June 2014 - Carmignac

Transcription

June 2014
Press Kit
Carmignac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 - 3
Conviction management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Long-term investment themes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Expert management team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
The Company Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
High-performance strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
1
Press contact:
Carmignac Group • Marie Vanbremeersch • Tel.: (+33) 01 70 92 33 85 • mvanbremeersch@carmignac.com Maitland • William Clutterbuck • Tel.: (+44) 20 7379 5151 • wclutterbuck@maitland.co.uk
Press Kit
Carmignac
25 years of independence and conviction
International strategy
Founded in January 1989 by Edouard Carmignac, Carmignac
Group is one of the leading asset managers in Europe today.
Carmignac Group management is highly international,
enabling the company to capitalise on worldwide
opportunities, on nearly 50 financial markets around
the world. For us, the pursuit of excellence means
having sound knowledge of local markets. Local
on-the-ground research lies at the heart of our investment
philosophy. Genuine local expertise offers us a thorough
understanding of the companies for which we see growth
potential in their business and their industry. The asset
Management team is constantly striving to improve their
knowledge of companies by visiting offices, commercial
premises, facilities and production sites. Fund managers
meet with management teams and staff to gain a clear view of
how the company operates. Through this detailed and quite
structured research, they obtain the quality information
needed to make sound investment décisions.
Carmignac Group is owned entirely by its managers
and staff. In this way, the company’s long-term viability is
ensured by a stable shareholding structure, reflecting its
spirit of independence. This fundamental value ensures
the freedom required for a successful and renowned portfolio
management.
Close to 50 billion euros of assets under management,
Carmignac Group offers 17 global, specialised or diversified
funds.
Sound business model
Carmignac Group operates in Luxembourg, Frankfurt,
Milan, Madrid and London. The funds are actively marketed
in 13 countries: France, Germany, Switzerland, Italy,
Luxembourg, Belgium, Austria, Spain, the Netherlands,
Sweden, Singapore, United Kingdom and Ireland.
1,697 million euros of share capital
Capital fully owned by staff
Close to 50 billion euros in assets under management
230 employees of whom 26 are fund managers and
analysts
Presence in Luxembourg, Frankfurt, Milan, Madrid and
London.
2
Press contact:
Press Kit
Breakdown of assets under management*
as at 30rst June 2014
* in Euro million
48,534
53,298
7,000
6,000
40,000
3,046
12,669
12,674
10,063
5,870
2,830
1,000
Emerging
markets
20
10
20
11
20
12
20
Ju
1
ne 3
20
14
09
20
08
20
07
20
06
20
05
04
20
1,782
2,000
0
20
797
02
20
20
03
10,000
Breakdown of funds under management
(% of assets under management)
23,804
Institutional clients
10 %
24,730
20,000
15,000
49.05 %
Commodities
and Gold
Europe
Innovation /
Health
Global breakdown of the client base
30,000
10,000
5,310
3,000
20,000
25,000
5,658
4,000
30,000
0
5,770
5,000
33,299
50,000
53,672
60,000
45,863
Assets under management per key theme
55,027
Growth of assets under management
Banks
and networks
25 %
50.95 %
5,000
Private clients 3 %
Independent
advisers
38 %
Network advisors 24 %
0
Equities
Bonds
3
Press contact:
Press Kit
Conviction
Conviction, driving performance
Motivation: as the company’s shareholders, the managers
are naturally motivated to give the best of themselves.
Carmignac Group investment philosophy is built on six
founding principles:
Responsiveness: the management’s organisation (daily
manager meetings, cross exchanges of information on
all markets and portfolios) makes it highly responsive, and
major decisions can be taken at any time, without waiting
for allocation committee meetings to be held.
Non-benchmarked conviction management, with
investment choices based on the managers’ convictions
and analyses, not on the makeup of market indices.
Active management, looking to anticipate market trends
rather than being subjected to them and not hesitating
