Dear Investor
We are writing to you in connection with changes that have been made to the following sub-funds of FP Carmignac ICVC (the “Company”):
- FP Carmignac Emerging Markets
- FP Carmignac European Leaders
- FP Carmignac Global Bond, and
- FP Carmignac Global Equity Compounders
(each a “Fund”, together the “Funds”).
As an investor in one or more of the Funds, it is important that you read this letter carefully as it contains information about changes that have been made and sets out the background to and reason for those changes together with any implications for you as an investor.
The changes to the Funds set out in this letter came into effect on 02nd November 2026 (the “Effective Date”). You are not required to take any action in response to this letter.
Capitalised terms used but not defined herein shall have the respective meanings given to them in the Company’s prospectus.
1. Reduction of the annual management charge and fee caps for class a shares
From the Effective Date, the annual management charge and fee caps applicable to the Class A Shares of FP Carmignac Emerging Markets, FP Carmignac European Leaders and FP Carmignac Global Equity Compounders have been reduced as follows:
| FP Carmignac Emerging Markets | 0.87% | 0.72% | 0.95% | 0.80% |
| FP Carmignac European Leaders | 0.81% | 0.67% | 0.89% | 0.75% |
| FP Carmignac Global Equity Compounders | 0.82% | 0.67% | 0.90% | 0.75% |
The reduction in the annual management charge and fee caps have not changed how the Funds are being managed in practice.
2. Increase in minimum initial investment for class b shares
From the Effective Date, the minimum initial investment for new investors in the Class B Shares of the Funds increased from £1,000 to £10,000,000. This change applies only to new investors in the Class B Shares. Existing investors in the Class B Shares are not affected by this change and are not required to increase their existing holdings to meet the new minimum. Existing investors can also continue to subscribe for new Class B Shares without needing to meet the new minimum.
3. Removal of the existing investment limit for b share classes
For the Class B Shares of the Funds, there was an investment limit of £100,000,000 per Fund. Once that limit was reached, the Class B Shares in that Fund were soft closed to new investors, although eligible existing investors could continue to make additional investments.
From the Effective Date, this investment limit was removed. As a result, the Class B Shares remain open to both new and existing investors without any maximum investment threshold.
4. Why did we make these changes?
We made these changes as part of a review of the Funds’ share class structure and UK distribution arrangements to ensure they remain appropriate for the evolving investor base and distribution strategy. In particular, the UK market has developed significantly in recent years, with increasing use of model portfolio services, fund of fund structures and wholesale allocation channels. As a result, we have refocused our UK distribution approach towards larger wholesale investors.
The changes to the share class structure including the adjustment to the annual management charge and fee caps for the Class A Shares (as described in paragraph 1 above), the increased initial investment amounts and the removal of the soft closure mechanism, were intended to reflect this repositioning and to ensure the share classes remain appropriately structured for their intended investor types going forward.
5. What do i need to do?
Nothing. The changes outlined above took effect from the Effective Date. A copy of the revised prospectus of the Company is available on the website of the ACD.
6. Consents and approvals
The FCA confirmed that the changes outlined in this letter do not affect the authorisation of the Company.
7. Questions
The changes outlined in this letter took effect on the Effective Date. The changes took effect automatically and no further action was required from you. However, if you have any questions or require any further information, please contact us on +44 (0) 345 305 4215.
8. Costs and expenses
Fees associated with implementing these changes, including preparing this letter were paid by the Investment Manager.
Yours faithfully
Simon Gunson
On behalf of FundRock Partners Limited