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Carmignac Gestion Luxembourg
Luxembourg SICAV sub-fund
A Flexible and Opportunistic Style Enhancing
a Total Return Approach
Broad and global investment universe
Flexible approach to international fixed income and currency markets
Conviction-based, non-benchmarked philosophy
Focus on fully exploiting opportunities across varied market conditions
MARCH 2015
Charles Zerah
Latitude and flexibility to implement an active
and conviction-based approach
Access to a wide range of performance drivers
Carmignac Portfolio Global Bond disposes of a broad and diversified investment universe and seeks
to identify opportunities across the globe. This allows the Fund manager to unearth and implement
the best interest rate, credit and currency strategies in both developed and emerging markets.
Benefiting from a flexible investment process
The non-benchmarked, conviction-driven investment style of Carmignac Portfolio Global Bond is
complemented by a large degree of latitude on various segments. Thanks to the relatively unconstrained
process, the Fund is able to invest in selective pockets of value to generate performance in both bull and
bear fixed income markets.
WIDE MODIFIED
DURATION RANGE
1
2
+10
-4
FLEXIBLE ALLOCATION
Credit and Currencies
short
0
long
3
FREE FROM GEOGRAPHICAL
AND SECTORIAL CONSTRAINTS
Developed and Emerging
markets
Opportunistic and active approach
Charles Zerah implements long, medium and short-term strategies, in-line with the dynamic nature of the investment style. The Funds’ active
and discretionary management focuses on both strategic and tactical positions as well as arbitrages on international fixed income and currency
markets. The opportunistic approach enables the Fund to fully exploit investment convictions.
Exploiting the wide range of modified duration: example
Implementing an opportunistic approach: example
Allocation to peripheral sovereign bonds accurately reflects convictions
70%
60%
52.5%
10
57.3%
50%
49.3%
43.0%
10%
0%
6
36.2%
23.4%
28.2%
8.25 6.2% 8.38
9.20
9.37
4
2
16.4%
20%
max
8
45.7%
40%
30%
Active modified duration
9.98
10.24
10.68
10.88
10.64
11.02
0
5.93
0.0%
-2
-4
T2 2012 T3 2012 T4 2012 T1 2013 T2 2013 T3 2013 T4 2013 T1 2014 T2 2014 T3 2014 T4 2014
Carmignac Portfolio Global Bond
JP Morgan Global Government Bond (Eur)
Carmignac Gestion Luxembourg - Carmignac Portfolio Global Bond
min
/14
08
Investment ideas result from combined effort
of a tight-knit investment team
Over 25 years of «top-down»
expertise
MACRO-ECONOMIC AND CROSS-ASSET EXPERTISE
Carmignac is recognized for its top-down know-how,
which is the foundation of its investment style since
1989. The Fund benefits from the renowned macroeconomic expertise of Edouard Carmignac and Frédéric
Leroux, supported by the cross-asset team composed
of quantitative and country-risk analysts.
Rose OUAHBA
Head of Fixed Income
Fund Manager
Carlos GALVIS
Fund Manager
Our Fixed Income team benefits from
17 years of average experience,
providing in-depth knowledge across
fixed income asset classes. Close
collaboration with equity managers/
sector analysts and constant interaction
within the fixed income team facilitate
the implementation of optimum rate,
credit and currency strategies.
Multi-strategy expertise
17 years of experience
20 years of experience
Charles ZERAH
Fund Manager
20 years of
experience
Charles ZERAH
Keith NEY
Fund Manager
Pierre VERLE
Head of Credit
16 years of experience
High yield expertise
11 years of experience
Idea generation is a team effort
The entire management team gathers together
every morning to discuss and analyze macroeconomic data, market events and risk factors. The
cross-fertilization of ideas has been a cornerstone of
Carmignac’s investment style, emphasizing implication
and synergies.
