A global, flexible and macroeconomic approach to Fixed Income markets
FP Carmignac Global Bond
Abdelak Adjriou
Abdelak Adjriou is a Fund manager within Carmignac’s fixed income team. Abdelak joined Carmignac in September 2021. He began his career in 2001 as a Java and C ++ developer at IBM in Silicon Valley before joining HSBC Asset Management in 2005, where he successively held the positions of quantitative analyst and global bond fund manager in Paris from 2005 to 2013, then emerging markets fixed income fund manager in New York from 2013 to 2016. In 2016, he joined American Century Investment in London as global macro manager until 2021. Abdelak holds a Master's degree in computer science ESSI from the ENSI group in Sophia Antipolis and a Master's degree in stochastic calculus from the University of Jussieu Paris VII.
FP Carmignac GLOBAL BOND
FUND MANAGER
JP Morgan Global Government Bond Index (Coupons reinvested)
Global Bond – GBP Hedged
FUCGAAH LN
15 May
2019
A comprehensive range of performance drivers including interest rates, credit and currencies, and a wide modified duration range (from -4 to +10).
Disciplined risk management involving both financial and extra-financial criteria.
A global investment universe to identify and harness macroeconomic trends across the world.
Launch Date
Performance since launch¹
Comparator Benchmark
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For more details, visit the Fund page and/or download the latest Fund monthly factsheet:
1. Source: Carmignac, 28/03/2024. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. 2. Source: Carmignac, Morningstar at 31/03/2024. Morningstar Rating™: © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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Carmignac’s time-tested and highly active approach has demonstrated an ability to outperform across different market conditions. It aims to help investors meet the challenges of persistent inflation, geopolitical uncertainty and rising correlations across bond markets. The key elements are a truly global and flexible style and a wide range of performance drivers spanning the full spectrum of rates, credit and currencies. This combines with an opportunistic and active unconstrained philosophy based on the one hand with a global-macro top-down allocation and on the other hand with a bottom-up security selection.
For more information on the Fund and Carmignac’s approach, please click below:
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Carmignac’s global macro bond solution: strategy and future scenarios
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Main risks of Carmignac Portfolio Global Bond CREDIT: Credit risk is the risk that the issuer may default. INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates. CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments. DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected. The Fund presents a risk of loss of capital.
*A EUR Acc share class. SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment. **The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information, please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Marketing communication. Please refer to the KIID/prospectus of the fund before making any final investment decisions.
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Main risks of FP Carmignac Global Bond CREDIT: Credit risk is the risk that the issuer may default. INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates. CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments. DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected. The Fund presents a risk of loss of capital.
*B GBP Acc Hdg share class. SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment.
MARKETING COMMUNICATION. Please refer to the KIID/prospectus of the fund before making any final investment decisions. This material was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed by Carmignac Gestion Luxembourg in the UK. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Fund is not registered for retail distribution in Asia, in Japan, in North America, nor is it registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. Company. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Material). The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund presents a risk of loss of capital. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at the following link (paragraph 6 “Summary of investor rights”): https://www.carmignac.co.uk/en_GB/article-page/regulatory-information-1788. In the United Kingdom, the prospectus, KIID and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company. FP CARMIGNAC ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorized and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac Gestion, an investment management company approved by the AMF has been appointed as a Sub-Investment Manager of the Company.
This material was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed by Carmignac Gestion Luxembourg in the UK. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Fund is not registered for retail distribution in Asia, in Japan, in North America, nor is it registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. Company. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Material). The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund presents a risk of loss of capital. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at the following link (paragraph 6 “Summary of investor rights”): https://www.carmignac.co.uk/en_GB/article-page/regulatory-information-1788. In the United Kingdom, the prospectus, KIID and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company. FP CARMIGNAC ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorized and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac Gestion, an investment management company approved by the AMF has been appointed as a Sub-Investment Manager of the Company.
Source: Carmignac, Bloomberg at 28/03/2024. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. (3) Comparator Benchmark: JP Morgan Global Government Bond Index (coupons reinvested). Please refer to the prospectus for minimum subscription amounts. The prospectus is available on the website: www.carmignac.com.
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Carmignac’s Abdelak Adjriou on why he thinks inflation could return, and how investors need a full range of tools to offset growing correlations across bond markets
Why do investors need an unconstrained, all-weather fixed income fund like yours in today’s markets? The big change we’ve seen in today’s market environment is the return of inflation. This has led to a positive correlation between government bonds and credit. We saw this in 2022 – a terrible year for fixed income, when duration went up and credit spreads widened. So duration is no longer a hedge for credit as it was in the 2000s and 2010s. This means investors can no longer think in terms of asset classes. They need a fund that is able to separate the risk factors: credit, rates, and, ideally, currencies as well. How does your process work to balance the different risk factors in the portfolio? We begin with the macro scenario. Our asset allocation is based on how it will impact on the three risk factors: credit, rates and currencies. The drivers of these factors are different. Duration is driven by inflation. If we see inflation picking up and the market is not pricing that in, we will reduce duration. Credit is driven by growth. The drivers of currencies are more specific: the dollar is driven by the differential in growth between the US and the rest of the world. The dollar is particularly important because today the main inflation risk comes from the US, and when that materialises, it will usually mean a stronger dollar. In other words, going long the dollar can help to mitigate inflation risk in a portfolio. Commodity-linked EM currencies can also help in that scenario. How do you see the overall picture for interest rates now? Inflation is not dead as some seem to think. We are convinced that without a significant slowdown it will be tough to reach the Fed’s 2% target. Recent core CPI came in at 3.8%. In our opinion, there was core disinflation during 2023 because global demand was weak. But Europe is now stabilising, so we think it will be tough to reach 2%.
