR | 2,111,489.93 | 0.09 |
| 16,249,000 NATWEST MARKETS	FL.R 19-21 01/03Q | EUR | 16,283,610.37 | 0.71 |
| 4,149,000 NATWEST MARKETS PLC FL.R 19-21 18/06Q | EUR | 4,165,471.53 | 0.18 |
| 990,000 RBS	FL.R 17-20 08/06Q | EUR | 990,762.30 | 0.04 |
| 19,553,000 ROYAL BK OF SCOTLAND FL.R 18-20 02/03Q | EUR | 19,559,648.02 | 0.85 |
| 6,535,000 SANTANDER UK PLC	FL.R 17-23 18/05Q | EUR | 6,562,708.40 | 0.29 |
| United States of America |  | 31,954,303.04 | 1.40 |
| 19,529,000 AT T INC	FL.R 18-20 03/08Q | EUR | 19,557,707.63 | 0.85 |
| 5,912,000 FORD MOTOR	FL.R 18-21 15/05Q | EUR | 5,877,000.96 | 0.26 |
| 594,000 GOLDMAN SACHS GROUP FL.R 15-20 29/05Q | EUR | 595,360.26 | 0.03 |
| 5,663,000 LIBERTY MUTUAL GROUP FL.R 19-59 23/05A | EUR | 5,924,234.19 | 0.26 |
| Mortgage and asset backed securities |  | 140,561,000.26 | 6.14 |
| Ireland |  | 84,178,070.26 | 3.67 |
| 2,100,000 ADAGI V-X B1R	FL.R 18-31 15/10Q | EUR | 2,105,454.96 | 0.09 |
| 1,645,000 ADAGIO CLO	FL.R 17-31 30/04Q | EUR | 1,620,841.86 | 0.07 |
| 2,335,000 AVOCA 14X A1R	FL.R 17-31 12/01Q | EUR | 2,337,213.34 | 0.10 |
| 9,146,000 BCCE 2018-2X A FL.R 18-32 20/01Q | EUR | 9,189,908.12 | 0.39 |
| 2,770,000 BECLO 4X A	FL.R 17-30 15/07Q | EUR | 2,771,710.20 | 0.12 |
| 394,959 BOSPHORUS CLO	FL.R 17-27 15/04Q | EUR | 395,631.32 | 0.02 |
| 1,154,000 CARLYLE GM STRAT EURO FL.R 16-30 06/06Q | EUR | 1,161,573.24 | 0.05 |
| 6,010,000 CGMSE 2015-2X AA1  FL.R 17-29 21/09Q | EUR | 6,009,953.73 | 0.26 |
| 843,000 GLGE 2X B	FL.R 16-30 15/01Q | EUR | 844,426.27 | 0.04 |
| 2,902,000 HARVEST	FL.R 18-31 15/10Q | EUR | 2,896,162.62 | 0.13 |
| 500,000 HARVEST CLO	FL.R 18-31 15/01Q | EUR | 487,842.15 | 0.02 |
| 5,900,000 HARVEST CLO	0.0 18-30 22/05Q | EUR | 5,919,459.97 | 0.26 |
| 729,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 724,145.66 | 0.03 |
| 384,000 HARVEST CLO XII	FL.R 17-30 18/11Q | EUR | 381,129.56 | 0.02 |
| 1,340,000 HARVEST CLO XVI DAC FL.R 18-31 15/10Q | EUR | 1,343,989.85 | 0.06 |
| 886,000 HARVT 12X AR	FL.R 17-30 18/11Q | EUR | 887,193.53 | 0.04 |
| 960,000 HARVT 8X B1RR	FL.R 18-31 15/01Q | EUR | 946,093.44 | 0.04 |
| 2,791,000 OAK HILL	FL.R 18-31 07/12Q | EUR | 2,782,319.99 | 0.12 |
| 927,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 927,266.60 | 0.04 |
| 1,373,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 1,352,126.14 | 0.06 |
| 824,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 808,538.71 | 0.04 |
| 480,000 OCP EURO CLO	FL.R 17-32 15/01Q | EUR | 477,797.86 | 0.02 |
| 2,550,561 ORWPK 1X A1R	FL.R 17-29 18/07Q | EUR | 2,556,003.87 | 0.11 |
| 340,000 ORWPK 1X A2R	FL.R 17-29 18/07Q | EUR | 341,049.61 | 0.01 |
| 1,709,000 PENTA 2017-3X A	FL.R 17-30 17/04Q | EUR | 1,710,810.00 | 0.07 |
