Paris, January 22, 2019 Dear Investor, Thirty years ago, I founded Carmignac Gestion on the belief that there was room in Europe for a global, independent fund house with strong convictions and real character; one solely concerned with the long-term value of its clients’ savings. The result has been an exciting entrepreneurial adventure. Today our company has over €40 billion in assets under management, over €2 billion in equity, nearly 280 employees, over 40 fund managers and analysts, and 19 investment strategies distributed in 16 countries. As we mark this 30th anniversary, I’m especially grateful to the many clients and partners, in France and across Europe, who have trusted us over the past three decades. I hope you feel that we have earned that trust, for example by foreseeing the emerging-market boom in the late 1980s, by taking advantage of the 2000s commodity “super cycle” or by dramatically increasing our tech sector investments over the last ten years. We also made a concerted effort to retain that trust by protecting our clients’ wealth whenever needed, particularly during the 2008 global financial crisis, and again during the European sovereign debt crisis in 2011. A further but no less essential source of satisfaction – one that has made our venture possible and allowed it to continue – is that, over time, we have succeeded in building up an experienced, extremely talented, and close-knit fund management team. Experience has proven to me that active long-term investing is a formidable task, requiring the strength to stand up to the dictates of consensus and trends, as well as learning from mistakes - as we were recently reminded. The Carmignac fund managers today have just such qualities. Therefore, it is with great pleasure that I hand the reins over to my partners Rose Ouahba, Head of Fixed Income, and David Older, Head of Equity, for the management of our Carmignac Patrimoine Fund. They will take on full responsibility of the Fund, with the support of their teams and the new Strategic Investment Committee that we announced last summer. Going forward, I will focus on sharing my insights with this high-level and streamlined committee made up of our most experienced fund managers. Its brief is to develop clear market convictions, based on the analyses produced by our investment team, for all asset classes and our entire range of funds. We are at a time when central banks’ strategy to reduce market risk is on the way out, and the boom in passive investment styles and algorithms has led to an unprecedented level of liquidity risk for investors. Equally, technological disruption is creating major opportunities across all sectors of the economy. In such an environment, Carmignac’s dedication to serving its clients has never been of higher importance. I am convinced that even as we celebrate our firm’s anniversary, we are also ushering in a new era, both strong and sustained, through which we will support and build your wealth. As such, we value your vested trust. With this in mind, I would like to wish you a very happy and fulfilling new year.
The information mentioned above may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. Past performance is not necessarily indicative of future performance. Access to the Funds may be subject to restrictions with regard to certain persons or countries. The Funds are not registered in North America, in South America, in Asia nor are they registered in Japan. The Funds are registered in Singapore as restricted foreign schemes (for professional clients only). The Fund have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a "U.S. person", according to the definition of the US Regulation S and/or FATCA. The Funds present a risk of loss of capital. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Document). The Funds’ prospectuses, KIIDs and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIID must be made available to the subscriber prior to subscription. The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law. In the United Kingdom, the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This material was prepared by Carmignac Gestion and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013). In Switzerland, the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland) SA, Route de Signy 35, CH-1260 Nyon. Carmignac Gestion, 24, place Vendôme - 75001 Paris. Tel: (+33) 01 42 86 53 35 - Fax: (+33) 01 42 60 19 44. Asset management company (AMF authorisation no. GP 97-08 of 13/03/1997). Limited company (société anonyme or SA) with capital of €15,000,000 - Registration no.: RCS Paris B 349 501 676. Carmignac Gestion Luxembourg, City Link - 7, rue de la Chapelle - L-1325 Luxembourg. Tel: (+352) 46 70 60 1 - Fax: (+352) 46 70 60 30. Subsidiary of Carmignac Gestion. UCITS management company (CSSF authorisation of 10/06/2013). Limited company (SA) with capital of €23,000,000 Registration no.: RC Luxembourg B67549.