Discover how FP Carmignac Emerging Markets is capitalising on shifting global dynamics.
Ready for the next EM super cycle
Emerging markets tend to divide opinion: they’re seen as either engines of global growth or volatile sideshows. For Carmignac, which has invested in the region for decades, renewed momentum is strengthening the long-term investment case.
Naomi Waistell and Xavier Hovasse, co-managers of FP Carmignac Emerging Markets, point to a reversal of fortunes that has historically led to periods of strong outperformance.
‘We’ve seen an encouraging resurgence in emerging markets this year, with the best nine months in fifteen years,’ said Waistell.
‘Part of that reflects investors recognising the intrinsic merits of EMs, but it’s also about the fading of US exceptionalism and the desire to diversify. The setup for EMs is at an important juncture. It’s been a long time since they last outperformed US markets – and when they do, they tend to do so powerfully.’
The managers believe that the current landscape is markedly different from the last EM super cycle in the early 2000s. At that time, China’s accession to the World Trade Organisation fuelled ‘trade change 1.0’ – a period when growth was dominated by mass exports of low-value goods to developed markets.
Today, rather than relying on external demand, many EMs are focused on self-sufficiency, trading more among themselves and building resilience to changes in global policy.
Trade data already reflects what Waistell sees as a ‘paradigm shift’. Three decades ago, the US was the largest trading partner for around 80% of EMs. Today, that plaudit goes to China, with new hubs such as Vietnam, Mexico and India becoming increasingly influential. The share of EM-to-EM trade has more than doubled from around 20% to 50% over that period.
‘That self-sufficiency is not just a China story or confined to particular trade corridors or sectors,’ added Waistell. ‘Emerging markets are increasingly able to drive their own growth from within.’
Investment profile
The Trump effect
A lot of fund managers have a fear of missing out. Ours is a concentrated portfolio of stocks that we know very well.’
Xavier Hovasse
The managers are careful not to anchor their outlook on any single political development. Trade tariffs, for example, may grab headlines but are less decisive than many assume.
‘Initially, it looked like Trump would focus on China, but his leverage was weaker than expected,’ said Hovasse. ‘Broad tariffs ended up hitting everyone – and when everyone is targeted, it’s almost as if no one is.’
‘EMs tend to leapfrog in their technology curves. There’s been a lot of narrowness in global capital markets in recent years, which doesn’t reflect where the innovation is happening.’
Naomi Waistell
Fund Manager
Far from undermining EMs, the managers argue that US policy turbulence has reinforced their appeal.
‘EM supply chains aren’t being fundamentally disrupted,’ Hovasse continued. ‘The more likely outcome [of trade tariffs] is a tax on US consumers rather than a shock to global trade.’
Waistell sees an ironic twist: the US is starting to behave more like an EM than the EMs themselves.
‘There is political instability everywhere, but arguably more so in the US than anywhere else right now,’ she said. ‘Slower growth, higher debt, uncertain monetary policy, higher inflation and unpredictable political behaviour – none of this is fully reflected in valuations.’
By contrast, EMs combine structural growth with dynamism, offering risk premia that the managers view as disproportionately wide relative to the opportunity set.
‘They have higher growth, a huge population moving up the wealth curve and a high degree of entrepreneurialism,’ said Waistell. ‘EMs tend to leapfrog in their technology curves. There’s been a lot of narrowness in global capital markets in recent years, which doesn’t reflect where the innovation is happening.’
Carmignac’s long history in EM investing underpins the managers’ confidence in identifying and capturing these growth dynamics.
‘A lot of EM funds were set up a decade ago; our strategy was launched in 1997 – almost three decades ago. EM investing is ingrained in Carmignac’s DNA,’ added Waistell.
The portfolio is built around four broad opportunity sets: China, Asian technology, Latin America and Southeast Asia, including India. Each has distinct drivers.
‘China retains the largest position in our universe and we’re slightly underweight after a strong rally year-to-date,’ Waistell explained.
‘In technology, we’re invested at various points of the chip supply chain. In Taiwan, opportunities are largely stock-specific, while the Korean government's “value-up” programme may foster a broader equity culture.
‘In Brazil, valuations are uniquely cheap. We’ve leaned less on the quality growth companies typical of our strategy and more on bond proxies – high-quality utilities that are growing and can return capital to shareholders. And in Southeast Asia, we see strong structural growth opportunities.’
