Letter to Fund unitholders Carmignac China New Economy
Dear Madam, Dear Sir,
We thank you for the trust you have placed in us and are delighted to count you among the holders of units of the Carmignac China New Economy fund (the "Fund").
1. What changes will be made to your fund?
We are writing to inform you of certain important changes that are going to be made. Carmignac Gestion has decided to review the operating costs and other services of the Funds, as well as its reference indicator.
- Operating costs and other service expenses
The adjustment of the flat rate for operating expenses and other services, from 0.15% to 0.30%, reflects changes in the costs associated with administrative services, regulatory obligations, and services related to the operation of the Fund.
This revision ensures that unit holders have adequate coverage for all services required by the Fund, in compliance with the regulatory framework.
- The reference indicator
The new reference indicator is the MSCI Golden Dragon 10/40 Index.
This change seeks to improve the reference indicator’s alignment with the Fund’s investment strategy. In particular, the new indicator offers:
- geographical exposure that is more consistent with the Fund’s investment universe;
- increased compliance with the diversification rules applicable to UCITSs, to which the Fund is subject.
2. When will these transactions be carried out?
These changes will come into effect on January 12, 2026.
If you do not agree with these changes, you may redeem your units for no cost, other than any applicable taxes.
3. How do these changes affect the risk/reward profile of your investment?
- Change in the Risk/Return Profile: No
- Increased risk profile: No
- Potential increase in fees: Yes
A change of reference indicator on which the performance fee is calculated could cause the fees charged to rise or fall, depending on the Funds' performance relative to its reference indicator.
- Extent of change in the risk/return profile: Not significant.
4. How will these transactions affect your tax situation?
These changes have no impact on your tax situation.
5. What are the main differences between the fund in which you currently hold units and the future fund?
Here are the main differences before and after the change:
6. Key points to remember
This document is important and requires your attention. If in doubt, please consult your usual advisor.
We remind you of the necessity and importance of reading the key information document (KID). Your usual advisor is available to provide you with further information if you wish.
Please note that the prospectus, key information documents, and the latest annual and semi-annual reports, if published, are available in French, English, German, Italian, Spanish, and Dutch free of charge from the management company CARMIGNAC GESTION, Société Anonyme, 24 Place Vendôme 75001 Paris, France, and on the website www.carmignac.com, and in Switzerland from the Swiss Representative CACEIS (Switzerland) SA, Route de Signy 35, CH-1260 Nyon. The Payment Agent in Switzerland is CACEIS Bank, Montrouge, branch in Nyon, Switzerland, Route de Signy 35, CH - 1260 Nyon.
Net asset values are published on the websites www.carmignac.com and www.fundinfo.com.
We remain, yours sincerely,
Christophe PERONIN
Deputy Chief Executive Officer