ANNUAL REPORT OF THE CARMIGNAC PATRIMOINE FRENCH MUTUAL FUND (FCP) (For the period ended 29 December 2017)

Transcription

1 ANNUAL REPORT OF THE CARMIGNAC PATRIMOINE FRENCH MUTUAL FUND (FCP) (For the period ended 29 December 2017)

2 Summary Statutory Auditor's Certification 3 Main features of the fund 7 Investment policy 16 Regulatory information 23 2

3 KPMG AUDIT 2, avenue Gambetta Paris La défense Tel. +33 (0) FRENCH MUTUAL FUND (FCP) CARMIGNAC PATRIMOINE Statutory Auditor s Report for the financial year ended 29 December

4 Statutory auditor s report on the annual financial statements Financial year ended 29 December 2017 Dear Sir/Madam, Opinion Following our appointment by the management company, we have audited the annual financial statements of the CARMIGNAC PATRIMOINE FCP for the financial year ended 29 December 2017, as they are appended to this report. In our opinion, the annual financial statements give, in accordance with French accounting rules and principles, a true and fair view of the financial position and assets and liabilities of the fund and of the results of its operations at the end of the financial year. Basis for our opinion Audit framework We conducted our audit in accordance with the professional auditing standards applicable in France. We believe that the evidence gathered is pertinent and sufficient to serve as a basis for our opinion. Our responsibilities in light of these standards are described in this report in the section entitled Responsibilities of the statutory auditor in relation to auditing the annual financial statements. Independence We carried out our audit in accordance with the independence rules applicable to us, for the period from 31 December 2016 to the date on which our report was issued. In particular, we refrained from providing the services prohibited by the code of ethics of the statutory audit industry. 4

5 Justification of the evaluations In accordance with the provisions of articles L and R of the French Commercial Code regarding the justification of our evaluations, we hereby inform you that our most important evaluations, in our professional opinion, were focused on the appropriateness of the accounting principles applied, on whether material estimates used were reasonable, and on whether all accounts were presented as per the accounting standards applicable to undertakings for collective investment with variable capital, particularly as regards financial instruments held in the portfolio. The evaluations were made in the context of the audit of the annual financial statements, taken as a whole, and the formation of the opinion expressed herein. We offer no opinion on parts of these annual financial statements taken in isolation. Verification of the management report and other documents sent to unitholders We have also carried out the specific verifications required by law in accordance with the professional auditing standards applicable in France. We have no comment as to the fair presentation and conformity with the annual financial statements of the information given in the management report and in the other documents sent to unitholders with respect to the financial position and the annual financial statements. Responsibilities of the management company regarding the annual financial statements The management company is required to prepare annual financial statements that present a true and fair image, in accordance with French accounting rules and principles, and to establish the internal control measures that it deems necessary for producing annual financial statements free of material misstatement, whether due to fraud or error. When producing the annual financial statements, it is incumbent on the management company to assess the ability of the fund to continue operating, and where appropriate to include the necessary information on business continuity, and apply the going concern accounting policy unless there are plans to liquidate the fund or cease trading. The annual financial statements were prepared by the management company. Responsibilities of the statutory auditor when auditing the annual financial statements We are required to produce a report on the annual financial statements. Our aim is to gain reasonable assurance that the annual financial statements taken as a whole are free of material misstatement. Reasonable assurance means a high level of assurance, albeit without any guarantee, that an audit carried out in accordance with industry standards could systematically detect every material misstatement. Misstatements may arise from fraud or error, and are considered to be material when one could reasonably expect them, either individually or cumulatively, to influence the financial decisions that readers make as a result. 5

6 As stipulated in article L of the French Commercial Code, our role as auditors is not to guarantee the viability or quality of management of your FCP. A statutory auditor exercises its professional judgement throughout any audit performed in accordance with professional standards applicable in France. Furthermore: It identifies and evaluates the risk that the annual financial statements may include material misstatement, whether resulting from fraud or error, defines and implements auditing procedures in response to these risks, and gathers the items it deems sufficient and appropriate as a basis for its opinion. The risk of material misstatement not being detected is considerably higher when it is the result of fraud rather than error, since fraud may involve collusion, falsification, voluntary omissions, false declarations or the circumvention of the internal control system; It assesses the internal control system that is relevant for the audit in order to define audit procedures that are appropriate in the circumstances, and not for the purpose of expressing an opinion on the internal control system; It evaluates the appropriateness of the accounting methods used and the reasonableness of the accounting estimates made by the management company, as well as the related information in the annual financial statements; It evaluates the appropriateness of the management company s application of the going concern accounting principle and, based on the information gathered, the existence or absence of significant uncertainty linked to events or circumstances likely to cast doubt on the fund s ability to continue its operations. This evaluation is based on the information gathered prior to the date of its report; however, it should be noted that subsequent circumstances or events may cast doubt on the continuity of its operations. If it concludes that there is a material uncertainty, it draws readers attention to the information provided in the annual financial statements regarding this uncertainty, or if such information is not provided or not relevant, it certifies the accounts with reservations, or refuses to certify them; It assesses the presentation of all of the annual financial statements and evaluates whether or not the annual financial statements depict the underlying operations and events fairly. Paris La Défense, 14 March 2018 KPMG S.A. Isabelle Bousquié Partner 6

7 CARMIGNAC PATRIMOINE 2017 ANNUAL REPORT Main features of the Fund Classification Balanced Allocation of distributable income Distributable income Acc units Dis units Allocation of net income Allocation of net realised capital gains or losses Accumulation (dividends are recorded on an accruals basis) Accumulation (dividends are recorded on an accruals basis) Distributed or carried forward as decided by the management company Distributed or carried forward as decided by the management company Countries in which the Fund is authorised for distribution A CHF Acc Hdg units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg and Netherlands. A EUR Acc units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Ireland, Italy, Luxembourg, Netherlands and Sweden. A EUR Ydis units: Austria, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg, Netherlands and Sweden. A JPY Inc units: Switzerland and France. A USD Acc Hdg units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg, Netherlands and Sweden. B JPY Inc units: Switzerland and France. E EUR Acc units: Austria, Switzerland, Germany, Spain, France, Italy, Luxembourg and Netherlands. Investment objective The fund s objective is to outperform its reference indicator over a recommended investment horizon of 3 years. 7

8 Reference indicator The reference indicator is composed of the following indices: - 50% MSCI AC WORLD NR (USD) (the MSCI global international equities index), calculated with net dividends reinvested and - 50% Citigroup WGBI All Maturities Eur (the world bond index), calculated with coupons reinvested. The indices are converted into EUR for EUR units and hedged units, and converted into the reference currency of the unit class for unhedged units. The composite reference indicator is rebalanced each quarter. This composite index does not strictly define the investment universe but allows investors to assess the performance and risk profile that they can expect when investing in the fund. The market risk of the fund is comparable to that of its reference indicator. The MSCI AC WORLD NR (USD) index represents the largest international companies in developed and emerging countries. It is calculated by MSCI in dollars and with dividends reinvested (Bloomberg code: NDUEACWF). Description of the Citigroup WGBI All Maturities EUR index: the reference indicator of the bond component is the Citigroup WGBI All Maturities EUR index. It is calculated in euro with coupons reinvested by Citigroup (Bloomberg code: SBWGEU). Investment strategy STRATEGIES USED The investment policy takes into account the principle of risk spreading by means of the diversification of investments. The allocation of the portfolio between the different asset classes and investment fund categories (equities, balanced, bonds, money market, etc.) is based on fundamental analysis of the global macroeconomic environment and its indicators (growth, inflation, deficits, etc.) and may vary according to the manager s expectations. As the fund is managed on an active, discretionary basis, its asset allocation may differ substantially from that of its reference indicator. Likewise, the portfolio established in each of the asset classes on the basis of detailed financial analysis may vary considerably from the weightings of the reference indicator in terms of geographic regions, sectors, ratings and maturities. Stock selection is based on detailed financial analysis, meetings organised by companies, visits to these companies and daily news. Depending on the situation, the criteria used for stock selection are the value of the assets, return, growth and quality of the management, in particular. The manager s decisions regarding exposure to foreign exchange risk will be made on the basis of a global macroeconomic analysis, in particular of the outlook for growth, inflation and monetary and fiscal policy of the different economic zones and countries. The manager also uses Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments, in particular through: Long/Short Equity strategies : these offer both long and short exposure to equity markets. Fixed Income Arbitrage strategies : these offer long and short exposure to different regions, different segments of the yield curve and/or different fixed income instruments. Long Short Credit strategies : these offer both long and short exposure to the different segments of the credit market, and Long/Short Currency strategies : these offer exposure to currency appreciation and depreciation. These performance drivers will be exploited through derivatives (at least partially). To clarify, the manager may also take short positions on underlyings eligible for the portfolio if he or she feels that the market is overvaluing these underlyings. These positions are taken through forward financial instruments, including CFD (Contracts For Difference). 8

9 Description of asset categories and financial contracts as well as their contribution to the investment objective being achieved DEBT SECURITIES AND MONEY MARKET INSTRUMENTS The fund s net assets are invested between 50% and 100% in money market instruments, treasury bills, government and/or private fixed and/or floating rate, covered or uncovered bonds, which may be linked to inflation in the Eurozone and/or international and/or emerging markets (exposure to emerging countries cannot exceed 25% of the net assets, of which a maximum of 10% may be invested in the Chinese domestic market). The overall modified duration of the fixed income portfolio may differ considerably from that of the reference indicator. Modified duration is defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis points. The fund's modified duration may range from -4 to +10. The weighted average rating of the bonds held directly by the Fund or through investment in funds shall be at least investment grade according to at least one of the major rating agencies. The fund may invest in unrated bonds or those with a rating below investment grade. The management company will carry out its own analysis of the risk/reward profile of the securities (return, credit rating, liquidity, maturity). As a result, the decision to buy, hold or sell a security (particularly where the rating has changed) is not solely based on the rating criteria, but also reflects an internal analysis of the credit risks and market conditions carried out by the management company. There are no restrictions in terms of duration or allocation between private and public issuers. Lastly, up to 10% of the Fund's assets may be invested in securitisation instruments. The securities purchased or instruments concerned are mainly Asset-Backed Securities (ABS), Enhanced Equipment Trust Certificates (EETC), Residential Mortgage-Backed Securities (RMBS), Commercial Mortgage-Backed Securities (CMBS) and Collateralised Loan Obligations (CLO). EQUITIES Up to 50% of the net assets of the fund is exposed to equities and other securities giving or capable of giving direct or indirect access to capital or voting rights and traded on Eurozone and/or international markets. The Fund may be exposed to emerging market equities (within the limit of 25% of the net assets, of which a maximum of 10% may be invested in the Chinese domestic market). The net assets of the fund may be invested in small, mid and large caps. CURRENCIES The fund may use currencies other than the fund's valuation currency for exposure or hedging purposes. It may invest in futures and options on regulated, organised or over-the-counter markets in order to generate exposure to currencies other than its valuation currency or to hedge the fund against foreign exchange risk. The fund s net currency exposure may differ from that of its reference indicator and/or equity and bond portfolio. DERIVATIVES The fund may use the following derivatives in pursuit of its investment objective: - Nature of the markets in which the fund invests: The manager invests in futures traded on regulated, organised or OTC Eurozone and international markets. - Risks/instruments to which the manager wishes to be exposed (either directly or through indices): - Currencies, - Fixed income, - Credit (up to 10% of the net assets). The manager uses index credit derivatives on one or more issuers. - Equities - Dividends - Volatility and variance (up to 10% of the net assets), - Commodities (only through indices and for up to 10% of the net assets), - ETFs (financial instruments). 9

10 - Nature of the derivatives used: The derivatives available to fund managers are options (vanilla, barrier, binary), futures and forwards, swaps (including performance) and CFD (contracts for difference) on one or more underlyings. - Nature of investment transactions: - Hedging, - Exposure, - Arbitrage. STRATEGY FOR USING DERIVATIVES TO ACHIEVE THE INVESTMENT OBJECTIVE - Equity and equity index derivatives are used long and short to adjust (increase, reduce or offset) the portfolio's overall exposure to the stock markets, and its allocation between various business sectors, countries and regions. An equity derivative contract can be used to hedge exposure to an entity or to gain exposure to an entity. - Currency derivatives are used to adjust the portfolio s currency allocation (currency risk management) by exposing the portfolio to a currency or hedging its exposure, or for general cash management. - Interest rate derivatives are used long and short to adjust the portfolio's overall exposure to fixed income markets, and its allocation between various yield curve segments, countries and regions. - Credit derivatives are used long and short to adjust the portfolio's overall exposure to the credit markets, and its allocation between various business sectors, countries and regions. Credit derivative contracts may also be used to protect the portfolio against the risk of an issuer default or as part of strategies involving exposure to the credit risk of an issuer. - Volatility or variance derivatives are used long and short to adjust the portfolio's exposure to volatility or variance, and its allocation between various business sectors, countries and regions. - Equity derivatives are used for implementing so-called relative value strategies, by being both long and short in the equity markets, and short only strategies by being short only. - Currency derivatives are used for implementing so-called relative value strategies, by being both long and short in the currency markets, and short only strategies by being short only. - Fixed income derivatives are used for implementing so-called relative value strategies, by being both long and short in the fixed income markets, and short only strategies by being short only. - Credit derivatives are used for implementing so-called relative value strategies, by being both long and short in the credit markets, and short only strategies by being short only. - Dividend derivatives are used long and short to manage or hedge dividend risk, dividend risk being the risk that the dividend of a share or equity index is not paid as anticipated by the market. The manager may also take positions for the purpose of hedging hedged units denominated in currencies other than the euro against currency risk by using over-the-counter forward exchange contracts. Overall exposure to derivatives is controlled by combining expected leverage of 2 with the Fund s VaR limit, which must not be more than double the reference indicator s (cf. section VI. Overall Risk ). Derivative transactions may be concluded with counterparties selected by the management company in accordance with its Best Execution/Best Selection policy and the approval procedure for new counterparties. The latter are major French or international counterparties, such as credit institutions, and collateral is required. It should be noted that these counterparties have no discretionary decision-making powers over the composition or management of the fund's portfolio or over the underlying assets of financial derivative instruments. 10

