# CARMIGNAC PORTFOLIO
## Investissement Latitude

#### Financial Statements as at 31/12/19
Statement of net assets as at 31/12/19
Expressed in EUR
| Assets |  | 37,443,139.79 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 34,373,441.84 |
| Cost price |  | 31,291,655.52 |
| Unrealised profit on the securities portfolio |  | 3,081,786.32 |
| Options purchased at market value | Note 2 | 106,136.02 |
| Options purchased at cost |  | 194,634.77 |
| Cash at banks and liquidities |  | 1,568,000.56 |
| Interest receivable |  | 25.13 |
| Brokers receivable |  | 1,276,089.77 |
| Subscriptions receivable |  | 16,609.86 |
| Dividends receivable |  | 5,504.29 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 2 | 39,685.72 |
| Unrealised net appreciation on swaps | Note 2 | 56,189.13 |
| Other assets | Note 13 | 1,457.47 |
| Liabilities |  | 1,871,394.07 |
| Options sold at market value | Note 2 | 143,035.38 |
| Options sold at cost |  | 110,963.31 |
| Bank overdrafts |  | 977,516.53 |
| Brokers payable |  | 208,935.33 |
| Redemptions payable |  | 40,295.55 |
| Unrealised net depreciation on financial futures | Note 2 | 76,676.58 |
| Other liabilities | Note 14 | 424,934.70 |
| Net asset value |  | 35,571,745.72 |

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 | 35,571,745.72 | 99,209,970.29 | 27,358,260.13 |
| Class A EUR - Capitalisation Number of shares |  | 92,059 | 226,402 | 30,140 |
| Net asset value per share | EUR | 101.36 | 91.40 | 109.79 |
| Class E EUR - Capitalisation Number of shares |  | 1,092 | 1,470 | 1,982 |
| Net asset value per share | EUR | 96.71 | 87.78 | 105.81 |
| Class E USD Hedged - Capitalisation Number of shares |  | 0 | 10 | 10 |
| Net asset value per share | USD | 0.00 | 92.41 | 108.64 |
| Class F EUR - Capitalisation Number of shares |  | 248,067 | 829,588 | 210,985 |
| Net asset value per share | EUR | 105.36 | 94.49 | 112.52 |
| Class F CHF Hedged - Capitalisation Number of shares |  | 0 | 10 | 1,060 |
| Net asset value per share | CHF | 0.00 | 90.56 | 108.80 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| Transferable sec | urities admitted to an official stock exchange li | sting	 32,601,746.05 | 91.65 |
| --- | --- | --- | --- |
| Shares |  | 30,979,541.54 | 87.09 |
|  | Canada | 7,917.70 | 0.02 |

