P R E S S K I T OCTOBER 2016

Transcription

1 PRESS KIT OCTOBER 2016

2 Overview 2-3 CARMIGNAC 4 CONVICTION MANAGEMENT 20 HIGH-PERFORMANCE STRATEGIES 5 LONG-TERM INVESTMENT THEMES 6 EXPERT MANAGEMENT TEAM 15 KEY SENIOR MANAGERS 1/ Press kit

3 CARMIGNAC More than 27 years of independence and conviction Founded in January 1989 by Edouard Carmignac, Carmignac is one of the leading asset managers in Europe today. Carmignac is owned entirely by its managers and staff. In this way, the company s long-term viability is ensured by a stable shareholding structure, reflecting its spirit of independence. This structure ensures the freedom required for Carmignac s highly-regarded and successful portfolio management strategy. 53,5 billion euros in asset under management, Carmignac offers global, specialised or diversified funds. Sound business model 2 billion euros of share capital Capital fully owned by staff 53,5 billion euros in asset under management 273 employees of whom 34 are fund managers and analysts 18 investment strategies (27 funds) Presence in Luxembourg, Frankfurt, Milan, Madrid, London and Zurich. International strategy Carmignac s management is highly international, enabling the company to capitalise on opportunities in nearly 50 countries around the world. For us, the pursuit of excellence means having sound knowledge of local markets. Local on-the-ground research lies at the heart of our investment philosophy. Genuine local expertise offers us a thorough understanding of the companies for which we see growth potential in their business and their industry. The asset Management team is constantly striving to improve their knowledge of companies by visiting offices, commercial premises, facilities and production sites. Fund managers meet with management teams and staff to gain a clear view of how the company operates. Through this detailed and quite structured research, they obtain the quality information needed to make sound investment decisions. Carmignac operates in Luxembourg, Frankfurt, Milan, Madrid, London and Zurich. The funds are actively marketed in 13 countries: France, Germany, Switzerland, Italy, Luxembourg, Belgium, Austria, Spain, the Netherlands, Sweden, United Kingdom, Ireland, Taiwan and Singapore for professionnals. As of 30 th September /

4 BREAKDOWN OF ASSETS UNDER MANAGEMENT * as of 30 th September 2016 * in Euro million Growth of assets under management Assets under management per key theme 60,000 50,000 55,027 45,863 53,672 53,298 50,388 51,805 53,466 10,000 9,000 8,000 9,383 40,000 30,000 33,299 7,000 6,000 5,000 4,895 4,551 6,024 20,000 10, , ,830 5,870 10,063 12,674 12, Sept ,000 3,000 2,000 1,000 0 Emerging markets Commodities and Gold Europe Innovation / Health Breakdown of funds under management Global breakdown of the client base 35,000 30,000 25,000 23,409 30,056 Institutional clients 10% Private clients 3% 20,000 15,000 10,000 Network Financial Advisors 25% Independent Financial Advisors 38% 5,000 0 Equities Bonds * Banks and network 24% * Including 12.31% of cash 3/ Press kit

5 CONVICTION MANAGEMENT Conviction-driven performance Carmignac investment philosophy is built on six founding principles: Motivation: as the company s shareholders, the managers are naturally motivated to perform at their utmost ability. Non-benchmarked conviction management, with investment choices based on the managers convictions and analyses, not on the makeup of market indices. Active management, looking to anticipate market trends rather than being subjected to them and not hesitating to protect portfolios if markets are expected to fall, using forward transactions (hedging) if necessary. Opportunistic management not linked to any specific style, neither growth nor value, but selecting the types of assets, areas for investment, sectors and securities most appropriate in every situation. Highly international management, reflecting the management team, able to capitalise on opportunities on financial markets worldwide. An investment management objective seeking positive performance irrespective of market conditions, in line with the recommended investment horizon. A wealth management approach using asset diversification and strict risk management. Investment philosophy founded on five major qualities Independence: with an entrepreneurial structure not belonging to any financial group, Carmignac is independent in its strategy and management decisions. Courage: it takes courage to follow your convictions and take up marked positions independent of market indices. Responsiveness: the management s organisation (daily manager meetings, cross exchanges of information on all markets and portfolios) makes it highly responsive, and major decisions can be taken at any time, without waiting for allocation committee meetings to be held. Experience: Carmignac is able to benefit from vast experience in active management, the management style it has followed since it was founded in Expert managers true to their convictions Advocates of independent management and recognised as such, Carmignac managers have an original investment philosophy that is based on: Anticipating trends and developments. Investing to participate in the growth of companies. Adopting a conviction over the long term. Taking an entrepreneurial look at the companies in which Carmignac invests. Benefiting from total freedom of investment, making it possible to select the securities that are most firmly anchored in the countries socioeconomic reality. Upholding contrarian ideas, not hesitating to analyse companies that have been neglected by the markets. 4/