Four pillars
Fund Manager
For Carmignac, a combination of structural opportunity, relative mispricing and market inefficiency creates fertile ground for active investing.
The managers blend top-down macro insights with bottom-up stock selection and alignment with the UN Sustainable Development Goals to identify resilient, long-term growth stories in EMs.
‘Some of our competitors think the only thing that matters is stock picking,’ said Hovasse. ‘Stock picking is important – it’s the source of more than half of the alpha of the strategy – but for us, it’s also very important to conduct in-depth macro analysis.
‘The key variable in asset valuation is the cost of capital. We have a very good understanding of the country risk, the currency risk and the balance of payments in every country where we deploy capital.’
Beyond macro and stock analysis, the managers emphasise being insulated from market noise while undertaking regular research trips to gather on-the-ground insights.
‘Being able to see with your own eyes, look into the whites of management’s eyes and get that in-person assessment is absolutely critical to the long-term fundamental investing that we do,’ said Waistell.
The result is a high conviction portfolio of typically 35-45 holdings, held for the long term.
‘A lot of fund managers have a fear of missing out,’ Hovasse added. ‘Ours is a concentrated portfolio of stocks that we know very well.
‘When we travel, we spend most of our time deepening our understanding of the companies we own by talking to them, talking to their competitors, talking to their regulators, talking to other investors.
‘Equally importantly, we have low turnover. Deep knowledge of our stocks allows us to size positions for maximum alpha, delivering for our investors asymmetric outcomes and strong fund performance.’
Conviction in action
Citywire data shows FP Carmignac Emerging Markets has delivered above-average long-term returns, reflecting the managers’ skill in active stock selection and thematic positioning.
Strong outperformance backed by active positioning
Performance Overview
FP Carmignac Emerging Markets has delivered significant long-term outperformance relative to its peers and benchmark, benefiting from its managers’ active stock selection and thematic positioning. Since its inception in May 2019 to the end of August 2025, the fund has returned 74.2% in sterling terms, compared with an average gain of 30.84% in the fund’s Morningstar’s Global Emerging Markets Equity peer group. The fund’s return also outpaces that of the benchmark – the MSCI Emerging Markets NR USD – which has risen by 38.08% during the same period.
The fund has a higher information ratio relative to peers – showing that the co-fund managers do not hesitate to have a differentiated exposure to emerging markets to create value for investors. While the fund has experienced higher volatility than its benchmark, the magnitude of outperformance highlights the managers’ ability to identify and capture opportunities that the broader EM index may have missed.
The fund’s strong alpha generation relative to similar EM funds is particularly noteworthy. Periods of relative underperformance versus the index – most evident in 2021 – largely reflect sector or stock selections that diverged from broad market rallies. That year was marked by a sharp cyclical rotation, as investors shifted away from Covid-era winners and into more cyclical names.
In 2022, despite a very complex environment, with the Russia-Ukraine war taking commodity prices higher and successive interest rate hikes, the fund was able to outperform its index and peers thanks to its risk management tools, enabling the managers to offset unwanted bias in the portfolio. Since mid-2023, the fund has regained ground steadily, maintaining its lead over its peer group while managing drawdowns more effectively than its benchmark. This performance underscores the strategy’s resilience and disciplined approach to navigating emerging markets volatility.
Active positioning drives both upside and downside
Since inception, FP Carmignac Emerging Markets has exhibited slightly higher annualised volatility (16.51%) than its benchmark (13.58%) and its peer group average (13.25%). Its maximum drawdown of -31.95% is higher than that of the benchmark (-23.19%) and the peer group’s (-24.45%).
This higher risk, however, has been accompanied by stronger long-term returns. The fund’s peaks and troughs suggest active positioning amplified gains during up markets while exposing it to larger drawdowns during weaker periods.
This is reflected in a down-market capture ratio of 107.68%, above both the benchmark and peers, underscoring the fund’s tendency to participate more heavily in market declines as the trade-off for its upside potential.
While the since-inception ratio highlights this higher downside participation, a closer look at fixed timeframes tells a more nuanced story. Over the past five and six years, the fund’s ratio remained above 100%, but it has steadily declined, falling below that threshold in the most recent three-year period (94.09%). This trajectory suggests an improvement in the manager’s ability to protect capital during market downturns.