to protect portfolios if markets are expected to fall, using
forward transactions (hedging) if necessary.
Experience: Carmignac Group is able to benefit from
vast experience in active management, the management
style it has followed since it was founded in 1989.
Opportunistic management not linked to any specific style,
neither growth nor value, but selecting the types of assets,
areas for investment, sectors and securities most appropriate
in every situation.
Expert managers true to their convictions
Advocates of independent management and recognised
as such, Carmignac Group managers have an original
investment philosophy that is based on:
Highly international management, reflecting the
management team, able to capitalise on opportunities
on financial markets worldwide.
Anticipating trends and developments.
An investment management objective seeking positive
performance irrespective of market conditions, in line with
the recommended investment horizon. Investing to participate in the growth of companies.
Adopting a conviction over the long term.
A wealth management approach using asset diversification
and strict risk management.
Taking an entrepreneurial look at the companies in which
Carmignac Group invests.
Benefiting from total freedom of investment, making it
possible to select the securities that are most firmly anchored
in the countries’ socioeconomic reality.
Investment philosophy
founded on five major qualities
Upholding “contrarian” ideas, not hesitating to analyse
companies that have been neglected by the markets.
Independence: with an entrepreneurial structure not
belonging to any financial group, Carmignac Group is
independent in its strategy and management decisions.
Courage: it takes courage to follow your convictions and
take up marked positions independent of market indices.
4
Press contact:
Press Kit
investment
Seeking opportunities
in emerging countries
energy: Carmignac Group is giving priority to service
companies in the oil and gas sectors (drilling and
exploration companies), which are benefiting from the
necessary increases in oil companies’ exploration budgets, as
well as the fact that the main oilfields are reaching maturity,
The Carmignac Group emerging countries approach
gives priority to growth securities in sectors that are
exposed to domestic demand and rising standards of living.
The expanding middle class and their growing wealth create
genuine opportunities for investment in the banking sector
(use of borrowing), as well as real estate construction, retail,
leisure and other areas.
ore and industrial metal producers,
precious metal: gold and gold mines are benefiting from
the fact that Central Banks from emerging countries are
looking to diversify their reserves in order to protect
themselves against inflationary risk.
Carmignac Group is constantly on the lookout for businesses
that are well adapted to the socioeconomic reality of the
countries in which it invests, or quality securities that are not
particularly well-known among investors.
Developing innovative technologies
Attention given to natural resources
Carmignac Group gives priority to long-term investment
themes, with highly innovative features, characterised by
lasting growth:
alternative energies,
Emerging economies with rapid growth and galloping
urbanisation necessarily have heavy demand for
infrastructure development and therefore commodities. The
increasing rarity of new discoveries of deposits, resulting
from 15 to 20 years of underinvestment in exploration,
the inevitable exhaustion of existing deposits, and new
environmental restrictions are exerting supply-side
pressures. In light of this, natural resources represent a major
preferred theme:
water purification and conservation,
biotechnologies,
information technologies.
5
Press contact:
Press Kit
Expert
team
1989��Founder and Chairman of Carmignac Group
Edouard Carmignac
Chairman
Global Fund Manager
1985��Stockbroker and Chief Executive Officer,
Hamant-Carmignac
1984��Chairman of Pyramide Gestion,the Hamant et Cie subsidiary
1977 - 1983��Assistant Director, Banque de la Société Financière
Européenne. Off-balance sheet financing, energy
and mining sector
1975 - 1976��Paribas, International financial transactions
1972 - 1974��Analyst at Blyth Eastman Dillon, New York