6 LONG-TERM INVESTMENT THEMES Seeking opportunities in Emerging markets Carmignac s approach to emerging markets gives priority to growth securities in sectors that are exposed to domestic demand and rising standards of living. The expanding middle class and their growing wealth create genuine opportunities for investment in the banking sector (use of borrowing), as well as real estate construction, retail, leisure and other areas. Carmignac is constantly on the lookout for business that are well adapted to the socioeconomic reality of the countries they operate in, or for other high-quality securities that are not particularly well-known among investors. energy: Carmignac is giving priority to service companies in the oil and gas sectors (drilling and exploration companies), which are benefiting from the necessary increases in oil companies exploration budgets, as well as the fact that the main oilfields are reaching maturity, ore and industrial metal producers, precious metal: gold and gold mines are benefiting from the fact that Central Banks from emerging countries are looking to diversify their reserves in order to protect themselves against inflationary risk. Attention given to natural resources Emerging economies with rapid growth and galloping urbanisation necessarily have heavy demand for infrastructure development and therefore commodities. The increasing rarity of new discoveries of deposits, resulting from 15 to 20 years of underinvestment in exploration, the inevitable exhaustion of existing deposits, and new environmental restrictions are exerting supply-side pressures. In light of this, natural resources represent a major preferred theme: Developing innovative technologies Carmignac gives priority to long-term investment themes, with highly innovative features, characterised by lasting growth: alternative energies, water purification and conservation, biotechnologies, information technologies. 5/ Press kit

7 EXPERT MANAGEMENT TEAM Edouard Carmignac Chairman Global Fund Manager 1989 Founder and Chairman of Carmignac 1985 Stockbroker and Chief Executive Officer,Hamant-Carmignac 1984 Chairman of Pyramide Gestion,the Hamant et Cie subsidiary Assistant Director, Banque de la Société Financière Européenne. Off-balance sheet financing, energy and mining sector Paribas, International financial transactions Analyst at Blyth Eastman Dillon, New York 1972 MBA from Columbia University 1969 Masters in Economics, Paris Frédéric Leroux Global Manager 2003 Carmignac BNP Paribas Equities and HSBC CCF Securities, Paris, Consulting for equity market derivative strategies with institutional clients Khéops Finance SA, Lille-Paris, Founder and Chairman Creation and management of a FCIMT open-ended fund Carmignac, Portfolio manager, derivatives and risk management Cava Finance and Banque Scalbert-Dupont, Lille, Portfolio manager 1988 Graduate from Institut d Economie Scientifique et de Gestion (IESEG), Lille Rose Ouahba Head of Team International bonds 2007 Carmignac IXIS AM, Paris, Bond manager - Head of the bond diversification team - Head of structured credit allocation Ecureuil Gestion, Paris, Bond manager 1995 Postgraduate DESS in financial engineering 6/

8 David Older Fund Manager 2015 Carmignac SAC / Point72 Asset Management, New York Co-portfolio Manager and Sector Head, TMT Circle T Partners, New York Portfolio Manager, TMT Morgan Stanley, New York Associate, Investment Banking Media & Communications Sotheby s, New York Auctioneer 1998 MBA Columbia University, New York 1991 Bachelor McGill University, Québec Henrik Fridlund Analyst Communication, Media, Internet and Information technology 2016 Carmignac Private Equity Associate covering TMT (Providence Equity Partners, London UK) M&A Analyst (Deutsche Bank AG, London, UK) BSc in Business & Economics (Stockholm School of Economics, Sweden) Charles Zerah Fund Manager Global bonds 2010 Carmignac Crédit Agricole Asset Management, London, Head of Emerging Market bonds Crédit Lyonnais Asset Management, Paris, Senior fund manager Emerging Market bonds Axa Investment Managers, Paris, Junior fund manager Emerging Market bonds 1995 Master in Banking and Finance, DESS in Finance, University of Paris II Panthéon Assas Carlos Andres Galvis Fund Manager Global Fixed Income 2010 Carmignac Amundi, London, Head of Global Absolute Return Team CAAM, London, Head of UK Gilt Plus LDI team, Senior Portfolio Manager VAR Products 2007 MSc in Finance, Birbeck College, University of London CAAM, London, Portfolio manager, Global Fixed Income & Currency CAAM, London, Macro strategist FOGAFIN, Bogota, Economic and Financial advisor Alianza Fiduciaria, Bogota, Investment Manager, Bond and local currency 1999 MSc in Economics, University of Andes, Bogota, Colombia 7/ Press kit

