Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...

 
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
P R O F E S S I O N A L S O N LY

Quarterly Meeting
3rd quarter 2018
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
Didier Saint-Georges
               Managing Director,
               Member of the Investment Committee

PROFESSIONALS ONLY                2
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
US Equity Markets:
Sector Performances Since the Beginning of the Year

                S&P 500 Index                                   9,0%

                  Technology                                                   19,5%
       Consumer discretionary                                                  19,5%
                  Healthcare                                           15,2%
                       Energy                            5,2%
                   Industrials                        3,3%
                      Utilities                0,0%
                  Real Estate               -1,0%
                      Finance              -1,2%
             Communication             -3,3%
                    Materials        -4,2%
            Consumer staples      -5,5%

                                                                               Source: Carmignac, Bloomberg, 28/09/2018
      PROFESSIONALS ONLY                         3
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
Chinese Equity Markets:
Sector Performances Since the Beginning of the Year

                              -14,7%                              Shanghai Shenzhen CSI 300 Index

                                                           1,0%   Healthcare
                                               -2,9%              Energy
                                             -4,7%                Utilities
                                         -7,4%                    Consumer staples
                                   -11,6%                         Finance
                          -18,8%                                  Consumer discretionary
                        -20,4%                                    Materials
                       -20,9%                                     Industrials
              -26,6%                                              Technology
          -31,5%                                                  Telecoms

                                                                                             Source: Carmignac, Bloomberg, 28/09/2018
      PROFESSIONALS ONLY                               4
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
Carmignac Patrimoine:
Performance Attribution Since the Beginning of the Year (%)
Net performance: -4.01%

                             4.1%        LONG TERM CONVICTIONS
                                         US EQUITIES, HIGH VISIBILITY STOCKS

                             0.2%        CREDIT

                                         TRUMP COLLATERAL EFFECTS
                             -5.5%       (DOLLAR, EMERGING, COMMODITIES,
                                         GOLD, CHINESE TECH)

                             -1.7%       OTHER

                                                                                                          Source: Carmignac, 28/09/2018
                                                               Performance shown on the graph are gross figures and do not include fees
        PROFESSIONALS ONLY           5                                Past performance is not a reliable indicator of future performance.
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
Performance of our Fund Range During the Third Quarter
                     EQUITY range                PATRIMOINE range                                              FIXED INCOME range
                    C. Investissement                   C. Patrimoine                                         C. Portfolio Unconstrained
                          -2.61%                            -2.79%                                                   Global Bond
  Global                                                                                                                 -0.51%
                                               C. Investissement Latitude                                      C. Portfolio Capital Plus
                                                          -2.66%                                                        +0.02%

                C. Portfolio Grande Europe           C. Long-Short                                                         C. Sécurité
                           -0.44%                  European Equities                                                         -0.41%
 Europe                                                  -0.50%
                   C. Euro-Entrepreneurs
                           +0.37%
                      C. Emergents           C. Portfolio Emerging Patrimoine
                          -3.72%                           -3.28%
Emerging
                      C. Portfolio
                   Emerging Discovery
                        +0.76%
                       C. Portfolio
Thematic              Commodities
                         -3.33%
                                                                                                                                          Source: Carmignac, 28/09/2018
                                                                                                      Past performance is not a reliable indicator of future performance.
                                                                              Performance is shown net of fees (excluding any entry charges payable to the distributor).
                                                                                                All the fund performances shown are those of A EUR accumulation units
                                                             A green icon represents positive Fund performance relative to the reference indicator, while an amber icon
                                                                                                                                  represents negative Fund performance
           PROFESSIONALS ONLY                       6                                                                                  relative to the reference indicator.
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
Frédéric Leroux
               Global Fund Manager,
               Head of Cross Asset Team

PROFESSIONALS ONLY                 7
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
America First! But at What Cost?

    PROFESSIONALS ONLY   8
Quarterly Meeting 3rd quarter 2018 - PROFESSIONALS ONLY - Carmignac ...
United States: The Economic Policy « Miracle »

                 United States: consumption         United States: investment
9%                                                  Investment outlook over 6 months (Fed
                                                    surveys), 4 months advanced
                   Household revenue growth
7%
                   expectations
5%

3%

1%

-1%     Libor 3-month
         real rate
                                                  Non-residential
-3%
                                                  investments (yoy %)
-5%

                                                                           Source: Carmignac, Datastream, 09/2018
               PROFESSIONALS ONLY             9
United States: An Unusual Timing in the Economic Cycle for
a Fiscal Stimulus

                                                Fiscal stimuli & Output gap

    4,0
                                 Economic                                     Output Gap         Trump tax plan
    2,0
                                 recovery act
                                 1981
    0,0

    -2,0
                                      Fiscal reform             Bush tax cut     Bush tax
    -4,0                              1986                      2001             cut 2003
    -6,0                                                                                    American
                                                                                            recovery
             Recession periods
                                                                                            act 2009
    -8,0

                                                                                                            Source: Carmignac, 09/2018
           PROFESSIONALS ONLY                              10
United States:
Growth Robustness is Having its First Effects on Inflation

                United States: inflation                  United States: wage pressure

 Inflation
 (Core PCE*, %yoy)                                                Wage growth
                                                                  (Atlanta Fed)

                                                Prime age employment/
 Leading indicator on inflation                 population ratio (4-months
 (computed by the New York                      advanced)
 Fed)

                                                                                                  Source: Carmignac, Datastream, 09/2018
                                                         *The Core PCE Price Index is a consumer price index that excludes food and energy
           PROFESSIONALS ONLY              11
United States:
      Overheating Risks are Threatening Wealth Effects

            United States: company profitability                 United States: housing market

