# CARMIGNAC PORTFOLIO
## Investissement

##### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 278,087,893.65 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 259,958,674.08 |
| Cost price |  | 202,059,068.15 |
| Unrealised profit on the securities portfolio |  | 57,899,605.93 |
| Cash at banks and liquidities |  | 3,395,852.50 |
| Interest receivable |  | 27.02 |
| Brokers receivable |  | 8,285,253.78 |
| Subscriptions receivable |  | 5,826,292.66 |
| Dividends receivable |  | 76,991.40 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 17,929.66 |
| Unrealised net appreciation on financial futures | Note 2 | 29,967.44 |
| Unrealised net appreciation on swaps | Note 2 | 471,748.43 |
| Other assets | Note 12 | 25,156.68 |
| Liabilities |  | 6,633,054.23 |
| Bank overdrafts |  | 768,541.92 |
| Brokers payable |  | 552,131.03 |
| Redemptions payable |  | 92,977.59 |
| Other liabilities | Note 13 | 5,219,403.69 |
| Net asset value |  | 271,454,839.42 |

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 | 271,454,839.42 | 229,966,793.91 | 195,644,790.42 |
| Class A EUR - Capitalisation Number of shares |  | 287,284 | 303,268 | 467,102 |
| Net asset value per share | EUR | 152.19 | 113.10 | 90.44 |
| Class A EUR Y - Distribution Number of shares |  | 44,143 | 61,903 | 96 |
| Net asset value per share | EUR | 149.51 | 111.16 | 89.12 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 0 | 0 | 1 |
| Net asset value per share | CHF | 0.00 | 0.00 | 94.68 |
| Class A USD Hedged - Capitalisation Number of shares |  | 18,930 | 32,128 | 33,430 |
| Net asset value per share | USD | 166.67 | 122.31 | 95.52 |
| Class E EUR - Capitalisation Number of shares |  | 12,815 | 10,842 | 18,886 |
| Net asset value per share | EUR | 146.04 | 109.27 | 87.84 |
| Class E USD Hedged - Capitalisation Number of shares |  | 1 | 1 | 1 |
| Net asset value per share | USD | 173.40 | 128.10 | 100.76 |
| Class F EUR - Capitalisation Number of shares |  | 1,164,868 | 1,339,758 | 1,363,460 |
| Net asset value per share | EUR | 183.56 | 135.67 | 107.88 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F CHF Hedged - Capitalisation | 271,454,839.42 | 229,966,793.91 | 195,644,790.42 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 0 | 0 | 340 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 0.00 | 0.00 | 104.91 |
| Class F GBP - Capitalisation Number of shares |  | 7,232 | 7,342 | 6,795 |
| Net asset value per share | GBP | 196.38 | 137.92 | 115.51 |
| Class F GBP Hedged - Capitalisation Number of shares |  | 5,769 | 6,626 | 7,325 |
| Net asset value per share | GBP | 186.91 | 138.69 | 109.43 |
| Class F USD Hedged - Capitalisation Number of shares |  | 450 | 450 | 450 |
| Net asset value per share | USD | 199.05 | 145.21 | 112.75 |