| 46,100 ORYS PETROLEUM CORPORATION LTD | CAD | 7,917.70 | 0.02 |
| --- | --- | --- | --- |
| Cayman Islands |  | 3,229,262.32 | 9.08 |
| 36,566 JD COM ADR REPR 2SHS -A- | USD | 1,147,634.90 | 3.22 |
| 13,087 SEA -A- ADR REPR1 SHS | USD | 468,916.83 | 1.32 |
| 12,388 TENCENT HLDG | HKD | 531,988.70 | 1.50 |
| 34,747 WUXI BIOLOGICS REG SHS UNIT 144A/REGS | HKD | 391,913.33 | 1.10 |
| 1,097 XP INC - REGS -A - | USD | 37,644.94 | 0.11 |
| 11,292 58.COM -A- ADR | USD | 651,163.62 | 1.83 |
| China |  | 750,809.49 | 2.11 |
| 68,476 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO | CNY | 434,904.48 | 1.22 |
| 30,000 PING AN INS (GRP) CO -H- | HKD | 315,905.01 | 0.89 |
| France |  | 2,121,837.46 | 5.96 |
| 1,944 HERMES INTERNATIONAL SA | EUR | 1,295,092.80 | 3.63 |
| 1,336 SAFRAN | EUR | 183,900.40 | 0.52 |
| 7,173 SANOFI | EUR | 642,844.26 | 1.81 |
| Germany |  | 1,924,958.67 | 5.41 |
| 7,158 DELIVERY HERO SE | EUR | 505,068.48 | 1.41 |
| 5,043 KNORR-BREMSE - BEARER SHS | EUR | 457,652.25 | 1.29 |
| 7,174 PUMA AG | EUR | 490,342.90 | 1.38 |
| 3,922 SAP AG | EUR | 471,895.04 | 1.33 |
| India |  | 1,180,450.45 | 3.32 |
| 46,961 HDFC BANK - REGISTERED SHS | INR | 745,601.56 | 2.10 |
| 64,652 ICICI BANK | INR | 434,848.89 | 1.22 |
| Italy |  | 626,548.44 | 1.76 |
| 48,122 UNICREDIT -REGISTERD SHARE | EUR | 626,548.44 | 1.76 |
| Japan |  | 684,847.73 | 1.93 |
| 1,900 NINTENDO CO LTD | JPY | 684,847.73 | 1.93 |
| South Korea |  | 322,132.59 | 0.91 |
| 7,494 SAMSUNG ELECTRONICS CO LTD | KRW | 322,132.59 | 0.91 |
| Switzerland |  | 593,862.43 | 1.67 |
| 6,949 ALCON - REGISTERED SHS | USD | 350,204.84 | 0.99 |
| 2,882 NOVARTIS AG REG SHS | CHF | 243,657.59 | 0.68 |
| The Netherlands |  | 863,726.96 | 2.43 |
| 205 ADYEN --- PARTS SOCIALES | EUR | 149,855.00 | 0.42 |
| 6,924 ELASTIC NV | USD | 396,626.46 | 1.12 |
| 2,145 FERRARI | EUR | 317,245.50 | 0.89 |
| United States of America |  | 18,673,187.30 | 52.49 |
| 1,079 ALPHABET -A- | USD | 1,287,484.91 | 3.61 |
| 224 AMAZON.COM INC | USD | 368,744.91 | 1.04 |
| 3,348 ANTHEM | USD | 900,843.15 | 2.53 |
| 1,325 BECTON DICKINSON | USD | 321,033.63 | 0.90 |
| 739 BILL COM HOLDINGS INC | USD | 25,050.29 | 0.07 |
| 451 BOOKING HLDG | USD | 825,151.21 | 2.32 |
| 10,113 CENTENE | USD | 566,418.09 | 1.59 |
| 5,636 CONSTELLATION BRANDS INC -A- | USD | 952,722.49 | 2.68 |
| 1,163 COSTCO WHOLESALE CORP | USD | 304,524.69 | 0.86 |
| 7,539 CROWDSTRIKE HOLDINGS INC | USD | 334,939.80 | 0.94 |
| 9,188 ELANCO ANIMAL HEALTH | USD | 241,057.10 | 0.68 |
| 1,844 ELECTRONIC ARTS - REGISTERED | USD | 176,613.31 | 0.50 |
| 4,129 EXACT SCIENCES CORP | USD | 340,178.10 | 0.96 |
| 8,045 FACEBOOK -A- | USD | 1,471,034.52 | 4.13 |
| 5,240 FIDELITY NATIONAL | USD | 649,293.18 | 1.83 |
| 6,691 FISERV INC | USD | 689,247.51 | 1.94 |
| 10,918 GODADDY -A- | USD | 660,624.11 | 1.86 |
| 10,693 GRUBHUB INC | USD | 463,347.46 | 1.30 |
| 1,051 ILLUMINA INC | USD | 310,609.12 | 0.87 |
| 13,532 INTERCONEXCH GR INC WI | USD | 1,115,711.89 | 3.13 |
| 933 INTUITIVE SURGICAL | USD | 491,352.29 | 1.38 |
| 1,681 MASTERCARD INC -A- | USD | 447,153.49 | 1.26 |
| 531 MERCADOLIBRE | USD | 270,556.92 | 0.76 |
| 4,061 MERCK AND CO | USD | 329,040.49 | 0.93 |

Quantity	Denomination	Quotation
currency
Market value	% of net
assets
| 3,095 PINTEREST REGISTERED SHS -A- | USD | 51,394.92 | 0.14 |
| --- | --- | --- | --- |
| 2,890 PROCTER AND GAMBLE CO | USD | 321,568.82 | 0.90 |
| 8,423 PTC INC | USD | 561,958.55 | 1.58 |
| 5,276 SALESFORCE COM.INC | USD | 764,444.22 | 2.15 |
| 8,811 SPIRIT AIRLINES | USD | 316,411.06 | 0.89 |
| 6,392 SQUARE -A- | USD | 356,243.67 | 1.00 |
| 1,706 STRYKER CORP | USD | 319,071.39 | 0.90 |
| 11,430 THE KRAFT HEINZ | USD | 327,167.84 | 0.92 |
| 1,748 THERMO FISHER SCIEN SHS | USD | 505,900.01 | 1.42 |
| 10,290 TRADEWEB MKTS/REGSH | USD | 424,892.20 | 1.19 |
| 11,288 TWITTER INC | USD | 322,298.80 | 0.91 |
| 13,876 URBAN OUTFITTERS INC | USD | 343,284.20 | 0.97 |
| 2,236 VISA INC -A- | USD | 374,293.45 | 1.05 |
| 11,086 ZUORA INC | USD | 141,525.51 | 0.40 |
| Bonds |  | 1,622,204.51 | 4.56 |
| France |  | 1,622,204.51 | 4.56 |
| 1,611,000 FRANCE 0.00 18-21 25/02A | EUR | 1,622,204.51 | 4.56 |

