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Annual Meeting 2026: Key Messages

Published on
January 30, 2026
Read time
3 minute(s) read

Performance Review

70% of our funds outperform and rank in the first quartile of their respective categories1.

Kevin THOZET
Portfolio Advisor & Member of the Investment Committee

Our assets under management increased from €33bn last January to €41bn today2. Net inflows have been diversified across flexible bonds, credit, global and emerging equities3, as well as alternative strategies.

  • All equity indices are posting gains, and for the first time since 2017, emerging markets are outperforming developed markets. To fully capture regional allocation opportunities, currency risk management has been a key contributor, against the backdrop of a marked depreciation of the US dollar (-10%) in 2025.
  • In a rising market that does not benefit all stocks equally, stock selection makes all the difference.
  • Carmignac Investissement is up +17% in 2025, outperforming global equities3 by +10%. Carmignac Investissement Latitude has also delivered a +17% return, representing +12% of relative outperformance, while maintaining contained volatility. Carmignac Emergents is up +24%, outperforming its reference indicator by +7%.
  • Our fixed income range continues to stand out: for the seventh consecutive year, almost the entire range has beaten its reference indicator.
  • Beyond the consistency of relative performance, we can also highlight the steadiness of absolute performance, with ten consecutive quarters of positive returns for our flagship fixed income funds4.
  • In other words, volatility has been well contained on Carmignac Sécurité and Carmignac P. Flexible Bond, while Carmignac P. Credit posted Sharpe ratios between 2 and 3.
  • Our multi-asset funds continue to follow a constructive trajectory.
  • Carmignac Patrimoine is up +12% in 2025, with more than +10% of outperformance, ranking in the first decile among its peers.1

Our macroeconomic outlook

Global growth remains unchanged at 3%, still supported by AI investment, national security spending and fiscal largesse.
Raphaël GALLARDO
Chief Economist

Europe

FISCAL ACTIVISM TO SUPPORT THE “SLEEPING BEAUTY”.

  • The European cyclical recovery should materialise, supported by the German plan, Next Generation EU in Italy and the continuation of a virtuous cycle in Spain.
  • The ECB is expected to favour a wait-and-see approach, as disinflation loses momentum amid a resilient labour market.

USA

BROAD-BASED STIMULUS: GROWTH TODAY, INFLATION TOMORROW?

  • US growth shows no sign of slowing. Still driven by AI investment, the economy is running hot amid an accommodative Fed and Donald Trump’s fiscal activism. As the midterm elections approach, additional measures could further extend the run.
  • Inflation is likely to remain durably above target due to a shrinking labour force and higher tariffs, but AI-driven productivity gains help mitigate the risk of second-round effects.

China

THE 15th FIVE-YEAR PLAN REASSERTS THE PRIORITY OF A WAR ECONOMY.

  • China’s new Five-Year Plan prioritises technological self-sufficiency and the rollout of industrial AI. However, it includes no decisive measures to address the renewed downturn in the property sector or rising youth unemployment.
  • In a persistently more protectionist environment, Beijing is expected to widen its fiscal deficit to sustain growth above 4%.

In focus

AI AS A STRATEGIC BATTLEGROUND SHAPING THE GLOBAL ECONOMY

AI is a fascinating revolution, but one that is prone to speculation and can only be fully harnessed through active, unconstrained management.

Maxime CARMIGNAC
Chief Executive Officer of Carmignac UK Ltd.

AI AT CARMIGNAC: ACTIVE INVESTING.

  • Our study on active management has shown that equity funds with strong convictions (active share5 > 80%) and operating within an open-architecture framework outperform their reference indicator, net of fees, by an average of 0.70% per year6, depending on the region.
  • Having become a major geopolitical and industrial issue, AI requires a deep understanding of its use cases, value chain and risks. To address this, we have made targeted investments and built a dedicated team to identify value creation opportunities.

Frédéric LEROUX
Head of Cross Asset, Fund manager

IS THERE A BUBBLE IN ARTIFICIAL INTELLIGENCE?

  • Since the beginning of the Industrial Revolution, bubbles have enabled the large-scale diffusion of major technological innovations throughout the economy.
  • Investor euphoria, combined with the inability of companies in sectors disrupted by innovation to forego the massive investments required, facilitates this diffusion. The resulting process of creative destruction, as theorised by Schumpeter, can unfold over many years.

Our experts

Global technology is no longer confined to US giants alone; it now relies on a borderless, worldwide innovation ecosystem.