11 SECURITIES WITH EMBEDDED DERIVATIVES The fund may invest in securities with embedded derivatives (particularly warrants, convertible bonds, creditlinked notes (CLN), EMTN, subscription certificates) traded on regulated, organised or over-the-counter Eurozone and/or international markets. The fund may invest in Eurozone and/or international convertible bonds, including those of emerging countries in particular. The strategy for using securities with embedded derivatives is the same as that described for derivatives. The use of securities with embedded derivatives compared to the other derivative instruments referred to above is justified by the manager s decision to optimise the hedging or, where necessary, the exposure of the portfolio by reducing the cost associated with the use of these financial instruments in order to achieve the investment objective. The risk associated with this type of investment is limited to the amount invested for the purchase of the securities with embedded derivatives. The amount of this type of investment in securities with embedded derivatives, excluding contingent convertible bonds, may not exceed 10% of the net assets. The portfolio manager may invest up to 15% of the net assets in contingent convertible bonds ( CoCos ). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They may have bond and equity features, being hybrid convertible instruments. They may have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank. UCIS AND OTHER INVESTMENT FUNDS The fund may invest up to 10% of its net assets in: - Units or shares of French or foreign UCITS; - Units or shares of French or European AIFs; - Foreign investment funds; provided that the foreign UCITS, AIF or investment fund meets the criteria of article R of the French Monetary and Financial Code. The fund may invest in funds managed by Carmignac Gestion or an affiliated company. The fund may use trackers, listed index funds and exchange traded funds. DEPOSITS AND CASH The fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These trades are made within the limit of 20% of the net assets. This type of transaction will be made on an exceptional basis. The fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors. Cash lending is prohibited. CASH BORROWING The fund may borrow cash, in particular to cover investment/disinvestments and subscriptions/redemptions. As the fund is not intended to be a structural borrower of cash, these loans will be temporary and limited to 10% of the fund s net assets. 11

12 TEMPORARY PURCHASE AND SALE OF SECURITIES For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. The transactions consist of: - Securities repurchase and reverse repurchase agreements - Securities lending/borrowing The expected proportion of assets under management that may be involved in such transactions is 10% of the net assets. The counterparty to these transactions is CACEIS Bank, the fund's custodian. CACEIS Bank does not have any power over the composition or management of the fund's portfolio. Within the scope of these transactions, the fund may receive/give financial guarantees (collateral); the section entitled Collateral management contains information on how these work and on their characteristics. Additional information on fees linked to such transactions appears under the heading Fees and expenses. Contracts constituting financial guarantees Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive or give financial assets constituting guarantees with the objective of reducing its overall counterparty risk. The financial guarantees shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership. The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the fund s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases. In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following: - It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope. - It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees. - In accordance with the regulations in force, it shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets. - Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate government bonds or treasury bills and short-term money market funds. Government bonds and treasury bills received as collateral are subject to a discount of between 1% and 10%. The manager agrees this contractually with each counterparty. 12

13 Risk profile The Fund is invested mainly in financial instruments selected by the management company. The performance of these instruments depends on the evolution and fluctuations of the market. The risk profile of the fund is suitable for an investment horizon of over 3 years. The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation. Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase. Equity risk: 0% to 50% of the net assets of the fund is exposed to the equity risk of the Eurozone, international and emerging markets through investments in financial securities and contracts. The net asset value of the fund may fall when equity markets either rise or fall. Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio. Risk associated with emerging countries: Investors should note that the fund may be exposed to emerging markets, where operating and supervisory conditions may deviate from the standards of major international marketplaces, and where price variations may be high. Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur. Liquidity risk: as with the high yield bond market, the liquidity of contingent convertible bonds may be significantly affected in the event of market turmoil. Credit risk: The fund manager reserves the right to invest in bonds rated below investment grade, i.e. in bonds that present a high credit risk. credit risk is the risk that the issuer may default. Should the quality of corporate bond issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the corporate bonds or even the derivatives linked to the issuer of such bonds (Credit Default Swaps CDS) may drop, causing the fund's net asset value to fall. Furthermore, a more specific credit risk linked to the use of credit derivatives, such as credit default swaps, exists. CDS may also involve indices. Object of the portfolio manager s use of CDS Sell protection Purchase protection Loss of value on the CDS position In the event that the issuer of the underlying security is downgraded In the event of the upgrading of the issuer of the underlying security This credit risk is controlled by a qualitative analysis carried out by the team of credit analysts on the evaluation of companies solvency. 13

14 Currency risk: Currency risk is linked to exposure through investments and the use of forward financial instruments to a currency other than the fund s valuation currency. For units denominated in a currency other than the euro, the currency risk linked to fluctuations in the euro versus the valuation currency is residual thanks to systematic hedging. This hedging may generate a performance differential between units in different currencies. Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The fund is exposed to this risk, particularly through derivative products with volatility or variance as the underlying instrument. Risk associated with commodity indices: Changes in commodity prices and the volatility of this sector may cause the net asset value to fall. Liquidity risk: The markets including small and mid caps in which the fund participates may be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may have to liquidate, initiate or modify its positions, and cause the fund s net asset value to fall. Risk associated with discretionary management: The management style is based on a discretionary approach to selecting assets according to expectations of how different markets (equities, bonds, etc.) will perform. There is therefore a risk that the fund might not be invested in the best-performing markets at all times. Counterparty risk: Counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to it through over-the-counter financial contracts agreed with various counterparties. In order to reduce the fund s exposure to counterparty risk, the management company may establish financial guarantees in favour of the fund. Risk attached to investments in China: As part of its exposure to emerging markets, the fund may invest up to 10% of its net assets directly in the Chinese domestic market. Investments in China are exposed to political and social risk (restrictive regulations that could be changed unilaterally, social unrest, etc.), economic risk due to the legal and regulatory environment being less developed than in Europe, and stock market risk (volatile and unstable market, risk of sudden suspension of trading, etc.). The fund is exposed to the risk associated with the RQFII licence and status, which was allocated to Carmignac Gestion in 2014 on behalf of funds managed by the group s management companies. Its status is subject to ongoing review by the Chinese authorities and may be revised, reduced or withdrawn at any time, which may affect the fund s NAV. The fund is also exposed to the risk associated with investments made via the Hong Kong Shanghai Connect (Stock Connect) platform, which makes it possible to invest through the Hong Kong market in more than 500 stocks listed in Shanghai. This system inherently involves higher counterparty and securities delivery risks. Risks associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value. Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately. Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received. 14

15 Target subscribers and investor profile Units of this fund have not been registered in accordance with the US Securities Act of They may therefore not be offered or sold, either directly or indirectly on behalf of or for the benefit of a US person, as defined in Regulation S. Furthermore, units of this fund may not be offered or sold, either directly or indirectly, to US persons and/or to any entities held by one or more US persons as defined by the US Foreign Account Tax Compliance Act (FATCA). Aside from this exception, the fund is open to all investors. The fund may be used within unit-linked life insurance policies. The amount that is appropriate to invest in this fund depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this fund relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. The recommended minimum investment period is 3 years. 15

16 Investment policy The combination of an upswing in the global business cycle, low inflation and accommodative central banks saw risky assets appreciate strongly against a backdrop of historically low volatility. But despite this undeniable recovery, bond markets were unaffected. Case in point: the 10-year Bund yield rose by 20 basis points while the annual rate of German economic growth strengthened from 1.8% to 2.8%, extremist parties suffered a setback in recent Eurozone elections, and the ECB confirmed that it would reduce its bond buying from EUR 60 billion to EUR 30 billion per month from January In this context, Carmignac Patrimoine (A EUR Acc Accumulation ISIN FR ) posted a flat performance (+0.09%), while its reference indicator* gained 1.47%. The main positive and negative influences on performance over the year are shown below. The main sources of performance over the period were as follows: - Our high exposure to the technology sector paid off, as did our stock picking within the sector. Facebook and Service Now in the United States, and Tencent in China, were among the biggest contributors. - Emerging markets turned in the strongest performance over the full year. Our selection of equities and bonds in the region, and in India and Latin America in particular, was an important performance driver. - Our long-term convictions in Europe s subordinated bank bond segment continued to pay off with a positive contribution to the fund s performance. - Recent developments have also justified our return to the sovereign debt markets of peripheral Eurozone countries, especially after the French elections. The following weighed heaviest on performance: - On the currency front, the euro s surge hit our international dollar-denominated assets. Although our active management of currency exposure allowed us to overweight the euro at the right time, with average net exposure of 73% during the strong rally between April and late August, the remaining 27% exposure to foreign currencies weighed on the fund s absolute performance. - Over the first half of the year, our overweighting of the energy sector restricted the fund s performance. Oil proved highly volatile due to the market s concerns about supply. As a result, Carmignac Patrimoine suffered from its focus on US explorers and producers of shale oil in the Permian Basin, which tend to be more sensitive to crude price fluctuations than the oil majors. However, favourable conditions for commodities and OPEC s solid discipline partially made up for the initial loss thanks to a strong performance from the oil sector in the second half of 2017, and we remain optimistic for the industry. - Our equity portfolio also suffered from news specific to certain individual holdings. For example, the fine imposed on Altice by the market regulator was severe. Although we drastically reduced our exposure from March, the price correction still weighed on the fund in November. We ended up closing our position, disappointed by the lack of progress with SFR s operations in France. We were also hampered by the drop in Celgene owing to investor fears, which resulted from poor visibility over the company s pipeline. - Our prudent positioning on core bonds mainly in Germany but also, at the very beginning of the year, in the United States which had worked well when yields had risen from their lows of July 2016, proved overly cautious in Despite a very buoyant economy in both the United States and Europe, making long-term interest rates inconsistent with current growth prospects, core government bond yields remained low as the reflation theme lost momentum on the market, and as a result of geopolitical tension, persistently disappointing inflation, and central banks patience and caution. *50% MSCI ACWI (EUR) (net dividends reinvested) + 50% Citigroup WGBI All Maturities (EUR). Rebalanced each quarter. 16

17 Table summarising the annual performance of each unit of the Carmignac Patrimoine portfolio over 2017 as a whole Parts ISIN Currency Annual performance 2017 Benchmark performance A EUR Acc FR EUR 0.09% 1.47% A CHF Acc Hdg FR CHF -0.49% 1.47% A EUR Ydis FR EUR 0.08% 1.47% A USD Acc Hdg FR USD 1.85% 1.47% E EUR Acc FR EUR -0.41% 1.47% B JPY Inc FR JPY 10.60% 11.58% A JPY Inc FR JPY 0.81% 1.47% Past performance is not an indication of future results. Main changes to the portfolio during the year Holding Movement ( Accounting currency ) Acquisitions Disposals ITALY BUONI POLIENNALI DEL TESORO 2.2% ,085,817, ,344, SPAI LETR DEL TESO ZCP ,350, ,748, UNITED STATES TREASURY NOTEBOND 2.125% ,177, ANADARKO PETROLEUM CORP 102,093, ,480, SPAI LETR DEL TESO ZCP ,177, ,874, SPAI LETR DEL TESO ZCP ,871, ,450, UNIT STAT OF AMER ZCP ,580, ,787, ITALY BUONI POLIENNALI DEL TESORO 2.05% ,991, ,496, UNIT STAT 0.625% IND ,287, UNIT STAT TREA BIL ZCP ,689,

18 CARMIGNAC PATRIMOINE 2017 ANNUAL REPORT Efficient portfolio and financial derivative management techniques a) Exposure obtained through efficient portfolio and financial derivative management techniques Exposure obtained through efficient management techniques: 16,741, o Securities lending: 16,741, o Securities borrowing: o Reverse repurchase agreements: o Repurchase agreements: Exposure to underlying instruments achieved through financial derivatives: 52,810,345, o Forward exchange contracts: 19,602,505, o Futures: 4,294,544, o Options: 20,660,635, o Swap: 7,772,301, o CFDs: 480,359, b) Identity of counterparty/counterparties to efficient portfolio and financial derivative management techniques Efficient management techniques Financial derivatives (*) CACEIS BANK LUXEMBOURG SOCIETE GENERALE CACEIS BANK (FRANCE) HSBC HOLDING LONDRES CITIGROUP GLOBAL MARKETS LIMITED UBS LIMITED CREDIT SUISSE INTERNATIONAL BNP PARIBAS FRANCE MERRILL LYNCH INTERNATIONAL (GLOBAL FOREIGN EXCHANGE) COMMONWEALTH BANK OF AUSTRALIA (LONDON BRANCH) STANDARD CHARTERED PLC CREDIT AGRICOLE CIB JP MORGAN SECURITIES LONDON DEUTSCHE BANK AG LONDON GREAT WINCH ROYAL BANK OF SCOTLAND PLC GOLDMAN SACHS INTERNATIONAL LTD MORGAN STANLEY & CO INTL LONDON NEWEDGE GROUP (UK BRANCH) (*) Except listed derivatives 18

19 c) Financial guarantees received by the Fund in order to reduce counterparty risk Types of instrument Amount in portfolio currency Efficient management techniques. Term deposits. Equities. Bonds 17,791, UCITS. Cash 137, Total 17,928, Financial derivatives. Term deposits. Equities. Bonds. UCITS. Cash 116,510, Total 116,510, d) Income and operating expenses arising from efficient management techniques Income and operating expenses Amount in portfolio currency. Income (**) 1,334, Other income Total income 1,334, Direct operating expenses 133, Indirect operating expenses. Other expenses Total expenses 133, (**) Income from lending and repurchase agreements 19

20 CARMIGNAC PATRIMOINE 2017 ANNUAL REPORT Transparency of securities financing transactions and the reuse of financial instruments SFTR in the fund's accounting currency (EUR) Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS a) Securities and commodities lent Amount 16,741, % of net assets* 0.08% *% excluding cash and cash equivalents b) Assets employed in each type of securities financing transaction and TRS expressed in absolute value Amount 16,741, % of net assets 0.08% c) 10 main issuers of collateral received (excluding cash) for all types of financing transactions FRANCE GOVERNMENT BOND OAT FRANCE 17,791, d) 10 biggest counterparties by absolute value of assets and liabilities, without netting CACEIS BANK LUXEMBOURG LUXEMBOURG 16,741, e) Type and quality of collateral Type - Equities - Bonds 17,791, Funds - Transferable debt securities - Cash Rating Collateral currency - EURO 17,791,

21 Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS f) Contract settlement and clearing Tripartite Central counterparty Bilateral X X g) Maturity of the collateral broken down by tranche Less than 1 day 1 day to 1 week 1 week to 1 month 1 to 3 months 3 months to 1 year More than 1 year 17,791, Open h) Maturity of securities financing transactions and TRS broken down by tranche Less than 1 day 1 day to 1 week 1 week to 1 month 1 to 3 months 3 months to 1 year More than 1 year Open 16,741, i) Details on the reinvestment of collateral Maximum amount (%) Amount used (%) Income for the fund after reinvesting cash collateral in euro j) Details on the holding of collateral received by the fund Caceis Bank Holding 17,791, Cash k) Details on the holding of collateral provided by the fund Holding Cash 21

