Changes to the Carmignac Investissement Latitude Fund

Dear Sir/Madam,

We would like to thank you for the trust you have placed in us. We are honoured to count you among the unitholders of the above fund.

We are writing to inform you of some upcoming changes to the fund, as detailed below.

1. CHANGE NOT REQUIRING AUTHORISATION

Integration of non-financial criteria into the fund's investment strategy

Carmignac Investissement Latitude, like its master fund Carmignac Investissement, now promotes environmental and social characteristics, in accordance with Article 8 of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (“SFDR”). The SFDR is a European regulation that requires asset managers to disclose environmental, social and governance (ESG) information. Financial products that promote environmental or social characteristics, such as the Carmignac Investissement fund, are required to disclose these characteristics via the prospectus, the key investor information document (KIID), the fund's annual report and the website. By strengthening the regulatory framework for sustainable investment, the SFDR improves transparency for investors, allowing them to access more information on the ESG aspects of funds and thus compare funds more easily.

The fund includes environmental and social characteristics, and promotes investment in companies that follow sound governance practices. These characteristics are integrated into the investment strategy in the following way:

1) Exclusion of controversial investments: the fund excludes companies whose practices run counter to Carmignac's values on the basis of their activity, their standards or their behaviour; this includes thermal coal miners, tobacco producers and high-emission electricity producers, as well as companies that are not sustainably managed, and those that have very low environmental, social and governance (ESG) ratings.

2) Incorporation of non-financial analysis: in parallel with conventional financial analysis, the management company analyses the ESG practices of each company in which the fund invests. Carmignac's proprietary ESG research system, called START, allows the management company to assess the impact of a company's activities on its environment in order to better identify risks and opportunities.

3) Dialogue with issuers: the management company maintains a continuous dialogue with target companies on all ESG-related matters in order to help these companies adopt best practices, to clarify the management company's point of view and to hold the directors of these companies accountable in this regard. The management company conducts this dialogue by means of regular meetings with the directors of these companies and by exercising the fund's voting rights.

The aim of this approach (integration of environmental and social characteristics into the fund's investment strategy) is to obtain a comprehensive and detailed view of each company’s potential, and thus improve investment decisions.

The procedures for applying a socially responsible investment approach are described in the “Non-financial characteristics” section of the prospectus, and can be found on www.carmignac.com or at the following address: https://www.carmignac.fr/fr_FR/nous-connaitre/investissement-socialement-responsable-isr-1252.

This operation will be effective from 14 June 2021.

The fund’s risk profile remains unchanged. There is no change of investment manager, reference indicator or fund fees.

2. EFFECTS OF THIS CHANGE

a) Risk profile:

• Change to risk/reward profile: NO
  
• Increase in risk/reward profile: NO
  

b) Fee increase: NO

c) Changes:

3. OTHER INFORMATION

A version of the fund prospectus containing all pending modifications may be obtained free of charge upon request from the fund management company.

Please note the importance of reading the Key Investor Information Document (KIID). We recommend that you contact your advisor on a regular basis to discuss your investments.

Your usual advisor is available should you require any further information.

The KIID, prospectus and latest annual and semi-annual reports are available free of charge in French, English, German, Italian, Spanish and Dutch at www.carmignac.com and:

• In Switzerland, from the Representative in Switzerland, CACEIS (Switzerland) SA, Route de Signy 35, CH-1260 Nyon. The Swiss Paying Agent is CACEIS Bank, Paris, Nyon/Switzerland branch, Route de Signy 35, 1260 Nyon.

The net asset values are published on www.carmignac.com and www.fundinfo.com.

Yours faithfully,

Christophe Peronin
Deputy Managing Director