Naomi WAISTELL
Fund Manager

EMERGING MARKETS: FROM IMITATORS TO INNOVATORS

  • From memory and semiconductors to robotics and AI applications, EM companies lead key parts of the innovation cycle, with highest AI adoption rates. Physical AI is already embedded into the real economy, driving productivity gains and margin expansion.
  • After years of underallocation, valuations remain attractive compared to developed markets, offering a credible alternative and diversification. The next EM cycle is about innovation, earnings and valuation discipline.
  • Our EM strategies are well positioned to benefit from this structural shift, with selective positioning on key enablers across the AI value chain in Asia, coupled with exposure to domestic growth stories across India, SE Asia and Latin America.

Kristofer BARRETT
Head of Global Equities, Fund Manager

AI: THE DISRUPTED VS THE DISRUPTERS

  • Token generation, a proxy for compute demand, continues to double roughly every two months.
  • After the 2024 pre-training phase, AI in 2025 has absorbed most available human data, driving higher usage and sharply increasing compute needs. As data centres take years to build, supply cannot keep pace, creating capacity constraints and higher prices.
  • We are refining our AI exposure by reducing companies facing excessive free cash flow pressure from aggressive investment plans, while favouring hardware names benefiting from the capex cycle.
  • We are also building contrarian exposure to software, where AI is likely to be layered gradually onto existing systems rather than deployed disruptively.

Our asset allocation convictions for 2026

EQUITY MARKETS: BETWEEN CONFIRMED LEADERSHIP AND OVERLOOKED POCKETS OF VALUE.

Jacques HIRSCH
Fund Manager

  • Nominal growth and fiscal expansion should continue to support equity markets, arguing in favour of active diversification:
  1. towards themes that remain well supported (technology, emerging markets, European cyclicals),
  2. and towards segments that have lagged, such as those perceived as “losers” of the AI wave, consumer sectors and healthcare.
  • In an ongoing tense geopolitical environment, commodities appear attractive, with a preference for gold and copper.
  • Bull markets often end with a phase of heightened volatility. It is therefore essential to prepare for this now, both in portfolio construction and in security selection.

THE US BOND MARKET DOES NOT REFLECT THE STRENGTH OF THE ECONOMY.

Guillaume RIGEADE
Co-Head of Fixed Income, Fund manager

  • While European and Japanese rate markets have already registered the impact of lavish fiscal policy, US rates continue to hover at low levels. Resilient growth and inflation should strongly narrow this rate gap between regions.
  • Our flexible management will enable us to benefit from the high carry on euro rates and the rising rate across the Atlantic.
  • Furthermore, our broad investment universe will allow us to seize opportunities in the segments of emerging debt or inflation strategies which present attractive valuations.

REINFORCED SELECTIVITY ON THE CREDIT SIDE.

Pierre VERLÉ
Head of Credit, Co-Head of Fixed Income, Fund Manager

  • After 3 years of tightening of credit spreads, 2026 should be marked by greater polarisation across both the Investment Grade and High Yield spectrum.
  • Less favorable technical factors and increasing credit events will favour active management like ours.
  • Generous embedded yields and high dispersion within the credit spectrum should allow us to deliver attractive risk-adjusted returns.

1 Morningstar data as at 31/12/2025.
2 Sources: Carmignac, as at 31/12/2025.
3 MSCI AC World.
4 Flagship funds: Carmignac Sécurité, Carmignac P. Credit and Target Maturity Funds. Data as of 31/12/2025.
5 Active share measures the degree of difference between the securities held in a portfolio and those of its benchmark.
6 Based on a rolling five-year performance over a total ten-year period.

Carmignac Investissement A EUR Acc

ISIN: FR0010148981
Recommended minimum investment horizon
5 years
Risk indicator*
4/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010148981
Entry costs
4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1,80% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0,35% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR0010148981
Carmignac Investissement+17,4+25,0+18,9−18,3+4,0+33,7+24,7−14,2+4,8+2,1
Reference Indicator+7,9+25,3+18,1−13,0+27,5+6,7+28,9−4,8+8,9+11,1
Carmignac Investissement+20,4%+8,2%+8,5%
Reference Indicator+16,8%+12,1%+10,8%

Source: Carmignac at Dec 31, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: MSCI AC World NR index

Carmignac Emergents A EUR Acc

ISIN: FR0010149302
Recommended minimum investment horizon
5 years
Risk indicator*
4/7
SFDR - Fund Classification**
Article 9

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Emerging Markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010149302
Entry costs
4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1,80% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0,35% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR0010149302
Carmignac Emergents+23,1+4,6+9,5−15,6−10,7+44,7+24,7−18,6+18,8+1,4
Reference Indicator+17,8+14,7+6,1−14,9+4,9+8,5+20,6−10,3+20,6+14,5
Carmignac Emergents+12,1%+1,2%+6,5%
Reference Indicator+12,7%+5,0%+7,6%