FP Carmignac Emerging Markets has delivered strong relative performance despite 2025 being a volatile year for global markets. In the short term, the fund’s 13.86% return in the first eight months of the year places it firmly in the top quartile of its peer group, demonstrating market-leading upside.
On a three- and five-year annualised basis, performance has been more in line with the peer median. Since inception, however, the fund’s track record stands out, with an annualised return of 9.22% ranking it in the top decile – a clear sign of its ability to create lasting value across market cycles.
Strong outperformance in volatile markets
Marketing communication. Please refer to the KIID/prospectus of the Fund before making any final investment decisions.
This document was prepared by Carmignac Gestion, Carmignac UK Ltd and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
Access to the Fund may be subject to restrictions regarding certain persons or countries. The Fund has not been registered under the US Securities Act of 1933. The Fund 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 FATCA. The risks, fees and ongoing charges are described in the KIID. The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund’s prospectus, KIID, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at section 5 of "regulatory information page" on the following link: https://www.carmignac.com/en-gb/regulatory-information.
FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd and Carmignac Gestion S.A. have been appointed as sub-Investment Managers of the Company. Carmignac UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 984288).
CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tel : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - 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 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549
© Copyright Citywire Financial Publishers Ltd (“Citywire”), 2025. All rights reserved. The content of this magazine is proprietary and is protected by the laws of England and Wales and applicable laws of other countries throughout the world. Any unauthorised use of this magazine or its content may result in civil liability, criminal prosecution or both. Citywire’s name and logo and the names of any Citywire products and services included in this magazine are trademarks of Citywire. Nothing contained in this magazine shall be construed as conferring any licence or right to any Citywire patent, copyright or trademark. Images used in our magazine may come from various third-party image libraries. For credit information relating to specific images where not stated, please contact picturedesk@citywire.co.uk
This publication is provided in Citywire’s capacity as financial journalists for general information and news purposes only. It is not (and is not intended to be) any form of advice, recommendation, representation, endorsement or arrangement by Citywire or an invitation to invest or an offer to buy, sell, underwrite or subscribe for any particular investment. In particular, the information provided will not address your particular circumstances, objectives and attitude towards risk. Any opinions expressed by Citywire or its staff do not constitute a personal recommendation to you to buy, sell, underwrite or subscribe for any particular investment and should not be relied upon when making (or refraining from making) any investment decisions. Citywire uses information obtained primarily from sources believed to be reliable (such as company reports and financial reporting services) however Citywire cannot guarantee the accuracy of information provided, or that the information will be up-to-date or free from errors. Investors and prospective investors should not rely on any information or data provided by Citywire but should satisfy themselves of the accuracy and timeliness of any information or data before engaging in any investment activity. If in doubt about a particular investment decision an investor should consult a regulated investment advisor who specialises in that particular sector. For your information we would like to draw your attention to the following general investment warnings: The price of shares and investments and the income associated with them can go down as well as up, and investors may not get back the amount they invested. The spread between the bid and offer prices of securities can be significant in volatile market conditions, especially for smaller companies. Realisation of small investments may be relatively costly. Some investments are not suitable for unsophisticated or non-professional investors. Appropriate independent advice should be obtained before making any such decision to buy, sell, underwrite or subscribe for any investment and should take into account your circumstances and attitude to risk. Past performance is not necessarily a guide to future performance. Please visit our website www.citywire.com for more information on Citywire’s investment warning. For any questions or concerns related to data protection, please contact the Data Protection Officer at privacy@citywire.co.uk
FIND OUt MORE INFORMATION ABOUT THE FUND
FP Carmignac Emerging Markets A GBP ACC ISIN: GB00BK1W2P36 Recommended minimum investment horizon: 5 years Risk indicator: 6/7* Source: Carmignac, 30/09/2025. *Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. Main risks of the Fund
Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Emerging markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments. Discretionary management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected. The Fund presents a risk of loss of capital.
This is the maximum that might be taken out of your money before it is invested (Entry charge) or before the proceeds of your investment are paid out (Exit charge).