22 Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS l) Details on income and costs broken down Income - Funds 1,334, Investment manager - Third parties Costs - Funds - Investment manager - Third parties 133, e) Details on the type and quality of collateral Within the scope of securities financing transactions, the fund may receive or give financial assets as collateral with the objective of reducing its exposure to counterparty risk. The collateral shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of transactions involving efficient portfolio management techniques. All collateral received or given is transferred with full ownership and must meet the following criteria: - take the form of cash or bonds or treasury bills issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope. - be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the collateral. - in accordance with the regulations in force, at all times fulfil liquidity, valuation, issuer credit rating, correlation and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets. Also, debt securities must have a minimum rating of AA- or equivalent from at least one of the main rating agencies (including all those accredited by the European Union), and must not account for more than 10% of an issue. Where collateral is received, Carmignac teams apply a discount when valuing it. This discount is contractually agreed with each counterparty. i) Details on the reinvestment of collateral Carmignac s internal policies do not allow portfolio managers to reuse collateral received in securities financing transactions for the portfolios concerned. Collateral received is deposited in special, separate securities accounts and cash accounts for the relevant portfolios. k) Details on the holding of collateral provided by the fund As indicated above, all collateral received or provided is transferred with full ownership and must be held by the Custodian of the fund or by one of its agents or a third party under its supervision, or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the collateral. l) Details on income and costs broken down The management company or investment manager receives no payment for performing securities financing transactions. All income resulting from these transactions is returned to the fund, minus operating costs linked to the involvement of CACEIS Bank Luxembourg (or third parties ) as lending agent in securities lending/borrowing transactions. The lending agent s charges may not exceed 15% of income generated on these lending/borrowing transactions. With respect to repurchase agreements, the fund is the direct counterparty in such transactions and receives the full amount of the remuneration. 22

23 Regulatory information Policy for the selection of intermediaries In its capacity as management company, Carmignac Gestion selects service providers whose execution policy guarantees the best possible result when executing orders transmitted on behalf of its UCITS or its clients. It also selects service providers to aid in making investment decisions and to execute orders. In both cases, Carmignac Gestion has defined a policy for selecting and evaluating intermediaries according to certain criteria. You can find the updated version of this policy at You will also find a report on intermediary fees on this website. Communication on environmental, social and governance criteria (ESG) As part of our commitment to Principles for Responsible Investment (PRI), our portfolios are analysed by MSCI using three major factors of socially responsible investment based on environmental, social and governance (ESG) criteria. It should also be noted that Carmignac Patrimoine has introduced a specific exclusion policy covering the anti-personnel mine and cluster bomb segments. And as committed investors, we fully incorporate ESG-related risks and opportunities into our company selection process. In 2017, we held companies such as Anadarko Petroleum, Chipotle, Ryanair, Intuitive Surgical and Altice, which had been hit by scandals in the past. In such circumstances, though, we enter into transparent dialogue with the company s management team. If the answers it gives and measures it takes seem unsatisfactory, we may decide to divest. In terms of these MSCI ESG criteria, our fund has a lower overall score than its reference indicator*. Although Carmignac Patrimoine underperformed its reference indicator on all three ESG criteria, the difference in ratings for the environmental factor narrowed between 2016 and We lost out on our relative rating for governance. This underperformance mainly resulted from our low scores for ethics, risk of fraud and contribution to financial system instability. Indeed, the fund s exposure to the financial sector, and our investment in Wells Fargo in particular, which was hit by numerous scandals, proved costly in these areas. The controversy surrounding the creation of fake accounts had been addressed by the company through a change of management and arrival of CEO Tim Sloan, a new remuneration plan not linked to new accounts, and the opening of an ethics bureau. Despite a fairly big scandal, we think the bank is operating on healthier bases for governance and work policy, and should continue to improve in these areas. Our rating for social criteria suffered from our exposure to the energy sector. During the year, the explosion of a house in Colorado, which local authorities attributed to a well operated by Anadarko, and a fire at an Anadarko oil tank in which four people died, worried us as shareholders of the company. The fund s managers have raised these concerns with the company on several occasions, and reviewed the events described above in detail. Despite the company s promises (the first accident was due to an old, recently acquired well, weakened by third party building sites. After the accidents, the company tested 90% of its above-ground and underground infrastructure), we withdrew from Anadarko Petroleum. We sold all of our shares given the aforementioned safety concerns, as well as a lack of transparency over directors pay. As investors in the energy sector, we remain particularly alert to the problems associated with fracking and horizontal drilling. We fully support the production of shale oil, provided that it meets extremely strict safety and environmental standards, and respects local communities. Investment strategy and transparency with regard to carbon emissions Carmignac Gestion formalised its commitment to factor climate change issues into its investment process, combining its efforts under the COP21 initiatives with adherence to the principles of article 173 of the energy transition act (L of the French Monetary and Financial Code). Carmignac Patrimoine takes a responsible approach to sustainable investment. However, given its investment universe (based on fixed income and bond instruments) and the difficulty in establishing a suitable method for calculating a portfolio s carbon footprint, with this asset class Carmignac Gestion felt that it is not appropriate to present details of the portfolio s carbon footprint. Please refer to Carmignac Investissement s annual report for details of the Carmignac Patrimoine equity component s carbon dioxide emissions. * 50% MSCI ACWI (EUR) (net dividends reinvested) + 50% Citigroup WGBI All Maturities (EUR). Rebalanced each quarter. 23

24 Overall risk calculation method Overall risk is calculated using the relative Value-at-Risk method over a two-year historical horizon with a 99% confidence threshold over 20 days, with the fund s reference indicator as a benchmark portfolio. Calculated as the gross sum of nominal derivatives without netting or hedging, the expected level of leverage is 2, but it may be higher under certain market conditions (low/high volatility, low interest rates, central bank intervention, etc.). Maximum, minimum and average VaR levels over the year are shown in the table below: VaR 99%, 20 days Min Average Max Carmignac Patrimoine Remuneration policy Carmignac Gestion SA s remuneration policy is designed to comply with European and national remuneration and governance rules as set out in the UCITS Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 and 2014/91/EU of 23 July 2014, the ESMA guideline of 14 October 2016 (ESMA/2016/575), and the AIFM Directive 2011/61/EU of the European Parliament and of the Council. It promotes sound and effective risk management without excessive risk taking. In particular, it ties employees to the risks they take to ensure that Identified Staff are fully committed to the Company s long-term performance. The remuneration policy was approved by the Board of Directors of the management company. The principles of this policy are re-evaluated at least once a year by the remuneration and nominations committee and Board of Directors, and are adjusted to fit the changing regulatory framework. Details of the remuneration policy, including a description of how remuneration and benefits are calculated, as well as information on the remuneration and nominations committee, can be found at A printout of the remuneration policy is available free of charge upon request. Variable part: determination and appraisal Variable remuneration depends on both the individual success of the employee and the performance of the Company as a whole. The variable remuneration budget is determined on the basis of Carmignac Gestion SA s results over the previous financial year, while ensuring that capital remains at a sufficient level. It is then distributed between the various departments according to the assessment of their performance, and within each department according to employees individual performance appraisals. The amount of the variable portion allocated to each employee reflects their performance and the achievement of targets set by the Company. These targets may be quantitative and/or qualitative and are linked to the employee s position. They take into account individual behaviour to avoid short-term risk taking. They give particular consideration to the sustainability of action taken by the employee and its long-term benefits for the company, the employee s personal involvement and the completion of assigned tasks. FY 2017 In 2017, the total amount of remuneration (including fixed and deferred/non-deferred variable) paid by Carmignac Gestion to all of its staff (174 individuals) was EUR 50,878,992. This amount breaks down as follows: Total amount of fixed remuneration paid over the year: EUR 11,603,101 Total amount of deferred and non-deferred variable remuneration paid over the year: EUR 39,275,891 A limited number of fund managers receive performance fees. However, these commissions form an integral part of their variable remuneration and are subject to oversight measures, especially with regard to deferred bonuses and payments in financial instruments. The total amount of remuneration paid in 2017 breaks down as follows among the different groups of staff: - Risk takers: EUR 35,141,190 - Non-risk takers: EUR 15,737,801 24

25 Substantial changes during the year KPMG was reappointed as the portfolio s statutory auditor, starting with the financial year ending on 29/12/2017. KPMG alone will hold this position. The portfolio s prospectus was updated on 17/02/2017 to bring it in line with applicable regulatory changes (UCITS V Directive and SFTR). 25

26 CARMIGNAC PATRIMOINE BALANCE SHEET ASSETS IN EUR 29/12/ /12/2016 Net fixed assets Deposits Financial instruments Equities 22,108,946, ,665,151, and similar securities 10,588,252, ,765,613, Traded on a regulated or similar market 10,588,252, ,765,613, Not traded on a regulated or similar market Bonds and similar securities 10,772,862, ,933,896, Traded on a regulated or similar market 10,772,862, ,933,896, Not traded on a regulated or similar market Debt securities 583,403, ,689, Traded on a regulated or similar market 583,403, ,689, Transferable debt securities 583,403, ,689, Other debt securities Not traded on a regulated or similar market Undertakings for Collective Investment 14,789, Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries Other funds aimed at non-professional investors and equivalent funds of other EU member states Professional investment funds and equivalent funds of other EU member states and listed securitisation funds Other professional investment funds and equivalent funds of other EU member states and unlisted securitisation funds Other non-european funds 14,789, Temporary transactions on securities 16,749, ,931, Receivables on securities received under a repurchase agreement (pension) Receivables on securities lent 16,749, ,931, Securities borrowed Securities transferred under a repurchase agreement (pension) Other temporary transactions Forward financial instruments 132,888, ,020, Transactions on a regulated or similar market 35,107, ,699, Other transactions 97,780, ,320, Other financial instruments Receivables 19,922,494, ,622,334, Currency forward exchange contracts 19,602,505, ,156,592, Other 319,989, ,741, Financial accounts 234,054, ,039, Cash 234,054, ,039, Total assets 42,265,495, ,559,525,

27 CARMIGNAC PATRIMOINE BALANCE SHEET LIABILITIES AND OWNER S EQUITY IN EUR 29/12/ /12/2016 Equity Share capital 21,449,354, ,614,994, Non-distributed prior net capital gains and losses (a) 31,252, Retained earnings (a) 7,979, ,066, Net capital gains and losses for the financial year (a, b) 597,352, ,260, Profit/(loss) for the financial year (a, b) 82,984, ,550, Total share capital (= Amount corresponding to the net assets) 22,168,923, ,670,872, Financial instruments 195,921, ,202, Sales of financial instruments Temporary transactions on securities 17,791, ,769, Payables on securities transferred under a repurchase agreement (pension) Payables on securities borrowed Other temporary transactions 17,791, ,769, Forward financial instruments 178,130, ,433, Transactions on a regulated or similar market 35,107, ,699, Other transactions 143,022, ,733, Payables 19,881,301, ,314,537, Currency forward exchange contracts 19,506,504, ,955,503, Other 374,796, ,033, Financial accounts 19,348, ,914, Short-term bank loans 19,348, ,914, Borrowings Total liabilities 42,265,495, ,559,525, (a) (b) Including accruals and deferrals Less interim dividends paid for the financial year 27

28 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 Hedging transactions Commitment on regulated or similar markets Futures contracts ES S&P 500 H7 24,381, TY CBOT YST ,218,669, US US TBOND ,080, XEUR FGBL BUN ,095,048, XEUR FGBL BUN ,294,544, Commitment on OTC markets Interest rate swaps BUBO6R/0.0/FIX/ ,602, BUBO6R/0.0/FIX/ ,493, BUBO6R/0.0/FIX/ ,891, BUBO6R/0.0/FIX/ ,492, BUBO6R/0.0/FIX/ ,493, BUBO6R/0.0/FIX/ ,662, BUBO6R/0.0/FIX/ ,131, BUBO6R/0.0/FIX/ ,662, BUBO6R/0.0/FIX/ ,618, BUBO6R/0.0/FIX/ ,131, BUBO6R/0.0/FIX/ ,860, BUBO6R/0.0/FIX/ ,847, BUBO6R/0.0/FIX/ ,633, E3M/0.0/FIX/ ,843, E3M/0.0/FIX/ ,151, FIX/2.264/L3MUSD/0.0 1,589,091, L3MUSD/0.0/FIX/ ,653,477, L3MUSD/0.0/FIX/ ,653,408, L3MUSD/0.0/FIX/2.47 3,687, L3MUSD/0.0/FIX/ ,973, Credit Default Swap CDX EM S26 V1 MKT 5Y 88,000, CDX EM S26 V1 MKT 5Y 87,982, CDX EM S26 V1 MKT 5Y 176,060, CDX EM S26 V1 MKT 5Y 88,017, CDX EM S26 V1 MKT 5Y 44,008, Other commitments 28

29 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 Other transactions Commitment on regulated or similar markets Futures contracts DJES BANKS ,831, MTAA SPMI FTS ,856, XEUR FSTS DJ ,960, Commitment on OTC markets Futures contracts BK34 JP JPUS ,602, BK35 JP JPUS ,783, BK36 JP JPUS ,150, Options 07/2017 PUT ,603, EURIBOR 1 MONTH REV 06/2024 CALL ,547, EURIBOR 1 MONTH REV 06/2024 PUT ,898, EURIBOR 3 MONTH REV 03/2019 CALL 1 9,423, EURIBOR 3 MONTH REV 03/2019 PUT 1 9,468, EURIBOR 3 MONTH REV 03/2019 PUT 1 4,705, EURIBOR 3 MONTH REV 03/2019 PUT 1 EURIBOR 3 MONTH REV 03/2019 PUT 1 EURIBOR 3 MONTH REV 03/2020 PUT 1 26,678, EURIBOR 3 MONTH REV 03/2020 PUT 1 53,240, EURIBOR 3 MONTH REV 03/2021 PUT 1 122,875, EURIBOR 3 MONTH REV 03/2021 PUT 1 123,356, EURIBOR 3 MONTH REV 03/2022 PUT 1 122,606, EURIBOR 3 MONTH REV 03/2022 PUT ,380, EURIBOR 3 MONTH REV 03/2022 PUT ,407, EURIBOR 3 MONTH REV 06/2019 CALL 1 EURIBOR 3 MONTH REV 06/2019 CALL 1 EURIBOR 3 MONTH REV 06/2019 PUT 1 18,219, EURIBOR 3 MONTH REV 06/2019 PUT 1 9,093, EURIBOR 3 MONTH REV 06/2020 PUT 1 31,537, EURIBOR 3 MONTH REV 06/2020 PUT 1 63,056, EURIBOR 3 MONTH REV 06/2021 PUT 1 135,295, EURIBOR 3 MONTH REV 06/2021 PUT 1 136,572, EURIBOR 3 MONTH REV 06/2022 PUT 1 136,239, EURIBOR 3 MONTH REV 06/2022 PUT ,920,

