217 IN FIGURES
CARMIGNAC More than 25 years of independence and convictions Founded in 1989, Carmignac is an independent asset manager and is today one of Europe s leading asset managers. Our equity capital is held entirely by our founders, Fund managers and staff. In this way, the company s long-term viability is ensured through a stable shareholding structure, reflecting our spirit of independence. This fundamental value ensures the freedom required for successful and renowned portfolio management. Carmignac offers a limited range of global, specialised and mixed funds in an effort to meet the needs of its investors in the best way possible. As part of our international expansion, we are currently present in Luxembourg, Frankfurt, Milan, Zurich, Miami, Madrid and London, alongside our headquarters in Paris. Our Funds are actively marketed in 12 European countries, Singapore (professional investor only) and Taiwan. Risk Managers The ability to manage risks has always been part of Carmignac s management style. In constantly changing market conditions, and to meet our clients needs in the best possible way, we are continually improving our risk analysis, monitoring and management processes. This allows each member of the management team and each Carmignac employee to use the most effective resources every day. This risk management culture is inherent to our approach and is therefore applied to all of our funds, while respecting the specific risk profile of each one. 2 / 217 IN FIGURES
KEY FIGURES (in euros) CONSOLIDATED DATA KEY FIGURES 217 216 Average assets under management 56 744 779 4 49 598 176 871 Net inflows (ex. Fund of Funds) 126 231 24 2 658 5 572 Balance sheet total 3 26 127 881 2 858 641 541 Equity capital 2 283 693 269 2 18 216 85 Turnover 91 65 281 827 558 67 Operating profit/(loss) 299 592 948 281 861 567 Net profit/(loss) 168 849 4 26 886 2 Average staff 282 272 Average assets under management (in billion euros) Net inflows (in billion euros) Average staff (in number) 6 5 3 5 25 4 3 2 1-5 2 15 1-1 Turnover (in million euros) 1 8 6 4 2 Operating profit/loss (in million euros) 5 4 3 2 1 Net profit/loss (in million euros) 4 3 2 1 Source: Carmignac at 31/12/217. CARMIGNAC / 3
ACTIVITY DURING THE 217 FINANCIAL YEAR The 217 financial year closed with total net inflows of EUR 126 231 24 compared to EUR 2 658 5 572 in 216. As of 31 December 217, the assets under management were EUR 53 98 133 725 (excluding Funds of Funds), an increase of 1.7% from the preceding financial year, which closed with AUM of EUR 53 1 912 539 excluding Funds of Funds. Highlights of the year and recent changes Christophe Peronin was promoted to General Manager of Carmignac Gestion. Christophe held previously the position of Deputy General Manager, alongside Eric Helderlé that now takes on the role of General Manager of Carmignac Gestion Luxembourg and remains in charge of the Distribution, Finance, Marketing and Communication functions. Giorgio Ventura becomes Global Head of Sales and joins the Steering Committee of Carmignac Gestion Luxembourg, the Strategic Development Committee and the Strategic Product Committee and also chairs the Strategic Client Committee. Maxime Carmignac, General Manager of Carmignac Gestion Luxembourg UK branch, is now heading the Strategic Product Committee. 4 / 217 IN FIGURES
MIFID 2 REGULATION We have anticipated the regulation changes more than a year before the deadline of January 218. It required a review of all the services offered to Private Clients in order to provide the best quality of reporting and follow up. With an active participation in local and European discussions, Carmignac has demonstrated its will to adapt its products to the new retrocession standards in Europe, and to provide all the information its partners require prior to the effective date, in particular those relating to product governance and product costs. Finally, Carmignac has decided to apply the new research standards to all the funds. Dedicated teams have adapted to meet the new research requirements of funding, evaluation, and transparency on both contractual and operational levels. INVESTMENT MANAGEMENT TEAM EXPANSION David Older has been named Head of Equity. A senior equity manager at Carmignac since 215, David is in charge of evaluating and optimising portfolio performance, with a focus on alpha generation. He will be extending his range of expertise to cover the entire non-commodity US equity portfolio. David s thorough knowledge of US tech, media and telecom stocks and his vast experience with alpha generation and