Performance %
Comparator Benchmark: MSCI EM NR index. Fund’s inception: 15/05/2019. Source: Carmignac, 30/09/2025. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
FIND OUt MORE INFORMATION ABOUT THE FUND
© Copyright Citywire Financial Publishers Ltd (“Citywire”), 2022. All rights reserved. The content of this magazine is proprietary and is protected by the laws of England and Wales and applicable laws of other countries throughout the world. Any unauthorised use of this magazine or its content may result in civil liability, criminal prosecution or both. Citywire’s name and logo and the names of any Citywire products and services included in this magazine are trademarks of Citywire. Nothing contained in this magazine shall be construed as conferring any licence or right to any Citywire patent, copyright or trademark. Images used in our magazine may come from various third-party image libraries. For credit information relating to specific images where not stated, please contact picturedesk@citywire.co.uk
This publication is provided in Citywire’s capacity as financial journalists for general information and news purposes only. It is not (and is not intended to be) any form of advice, recommendation, representation, endorsement or arrangement by Citywire or an invitation to invest or an offer to buy, sell, underwrite or subscribe for any particular investment. In particular, the information provided will not address your particular circumstances, objectives and attitude towards risk. Any opinions expressed by Citywire or its staff do not constitute a personal recommendation to you to buy, sell, underwrite or subscribe for any particular investment and should not be relied upon when making (or refraining from making) any investment decisions. Citywire uses information obtained primarily from sources believed to be reliable (such as company reports and financial reporting services) however Citywire cannot guarantee the accuracy of information provided, or that the information will be up-to-date or free from errors. Investors and prospective investors should not rely on any information or data provided by Citywire but should satisfy themselves of the accuracy and timeliness of any information or data before engaging in any investment activity. If in doubt about a particular investment decision an investor should consult a regulated investment advisor who specialises in that particular sector. For your information we would like to draw your attention to the following general investment warnings: The price of shares and investments and the income associated with them can go down as well as up, and investors may not get back the amount they invested. The spread between the bid and offer prices of securities can be significant in volatile market conditions, especially for smaller companies. Realisation of small investments may be relatively costly. Some investments are not suitable for unsophisticated or non-professional investors. Appropriate independent advice should be obtained before making any such decision to buy, sell, underwrite or subscribe for any investment and should take into account your circumstances and attitude to risk. Past performance is not necessarily a guide to future performance. Please visit our website www.citywire.com for more information on Citywire’s investment warning. For any questions or concerns related to data protection, please contact the Data Protection Officer at privacy@citywire.co.uk
FP Carmignac Emerging Markets A GBP ACC ISIN: GB00BK1W2P36 Recommended minimum investment horizon: 5 years Risk indicator: 6/7* Source: Carmignac, 30/09/2025. *Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. Main risks of the Fund
Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Emerging markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments. Discretionary management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected. The Fund presents a risk of loss of capital.
Marketing communication. Please refer to the KIID/prospectus of the Fund before making any final investment decisions.
This document was prepared by Carmignac Gestion, Carmignac UK Ltd and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
Access to the Fund may be subject to restrictions regarding certain persons or countries. The Fund has not been registered under the US Securities Act of 1933. The Fund 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 FATCA. The risks, fees and ongoing charges are described in the KIID. The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund’s prospectus, KIID, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at section 5 of "regulatory information page" on the following link: https://www.carmignac.com/en-gb/regulatory-information.
FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd and Carmignac Gestion S.A. have been appointed as sub-Investment Managers of the Company. Carmignac UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 984288).
CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tel : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - 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 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549
FP Carmignac Emerging Markets A GBP ACC ISIN: GB00BK1W2P36 Recommended minimum investment horizon: 5 years Risk indicator: 6/7* Source: Carmignac, 30/09/2025. *Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. Main risks of the Fund
Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Emerging markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments. Discretionary management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected. The Fund presents a risk of loss of capital.
Marketing communication. Please refer to the KIID/prospectus of the Fund before making any final investment decisions.
This document was prepared by Carmignac Gestion, Carmignac UK Ltd and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
Access to the Fund may be subject to restrictions regarding certain persons or countries. The Fund has not been registered under the US Securities Act of 1933. The Fund 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 FATCA. The risks, fees and ongoing charges are described in the KIID. The KIID must be made available to the subscriber prior to subscription. The subscriber must read the KIID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Fund’s prospectus, KIID, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at section 5 of "regulatory information page" on the following link: https://www.carmignac.com/en-gb/regulatory-information.
FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd and Carmignac Gestion S.A. have been appointed as sub-Investment Managers of the Company. Carmignac UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 984288).
CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tel : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - 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 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549