What does this mean for your portfolio positioning today? Today, the market is pricing in around eight US rate cuts during 2024 and 2025. In an environment where US growth is around 2% and the job market is tight, where Europe is starting to show signs of a rebound and China is stabilising, I don’t think those eight cuts are warranted in this cycle. So we are happy to keep duration low in the portfolio. What we do like is credit. There has been a big rally and spreads look tight, but there are pockets of value, particularly in EM countries such as Argentina and Ecuador. Why have currencies been such a key performance contributor in your portfolio? The US dollar has been very important for us, particularly in 2022, as a safe haven in the event of a big risk off move. The dollar is now the only asset that has a negative correlation to both bonds and credit. It also has a positive carry. As I mentioned earlier, we see the dollar as an inflation hedge. This is because the risk of inflation is greater in the US than in Europe. Europe’s inflation came more from supply factors and high energy prices, but in the US it’s more a structural problem linked to the job market. If inflation is coming back, long dollar positions should help to mitigate the effect of higher rates. Currencies also allow us to play a wider set of thematics. For example, we are bullish on copper because we think the green revolution will push prices higher. A lot of the world’s copper is in Chile. Credit spreads there are very tight, but the Chilean peso is very, very cheap. So we can capture our view on copper via the peso. Similarly, we can play the AI revolution thematic, because most of Nvidia’s chips depend on TSMC and Samsung. So being long the Korean won and Taiwanese dollar gives us access to that. What are the key factors in your process that have helped you to manage downside risk and outperform your benchmark over recent years? We outperformed in 2022, which was a real stress test for us. This was thanks to our macro analysis, which helped us to identify the trends allowing us to have the right asset allocation between currency, credit and rates. Our dollar allocation was very important because as I mentioned, it has a negative correlation with government bonds and credit. I should also mention our overall risk-averse approach, which means we always try to find cheap hedges that go against our main scenario. For example, right now credit is very expensive. So we can buy very cheap hedges such as credit default swaps in China and Peru. The point is that if our central case scenario is wrong, and these economies start to move towards recession, those spreads will widen and that would help us to manage a recession scenario. Interview conducted on 13/03/2024.
Of course, this is closely linked to the stance of the Fed. Last year, markets accepted that central bank normalisation would be enough to bring inflation under control, but since the Fed signalled a pivot in December, we have seen breakevens starting to rebound. The market is telling the Fed it thinks inflation will return and that it needs to stay hawkish to bring inflation down to target levels. I don’t know if the Fed will do that, especially in an election year. The numbers today are telling us that a cut in June might be premature because inflation is still too high.
Carmignac’s all-weather bond solution: why risk factors are key
Why do investors need an unconstrained, all-weather fixed income fund like yours in today’s markets? The big change we’ve seen in today’s market environment is the return of inflation. This has led to a positive correlation between government bonds and credit. We saw this in 2022 – a terrible year for fixed income, when duration went up and credit spreads widened. So duration is no longer a hedge for credit as it was in the 2000s and 2010s. This means investors can no longer think in terms of asset classes. They need a fund that is able to separate the risk factors: credit, rates, and, ideally, currencies as well. How does your process work to balance the different risk factors in the portfolio? We begin with the macro scenario. Our asset allocation is based on how it will impact on the three risk factors: credit, rates and currencies. The drivers of these factors are different. Duration is driven by inflation. If we see inflation picking up and the market is not pricing that in, we will reduce duration. Credit is driven by growth. The drivers of currencies are more specific: the dollar is driven by the differential in growth between the US and the rest of the world. The dollar is particularly important because today the main inflation risk comes from the US, and when that materialises, it will usually mean a stronger dollar. In other words, going long the dollar can help to mitigate inflation risk in a portfolio. Commodity-linked EM currencies can also help in that scenario. How do you see the overall picture for interest rates now? Inflation is not dead as some seem to think. We are convinced that without a significant slowdown it will be tough to reach the Fed’s 2% target. Recent core CPI came in at 3.8%. In our opinion, there was core disinflation during 2023 because global demand was weak. But Europe is now stabilising, so we think it will be tough to reach 2%. Of course, this is closely linked to the stance of the Fed. Last year, markets accepted that central bank normalisation would be enough to bring inflation under control, but since the Fed signalled a pivot in December, we have seen breakevens starting to rebound. The market is telling the Fed it thinks inflation will return and that it needs to stay hawkish to bring inflation down to target levels. I don’t know if the Fed will do that, especially in an election year. The numbers today are telling us that a cut in June might be premature because inflation is still too high.
