Carmignac EM Debt FW Cap EUR

The sub-fund's investment objectives are to deliver sustainable positive returns with attractive Sharpe ratio over a recommended minimum investment period of three years while outperforming its reference indicator, calculated with coupons reinvested, and making a positive contribution to society and the environment. The reference indicator is 50% JPM GBI-EM Global Diversified Composite index and 50% JPM EMBI Global Diversified Hedged index. The Sub-Fund's reference indicator is rebalanced quarterly. In a bid to outperform the reference indicator, the sub-fund is invested mainly in emerging markets debt instruments, without restriction in terms of rating or currency denomination. The sub-fund may also hold ancillary positions in bonds issued by sovereign issuers of developed market countries. 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 sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): currencies, interest rates, credit (up to 50% of the net assets), volatility and variance (together not exceeding 10% of the net assets). The derivatives available are options (vanilla, barrier, binary), futures and forwards, swaps (including performance swaps, as well as credit default swaps) on one or more underlyings. Up to 10 % of the net assets may be invested in contingent convertible bonds ("CoCos"). CoCos are regulated subordinated debt instruments that are complex, but consistent in nature. Please refer to the prospectus for more information This sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No