30 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 EURIBOR 3 MONTH REV 06/2022 PUT ,046, EURIBOR 3 MONTH REV 09/2019 PUT 1 14,460, EURIBOR 3 MONTH REV 09/2019 PUT 1 28,946, EURIBOR 3 MONTH REV 09/2020 PUT 1 36,143, EURIBOR 3 MONTH REV 09/2020 PUT 1 72,002, EURIBOR 3 MONTH REV 09/2021 PUT 1 148,652, EURIBOR 3 MONTH REV 09/2021 PUT 1 148,922, EURIBOR 3 MONTH REV 09/2022 PUT 1 149,088, EURIBOR 3 MONTH REV 09/2022 PUT ,663, EURIBOR 3 MONTH REV 09/2022 PUT ,844, EURIBOR 3 MONTH REV 12/2018 PUT 1 2,035, EURIBOR 3 MONTH REV 12/2018 PUT 1 4,079, EURIBOR 3 MONTH REV 12/2018 PUT 1 4,090, EURIBOR 3 MONTH REV 12/2019 PUT 1 21,147, EURIBOR 3 MONTH REV 12/2019 PUT 1 42,224, EURIBOR 3 MONTH REV 12/2020 CALL 1 76,490, EURIBOR 3 MONTH REV 12/2020 CALL 1 153,338, EURIBOR 3 MONTH REV 12/2020 CALL 1 153,326, EURIBOR 3 MONTH REV 12/2020 PUT 1 108,242, EURIBOR 3 MONTH REV 12/2020 PUT 1 108,439, EURIBOR 3 MONTH REV 12/2021 CALL ,423, EURIBOR 3 MONTH REV 12/2021 CALL ,860, EURIBOR 3 MONTH REV 12/2021 CALL ,426, EURIBOR 3 MONTH REV 12/2021 PUT 1 107,424, EURIBOR 3 MONTH REV 12/2021 PUT ,388, EURIBOR 3 MONTH REV 12/2021 PUT ,767, EURIBOR 3 MONTH REV 12/2022 CALL ,752, EURIBOR 3 MONTH REV 12/2022 CALL ,007, EURIBOR 6 MONTH REV 03/2020 PUT 1 53,189, EURIBOR 6 MONTH REV 06/2018 CALL ,025, EURIBOR 6 MONTH REV 06/2018 CALL ,946, EURIBOR 6 MONTH REV 06/2018 CALL ,025, EURIBOR 6 MONTH REV 06/2018 CALL ,025, EURIBOR 6 MONTH REV 06/2018 CALL ,967, EURIBOR 6 MONTH REV 06/2018 CALL ,995, EURIBOR 6 MONTH REV 06/2018 CALL ,025, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,846,

31 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 EURIBOR 6 MONTH REV 06/2018 PUT 2 1,846, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,852, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,846, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,853, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,856, EURIBOR 6 MONTH REV 06/2018 PUT 2 1,846, EURIBOR 6 MONTH REV 06/2019 PUT 1 18,134, EURIBOR 6 MONTH REV 06/2020 PUT 1 63,088, EURIBOR 6 MONTH REV 06/2037 CALL 1 9,197, EURIBOR 6 MONTH REV 06/2037 CALL 1 4,662, EURIBOR 6 MONTH REV 06/2037 CALL 1 9,197, EURIBOR 6 MONTH REV 06/2037 CALL 1 9,196, EURIBOR 6 MONTH REV 06/2037 CALL 1 4,595, EURIBOR 6 MONTH REV 06/2037 CALL 1 4,595, EURIBOR 6 MONTH REV 06/2037 PUT 1 4,767, EURIBOR 6 MONTH REV 06/2037 PUT 1 2,419, EURIBOR 6 MONTH REV 06/2037 PUT 1 2,381, EURIBOR 6 MONTH REV 06/2037 PUT 1 2,380, EURIBOR 6 MONTH REV 06/2037 PUT 1 4,764, EURIBOR 6 MONTH REV 06/2037 PUT 1 4,761, EURIBOR 6 MONTH REV 09/2019 PUT 1 28,918, EURIBOR 6 MONTH REV 09/2020 PUT 1 72,303, EURIBOR 6 MONTH REV 12/2019 PUT 1 42,191, EUR/USD C ,162, EUR/USD C ,722, EUR/USD C ,641, EUR/USD C ,850, EUR/USD P ,543, EUR/USD P ,856, EUR/USD P ,210, LIBOR USD 3 MONTH 12/2018 CALL 1 516,893, LIBOR USD 3 MONTH 12/2018 PUT 1 171,731, LIBOR 3 MONTH USD 06/2019 CALL 1 1,909,928, LIBOR 3 MONTH USD 06/2019 CALL 1 1,281,254, LIBOR 3 MONTH USD 06/2019 CALL 1 893,676, LIBOR 3 MONTH USD 06/2019 CALL 1 893,606, LIBOR 3 MONTH USD 06/2019 PUT 1 635,242,

32 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 LIBOR 3 MONTH USD 06/2019 PUT 1 629,411, LIBOR 3 MONTH USD 06/2019 PUT 1 950,918, LIBOR 3 MONTH USD 06/2019 PUT 1 1,427,351, LIBOR 3 MONTH USD 06/2037 CALL ,733, LIBOR 3 MONTH USD 06/2037 PUT 2.5 8,355, LIBOR 3 MONTH USD 09/2019 CALL 1 817,172, LIBOR 3 MONTH USD 09/2019 PUT 1 674,715, LIBOR 3 MONTH USD 12/2018 CALL 1 516,893, LIBOR 3 MONTH USD 12/2018 PUT 1 171,731, USD/IDR P ,211, USD/IDR P ,087, USD/IDR P ,087, USD/IDR P ,074, USD/IDR P ,496, USD/IDR P ,496, USD/MXN P , USD/MXN P , USD/MXN P , USD/MXN P ,153, Performance swap INFL SWAP 28/06/ ,723, INFL SWAP 28/06/ ,560, INFL SWAP 28/06/ ,224, Interest rate swaps E6M/0.0/FIX/ ,400, E6M/0.0/FIX/ ,800, E6M/0.0/FIX/ ,800, E6M/0.0/FIX/ ,800, E6M/0.0/FIX/ ,625, E6M/0.0/FIX/ ,800, E6M/0.0/FIX/ ,200, E6M/0.0/FIX/ ,600, E6M/0.0/FIX/ ,350, FIX/0.23/L6RJPY/ ,424, FIX/0.23/L6RJPY/ ,424, FIX/0.9425/E6M/ ,700, FIX/0.96/E6M/ ,170,

33 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/2016 FIX/0.96/E6M/ ,887, FIX/0.96/E6M/0.0 92,944, FIX/0.96/E6M/0.0 92,946, FIX/1.001/E6M/ ,560, FIX/1.795/E6M/ ,800, FIX/2.185/E6M/ ,700, FIX/2.264/L3MUSD/0.0 1,589,148, L6RJPY/0.0/FIX/ ,874, L6RJPY/0.0/FIX/ ,874, Other commitments CFDs AAPL MS APPLE ,882, CFD BK OZARKS ,396, ,325, CFD GS CNK ,026, CFD MER OMC ,756, ,822, CFD ML AAL ,814, CFD MS BBY ,555, CFD MS CMCSA ,111, CFD MS NTES ,401, CFD UB CIBC 28,198, CFD UB MICHA ,337, CFD UBS AZN ,702, CFD UBS DIS ,599, CFD UBS GPS ,528, CFD UBS HSY ,178, CFDJPM LLOY 36,863, DRI1 DARDEN R ,718, ML KINGFISH ,216, ,403, MS CBS MCB ,669, OLB MS LIBERT ,827, ORC ORCL US ,486, UBS BURBERRY ,707, UBS CHINA MER 16,237, UBS CHINA MIN 11,889, UBS GRAINGER ,573, UBS INTER UBS ,682, UBS INTERCONT ,224,

34 CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 29/12/ /12/

35 CARMIGNAC PATRIMOINE INCOME STATEMENT 29/12/ /12/2016 Income from financial transactions Income from deposits and financial accounts 976, , Income from equities and similar securities 74,656, ,276, Income from bonds and similar securities 398,467, ,082, Income from debt securities 1,486, ,226, Income from temporary purchases and sales of securities 1,341, ,482, Income from financial futures Other financial income Total(1) 476,928, ,734, Payables on financial transactions Payables on temporary purchases and sales of securities 14, Payables on financial futures 1,177, ,440, Payables on financial debts 3,614, ,017, Other payables Total (2) 4,806, ,423, Profit/(loss) on financial transactions (1-2) 472,122, ,157, Other income (3) Management fee and depreciation allowance (4) 381,569, ,128, Net profit/(loss) for the financial year (L ) ( ) 90,552, ,029, Income equalisation for the financial year (5) -7,009, ,850, Interim dividends on income paid for the financial year (6) 558, , Profit/(loss) ( ) 82,984, ,550,

36 NOTES TO THE FINANCIAL STATEMENTS OF CARMIGNAC PATRIMOINE Accounting methods and rules The annual financial statements are drawn up in the form required by ANC Regulation repealing CRC Regulation , as amended. The general principles of accounting apply: - a true and fair view, comparability, continuity of operations, - lawfulness and fairness, - prudence, - consistency of methods from one financial year to the next. Income from fixed income securities is recorded on the basis of accrued interest. Purchases and sales of securities are recorded exclusive of costs. The accounting currency of the portfolio is the EURO. There are 12 months in the financial year. Valuation rules for the assets Financial instruments are recorded in the financial statements using the historical cost method and they are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models. Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in valuation differentials accounts. Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day. DEPOSITS: Deposits with a residual maturity of less than or equal to 3 months are valued using the straight-line method. EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET: For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day. Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value. EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET: Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions. 36

37 TRANSFERABLE DEBT SECURITIES: Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer: Transferable debt securities with a maturity of less than or equal to 1 year: Interbank rate in euro (Euribor); Transferable debt securities with a maturity exceeding 1 year: valued using rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. Transferable debt securities with a residual maturity of less than three months may be valued using the straight-line method. French treasury bills are valued on the basis of market prices, as published daily by the Bank of France. FUNDS HELD: Units or shares of UCIs shall be valued at their last known net asset value. TEMPORARY TRANSACTIONS ON SECURITIES: Securities received under repurchase agreements are recorded as an asset under the heading "Receivables on securities received under a repurchase agreement (pension)" at the contract amount, plus any accrued interest receivable. Securities transferred under a repurchase agreement are recorded as securities purchased at their current value. The payables on securities transferred under a repurchase agreement are recorded as securities sold at the value determined in the contract, plus any accrued interest payable. Securities lent are valued at their current value and are recorded as an asset under the heading "Receivables on securities lent" at their current value, plus any accrued interest receivable. Securities borrowed are recorded as an asset under the heading "Securities borrowed" at the contract amount and as a liability under the heading "Payables on securities borrowed" at the contract amount, plus any accrued interest payable. FORWARD FINANCIAL INSTRUMENTS: Forward financial instruments traded on a regulated or similar market: Forward financial instruments traded on regulated markets are valued at the settlement price of that day. Forward financial instruments not traded on a regulated or similar market: Swaps: Interest rate and/or currency swaps are valued at their market value by discounting future interest payments at the interest rate and/or currency exchange rate prevailing on the market. This price is adjusted to the issuer's risk. Index swaps are valued using an actuarial method on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or at a value estimated according to the terms and conditions determined by the management company. Off-balance sheet commitments: Futures contracts are recorded at their market value as off-balance sheet commitments on the basis of the price used in the portfolio. Options are converted into the underlying equivalent. Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount. 37

38 Financial instruments NAME CFD BK OZARKS 1230 CFD GS CNK 1230 CFD MER OMC 1230 CFD ML AAL 1230 CFD MS CMCSA 1230 CFD MS NTES 1230 CFD UB CIBC CFD UB MICHA 1230 CFD UBS DIS 1230 CFD UBS GPS 1230 CFD UBS HSY 1230 CFDJPM LLOY DRI1 DARDEN R 1230 ML KINGFISH 1230 OLB MS LIBERT 1230 UBS CHINA MER UBS CHINA MIN UBS GRAINGER 1230 UBS INTER UBS 1230 XEUR FGBL BUN 0318 EURIBOR 1 MONTH REV 06/2024 CALL 2.88 EURIBOR 1 MONTH REV 06/2024 PUT 1.5 EURIBOR 3 MONTH REV 12/2020 CALL 1 EURIBOR 3 MONTH REV 12/2020 CALL 1 EURIBOR 3 MONTH REV 12/2020 CALL 1 EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EURIBOR 3 MONTH REV 12/2022 CALL 1.25 EURIBOR 3 MONTH REV 12/2022 CALL 1.25 EUR/USD C EUR/USD C 1.21 EUR/USD P 1.16 EUR/USD P EUR/USD P USD/IDR P USD/IDR P USD/IDR P USD/IDR P USD/IDR P USD/IDR P EURIBOR 3 MONTH REV 03/2019 PUT 1 EURIBOR 3 MONTH REV 03/2019 PUT 1 EURIBOR 3 MONTH REV 03/2019 PUT 1 EURIBOR 3 MONTH REV 03/2020 PUT 1 EURIBOR 3 MONTH REV 03/2020 PUT 1 EURIBOR 3 MONTH REV 03/2021 PUT 1 EURIBOR 3 MONTH REV 03/2021 PUT 1 EURIBOR 3 MONTH REV 03/2022 PUT 1 DESCRIPTION CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES FUTURE ON EUREX EURO BUND CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CAP AND FLOOR - OPTION ON OTC MARKETS CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION 38

39 EURIBOR 3 MONTH REV 03/2022 PUT 1.25 EURIBOR 3 MONTH REV 03/2022 PUT 1.25 EURIBOR 3 MONTH REV 06/2019 PUT 1 EURIBOR 3 MONTH REV 06/2019 PUT 1 EURIBOR 3 MONTH REV 06/2020 PUT 1 EURIBOR 3 MONTH REV 06/2020 PUT 1 EURIBOR 3 MONTH REV 06/2021 PUT 1 EURIBOR 3 MONTH REV 06/2021 PUT 1 EURIBOR 3 MONTH REV 06/2022 PUT 1 EURIBOR 3 MONTH REV 06/2022 PUT 1.25 EURIBOR 3 MONTH REV 06/2022 PUT 1.25 EURIBOR 3 MONTH REV 09/2019 PUT 1 EURIBOR 3 MONTH REV 09/2019 PUT 1 EURIBOR 3 MONTH REV 09/2020 CALL 1 EURIBOR 3 MONTH REV 09/2020 PUT 1 EURIBOR 3 MONTH REV 09/2021 PUT 1 EURIBOR 3 MONTH REV 09/2021 PUT 1 EURIBOR 3 MONTH REV 09/2022 PUT 1 EURIBOR 3 MONTH REV 09/2022 PUT 1.25 EURIBOR 3 MONTH REV 09/2022 PUT 1.25 EURIBOR 3 MONTH REV 12/2018 PUT 1 EURIBOR 3 MONTH REV 12/2018 PUT 1 EURIBOR 3 MONTH REV 12/2018 CALL 1 EURIBOR 3 MONTH REV 03/2019 CALL 1 EURIBOR 3 MONTH REV 12/2019 PUT 1 EURIBOR 3 MONTH REV 12/2020 PUT 1 EURIBOR 3 MONTH REV 12/2020 PUT 1 EURIBOR 3 MONTH REV 12/2021 PUT 1 EURIBOR 3 MONTH REV 12/2021 PUT 1.25 EURIBOR 3 MONTH REV 12/2021 PUT 1.25 EURIBOR 6 MONTH REV 03/2020 PUT 1 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2018 PUT 2 EURIBOR 6 MONTH REV 06/2019 PUT 1 EURIBOR 6 MONTH REV 06/2020 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 EURIBOR 6 MONTH REV 06/2037 PUT 1 39

