Changes to the prospectus of Carmignac Portfolio

Dear Shareholder,

We would like to thank you for the trust you have placed in us. We are honoured to count you among the shareholders of “Carmignac Portfolio” (the “Company”).

This document is important and requires your attention. By virtue of your investment in any of the SubFunds of “Carmignac Portfolio” indicated below (each, the “Sub-Fund”), this notice is of relevance to you.

In case of any questions when receiving this notice, please consult your professional adviser.

The reference indicator provider of Carmignac Portfolio Grande Europe and Carmignac Portfolio Patrimoine Europe will be modified to MSCI Limited (“MSCI”) for commercial reasons. These Sub-funds have previously had reference indicators provided by Stoxx Ltd (“Stoxx”).

The new MSCI reference indicators have been carefully selected and are detailed in the table below.

The Stoxx 600 Europe and MSCI Europe NR indicators are largely identical. Over the past five years, their performance is almost exactly the same, the correlation between the two is 99.9% and the country weights are also very similar.

As such, we believe the MSCI reference indicators provide a good alternative for the existing Stoxx reference indicators and there is no significant impact on investors.

The abovementioned change will take place on 1.1.2025.

The daily deadlines for reception of subscription, redemption and conversion orders, to be executed at the Net Asset Value of a given Valuation Day, (“cut-off times”) will be modified for “Carmignac Portfolio Asia Discovery”.

The orders shall be received daily before 1:30PM CET instead of 6:00PM CET on the day prior to the Valuation Day. This change reflects the fact that the Sub-Fund’s evolved investment strategy geographically focuses on Asia where markets close earlier than in Europe.

The abovementioned change will take place on 1.1.2025.

A review of the available share classes of Sub-Funds has identified a small number of share classes where assets are too low and therefore do not allow for investment management in an economically efficient manner. As such, the following share classes will be liquidated and the investments in these shares will be exchanged (converted) into corresponding shares within each Sub-Fund.

Investors should note that the currency denomination, currency hedging, dividend policy or fees of the shares to be converted may differ from those of the shares to be received as indicated in the column “Impact to investors” below. The investment strategy will remain unchanged.

Subscriptions for the shares to be converted will be suspended from 16 December 2024.

The abovementioned change will take place after a one (1) month notice period on 1.1.2025. Shareholders of the shares to be converted who do not accept the conversion have a right to redeem their shares free of charge within thirty (30) days following the publication of a shareholder notice.

The Board of Directors has decided to change the name of “Other Fees” to “Service fee” as it is more descriptive and aligns better with the market practice in Luxembourg.

In addition to name change, the Board of Directors will also implement a more extensive and detailed description of the “Service fee” in the prospectus to improve transparency and describe the content of this fee.

This change of fee name is strictly descriptive only. It does not constitute any changes to the Sub-Funds’ fees.

The abovementioned change will take place on 29 November 2024.

The prospectus will be modified to indicate and specify that, in specific circumstances, when the Management Company has taken legal action on behalf of the Company and this has successfully generated a financial gain for the Sub-Fund(s), extraordinary costs resulting from such legal action may be charged to the relevant Sub-Fund(s).

The new description in the fee section clarifies that external (extraordinary) legal costs may be charged to the Sub-Fund in the case that the Sub-Fund receives compensation as a result of legal proceedings during which these legal costs occur. In practice, when the Management Company has successfully protected the Sub-Fund’s financial rights by means of litigation, class action or other legal action, and such legal action has resulted in financial gains for the Sub-Fund(s) and when related reasonable extraordinary costs have been incurred by the Management Company in form of external legal fees, the Management Company is entitled to charge the Company and/or the relevant Sub-Funds for such extraordinary external expenses (for the amount corresponding with such external legal expenses).

The abovementioned change will take place on 29 November 2024.

Yours faithfully,

Mark DENHAM
Chairman of the Board of Directors