9 Nader Awada Multi Strategy Analyst 2016 Carmignac Moore Capital Management (London, UK) Macro Trading Bank of America Merrill Lynch (New York, US) FX Trading Bank of America Merrill Lynch (London, UK) CVA Trading Bank of America (London, UK) Interest Rates Exotics Trading 2006 Masters in Modelling and Mathematics, University Paris 1 - Sorbonne, France 2006 Master Degree in Engineering, Ecole Centrale, Paris, France Keith Ney Fixed Income Portfolio Manager 2005 Carmignac 2005 Fincapital, European equities analyst Lawndale Capital Management, San Francisco, American equities analyst 1999 Bachelor of Science, Business Administration, Berkeley Chartered Financial Analyst, CFA Institute Pierre Verlé Head of Credit 2013 Carmignac 2012 Credit event Hedge fund start-up, London,Partner Butler Investment Managers, London, Founding Director of the distressed debt activity and manager of the distressed debt fund Morgan Stanley, London, Special Situation Group Merril Lynch, Paris Ecole Polytechnique, Paris, Master of finance from HEC, Paris Alexandre Deneuville Credit Analyst 2015 Carmignac Eiffel Investment Group, Paris - Credit & Equity Analyst Ajna Partners, New York - Equity Analyst Goldman Sachs International, London - Research Analyst - Portfolio Strategy Research 2008 Master s degree in Finance, ESSEC Business School, Cergy Pontoise, France 2005 Master s degree in Economics and Finance, IEP (Institute of Political Studies), Aix-en-Provence, France 8/

10 Mattia Parolari Quantitative Analyst 2015 Carmignac Fixed income product sales, Executive Director Nomura, Paris Interest rate volatility trading, Vice-President Nomura, London Traditional and hybrid fixed income product structuring, Associate Lehman Brothers, London 2006 Master s degree in Management, Finance Major HEC, Paris Florian Viros Credit Analyst 2015 Carmignac Executive Director, Credit structuring Goldman Sachs International, London Vice President, Credit structuring Citigroup Global Markets, London Credit Analyst, Egret Capital LLP Société Générale CIB, London 2005 Grande Ecole Diploma Finance Major ESSEC Business School, Cergy-Pontoise, France Joseph Mouawad Emerging Market Analyst 2015 Carmignac Portfolio Manager Caxton, London Structured fixed income product trading Emerging markets Deutsche Bank, London Exotic fixed income product trading JP Morgan, London Quantitative Analyst Fixed income management Barclays Capital, London 2006 Master s degree in Financial Mathematics Université Paris Dauphine & ENSAE 2006 Master s degree in Applied Mathematics and Multidisciplinary Engineering Ecole Centrale, Paris Mark Denham Head of European equities 2016 Carmignac Head of Pan European Equities, previously Fund manager (Aviva Investors, London, UK) Director, European Equities (Insight Investment, London, UK) Fund Manager, previously Actuarial trainee (National Mutual Life, Hertfordshire, UK) 1988 Postgraduate Certificate in Advanced Mathematics, Cambridge University, UK 1987 BA, Physics and Theoretical Physics, Cambridge University, UK 9/ Press kit

11 Malte Heininger Fund Manager European Equities 2014 Carmignac SAC Global Investors, London, Senior Analyst Ashtree Capital Management, London, Credit Analyst Credit Suisse, London, Associate in Fixed Income Morgan Stanley, Frankfurt, Analyst in Fixed Income ESCP-EAP, European School of Management, Paris, London, Berlin Huseyin Yasar Fund Manager European Equities 2014 Carmignac SAC Global Investors, London, Analyst Goldman Sachs International, London, Associate in M&A Goldman Sachs & Co., Frankfurt, Analyst in M&A Advisory German Coverage European School of Business, Reutlingen Dublin City University Michael Hulme Head of Commodities Equities Team 2014 Carmignac Lombard Odier IM, London, Portfolio Manager Global Energy MFS International, London, Portfolio Manager Global Energy SGAM, London, Portfolio Manager European Equities F&C, London, Analyst Emerging Markets 1997 BA in History (1st) at Cambridge University Simon Lovat Analyst Commodities 2011 Carmignac GAIA Capital Advisors S.A., Geneva,Co-portfolio Manager, Natural resources Hargreave Hale, London, Equity sales, Natural resources specialist Cazenove Ltd, London, Equity sales, Large caps 2000 Bsc in Business Studies, University of Edinburgh, Scotland 10/