40 EURIBOR 6 MONTH REV 09/2019 PUT 1 EURIBOR 6 MONTH REV 09/2020 PUT 1 EURIBOR 6 MONTH REV 12/2019 PUT 1 LIBOR 3 MONTH USD 06/2037 PUT 2.5 EURIBOR 6 MONTH REV 06/2037 CALL 1 EURIBOR 6 MONTH REV 06/2037 CALL 1 EURIBOR 6 MONTH REV 06/2037 CALL 1 EURIBOR 6 MONTH REV 06/2037 CALL 1 EURIBOR 6 MONTH REV 06/2037 CALL 1 EURIBOR 6 MONTH REV 06/2037 CALL 1 LIBOR USD 3 MONTH 12/2018 CALL 1 LIBOR USD 3 MONTH 12/2018 PUT 1 LIBOR 3 MONTH USD 06/2019 CALL 1 LIBOR 3 MONTH USD 06/2019 CALL 1 LIBOR 3 MONTH USD 06/2019 CALL 1 LIBOR 3 MONTH USD 06/2019 CALL 1 LIBOR 3 MONTH USD 06/2019 PUT 1 LIBOR 3 MONTH USD 06/2019 PUT 1 LIBOR 3 MONTH USD 06/2019 PUT 1 LIBOR 3 MONTH USD 06/2019 PUT 1 LIBOR 3 MONTH USD 06/2037 CALL 2.5 LIBOR 3 MONTH USD 09/2019 CALL 1 LIBOR 3 MONTH USD 09/2019 PUT 1 LIBOR 3 MONTH USD 12/2018 CALL 1 LIBOR 3 MONTH USD 12/2018 PUT 1 BUBO6R/0.0/FIX/1.347 BUBO6R/0.0/FIX/1.349 BUBO6R/0.0/FIX/1.349 BUBO6R/0.0/FIX/1.365 BUBO6R/0.0/FIX/1.375 BUBO6R/0.0/FIX/1.87 BUBO6R/0.0/FIX/1.87 BUBO6R/0.0/FIX/1.877 BUBO6R/0.0/FIX/1.895 BUBO6R/0.0/FIX/1.895 BUBO6R/0.0/FIX/1.915 BUBO6R/0.0/FIX/1.95 BUBO6R/0.0/FIX/1.96 E3M/0.0/FIX/ E3M/0.0/FIX/ L3MUSD/0.0/FIX/2.349 L3MUSD/0.0/FIX/2.357 L3MUSD/0.0/FIX/2.47 L3MUSD/0.0/FIX/2.84 FIX/2.264/L3MUSD/0.0 FIX/2.264/L3MUSD/0.0 INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP 40

41 Management fees Management fees are calculated on each valuation day on the basis of the net assets. These fees are recorded in the UCI s income statement. The management fees are paid in full to the Management Company responsible for all of the operating costs of the UCIs. Management fees do not include transaction fees. The rate applied to the net asset value is: % (inclusive of tax) for the A EUR acc units, % (inclusive of tax) for the E EUR acc units, % (inclusive of tax) for the A CHF acc units, % (inclusive of tax) for the A USD acc units, % (inclusive of tax) for the A EUR Ydis units, % (inclusive of tax) for the A JPY inc units, % (inclusive of tax) for the B JPY inc units. The performance fees are based on a comparison between the performance of each fund unit (except unhedged units) and the fund s reference indicator over the financial year. Regarding unhedged units, performance fees are calculated on the basis of the unit s performance compared with that of the reference indicator converted into the currency of the unit. If the performance since the beginning of the financial year is positive and exceeds the performance of the following composite index: 50% MSCI AC WORLD NR (USD) Index, the Morgan Stanley international equity index, and 50% Citigroup WGBI All Maturities EUR, the world bond index, a daily provision of up to 10% of this outperformance is established. In the event of underperformance in relation to this index, a daily amount corresponding to a maximum of 10% of this underperformance is deducted from the provision established since the beginning of the year. In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. The performance fee is paid to the management company in full at the end of the financial year. Allocation of distributable income DEFINITION OF DISTRIBUTABLE INCOME: Distributable income is made up of: NET INCOME: The net income for the financial year is equal to the amount of interest, arrears, premiums and prizes, dividends, director s fees and any other income relating to the securities constituting the portfolio, plus income generated by temporary cash holdings and minus the amount of management fees and interest charges on loans. This is increased by retained earnings, plus or minus the balance of the income equalisation accounts. CAPITAL GAINS AND LOSSES: Realised capital gains, net of fees, minus realised capital losses, net of fees, recognised during the financial year, plus net capital gains of a similar nature recognised during previous financial years and which have not been distributed or accumulated, plus or minus the balance of the capital gains equalisation account. 41

42 ALLOCATION OF DISTRIBUTABLE INCOME: Distributable income Allocation of net income Allocation of net realised capital gains or losses A EUR acc, E EUR acc, A CHF acc Hdg and A USD acc Hdg units Accumulation Accumulation A EUR Y dis, A JPY inc and B JPY inc units Distributed or carried forward as decided by the management company Distributed or carried forward as decided by the management company 42

43 CARMIGNAC PATRIMOINE NET ASSET CHANGES 29/12/ /12/2016 Net assets at the beginning of the financial year 24,670,872, ,168,220, Subscriptions (including subscription fees paid to the UCI) 3,746,041, ,919,238, Redemptions (after deduction of redemption fees paid to the UCI) -6,222,786, ,331,164, Realised gains on deposits and financial instruments 1,825,855, ,795,333, Realised losses on deposits and financial instruments -757,507, ,955, Realised gains on forward financial instruments 3,497,891, ,038,889, Realised losses on forward financial instruments -3,603,131, ,441,894, Transaction fees -85,025, ,802, Foreign exchange differences -1,670,198, ,815, Changes in the valuation differential of deposits and financial instruments 740,565, ,213, Valuation differential for the financial year N 2,301,959, ,561,394, Valuation differential for the financial year N-1-1,561,394, ,996,608, Changes in the valuation differential of forward financial instruments -55,176, ,886, Valuation differential for the financial year N -91,239, ,062, Valuation differential for the financial year N-1 36,062, ,949, Dividends paid in the previous financial year on net capital gains and losses -4,037, Dividends paid in the previous financial year on income -3,757, ,265, Net profit/(loss) for the financial year prior to the income equalisation account 90,552, ,029, Interim dividend(s) paid during the financial year on net capital gains and losses Interim dividend(s) paid during the financial year on income -1,016, ,243, Other items* -217, Net assets at the end of the financial year 22,168,923, ,670,872, * Reconciliation difference, inactive broker, RBC. 43

44 BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC STRUCTURE OF CARMIGNAC PATRIMOINE Amount % ASSETS Bonds and similar securities Other bonds (index-linked, participation certificates) 669,718, Mortgages traded on a regulated or similar market 1,146,616, Fixed rate bonds traded on a regulated or similar market 8,869,780, Bonds VAR/REV traded on a regulated or similar market 53,008, Convertible bonds traded on a regulated or similar market. 33,738, TOTAL bonds and similar securities 10,772,862, Debt securities Treasury bills 583,403, TOTAL debt securities 583,403, LIABILITIES Sales of financial instruments TOTAL sales of financial instruments OFF-BALANCE SHEET Hedging transactions Fixed income 10,477,697, TOTAL hedging transactions 10,477,697, Other transactions Other 480,359, Currencies 1,982,556, Fixed income 20,267,227, TOTAL other transactions 22,730,142,

45 BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE Fixed rate % Variable rate % Adjustable rate % Other % Assets Deposits Bonds and similar securities 8,836,151, ,176,323, ,387, Debt securities 583,403, Temporary transactions on securities Financial accounts 234,054, Liabilities Temporary transactions on securities 17,791, Financial accounts 19,348, Off-balance sheet Hedging transactions 4,594,061, ,589,091, ,294,544, Other transactions 1,589,148, ,678,079,

46 BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE < 3 months % ]3 months - 1 year] % ]1-3 years] % Assets Deposits Bonds and similar securities 116,451, ,209, ,174, Debt securities 583,403, Temporary transactions on securities Financial accounts 234,054, Liabilities Temporary transactions on securities Financial accounts 19,348, Off-balance sheet Hedging transactions 1,589,091, Other transactions 1,645,414, ,020,435, ]3-5 years] % >5 years % Assets Deposits Bonds and similar securities 1,482,696, ,124,330, Debt securities Temporary transactions on securities Financial accounts Liabilities Temporary transactions on securities 17,791, Financial accounts Off-balance sheet Hedging transactions 4,034,249, ,854,356, Other transactions 5,404,922, ,454, Positions in interest rate futures are shown according to the maturity of the underlying instrument. 46

47 BREAKDOWN BY LISTING CURRENCY OR VALUATION CURRENCY OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE Assets Deposits USD JPY HUF Other currencies Amount % Amount % Amount % Amount % Equities and similar securities 7,261,379, ,339,504, Bonds and similar securities 2,835,613, ,160,461, Debt securities 548,688, UCIs Temporary transactions on securities 16,749, Receivables 2,270,699, ,759, ,186, ,861,396, Financial accounts 43,004, , ,697, Liabilities Sales of financial instruments Temporary transactions on securities Payables 11,949,184, ,996, ,224,062, Financial accounts 5,598, ,349, ,898, ,032, Off-balance sheet Hedging transactions 5,439,638, ,520, Other transactions 13,712,490, ,087,

48 RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE OF CARMIGNAC PATRIMOINE Nature of the debit/credit 29/12/2017 Receivables Forward currency purchases 4,285,480, Funds receivable on forward currency sales 15,317,024, Sales with deferred settlement 74,537, Subscriptions receivable 9,713, Guarantee deposits in cash 138,102, Cash dividends and coupons 6,900, Collateral 90,735, Total receivables 19,922,494, Payables Forward currency sales - 15,142,559, Funds payable on forward currency purchases - 4,363,945, Purchases with deferred settlement - 136,212, Redemption price payable - 80,405, Management fees - 7,550, Performance fees - 3,770, Collateral - 116,647, Other payables - 30,210, Total payables - 19,881,301,

49 NUMBER OF CARMIGNAC PATRIMOINE SECURITIES ISSUED OR REDEEMED In units In euro A JPY Inc units Units subscribed during the financial year 196, ,999, Units redeemed during the financial year -592, ,925, Net balance of subscriptions/redemptions -395, ,926, A EUR Acc units Units subscribed during the financial year 4,977, ,273,989, Units redeemed during the financial year -8,231, ,397,091, Net balance of subscriptions/redemptions -3,254, ,123,101, A CHF Acc Hdg units Units subscribed during the financial year 196, ,394, Units redeemed during the financial year -343, ,122, Net balance of subscriptions/redemptions -146, ,728, B JPY Inc units Units subscribed during the financial year 127, ,148, Units redeemed during the financial year -280, ,710, Net balance of subscriptions/redemptions -152, ,561, A USD Acc Hdg units Units subscribed during the financial year 326, ,295, Units redeemed during the financial year -530, ,788, Net balance of subscriptions/redemptions -204, ,492, A EUR Y dis units Units subscribed during the financial year 828, ,776, Units redeemed during the financial year -870, ,583, Net balance of subscriptions/redemptions -41, ,807, E EUR Acc units Units subscribed during the financial year 1,785, ,439, Units redeemed during the financial year -3,396, ,564, Net balance of subscriptions/redemptions -1,610, ,125,

50 CARMIGNAC PATRIMOINE SUBSCRIPTION AND/OR REDEMPTION FEES In euro A JPY Inc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund A CHF Acc Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund A EUR Acc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund B JPY Inc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund A USD Acc Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund E EUR Acc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund A EUR Y dis units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund 50

51 MANAGEMENT FEES OF CARMIGNAC PATRIMOINE 29/12/2017 A JPY Inc units Guarantee fees Fixed management fees 1,937, Percentage of fixed management fees 1.00 Performance fees 61, Trailer fees A EUR Acc units Guarantee fees Fixed management fees 315,243, Percentage of fixed management fees 1.50 Performance fees 3,274, Trailer fees A CHF Acc Hdg units Guarantee fees Fixed management fees 1,134, Percentage of fixed management fees 1.50 Performance fees 19, Trailer fees A USD Acc Hdg units Guarantee fees Fixed management fees 1,930, Percentage of fixed management fees 1.50 Performance fees 111, Trailer fees B JPY Inc units Guarantee fees Fixed management fees 1,000, Percentage of fixed management fees 1.00 Performance fees 27, Trailer fees 51

52 MANAGEMENT FEES OF CARMIGNAC PATRIMOINE 29/12/2017 A EUR Y dis units Guarantee fees Fixed management fees 6,702, Percentage of fixed management fees 1.50 Performance fees 52, Trailer fees E EUR Acc units Guarantee fees Fixed management fees 49,843, Percentage of fixed management fees 2.00 Performance fees 229, Trailer fees 52

53 COMMITMENTS RECEIVED AND GIVEN BY CARMIGNAC PATRIMOINE Guarantees received by the Fund None. Other commitments received and/or given: None. 53

54 MARKET VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION BY CARMIGNAC PATRIMOINE 29/12/2017 Securities held under repurchase agreements (pension) Securities borrowed 54

55 MARKET VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION BY CARMIGNAC PATRIMOINE 29/12/2017 Financial instruments given as a guarantee and kept as their original entry Financial instruments received as a guarantee and not entered on the balance sheet 55

56 MARKET VALUE OF SECURITIES REPRESENTING GUARANTEE DEPOSITS OF CARMIGNAC PATRIMOINE ISIN code Description 29/12/2017 Equities Bonds Transferable debt securities UCIs 14,789, FR CARMIGNAC COURT TERME A EUR C 14,789, Forward financial instruments 56

57 FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE CARMIGNAC PATRIMOINE PORTFOLIO Date Units Total amount Amount per unit Total tax credits Tax credits per unit Interim dividends 19/04/2017 A JPY Inc 369, Interim dividends 23/10/2017 A JPY Inc 305, Interim dividends 19/04/2017 B JPY Inc 188, Interim dividends 23/10/2017 B JPY Inc 152,

