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La Rentrée 2026

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Published on
September 18, 2026
Read time
1 minute(s) read

Performance review

86% of our assets under management rank in the top two quartiles of their respective categories over three years1.

Kevin THOZET
Portfolio Advisor & Member of the Investment Committee

Against a backdrop of significant equity market rotations, elevated long-term yields and greater currency volatility, less stable correlations, wider dispersion and a busy political agenda reinforce the importance of active, agile and disciplined portfolio management.

  • Records on the surface, rotations underneath: global equity indices continue to reach new highs, but the underlying market moves have been striking. This is an environment well suited to agility, one of our hallmarks. Carmignac Investissement2 has successfully navigated these rotation episodes: significantly ahead of its benchmark, the Fund ranks in the first decile of its Morningstar category over 1, 3 and 5 years.
  • 2026 has been a standout year for emerging markets, which have delivered across the board. This is an investment universe we know well, and the results speak for themselves: Carmignac Emergents, one of our most subscribed equity funds, has returned +28% year to date.
  • Bond markets have also required agility and active management this year. Carmignac Portfolio Flexible Bond3 illustrates this well: the Fund is 3% ahead of its reference indicator and has delivered 12 consecutive quarters of positive performance, a consistency worth highlighting in a mixed fixed-income environment.
  • In credit markets, the shock stemming from Iran and the rise in short-term rates have weighed on performance, but have also mechanically increased portfolio carry for the quarters ahead. Against this backdrop, Carmignac Portfolio Credit remains close to its benchmark and ranks among the leading funds in its category.
  • Carmignac Patrimoine is up +8% this year, extending the momentum established over the past three years, with an annualised return of 9.5% over the period. Equities, rates and currencies have taken turns as performance drivers, with all three contributing positively to relative performance4.

Our macroeconomic outlook

Climate and geopolitical shocks are shaving 0.4 percent off of global growth in 2026.
Raphaël GALLARDO
Chief Economist

EUROPE

EUROPE IS NAVIGATING BY SIGHT

  • Growth remains resilient, supported by exports and household consumption.
  • The multiplication of supply shocks (Iran, Ukraine, El Niño) threatens price stability in the short and medium-term.
  • The 2027 electoral calendar adds to political uncertainty and risk premia.

UNITED STATES

THE TECHNOLOGY BOOM AT RISK FROM HIGHER INTEREST RATES

  • Domestic demand remains above potential, supported by the AI investment boom and consumption driven by positive wealth effects.
  • Geopolitical shocks and the rebounds in the labour market are forcing the Fed to increase rates, at the risk of undermining the equity market rally ahead of the midterm elections.

CHINA

CHINESE HYPERMERCANTILISM UNDER PRESSURE FROM THE WEST

  • The use of strategic oil reserves has helped shield the economy from the shock.
  • Domestic demand remains weighed down by property deflation, while exports are facing the threat of increasing protection in Europe.

Reading the macro environment, guiding tactical asset allocation

Three years after the evolution of its investment framework, Carmignac Patrimoine confirms the strength of its flexible approach and the complementarity of its performance drivers.

Kristofer BARRET
Head of Global Equities, Fund Manager

EARNINGS GROWTH, THE KEY DRIVER OF EQUITY MARKETS

  • We maintain high equity exposure, while increasing diversification beyond technology and AI, particularly towards companies combining growth and quality, as well as goldminers. The objective is to benefit from a market rally broadening to a wider range of sectors and styles.

  • In AI, we favour semiconductors, which directly benefit from hyperscalers’ massive investment and the subsequent bottlenecks for certain players.

  • We are increasing diversification towards structural growth themes trading at depressed valuations: payments, financial infrastructure, biotech, e-commerce and emerging market banks.

  • We maintain attractive levels of protection, while index volatility remains low - despite significant dispersion across individual stocks.

Eliezer BEN ZIMRA
Fund Manager

AN ATTRACTIVE ENVIRONMENT FOR FLEXIBLE FIXED-INCOME STRATEGIES

  • We remain cautious on US long-term rates, given resilient growth, persistent inflation and elevated financing needs. Inflation risks appear underestimated, while the AI-related investment cycle could fuel upward pressure on prices in the short term.

  • We see opportunities at the long end of the Japanese yield curve, where the historic rise in yields offers carry of close to 6% in Japanese yen - a remarkable level for an A-rated issuer.

  • We also see potential in 5-year European bonds, across both nominal and real yields.

  • The growing divergence in economic and monetary cycles is creating a favourable environment for flexible and selective fixed-income management.

When rising prices reshape market leadership

Facing the return of inflation, diversification needs to evolve: tangible assets, commodities and emerging markets are regaining a strategic role.

Frédéric LEROUX
Head of Cross Asset, Fund Manager

STRONGER NOMINAL GROWTH REQUIRES A RETHINK OF PORTFOLIO ALLOCATION

  • Inflation is being fuelled by essential investment needs (AI, climate, defence), which are difficult to curb without weighing on growth. Combined with supply constraints, supporting economic activity is becoming more inflationary.
  • This new economic regime calls for broader exposure to commodities and inflation strategies. Combined with flexible management, these sources of diversification can help portfolios adapt to an environment that vastly differs from that of the past two decades.