12 Xavier Hovasse Fund Manager Emerging Equities 2008 Carmignac BNP Paribas Asset Management, Paris - Manager of International & Emergent Operations - Analyst 2004 Certified analyst (CFA Charter-holder) 1999 Graduation from the Ecole Supérieure de Commerce business school, Paris (ESCP-EAP) David Park Fund Manager Emerging Equities 2007 Carmignac Hyundai Securities Ltd, London, Institutional investor relations, 2002 Graduate from the University of Birmingham BSc Economics Haiyan Li-Labbé Analyst Head of Greater China Market 2011 Carmignac OFI AM Paris, Head of Asian Projects, fund manager Société Générale Investment Banking, Paris, Responsible analyst on Asian convertible bonds Société Générale Investment Banking, Paris, Analyst on European convertible bonds 2001 Master s Degree from European School of Business (ESCP Europe) 1998 Master s Degree from Beijing Foreign Languages University, French Michel Wiskirski Equity Analyst EM 2014 Carmignac - Analyst Emerging Markets - Product Specialist Emerging Markets & Commodities UBS Investment Bank, London - Associate EMEA Cross Asset Solutions BNP Paribas - Fortis Banque, Paris - Credit Analyst 2006 Crédit Agricole CIB, Paris - Financial Analyst 2010 Master s Degree in Law, Université Paris II-Assas 2009 Master s Degree in Law, University of Oxford 2008 Master s Degree in Finance, ESSEC Business School 11/ Press kit

13 Julien Cheron Fund Manager 2009 Carmignac Anakena Finance, Paris, Associate, Risk Manager CDC Ixis Corporate & Investment Bank, Paris, Quantitative analyst, Equity and Credit derivatives CDC Ixis Capital Markets, Paris, Risk management, Equity derivatives 2003 Master degree in Financial statistics and random variable modeling (UPMC University, Paris) 2002 Masters degree in Applied Mathematics (UPMC University, Paris) Pierre-Edouard Bonenfant Fund Manager 2013 Carmignac 2013 Member of Institut des Actuaires Français, ISUP, Paris BNP Paribas, Theam, Structureur, Paris BNP Paribas, Theam, Absolute Return Team, Paris 2011 Graduated from ESSEC Business School, Finance, Paris 2009 Master of Science in Systems Engineering, UC Berkeley, USA Graduated from ESTP, Paris Yassine Basraoui Fund Manager 2013 Carmignac Portfolio Manager, Lyxor Asset Management, Paris Trading Global Equity Finance, Société Générale CIB, Paris Master s Degree in Mathematical Models and Methods in Finance, Université Paris I Graduated from l Ecole des Mines, Saint-Etienne Laurent Chebanier Analyst Country Risk 2008 Carmignac Dexia Asset Management, Paris, Long/Short Fund Manager for Global and Emerging Fixed Income and Currencies CCR Gestion, Paris, Fund Manager Money Market, Fixed Income & Alternative 2003 Chartered Financial Analyst 1992 Bachelor of Arts, University of Leeds, UK 12/