58 ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC PATRIMOINE 29/12/ /12/2016 Amounts to be allocated Retained earnings 7,979, ,066, Income 82,984, ,550, Total 90,964, ,617, /12/ /12/2016 A EUR Acc units Allocation Distribution Retained earnings for the financial year Accumulation 80,356, ,368, Total 80,356, ,368, /12/ /12/2016 A CHF Acc Hdg units Allocation Distribution Retained earnings for the financial year Accumulation 264, , Total 264, , /12/ /12/2016 A JPY Inc units Allocation Distribution Retained earnings for the financial year 6,483, ,575, Accumulation Total 6,483, ,575,

59 ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC PATRIMOINE A USD Acc Hdg units Allocation Distribution Retained earnings for the financial year 29/12/ /12/2016 Accumulation 396, ,206, Total 396, ,206, /12/ /12/2016 B JPY Inc units Allocation Distribution Retained earnings for the financial year 3,479, ,428, Accumulation Total 3,479, ,428, /12/ /12/2016 E EUR Acc units Allocation Distribution Retained earnings for the financial year Accumulation -1,775, ,470, Total -1,775, ,470, /12/ /12/2016 A EUR Y dis units Allocation Distribution 1,726, ,833, Retained earnings for the financial year 32, , Accumulation Total 1,759, ,842, Information concerning units eligible to receive dividends Number of units 3,753, ,795, Dividend per unit Tax credits Tax credit related to income distribution 139, ,

60 ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO NET CAPITAL GAINS AND LOSSES OF CARMIGNAC PATRIMOINE 29/12/ /12/2016 Amounts to be allocated Non-distributed prior net capital gains and losses 31,252, Net capital gains and losses for the financial year 597,352, ,260, Interim dividends paid on net capital gains and losses in the financial year Total 628,604, ,260, /12/ /12/2016 A CHF Acc Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation -3,950, ,689, Total -3,950, ,689, /12/ /12/2016 A EUR Acc units Allocation Distribution Non-distributed net capital gains and losses Accumulation 541,675, ,248, Total 541,675, ,248, /12/ /12/2016 A JPY Inc units Allocation Distribution Non-distributed net capital gains and losses 7,424, ,317, Accumulation Total 7,424, ,317,

61 ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO NET CAPITAL GAINS AND LOSSES OF CARMIGNAC PATRIMOINE 29/12/ /12/2016 A USD Acc Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation -8,993, ,200, Total -8,993, ,200, /12/ /12/2016 B JPY Inc units Allocation Distribution Non-distributed net capital gains and losses 5,626, ,505, Accumulation Total 5,626, ,505, /12/ /12/2016 E EUR Acc units Allocation Distribution Non-distributed net capital gains and losses Accumulation 64,503, ,137, Total 64,503, ,137, /12/ /12/2016 A EUR Y dis units Allocation Distribution 450, ,567, Non-distributed net capital gains and losses 21,868, ,593, Accumulation Total 22,318, ,161, Information concerning units eligible to receive dividends Number of units 3,753, ,795, Dividend per unit

62 OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 31/12/ /12/ /12/ /12/ /12/2017 Total net assets in EUR 27,126,644, ,263,622, ,168,220, ,670,872, ,168,923, A EUR acc Net assets in EUR 22,882,115, ,808,907, ,452,598, ,162,765, ,066,544, Number of units 40,124, ,534, ,325, ,597, ,343, Net asset value per unit in EUR Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income AJPY Inc Net assets in JPY 32,433,546, ,632,765, ,792,806, ,032,742, ,606,634, Number of units 3,213, ,515, ,616, ,363, ,967, Net asset value per unit in JPY 10, , , , , Non-distributed net capital gains and losses per unit in EUR Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR A CHF Acc Hdg Net assets in CHF 71,812, ,440, ,224, ,190, ,146, Number of units 701, , , , , Net asset value per unit in CHF Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income

63 OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 31/12/ /12/ /12/ /12/ /12/2017 Total net assets in EUR 27,126,644, ,263,622, ,168,220, ,670,872, ,168,923, A USD Acc hdg Net assets in USD 148,912, ,700, ,546, ,281, ,806, Number of units 1,452, ,371, ,899, ,287, ,083, Net asset value per unit in USD Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income BJPY Inc Net assets in JPY 11,490,309, ,657,945, ,390,648, ,995,155, ,377,519, Number of units 966, ,052, ,135, ,125, , Net asset value per unit in JPY 11, , , , , Non-distributed net capital gains and losses per unit in EUR Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR F GBP Acc Hdg Net assets in GBP 8,490, ,181, ,616, Number of units 83, , , Net asset value per unit in GBP Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income

64 OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 31/12/ /12/ /12/ /12/ /12/2017 Total net assets in EUR 27,126,644, ,263,622, ,168,220, ,670,872, ,168,923, A EUR Y dis Net assets in EUR 255,225, ,221, ,043, ,160, ,579, Number of units 2,501, ,437, ,679, ,795, ,753, Net asset value per unit in EUR Distributed net capital gains and losses per unit in EUR Non-distributed net capital gains and losses per unit in EUR Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR * E EUR Acc Net assets in EUR 3,508,646, ,713,174, ,698,961, ,530,824, ,260,106, Number of units 24,237, ,311, ,183, ,588, ,977, Net asset value per unit in EUR Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income F GBP Qdis Hdg Net assets in GBP 420, , , Number of units 4, , , Net asset value per unit in GBP Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR * The tax credit per unit shall only be determined on the distribution date in accordance with the tax provisions in force. 64

65 LIST OF SECURITIES OF CARMIGNAC PATRIMOINE AT 29 DECEMBER 2017 Equities and similar securities Name of securities Equities and similar securities traded on a regulated or similar market ARGENTINA Currency Quantity or nominal amount Current value % of net assets BANCO MACRO BANSUD ADR USD 1,674, ,575, GRUPO FINANCIERO GALICIA ADR USD 3,234, ,355, PAMPA-SPON ADR USD 1,448,360 81,150, TOTAL ARGENTINA 420,081, BRAZIL BRASIL.DIST.ADR USD 6,865, ,751, BRASILEIRA DIST PAO ACUCAR PF BRL 1,895,240 37,555, TOTAL BRAZIL 172,306, CANADA FRANCO-NEVADA CORP CAD 2,635, ,968, GOLD USD 18,214, ,703, POTASH CORP OF SASKATCHEWAN USD 7,969, ,052, SHOPIFY INC USD 271,420 22,829, TRANSCANADA CORP CAD 2,965, ,591, WHEATON PRECIOUS METAL - REGISTERED USD 10,035, ,942, TOTAL CANADA 835,089, CHINA HANGZHOU HIKVI-A CNY 29,291, ,089, TOTAL CHINA 146,089, SPAIN INDITEX EUR 3,130,072 90,912, TOTAL SPAIN 90,912, UNITED STATES OF AMERICA ACTIVISION BLIZZARD USD 4,290, ,253, AMAZON.COM INC USD 368, ,760, APPLE INC / EX - APPLE SHS USD 1,583, ,154, BANK OF AMERICA CORP USD 3,504,688 86,157, CELGENE USD 3,773, ,931, CLOVIS ONCOLOGY INC USD 843,202 47,749, CONCHO RESOURCE USD 1,856, ,199, EOG RESOURCES INC USD 3,499, ,476, FACEBOOK INC-A USD 3,633, ,975, GRUBHUB INC USD 1,673, ,091, INCYTE USD 624,618 49,265, INTERCONTINENTALEXCHANGE GROUP USD 6,783, ,614,

66 Name of securities Currency Quantity or nominal amount Current value % of net assets INTUITIVE SURGICAL USD 384, ,991, MASTERCARD INC USD 932, ,520, MERCADOLIBRE USD 1,270, ,833, NEWMONT MINING USD 9,392, ,462, NOBLE ENERGY INC USD 8,546, ,406, PARAMETRIC TECHNOLOGY CORP USD 2,454, ,195, PIONEER NATURAL RESOURCES USD 2,349, ,258, SERVICENOW INC USD 2,581, ,352, SM ENERGY USD 3,050,521 56,092, SPLUNK INC USD 1,876, ,445, STRYKER CORP USD 754,677 97,313, SYNCHRONY FINANCIAL USD 3,484, ,029, TMOBILE US INC USD 3,807, ,371, VISA INC CLASS A USD 1,228, ,697, WAYFAIR INC USD 513,352 34,316, WELLS FARGO & CO USD 3,873, ,709, ZAYO GROUP HOLDINGS INC USD 2,632,521 80,676, TOTAL UNITED STATES OF AMERICA 5,733,303, FRANCE DASSAULT AVIATION EUR 95, ,347, HERMES INTERNATIONAL EUR 854, ,280, RENAULT SA EUR 657,324 55,156, TOTAL FRANCE 560,784, CAYMAN ISLANDS BITAUTO HOLDINGS ADR USD 295,714 7,831, TENCENT HLDG LOT 500 HKD 3,089, ,635, COM INC USD 2,817, ,903, TOTAL CAYMAN ISLANDS 309,370, INDIA HDFC BANK LTD INR 14,177, ,671, HDFC STANDARD LIFE INSURANCE INR 4,799,194 24,170, INDUSIND BANK INR 5,572, ,874, UNITED SPIRITS INR 3,500, ,550, TOTAL INDIA 661,266, IRELAND RYANAIR HOLDINGS PLC EUR 7,124, ,227, TOTAL IRELAND 107,227, MEXICO CEMEX ADR USD 13,922,843 86,959, TOTAL MEXICO 86,959,

67 NETHERLANDS Name of securities Currency Quantity or nominal amount Current value % of net assets ASML HOLDING NV EUR 1,573, ,443, YANDEX USD 3,985, ,692, TOTAL NETHERLANDS 337,136, UNITED KINGDOM ASOS PLC GBP 1,893, ,248, HSBC HLDGS PLC GBP GBP 37,395, ,084, LONDON STOCK EXCHANGE GBP 2,764, ,126, RECKITT BENCKISER PLC GBP 4,649, ,433, TOTAL UNITED KINGDOM 946,892, SINGAPORE CLSA PNote United Spirits USD 1,322,935 63,327, TOTAL SINGAPORE 63,327, SWITZERLAND VIFOR PHARMA AG CHF 1,100, ,503, TOTAL SWITZERLAND 117,503, TOTAL equities and similar securities traded on a regulated or similar market 10,588,252, TOTAL equities and similar securities 10,588,252, Bonds and similar securities Bonds and similar securities traded on a regulated or similar market ARGENTINA ARGENTINA S.up 31/12/38 *USD USD 82,801,647 51,367, ARGENTINA TV 31/12/2038 EUR 43,658,663 32,227, ARGENTINA 7.82% 12/33 EUR 51,921,292 83,691, STONEWAY CAPITAL 10.0% USD 17,550,000 16,024, TOTAL ARGENTINA 183,310, BAHREIN GOV OF BAHR 7.0% USD 65,498,000 56,386, GOVERNMENT OF BAHRAIN 6.75% USD 43,113,000 36,182, TOTAL BAHRAIN 92,568, BELGIUM BELFIUS BANK 3.125% EUR 13,200,000 14,770, TOTAL BELGIUM 14,770, BERMUDA NORTH ATLANTIC DRILLING LTD 6.25% DEFAULT USD 57,045,000 5,611, TOTAL BERMUDA 5,611, BRAZIL BRAZ GOV INT 5.625% USD 55,870,000 48,718, BRAZIL NOTAS DO TESOURO NACIONAL SERIE F 10.0% BRL 688, ,891, BRF BRAS FOOD 2.75% EUR 47,545,000 50,179,

68 CANADA CURACAO Name of securities Currency Quantity or nominal amount Current value % of net assets NOTA DO TESOURO NACIONAL 6% 15/08/2050 INDX BRL 245, ,384, TOTAL BRAZIL 486,173, % 15/05/2022 USD 500, , TOTAL CANADA 442, TEVA PHARM FIN 2.875% 04/19 EUR 9,187,000 9,518, DENMARK ECUADOR SPAIN TOTAL CURACAO 9,518, A E3R+1.6% EMTN EUR 14,090,000 14,341, DANSKE BA 5.875% PERP EMTN EUR 101, , TOTAL DENMARK 14,458, REPU OF ECUA 10.5% USD 19,193,000 18,203, REPU OF ECUA 10.75% USD 18,196,000 18,229, TOTAL ECUADOR 36,432, BANC BILB VIZC AR 8.875% PERP EUR 38,800,000 46,844, BANCO BILBAO VIZCAYA ARGENTARIA SA 9% 29/05/2049 USD 68,200,000 58,979, BANKIA S.A. 4.0% 22/05/2024 EUR 42,500,000 45,321, BANKIA 3.50% 01/19 EUR 65,300,000 69,898, BBVA 3.5% EUR 46,800,000 54,276, BBVA 3.5% 11/04/2014 EUR 30,500,000 32,555, CAIXABANK SA 6.75% PERP EUR 32,800,000 36,636, SPAIN 5.5% EUR 95,406, ,264, ROYA DSPA 1.4% EUR 83,679,000 87,657, SPAI GOVE BON 2.9% EUR 90,916,000 92,478, SPAIN GOVERNMENT BOND 1.5% EUR 272,764, ,853, TOTAL SPAIN 917,765, UNITED STATES OF AMERICA ALLE C L3RUSD+1.47% USD 39,237,000 32,858, ARCH S L3RUSD+1.65% USD 38,135,699 32,186, BERK HATH 0.5% EUR 26,603,000 27,002, CEDC FINANCE CORP INTL 10.0% USD 29,241,000 21,997, CITIGROUP 4.3% USD 48,316,000 42,316, CITIGROUP 4.4% USD 47,501,000 41,889, EBAY 2.15% USD 18,303,000 15,159, GOLUB CAPITAL PARTNERS CLO LTD L3RUSD+1.3% USD 46,424,000 39,363, JPMO CHAS BAN 1.65% USD 26,495,000 21,976, LEUCADIA NATIONAL CORP 5.5% 18/10/2023 USD 71,749,000 65,004, MURPHY OIL CORPORATION 5.75% USD 34,304,000 30,107,

