Carmel Global Opportunities is a coordinated fund (UCITS IV compliant) which invests directly and indirectly in all asset classes in the OECD countries (equity, bonds, convertible bonds and UCITS funds). We determine the combination of underlying asset classes and capital allocation between them based on two complementary approaches: a) a first fundamental and macroeconomic approach (top -down) aiming at identifying the asset classes to overweight at all times through the identification of inflexion points in market sentiment (analysis of macro indicators); and b) a second, bottom-up approach enabling us to identify the sub-categories of asset classes deemed most attractive, i.e. with the best risk-return profile at all times. Portfolio allocation revolves around seeking the best combinations of strategies, asset classes and investment horizons, according to market conditions. The Fund aims to deliver progressive capital increase to its investors. We do so by investing essentially in defensive asset classes (such as fixed-income bonds) under tense market conditions and, when markets are expanding, through opportunistic yet carefully limited investments in classes with a more dynamic risk-return profile (e.g. stocks and UCITS funds). Carmel can indifferently target French coordinated or non-coordinated vehicles as well as European coordinated funds across all types and classifications. Carmel can resort to a variety of strategies and underlying funds according to the manager's anticipations: long/short, merger arbitrage, event-driven, credit, etc. The Fund deploys a diverse asset allocation strategy, based on fundamental analyses of the global macroeconomic environment and its evolution perspectives. Allocation revolves around researching the best combination strategies of asset classes and investment horizons according to the firm's research and analysis. The Fund's allocation is structured around three main classes; 1) A fixed-income core between 60% and 100% of the net assets. The Fund indifferently targets government and company bonds. In addition, it targets short-term securities, i.e. maturing in less than 1 year (e.g. T-bills, negotiable debt securities, Certificates of Deposit, etc.), as well as long-term instruments. The fixed-income core also includes high-yield bonds up to 20% of net assets and convertible bonds up to 10% of net assets. 2) Equity between 0 and 30% of the net assets. 3) Funds between 0 and 10% of the net assets. Subsequent investment size is 1 share. Minimum investment is in EUR. AUM reflects the aggregate of the various share classes and is denominated in USD.