Source: 1 5 year annualized volatility of MSCI EM SMID Indes compared to MSCI EM Large Cap Index, Bloomberg, 30/04/2019. EM small caps represented by the MSCI EM Small Cap Index. Emerging markets represented by the MSCI Emerging Markets Index. For illustrative and discussion purposes only. Negligible research coverage is defined as stocks having one or no research recommendations. 2 Numeric Investor LLC, MSCI data, Bloomberg, 2017 3 UBS research “Family-controlled companies. Version 4.0”, 08/11/2018 4 Bloomberg, FactSet, MSCI data, 31/12/2018. For illustrative purposes only. EM small caps represented by the MSCI EM Small Cap Index. Emerging markets represented by the MSCI Emerging Markets Index. For illustrative and discussion purposes only. Negligible research coverage is defined as stocks having one or no research recommendations. 5 Carmignac, Bloomberg, 30/04/2019. Reference Indicator: 50% MSCI Emerging Small Cap NR + 50% MSCI Emerging Mid Cap NR. Quarterly rebalanced, reinvested net dividends. 6 Carmignac, Bloomberg, 30/04/2019. Reference Indicator: 50% MSCI Emerging Small Cap NR + 50% MSCI Emerging Mid Cap NR. Quarterly rebalanced, reinvested net dividends. Carmignac Euro-Entrepreneurs (Fonds Commun de Placement)’ strategy is also available via Carmignac Portfolio Euro-Entrepreneurs, Luxembourg SICAV sub-fund - Carmignac Portfolio. The 2 funds share the same investment strategy , the same portfolio construction and the same investment process.
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