21%                                                             Existing home
                                                                sales
19%
         Gross margins
17%
15%
13%
11%
9%
                                                        Household
7%                  Net margins                         confidence on
5%                                                      housing market
3%

                                                                                                 Source: Carmignac, 09/2018
              PROFESSIONALS ONLY                   12
It’s Getting Late Mr. Powell
                  Taylor rule                                                  US credit growth
8%                                                                              US non financial
                                                                             corporate debt growth
6%                                                                                  (%yoy)
                            Taylor rule*
4%

2%

0%

-2%
           Fed’s fund rates
-4%     adjusted to its balance                                     Banking credit
                sheet                                                 conditions
-6%

                                                *Taylor’s rule is a proposed guideline for how central banks, such as the Federal Reserve, should alter
                                                                                         interest rates in response to changes in economic conditions.
       PROFESSIONALS ONLY                  13                                                                   Source: Carmignac, Bloomberg, 09/2018
The United States and
the Rest of the World

    PROFESSIONALS ONLY   14
The Tightening Continues
                                  Annual change in the main central banks’ balance sheets ($Bn)

  $Bn
                                                                                                      Projections
 2 300
 2 000
 1 700
 1 400
 1 100
   800
   500
   200
  -100
  -400
  -700
         2009      2010    2011      2012   2013       2014   2015    2016     2017    2018       2019      2020

                          FED                    ECB                   BOJ                    Total

                                                                                                               Source: Carmignac, Bloomberg, 09/2018
                PROFESSIONALS ONLY                             15
Monetary Tightening and Repatriation Create
a Biased Situation in Favour of the United States

$Bn                                           $Bn
                                                         400
      US Share buybacks

                                                           0

                                                               Foreign earnings
                                                     -400      retained abroad

                          Cash Repatriation
                          (1-year rolling)
                                                     -800

                                                                                  Source: Carmignac, 09/2018
         PROFESSIONALS ONLY                         16
Emerging World

    PROFESSIONALS ONLY   17
China: The Protectionist Threat is Weakening an Economy
with an already Feeble Domestic Demand

                           China: consumption and investment growth

                                                                                 Retail sales
                                                                                 (%yoy)

                                                                  Urban Fixed Asset
                                                                 Investments (%yoy)

                                                                                        Source: Carmignac, Datastream, 08/2018
      PROFESSIONALS ONLY                     18
China:
  A Rate-Cut Stimulus Would Exacerbate Capital Outflows
  But other ways exist
             China: international dynamics                              China: capital outflows
                                                         $Bn
5%
                                                               China-US 5-year swap differential
4%

3%                               Current account,
                                 in % of GDP
2%

1%

0%                                                              Capital outflows
             Net foreign direct investments,
-1%          in % of GDP

                                                                                             Source: Carmignac, Bloomberg, 09/2018
           PROFESSIONALS ONLY                       19
Eurozone

    PROFESSIONALS ONLY   20
Eurozone:
 ECB Stuck Between Inflation and Decelerating Growth
       Eurozone: GDP growth (quarterly)                              Eurozone: inflationary pressure

                     Real GDP                            5%
1%                                                                                    Labor cost Index

                                                         4%
0%
                                                         3%

-1%                         GDP leading indicator
                            (proprietary model)                      Regressed on
                                                         2%
                                                              unemployment and
                                                                 hiring intentions
-2%                                                           (proprietary model)
                                                         1%

                                                                                                       Source: Carmignac, 09/2018
       PROFESSIONALS ONLY                           21
Europe: An Economic Slowdown in 2019
Would Reinforce Political Risks for Markets
                                      Rise of nationalism in Europe

                                                                      Source: BBC, 09/2018
      PROFESSIONALS ONLY     22
Investment Strategy

PROFESSIONALS ONLY            23
Investment Strategy: Same Reasons, Same Effects

                 10-year US rates                  US: relative performance vs the rest of the world
3,5%
                                         150
                                                                              MSCI USA
3,0%                                     140

                                         130
2,5%
                                         120
2,0%                                     110

1,5%                                     100
                                                                        MSCI World ex-USA
                                          90
1,0%
                                          80
                                           01/16           10/16           07/17           04/18

                                                                                          Source: Carmignac, Bloomberg
                                                                                                       Left: 12/10/2018
        PROFESSIONALS ONLY          24                                                                Right: 28/09/2018
Investment Strategy: Towards an Interest Rate Regime Shift
                              10-year US rates
   16%

   14%

   12%

   10%

   8%

   6%

   4%

   2%

   0%

                                                      Source: Carmignac, Bloomberg, 12/10/2018

         PROFESSIONALS ONLY                      25
Biggest Losers: Leveraged Cyclical Stocks

                                                 Sentiment towards global earnings
                                                                                                                Both cyclical and leveraged: this cycle’s biggest losers
                                                        peaked in January
Number of stocks upgraded / Number downgraded

                                                Weekly Earnings Revision Ratio (ERR)
                                                3-week Rolling Average ERR                             110

                                                                                                       105                                                     MSCI World

                                                                                                       100

                                                                                                           95
                                                                                   Average Earnings
                                                                                   Revision Ratio
                                                                                                           90                          Basket of leveraged cyclical
                                                                                                                                       stocks
                                                                                                           85

                                                                                                           80

                                                                                                                                                                      Source: Carmignac,
                                                                                                                                                                           Left: 09/2018
                                                PROFESSIONALS ONLY                                    26                                                               Right: 19/10/2018
Equity Markets: Similarities with the 60’s
                                                                          60’s: S&P500 – EPS* growth
                                                                                                                     29%
                        United States: 60’s
                                                                                                                           18%
110                                              9%                  13% 15% 11%                               11%
                                                             8% 9%                          7%
                                                 8%                                2% 1% 5%               1%
100                             S&P 500
                                                 7%
                                 (LHS)
                                                 6%    -9%
 90                                                                                                -10%
       US 10-year yield (RHS)                    5%                                                                              -18%
                                                       60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
 80                                              4%
                                                 3%                    US corporate profits and output gap
 70
                                                 2%
                                    Inflation    1%
 60
                                    (CPI)- RHS   0%
 50                                              -1%