Quantity	Denomination
Quotation
Market value
% of net
currency	assets
| Transferable sec | urities admitted to an official stock exchange | listing	 253,208,645.58 | 93.28 |
| --- | --- | --- | --- |
| Shares |  | 253,208,645.58 | 93.28 |
|  | Brazil | 2,411,023.81 | 0.89 |
| 484,402 ITAU UNIBANCO ADR REPR 1 PFD SHS | USD | 2,411,023.81 | 0.89 |
| Canada |  | 948,439.30 | 0.35 |
| 802,900 ORYX PETROLEUM CORPORATION LTD | CAD | 33,479.92 | 0.01 |
| 989 SHOPIFY -A- SUBORD VOTING | USD | 914,959.38 | 0.34 |
| Cayman Islands |  | 32,025,982.35 | 11.80 |
| 123,027 CHINDATA GROUP HOLDINGS LTD | USD | 2,409,159.35 | 0.89 |
| 39,503 GDS HOLDINGS -A- ADR REP 8 SHS-A- | USD | 3,023,220.07 | 1.11 |
| 138,619 JD HEALTH INTERNATIONAL INC | HKD | 2,191,662.49 | 0.81 |
| 181,107 JD.COM INC SADR REPR 2 SHS -A- | USD | 13,010,751.75 | 4.80 |
| 35,710 NIO INC - SHS -A- ADR | USD | 1,422,504.52 | 0.52 |
| 18,038 SEA -A- ADR REPR1 SHS | USD | 2,934,464.39 | 1.08 |
| 465,150 WUXI BIOLOGICS | HKD | 5,040,177.08 | 1.86 |
| 56,965 XPENG INC | USD | 1,994,042.70 | 0.73 |
| China |  | 8,772,142.80 | 3.23 |
| 377,622 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 6,980,188.21 | 2.57 |
| 231,496 ZHUHAI GREE ELECTRICAL APPLIANCES INC-A- | CNY | 1,791,954.59 | 0.66 |
| Denmark |  | 4,995,657.83 | 1.84 |
| 44,702 NOVO NORDISK | DKK | 2,562,267.27 | 0.94 |
| 14,566 ORSTED | DKK | 2,433,390.56 | 0.90 |
| France |  | 20,494,361.10 | 7.55 |
| 26,901 ESSILORLUXOTTICA SA | EUR | 3,431,222.55 | 1.26 |
| 10,647 HERMES INTERNATIONAL SA | EUR | 9,365,101.20 | 3.46 |
| 42,397 SAFRAN SA | EUR | 4,915,932.15 | 1.81 |
| 35,172 WORLDLINE SA | EUR | 2,782,105.20 | 1.02 |
| Germany |  | 10,171,286.08 | 3.75 |
| 37,336 DELIVERY HERO | EUR | 4,741,672.00 | 1.75 |
| 22,894 KNORR-BREMSE - BEARER SHS | EUR | 2,556,801.92 | 0.94 |
| 18,848 VOLKSWAGEN AG VORZ.AKT | EUR | 2,872,812.16 | 1.06 |
| India |  | 5,265,431.79 | 1.94 |
| 45,842 AVENUE SUPER REGISTERED | INR | 1,417,074.62 | 0.52 |
| 239,539 HDFC BANK - REGISTERED SHS | INR | 3,848,357.17 | 1.42 |
| Ireland |  | 5,651,035.21 | 2.08 |
| 31,962 MEDTRONIC HLD | USD | 3,059,971.95 | 1.13 |
| 159,401 RYANAIR HLDGS | EUR | 2,591,063.26 | 0.95 |
| Italy |  | 915,802.11 | 0.33 |
| 119,744 UNICREDIT SPA REGS | EUR | 915,802.11 | 0.33 |
| Japan |  | 6,722,374.63 | 2.48 |
| 12,900 NINTENDO CO LTD | JPY | 6,722,374.63 | 2.48 |
| South Korea |  | 10,436,115.79 | 3.84 |
| 9,094 HYUNDAI MOTOR CO LTD | KRW | 1,313,665.11 | 0.48 |
| 4,963 LG CHEM | KRW | 3,076,805.01 | 1.13 |
| 99,204 SAMSUNG ELECTRONICS CO LTD | KRW | 6,045,645.67 | 2.23 |
| Spain |  | 3,541,824.72 | 1.30 |
| 16,339 AENA SME SA | EUR | 2,323,405.80 | 0.85 |
| 20,457 AMADEUS IT GROUP SA -A- | EUR | 1,218,418.92 | 0.45 |
| Switzerland |  | 1,901,019.93 | 0.70 |
| 35,253 ALCON - REGISTERED SHS | USD | 1,901,019.93 | 0.70 |
