Carmignac

Carmignac is delighted to appoint David Older as Fund Manager of Carmignac Investissement, and Co-Fund Manager of Carmignac Patrimoine alongside Edouard Carmignac and Rose Ouahba

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At Carmignac, we are convinced that success requires hard work and flair, courage and discipline, teamwork and leadership, the in-depth analysis to reach true convictions, and the flexibility to adapt to circumstances. Mastering these skills has been and will remain at the core of our success. Talents hiring, tweaks to our investment process, unbiased evaluation of our strengths and shortcomings, have been our priority to prepare us for the future. This belief underpins every important adjustment we have already made to prepare our organization for the next decades.

Over the last years, we have invested heavily in strengthening our teams of portfolio managers and analysts, and broadened our expertise in both equities and bonds to expand the performance drivers underlying our conviction-based management, one of the company’s traditional qualities.

In this context, David Older, originally expert on global technology, telecoms and media, joined Carmignac in 2015 as a senior fund manager, and became Head of our equity team in early 2017. He is also part of the CIO-team created by Edouard Carmignac to gather around him the most senior managers, including Rose Ouahba, Frédéric Leroux and Didier Saint-Georges. David Older is now appointed fund manager of Carmignac Investissement and will run the equity portfolio of Carmignac Patrimoine. His considerable experience in alpha generation has already provided a large positive contribution to our global equity portfolios. Markets are going to continue to be very challenging. In this environment, David’s proven skills to get the best out of his team of expert analysts and fund managers will be a decisive and lasting source of alpha generation for Carmignac Investissement and the equity component of Carmignac Patrimoine. David Older, Head of Equity, said: “I’m delighted to become the Fund Manager of Carmignac Investissement and a key stakeholder of Carmignac Patrimoine. My expertise in alpha generation as well as my particular attention to risk management will bring a strengthened performance driver to the Funds.”

Edouard Carmignac, as CIO and co-fund manager of Carmignac Patrimoine, will thus be in a position to focus his attention on the overall strategic asset allocation, using the input of the Cross-Asset Unit, most recently reinforced by the arrival of senior Economist Raphael Gallardo. Rose Ouahba’s experience and skills at the helm of fixed-income team will continue to enable the Funds to navigate safely through one of the most difficult bond markets in history. Edouard Carmignac, founder and CIO of Carmignac said: “I have at my disposal this wealth of talents to delve into, so as to focus my attention on forging deep-seated convictions on markets, essential to long term performance. This is in particular made possible because I have total confidence in fully extending to David Older the already large delegation in the management of our global equity portfolios that I had progressively granted him over the past few years.” Rose Ouahba, Head of Fixed Income, said: “This appointment will reinforce the ability of the Funds to successfully perform over the long term while keeping the DNA of the Carmignac strategy intact.”

Our objective is to materially boost the performance of our global Funds, while staying true to Carmignac’s DNA: audacity, risk management, independence and long-term convictions. This capacity to adapt is what has helped us successfully go through many challenges over the past thirty years. It will remain our force.

The prospectus of the fund CARMIGNAC INVESTISSEMENT (the “Fund”) will be updated on 14 September 2018. As of that date, the investment management of the Fund will be fully delegated to Carmignac Gestion Luxembourg S.A., a subsidiary of Carmignac Gestion S.A.

The prospectus of the fund CARMIGNAC PATRIMOINE (the “Fund”) will not be changed.

About Carmignac

Founded in 1989 by Edouard Carmignac and Eric Helderlé, the Carmignac Group is now one of Europe’s leading asset managers. Its capital is held entirely by managers and staff. In this way, the company's long-term viability is ensured via a stable shareholding structure, reflecting its spirit of independence. This fundamental value ensures the freedom required for successful long-term portfolio management. With over EUR 54 billion of assets under management (as of 31/07/2018), Carmignac has developed a compact range of funds covering all asset classes (equities, bonds and balanced) with a management providing us with a high degree of flexibility and reactivity in our portfolio construction. As part of its international development, Carmignac operates in Luxembourg, Frankfurt, Milan, Madrid, London, Zurich and Miami. Its products are authorized for marketing to professionals in France, Germany, Switzerland, Italy, Luxembourg, Belgium, Austria, Spain, the Netherlands, Sweden, the United Kingdom, Ireland, Taiwan and Singapore.

Past performance is not necessarily indicative of future performance

Source: Carmignac, 10/09/2018

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This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information, and may be modified without prior notice. 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/or FATCA. The Funds present a risk of loss of capital. The risks and fees are described in the KIID (Key Investor Information Document). The Funds’ prospectus, KIIDs and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIID and/or prospectus must be made available to the subscriber prior to subscription.