                                                                                                                               Source :
                                                                 Non-financial corporate profits              Left: Bloomberg, 10/2018
                                                                                                           Top: Bloomberg, 31/03/1969
                                                                 Output gap, 12-month advanced             Bottom: Carmignac, 09/2018
                PROFESSIONALS ONLY                27                                                            EPS: earnings per share
“Nifty Fifty”: a Bubble?
                          Jan. 1973               Oct. 2018
  « Nifty Fifty »                                                                       « Nifty Fifty 2.0 »
                             42                     21,5
   average P/E
                                                                                               Today’s "Nifty
   S&P500 P/E                19                     16,8                                                      S&P 500 Nasdaq
                                                                                                  fifty“
10-year U.S. rates          6.9%                   3.19%
                                                                   Growth expectations (%)
                                                                      2019 EPS* Growth             10.5%         10.1%           16.0%
              Jan. 1973 : « Nifty Fifty » - P/E
 Walt Disney                                         82             Profitability/Leverage
 Intel. Flavors & Frag                              78,2              Return on equity             31.4%         19.2%           20.4%
 McDonald’s                                         72,5             Net debt to EBITDA             0.2           1.1             0.3
 Baxter Intl.                                       71,8
 Avon Products                                      68,3                      Examples of “Nifty Fifty 2.0” stocks
 Johnson & Johnson                                  65,2
 Xerox                                              51,7                      Mastercard
 Coca Cola                                          50,2
                                                                              Alphabet
 Eli Lilly                                          49,8
                                                                              Celgene
                                                                              Booking
 Merck & Co.                                        48,4
                                                                              Tencent
 Procter & Gamble                                   43,5
                                                                              Costco
 American Express                                   39,5
                                                                              Becton-Dickinson

                                                                                                              Source: Carmignac, Bloomberg, 10/2018
                                                                                                                             EPS = earnings per share
                PROFESSIONALS ONLY                            28
Investment Strategy

           P ER FOR MANCE                                                RISK
                     DRIVERS                                      MANAGEMENT

  US Equity exposure                                 Avoid leveraged cyclical stocks

  Growth, non-cyclical, non leveraged stocks         Specific hedges

  Negative modified duration to core
    interest rates

  Emerging markets opportunities

                                                                                             Source: Carmignac, 28/09/2018
                                                                                  Portfolio composition may vary over time.
         PROFESSIONALS ONLY                     29
Carmignac Patrimoine:
Highly Selective Performance Drivers
                                                Portfolio construction
                                                                                                 CREDIT            17%

                         NORTH AMERICA                                       PERIPH. SOVEREIGN
                 22%     (ex. energy & gold)                                              DEBT                       9%
                                                                                               CORE
                 4%      ENERGY                                                           SOVEREIGN
                                                                                               DEBT                  4%

                 10%     EMERGING                                                          EMERGING
                                                                                               DEBT                  3%
                 9%      EUROPE                                                          CASH/CASH
                                                                                        EQUIVALENT                 20%
                 2%      GOLD

                                                        Currency exposure
                       Equities                                                                           Modified duration*
                                               USD 0%                            100%
  Exposure 0%                         50%
                                               EUR 0%                            100%
 Investment 0%                        50%      YEN 0%                            100%
                                                                                                                                                     Source: Carmignac
                                                                                                                                                       Top: 28/09/2018
                                                                                                                                                   Bottom: 14/10/2018
          PROFESSIONALS ONLY                               30            *Modified duration is computed at the fixed income component level and not at the fund’s level.
                                                                                                                              Portfolio composition may vary over time.
Rose Ouahba
               Head of Fixed Income

               Keith Ney
               Fixed Income Fund manager

PROFESSIONALS ONLY                    31
1) The Federal Reserve Determined to
Pursue its Monetary Policy Tightening

    PROFESSIONALS ONLY   32
Solid Growth Implies Higher Inflation

                                         United States: Inflation and Output gap
  2%                                                                                                                                            2,5%
        3-year rolling US inflation* (annual change)                                                                  Output gap
1,5%                                                                                                                                            1,5%
                                                                                                                                                0,5%
  1%
                                                                                                                                                -0,5%
0,5%                                                                                                                                            -1,5%
  0%                                                                                                                                            -2,5%
-0,5%                                                                                                                                           -3,5%
                                                                                                                                                -4,5%
 -1%
                                                                                                                                                -5,5%
-1,5%                                                                                                                                           -6,5%
 -2%                                                                                                                                            -7,5%

                                                                                                                        Source: Bloomberg, Carmignac, 31/08/2018
                                                                                   *US PCE : US Personal Consumption Expenditure Index is a US consumer price index
          PROFESSIONALS ONLY                               33
Real Yields Have Adjusted Upward

                                       US 30-year yields and breakeven
2,5%                                                                                                           5%
                       30-year US real yields (left)                                                           4,5%
 2%
                                                                                                               4%
                                                            30-year US nominal yields (right)
1,5%                                                                                                           3,5%
                                                                                                               3%
 1%                                                                                                            2,5%
                                                                                                               2%
0,5%
                                                                                                               1,5%
                                                                   US 30-year breakeven (right)
 0%                                                                                                            1%

                                                                                                  Source: Bloomberg, 18/10/2018
       PROFESSIONALS ONLY                              34
Fed Projections Are Not Yet Priced In by Markets

