Carmignac PF Cr.A CHF Acc Hdg/  LU2020612490  /

The sub-fund aims to outperform its reference indicator, on an annual basis, over a minimum investment period of three years, using an active and unconstrained investment strategy based on directional positions as well as, to a lesser extent, long/short strategies on all international fixed income markets. The reference indicator is 75% The BofA Merrill Lynch Euro Corporate Index (ER00) and 25% The BofA Merrill Lynch Euro High Yield Index (HE00), converted into the relevant reference currency for hedged Shares. The sub-fund's reference indicator is calculated with coupons reinvested and is rebalanced quarterly. Up to 100% of the sub-fund's assets may be invested in fixed and/or floating rate corporate bonds, corporate inflation-linked bonds, as well as money market instruments. The sub-fund may invest up to 50% of its net assets in securities rated below investment grade. The sub-fund may also hold, on an ancillary basis, government bonds. Additionally, up to 20% of the sub- fund's net assets may be invested in securitisation instruments. The overall modified duration of the portfolio, defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis points, may fluctuate between -4 and +10. The manager may use Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments. Short positions may also be taken through derivatives. The geographical investment universe of the sub-fund is global, including emerging countries.

The sub-fund aims to outperform its reference indicator, on an annual basis, over a minimum investment period of three years, using an active and unconstrained investment strategy based on directional positions as well as, to a lesser extent, long/short strategies on all international fixed income markets. The reference indicator is 75% The BofA Merrill Lynch Euro Corporate Index (ER00) and 25% The BofA Merrill Lynch Euro High Yield Index (HE00), converted into the relevant reference currency for hedged Shares. The sub-fund's reference indicator is calculated with coupons reinvested and is rebalanced quarterly.