# CARMIGNAC PORTFOLIO
## Grande Europe

##### Financial Statements as at 31/12/21
Statement of net assets as at 31/12/21
Expressed in EUR
| Assets |  | 838,995,206.07 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 812,400,995.50 |
| Cost price |  | 651,162,062.83 |
| Unrealised profit on the securities portfolio |  | 161,238,932.67 |
| Cash at banks and liquidities |  | 24,381,999.83 |
| Subscriptions receivable |  | 2,210,557.28 |
| Other assets | Note 12 | 1,653.46 |
| Liabilities |  | 14,227,107.99 |
| Bank overdrafts |  | 4,251.20 |
| Brokers payable |  | 845,410.99 |
| Redemptions payable |  | 11,492,863.70 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 2 | 6,599.37 |
| Other liabilities | Note 13 | 1,877,982.73 |
| Net asset value |  | 824,768,098.08 |

Key figures relating to the last 3 years
|  | Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 824,768,098.08 | 679,560,893.97 | 408,200,629.40 |
| Class A EUR - Capitalisation Number of shares |  | 590,008 | 559,627 | 569,663 |
| Net asset value per share | EUR | 336.81 | 276.68 | 241.73 |
| Class A EUR - Distribution (annual) Number of shares |  | 33,468 | 18,029 | 19,037 |
| Net asset value per share | EUR | 233.65 | 191.94 | 168.75 |
| Class A CHF Hedged - Capitalisation Number of shares |  | 6,493 | 4,613 | 2,460 |
| Net asset value per share | CHF | 234.69 | 193.51 | 169.79 |
| Class A USD Hedged - Capitalisation Number of shares |  | 9,735 | 6,588 | 5,103 |
| Net asset value per share | USD | 261.68 | 213.04 | 183.59 |
| Class E EUR - Capitalisation Number of shares |  | 129,234 | 74,335 | 33,539 |
| Net asset value per share | EUR | 182.03 | 150.65 | 132.87 |
| Class E USD Hedged - Capitalisation Number of shares |  | 988 | 944 | 1 |
| Net asset value per share | USD | 218.60 | 179.30 | 156.31 |
| Class F EUR - Capitalisation Number of shares |  | 1,032,313 | 484,334 | 919,017 |
| Net asset value per share | EUR | 224.51 | 183.24 | 160.13 |
| Class F EUR - Distribution (annual) Number of shares |  | 52,486 | 35,005 | 0 |
| Net asset value per share | EUR | 182.77 | 149.17 | 0.00 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 5,226 | 5,388 | 671 |
| Net asset value per share | CHF | 221.68 | 181.60 | 158.15 |

| Year ending as at: | 31/12/21 | 31/12/20 | 31/12/19 |
| --- | --- | --- | --- |
| t Assets	 EUR Class F USD Hedged - Capitalisation | 824,768,098.08 | 679,560,893.97 | 408,200,629.40 |

Key figures relating to the last 3 years
Total Ne
| Number of shares |  | 2,406 | 2,771 | 859 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 249.21 | 201.57 | 173.44 |
| Class X EUR - Capitalisation Number of shares |  | 2 | 15,102 | 0 |
| Net asset value per share | EUR | 16,776.39 | 13,716.87 | 0.00 |
| Class W EUR - Capitalisation Number of shares |  | 1,804,376 | 1,304,159 | 897,722 |
| Net asset value per share | EUR | 186.38 | 152.11 | 127.23 |
| Class W GBP - Capitalisation Number of shares |  | 75,826 | 57,430 | 0 |
| Net asset value per share | GBP | 126.12 | 109.74 | 0.00 |
| Class W USD Hedged - Capitalisation Number of shares |  | 559 | 500 | 0 |
| Net asset value per share | USD | 139.26 | 112.64 | 0.00 |

