Carmignac, almost 30 years of independence and conviction. We pursue conviction-based management, decorrelated from market indices. This approach gives us maximum flexibility in our investment decisions. Our ability to vary actively our exposure to asset classes within our investment strategies is key for long-term capital appreciation. We create and manage portfolios that are true to our conviction and the distinct view that we have of the market. We practice active management aiming at generating attractive yields under any and all market conditions. Our flexible investment style combined with a dynamic attitude to risk enables us to navigate turbulent times. We are Risk Managers and that expertise is run across our 17 investment strategies.