                            Fed funds projections by the Fed and the market
3,6%
3,4%                                                               3,375
3,2%
                                      3,125
 3%                                                               2,92                2,96
2,8%                                  2,92
                                                                              2,875
2,6%
2,4%             2,38
         2,375
2,2%                                         Markets         Fed Median
 2%
1,8%
             2018                 2019                         2020             Terminal

                                                                                        Source: Carmignac, 18/10/2019
       PROFESSIONALS ONLY                       35
The Fed is Reducing its Balance Sheet
              Fed –– Inflows
              Fed    Inflows annual
                              annual change
                                       change                       Who
                                                                    Who is
                                                                        is buying
                                                                           buying thethe US
                                                                                         US Debt?
                                                                                            Debt?
                        (in billion $)
                        (in billion $)                                      (in billion $)
                                                                            (in billion $)
  0                                                         2000
        -3                                                         US Bonds ex-T-bills net Issuance
 -50
                                                                   Fed
-100                                                        1500
                                                                   Rest of world
-150
-200                                                        1000
-250
-300                                                        500
-350
-400                                            -357           0
                    -391
-450
-500                             -467                       -500
       2017         2018         2019           2020

                                                                                                                         Sources:
                                                                                             Left: Federal Reserve, October 2018
        PROFESSIONALS ONLY                             36                                           Right: Bloomberg, 15/10/2018
US Long-Term Yields, Adjusted from FX Risk, Are Not Attractive
       10-year yields in core countries after FX hedging        Japanese investment in foreign bonds
                    for a Japanese investor                           (government and credit)
                                                0,95%
0,9%
                                                                France

0,6%                              0,55%
                                                                                      United-States (RHS)

0,3%                                                                               Germany
                     0,15%
        0,08%

0,0%
       10 yr US    10 yr JPY     10 yr DE      10 yr FR

                                                                                              Source: Carmignac, Natwest, 18/10/2018
          PROFESSIONALS ONLY                               37
How Equity Markets will Accommodate to a Higher Yield
Environment?

                              United States: real yields and equity/bond correlation
                                                                                                                              80%
2,20%
                         10-year US real yields – Neutral           Equity/Bond weekly correlation                            60%
1,60%                    Rate                                       (52 weeks rolling)                                        40%
1,00%                                                                                                                         20%
0,40%                                                                                                                         0%
                                                                                                                              -20%
-0,20%
                                                                                                                              -40%
-0,80%
                                                                                                                              -60%
-1,40%                                                                                                                        -80%
-2,00%                                                                                                                        -100%

                                                                                        Correlation calculations based on assets weeklyperformance
                                                                                                                     Source: Carmignac, 30/09/2018
         PROFESSIONALS ONLY                             38
Divergence Between US Growth and Rest of the World

                                     Manufacturing PMI Index
65

60                                                                                 United States

55                                                                                 Eurozone

50                                                                                 Emerging Markets

45

40
     07    08      09      10   11       12       13      14   15   16   17   18

                                                                                   Sources: Bloomberg, 30/09/2018
          PROFESSIONALS ONLY                       39
Time to Come Back on Emerging Market Debt?

            EM FX                          EM Local Debt                     EM External Debt

95                             7,5%                                                        +143 bps
                                                       +57 bps                             in 2018
90                                                     in 2018
                                                                 6,5%
                               7,0%
85

80                   -11%
                     In 2018   6,5%
75                                                               5,5%
70
                               6,0%
65

60                             5,5%                              4,5%
 08/13   08/15      08/17          09/13   09/15       09/17         09/13     09/15           09/17

                                                                                       Source : Bloomberg, 19/10/2018
         PROFESSIONALS ONLY                   40
Carmignac Patrimoine: US Positioning

                                      MODIFIED DURATION
                                        -174 bp

                                      CURRENCY EXPOSURE
                           EUR                                                           45.4%

                           USD                                                           39.4%

                                                  Modified duration is rebased on the fixed income portion and not at the Fund’s level.
                                                                                                         Portfolio may vary over time
      PROFESSIONALS ONLY         41                                                                   Source: Carmignac, 19/10/2018
2) Europe: Surviving Financial Repression

    PROFESSIONALS ONLY   42
Financial Repression: Nowhere to Hide
                                                                      October 2018
              4

                                                                                                    7-10yr IT
                                                                               5-7yr IT
              3
                                                           3-5yr IT

              2                             1-3yr IT
      Yield

                                                                                                           7-10yr SP
              1                                                                 5-7yr SP

                                                            3-5yr SP                                7-10yr FR       7-10yr GER
                                                                                 5-7yr FR
              0        6m IT             1-3yr SP            3-5yr FR               5-7yr GER
Deposit rate           6m SP                               3-5yr GER
                                       1-3yr FR
                       6m FR       1-3yr GER
              -1       6m GER
                   0           1        2              3     4            5         6           7               8            9                10
                                                                 Effective Duration

                                                                                                                                 Source: Bloomberg, 15/10/2018
                       PROFESSIONALS ONLY                                43
Eurozone Growth Stabilization Above
Potential Drives Continued Wage Inflation

                 Eurozone: growth                          Eurozone: wage inflation
                                         5,0%
                                                   Model (uer-Nairu,
1%                                                 hiring intentions )
                                         4,0%
                                                                                      Labor cost
                                                                                      index
0%                                       3,0%

      Real GDP QoQ%                      2,0%
-1%
                                         1,0%   Model (uer-Nairu, hiring
      Model                                     intent, part-time )

-2%                                      0,0%

                                                                                      Source: Carmignac, 09/2018
         PROFESSIONALS ONLY         44
Post-QE Supply Should Put Pressure on Rates

       70                                                                                                  1,2%