Securities portfolio as at 31/12/21
Expressed in EUR
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
812,400,995.50	98.50
| Shares |  | 812,400,995.50 | 98.50 |
| --- | --- | --- | --- |
|  | Belgium | 10,829,950.15 | 1.31 |
| 429,334 AKITA MIDCO 1 NV | EUR | 10,829,950.15 | 1.31 |
| Denmark |  | 112,732,514.06 | 13.67 |
| 319,318 GN GREAT NORDIC | DKK | 17,658,316.31 | 2.14 |
| 431,409 NOVO NORDISK | DKK | 42,632,786.79 | 5.18 |
| 135,236 NOVOZYMES -B- | DKK | 9,767,771.75 | 1.18 |
| 174,987 ORSTED | DKK | 19,650,040.66 | 2.38 |
| 548,977 VESTAS WIND SYSTEMS - BEARER AND/OR SHS | DKK | 14,762,208.24 | 1.79 |
| 423,466 ZEALAND PHARMA | DKK | 8,261,390.31 | 1.00 |
| France	 136,517,572.48 | 16.56 |
| 79,245 ANTIN INF PARTN --- SHS | EUR | 2,733,952.50 | 0.33 |
| 168,214 ESSILORLUXOTTICA SA | EUR | 31,496,389.36 | 3.82 |
| 43,252 L'OREAL SA | EUR | 18,033,921.40 | 2.19 |
| 31,722 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 23,061,894.00 | 2.80 |
| 245,607 SCHNEIDER ELECTRIC SE | EUR | 42,357,383.22 | 5.14 |
| 48,046 TELEPERFORMANCE SE | EUR | 18,834,032.00 | 2.28 |
| Germany	 81,051,755.30 | 9.83 |
| 162,609 DELIVERY HERO | EUR | 15,935,682.00 | 1.93 |
| 345,193 PUMA AG | EUR | 37,108,247.50 | 4.50 |
| 224,242 SAP AG | EUR | 28,007,825.80 | 3.40 |
| Ireland |  | 23,309,475.00 | 2.83 |
| 221,995 KINGSPAN GROUP | EUR | 23,309,475.00 | 2.83 |
| Italy |  | 14,655,378.15 | 1.78 |
| 949,490 FINECOBANK | EUR | 14,655,378.15 | 1.78 |
| Jersey Island |  | 26,680,405.53 | 3.23 |
| 616,764 EXPERIAN GROUP | GBP | 26,680,405.53 | 3.23 |
| Luxembourg |  | 12,907,617.00 | 1.56 |
| 321,085 SUSE SA | EUR | 12,907,617.00 | 1.56 |
| Spain |  | 43,971,524.28 | 5.33 |
| 600,077 AMADEUS IT GROUP SA -A- | EUR | 35,788,592.28 | 4.34 |
| 477,975 SOLARIA ENERGIA | EUR | 8,182,932.00 | 0.99 |
| Sweden |  | 59,953,585.64 | 7.27 |
| 1,192,777 ASSA ABLOY -B- NEW I | SEK | 31,997,378.34 | 3.88 |
| 712,740 EPIROC --- REGISTERED SHS -A- | SEK | 15,866,356.64 | 1.92 |
| 717,034 NORDNET AB PUBL | SEK | 12,089,850.66 | 1.47 |
| Switzerland |  | 40,842,742.46 | 4.95 |
| 94,078 POLYPEPTIDE GROUP AG | CHF | 12,439,015.59 | 1.51 |
| 77,408 SIKA - REGISTERED SHS | CHF | 28,403,726.87 | 3.44 |
| The Netherlands	 134,927,804.44 | 16.36 |
| 12,132 ADYEN --- PARTS SOCIALES | EUR | 28,043,118.00 | 3.40 |
| 91,735 ARGENX SE | EUR | 28,924,045.50 | 3.51 |
| 37,595 ASML HOLDING NV | EUR | 26,568,386.50 | 3.22 |
| 130,789 IMCD | EUR | 25,464,618.30 | 3.09 |
| 1,046,313 UNIVERSAL MUSIC GROUP N.V. | EUR | 25,927,636.14 | 3.14 |
| United Kingdom	 114,020,671.01 | 13.82 |
| 852,484 ALLFUNDS GROUP PLC | EUR | 14,744,563.26 | 1.79 |
| 226,373 ASHTEAD GROUP | GBP | 16,020,823.80 | 1.94 |
| 230,365 ASTRAZENECA PLC | GBP | 23,810,236.66 | 2.89 |
| 2,392,825 COMPASS GROUP | GBP | 47,052,811.76 | 5.70 |
| 816,361 PRUDENTIAL PLC | GBP | 12,392,235.53 | 1.50 |
| Total securities portfolio |  | 812,400,995.50 | 98.50 |

|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| France |  | 16.56 |
| The Netherlands |  | 16.36 |
| United Kingdom |  | 13.82 |
| Denmark |  | 13.67 |
| Germany |  | 9.83 |
| Sweden |  | 7.27 |
| Spain |  | 5.33 |
| Switzerland |  | 4.95 |
| Jersey Island |  | 3.23 |
| Ireland |  | 2.83 |
| Italy |  | 1.78 |
| Luxembourg |  | 1.56 |
| Belgium |  | 1.31 |
|  |  | 98.50 |