14 Obe Ejikeme Quantitative Equity Analyst 2014 Carmignac Bank of America Merrill Lynch, London,Head of European Equity and Quantitative Strategy Factset Research Systems, London, Account Executive and Senior Consultant 2003 Bachelor of Computer Science and Software Engineering (University of Hull, UK) François Escoffier Fund Manager March 2015 to date Analyst - Discretionary Portfolio Management, Cross Asset (Carmignac Gestion, Paris, France) Analyst - Discretionary Portfolio Management, Private Banking (Carmignac Gestion, Paris, France) Portfolio Manager - Discretionary Portfolio Management, Private Banking (Richelieu Finance, Paris, France) Financial Controller (Cofras, Riyadh, Saudi Arabia) Master in Finance (Treasury, Financial engineering), Institut Supérieur de Commerce (ISC), Paris, France Cyril Corso Analyst Discretionary March 2015 to date Analyst - Discretionary Portfolio Management, Cross Asset (Carmignac Gestion, Paris, France) Analyst - Discretionary Portfolio Management, Private Banking (Carmignac Gestion, Paris, France) Middle/Back Officer (W Finance, Allianz Group, Paris, France) 2007 CIIA (Certified International Investment Analyst), SFAF (the French Society of Financial Analysts) Paris, France Bachelor degree in Law, University of Geneva, Geneva, Switzerland Bachelor in Business Administration (major in Finance), University of Geneva, Geneva, Switzerland Vincent Steenman Global Research Coordinator 2012 Carmignac Zadig Asset Management, London, Partner LVMH, Groupe Arnault Family Office, Paris, Buy-side Analyst Morgan Stanley, London, M&A Analyst Ecole Polytechnique, Paris, Master of finance from HEC, Paris, CFA Charterholder 13/ Press kit

15 Tim Jaksland Analyste sectoriel innovation 2009 Carmignac Nordéa, Danemark, Directeur de l équipe de gestion dédiée aux actions danoises 2000 Nordéa, Danemark, Directeur de la recherche globale sur le secteur de la santé Danske Bank, Danemark, Gérant de portefeuille Antoine Colonna Sector Analyst Consumption 2010 Carmignac Bank of America Merril Lynch, Paris, Managing Director Equity Research, Head of Luxury Goods and Household & Personal care sectors Crédit Lyonnais Sec., Paris, Equity research analyst, Consumption related sectors 1995 SFAF-EFFAS (European Federation of Financial Analyst), Financial analyst 1993 Master in Finance, University Paris Dauphine 1992 MBA, Stratchlyde Graduate Business School, Glasgow 1992 Graduated from ESC Business School, Toulouse Matthew Williams Sector Analyst Financial 2009 Carmignac MFS International, London, Investment analyst EAFE Financials, Global Metals & Mining Maple-Brown Abbot, Australia, Senior Investment Analyst, Asian Equities BT Funds Management, Australia,Vice President, Investment Analyst Asian Equities, Emerging Markets BT Funds Management, Australia, Dealer Asian Equities 1992 BA Economics (Major Finance), Macquarie University, Australia 14/

16 KEY SENIOR MANAGERS Edouard Carmignac Chairman Global Fund Manager 1989 Founder and Chairman of Carmignac 1985 Stockbroker and Chief Executive Officer,Hamant-Carmignac 1984 Chairman of Pyramide Gestion,the Hamant et Cie subsidiary Assistant Director, Banque de la Société Financière Européenne. Off-balance sheet financing, energy and mining sector Paribas, International financial transactions Analyst at Blyth Eastman Dillon, New York 1972 MBA from Columbia University 1969 Masters in Economics, Paris Eric Helderlé Managing Director of Carmignac Gestion President Carmignac Gestion Luxembourg 1989 Managing Director, co-founder of Carmignac Business Development Manager, Pyramide Gestion Sales Manager, Trans Expansion (Compagnie du Midi) 1984 MBA Iowa State University Eric Le Coz Managing Director of Carmignac Gestion Luxembourg 1998 Carmignac Artémis Finance S.A., Paris, Head of Financial Market Activities Altus Finance, Paris, Head of Currency Transactions Commodity Trading Advisor, Paris GNP Commodities International, Chicago, Trader Commissariat Français à l Energie Atomique, Paris, Researcher 1986 MBA, HEC-ISA, Paris, MBA, Wharton School of Business, Philadelphia 1983 Graduated from Ecole des Mines, Nancy 15/ Press kit

17 Davide Fregonese Managing Director of Carmignac Gestion Luxembourg and Head of Sales Europe 2006 Carmignac Borsa Italiana, Senior officer, Domestic Clients Banque Paribas, New York, Associate, Sales and Relationship Manager Banque Paribas, Athènes, Deputy Head of Marketing and Relationship Management 1995 JP Morgan, Account Manager 1993 University of Brighton and Torino BSC European Business with Technology Maxime Carmignac Managing Director of London branch of Carmignac Gestion Luxembourg 2010 Carmignac 2009 Consultant Special Situation, London 2008 Visium Asset Management, New York Distressed Debt / Special Situations Analyst Carmignac - Analyst, Global Equity Markets - Portfolio manager, Long/Short Strategy McKinsey, Paris & London, Business Analyst Lazard Frères, Paris, M&A Analyst MSc in Finance and Business, ESSEC, Graduate School of Management Didier Saint-Georges Managing Director, Member of the Investment Committee 2007 Carmignac Merrill Lynch, Paris, Managing Director, Equities and Global Equities Derivates JP Morgan, London and New-York, Head of the European Equities Department Hamant-Carmignac, Paris, Sales Manager European Equities Citigroup, Paris, Aeronautical Financing 1982 Georgia State University, MBA ESCP 16/

