Carmignac Credit 2029

Carmignac Credit 2029 is a target maturity bond fund that follows a buy-and-hold strategy on credit markets. With a careful selection of issuers, a target performance objective and predetermined end date, Carmignac Credit 2029 gives investors visibility over their investment and diversifies the risks to which they are exposed.

The Fund’s investment objective is to offer annualised performance, net of management fees, from the Fund’s inception on 20/10/2023 until its maturity on 28/02/2029, of over:

• For A EUR Acc and A EUR Ydis units: 4,22%;

• For F EUR Acc and F EUR Ydis units: 4,72%;

• for AW EUR Acc and AW EUR Ydis units: 3.92%;

• for FW EUR Acc and FW EUR Ydis units: 4.42%.

This objective is based on the fulfilment of market assumptions made by the management company (probability of default, recovery rate, exercise of early redemption options, repayments, hedging costs, etc.) when the Fund is launched, and only applies to subscriptions at this time. For subsequent subscriptions, performance will depend on market conditions at that time, which we cannot predict and which may therefore result in divergent performance. The market assumptions made by the management company may prove incorrect, which would prevent the Fund from reaching its performance objective. Under no circumstances should the investment objective be construed as a promised yield or performance, which is not guaranteed.

This annualised performance will be generated primarily from the Fund’s buy-and-hold strategy and is net of management fees. It takes into account the estimate of any currency hedging costs, defaults calculated by the management company, and any capital losses realised on the resale of certain instruments before their maturity.

The Fund’s assets will include bonds (including contingent convertible bonds for up to 15% of the net assets) as well as securitisation vehicles (up to 40% of the net assets) and credit default swaps (up to 20% of the net assets). The Fund is unconstrained in its division of assets between private and public issuers. It will therefore be exposed to corporate and government bond markets until liquidated (as described in the Investment Strategy section). Up to 30% of the net assets may be held outside the OECD, including on emerging markets. The portfolio’s average rating will be BBB- or higher (investment grade).

The Fund is an actively managed UCITS. The investment manager has discretion over the portfolio’s composition, subject to compliance with the stated investment objective and policy.