What does this mean for your portfolio positioning today? Today, the market is pricing in around eight US rate cuts during 2024 and 2025. In an environment where US growth is around 2% and the job market is tight, where Europe is starting to show signs of a rebound and China is stabilising, I don’t think those eight cuts are warranted in this cycle. So we are happy to keep duration low in the portfolio. What we do like is credit. There has been a big rally and spreads look tight, but there are pockets of value, particularly in EM countries such as Argentina and Ecuador. Why have currencies been such a key performance contributor in your portfolio? The US dollar has been very important for us, particularly in 2022, as a safe haven in the event of a big risk off move. The dollar is now the only asset that has a negative correlation to both bonds and credit. It also has a positive carry. As I mentioned earlier, we see the dollar as an inflation hedge. This is because the risk of inflation is greater in the US than in Europe. Europe’s inflation came more from supply factors and high energy prices, but in the US it’s more a structural problem linked to the job market. If inflation is coming back, long dollar positions should help to mitigate the effect of higher rates. Currencies also allow us to play a wider set of thematics. For example, we are bullish on copper because we think the green revolution will push prices higher. A lot of the world’s copper is in Chile. Credit spreads there are very tight, but the Chilean peso is very, very cheap. So we can capture our view on copper via the peso. Similarly, we can play the AI revolution thematic, because most of Nvidia’s chips depend on TSMC and Samsung. So being long the Korean won and Taiwanese dollar gives us access to that. What are the key factors in your process that have helped you to manage downside risk and outperform your benchmark over recent years? We outperformed in 2022, which was a real stress test for us. This was thanks to our macro analysis, which helped us to identify the trends allowing us to have the right asset allocation between currency, credit and rates. Our dollar allocation was very important because as I mentioned, it has a negative correlation with government bonds and credit. I should also mention our overall risk-averse approach, which means we always try to find cheap hedges that go against our main scenario. For example, right now credit is very expensive. So we can buy very cheap hedges such as credit default swaps in China and Peru. The point is that if our central case scenario is wrong, and these economies start to move towards recession, those spreads will widen and that would help us to manage a recession scenario.
"Duration is no longer a hedge for credit as it was in the 2000s and 2010s. This means investors can no longer think in terms of asset classes"
*A GBP Acc Hdg share class. SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment.
MARKETING COMMUNICATION. Please refer to the KIID/prospectus of the fund before making any final investment decisions.
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*A EUR Acc share class. SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment. **The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information, please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj. Marketing communication. Please refer to the KIID/prospectus of the fund before making any final investment decisions. This document is intended for professional clients. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information and may be modified without prior notice. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in French, English, German, Dutch, Spanish, Italian on the following link (paragraph 6): https://www.carmignac.com/en_US/article-page/regulatory-information-1788. Carmignac Portfolio Global Bond is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered in North America, nor in South America. The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a "U.S. person", according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Document). The Fund's prospectus, KIIDs, NAV and annual reports are available at www.carmignac.com or upon request to the Management Company. • In Switzerland, the Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.ch or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon / Suisse, Route de Signy 35, 1260 Nyon. The KIID must be made available to the subscriber prior to subscription. • In the United Kingdom, the Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.co.uk or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This material was prepared by Carmignac Gestion and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013). • In Belgium, this document has not been submitted to the FSMA for validation. This document is intended for professional clients. This document is published by Carmignac Gestion S.A., a portfolio management company approved by the Autorité des Marchés Financiers (AMF) in France, and its Luxembourg subsidiary Carmignac Gestion Luxembourg, S.A., an investment fund management company approved by the Commission de Surveillance du Secteur Financier (CSSF), pursuant to section 15 of the Luxembourg Law of 17 December 2010. “Carmignac” is a registered trademark. “investing in your interest” is a slogan associated with the Carmignac trademark. This document does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this video do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this video may be partial and could be changed without notice. This document may not be reproduced in whole or in part without prior authorisation.
Carmignac’s Abdelak Adjriou highlights why FP Carmignac Global Bond's dynamic and flexible approach is well-suited to various market environments.
A flexible ‘all in one’
fixed income fund
“The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on macro analysis”.
Carmignac’s Abdelak Adjriou highlights why FP Carmignac Global Bond's dynamic and flexible approach is well-suited to today's environment, in which inflation has increased correlations across bond markets.
This material was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed by Carmignac Gestion Luxembourg in the UK. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents. Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Fund is not registered for retail distribution in Asia, in Japan, in North America, nor is it registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. Company. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Material). The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund presents a risk of loss of capital. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at the following link (paragraph 6 “Summary of investor rights”): https://www.carmignac.co.uk/en_GB/article-page/regulatory-information-1788. In the United Kingdom, the prospectus, KIID and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company. FP CARMIGNAC ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorized and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a Sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.