##### Economical breakdown
| Breakdown per sector | % of net assets |
| --- | --- |
| Pharmaceuticals and cosmetics | 14.08 |
| Holding and finance companies | 10.00 |
| Internet and internet services | 9.30 |
| Machine and apparatus construction | 7.74 |
| Textiles and garments | 7.30 |
| Banks and credit institutions | 6.65 |
| Chemicals | 5.93 |
| Hotels and restaurants | 5.70 |
| Utilities | 5.16 |
| Electrical engineering and electronics | 5.14 |
| Biotechnology | 4.51 |
| Communications | 4.42 |
| Electronics and semiconductors | 3.22 |
| Miscellaneous trading companies | 3.09 |
| Building materials and trade | 2.83 |
| Miscellaneous services | 1.93 |
| Insurance | 1.50 |
|  | 98.50 |

Statement of operations and changes in net assets from 01/01/21 to 31/12/21
Expressed in EUR
| Income |  | 8,450,724.82 |
| --- | --- | --- |
| Net dividends | Note 2 | 8,390,731.98 |
| Bank interest on cash account |  | 325.50 |
| Other financial income |  | 59,667.34 |
| Expenses |  | 13,213,774.74 |
| Management fees | Note 3 | 7,555,071.62 |
| Custodian & sub-custodian fees | Note 4 | 98,247.00 |
| Taxe d'abonnement | Note 5 | 356,705.00 |
| Performance fees | Note 3 | 659,471.30 |
| Bank interest on overdrafts |  | 160,244.70 |
| Transaction fees | Note 6 | 2,514,484.61 |
| Operating and establishment fees | Note 4 | 1,869,550.51 |
| Net loss from investments |  | (4,763,049.92) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 104,156,308.51 |
| - forward foreign exchange contracts |  | (172,860.88) |
| - financial futures |  | (694,472.81) |
| - foreign exchange |  | 6,281,987.59 |
| Net realised profit |  | 104,807,912.49 |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 54,321,151.41 |
| - forward foreign exchange contracts |  | 435,232.88 |
| Increase in net assets as a result of operations |  | 159,564,296.78 |
| Subscription capitalisation shares |  | 417,773,452.37 |
| Subscription distribution shares |  | 8,479,359.61 |
| Redemption capitalisation shares |  | (438,255,759.51) |
| Redemption distribution shares |  | (2,354,145.14) |
| Increase in net assets |  | 145,207,204.11 |
| Net assets at the beginning of the year |  | 679,560,893.97 |
| Net assets at the end of the year |  | 824,768,098.08 |

The accompanying notes form an integral part of these financial statements

Translation (ENDE, 2021-12-31):
# CARMIGNAC PORTFOLIO
## Konsolidiert
Abschluss zum 31.12.2021
| Aufstellung des Nettovermögens zum 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Aktiva |  | 14.296.102.296,03 |
| Wertpapierportfolio zum Bewertungskurs | Erläuterung 2 | 12.786.958.345,89 |
| Anschaffungskosten |  | 12.302.732.055,55 |
| Nicht realisierter Gewinn aus dem Wertpapierportfolio |  | 484.226.290,34 |
| Zum Bewertungskurs erworbene Optionen | Erläuterung 2 | 8.280.890,95 |
| Zum Einstandspreis erworbene Optionen |  | 14.755.475,83 |
| Bankguthaben und liquide Mittel |  | 1.258.035.503,41 |
| Zinsforderungen aus Anleihen |  | 74.168.219,23 |
| Forderungen gegenüber Brokern |  | 77.406.660,52 |
| Forderungen aus Zeichnungen |  | 54.525.076,75 |
| Dividendenforderungen |  | 565.844,56 |
| Nicht realisierter Nettogewinn aus Devisenterminkontrakten | Erläuterung 2 | 10.935.072,57 |
| Nicht realisierter Nettogewinn aus Futures | Erläuterung 2 | 21.488.860,85 |
| Nicht realisierter Nettogewinn aus Swaps | Erläuterung 2 | 264.908,10 |
| Zinsforderungen aus Swaps |  | 3.443.596,41 |
| Sonstige Aktiva | Erläuterung 12 | 29.316,79 |
| Passiva |  | 425.145.214,16 |
| Zum Bewertungskurs verkaufte Optionen | Erläuterung 2 | 5.385.734,12 |
| Zum Einstandspreis verkaufte Optionen |  | 7.908.595,74 |
| Kontoüberziehungen |  | 69.365.864,40 |
| Verbindlichkeiten gegenüber Brokern |  | 208.033.990,04 |
| Verbindlichkeiten aus Rücknahmen |  | 32.103.047,20 |
| Nicht realisierter Nettoverlust aus Devisenterminkontrakten | Erläuterung 2 | 335.907,05 |
| Nicht realisierter Nettoverlust aus Futures | Erläuterung 2 | 1.744.520,97 |
| Nicht realisierter Nettoverlust aus Swaps | Erläuterung 2 | 67.364.609,83 |
| Zinszahlungen aus Swaps |  | 2.835.549,44 |
| Sonstige Passiva | Erläuterung 13 | 	37.975.991,11 |
| Nettoinventarwert |  | 13.870.957.081,87 |

