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”).

By virtue of your investment in any of the Sub-Funds of “Carmignac Portfolio” indicated below (each, the “Sub-Fund”), this notice is of relevance to you.

This notice is for your attention but no action is required. In case of any questions when receiving this notice, please consult your professional adviser.

The Board of Directors resolves to appoint Carmignac UK Ltd as the new investment co-manager for the Sub-Funds “China New Economy” and “Emergents”.

The Sub-Funds will continue to be managed by Carmignac. The Sub-Funds are currently managed by Carmignac Gestion S.A. in Paris and the new co-manager (Carmignac employee) is located in the UK.
There is no impact for investors in the Sub-Funds.

The abovementioned change will take place on 7 May 2025.

The Board of Directors resolves to enhance the ESG Sovereign Model for the Sub-Fund “EM Debt” in relation to sustainable investments in government bonds (sovereign or quasi sovereign debt issuers). The new model seeks to reflect the latest advancements made in the sustainable investments industry and includes additional Key Performance Indicators (“KPIs”), applicable both to developed and emerging CARMIGNAC PORTFOLIO - Société d’investissement à Capital Variable (SICAV). 5, Allée Scheffer, L-2520 Luxembourg. R.C.S. LUXEMBOURG B70 409 markets, as well as a focus on qualitative analysis. Government bonds must now meet a new minimum threshold of 2.5 on a scale from 1 to 5 in our proprietary ESG scoring system to be eligible for inclusion in the Sub-Fund’s portfolio.

The abovementioned change will take place on 7 May 2025.

Yours faithfully,

Mark DENHAM
Chairman of the Board of Directors