Carmignac launches Carmignac Portfolio Patrimoine Europe

Carmignac announces the registration of Carmignac Portfolio Patrimoine Europe* to expand its product offer for long-term savers. The fund is underpinned by the same non-benchmarked, flexible, multi-asset investment philosophy that is a hallmark of the Patrimoine offer, aiming to generate long-term performance in a wide variety of investment environments and serve as a useful diversification tool for investors.

Carmignac Portfolio Patrimoine Europe has at least half of its assets invested in fixed income, while the net equity exposure can vary from 0% to 50%. The strategy’s flexible nature allows the Fund Managers to pursue a conviction-driven investment strategy in order to generate long-term positive returns while mitigating downside risks. The fund has the ability to be net short duration and benefit from the current rising rates environment thanks to a wide modified duration range from -4 to +10. Moreover, it takes on limited currency risks with exposure to non-European currencies limited to 20%.

The Fund stands out by offering a focused investment universe of European equities and fixed income assets, and by adopting a rigorous, bottom-up approach alongside an active equity and interest rate strategy. Carmignac Portfolio Patrimoine Europe will be co-managed by Mark Denham, Head of European Equities, and manager of the Carmignac Portfolio Grande Europe and Keith Ney, Fund Manager of the fixed income flagship Carmignac Sécurité.

Edouard Carmignac, as CIO of Carmignac, said: “With the addition of Carmignac Portfolio Patrimoine Europe, we are pleased to expand our range of Patrimoine solutions in order to meet our clients’ long-term savings needs. I am confident that Keith and Mark, having already demonstrated their ample abilities and expertise, will provide the ideal team for the task”

*As of today, the fund is registered in France, Luxembourg, Austria, Belgium, Spain, Germany and Italy (for professionals only)

Legal status: Sub-fund of the Luxembourg SICAV Carmignac Portfolio

ISIN: LU1744628287

First NAV date: 29/12/2017

Currency: Euro

Valuation frequency: Daily

Morningstar category: EUR Moderate Allocation

Investment objective: Outperform its reference indicator over three years minimum.

Reference indicator: 50% STOXX Europe 600 (SXXR) + 50% BofA Merrill Lynch All Maturity All Euro Government Index (ECAS). Quarterly rebalanced.

Main risks:

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.

Capital guarantee: No

Minimum recommended investment horizon: 3 years

Fees:

A EUR Acc

Maximum entry fees acquired by distributors: 4.00%

Exit fees: 0.00%

Management Fees: 1.50%

Other Fees: 0.30%

Variable management fees: 10% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year.

*For the A EUR acc share class. SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment. This indicator may change over time.

Keith Ney joined Carmignac in 2005 and is a part of the fixed income team headed by Rose Ouahba. After previously serving for five years as Head of Credit, he has been, since 2013, the sole manager of the Euro denominated bond fund Carmignac Sécurité. Prior to joining Carmignac, he worked for five years at Lawndale Capital Management in the United States. Keith received a Bachelor of Science in Business Administration at the University of California, Berkeley and is a CFA charter holder.

Mark Denham joined Carmignac in October 2016 as Head of European Equities, in the team of David Older, Head of Equities, and manages the European large cap equity Fund Carmignac Grande Europe. Mark graduated from Cambridge with a degree in Natural Sciences as well as a postgraduate certificate in Advanced Mathematics. He also holds Investment Management and Fellow of Institute of Actuaries qualifications. Before joining Carmignac, Mark worked for thirteen years at Aviva Investors in London, where he was in charge of pan-European equities. Prior to that, he was a European equities fund manager at Insight Investment and at National Mutual Life.