| 589,000 PENTA 2017-3X C	FL.R 17-30 17/04Q | EUR | 582,311.37 | 0.03 |
| 2,320,000 PROVIDUS	FL.R 18-31 20/12Q | EUR | 2,331,434.35 | 0.10 |
| 8,000,000 SPAUL 9X A	FL.R 18-30 15/11Q | EUR | 8,017,169.60 | 0.35 |
| 975,000 ST PAUL	2.05 18-30 25/04Q | EUR | 979,711.98 | 0.04 |
| 3,810,000 ST PAULS CLO IV DAC FL.R 18-30 15/04Q | EUR | 3,814,909.56 | 0.17 |
| 1,000,000 ST PAULS CLO IV DAC FL.R 18-30 25/04Q | EUR | 986,180.00 | 0.04 |
| 900,000 ST PAULS CLO IV DACFL.R 18-30 25/04Q | EUR | 888,285.60 | 0.04 |
| 1,436,000 TORO EUROPEAN CLO 2 FL.R 18-30 15/10Q | EUR | 1,443,111.22 | 0.06 |
| 925,000 TYMON PARK	FL.R 18-29 21/01Q | EUR | 922,664.84 | 0.04 |
| 8,880,000 TYMON PARK	FL.R	18-29 21/01Q | EUR | 8,887,594.17 | 0.39 |
| 1,324,000 WILPK 1X A1	FL.R  17-31 15/01Q | EUR | 1,325,988.51 | 0.06 |
| 2,226,000 WILPK 1X A2A	FL.R 17-31 15/01Q | EUR | 2,208,042.64 | 0.10 |
| 824,000 WILPK 1X B	FL.R 17-31 15/01Q | EUR | 812,023.82 | 0.04 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Luxembourg |  | 2,240,282.94 | 0.10 |
| --- | --- | --- | --- |
| 2,239,000 BECLO 4X B2 2.05 17-30 15/07Q | EUR | 2,240,282.94 | 0.10 |
| The Netherlands |  | 48,657,026.45 | 2.13 |
| 10,000,000 BABSE 2018 2 BV 182X FL.R 18-31 15/10Q | EUR | 9,986,203.00 | 0.44 |
| 1,000,000 CRNCL 2017-8X A  FL.R 17-30 30/10Q | EUR | 1,000,628.80 | 0.04 |
| 2,975,000 CRNCL 2017-8X B1  FL.R 17-30 30/10Q | EUR | 2,949,407.56 | 0.13 |
| 500,000 CRNCL 2017-8X C	FL.R 17-30 30/10Q | EUR | 494,751.15 | 0.02 |
| 2,671,000 DRYD 2015-39X AR  FL.R 17-31 15/10Q | EUR | 2,673,300.54 | 0.12 |
| 455,000 DRYD 2015-39X B1R  FL.R 17-31 15/10Q | EUR | 451,122.35 | 0.02 |
| 1,365,000 DRYD 2015-39X B2R  2.05 17-31 15/10Q | EUR | 1,385,630.06 | 0.06 |
| 1,251,000 DRYD 2015-39X CR  FL.R 17-31 15/10Q | EUR | 1,230,625.08 | 0.05 |
| 1,094,000 DRYD 2017-56 A	FL.R 17-32 15/01Q | EUR | 1,095,317.61 | 0.05 |
| 1,504,000 DRYD 2017-56X B2  FL.R 17-32 15/01Q | EUR | 1,504,283.50 | 0.07 |
| 937,000 DRYD 2017-56X C FL.R  17-32 15/01Q | EUR | 917,288.61 | 0.04 |
| 10,000,000 GROSVENOR PLACE	FL.R 18-29 30/10Q | EUR | 10,045,587.00 | 0.43 |
| 1,237,000 JUBIL 2017-19X A1 FL.R 17-30 15/07Q | EUR | 1,239,044.64 | 0.05 |
| 4,226,000 JUBIL 2017-19X B FL.R 17-30 15/07Q | EUR | 4,187,775.83 | 0.18 |
| 866,000 JUBIL 2017-19X C FL.R 17-30 15/07Q | EUR | 854,211.14 | 0.04 |
| 202,000 JUBILEE CDO BV	FL.R 17-28 12/07Q | EUR | 203,588.94 | 0.01 |
| 4,118,438 PENTA 2017-2X AR  FL.R 17-28 04/08Q | EUR | 4,126,111.47 | 0.18 |
| 1,527,000 TIKEH 3X A	FL.R 17-30 01/12Q | EUR | 1,530,017.81 | 0.07 |
| 1,748,000 TIKEH 3X B	FL.R 17-30 01/12Q | EUR | 1,742,505.86 | 0.08 |
| 1,049,000 TIKEH 3X C	FL.R 17-30 01/12Q | EUR | 1,039,625.50 | 0.05 |
| United States of America |  | 5,485,620.61 | 0.24 |
