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Carmignac Portfolio CARMIGNAC PORTFOLIO SICAV Audited annual report as at 31/12/20 R.C.S Luxembourg B 70 409 Database Publishing System: CO-Reporter® by CO-Link, Belgium. CARMIGNAC PORTFOLIO Table of contents Page Organisation 4 General Information 6 Management Report 7 Audit Report 109 Combined 112 CARMIGNAC PORTFOLIO Grande Europe 115 CARMIGNAC PORTFOLIO Green Gold (formerly Commodities) 121 CARMIGNAC PORTFOLIO Emerging Discovery 128 CARMIGNAC PORTFOLIO Unconstrained Global Bond 136 CARMIGNAC PORTFOLIO Unconstrained Euro Fixed Income 143 CARMIGNAC PORTFOLIO Emerging Patrimoine 153 CARMIGNAC PORTFOLIO Emergents 162 CARMIGNAC PORTFOLIO Euro-Entrepreneurs (merged on 16/11/20) 169 CARMIGNAC PORTFOLIO Long-Short European Equities 172 CARMIGNAC PORTFOLIO Investissement 179 CARMIGNAC PORTFOLIO Patrimoine 187 CARMIGNAC PORTFOLIO Sécurité 199 CARMIGNAC PORTFOLIO Investissement Latitude (liquidated on 16/11/20) 211 CARMIGNAC PORTFOLIO Unconstrained Credit 214 CARMIGNAC PORTFOLIO Unconstrained EM Debt (formerly Unconstrained Emerging Markets Debt) 225 CARMIGNAC PORTFOLIO Patrimoine Europe 231 CARMIGNAC PORTFOLIO Flexible Allocation 2024 238 CARMIGNAC PORTFOLIO Long-Short Global Equities 243 CARMIGNAC PORTFOLIO Family Governed 248 CARMIGNAC PORTFOLIO Grandchildren 253 CARMIGNAC PORTFOLIO Alpha Themes (launched on 03/04/20) 259 Notes to the financial statements - Schedule of derivative instruments 266 Page 2 CARMIGNAC PORTFOLIO Table of contents Other notes to the financial statements 306 Unaudited information 327 No subscription may be accepted on the basis of the financial reports. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the latest semi-annual report if published after the annual report. Page 3 CARMIGNAC PORTFOLIO Organisation Registered Office: CARMIGNAC PORTFOLIO, 5, Allée Scheffer, L-2520 Luxembourg Board of Directors: Chairman Mr David OLDER (since 20 March 2020) Head of Equities desk of Carmignac Gestion Luxembourg UK Branch Mr. Edouard CARMIGNAC (until 20 March 2020) Chairman of the Board of Directors and Managing Director of Carmignac Gestion S.A. Director of Carmignac Gestion Luxembourg S.A. Directors Mr. Edouard CARMIGNAC (since 20 March 2020) Chairman of the Board of Directors and Managing Director of Carmignac Gestion S.A. Director of Carmignac Gestion Luxembourg S.A. Mr. Jean-Pierre MICHALOWSKI Senior Country Officer of Credit Agricole C.I.B. Mr. Eric HELDERLE Director of Carmignac Gestion S.A. Managing Director and Chairman of the Board of Directors of Carmignac Gestion Luxembourg S.A. Mr David OLDER (until 20 March 2020) Head of Equities desk of Carmignac Gestion Luxembourg UK Branch Board of Directors of the Management Company: Director and Chairman of the Board of Directors Mr. Eric HELDERLE Directors Mr. Edouard CARMIGNAC Mr. Cyril de GIRARDIER Mrs. Pascale GUILLIER Mr. Christophe PERONIN Delegates for day-to-day management Mr. Eric HELDERLE Mr. Giorgio VENTURA Mr. Mischa CORNET Mr. Cyril de GIRARDIER Mrs. Jacqueline MONDONI (since 13 March 2020) Depositary Bank: BNP Paribas Securities Services, Luxembourg Branch, 60, Avenue J.F. Kennedy, L-1855 Luxembourg Domiciliary Agent, Administrative Agent, Registrar & Transfer Agent and Paying Agent: CACEIS Bank, Luxembourg Branch, 5, Allée Scheffer, L-2520 Luxembourg Management Company: Carmignac Gestion Luxembourg S.A., 7, rue de la Chapelle, L-1325 Luxembourg Investment Manager: Carmignac Gestion S.A., 24, Place Vendôme, F-75001 Paris, France Carmignac Gestion Luxembourg S.A., London Branch, 2 Carlton House Terrace, London, SW1Y 5AF, United Kingdom Distribution agent: Carmignac Gestion Luxembourg S.A., 7, rue de la Chapelle, L-1325 Luxembourg Auditor: PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, L-2182 Luxembourg Financial services: In Luxembourg : CACEIS Bank, Luxembourg Branch, 5, Allée Scheffer, L-2520 Luxembourg In France : CACEIS Bank, 1-3 place Valhubert, F-75013 Paris Page 4 CARMIGNAC PORTFOLIO Organisation Representative and Distributor for Switzerland: CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon, Suisse Paying agent for Switzerland: CACEIS Bank, Paris, succursale de Nyon, Route de Signy 35, CH-1260 Nyon, Suisse The Articles of Incorporation, the prospectus, the annual and semi-annual reports and the list of purchases and sales made for the fund during the financial year may be obtained free of charge from the representative in Switzerland and from the SICAV's registered office. Page 5 CARMIGNAC PORTFOLIO General Information The Articles of Incorporation and the legal notice of CARMIGNAC PORTFOLIO (the "SICAV") are filed with the Registry of the District Court of and in Luxembourg, where any interested person may consult them or obtain a copy thereof. The SICAV is registered in the