Carmignac Portfolio Emerging Patrimoine F USD Acc Hdg/  LU0992632025  /

The sub-fund aims to outperform its reference indicator over a period exceeding five years. The reference indicator comprises 40% MSCI Emerging Market NR USD index, 40% JP Morgan GBI- EM Global Diversified Composite Unhedged EUR index calculated with coupons reinvested and 20% ESTER capitalised. It is rebalanced each quarter. The sub-fund is invested mainly in international equities and bonds of emerging countries. It offers active management on the international equity, fixed income, credit and currency markets. No more than 50% of the portfolio's net assets will be exposed to equities. Between 40% and 100% of the assets of the sub-fund shall be invested in fixed or variable rate bonds, transferable debt securities or treasury bills. The average rating of the bonds held by the sub- fund either directly or indirectly via UCITS shall be at least investment grade (as rated by at least one of the leading rating agencies). The sub-fund may invest in inflationlinked bonds. The manager may use Relative Value strategies as performance drivers, looking to take advantage of the relative value. The sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): currencies, bonds, credit (up to 30% of net assets), equities (all categories of capitalisation), ETFs, dividends, volatility, variance (the latter two categories for up to 10% of net assets) and commodities (up to 10% of assets).

The sub-fund aims to outperform its reference indicator over a period exceeding five years. The reference indicator comprises 40% MSCI Emerging Market NR USD index, 40% JP Morgan GBI- EM Global Diversified Composite Unhedged EUR index calculated with coupons reinvested and 20% ESTER capitalised. It is rebalanced each quarter.