| The Netherlands |  | 9,233,054.24 | 3.40 |
| 44,709 ELASTIC NV | USD | 5,339,647.89 | 1.97 |
| 6,977 FERRARI NV | EUR | 1,316,211.05 | 0.48 |
| 19,831 NXP SEMICONDUCTORS | USD | 2,577,195.30 | 0.95 |
| United Kingdom |  | 1,813,590.58 | 0.67 |
| 90,715 BURBERRY GROUP PLC | GBP | 1,813,590.58 | 0.67 |
| United States of America |  | 127,909,503.31 | 47.12 |
| 875 AIRBNB INC | USD | 104,981.41 | 0.04 |
| 6,258 ALPHABET INC -A- | USD | 8,964,097.19 | 3.30 |
| 2,576 AMAZON.COM INC | USD | 6,856,974.93 | 2.53 |
| 6,260 AMEDISYS INC | USD | 1,500,752.56 | 0.55 |
| 21,088 ANTHEM INC | USD | 5,534,016.53 | 2.04 |
| 84,359 BLACKSTONE MTG-A | USD | 1,898,086.12 | 0.70 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2,257 BOOKING HOLDINGS INC | USD | 4,108,494.45 | 1.51 |
| --- | --- | --- | --- |
| 72,163 BOSTON SCIENTIFIC CORP | USD | 2,120,272.85 | 0.78 |
| 40,186 CAPITAL ONE FINANCIAL CORP | USD | 3,246,607.09 | 1.20 |
| 46,089 CENTENE CORP | USD | 2,261,225.67 | 0.83 |
| 27,698 CHEGG INC | USD | 2,044,837.02 | 0.75 |
| 31,494 CONSTELLATION BRANDS INC -A- | USD | 5,638,315.31 | 2.08 |
| 12,337 COSTCO WHOLESALE CORP | USD | 3,799,055.91 | 1.40 |
| 11,709 DOLLAR GENERAL | USD | 2,012,506.80 | 0.74 |
| 9,114 ETSY | USD | 1,325,219.03 | 0.49 |
| 41,729 FACEBOOK -A- | USD | 9,316,083.23 | 3.43 |
| 4,052 FAIR ISAAC CORP | USD | 1,692,398.41 | 0.62 |
| 44,494 FIDELITY NATIONAL INFO SERVICES INC | USD | 5,144,147.15 | 1.90 |
| 47,183 FISERV INC | USD | 4,390,712.58 | 1.62 |
| 72,925 GODADDY -A- | USD | 4,943,916.27 | 1.82 |
| 128,804 GOHEALTH INC | USD | 1,437,998.15 | 0.53 |
| 18,196 HAEMONETICS CORP | USD | 1,765,988.31 | 0.65 |
| 61,272 INTERCONTINENTAL EXCHANGE INC | USD | 5,773,404.34 | 2.13 |
| 127,323 KINGSOFT CLOUD HOLDINGS LTD | USD | 4,531,826.77 | 1.67 |
| 11,259 LULULEMON ATHLETICA INC SHS WHEN ISSUED | USD | 3,202,541.60 | 1.18 |
| 8,977 MASTERCARD INC -A- | USD | 2,618,814.42 | 0.96 |
| 21,109 MATCH GROUP INC | USD | 2,608,368.85 | 0.96 |
| 1,594 MERCADOLIBRE | USD | 2,182,420.56 | 0.80 |
| 14,118 MERCK & CO INC | USD | 943,853.87 | 0.35 |
| 20,492 MICROSOFT CORP | USD | 3,725,087.36 | 1.37 |
| 6,720 NETFLIX INC | USD | 2,969,805.57 | 1.09 |
| 16,714 PAYPAL HOLDINGS | USD | 3,199,230.76 | 1.18 |
| 31,914 PLANET FITNESS INC | USD | 2,024,832.51 | 0.75 |
| 27,432 SALESFORCE.COM INC | USD | 4,989,124.24 | 1.84 |
| 1,288 SCHRODINGER INC | USD | 83,350.77 | 0.03 |
| 12,256 STRYKER CORP | USD | 2,454,505.53 | 0.90 |
| 30,321 T MOBILE USA INC | USD | 3,341,740.71 | 1.23 |
| 37,512 TRADEWEB MKTS/REGSH | USD | 1,914,612.73 | 0.71 |
| 4,324 UNITEDHEALTH GROUP INC | USD | 1,239,295.75 | 0.46 |
| Shares/Units of UCITS/UCIS |  | 6,750,028.50 | 2.49 |
| Shares/Units in investment funds |  | 6,750,028.50 | 2.49 |
| France |  | 6,750,028.50 | 2.49 |
| 3,910 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 6,750,028.50 | 2.49 |

