It's good war replies Edouard Carmignac

The silhouette file on its Vélib' in Paris who awakens. At 24, place Vendôme, once the place of the conquests, the dandy of the French management, Edouard Carmignac, monte in his offices. Lightweight way. Independent management company indeed has the bar of the 30 billion euros of assets. Already more than double the level of end of 2008, after having started in 1989 with EUR 50 million in funds. For more than a decade, the company saw its stocks stagnate, until the market give reason. Since 2002, the climb is continuous. And 2009 already looks like an outstanding vintage, with stocks that should be multiplied by about 3. A State of grace. "We generally posted a good resistance during financial crises and a net acceleration of growth in the following year." "Such was the case in 2003 and again this year", said Edouard Carmignac, the President of the French boutique.

A freedom of tone that stands

The Dandyism, a practice as old as the duel, represent, according to Charles Baudelaire, that there are better in human pride. The desire to leave a trace in the history, a signature. Edouard Carmignac affixes his frequently, by way of press, in short notes that he address to the nation, to encourage the action of the President of the Republic, give its views on the crisis and its remedies or cross the railway with the Governor of the Central Bank European. This freedom of tone stands in place of Paris usually grumble and starchy. She participates of the character. She annoys or please many, especially in the many wealth management advisors. They are the ones who, first, have trusted the "wise" in the place Vendôme, who patiently dug its trench and diagnosed sooner than the others that it is to the East and China that would be the reservoir of world economic growth. The Mao of Andy Warhol throne in his Office with blinks and acquiesces in silence.

With Edouard Carmignac, it is a little burst of pop art, which is one of the major collectors, in the investment world: BRICS (Brazil, Russia, India, China, Editor's note) of scarlet colors, fired apparently at random on the canvas, but are in fact an order and a strict discipline. Each manager-painter of the House has his style, area of expertise and enriches a common pot of ideas. The Fund of Edouard Carmignac investment fuels. Its rules Do not have taboos of management, risking bold associations, without breaking the unity of this assemblage of skills. It is maintained by College market vision and analysis. They are indeed a giant jigsaw puzzle. A puzzle shifting and more dimensions. Every day, the investment team meets so to the point on the news, the latest economic statistics and results of the companies. Its objective More early detection possible which could amend, contradict, or even to question the basic macroeconomic scenario established by the managers. "The major macroeconomic decisions underlying our choices for the allocation of assets do not have to be the result of a consensus." They are the result of trade within the management team. The search for consensus is counter-productive in our profession. "It leads to decisions taken out," one of the managers, Frédéric Leroux explains.

A very present boss

The investment team members are recruited by co-optation and the majority, rarely through an outside firm. "It was only after a period of two years that a new employee can claim to enter the capital of the company," said Eric Le Coz, Director, product development and a member of the Investment Committee. Today, about a quarter of the capital held by employees, the rest by the family. Keeping it "as majority shareholder of the company is for us a guarantee of continuity in the management and development, said Edouard Carmignac. It is not question for us to consider revival us. "Examples of success in the affiliation of Independents are also very rare."

Are between in this House as it is religion, with the feeling to have the chance to be in the shop of the moment, in which everything is successful. "A true Manager must be obsessive." "He must wear his funds, whether in good or bad times," said Edouard Carmignac. The bonus of the specialists are not capped, "their limitation we seeming economic nonsense that defies the reason", explains Eric Le Coz. They must accept a very present management of the founder. His company bears his name, his credibility is at stake in a business where confidence is a crucial capital. "Edouard Carmignac has the constant concern to understand what all managers: where are their sources of performance, risk, said Rose Ouahba, Manager bond." This strict control is all the more indispensable in a structure reduced such as ours. It requires each of us a great clarity in our explanations and the belief in our choice.

The "coup" of March 9

On this last point, the "coup" of March 9 will remain a case. "When we decided to go up from 0 to 42 the exhibition actions Carmignac Patrimoine last March, the lowest of the market, we have fully assumed and weighed the risks of our decision, which has proven to be good", said Frédéric Leroux, for which real flexible management is probably one of the most demanding and difficult to implement. "It requires a good dose of courage and implies a genuine freedom." "It must be accepted to be sometimes very far from consensus of the other managers and the composition of the indices of reference", continued the Manager. After this "coup", collection of the Heritage Fund is mounted soaring, explaining in large part the escalation of the assets of the Corporation, which it represents, with 12.5 billion of stock, more than a third of the assets. What cause envy among competitors and a few questions from investors. "Some are mine to think that our growth would have been much too fast and would therefore fragile." It's good war! replies Edouard Carmignac. This type of concern is unfounded, our society has already demonstrated in the past its ability to grow strongly without penalizing our performance. "The company seems to be if live rather well so far, and many management companies would probably feel a such a"anguish ".

"Objective: create blockbusters."

"From the outset, our model of development has been thought and designed for growth, said Eric Helderlé, CEO delegate." Our investment universe, the world, as we're largely hostile capacity problems. "In November 2006, a seminar had already met employees and consultants to consider issues related to the phenomenal growth of managed assets. The Organization must follow, which is never simple in asset management, where it can quickly destroy value. The decisions taken were to outsource most of peripheral tasks in the management. And not to disperse. "We realized the essence of the growth of our assets to our existing range of funds, which remains very narrowed." "Our goal is to create blockbusters at European level, recognized as leaders on their expertise," says Eric Helderlé.

The home range is actually restricted, with 19 funds. Product "bling bling", but rather conventional funds. They use certainly for some of the derivatives, but simple and for purposes of coverage (protection of the portfolio). The objective remains a continuing appreciation of the value of the Fund in a heritage long term approach. The shop remained out of toxic products (monetary "dynamic") and crossed the road to Bernard Madoff, the Tales children's flute player.