| 1,500,000 BLACK 2017-2X A1	FL.R 17-32 01/20Q | EUR | 1,502,276.55 | 0.07 |
| 2,700,000 BLACK 2017-2X B	FL.R 17-32 20/01Q | EUR | 2,694,230.91 | 0.11 |
| 1,300,000 BLACK 2017-2X C	FL.R 17-32 20/01Q | EUR | 1,289,113.15 | 0.06 |
| Shares/Units of UCITS/UCIS	 110,748,068.78 | 4.84 |
| Shares/Units in investment funds	 110,748,068.78 | 4.84 |
| France |  | 110,748,068.78 | 4.84 |
| 1,296 BNP PARIBAS MONEY 3M SICAV CAP | EUR | 29,988,002.55 | 1.31 |
| 2,916 CARMIGNAC COURT TERME A EUR ACC | EUR | 10,827,832.51 | 0.47 |
| 39,748 CARMIGNAC SECURITE A EUR ACC | EUR | 69,932,233.72 | 3.06 |
| Money market instruments |  | 276,361,912.74 | 12.08 |
| Bonds |  | 276,361,912.74 | 12.08 |
| Greece |  | 56,527,585.35 | 2.47 |
| 17,500,000 GRECE ZCP 040520 | EUR | 17,490,375.00 | 0.77 |
| 8,563,000 GRECE ZCP 100120 | EUR | 8,563,758.57 | 0.37 |
| 10,604,000 HELLENIC T-BILL ZCP 050620 | EUR | 10,598,858.23 | 0.47 |
| 10,379,000 HELLENIC T-BILL ZCP 070220 | EUR | 10,379,473.00 | 0.45 |
| 9,500,000 HELLENIC TBILL ZCP 28-02-20 | EUR | 9,495,120.55 | 0.41 |
| Italy |  | 154,991,950.94 | 6.78 |
| 20,566,000 ITAL BUON ORDI DEL ZCP 13-03-20 | EUR | 20,599,791.19 | 0.90 |
| 6,155,000 ITAL BUON ORDI DEL ZCP 14-02-20 | EUR | 6,163,300.46 | 0.27 |
| 41,131,000 ITAL BUON ORDI DEL ZCP 28-02-20 | EUR | 41,195,533.05 | 1.80 |
| 42,427,000 ITALY BUONI TES BOT ZCP 290520 | EUR | 42,486,086.77 | 1.86 |
| 44,497,000 ITALY BUONI TES BOT ZCP 310120 | EUR | 44,547,239.47 | 1.95 |
| Spain |  | 64,842,376.45 | 2.83 |
| 21,576,000 SPAI LETR DEL TESO ZCP 06-03-20 | EUR | 21,610,449.20 | 0.94 |
| 21,576,000 SPAIN LETRAS DEL TES ZCP 140220 | EUR | 21,605,600.15 | 0.94 |
| 21,576,000 SPAIN LETRAS DEL TES ZCP 170420 | EUR | 21,626,327.10 | 0.95 |
| Total securities portfolio |  | 2,190,295,140.30 | 95.72 |

|  | Geographical | breakdown |  |
| --- | --- | --- | --- |
| Breakdown per country |  |  | % of net assets |
| Italy |  |  | 15.40 |
| France |  |  | 14.62 |
| Greece |  |  | 8.90 |
| The Netherlands |  |  | 8.21 |
| Ireland |  |  | 6.99 |
| Spain |  |  | 4.85 |
| United Kingdom |  |  | 4.76 |
| United States of America |  |  | 4.54 |
| Luxembourg |  |  | 4.30 |
| Australia |  |  | 3.46 |
| Cyprus |  |  | 3.06 |
| Denmark |  |  | 2.88 |
| Mexico |  |  | 2.47 |
| Sweden |  |  | 2.32 |
| Germany |  |  | 2.01 |
| China |  |  | 1.22 |
| New Zealand |  |  | 1.10 |
| Austria |  |  | 0.91 |
| Turkey |  |  | 0.58 |
| Canada |  |  | 0.48 |
| Slovakia |  |  | 0.42 |
| Norway |  |  | 0.37 |
| South Korea |  |  | 0.37 |
| Switzerland |  |  | 0.37 |
| Finland |  |  | 0.35 |
| Jersey Island |  |  | 0.27 |
| Romania |  |  | 0.25 |
| British Virgin Islands |  |  | 0.11 |
| Russia |  |  | 0.10 |
| Other |  |  | 0.05 |
|  |  |  | 95.72 |