18 Frédéric Leroux Global Manager 2003 Carmignac BNP Paribas Equities and HSBC CCF Securities, Paris, Consulting for equity market derivative strategies with institutional clients Khéops Finance SA, Lille-Paris, Founder and Chairman Creation and management of a FCIMT open-ended fund Carmignac, Portfolio manager, derivatives and risk management Cava Finance and Banque Scalbert-Dupont, Lille, Portfolio manager 1988 Graduate from Institut d Economie Scientifique et de Gestion (IESEG), Lille Christophe Peronin Chief Operating Officer 2010 Carmignac - COO - Chief Operating Officer - Head of Change Management AXA Investment Managers, Paris - Head of Business Solutions & IT Services for Fixed Income and Equity - Program Manager for Balanced and Structured teams, Change Management - Head of Sophis Development team Sophis, Paris, France, Pre-sales Consultant 2001 Caisse Nationale des Caisses d Epargne, Paris, Risk Manager 2006 Executive Master of Business Administration (EMBA), Management Institute of Paris, Paris 2001 Master of Engineering, Telecom ParisTech, Paris 2001 DEA - Postgraduate Degree (Research degree) in Probabilities and Finance, University Paris VI, Paris Rose Ouahba Head of Team International bonds 2007 Carmignac IXIS AM, Paris, Bond manager - Head of the bond diversification team - Head of structured credit allocation Ecureuil Gestion, Paris, Bond manager 1995 Postgraduate DESS in financial engineering 17/ Press kit

19 Yon Elosegui Managing Director, Carmignac Gestion Luxembourg 2005 Carmignac - Managing Director, Strategic Marketing Director, Luxembourg - Head of Country Latam Spain & Portugal, Madrid 2003 Kneip Communication S.A, Luxembourg, Regional Sales Manager, Kameleoi Communication, San Sebastian, Co-founder and Sales Director Belgacom France, Strasbourg, Sales manager Eastern Region Esprit Telecom, Strasbourg, Sales Account Executive 2012 Executive Program, Insead, Fontainebleau 1997 Master in International Business and Sales, University of Metz 1996 B.A LEA, University March Bloch, Strasbourg Pascale Guillier General Secretary 2006 Carmignac - General Secretary - Head of Legal Department L Agefi Actifs, Paris, Deputy Chief Editor Lawyer specialised in Business Law, Paris 1983 DESS in Business and Fiscal Law, Université de Paris V 1982 Master in Private Law Ivan Monème Head of Communication 2013 Carmignac Fidelity Worldwide Investment, Paris, Executive Director in charge of Corporate Communication for Central Europe and Marketing for France Philip Morris, Switzerland, Manager of Corporate Communications Europe 1999 INSEAD, Young Manager Programme National Assembly, Paris, Parliamentary Attaché 1994 DESS in Politic and Social Communication, Université de Paris I, Panthéon Sorbonne 1989 The Fletcher School of Law & Diplomacy of Tufts/Harvard University, Boston 1988 Institut Universitaire des Hautes Etudes Internationales, Genève 18/

20 Sophie Derobert Head of Human Resources 2014 Carmignac AXA Investment Managers, Paris, - HR Director - Investment Expertises & Campus Management - HR Business Partner Support Functions and Real Estate activities - HR Business Partner Support functions in France Exane, Paris, HR Business Partner Michael Page, Paris, Manager, International Finance Reemtsma, Hamburg, Financial Controller Arthur D. Little, Wiesbaden, Business Analyst 2002 French Employment law degree, Conservatoire National des Arts et Métiers, Paris 1993 IFAG Business School, Lyon 1990 BTS - International Business, Trade & Commerce, Grenoble Cyril de Girardier Chief Financial Officer 2016 Carmignac Société Générale Securities Services (SGSS), Paris, Chief Finance Officer Boursorama, Paris, Chief Finance Officer KPMG AUDIT, Paris, Auditor Carbaudmetalbox, Oxford, Junior Financial Controller 1998 Diplôme d expertise comptable chartered accountant Paris Dauphine University MBA of Corporate Finance 19/ Press kit