| Aufwands- und Ertragsrechnung und Veränderungen des Nettovermögens vom 01.01.2021 bis 31.12.2021 |
| --- |
| Ausgedrückt in EUR |  |  |
| Erträge |  | 238.876.085,31 |
| Nettodividenden | Erläuterung 2 | 33.290.577,92 |
| Nettozinsen aus Anleihen | Erläuterung 2 | 187.797.104,56 |
| Bankzinsen aus Sichteinlagen |  | 910.786,09 |
| Sonstige Finanzerträge |  | 3.621.582,78 |
| Zinsen aus Swapverträgen |  | 12.964.152,42 |
| Erträge aus Wertpapierleihe | Erläuterung 2, 7 | 291.881,54 |
| Aufwand |  | 224.526.672,96 |
| Verwaltungsgebühren | Erläuterung 3 | 103.791.127,08 |
| Depotbank- und Unterdepotbankgebühren | Erläuterung 4 | 1.711.582,00 |
| Taxe d’abonnement | Erläuterung 5 | 6.134.656,00 |
| Erfolgsabhängige Provisionen | Erläuterung 3 | 21.773.994,22 |
| Überziehungszinsen |  | 8.236.713,27 |
| Transaktionskosten | Erläuterung 6 | 12.767.436,38 |
| Ausgeschüttete Dividenden für CFDs |  | 2.932.636,85 |
| Zinsen aus Swapverträgen |  | 46.964.509,04 |
| Betriebs- und Gründungskosten | Erläuterung 4 | 	20.214.018,12 |
| Nettoertrag aus Anlagen |  | 14.349.412,35 |
| Realisierter Nettogewinn/-verlust aus: |  |  |
| - Wertpapierverkäufen | Erläuterung 2 | 664.298.477,71 |
| - Optionen |  | (17.351.397,51) |
| - Devisenterminkontrakte |  | (98.690.966,07) |
| - Futures |  | (126.308.762,85) |
| - Swaps |  | 158.315.890,67 |
| - Wechselkursgeschäften |  | (11.687.065,43) |
| Realisierter Nettogewinn |  | 582.925.588,87 |
| Veränderung des nicht realisierten Nettogewinns/-verlusts aus: |
| - Anlagen | Erläuterung 2 | (207.861.325,47) |
| - Optionen |  | (5.070.218,47) |
| - Devisenterminkontrakte |  | 4.374.149,94 |
| - Futures |  | 29.335.783,97 |
| - Swaps |  | 	(60.259.312,81) |
| Zunahme des Nettovermögens gemäß Erfolgsrechnung |  | 343.444.666,03 |
| Ausgeschüttete Dividenden | Erläuterung 10 | (9.163.404,50) |
| Zeichnungen von thesaurierenden Anteilen |  | 8.017.737.966,77 |
| Zeichnungen von ausschüttenden Anteilen |  | 180.507.224,95 |
| Rücknahmen von thesaurierenden Anteilen |  | (4.494.408.844,44) |
| Rücknahmen von ausschüttenden Anteilen |  | 	(93.495.211,58) |
| Zunahme des Nettovermögens |  | 3.944.622.397,23 |
| Nettovermögen am Jahresanfang |  | 9.926.334.684,64 |
| Nettovermögen am Jahresende |  | 13.870.957.081,87 |