69 Name of securities Currency Quantity or nominal amount Current value % of net assets NASSAU 2017I LTD L3RUSD+1.32% USD 11,055,000 9,354, NETFLIX 3.625% EUR 35,301,000 35,766, OCP CL L3RUSD+1.57% USD 44,755,000 37,943, OFSI FUND V LTD L3RUSD+1.32% USD 24,600,000 20,829, SOFI CONSUMER LOAN PROGRAM TRUST 20163X 3.05% USD 14,000,000 6,642, TRIN C L3RUSD+1.7% USD 25,174,296 21,241, TRINITAS CLO LTD L3RUSD+1.32% USD 50,722,000 42,619, TRINITAS CLO LTD L3RUSD+2.7% USD 7,378,000 6,224, UBS AG STAMFORD CT 7.625% 17/08/2022 USD 14,250,000 14,266, UNITED STATES TREAS INFLATION BONDS 0.375% IND USD 230,446, ,997, TOTAL UNITED STATES OF AMERICA 759,749, FRANCE CA 4.375% USD 38,271,000 33,772, CREDIT MUTUEL ARKEA 3.5% EUR 39,700,000 46,327, NUMERICABLE SAS 6.0% 15/05/2022 USD 64,962,000 56,052, NUMERICABLE SAS 6.25% 15/05/2024 USD 54,888,000 46,928, NUMERICABLE SAS 6.25% 15/05/2024 USD 22,781,000 19,473, TOTAL FRANCE 202,555, GREECE HELLENIC REPUBLIC GOVERNMENT BOND 3.75% EUR 47,149,639 46,055, HELLENIC REPUBLIC GOVERNMENT BOND 3.9% EUR 49,255,803 46,417, HELLENIC REPUBLIC GOVERNMENT BOND 4.0% EUR 62,905,675 58,605, HELLENIC REPUBLIC GOVERNMENT BOND 4.2% EUR 54,496,559 50,774, HELLENIC REPUBLIC GOVERNMENT BOND 4.375% EUR 21,151,000 22,379, TOTAL GREECE 224,231, GUERNSEY PERS SQUA HOL 5.5% USD 81,346,000 72,437, TOTAL GUERNSEY 72,437, HUNGARY MAGY OLAJ GAZ 2.625% EUR 36,462,000 40,214, TOTAL HUNGARY 40,214, CAYMAN ISLANDS APEX XA MTGE L3RUSD+1.27% USD 36,500,000 30,588, BLACK DIAMOND CLO LTD L3RUSD+1.15% USD 34,882,000 29,325, HALCYON LOAN ADVISORS FUNDING L3RUSD+1.28% USD 24,622,159 20,663, ICG US L3RUSD+1.6% USD 18,661,000 15,743, JFIN C L3RUSD+1.75% USD 32,711,000 27,553, JFIN CLO LTD 161X L3RUSD+1.47% USD 42,000,000 35,371, MOUN V L3RUSD+1.5% USD 17,300,000 14,555, MOUNTAIN VIEW CLO L3RUSD+1.3% USD 9,200,000 7,807, RISERVA CLO LTD 20163X L3RUSD+1.46% USD 23,315,000 19,694,

70 Name of securities Currency Quantity or nominal amount Current value % of net assets ROCKFORD TOWER CLO LTD L3RUSD+1.27% USD 10,700,000 9,063, SHACKLETON 2016IX CLO LLC L3RUSD+1.5% USD 28,395,000 24,086, VENTURE CDO LTD L3RUSD+1.45% USD 28,000,000 23,711, TOTAL CAYMAN ISLANDS 258,164, INDIA ICICI BANK LTD/DUBAI 4.70% 21/02/2018 USD 38,640,000 32,835, NTPC LTD EX NATLTHERMAL POWER 2.75% EUR 16,550,000 17,595, TOTAL INDIA 50,430, IRELAND ADAG V E3R+1.23% EUR 15,664,000 15,856, ADAG V E3R+2.05% EUR 8,960,000 9,112, AIB 2 3/4 04/16/19 EUR 36,032,000 38,041, ALLI IRI 4.125% EMTN EUR 11,447,000 12,518, ALME L E3R+1.45% EUR 9,360,000 9,493, ALME L E3R+3.1% EUR 3,613,000 3,706, ARBO C E3R+1.14% EUR 14,900,000 15,303, ARBO C E3R+1.45% EUR 38,150,000 38,260, AURI C E3R+1.4% EUR 17,784,000 17,972, AURI C E3R+2.15% EUR 6,084,000 6,179, AURI C E3R+3.1% EUR 5,616,000 5,754, AURIUM CLO E3R+0.8% EUR 24,687,000 24,759, BANK OF IRELAND 7.375% PERP EUR 23,523,000 26,499, BLACK DIAMOND CLO DESIG ACTIV COM E3R+0.65% BLACK DIAMOND CLO DESIG ACTIV COM E3R+1.15% BLACK DIAMOND CLO DESIG ACTIV COM E3R+1.6% EUR 10,547,000 10,547, EUR 16,366,000 16,366, EUR 5,364,000 5,364, BOSPHORUS CLO III DAC E3R+0.85% EUR 29,300,000 29,413, CADOGAN SQUARE CLO X DAC 1.95% EUR 12,413,000 12,413, CARLYLE GLOBAL MKT EURO CLO E3R+0.73% EUR 38,011,000 38,108, CORD C E3R+2.15% EUR 14,256,000 14,450, CORD C E3R+3.5% EUR 5,210,000 5,321, CORD C E3R+5.0% EUR 5,707,000 5,921, ELMP 1 E3R+1.5% EUR 15,149,000 15,378, ELMP 1 E3R+2.1% EUR 9,468,000 9,582, ELMP 1 E3R+3.15% EUR 11,835,000 12,098, ELMP 1 E3R+4.35% EUR 8,426,000 8,671, FCA BANK SPA IRISH BRANCH 1.375% EUR 39,073,000 40,594, FCA CAPI 1.25% EMTN EUR 18,326,000 19,081, FGA CAPI 2.0% EMTN EUR 27,404,000 28,484, FGA CAPITAL IRE 2.625% 17/04/2019 EUR 31,990,000 33,707, FGA CAPITAL IRELAND 4% 10/18 EUR 26,808,000 27,926, GLG EURO CLO E3R+0.8% EUR 15,980,000 16,059,

71 Name of securities Currency Quantity or nominal amount Current value % of net assets HARV C E6R+0.42% EUR 9,470,000 3,049, IBERDROLA FIN. 5% 11/09/2019 USD 25,379,000 22,342, IRELAND 3.9% 20/03/2023 EUR 195, , NEWH C E3R+1.45% EUR 26,117,000 26,294, OAK HI E6R+1.4% EUR 24,679,000 24,975, ORWELL PARK E3R+0.78% EUR 30,400,000 30,462, PURPLE FINANCE CLO 1 E3R+0.8% EUR 5,452,000 5,452, PURPLE FINANCE CLO 1 E3R+1.3% EUR 6,633,000 6,633, PURPLE FINANCE CLO 1 E3R+1.75% EUR 4,089,000 4,089, ST PAULS CLO S8X B2 FIX EUR 7,470,000 7,513, TOTAL IRELAND 704,003, ITALY ASSICURAZIONI GENERALI % 10/07/2042 EUR 10,300,000 14,750, BCO POP 2.75% EMTN EUR 10,485,000 11,065, BTPS 3 3/4 05/01/21 EUR 92,760, ,915, INTE 5.71% USD 7,837,000 7,074, INTESA SANPAOLO SPA 5.25% 12/01/2024 USD 69,718,000 65,002, INTESA SANPAOLO 3% 01/19 EUR 66,343,000 70,435, INTESA SAN PAO LO 3.875% 01/18 USD 50,506,000 42,842, ITAL BUON POL 0.45% EUR 279,461, ,086, ITAL BUON POL 1.25% EUR 302,685, ,825, ITALY BUONI POLIENNALI DEL TESORO 1.85% EUR 307,427, ,833, ITALY BUONI POLIENNALI DEL TESORO 2.05% EUR 588,313, ,146, ITALY BUONI POLIENNALI DEL TESORO 2.2% EUR 1,072,436,000 1,097,246, UNICREDIT SPA FIX PERP EUR 20,700,000 25,283, UNICREDIT SPA 5.861% USD 54,866,000 48,882, UNICREDIT SPA 6.375% 02/05/2023 USD 48,098,000 41,011, UNICREDIT SPA 6.95% 31/10/2022 EUR 75,682,000 94,146, TOTAL ITALY 3,106,549, JERSEY MERCURY BONDCO PLC 7.125% EUR 52,693,000 55,179, MERCURY BONDCO 8.25% EUR 47,055,740 49,401, SARANAC CLO V LTD L3RUSD+1.31% USD 32,000,000 26,816, UBS GROU FUND 4.125% USD 42,345,000 37,263, TOTAL JERSEY 168,660, LUXEMBOURG ACTAVIS FUNDING SCS E3R+0.35% EUR 25,595,000 25,647, ACTAVIS FUNDING SCS 0.5% EUR 17,183,000 17,270, ALTI FINA REG 7.625% USD 19,892,000 16,205, ALTI FINA SA 6.625% USD 28,005,000 24,662, ALTI LUXE SA 6.25% EUR 43,643,000 43,691,

72 Name of securities Currency Quantity or nominal amount Current value % of net assets ALTI LUXE SA 7.25% EUR 127,567, ,289, ALTI LUXE SA 7.625% USD 15,879,000 12,918, ALTI LUXE SA 7.75% USD 27,125,000 22,933, ALTICE FIN 4.75% EUR 9,113,000 8,826, ATENTO LUXCO % USD 7,345,000 6,526, BANK OF NEW YORK LUX E3R 15/12/2050 EUR 48,500,000 33,738, CPI PROPERTY GROUP SA 2.125% EUR 37,599,000 37,963, ERFFP 2 1/4 01/27/22 EUR 15,977,000 17,105, EURO SCIE 3.375% EUR 10,259,000 11,480, EURO SCIE 4.875% PERP EUR 18,310,000 20,872, EUROFINS SCIENTIFIC 2.125% EUR 16,600,000 17,146, EUROFINS SCIENTIFIC 3.25% PERP EUR 1,244,000 1,258, SBERBANK OF RUSSIA VIA SB CAPITAL 3.08% EUR 15,615,000 16,204, TOTAL LUXEMBOURG 467,742, MEXICO BANCO SANTANDER 4.125% 11/22 USD 35,598,000 30,800, STATE OF M 4.5% IND MXN 7,023, ,645, MEXICAN BONOS 8.0% MXN 22,618,100 98,958, PEME PETR MEX 4.25% USD 13,800,000 11,688, PEMEX PETROLEOS MEXICANOS 6.75% USD 42,250,000 37,434, PEMEX PROJECT 5.5% 27/06/2044 USD 46,361,000 35,796, PETROLEOS MEXICANOS 4.875% EUR 36,812,000 42,463, PETROLEOS MEXICANOS 6.75% USD 74,405,000 65,776, PETROLEOS MEXICANOS 6.75% USD 9,150,000 8,102, SIGMA ALIMENTOS 2.625% EUR 8,880,000 9,683, TOTAL MEXICO 525,349, PANAMA BANISTMO SA 3.65% USD 22,400,000 18,669, TOTAL PANAMA 18,669, NETHERLANDS ABN AMRO 2.875% 30/06/25 EMTN EUR 47,530,000 51,076, ALME L E3R+1.5% EUR 30,985,000 31,104, ALME LOAN FUNDING IV BV E3R+0.75% EUR 10,909,000 10,911, ALME LOAN FUNDING IV BV E3R+1.2% EUR 13,636,000 13,636, BABS E E3R+1.28% EUR 25,079,000 25,294, BABS E E3R+2.0% EUR 4,680,000 4,733, BABS E E3R+3.0% EUR 2,246,000 2,291, CADO S E3R+2.1% EUR 12,122,000 12,243, CADO S E3R+3.0% EUR 5,682,000 5,774, CADO S E3R+4.75% EUR 3,788,000 3,904, DRYDEN XXVII EURO CLO % EUR 13,843,000 14,012,

73 Name of securities Currency Quantity or nominal amount Current value % of net assets DRYDEN XXVII EURO CLO % EUR 16,150,000 16,457, JUBI C E3R+1.25% EUR 3,736,000 3,774, JUBI C E3R+2.05% EUR 6,842,000 6,959, JUBI C E3R+3.1% EUR 6,539,000 6,706, MYRIAD 6% 07/18/20 USD 71,923,000 66,152, PETROBRAS GLOBAL FINANCE BV 5.999% USD 40,900,000 34,772, PETROBRAS GLOBAL FINANCE BV 6.125% USD 10,200,000 9,269, TEVA PHAR FIN 0.375% EUR 9,180,000 8,770, TEVA PHAR FIN 1.125% EUR 4,590,000 3,999, TEVA PHAR FIN 1.25% EUR 9,180,000 8,486, TEVA PHAR FIN 1.875% EUR 18,259,000 16,124, TOTAL NETHERLANDS 356,456, PORTUGAL PGB /17/22 EUR 68,500,000 74,652, PGB 3 7/8 02/15/30 EUR 85,609, ,432, PGB 5.65% 02/15/24 EUR 88,999, ,697, PORTUGAL OBRIGACOES DO TESOURO OT 4.125% EUR 45,557,000 55,864, PORTUGAL REPUBLIC 4.1% EUR 109,100, ,736, PORTUGAL 4.45% 2018 EUR 29,241,400 30,600, PORTUGAL 4.95% 25/10/23 EUR 266, , TOTAL PORTUGAL 513,314, CZECH REPUBLIC CESKE DRAHY 1.875% EUR 23,244,000 24,669, CZECH REPUBLIC GOVERNMENT BOND 0.0% CZK 3,121,790, ,418, CZECH REPUBLIC GOVERNMENT BOND 0.0% CZK 4,120,380, ,012, TOTAL CZECH REPUBLIC 307,100, ROMANIA GLOBALWORTH REAL ESTATE INVESTMENTS LTD 2.875% EUR 17,375,000 18,313, TOTAL ROMANIA 18,313, UNITED KINGDOM BARCLAY 2.625% EMTN EUR 19,021,000 19,850, CHANNEL LINK ENTERPRISES FINANCE PLC 1.761% EUR 12,013,000 12,236, CHANNEL LINK ENTERPRISES FINANCE PLC 2.706% EUR 18,020,000 18,681, LLOYDS BANKING GROUP PLC 4.582% USD 53,692,000 47,092, RBS 3 5/8 03/25/24 EUR 38,549,000 40,889, RBS 6.934% 04/18 EUR 34,314,000 36,681, ROYA BK SCOT GROU TF/TV PERP USD 39,299,000 36,831, TLWLN 6 1/4 04/15/22 USD 62,174,000 52,814, TULLOW OIL 6% 11/20 USD 48,196,000 40,928, TOTAL UNITED KINGDOM 306,006,

