Carmignac Portfolio Patrimoine

The sub-fund aims to outperform its reference indicator over a period exceeding three years. The reference indicator comprises 40% MSCI AC World NR index, 40% ICE BofA Global Government Index and 20% €STR Capitalised index. The reference indicator is rebalanced each quarter.The Sub-Fund applies a multi-asset strategy which seeks to achieve its investment objective by investing, and taking exposure in a wide range of traditional assets (e.g. equities, bonds, money markets and currencies) and in some inflation-sensitive securities such as commodities (e.g. precious metals, industrial metals and energy such as gold, copper and crude oil) and inflation-linked securities (e.g. inflation swaps and inflation-linked bonds). The investment process is the result of combining several strategy components, including: (i) A core allocation of traditional asset classes and commodities aimed to deliver capital growth and income - (ii) An inflation-linked strategy composed of inflation swaps and inflation-lined bonds aimed to help mitigate the inflation surprises - and(iii) A tactical strategy aimed (1) to manage (or hedge) the global exposures of the portfolio and (2) to take advantage of some potential opportunities offered by markets through directional or relative value trades. To implement this approach, the Sub-Fund will take directional and non-directional (or hedged) positions, long and/or short, in a range of securities, instruments and asset classes. The Sub-Fund may implement these positions either with derivatives or by purchasing direct securities or funds.Through direct investments in securities and funds or use of derivatives, from -20% to 100% of the Sub-Fund's net assets are exposed to international and/or Eurozone equity markets. Up to 25% of the Sub-Fund's net assets may be exposed to emerging market equities, with a maximum of 10% in the Chinese domestic market (common investment limit for both equities, debt instruments and monetary instruments). The Sub-Fund invests in stocks of any capitalization from any sector. Up to 100% of the Sub-Fund's net assets can be invested in negotiable debt securities, money market instruments, and fixed or floating rate, covered or uncovered bonds, which may be linked to inflation in the Eurozone and/or international markets. Investments in emerging market debt may not exceed 25% of the net assets, with a maximum of 10% in the Chinese domestic market. The portfolio's total modified duration, defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis points may vary from -4 to +7. The investment strategy involves the Sub-Fund investing 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 20% of its net assets in securities rated below investment grade. In order to achieve its investment objective, the Sub-Fund will invest in derivatives traded on Eurozone and international regulated, organised or over-the-counter markets for exposure, relative value or hedging purposes. The Sub-Fund may use total return swaps for exposure or hedging purposes. The exposure to total return swaps is expected to be 10% of the net assets of the Sub-Fund.TThis 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 at least partly derived from the Reference indicator. The sub-fund's investment strategy is not dependent on the Reference indicator - therefore, the sub-fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation.The sub-fund promotes environmental/social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation ('SFDR') through best-in-universe and best-effort approaches, and an active engagement policy. Extra-financial analysis leads to a reduction of at least 20% of the sub-fund's investment universe via a negative filter excluding companies whose extra financial ratings reflect high risks. In addition, the sub-fund invests at least 20% of its net assets in sustainable investments within the meaning of SFDR. The sustainable investment definition used by the sub-fund uses the United Nations Sustainable Development Goals ('SDGs') framework. This framework is one of several that can be used to illustrate positive results - others may yield different results. The sustainability risk of the sub-fund may differ from that of its reference indicator.