Carmignac Global Bond E USD Minc Hdg

The sub-fund aims to outperform its reference indicator over a period exceeding three years, using an active, discretionary investment strategy based on strategic and tactical positions as well as arbitrage on all international fixed income and currency markets. The reference indicator is the JPM Global Government Bond index. Various sources are used in a bid to outperform: Credit strategies: through an allocation to corporate bonds and emerging debt, Interest rate strategies: the sub-fund may invest in inflation-linked bonds or government bonds from the investment universe and currency strategies: through exposure to major international currencies included in its investment universe. 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 investment universe is international and includes emerging countries. The sub-fund is invested mainly in international bonds. The sub-fund uses derivatives for hedging or arbitrage purposes, or to expose the portfolio to the following risks (directly or via indices): currencies, bonds, credit (up to 30% of net assets), equities (all categories of capitalisation), ETFs, dividends, volatility, variance (the latter two categories for up to 10% of net assets) and commodities. The derivatives available are options (vanilla, barrier, binary), futures and forwards, swaps (including performance) and CFDs (contracts for difference) on one or more underlyings. Overall exposure to derivatives is controlled by the expected leverage, calculated as the sum of nominal amounts without netting or hedging, of 500%; this may be higher under certain conditions. The maximum Relative VaR is limited to 2. The overall modified duration of the fixed income portfolio is between -4 and +10. Modified duration is defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis poin

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No