Total securities portfolio	
259,958,674.08	95.76
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 47.12 |
| Cayman Islands |  | 11.80 |
| France |  | 10.04 |
| South Korea |  | 3.84 |
| Germany |  | 3.75 |
| The Netherlands |  | 3.40 |
| China |  | 3.23 |
| Japan |  | 2.48 |
| Ireland |  | 2.08 |
| India |  | 1.94 |
| Denmark |  | 1.84 |
| Spain |  | 1.30 |
| Brazil |  | 0.89 |
| Switzerland |  | 0.70 |
| United Kingdom |  | 0.67 |
| Canada |  | 0.35 |
| Italy |  | 0.33 |
|  |  | 95.76 |

Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Internet and internet services | 26.61 |
| Retail trade, department stores | 10.48 |
| Pharmaceuticals and cosmetics | 9.16 |
| Holding and finance companies | 5.70 |
| Electronics and semiconductors | 5.66 |
| Textiles and garments | 5.31 |
| Healthcare and social services | 4.84 |
| Banks and credit institutions | 3.92 |
| Road vehicles | 3.27 |
| Miscellaneous services | 2.97 |
| Unit trusts | 2.49 |
| Communications | 2.19 |
| Tobacco and alcoholic drinks | 2.08 |
| Biotechnology | 1.86 |
| Aerospace industry | 1.81 |
| Transportation | 1.80 |
| Chemicals | 1.13 |
| Machine and apparatus construction | 0.94 |
| Utilities | 0.90 |
| Hotels and restaurants | 0.75 |
| Real estate companies | 0.70 |
| Electrical engineering and electronics | 0.66 |
| Insurance | 0.52 |
| Petroleum | 0.01 |
|  | 95.76 |

Statement of operations and changes in net assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 1,477,421.35 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,283,993.31 |
| Bank interest on cash account |  | 54,704.53 |
| Other financial income |  | 108,087.08 |
| Interest on swaps |  | 2.06 |
| Securities lending income | Note 2, 7 | 30,634.37 |
| Expenses |  | 8,299,533.77 |
| Management fees | Note 3 | 2,184,692.01 |
| Custodian & sub-custodian fees | Note 4 | 37,963.65 |
| Taxe d'abonnement | Note 5 | 112,191.21 |
| Performance fees | Note 3 | 4,914,172.63 |
| Bank interest on overdrafts |  | 56,297.33 |
| Transaction fees | Note 6 | 359,066.36 |
| Dividend expenses |  | 115,678.92 |
| Interest on swaps |  | 141.98 |
| Operating and establishment fees | Note 4 | 519,329.68 |
| Net loss from investments |  | (6,822,112.42) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 32,888,598.67 |
| - options |  | (132,280.00) |
| - forward foreign exchange contracts |  | (11,756.49) |
| - financial futures |  | (629,625.44) |
| - swaps |  | 295,031.01 |
| - foreign exchange |  | (1,283,033.54) |
| Net realised profit |  | 24,304,821.79 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 40,229,121.69 |
| - options |  | (32,862.89) |
| - forward foreign exchange contracts |  | (223,735.10) |
| - financial futures |  | 30,729.72 |
| - swaps |  | 115,876.68 |
| Increase in net assets as a result of operations |  | 64,423,951.89 |
| Dividends paid | Note 10 | (1,786.58) |
| Subscription capitalisation shares |  | 137,085,393.17 |
| Subscription distribution shares |  | 1,941,427.60 |
| Redemption capitalisation shares |  | (158,370,182.68) |
| Redemption distribution shares |  | (3,590,757.89) |
| Increase in net assets |  | 41,488,045.51 |
| Net assets at the beginning of the year |  | 229,966,793.91 |
| Net assets at the end of the year |  | 271,454,839.42 |

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 |