1972��MBA from Columbia University
1969��Masters in Economics, Paris
2003��Carmignac Group
Frédéric Leroux
Global Manager
2001 - 2003��BNP Paribas Equities and HSBC CCF Securities, Paris,
Consulting for equity market derivative strategies
with institutional clients.
1997 - 2000��Khéops Finance SA, Lille-Paris, Founder and Chairman
Creation and management of a FCIMT open-ended fund
1995 - 1997��Carmignac Group, Portfolio manager,
derivatives and risk management
1989 - 1994��Cava Finance and Banque Scalbert-Dupont, Lille,
Portfolio manager
1988��Graduate from Institut d’Economie Scientifique
et de Gestion (IESEG), Lille
Rose Ouahba
Head of Fixed
Income team
Fund Manager
2000 - 2007��IXIS AM, Paris, Bond manager
• Head of the “bond diversification” team
• Head of structured credit allocation
1996 - 1999��Ecureuil Gestion, Paris, Bond manager
1995��Postgraduate DESS in financial engineering
6
Press contact:
Press Kit
Charles Zerah
Fund Manager
Global Bonds
2004 - 2009��Crédit Agricole Asset Management, London,
Head of Emerging Market bonds
1999 - 2004��Crédit Lyonnais Asset Management, Paris, Senior
fund manager Emerging Market bonds
1995 - 1999��Axa Investment Managers, Paris, Junior fund manager
Emerging Market bonds
1995��Master in Banking and Finance, DESS in Finance,
University of Paris II Panthéon Assas
2009 - 2010��Amundi, London, Head of Global Absolute Return Team
Carlos Andres Galvis
Fund Manager
Global Fixed Income
2005 - 2009��CAAM, London, Head of UK Gilt Plus LDI team,
Senior Portfolio Manager VAR Products
2007��MSc in Finance, Birbeck College, University of London
2002 - 2005��CAAM, London, Portfolio manager,
Global Fixed Income & Currency
2001 - 2002��CAAM, London, Macro strategist
2000 - 2001��FOGAFIN, Bogota, Economic and Financial advisor
1998 - 2000��Alianza Fiduciaria, Bogota, Investment Manager,
Bond and local currency
1999��MSc in Economics, University of Andes,
Bogota, Colombia
Keith Ney
Fixed Income
Portfolio Manager
Head of Credit
2005��Fincapital, European equities analyst
1999 - 2004��Lawndale Capital Management, San Francisco,
American equities analyst
1999��Bachelor of Science, Business Administration, Berkeley
Chartered Financial Analyst, CFA Institute
2012��Credit event Hedge fund start-up, London,Partner
Pierre Verlé
Credit Analyst
2009 - 2012��Butler Investment Managers, London, Founding Director
of the distressed debt activity and manager of the
distressed debt fund
2006 - 2009��Morgan Stanley, London, Special Situation Group
2004 - 2005��Merril Lynch, Paris
2000 - 2004��Ecole Polytechnique, Paris
Master of finance from HEC, Paris
7
Press contact:
Press Kit
Muhammed
Taha Yesilhark
Head of European
Equities team,
Fund Manager
2009 - 2013��SAC Global Investors, London, Partner
and Portfolio Manager
2005 - 2009��York Capital Management, London, Director
2003 - 2005��Lazard, Frankfurt, Analyst in M&A
1999 - 2003��European School of Business (ESB), Reutlingen
2010 - 2013��SAC Global Investors, London, Senior Analyst
Malte Heininger
Fund Manager
European Equities
2009 - 2010��Ashtree Capital Management, London, Credit Analyst
2007 - 2009��Credit Suisse, London, Associate in Fixed Income
2006 - 2007��Morgan Stanley, Frankfurt, Analyst in Fixed Income
2003 - 2006��ESCP-EAP, European School of Management, Paris,
London, Berlin
2011 - 2013��SAC Global Investors, London, Analyst
Huseyin Yasar
Analyst
European Equities
2010 - 2011��Goldman Sachs International, London, Associate in M&A
2008 - 2010��Goldman Sachs & Co., Frankfurt, Analyst in M&A Advisory
German Coverage
2006 - 2008��European School of Business, Reutlingen
2004 - 2006��Dublin City University
2013��SAC Global Investors, London, Analyst
Sayid Shaaz Hamid
Analyst
European Equities
2011 - 2013��Harvard Business School, Boston
2008 - 2011��TA Associate, London and Mumbai, Private Equity Associate
2006 - 2008��Citigroup, London, Analyst in M&A
2003 - 2006��Oxford University
8
Press contact:
Press Kit
Michael Hulme
Head of
Commodities
Equities Team
2010 - 2013��Lombard Odier IM, London,
Portfolio Manager Global Energy
2002 - 2010��MFS International, London, Portfolio Manager Global Energy
2000 - 2001��SGAM, London, Portfolio Manager European Equities
1997 - 2000��F&C, London, Analyst Emerging Markets
1997��BA in History (1st) at Cambridge University