21 HIGH-PERFORMANCE STRATEGIES The full list of Funds and units available to investors can be found at carmignac.com EQUITY MANAGEMENT Global Specialised Carmignac Investissement International equity fund which benefits from our macroeconomic expertise, active management and unconstrained asset allocation in terms of sectors, geographical areas and market capitalisations. The Fund aims to outperform its reference indicator over 5 years minimum. At least 60% of net assets are permanently exposed to equity markets. The Fund s main performance drivers are therefore equities but also currencies and occasionally fixed income products. Morningstar Qualitative Rating : Bronze Carmignac Emergents Emerging market equity fund combining a fundamental top-down approach with a disciplined bottom-up analysis in order to identify the best opportunities within its investment universe by seeking companies offering long-term growth potential and attractive cash generation, in underpenetrated sectors and in countries with healthy fundamentals. The Fund aims to outperform its reference indicator over 5 years with lower volatility. Morningstar Qualitative Rating : Under review European Carmignac Portfolio Grande Europe Equity fund focused on stock-picking across European markets. The investment process is based on fundamental bottom-up analysis. Stock selection focuses on asymmetric risk/return profiles with a clear catalyst for entry and exit. The Fund aims to outperform its reference indicator over 5 years and to generate long-term capital growth. Morningstar Qualitative Rating : Neutral Carmignac Portfolio Emerging Discovery Equity fund invested in small and mid-capitalisations of emerging countries, as well as less covered frontier markets. The investment process combines a fundamental top-down approach with a disciplined bottom-up analysis in order to identify the best investment opportunities by seeking companies offering long-term growth potential and attractive cash generation, in underpenetrated sectors and in countries with healthy fundamentals. The Fund aims to outperform its reference indicator over 5 years. Carmignac Portfolio Commodities Global equity fund invested in energy, natural resources, and related industrial companies. By combining a fundamental top-down approach and a disciplined bottom-up analysis, the Fund manager aims to select quality companies with attractive long-term growth prospects and sustainable cash flow generation, across the entire commodity value chain. The Fund aims to outperform its reference indicator over 5 years. Morningstar Qualitative Rating : Neutral Source: Carmignac 30 th September /

22 DIVERSIFIED MANAGEMENT FIXED INCOME MANAGEMENT Carmignac Patrimoine Diversified fund combining three performance drivers: international bonds, equities and currencies. At least 50% of the assets are permanently invested in fixed income and money market instruments. Its flexible allocation aims to mitigate capital fluctuation while seeking the best sources of return. The Fund aims to outperform its reference indicator over 3 years. Morningstar Qualitative Rating : Bronze Carmignac Portfolio Emerging Patrimoine Diversified emerging markets fund combining three performance drivers: emerging market equities, bonds, and currencies. By actively managing the equity exposure, the Fund manager seeks to benefit from market upturns while limiting drawdowns. The Fund aims to outperform its reference indicator over 5 years. Carmignac Portfolio Global Bond International fixed income fund that implements interest rate, credit and currency strategies across the globe with a total return approach. Its flexible and opportunistic style enables the Fund to implement a largely unconstrained, conviction-driven allocation and swiftly adapt, when necessary, to fully exploit opportunities in all market conditions. Carmignac Sécurité Fund invested in bonds and other debt securities denominated in Euro. It seeks to outperform its reference indicator, the Euro MTS 1-3 years, over a 2-year investment horizon with lower volatility. Morningstar Qualitative Rating : Bronze Source: Carmignac 30 th September / Press kit

23 PRESS CONTACT: Carmignac, Aude Dodson, Tel.: +33(0) , Carmignac, Manon Triniac, Tel.: +33(0) , CARMIGNAC GESTION: 24, place Vendôme, Paris, France Tel.: +33(0) , Fax.: +33(0) Portfolio management company (AMF agreement n GP of 13/03/1997) Public limited company with share capital of 15,000,000 - RCS Paris B CARMIGNAC GESTION LUXEMBOURG: City Link, 7, rue de la Chapelle, L-1325 Luxembourg Tel.: (+352) , Fax.: (+352) 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 Sweden 10 October 2016