Fixed Income: emerging markets offer an escape from financial repression

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This document is a promotional material 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), pursuant to section 15 of the Luxembourg Law of 17 December 2010. “Carmignac” is a registered trademark. “Risk Managers” 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. 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 information contained in this document may be partial and could be changed without notice. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager. This document may not be reproduced in whole or in part without prior authorisation. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in French or in Dutch at section 6 entitled summary of investor rights, at the following link: https://www.carmignac.be/frBE/article-page/informations-reglementaires-2244 or https://www.carmignac.be/nlBE/article-page/wettelijke-informatie-3542.