       60                                                                                                  1%
                            EMU Supply (ex-ECB) in 10yr equivalent
       50                                                                                                  0,8%

       40                                                                                                  0,6%
 Bn€

       30                                                                                                  0,4%

       20                                                                                                  0,2%
                                                                 10yr German rate yield
       10                                                                                                  0%

       0                                                                                                   -0,2%

                                                                                            Source: Citi Research, 18/10/2018
                                                                                          EMU: Economic and monetary union
            PROFESSIONALS ONLY                           45
Not Enough Priced-in « Through Summer »
                                            EONIA curve (in basis points)
   20

   10

   0

                                                   20 bp-hike priced for Feb-20
  -10

  -20                        10 bp-hike priced for Sept-19

  -30

  -40

                                                                                  Source: Bloomberg, 18/10/2018
        PROFESSIONALS ONLY                           46
Bund Safe Haven Premium Ought to Reverse

0,2%                                                                                          0,8%
                             Eonia 2y1m                                                       0,7%
0,1%
                                                                                              0,6%
  0%
                                                                                              0,5%
-0,1%
                                                                                              0,4%
-0,2%
                                                                                              0,3%
-0,3%
                                                                                              0,2%
-0,4%                                          10yr German Sovereign Bond Yield
                                                                                              0,1%
-0,5%                                                                                         0%

                                                                                  Source: Bloomberg, 18/10/2018
        PROFESSIONALS ONLY                47
Real Yields Hit All-Time Low Negative in May

                           10y German yield versus 10y Eurozone inflation
4%
                                    10y German real yield       10y German yield   10y EUR inflation
3%

2%

1%

0%

-1%

-2%

                                                                                          Source: Bloomberg, 18/10/2018
      PROFESSIONALS ONLY                       48
Benchmark Duration Risk at All-Time High
                              Effective Duration - BAML Euro Government Index
 7,5

  7

 6,5                                                                                                                    YTM: 0.97%
  6

 5,5   YTM: 4.89%
  5

 4,5

  4

                                                                            Source: BAML All Maturity All Euro Government Index as at 05/10/2018
                                                                                                                           YTM: Yield to maturity
         PROFESSIONALS ONLY                       49
Italian Budget Likely to be Rejected by the Commission

                  Budget deficit (in % of GDP)                                         Government debt / GDP
  1%                                                   134%
        Government projections –                                                                        Parliamentary budget office
0,5%    April 2018                                     132%
  0%
                                                                                                                                         Government
-0,5%                                                  130%
                                                                                                                                         projections –
 -1%                                                                                                                                     October 2018
                                                       128%
-1,5%
 -2%                                                   126%
-2,5%                                                  124%
                           Government projections –                                      Government projections –
 -3%                       October 2018                                                  April 2018
                                                       122%
-3,5%                        Initial draft
 -4%                                                   120%
        2014 2015 2016 2017 2018 2019 2020 2021                 2014 2015 2016 2017 2018 2019 2020 2021

                                                              Source: Bloomberg, European Commission, Government of Italy, Parliamentary budget office, 18/10/2018
              PROFESSIONALS ONLY                      50
Italian Downgrade to High Yield Largely Priced
                                      10-years rates vs ratings matrix (average rating)
4,5%
                                                                                                                 Greece
 4%
                                                                        Italy
3,5%

 3%

2,5%

 2%                                                    Spain                        Portugal
1,5%

 1%

0,5%                   France
       Germany
 0%
          AAA    AA+    AA      AA-      A+      A       A-     BBB+    BBB     BBB-
                                                                                 BBB- BB+
                                                                                       BB+     BB   BB-     B+

                                                                                                          Source: Bloomberg, 22/10/2018
           PROFESSIONALS ONLY                              51
Greece: Imbalances Have Corrected

        Greece: Current account & budget deficit
 4%
       Current account (in %)                              Reforms rebuilt competitiveness
 0%
                                                           Growth and surplus beating Commission
 -4%                                                        estimates

                                                           Large cash reserve reduces funding risk
 -8%
                                                           Yields penalized by Italian and EM contagion
-12%

                    Budget deficit (in %)
-16%

                                                                                      Sources: IMF, ECB, Bloomberg, 30/09/2018
         PROFESSIONALS ONLY                        52
European CLOs Remain Misunderstood

                                         AAA CLO Spread vs                                           % of loss-making tranches
                                    iTraxx Main index (A-/BBB+)                                       over the past 20 years
                        180
                                                                                            Global CLOs
                        160
Spread (basis points)

                        140                                                                                                                  Baa
                                                                                EMEA ABS,CMBS & RMBS
                        120                                                                                                                  Aaa
                        100                                                                    US CMBS
                         80
                         60                                                       Global CDOs (ex CLOs)
                         40
                         20                                                     Global Structure Finance
                          0
                                                                                    US Sub-prime RMBS

                         EUR CLO 2.0, AAA      Markit iTraxx Europe Main                                   0%   20% 40% 60% 80% 100%

                                                                                                                                                             Sources:
                                                                                                                    Left: Bloomberg, Citi Global Markets, 18/10/2018
                              PROFESSIONALS ONLY                           53                                                 Right: Goldman Sachs, November 2015
Portfolio Construction

    PROFESSIONALS ONLY   54
Keith Ney
 Carmignac Sécurité                                                                Fixed Income
                                                                                   Fund Manager

                 MODIFIED DURATION                          KEY FIGURES
             -296 bp
       Total -3                       +4        Cash, T-Bills and bonds < 1
                                                              year maturity     33%

    Core rates                                                        YTM      0.73%
Non-core rates
                                                         Average maturity     3.61 years
        Credit

                                                                                   Portfolio may vary overtime
                                                                                Source: Carmignac, 19/10/2018
                 PROFESSIONALS ONLY        55
Rose Ouahba
Carmignac Patrimoine                                                                                                    Head of
                                                                                                                        Fixed Income