Simon Lovat
Analyst
Commodities
2006 - 2010��GAIA Capital Advisors S.A., Geneva,
Co-portfolio Manager, Natural resources
2005 - 2006��Hargreave Hale, London, Equity sales, Natural resources
specialist
2000 - 2004��Cazenove Ltd, London, Equity sales, Large caps
2000��BSC in “Business Studies”, University of Edinburgh,
Scotland
Simon Pickard
Head of Team
Emerging Equities
Fund Manager
2005 - 2008��Argos Investment Managers, Geneva, Switzerland,
Manager, large Europe
2000 - 2005��Carmignac Group, Manager Pan-European Equities
1996 - 2000��Jupiter Asset Management, London, Manager, East
European Equities
1992 - 1996��John Swire & Sons, Hong Kong, International Executive
1992��Master of Arts (Trinity College, Cambridge)
Xavier Hovasse
Fund Manager
Emerging Equities
1999 - 2008��BNP Paribas Asset Management, Paris
• Manager of International & Emergent Operations
• Analyst
2004��Certified analyst (CFA Charter-holder)
1999��Graduation from the Ecole Supérieure de Commerce
business school, Paris (ESCP-EAP)
9
Press contact:
Press Kit
David Park
Fund Manager
Emerging Equities
2004 - 2007��Hyundai Securities Ltd, London, Institutional
investor relations,
2002��Graduate from the University of Birmingham
BSc Economics
Edward Cole
Fund Manager
Emerging Equities
2011 - 2013��Finisterre Capital, London, Portfolio Manager,
Emerging Market Equities
2010 - 2011��Newsmith Capital Partners, London,
Partner/Portfolio Manager, Emerging Equity Fund
2007 - 2010��Ashmore Group, London, Equity Portfolio Manager
2005 - 2007��JP Morgan Securities, EMEA Equity Strategist
2001 - 2005��Raiffeisen Zentralbank, then Unicredit Group, Emerging Europe
Equity Strategist
2001��FSA approved
1999 - 2001��Deputy Editor, EMEA
(Emerging Markets Monitor, Business Monitor International)
1999��London School of Economics, MSc International Development
1998��University of Bristol, BSc Politics
2008 - 2013��Portfolio Manager, Lyxor Asset Management, Paris
2007 - 2008��Trading Global Equity Finance, Société Générale CIB, Paris
Yassine Basraoui
Fund Manager
2007 - 2008��Master’s Degree in Mathematical Models and Methods
in Finance, Université Paris I
2004 - 2007��Graduated from l’Ecole des Mines, Saint-Etienne
2013��Member of Institut des Actuaires Français, ISUP, Paris
2012 - 2013��BNP Paribas, Theam, Structureur, Paris
Pierre-Edouard Bonenfant 2011 - 2012��BNP Paribas, Theam, Absolute Return Team, Paris
2011��Graduated from ESSEC Business School, Finance, Paris
Fund Manager
2009��Master of Science in Systems Engineering, UC Berkeley, USA
Graduated from ESTP, Paris
10
Press contact:
Press Kit
Haiyan Li-Labbé
Analyst Head
of Greater China
Market
2004 - 2011��OFI AM Paris, Head of Asian Projects, fund manager
2002 - 2004��Société Générale Investment Banking, Paris,
Responsible analyst on Asian convertible bonds
2001 - 2002��Société Générale Investment Banking, Paris,
Analyst on European convertible bonds
2001��Master’s Degree from European School of Business
(ESCP Europe)
1998��Master’s Degree from Beijing Foreign Languages
University, French
2007 - 2012��Zadig Asset Management, London, Partner
Vincent Steenman
Global
Research Coordinator
2005 - 2007��LVMH, Groupe Arnault Family Office, Paris, Buy-side Analyst
2004 - 2005��Morgan Stanley, London, M&A Analyst
2000 - 2004��Ecole Polytechnique, Paris
Master of finance from HEC, Paris
CFA Charterholder
2003 - 2009��Nordea, Denmark, Director of Danish equity team
Tim Jaksland
Sector analyst
Innovation
2000��Nordea, Denmark, Director of Global Research, Healthcare
Sector
1991 - 2000��Danske Bank, Denmark, Fund Manager
Laurent Chebanier
Analyst Country Risk
2005 - 2008��Dexia Asset Management, Paris, Long/Short
Fund Manager for Global and Emerging Fixed Income
and Currencies
1998 - 2005��CCR Gestion, Paris, Fund Manager Money Market,
Fixed Income & Alternative
2003��Chartered Financial Analyst
1992��Bachelor of Arts, University of Leeds, UK
11
Press contact:
Press Kit
2006 - 2009��Anakena Finance, Paris, Associate, Risk Manager
Julien Cheron
Quantitative Analyst
2003 - 2006��CDC Ixis Corporate & Investment Bank, Paris,
Quantitative analyst, Equity and Credit derivatives
2002 - 2003��CDC Ixis Capital Markets, Paris, Risk management,
Equity derivatives
2003��Master degree in Financial statistics and random variable