Luxembourg Trade and Companies Register under number B 70 409. The issue prospectuses and the semi-annual and annual reports may be obtained free of charge from the institutions responsible for the SICAV's financial services, as well as from the SICAV's registered office. The net asset value is established each bank business day in Paris. The net asset value as well as the issue and redemption prices may also be obtained at the SICAV's registered office and from the institutions responsible for its financial services as well as on Carmignac Gestion's website at the following address: www.carmignac.com. The financial year begins on 1 January and ends on 31 December. Page 6 CARMIGNAC PORTFOLIO Grande Europe Management Report In 2020, Carmignac Portfolio Grande Europe (A EUR Acc share class – ISIN LU0099161993) returned +14.46% in contrast to a negative -1.99% recorded by its reference indicator (Stoxx 600 (EUR) – Reinvested net dividends). Management Comment 2020 has been characterised by an exogenous - public-health shock - which triggered a shift to unprecedented fiscal and monetary stimulus policies. A completely unique scenario, difficult to predict, which called for discipline, risk management, and a robust investment process which, in our case, has proven its reliability over the period, with its focus on businesses with high and stable profitability, that reinvest internally to generate secular, visible, and stable growth. As we moved through the year, we made sure to watch closely the unwinding of the Covid19 let crisis, monitoring our holdings, and at the same time, searching for new prospects. The significant volatility that hit financial markets – irrespective of sectors or country – has in fact provided interesting entry points into attractive long-term opportunities. During the first half of 2020, for example, we added names such as Amadeus, a software company specialising in software for travel agents and airlines, which unsurprisingly has seen a huge decline in demand. Additionally, we also added Compass Group (catering), AMS (semiconductors), and Informa (exhibitions). These companies raised equity in order to protect their finances, thus creating a natural entry point for us at attractive levels as we believe that, despite the large short-term impact of the crisis, the long-term positioning of all these companies is favorable and unaffected, thus fitting well with our Fund’s time horizon of minimum 3 years. After the very strong market recovery in Q2 2020, Q3 was a more subdued period of consolidation in Europe, with the market plateauing and remaining bound within a tight range. Although market levels were stable, there was considerable variation between sector’s returns. Q4 2020 began with the prospect of several key binary events that initially contributed to a weakening of European markets. However, these quickly recovered and rallied when the effects of the first Covid-19 vaccine from Biotech-Pfizer was reported in early November. From there, they steadily rose over the rest of the period, bolstered by other positive vaccine news as vaccination programs are rolled out in first half of 2021, which allowed investors to anticipate an end to the current crisis. At the end of the year, a trading agreement between the UK and the EU was finally announced but met with a muted response from investors. These developments - especially the vaccine news, which hopefully heralds an economic recovery in 2021 - precipitated a strong rebound in sectors that were previously weak and are a natural underweight for our strategy focused on companies with high sustainable levels of profitability. This natural bias explains the relative weakness of the Fund close to year end, which has not prevented it from recording an overall positive absolute and relative performance during the last 12 months. We managed to offset this cyclical dynamic, to some degree, due to the investment decisions we took earlier in the year when we added several new holdings to the Fund that are more sensitive to an economic recovery. Over the last 12 months, total attribution – thus the combined effect of sector allocation and stock selection – has been accretive for every sector in the portfolio, except for Basic Materials. As stock pickers, we focus on fundamental analysis which in turn entirely explains selection being the biggest driver of performance. During the year, we have also disposed of some names which had been a disappointment or experienced a deterioration in their investment thesis such as Bankinter, Prudential, and LSE, among others. *For the A EUR acc share class. Risk scale from 1 (lowest risk) to 7 (highest risk); risk 1 does not mean a risk-free investment. This indicator may change over time.
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