Carmignac Credit 2027

Carmignac Credit 2027 is a target maturity fund implementing a carry strategy that includes both private and public issuers. The Fund benefits from both the strong expertise of its management team and a disciplined investment process, that enables a rigorous selection of securities.

Carmignac Credit 2027’s objective is to generate performance, net of management fees, from a portfolio comprising debt securities of public or private issuers, with no restrictions on the average rating, duration or maturity; such securities will be held until a liquidation phase of six months (maximum) preceding the fund’s maturity date, on 30 June 2027, or, if applicable, until the fund’s early maturity date, i.e.

No later than 4 August 2025, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to an internal rate of return (“IRR”) observed between 30 June 2022 and 30 June 2025 (the “Target IRR”) of:

• 2.44% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.50 observed on 30 June 2025 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

• 2.13% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.54 observed on 30 June 2025 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

• 2.85% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 108.80 observed on 30 June 2025 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 4 December 2025, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 31 October 2025 (the “Target IRR”) of:

• 2.24% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.67 observed on 31 October 2025 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

• 1.93% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.60 observed on 31 October 2025 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

• 2.65% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.11 observed on 31 October 2025 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 3 April 2026, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 27 February 2026 (the “Target IRR”) of:

• 2.08% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.83 observed on 27 February 2026 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

• 1.77% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.65 observed on 27 February 2026 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

• 2.49% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.42 observed on 27 February 2026 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 4 August 2026, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 30 June 2026 (the “Target IRR”) of:

• 1.94% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 108 observed on 30 June 2026 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

• 1.64% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.71 observed on 30 June 2026 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

• 2.35% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.74 observed on 30 June 2026 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit.

The above IRRs are calculated on the assumption that management fees remain unchanged between the unit’s launch date and the observation date.

In particular, the portfolio will comprise bonds (including contingent convertible bonds (“CoCos”), up to 15% of the net assets) as well as securitisation instruments (up to 40% of the net assets) and credit default swaps (up to 20% of the net assets). The fund is not subject to any restrictions in terms of the breakdown between private and public issuers.

As such, the fund will be exposed to interest rate and credit markets, including in non-OECD countries (including emerging markets) (up to 40% of the net assets), until the liquidation phase described above (or, if applicable, the Early Maturity Date).

In the absence of restrictions on average rating, the fund will seek potentially substantial exposure to “speculative” debt securities (the characteristics of which are set out below in the investment strategy); such securities offer higher prospective returns than “investment grade” debt securities, but in return expose the fund to greater risks (in particular that of issuer default).

The management company reserves the right not to liquidate the fund on the Early Maturity Date, even if the IRR has reached one of the thresholds described above, in particular if the Target IRR has not been reached for all units or if the liquidity of the Carry Portfolio (as defined in the “Investment Strategy” paragraph below) or a market sell-off following the observation date concerned does not allow the fund to be liquidated on the Early Maturity Date at a net asset value corresponding, as a minimum, to the Target IRR for all units of the fund.

Under no circumstances may this investment objective be construed as an undertaking in relation to the yield or performance of the fund; the performance is not guaranteed.

The fund is an actively managed UCITS. The investment manager has discretion over the composition of the portfolio, subject to compliance with the stated investment objectives and policy.