modeling (UPMC University, Paris)
2002��Masters degree in Applied Mathematics
(UPMC University, Paris)
Antoine Colonna
Sector analyst
Consumption
1999 - 2010��Bank of America Merril Lynch, Paris, Managing Director
Equity Research, Head of Luxury Goods and Household
& Personal care sectors
1992 - 1999��Crédit Lyonnais Sec., Paris, Equity research
analyst, Consumption related sectors
1995��SFAF-EFFAS (European Federation of Financial Analyst),
Financial analyst
1993��Master in Finance, University Paris Dauphine
1992��MBA, Stratchlyde Graduate Business School, Glasgow
1992��Graduated from ESC Business School, Toulouse
Matthew Williams
Sector analyst
Financial
2006 - 2009��MFS International, London, Investment analyst
EAFE Financials, Global Metals & Mining
2002 - 2005��Maple-Brown Abbot, Australia, Senior Investment Analyst,
Asian Equities
1996 - 2002��BT Funds Management, Australia,Vice President,
Investment Analyst Asian Equities, Emerging Markets
1994 - 1996��BT Funds Management, Australia, Dealer Asian Equities
1992��BA Economics (Major Finance), Macquarie University,
Australia
12
Press contact:
Press Kit
Directors
1989��Founder and Chairman of Carmignac Group
Edouard Carmignac
Chairman
Global Fund Manager
1985��Stockbroker and Chief Executive Officer,
Hamant-Carmignac
1984��Chairman of Pyramide Gestion,
the Hamant et Cie subsidiary
1977 - 1983��Assistant Director, Banque de la Société Financière
Européenne. Off-balance sheet financing, energy
and mining sector
1975 - 1976��Paribas, International financial transactions
1972 - 1974��Analyst at Blyth Eastman Dillon New York
1972��MBA from Columbia University
1969��Masters in Economics, Paris
Eric Helderlé
Managing Director
of Carmignac
Gestion Group
1989��Managing Director, co-founder
of Carmignac Group
1987 - 1989��Business Development Manager, Pyramide Gestion
1984 - 1987��Sales Manager, Trans Expansion (Compagnie du Midi)
1984��MBA Iowa State University
Eric Le Coz
Managing Director
of Carmignac Gestion
Luxembourg
1993 - 1998��Artémis Finance S.A., Paris,
Head of Financial Market Activities
1992 - 1993��Altus Finance, Paris, Head of Currency Transactions
1988 - 1991��Commodity Trading Advisor, Paris
1986 - 1988��GNP Commodities International, Chicago, Trader
1984 - 1986��Commissariat Français à l’Energie Atomique, Paris,
Researcher
1986��MBA, HEC-ISA, Paris,
MBA, Wharton School of Business, Philadelphia
1983��Graduated from Ecole des Mines, Nancy
13
Press contact:
Press Kit
Maxime Carmignac
Managing Director of
London branch
Luxembourg
2009��Consultant Special Situation, London
2008��Visium Asset Management, New York
Distressed Debt / Special Situations Analyst
2006 - 2008��Carmignac Group
• Analyst, Global Equity Markets
• Portfolio manager, Long/Short Strategy
2003 - 2005��McKinsey, Paris & London, Business Analyst
2002 - 2003��Lazard Frères, Paris, M&A Analyst
1999 - 2002��MSc in Finance and Business, ESSEC,
Graduate School of Management
Davide Fregonese
Managing Director
Luxembourg and
Head of Sales Europe
2000 - 2006��Borsa Italiana, Senior officer, Domestic Clients
1998 - 2000��Banque Paribas, New York, Associate, Sales
and Relationship Manager
1996 - 1997��Banque Paribas, Athènes, Deputy Head of Marketing
and Relationship Management
1995��JP Morgan, Account Manager
1993��University of Brighton and Torino BSC European
Business with Technology
Didier Saint-Georges
Member
of the Investment
Committee
1999 - 2006��Merrill Lynch, Paris, Managing Director,
Equities and Global Equities Derivates
1989 - 1999��JP Morgan, London and New-York, Head of
the European Equities Department
1987 - 1989��Hamant-Carmignac, Paris, Sales Manager European Equities
1983 - 1987��Citigroup, Paris, Aeronautical Financing
1982��Georgia State University, MBA
1979 - 1981��ESCP
14
Press contact:
Press Kit
strategies
The full list of Funds and units available to investors can be found at carmignac.com
Equity Management
Specialised
Carmignac Emergents
Global
International equity fund invested in the emerging markets of
Asia, Latin America, Eastern Europe, the Middle East and Africa.
The objective of the Fund is to seek out the best growth
opportunities by selecting stocks from emerging countries with
strong development potential.
Morningstar Qualitative Rating™: Bronze
Carmignac Investissement