Xavier HOVASSE
Head of Emerging Equities, Fund Manager

EMERGING MARKETS: FROM A TACTICAL BET TO A STRATEGIC ALLOCATION

  • Economic orthodoxy has shifted. With inflation under control, contained debt and deficits, and high real interest rates, emerging markets are entering this new regime with stronger fundamentals.

  • The return of tangible assets is reinforcing the appeal of emerging markets. Commodities, infrastructure and semiconductors are strategic assets in which emerging markets play a central role and to which our allocations provide targeted exposure.

  • From a tactical bet to a strategic building block. Emerging markets combine diversification, growth and attractive returns.

Balancing return and liquidity across horizons

Sharing expertise across Credit and Private Equity strengthens our risk assessment and opportunity selection across our entire fund range.

Édouard BOSCHER
Head of Private Equity

PRIVATE EQUITY AT THE DAWN OF A NEW CYCLE

  • Investment conditions are becoming more favourable: valuations have normalised, leverage is better controlled and transaction activity is gradually recovering, supported by a particularly dynamic secondary market.
  • Evergreen structures facilitate access to Private Equity, particularly when they combine secondary investments, direct investments and a liquid bond allocation.
  • Managing an Evergreen fund goes beyond its structuring: allocation, investment pacing, cash-flow management and liquidity are essential to reconcile performance with semi-liquidity.

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

FAVOUR DEFENSIVE CARRY AND SELECTIVITY

  • Growth and solid fundamentals continue to support credit markets, despite the orderly increase in defaults linked to the restructuring of unsustainable capital structures.

  • Tight spreads encourage us to favour defensive carry. The rise in interest rates is also shifting returns from past years into higher carry for the period ahead.

  • We favour robust, highly rated issuers, particularly in financials and energy, while maintaining our flexibility.

1Carmignac, Morningstar 31/08/2026.
2Global Large-Cap - Growth Equity.
3Eur Flexible Bond.
4Over three years.

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+27,8+23,1+4,6+9,5−15,6−10,7+44,7+24,7−18,6+18,8
Reference Indicator+25,5+17,8+14,7+6,1−14,9+4,9+8,5+20,6−10,3+20,6
Carmignac Emergents+19,3 %+6,3 %+8,6 %
Reference Indicator+20,5 %+8,5 %+8,8 %

Source: Carmignac at Aug 31, 2026.
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 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.

Fees

ISIN: LU0336084032
Entry costs
1,00 % 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
1,23 % of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00 % when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. 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
0,20 % 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: LU0336084032
Carmignac Portfolio Flexible Bond+2,0+4,3+5,4+4,7−8,0+0,0+9,2+5,0−3,4+1,7
Reference Indicator−0,6+1,3+2,6+6,8−16,9−2,8+4,0−2,5−0,4−0,4
Carmignac Portfolio Flexible Bond+5,1 %+1,3 %+2,0 %
Reference Indicator+2,5 %−2,1 %−1,1 %

Source: Carmignac at Aug 31, 2026.
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: ICE BofA Euro Broad Market index

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+19,3+17,4+25,0+18,9−18,3+4,0+33,7+24,7−14,2+4,8
Reference Indicator+15,6+7,9+25,3+18,1−13,0+27,5+6,7+28,9−4,8+8,9
Carmignac Investissement+22,7 %+10,2 %+10,5 %
Reference Indicator+17,8 %+11,2 %+12,1 %

Source: Carmignac at Aug 31, 2026.
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 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+7,5+12,1+7,1+2,2−9,4−0,9+12,4+10,5−11,3+0,1
Reference Indicator+6,2+1,1+11,4+7,7−10,3+13,3+5,2+18,2−0,1+1,5
Carmignac Patrimoine+9,5 %+3,0 %+2,9 %
Reference Indicator+7,3 %+3,6 %+5,4 %

Source: Carmignac at Aug 31, 2026.
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 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.

Fees

ISIN: LU1623762843
Entry costs
2,00 % 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
1,20 % of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00 % when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. 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
0,23 % 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: LU1623762843
Carmignac Portfolio Credit+0,4+6,7+8,2+10,6−13,0+3,0+10,4+20,9+1,7+1,8
Reference Indicator+0,6+3,6+5,7+9,0−13,3+0,1+2,8+7,5−1,7+1,1
Carmignac Portfolio Credit+7,1 %+2,1 %+5,2 %
Reference Indicator+4,9 %+0,6 %+1,5 %

Source: Carmignac at Aug 31, 2026.
Date of 1st NAV : 31/07/2017.
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: 75% ICE BofA Euro Corporate Index + 25% ICE BofA Euro High Yield index. Rebalancing Frequency: Quarterly

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.