74 RUSSIA Name of securities Currency Quantity or nominal amount Current value % of net assets PHOSRU /13/18 USD 48,098,000 40,773, RUSSIA 5 1/4 06/23/47 USD 45,800,000 40,003, RUSSIA FED OF 7.75% RUB 13,720,127, ,150, TOTAL RUSSIA 287,928, SWEDEN INTRUM JUSTITIA AB E3R+2.625% EUR 12,800,000 13,019, INTRUM JUSTITIA AB 2.75% EUR 53,221,000 54,405, INTRUM JUSTITIA AB 3.125% EUR 23,963,000 24,486, TOTAL SWEDEN 91,912, SWITZERLAND CS 5.75% / TV 09/18/25 EUR 11,823,000 13,641, CS 6.5% 08/08/23 USD 72,223,000 69,020, UBS GROU FUND 3.0% USD 47,050,000 39,720, UBS 4.75% 12/02/2026 EUR 53,979,000 62,867, UBS 4.75% 22/05/2023 USD 82,044,000 70,949, % 15/05/2024 USD 109,025,000 99,082, TOTAL SWITZERLAND 355,280, TURKEY REPUBLIC OF TURKEY 3.25% EUR 77,658,000 80,283, REPUBLIC OF TURKEY 5.75% USD 71,000,000 58,316, TURKEY 4.875% 04/43 USD 27,384,000 20,347, TOTAL TURKEY 158,946, TOTAL bonds and similar securities traded on a regulated or similar market 10,755,071, TOTAL bonds and similar securities 10,755,071, Debt securities Debt securities traded on a regulated or similar market UNITED STATES OF AMERICA UNIT STAT TREA BIL ZCP USD 663,581, ,688, TOTAL UNITED STATES OF AMERICA 548,688, PORTUGAL PORT TREA BILL ZCP EUR 34,671,423 34,715, PORTUGAL TREASY BILL ZCP EUR TOTAL PORTUGAL 34,715, TOTAL debt securities traded on a regulated or similar market 583,403, TOTAL debt securities 583,403,

75 Name of securities Undertakings for Collective Investment Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries FRANCE Currency Quantity or nominal amount Current value % of net assets CARMIGNAC COURT TERME A EUR C EUR 3,950 14,789, TOTAL FRANCE 14,789, TOTAL Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries 14,789, TOTAL Undertakings for Collective Investment 14,789, Securities received as a guarantee Bonds and similar securities traded on a regulated or similar market FRA.EMPRUNT ETAT 3% 25/04/22 OAT EUR 15,340,705 17,791, TOTAL bonds and similar securities traded on a regulated or similar market 17,791, TOTAL Securities received as a guarantee 17,791, Receivables on securities lent UNITED STATES OF AMERICA GRUBHUB INC USD 279,993 16,741, TOTAL UNITED STATES OF AMERICA 16,741, TOTAL Receivables on securities lent 16,741, Guarantees on securities lent 7, Payables on securities received as a guarantee -17,791, Forward financial instruments Futures Futures on regulated or similar markets XEUR FGBL BUN 0318 EUR -26,562 35,107, TOTAL futures on regulated markets 35,107, TOTAL futures 35,107, Options Options on OTC markets EURIBOR 1 MONTH REV 06/2024 CALL 2.88 EUR -535,455,000-2,521, EURIBOR 1 MONTH REV 06/2024 PUT 1.5 EUR 267,727,000 3,019, EURIBOR 3 MONTH REV 03/2019 CALL 1 EUR 232,000,000 44, EURIBOR 3 MONTH REV 03/2019 PUT 1 EUR 232,000,000 44, EURIBOR 3 MONTH REV 03/2019 PUT 1 EUR 116,000,000 22, EURIBOR 3 MONTH REV 03/2020 PUT 1 EUR 232,000, , EURIBOR 3 MONTH REV 03/2020 PUT 1 EUR 116,000, , EURIBOR 3 MONTH REV 03/2021 PUT 1 EUR 485,000, , EURIBOR 3 MONTH REV 03/2021 PUT 1 EUR 484,120, , EURIBOR 3 MONTH REV 03/2022 PUT 1 EUR 485,000, , EURIBOR 3 MONTH REV 03/2022 PUT 1.25 EUR 482,000,000 1,527, EURIBOR 3 MONTH REV 03/2022 PUT 1.25 EUR 482,000,000 1,527, EURIBOR 3 MONTH REV 06/2019 PUT 1 EUR 232,000, ,

76 Name of securities Currency Quantity or nominal amount Current value EURIBOR 3 MONTH REV 06/2019 PUT 1 EUR 116,000,000 52, EURIBOR 3 MONTH REV 06/2020 PUT 1 EUR 232,000, , EURIBOR 3 MONTH REV 06/2020 PUT 1 EUR 116,000, , EURIBOR 3 MONTH REV 06/2021 PUT 1 EUR 485,000, , EURIBOR 3 MONTH REV 06/2021 PUT 1 EUR 484,120, , EURIBOR 3 MONTH REV 06/2022 PUT 1 EUR 485,000, , % of net assets EURIBOR 3 MONTH REV 06/2022 PUT 1.25 EUR 482,000,000 1,701, EURIBOR 3 MONTH REV 06/2022 PUT 1.25 EUR 482,000,000 1,701, EURIBOR 3 MONTH REV 09/2019 PUT 1 EUR 232,000, , EURIBOR 3 MONTH REV 09/2019 PUT 1 EUR 116,000,000 97, EURIBOR 3 MONTH REV 09/2020 PUT 1 EUR 232,000, , EURIBOR 3 MONTH REV 09/2020 PUT 1 EUR 116,000, , EURIBOR 3 MONTH REV 09/2021 PUT 1 EUR 485,000,000 1,166, EURIBOR 3 MONTH REV 09/2021 PUT 1 EUR 484,120,000 1,164, EURIBOR 3 MONTH REV 09/2022 PUT 1 EUR 485,000,000 1,166, EURIBOR 3 MONTH REV 09/2022 PUT 1.25 EUR 482,000,000 1,890, EURIBOR 3 MONTH REV 09/2022 PUT 1.25 EUR 482,000,000 1,890, EURIBOR 3 MONTH REV 12/2018 PUT 1 EUR 232,000,000 14, EURIBOR 3 MONTH REV 12/2018 PUT 1 EUR 232,000,000 14, EURIBOR 3 MONTH REV 12/2018 PUT 1 EUR 116,000,000 7, EURIBOR 3 MONTH REV 12/2019 PUT 1 EUR 232,000, , EURIBOR 3 MONTH REV 12/2019 PUT 1 EUR 116,000, , EURIBOR 3 MONTH REV 12/2020 CALL 1 EUR -927,500, , EURIBOR 3 MONTH REV 12/2020 CALL 1 EUR -1,855,000,000-1,816, EURIBOR 3 MONTH REV 12/2020 CALL 1 EUR -1,855,000,000-1,816, EURIBOR 3 MONTH REV 12/2020 PUT 1 EUR 485,000, , EURIBOR 3 MONTH REV 12/2020 PUT 1 EUR 484,120, , EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EUR -1,844,368,000-3,628, EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EUR -1,850,000,000-3,639, EURIBOR 3 MONTH REV 12/2021 CALL 1.25 EUR -1,850,000,000-3,639, EURIBOR 3 MONTH REV 12/2021 PUT 1 EUR 485,000, , EURIBOR 3 MONTH REV 12/2021 PUT 1.25 EUR 482,000,000 1,352, EURIBOR 3 MONTH REV 12/2021 PUT 1.25 EUR 482,000,000 1,352, EURIBOR 3 MONTH REV 12/2022 CALL 1.25 EUR -1,835,000,000-6,187, EURIBOR 3 MONTH REV 12/2022 CALL 1.25 EUR -1,835,000,000-6,187, EURIBOR 6 MONTH REV 03/2020 PUT 1 EUR 232,000, , EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72,

77 Name of securities Currency Quantity or nominal amount Current value EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 CALL 2.05 EUR -920,000,000-72, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2018 PUT 2 EUR 161,000,000 28, EURIBOR 6 MONTH REV 06/2019 PUT 1 EUR 232,000, , EURIBOR 6 MONTH REV 06/2020 PUT 1 EUR 232,000, , % of net assets EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 13,800,000 1,191, EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 13,800,000 1,191, EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 13,800,000 1,191, EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 7,011, , EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 6,900, , EURIBOR 6 MONTH REV 06/2037 CALL 1 EUR 6,900, , EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 13,800,000 2,656, EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 13,800,000 2,656, EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 13,800,000 2,656, EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 7,011,000 1,349, EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 6,900,000 1,328, EURIBOR 6 MONTH REV 06/2037 PUT 1 EUR 6,900,000 1,328, EURIBOR 6 MONTH REV 09/2019 PUT 1 EUR 232,000, , EURIBOR 6 MONTH REV 09/2020 PUT 1 EUR 232,000, , EURIBOR 6 MONTH REV 12/2019 PUT 1 EUR 232,000, , EUR/USD C EUR -1,504,000,000-7,144, EUR/USD C 1.21 EUR -2,255,000,000-7,115, EUR/USD P 1.16 EUR 2,100,000, , EUR/USD P EUR 2,255,000, , EUR/USD P EUR 1,504,000, , LIBOR USD 3 MONTH 12/2018 CALL 1 USD 1,820,000,000 2,414, LIBOR USD 3 MONTH 12/2018 PUT 1 USD -728,000,000-2,627, LIBOR 3 MONTH USD 06/2019 CALL 1 USD 4,088,000,000 6,198, LIBOR 3 MONTH USD 06/2019 CALL 1 USD 2,724,422,000 4,130, LIBOR 3 MONTH USD 06/2019 CALL 1 USD 2,730,000,000 2,395, LIBOR 3 MONTH USD 06/2019 CALL 1 USD 2,729,457,000 2,394, LIBOR 3 MONTH USD 06/2019 PUT 1 USD -2,729,457,000-2,498, LIBOR 3 MONTH USD 06/2019 PUT 1 USD -2,730,000,000-2,498, LIBOR 3 MONTH USD 06/2019 PUT 1 USD -2,724,422,000-4,627, LIBOR 3 MONTH USD 06/2019 PUT 1 USD -4,088,000,000-6,942,

78 Name of securities Currency Quantity or nominal amount Current value % of net assets LIBOR 3 MONTH USD 06/2037 CALL 2.5 USD 36,900,000 1,974, LIBOR 3 MONTH USD 06/2037 PUT 2.5 USD 36,900,000 2,082, LIBOR 3 MONTH USD 09/2019 CALL 1 USD 2,730,000,000 2,579, LIBOR 3 MONTH USD 09/2019 PUT 1 USD -2,730,000,000-3,057, LIBOR 3 MONTH USD 12/2018 CALL 1 USD 1,820,000,000 2,414, LIBOR 3 MONTH USD 12/2018 PUT 1 USD -728,000,000-2,627, USD/IDR P USD -113,500,000-1,131, USD/IDR P USD -113,500,000-1,131, USD/IDR P USD -227,194,739-2,265, USD/IDR P USD 227,194,739 8,877, USD/IDR P USD 113,500,000 4,434, USD/IDR P USD 113,500,000 4,434, TOTAL options on OTC markets 22,408, TOTAL options 22,408, Other forward financial instruments Interest rate swaps CFDs BUBO6R/0.0/FIX/1.347 HUF 10,113,349, , BUBO6R/0.0/FIX/1.349 HUF 2,758,187, , BUBO6R/0.0/FIX/1.349 HUF 12,871,524,000-1,228, BUBO6R/0.0/FIX/1.365 HUF 12,871,093,000-1,261, BUBO6R/0.0/FIX/1.375 HUF 12,871,511,000-1,281, BUBO6R/0.0/FIX/1.87 HUF 14,000,000,000-2,495, BUBO6R/0.0/FIX/1.87 HUF 29,675,000,000-5,289, BUBO6R/0.0/FIX/1.877 HUF 29,675,000,000-5,325, BUBO6R/0.0/FIX/1.895 HUF 14,000,000,000-2,551, BUBO6R/0.0/FIX/1.895 HUF 27,800,000,000-5,066, BUBO6R/0.0/FIX/1.915 HUF 11,124,000,000-2,062, BUBO6R/0.0/FIX/1.95 HUF 13,912,000,000-2,656, BUBO6R/0.0/FIX/1.96 HUF 29,666,000,000-5,712, E3M/0.0/FIX/ EUR 13,843,000 62, E3M/0.0/FIX/ EUR 16,151,000 76, FIX/2.264/L3MUSD/0.0 USD 1,908,181,000-1,649, FIX/2.264/L3MUSD/0.0 USD 1,908,249,000-1,649, L3MUSD/0.0/FIX/2.349 USD 1,985,496, , L3MUSD/0.0/FIX/2.357 USD 1,985,413, , L3MUSD/0.0/FIX/2.47 USD 4,428,000 14, L3MUSD/0.0/FIX/2.84 USD 648,400,000-7,960, TOTAL interest rate swaps -48,513, CFD BK OZARKS 1230 USD -455,946-87, CFD GS CNK 1230 USD -380, ,

79 Name of securities Currency Quantity or nominal amount Current value CFD MER OMC 1230 USD -177, , CFD ML AAL 1230 USD -295, , % of net assets CFD MS CMCSA 1230 USD -782,899-1,636, CFD MS NTES 1230 USD -130, , CFD UB CIBC CAD -346,211-1,012, CFD UB MICHA 1230 USD -612,424-1,320, CFD UBS DIS 1230 USD -531, , CFD UBS GPS 1230 USD -2,592,281-3,777, CFD UBS HSY 1230 USD -234, , CFDJPM LLOY GBP -48,078,477-1,115, DRI1 DARDEN R 1230 USD -71, , ML KINGFISH 1230 GBP -5,576, , OLB MS LIBERT 1230 USD -898,829-3,053, UBS CHINA MER HKD -4,901, , UBS CHINA MIN HKD -14,253,500 60, UBS GRAINGER 1230 USD -140,151-1,743, UBS INTER UBS 1230 GBP -633,564-2,640, Margin calls TOTAL CFD -19,138, TOTAL other forward financial instruments -67,651, TOTAL forward financial instruments -10,134, C.A.Indo margin calls in euro EUR -35,107, ,107, TOTAL margin calls -35,107, Receivables 19,922,494, Payables -19,881,301, Financial accounts 214,705, Net assets 22,168,923, A EUR acc EUR 29,343, A CHF Acc Hdg CHF 629, E EUR Acc EUR 13,977, A USD Acc hdg USD 1,083, A JPY Inc JPY 1,967, , B JPY Inc JPY 972, , A EUR Y dis EUR 3,753,

80 FURTHER INFORMATION REGARDING THE COUPON S TAX REGIME BREAKDOWN OF UNIT COUPON: A EUR Y dis Net global Currency Net per unit Currency Income subject to non-definitive, compulsory withholding tax 675, EUR 0.18 EUR Shares eligible for rebate and subject to non-definitive, compulsory withholding tax 1,050, EUR 0.28 EUR Other income not eligible for rebate and subject to non-definitive, compulsory withholding tax Non-declarable and non-taxable income Total amount distributed on capital gains and losses 450, EUR 0.12 EUR TOTAL 2,176, EUR 0.58 EUR 80

81 CARMIGNAC GESTION 24, place Vendôme Paris Tel: +33 (0) Fax: +33 (0) Portfolio management company (AMF authorisation no. GP of 13/03/1997). SA with capital of EUR 15 million - RCS Paris B