#### Economical breakdown

###### Breakdown per sector	% of net assets
Countries and central government	33.20
Holding and finance companies	22.27
Banks and credit institutions	17.21
Pharmaceuticals and cosmetics	3.85
Petroleum	3.00
Internet and internet services	2.90
Healthcare and social services	2.32
Miscellaneous sectors	2.12
Road vehicles	1.62
Real estate companies	1.47
Communications	1.28
Miscellaneous services	0.64
Miscellaneous consumer goods	0.58
Unit trusts	0.58
Transportation	0.56
Aerospace industry	0.49
Chemicals	0.37
Textiles and garments	0.27
Graphic art and publishing	0.27
Insurance	0.26
Miscellaneous trading companies	0.20
Utilities	0.09
Hotels and restaurants	0.08
Electronics and semiconductors	0.05
Electrical engineering and electronics	0.03
Retail trade, department stores	0.01
95.72
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 38,030,688.11 |
| --- | --- | --- |
| Net dividends |  | 28,874.63 |
| Net interest on bonds |  | 36,882,972.74 |
| Bank interest on cash account |  | 160,032.11 |
| Other financial income |  | 372,686.01 |
| Interest on swaps |  | 61,869.86 |
| Securities lending income | Note 2, 7 | 524,252.76 |
| Expenses |  | 18,618,886.07 |
| Management fees | Note 3 | 11,775,392.32 |
| Custodian & sub-custodian fees | Note 4 | 402,758.60 |
| Taxe d'abonnement | Note 5 | 1,131,949.00 |
| Bank interest on overdrafts |  | 878,120.72 |
| Transaction fees | Note 6 | 80,362.56 |
| Interest on swaps |  | 3,550,567.58 |
| Operating and establishment fees | Note 4 | 799,735.29 |
| Net income from investments |  | 19,411,802.04 |
| Net realised profit / loss on: |  |  |
| - sales of investment securities | Note 2 | 9,321,209.70 |
| - forward foreign exchange contracts |  | 3,806,537.49 |
| - financial futures |  | (21,524,091.28) |
| - swaps |  | (6,949,452.02) |
| - foreign exchange |  | 116,475.92 |
| Net realised profit |  | 4,182,481.85 |
| Movement in net unrealised appreciation / depreciation on: |  |  |
| - investments | Note 2 | 83,615,857.04 |
| - forward foreign exchange contracts |  | (1,271,397.84) |
| - financial futures |  | 7,711,861.60 |
| - swaps |  | (4,253,798.25) |
| Increase in net assets as a result of operations |  | 89,985,004.40 |
| Dividends paid | Note 10 | (963,845.57) |
| Subscription capitalisation shares |  | 1,455,559,406.82 |
| Subscription distribution shares |  | 10,429,432.78 |
| Redemption capitalisation shares |  | (2,048,331,065.32) |
| Redemption distribution shares |  | (51,845,244.56) |
| Decrease in net assets |  | (545,166,311.45) |
| Net assets at the beginning of the year |  | 2,833,605,872.23 |
| Net assets at the end of the year |  | 2,288,439,560.78 |

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 |