Source: Carmignac at Dec 31, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: MSCI EM NR index

Carmignac Patrimoine A EUR Acc

ISIN: FR0010135103
Recommended minimum investment horizon
3 years
Risk indicator*
3/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Credit: Credit risk is the risk that the issuer may default.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010135103
Entry costs
4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1,80% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0,32% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR0010135103
Carmignac Patrimoine+12,1+7,1+2,2−9,4−0,9+12,4+10,5−11,3+0,1+3,9
Reference Indicator+1,1+11,4+7,7−10,3+13,3+5,2+18,2−0,1+1,5+8,1
Carmignac Patrimoine+7,0%+2,0%+2,4%
Reference Indicator+6,7%+4,3%+5,3%

Source: Carmignac at Dec 31, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: 40% MSCI AC World NR index + 40% ICE BofA Global Government Index + 20% €STR Capitalized Index. Rebalancing Frequency: Quarterly

Carmignac Investissement Latitude A EUR Acc

ISIN: FR0010147603
Recommended minimum investment horizon
5 years
Risk indicator*
3/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010147603
Entry costs
4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1,80% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0,33% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR0010147603
Carmignac Investissement Latitude+16,9+10,2+13,2+2,1−6,2+27,0+9,1−16,1+0,3+1,3
Reference Indicator+5,1+14,2+10,5−6,6+12,9+1,8+28,9−4,8+8,9+11,1
Carmignac Investissement Latitude+13,4%+6,9%+5,1%
Reference Indicator+9,9%+7,0%+7,8%

Source: Carmignac at Dec 31, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: 50% MSCI AC World NR index + 50% €STR Capitalized Index. Rebalancing Frequency: Quarterly

Carmignac Portfolio Flexible Bond A EUR Acc

ISIN: LU0336084032
Recommended minimum investment horizon
3 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Credit: Credit risk is the risk that the issuer may default.
Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Carmignac Portfolio Credit A EUR Acc

ISIN: LU1623762843
Recommended minimum investment horizon
3 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 6

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Carmignac Sécurité AW EUR Acc

ISIN: FR0010149120
Recommended minimum investment horizon
2 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Credit: Credit risk is the risk that the issuer may default.
Risk of Capital Loss: The portfolio does not guarantee or protect the capital invested. Capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Share

Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.

This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.

Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.

Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA.
The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.

The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com/en, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.

  • In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.com/en-gb, or upon request to the Management Company, or for the French Funds, at the offices of the acilities Agent, Carmignac UK Ltd, 2 Carlton House Terrace, London, SW1Y 5AF. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.

  • In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.com/en-ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.

  • In Belgium: This document is intended for professional clients. This content has not been validated by FSMA. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This communication is published by Carmignac Gestion S.A., a portfolio management company approved by the Autorité des Marchés Financiers (AMF) in France, and its Luxembourg subsidiary Carmignac Gestion Luxembourg, S.A., an investment fund management company approved by the Commission de Surveillance du Secteur Financier (CSSF). “Carmignac” is a registered trademark. “Investing in your Interest” is a slogan associated with the Carmignac trademark. This document does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this document do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this document may be partial and could be changed without notice. This document may not be reproduced in whole or in part without prior authorisation. The risks and fees are described in the KID (Key Information Document). The prospectus, KID, the net asset-values and the latest (semi-) annual management report may be obtained, free of charge, in French or in Dutch, from the management company (tel. +352 46 70 60 1) or by consulting its website or www.fundinfo.com. These materials may also be obtained from Caceis Belgium S.A., the financial service provider in Belgium, at the following address: avenue du port, 86c b320, B-1000 Brussels. The Fund (fonds commun de placement or FCP) is a common fund in contractual form conforming to the UCITS Directive under French law. Access to the Fund may be subject to restrictions regarding certain persons or countries. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. In case of subscription to a fund subject to Article 19bis of the Belgian Income Tax Code (CIR92), the investor will have to pay, upon redemption of his or her shares, a withholding tax of 30% on the income (in the form of interest, or capital gains or losses) derived from the return on assets invested in debt claims. Distributions are subject to withholding tax of 30% without income distinction. In case of subscription in a French investment fund (fonds commun de placement or FCP), you must declare on tax form, each year, the share of the dividends (and interest, if applicable) received by the Fund. Any complaint may be referred to complaints@carmignac.com or CARMIGNAC GESTION - Compliance and Internal Controls - 24 place Vendôme Paris France or on the website www.ombudsfin.be.

The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights at section 5 entitled "summary of investor rights" on the following links: UK ; Switzerland ; France ; Luxembourg ; Sweden. Belgium (French) ; Belgium (Dutch)

For Carmignac Portfolio Long-Short European Equities: Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.

Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278.