         MODIFIED DURATION                                     CURRENCY EXPOSURE

           -384 bp
   Total -4                      +10                    EUR                                                                45,4%
                                                        USD                                                            39,4%
                                                         JPY            5,4%
    Core rates                                          GBP            4,6%
Non core rates
                                            Asia (ex. Japan)          3,1%
                                                       EMEA           1,6%
     EM rates                                   AUD & CAD            0,3%
                                             Latin America            2,0%
        Credit
                                                                     EQUITY EXPOSURE

                                                               0%                                                            50%

                                                               Modified duration is rebased on the fixed income portion and not at the Fund’s level.
                                                                                                                      Portfolio may vary over time
            PROFESSIONALS ONLY         56                                                                          Source: Carmignac, 19/10/2018
David Older
               Head of Equities

               Haiyan Li
               Analyst

PROFESSIONALS ONLY                57
Carmignac Patrimoine’s Equity Philosophy Remains Unchanged

     ACTIVE MANAGEMENT            CONVICTION-DRIVEN                RISK MANAGEMENT

                             So What Has Changed?
                INVESTMENT                         BOTTOMS UP DRIVEN CONVICTIONS
                  PROCESS

                    RISK                       TOP-DOWN INPUT RISK / REWARD DISCIPLINE
               MANAGEMENT

      PROFESSIONALS ONLY                58
Global Equity Investment Strategy

    PROFESSIONALS ONLY   59
Stock Picking is Key in the Current Environment
 Tech accounted for 98% of the S&P 500’s total return in H1 2018

      Relative performance of the US             Sectors’ contribution to the                   FAANG stocks contribution to the
          & World ex-US¹ indices                S&P 500’s H1 2018 total return                   S&P 500’s H1 2018 total return
150                                    3,00%                                             4,00%
                      MSCI USA                         S&P total return: 2.65%                                3.38%
                                                                                         3,50%
140                                    2,50%
                                                                                         3,00%                           S&P total return: 2.65%
                                       2,00%
130                                                                                      2,50%
                                       1,50%                                             2,00%
120
                                       1,00%                                             1,50%
110
                                       0,50%                                             1,00%

100                                                                                      0,50%
                   MSCI World ex-USA   0,00%
                                                                                         0,00%
 90                                    -0,50%
                                                                                        -0,50%
 80                                    -1,00%                                           -1,00%                                        -0.73%

                                                     Staples
                                                Real Estate
                                                 Cons. Disc.

                                                  Materials
                                                    Utilities

                                                   Telecom
                                                       Tech

                                                     Energy

                                                 Industrials
                                                  Financials
                                                Health Care
  01/16    10/16    07/17   04/18                                                                            FAANG                  Rest of index

                                                                                                                                    ¹Base 100 as of the 01/01/2016
                                                                                                             Left: Datastream, Kepler Chevreux, September 2018
                                                                                              Past performance is not necessarily indicative of future performance
                                                                                 Middle & right: S&P, BofA Merrill Lynch US Equities & US Quant Strategy, H1 2018
              PROFESSIONALS ONLY                            60                                                  FAANG: Facebook, Apple, Amazon, Netflix, Google
Even if we don’t Perceive Overall Tech Valuations as
      Over-Stretched, Discipline is Key to Manage Risks
               P/E ratio adjusted to growth (PEG ratio)
3.0
2.5
2.0                                                                    US Tech             Profit taking on high multiple
1.5                                                                    S&P 500                     growth names
                                                                                             (Amazon, Software companies)
1.0
0.5
  0

                        Enterprise value to sales ratio¹
 12,0x

 10,0x                                                                                      Increased exposure to lower
                                                                             Servicenow
  8,0x
                                                                                               multiple growth stocks
                                                                             PTC
                                                                                          (Booking.com, Electronic Arts, Google)
                                                                             Splunk
  6,0x

  4,0x
     12/16   03/17    06/17   09/17    12/17   03/18   06/18   09/18

                                                                                                                                                    ¹Blended 12 months
                                                                                                                                                               Sources:
                                                                                           LHS: Datastream, IBES, Goldman Sachs Global Investment Research, 28/09/2018
                     PROFESSIONALS ONLY                                 61                                                     Portfolio composition may vary over time
Carmignac Patrimoine: Increasing the Flexibility of the Portfolio

         Reduction of           Remain underweight leveraged                                       Cash increase
   Emerging Markets exposure           cyclical stocks                                Figures for Carmignac Investissement²

                                   US & European Financials
                                                                                                        End Q1 2018:
          Sold domestic                 8.9% vs 10.9%
        Argentine names           for our reference indicator¹
                                                                                                               3.1%
                                        Industrials
                                         1.0% vs 5.4%
                                  for our reference indicator¹
         Reduced Indian                                                                                 End Q3 2018:
        banking exposure               Materials ex-gold
                                          1.6% vs 2.5%                                                         6.7%
                                 for our reference indicator¹

                                                                 ¹50% MSCI ACWI (EUR) (net dividends reinvested) + 50% Citigroup WGBI All Maturities (EUR)
                                                                 ²Carmignac Investissement reference indicator: MSCI ACWI (EUR) (net dividends reinvested)
                                                                                                                            Source: Carmignac, 28/09/2018
                                                                                                                Portfolio composition may vary at any time
           PROFESSIONALS ONLY                62
Finding « Quality » Names Beyond the Tech Sector
                                                       Carmignac Patrimoine:
        Style Concentration by sector (%)
                                                 Increase of our healthcare exposure

           Where do we find quality?
                                                                               6,1%