EQUITY EXPERTISE
2 dedicated bond traders:
Vincent AGUADO, Sami LAHOUSSINE
Track record demonstrating strong competitive advantage
Rolling performance
Carmignac Portfolio Global Bond A EUR acc
JP Morgan Global Government Bond (EUR)
YTD
Quartile
3 years
Quartile
5 years
Quartile
+11.9%
1
+32.2%
1
+47.3%
1
+10.7%
-
+19.7%
-
+39.0%
-
Overall Morningstar Rating TM
Calendar year performance
Carmignac Portfolio Global Bond A EUR acc
JP Morgan Global Government Bond (EUR)
3 YEARS
2014
2013
2012
2011
+13.8%
-4.7%
+7.1%
+9.5%
+14.6%
-8.6%
-0.3%
+10.8%
OVERALL
Overall Morningstar Rating TM
Source: Carmignac 31/03/2015
Carmignac Gestion Luxembourg - Carmignac Portfolio Global Bond
Recommended minimum
investment horizon:
Charles Zerah
2 years
Risk scale*
Prior to Carmignac, Charles Zerah gained his in-depth experience in global
bond market working for Axa Investment Managers, Crédit Lyonnais AM and
Crédit Agricole AM. He holds a Master’s degree in Banking and Finance and a
DESS postgraduate diploma of University of Paris II Panthéon Assas.
Charles adopts a global approach to Fixed Income, with strong expertise in emerging sovereign and
corporate debt. He also co-manages Carmignac Portfolio - Emerging Patrimoine.
Risk scale1
1
2
3
4
5
6
Assets under
management
€1,187 Million
Fund type
UCITS IV
Listing type
Daily
7
Main risks and advantages
RISKS
BENEFITS
Interest rate risk: Interest rate risk results in a decline in the net asset value
in the event of a variation in interest rates.
Active and opportunistic approach to fixed income markets.
Credit: Credit risk is the risk that the issuer may default.
Macro-economic analysis combined with our long-term convictions.
A team recognised for its bold, independent approach.
Currency: Currency risk is linked to exposure to a currency other than the
Fund’s valuation currency.
A broad investment universe giving access to investment opportunities
all over the world.
The Fund’s capital is not guaranteed
Currency exposure aiming to anticipate market movements.
Characteristics
Shares
Date of
1st NAV
A EUR acc
Bloomberg
Code
ISIN Code
Currency
Dividend
policy
14/12/07
CARGLBD LX
LU0336083497
EUR
Accumulation 1 %
4% max.
A EUR Ydis
19/07/12
CARGBDE LX
LU0807690168
EUR
Distribution
4% max.
A USD acc Hdg
CARGBAU LX
LU0807689822
USD
Accumulation 1 %
F EUR acc
19/07/12 Sub-fund of a
Luxembourg
15/11/13 SICAV
CARGBFE LX
LU0992630599
EUR
Accumulation 0.6 %
F USD acc Hdg
15/11/13
CARGBFU LX
LU0992630912
USD
Accumulation 0.6 %
-
E USD Qdis Hdg 15/11/13
CARGBEH LX
LU0992630326
USD
Distribution
-
Legal form
Fixed
management fee
Variable
management fee
1%
1.4 %
10% of the
outperformance of
the Fund*
Maximum
subscription fee ²
4% max.
-
* relative to its performance indicator in the case of a positive performance
Source: Carmignac at 31/03/2015. © 2015 Morningstar, Inc - All rights reserved.
1. Risk scale from 1 (lowest risk) to 7 (highest risk), category 1 does not mean the investment is risk free. The risk category of this Fund is not guaranteed and may change over time.
2. Subscription fee payable to the distributors. F-Definition: F is a rebate free share class.
Past performance is not a guarantee of future returns. Performance is not constant over time and is not guaranteed. All performance takes into account management fees. The prospectuses, KIID (Key Investor Information
Document) and annual reports are available on our website www.carmignac.com or on request. You must consider the degree of exposure to the various risks relating to your overall allocation and your personal
circumstances. This sub fund may not be offered or sold, either directly or indirectly, in the United States or on behalf of or for the benefit of a US person, as defined in Regulation S and FATCA. This document is not an
investment advice nor is it contractually binding. By fulfilling its obligations, CARMIGNAC GESTION may not be held liable for any financial or other consequences of any kind whatsoever resulting from the investment.
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 agreement of 10/06/2013),
Public limited company with a share capital of € 23,000,000 - R.C. Luxembourg B 67 549.