International equity fund invested on the global financial markets.
Its objective is to seek absolute maximum return through
a non-benchmarked active management strategy without regard
to geographical or sector allocation, stock type or size.
Morningstar Qualitative Rating™: Silver
Carmignac Portfolio Emerging Discovery
International equity fund invested in small and medium capitalisations in emerging countries. The Fund aims to achieve absolute
return through an active and non-benchmarked management
by selecting stocks with strong development potential.
European
Carmignac Portfolio Grande Europe
Fund invested mainly in the equities of EU countries (including
the newly integrated Eastern European emerging economies) and
on a supplementary basis in the equities of non-EU members,
including Russia, and candidates for adhesion. The Fund’s
objective is to seek the best growth opportunities through
the appropriate selection of stocks with high potential.
Morningstar Qualitative Rating™: Neutral
Carmignac Portfolio Commodities
International equity fund invested primarily in precious metals and
industrials, energy, forest products and agricultural commodities.
The objective of the Fund is to seek the best growth opportunities
through the appropriate selection of stocks with high potential.
Morningstar Qualitative Rating™: under review
15
Press contact:
Press Kit
Diversified Management
Fixed Income Management
Carmignac Patrimoine
Carmignac Portfolio Global Bond
International equities and bonds mutual fund invested on the
global financial markets. The objective of the Fund is to achieve
steady absolute return through active management without
regard to benchmarks, sectors, asset type or stock size. In
order to reduce fluctuations in the portfolio, a minimum of 50%
of assets is permanently invested in fixed income and/or money
market instruments.
Morningstar Qualitative Rating™: Silver
International bond fund with the objective of achieving steady performance. The Fund invests in all classes of bonds via a
“top-down” management approach identifying the best sources
of performance in world interest rate markets.
Carmignac Portfolio Capital Plus
Carmignac Capital Plus is a multi-asset class and multi-strategies
fund. Its objective is to outperform, on an annual basis, the Eonia
index by 2% over the recommended 2-years investment period.
Carmignac Capital Plus is a sub-fund of the Luxembourg SICAV
Carmignac Portfolio.
Morningstar Qualitative Rating™: Bronze
Carmignac Portfolio Emerging Patrimoine
Diversified fund invested in the emerging markets using three
performance drivers: bonds, equities and currencies. We permanently
invest at least 50% of its assets in fixed income and money market
instruments. Its flexible allocation aims to minimize the risk of
capital fluctuations while seeking the best sources of return.
Carmignac Euro-Patrimoine
CEP is a flexible fund invested mainly in European equities, for
which stock selection and sector allocation are the performance
drivers. Its equity exposure varies between 0 and 50% in line
with hedging strategies using derivatives. This hedging enables
the reduction of volatility and correlation to equity markets.
16
Press contact:
ressemappe
Pressemappe
Dossier de Presse
esserp ed reissoD
Cartella stampa
ess Kit
Dossier de P
asnerp ed atepraC
Carmignac Gestion Luxembourg
7, rue de la Chapelle
L-1331 Luxembourg
Tél. : (+352) 46 70 601
Fax. : (+352) 46 70 60 30
Press contact:
Carmignac Group • Marie Vanbremeersch • Tel.: (+33) 01 70 92 33 85 • mvanbremeersch@carmignac.com
Maitland • William Clutterbuck • Tel.: (+44) 20 7379 5151 • wclutterbuck@maitland.co.uk
United Kingdom • June 2014
Carmignac Gestion
24, place Vendôme
75001 Paris
France
Tel.: (+33) 01 42 86 53 35
Fax.: (+33) 01 42 86 52 10

June 2014 - Carmignac

Transcription

Similar documents

Cavalia inc. 5100, rue Hutchison, suite 300 Montréal (Québec) H2V

F AMIL Y MEDICINE Maitland Family Care

Thomas Quasthoff. - Philharmonie de Paris

french leader in the information about higher education

Exchange Programme at Paris1 Pantheon Sorbonne

BD Jet Lag.wps - YattanoeL.com

Evening Times - Scottish Football Association

Paris CDG Airport in France | Peugeot Open Europe

visit to Père Lachaise cemetery in Paris

Nursing and Residential Staffing Solutions