                                                   3,4%

                                                 Q2 2018                    Q3 2018
                                                                        Portfolio composition may vary over time
                                                                                   Source: Carmignac, 28/09/2018
      PROFESSIONALS ONLY                    63
Why is the Food Delivery Industry so Attractive?
    Investing across geographies
                                                                                   US restaurants
                       US addressable market                           % of revenue coming from food ordered
                                $ Bn                                     online and consumed off premises¹
                                                                                                               High Barriers to Entry
                                                                                                 11%
Under-                                         Current US online                                                  Strong “two-sided” network
                                    $520B      restaurant delivery
appreciated                                                                                                        effects
                                                                                  6%
addressable                 $220B
market               $13B                      Total US restaurant                                                Focusing on Industry Leaders
opportunity                                    industry off premise¹

                                               Total US restaurant
                                               industry
                                                                                  2016          2022E
                                                                                                               High return business with
                 Changing consumer habits                                                                      attractive long term profitability

                                                                                                                  Asset light “platform”
Leverage on                                                                                                       High frequency habit
secular trends                              Food cooked at home
                                                                                                                  Low churn

                                                                                                                                                                 Sources:
                                                                                                                Top Left: Wall Street research, Waitr & Landcadia 2018
                                                                                                                                                ¹ Including drive through
                     PROFESSIONALS ONLY                                      64                                                   Bottom Left: BofA Merrill Lynch, 2015
                                                                                                                                          Right: Carmignac, 28/09/2018
Chinese Food Delivery Leader: Meituan Dianping
                                                                Favourable dynamics for consumer services industry

                                                                          650
                                                                          mln
                                                                                           82%
                                                                                                                 156
   20 million meals delivered per day
   2.9 billion meals delivered in 2017
                                                                                   57%
   Sizable addressable market (+20% CAGR*)                       60%
   with low online penetration (12%)

   Undisputed online food delivery leader
   in China with 59 % market share
                                                                                                                               10
   Diversification into hotel booking services,
   already a key player with 31% market share                                      Urbanization            Number of cities
                                                         Smartphone                    rate                 with over 1m
                                                       penetration rate                                      population
                                                         Number of online
                                                                                              Portfolio composition may vary at any time
                                                        payment active users                   *Chinese local service market size growth
                                                                                                         expectations between 2017-2023
                                                                                                Source: Bloomberg, JP Morgan Research,
        PROFESSIONALS ONLY                        65                                                           company data, 28/09/2018
Is it Time to Go Back to Emerging Markets?
         Earnings Growth 2018, YoY¹                                P/E Ratio (adjusted for seasonal changes)
                                                       40
                                                       35
                                                       30
                                                       25                                                                                        MSCI US
                                                       20
                                                       15                                                                                       DM countries
                                                                                                                                                (excl. US)²
                                                       10
                                                                                                                                                MSCI EM
                                                        5
    S&P 500    MSCI EM       EuroStoxx 50                06 07 08 09 10 11 12 13 14 15 16 17 18

                          Subdued EM growth
                          Tightening USD liquidity (Strong USD + rising rate environment)
                          Trade tensions
                                                                                                                                                         Sources:
                                                                                                                         LHS: Morgan Stanley, September 2018
                                                                                                           ¹USD for S&P 500 & MSCI EM , € for the EuroStoxx 50
                                                                                                                                RHS: Gerard Minack, 31/08/2018
                                                                                  ²Price index in USD; Index and earnings per share deflated by U.S. CPI inflation
                                                                                                               Based on the profits of the last 12 months in USD
        PROFESSIONALS ONLY                               66
Selective Opportunities among Collateral Victims
      of the Trade War
   Example with the Quality Chinese Tech names
       Performance of US vs Chinese tech sector indices              Main Chinese positions of Carmignac Patrimoine¹

                                2017                   MSCI China
200                                                    Tech + 92%          Quality: growth and cash flow
                                                                                 Domestic focus
150                                                    Nasdaq
                                                       +30%
                                                                                         FCF yield                 EPS Growth
100
                                                                                         (2018e)                  (2018-2019e)
   12/16   02/17     04/17   06/17     08/17   10/17

                             2018
                                                                                             6%                         29%
120
                                                       Nasdaq
110                                                    +9%                                   5%                         68%
100
 90                                                                                          4%                         25%
 80                                                    MSCI China
                                                       Tech -25%
 70
   12/17     02/18      04/18        06/18     08/18                                                                         FCF yield: Free Cash Flow yield
                                                                                                                                     EPS: Earnings Per Share
                                                                                                                Portfolio composition may vary at any time
                                                                                       Past performance is not necessarily indicative of future performance
                                                                                                                                      ¹As of the 30/06/2018
                   PROFESSIONALS ONLY                           67                                             Source: Carmignac, Bloomberg, 12/10/2018
Carmignac Patrimoine: Equity Breakdown
              Sector Breakdown¹                                              Geographic Breakdown²

TECHNOLOGY                               INDUSTRIALS &
                                         MATERIALS                      UNITED STATES
                                           4.2%
   17.2%
     4.3%
                                                                                      25.6%
CONSUMER                       ENERGY                         EMERGING                                   EUROPE
 9.3%                             4.3%                        MARKETS³
                                                               8.8%                                        8.9%
FINANCIALS                    HEALTHCARE
                                                                               Performance drivers
  6.1%                            6.1%                                           • Quality names
                                                                             • Reduced EM exposure
                                                                                • Favor US stocks

                                                                                                                               Source: Carmignac, 28/09/2018
                                                                                                                   Portfolio composition may vary at any time
                                                               ¹Excluding telecommunications 1,6% vs 1,3% beginning 2018 & utilities 0% vs 0,4% beginning 2018
                                                                                                                ²missing Canada: 3,1%/3,8% beginning of 2018
         PROFESSIONALS ONLY                              68                                                 ³excluding Russia: 0,70%/ 0,50% beginning of 2018
Main Risks of Carmignac Patrimoine
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          Credit
          Credit risk is the risk that the issuer may default.

