Carmignac Portfolio Credit

The sub-fund aims to outperform its reference indicator, on an annual basis, over a minimum investment period of three years, using an active and unconstrained investment strategy based on directional positions as well as, to a lesser extent, long/short strategies on all international fixed income markets. The reference indicator is 75% ICE BofA Euro Corporate index and 25% ICE BofA Euro High Yield index. The sub-fund's reference indicator is rebalanced quarterly.Up to 100% of the sub-fund's assets may be invested in fixed and/or floating rate corporate bonds, corporate inflation-linked bonds, as well as money market instruments. The sub-fund may invest up to 50% of its net assets in securities rated below investment grade. The sub-fund may also hold, on an ancillary basis, government bonds. Additionally, up to 20% of the sub-fund's net assets may be invested in securitisation instruments. The overall modified duration of the portfolio, defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis points, may fluctuate between -4 and +10. 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. The geographical investment universe of the sub-fund is global, including emerging countries.The sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): credit (up to 30% of the net assets), interest rates, currencies, equities and dividends. The derivatives available are options (vanilla, barrier, binary), futures and forwards, swaps (including performance swaps, as well as credit default swaps) on one or more underlyings. Exposure to equities is authorised within 10% of the sub-fund's net assets. Up to 20 % of the net assets may be invested in contingent convertible bonds (“CoCos”). CoCos are regulated subordinated debt instruments that are complex, but consistent in nature. Please refer to the prospectus for more information. The sub-fund may invest up to 10% of its net assets in units or shares of investment funds.This sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. the sub-fund's investment universe is mostly independent from the indicator. The sub-fund's investment strategy is not dependent on the indicator - therefore, the sub-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.