Emerging Patrimoine
Luxembourg SICAV sub-fund
X. Hovasse
PRODUCT SHEET January 2016
Recommended minimum
investment horizon:
5years
C. Zerah
Lower risk
Potentially
lower return
1
2
Higher risk
Potentially
higher return
3
4
5 6
7
S e i z e t h e dy n a m i s m
of emerging markets
with a flexible and
m u lt i - a ss e t f u n d
Harness the full potential of emerging equities and fixed income markets with an expert: Carmignac has been gathering
distinct expertise in macro-economy and emerging markets for more than 25 years. Furthermore, all our Fund managers, analysts and
specialists work hand-in-hand to ensure we exploit every opportunity in each asset class, sector and country.
Carmignac Portfolio Emerging Patrimoine is a diversified fund combining three performance drivers: emerging markets equities, bonds
and currencies. Through an active management and a flexible allocation, it aims to benefit from market upturns while limiting
drawdowns and outperform its reference indicator(1) over 5 years. The Fund is suitable for investors willing to be exposed to emerging
markets whilst limiting downside risks.
KEY points
Access a rich and heterogeneous universe
composed of companies and countries with high
growth potential and increasing needs for public
and private financing.
Singling out the best opportunities through
detailed assessments of the macro
environment, diligent fundamental analysis of
companies and active risk management.
Take advantage of decorrelations between
geographic regions, sectors and asset classes,
making it a great diversification tool for your
portfolio.
Benefit from a Fund offering a non-benchmarked
and active management, which has the
flexibility required to react rapidly to changing
market environments.
A comprehensive toolbox to address emerging markets
Flexible equity exposure
0%
50%
Filtering down the most attractive
companies of the emerging universe by
searching for businesses in underpenetrated
segments. They have more than 10 years of
growth ahead of them and are able to grow
without sacrificing profitability.
Broad modified duration range
-4
+10
Capturing opportunities from a broad
emerging fixed income universe through
our active and opportunistic strategies in
emerging government and corporate bonds
denominated in local and international currencies.
*Risk scale from 1 (lowest risk) to 7 (highest risk), category 1 does not mean the investment is risk free. This indicator may change over time.
(1) Reference indicator: 50% MSCI EM (EUR) (Reinvested net dividends) + 50% JP Morgan GBI-EM (EUR). Quarterly rebalanced.
P R O M O T I O N A L M AT E R I A L
Currency exposure and
derivatives strategies
Taking advantage of the appreciation or
depreciation of currencies as an additional performance driver but also as a risk management tool. Derivatives strategies can be
implemented to navigate turbulent times and
adjust the Fund’s risk profile.
A collective decision-making process
A disciplined investment process
A DEDICATED MANAGEMENT COMMITTEE
risk
management
Top-down APPROACH
Equity/Bond Allocation
EM EQUITIES
EM FIXED
INCOME
CURRENCIES
BOTTOM-UP ANALYSIS
Xavier Hovasse
Head of Emerging
Markets Equities,
Fund Manager
Charles Zerah
Global Fixed
Income Fund
Manager
Frédéric Leroux
Head of the Cross
Asset team, Fund
Manager
Joseph Mouawad
Quantitative Analyst
EM debt and
currencies
Julien Chéron
Quantitative
Analyst
Laurent Chebanier
Country Risk
Analyst
main risks of Carmignac PORTFOLIO Emerging Patrimoine
 equity RISK: The Fund may be affected by stock price variations, the scale of which is
dependent on external factors, stock trading volumes or market capitalisation.
 INTEREST RATE RISK: Interest rate risk results in a decline in the net asset value in the
event of changes in interest rates.
 CREDIT DEFAULT RISK: Credit risk is the risk that the issuer may default.
 RISKS ASSOCIATED WITH 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.
The Fund presents a risk of loss of capital.
Characteristics
Shares
Date of
1st NAV
Legal form
Bloomberg
Code
ISIN Code
Dividend
policy
Initial
subscription min.
units/shares
Fixed
management
fee
Variable
management
fee
Maximum
subscription
(2)
fee
A EUR acc
31/03/2011
CAREPAC LX
LU0592698954
1 share
Accumulation
1.5 %
4% max.
A EUR Ydis
19/07/2012
CAREPDE LX
LU0807690911
1 share
Distribution
1.5 %
4% max.
A CHF acc Hdg
19/07/2012
CAREPCH LX
LU0807690838
1 share
Accumulation
1.5 %
4% max.
A USD acc Hdg
31/03/2011
CAREPUC LX
LU0592699259
1 share
Accumulation
1.5 %
4% max.
E EUR acc
31/03/2011
CAREPEC LX
LU0592699093
1 share
Accumulation
2.25 %
E USD acc Hdg
15/11/2013
CAREPEU LX
LU0992631563
1 share
Accumulation
2.25 %
F EUR acc
15/11/2013
F CHF acc Hdg
15/11/2013
Carmignac
Porfolio,
Sub-fund of a
Luxembourg
SICAV
CAREPFE LX
LU0992631647
1 share
Accumulation
0.85 %
CAREPFC LX
LU0992631720
1 share
Accumulation
0.85 %
15% of the
outperformance of
the Fund relative to its
reference indicator (1)
in the case of positive
performance.
-
F GBP acc Hdg
31/03/2011
CAREPSC LX
LU0592699176
1 share
Accumulation
0.85 %
-
F GBP acc
15/11/2013
CAREPFG LX
LU0992631993
1 share
Accumulation
0.85 %
-
F USD acc Hdg
15/11/2013
CAREPFU LX
LU0992632025
1 share
Accumulation
0.85 %
-
(1) Reference indicator: 50% MSCI EM SmallCap (EUR) + 50% MSCI EM MidCap (EUR), reinvested net dividends, rebalanced quarterly. (2) Subscription fee payable to the distributors. F-Definition: F is a rebate free share class.
This document may not be reproduced, in whole or in part, without prior authorisation from the management company. This document 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. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered for retail distribution
in Asia, in Japan, in North America, nor is it registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities
Act of 1933. The Fund 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 Fund presents a risk of loss of capital. The risks and
fees are described in the KIIDs (Key Investor Information Document). The Fund’s prospectus, KIID and annual report are available at www.carmignac.com or upon request to the Management Company. The KIID must be made available to
the subscriber prior to subscription. • In Switzerland, the Fund’s prospectus, KIID and annual report are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland) SA, Route de Signy 35, CH-1260
Nyon. The Paying Agent in Switzerland is Crédit Agricole (Suisse) SA, quai Général-Guisan 4, 1204 Genève. • In the United Kingdom, the Fund’s prospectus, KIID and
annual report are available at www.carmignac.co.uk, or upon request to the Management Company. This material was prepared by Carmignac Gestion and/or Carmignac
Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (authorised by the CSSF). • In Belgium, this document has not
been submitted for FSMA validation and is not suitable for Belgium citizens. • In the Netherlands, this document is not suitable for Dutch citizens.
Carmignac Gestion Luxembourg, City Link - 7, rue de la Chapelle - L-1325 Luxembourg – Tel: (+352) 46 70 60 1 – Fax: (+352) 46 70 60 30. Subsidiary of Carmignac Gestion
UCITS management company (CSSF agreement of 10/06/2013), Public limited company with a share capital of € 23,000,000 - R.C. Luxembourg B 67 549.