Carmignac Patrimoine

The fund's objective is to obtain, over a recommended investment horizon of three years, a performance, net of fees, above that of the fund's reference indicator, composed of 40% MSCI AC WORLD NR index, 40% ICE BofA Global Government Index, 20% €STR Capitalized index. The fund seeks to invest sustainably and applies a socially responsible investment approach.The fund's main performance drivers are as follows: (i) Equities: at least 25% of the fund's net assets are invested in equities, a maximum of 50% of its net assets are exposed to international equities (all capitalisations, without restrictions in terms of sector or region, with up to 25% of net assets exposed to emerging countries, with a maximum of 10% in the Chinese domestic market (common limit including equities, debt securities and money market instruments on China's domestic market) - (ii) Fixed income products: at least 40% of the fund's net assets are invested in fixed and/or floating rate government and/or corporate bonds and money market instruments. The average rating of the bonds held by the fund shall be at least investment grade as rated by at least one of the leading rating agencies or deemed equivalent by the management company. Emerging market fixed income products may not exceed 25% of net assets, including a maximum of 10% in the Chinese domestic market - (iii) Currencies: the fund may use currencies other than the fund's valuation currency for exposure or hedging purposes. Up to 5% of fund's net assets may be invested in unlisted securities.The decision to buy, hold or sell fixed income products will not automatically and solely depend on their rating but also an internal analysis based mainly on return, credit rating, liquidity and maturity criteria. The manager may use Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments. Short positions may also be taken through derivatives.This fund is an actively managed UCITS: the investment manager has discretion over the composition of the portfolio, subject to the stated investment objectives and policy. The fund's investment universe is at least partly derived from the indicator. The fund's holdings and the weightings may substantially deviate from the composition of the indicator. There is no limit set on the level of such deviation.The fund promotes environmental/social characteristics in accordance with Article 8 of the sustainability-related financial disclosures regulation (SFDR) through “best-in-universe” and “best-effort” approaches and an active engagement policy. An analysis of extra-financial criteria leads to a reduction of at least 20% in the fund’s investment universe through negative screening to exclude companies whose non-financial ratings reflect high risk. In addition, the fund invests at least 10% of its net assets in sustainable investments within the meaning of the SFDR. The definition of sustainable investment used by the fund is based on the framework of the United Nations Sustainable Development Goals (“SDGs”). This framework is only one of the frameworks that can be used to illustrate positive results - others may reveal different results. The fund’s sustainability risk may differ from that of the reference indicator.