long/short investing have already enriched Carmignac s asset management work. Huseyin Yasar takes on the role of Head of equity investment process, working closely with David Older, Huseyin will focus on further refining the process of identifying investment ideas, with the goal of consistent alpha generation and the transmission of analysts work into portfolio positions. Joseph Mouawad becomes a co-manager of Carmignac Portfolio Emerging Patrimoine alongside Charles Zerah on the fixed income part of the Fund. Ozgur Kalenci is promoted co-manager of Carmignac Investissement Latitude alongside Frédéric Leroux. OTHER TEAM EXPANSIONS In order to enrich our offering to the Private Clients in France and to complement the Discretionary Portfolio Management and Advisory Management, a Free Management pole has been created under the responsibility of Denis Empereur, Directeur Gestion Libre. He will be assisted by Carole Dadi, Head of Client Relations. This pole has been created to accommodate clients who do not wish to adhere to formal advisory management, without having to subscribe to Discretionary Portfolio Management. CARMIGNAC / 5
Balance Sheet SUMMARY OF THE CONSOLIDATED BALANCE SHEET (euro) EXTRACT FROM THE CONSOLIDATED FINANCIAL STATEMENTS ASSETS 217 216 Fixed assets 424 173 873 388 829 117 Clients and other receivables 175 716 373 168 918 286 Transferable securities and cash 2 426 237 635 2 3 894 138 Total assets 3 26 127 881 2 858 641 541 LIABILITIES 217 216 Share capital 15 15 Reserves and consolidated net profit/(loss) 2 268 693 269 2 165 216 85 Provisions 249 521 28 213 42 368 Short-term debts 492 913 44 465 4 368 Total liabilities 3 26 127 881 2 858 641 541 Income Statement SUMMARY OF THE CONSOLIDATED INCOME STATEMENT (euro) 217 216 Operating income 91 65 281 827 558 67 Overall operating expenses - 611 12 333-545 696 5 Operating profit/(loss) 299 592 948 281 861 567 Financial charges and income 53 224 21 18 414 838 Profit/(loss) on ordinary activities 352 817 149 39 276 45 Extraordinary charges and income -55 759 197-82 137 7 Income tax -128 28 552-11 253 333 NET INCOME 168 849 4 26 886 2 6 / 217 IN FIGURES Source: Carmignac at 31/12/217.
THE BOARD OF DIRECTORS Internal members Edouard Carmignac, Chairman Managing Director Carmignac Gestion Eric Helderlé, Chairman Managing Director Carmignac Gestion Luxembourg Frédéric Leroux, Global Manager Carmignac Gestion, Head of Cross Asset Maxime Carmignac, Managing Director of Carmignac Gestion Luxembourg UK Branch External members Alain Meulnart held the position of CEO at Saint Louis Sucre, Ifapartners and Evialis. He graduated of the Swiss Federal Institute of Technology Zurich. Eric Le Coz, joined Carmignac Gestion in 1998 as Portfolio manager in charge of derivative strategies. He was then promoted Director of Product Development, Member of Investment Committee in 24, then appointed Deputy Managing Director in 211 and Managing Director of Carmignac Gestion Luxembourg in 212. He ceased to hold this position end of 216. Gérard Corne, an experienced professional in the fields of property and finance. He is currently the main shareholder and Managing Director of GERIFIM GROUP and GERI INTERNATIONAL. Gérard Corne has been a member of the Board of Directors of Carmignac Gestion since its creation. Jaime Espinosa de los Monteros, former Vice Chairman of Kepler Capital Markets, is currently Chairman of Amper SA, ATL Capital and Espinosa Partners Asesores. He is also Director of Zadig fund and Senior Adviser at Kepler Capital Markets. Jaime Espinosa de los Monteros joined Carmignac s Board of Directors in 213. Paul-Henri de la Porte du Theil was CEO at Crédit Agricole Asset Management then Chairman of the Association Française de la Gestion Financière (AFG) until 215. He is also a member of various marketplace associations. Paul-Henri de la Porte du Theil joined Carmignac s Board of Directors in 215. David Field, joined Carmignac Gestion as a Commodity Analyst in 25, and then was promoted in 26 to become manager of the Carmignac Portfolio Commodities Fund, a position he held until May 214. CARMIGNAC / 7
CARMIGNAC GESTION 24 place Vendôme, 751 Paris, France Phone: +33 () 142865335, Fax: +33 () 14286521 Investment management company approved by the AMF Public limited company with share capital of 15,, - RCS Paris B 349 51 676 CARMIGNAC GESTION LUXEMBOURG City Link, 7, rue de la Chapelle, L-1331 Luxembourg Phone: +352 46761, Fax: +352 46763 Investment fund management company approved by the CSSF Public limited company with share capital of 23,, - RC Luxembourg B 67 549 www.carmignac.com