          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.
          The Fund presents a risk of loss of capital.

      PROFESSIONALS ONLY                           69
Main Risks of Carmignac Investissement Latitude
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          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.

      PROFESSIONALS ONLY                           70
Main Risks of
Carmignac Portfolio Emerging Patrimoine
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          Credit
          Credit risk is the risk that the issuer may default.

          Emerging markets
          Operating conditions and supervision in "emerging" markets may deviate from the
          standards prevailing on the large international exchanges and have an impact on prices of
          listed instruments in which the Fund may invest.

          The Fund presents a risk of loss of capital.

      PROFESSIONALS ONLY                           71
Main Risks of Carmignac Euro-Patrimoine
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          Credit
          Credit risk is the risk that the issuer may default.

          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.

      PROFESSIONALS ONLY                           72
Main Risks of Carmignac Sécurité
          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          Credit
          Credit risk is the risk that the issuer may default.

          Risk of capital loss
          The portfolio does not guarantee or protect the capital invested. Capital loss occurs when
          a unit is sold at a lower price than that paid at the time of purchase.

          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.

          The Fund presents a risk of loss of capital.

      PROFESSIONALS ONLY                           73
Main Risks of Carmignac Portfolio
Unconstrained Global Bond
          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          Credit
          Credit risk is the risk that the issuer may default.

          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.

      PROFESSIONALS ONLY                           74
Main Risks of Carmignac Portfolio Capital Plus
          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          Credit
          Credit risk is the risk that the issuer may default.

          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.

          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          The Fund presents a risk of loss of capital.

      PROFESSIONALS ONLY                           75
Main Risks of Carmignac Investissement
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent
          on external factors, stock trading volumes or market capitalization.

          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.

          Interest rate
          Interest rate risk results in a decline in the net asset value in the event of changes in
          interest rates.

          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.

      PROFESSIONALS ONLY                           76
Main Risks of Carmignac Emergents
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent
          on external factors, stock trading volumes or market capitalization.

          Emerging markets
          Operating conditions and supervision in "emerging" markets may deviate from the
          standards prevailing on the large international exchanges and have an impact on prices of
          listed instruments in which the Fund may invest.
          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.

      PROFESSIONALS ONLY                          77
Main Risks of
Carmignac Portfolio Emerging Discovery
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent
          on external factors, stock trading volumes or market capitalization.

          Emerging markets
          Operating conditions and supervision in "emerging" markets may deviate from the
          standards prevailing on the large international exchanges and have an impact on prices of
          listed instruments in which the Fund may invest.
          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.

          Liquidity
          Temporary market distortions may have an impact on the pricing conditions under which the
          Fund might be caused to liquidate, initiate or modify its positions.

          The Fund presents a risk of loss of capital.

      PROFESSIONALS ONLY                          78
Main Risks of Carmignac Portfolio Commodities
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent
          on external factors, stock trading volumes or market capitalization.

          Commodities
          Changes in commodity prices and the volatility of the sector may cause the net asset
          value to fall.

          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.

      PROFESSIONALS ONLY                          79
Main Risks of Carmignac Portfolio Grande Europe

          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent on
          external factors, stock trading volumes or market capitalization.

          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.

      PROFESSIONALS ONLY                          80
Main Risks of Carmignac Euro-Entrepreneurs
          Equity
          The Fund may be affected by stock price variations, the scale of which is dependent
          on external factors, stock trading volumes or market capitalization.

          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.

          Liquidity
          Temporary market distortions may have an impact on the pricing conditions under which
          the Fund might be caused to liquidate, initiate or modify its positions.

          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.

      PROFESSIONALS ONLY                          81
DISCLAIMER
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.
This document 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. ​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the
distributor). ​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. Copyright: The data published in
this presentation are the exclusive property of their owners, as mentioned on each page. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the
manager. Morningstar Rating™: © 2017 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. Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law. Access to the Funds may be subject to restrictions with regard to certain
persons or countries. The Funds 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 Funds present a risk of loss of capital. The risks, fees and ongoing charges are described in the KIIDs (Key Investor Information Document). The Funds' respective
prospectuses, KIIDs and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIIDs must be made available to the subscriber prior to
subscription. The investor should read the KIID for further information. • United Kingdom: The Funds' respective prospectuses, KIIDs, NAV and annual reports are available in English at
www.carmignac.co.uk, 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). The KIIDs must be made available to the subscriber
prior to subscription.  Belgium: This document is intended for professional clients and has not been submitted for FSMA validation. The prospectuses, KIIDs, the net asset values and the
latest (semi-) annual management reports may be obtained, free of charge, in French or in Dutch, from the management company (tel. +352 46 70 60 1). These documents may also be
obtained via the website www.carmignac.be or from Caceis Belgium S.A., the financial service provider in Belgium, at the following address: avenue du port, 86c b320, B-1000 Brussels.
 Switzerland: The Fund’s respective prospectuses, KIIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland) SA,
Route de Signy 35, CH-1260 Nyon. Non contractual document, completion achieved on 22/10/2018.

CARMIGNAC GESTION – 24, place Vendôme - F - 75001 Paris – Tel: (+33) 01 42 86 53 35
Investment management company approved by the AMF. Public limited company with share capital of € 15,000,000 – RCS Paris B 349 501 676
CARMIGNAC GESTION LUXEMBOURG – City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel: (+352) 46 70 60 1 – Subsidiary of Carmignac Gestion.
Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 – RC Luxembourg B67549

                         PROFESSIONALS ONLY                                                  82
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