| nits of UCITS/UCIS |  | 1,771,695.79 | 4.98 |
| --- | --- | --- | --- |
| Shares/Units in investment funds |  | 1,771,695.79 | 4.98 |
| France |  | 1,771,695.79 | 4.98 |
| 2 CARMIGNAC COURT TERME A EUR ACC | EUR | 6,739.82 | 0.02 |
| 1,366 CARMIGNAC INVESTISSEMENT A EUR ACC | EUR | 1,764,955.97 | 4.96 |

Shares/U
Total securities portfolio	
34,373,441.84	96.63
	The accompanying notes form an integral part of these financial statements	

#### Geographical breakdown

###### Breakdown per country	% of net assets
United States of America	52.49
France	15.50
Cayman Islands	9.08
Germany	5.41
India	3.32
The Netherlands	2.43
China	2.11
Japan	1.93
Italy	1.76
Switzerland	1.67
South Korea	0.91
Canada	0.02

###### 	96.63

#### Economical breakdown

###### Breakdown per sector	% of net assets
Internet and internet services	25.79
Pharmaceuticals and cosmetics	9.37
Banks and credit institutions	6.76
Holding and finance companies	6.55
Retail trade, department stores	6.09
Healthcare and social services	5.11
Textiles and garments	5.01
Unit trusts	4.98
Countries and central government	4.56
Miscellaneous services	4.29
Electronics and semiconductors	4.26
Tobacco and alcoholic drinks	2.68
Foods and non alcoholic drinks	2.22
Biotechnology	2.06
Graphic art and publishing	1.50
Machine and apparatus construction	1.29
Miscellaneous consumer goods	0.90
Insurance	0.89
Road vehicles	0.89
Transportation	0.89
Aerospace industry	0.52
Petroleum	0.02
96.63
Statement of Operations and Changes in Net Assets from 01/01/19 to 31/12/19
Expressed in EUR
| Income |  | 477,887.72 |
| --- | --- | --- |
| Net dividends |  | 330,307.92 |
| Bank interest on cash account |  | 68,374.01 |
| Other financial income |  | 66,219.33 |
| Securities lending income | Note 2, 7 | 12,986.46 |
| Expenses |  | 1,369,947.86 |
| Management fees | Note 3 | 516,460.77 |
| Custodian & sub-custodian fees | Note 4 | 9,156.63 |
| Taxe d'abonnement | Note 5 | 23,907.00 |
| Performance fees | Note 3 | 371,152.87 |
| Bank interest on overdrafts |  | 80,359.56 |
| Transaction fees | Note 6 | 191,398.29 |
| Dividend expenses |  | 51,160.83 |
| Interest on swaps |  | 120.29 |
| Operating and establishment fees | Note 4 | 126,231.62 |
| Net loss from investments |  | (892,060.14) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | (960,376.24) |
| - options |  | (3,120,846.92) |
| - forward foreign exchange contracts |  | (1,288,308.96) |
| - financial futures |  | (4,178,775.75) |
| - swaps |  | 207,169.79 |
| - foreign exchange |  | 3,181,752.51 |
| Net realised loss |  | (7,051,445.71) |
| Movement in net unrealised appreciation / depreciation on: - investments | Note 2 | 14,137,519.60 |
| - options |  | (79,403.18) |
| - forward foreign exchange contracts |  | 166,082.79 |
| - financial futures |  | 463,654.88 |
| - swaps |  | 115,563.44 |
| Increase in net assets as a result of operations |  | 7,751,971.82 |
| Subscription capitalisation shares |  | 17,155,956.55 |
| Redemption capitalisation shares |  | (88,546,152.94) |
| Decrease in net assets |  | (63,638,224.57) |
| Net assets at the beginning of the year |  | 99,209,970.29 |
| Net assets at the end of the year |  | 35,571,745.72 |

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 |